Shares in Asia advanced after further gains for U.S. stocks as investors adjusted to the prospect the Federal Reserve may be done with rate hikes.
Australian and South Korean equities opened higher. Contracts for shares in Hong Kong rose while the Golden Dragon index of U.S.-listed Chinese companies climbed 2% Thursday. Markets in Japan are closed Friday for a holiday.
On Thursday, the S&P 500 advanced 1.9%, its biggest one-day gain since April, and placed the benchmark on track for its best week since November last year. U.S. futures ticked lower in early Friday trading.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.66% and Bitcoin was below 35,000-level. Brent crude was trading above $86 a barrel, whereas WTI Crude was above $82-mark.
At 5:36 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was unchanged at 19,300.
India's benchmark stock indices advanced through Thursday after the U.S. Federal Reserve decided to hold interest rates on Wednesday. The indices snapped two days of losses, as realty and metal sectors were the top gainers.
Sensex slipped nearly 200 points below the day's high, whereas Nifty ended over 50 points below its high.
Overseas investors stayed net sellers of Indian equities for the seventh consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,261 crore, while domestic institutional investors turned net buyers and mopped up equities worth Rs 1,380 crore, the NSE data showed.
The Indian rupee strengthened 4 paise to close at 83.25 against the U.S. dollar on Thursday.
Earnings Post Market Hours
Tata Motors Q2 FY24 (Consolidated, YoY)
Revenue up 32.1% at Rs 1,05,128 crore vs Rs 79,611 crore (Bloomberg estimate: Rs 1,08,109.59 crore).
Ebitda up 147.1% at Rs 13,767 crore vs Rs 5,572 crore (Bloomberg estimate: Rs 13,766.26 crore).
Margin at 13.1% vs 6.99% (Bloomberg estimate: 12.70%).
Reported profit at Rs 3,832 crore vs loss of Rs 898 crore (Bloomberg estimate: Rs 4,519.61 crore).
Tatva Chintan Pharma Chem Q2 FY24 (Consolidated, YoY)
Revenue up 7.3% at Rs 96.7 crore vs Rs 90.1 crore (Bloomberg estimate: Rs 118.75 crore).
Ebitda up 81.3% at Rs 20 crore vs Rs 11.2 crore (Bloomberg estimate: Rs 22.4 crore).
Margin at 20.9% vs 12.38% (Bloomberg estimate: 18.9%).
Profit up 9.4% at Rs 7.8 crore vs Rs 7 crore (Bloomberg estimate: Rs 11.45 crore).
Indian Energy Exchange Q2 FY24 (Consolidated, YoY)
Revenue up 14% at Rs 109 crore vs Rs 95.2 crore (Bloomberg estimate: Rs 109.5 crore).
Ebitda up 16.5% at Rs 91.9 crore vs Rs 78.9 crore (Bloomberg estimate: Rs 90.95 crore).
Margin at 84.72% vs 82.91% (Bloomberg estimate: 83.10%).
Reported profit up 21.4% at Rs 86.5 crore vs Rs 71.2 crore (Bloomberg estimate: Rs 79 crore).
Kalpataru Projects International Q2 FY24 (Consolidated, YoY)
Revenue up 18.9% at Rs 4,518 crore vs Rs 3,798 crore.
Ebitda up 6% at Rs 370 crore vs Rs 349 crore.
Margin at 8.18% vs 9.18%.
Reported profit down 8.2% at Rs 90 crore vs Rs 98 crore.
JK Lakshmi Cement Q2 FY24 (Consolidated, YoY)
Revenue up 14.6% at Rs 1,574.5 crore vs Rs 1,373.6 crore.
Ebitda up 32.5% at Rs 217.3 crore vs Rs 164 crore.
Margin at 13.8% vs 11.9%.
Reported profit up 43% at Rs 45 crore vs Rs 31.5 crore.
Kirloskar Oil Engines Q2 FY24 (Consolidated, YoY)
Revenue up 6.24% at Rs 1,305 crore vs Rs 1,228 crore.
Ebitda up 11.8% at Rs 202 crore vs Rs 181 crore.
Margin at 15.5% vs 14.7%.
Reported profit down 5.5% at Rs 77.9 crore vs Rs 82.5 crore.
EIH Associated Hotels Q2 FY24 (YoY)
Revenue up 0.41% at Rs 58.77 crore vs Rs 58.53 crore.
Ebitda down 93.17% at Rs 45 lakh vs Rs 6.58 crore.
Margin at 0.76% vs 11.24%.
Reported loss at Rs 91 lakh vs profit of Rs 2.6 crore.
KSB Q2 FY24 (Consolidated, YoY)
Revenue up 30.7% at Rs 563.7 crore vs Rs 431.3 crore (Bloomberg estimate: Rs 504 crore).
Ebitda up 29.9% at Rs 70.3 crore vs Rs 54.1 crore.
Margin at 12.47% vs 12.54%.
Reported profit up 28.5% at Rs 50.1 crore vs Rs 39 crore (Bloomberg estimate net: Rs 56 crore).
Indian Railway Finance Corp. Q2 FY24 (YoY)
Total income up 16.5% at Rs 6,767.5 crore vs Rs 5,810.4 crore.
Reported profit down 9.6% at Rs 1,549.9 crore vs Rs 1,714.3 crore.
Ratnamani Metals and Tubes Q2 FY24 (Consolidated, YoY)
Revenue up 25.7% at Rs 1,131.2 crore vs Rs 899.8 crore (Bloomberg estimate: Rs 618.15 crore).
Ebitda up 30.7% at Rs 244.8 crore vs Rs 187.4 crore.
Margin at 21.6% vs 20.8%.
Net profit up 66.4% at Rs 164.3 crore vs Rs 98.8 crore (Bloomberg estimate: Rs 62.45 crore).
Container Corp. Of India Q2 FY24 (Consolidated, YoY)
Revenue up 10.5% at Rs 2,194.9 crore vs Rs 1,986 crore.
Ebitda up 7.8% at Rs 546.5 crore vs Rs 506.8 crore.
Margin at 24.9% vs 25.5%.
Net profit up 21.3% at Rs 368.5 crore vs Rs 303.8 crore.
360 One Wam Q2 FY24 (Standalone, YoY)
Total income down 6.9% at Rs 284.8 crore vs Rs 305.8 crore.
Reported profit down 16.9% at Rs 219.4 crore vs Rs 263.9 crore (Bloomberg estimate: Rs 183.3 crore).
Chaman Lal Setia Exports Q2 FY24 (YoY)
Revenue up 15.8% at Rs 308.7 crore vs Rs 266.5 crore.
Ebitda up 36.6% at Rs 35.6 crore vs Rs 26.1 crore.
Margin at 11.5% vs 9.8%.
Reported profit up 29.9% at Rs 26.2 crore vs Rs 20.2 crore.
NOCIL Q2 FY24 (Consolidated, YoY)
Revenue down 9.9% at Rs 350.9 crore vs Rs 389 crore (Bloomberg estimate: Rs 423.5 crore).
Ebitda down 28.3% at Rs 44 crore vs Rs 61.5 crore.
Margin at 12.6% vs 15.8%.
Reported profit down 25.2% at Rs 26.9 crore vs Rs 35.9 crore.
Linc Q2 FY24 (YoY)
Revenue up 3.3% at Rs 131.21 crore vs Rs 126.9 crore.
Ebitda down 19.2% at Rs 12.6 crore vs Rs 15.6 crore.
Margin at 9.6% vs 12.25%.
Net profit down 19.4% at Rs 7.7 crore vs Rs 9.5 crore.
Sheela Foam Q2 FY24 (Consolidated, YoY)
Revenue down 10.2% at Rs 613 crore vs Rs 683 crore.
Ebitda down 15.4% at Rs 66.2 crore vs Rs 78.3 crore.
Margin at 10.79% vs 11.46%.
Net profit down 17.3% at Rs 44.3 crore vs Rs 53.6 crore.
Prataap Snacks Q2 FY24 (YoY)
Revenue down 5.2% at Rs 433.7 crore vs Rs 457.3 crore (Bloomberg estimate: Rs 384 crore).
Ebitda up 71.7% at Rs 37.9 crore vs Rs 22.1 crore (Bloomberg estimate: Rs 30 crore).
Margin at 8.7% vs 4.8% (Bloomberg estimate: 7.80%).
Net profit at Rs 16.5 crore vs Rs 3.26 crore (Bloomberg estimate: Rs 10.5 crore).
Bombay Dyeing Q2 FY24 (Consolidated, YoY)
Revenue down 40.9% at Rs 440.6 crore vs Rs 745.2 crore.
Ebitda up 90.3% at Rs 15.5 crore vs Rs 8.14 crore.
Margin at 3.5% vs 1%.
Reported loss at Rs 51.9 crore vs loss of Rs 93 crore.
Gujarat Gas Q2 FY24 (Consolidated, QoQ)
Revenue up 1.7% at Rs 3,845.4 crore vs Rs 3,781.5 crore (Bloomberg estimate: Rs 3,868.2 crore).
Ebitda up 28% at Rs 496.6 crore vs Rs 388 crore (Bloomberg estimate: Rs 457.9 crore).
Margin at 12.9% vs 10.3% (Bloomberg estimate: 11.80%).
Reported profit up 37.2% at Rs 296.3 crore vs Rs 216 crore (Bloomberg estimate: Rs 246.4 crore).
Chemplast Sanmar Q2 FY24 (Consolidated, YoY)
Revenue down 17.3% at Rs 987.7 crore vs Rs 1,194.4 crore (Bloomberg estimate: Rs 962.73 crore).
Ebitda down 53.3% at Rs 45.95 crore vs Rs 98.42 crore (Bloomberg estimate: Rs 36 crore).
Margin at 4.7% vs 8.2% (Bloomberg estimate: 3.70%.)
Reported profit down 32.4% at Rs 26.05 crore vs Rs 38.5 crore (Bloomberg estimate: Loss of Rs 17.83 crore).
Earnings In Focus
Titan, MRF, Aditya Birla Capital, Thermax, Escorts Kubota, Crompton Greaves Consumer Electricals, Bharat Dynamics, EIH, Godrej Agrovet, Procter & Gamble Health, Godavari Power & Ispat, JM Financial, Prism Johnson, Indigo Paints, Shipping Corporation of India, Gabriel India, Sudarshan Chemical Industries, MSTC, Thirumalai Chemicals, Aeroflex Industries, SML Isuzu, Timex Group India, TTK Healthcare, Indraprastha Medical Corporation, Taj GVK Hotels & Resorts, Satia Industries, InterGlobe Aviation, Zomato, UCO Bank, JSW Infra, IDFC, Gujarat Fluorochems, Punjab and Sind Bank, Bayer Cropscience, Whirlpool of India, Godfrey Phillips India, Chambal Fertilisers, Aegis Logistics, Usha Martin, Reliance Infra, Electronics Mart India, Kirloskar Ferrous Industries, JK Paper, Orient Electric, Patel Engineering, IG Petrochemicals, Krsnaa Diagnostics, GATI, WPIL, Aditya Vision, GMR Power and Urban Infra, Cigniti Technologies, Tranformers and Rectifiers, Mangalam Cement, Imagicaaworld Entertainment, India Glycols, Intraprastha Medical Corp, and Shakti Pumps.
Stocks To Watch
Tata Motors: The company's EV subsidiary signed an agreement with JLR to develop premium EVs. Tata Motors' third-generation EVs based on Avinya concept to be developed on JLR's Electrified Modular Architecture platform. Tata Passenger Electric Mobility will pay a royalty fee to JLR.
Dixon Technologies: The company incorporated Dixtel Infocom for electronic manufacturing and wholesale trade.
Lupin: The company announced launch of Diazepam Rectal Gel after its wholly owned subsidiary, Novel Laboratories received an approval for its ANDA from the USFDA. Diazepam Rectal Gel had estimated annual sales of $37 million in the U.S.
Bharti Airtel: The company launched 'Airtel Advantage' – a first-of-its-kind, fully-automated digital platform for global interconnect solutions.
Larsen and Toubro: The company issued and allotted 1.5 lakh, 7.58% rated, listed, unsecured, redeemable, NCDs of Rs 1 lakh each aggregating to Rs. 1,500 crore maturing on May 2, 2025.
JK Lakshmi Cement: The board approved capacity expansion of existing split location grinding unit at Surat by putting -up an additional grinding unit of 13.50 lakh tonnes per annum. The expansion will require an investment of Rs 225 crore and will be added in a period of 2 years.
EIH Associated Hotels: The board approved developing 125 room five-star Trident Hotel at Vishakhapatnam, Andhra Pradesh with an investment of Rs 160 crore.
Container Corp: The Board declared second Interim Dividend for FY24 of 60% i.e. Rs 3 per equity share of face value of Rs 5 each amounting to Rs 182.79 crore. The record date fixed is Nov. 16.
Dream Folks: The company announced the launch of its new service - Travel SIM (E-SIM & Physical SIM) for international travelers to enjoy immediate connectivity while travelling abroad, by getting a pre-activated SIM card while in their country of origin.
Bajaj Finance: The company approved raising up to Rs 1,188 crore via preferential allotment of warrants. It will allot 15.5 lakh warrants to promoter at an issue price of Rs 7,670 per warrant.
Indian Railway Finance Corp: The board declared an Interim Dividend of Rs 0.8 per equity share of Rs 10 each, and approved insertion of new clause in Lease Agreement of the company for rolling stock for the year 2022-23.
Thomas Cook (India): Tropiculture, a JV in Sri Lanka, allotted TCI 4,00,000 Equity Shares of LKR 10 each at par which represents 40% stake in the Joint Venture.
Mahindra & Mahindra Finance: In October, the company estimated overall disbursement at approx Rs 5,250 crore. Year-to-date disbursements at Rs 30,700 crore, up 16% Y-o-Y.
NBCC India: The company bagged two orders worth Rs 212 crore from Haryana government for supply of equipment to medical colleges.
KPI Energy: The company's unit Sun Energia received order for executing wind-solar hybrid power project for 2.10 MW capacity comprising of 2.10 MW wind and 1 MW solar capacity from CTX Life Sciences.
Avenue Supermart: The company has opened a new store at Katargam, Gujarat, taking its total count to 338.
360 One Wam: The board declared third interim dividend for FY24 of Rs 4 per equity share of face value Re 1. The record date is Nov. 10.
Shilpa Medicare: The company acquired U.S.-based Pilnova Pharma as a wholly owned subsidiary.
Maruti Suzuki India: Total output for October at 1.76 lakh units, up 13% YoY. Mini and compact sub-segment output at 1.05 lakh units, down 11.2% YoY. Total passenger vehicles output at 1.73 lakh units, up 12.8% YoY.
Borosil: NCLT sanctioned scheme of arrangement amongst Borosil, Klass Pack and Borosil Technologies.
Praveg: The company opened new hotel under brand name "Praveg's Grand Eulogia" at Ahmedabad. Operations at resorts in Kutch and Dholavira has started.
Ugar Sugar Works: NCLT approved scheme of amalgamation between Ugar Theatres and Ugar Sugar Works. It informed that sugar crushing for the season 2022-23 at Jewargi Unit has started and will pick up to its full capacity in due course.
IPO Offerings
ESAF Small Finance Bank: The company will launch its IPO on Friday with plans to raise Rs 463 crore, which includes a fresh issue of Rs 390.7 crore and an offer for sale of Rs 72.3 crore. The price band is fixed at Rs 57- 60 per share. The company has raised Rs 135 crore from anchor investors.
Bulk Deals
Orient Green Power: Apex Ventures sold 51.59 lakh shares (0.52%) at Rs 15 apiece.
Minda Corp: Kotak Mahindra Life Insurance bought 13.78 lakh shares (0.57%) at Rs 330.94 apiece.
Trading Tweaks
Price Band Revised From 20% To 10%: Jaiprakash Associates.
Ex-date Interim Dividend: Asian Paints, NTPC, RailTel, Route Mobile, Symphony.
Record-date Interim Dividend: Asian Paints, Symphony.
Move Out Of Short-Term ASM Framework: Apollo Micro Systems, Jaiprakash Associates.
Who's Meeting Whom
IDFC First Bank: To meet analysts and investors on Nov. 8 and Nov. 22-24.
ICICI Lombard General Insurance: To meet analysts and investors on Nov. 7.
Bharti Airtel: To meet analysts and investors on Nov. 7.
Zomato: To meet analysts and investors on Nov. 7, 15, 16, 29 and 30.
Thomas Cook (India): To meet analysts and investors on Nov. 6-8.
Chalet Hotels: To meet analysts and investors Nov. 7.
Restaurant Brands Asia: To meet analysts and investors Nov. 8.
Sobha: To meet analysts and investors on Nov. 7.
Star Health and Allied Insurance: To meet analysts and investors on Nov. 9.
BLS International Services: To meet analysts and investors on Nov. 8.
State Bank of India: To meet analysts and investors on Nov. 4.
Sapphire Foods India: To meet analysts and investors on Nov. 8 and 20.
F&O Cues
Nifty November futures rose 0.99% at 19249.3, at a premium of 116.05 points.
Nifty November futures open interest rose by 2.55% by 5850 shares.
Nifty Bank November futures rose 0.92% to 43321, at a premium of 303.8 points.
Nifty Bank November futures open interest increased by 2.97% by 4949 shares.
Nifty Options Nov 2 Expiry: Maximum call open interest at 19150 and maximum put open interest at 19100.
Nifty Bank Options Nov 8 Expiry: Maximum call open interest at 45000 and maximum put open interest at 41000.
Securities in Ban Period: GNFC.
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