All You Need To Know Going Into Trade On November 3
Asian stocks were steady Wednesday as traders mulled another all-time high for U.S. equities and a retreat in short-term sovereign yields ahead of the Federal Reserve policy decision.
Stability in iron-ore prices bolstered commodity-exporter Australia, while shares in China and Hong Kong fluctuated. Japan is shut for a holiday. S&P 500 and Nasdaq 100 futures were little changed following fresh peaks for U.S. shares.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, rose 0.27% to 17,972, as of 7:30 a.m.
A gauge of the dollar held a climb. In China, Premier Li Keqiang said the economy is facing new downward pressure.
Elsewhere, oil fell as the U.S. increased pressure on OPEC+ to boost supplies. Bitcoin was around $63,000 amid a rally in cryptocurrencies
Earnings Post Market Hours
Bharti Airtel Q2FY22 (Consolidated, QoQ)
Revenue up 5.5% at Rs 28,326.4 cr Vs Rs 26,853.6 crore (BBG estimate: Rs 27,713.5 crore)
Net profit up 4 times at Rs 1,134 crore Vs Rs 283.5 crore (BBG estimate: Rs 753.3 crore)
Ebitda up 6.3% at Rs 14,018 crore Vs Rs 13,189 crore (BBG estimate: Rs 13,665.6 crore)
Margins at 49.5% Vs 49.1% (BBG estimate: 49.3%)
PNB Housing Finance Q2FY22 (Consolidated, YoY)
NII down 19% at Rs 548.54 crore Vs Rs 675.84 crore
Net profit down 25% at Rs 235.21 crore Vs Rs 313.29 crore
Net interest margin at 3% Vs 3.5%
Gross margin, net of acquisition cost, at 3.3% Vs 3.5%
Disbursements stood at Rs 2,961 crore compared to Rs 2,444 crore
Asset under Management degrew by 3% QoQ at Rs 69,810 crore
Trent Q2FY22 (Consolidated, YoY)
Revenue up 1.01 times at Rs 1,178.08 crore Vs Rs 585.37 crore
Net profit of Rs 79.99 crore Vs Net loss of Rs 78.56 crore
Ebitda at Rs 209.72 crore Vs Rs 0.38 crore
Margin at 17.8% Vs 0.1%
eClerx Services Q2FY22 (Consolidated, YoY)
Revenue up 30% at Rs 373.80 crore Vs Rs 287 crore
Net profit up 61% at Rs 85.60 crore Vs Rs 53.30 crore
Ebitda up 54% at Rs 129.60 crore Vs Rs 83.90 crore
Margin at 34.7% Vs 29.2%
Minda Corporation Q2FY22 (Consolidated, YoY)
Revenue up 11% at Rs 731.25 crore Vs Rs 656.10 crore
Net profit up 51% at Rs 39.06 crore Vs Rs 25.82 crore
Ebitda up 16% at Rs 77.30 crore Vs Rs 66.55 crore
Margin at 10.6% Vs 10.1%
GE Power India Q2FY22 (Consolidated, YoY)
Revenue down 18% at Rs 732.12 crore Vs Rs 887.51 crore
Net profit up 5% at Rs 39.33 crore Vs Rs 37.37 crore
Ebitda down 35% at Rs 27.59 crore Vs Rs 42.23 crore
Margin at 3.8% Vs 4.8%
Stove Kraft Q2FY22 (YoY)
Revenue up 53% at Rs 362.84 crore Vs Rs 236.76 crore
Net profit down 15% at Rs 22.92 crore Vs Rs 26.87 crore
Ebitda up 15% at Rs 40.59 crore Vs Rs 35.21 crore
Margin at 11.2% Vs 14.9%
Stocks To Watch
Mahindra & Mahindra Financial Services: With opening of the economy and customer cashflow improving on account of mobility, festival and harvest, the company expects gradual reduction in Stage 3 and Stage 2 to continue in the months to come. The company witnessed visible trends of sequential improvement in Stage 2 while Stage 3 was range-bound. October collection efficiency at 91% was higher than 89% in the year-ago month, but lower compared with the second quarter ended September 30. Disbursements rose 20% YoY to Rs 2,650 crore.
HDFC Life Insurance Company: The Competition Commission of India has approved acquisition of 100% shareholding in Exide Life Insurance Company by HDFC Life Insurance Company.
Poonawalla Fincorp: Approved divestment of its direct and indirect shareholding in Magma HDI General Insurance to comply with IRDAI regulations. Sanoti Properties LLP will acquire the company’s stake in Magma HDI. The company will also divest its of 48.89% shareholding in Jaguar Advisory, which is a t venture partner in Magma HDI. The proposed transactions will result in a pre-tax profit of Rs 351.85 crore for PFL and sale of stake will result in an effective increase in Tier 1 capital adequacy ratio from 52.2% to 56.1%.
Adani Enterprises: Adani Defence Systems and Technologies, a wholly owned subsidiary of the company, has incorporated a unit Astraeus Services IFSC. The unit is incorporated with the object of leasing and managing of General Aviation aircraft.
Minda Corporation: The company has signed an agreement to purchase 49% equity shares in Minda Stoneridge Instruments for Rs 161 crore. The agreement has been executed among Minda Corporation, Stoneridge Inc., USA and Minda Stoneridge Instruments.
Infosys: Infosys Finacle, a subsidiary of the company, and IBM have collaborated to help banks accelerate cloud transformation journeys. Finacle Digital Banking Solution Suite will be available on Red Hat OpenShift and IBM Cloud for financial services.
Wipro: The company has partnered with TEOCO to develop next-generation network solutions for communication service providers. The partnership includes the establishment of a Center of Excellence.
Info Edge (India): The company has entered into an agreement to invest about Rs 41.2 crore in Metis Eduventures through a mix of primary and secondary acquisition of shares. The acquisition is expected to be completed on or before November 30.
Sterlite Technologies: To sell its minority stake in Metis Eduventures for Rs 45 crore.
Thirumalai Chemicals: The board has approved the investment in a project to manufacture Phthalic Anhydride and Fine chemicals at the company’s site in Dahej, Gujarat. The investment will be funded by the company's internal accruals and by borrowings.
Vedanta: Sesa Mining Corporation, an indirect wholly owned subsidiary of the company, to acquire Desai Cement Company for Rs 14 crore.
Spandana Sphoorty Financial: Padmaja Gangireddy has tendered her resigned as the Managing Director of the company with immediate effect. The board confirmed hiring of a new MD and CEO with experience across diverse financial services businesses. He is currently serving his notice period at his organisation and is expected to join Spandana in the upcoming quarter, the company said. The board has also hired a new Chief Financial Officer, who will join the company at a similar time.
Saregama India: The company launched its QIP issue on Tuesday and approved the floor price of Rs 4,264.68 per share. The floor price is at a discount of 1.53% to Tuesday's closing price.
MTAR Technologies: Approved the appointment of Gunneswara Rao Pusarla as the CFO of the company.
Tata Consultancy Services: The company has joined the British racing team, Jaguar Racing, as title partner ahead of the 2021/22 ABB FIA Formula E World Championship. The team will be known as Jaguar TCS Racing.
Earnings: State Bank of India, Eicher Motors, Aditya Birla Fashion and Retail, Bata India, Centrum Capital, Grindwell Norton, Gujarat State Petronet, Gujarat Alkalies & Chemicals, Gufic Biosciences, Pfizer, Rattanindia Enterprises, RattanIndia Power, Uflex
Retail investors bid the most for shares of Fino Payments Bank Ltd. on the final day of the IPO. The issue was subscribed 2.03 times.
PolicyBazaar IPO was subscribed 1.59 times on second day.
SJS Enterprises’ issue was subscribed 0.51 times on day 2.
Ceat: Promoter Instant Holdings bought 61,700 shares on October 28.
GHCL: Promoter Ram Krishna Dalmia Foundation sold 5,000 shares on November 1.
Zensar Technologies: Promoter Sofreal Mercantrade bought 53,000 shares on October 29.
Who’s Meeting Whom
Infibeam Avenues: To meet Motilal Oswal Securities on November 3.
Syngene International: To meet Arohi Asset Management on November 3.
Multi Commodity Exchange of India: To meet HDFC Mutual Fund on November 8 and ICICI Prudential Mutual Fund on November 9.
Ex-Date Interim Dividend: Aditya Birla Sun Life AMC, Coforge, IIFL Wealth Management
Record Date Interim Dividend: Birlasoft, Container Corporation of India, Kajaria Ceramics, Siyaram Silk Mills, Supreme Petrochem
Price Band Revised From 20% To 10%: Transport Corporation of India
Move Into Short-Term ASM Framework: Minda Corporation, RSWM
Money Market Update
The rupee ended at 74.68 against the U.S. Dollar on Tuesday as compared to Monday's closing of 74.87.
Nifty November futures ended at 17,922.95, a premium of 34 points.
Nifty November futures shed 4.52%, and 9,680 shares in Open Interest.
Nifty Bank November futures ended at 40,038, a premium of 99.55 points.
Nifty Bank November futures shed 4.66%, and 4,018 shares in Open Interest.
Securities in the ban list: Punjab National Bank, Escorts