Stocks To Watch: Tata Motors, Grasim, Tata Steel, Piramal Enterprises, Cyient, RVNL, Tejas Networks, Gati
Here are the stocks to watch before going into trade today.
Asian markets fell as volatility gripped Wall Street with traders looking wary of a potential escalation of the Middle East conflict, while weighing Federal Reserve chairman Jerome Powell’s remarks for clues on the policy outlook.
Shares in Australia, South Korea and Japan fell. Contracts for Hong Kong suggested a flat open.
After multiple twists and turns on Thursday, the S&P 500 notched its third straight loss, weighed by disappointing Tesla Inc. earnings. Early Asian trading for U.S. share futures slipped while the dollar edged higher.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.98% and Bitcoin was above 28,000-level. Brent crude was trading below $93 a barrel, whereas WTI Crude was above $90-mark.
At 5:55 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 5 points of 0.03% at 19,606.
India's benchmark stock indices declined on Thursday before paring some losses to close lower for the second consecutive day. The metals and energy sectors declined, whereas auto and consumer durables advanced. Nifty ended below the 19,700 level, whereas Sensex closed below the 65,700 mark. The indices closed at the lowest level since Oct. 9.
Overseas investors became net sellers of Indian equities on Thursday. Foreign portfolio investors offloaded stocks worth Rs 1,093.5 crore, while domestic institutional investors turned net buyers and mopped up equities worth Rs 736.2 crore, the NSE data showed.
The Indian rupee strengthened 3 paise to close at 83.24 against the U.S. dollar on Thursday.
Stocks To Watch
Grasim Industries: The company received a Rs 141 crore demand notice from Rajasthan Stamps Collector for non-payment of stamp duty on a scheme of arrangement between Indian Rayon and the company from FY1999.
Indoco Remedies: U.S. FDA inspection at company’s Solid Oral Formulation facility ended with 4 observations. U.S. FDA conducted pre-approval inspection at Goa facility from Oct. 12 to 18.
Cyient: The company approved merger of wholly-owned arms Citec engineering, Cyient Insights. The board also approved interim dividend of Rs 12 per share.
Natco Pharma: U.S. FDA inspection at Natco Pharma's Hyderabad facility ended with 8 observations. Inspections were conducted between Oct. 9 to 18.
Tata Steel: NCLT approves merger of Tata Steel and Tata Steel Long Products. Tata Steel is also set to acquire 26% stake in unit TP Vardhaman Surya for Rs 1.3 lakh.
RVNL: RVNL JV gets Rs 174.27 crore contract from Vadodara Division of Western Railway for civil engineering works in Gujarat. Project is to be executed in 24 months.
Gulf Oil: The company and S-Oil Seven inked pact to expand business in India. In this partnership, Gulf Oil will oversee the production, distribution, and promotion of OEM like KIA India dealer network. Gulf also has the exclusive rights to manufacture and distribute S-OIL SEVEN range throughout its network.
Gati: Registrar of Companies approves name change of Gati to Allcargo Gati effective Oct. 19.
Tejas Networks: The company received an order worth Rs 107.73 crore from TCS to supply equipment for BSNL’s Pan-India 4G and 5G networks.
Tata Motors: The company signed Securities Subscription Agreement for acquiring 26.79% stake in Freight Tiger for Rs 150 crore. SSA includes provision allowing company to invest an additional Rs 100 crore over next two years.
Elecon Engineering: The company got an order for supply, supervision of pipe conveyor system from Arcelormittal Nippon Steel India worth Rs 51.41 crore.
Vakrangee: The company has partnered with Karnataka Bank Ltd. to provide BC Banking services from Vakrangee Kendra outlets across Pan India.
Piramal Enterprises: Company's board will meet on Oct. 24 to consider and approve the issuance of non-convertible debentures, on a private placement basis.
CCL Products: NCLT has sanctioned the scheme of arrangement between Continental Coffee Pvt. (Demerged Company) and CCL Products (India) (Resulting Company).
PTC India: The board approved the sale of unit PTC Energy to ONGC for Rs 925 crore.
IPO Offerings
IRM Energy: The IPO was subscribed 4.37 times on day two. The bids were led by non-institutional investors (9.09 times), retail investors (4.36 times), institutional investors (1.18 times) and portion reserved for employees (0.94 times or 94%).
Earnings Post Market Hours
ITC Q2 (Consolidated, YoY)
Revenue up 3.55% at Rs 17,774.45 crore vs Rs 17,107.99 crore.
Ebitda up 3.11% at Rs 6,454.22 crore vs Rs 6,259.1 crore.
Margin at 36.31% vs 36.58%, down 27 bps.
Net profit up 6.11% at Rs 4,955.9 crore vs Rs 4,670.32 crore.
HUL Q2 FY24 (Consolidated figures, YoY)
Revenue up 3% at Rs 15,623 crore vs Rs 15,144 crore (Bloomberg estimate: Rs 15,597.48 crore).
Ebitda rises 9% to Rs 3,797 crore vs Rs 3,249 crore (Estimate: Rs 3,619.88 crore).
Margin at 24.3% vs 23% (Estimate: 23.2%).
Net profit flat at Rs 2,657 crore vs Rs 2,670 crore (Estimate: Rs 2,603.92 crore).
Jindal Stainless Q2 FY24 (Consolidated, YoY)
Revenue up 11.95% at Rs 9,797.04 crore vs Rs 8,750.86 crore.
Ebitda up 79.72% at Rs 1,230.57 crore vs Rs 684.71 crore.
Margin at 12.56% vs 7.82%.
Net profit up 120.16% at Rs 764.03 crore vs Rs 347.02 crore.
Cyient Q2 FY24 (Consolidated, QoQ)
Revenue up 5.45% at Rs 1,778.5 crore vs Rs 1,686.5 crore.
EBIT up 4.83% at Rs 260 crore vs Rs 248 crore.
Margin at 14.61% vs 14.7%.
Net profit up 8.57% at Rs 183.6 crore vs Rs 169.1 crore.
Kirloskar Pneumatic Q2 FY24 (YoY)
Revenue down 4.5% at Rs 281.92 crore vs Rs 295.2 crore.
Ebitda down 20.38% at Rs 31.66 crore vs Rs 39.76 crore.
Margin at 11.23% vs 13.46%.
Net profit down 25.83% at Rs 20.18 crore vs Rs 27.21 crore.
HFCL Q2 FY24 (YoY)
Revenue down 10.51% at Rs 1,001.76 crore vs Rs 1,119.35 crore.
Ebitda down 24.71% at Rs 114.25 crore vs Rs 151.74 crore.
Margin at 11.4% vs 13.55%.
Net profit down 10.93% at Rs 67.55 crore vs Rs 75.84 crore.
Ganesh Housing Corp. Q2 FY24 (Consolidated, YoY)
Revenue down 50.15% at Rs 163.35 crore vs Rs 327.67 crore.
Ebitda up 54.23% at Rs 121.43 crore vs Rs 78.73 crore.
Margin at 74.33% vs 24.02%.
Net profit up 345.67% at Rs 86.01 crore vs Rs 19.299 crore.
Accelya Solutions India (Consolidated, QoQ)
Revenue up 3.91% at Rs 127.29 crore vs Rs 122.5 crore.
EBIT down 0.3% at Rs 40.63 crore vs Rs 40.75 crore.
Margin at 31.91% vs 33.26%.
Net profit down 1.8% at Rs 31.53 crore vs Rs 32.11 crore.
Tanla Platform Q2 FY24 (Consolidated, QoQ)
Revenue up 10.69% at Rs 1,008.59 crore vs Rs 911.11 crore.
EBIT up 5.07% at Rs 174.19 crore vs Rs 165.77 crore.
Margin at 17.27% vs 18.19%.
Net profit up 5.27% at Rs 142.54 crore vs Rs 135.4 crore.
Updater Services Q1 FY24 (Consolidated, QoQ)
Revenue up 0.83% at Rs 576.44 crore vs Rs 571.68 crore.
EBIT up 11.07% at Rs 19.25 crore vs Rs 17.32 crore.
Margin at 3.33% vs 3.02%.
Net profit up 28.26% at Rs 12.39 crore vs Rs 9.66 crore.
Havells India Q2 FY24 (Consolidated, YoY)
Revenue up 6% at Rs 3,900.33 crore vs Rs 3,679.49 crore.
Ebitda up 30.15% at Rs 373.35 crore vs Rs 286.85 crore.
Margin at 9.57% vs 7.79%.
Net profit up 33.19% at Rs 249.08 crore vs Rs 187.01 crore.
Hatsun Agro Product Q2 FY24 (YoY)
Revenue up 9.02% at Rs 1,905.4 crore vs Rs 1,747.72 crore.
Ebitda up 23.81% at Rs 218.8 crore vs Rs 176.71 crore.
Margin at 11.48% vs 10.11%.
Net profit up 82.6% at Rs 77.57 crore vs Rs 42.48 crore.
Sagar Cements Q2 FY24 (Consolidated, YoY)
Revenue up 23.65% at Rs 586.82 crore vs Rs 474.55 crore.
Ebitda at Rs 60.22 crore vs Rs 2.41 crore.
Margin at 10.26% vs 0.5%.
Net loss for the period at Rs 10.53 crore vs loss of Rs 43.53 crore.
Tata Coffee Q2 FY24 (Consolidated, YoY)
Revenue down 3.11% at Rs 695.95 crore vs Rs 718.26 crore.
Ebitda up 24.39% at Rs 102.09 crore vs Rs 82.07 crore.
Margin at 14.66% vs 11.42%.
Net profit for the period down 56.64% at Rs 63.7 crore vs Rs 146.93 crore.
Note: PAT down due to exceptional gain of Rs 136.7 crore in Q2 FY23.
Tata Communications Q2 FY24 (Consolidated, QoQ)
Revenue up 2.11% at Rs 4,872.5 crore vs Rs 4,771.36 crore.
EBIT down 7.65% at Rs 410.33 crore vs Rs 444.29 crore.
Margin at 8.42% vs 9.31%.
Net profit for the period down 42.04% at Rs 221.26 crore vs Rs 381.75 crore.
Metro Brands Q2 FY24 (Consolidated, YoY)
Revenue up 16.66% at Rs 555.7 crore vs Rs 476.31 crore.
Ebitda up 12.38% at Rs 165.37 crore vs Rs 147.15 crore.
Margin at 29.75% vs 30.89%.
Net profit for the period down 13.18% at Rs 67.62 crore vs Rs 77.89 crore.
Equitas Small Finance Bank Q2 FY24
Net Profit for the period at Rs 198.13 crore vs Rs 116.42 crore, up 70% YoY.
NII at Rs 765.59 crore vs Rs 609.69 crore, up 26% YoY.
Gross NPA at 2.27% vs 2.75% QoQ.
Net NPA at 0.97% vs 1.18% QoQ.
NIM drops 33 basis points to 8.43% QoQ.
Earnings In Focus
JSW Steel, Hindustan Zinc, One 97 Communications, L&T Finance Holdings, Poonawalla Fincorp, CreditAccess Grameen, Kajaria Ceramics, ATUL, Tejas Networks, Century Textiles & Industries, Jammu & Kashmir Bank, Authum Investment & Infrastructure, Elecon Engineering, KFin Technologies, CSB Bank, ICRA, Butterfly Gandhimathi Appliances, Sasken Technologies, Tanfac Industries, PNB Gilts, Onward Technologies, Central Bank of India, JSW Energy, Justdial, Laurus Labs, Lloyds Engineering Works, CG Power and Industrial Solutions.
Bulk Deals
DCW: APMS Investment sold while Eriska Investment Fund bought 49.72 lakh shares (1.68%) for Rs 56.25 apiece.
Kiri Industries: APMS Investment sold while Eriska Investment Fund bought 11.40 lakh shares (2.19%) for Rs 270.25 apiece.
Insider Trades
Som Distilleries: Promoter Deepak Arora purchased 20,000 shares on Oct. 19.
Pledge Share Details
Emami Ltd: Promoters Suraj Finvest and Diwakar Finvest revoked pledge of 8.22 lakh and 11 lakh respectively on Oct. 16 and Oct 17.
Who’s Meeting Whom
Welspun India: To meet analysts and investors on Oct. 25.
IHCL: To meet analysts and investors on Oct. 27.
Pricol: To meet analysts and investors on Nov. 9.
Prudent Corporate Advisory: To meet analysts and investors on Oct. 27.
Muthoot Capital: To meet analysts and investors on Oct. 30.
Coromandel International: To meet analysts and investors on Oct. 27.
TTK Prestige: To meet analysts and investors on Oct. 30.
Radico Khaitan: To meet analysts and investors on Oct. 25.
Clean Science & Technology: To meet analysts and investors on Nov. 2.
Escorts Kubota: To meet analysts and investors on Nov. 3.
SBI Cards: To meet analysts and investors on Oct. 27.
Ajanta Pharma: To meet analysts and investors on Oct. 31.
Aptus Value Housing Finance: To meet analysts and investors on Nov. 3.
Kirloskar Pneumatic: To meet analysts and investors on Oct. 20.
Sandhar Technologies: To meet analysts and investors on Nov. 10.
Dreamfolks Services: To meet analysts and investors on Oct. 25.
Berger Paints: To meet analysts and investors on Nov. 2.
SIS: To meet analysts and investors on Oct. 31.
Jubliant FoodWorks: To meet analysts and investors on Oct. 25.
Home First Finance: To meet analysts and investors on Oct. 27.
Som Distilleries: To meet analysts and investors on Oct. 25.
Dixon Technologies: To meet analysts and investors on Oct. 26.
Sanghvi Movers: To meet analysts and investors on Nov. 8.
Trading Tweaks
Price band revised from 10% to 5%: Nucleus Software Exports.
Price band revised from 20% to 10%: Jai Corp.
Move in to short term ASM framework: Polo Queen Industrial and Fintech.
Move out of short term ASM framework: Infibeam Avenues, NIIT, Sasken Technologies.
F&O Cues
Nifty October futures fell 0.34% at 19,616.10, at a discount of 8.6 points
Nifty October futures open interest fell by 3.06% by 5,650 shares
Nifty Bank October futures fell 0.48% to 43,842.00, at a premium of 87.5 points
Nifty Bank October futures open interest fell 10.24% by 18,383 shares
Nifty Bank Options Oct 26 Expiry: Maximum call open interest at 46,000 and Maximum put open interest at 42,000.
Nifty Options Oct 26 Expiry: Maximum call open interest at 19,800 and Maximum put open interest at 19,500.
Securities in the ban period: Balrampur Chini Mills, Delta Corp, Gujarat Narmada Valley Fertilizers & Chemicals, India Bulls Housing Finance, India Cements, Mannapuram Finance, MCX.
