KEY HIGHLIGHTS
Closing Bell: Global Cues Catch-Up
Global sentiment, which is currently on a sticky wicket, finally caught up with the Indian markets as well.
Benchmark indices reversed Tuesday's gains to end lower in today's session, dragged lower by selling pressure across the board.
The S&P BSE Sensex ended 1.5% lower at 39,922 while the NSE Nifty 50 index managed to defend the 11,700 mark, ending 1.34% lower at 11,729.
All sectoral indices ended with losses in today's session. Losses were led by the Nifty Bank index, which gave up 540 out of the 700 point gain on Tuesday. The index ended 2.2% lower.
The Nifty Realty index was the other major laggard, ending 2% lower. The Nifty Media, Nifty Metal, Nifty Pharma and Nifty PSU Bank index saw losses between 1.4% and 1.6%.
The Nifty Auto index which was the only sectoral gainer through most parts of the trading day, gave up all of its gains to end 0.1% lower.
Broader markets moved in tandem with the benchmarks with both Midcap and Smallcap index ending with losses of 1% each.
India Volatility Index ended 4.9% higher at 23.28.
1,186 stocks on the NSE ended with losses while 627 managed to buck the trend.
Earnings During Market Hours
How Did The Sectoral Indices Fare
Edelweiss' Market Outlook
Earnings Reaction: APL Apollo Tubes Q2FY21
- Revenue up 34% to Rs 2,202.5 crore
- Net profit up 72% to Rs 102.6 crore
- Ebitda more than doubles to Rs 169.6 crore
- Ebitda margin at 7.7% from 4.4%
- Ebitda per tonne up 78% to Rs 3,514
- Sales volume up 32% to 481 KT
- Board approves splitting one equity share of Rs 10 into five shares of Rs 2 each
- Net debt down to Rs 300 crore in H1FY21 from Rs 790 crore on March 31, 2020
- Strong demand revival across product segments
- Market share gains backed by aggressive rural push
- Market share in H1FY21 at 50%
- Cost management and efficiency actions aided margin expansion
- On the verge of becoming a debt free company
- All numbers consolidated and compared on a year-on-year basis
Shares gained as much as 3.9% to a record high of Rs 3,195.45. The stock is up for the seventh straight day, its longest winning streak since November 2019.
Earnings Reaction: V-Guard Industries Q2FY21
- Revenue flat at Rs 616.6 crore
- Net profit down 13% to Rs 500 crore
- Ebitda up 8% to Rs 158.5 crore
- Ebitda margin at 25.7% from 23.8%
- Electronics business revenue up 2% to Rs 171 crore
- Electricals business revenue up 2% to Rs 282.3 crore
- Consumer Durables business revenue down 7% to Rs 163.4 crore
- Pumps, Fan, Digital UPS categories performed well
- Cashflow from operations continues to remain strong
- Base quarter had a one-off tax writeback of Rs 10.1 crore
- Expect to return to growth with supply issues being resolved and the onset of the festive season
- All numbers are standalone and compared on a year-on-year basis
Shares fell as much as 2.3% to Rs 168.1, post the announcement.
Earnings Reaction: Piramal Enterprises Q2FY21
- Revenue up 1% at 3,301.8 crore
- Net profit up 3% at Rs 628.3
- Ebitda down 9% to Rs 1,999.9 crore
- Ebitda margin at 60.6% from 66.9%
- Pharma business revenue up 9% to Rs 1,441 crore
- Financial Services revenue down 5% to Rs 1,860.8 crore
- Mark-to-market gains on forward contracts of Rs 76.9 crore taken against expected equity investment inflow from investors in the Pharma segment
- Written off certain property and plant equipment and intangible assets under development pertaining to Mumbai's R&D center worth Rs 37.42 crore
- Gross NPA remains flat sequentially at 2.5%
- Total provisions at 5.9% of total loan book
- Net debt-equity ratio falls below 1
- Both businesses are now at an inflection point
- Will be launching multi-product retail lending platform in November 2020
- Conservative provisions worth Rs 3,037 crore as on September 020
- Capital Adequacy ratio at 34%
- Current loan book at Rs 51,522 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 1.8% to Rs 1,275.1, post the announcement.
Metal Stocks Among Top Laggards
Earnings Reaction: Radico Khaitan Q2FY21
- Revenue up 11% to Rs 630.1 crore
- Net profit down 7% to Rs 74.7 crore
- Ebitda up 24% to Rs 107.2 crore
- Ebitda margin at 17% from 15.2%
- Deferred tax gain of Rs 26.6 crore in the base quarter
- IMFL volumes up 4.6% to 6.04 million cases
- Prestige and Above brands volumes up 3.6% to 1.69 million cases
- Gross margins expanded to 48.9% from 48%
- Net debt reduction of Rs 129 crore since March 2020
- All numbers are standalone and compared on a year-on-year basis
Shares gained as much as 2.1% to Rs 454.7, up for the second day in a row.
Earnings Reaction: Marico Q2FY21
- Revenue up 9% to Rs 1,989 crore
- Net profit up 8% to Rs 273 crore
- Ebitda up 10% to Rs 389 crore
- Ebitda margin at 19.6% from 19.3%
- India Business revenue up 8% to Rs 1,508 crore
- International business revenue up 12% to Rs 481 crore
- Exceptional item worth Rs 33 crore this quarter represents provision towards impairment of certain unusuable fixed assets and inventories identified by the company during the quarter at one of the manufacturing units.
- Declares interim dividend of Rs 3 per share
- All numbers are consolidated and compared on a year-on-year basis
Shares currently trade 1.1% lower at Rs 352.6, post the announcement.
Markets At 2:10 P.M.
- Benchmark indices extend losses
- Nifty down 1.6% at 11,703
- Sensex down 1.7% at 39,834
- Nifty Bank down 2.7% at 24,107
- Nifty Midcap index down 1.2%
- Nifty Smallcap index down 1%
- India Volatility Index up 5.7% to 23.45
- All sectoral indices trade with losses
- Nifty Realty and Nifty PSU Bank index down 2% each
- Nifty Metal and Nifty Media down 1.7% each
- Nifty Pharma and Nifty I.T. down 1.5% each
- Bharti Airtel remains the top Nifty gainer; up 4%
- IndusInd Bank is the top Nifty laggard; down 4.4%
- 1,233 stocks on the NSE are declining while 547 trade with gains
Money Market Update
The currency ended weaker in today's session, in-line with the sentiment in the equity markets.
The rupee ended at 73.87 against the U.S. Dollar as compared to Tuesday's close of 73.71. It had an intraday low of 73.93 while 73.64 acted as the highest point of the day.
Today's performance made rupee the second worst performing currency in Asia, ahead of the South Korean Won.
“Only consistent trading above the mark of 74, will push the currency towards 74.20,” Rahul Gupta of Emkay Global Financial Services wrote in a note.
Earnings Reaction: Titan Q2FY21
- Revenue down 3% to Rs 4,318 crore
- Net profit down 38% to Rs 199 crore
- Ebitda down 43% to Rs 294 crore
- Ebitda margin at 6.8% from 11.6%
- Deferred tax gain of Rs 39 crore this quarter
- Jewellery business revenue up 9% to Rs 3,837 crore
- Watches business revenue down 44% to Rs 400 crore
- Eyewear business revenue down 39% to Rs 94 crore
- All numbers are standalone and compared on a year-on-year basis
Shares fell as much as 3.8% to Rs 1,185.3, post the announcement.
Earnings Reaction: Dr Reddy's Laboratories Q2FY21
- Revenue up 2% to Rs 4,897 crore
- Net profit down 30% to Rs 771.8 crore
- Ebitda up 9% to Rs 1,156.1 crore
- Ebitda margin at 23.5% from 22.1%
- Base quarter had a deferred tax gain of Rs 531.5 crore
- Current quarter has deferred tax gain of Rs 71.3 crore
- Pharma and API revenue up 21% to Rs 1,025.6 crore
- Global Generics revenue up 21% to Rs 3,984.1 crore
- North America revenue up 28% to Rs 1,832 crore
- Europe revenue up 36% to Rs 3,75.4 crore
- India revenue up 21% to Rs 912.3 crore
- EM revenue up 4% to Rs 863.6 crore
- PSAI revenue up 20% to Rs 850.5 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 1.9% to Rs 5,005, post the announcement.
Buzzing Stock: Nesco
- Among top performers on the BSE Smallcap index
- Gains as much as 3.6% to Rs 513.2
- Gains the most in two weeks
- Snaps five-day losing streak
- Has gained only twice in the last eight trading sessions
- Today's volumes are 76% below its 20-day average
- Finds support and rebounds from 100-Day Moving Average of 495.7
- Relative Strength Index (RSI) of the stock at 43.3
- Trading 38% below its 52-week high of Rs 819 on February 7, 2020
- All four analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 24%
F&O Snapshot: Active Options Contracts
- Nifty October futures add 5% and 3.9 lakh shares in Open Interest.
- Nifty Bank October futures add 14.1% and 1.4 lakh shares in Open Interest.
Nifty: October 29 Expiry
- 11,900 Call: Premium down 70% to Rs 19.8. The contract has added 21.3 lakh shares in Open Interest.
- 11,800 Put: Premium up 121.3% to Rs 99.2. The contract has added 2.8 lakh shares in Open Interest.
- 12,000 Call: Premium down 70% to Rs 8.5. The contract has added 21 lakh shares in Open Interest.
Nifty Bank: October 29 Expiry
- 25,000 Call: Premium down 73% to Rs 47.3. The contract has added 12.3 lakh shares in Open Interest.
- 24,000 Put: Premium up 84% to Rs 151. The contract has added 1.6 lakh shares in Open Interest.
- 24,500 Put: Premium up 120% to Rs 420.5. The contract has shed 6,475 shares in Open Interest.
Earnings Reaction: Snowman Logistics Q2FY21
- Revenue down 1% to Rs 57.7 crore
- Net loss widens to Rs 1.7 crore from Rs 1.4 crore
- Ebitda flat at Rs 14.8 crore
- Ebitda margin at 25.6% from 25.7%
- Able to maintain high warehouse occupancy rate during the quarter
- Businesses resuming may aid performance in the quarters ahead
- New facility for Amazon should be functional from November 1
- Total capital outlay for new projects to be Rs 75 crore
- Started new vertical to cater to e-commerce logistics in food and pharma segments
- All numbers are standalone and compared on a year-on-year basis
Shares fell as much as 4.2% to Rs 38.25, post the announcement. The stock has snapped a three-day gaining streak.
Brokerage Reaction: Metropolis Healthcare
Brokerage firm JPMorgan initiated coverage on the stock this morning with an overweight rating and a price target of Rs 2,450.
JPMorgan’s Rationale:
- Has the footprint to capture market share to grow ahead of industry
- Diversified revenue base, retail focus growth and a profitable B2B strategy should facilitate investment in the long-term growth opportunity
- See the stock as a steady growth story despite run-up from April lows
- See 19% revenue CAGR over FY21-23E
- Project 20% EPS CAGR over FY21-23E
- Better positioned to capture growing opportunity in diagnostic space
- Discount versus peers is unwarranted
Shares gained as much as 2.4% to Rs 1,938, snapping a two-day losing streak. The stock has cooled off from the day's high.
How Are The Sectoral Indices Faring
Earnings Reaction: ICICI Prudential
- Gross Premium up 6.6% to Rs 8,733.5 crore
- Net profit flat at Rs 303.2 crore
- 13th month persistency at 83.7% from 80.7%
- APE down 32.1% to Rs 2,288 crore for H1FY21
- VNB margins at 26.3% from 21% for H1FY21
- Margins improve on account of better protection mix and growth in non-linked savings
- All numbers compared on a year-on-year basis
Shares fell as much as 1.8% to Rs 404.6, and have declined in three out of the last four trading sessions.
Stock Reaction: AurionPro Solutions
The I.T. solutions provider has announced a major order win from the largest telecom operator in the United Arab Emirates.
The order has been won by a group company - Intellvisions Software LLC, and is d at Rs 30 crore. The work orders, which are supposed to be delivered within the next four months, are d at nearly Rs 14.5 crore.
The project will cover implementation within 18 months, followed by maintenance and support up to five years, the company said in an exchange filing.
Shares are locked in an upper circuit of 5% at Rs 74.25, post the announcement.
Auto Index Holds Gains
Markets At Noon
- Benchmark indices continue to trade near the day's low
- Nifty down 0.34% at 11,848
- Sensex down 0.5% at 40,323
- Nifty Bank down 0.9% at 24,554
- Nifty Midcap index up 0.1%
- Nifty Smallcap index unchanged
- India Volatility Index up 1.6% to 22.55
- Nifty Realty remains the top sectoral laggard; down 1.2%
- Nifty Auto remains the top sectoral gainer; up 0.9%
- Most other sectoral indices trade flat
- Bharti Airtel remains the top Nifty gainer; up 5.4%
- HDFC is the top Nifty laggard; down 2.2%
- 778 stocks on the NSE are trading with gains while 931 are declining
Stock Reaction: KPR Mill
The company has announced an expansion of its Garment segment by establishing a new garment factory near Coimbatore.
The new factory will have a capacity of 42 million garments per annum and the estimated project cost for the same is pegged at Rs 250 crore.
The company intends to expand capacity in order to cater to the growing market demand and towards stepping up of efforts to tap potential markets, it said in a press release.
Shares gained as much as 15.7% to Rs 782.95, trading at the highest level since March 2018. The stock is up for the second straight day.
Buzzing Stock: Aditya Birla Capital
- Among top performing stocks on the Nifty 500 index
- Gains as much as 6.2% to Rs 69.25
- Snaps two-day losing streak
- Has gained in five out of the last eight trading sessions
- Up 13% in the last eight trading sessions
- Today's volumes are nearly triple its 20-day average
- Sustaining above its 200 and 50-Day Moving Average at 65.25
- Relative Strength Index (RSI) of the stock at 58.2
- Trading 40% below its 52-week high of Rs 115, on January 13, 2020
- All seven analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 21%
Stock Reaction: Adani Gas
The company has informed of a board meeting which will be held on November 3, during which it will consider its quarterly results.
The board will also consider a proposal to raise funds through U.S. Dollar denominated foreign currency bonds which may be issued in one or more tranches in India or overseas.
The total amount that the company seeks to raise through the bonds is $400 million on a private placement basis or otherwise, it said in an exchange filing.
Shares gained as much as 3.6% to Rs 204.5, up for the second straight day.
Stock Reaction: TCS
The I.T. major has announced that it has been selected as a strategic partner by AG - a leading Belgian insurer, for managed I.T. services.
TCS will help AG enhance its digital channels and modernise its I.T. systems, leveraging TCS' Machine First approach.
“Our partnership with AG Insurance will see us leverage all these capabilities to transform their application estate and build a future-proof core that will foster innovation, agility and enhanced customer experience,” Hemakiran Gupta - Business unit head for Mainland Europe, BFSI at TCS was quoted as saying.
The stock is currently trading 0.3% lower at Rs 2,621, down for the second straight day.
Buzzing Stock: Orient Cement
- Among top performers on the Nifty 500 index
- Gains as much as 5.8% to Rs 67.5
- Has gained in seven out of the last nine trading sessions
- Up 16% in the last nine trading sessions
- Today's volumes are more than double its 20-day average
- Breaks above its 100-Day Moving Average at 65.5
- Relative Strength Index (RSI) of the stock at 64
- Trading 25% below its 52-week high of Rs 90 on February 26, 2020
- 10 out of the 11 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 22%
Stock Reaction: Tata Elxsi
The company has announced that it has been awarded a global services deal from Aesculap, a subsidiary of B. Braun, one of the world's leading manufacturers of medical devices and pharma products.
Tata Elxsi has opened a dedicated global engineering center for Aesculap, as part of the strategic, multi-year engagement.
The center will be used to accelerate innovation and drive the transformation and growth for Aesculap's medical business.
“This further consolidates our position in the Medical Devices and Healthcare market in Europe,” Nitin Pail, Chief Strategy Officer and CMO at Tata Elxsi was quoted as saying.
Shares are attempting a recovery from the day's low, currently trading 4% lower at Rs 1,592.1.
Nifty Bank Among Top Laggards
Earnings Reaction: Castrol India Q3CY20
- Revenue up 4% to Rs 883.1 crore
- Net profit up 9% to Rs 204.6 crore
- Ebitda up 18% to Rs 288.2 crore
- Ebitda margin at 32.6% from 28.8%
- Declares interim dividend of Rs 2.5 per share
- Record date for interim dividend set as November 6
- All numbers are standalone and compared on a year-on-year basis
Shares gained as much as 8.6% - the most in six months to Rs 118. The stock trades at the highest level in over a month.
Buzzing Stock: Balrampur Chini
- Second best performer on the Nifty Smallcap index
- Gains as much as 5% to Rs 169.8
- Trading at the highest level in eight months
- Up for the fourth straight day
- Longest winning streak in over a month
- Today's volumes are eight times its 20-day average
- One-month implied volatility is 89%
- Took support from 50-Day Moving Average at 154.3, eight sessions ago, has sustained above it since then
- Relative Strength Index (RSI) of the stock at 64.1
- Trading 13% below its 52-week high of Rs 195 on January 7, 2020
- Seven 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 17.8%
Earnings Reaction: Tata Motors Q2FY21
- Revenue down 18% to Rs 53,530 crore
- Net loss widens to Rs 314 crore from Rs 217 crore
- Ebitda down 21% to Rs 5,691 crore
- Ebitda margin at 10.6% from 10.9%
- JLR retail sales down 11.9% to 1,13,569 units; up 53.3% quarter-on-quarter
- JLR positive free cash flow of 463 million pounds
- JLR business received Ebit margin of 0.3%
- Continue to expect positive free cash flow over the second half
- PV business achieved Ebitda breakeven
- CV margins though improved sequentially but continue to be impacted by lower volumes and adverse mix year-on-year
- Look forward to gradual pick-up in demand and supply situation
- Worst may be over for the Commercial Vehicles Business
- Do not see any green shoots for the buses business until schools reopen
Brokerages are divided on the stock post the results:
- CLSA: Buy rating maintained; price target of Rs 220
- BofA Securities: Underperform rating maintained; price target of Rs 120
- Macquarie: Neutral rating maintained; price target of Rs 130
Shares gained as much as 5.6% to Rs 143.25 and are the second best performers on the Nifty 50 index.
Markets At 10:10 A.M.
- Benchmark indices are fluctuating between gains and losses
- Nifty down 7 points at 11,883
- Sensex down 0.2% at 40,457
- Nifty Bank down 1% at 24,530
- Nifty Midcap index down 0.1%
- Nifty Smallcap index unchanged
- India Volatility Index up 2.46% to 22.74
- Nifty Auto is the top sectoral gainer; up 1.1%
- Nifty Realty is among the top sectoral laggards; down 1.2%
- Bharti Airtel is the top Nifty gainer; up 8.6%
- Kotak Mahindra Bank is the top Nifty laggard; down 2%
- 866 stocks on the NSE are trading with gains while 796 are declining
Money Market Update
The currency has opened little changed in today's session after snapping a two-day losing streak on Tuesday.
The rupee opened 73.69 against the U.S. Dollar as compared to Tuesday's close of 73.72. It was the second best performer in Asia on Tuesday.
Strong local shares and persistent selling of the greenback by exporters led to the currency appreciating on Tuesday, according to Reliance Securities.
Bond market traders will keep an eye out on treasury bill auctions today. The government plans to sell T-bills worth Rs 16,000 crore.
AU Small Finance Bank believes that the 10-year yield may drop to 5.75% if the Reserve Bank of India continues regular OMOs and commits to an accommodative stance for longer.
Coronavirus India Updates
- Active cases decline for the 25th day in a row
- 43,893 new cases reported in the last 24 reported
- Total confirmed cases now at 79,90,322
- Active cases at 6,10,803
- Patients cured / discharged / migrated at 72,59,509
- Death toll rises to 1,20,010
- 508 deaths reported in the last 24 hours
- 58,439 patients recovered in the last 24 hours
Stock Reaction: Delta Corp
The company has informed the exchanges that its casino operations in Sikkim will resume from November 1, 2020, in accordance with the applicable safety norms prescribed by the respective governments.
Operations had to be stalled after the government ordered a lockdown in March this year, in order to curb the spread of the Covid-19 pandemic.
Shares gained as much as 6.1% to Rs 114.9, snapping a two-day losing streak.
Earnings Reaction: Bharti Airtel Q2FY21
- Revenue up 7.7% to Rs 25,785 crore
- Net loss narrows to Rs 763 crore from Rs 15,933 crore
- Ebitda up 11.3% to Rs 11,848 crore
- Ebitda margin at 46% from 44.4%
- ARPU improves to Rs 162 from Rs 157
- India business revenue up 7.4% to Rs 13,832 crore
- Africa business revenue up 11% to Rs 7,166 crore
- Digital TV Services revenue flat at Rs 755 crore
- Tower services revenue up 7.5% to Rs 1,766 crore
- Company to exit its Ghana business. The government of Ghana will acquire 100% stake in Airtel Ghana. The company will take a impairment hit of Rs 184 crore.
- All numbers are consolidated and compared on a quarter-on-quarter basis
Brokerages have maintained their positive stance on the stock post its results:
- BofA Securities: Buy rating maintained; price target of Rs 640
- Citi: Buy rating maintained; price target of Rs 690
- CLSA: Buy rating maintained; price target of Rs 715
- UBS: Buy rating maintained; price target of Rs 655
Shares gained as much as 9.5% - its biggest single-day gain in over five months to Rs 474.6. The stock is trading at the highest level in over a month.
Stock Reaction: Hero MotoCorp
The two-wheeler maker announced an agreement with Harley-Davidson for the Indian market on Tuesday.
As per the distribution agreement, Hero will sell and service Harley-Davidson motorcycles, and sell parts, accessories and general merchandise, riding gear and apparel through Harley's dealers and its own existing dealership network.
Hero will also develop and sell a range of premium motorcycles, under the Harley-Davidson brand name, as per the company's exchange filing.
Shares gained as much as 3.7% to Rs 3,020 and are up for the second straight day.
Opening Bell: Unable To Hold Gains
Indian equity markets opened higher for the second straight day after recovering most of its losses on Tuesday.
The S&P BSE Sensex opened 0.35% higher at 40,664 while the NSE Nifty 50 index opened above the mark of 11,900 - up 0.3% at 11,922. Both benchmark indices gave up gains soon after.
Sectoral indices have opened mixed this morning. The Nifty Media and Nifty Auto indices are up 0.6% each, while the Nifty I.T. index has gained 0.5% at the start of trade. Other sectoral indices have opened flat.
Broader markets too have had a subdued start to the trading day. The Nifty Midcap index is little changed as is the Nifty Smallcap index, which is up 0.15%.
800 stocks on the NSE opened with gains while 705 stocks are declining.
Current Market Update
Trading Ideas For The Day
- Nifty: Sell 12,000 Call for October 29 expiry in the range of Rs 27-29. Target of Rs 13-5 and a stop loss of Rs 43.
- Nifty Bank: Buy in the range of 24,500-24,550 for target of 24,700-24,900 and stop loss of 24,400
- Buy Dabur India October futures for target of Rs 528.7 and Rs 539.5 with a stop loss of Rs 514.3
- Sell Tech Mahindra October futures for target of Rs 813.5 and Rs 802.3 with a stop loss of Rs 828.5
- Dabur and Tech Mahindra are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Tuesday
Key Stocks In Focus
- Hero MotoCorp: Announces agreements with Harley-Davidson for the Indian market. The company will sell and service Harley motorcycles and sell parts & accessories through network of Harley dealers and its existing dealership network. It will also develop and sell a range of premium motorcycles under the Harley-Davidson brand name.
- ICICI Bank: The United States Securities and Exchange Commission (SEC) has concluded its investigation into the bank’s loan impairment provisions under US GAAP and that the SEC does not intend to take any enforcement action against the lender.
- Asian Paints: Compliance Officer has approved promoter Sattva Holding and Trading's plan to adhere to RBI guidelines. The promoter will sell 5.64 crore shares or 5.88% stake in the company between May 1, 2021 and April 30, 2022 worth Rs 500 crore. The sale will be made in tranches. The proceeds from the sale will be used for reducing debt and quantum of pledged shares.
- Bharti Airtel: To exit the Ghana market. The government of Ghana will acquire 100% stake in Airtel Ghana. To take an impairment hit of Rs 184 crore.
- Adani Gas: To consider raising up to $400 million through foreign currency bonds on November 3.
- Delta Corporation: Sikkim casino operations to resume from November 1.
- Nifty Earnings Today: Axis Bank, Dr Reddy's Laboratories, Hero MotoCorp, Larsen & Toubro, Titan
- Non-Nifty Earnings Today: APL Apollo Tubes, Aavas Financiers, Blue Star, Carborundum Universal, AU Small Finance Bank, Cummins India, GSK Pharma, Firstsource Solutions, ICICI Securities, Marico, MCX, Navin Fluorine, PI Industries, PNB Housing, Radico Khaitan, RBL Bank, Route Mobile, Tata Coffee, UTI AMC, V-Guard Industries, Welspun Enterprises
To know about earnings reported after market hours, key brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
An Earnings-Heavy Day
Good Morning!
Indian equities on Tuesday outperformed most global peers, primarily on account of MSCI rejig.
The S&P BSE Sensex and the NSE Nifty 50 managed to recover most of Monday's losses, with gains of 1% each.
Futures, however, indicate that the markets may open lower in today's trading session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.4% to 11,841 as of 8:05 a.m. on Wednesday.
Tata Motors, Bharti Airtel, ICICI Prudential, Castrol and Nippon Life India AMC, among others, may react to their quarterly earnings reported after market hours on Tuesday.
Five Nifty companies — Axis Bank, L&T, Dr. Reddy's Laboratories, Titan and Hero MotoCorp — will report their results today. The non-Nifty 50 firms set to announce financials include APL Apollo Tubes, Blue Star, AU Small Finance Bank, Cummins India, among others.
Globally, markets in Japan, Hong Kong and South Korea are declining in today's session. Futures on the Dow Jones are trading 165 points lower. The index declined 0.8% on Tuesday.
West Texas Intermediate crude fell 1.7% to $38.89 per barrel, while gold was flat at $1,906.5/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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