Asian markets slide following U.S. peers lower, driven by the increasing tensions in the Middle East.
Australian, South Korean and Japanese markets fell at the open while futures contracts in Hong Kong pointed to early losses. Oil steadied after extending its rally in the previous session.
Contracts for U.S. equities were little changed in early Asia trading after the S&P 500 slumped 1.3% on Wednesday. Netflix rallied post-market after strong earnings while the Golden Dragon index - a gauge of Chinese companies listed in the U.S. slid 2.2%.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.93% and Bitcoin was above 28,000-level. Brent crude was trading above $91 a barrel, whereas WTI Crude was above $88-mark.
At 5:55 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was down 54 points of 0.27% at 19,735.5.
India's benchmark stock indices fell the most in two weeks on Wednesday, led by losses in HDFC Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd.
Nifty ended below the 19,700 level, while Sensex closed under 65,900—the lowest levels since Oct. 9. On a single day basis, the indices dropped the most since Sept. 28. Banks and non-banking financial companies fell, whereas the pharma and auto sectors advanced.
Overseas investors turned net sellers of Indian equities on Wednesday. Foreign portfolio investors offloaded stocks worth Rs 1,831.8 crore, while domestic institutional investors turned net buyers and mopped up equities worth Rs 1,469.5 crore, the NSE data showed.
The Indian rupee closed flat at 83.27 against the U.S dollar on Wednesday.
Stocks To Watch:Â Wipro, Infosys, Tata Steel, Bandhan Bank, ITC, Power Grid, IIFL Finance, Uno Minda, Hudco In Focus
Bandhan Bank: The lender's head of finance & accounts, Abhijit Ghosh was appointed as the Interim CFO and Key Managerial Personnel of the Bank, with effect from Oct. 20 2023.
Wipro: The IT major's board approved the merger of its five wholly owned subsidiaries into self.
GPT Infraprojects: The company received Rs 739 crore contract to construct Prayagraj Southern Bypass in Uttar Pradesh.
Infosys: The company inked pact with Google Cloud for providing enterprise solutions for AI-first organisations.
Mastek: The company signed digital service contracts with U.K. Government to deliver technical service desk for the One Login Programme.
IIFL Finance: The NBFC approved raising funds up to Rs 3,000 crore via equity, convertible instruments.
Crompton Greaves: The company appointed D Sundaram as the Chairperson. It also appointed Anil Chaudhry and Sanjiv Kakkar as the Non-Executive Independent Directors w.e.f. Oct. 17.
ITC: The company raised stake in Delectable Technologies to 39.32% by acquiring an additional 6% stake for Rs 3.5 crore.
RPG Lifesciences: The board of directors executed power delivery agreement with Sunpound Solar, a SPV for the supply of electricity by power producer to the company, by setting up a group captive solar power project in Maharashtra. The company will invest Rs 1.1 crore to subscribe to 26% share capital of Sunpound Solar.
Power Mech Projects: The company's board approved and authorized the opening of the QIP issue on Oct. 18. The floor price is set at Rs 4,085.44 apiece.
Tata Steel: NCLT sanctioned the scheme of amalgamation amongst Tata Steel Long Products and Tata Steel.
PowerGrid: The electrical services company received notification for commercial operation for Eastern Region Strengthening Scheme – XVII (Part-B) project. The project had commissioned with effect from Aug. 8 2023.
Alkyl Amines: The newly set up plant at existing Kurkumbh site, Maharashtra for enhancing manufacturing capacity of Ethyl Amines has successfully commenced commercial production on Oct. 18.
Allcargo Logistics: The company reported a 1% decline in LCL volumes year-on-year and 4% decline month-on-month for September 2023. Overall muted demand led to a softer print for the quarter with Q2 FY24 LCL volumes declining 3% year-on-year to 2,294 ‘000cbm.
Coromandel International: The company commissioned sulfuric acid plant & desalination plant at Visakhapatnam with the production capacity of 1,650 metric tonnes per day. With this, Coromandel's sulfuric acid capacity will increase to 11 lakh tonnes per annum from 6 lakh tonnes per annum.
HUDCO: The company will exercise the oversubscription option to the extent of 7 crore shares (3.5% stake) in addition to the base offer size. Total offer size is now for 14 crore shares (7% stake) and 1.4 crore shares would be reserved for allocation to retail investors.
Uno Minda: The company received a no-objection letter from NSE and BSE regarding the scheme of amalgamation with Kosei Minda Aluminium company and Kosei Minda Mould.
TV Today: CEO of Tak Channels and Consultant, Vivek Gaur, has tendered his resignation from the company to pursue other opportunities.
IPO Offerings
IRM Energy: The IPO was subscribed 1.72 times on day one. The bids were led by non-institutional investors (2.60 times), retail investors (1.79 times), institutional investors (1.07 times) and portion reserved for employees (0.38 times or 38%).
Earnings Post Market Hours
Bandhan Bank Q2 FY24 (Standalone)
Net profit up 3.45 times YoY at Rs 721.16 crore vs Rs 209.27 crore.
Net interest income up 11% YoY at Rs 2,443.36 crore vs Rs 2,193 crore.
Gross NPA: 7.32% vs 6.76% (QoQ).
Net NPA: 2.32% vs 2.18% (QoQ).
NIM at 7.2% vs 7.0% (YoY).
Persistent System Q2 FY24 (Consolidated, QoQ)
Revenue up 3.89% at Rs 2,411.67 crore vs Rs 2,321.17 crore .
EBIT up 11% at Rs 330.77 crore vs Rs 297.99 crore.
Margin at 13.71% vs 12.83%.
Net profit up 15.08% at Rs 263.27 crore vs Rs 228.77 crore.
IndusInd Bank Q2 FY24 (Consolidated)
Net profit up 22% YoY at Rs 2,202.16 crore vs Rs 1,805.28 crore (Bloomberg estimate: Rs 2,239.65 crore).
Net interest income up 18% YoY at Rs 5,076.73 crore vs Rs 4,302.05 crore.
Gross NPA at 1.93% vs 1.94% (QoQ).
Net NPA at 0.57% vs 0.58% (QoQ).
NIM at 4.29% vs 4.24% (YoY).
Wipro Q2 FY24 (Consolidated, QoQ)
Revenue down 1.39% at Rs 2,2515.9 crore vs Rs 2,2831 crore.
Ebit down 11.26% at Rs 3,075.7 crore vs Rs 3,465.6 crore.
Margin at 13.66% vs 15.17%.
Net profit down 14.41% at Rs 2,267.3 crore vs Rs 2,649.1 crore.
UTI Asset Management Company Q2FY24 (Standalone, YoY)
Total Income down 1.34% at Rs 311.42 crore vs Rs 315.63 crore.
Net profit up 13.53% at Rs 134.42 crore vs Rs 118.4 crore.
AUM up 16.89% YoY at Rs 16.89 lakh crore vs 14.45 lakh crore
5paisa Capital Q2 FY24 (Standalone, YoY)
Revenue up 21.06% at Rs 96.9 crore vs Rs 80.04 crore.
Net profit up 76.45% at Rs 19.04 crore vs Rs 10.79 crore.
IIFL Finance Q2 FY24 (Standalone, YoY)
Total Income up 3.76% at Rs 1,080.53 crore vs Rs 1,041.36 crore.
Net profit down 37.99% at Rs 136.7 crore vs Rs 220.47 crore.
Loan AUM up 32% YoY at Rs 73,066 crore vs Rs 55,303 crore.
Gross NPA at 1.8% vs 1.8%b (QoQ).
Net NPA at 1% vs 1.1% (QoQ).
Bajaj Auto Q2FY24 (Standalone, YoY)
Revenue up 5.63% at Rs 10,777.27 crore vs Rs 10,202.77 crore.
Ebitda up 21.27% at Rs 2,132.85 crore vs Rs 1,758.74 crore.
Margin at 19.79% vs 17.23%.
Net profit up 20% at Rs 1836.14 crore vs Rs 1,530 crore.
Titagarh Rail Systems Q2 FY24 (Consolidated, YoY)
Revenue up 54.08% at Rs 935.45 crore vs Rs 607.11 crore.
Ebitda up 108.97% at Rs 115.08 crore vs Rs 55.07 crore.
Margin at 12.3% vs 9.07%.
Net profit up 56.9% at Rs 70.59 crore vs Rs 44.99 crore.
ICICI Lombard General Insurance Q2 FY24 (YoY)
Total Income up 12.22% at Rs 5,049.2 crore vs Rs 4,499.03 crore.
Net profit down 2.24% at Rs 577.27 crore vs Rs 590.53 crore.
The margin stood at 11.8% versus 11.3%.
Claim ratio is 70.7% versus 72.8%.
LTIMindtree Q2 FY24 (Consolidated, QoQ)
Revenue up 2.33% at Rs 8,905.4 crore vs Rs 8,702.1 crore.
Ebit down 1.91% at Rs 1,423.1 crore vs Rs 1,450.8 crore.
Margin at 15.98% vs 16.67%.
Net profit up 0.86% at Rs 1,162.3 crore vs Rs 1,152.3 crore.
RPG Life Sciences Q2 FY24 (YoY)
Revenue up 13.94% at Rs 153.58 crore vs Rs 134.79 crore.
Ebitda up 25.42% at Rs 37.29 crore vs Rs 29.73 crore.
Margin at 24.28% vs 22.05%.
Net profit up 29.49% at Rs 25.86 crore vs Rs 19.97 crore.
Shoppers Stop Q2 FY24 (Consolidated, YoY)
Revenue up 2.6% at Rs 1,039.12 crore vs Rs 1,012.74 crore.
Ebitda down 2.19% at Rs 160.92 crore vs Rs 164.52 crore.
Margin at 15.48% vs 16.24%.
Net profit down 83.14% at Rs 2.73 crore vs Rs 16.2 crore
Oracle Financial Services Software Q2 FY24 (Consolidated, QoQ)
Revenue down 1.23% at Rs 1,444.48 crore vs Rs 1,462.42 crore.
Ebit down 10.6% at Rs 539.1 crore vs Rs 603.01 crore.
Margin at 37.32% vs 41.23%.
Net profit down 16.67% at Rs 417.44 crore vs Rs 500.98 crore.
Earnings In Focus
Hindustan Unilever, ITC, Ultratech Cement, Nestle India, Havells India, Tata Communications, Mphasis, United Breweries, Jindal Stainless, Metro Brands, Coforge, Voltas, Cyient, PVR Inox, Tanla Platforms, Equitas Small Finance Bank, Ramkrishna Forgings, HFCL, Mastek, South Indian Bank, Tata Coffee, Aarti Drugs, Kirloskar Pneumatic, Ganesh Housing Corp, Sagar Cements, Indoco Remedies, Wendt (India), Hatsun Agro Product, Accelya Solutions India, Agro Tech Foods, Updater Services.
Bulk Deals
Divgi Torqtransfer Systems: ICICI Prudential Mutual Fund bought 6.23 lakh shares (2.03%) and Motilal Oswal Mutual Fund sold 10.34 lakh shares (3.37%) at Rs 1080 apiece.
Gujarat Pipavav Port: Wisdomtree India Investment bought 24.71 lakh shares (0.51%) at Rs 138.23 apiece.
Insider Trades
Star Cement: Promoter Laxmi Chamaria sold 2.28 lakh shares from Sep. 26 to Sep. 29.
Som Distilleries & Breweries: Promoter Jagdish Kumar Arora and Deepak Arora purchased 10,000 shares each on Oct. 18.
Pledge Share Details
Paisalo Digital: Promoters Pro Fitcch and Pri Caf created a pledge of 5 lakh shares each on Aug. 7. Equilibrated Venture Cfow revoked pledge of 9 lakh shares on Oct 16.
AGMs Today
Accelya Solutions.
Who's Meeting Whom
Spandana Sphoorty Financial: To meet analysts and investors on Oct. 30.
Ujjivan Small Finance Bank: To meet analysts and investors on Oct. 27.
United Breweries: To meet analysts and investors on Oct. 20.
ICICI Bank: To meet analysts and investors on Oct. 21.
ICRA: To meet analysts and investors on Oct. 23.
Larsen & Toubro: To meet analysts and investors on Oct. 31.
Sonata Software: To meet analysts and investors on Oct. 25.
Sunteck Realty: To meet analysts and investors on Oct. 23.
Gulf Oil Lubricants: To meet analysts and investors on Oct. 26.
Ramkrishna Forgings: To meet investors from Oct 23 to Nov 2.
Amber Enterprises: To meet analysts and investors on Oct. 23.
Aavas Financiers: To meet analysts and investors on Oct. 27.
Piramal Pharma: To meet analysts and investors on Oct. 30.
Aurum PropTech: To meet analysts and investors on Oct. 25.
Nelcast: To meet analysts and investors on Oct. 31.
Coromandel International: To meet analysts and investors on Oct. 27.
Anant Raj: To meet analysts and investors on Oct. 23.
Tata Consultancy Services: To meet analysts and investors on Oct. 23.
Trading Tweaks
Ex/Record Date Dividend: Brand Concepts, Semac Consultants, Tata Consultancy Services.
Move in to short term ASM framework: Vakrangee.
Move out of short term ASM framework: Bhagiradha Chemicals, EKI Energy Services, Raghav Productivity Enhancers.
F&O Cues
Nifty October futures fell 0.73% at 19,666.05, at a discount of 5.05 points.
Nifty October futures open interest declined by 2.44% by 4,619 shares.
Nifty Bank October futures fell 1.01% to 44,044.60, at a premium of 155.9 points.
Nifty Bank October futures open interest rose 28.9% by 39,359 shares.
Nifty Options Oct 19 Expiry: Maximum call open interest at 19,800 and Maximum put open interest at 19,600.
Securities in the ban period: Balrampur Chini Mills, Delta Corp, Gujarat Narmada Valley Fertilizers & Chemicals, Hindustan Copper, India Bulls Housing Finance, India Cements, Mannapuram Finance, MCX, Steel Authority of India.
Money Market Update
The Indian Rupee closed flat at 83.27 against the U.S dollar on Wednesday.
Research Reports
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