Stocks To Watch: Maruti Suzuki, ICICI Bank, Adani Enterprises, Tata Steel, Hero MotoCorp, ONGC, Bharti Airtel
Here are the stocks to watch before going into trade today.
Shares in Asia advanced following gains in U.S. stocks and bonds as the Federal Reserve held interest rates unchanged, bolstering hopes the rate-hiking cycle may be over.
Australian, South Korean and Japanese shares opened higher and equity futures for Hong Kong benchmark rose.
The S&P 500 rose 1.1% on Wednesday. The advance placed the U.S. index on track for its best week since March while the tech-heavy Nasdaq 100 benchmark rallied 1.8%. U.S. equity futures edged higher in early Asian trading.
Fed Chair Jerome Powell left the door open for further hikes in the central bank’s Wednesday decision, but noted that financial conditions have “tightened significantly in recent months driven by higher, longer—term bond yields, among other factors”.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.71% and Bitcoin was above 35,000-level. Brent crude was trading below $84 a barrel, whereas WTI Crude was below $81-mark.
At 5:45 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,246.5.
India's benchmark stock indices declined through Wednesday for the second consecutive session, ahead of the U.S. Federal Reserve's decision on interest rates later in the day. The real estate, media and pharmaceutical sectors advanced, whereas metals fell the most.
Sensex slipped over 200 points from the day's high, whereas Nifty 50 declined nearly 100 points from the highest level of the day. Nifty 50 closed below the 19,000 level, whereas Sensex slipped below the 63,600 mark.
Overseas investors stayed net sellers of Indian equities for the sixth consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,816.9 crore, while domestic institutional investors turned net buyers and mopped up equities worth Rs 1,622.1 crore, the NSE data showed.
The Indian rupee weakened 3 paise to close at its all-time weakest level of 83.29 against the U.S. dollar.
Earnings Post Market Hours
Triveni Turbine Q2 FY24 (Consolidated, YoY)
Revenue up 32.4% at Rs 388 crore vs. Rs 293 crore (Bloomberg estimate: Rs 470.7 crore).
Ebitda up 33.6% at Rs 74 crore vs. Rs 56 crore (Bloomberg estimate: Rs 77 crore).
Margin at 19.2% vs. 18.9% (Bloomberg estimate: 19.8%).
Reported profit up 38.2% at Rs 64 crore vs. Rs 46.3 crore (Bloomberg estimate: Rs 62 crore).
Savita Oil Technologies Q2 FY24 (Consolidated, YoY)
Revenue up 2.7% at Rs 888.8 crore vs. Rs 865.4 crore.
Ebitda down 38.6% at Rs 60.2 crore vs. Rs 97.9 crore.
Margin at 6.8% vs. 11.3%
Net profit down 32.7% at Rs 47 crore vs. Rs 70 crore.
Godrej Consumer Products Q2 FY24 (Consolidated, YoY)
Revenue up 6.2% at Rs 3,602 crore vs. Rs 3,392 crore (Bloomberg estimate: Rs 3,617.5 crore).
Ebitda up 29.9% at Rs 704 crore vs. Rs 542 crore (Bloomberg estimate: Rs 703.5 crore).
Margin at 19.5% vs. 15.9% (Bloomberg estimate: 19.4%)
Reported profit up 20.6% at Rs 433 crore vs. Rs 359 crore (Bloomberg estimate: Rs 472.5 crore).
Responsive Industries Q2 FY24 (Consolidated, YoY)
Revenue up 9.5% at Rs 268.3 crore vs. Rs 245.1 crore.
Ebitda up 334.8% at Rs 61 crore vs. Rs 14.1 crore.
Margin at 22.8% vs. 5.7%
Net profit of Rs 40.7 crore vs. loss of Rs 5.8 crore
Hero Motocorp Q2 FY24 (Standalone, YoY)
Revenue up 4% at Rs 9,445.4 crore vs. Rs 9,075.4 crore (Bloomberg estimate: Rs 9,343.3 crore).
Ebitda up 27.9% at Rs 1,328.3 crore vs. Rs 1,038.3 crore (Bloomberg estimate: Rs 1,299.3 crore).
Margin at 14.1% vs. 11.4% (Bloomberg estimate: 13.9%)
Reported profit up 47.2% at Rs 1,053.8 crore vs. Rs 716.1 crore (Bloomberg estimate: Rs 955.3 crore).
JK Tyre and Industries Q2 FY24 (Consolidated, YoY)
Revenue up 3.8% at Rs 3,897.5 crore vs. Rs 3,756.5 crore (Bloomberg estimate: Rs 4,007.9 crore).
Ebitda up 98% at Rs 589.1 crore vs. Rs 297.4 crore (Bloomberg estimate: Rs 543.2 crore).
Margin at 15.11% vs. 7.91% (Bloomberg estimate: 13.6%).
Net profit up 401.1% at Rs 248.6 crore vs. Rs 49.6 crore (Bloomberg estimate: Rs 203.4 crore).
Jindal Drilling and Industries Q2 FY24 (Consolidated, YoY)
Revenue up 3% at Rs 142 crore vs. Rs 138 crore.
Ebitda up 11.84% at Rs 53.2 crore vs. Rs 47.5 crore.
Margin at 37.4% vs. 34.5%
Reported profit down 30% to Rs 22.1 crore vs. Rs 31.7 crore.
Syrma SGS Technology Q2 FY24 (Consolidated, YoY)
Revenue up 52.4% at Rs 711.7 crore vs. Rs 466.9 crore.
Ebitda up 4.3% at Rs 49 crore vs. Rs 46.9 crore.
Margin at 6.9% vs. 10%
Reported profit up 7.8% at Rs 30.5 crore vs. Rs 28.3 crore.
Arman Financial Services Q2 FY24 (Consolidated, YoY)
Total income up 73% at Rs 160.3 crore vs. Rs 92.6 crore.
Reported profit up 104.9% at Rs 40.8 crore vs. Rs 19.9 crore.
Steelcast Q2 FY24 (Consolidated, YoY)
Revenue down 16% to Rs 101.6 crore vs. Rs 121.2 crore.
Ebitda up 1.6% at Rs 28.7 crore vs. Rs 28.3 crore.
Margin at 28.3% vs. 23.3%
Reported profit up 5.9% at Rs 18.6 crore vs. Rs 17.6 crore.
LIC Housing Finance Q2 FY24 (Standalone, YoY)
Total income up 32.7% at Rs 6,759 crore vs. Rs 5,092 crore.
Reported profit up at Rs 1,188 crore vs. Rs 305 crore (Bloomberg estimate: Rs 1,185.4 crore).
Gujarat Mineral Development Corp. Q2 FY24 (Consolidated, YoY)
Revenue down 29% to Rs 382.7 crore vs. Rs 538.9 crore.
Ebitda down 69% at Rs 52.9 crore vs. Rs 171.1 crore.
Margin at 13.8% vs. 31.7%
Reported profit down 50.7% to Rs 74.6 crore vs. Rs 151.2 crore.
RattanIndia Power Q2 FY24 (Consolidated, YoY)
Revenue up 24.8% at Rs 796.4 crore vs. Rs 638.1 crore.
Ebitda down 10.2% at Rs 111.4 crore vs. Rs 124.1 crore.
Margin at 14% vs. 19.4%
Reported loss of Rs 632.7 crore vs. loss of Rs 517.6 crore
Tata Steel Q2 FY24 (Consolidated, YoY)
Revenue down 7.01% at Rs 55,682 crore vs. Rs 59,877.5 crore (Bloomberg estimate: Rs 55,982.1 crore).
Ebitda down 29.6% at Rs 4,267.8 crore vs. Rs 6,060.3 crore (Bloomberg estimate: Rs 4,957 crore).
Margin at 7.66% vs. 10.12% (Bloomberg estimate: 8.9%).
Reported loss of Rs 6,511.2 crore vs. profit of Rs 1,297.1 crore (Bloomberg estimate: Rs 440.7 crore)
Britannia Industries Q2 FY24 (Consolidated, YoY)
Revenue up 1.2% at Rs 4,432.9 crore vs. Rs 4,379.6 crore (Bloomberg estimate: Rs 4,555.4 crore).
Ebitda up 22.6% at Rs 872.4 crore vs. Rs 711.7 crore (Bloomberg estimate: Rs 803.4 crore).
Margin at 19.68% vs. 16.25% (Bloomberg estimate: 17.6%).
Reported profit up 19.6% at Rs 586.5 crore vs. Rs 490.6 crore (Bloomberg estimate: Rs 547.9 crore).
Earnings In Focus
Adani Enterprises, Tata Motors, Adani Power, Cholamandalam Investment and Finance Company, Dabur India, Indian Railway Finance Corporation, Berger Paints India, Godrej Properties, Container Corporation of India, Gujarat Gas, Dr. Lal PathLabs, Ratnamati Metals & Tubes, 360 One WAM, Aptus Value Housing Finance India, Clean Science and Technology, Indian Energy Exchange, Akzo Nobel India, KSB, Sapphire Foods India, Deepak Fertilisers & Petrochemicals Corporation, Minda Corporation, Kirloskar Oil Engines, Karnataka Bank, Chemplast Sanmar, Surya Roshni, Infibeam Avenues, NOCIL, Datamatics Global Services, Tatva Chintan Pharma Chem, Hikal, Jtekt India, Indian Metals & Ferro Alloys, Gallantt Ispat, Prataap Snacks, Heranba Industries, Insecticides (India), EIH Associated Hotels, Linc, Summit Securities, Chaman Lal Setia Exports.
Stocks To Watch
Maruti Suzuki India: The company received a show cause notice from Agra's Legal Metrology Department for not mentioning MRP on on listed products available for sale on company website.
ICICI Bank: Bank opened branch at Domestic Tariff Area in Gift City.
Murugappa Group companies: The Murugappa family arrangement is now effective. No listed company forming part of the Murugappa Group is a party to the family arrangement.
Indian Oil: SEBI has introduced a common Online Dispute Resolution Portal to facilitate online resolution of all kinds of disputes arising in the Indian Securities Market for the members of the company.
ONGC: Sanjay Verma, Executive Director – Chief Well Services superannuated his position. Birendra Kishore Das appointed for the position w.e.f Nov 1.
Adani Enterprises: Unit AMG Media Networks has executed a share-purchase agreement for the acquisition of remaining 51% stake in Quintillion Business Media.
Tata Steel: The company will issue 67 shares of Tata Steel for every 10 shares held in Tata Steel Long products following amalgamation. It also approved the Scheme of Amalgamation of Bhubaneshwar Power, a wholly owned subsidiary, into and with its parent company.
Inox Wind: The company allotted preference shares worth Rs 400 crore to Inox Wind Energy on private placement basis.
Bharat Forge: The company approved additional investment in KPTL for Rs 33 crore.
Sona BLW Precision Forgings: The United Auto Workers has reached a tentative agreement with the OEMS, thereby to bring an end to the strike at the OEM plants.
Wheel India: Board approved proposal to incorporate wholly-owned-subsidiaries in the U.S. and Germany.
Torrent Pharmaceuticals: India Ratings and Research affirmed the long term issuer credit rating at IND AA+/Stable rating on the banking facilities and non-convertible debentures of the company at IND AA+/Stable.
RITES: Rajeev Kumar Dayal superannuates Vertical Head/IU position on Oct 31, thereby ceasing to be among the senior management. The company appointed Lalit Kumar as Vertical Head/IU w.e.f Nov 1.
Bharti Airtel: The company said it doesn't agree with latest notice from DoT imposing penalty of Rs 73.000 for alleged violation of subscriber verification norms and will take actions for reversal.
Ultratech Cement: Company issued corporate guarantee of $73.50 Million in favour of Abu Dhabi Commercial Bank PJSC, for credit facilities availed by its wholly-owned subsidiary in UAE, UltraTech Cement Middle East Investments.
Interglobe Aviation: Mahesh Kumar Malik, Chief Commercial Officer – Cargo resigned position w.e.f Nov 1.
JK Tyre and Industries: Company approved investment of Rs 1,025 crore for expansion of tyre manufacturing capacity. Manufacturing capacity to increase by 19.45%.
Godrej Consumer Products: Board approved dividend of Rs 5 per share as well as incorporation of new wholly owned subsidiary to manufacture, sell, export personal and household care products.
Syrma SGS Technology: Board approved scheme of amalgamation of SGS Infosystems with SGS Tekniks Manufacturing. The board also approved the merger of merged company SGS Tekniks Manufacturing with Syrma SGS Technology.
Ruby Mills: Sessions Court in Thane has issued a summons for The Ruby Mills and Bharat Shah, managing director, to appear in court. The company refutes all the allegations made against it.
Adani Cement: The company expects acquisition of Sanghi Industries to close in Q3FY24. The company had announced the acquisition of Sanghi Industries in August 2023 at an enterprise value of Rs 5,000 crore.
Ugro Capital: Board to consider and approve raising of funds by was of issuance of non convertible debentures through private placement basis on Nov 4.
State Bank Of India: The lender raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III compliant Tier 2 Bond for FY23. The bonds are issued for 15 years, with first call option after 10 years. The issue attracted bids of Rs 15,907 crore and was oversubscribed 4 times.
Pfizer India: The company will transfer unexpired leasehold rights of MIDC land parcel to Zoetis Pharmaceutical Research. Lease on 82,000 sq. meters land having total built-up area of 16,494 sq. meters to be transferred for a consideration of Rs 264.4 crore.
GAIL (India): The company signed an agreement with Bharat Petroleum for a 15 year supply of propane for its upcoming petrochemical plant on Usar, Maharashtra. The contract has an estimated value of Rs 63,000 crore and will see GAIL procuring 600 KTPA of propane from BPCL's LPG import facility in Uran.
Vedanta: New Century exercised the option to acquire Copper Mines of Tasmania from Mt Lyell Copper Mine in Australia, Monte Cello BV, a 100% subsidiary of Vedanta. The sale transaction includes a $10 million payment by New Century to MCBV, replacement of closure bond of $ 4.5 million and a $10 million payment on CMT achieving its first commercial production. MCBV shall also be entitled to receive a royalty consideration based on future revenues of CMT.
SpiceJet: The company inducted five leased Boeing 737s into its fleet.
APL Apollo Tubes: Company appointed Chetan Khandelwal as CFO w.e.f Nov. 1.
Bondada Engineering: Company received order worth Rs 381 crore from BSNL for infrastructure-as-a-Service to supply and erect ground-based towers, operate and maintain them for five years.
GR Infraprojects: Company's wholly owned subsidiary GR Devinagar Kasganj Highway executed concession agreement with NHAI. Agreement of project- Four laning of NH 530B from Devinagar Bypass in Uttar Pradesh for project cost of Rs 1,226.87 crore.
Hitachi Energy: Company received order from the office of the Deputy Collector, Stamp Duty Valuation System Vadodar for stamp duty payment of Rs 16.11 crore and penalty of Rs 25 crore.
South Indian Bank: Salim Gangadharan retired position of Non-Executive Director and Part Time Chairman VJ Kurian to take charge w.e.f Nov. 2, 2023 till March 22, 2026.
Avantel: Company received purchase order worth Rs 1.61 crore from Satish Dhawan Space Centre, ISRO and of Rs 17.64 crore from Cochin Shipyard.
Elpro International: The company acquired equity share of SBI General Insurance for Rs 25.14 crore.
KPI Green Energy: The company received new orders totalling 6.5 MW executing solar power projects.
IPO Offerings
Honasa Cosnumers: The IPO was subscribed 0.68 times or 68% on its second day. The bids were led by institutional investors (1.02 times) retail investors (0.58 times or 58%) and non institutional investors (0.07 times or 7%). Bids reserved for employees were subscribed 3.01 times.
Insider Trades
Jindal Stainless: Promoter Group JSL Overseas bought 50 shares
Sterling and Wilson Renewable: Promoter shapoori Pallonji and Company sold 1.80 lakh shares in first market sales and 2.42 lakh shares in second market sale
Shilchar Technologies: Promoter and Director Ajay Jitendra Shah sold 70000 shares.
Pledged Shares
Enami: Promoter Group Diwakar Finvest released pledge of 9.75 shares, Suraj Finvest created a pledge of 18.5 and 24.5 lakh shares.
Trading Tweaks
Ex/ Record Date Interim Dividend: QGO Finance, Elpro International, Godrej Consumer Products.
Postponement of Record Date from Nov 10 to Nov 13: WPIL.
Who's Meeting Whom
Mold Tek Packaging: To meet analysts and investors on Nov 8.
TVS Supply Chain: To meet analysts and investors on Nov 8.
Sky Gold: To meet analysts and investors on Nov 10.
Kirloaskar Pneumatic: To meet analysts and investors on Nov 4..
Fine Organics: To meet analysts and investors on Nov 6.
Alcargo Logistics: To meet analysts and investors on Nov 7.
Bank of India: To meet analysts and investors on Nov 6.
Man Infraconstruction: To meet analysts and investors on Nov 7.
Devyani International: To meet analysts and investors on Nov 7.
Yatharth Hospital and Trauma: To meet analysts and investors on Nov 8.
Uno Minda: To meet analysts and investors on Nov 7.
Kotak Mahindra Bank: To meet analysts and investors on Nov 6.
Advanced Enzyme Technologies: To meet analysts and investors on Nov 10.
Rail Vikas Nigam: To meet analysts and investors on Nov 10.
AU Small Finance Bank: To meet analysts and investors on Nov 8.
Kaveri Seed Company: To meet analysts and investors on Nov 8.
Data Patterns: To meet analysts and investors on Nov 6.
Punjab and Sind Bank: To meet analysts and investors on Nov 4.
Anupam Rasayan: To meet analysts and investors on Nov 7.
Privi Speciality Chemicals: To meet analysts and investors on Nov 7.
Indico Remedies: To meet analysts and investors on Nov 7, 21.
Info Edge: To meet analysts and investors on Nov 7.
Venus Pipes and Tubes: To meet analysts and investors on Nov 7, 9.
Shemaroo Entertainment: To meet analysts and investors on Nov 6.
Neogen Chemicals: To meet analysts and investors on Nov 9.
Datamatics Gloabl Services: To meet analysts and investors on Nov 6.
JM Financials: To meet analysts and investors on Nov 6.
Poonwalla Fincorp: To meet analysts and investors on Nov 6.
Eric Lifesciences: To meet analysts and investors on Nov 8.
JTL Industries: To meet analysts and investors on Nov 6.
F&O Cues
Nifty November futures fell 0.54% at 19054, at a premium of 65 points.
Nifty November futures open interest rose by 4.9% by 10779 shares.
Nifty Bank November futures fell 0.32% to 42,940, at a premium of 239.05 points.
Nifty Bank November futures open interest increased by 1.51% by 2,486 shares.
Nifty Options Nov 2 Expiry: Maximum call open interest at 19100 and maximum put open interest at 18800.
Nifty Bank Options Nov 1 Expiry: Maximum call open interest at 42700 and maximum put open interest at 42700.
Securities in Ban Period: GNFC.
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.
