Sensex Logs Worst Two-Month Fall Since Feb. 2016 Despite Last Day Rebound
Bank of Baroda and Tech Mahindra will be in focus after they reported earnings after market hours yesterday.
KEY HIGHLIGHTS
BQ Live
Closing Bell: Sensex Surges 550 Points Led By IT, Financial Stocks
The Indian equity benchmarks posted their worst two-month decline since February 2016, despite a last day rally in October, amid a widening rift between the government and the central bank.
The S&P BSE Sensex rose 551 points or 1.63 percent to 34,442 and the NSE Nifty 50 Index climbed 1.85 percent or 188 points to 10,387. For most part of the day, the benchmarks were rangebound however sentiment improved after the government said it respects and nurtures central bank's autonomy.
In the last two months Nifty has declined 11.4 percent, its worst two-month performance since February 2016, when the index fell 12.4 percent.
In today's trade, all sector gauges barring the S&P BSE Metal Index ended higher led by the S&P BSE IT Index's 3.5 percent surge.
Mid- and small-cap shares witnessed buying as the S&P BSE MidCap Index rose 1.6 percent and the S&P BSE SmallCap Index climbed 1.4 percent.
Tata Motors Posts Higher Than Anticipated Q2 Loss
Tata Motors Ltd. reported higher than anticipated net loss during the July-September period.
Key earnings highlights (Q1, YoY):
- Net loss of Rs 1,049 crore versus net profit of Rs 2,482.8 crore. (Est. Rs 874 crore.)
- Revenue up 2.5 percent at Rs 72,112.1 crore.
- Ebitda down 16.4 percent at Rs 6,757.6 crore.
- Margin at 9.4 percent versus 11.5 percent.
Jet Airways Falls On Receiving Notices For Payment Delays
Shares of the Mumbai-based airline operator slumped as much as 11 percent to Rs 209 after it received notices for payment delays/defaults from few aircraft lessors, Jet Airways said in an exchange notification.
- Lessors mindful of current challenges faced by Indian aviation industry
- Company is current on its payment to Airports Authority of India
NBFCs Gain After PNB Housing Finance Raises Money Via Commercial Paper
Sentiment for shares of non-banking finance companies turned positive after PNB Housing Finance raised Rs 2,450 crore through commercial papers.
Nifty Financial Services Index rose 2.4 percent led by gains in HDFC, Indiabulls Housing Finance, IIFL and Edelweiss Financial Services.
Lupin Advances After Profit Meets Estimates In Q2
Shares of the Mumbai-based drugmaker rose as much as 2.2 percent to Rs 896 after its profit met Bloomberg consensus estimates in September quarter.
Key earnings highlights:
- Revenues flat at Rs 3,951 crore versus Rs 3,952 crore
- Net profit down 41 percent at Rs 266 crore versus Rs 455 crore; Estimate of Rs 273 crore
- Ebitda up down 36 percent at Rs 549 crore versus Rs 853 crore.
- Margin at 13.9 percent versus 21.5 percent
PNB Housing Finance Jumps After Raising Funds Through Commercial Papers
Shares of PNB Housing Finance rose as much as 12.7 percent, the most since Oct. 01, to Rs 825 after the company raised Rs 2,450 crore through commercial papers.
Repro India Recovers After Q2 Profit More Than Doubles
Shares of the printing services provider reversed losses and rose as much as 2.9 percent to RS 601.60 per share after its second quarter results were announced.
Key Highlights:
- Net profit rose 5.38 crore from 2.54 crore (QoQ)
Tata Steel To Hold Discussions With European Commission On Thyssenkrupp Merger
Share of Tata Steel pared losses after it said it will continue to hold discussions with the European Commission on concerns related to the Thyssenkrupp merger.
- Have noted concerns raised by the European Commission regarding Thyssenkrupp merger
- The proposed JV is subject to merger control clearance in several jurisdictions, including the European Union
- Will provide further information and analysis to secure the required approval for the proposed JV.
Source: Exchange Filing
HDFC Surges Most In Over Nine Months On Heavy Volumes
Shares of the country's largest mortgage lender rose as much as 5.42 percent, the most since Jan. 15, to Rs 1,762.45 on heavy volumes.
Trading volume was double its 20-day average, data compiled by Bloomberg showed.
Over 37 lakh shares were traded on the National Stock Exchange, as per the information on the exchange's website.
Adani Enterprises Recovers After Q2 Earnings
Shares of the Ahmedabad-based company recovered from low levels and rose as much as 2.8 percent to Rs 174 after it reported September quarter earnings.
Key earnings highlights:
- Net profit nearly triples to Rs 172 crore versus Rs 59 crore (YoY)
- Revenue at Rs 9,155 crore versus Rs 8,546 crore (YoY)
Escorts Extends Gains After Profit Meets Estimates In Q2
Shares of the Faridabad-based tractor maker rose as much as 2.5 percent to Rs 619 after its net profit met Bloomberg consensus estimates in September quarter.
Key earnings highlights:
- Net profit at Rs 103 crore versus Rs 77.5 crore (YoY); estimate of Rs 100 crore
- Revenue at Rs 1,398.3 crore versus Rs 1,212 crore (YoY)
Dabur India Falls After Profit Misses Estimates In Q2
Shares of the Ghaziabad-based FMCG products maker erased gains and fell as much as 2.62 percent to Rs 385.95 after its profit missed Bloomberg consensus estimates in September quarter.
Key earnings highlights:
- Net profit at Rs 376.63 crore versus estimate of Rs 399 crore
- Revenue at Rs 2,125 crore versus Rs 1,959 crore (YoY)
Rupee Off Day's Low On RBI's Clarification
Rupee off day's low after government clarified on tussle with the Reserve Bank of India and said that it respects and nurtures central bank's autonomy.
- Government and the Central Bank, in their functioning, have to be guided by public interest and the requirements of the Indian economy.
- Government will continue to consult with the Reserve Bank of India; place its assessment on issues and suggest possible solutions
- Says consultations on several issues have taken place with RBI
- Both government, RBI guided by public interest and requirements of economy
- Government has never made public the subject matter of its consultations with the central bank
FDC Surges On Receiving EIR From U.S. FDA For Waluj Facility
Shares of the Mumbai-based drugmaker rose as much as 7.6 percent to Rs 217 after it received Establishment Inspection Report (EIR) for Waluj plant.
FDC received EIR for Waluj plant for inspection conducted between Aug. 10-16 by the U.S. FDA and it is acceptable with regards to current Good Manufacturing Practices (GMPs) and the inspection stands closed, the company said in an exchange notification.
Market Update: Sensex, Nifty Rangebound; IT Stocks Outperform
Indian equity benchmarks were trading in narrow range as gains in IT stocks were offset by losses in metal and auto shares.
The Sensex rose 0.14 percent or 50 points to 33,940 and the NSE Nifty 50 Index advanced 0.23 percent or 23 points to 10,222.
Ten of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Metal Index's 2.2 percent drop. On the flipside, the S&P BSE IT Index was top gainer, up 2.2 percent.
Top Nifty gainers
- Tech Mahindra up 6.88 percent
- HCL Technologies up 3.20 percent
- Infosys up 3.05 percent
- HDFC up 3.03 percent
- Indiabulls Housing Finance up 2.91 percent
Top Nifty losers
- Tata Steel down 3.81 percent
- Coal India down 3.44 percent
- Hindalco down 2.61 percent
- Dr. Reddy’s Labs down 2.36 percent
- NTPC down 2.26 percent
Garden Reach Shipbuilders Surges On Winning Contract For Four Vessels
Garden Reach Shipbuilders & Engineers surged as much as 11.53 percent to Rs 93.85 after it entered into contract with Ministry of Defence for construction and delivery of four survey vessels for Rs 2,435.2 crore. The project is expected to be completed by April 2023.
F&O Check: Nifty Bank 25,000 Call Most Active On NSE
Nifty Bank's 25,000 strike price call option contract was among the most active option contracts on the National Stock Exchange a day ahead of its weekly expiry.
Premium on the contract fell 45 percent to Rs 64.40. Over 6.26 lakh shares were added to the open interest which stood at over 14.10 lakh shares.
Tech Mahindra Surges Most In Two Years After Profit Meets Estimates In Q2
Shares of the Pune-based software developer rose as much as 8 percent, the most since May 2016, to Rs 740 after its profit met Bloomberg consensus estimates in July-September quarter on higher margins.
Net profit rose 18.5 percent quarter-on-quarter to Rs 1,064.3 crore for the quarter ended September, the company said in an exchange filing yesterday after market hours. That compares with the Bloomberg consensus estimate of Rs 1,013 crore.
Key earnings highlights
- Revenue up 4 percent at Rs 8,630 crore.
- Net profit up 18 percent at Rs 1,064 crore.
- EBIT up 23 percent to Rs 1,325 crore.
- Margin at 15.3 percent versus 13.0 percent.
- Dollar revenue down 0.5 percent at $1218 million.
Strides Pharma Drops As Loss Widens In September Quarter
Shares of the Bengaluru-based pharmaceutical company erased gains and fell as much as 3.71 percent to Rs 398 after it reported loss in September quarter against Bloomberg estimate of profit of Rs 21 crore.
Key earnings highlights:
- Consolidated net loss at Rs 12.30 crore versus loss of Rs 5.30 crore (YoY); estimate of profit of Rs 20.9 crore
- Revenue at Rs 732.63 crore versus Rs 768.66 crore (YoY)
Cummins India Surges After Q2 Earnings
Shares of the Pune-based combustion engine maker rose as much as 14.27 percent to Rs 769.40 after it reported September quarter earnings.
Key earnings highlights:
- Revenue up 28.9 percent at Rs 1,486.9 crore.
- Net profit up 38.4 percent at Rs 211.6 crore.
- Ebitda up 49.8 percent at Rs 250.9 crore.
- Margin at 16.9 percent versus 14.5 percent.
- Other Income at Rs 78.5 crore versus Rs 53.6 crore.
Tata Motors Slips Ahead Of Q2 Earnings
Shares of the Mumbai-based carmaker pared opening gains and fell nearly 1.7 percent to Rs 174.20 ahead of September quarter earnings.
Q2 Earnings Preview: (YoY)
- Revenues seen rising 3.2 percent to Rs 72,980 crore.
- Ebitda expected to fall Rs 6,560 crore.
- Net Loss expected at Rs 874 crore versus profit of Rs 1992 crore.
- Margins seen to decline 9 percent versus 12.7 percent.
- The stock is 48 percent below the Bloomberg consensus one-year target price.
Market Check: Sensex, Nifty Erase Early Gains As Banks, Metals Drag
Indian equity benchmarks erased early gains as banking, metal and auto shares came under selling pressure after sentiment soured amid worsening relationship between the Reserve Bank of India and government.
The Sensex fell 0.7 percent or 238 points to 33,653 and the Nifty 50 Index dropped 0.8 percent or 80 points to 10,118.
All sector gauges barring the Nifty IT Index were trading lower led by the Nifty metal Index's 2.4 percent drop.
Tata Steel Declines As European Joint Venture Faces In-Depth EU Probe
Shares of the Mumbai-based steel maker fell as much as 2.6 percent to Rs 550.05 as its joint venture with Thyssenkrupp AG to set up a European steel company with equal shares of ownership face an in-depth European Union probe over concerns that the deal could reduce competition in the supply of various high-end steels, Bloomberg reported.
Coal India Drops As Government Sells Stake
Shares of the state-run coal miner fell as much as 4.4 percent to Rs 263.80 after the government started selling its 3 percent stake in the company.
Coal India announced yesterday that the government will sell three percent stake in the company with an over subscription option of selling additional six percent stake as offer for sale to public.
- Floor price is set at Rs 266 per share
- Amount raised would be around Rs 14,861 crore, including green shoe option
- Offer opened today and will last till tomorrow
Dr. Reddy's Labs Falls On U.S. FDA Observations For Duvvada Plant
Shares of the Hyderabad-based drugmaker fell as much as 6.6 percent, the most in over three months, to Rs 2,423 after the U.S. drug regulator issued eight observations after inspecting its Duvvada plant in Visakhapatnam.
We have been issued a Form 483 with 8 (eight) observations, which we are addressing, Dr. Reddy's Labs said in an exchange notification.
Opening Bell: Sensex, Nifty Edge Higher; Yes Bank Among Top Gainers
Indian equity benchmarks advanced paced by gains in Yes Bank, HDFC and Infosys. However, the upside was capped as Dr. Reddy's Labs and Coal India came under selling pressure.
The S&P BSE Sensex rose 0.2 percent or 78 points to 33,970 and the NSE Nifty 50 Index climbed 0.2 percent or 22 points to 10,220.
Thirteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE IT Index's 1 percent gain. On the other hand, the S&P BSE Metal Index was top loser, down 1.2 percent.
Mid- and small-cap shares edged higher as the S&P BSE MidCap and S&P BSE SmallCap Indices rose 0.3 percent each.
Rupee Falls, Bond Yield Spikes After Government Initiates Consultations With RBI Under A Rare Provision
Indian rupee opened lower at 73.89 per dollar against yesterday’s close of 73.68 after the government initiated consultations with RBI under a rare provision.
The government issued “several” letters to the Reserve Bank of India initiating consultations under Section 7 of the RBI Act, said a person familiar with the matter. While consultations have been initiated under this provision, no directions have been given, said this person.
The rupee fell as much as 0.36 percent or 26 paise to 73.94 per dollar.
Yield on the 10 year government bond spiked and rose 5 basis points to 7.88 percent.
Government Initiates Consultations With RBI Under A Rare Provision
The government used powers under Section 7 of the RBI Act to direct Governor Urjit Patel on subjects including prompt corrective action, according to people with knowledge of the matter.
Brokerage Radar: Goldman Initiates On Page Industries, HSBC Upgrades Grasim And More!
Goldman Sachs on Page Industries
- Initiated ‘Neutral’ with a price target of Rs 28,695, implying a potential downside of 1 percent from the last regular trade.
- Positive on medium-term revenue and margin prospects.
- Risk-reward balanced as robust revenue/profit prospects are balanced by high valuation.
- Company has a track record for steady margins and consistently high cash returns.
- Expect Revenue and net profit to grow at a compounded annual growth rate of 20 percent ad 21 percent respectively over FY18-21.
HSBC on Grasim Industries
- Upgraded to ‘Buy’ from ‘Hold’; cut price target to Rs 910 from Rs 1,140, implying a potential upside of 13 percent from the last regular trade.
- Holding company discount hits a record high.
- Weak subsidiary performance has led to expansion in discount.
- Find steep discount unjustified; Valuation attractive.
JPMorgan on Bank of Baroda
- Maintained ‘Neutral’ with a price target of Rs 100, implying a potential downside of 9 percent from the last regular trade.
- Good set of operational numbers; Bank’s transformation efforts clearly visible.
- Net profit misses estimate due to higher MTM losses.
- Saw asset quality improvement; Fresh slippages more than halved on a sequential basis.
CLSA on Ramco Cement
- Maintained ‘Buy’; cut price target to Rs 850 from Rs 960, implying a potential upside of 41 percent from the last regular trade.
- Flat unit EBITDA (QoQ) despite multiple external pressures.
- Cut EPS estimates by 12-18 percent to factor lower realisation and higher costs.
- Like Ramco’s growth focus and cost-saving agenda.
On Coal India
JPMorgan
- Maintained ‘Neutral’ with a price target of Rs 330, implying a potential upside of 20 percent from the last regular trade.
- Much expected stake sale to remove one key overhang.
- Operating environment strong given price hikes and strong E auction prices.
- Struggle to see stock breaking out Rs 260-330 range on growth concerns beyond April 2019.
Macquarie
- Maintained ‘Outperform’ with a price target of Rs 335, implying a potential upside of 21 percent from the last regular trade.
- Divestment has been a key overhang; Recommend subscriber to offer for sale.
- Coal India well placed given current tightness in domestic coal market.
- Estimated dividend yield of 7 percent for 2018-19 has upside risk, given government’s fiscal stress.
On Tech Mahindra
Macquarie
- Upgraded to ‘Outperform’ from ‘Neutral’; raied price target to Rs 830 from Rs 820, implying a potential upside of 30 percent from the last regular trade.
- September quarter results lower than estimates at revenue level but better at EBIT margin level.
- New deal wins running high; 5G capex still sometime away.
- Raise EPS by 1-2 percent; Upgrade on cheap valuations.
CLSA
- Upgraded to ‘Outperform’ from ‘Underperform’; maintain price target at Rs 790, implying a potential upside of 16 percent from the last regular trade.
- Revenue miss led by enterprise as telecom recovers.
- Margin continues to recover.
- Upgrade on improved demand environment and FX support.
On Cummins India
Deutsche Bank Research
- Maintained ‘Buy’ with a price target of Rs 880, implying a potential upside of 31 percent from the last regular trade.
- September quarter’s net profit reported big beat on strong revenue growth and operating leverage.
- Solid growth seen in industrial and exports segment.
- Expect guidance for exports to be raised given favourable performance and tailwinds.
Macquarie
- Maintained ‘Outperform’ with a price target of Rs 975, implying a potential upside of 45 percent from the last regular trade.
- September quarter earnings surpassed expectations on all parameters.
- Margin ahead of estimates due to strong operating leverage and rupee depreciation.
- Strong revenue growth is likely to lead to upward revision.
On IRB Infra
Deutsche Bank Research
- Maintained ‘Buy’; cut price target to Rs 250 from Rs 290, implying a potential upside of 98 percent from the last regular trade.
- September quarter was below estimates due to lower margins and higher finance cost.
- Order book execution to pick up pace in the second half.
- Cut price target to factor in lower EPC margins from HAM projects.
CLSA
- Maintained ‘Buy’; cut price target to Rs 250 from Rs 330, implying a potential upside of 98 percent from the last regular trade.
- Toll collection mixed; Rajasthan roads remain strong.
- EPC execution picks up but margins down.
- EPS estimates cut by 4-6 percent for FY19-20; Stock offers deep-value.
On ABB India
Deutsche Bank Research
- Maintained ‘Hold’; raised price target to Rs 1,340 from Rs 1,320, implying a potential upside of 11 percent from the last regular trade.
- September quarter was ahead due to improving margins and revenue growth.
- Initial sings of industrial recovery translating to orders.
- Valuations fair given low growth in T&D segments.
Macquarie
- Maintained ‘Underperform’; raised price target to Rs 967 from Rs 893, implying a potential downside of 20 percent from the last regular trade.
- Revenue growth was strong helped by strong growth across all segments.
- Biggest concern has been on margins, which continue to disappoint.
- Prefer Cummins on play the recovery in the capex cycle.
On Emami
Macquarie
- Maintained ‘Neutral’; cut price target to Rs 430 from Rs 590, implying a potential upside of 6 percent from the last regular trade.
- September quarter results were below estimates on lower-than-expected volume.
- Believe recovery in key brands is critical for a re-rating.
- Cut price target to factor in lower earnings and lower valuation multiple.
CLSA
- Maintained ‘Buy’; cut price target to Rs 490 from Rs 675, implying a potential upside of 21 percent from the last regular trade.
- Weak growth and weak margins in September quarter; Mgmt. commentary positive in the second half.
- Cut EPS on lower revenue and margin estimates; Retain Buy on relatively cheaper valuations.
- One of the worst-performing stocks due to multiple concerns.
F&O Cues: Maximum OI For November Series Call At 10,700 Strike Price
- Nifty October futures closed trading at 10,229, premium of 31 points.
- Nifty November open interest down 1.1 percent; Nifty Bank November open interest down 5.3 percent.
- Maximum open interest for November series at 10,700 strike value call option (open interest at 20.9 lakh shares)
- Maximum open interest for November series at 10,000 strike value put option (open interest at 42.3 lakh shares)
Insider Trades And Trading Tweaks To Watch
Insider Trades
- Electrosteel Castings promoter acquired 1.3 lakh shares between Oct. 25-26.
- Confidence Petroleum promoter acquired 1.2 lakh on Oct. 29.
Trading Tweaks
- GPT Infraprojects to move into ASM framework.
- Cochin Shipyard record date to determine buyback eligibility.
- Motherson Sumi Systems record date for 1:2 bonus issue
- Jindal Worldwide ex-date for share split from Rs 5 to Re 1.
- CESC record date for spinoff.
Repco Home Finance, VRL Logistics Saw Bulk Deals In Yesterday's Session
Bulk Deals
Repco Home Finance
- Ab Sicav I - India Growth Portfolio acquired 11.1 lakh shares or 1.78 percent equity at Rs 347.3 each.
- Alliancebernstein India Growth Mauritius sold 11.1 lakh shares or 1.78 percent equity at Rs 347.3 each.
VRL Logistics
- Ab Sicav I - India Growth Portfolio acquired 7.1 lakh shares or 0.78 percent equity at Rs 258.4 each
- Alliancebernstein India Growth Mauritius sold 7.1 lakh shares or 0.78 percent equity at Rs 258.4 each
RBI Vs Government: Former FM Says Expect More Bad News Today
The government used powers under Section 7 of the RBI Act allowing to direct Governor Urjit Patel on issues related to liquidity for non-bank finance companies, capital for weak banks and lending to SMEs, the Economic Times reported, citing letters sent by the government to the central bank.
Earnings Reactions To Watch: Tech Mahindra, Bank Of Baroda, Blue Star And More!
Tech Mahindra (Q2, QoQ)
- Revenue up 4 percent at Rs 8,630 crore.
- Net profit up 18 percent at Rs 1,064 crore.
- EBIT up 23 percent to Rs 1,325 crore.
- Margin at 15.3 percent versus 13.0 percent.
- Dollar revenue down 0.5 percent at $1218 million.
Bank of Baroda (Q2, YoY)
- Net interest income up 20.7 percent at Rs 4,492.5 crore
- Net profit up 19.7 percent at Rs 425.4 crore.
- NIM at 2.61 percent versus 2.34 percent.
- Provisions for NPA at Rs 1,466.6 crore versus Rs 1,759.7 crore (QoQ).
- GNPA at 11.78 percent versus 12.46 percent (QoQ).
- NNPA at 4.86 percent versus 5.40 percent (QoQ).
- Fresh slippages at Rs 2,281 crore – lowest in seven quarters.
Pidilite Industries (Q2, YoY)
- Revenue up 14.9 percent at Rs 1,757.4 crore.
- Net profit down 8.1 percent at Rs 231.6 crore.
- Ebitda down 3 percent at Rs 364.8 crore.
- Margin at 20.8 percent versus 24.6 percent.
- Cost of raw material at Rs 808.3 crore vs Rs 551.9 crore.
Tata Global Beverages (Q2, YoY)
- Revenue up 4.1 percent at Rs 1,760.9 crore.
- Net profit up 18 percent at Rs 169.7 crore.
- Ebitda down 22.1 percent at Rs 166.7 crore.
- Margin at 9.5 percent vs 12.6 percent.
Cummins India (Q2, YoY)
- Revenue up 28.9 percent at Rs 1,486.9 crore.
- Net profit up 38.4 percent at Rs 211.6 crore.
- Ebitda up 49.8 percent at Rs 250.9 crore.
- Margin at 16.9 percent versus 14.5 percent.
- Other Income at Rs 78.5 crore versus Rs 53.6 crore.
IRB Infra Developers (Q2, YoY)
- Revenue up 19.5 percent at Rs 1,432.3 crore.
- Net profit down 26.3 percent at Rs 172.9 crore.
- Ebitda up 17.1 percent at Rs 670.1 crore.
- Margin at 46.8 percent versus 47.7 percent.
- Exceptional gain of Rs 103.6 crore in base quarter.
Team Lease Services (Q2, YoY)
- Revenue up 24.6 percent at Rs 1,090.7 crore.
- Net profit up 43.1 percent at Rs 24.9 crore.
- Ebitda up 58.6 percent at Rs 24.1 crore.
- Margin at 2.2 percent versus 1.7 percent.
Torrent Power (Q2, YoY)
- Revenue up 18.4 percent at Rs 3,444.5 crore.
- Net profit up 29.7 percent at Rs 412.2 crore.
- Ebitda up 17.8 percent at Rs 986.8 crore.
- Margin at 28.6 percent versus 28.8 percent.
- Fuel expenses at Rs 1,072.4 crore versus Rs 794.6 crore.
Container Corporation of India (Q2, YoY)
- Revenue up 26.1 percent at Rs 1,822.3 crore.
- Net profit up 46.8 percent at Rs 336.1 crore.
- Ebitda up 61.9 percent at Rs 504.2 crore.
- Margin at 27.7 percent versus 21.6 percent.
Vakrangee (Q2, YoY)
- Revenue down 80.8 percent at Rs 298.5 crore.
- Net profit at Rs 1.9 crore versus Rs 189.8 crore.
- Ebitda loss at Rs 14.4 crore versus Ebitda at Rs 287.4 crore.
Manpasand Beverages (Q2, YoY)
- Revenue up 38.5 percent at Rs 174.2 crore.
- Net profit down 6.7 percent at Rs 8.4 crore.
- Ebitda up 32.6 percent at Rs 28.5 crore.
- Margin at 16.4 percent versus 17.1 percent.
Accelya Kale Solutions (Q2, YoY)
- Revenue up 12.5 percent at Rs 110 crore.
- Net profit flat at Rs 23.2 crore.
- Ebitda up 6.5 percent at Rs 40.9 crore.
- Margin at 37.2 percent versus 39.3 percent.
Merck (Q3 CY18, YoY)
- Revenue up 9.9 percent at Rs 226.1 crore.
- Net profit up 65 percent at Rs 52.3 crore.
- Ebitda up 56.6 percent at Rs 58.1 crore.
- Margin at 25.7 percent versus 18 percent.
Blue Star (Q2, YoY)
- Revenue up 21.5 percent at Rs 1,032.2 crore.
- Net profit down 13.7 percent at Rs 19.6 crore.
- Ebitda up 18.6 percent at Rs 58.1 crore.
- Margin at 5.6 percent versus 5.8 percent.
Borosil Glassworks (Q2, YoY)
- Revenue up 9.6 percent at Rs 87 crore.
- Net profit down 17 percent at Rs 11.2 crore.
- Ebitda down 36.7 percent at Rs 8.1 crore.
- Margin at 9.3 percent vs 16.1 percent.
Motilal Oswal Financial (Q2, YoY)
- Revenue down 15 percent at Rs 682 crore.
- Net profit down 98 percent at Rs 4.2 crore.
- Loss on fair value change impacted September quarter.
- Net loss on fair value change of Rs 84 crore versus net gain of Rs 99 crore
- Other expenses include bad debt written-off of Rs 116 crore related to Aspire Home Finance Corp.
Earnings To Watch: L&T, Tata Motors, Vedanta And More
Nifty Earnings To Watch
- Larsen & Toubro
- Tata Motors
- Vedanta
Other Earnings To Watch
- Adani Enterprises
- Adani Power
- AIA Engineering
- Ajanta Pharma
- Balrampur Chini Mills
- Canara Bank
- Castrol India
- Cochin Shipyard
- Dabur
- Escorts
- HEG
- Lupin
- MOIL
- Narayana Hrudayalaya
- Prism Johnson
- Reliance Nippon Life Asset Management
- Sanofi India
- Sharda Croreopchem
- Strides Pharma Science
- Syndicate Bank
- United Spirits
Stocks To Watch: Dr. Reddy’s Labs, Coal India, Tata Steel, PNB And More!
- Dr. Reddy’s Laboratories received Form-483 with eight observations by the U.S. FDA at the Vishakapatnam facility.
- Government said it will sell three percent stake in Coal India with an over subscription option of selling additional six percent stake as offer for sale to public. The floor price is set at Rs 266 per share. The amount to be raised would be around Rs 14,861 crore, including the green shoe option. Offer will open on Oct. 31 and end on Nov. 1.
- Thyssenkrupp AG and India’s Tata Steel plans to set up a European steel company with equal shares of ownership face an in-depth European Union probe over concerns that the deal could reduce competition in the supply of various high-end steels. (Bloomberg News)
- Punjab National Bank: Government got an exemption from the SEBI from making the bank’s open offer. The proposed acquisition by the government was 5.83 percent stake. The bank raised its MCLR by five basis points across various tenors. Overnight MCLR is now at 8.15 percent and one-year MCLR at 8.5 percent.
- Garden Reach Shipbuilders & Engineers entered into contract with Ministry of Defence for construction and delivery of four survey vessels for Rs 2,435.2 crore. The project is expected to be completed by April 2023.
- Blue Star board approved setting up of new manufacturing facility for water coolers and deep freezers in Maharashtra for Rs 115 crore.
- IndusInd Bank said the deal to acquire 100 percent stake in IL&FS Securities and Services was progressing apace in its time period of three months for the completion of the acquisition. All regulatory approvals expect one are in place.
- GMR Infrastructure arm acquired 100 percent stake in Menzies Aviation Cargo for Rs 59.8 crore.
- IL&FS Transportation Networks MD K.Ramchand resigned.
- ONGC said it was considering interim dividend on Nov. 3 with record date fixed on Nov. 16.
- Indiabulls Real Estate’s wholly-owned subsidiary entered into definitive agreement to acquire a land parcel of 140 acre for development of integrated township and commercial building in Gurugram.
Talking Points: SBI's ATM Curb, Delhi’s Toxic Air, Nomura Warning And More!
- All you need to know about Dr. Reddy’s Duvvada plant’s troubles
- Tata, Thyssenkrupp Steel venture faces in-depth EU probe
- NBFC crisis tops agenda in meeting between government, regulators
- SBI slashes ATM withdrawal limit to Rs 20,000 for certain card holders
- RBI independence: Just how much power do we give technocrats?
- Private vehicles might stop plying in Delhi if pollution worsens
- Facebook profit beats Wall Street forecasts, calming concern
- Government looks to raise up to Rs 15,000 crore through Coal India share sale
- Equity to be India’s best-returning asset class in a decade
- Why airplane black boxes are so hard to find after crashes
- Nomura indicators point to a slowdown in rural and urban India
- Apple revamps iPad with iPhone features in tablet revival
Nifty Futures Signal Stock Gains Amid Positive Asian Cues
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India rose 0.7 percent to 10,301 as of 7:36 a.m.
Asian stocks gained on the last day of a bruising month after a topsy-turvy U.S. session that eventually saw equities rally. Treasury yields pushed higher and the dollar edged up.
Shares in Tokyo outperformed, while benchmarks in Australia and South Korea reversed losses and those in China and Hong Kong rose. Earlier, the S&P 500 Index twice erased gains that topped 1 percent before finally securing a rebound in the last hour of trading.
Currencies
- The yen dipped 0.1 percent to 113.24 per dollar after dropping 0.7 percent.
- The offshore yuan was steady at 6.9697 per dollar.
- The Bloomberg Dollar Spot Index ticked higher to trade at the highest since May 2017.
- The euro bought $1.1346.
Commodities
- West Texas Intermediate crude added 0.4 percent to $66.47 a barrel.
- Gold slipped 0.1 percent to $1,221.28 an ounce.
Here are some key events coming up this week:
- This week’s earnings season highlights include: Macquarie, Apple, Alibaba, Airbus, Credit Suisse, Exxon Mobil, and Shell.
- Monetary policy decisions are due in Japan and the U.K.
- On Friday, the final U.S. jobs report before the November midterm elections may show hiring improved as payrolls rose about 190,000, and the unemployment rate held at a 48-year low of 3.7 percent, analysts forecast.