KEY HIGHLIGHTS
Closing Bell: A Volatile Session
Indian equity markets recovered from a volatile 45 minutes of trade to end higher for the fourth straight day.
The S&P BSE Sensex ended 0.4% higher at 40,707 while the NSE Nifty 50 gained 0.3% to end at 11,937. The index had briefly scaled the 12,000 mark in early trading.
The final two hours were a roller-coaster for the Nifty Bank index. The index fell as much as 700 points from the day's high, only to recover in the final minutes, and end with gains of 330 points or 1.3%.
The Realty index continued to outperform for the fourth day in a row. The index ended with gains of 4.4%. The Nifty Metal index was the other big gainer in today's session, ending 2.2% higher.
Among the laggards, it was the FMCG index, which fell 1% in today's session, courtesy losses seen in Colgate-Palmolive and Britannia. In fact, Britannia ended as the top laggard on the Nifty 50 index for the second straight session, declining 4.3%.
Broader markets, which were outperforming the benchmarks at one point, bore the brunt of the volatility to end little changed. The Nifty Midcap index ended 0.2% higher while the Smallcap index ended 0.1% lower.
Market breadth recovered to end in favour of the gainers. 949 stocks on the NSE ended with gains while 848 posted losses.
How Did The Sectoral Indices Fare
Stock Reaction: Eicher Motors
The makers of Royal Enfield has informed the exchanges that a fire incident took place this afternoon at Royal Enfield's transit stockyard.
There has been no harm or injury to personnel working at the facility, the company said in an exchange filing, adding that all the manpower and personnel have been evacuated from the area.
As of now, the fire is largely contained and the damage to the inventory is negligible, the company said.
The company also said that the incident will not have any adverse impact on the company's operations.
Stock Reaction: DLF
Standard Chartered GBS unit will lease 7.7 lakh square feet space for a period of 15 years in Chennai, in a project developed by DLF and GIC, Bloomberg News reports, citing an interview with DLF's Executive Director, Amit Grover.
However, Grover declined to share a deal citing confidentiality.
Standard Chartered can pay as much as Rs 100 crore each year for the leasing, according to the Economic Times, which reported the deal earlier without saying where it got the information from.
The construction of the Chennai-project began in January 2020 and is scheduled to be completed in phases over three to six years, according to DLF's website.
Shares ended 2.8% higher at Rs 172.25, up for the fourth straight day.
Stock Reaction: Dilip Buildcon
The company's JV with Altis Holding Corporation has been declared as the L-1 bidder for a new EPC project by the National Highways Authority of India.
The project involves construction of eight lane across controlled expressway on the Delhi-Vadodara section under the Bharatmala Pariyojana. The construction needs to take place in the state of Rajasthan, it said in an exchange filing.
The cost of the 8.3 kilometre long project is pegged at Rs 1,000 crore and has to be completed within a time frame of 30 months.
Shares rose as much as 3.8% to Rs 337.3, post the announcement.
Earnings Reaction: Colgate Palmolive Q2FY21
- Revenue up 5% to Rs 1,285.5 crore
- Net profit up 12% to Rs 274.1 crore
- Ebitda up 27% to Rs 409.3 crore
- Ebitda margin at 31.4% from 26.4%
- Advertising and Promotional expenses down 6% to Rs 164.4 crore
- Declares first interim dividend of Rs 18 per share
- Domestic net sales up 7.1% for the quarter
- All categories see positive growth this quarter
- All numbers are standalone and compared on a year-on-year basis
Shares ended 2.4% lower at Rs 1,426, down for the second straight day.
FMCG Index Among Top Laggards
Earnings Reaction: UltraTech Cement Q2FY21
- Revenue up 8% to Rs 10,354 crore
- Net profit more than doubles to Rs 1,235 crore
- Ebitda up 40% to Rs 2,695.2 crore
- Ebitda margin at 26% from 20%
- Exceptional item of Rs 335 crore this quarter
- North, Central, East and Gujarat regions report growth in volume
- Maharashtra and South India report volume decline
- Effective volume growth of 20% to 19.21 MT
- Operating Ebitda per tonne up 30% to Rs 1,387
- Blended sales at 71%, growth of 3% compared to last year
- Fixed costs down 14% year-on-year
- Reduced debt by Rs 4,728 crore in H1FY21
- Power and Fuel costs down 7% to Rs 1,837 crore
- Freight and forwarding expenses up 8% to Rs 2,298 crore
- Other expenses down 11% to Rs 1,299 crore
- 14.6 MTPA cement plants acquired have now been integrated
- All numbers are consolidated and compared on a year-on-year basis
Shares ended 1.9% higher at Rs 4,629, up for the fourth straight day. The stock ended at the highest level in nine months.
Buzzing Stock: ICICI Securities
- Worst performing stock on the Nifty Midcap index
- Declines as much as 4.9% to Rs 415
- Biggest single-day fall in three months
- Trading at the lowest level in four months
- Down for the second straight day
- Has declined in five out of the last six trading sessions
- Down 12% in the last six trading sessions
- Today's volumes are 25% below its 20-day average
- Breaks below its 200-Day Moving Average at 430.4
- Stock in oversold territory with Relative Strength Index (RSI) at 26.3
- Trading 27% below its 52-week high of Rs 569 on July 16, 2020
- Seven out of the nine analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 28.5%
Markets At 2:10 P.M.
- Benchmark indices give up all the gains to fall towards the day's low
- Nifty down 0.6% at 11,825
- Sensex down 0.56% at 40,316
- Nifty Bank down 0.5% at 24,182
- Nifty Midcap index down 0.4%
- Nifty Smallcap index down 0.9%
- India Volatility Index up 3% to 23.37
- All sectoral indices barring Realty and Metal give up gains
- Nifty Realty off day's high; up 1.3%
- Nifty Metal off day's high; up 0.8%
- Nifty FMCG is the top sectoral laggard; down 1.3%
- Nifty Auto and Nifty Media down 1% each
- Power Grid is the top Nifty gainer; up 3%
- Britannia remains the top Nifty laggard; down 4.4%
- 35 out of the 50 Nifty constituents are declining
- 1,007 stocks on the NSE are declining while 790 are trading with gains
Money Market Update
The currency ended lower for the third straight session, after a sharp reversal in the equity markets.
The rupee ended at 73.59 against the U.S. Dollar as compared to Tuesday's close of 73.47. Today's intraday high was 73.36 while the intraday low was 73.63.
The currency is the only one in the EM basket that has declined in today's session, ending as the worst performer in Asia.
“The rupee is respecting the strong support of 73. Until it trades above that, the prices will remain between 73-73.6. Only a fall below 73 may drag the rupee towards 72.75, keeping 73.6 as a strong resistance,” Rahul Gupta of Emkay Global Financial Services was quoted as saying.
Yield on the 10-year government bond ended at 5.912% as compared to Tuesday's close of 5.932%.
Earnings Reaction: Bajaj Finance Q2FY21
- Net Interest Income up 4% to Rs 4,165 crore
- Net profit down 36% to Rs 1,506 crore
- Made Expected Credit Loss (ECL) provisions on stage 1 and 2 assets worth Rs 1,370 crore this quarter
- Overall ECL provision on stage 1 and 2 assets as on September 30 at Rs 5,099 crore
- Reversed capitalised interest of Rs 142 crore this quarter
- Consolidated Assets Under Management flat at Rs 1.37 lakh crore
- Total operating expenses to NII during the quarter at 27.8% from 34.6% last year
- Loan losses and provisions during the quarter at Rs 1,700 crore
- Gross NPA at 1.03% while net NPA at 0.37%
- Not classified certain accounts as NPAs. On classification of such accounts, the Gross and Net NPAs would have been 1.34% and 0.56% respectively
- Capital Adequacy Ratio at 26.64%
- Deposit book growth of 23% to Rs 21,669 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares ended off the lowest point of the day, down 0.3% at Rs 3,252.
Earnings Reaction: Newgen Software Technologies Q2FY21
- Revenue up 17% to Rs 155 crore
- Net profit more than triples to Rs 29.2 crore
- Ebitda more than doubles to Rs 41.1 crore
- Ebitda margin at 26.5% from 11.8%
- Deferred tax gain of Rs 3.2 crore this quarter
- India Business revenue up 31% to Rs 46.6 crore
- EMEA business revenue up 22% to Rs 37.6 crore
- APAC business revenue up 89% to Rs 23.2 crore
- U.S. business revenue down 11% to Rs 47.6 crore
- All numbers are consolidated and compared on a quarter-on-quarter basis
Shares ended 9.1% higher - the most in three months, at Rs 246.05 - the highest level in a year.
F&O Snapshot: Active Options Contracts
- Nifty October futures add 7.7% and 8.3 lakh shares in Open Interest.
- Nifty Bank October futures add 23% and 3.44 lakh shares in Open Interest.
Nifty: October 22 Expiry
- 12,000 Call: Premium up 35.2% to Rs 53.9. The contract has added 12.8 lakh shares in Open Interest.
- 12,000 Put: Premium down 56.3% to Rs 60.8. The contract has added 24.3 lakh shares in Open Interest.
- 12,100 Call: Premium flat at Rs 18. The contract has added 12.4 lakh shares in Open Interest.
Nifty Bank: October 22 Expiry
- 25,000 Call: Premium up 67.2% to Rs 53.9. The contract has added 7.3 lakh shares in Open Interest.
- 24,800 Call: Premium up 80.5% to Rs 217.8. The contract has added 5 lakh shares in Open Interest.
- 24,500 Put: Premium down 70% to Rs 119.4. The contract has added 9.8 lakh shares in Open Interest.
Earnings Reaction: DB Corp
- Revenue down 35% to Rs 346.3 crore
- Net profit down 62% to Rs 28.5 crore
- Ebitda down 28% to Rs 71 crore
- Ebitda margin at 20.5% from 18.5%
- Deferred tax outgo of Rs 9.5 crore this quarter
- Circulation revenue down 20% to Rs 103.3 crore
- Advertising revenue down 38% to Rs 226.3 crore
- Print, Publishing and Allied business revenue down 34% to Rs 328.3 crore
- Radio business revenue down 43% to Rs 18.1 crore
- Print business Ebitda at Rs 87.3 crore from Rs 101 crore last year
- Margins expand owing to soft newsprint prices and cost cutting measures
- Circulation copies currently at 86% of overall levels as compared to 66% in April
- All numbers are consolidated and compared on a year-on-year basis
Shares are off the day's low after falling as much as 2.3% to Rs 74.1. The stock currently trades 0.7% lower at Rs 75.3.
European Markets Open Flat
Benchmark indices in Europe have opened flat in today's session.
The Stoxx 600 is unchanged as the gains in banking stocks are offset by a sell-off in real estate and healthcare stocks.
Most Asian markets have closed with a positive bias while futures on the Dow Jones are trading with gains of 110 points.
Brent crude is trading 1.1% lower at $42.6 per barrel while Gold is trading 0.7% higher at $1,919/Oz.
Let's take a look at how the European Markets are trading:
- Euro Stoxx 50 up 0.2% at 3,235
- DAX up 0.2% at 12,762
- CAC up 0.1% at 4,935
- FTSE 100 unchanged at 5,890
- IBEX 35 up 0.3% at 6,949
How Are The Sectoral Indices Faring
Stock Reaction: Raymond
The company at its board meeting today has approved the issue of Non-Convertible Debentures for a sum of Rs 100 crore.
It has also approved the issue of commercial papers for an amount of Rs 50 crore. The NCDs will attract a coupon of 8.85% to be payable annually. The NCDs will be listed on the National Stock Exchange. These will be issued on a private placement basis
Shares are off the day's high after gaining as much as 3.2% to Rs 285.9.
Buzzing Stock: Havells India
- Trading at a 52-week high
- Gains as much as 1.9% to Rs 722.9
- Up for the fourth straight day
- Biggest single-day gain in a month
- Today's volumes are 32% higher than its 20-day average
- One-month implied volatility at 35%
- Relative Strength Index (RSI) of the stock at 66
- Has gained over 60% from its 52-week low of Rs 445 on May 20, 2020
- 14 out of the 44 analysts tracking the stock have a buy recommendation
- The stock trades 17.2% higher than its 12-month consensus price target of Rs 596.7, implying a negative return potential
All But Two Stocks On The Metal Index Gain
Markets At Noon
- Benchmark indices hold on to gains
- Nifty up 0.9% at 11,998
- Sensex up 0.9% at 40,916
- Nifty Bank up 1.9% at 24,770
- Nifty Midcap index up 1%
- Nifty Smallcap index up 0.75%
- India Volatility Index down 0.75% to 22.5
- Nifty Realty Index remains the top sectoral gainer; up 3%
- Nifty Metal is the other major sectoral gainer; up 2.5%
- Nifty PSU Bank index trades with gains of 1.5%
- Nifty FMCG remains the only sectoral laggard; down 0.3%
- Tata Steel is the top Nifty gainer; up 3.6%
- Hero MotoCorp is the top Nifty laggard; down 2.3%
- 1,165 stocks on the NSE are trading with gains while 585 are declining
Buzzing Stock: Sharda Cropchem
- Second best performing stock on the BSE Smallcap index
- Gains as much as 15.7% to Rs 292.1
- Biggest single-day gain in nearly ten months
- Trading at the highest level in a month
- Up for the third straight day
- Longest winning streak in a month
- Has gained 17% in the last three trading sessions
- Today's volumes are 30 times its 20-day average
- Breaks above 100-Day Moving Average at 261.2 and 50-Day Moving Average at 272.1
- Relative Strength Index (RSI) of the stock at 63
- Trading 11% below its 52-week high of Rs 329 on August 13, 2020
- Five out of the eight analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 23.4%
Earnings Expectations: UltraTech Cement Q2FY21
- Revenue seen 5% lower at Rs 9,140.3 crore
- Ebitda seen 6.6% higher at Rs 2,043.7 crore
- Ebitda margin seen at 22.4% from 19.9%
- Net profit seen 43.2% higher at Rs 835.4 crore
- Volumes seen 3.9% higher at 19.4 MT
- Realisations seen 8.5% lower at Rs 4,177 per tonne
- Ebitda per tonne seen 2.6% higher at Rs 1,053
- Turnaround of century assets to aid margin expansion
- Setting up of new WHRS capacities likely to reduce power consumption
- Lower fixed costs like sales promotions, dealer spends, travel, rent to aid margins
Buzzing Stock: Aditya Birla Capital
- Top gainer on the Nifty Midcap index
- Gains as much as 8.7% to Rs 67.5
- Biggest single-day gain in over a month
- Trading at the highest level in a month
- Up for the third straight day
- Has gained 11% in the last three trading sessions
- Today's volumes are six times its 20-day average
- Breaks above 50-Day Moving Average of 64.5 and 200-Day Moving Average of 65.3
- Relative Strength Index (RSI) of the stock at 60
- Trading 42% below its 52-week high of Rs 115.3 on January 13, 2020
- All seven analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 22%
Stock Update: State Bank of India
India's largest lender, State Bank of India announced concession in home loan rates by as high as 25 basis points, ahead of the festive season.
The bank will offer interest concessions up to 20 basis points for loans above Rs 75 lakh, based on the CIBIL score.
An additional concession of 5 basis points will be offered if home loans applied through YONO, it said in a statement.
The customer will get a credit score-based concession up to 10 basis points for loans ranging between Rs 30 lakh to Rs 75 lakh.
A additional interest concession of 5 basis points will also be offered to women home buyers.
Shares gained as much as 2.1% to Rs 207.3, trading at the highest level in over a month.
Earnings Fineprint: Indian Energy Exchange
- Revenue up 4.9% to Rs 70.8 crore
- Net profit down 4.3% to Rs 46.7 crore
- Ebitda up 8.3% to Rs 57.6 crore
- Ebitda margin at 81.4% from 78.8%
- Higher taxes impact growth in net profit
- All numbers are standalone and compared on a year-on-year basis
Shares fell as much as 3.3% to Rs 192.3, down for the second straight day.
Nifty Realty's Best Winning Streak In Four Months
Buzzing Stock: Mahindra Logistics
- Top gainer on the Nifty 500 index
- Gains as much as 8.8% to Rs 354.8
- Biggest single-day gain in two months
- Has snapped a four-day losing streak
- Today's volumes are more than nine times its 20-day average
- Breaks above its 50-Day Moving Average at 337.7
- Relative Strength Index (RSI) of the stock at 57
- Trading 22.7% below its 52-week high of Rs 458 on January 14, 2020
- 11 out of the 14 analysts tracking the stock have a buy recommendation; 1 sell call
- The stock is trading 8.4% higher than its 12-month consensus price target of Rs 323.3, implying a negative return potential
Earnings Fineprint: L&T Infotech Q2FY21
- U.S. Dollar revenue up 3.6% to Rs $404.5 million
- Revenue up 1.7% at Rs 2,998.4 crore
- Net profit up 9.7% at Rs 456.8 crore
- Ebit up 15.9% at Rs 595.7 crore
- Ebit margin at 19.9% from 17.4%
- All numbers largely in-line with Bloomberg consensus estimates
- Constant currency growth of 2.3%
- Declares dividend of Rs 15 per share
- Lower operating expenses, employee costs aid margin expansion
- Announces large deal with net new TCV in excess of $40 million the analytics space
- Large deal pipeline remains strong
- See increased traction in digital, cloud and analytics business
- All numbers are consolidated and compared on a quarter-on-quarter basis
Shares gained as much as 5.9% to Rs 3,139, snapping a four-day losing streak.
Stock Reaction: Lasa Supergenerics
The API manufacturer announced that it has been granted ex parte interim relief from the commercial division of the Bombay High Court.
The relief granted to the company will protect and strengthen its research and confidential information and its position in the 'Benzimidazole derivatives' market, it said in an exchange filing.
It will also prevent the misuse of its extremely valuable proprietary rights and act as a strong deterrent to other infringers.
The relief will enable the company to regain the disturbed market share, achieve better realisations for its products and improve its profitability, the statement said.
Shares gained as much as 8.6% to Rs 78 and are trading at the highest level since May 2018.
Stock Reaction: Steel Strips Wheels
The company has informed the exchanges that it has received export orders of nearly 16,000 wheels for the Western Hemisphere market.
The order is d at $2,44,000, according to the company's press release. The order will be executed in the month of November and December from the company's Chennai plant.
The company is anticipating similar orders going forward from the customer base.
Shares gained as much as 1.5% to Rs 519, before cooling off to trade little changed. The stock is trading at the highest level in seven months.
Markets At 10:10 A.M.
- Benchmark indices open higher for the fourth straight day
- Nifty up 0.9% at 12,003
- Sensex up 1% at 40,929
- Nifty Bank up 1.7% at 24,720
- Nifty Midcap index up 0.86%
- Nifty Smallcap index up 0.9%
- India Volatility Index down 0.8% to 22.5
- Nifty Metal and Nifty PSU Bank are the top sectoral gainers; up 1.8% each
- Nifty Realty is the other major gainer; up 1.1%
- Nifty FMCG is the only sectoral laggard; down 0.2%
- IndusInd Bank is the top Nifty gainer; up 2.8%
- 43 out of the 50 Nifty constituents are advancing
- Britannia is the top Nifty laggard; down 2%
- 1,227 stocks on the NSE are trading with gains while 442 are declining
Money Market Update
The currency has opened little changed but with a positive bias in today's session after ending with losses on Tuesday.
The rupee opened at 73.41 against the U.S. Dollar as compared to Tuesday's close of 73.47. It was the third worst performing currency on Tuesday.
Aggressive Dollar buying by PSU Banks, to offset the impact of foreign inflows caused the currency to weaken on Tuesday, according to Reliance securities.
Within the bond markets today, traders will focus on the treasury bill auction of Rs 16,000 crore.
The benign interest-rate outlook and surplus liquidity in the banking system are supporting demand for short-end bonds, according to AU Small Finance Bank.
Stock Reaction: Larsen & Toubro
The company's construction arm has won 'large' contracts for its various businesses, it said in an exchange filing.
- The Commercial & Residential Spaces arm of the Buildings and Factories business has won an order from a reputed developer to construct a residential project and an office space in Mumbai.
- The factories arm has received an order from a leading global shipping & logistics company for the design and construction of a warehousing logistics park in Mumbai. The factories arm has also won an order to construct a clinker plant of 4,000 tonnes per day capacity in Odisha.
- The water and effluent treatment business has secured an order from Punjab Water Supply and Sewerage Board to provide 24/7 surface-based water supply to the town of Patiala.
- The railways strategic division of the transportation infrastructure business has won order from the National Capital Region Transport Corporation (NCRTC).
A 'large' order, as per L&T's terminology has classified in the range of Rs 2,500 crore - Rs 5,000 crore.
Shares gained as much as 1.5% to Rs 931, post the announcement. The stock is up for the fourth straight day.
Coronavirus India Updates
- Active cases decline for the 18th day in a row
- 54,044 new cases reported in the last 24 hours
- Total confirmed cases at 76,51,107
- Active cases at 7,40,090
- Patients cured / discharged / migrated at 67,95,103
- Death toll rises to 1,15,914
- 717 deaths reported in the last 24 hours
- 61,775 patients recovered in the last 24 hours
Stock Reaction: Shiva Cement
The company has approved a plan to expand its capacity by setting up a new clinker and grinding unit.
The clinker unit will have a capacity of 4,000 tonnes per day while the Grinding unit will have a capacity of 1 MTPA, according to the company's exchange filing.
The estimated cost for the same is pegged at Rs 1,530 crore, which will be funded through a mix of long-term debt and equity.
The capex plan is nearly seven times higher than the company's overall market capitalisation of Rs 200 crore.
Shares gained as much as 16.4% to Rs 12.2 and are up for the third straight day.
Earnings Fineprint: Hindustan Zinc Q2FY21
- Revenue up 25% to Rs 5,660 crore
- Net profit down 7% to Rs 1,940 crore
- Ebitda up 39% to Rs 2,952 crore
- Ebitda margin at 52.2% from 46.9%
- Power and Fuel costs up 5% to Rs 435 crore
- Mining Royalty up 25% to Rs 673 crore
- Zinc revenue up 9% to Rs 3,323 crore
- Lead revenue up 28% to Rs 861 crore
- Silver Metal revenue up 116% to Rs 1,242 crore
- Continued to deliver record volumes despite challenges posed by the pandemic
- All numbers are standalone and compared on a year-on-year basis
The company has also declared a dividend of Rs 21.3 per share - the highest in over a decade. The total dividend sum amounts to Rs 9,000 crore, out of which, Vedanta will get Rs 5,842 crore, courtesy its 64.92% stake in the company.
Shares of Hindustan Zinc gained as much as 4.2% to Rs 232.25 and are up for the fourth straight day.
Shares of Vedanta gained as much as 2.6% to Rs 101.8, and are up for the third straight day.
Opening Bell: A Positive Start
Indian equity markets opened higher for the fourth straight day, in-line with the positive sentiment across most Asian markets.
The S&P BSE Sensex opened 0.55% higher at 40,767 while the NSE Nifty 50 opened above the 11,900 mark - up 0.5% at 11,958.
All sectoral indices have opened with gains. The Nifty Media and Nifty PSU Bank index have opened with gains of 0.8% while Nifty Auto is up 0.7%. Nifty Bank, Nifty FMCG, Nifty Metal and Nifty Realty have opened with gains of 0.5% each.
Broader markets, which outperformed the benchmarks on Tuesday have begun the trading day on a positive note. The Nifty Midcap index is up 0.4% while the Smallcap index gained 0.7%.
1,102 stocks on the NSE have opened with gains while 354 are declining.
Current Market Update
Trading Strategies For The Day
- Nifty: Sell 11,800 Put of the October 22 expiry in the range of Rs 47-49. Target of Rs 33-23 and stop loss of Rs 63.
- Nifty Bank: Buy in the range of 24,350-24,400 for target of 24,650-24,800 and stop loss of 24,250.
- Buy Dabur October futures for target of Rs 538.2 and Rs 549 with a stop loss of Rs 523.8
- Sell UPL October futures for target of Rs 449.6 and Rs 439.2 and stop loss of Rs 463.4
- Dabur and UPL are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Tuesday
Key Stocks In Focus
- Hindustan Zinc: Announces interim dividend of Rs 21.3 per share, amounting to Rs 9,000 crore. This implies a dividend yield of 9.48% to Tuesday's closing price. The record date for the same has been set as October 28. Vedanta holds 64.92% stake in the company, basis of which, it will receive Rs 5,842.8 crore as dividend. The company said that it is on track to meet its FY21 guidance. Due to ongoing Covid-19 restrictions, the commissioning of the Fumer plant in Chanderiya is delayed and efforts are ongoing for an early commissioning, according to the company.
- Motherson Sumi: To acquire Bombardier’s electrical wiring interconnection business in Mexico. The transaction includes the transfer of assets, employees and inventories, on a debt-free and cash-free basis and is d at around US $10 million.
- Shiva Cement: Board approved proposal for setting up of 4,000 TPD clinker unit along with 1 MTPA grinding unit for Rs 1,530 crore. The cost will be funded through mix of long-term debt and equity.
- Kirloskar Oil Engines: There has been an improvement in the company's overall performance during the quarter, as compared to the previous one. Power generation business recovering, but the pace of recovery is slower, as compared to other business divisions. Other business divisions, including exports, have shown good recovery during the quarter. The company is seeing demand uptick in its various businesses. Liquidity position of the company is robust.
- Prabhat Dairy: The Securities and Exchange Board of India on Tuesday has directed the company to cooperate with the forensic auditor and deposit over Rs 1,292 crore in a nationalised bank within seven days, till the conclusion of the audit.
- Nifty Earnings Today: UltraTech, Bajaj Finance, Bajaj Finserv
- Non-Nifty Earnings Today: Syngene, Colgate Palmolive, GMM Pfaudler
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
Key Stocks In Focus
Your Trade Setup For The Day
A Check On Indian ADRs
Fourth Day Of Gains Likely?
Good Morning!
Indian equity markets ended little changed on Tuesday but managed to eke out modest gains, courtesy I.T. stocks. Lack of contribution from the Nifty Bank and a subdued Reliance Industries Ltd. capped the upside.
Nifty futures are pointing towards a positive start to today's session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.26% to 11,939 as of 8:05 a.m.
Stocks like Hindustan Zinc will be in focus post the dividend announcement it made last evening. Also reacting to their quarterly numbers today will be L&T Infotech and Indian Energy Exchange.
By the end of the day, one-fifth of the Nifty constituents would have reported their quarterly results as three more companies - UltraTech and the Bajaj twins - Finance and Finserv come out with numbers today. The non-index names reporting results today include Syngene, Colgate Palmolive, Tejas Networks and GMM Pfaudler.
Most Asian markets are rising in mid-week trading. Markets in Japan, Hong Kong and South Korea are rising while those in Australia are fluctuating.
Futures on the Dow Jones are trading higher by 130 points. The index ended 0.4% higher on Wednesday. West Texas Intermediate crude fell 0.6% to $41.44 per barrel while Gold was up 0.4% to $1,913.7/Oz.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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