Sensex, Nifty End Little Changed; IT Stocks Fall, Energy Shares Rise

Indian equity benchmarks were little changed as gains in oil & gas, banking and FMCG shares were offset by losses in IT and pharma stocks.

The S&P BSE Sensex ended flat at 35,142 and the NSE Nifty 50 Index declined 0.06 percent or 6 points to 10,576.

Six of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Information Technology Index's 2.45 percent drop. On the flipside, Nifty PSU Bank Index was the top gainer, up 2 percent.

Shares of the country's second largest private sector lender rose as much as 2.5 percent to record high of Rs 370 on heavy trading volumes.

Trading volume was 1.4 times its 20-day average, according to data compiled by Bloomberg.

As many as 2.9 crore shares changed hands on the National Stock Exchange, according to information available on NSE's website.

Shares of the Mumbai-based government-owned bank fell as much as 1.6 percent to Rs 59 after it reported gross non-performing assets of 31.8 percent in September quarter.

Key earnings highlights:

• Net interest income down 21 percent at Rs 1,300.86 crore versus Rs 1,657.45 crore (YoY).
• Net loss at Rs 3,602 crore versus loss of Rs 198 crore (YoY).
• Gross NPA at 31.78 percent versus 30.78 percent (QoQ).
• Provision coverage ratio of 68.72 percent as on Sept. 30.
• Provision coverage ratio of 68.72 percent as on Sept. 30
• Provisions for bad loans at Rs 5,481 crore versus Rs 4,602 crore (QoQ).
• LIC infused capital worth Rs 2,098 crore in Q2.

Shares of the country's largest utility vehicle maker pared gains and fell 1.3 percent to Rs 780 despite its profit beating estimates in September quarter.

Key earnings highlights (Q2 M&M + MVML):

• Revenue up six percent at Rs 12,790 crore versus Rs 12,017 crore; Estimate of Rs 12,700 crore.
• Net profit up 26 percent at Rs 1,779 crore versus Rs 1,411 crore; Estimate of Rs 1,325 crore.
• Operating margin at 14.5 percent versus 16.0 percent; Estimate of 14.6 percent.

Shares of the Gurugram-based budget airline operator pared gains to trade 3.7 percent higher at Rs 84.40 after it reported wider than expected loss in September quarter on the back of rupee depreciation and higher fuel cost.

Key earnings highlights:

• Revenue at Rs 1,880 crore versus Rs 1,794.57 crore (YoY); Bloomberg estimate of Rs 1,960 crore.
• Net loss at Rs 389 crore versus Bloomberg estimate of loss of Rs 260 crore.

Shares of the Bengaluru-based maker of Jockey innerwear fell as much as 4 percent to Rs 27,701 after its profit missed Bloomberg consensus estimates in September quarter.

Key earnings highlights:

• Revenue up 10.4 percent at Rs 690.75 crore versus estimate of Rs 750 crore.
• Net profit up 10.2 percent at Rs 92.62 crore versus estimate of Rs 111 crore.
• Ebitda up 11 percent at Rs 142.7 crore versus Rs 128.5 crore (YoY).
• Margin at 20.7 percent versus 20.5 percent (YoY).
• Company to pay special dividend of Rs 110 per share.
• Company to pay dividend of Rs 41 per share for September quarter.

Shares of the Chandigarh-based steel wheel rim maker declined 0.5 percent to Rs 1,111 after it reported September quarter earnings.

Key earnings highlights:

• Net profit up 17 percent at Rs 21.3 crore versus Rs 18.2 crore (YoY).
• Net profit up 17 percent at Rs 21.3 crore versus Rs 18.2 crore (YoY)

Shares of the Faridabad-based power generation company rose as much as 2 percent to Rs 27.50 after its profit surpassed Bloomberg consensus estimates in September quarter.

Key earnings highlights:

• Revenue up 26 percent at Rs 2,495.02 crore versus Rs 1,971.69 crore (YoY).
• Net profit rises 20 percent to Rs 1,218 crore versus Rs 1,018.64 crore (YoY); Estimate of Rs 1,060 crore.

Stake sale won't change management structure of the company and the stake sale will not be restricted to promoters' stake, Punit Goenka, MD and CEO of Zee Entertainment, said in a conference call.

Key highlights of the conference:

• Strategic partner to help Zee go global; reach U.S. markets.
• Content rights, premiums also part of stake sale deal.
• Started process of bringing down the pledged shares six-months back.
• Have received proposal from several interested parties.
• If the structure demands that strategic partners wants more stake, we are willing to look at it.
• Our bankers are confident of finding strategic partners by March-April 2019.

Inflation based on wholesale prices rose to a four-month high of 5.28 percent in October, mainly due to spike in petrol and diesel prices, even as food prices softened. Analysts polled by Bloomberg expected inflation to come in at 4.93 percent.

The Wholesale Price Index (WPI)-based inflation stood at 5.13 percent in September and 3.68 percent in October last year.

According to the government data released Wednesday, food articles witnessed softening of prices with deflation at 1.49 per cent in October, against 0.21 per cent September.

Shares of the Kolkata-based tea cultivator rose as much as 6.2 percent to Rs 98.40 after it reported September quarter earnings.

Key earnings highlights:

• Revenue up 13 percent at Rs 178 crore versus Rs 158 crore (YoY)
• Net profit rises 38.66 percent to Rs 35.47 crore versus Rs 25.58 crore (YoY)

Shares of the Chennai-based consumer finance company rose as much as 3.2 percent to Rs 1,471.80 after it announced plan to sell 25.9 percent stake in general insurance unit — Ageas for Rs 984 crore.

Sundaram Finance will hold 50 percent in general insurance unit after sale.

Shares of the Noida-based auto parts maker rose as much as 3.8 percent to Rs 173 despite missing Bloomberg consensus estimates in September quarter.

Key earnings highlights:

• Revenue at Rs 15,105 crore versus Rs 13,420 crore, up 12.6 percent (YoY)
• Ebitda at Rs 1,301 crore versus Rs 1,227 crore, up 6 percent (YoY)
• Profit at Rs 371 crore versus Rs 436 crore, down 15 percent (YoY); Estimate of Rs 509 crore
• Margin 8.6 percent versus 9.1 percent

Shares of the country's largest broadcaster rebounded 12 percent from intraday low levels on the back of heavy volumes.

Trading volume was 9 times its 20-day average, according to data compiled by Bloomberg.

Over 80 lakh shares were traded on the National Stock Exchange as per the information on NSE's website.

Nifty Information Technology index fell as much as 3.1 percent, its steepest drop in about a month after rupee appreciated against the dollar.

Shares of Binani Industries surged as much as 17.73 percent, the most in nearly a year, to Rs 93.95 after National Companies Law Appellate Tribunal (NCLAT) approved UltraTech Cement's bid for Binani Cement as valid.

• NCLAT approves UltraTech's purchase plan for Binani Cement
• NCLAT rejects Dalmia Group's plea on bids for Binani Cement
• UltraTech Cement advances 3.9 percent to Rs 3,978

• Ashok Leyland has 12.7 lakh shares change hands in a block. Stock down 9.5 percent at Rs 107.65.
• State Bank of India has 10 lakh shares change hands in a block. Stock up 0.9 percent at Rs 280.45.
• HDFC Bank has 15 lakh shares change hands in a block. stock up 0.9 percent at Rs 1,945.
• Ambuja Cements has 17 lakh shares change hands in a single block. Stock up 0.8 percent at Rs 207.45.

Buyers and sellers were not immediately known

Source: Bloomberg

Indian equity benchmarks erased gains led by decline in TCS, Infosys, Sun Pharma and Kotak Mahindra Bank.

The Sensex fell 0.11 percent or 36 points to 35,110 and the Nifty 50 Index declined 0.1 percent or 10 points to 10,572.

On the sectoral front, the S&P BSE IT Index was the top loser, down 3 percent tracking strength in rupee against the dollar. While, the S&P BSE Oil & Gas Index surged 2.4 percent.

Mid and small-cap shares were mixed as the S&P BSE SmallCap Index was little changed while the S&P BSE MidCap Index rose 0.3 percent.

Shares of the country’s largest drugmaker declined as much as 4.40 percent to Rs 537 after it reported loss in September quarter against expectation of profit of Rs 1,045 crore.

The company posted an unexpected net loss of Rs 219 crore against the Rs 912 crore profit reported in the year-ago period, Sun Pharma said in an exchange filing. The company posted a one-time loss of Rs 1,217 crore for the estimated settlement amount payable in an antitrust litigation related to sleep disorder drug modafinil in the U.S.

Other Highlights:

• Revenue up 4 percent at Rs 6938 crore.
• Ebitda up 11 percent at Rs 1531 crore.
• Margin at 22.5 percent versus 20.7 percent.
• Exceptional loss of Rs 1,214 crore due to antitrust litigation.
• Other income higher by 38 percent at Rs 351 crore.

Shares of the steelmaker rose as much as 3.6 percent to Rs 611 after its profit surpassed Bloomberg consensus estimates in July-September quarter.

Net profit for the quarter stood at Rs 3,604.2 crore compared with last year’s Rs 976 crore—above the Bloomberg consensus estimate of Rs 2,483 crore. The profit jump was attributed to inclusion of Bhushan Steel’s financials and exceptional gain worth Rs 130 crore was attributed to liabilities that needn't be written back.

Key earnings highlights:

• Revenue up 34.1 percent at Rs 43,544.1 crore.
• Ebitda up 88.9 percent at Rs 8919.5 crore.
• Margin at 20.5 percent versus 14.5 percent.
• Exceptional gain of Rs 163.7 crore versus exceptional loss at Rs 44.65 crore.
• Consolidated deliveries up 15 percent at 7.42 MT versus 6.45 MT.

Meanwhile, brokerages have maintained stance on the stock with CLSA maintaining ‘buy’ for target price of Rs 855.

Shares of the oil marketing companies rose after crude fell the most in over three years to $64.61, its lowest level in since March 2018.

• Indian Oil rose as much as 10 percent, the most in over a year to Rs 155.50.
• Bharat Petroleum advanced as much as 8.7 percent to Rs 329.40.
• Bharat Petroleum advanced as much as 8.7 percent to Rs 329.40

Shares of the country’s largest broadcaster fell as much as 4 percent, the most since Oct. 23, to Rs 420.30 after its promoters’ plan to sell upto half of their shareholding in the company.

Over the Diwali weekend Subhash Chandra, the founder and chairman of the company, and his family met with advisors to undertake a strategic review of its businesses, said a promoter media statement filed by Zee with the stock exchanges.

The decision to divest upto 50 percent of promoter group Essel Group’s holding to a global strategic partner will help transform Zee into a “global media-tech player” the statement added. Essel Group has appointed Goldman Sachs Securities (India) Ltd. as investment banker and U.S. and Europe-based LionTree as an international strategic adviser for the stake sale.

Indian equity benchmarks moved higher paced by gains oil marketing companies after crude fell the most in over three years.

The S&P BSE Sensex rose 0.55 percent or 190 points to 35,334 and the NSE Nifty 50 Index advanced 0.6 percent or 62 points to 10,643.

Oil futures in New York were little changed on Wednesday, after plunging 7.1 percent in the previous session for the biggest one-day drop in more than three years after the OPEC warned demand for its crude is falling faster than expected.

Back home, seventeen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Oil & Gas Index’s 2.45 percent drop. On the other hand, the S&P BSE IT Index was top loser, down 0.9 percent.

Rupee strengthens past 72 per dollar for the first time since Sept. 21, boosted by the continuous decline in oil prices.

• USD/INR down 0.8 percent, after earlier dropping as much as 0.9 percent to 71.9925
• Yield on India’s benchmark 10-year bonds slips 5bps to 7.71 percent

On Sun Pharma

CLSA

• Maintained ‘Buy’; cut price target to Rs 700 from Rs 800.
• Adjusted net profit missed estimates by 10 percent.
• Planned inventory reduction in India resulted in revenue decline.
• Retain rating due to U.S. specialty portfolio potential.

IDFC Securities

• Downgraded to ‘Neutral’ from ‘Outperform’; cut price target to Rs 557 from Rs 619.
• Weak quarter; sharp QoQ drop in the U.S. sales.
• Significant fluctuations in the U.S. sales and overall profitability underlines near-term challenges.
• See limited upsides given the volatility in base business.

On Tata Steel

CLSA

• Maintained ‘Buy’ with a price target of Rs 855.
• Q2 Ebitda above estimates led by higher contribution of non-Europe/Bhushan subsidiaries.
• Like Tata Steel given a decent India margin outlook and tightening steel demand-supply in India.
• Aggressive bidding for Bhushan Power or other steel assets is a risk.

Macquarie

• Maintained ‘Outperform’; cut price target to Rs 730 from Rs 820.
• Q2 EBITDA led by strong India margins partially offset by weak margins in Europe.
• Q2 India spreads at peak; H2 to see pressure from higher coal and correction in steel prices.
• Key positive triggers is clarity on Bhushan Power bids and progress on EU JV.

On Zee Entertainment

Macquarie

• Maintained ‘Outperform’ with a price target of Rs 556.
• Expect a large global strategic partner to enter India media/content opportunity.
• Deal could help plug gaps w.r.t ZEE’s media-tech prowess.
• Deal raises concerns on promoters’ view on longevity of company’s business model.

JPMorgan

• Maintained ‘Neutral’ with a price target of Rs 530.
• Strategically positive development.
• Will allow Zee to leverage its content strength to transform into a Tech-Media company.
• Induction of global partner to address investor concerns of Zee’s ability to be well positioned in changing media landscape.

Morgan Stanley

• Maintained ‘Underweight’ with a price target of Rs 410.
• Any strategic partner that will invest would like to have significant control.
• Possibility of an open offer cannot be completely ruled out.
• Right strategic partner could help Zee to achieve leadership.
• Path to leadership is long and time consuming and requires significant investments.

On Ashok Leyland

CLSA

• Maintained ‘Sell’ with a price target of Rs 100.
• Good growth, but gross margins slipped in Q2.
• Concerned on commercial vehicles demand with industry already in late part of upcycle.
• Competitive intensity likely to rise, which would have an impact on margins.

Nomura

• Maintained ‘Neutral’; cut price target to Rs 123 from Rs 125.
• Q2 Ebitda lower than estimates on weak product mix and higher discounting pressures.
• Management indicated demand has slowed in the past few weeks.
• Resignation of Vinod Dasari may cause some short-term concerns.

More Calls

IDFC Securities on Shankara Building

• Downgraded to ‘Neutral’ from ‘Outperform’; cut price target to Rs 1,065 from Rs 1,825.
• Cost pressures and transitionary challenges impact earnings.
• Focus on cash sales and improving balance sheet to curtail growth in channel and enterprise business.
• Recovery in processing margins likely to be gradual, consolidated margin expansion is unlikely.
• Opportunity size is huge, but earnings visibility is expected to be weak.

Citi on Eicher Motors

• Maintained ‘Buy’ with a price target of Rs 27,300.
• Surprised by the sudden turn in the situation.
• Expect plant-level inventory to be exhausted over the strike period of the strike.
• Weak festive season would have lead to 1-2 weeks of inventory at dealer level.

Citi on Jindal Steel & Power

• Maintained ‘Buy’; cut price target to Rs 333 from Rs 400.
• Strong September quarter despite weak season.
• Continued to suffer from coal shortages; overseas mines turned positive.
• Strong ramp-up ahead; deleveraging to lead to equity value accretion.

Citi on Mahanagar Gas

• Maintained ‘Buy’ with a price target of Rs 1,000.
• September quarter was inline; volume growth below Q1, but still robust.
• Ebitda margins steady at Rs 8.1/standard cubic metre.
• Raigarh issue unlikely to be a concern.

Citi on Voltas

• Maintained ‘Buy’; cut price target to Rs 615 from Rs 724.
• Don’t extrapolate September quarter UCP EBIT margins to FY19.
• Expect 11.5 percent EBIT margins for the UCP business in FY19.
• Cut price target to factor in EPS cut and lower valuation multiple.

Citi on Indian Steel

• India has been a balanced steel producer so far this year.
• Weaker Indian rupee raising concerns of increased net exports from India.
• Indian domestic prices in local currency have been relatively more resilient than global.
• Indian exports not enough capacity to overwhelm the market like China.

IDFC Securities on Engineers India

• Maintained ‘Outperform’; cut price target to Rs 150 from Rs 160.
• September quarter’s net profit fell on high base, but execution remains strong.
• Order outlook remains strong for FY20.
• Expect robust execution to continue.

IDFC Securities on NMDC

• Maintained ‘Outperform’ with a price target of Rs 172.
• Q2 Ebitda lower due to higher cost and adverse sales mix.
• Expect Karnataka mine issue to be solved within months.
• Do not see any distortion to FY20 volumes but FY19 volumes will be affected.

Nomura on KNR Construction

• Maintained ‘Buy’ with a price target of Rs 283.
• Execution was slower, but margin momentum continues to be strong.
• Continuing margin momentum and start of execution of new orders to drive growth in FY20.
• Believe KNR is well placed as all its hybrid annuity model projects have financial agreements executed with banks.

PhillipCapital on NCC

• Maintained ‘Buy’; raised price target to Rs 145 from Rs 135.
• Strong all-round performance; handsomely beating estimates.
• Expect momentum to continue in H2FY19 and FY20.
• Remain positive on NCC's strong earnings growth.

Indian bonds are set to rally after the central bank said it will purchase Rs 12,000 crore worth of debt and as crude oil, India's biggest import, slumped overseas.

The bond purchase by the RBI is part of the Rs 40,000 crore it plans to buy this month to ease some of the tight financial conditions prevailing in the banking system by injecting funds.

Oil, which saw an unprecedented decline on Tuesday, showed little signs of recovering as investors flee a market hammered by swelling supplies and a darkening demand outlook. The benchmark 10-year bond yield fell 4 basis points on Tuesday to end at 7.76 percent with foreign banks big buyers while state-run banks were net sellers.

Meanwhile, the drop in the oil prices is also set to give a leg up to the rupee. The dollar dropped 0.3 percent to close at 72.6750 on Tuesday and implied opening from the forwards suggest that the rupee will start trading at 72.30 per dollar although with Indian stocks still struggling, any gains are likely to rather shallow.

• Nifty November open interest down 0.8 percent; Nifty Bank November open interest up 3 percent.
• Maximum open interest for November series at 11,000 call option (Open interest at 32.4 lakh shares).
• Maximum open interest for November series at 10,200 put option (Open interest at 34.1 lakh shares).

Insider Trading

• IndusInd Bank promoter IndusInd International Holding acquired 97,000 shares between Nov. 9-12.
• Axis Bank promoter United India Insurance sold 40,000 shares and promoter LIC sold 15.8 lakh shares from Nov. 5-11.
• Mangalore Chemicals & Fertilizers promoter Mc Dowell Holdings sold 1.4 lakh shares on Nov. 9.

(As reported on Nov. 13)

Trading Tweaks

• Arfin India record date for 1:5 bonus issue.
• Oriental Carbon & Chemicals buy-back window opens.

Who’s Meeting Whom

• Pidlite Industries to meet Wasatch Advisors on Nov. 14.
• Just Dial to meet Helios CM, Taiyo Pacific Partners and Prusik IM on Nov. 14.
• Bharat Forge to meet Farley Capital on Nov. 14.
• Inox Leisure to meet Capital Investment on Nov. 14.
• Matrimony.com to meet Kotak MF, TCG and other investors on Nov. 14.
• Mahindra Logistics to meet Axis Capital on Nov. 14.

Tata Steel (Q2, YoY)

• Revenue up 34.1 percent at Rs 43,544.1 crore.
• Net profit up 4 times at Rs 3604.2 crore versus Rs 975.9 crore.
• Ebitda up 88.9 percent at Rs 8919.5 crore.
• Margin at 20.5 percent versus 14.5 percent.
• Exceptional gain of Rs 163.7 crore versus exceptional loss at Rs 44.65 crore.
• Consolidated deliveries up 15 percent at 7.42 MT versus 6.45 MT.

Sun Pharma (Q2, YoY)

• Revenue up 4 percent at Rs 6938 crore.
• Net loss at Rs 219 crore versus profit of Rs 912 crore.
• Ebitda up 11 percent at Rs 1531 crore.
• Margin at 22.5 percent versus 20.7 percent.
• Exceptional loss of Rs 1,214 crore due to antitrust litigation.
• Other income higher by 38 percent at Rs 351 crore.

Ashok Leyland (Q2, YoY)

• Revenue up 25.2 percent at Rs 7,608 crore.
• Net profit up 37.5 percent at Rs 459.6 crore.
• Ebitda up 31.7 percent at Rs 805.9 crore.
• Margin at 10.6 percent versus 10.1 percent.

Jindal Steel & Power (Q2, YoY)

• Revenue up 63 percent at Rs 9982.3 crore.
• Net profit at Rs 343.7 crore versus net loss at Rs 447.9 crore.
• Ebitda up 60.7 percent at Rs 2,207.4 crore.
• Margin at 22.1 percent versus 22.4 percent.
• Exceptional gain of Rs 255.5crore versus exceptional loss of Rs 149.7 crore.
• Steel Sales at 1.75MT versus 1.27MT (Consolidated)

Dilip Buildcon (Q2, YoY)

• Revenue up 2.6 percent at Rs 1623.7 crore.
• Net profit down 28 percent at Rs 83.2 crore.
• Ebitda down 1.3 percent at Rs 281.5 crore.
• Margin at 17.3 percent versus 18 percent.
• Finance Cost up 9.5 percent at Rs 121.6 crore.

Glenmark Pharma (Q2, YoY)

• Revenue up 14.4 percent at Rs 2581.3 crore.
• Net profit up 98.2 percent at Rs 404.9 crore.
• Ebitda up 13.3 percent at Rs 440 crore.
• Margin at 17 percent versus 17.2 percent.
• Other Income of Rs 139.9 crore in current quarter.

Corporation Bank (Q2, YoY)

• Net Interest Income up 17.6 percent at Rs 1457.6 crore.
• Net profit at Rs 103 crore versus net loss at Rs 1035.2 crore.
• Provisions at Rs 728.6 crore versus Rs 1,508.4 crore (QoQ)
• GNPA at 17.46 percent versus 17.44 percent (QoQ)
• NNPA at 11.65 percent versus 11.46 percent (QoQ)

Mahanagar Gas (Q2, QoQ)

• Revenue up 12.8 percent at Rs 762.9 crore.
• Net profit up 6.2 percent at Rs 136.3 crore.
• Ebitda up 4.9 percent at Rs 221.4 crore.
• Margin at 29 percent versus 31.2 percent.
• Volume up 3.03 percent at 2.96 MMSCMD.

Deepak Fertilisers & Chemicals (Q2, YoY)

• Revenue up 43.6 percent at Rs 1768.7 crore.
• Net profit down 58.2 percent at Rs 17.8 crore.
• Ebitda down 20.9 percent at Rs 115 crore.
• Margin at 6.5 percent versus 11.8 percent.
• Negative change in inventories of Rs 205.2 crore in current quarter.

Novartis (Q2, YoY)

• Revenue down 36.4 percent at Rs 106.6 crore.
• Net profit down 64 percent at Rs 9.4 crore.
• Ebitda loss at Rs 17.6 crore versus Ebitda profit at Rs 16 crore.

Engineers India (Q2, YoY)

• Revenue up 58.8 percent at Rs 681.4 crore.
• Net profit down 18 percent at Rs 97.8 crore.
• Ebitda down 34.2 percent at Rs 91.5 crore.
• Margin at 13.4 percent versus 32.4 percent.

Dalmia Bharat Sugar & Industries (Q2, YoY)

• Revenue down 28.6 percent at Rs 372 crore.
• Net profit down 4 percent at Rs 35.8 crore.
• Ebitda down 23.1 percent at Rs 49 crore.
• Margin at 13.2 percent versus 12.2 percent.

AstraZeneca Pharma (Q2, YoY)

• Revenue down 1.8 percent at Rs 161.4 crore.
• Net profit down 66.8 percent at Rs 9.1 crore.
• Ebitda down 58.4 percent at Rs 14.8 crore.
• Margin at 9.2 percent versus 21.7 percent.
• Finished Goods Purchases at Rs 27.4 crore versus Rs 47.8 crore.

Abbott India (Q2, YoY)

• Revenue up 5.2 percent at Rs 979.7 crore.
• Net profit flat at Rs 137.7 crore.
• Ebitda down 3.6 percent at Rs 194 crore.
• Margin at 19.8 percent versus 21.6 percent.
• Raw Material Cost at Rs 86.8 crore versus Rs 64 crore.

Nifty Earnings To Watch

• Grasim
• Mahindra & Mahindra

Other Earnings To Watch

• Motherson Sumi Systems
• Page Industries
• Rain Industries
• United Breweries
• Pfizer
• Apollo Hospitals
• CESC
• Future Retail
• Gujarat Fluorochemicals
• IPCA Laboratories
• Indian Hotels
• Thermax
• Ujjivan Financial Services

• Zee Entertainment Enterprises promoters plan to sell 50 percent stake in the company to a strategic partner. Promoters have a combined holding stake of around 41.62 percent stake in the media company as reported on Sept. 30 to the exchanges. The promoters will be divesting around 20.8 percent stake in the company, which will be around 20 crore shares aggregating to Rs 17,513.5 crore. Essel Group has appointed Goldman Sachs Securities India as their investment banker and LionTree as an international strategic adviser. The company expects outcome of the strategic review to be concluded by March-April 2019. (Press Release and Bloomberg News)
• Ashok Leyland’s MD & CEO Vinod K.Dasari to resign from company effective Mar.31 2019. Dheeraj Hinduja will step in as executive chairman with immediate effect. The company's Nominations and Remuneration Committee of the Board will meet shortly to decide the future course of action in identifying the next CEO and MD for the company.
• PNB Housing Finance: QIH withdrew from the joint sale process in which the company along with Punjab National Bank were proposing to sell 51 percent stake in the housing finance entity. In the joint communication received from both the interested parties stating that QIH will consider all options with respect to decreasing or increasing stake in the company depending upon the market conditions.
• Jet Airways CFO Amit Agarwal declined to comment on reports that Tata Group was eyeing stake in the company. He also added that the company is trying to sell Boeing 777 jets which would help clear almost entire aircraft debt. Vinod Dubey, CEO of Jet Airways stated that 15 percent of employees are not getting salary on time and the staff is not happy about the situation, he also hinted that current fare environment is not sustainable and it is imperative that fares rise. The company will take delivery of 15 737 Max planes in financial year 2020. Eventually the aviation company clarifies to exchanges that on Tata’s stake buy news is speculative in nature.
• Hindalco said Novelis will invest $175 million to expand aluminium production and recycling capabilities in Brazil. This investment will add 100 KT of rolling production and 60 KT of additional recycling, along with a new water sourcing system and 90 acre land.
• NCLAT to give verdict on Binani Cements insolvency case on Nov. 14 (Bloomberg News)
• Bharat Petroleum Corporation Ltd. appointed executive director, N Vijayagopal as the Chief Financial Officer of the company with effect from Nov. 13.
• Sasken Technologies received assessment order from the IT department under section 143(3) of the Income Tax Act, 1961 with a Rs 68 crore has been raised as a tax demand. The company stated that they are in the process of filing an appeal against the said order.

• Flipkart group CEO Binny Bansal resigns
• Oil drops most in 3 years as investors flee darkening outlook
• U.S. holds off on Trump’s car tariffs after trade meeting, sources say
• Rating agencies to disclose historical performance under new SEBI norms
• Government pushing to relax capital requirement norms for banks
• Essar Steel’s resolution faces another hurdle as operational creditors move NCLT
• Cash-starved lenders shackle consumers in fastest-growing nation
• Netflix fights Murdoch in ‘movie-mad’ India
• ArcelorMittal can’t do a Jio in Indian steel industry, says JSW Steel
• India’s NBFC crisis: Is the RBI behind the curve?

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.26 percent or 28 points to 10,633 as of 7:12 a.m.

Stocks in Asia had a muted open and U.S. equity futures rose ahead of key data on China’s economy, following a topsy-turvy session for U.S. shares that saw tech shares rally and energy shares slide.

Japanese stocks climbed and shares in Hong Kong were indicated higher. Shares in Australia and South Korea opened little changed. Earlier, U.S. stocks ended lower as a surge in optimism over trade talks with China was offset by the plunging crude price. U.S. oil consolidated after sliding more than 7 percent. The pound extended gains amid optimism the U.K. and the European Union have agreed on a draft Brexit divorce deal.

Currencies

• The yen was steady at 113.77 per dollar.
• The offshore yuan held at 6.9404 per dollar.
• The Bloomberg Dollar Spot Index dipped 0.2 percent.
• The euro gained 0.2 percent to $1.1308.
• The pound gained 0.3 percent to $1.3013.

Commodities

• West Texas Intermediate crude held at $55.71 a barrel, after sliding 7.1 percent to an 11-month low.
• Gold futures were little changed at $1,202.32 an ounce.
• The Bloomberg Commodity Index fell 0.7 percent to an eight-week low on Tuesday.