Sensex, Nifty Resume Gains After One-Day Blip

Indian equity benchmarks resumed gains after a one-day blip.

The S&P BSE Sensex rose 0.24 percent to end at 39,058.83 and the NSE Nifty 50 rose 0.14 percent to end at 11,604. The broader markets represented by the NSE Nifty 500 Index ended 0.1 percent higher.

The market breadth was tilted in favour of buyers. About 930 stocks advanced and 855 shares declined on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Auto Index’s 1.3 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 1.3 percent.

Inox Leisure (Q2, YoY)

• Stock rose as much as 3.5 percent to Rs 368.85.
• Revenue up 42.3 percent to Rs 519.9 crore.
• Net profit up 3 times to Rs 35.1 crore.
• Ebitda up 3.7 times to Rs 167.7 crore.
• Margin at 32.3 percent versus 12.3 percent

Havells (Q2, YoY)

• Stock fell as much as 3 percent to Rs 657.55.
• Revenue up 1.8 percent to Rs 2230 crore.
• Net profit up 1.1 percent to Rs 181 crore.
• Ebitda down 11.4 percent to Rs 233 crore.
• Margin at 10.4 percent versus 12 percent.

Indian equity benchmarks fluctuated between gains and losses and are headed for a volatile close.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 39,012 and 11,591 respectively as of 3 p.m. The broader markets represented by the NSE Nifty 500 Index traded flat.

Jubilant FoodWorks

• Stock rose 18 percent in last four trading sessions
• Revenue up 12 percent to Rs 988 crore.
• Net profit down 2 percent to Rs 76 crore.
• Ebitda up 60 percent to Rs 236 crore.
• Margin at 23.9 percent versus 16.7 percent.
• Exceptional loss of Rs 12.5 crore.

Affle India

• Stock rose as much as 17.4 percent, their second-biggest jump since listing on Aug. 7, to Rs 1,429.75.
• The company filed 14 patents in Singapore and the U.S. The newly filed 4 patents in Singapore power innovations in AI-driven intelligence and automation.

Rites

• Stock rose as much as 5.9 percent to Rs 292.70.
• The company signed MoU with Ghana to promote long term bilateral co-corporation in transport and infrastructure development projects in Ghana.

Sterling and Wilson Solar

• Stock rose as much as 3.1 percent to Rs 600.
• Received a letter of intent for engineering, construction and procurement order for 1.09GW DC Solar Farm in the Middle East, valued at $635 million.

Stocks trimmed losses in Europe alongside American equity-index futures as investors plowed through mixed earnings reports for reasons to be optimistic on global economic growth.

• The Stoxx Europe 600 Index decreased 0.2 percent.
• Futures on the S&P 500 Index fell 0.1 percent.
• France’s CAC 40 Index dipped 0.4 percent.
• Hong Kong’s Hang Seng Index declined 0.8 percent.

Get your daily fix of global markets here.
Source: Bloomberg

Shares of MTNL touched an upper circuit of 5 percent at Rs 5.85.

The cabinet today approved revival plan of MTNL and BSNL, according to CNBC-TV18 report.

Welspun India

• Stock fell as much as 7 percent to Rs 53.05.
• Trading volume was more than times its 20-day average.

TV18 Broadcast

• Stock rose as much as 6.4 percent to Rs 23.20.
• Trading volume was almost five times its 20-day average.

Coromandel International

• Stock rose as much as 9.7 percent to Rs 458.80.
• Trading volume was almost five times its 20-day average.

Prestige Estate Projects

• Stock rose as much as 12 percent to Rs 326.95.
• Trading volume was almost eight times its 20-day average.

Shares of Affle India rose as much as 17.4 percent, their second-biggest jump since listing on Aug. 7, to Rs 1,429.75.

The company filed 14 patents in Singapore and the U.S. The newly filed 4 patents in Singapore power innovations in AI-driven intelligence and automation.

Trading volume was almost five times its 20-day average, according to Bloomberg data. The Relative Strength Index was above 70, indicating that the stock may be overbought

Shares of Dish TV extended declines for the third consecutive trading session. The stock fell as much as 12.7 percent to Rs 12.70.

The scrip declined 22 percent in the past five days and fell 36 percent in the past 30 days. Dish TV India traded at 17 times its estimated earnings per share for the coming year, according to Bloomberg data.

The Relative Strength Index was below 30, indicating that the stock may be oversold, Bloomberg data showed.

Shares of Bajaj Auto fluctuated between gains and losses to trade little changed at Rs 3,123 after the company announced its September quarter results.

That compared with 0.3 percent gain in the NSE Nifty 50 and 1.3 percent advance in the NSE Nifty Auto Index.

Key Earnings Highlights (Q2, YoY)

• Revenues down 4.1 percent to Rs 7,707 crore.
• Net profit up 21.7 percent to Rs 1,402 crore.
• Ebitda down 7.3 percent to Rs 1,277.2 crore.
• Margin at 16.6 percent vs 17.1 percent.

Shares of Jubilant FoodWorks extended gains for the fourth consecutive trading session. The stock rose as much as 8.1 percent to Rs 1,544.25.

The scrip advanced over 18 percent in four days. The company had announced its September qarter results yesterday.

Key Earnings Highlights (Q2, YoY)

• Revenue up 12 percent to Rs 988 crore.
• Net profit down 2 percent to Rs 76 crore.
• Ebitda up 60 percent to Rs 236 crore.
• Margin at 23.9 percent versus 16.7 percent.
• Exceptional loss of Rs 12.5 crore.

Here’s what brokerages had to say after the company announced its quarterly results:

UBS

• Maintained ‘Neutral’ with a price target of Rs 1,600.
• SSSG beats estimates; one-offs impact profitability.
• Evolving consumer trends could drive growth in the future.
• Urban consumption is still holding up in India.

Credit Suisse

• Maintained ‘Underperform’; hiked price target to Rs 1,300 from Rs 1,200.
• Q2 Review: Marginal improvement in SSSG despite macro consumption slowdown is a positive surprise.
• Q3 SSSG will be key to watch, as impact of the Cricket World Cup fades out.
• See downside risks to SSSG and margins likely to remain under pressure.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 2 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 1.2 percent.

Nifty’s 11,700 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract, which is set to expire on Oct. 24, rose 17.1 percent to Rs 34.85. Over 4.98 lakh shares were added to the open interest which stood at over 26 lakh shares.

Indian equity indices gained momentum after a topsy-turvy morning session.

The S&P BSE Sensex rose 0.46 percent to 39,144. and the NSE Nifty 50 rose 0.43 percent to 11,639. The broader markets represented by the NSE Nifty 500 Index rose 0.39 percent.

Shares of Coromandel International rose as much as 6.8 percent, the most since Sept. 20, to Rs 446.70, their highest since April 24.

The company’s board approved amalgamation of two wholly owned arms with self.

Trading volume was almost nine times its 20-day average, according to Bloomberg data. The Relative Strength Index was above 70, indicating that the stock may be overbought.

• ITC: About 12 lakh shares changed hands in a large trade.
• Yes Bank: About 14.2 lakh shares changed hands in a large trade.

Buyers and sellers were not known immediately
Source: Bloomberg

Axis Bank (Q2, YoY)

• Stock rose as much as 2.4 percent to Rs 730.
• Net interest income up 16.6 percent to Rs 6,101.8 crore (Estimate: Rs 6056 crore)
• Net loss at Rs 112.1 crore versus net profit at Rs 789.6 crore (Estimate: Rs 905 crore profit)
• Provisions at Rs 3,518.4 crore versus Rs 2,927.4 crore (Rs 3,814.6 crore QoQ) (Estimate: Rs 5534 crore)
• GNPA at 5.03 percent versus 5.25 percent QoQ
• NNPA at 1.99 percent versus 2.04 percent QoQ
• Tax expense higher by Rs 2,138 crore due to write-down of deferred tax asset pertaining to earlier years.

Asian Paints (Q2, YoY)

• Stock fell as much as 1 percent to Rs 1,762.
• Revenue up 9.4 percent to Rs 5,050.7 crore versus Rs 4,615.5 crore (Estimate: Rs 5,220.5 crore).
• Net profit up 67.5 percent at Rs 823.4 crore versus Rs 491.6 crore (Estimate: Rs 677 crore).
• Ebitda up 13 percent at Rs 954.8 crore versus Rs 844.7 crore (Estimate: Rs 1021 crore).
• Margin at 18.9 percent versus 18.3 percent (Estimate: 19.6 percent).
• Deferred tax reversal of Rs 149.7 crore in current quarter.
• Decorative Business Segment in India registered high double-digit volume growth.
• Declared Dividend of Rs 3.35 per share .

Bajaj Finserv (Q2, YoY)

• Stock rose as much as 3.3 percent to Rs 8,276.60.
• Revenue up 46.6 percent to Rs 14,221.9 crore.
• Net profit up 71 percent at Rs 1203.7 crore.

ICICI Prudential Life Insurance (Q2, YoY)

• Stock rose as much as 1.2 percent to Rs 485.90.
• Gross Premium up 6.6 percent to Rs 8,190.8 crore.
• Net income up 1 percent to Rs 301.9 crore.
• 13TH Month Persistency at 82 percent versus 80.7 percent
• H1FY20 VNB Margins at 21 percent versus 17 percent

Indiamart Intermesh (Q2, YoY)

• Stock rose as much as 3.3 percent to Rs 2,098.
• Revenue up 27.8 percent to Rs 156.6 crore.
• Net profit down 57.4 percent to Rs 8.7 crore.
• Ebitda up 61.3 percent to Rs 36.3 crore.
• Margin at 23.2 percent versus 18.4 percent.
• Tax impact related to change in tax rate and law reduced profits by Rs 31.4 crore.
• Indian supplier forefronts up 6 percent to 5.7 million.
• Registered Buyers up 29 percent to 93 million.
• Paying subscription suppliers up 15 percent to 1,37,000.

Oriental Bank of Commerce (Q2, YoY)

• Stock rose as much as 5.3 percent to Rs 52.95.
• Net interest income up 14.7 percent to Rs 1,455.5 crore.
• Net profit up 23.8 percent to Rs 125.9 crore.
• Provisions at Rs 1050.3 crore versus Rs 832 crore (Rs 865.5 crore QoQ).
• GNPA at 12.53 percent versus 12.56 percent QoQ.
• NNPA at 5.94 percent versus 5.91 percent QoQ.

Mahindra & Mahindra Financial Services (Q2, YoY)

• Stock fell as much as 3.8 percent to Rs 328.30.
• Net interest income up 7.4 percent to Rs 1,461.2 crore.
• Net profit down 38.6 percent to Rs 261.5 crore.
• Profit lower by Rs 50 crore due to tax adjustment.
• Value of Asset Financed down 10 percent to Rs 9747 crore.

CEAT (Q2, YoY)

• Stock fell as much as 1.9 percent to Rs 942.30.
• Revenue down 4.6 percent to Rs 1,691.6 crore.
• Net profit down 30.4 percent to Rs 44 crore.
• Ebitda up 7 percent to Rs 170.4 crore.
• Margin at 10.1 percent versus 9 percent
• Finance cost up two tines, depreciation up 41 percent
• Raw material as percent of sales at 58.9 percent versus 60.1 percent

Syngene International (Q2, YoY)

• Stock rose as much as 5.4 percent to Rs 344.35.
• Revenue up 11 percent to Rs 464.6 crore.
• Net profit up 63.6 percent to Rs 128.1 crore.
• Ebitda up 2.8 percent to Rs 136 crore.
• Margin at 29.3 percent versus 31.6 percent
• Exceptional gain of Rs 71.3 crore in the current quarter due to an insurance receivable from a claim.

Sharda Cropchem (Q2, YoY)

• Stock fell as much as 4.7 percent to Rs 276.65.
• Revenue up 4.9 percent at Rs 324.2 crore.
• Net loss at Rs 5.6 crore versus net profit at Rs 16.2 crore.
• Ebitda down 15 percent to Rs 28.8 crore.
• Margin at 8.9 percent versus 11 percent
• Depreciation up 68 percent to Rs 33 crore.
• Other income up 4.9 times to Rs 8.8 crore.
• Raw material as percent of sales at 73 percent versus 69.2 percent.

Shares of Reliance Power extended rally for the fourth consecutive trading session. The stock rose as much as 12.7 percent to Rs 3.10.

The scrip advanced over 60 percent in four days.

Trading volume was more than seven times its 20day average, according to Bloomberg data. The stock declined 89 percent in the past 12 months compared to a 15 percent gain in the Sensex.

Shares of Larsen & Toubro fluctuated between gains and losses to trade 0.19 percent higher at Rs 1,445.35.

The company’s Hydrocarbon Engineering unit received an order for an EPCC project from Hindustan Petroleum Corporation Ltd. for Residue Up-gradation Facility (RUF), according to its stock exchange filing.

The construction company added that the order is valued at over Rs 7,000 crore according its order classification.

Of the shares traded, 40 percent were at the ask price and 39 percent were at the bid.

Shares of Infosys extended declines for the second consecutive trading session. The stock fell as much as 4.4 percent to Rs 615.40.

About 20 lakh shares of the company changed hands in two large deals, Bloomberg data showed. Buyers and sellers were not known immediately.

The Bengaluru-based software developer lost Rs 53,000 crore in market capitalisation yesterday after an anonymous whistleblower letter alleged that its Chief Executive Officer Salil Parekh dressed up the company’s books. plunged 16.6 percent on Tuesday—the most in more than six years.

Shares of RBL Bank fell as 9.9 percent to Rs 258.30 after the company’s profit fell 73.4 percent on a yearly basis in September quarter.

Key Earnings Highlights (Q2, YoY)

• Net interest income up 46.5 percent to Rs 868.7 crore (Estimate: Rs 815 crore).
• Net profit down 73.4 percent to Rs 54.3 crore (Estimate: Rs 170 crore).
• Provisions at Rs 533.3 crore versus Rs 139.7 crore (Estimate: Rs 213.2 crore QoQ).
• GNPA at 2.6 percent versus 1.38 percent QoQ.
• NNPA at 1.56 percent versus 0.65 percent QoQ.

Indian equity benchmarks fluctuated between gains and losses in the opening trade.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 38,997 and 11,592 respectively. The broader markets represented by the NSE Nifty 500 Index rose 0.16 percent.

The market breadth was tilted in favour of buyers. About 827 stocks advanced and 497 shares declined on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 0.46 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.59 percent.

Futures

• Nifty October futures closed at 11624.3, a premium of 36 points versus 8.2 points
• Nifty October futures up 9 percent, adds 12.6 lakh shares in open interest
• Nifty Bank October futures closed at 29,492.5, premium of 81 points versus 32 points
• Nifty Bank October futures open interest down 3 percent, sheds 41,300 shares in open interest

Options

• Nifty PCR at 1.20 versus 1.43 (across all series)

Nifty Weekly Expiry: Oct 24

• Max open interest on call side at 11,700 (21 lakh shares)
• Max open interest on put side at 11,600 (14.9 lakh shares)
• Open Interest addition has seen at 11,700C (10 lakh shares), 11,800C (7.3 lakh shares)

Nifty Monthly Expiry: Oct 31

• Max open interest on call side at 12,000 (24.2 lakh shares)
• Max open interest on put side at 11,000 (28 lakh shares)

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.11 percent to 71.01 against the greenback.

Indian equity benchmarks are set to open higher in today’s trade.

The S&P BSE Sensex rose 0.45 percent to 39,137 during the pre-market trade and the NSE Nifty 50 rose 0.35 percent to 11,627.65.

• Edelweiss Financial Services, IIFL Securities, Jain Irrigation Systems price band revised to 5 percent
• Hotel Leelaventure to move into short term ASM Framework
• Adani Green Energy, IL&FS Investment Managers, Everest Kanto Cylinder, Texmaco Infrastructure & Holdings, Mangalam Organics to move out of short term ASM Framework

• Indiabulls Housing Finance: AQR Emerging Equities Fund sold 40.15 lakh shares or 0.95 percent equity at Rs 233.96 each
• Zee Media Corporation: IFCI sold 47.6 lakh shares or 1.01 percent equity at Rs 5.74 each

Apollo Pipes

• Rohit Rajgopal Dhoot sold 80,000 shares or 0.61 percent equity at Rs 375.01 each
• Ashish Rameshchandra Kacholia acquired 1 lakh shares or 0.76 percent equity at Rs 375.01 each

Nifty Earnings To Watch

• Bajaj Auto
• HCL Technologies
• Hero MotoCorp
• JSW Steel
• Larsen & Toubro

Other Earnings To Watch

• HDFC Life Insurance
• Torrent Pharmaceuticals
• Arvind Fashions
• Kajaria Ceramics
• Polycab
• Kirloskar Pneumatic
• Biocon
• NIIT Technologies
• INOX Leisure
• Mahindra CIE Automotive
• Navin Fluorine
• IRB Infrastructure Developers
• Zee Media Corporation
• JK Paper
• JM Financial
• Castrol
• Havells
• Crompton Greaves Consumer Electricals
• Praj Industries
• KPIT Technologies
• PI Industries
• Dishman Carbogen Amcis
• Everest Industries
• Hexaware Technologies
• Shoppers Stop
• Tata Steel Long Products
• Tejas Networks
• Texmaco Infrastructure & Holdings
• Texmaco Rail & Engineering
• IIFL Finance
• Indian Bank
• Orient Paper & Industries
• Aarti Drugs
• Accelya Solutions
• Allsec Technologies
• Apcotex Industries
• Bajaj Holdings & Investment
• Bharat Bijlee
• Genus Power Infrastructures
• GHCL
• NELCO
• Menon Pistons
• Onward Technologies
• PTC India Financial Services
• Rane Engine Valve

Earnings Reaction To Watch

Axis Bank (Q2, YoY)

• Net interest income up 16.6 percent to Rs 6,101.8 crore (Estimate: Rs 6056 crore)
• Net loss at Rs 112.1 crore versus net profit at Rs 789.6 crore (Estimate: Rs 905 crore profit)
• Provisions at Rs 3,518.4 crore versus Rs 2,927.4 crore (Rs 3,814.6 crore QoQ) (Estimate: Rs 5534 crore)
• GNPA at 5.03 percent versus 5.25 percent QoQ
• NNPA at 1.99 percent versus 2.04 percent QoQ
• Tax expense higher by Rs 2,138 crore due to write-down of deferred tax asset pertaining to earlier years.

Asian Paints (Q2, YoY)

• Revenue up 9.4 percent to Rs 5,050.7 crore versus Rs 4,615.5 crore (Estimate: Rs 5,220.5 crore).
• Net profit up 67.5 percent at Rs 823.4 crore versus Rs 491.6 crore (Estimate: Rs 677 crore).
• Ebitda up 13 percent at Rs 954.8 crore versus Rs 844.7 crore (Estimate: Rs 1021 crore).
• Margin at 18.9 percent versus 18.3 percent (Estimate: 19.6 percent).
• Deferred tax reversal of Rs 149.7 crore in current quarter.
• Decorative Business Segment in India registered high double-digit volume growth.
• Declared Dividend of Rs 3.35 per share .

Bajaj Finserv (Q2, YoY)

• Revenue up 46.6 percent to Rs 14,221.9 crore.
• Net profit up 71 percent at Rs 1203.7 crore.

RBL Bank (Q2, YoY)

• Net interest income up 46.5 percent to Rs 868.7 crore (Estimate: Rs 815 crore).
• Net profit down 73.4 percent to Rs 54.3 crore (Estimate: Rs 170 crore).
• Provisions at Rs 533.3 crore versus Rs 139.7 crore (Estimate: Rs 213.2 crore QoQ).
• GNPA at 2.6 percent versus 1.38 percent QoQ.
• NNPA at 1.56 percent versus 0.65 percent QoQ.

ICICI Prudential Life Insurance (Q2, YoY)

• Gross Premium up 6.6 percent to Rs 8,190.8 crore.
• Net income up 1 percent to Rs 301.9 crore.
• 13TH Month Persistency at 82 percent versus 80.7 percent
• H1FY20 VNB Margins at 21 percent versus 17 percent

Indiamart Intermesh (Q2, YoY)

• Revenue up 27.8 percent to Rs 156.6 crore.
• Net profit down 57.4 percent to Rs 8.7 crore.
• Ebitda up 61.3 percent to Rs 36.3 crore.
• Margin at 23.2 percent versus 18.4 percent.
• Tax impact related to change in tax rate and law reduced profits by Rs 31.4 crore.
• Indian supplier forefronts up 6 percent to 5.7 million.
• Registered Buyers up 29 percent to 93 million.
• Paying subscription suppliers up 15 percent to 1,37,000.

Oriental Bank of Commerce (Q2, YoY)

• Net interest income up 14.7 percent to Rs 1,455.5 crore.
• Net profit up 23.8 percent to Rs 125.9 crore.
• Provisions at Rs 1050.3 crore versus Rs 832 crore (Rs 865.5 crore QoQ).
• GNPA at 12.53 percent versus 12.56 percent QoQ.
• NNPA at 5.94 percent versus 5.91 percent QoQ.

Mahindra & Mahindra Financial Services (Q2, YoY)

• Net interest income up 7.4 percent to Rs 1,461.2 crore.
• Net profit down 38.6 percent to Rs 261.5 crore.
• Profit lower by Rs 50 crore due to tax adjustment.
• Value of Asset Financed down 10 percent to Rs 9747 crore.

CEAT (Q2, YoY)

• Revenue down 4.6 percent to Rs 1,691.6 crore.
• Net profit down 30.4 percent to Rs 44 crore.
• Ebitda up 7 percent to Rs 170.4 crore.
• Margin at 10.1 percent versus 9 percent
• Finance cost up two tines, depreciation up 41 percent
• Raw material as percent of sales at 58.9 percent versus 60.1 percent

Syngene International (Q2, YoY)

• Revenue up 11 percent to Rs 464.6 crore.
• Net profit up 63.6 percent to Rs 128.1 crore.
• Ebitda up 2.8 percent to Rs 136 crore.
• Margin at 29.3 percent versus 31.6 percent
• Exceptional gain of Rs 71.3 crore in the current quarter due to an insurance receivable from a claim.

Sharda Cropchem (Q2, YoY)

• Revenue up 4.9 percent at Rs 324.2 crore.
• Net loss at Rs 5.6 crore versus net profit at Rs 16.2 crore.
• Ebitda down 15 percent to Rs 28.8 crore.
• Margin at 8.9 percent versus 11 percent
• Depreciation up 68 percent to Rs 33 crore.
• Other income up 4.9 times to Rs 8.8 crore.
• Raw material as percent of sales at 73 percent versus 69.2 percent.

• Bajaj Finserv: Bajaj Life Insurance signed a corporate agreement with Axis Bank in September quarter.
• Affle India: Filed 14 patents in Singapore and the U.S. The newly filed 4 patents in Singapore power innovations in AI-driven intelligence and automation.
• Linde India: CCI approved divestment of the company’s south region business. Air Water Inc will purchase the surplus land at Chennai and Hyderabad and decommissioned the air separation unit at Hyderabad for Rs 1,380 crore. CCI Has also extended the divestment period of the South Region Divestment Business till Dec. 17.
• Coromandel International: Board approved amalgamation of two wholly owned arms with self.
• IOCL: Issued NCDs aggregating to Rs 3,000 crore to meet its capex requirements.
• Sterling & Wilson Solar: Received a letter of intent for engineering, construction and procurement order for 1.09GW DC Solar Farm in the Middle East, valued at $635 million.
• Jubilant Life Sciences: Unit has received ANDA approval for Clomipramine Hydrochloride Capsules which is used for the treatment of OCDs.
• Hatsun Agro Product: Board approved setting up of ice cream plant in Telangana which is expected to be commissioned by December 2020 and said that the company is in the process of commencing construction activities for setting up greenfield project for producing milk and milk products in Tamil Nadu. A 4LLPD Milk and Milk Products Plant in Maharashtra is expected to be commissioned by February 2020.
• Hotel Leelaventure: Rajan Shah has resigned from the post of CFO and he will move to the Brookfield Group. The company has completed the transactions with Brookfield group for sale of hotel undertakings in Delhi, Bengaluru, Chennai and Udaipur, hotel operations business and 100 percent stake in Leela Palaces and Resorts. The total consideration of Rs. 3,950 crore were received from Brookfield on Oct. 16 and the entire consideration, net of transaction-related costs of Rs. 70 crores were used to repay the banks and financial institutions who were lenders to the Company, in full and final settlement, as a One-time settlement.
• Piramal Enterprises: To consider raising Rs 5,300 crore on Oct. 25.
• BASF India: Karnataka Appellate Tribunal has granted stay on recovery of demand aggregating to Rs 225.7 crore pertaining to the period 2006-10. Earlier, the recovery of the demand pertaining to the period 2010-11 and 2014-15 aggregating to Rs. 98.81 crore had been stalled by the Tribunal. The company said that it will take all necessary legal steps to defend the matter.
• Asian Paints: KBS Anand will be retiring from the post of MD and CEO on March 2020 and Jayesh Merchant to retire from the post of CFO on November 26. Current COO Amit Syngle will become a new MD and CEO with effect from April next years.
• Subros: Production activities have started at its new plant in Ahmedabad based on customer approvals. The production and supply of Automotive Air-Conditioning Systems and Engine Cooling Modules will be ramped up as per customer demand.
• Sharda Cropchem: Ashish Lodha resigned from the post of the CFO, with effect from Oct. 22.
• RITES: Signed MoU with Ghana to promote long term bilateral co-corporation in transport and infrastructure development projects in Ghana.
• Jindal Steel & Power: Promoters hold a 60.4 percent stake in the company, out of which 68.99 percent stake is encumbered.
• Amara Raja Batteries: Received a request letter from Johnson Controls (Mauritius) seeking their de-classification as the promoter of the company.
• J. Kumar Infraprojects: HDFC Mutual Fund increased stake to 7.5 percent from 5.38 percent.

• Stocks in U.S. and Europe declined and the pound sank after U.K. Prime Minister Boris Johnson lost a key vote to fast-track legislation.
• Oil prices retreated in Asian trading following a report showing U.S. crude inventories likely rose for a sixth week, handing back some of Tuesday’s gains on a report that OPEC and its allies will consider deepening production cuts when they meet in December.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded little changed at 11,619.50 as of 8:20 a.m.

Stocks in Asia were mixed as investors continued to monitor geopolitical developments and watch earnings reports for signs of health in the global economy.

Shares in Japan, China and Seoul traded flat, while equities retreated in Sydney. Hong Kong opened steady with little reaction seen to a Financial Times report that the Chinese government is drafting a plan to replace Carrie Lam.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.