Asian equities were poised for a mixed open Friday as big tech stocks on Wall Street rallied in trade following good earnings. US share futures advanced, according to Bloomberg report.
Brent crude rose to $88.38 a barrel, and West Texas Intermediate was trading around the $83.63 mark. The yield on the 10-year U.S. bond was trading at 4.86%, whereas Bitcoin was above the $34,000 level.
At 6:02 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India, was trading flat at 18,856.5.
India's benchmark stock indices fell for the sixth consecutive day on Thursday, given the geopolitical uncertainties stemming from the Israel-Hamas war and the resultant rise in crude prices coupled with higher-for-longer U.S. rates.
The headline indices logged the longest stretch of losses in over seven months. The Sensex has fallen 4.94% in the last six sessions, and it was down 7% from its life high scaled on Sept. 15. The Nifty slipped 4.82% in six days and was down 6.8% from its all-time high.
The S&P BSE Sensex closed 900 points, or 1.41%, lower at 63,148.15, while the NSE Nifty 50 fell 265 points, or 1.39%, to end at 18,857.25.
Indian markets recorded the biggest single-day equity selloff of the year by overseas investors as global concerns continue to roil stocks.
Foreign portfolio investors offloaded stocks worth Rs 7,702.5 crore on Thursday, the most so far this year, according to provisional data from the NSE. Domestic institutional investors turned net buyers and mopped up equities worth Rs 6,558.5 crore.
The Indian rupee weakened 4 paise to close at 83.23 against the U.S. dollar on Thursday.
Earnings Post Market Hours
Vodafone Idea Q2 FY24 (Consolidated, QoQ)
Revenue is up 0.57% at Rs 10,716.3 crore vs. Rs 10,655.5 crore.
Ebitda up 3.02% at Rs 4,282.8 crore vs. Rs 4,157 crore.
Ebitda margin at 39.96% vs. 39.01%
Net loss at Rs 8,737.9 crore vs. loss of Rs 7,840 crore
ARPU is up 2.2% at Rs 142 vs. Rs 139.
Colgate Palmolive India Q2 FY24 (Consolidated, YoY)
Revenue is up 6.02% at Rs 1,471.09 crore vs. Rs 1,387.48 crore.
Ebitda up 18.17% at Rs 482.13 crore vs. Rs 407.99 crore.
Ebitda margin at 32.77% vs. 29.4%
Reported PAT is up 22.31% at Rs 340.05 crore vs. Rs 278.02 crore.
Dixon Technologies Q2 FY24 (Consolidated, YoY)
Revenue is up 27.83% at Rs 4,943.18 crore vs. Rs 3,866.77 crore.
Ebitda up 37.01% at Rs 198.91 crore vs. Rs 145.17 crore.
Ebitda margin at 4.02% vs. 3.75%
Reported PAT is up 46.99% at Rs 113.36 crore vs. Rs 77.12 crore.
Laxmi Organic Industries Q2 FY24 (Consolidated, YoY)
Revenue is up 0.01% at Rs 652.27 crore vs. Rs 652.2 crore.
Ebitda up 36.05% at Rs 38.93 crore vs. Rs 28.62 crore.
Ebitda margin at 5.96% vs. 4.38%
Reported PAT is up 24.24% at Rs 10.71 crore vs. Rs 8.62 crore.
Aditya Birla Sun Life AMC Q2 FY24 (Standalone, YoY)
Total income is up 0.66% at Rs 384.53 crore vs. Rs 381.99 crore.
Reported PAT is down 7.12% at Rs 176.46 crore vs. Rs 189.99 crore.
Railtel Corp. Q2 FY24 (QoQ)
Revenue is up 28.13% at Rs 599.15 crore vs. Rs 467.61 crore.
EBIT is up 106.62% at Rs 77.4 crore vs. Rs 37.46 crore.
EBIT margin at 12.91% vs. 8.01%
Reported PAT is up 77.52% at Rs 68.15 crore vs. Rs 38.39 crore.
Kabra Extrusiontechnik Q2 FY24 (Consolidated, YoY)
Revenue is up 1.3% at Rs 182.387 crore vs. Rs 180.046 crore.
Ebitda down 35.88% at Rs 11.52 crore vs. Rs 17.97 crore.
Ebitda margin at 6.31% vs. 9.98%
Reported PAT is down 40.73% at Rs 5.625 crore vs. Rs 9.491 crore.
AGI Greenpac Q2 FY24 (Consolidated, YoY)
Revenue is up 20.09% at Rs 615.28 crore vs. Rs 512.31 crore.
Ebitda up 58.03% at Rs 134.16 crore vs. Rs 84.88 crore.
Ebitda margin at 21.8% vs. 16.56%
Reported PAT is up 65.36% at Rs 56.14 crore vs. Rs 33.95 crore.
Aavas Financiers Q2 FY24 (Standalone, YoY)
Total income is up 25.9% at Rs 497.44 crore vs. Rs 395.08 crore.
Reported PAT is up 13.94% at Rs 121.72 crore vs. Rs 106.82 crore.
Maharashtra Scooters Q2 FY24 (Consolidated, YoY)
Revenue up 7.03% at Rs 205.92 crore vs. Rs 192.39 crore.
Ebitda up 7.65% at Rs 200.31 crore vs. Rs 186.06 crore.
Ebitda margin at 97.27% vs. 96.7%
Reported PAT is up 4.05% at Rs 197.73 crore vs. Rs 190.03 crore.
Ugro Capital Q2 FY24 (YoY)
Revenue up 63.32% at Rs 253.63 crore vs. Rs 155.29 crore.
Reported PAT is up 448.19% at Rs 28.89 crore vs. Rs 5.27 crore.
Prudent Corporate Advisory Services Q2 FY24 (Standalone, YoY)
Total income is up 24.84% at Rs 160.34 crore vs. Rs 128.43 crore.
Reported PAT is up 25.59% at Rs 23.31 crore vs. Rs 18.56 crore.
NLC India Q2 FY24 (Consolidated, YoY)
Revenue down 14.67% at Rs 2,977.53 crore vs. Rs 3,489.28 crore.
Ebitda down 29.24% at Rs 834.56 crore vs. Rs 1179.27 crore.
Ebitda margin at 28.02% vs. 33.79%
Reported PAT is up 160.39% at Rs 1,085.93 crore vs. Rs 417.03 crore.
Venus Pipes And Tubes Q2 FY24 (YoY)
Revenue up 51.38% at Rs 191.35 crore vs. Rs 126.4 crore.
Ebitda up 123.53% at Rs 34.67 crore vs. Rs 15.51 crore.
Ebitda margin at 18.11% vs. 12.27%
Reported PAT is up 94.89% at Rs 20.25 crore vs. Rs 10.39 crore.
Sadhana Nitrochem Q2 FY24 (Consolidated, YoY)
Revenue up 15% at Rs 42.01 crore vs. Rs 36.53 crore.
Ebitda up 196.91% at Rs 12.53 crore vs. Rs 4.22 crore.
Ebitda margin at 29.82% vs. 11.55%
Reported PAT at Rs 2.57 crore vs. loss of Rs 0.37 crore
Quick Heal Technologies Q2 FY24 (Consolidated, QoQ)
Revenue up 52.33% at Rs 78.36 crore vs. Rs 51.44 crore.
EBIT at Rs 7.72 crore vs. EBIT loss of Rs 18.01 crore
Net profit at Rs 12.9 crore vs. loss of Rs 12.76 crore
Earnings In Focus
Reliance Industries, Maruti Suzuki India, Bajaj Finserv, SBI Life Insurance, Cipla, Dr Reddy's Laboratories, Indian Overseas Bank, Bajaj Holding & Investment, Bharat Petroleum Corp, SBI Cards and Payment Services, Union Bank of India, SRF, IHCL, Schaeffler India, Oberoi Realty, Mahindra & Mahindra Financial Services, ZF Commercial Vehicle Control Systems India, Carborundum Universal, Sumitomo Chemical India, IRB Infrastructure Developers, Indiamart Intermesh, Blue Dart Express, Great Eastern Shipping Company, Piramal Pharma, TTK Prestige, Ujjivan Small Finance Bank, Mahanagar Gas, Route Mobile, Intellect Design Arena, City Union Bank, Supreme Petrochem, SBFC Finance, Tamilnad Mercantile Bank, Mahindra Lifespace Developers, Latent View Analytics, Ion Exchange India, Sarda Energy & Minerals, Jubilant Pharmova, Rategain Travel Technologies, Inox Wind, Johnson Controls -Hitachi, Goodyear India, Inox Wind Energy, MPS, Astec Lifesciences, Shalby, Indostar Capital Finance, GNA Axles, Satin Creditcare Network, Dwarikesh Sugar Industries, Welspun Specialty Solutions, PTC India Financial Services, Novartis India, NACL Industries, Shree Digvijay Cement, Monarch Networth Capital, Ritesh Properties & Industries, Heubach Colorantsindia.
Stocks To Watch
Axis Bank: The lender appointed Munish Sharda as a whole-time director, designated as executive director, for three years, with effect from Nov. 1.
Praveg: The board approved the scheme of amalgamation between Eulogia Inn and the company. A total of 17.33 lakh new equity shares of Praveg will be issued to the shareholders of Eulogia Inn.
CARE Ratings: CARE Ratings (Africa), a subsidiary of the company, has incorporated a step-down subsidiary, i.e., CARE Ratings South Africa, on Oct. 25 for providing credit rating services.
Karnataka Bank: The bank approved an allotment of equity share capital of Rs 800 crore on a preferential basis. The board approved the allotment of 3.34 crore shares with a face value of Rs 10 each to HDFC Life Insurance, Bajaj Allianz Life Insurance, Quant Mutual Fund, Bharti AXA Life Insurance, and Bajaj Allianz General Insurance at a price of Rs 239.52 apiece.
McLeod Russel: Borelli Tea Holdings, a wholly owned subsidiary of the company, sold 100% of the capital contribution in Phu Ben Tea Company, a step-down subsidiary of the company, to TLK Agriculture for a net consideration of $2.15 million on Oct. 25. The sale is expected to be completed by Dec. 24.
Aurionpro Solutions: Ashish Rai has been promoted to CEO.
Lemon Tree Hotels: The company has signed a license agreement for a 50-room property in Visakhapatnam under the brand 'Red Fox Hotels'. The hotel is expected to be operational by FY 2026.
IPO Offering
Blue Jet Healthcare: The IPO was subscribed to 1.32 times on its second day. The bids were led by non-institutional investors (2.84 times), retail investors (1.37 times), and institutional investors (0.09 times, 9%).
Block Deals
Grasim Industries: Cresta Fund bought 5.48 lakh shares (0.08%) and Griffin Growth Fund sold 5.48 lakh shares (0.08%) at Rs 1,840 apiece.
Jindal Stainless: JSL Overseas bought 17 lakh shares (0.20%) and Hypnos Fund sold 17 lakh shares (0.20%) at Rs 459 apiece.
Bulk Deals
Avalon Technologies: Unifi Financial sold 4.72 lakh shares (0.81%) at Rs 518.87 apiece.
Indiabulls Housing Finance: Capri Global Holdings sold 25.14 lakh shares (0.53%) at Rs 151.79 apiece.
Insider Trades
Dhampur Bio Organics: Promoter Sonitron bought 5,136 shares on Oct. 26.
Who's Meeting Whom
Karnataka Bank: To meet analysts and investors on Nov. 2.
Welspun Specialty Solutions: To meet analysts and investors on Oct. 31.
Zomato: To meet analysts and investors on Nov. 3.
DLF: To meet analysts and investors on Oct. 31.
Sterling Tools: To meet analysts and investors on Nov. 1.
Motilal Oswal Financial Services: To meet analysts and investors on Nov. 2.
Medplus Health Services: To meet analysts and investors on Nov. 8.
Arvind: To meet analysts and investors on Oct. 31.
Shriram Finance: To meet analysts and investors on Oct. 27.
Greenpanel Industries: To meet analysts and investors on Nov. 1.
Great Eastern Shipping Co: To meet analysts and investors on Oct. 31.
Ajmera Realty & Infra: To meet analysts and investors on Nov. 1.
Gokaldas Exports: To meet analysts and investors on Oct. 31.
GMR Airports Infrastructure: To meet analysts and investors on Oct. 31.
KRBL: To meet analysts and investors on Nov. 9.
Star Health and Allied Insurance Company: To meet analysts and investors on Oct. 31.
DCB Bank: To meet analysts and investors on Oct. 31.
EIH: To meet analysts and investors on Nov. 6.
Solar Industries: To meet analysts and investors on Nov. 3.
Psp Projects: To meet analysts and investors on Nov. 2.
JK Lakshmi Cement: To meet analysts and investors on Nov. 6.
Greenlam Industries: To meet analysts and investors on Oct. 31.
Samvardhana Motherson International: To meet analysts and investors on Nov. 9.
Trading Tweaks
Price band revised from 10% to 5%: Jai Corp.
Ex/record date dividend: Astral, ICICI Lombard General Insurance Company, ICICI Securities, LTIMindtree, L&T Technology Services, Jindal Stainless
Ex/record date stock split: BCL Industries, Talbros Automotive Component
Move out of short term ASM framework: Brightcom Group, PDS.
F&O Cues
Nifty November futures fell 1.35% to 18,965.90, at a premium of 108.65 points.
Nifty November futures open interest declined by 52.62% to 75,863 shares.
Nifty Bank November futures fell 1.13% to 42,616.35, at a premium of 336.2 points.
Nifty Bank November futures open interest declined by 68.52% to 63,796 shares.
Nifty Options Nov. 2 Expiry: Maximum call open interest at 21,000 and maximum put open interest at 17,600.
Nifty Bank Options Nov. 1 Expiry: Maximum call open interest at 43,000 and maximum put open interest at 40,000.
Securities in the ban period: Nil.
Money Market Update
The Indian rupee weakened 4 paise to close at 83.23 against the U.S dollar on Thursday.
Research Reports
Colgate Q2 Results Review - Another Quarter Of Margin-Led Beat But Volumes Still Soft: Systematix
ACC Q2 Results Review - Profitability To Improve; Attractive Valuation: Dolat Capital
Canara Bank Q2 Results Review - Steady; Net Interest Margin Outlook Softens: Dolat Capital
Nestle - Building Blocks For Sustained Growth: Prabhudas Lilladher
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