KEY HIGHLIGHTS
FPIs Remain Net Sellers For The Ninth Straight Day
Overseas investors stay net sellers of Indian equities on Monday
Foreign portfolio investors off loaded stocks worth Rs 549.37 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and mopped up equities worth 595.70 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 92473 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The S&P BSE Sensex closed up 595 points, or 0.92%, at 64,958.69 while the NSE Nifty 50 was 181 points or 0.94% higher at 19,411.75.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.31% on Monday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 7 paise to close at 83.22 against the U.S dollar on Monday.
It closed at 83.29 on Friday.
Source: Bloomberg
Sensex, Nifty End At A Two-Week High: Closing Bell
India's benchmark stock indices rose ahead of closing after trading higher for the third day through Monday. Energy, metal and realty sectors rose whereas PSU banks and consumer durables were under pressure. Nifty 50 was trading above 19,300 level, whereas Sensex was beyond 64,700 mark.
Intraday, Sensex topped 64,900 mark, while Nifty 50 rose above 19,400 level; the highest level since Oct. 23, 2023.
The current market structure indicates that the pullback rally may continue as long as the index is trading above 19,150 and 63,500 levels respectively, Shrikant Chouhan, head – equity research, Kotak Securities, said. "For those who hold the positions for a long time, it is advisable to take partial profits between 19,350-19,400 levels. Buying is advisable between 19,270 and 19,230 levels."
The S&P BSE Sensex closed up 595 points, or 0.92%, at 64,958.69 while the NSE Nifty 50 was 181 points or 0.94% higher at 19,411.75.
Shares edged higher after last week’s rally amid optimism that the central-bank interest rates are near their peak. Crude oil climbed 1%. European equities advanced 0.3% and U.S. equity futures were little changed after the S&P 500 advanced almost 6% last week.
Equities rose in Australia, Japan, and Hong Kong. South Korean shares lead the rally, with the Kospi jumping as much as 4.4%, following Sunday’s news the country would ban short selling until the end of June. Chinese technology and property developers also rose.
ICICI Bank Ltd., Larsen & Toubro Ltd., HDFC Bank Ltd., Reliance Industries Ltd., and Axis Bank Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, State Bank of India, Hindustan Unilever Ltd., Titan Co., Tata Motors Ltd., and Cipla Ltd. were negatively contributing to the change.
The broader markets mirrored the larger peers on Monday; the S&P BSE MidCap Index was up 0.90%, whereas S&P BSE SmallCap Index was 1% higher.
Nineteen out of the 20 sectors compiled by BSE advanced while S&P BSE Consumer Durables declined. S&P BSE Capital Goods and S&P BSE Metal rose the most.
The market breadth was skewed in the favour of the buyers. About 2,452 stocks rose, 1,336 declined, while 176 remained unchanged on the BSE.
“Nifty is expected to rise in sync with global stock markets, benefitting from several positive catalysts. These factors include market optimism that the Federal Reserve won't raise interest rates, sluggish U.S. job growth, and the calming effect of India's VIX at 10.88 levels," Prashanth Tapse, senior vice president (research), Mehta Equities Ltd. said. These optimistic indicators suggest a promising outlook for Nifty's performance in the near future, Tapse said.
Nifty, Sensex Trade Near Day's High
Nifty trading at days high, up 0.95% led by Divi's Laboratories (4.6%), Hero MotoCorp (2.5%), Eicher Motors (2.5%)
Nifty Energy up 1.37% led by IOCL (3.3%), Adani Green (2.9%), Tata Power (2.1%)
Nifty Metal up 1.31% led by Jindal Steel & Power (4.5%), APL Apollo Tubes (3.2%), NALCO (2%)
Nifty Realty up 1.23% led by prestige Estates (2.9%), Sobha Ltd (2.5%), Brigade Enterprises (2.5%)
Bikaji Foods Q2 FY24 (Consolidated, YoY)
Revenue at Rs 609 crore vs Rs 577 crore, up 5.49% YoY
Ebitda at Rs 87.7 crore vs Rs 64.2 crore, up 36.6% YoY
Margin at 14.4% vs 11.12%
Reported profit at Rs 59.8 crore vs Rs 40.9 crore, up 46.1% YoY
Bharat Forge GDRs To Be Delisted From Luxembourg Stock Exchange
Gets resignation letter from Citibank expressing its unwillingness to continue as the depository for co's GDR program.
Source: Exchange filing
Birla Corp. To Set Up Cement Grinding Unit At Prayagraj For An Investment Of Rs 400 Crore
Barbeque Nation Q2 FY24 (Consolidated, YoY)
Revenue at Rs 302 crore vs Rs 310 crore , down 2.8% YoY
Ebitda at Rs 44.4 crore vs Rs 58.3 crore, down 23.9% YoY
Margin at 14.7% vs 18.77%
Net loss at Rs 11.9 crore vs profit of Rs 7.5 crore
PSP Projects Bags Rs 357 Crore Order From Gujarat For Dharoi Dam Development
BLS International Q2 FY24 (Consolidated, YoY)
Revenue at Rs 408 crore vs Rs 357 crore, up 14.3% YoY
Ebitda at Rs 86.7 crore vs Rs 56.8 crore, up 52.7% YoY
Margin at 21.27% vs 15.91%
Reported profit at Rs 81.9 crore vs Rs 50.9 crore, up 60.8% YoY
Stocks Hitting 52-Week High Intraday
Bata India Approves Licensing, Manufacturing Deal With Authentic Brands Group
Sundaram Finance Q2FY24 (Standalone, YoY)
Total income up 31% at Rs 1,378 crore vs Rs 1,052 crore
Net profit up 20.7% at Rs 366.4 crore vs Rs 303.5 crore
VA Tech Wabag Q2 FY24 (Consolidated, YoY)
Revenue at Rs 665 crore vs Rs 750 crore, down 11.4% YoY
Ebitda at Rs 86.1 crore vs Rs 74.39 crore, up 15.72% YoY
Margin at 12.94% vs 9.91%
Net profit at Rs 60.1 crore vs Rs 46.5 crore, up 29.24% YoY
Borosil Renewables Q2 FY24 (Consolidated, YoY)
Revenue up 137.3% at Rs 402 crore vs Rs 169 crore
Ebitda down 22.5% at Rs 32.5 crore vs Rs 41.9 crore
Margin at 8.08% vs 24.75%
Reported profit up 26% at Rs 30.5 crore vs Rs 24.2 crore
KPR Mill Q2FY24 (Consolidated, YoY)
Revenue up 23.8% at Rs 1,511 crore vs Rs 1,220 crore
Ebitda down 6.1% at Rs 298 crore vs Rs 317.4 crore
Margin at 19.72% vs 26.01%
Net profit down 0.7% at Rs 201.8 crore vs Rs 203.3 crore
Bajaj Electricals Q2 FY24 (Consolidated, YoY)
Revenue down 3.9% at Rs 1113 crore vs Rs 1159 crore
Ebitda down 44.1% at Rs 56.7 crore vs Rs 101 crore
Margin at 5.09% vs 8.74%
Reported profit down 56% at Rs 27.3 crore vs Rs 62 crore
European Markets Open Mixed
Stocks In Focus: Infibeam, IRB Infrastructure, Angel One
Infibeam Avenues up 6.4% on earnings.
IRB Infrastructure gains 2.5% as unit refinances five BOT assets for Rs 6,400 crore.
Angel One down 6.2% from life time high.
Brigade Enterprises down 3.4% from life time high.
Blue star down 3% from life time high.
#AskBQ: Zomato's Rally Continues; Right Time To Buy?
The F&O Show: Nifty Above 19,300-Mark; What Should Investors Do?
Talking Point: Mihir Vora On Markets & Top Sectoral Bets
Stocks In Focus With Cholamandalam Investments & Thermax
Navneet Education Q2FY24 (Consolidated, YoY)
Revenue down 19.4% at Rs 265.8 crore vs Rs 329.8 crore
Ebitda loss of Rs 4.34 crore vs Ebitda of Rs 32.62 crore
Reported profit at Rs 35.6 crore vs loss of Rs 2.19 crore
Sectoral Update As Of 1:32 P.M.
Nifty Realty top gainer led by Sobha and Brigade Enterprises
Nifty Realty up 1.58%; top gainers up 4.33%, 3.82%
Nifty Smallcap 100 up 1.28%; Shree Renuka Sugars, Metropolis Healthcare top gainers
Nifty Commodities advances 1.23%; Deepak Nitrite, SRF top gainers
Nifty Energy up 1.10% led by Indian Oil, Adani Green Energy
Nifty PSU Bank down 1%; Bank of Baroda highest loser at -3.95%
Epigral Q2FY24 (Consolidated, YoY)
Revenue down 13.9% at Rs 478.1 crore vs Rs 555.5 crore
Ebitda down 40.1% at Rs 107.9 crore vs Rs 180.3 crore
Margin at 22.57% vs 32.44%
Net profit down 58.5% at Rs 38 crore vs Rs 91.6 crore
Volume Buzzers As Pf 1:32 P.M.
JK Cement at 11.76x its 30-day average
Aarti Industries at 11.18x its 30-day average
Brigade Enterprises at 7.48x its 30-day average
Aegis Logistics at 5.18x its 30-day average
Bayer Cropscience at 5.13x its 30-day average
Exide Industries Q2 FY24 (Consolidated, YoY)
Revenue up 13.8% at Rs 4,372 crore vs Rs 3,841 crore
Ebitda up 15.7% at Rs 499 crore vs Rs 432 crore
Margin at 11.41% vs 11.23%
Reported profit up 12.1% at Rs 270 crore vs Rs 241 crore
Approves additional investment of Rs 1,100 crore in unit Exide Energy Solutions
Total equity investment in Exide Energy Solutions to rise up to Rs 3,000 crore
Investment to be used for setting up lithium-ion cell manufacturing plant in India
AIA Engineering Q2 FY24 (Consolidated, YoY)
Revenue down 2.6% at Rs 1,295 crore vs Rs 1,329 crore
Ebitda up 22.5% at Rs 382 crore vs Rs 312 crore
Margin at 29.5% vs 23.48%
Reported profit up 32.3% at Rs 324 crore vs Rs 245 crore
Kolte Patil Q2 FY24 (Consolidated, YoY)
Revenue up 60.7% at Rs 198 crore vs Rs 123 crore
Ebitda loss at Rs 8.9 crore vs loss of Rs 5.6 crore
Reported loss at Rs 26.2 crore vs loss of Rs 6.9 crore
Bajaj Hindusthan Sugar Shares Surge Over 15%
Shares of Bajaj Hindusthan Sugar Ltd. rose as much as 15.56% to a 52-week high of Rs 33.80 apiece. It pared gains to trade 14.70% higher at Rs 33.55 apiece, compared to a 0.63% advance in the benchmark NSE Nifty 50 as of 1:06 p.m.
It has risen 95.06% on a year-to-date basis. The total traded volume so far in the day stood at 4.3 times its 30-day average. The relative strength index was at 77, implying that the stock maybe overbought.
Heidelberg Cement Q2 FY24 YoY
Revenue up 11.9% at Rs 567 crore vs Rs 506 crore
Ebitda up 46.31% at Rs 69.5 crore vs Rs 47.5 crore
Margin at 12.26% vs 9.38%
Reported profit at Rs 35.8 crore vs Rs 7.1 crore
Divi's Lab Q2 FY24 Consolidated YoY
Revenue up 2.9% at Rs 1909 crore vs Rs 1855 crore
Ebitda down 22.9% at Rs 479 crore vs Rs 621 crore
Margin at 25.09% vs 33.47%
Reported profit down 29.4% at Rs 348 crore vs Rs 493 crore
Bharat Forge Q2 FY24 (Consolidated, YoY)
Revenue up 22.7% at Rs 3,774 crore vs Rs 3,076 crore
Ebitda up 43.8% at Rs 621 crore vs Rs 432 crore
Margin at 16.46% vs 14.04%
Reported profit up 51.9% at Rs 215 crore vs Rs 142 crore
Zydus Wellness Q2 FY24 (Consolidated, YoY)
Revenue up 2.5% at Rs 440 crore vs Rs 429 crore
Ebitda up 3.7% at Rs 16.8 crore vs Rs 16.2 crore
Margin at 3.81% vs 3.77%
Reported profit down 30.6% at Rs 5.9 crore vs Rs 8.5 crore
Sensex, Nifty Rise As L&T, ICICI Bank Lead: Midday Market Update
India's benchmark stock indices opened higher and advanced through midday on Monday. Realty, media, auto and metal sectors rose whereas PSU banks were under pressure. Nifty 50 was trading above 19,300 level, whereas Sensex was beyond 64,700 mark.
Intraday, Sensex topped 64,800 mark, while Nifty 50 rose above 19,370 level; the highest level since Oct. 23, 2023.
"The 19,250 region held forte on Friday. This encourages us to extend upside hopes to 19,840, but with prospects of yet another pause once inside the 19,420-550 region. Those playing for 19,840 may keep the downside marker at 19,170 itself until we get past 19,550," according to Anand James, chief market strategist at Geojit Financial Services.
As of 12:32 p.m., the S&P BSE Sensex was up 383 points, or 0.60%, at 64,748.81 while the NSE Nifty 50 was 120 points or 0.62% higher at 19,350.45.
Shares in Asia advanced after Friday’s rally in U.S. stocks as investors gave further credence to the idea interest rates are near the cycle peak.
Equities rose in Australia, Japan, and Hong Kong. South Korean shares lead the rally, with the Kospi jumping as much as 4.4%, following Sunday’s news the country would ban short selling until the end of June. Chinese technology and property developers also rose, with China Vanke Co. shares and dollar bonds gained ground before a planned meeting with a regulator.
Larsen & Toubro Ltd., ICICI Bank Ltd., Realince Industries Ltd., Axis Bank Ltd., and Bajaj Finance Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, State Bank of India, Titan Co., Hindustan Unilever Ltd., Tata Motors Ltd., and Cipla Ltd. were negatively contributing to the change.
The broader markets outperformed during previous week with healthy advance-decline ratio. FIIs net sold Rs 12.4 crore while DIIs net bought Rs 402.7 crore in the cash market on Friday, said SBI Securities.
The indices outperformed larger peers on Monday; the S&P BSE MidCap Index was up 0.72, whereas S&P BSE SmallCap Index was 1.04% higher.
Nineteen out of the 20 sectors compiled by BSE advanced while S&P BSE Consumer Durables declined. S&P BSE Realty, S&P BSE Utilities rose the most.
The market breadth was skewed in the favour of the buyers. About 2,479 stocks rose, 1,161 declined, while 171 remained unchanged on the BSE.
Sectoral Update As Of 11:55 A.M.
Nifty Realty top gainer led by Brigade Enterprises and Prestige Estates
Nifty Energy advances 1.15%; Indian Oil, Adani Green Energy top gainers
Nifty Smallcap 100 rises 1% led by Metropolis Healthcare, Cochin Shipyard
Nifty Media gains 0.92%; Dish TV, Hathway Cable top contributors
Nifty Midcap 100 up 0.65%; FSN E-Commerce, Deepak Nitrate contribute most
Varun Beverages Shares Decline Despite Rise In Q2 Profit
Revenue up 21.2% at Rs 3,938 crore vs Rs 3,248 crore
Ebitda up 26.2% at Rs 882 crore vs Rs 699 crore
Margin at 22.4% vs 21.51%
Reported profit up 29.9% at Rs 514 crore vs Rs 395 crore
To incorporate subsidiary in Mozambique for distribution.
Stocks In Focus As Of 11:35 A.M.
Bank of Baroda extends fall most in 3 months as Q2 margins shrink.
Zomato extends gain over 2%; stock had reclaimed market cap of Rs 1 lakh crore on Friday.
Aarti Industries jumps most in 13 months after Q2 profit beat.
Top Volume Buzzers As Of 11:20 A.M.
JK Cement at 8.6x its 30-day average
Aarti industries at 8.1x its 30-day Avg
Brigade Enterprises at 5x its 30-day Avg
Gujarat Fluorochemicals at 4.5x its 30-day Avg
Aegis Logistics at 4.2x its 30-day Avg
Source: Cogencis
Nifty Realty: Top Sectoral Gainer
The Nifty Realty Index has rallied 14.43% in the last seven sessions.
Nifty Realty rose 1.66% intraday to 621.65 points, highest level in over fifteen years since Sept. 9, 2008.
SCI Falls To A Two-Month Low After Q2 Profit Declines Over 40%
Shares of Shipping Corp. of India Ltd. fell over 5% after its September quarter profit declined over 42%.
The company reported a consolidated net profit of Rs 65.7 crore on a year-over-year basis in the July to September quarter, according to its exchange filing. This compares to a net profit of Rs 114.4 crore in the same quarter of the previous financial year.
Shipping Corp. of India Q2 FY24 (Consolidated, YoY)
Revenue down 23% at Rs 1,093.2 crore vs Rs 1,417.4 crore.
Ebitda down 27.2% at Rs 235.7 crore vs Rs 323.9 crore.
Margin at 21.6% vs 22.8%.
Reported profit down 42.5% at Rs 65.7 crore vs Rs 114.4 crore.
The scrip fell as much as 5.76% to Rs 131 apiece, the lowest level since Sept. 1. It pared losses to trade 4.24% lower at Rs 133.10 apiece, as of 10:53 a.m. This compares to a 0.53% advance in the NSE Nifty 50 Index.
It has risen 26.2% on a year-to-date basis. Total traded volume so far in the day stood at one-time its 30-day average. The relative strength index was at 39. Bloomberg covers no analyst tracking the company.
Zomato Reclaims Rs 1 Lakh Crore Market Cap; Back To Jan 20, 2022 Levels
The scrip rose as much as 4.64% to a 52-week high of Rs 121.90 apiece. It pared gains to trade 2.10% higher at Rs 118.95 apiece, compared to a 0.69% advance in the benchmark NSE Nifty 50 as of 10:16 a.m.
It has risen 100.67% on a year-to-date basis. The total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 68.2.
25 out of the 29 analysts tracking the company maintain a 'buy' rating, none recommend a 'hold' and four suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 9.1%.
Man Industries India Gets Rs 380 Crore Orders For Pipes Supply
Gets order worth Rs 380 crore for pipes supply
Order to be executed in 6 months
Company's unexecuted order book stands at nearly Rs 1,400 crore as of November 06
Source: Exchange Filing
Cello World Lists At Rs 829/Share On NSE
Cello World lists at Rs 829 apiece on NSE vs issue price of Rs 648 at a premium of 27.9%
Cello World lists at Rs 831 apiece on BSE vs issue price of Rs 648 at a premium of 28.24%
Source: Exchanges
L&T Construction Gets Large Contract To Construct The Bhogapuram International Airport
Arm L&T Construction gets 'large' contract
Order to construct Bhogapuram International Airport
Project to initially handle 6 MPA capacity, further enhanced to 12 MPA
Alert: L&T classifies orders worth Rs 2,500-5,000 crore as 'large'
Source: Exchange filing
SBI Shares Trade Lower Despite Reporting 8% Profit
Shares of India's largest lender State Bank of India were trading marginally lower after reporting an 8% year-on-year rise in net profit on lower provisions.
Net profit for the quarter rose to Rs 14,330 crore in the July-September quarter, compared with Rs 13,625 crore a year ago. Analysts polled by Bloomberg estimated a net profit of Rs 14,329 crore for the second quarter.
Core income, or net interest income, for the quarter rose 12% from a year ago to Rs 39,500 crore. Other income too rose by 21.6% to Rs 10,790 crore.
The bank's operating profit fell 8.07% year-on-year during the three-month period to Rs 19,417 crore. The net interest margin also slipped by 12 basis points to 3.43% in the reporting quarter.
Asset quality for the lender improved with gross non-performing asset ratio falling 21 basis points to 2.55% on a quarter-on-quarter basis. Net NPA ratio too fell to 0.64%, compared to 0.71% as of June 30.
The bank reported gross slippages in the September quarter at Rs 4,081 crore, out of which fresh slippages amounted to Rs 3,831 crore. The bank's slippages ratio increased by 13 bps year-on-year to 0.46% as of Sept. 30. The recoveries and upgrades stood at Rs 4,015 crore, down from Rs 5,207 crore a year ago. Loan write-offs by SBI stood at Rs 4,420 crore as of Sept. 30.
InterGlobe Aviation Shares Rise Over 2% To A Two-Week High After Reporting Profit In Q2
Shares InterGlobe Aviation Ltd., the parent company of IndiGo, rose to a two-week high after it reported a profit for the fourth consecutive quarter, even as analysts had forecast a loss.
The operator of India's largest airline's consolidated net profit stood at Rs 189 crore in the September quarter, as compared with a net loss of Rs 1,583 crore over the same period last year, according to an exchange filing on Friday. A consensus estimate of analysts tracked by Bloomberg projected a net loss of Rs 316 crore.
The low-cost carrier incurred a foreign exchange loss of Rs 617 crore in the quarter. Excluding these losses, the net profit aggregated to Rs 806 crore in the quarter.
In the last year's September quarter, the company incurred a foreign exchange loss of over Rs 1,201 crore.
InterGlobe Aviation Q2 FY24 (Consolidated, YoY)
Revenue up 19.57% at Rs 14,943.8 crore vs Rs 12,497.5 crore (Bloomberg estimate: Rs 14,885.15 crore).
Ebitda at Rs 2,396 crore vs Rs 75.5 crore.
Margin at 16% vs 1%.
Reported profit at Rs 189 crore vs loss of Rs 1,583 crore (Bloomberg estimate: Reported loss of Rs 316.1 crore).
Nifty Realty, Energy Lead Advance
Broader Markets Outperform
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.59%, whereas S&P BSE SmallCap Index was 0.87% higher.
Nineteen out of the 20 sectors compiled by BSE advanced while S&P BSE Consumer Durables declined. S&P BSE Realty, S&P BSE Metal rose the most.
The market breadth was skewed in the favour of the buyers. About 2,117 stocks rose, 611 declined, while 147 remained unchanged on the BSE.
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Higher: Opening Bell
India's benchmark stock indices advanced on Monday after closing the last week higher.
"Last week, we changed the market status to a Rally Attempt. From here, we would prefer to see a follow-through day before shifting the market back to a Confirmed Uptrend. Should this occur, the focus will be on ideas breaking out of early-stage bases and showing the best relative strength with good accumulation," according MarketSmith India's daily pre-market update.
The broader markets outperformed during previous week with healthy advance-decline ratio. FIIs net sold Rs 12.4 crore while DIIs net bought Rs 402.7 crore in the cash market on Friday, said SBI Securities.
At pre-open, the S&P BSE Sensex was up 484 points, or 0.75%, at 64,848.15 while the NSE Nifty 50 was 115 points or 0.60% higher at 19,345.85.
Shares in Asia advanced after Friday’s rally in U.S. stocks as investors gave further credence to the idea interest rates are near the cycle peak.
Equities rose in Australia, Japan, and Hong Kong. The S&P 500 enjoyed its best week this year, gaining 5.9%. South Korean stocks traded over 4% higher following news Sunday that the country would ban short-selling. U.S. futures were little changed Monday.
On Tuesday, investors will be looking to a potential interest rate increase from the Reserve Bank of Australia, after a four-meeting pause in rate hikes.
Sensex, Nifty Rise In Pre-Market Trade
At pre-open, the S&P BSE Sensex was up 484 points, or 0.75%, at 64,848.15 while the NSE Nifty 50 was 115 points or 0.60% higher at 19,345.85.
Source: Bloomberg
Yield On The 10-Year Declines
The yield on the 10-year bond opened 2 bps lower at 7.29% on Monday.
It closed at 7.31% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened about 14 paise to close at 83.15 against the U.S dollar on Monday.
It closed at 83.29 on Friday.
Source: Bloomberg
IEX October Market Update
Electricity volume at 9,260 million units, up 21% YoY.
Overall volume at 9,483 million units, up 18% YoY.
PowerX (average clearing price) for the month was Rs 6.28 per unit.
Demand surge pushed DAM prices to Rs 6.45 per unit, up 68% YoY.
Asian Markets Trade Higher
Nifty May Trade In 19,000-19,550 For The Week: Trade Setup
Global Cues
U.S. Dollar Index at 105.1
U.S. 10-year bond yield at 4.58%
Brent crude up 0.37% at $85.20 per barrel
Nymex crude up 0.48% at $80.90 per barrel
GIFT Nifty was up 19 points of 0.10% at 19,446 as of 8:10 a.m.
Bitcoin was up 0.85% at $34,977.30
Adani Ports & SEZ Handles 16 MMT Cargo Volumes In A Month
Mundra is India’s first port to handle cargo volumes of 16 MMT in a month.
Mundra Port saw 27% YoY growth in cargo volumes during October 2023.
Mundra crossed 100 MMT of cargo in less than 7 months of FY24.
Mundra Port headed towards another benchmark with 4.2 million TEUs of container cargo on YTD basis.
Mundra Port targeting 200 MMT milestone in cargo volumes during FY25.
Trading Tweaks
Price band revised from 20% to 10%: Jaiprakash Associates.
Ex/ record date dividend: Colgate-Palmolive, IRB Infrastructure Developers, MPS, Shriram Finance.
Move into short term ASM framework: Vodafone Idea.
Also Read: Reliance Retail Bags Sephora India Rights
Block Deals
ISMT: Kirloskar Industries bought 1.45 crore shares (4.81%) and Asscher Enterprises sold 1.45 crore shares (4.81%) at Rs 80 apiece.
Bulk Deals
Computer Age Management Services: NJ Advisory Services bought 2.74 lakh shares (0.55%) at Rs 2,300.24 apiece.
Kesoram Industries: Santosh Industries bought 15.68 lakh shares (0.50%) at Rs 90.36 apiece.
Insider Trades
Sunteck Realty: Promoter Group SW Capital bought 15,617 shares on Nov. 1.
New Listing
Cello World: The shares will debut on the stock exchanges on Monday at an issue price of Rs 648 apiece. The Rs 1,900-crore IPO was subscribed 38.90 times on its final day. Bids were led by institutional investors (108.57 times), non-institutional investors (24.42 times), retail investors (3.06 times), and a portion reserved for employees (2.60 times).
IPO Offering
ESAF Small Finance Bank: The IPO was subscribed to 1.74 times on its first day. The bids were led by non-institutional investors (2.44 times), retail investors (1.98 times), reserved for employees (1.01 times), and institutional investors (0.90 times, 90%).
Protean eGov Technologies: The IPO will open for bids on Monday. The IT-enabled solutions provider plans to raise Rs 490 crore by offering 61.9 lakh shares via an offer for sale. The price band is fixed at Rs 752–792 apiece. The company has mopped up Rs 143 crore from anchor investors.
Stocks To Watch: Tata Steel, Infosys, Indian Oil, InterGlobe Aviation, JSW Infrastructure, P&G Health In Focus
Tata Steel: The record date in the matter of the scheme of amalgamation amongst the company and Tata Steel Long Products is Nov. 17. Tata Steel will issue and allot full paid-up equity shares to the shareholders of TSLP on the record date in the ratio of 67 equity shares of Rs 1 each for every 10 equity shares of Rs 10 each held in TSLP.
Indian Oil Corp: The company gets approval from NCLT's Mumbai Bench for the acquisition of a 100% stake in Mercator Petroleum.
Infosys: The company and Spirit AeroSystems inaugurated their dedicated centre for aerospace engineering excellence in Richardson, Texas.
Elpro International: The company has acquired 33,650 shares of HDFC Bank at an acquisition cost of Rs 5.01 crore.
Cigniti Technologies: MD CV Subramanyam resigns w.e.f. November 3, citing personal reasons.
Greaves Cotton: The company sold its land located in Pune to Runal Developers LLP for a total consideration of Rs 284 crore.
Restaurant Brands Asia: The company executed a facility agreement with Axis Bank. The agreement is for availing a secured term loan facility for up to Rs 150 crore.
JSW Infrastructure: The board has approved the acquisition of Marine Oil Terminal Corp. along with its Fujairah Branch by JSW Terminal Middle East; the transaction has an enterprise value of $187 million. The board has also approved the purchase of a container train operator licence from Sical Multimodal and Rail Transport.
Ethos: The board approved fund raising via QIP at the issue price of Rs 1,547 per equity share, which is at a discount of 4.95% to the floor price of Rs 1,627.49 per equity share.
Earnings In Focus
Varun Beverages, Divis Laboratories, Adani Energy Solutions, Max Healthcare Institute, NHPC, Linde India, Bharat Forge, Fsn E-Commerce Ventures, Hindustan Petroleum Corp, AIA Engineering, Honeywell Automation India, K.P.R. Mill, Gland Pharma, Emami, Exide Industries, Hitachi Energy India, Radico Khaitan, Gujarat State Petronet, Bajaj Electricals, Bikaji Foods International, Redington, BLS International Services, Zydus Wellness, TVS Supply Chain Solutions, Sun Pharma Advanced Research, Sobha, Ujjivan Financial Services, Garware Technical Fibres, Quess Corp, Fusion Micro Finance, HG Infra Engineering, VRL Logistics, Man Infraconstruction, Borosil Renewables, Indo Count Industries, PG Electroplast, Privi Speciality Chemicals, Gateway Distriparks, Jamna Auto Industries, Heidelbergcement India, Navneet Education, HLE Glascoat, Kolte Patil Developers, Dalmia Bharat Sugar and Industries, V-Mart Retail, Banco Products India, Polyplex Corp, India Pesticides, Shivalik Bimetal Controls, VA Tech Wabag, Stylam Industries, Ashapura Minechem, Paras Defence And Space Technologies, Barbeque-Nation Hospitality, Sequent Scientific, Camlin Fine Sciences, Repco Home Finance, Gujarat Industries Power Co, Xpro India, Greenply Industries, Rupa & Co, Marathon Nextgen Realty, Uttam Sugar Mills, Rossell India, Seamec, Gokul Agro Resources, Monte Carlo Fashions, Fairchem Organics, Alicon Castalloy, Kitex Garments, Onmobile Global, Peninsula Land, Faze Three, Shanti Educational Initiatives, Dolat Algotech.
Earnings Post Market Hours
State Bank of India Q2 FY24 (Standalone)
Net Interest Income up 12% at Rs 39,500 crore vs Rs 35,183 crore (YoY)
Net Profit up 8% at Rs 14,330 crore vs Rs 13,265 crore (YoY)
Gross NPA: 2.55% vs 2.76% (QoQ)
Net NPA: 0.64% vs 0.71% (QoQ)
InterGlobe Aviation Q2 FY24 (Consolidated, YoY)
Revenue up 19.57% at Rs 14,943.8 crore vs Rs 12,497.5 crore (Bloomberg estimate: Rs 14,885.15 crore).
Ebitda at Rs 2,396 crore vs Rs 75.5 crore.
Margin at 16% vs 1%.
Reported profit at Rs 189 crore vs loss of Rs 1,583 crore (Bloomberg estimate: Reported loss of Rs 316.1 crore).
Godrej Agrovet Q2 FY24 (Consolidated, YoY)
Revenue up 5.2% at Rs 2,571 crore vs Rs 2,445 crore (Bloomberg estimate: Rs 2,578.98 crore).
Ebitda up 34.7% at Rs 202 crore vs Rs 150 crore (Bloomberg estimate: Rs 188.45 crore).
Margin at 7.85% vs 6.13% (Bloomberg estimate: 7.30%).
Reported profit up 48.6% at Rs 104 crore vs Rs 70 crore (Bloomberg estimate: Rs 98.18 crore).
Thermax Q2 FY24 (Consolidated, YoY)
Revenue up 10.9% at Rs 2,302 crore vs Rs 2,075 crore (Bloomberg estimate: Rs 2,296.23 crore).
Ebitda up 45.4% at Rs 205 crore vs Rs 141 crore (Bloomberg estimate: Rs 193.32 crore).
Margin at 8.88% vs 6.78% (Bloomberg estimate: 8.40%).
Reported profit up 45.9% at Rs 159 crore vs Rs 109 crore (Bloomberg estimate: Rs 147.23 crore).
India Glycols Q2 FY24 (Consolidated, YoY)
Revenue up 14.4% at Rs 1,870 crore vs Rs 1,634 crore.
Ebitda up 43.3% at Rs 96 crore vs Rs 67 crore.
Margin at 5.13% vs 4.1%.
Reported profit up 61% at Rs 38 crore vs Rs 23.6 crore.
Crompton Greaves Q2 FY24 (Consolidated, YoY)
Revenue up 4.9% at Rs 1,782.3 crore vs Rs 1,699.5 crore (Bloomberg estimate: Rs 1,743.6 crore).
Ebitda down 9.6% at Rs 174.5 crore vs Rs 193.11 crore (Bloomberg estimate: Rs 187.55 crore).
Margin at 9.8% vs 11.4% (Bloomberg estimate: 10.80%).
Reported profit down 22.8% at Rs 100.9 crore vs Rs 130.7 crore (Bloomberg estimate: Rs 123.91 crore).
JK Paper Q2 FY24 (Consolidated, YoY)
Revenue up 0.36% at Rs 1,650 crore vs Rs 1,644 crore (Bloomberg estimate: Rs 1,695.3 crore).
Ebitda down 24.5% at Rs 408 crore vs Rs 540 crore (Bloomberg estimate: Rs 489.5 crore).
Margin at 24.69% vs 32.82% (Bloomberg estimate: 28.90%).
Reported profit down 6.8% at Rs 302 crore vs Rs 324 crore (Bloomberg estimate: Rs 305.5 crore).
Godawari Power Q2 FY24 (Consolidated, YoY)
Revenue down 1.23% at Rs 1,291 crore vs Rs 1,307 crore.
Ebitda up 52.1% at Rs 361.4 crore vs Rs 237.6 crore.
Margin at 28% vs 18.2%.
Reported profit up 52.3% at Rs 256.7 crore vs Rs 168.6 crore.
Shipping Corp. of India Q2 FY24 (Consolidated, YoY)
Revenue down 23% at Rs 1,093.2 crore vs Rs 1,417.4 crore.
Ebitda down 27.2% at Rs 235.7 crore vs Rs 323.9 crore.
Margin at 21.6% vs 22.8%.
Reported profit down 42.5% at Rs 65.7 crore vs Rs 114.4 crore.
Gujarat Fluorochemicals Q2 FY24 (YoY)
Revenue down 35.2% at Rs 947 crore vs Rs 1,461 crore (Bloomberg estimate: Rs 1,107.3 crore).
Ebitda down 69.4% at Rs 164 crore vs Rs 535 crore (Bloomberg estimate: Rs 255.7 crore).
Margin at 17.31% vs 36.61% (Bloomberg estimate: 23.10%).
Reported profit down 85.2% at Rs 52.7 crore vs Rs 357.2 crore (Bloomberg estimate: Rs 150.83 crore).
Kirloskar Ferrous Industries Q2 FY24 (YoY)
Revenue down 22.4% at Rs 880 crore vs Rs 1,133 crore.
Ebitda down 3.4% at Rs 133 crore vs Rs 137 crore.
Margin at 15.09% vs 12.12%.
Reported profit down 30.5% at Rs 57 crore vs Rs 82 crore.
JSW Infrastructure Q2 FY24 (Consolidated, YoY)
Revenue up 28.14% at Rs 848.31 crore vs Rs 662 crore.
Ebitda up 32.6% at Rs 452.2 crore vs Rs 341 crore.
Margin at 53.3% vs 51.5%.
Reported profit up 85% at Rs 255.9 crore vs Rs 138.3 crore.
Punjab and Sind Bank Q2 FY24 (Standalone)
NII down 13% at Rs 675 crore vs Rs 775 crore (YoY).
Net profit down 32% at Rs 189 crore vs Rs 278 crore (YoY).
Gross NPA at 6.23% vs 6.8% (QoQ).
Net NPA at 1.88% vs 1.95% (QoQ).
GMR Power And Urban Infra Q2 FY24 (Consolidated, YoY)
Revenue down 60.3% at Rs 627.5 crore vs Rs 1,580.7 crore.
Ebitda up 82.9% at Rs 122.3 crore vs Rs 66.9 crore.
Margin at 19.5% vs 4.2%.
Reported loss at Rs 123.3 crore vs loss of Rs 1,069.3 crore.
Sudarshan Chemicals Q2 FY24 (Consolidated, YoY)
Revenue up 14.1% at Rs 594.7 crore vs Rs 521.4 crore (Bloomberg estimate: Rs 579.91 crore).
Ebitda up 66.4% at Rs 59.6 crore vs Rs 35.8 crore (Bloomberg estimate: Rs 66.95 crore).
Margin at 10.02% vs 6.9% (Bloomberg estimate: 11.50%).
Reported profit at Rs 17.86 crore vs Rs 4.5 crore (Bloomberg estimate: Rs 19.79 crore).
Thirumalai Chemicals Q2FY24 (YoY)
Revenue up 11.9% at Rs 551 crore vs Rs 492 crore.
Ebitda down 64.5% at Rs 18.6 crore vs Rs 52.4 crore.
Margin at 3.37% vs 10.65%.
Reported profit down 63.3% at Rs 13.2 crore vs Rs 36 crore.
EIH Q2FY24 (Consolidated, YoY)
Revenue up 32.3% at Rs 530.6 crore vs Rs 401 crore.
Ebitda up 68.9% at Rs 142.9 crore vs Rs 84.65 crore.
Margin at 26.9% vs 21%.
Reported profit at Rs 94.14 crore vs Rs 22.35 crore.
Cigniti Technologies Q2FY24 (Consolidated, QoQ)
Revenue up 2.8% at Rs 452 crore vs Rs 440 crore.
Ebitda at Rs 57.2 crore vs loss of Rs 145 crore.
Margin at 12.7%.
Reported profit up 2.9% at Rs 45.9 crore vs Rs 44.6 crore.
Gati Q2FY24 (Consolidated, YoY)
Revenue up 1.5% at Rs 441.5 crore vs Rs 435.2 crore (Bloomberg estimate: Rs 481.3 crore).
Ebitda down 26.3% at Rs 14.9 crore vs Rs 20.2 crore (Bloomberg estimate: Rs 21 crore).
Margin at 3.4% vs 4.6% (Bloomberg estimate: 4.40%).
Reported loss at Rs 3.79 crore vs profit of Rs 7.65 crore (Bloomberg estimate: Rs 0.5 crore).
Satia Industries Q2FY24 (Consolidated, YoY)
Revenue down 18.7% at Rs 373 crore vs Rs 459 crore.
Ebitda down 6.9% at Rs 86.2 crore vs Rs 92.6 crore.
Margin at 23.09% vs 20.18%.
Reported profit down 5.7% at Rs 47.9 crore vs Rs 50.8 crore.
Indraprastha Medical Corporation Q2FY24 (Consolidated, YoY)
Revenue up 11.5% at Rs 317 crore vs Rs 284.4 crore.
Ebitda up 14.1% at Rs 50.4 crore vs Rs 44.2 crore.
Margin at 15.9% vs 15.5%.
Reported profit up 30.7% at Rs 32.9 crore vs Rs 25.13 crore.
P&G Health Q2FY24 (Consolidated, YoY)
Revenue up 2.5% at Rs 304.9 crore vs Rs 297.6 crore.
Ebitda down 2.4% at Rs 88.7 crore vs Rs 90.8 crore.
Margin at 29.1% vs 30.5%.
Reported profit up 3% at Rs 65.6 crore vs Rs 63.7 crore.
JM Financial Q2FY24 (Standalone, YoY)
Total income up 84.8% at Rs 265.5 crore vs Rs 143.6 crore.
Reported profit up 75.5% at Rs 142.5 crore vs Rs 81.2 crore.
MSTC Q2 FY24 (Consolidated, YoY)
Revenue up 4.9% at Rs 187.8 crore vs Rs 179 crore.
Ebitda up 6.4% at Rs 118 crore vs Rs 111 crore.
Margin at 62.96% vs 62.08%.
Reported profit up 9.3% at Rs 55.3 crore vs Rs 50.6 crore.
Krsnaa Diagnostics Q2 FY24 (Consolidated, QoQ)
Revenue up 11.4% at Rs 155.4 crore vs Rs 139.5 crore (Bloomberg estimate: Rs 165.4 crore).
Ebitda up 1.6% at Rs 31.6 crore vs Rs 31.1 crore (Bloomberg estimate: Rs 44.5 crore).
Margin at 20.3% vs 22.3% (Bloomberg estimate: 26.90%).
Reported profit down 28.1% at Rs 10.5 crore vs Rs 14.6 crore (Bloomberg estimate: Rs 23.4 crore).
Shakti Pumps Q2 FY24 (Consolidated, YoY)
Revenue down 29.4% at Rs 153 crore vs Rs 216 crore.
Ebitda up 22.3% at Rs 15.2 crore vs Rs 12.4 crore.
Margin at 9.96% vs 5.75%.
Reported profit up 3.08 times at Rs 5.86 crore vs Rs 1.9 crore.
Timex Group India Q2 FY24 (Consolidated, YoY)
Revenue up 4.2% at Rs 126.4 crore vs Rs 121.2 crore.
Ebitda down 21.3% at Rs 16 crore vs Rs 20.6 crore.
Margin at 12.7% vs 16.9%.
Reported profit down 41.5% at Rs 11 crore vs Rs 18.8 crore.
Aeroflex Industries Q2 FY24 (Consolidated, YoY)
Revenue up 23.36% at Rs 84.07 crore vs Rs 68.15 crore.
Ebitda up 45.5% at Rs 17.65 crore vs Rs 12.13 crore.
Margin at 21% vs 17.8%.
Reported profit up 53.8% at Rs 11.57 crore vs Rs 7.52 crore.
GIFT Nifty Signals Higher Open For Benchmarks
Shares in Asia advanced after Friday’s rally in U.S. stocks as investors gave further credence to the idea interest rates are near the cycle peak.
Equities rose in Australia, South Korea and Japan. Contracts for share benchmarks in Hong Kong also advanced. The S&P 500 enjoyed its best week this year, gaining 5.9%. U.S. futures were slightly higher Monday.
On Tuesday, investors will be looking forward to a potential interest rate increase from the Reserve Bank of Australia after a four-meeting pause in rate hikes.
The yield on the 10-year U.S. bond was trading at 4.57%, and Bitcoin was above the $35,000 level. Brent crude was trading above $85 a barrel, whereas WTI crude was above the $80 mark.
At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.11%, or 22 points, at 19,449.
India's benchmark stock indices were rangebound through Friday, after a higher opening. Realty, media and consumer durables were the top gainers as all sectors advanced.
The Sensex ended over 100 points below the day's high, around the 64,400 level, whereas the Nifty 50 closed beyond the 19,200 mark, over 30 points lower from the day's high.
Overseas investors stayed net sellers of Indian equities for the eighth day in a row on Friday. Foreign portfolio investors offloaded stocks worth Rs 12.4 crore, while domestic institutional investors mopped up equities worth Rs 402.7 crore, the NSE data showed.
The Indian rupee weakened 4 paise to close at 83.29 against the U.S. dollar on Friday.
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