Sensex, Nifty Log Most Gains In Six Weeks To Close At Record
Catch all live updates on share prices, index moves, corporate announcements and more from Indian stock markets today.
KEY HIGHLIGHTS
Closing Bell
India’s equity benchmarks logged the most weekly gains since the week-ended September 3 to close at record, aided by gains in banking, information technology, metal, power and realty stocks. This is the sixth consecutive session in which the benchmarks have advanced. Markets will be shut on Friday due to holiday.
The S&P BSE Sensex index rose 0.94% to 61.305.95, a record close for the 30-stock index. The 30-stock index hit a record 61,353.25 in intraday trade. The NSE Nifty 50 Index also advanced by a similar magnitude to close at 18,338.55, a record close for the index. The 50-stock gauge hit a record 18,350.75 in intraday trade. HDFC Bank Ltd. contributed the most to the index gain, increasing 2.9%. Adani Ports & Special Economic Zone Ltd. had the largest increase, rising 7.1%. Today, 35 of 50 shares rose, while 15 fell.
The broader indexes underperformed their broader peers with the S&P BSE MidCap index and the S&P BSE SmallCap rising nearly 0.5%. Barring S&P BSE Auto index, all the other 18 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Bankex index gaining nearly 1.7%.
The market breadth was skewed in favour of bulls. About 1,719 stocks advanced, 1,637 declined and 142 remained unchanged.
Sensex, Nifty Set To Close At Record
India Sells Rs 24,000 Crore Bonds As Planned: RBI
India sold Rs 24,000 crore ($3.2b) of bonds at a weekly auction as planned, the Reserve Bank of India said in a statement.
India sold Rs 13,000 crore of 6.1% 2031 bonds at a cutoff yield of 6.3322% vs. 6.33% est.
Sold Rs 7,000 crore of 6.76% 2061 bonds at a cutoff yield of 7.1481% vs. 7.16% est.
Amber Enterprises Rises For The Seventh Day; RSI Above 70
Shares of Amber Enterprises India Pvt Ltd. rose for the seventh straight day, on track for the longest winning streak since the period ended January 29, 2020.
Amber Enterprises has gained a total of 9.3% during the streak while the Sensex Index increased 2.4%. Today, the stock rose 0.5 percent to 3,697 rupees.
The relative strength index on the stock was 80, suggesting it may be overbought.
GTPL Hathway Shares Slip After Reporting Sequential Decline In Net Profit In Q2
Shares of GTPL Hathway Ltd. shed 3.26% in intraday trade to Rs 291.25 apiece, after the company reported sequential decline in net profit in the quarter ended September
Second Quarter Numbers (Consolidated, QoQ)
Net profit at Rs 43 crore vs Rs 47.5 crore QoQ
Total income at Rs 605.2 crore vs 610.6 crore QoQ
Total costs at Rs 460.5 crore vs Rs 472.6 crore QoQ
EBITDA at Rs 144.8 crore vs Rs 138 crore QoQ
Zee Entertainment’s Managing Director Punit Goenka Issues Personal Statement On Invesco Dispute
I acknowledge the stance that has been taken by Invesco, but communications pertaining to such proposals are always well-documented, and they speak to the contrary. I too have a lot of points to put across, but I firmly believe that there is a right time and place for it. Our lawyers will do the needful in the court of law, as deemed necessary.Punit Goenka, Managing Director, Zee Entertainment Enterprises Ltd.
Why didn’t Invesco make its plans public earlier? Does good corporate governance only apply to corporates and not their institutional investors? As a law- abiding citizen and a representative of a responsible corporate citizen, I have and repose complete faith in the Indian judicial and regulatory system and hence I am most certain that these questions will be answered for all of us.Punit Goenka, Managing Director, Zee Entertainment Enterprises Ltd.
Hindustan Aeronautics Rises The Most In Seven Weeks; RSI Above 70
Shares of Hindustan Aeronautics Ltd. rose 5.15% in intraday trade, the most in seven weeks, to Rs 1,466.5 apiece.
Trading volume on the stock was 78% above the 20-day average for this tie of the day.
The relative strength index on the stock was above 70, indicating it may be overbought.
The company trades at 14 times its estimated earnings per share for the coming year.
Analysts have five 'buy', no 'hold' and no 'sell' recommendations on the stock
RPG Life Falls for 7th Day; Trails Index by 8.5%
Shares of RPG Life Sciences Ltd. fell for the seventh straight day, on track for the longest losing streak since the period ended July 25, 2019.
RPG Life shares shed 6.1% during the streak while the S&P BSE Sensex Index increased 2.4%.
NSE Nifty Bank Index Up Over 1%; HDFC Bank, SBI Advance
Government Approves 31 Proposals For Output-Linked Incentive Program
Companies selected for incentive plan include Nokia India, HFCL, Foxconn, Dixon Technologies, Flextronics
Proposals entail an investment of Rs 3,345 crore over next 4.5 years
Century Textiles Jumps 7% After Reporting Sequential Growth In Net Income In Q2
Shares of Century Textiles & Industries Ltd. rose over 7% to Rs 1,004 apiece after the company reported sequential growth in revenue and profit in the September quarter.
Second Quarter Numbers
Net income from operations at Rs 997.98 crore vs Rs 832.21 crore QoQ
Net profit at Rs 32.12 crore vs Rs 23.45 crore QoQ
Other income at Rs 20.77 crore vs Rs 9.99 crore QoQ
Total expenses at Rs 972.06 crore vs Rs 804.55 crore QoQ
Source: Exchange Filing
Both the analysts tracking the company maintained 'buy' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 1.3%. Trading volume on the stock was 4 times the 30-day average volume for this time of the day
Westlife Development Climbs On Rs 800 Crore-Rs 1,000 Crore Growth Strategy
Shares of Westlife Development Ltd. rose nearly 11% to Rs 629 apiece after the company unveiled growth plans to mark 25 years in India.
Westlife Development, which owns and operates McDonald's restaurants in west and south India, announced plans to add another 150-200 stores over the next 3-4 years.
The company will invest Rs 800 crore-1,000 crore across the business over 4 years. The investment will go towards increasing the footprint, menu innovations, enhancing omnichannel presence, supply chain and improving consumer experience. The company's initiative are likely to create 6,000-8,000 jobs in the industry.
Source: Exchange Filing
Of the 16 analysts tracking the company, 13 maintained 'buy', two maintained 'hold' and one maintained 'buy' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 0.7%. Trading volume on the stock was 9.2 times the 30-day average volume for this time of the day.
Delhivery Appoints Three New Independent Directors
Delhivery has appointed Marico CEO Saugata Gupta, former IndusInd Bank CEO Romesh Sobti and former JPMorgan, South and Southeast Asia chairman Kalpana Morparia to its board.
Source: Press release
TVS Motor Announces Rollout Of BMW Motorrad's 310 Series Of Motorcycles
TVS Motor Company announced the rollout of 1,00,000 units of BMW Motorrad's 310cc series of motorcycles, from its facility in Hosur, Tamil Nadu.
Over the last eight years since 2013 when TVS Motor and BMW Motorrad signed an agreement in sub-500cc motorcycles segment, the duo have introduced three products on the 310cc segment, BMW G 310 R, BMW 310 GS, TVS Apache RR 310.
European Markets Open Higher As Key Earnings Aid Sentiment
September Passenger Vehicles Sales Fall 41.2% YoY: SIAM
Sales of passenger vehicles were 1,60,070 units in September, compared with 2,72,027 units a year earlier, according to data from Society of Indian Automobile Manufacturers.
Local car sales at 64,235 units vs 163,981 units YoY
Utility vehicle sales at 87,720 units vs 96,633 units YoY
Three-wheeler sales at 29,185 units vs 18,976 units YoY
Two-wheeler sales 1.53 million units vs 1.85 million YoY
H1FY2022 Sales
Passenger vehicle sales at 1.39 million units vs 879,966 YoY
Commercial vehicle sales at 272,051 units vs 165,169 units YoY
Two-wheeler sales at 6.52 million units vs 5.99 million YoY
Three-wheeler sales at 95,421 units vs 59,455 units YoY
Commentary
While on one hand, we are seeing a revival in vehicle demand, on the other hand, shortage of semi-conductor chips is causing a major concern for the industry,” SIAM President Kenichi Ayukawa says in statement.
Mid-Day Market Update: Sensex, Nifty At Record; HDFC Bank Leads Advance
India's stock benchmarks advanced to record, aided by gains in information technology, metals and realty stocks.
The S&P BSE Sensex rose 0.60% to 61,103.37. The 30-stock index hit a record 61,216.26 in intraday trade. This is the first time Sensex has crossed 61,000 mark. The NSE Nifty 50 gained 0.77% to 18,300.90. The 50-stock gauge hit a record 18,323.20 in intraday trade. HDFC Bank Ltd. contributed the most to the index gain, increasing 1.4%. Wipro Ltd. had the largest increase, rising 8.5%. In midday trading, 33 of 50 shares rose, while 17 fell.
The broader indices almost mirrored their larger peers with both S&P BSE MidCap and S&P BSE SmallCap indexes gaining nearly 1%. Barring S&P BSE Auto index and S&P BSE Energy index, all the other 17 sectoral indexes compiled by the BSE Ltd. advanced, with S&P BSE Information Technology index added 1.75%.
The market breadth was skewed in favour of bulls. About 1,807 stocks advanced, 1,409 declined and 176 remained unchanged.
Escorts Appoints Sanjeev Bajaj As Chief Executive Of Construction Equipment Business India
Escorts Ltd. has appointed Sanjeev Bajaj as the Chief Executive, Construction Equipment Business for India, effective from December 1, 2021.
Sanjeev Bajaj has been with the company for last seven years and has prior experience in construction industry, the company said in an exchange filing.
India September Wholesale Prices Rise 10.66% YoY
Wholesale prices rose less than economists expected in September
Wholesale prices rose 10.66% YoY vs estimated of 11.15% (estimate range 10.30%-12.20%)
Primary articles prices up 4.1% YoY
Fuel, power, lighting prices up 24.81% YoY
Manufactured product prices up 11.41% YoY
Wholesale food prices down 4.69% YoY
Source: PIB
ITC Jumps To Highest In 23 Months; RSI Above 70
Shares of ITC Ltd. rose over 5% in intraday trade to Rs 261.85 apiece, higher than any close since November 7, 2019. Trading volume was triple the 20-day average for this time of the day.
One-month implied volatility on the stock was 31%.
The relative strength index on the stock was above 70, indicating it may be overbought.
Of the 38 analysts tracking the company, 28 maintained 'buy', nine maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 0.9%
Rupee Bonds Slightly Lower Ahead Of Weekly Auction
Indian bonds are slightly lower ahead of a Rs 24,000 crore ($3.2b) weekly bond auction, while the rupee traded steady. Traders look forward to a report that’s expected to show wholesale inflation eased in September.
10-year yields up 1bp to 6.33% Thursday; Indian bonds and FX markets are shut Friday for a holiday
USD/INR steady at 75.3500
Source: Bloomberg
S&P BSE Midcap Index Advances 1%
Realty Stocks Edge Higher; Indiabulls Real Estate Up 7%
India Long End Cheaper
Longer-term India sovereign securities declined in Thursday morning trading.
The 4-year yield was little changed at 5.295%
The 10-year yield rose 1.2bps to 6.326%
The 14-year yield rose 1bp to 6.821%
The 4-year-10-year yield spread was 103.1bps, vs previous close 102.2bps
Source: Bloomberg
Sensex Holds Gains After Crossing 61,000 For The First Time
Ramkrishna Forgings Jamshedpur Fabrication Plant Gets Nod From Leading OEM In Europe
Shares of Ramkrishna Forgings Ltd. rose nearly 1.4% in intraday trade to Rs 1,202.7 apiece after the company's Jamshedpur fabrication plant received the approval from a leading European OEM in the Mining and Earth Moving industry. In an exchange filing, Ramkrishna Forgings said that it commenced the serial production of heavy fabrications for excavator plants
Of the four analysts tracking the company, three maintained 'buy' and one maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 15.1%
Moody's Sees Recent Acquisitions By Motherson As Credit Positive
Motherson Sumi Systems Ltd.' recent acquisitions will increase business scope and enhance end-market diversification besides cementing the company's ties with customers: Moody's
Motherson acquired 55% stake in CIM Tools, a component manufacturer for aerospace industry, for $21.5 million
The company will buy 60% stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., through its JV in China for nearly $5.2 million
Motherson Sumi will fund both acquisitions using its large cash balance of $570 million, as of June 2021: Moody's
Motherson's consolidate credit metrics will improve with leverage steadily declining to less than 3x by March 2022: Moody's
Source: Bloomberg
Apollo Pipes To Consider Issue Of Bonus Shares On October 22
Apollo Pipes Ltd. said that its board of directors will consider and approve the financial results of the company for the second quarter and half year ended September 30 on October 22.
Board will also consider proposal for issue of bonus shares on the equity shares of the company
Source: Exchange Filing
Metal Stocks Advance; Hindustan Copper, Hindustan Zinc Up 7%
IndusInd Bank Appoints Gobind Jain As CFO & Key Managerial Personnel
Jain's appointment to be effective Sep 30, 2021
SV Zaregaonkar stepped down from his position as CFO on Sep 29.
Zaregaonkar to take up other responsibilities at the bank till his superannuation
Source: Exchange Filing
Infosys Jumps As Analysts Raise Price Target After Q2 Beat
Shares of Infosys Ltd. rose 4.35% in intraday trade to Rs 1,783.6 apiece after analysts maintained bullish ratings and increased target prices on the stock as India's second-largest software services provider beat earnings estimates and raised full-year growth forecasts.
Wipro Hits Record As Brokerages Raise Target Prices After Q2 Beat
Wipro Ltd. shares rose as much as 7.6% to Rs 723.9 in early trade, before paring gains, as brokerages raised their target prices after the company's September quarter earnings beat estimates.
Analysts cited broad-based revenue growth, healthy large-deal intake, unprecedented demand environment, especially for new-age services like cloud, as the key reasons for raising the target prices.
Of the 50 analysts tracking the stock, 20 have a 'buy' rating, according to Bloomberg data. 17 recommend 'hold', while the remaining 13 recommend hold. The 12-month Bloomberg consensus target price indicates a downside of around 7% from current levels.
Mindtree Jumps As Brokerages Raise Target Price On Q2 Beat
Shares of Mindtree Ltd. rose 10% in intraday trade to a record Rs 4,800.2 apiece after the company reported net income above estimates in the september quarter.
Second Quarter Results (Consolidated, QoQ)
Net income at Rs 398.9 crore vs estimate of Rs 339 crore (Bloomberg consensus)
Revenue at Rs 2,586.2 crore vs estimate of Rs 2,474 crore
Total costs at R 2,190 crore vs Rs 1,898.3 crore QoQ
EBITDA at Rs 531 crore vs estiate of Rs 484 crore
Dividend per share at Rs 10
Brokerages on Mindtree
Prabhudas Lilladher
Maintains 'buy' rating with the target price raised to Rs 4,804 from Rs 4,593 earlier, an implied upside of 10%
September quarter performance was exceptional, both on revenue growth as well as margin front.
EPS estimates has increased by 5% in FY22 led by strong beat in revenue and margins in the september quarter.
Already ahead by 12% compared to FY23/24 consensus EPS estimates
Expect massive upgrades in consensus EPS estimates.
September quarter growth led by strong growth in RCM party aided by project backlogs as countries reopened after extended lockdown.
Bulk of growth driven by customer success service line, which indicates strong demand for adoption of technology for revenue maximisation.
Headwinds from wage hike and supply side pressures were offset by operational efficiencies and increase in scale
Wipro, Infosys Surge Post Q2 Beat
Opening Bell: Sensex, Nifty Open At Record; Wipro, Infosys Lead Advance
India's stock benchmarks opened higher and hit record highs, aided by gains in information technology stocks, after strong earnings from Wipro Ltd., Infosys Ltd. and Mindtree Ltd. dispelled concerns over the outlook in the sector after lackluster earnings by sectoral heavyweight Tata Consultancy Services Ltd. earlier in the week.
The S&P BSE Sensex rose 0.62% to 61,114.39. The NSE Nifty 50 advanced by a similar magnitude to 18,285.50. Both the indices hit record highs in morning trade.
The broader indices almost mirrored their larger peers with the S&P BSE MidCap and S&P BSE SmallCap indexes gaining over 0.8%. All the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Information Technology index gaining over 2.5%.
The market breadth was skewed in favour of bulls. About 1,656 stocks advanced, 587 declined and 109 remained unchanged
Rupee Bond Traders Await Weekly Auction, WPI Data
Indian bond traders will look forward to a Rs 24,000 crore ($3.2b) weekly bond auction. They will also monitor a report that’s expected to show that wholesale inflation eased in September.
USD/INR fell 0.2% to 75.3737 on Wednesday
Wholesale prices probably rose 11.15% in September YoY, compared with 11.39% in August
10-year yields fell 1bps to 6.32%; Indian bonds and FX markets are shut Friday for a holiday
Global funds buy net Rs 937 crore of India stocks Wednesday: NSE
They sold Rs 152 crore of sovereign bonds under limits available to foreign investors, and added Rs 784 crore of corporate debt
State-run banks sold Rs 987 crore of sovereign bonds on Oct. 13: CCIL data. Foreign banks bought Rs 734 crore of bonds
Source: Bloomberg
Information Technology Stocks In Focus
India’s software services shares are in focus as better-than-expected earnings by Infosys, Wipro Ltd. and Mindtree Ltd. may cast aside the concerns due to disappointing numbers from Tata Consultancy Services Ltd.
Stocks To Watch: Tata Consultancy Services, Infosys, HCL Technologies, Wipro, Tech Mahindra, Mindtree, L&T Technology, Birlasoft, Coforge, L&T Infotech, Mphasis
SGX Nifty Hints At Gains; Wipro, Infosys In Focus
Global stocks rose Thursday as traders assessed the durability of the economic recovery to inflationary pressures and a looming reduction in the Federal Reserve’s pandemic-era stimulus.
Equities climbed in Japan, South Korea and Australia. U.S. futures pushed higher after Wall Street snapped a three-day losing streak, with the tech-heavy Nasdaq 100 outperforming the S&P 500.
India’s SGX Nifty 50 Index futures for October delivery rose 0.5% to 18,262.00, while MSCI Asia Pacific Index rose 0.4%. The NSE Nifty 50 Index added 0.9% Wednesday to close at 18,161. Foreign investors bought net Rs 255 crore of stocks on Tuesday, according to NSDL website.
Longer term Treasuries pared a rally, while a key part of the Treasury yield curve has flattened to around a one-year low. U.S. inflation held above 5% and Fed minutes signaled a tapering of bond purchases from mid-November or mid-December. Meanwhile, a 30-year Treasury auction drew strong demand.
Crude oil stabilized above $80 a barrel and gold was near the highest in nearly a month. In cryptocurrencies, Bitcoin has resumed its rally, taking the largest token above $57,000.
Back home, Infosys, Wipro, MindTree may react as the companies reported quarterly results after the market closed Wednesday. HCL Tech, Cyient, Indiabulls Real are among the companies scheduled to report earnings Thursday.
Government will release wholesale-price inflation for September, while industry group Siam is scheduled to release September auto sales data.