Sensex Falls Over 280 Points, Nifty Settles Below 10,250 

Shares of the budget airline rose as much as 8 percent to Rs 153.60 after it reported September quarter earnings.

• Net profit rose 79 percent to Rs 105.28 crore versus Rs 59 crore (YoY)
• Revenue rose 30 percent to Rs 1,814 crore versus Rs 1,400 crore (YoY)
• Total expenses at Rs 1,733 crore versus Rs 1,356.92 crore
• EBITDAR at Rs 397.45 crore versus Rs 318 crore (YoY)

Shares of the Ahmedabad-based drugmaker rose 1.5 percent to Rs 535.60 as its Baska manufacturing unit in Gujarat was under inspection by the U.S. FDA.

Company manufactures injectables from the Baska unit and it is located close to its Halol plant.

Shares of the Mumbai-based investment management firm were trading 0.14 percent higher after it reported September quarter earnings.

• Net profit up 24.5 percent at Rs 122 crore versus Rs 98 crore (YoY)
• Revenue up 19 percent at Rs 384 crore versus Rs 323 crore (YoY)

Shares of the tyre maker rose 3.3 percent to Rs 829 after it reported September quarter earnings.

• Net profit rose 20.7 percent to Rs 41.9 crore versus Rs 34.7 crore (YoY)
• Revenue rose 8 percent to Rs 416.5 crore versus Rs 386 crore (YoY)
• Ebitda or operating profit up 21.5 percent at Rs 66 crore versus Rs 54.3 crore (YoY)
• Margin at 15.8 percent versus 14.1 percent (YoY)

Shares of the thermal power producer were trading flat after it reported steady earnings in the September quarter.

• Net profit Rs 2,439 crore versus Rs 2,497 crore (YoY)
• Net profit at Rs 2,439 crore versus Bloomberg estimate of Rs 2,480 crore
• Revenue at Rs 19,698.75 crore versus estimate of Rs 20,261 crore
• Other income at Rs 262 crore
• Standalone Ebitda or operating profit at Rs 5,440 crore versus estimate of Rs 5,482 crore
• Margin at 27.6 percent versus 27.8 percent (YoY)
• Coal-based plant load factor at 76.6 percent versus 74.7 percent (YoY)

Shares of India's biggest re-insurer rose 1.55 percent to Rs 834.80 after it reported September quarter earnings.

• Net Profit up 464 percent at Rs 1,419.1 crore versus Rs 251.8 Cr (YoY)
• Gross non-performing assets (NPAs) at 2.66 percent versus 2.67 percent (QoQ)
• Net NPAs at 0.67 percent versus 0.7 percent (QoQ)

Shares of the Delhi-based company which operates in the healthcare and insurance industry came off day's high after its net loss widened in September quarter.

• Net loss widens to Rs 19.38 crore versus loss of Rs 13.12 crore
• Revenue declined 57.3 percent to Rs 5.54 crore versus Rs 12.96 crore

Shares of the Ahmedabad-based port operator fell as much as 2.4 percent to Rs 421.75 after its net profit declined in the September quarter.

• Net profit declined 7.5 percent to Rs 992 crore versus Rs 1,072 crore (YoY)
• Net profit came in at Rs 992 crore versus Bloomberg estimate of Rs 835 crore
• Profit boosted by other income of Rs 256 crore
• Revenue up 24.6 percent at Rs 2,706 crore versus estimate of Rs 2,172.6 crore
• Ebitda or operating profit at Rs 1,784.5 crore versus estimate of Rs 1,574 crore
• Consolidated margin 65.9 percent versus 70.9 percent (YoY)
• Announces buyback of Rs 500 crore of debentures

Shares of the Mumbai-based software developer rose as much as 5.4 percent to record high of Rs 624 after it reported September quarter earnings.

• Revenue rose 62 percent to Rs 1,550.78 crore versus Rs 959 crore (YoY)
• Net profit rose 50 percent to Rs 190 crore versus Rs 126.35 crore (YoY)
• Announces bonus issue of one share for every one share held
• Ebitda or operating profit up 27.2 percent at Rs 287.4 crore versus Rs 225.9 crore (YoY)
• Margin at 18.5 percent versus 23.6 percent (YoY)

• Indian equity benchmarks continued to trade on a weak note led by losses in Coal India, Larsen & Toubro, HDFC Bank and HDFC.
• The S&P BSE Sensex declined 0.3 percent to 33,159 and the NSE Nifty 50 Index declined 0.4 percent to 10,279.
• Fourteen out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Realty Index's 1.7 percent drop.
• The broader market indices were seen outperforming the benchmarks. The S&P BSE MidCap Index was up 0.2 percent and the S&P BSE SmallCap Index rose 0.1 percent.
• From the Nifty 50 basket of shares, 34 were declining while 17 were advancing.

• Jammu & Kashmir Bank: The Srinagar-based private sector lender rose as much as 13.6 percent to Rs 87.990. Trading volume was 26.3 times its 20-day average.
• Alembic Pharma: The Vadodara-based drugmaker rose as much as 0.6 percent to Rs 516. Trading volume was 18.2 times its 20-day average.
• Cera Sanitaryware: The Ahmedabad-based bathroom accessories maker rose as much as 3.6 percent to record high of Rs 3,605. Trading volume was 11.4 times its 20-day average.
• Pfizer: The Mumbai-based drugmaker fell 1.4 percent to Rs 1,880. Trading volume was 11 times its 20-day average.

• Bank recapitalisation positive in all ways
• Raised weight in some corporate banks
• 75 percent Nifty companies have beaten expectations, similar outperformance was last seen in 2015
• Watching out for oil prices, cannot have a run-away situation

• Eveready Industries: The Kolkata-based dry battery maker rose as much as 12 percent, the most in nearly 21 months, to Rs 392.30 after the company said that it has entered into a joint venture with tea producer Mcleod Russel through its subsidiary Greendale India to carry out packaged tea business.
• Hatsun Agro: The Chennai-based dairy products maker rose as much as 20 percent, the most in over two years, to record high of Rs 895 after DSP Blackrock mutual fund bought 18.9 lakh shares (1.2 percent equity) in the company.
• DLF: The Delhi-based real estate developer fell as much as 6.6 percent, extending its slide to day three, to Rs 194 after it reported weak earnings in September quarter. The company’s net profit fell 93 percent to Rs 14 crore versus Rs 206 crore in the same period a year earlier.
• Idea Cellular: The telecom service provider fell as much as 6 percent, the most in over a month, to Rs 91.20 after its net loss widened to Rs 1,100 crore compared with estimate of loss of Rs 1,079 crore in September quarter.

Shares of Jaiprakash Associates rose as much as 17 percent, the most in two months, to Rs 21.40 after 18 companies have shown interest in buying Jaypee Infratech, The Economic Times newspaper reported.

JSW Group, Vedanta, Lodha Group and Deutsche Bank are among the 18 companies that have shown interest in buying Jaypee Infratech, the newspaper reported citing people close to discussions.

Shares of the utility vehicle maker rose as much as 2.8 percent to Rs 1,431.75 after it fixed Dec. 23 as the record date for determining members who would be entitled to the bonus shares.

Shares of the micro-irrigation system provider rose as much as 5.78 percent to Rs 101.65 after it bagged Maharashtra's micro irrigation project valued at Rs 125.7 crore.

Shares of the Nashik-based road construction company fell as much as 5.64 percent, the most since Oct. 31, to Rs 206.55 after it reported weak set of earnings in September quarter.

• Revenue fell 14 percent to Rs 379 crore
• Net profit down 27 percent to Rs 33 crore
• Ebitda declined 28 percent to Rs 50.6 crore
• Margin at 13.4 percent versus 15.8 percent

Shares of the state-run general insurer made a weak debut on stock exchanges. The stock fell as much as 10.37 percent to Rs 717 against its issue price of Rs 800.

New India Assurance Company Ltd.’s Rs 9,600-crore initial public offering was subscribed 1.19 times.

Shares of the country's biggest infrastructure company fell as much as 4.3 percent, the most in over a year, to Rs 1,210 after the company said that it may fall short of its order inflow guidance in the current financial year.

Order inflows declined 8 percent to Rs 28,732 crore in the quarter ended September over the year-ago period, according to L&T’s earnings statement. Forty percent of these are from international orders.

Shares of India's third biggest private sector lender rose as 3.7 percent to Rs 564.60 after its board of directors post market hours on Friday approved raising Rs 11,625.8 crore by issuing shares and warrants to Bain Capital Private Equity and other investors as the private lender strengthens its capital base amid rising bad loans.

The bank will issue shares at Rs 525 apiece and warrants at Rs 565.

Shares of state-run coal producer fell as much as 2.94 percent, the most in over a month, to Rs 276 after its net profit declined 40 percent in July-September quarter.

• Net profit fell 40 percent to Rs 368.9 crore versus Bloomberg estimate of Rs 2,033.5 crore.
• Revenue rose 11.7 percent to Rs 18,148 crore verus estimate of Rs 18,537 crore
• Ebitda or operating profit rose 56 percent to Rs 1,230.9 crore
• Margin expanded 187 basis points to 6.7 percent (YoY)

Idea Cellular reported loss for the second quarter that was wider than the average analyst estimate.

Key Second Quarter Highlights

• Q2 loss Rs 1,100 crore versus estimate loss Rs 1,079 crore (range loss Rs 974 crore to Rs 1,213 crore)
• Revenue Rs 7,470 crore versus estimate Rs 7,619 crore (range Rs 7,421 crore to Rs 7,732 crore)
• Total costs Rs 9,310 crore
• India mobile ARPU Rs 132
• Capital expenditure Rs 1,970 crore

L&T Hydrocarbon Engineering bagged an offshore contract for the balance work for pipeline replacement project-4 from ONGC valued at Rs 1,267 crore.

It looks like a power-packed start to the new week with a lot of market action in the offing. Starting with the big data, October's consumer price inflation likely quickened to 3.45 percent on year compared to 3.28 percent in Sept., according to median estimate in a Bloomberg survey.

The data is due after market hours today. Also, the RBI announced another round of open-market operations to sell Rs 10,000 crore of bonds next week. This is bound to accelerate the selling pressure in bonds and yield on the 10-year note, which is at 6.96 percent may test 7 percent in the session.

Meanwhile the Indian rupee is likely to open lower on a day of mixed Asian cues. The won is trading lower against the dollar and the local currency too may face pressure. A range of 65.20-65.50 is expected for the day.

• Nifty November futures closed at 10,334, premium of 12 points versus 52.8 points.
• November contracts: Open interest up 4 percent and Bank Nifty open interest up 4 percent.
• India VIX closed at 13.4, up 1.5 percent.
• Max open interest for November series at 10,500 call, open interest at 45.7 lakh shares, up 1 percent.
• Max open interest for November series at 10,200 put, open interest at 56.1 lakh shares, up 2 percent.

Here's a lineup of all major corporate/investor meetings over the next few days.https://t.co/y5JqbCXByn pic.twitter.com/MvpzounLF2

— BloombergQuint (@BloombergQuint) November 13, 2017

Hatsun Agro

• DSP Blackrock MF bought 18.9 lakh shares or 1.2 percent equity stake at Rs 735 each.
• Promoter Chandramogan R G sold 31.5 lakh shares or 2.1 percent equity stake at Rs 735.01 each.

Just Dial

• HDFC MF bought 6.80 lakh shares or 1 percent equity stake at an average price of Rs 521.4 each.
• Samsung Asia Master Investment Trust bought 3.55 lakh shares or 0.5 percent equity stake at Rs 513.21 each.

Websol Energy System

• Garnet International bought 3 lakh shares or 1.2 percent equity stake at Rs 111.39 each.
• India Max Investment Fund sold 2.03 lakh shares or 0.8 percent equity stake at Rs 111.53 each.

Arshiya Ltd

• Ecap Equities bought 40 lakh shares or 2.5 percent equity stake at Rs 81.75 each.
• Promoter Archana Mittal sold 40 lakh shares or 2.5 percent equity stake at Rs 81.75 each.

Soril Holdings

• Kuber India Fund bought 2.76 lakh shares or 0.5 percent equity stake at Rs 140.8 each.

Ruchi Soya

• Albula Investment Fund sold 44.65 lakh shares or 1.3 percent equity stake at Rs 25 each.

• The New India Assurance Co. to start trading on BSE/NSE after selling shares at Rs 800 each in IPO that got 1.2 times demand.

• Adani Enterprises
• Apollo Hospitals Enterprise
• Future Enterprises
• Gillette India
• GSPL
• Idea Cellular
• Max Financial Services
• NMDC
• Reliance Nippon Life Asset Management
• Repco Home Finance
• SpiceJet
• Sunteck Realty
• Tata Chemicals
• Vakrangee

Adani Ports and SEZ, power producer NTPC and telecom operator Idea Cellular will post earnings for September quarter today. #Q2WithBQ https://t.co/4WI5smJE6A pic.twitter.com/4ozDjbQjpb

— BloombergQuint (@BloombergQuint) November 13, 2017

BPCL Q2 (QoQ)

• Revenue down 7 percent at Rs 53,325 crore.
• Net profit up 216 percent at Rs 2,357 crore.
• Ebitda up 186 percent at Rs 3528 crore.
• Margin at 6.6 percent versus 2.2 percent.

Sun TV Q2 (YoY)

• Revenue up 8.1 percent at Rs 676 crore.
• Net profit up 5.6 percent at Rs 285 crore.
• Ebitda up 6.8 percent at Rs 496.4 crore.
• Margin at 73.4 percent versus 74.3 percent.

Novartis India Q2 (YoY)

• Revenue down 4 percent at Rs 168 crore.
• Net profit up 18 percent at Rs 26 crore.
• Ebitda up 3 percent at Rs 15.85 crore.
• Margin at 9.5 percent versus 8.8 percent.

Sobha Q2 (YoY)

• Revenue up 20 percent at Rs 647 crore.
• Net profit up 32 percent at Rs 50 crore.
• Ebitda up 23 percent at Rs 125 crore.
• Margins at 19.3 percent versus 18.8 percent.

Aarti Industries Q2 (YoY)

• Revenue up 25 percent at Rs 888 crore.
• Net profit up 3 percent at Rs 78.5 crore.
• Ebitda up 6 percent at Rs 160 crore.
• Margin at 18 percent versus 21.3 percent.

Deepak Nitrite Q2 (YoY)

• Revenue up 5 percent at Rs 355 crore.
• Net profit up 15 percent at Rs 23 crore.
• Ebitda up 4 percent at Rs 52.5 crore.
• Margin at 14.8 percent versus 14.9 percent.

Brigade Enterprises Q2 (YoY)

• Revenue up 8 percent at Rs 485 crore.
• Net profit up 41 percent at Rs 41 crore.
• Ebitda up 5 percent at Rs 134.5 crore.
• Margin at 27.7 percent versus 28.4 percent.

Jain Irrigation Q2 (YoY)

• Revenue up 9.9 percent at Rs 1,598 crore.
• Net profit down 62 percent at Rs 10.6 crore.
• Ebitda up 4.5 percent at Rs 198.5 crore.
• Margin at 12.4 percent versus 13.1 percent.

Suzlon Q2 (YoY)

• Revenue down 56.5 percent at Rs 1,193 crore.
• Net profit down 72 percent at Rs 68 crore.
• Ebitda down 81 percent at Rs 107 crore.
• Margin at 9 percent versus 20.4 percent.

RCF Q2 (YoY)

• Revenue up 1.4 percent at Rs 1,802 crore.
• Net profit down 74 percent at Rs 11 crore.
• Ebitda down 37.9 percent at Rs 63 crore.
• Margin at 3.5 percent versus 5.7 percent.

Gujarat Fluorochem Q2 (YoY)

• Revenue down 42 percent at Rs 875 crore.
• Net profit down 20 percent at Rs 71.5 crore.
• Ebitda down 45 percent at Rs 148 crore.
• Margin at 16.9 percent versus 17.8 percent.

DLF Q2 (YoY)

• Revenue down 23 percent at Rs 1,588 crore.
• Net profit down 93 percent at Rs 14 crore.
• Ebitda down 23 percent at Rs 787 crore.
• Margin at 49.6 percent versus 49.3 percent.

Ashoka Buildcon Q2 (YoY)

• Revenue down 14 percent at Rs 379 crore.
• Net profit down 27 percent at Rs 33 crore.
• Ebitda down 28 percent at Rs 50.6 crore.
• Margin at 13.4 percent versus 15.8 percent.

Kotak Securities on Quess Corp

• Initiated ‘Buy’ rating with a price target of Rs 1,010; implying a potential upside of 23 percent form Friday’s close.
• Management has a strong pedigree of successful acquisition with five years of payback period.
• Quess has created a strong platform in the large business service space.
• Premium to sustain given secular organic growth, strong promoter financial commitment and management track record.
• Expect revenue, Ebitda and net profit to grow at a compound annual growth rate of 31 percent, 46 percent and 75 percent by March 2019, supported by both organic and inorganic growth.
• Expect an operating margin of 6 percent and 6.7 percent in the current and the next financial year.
• Positives: High growth predictability, margin improvement, strong growth history, thrust on acquisitions, large size and huge growth opportunities.
• Quess is a compelling investment as numbers do not factor incremental upside from acquisitions which remain fundamental to business model.

CLSA on SBI

• Maintained ‘Buy’; hiked price target to Rs 400 from Rs 350.
• Lower slippages and higher provisions a positive.
• Weak topline a concern but merger synergies playing out.
• Cut earnings estimates by 6-13 percent to build higher credit costs and weaker topline.
• BUY given stronger deposit franchise and better asset quality across PSUs.

IDFC Securities on SBI

• Upgraded to ‘Outperformer’ from ‘Neutral’; hiked price target to Rs 375 from Rs 275.
• Asset quality improved during the previous quarter, provisions dent profit.
• Credit cost to remain high as new chairman plans to move towards IFRS
• Cut earnings for the current financial year and raise earnings for the next financial year as bank could prepone some provisioning.
• For the next two financial years, we expect return on asset of 0.5 percent 0.7 percent respectively and return on equity of 7 percent and 11 percent respectively.
• Upgrade driven by strong retail franchise, lower than sector stress loans and better capitalization

Deutsche Bank on SBI

• Maintained ‘Buy’; hiked price target to Rs 380 from Rs 345.
• Better asset quality were reported during the previous quarter, slippages decline and coverage increases.
• Growth continues to remain weak; No further significant improvement in net interest margins.
• Expect net interest margins to marginally decline during the current financial year, led by lower yields and asset re-pricing.
• Expect slippage trends to moderate in the second half; Slippages of 4 percent and 2 percent respectively for the next two financial years.

Kotak Securities on SBI

• Maintained ‘Buy’; hiked price target to Rs 375 from Rs 350.
• Gains on stake sale were utilised to improve provision coverage by 470 basis points.
• Still pressure on revenue growth and path to profitability.
• Have scope for improvement largely driven by resolutions and lower slippages.
• Slippages might still be volatile but likely to show lower negative surprises.

Deutsche Bank on Axis Bank

• Maintained ‘Buy’; hiked price target to Rs 620 from Rs 575.
• Big capital raise boosts confidence; Fades near-term overhang.
• Earnings during the current quarter will be diluted by 4 percent; Book value per share to increase by 9 percent and 8 percent for the next two financial years respectively.
• Issuance to help focus on growth revival and improving retail franchise.
• CET-1 at 12.5 percent now looks comfortable beyond the next financial year as well.

CLSA on Axis Bank

• Maintained ‘Buy’; hiked price target to Rs 650 from Rs 612.
• Fund raising to absorb credit costs and aid growth.
• Issuance to cause equity dilution of 9 percent, lift net worth by 18 percent for the next financial year, Tier I CAR by around 180 basis points and adjusted book value per share by 15 percent.
• Normalisation of asset quality and lift to capital base should ease concerns.
• Expect credit costs to normalise from the next financial year onwards and resolution of non-performing loans can abate concerns.

CLSA on Sun TV

• Maintained ‘Buy’; hiked price target to Rs 1,025 from Rs 965.
• Ad revenue recovers in the previous quarter despite GST disruption.
• Recovery in ad revenue to accelerate with improving viewership
• Subscription revenue outlook is strong boosting subscriptions at a compound annual growth rate of 21 percent by March 2020.
• Expect net profit to grow at a compound annual growth rate of 18 percent by March 2020.

CLSA on Voltas

• Maintained ‘Sell’; hiked price target to Rs 390 from Rs 366.
• Early festive season drives AC revenue and margin during the previous quarter, but slow growth during the present quarter.
• New energy efficiency norms effective January 2018 could hike cost by 2 percent.
• Voltas stock not in sync with its growth.
• Not see much improvement in Voltas’ fundamentals, but the stock is scaling new highs on price to earnings bands on domestic liquidity, while foreign institutional investors remain sellers.

Kotak Securities on Mahindra & Mahindra

• Maintained ‘Buy’; hiked price target to Rs 1,710 from Rs 1,615..
• Ebitda was above above estimates due to improvement in automotive margins
• Tractor demand likely to remain strong; Expect tractor industry volumes to grow at 12 percent in the current and the next financial year.
• Reduction in losses of two-wheeler business positive
• Positives: reasonable valuations, strong tractor demand and efforts to reduce losses in subsidiaries.

Deutsche Bank on Motherson Sumi

• Maintained ‘Hold’; hiked price target to Rs 315 from Rs 253.
• Strong earnings growth during the previous quarter, despite overall margin miss
• Raised Ebitda and earnings per share estimates by 8 percent and 11 percent respectively and 3 percent and 10 percent respectively for the current and next financial years, to factor in strong performance and consolidation.
• Company continues to outperform the underlying car industry growth.
• Wiring harness business could be a net beneficiary of electrification.

IDFC Securities on L&T

• Maintained ‘Neutral’; hiked price target to Rs 1,259 from Rs 1,194.
• Raised EPS estimates for the current and the next financial year by 11 percent and 7 percent respectively to factor in annualized increase in tariffs in Nabha Power.
• Asking rate for the second half appears to be steep at 15 percent due weak revenue growth in previous half
• Expect revenue and profit before tax to grow at a compound annual growth rate of 11 percent and 15 percent respectively by March 2020.
• Stock does not offer margin of safety against risk to earnings from weak order inflow/execution.

Edelweiss on L&T

• Maintained ‘Buy’ with a price target of Rs 1,350.
• Revenue guidance maintained for the current financial year; Order intake guidance cut.
• With GST issues behind, better growth in the second half seems fairly possible.
• Positives: government’s focus on large infra projects, strong balance sheet & execution capability.
• Expect earnings per share to grow at a compound annual growth rate of 15 percent by March 2019 given business consolidation and strong infra potential.

Kotak Securities on Oil India

• Maintained Sell; hiked price target to Rs 310 from Rs 270.
• Results during the previous quarter boosted by modestly higher sales volumes, lower costs and higher other income.
• Cautious given muted production guidance and declining reserves.
• Raise earnings per share estimates by 3-6 percent for the next two financial years, factoring in lower costs.
• Prefer ONGC as a play on higher oil and gas prices.

Kotak Securities on BPCL

• Maintained ‘Sell’; hiked price target to Rs 475 from Rs 440.
• Weaker refining margins offset by higher marketing volumes.
• Hiked earnings per share estimates to factoring in higher volumes and lower operating costs.
• Continued loss of market share in auto fuels, albeit at a slower pace

For a full list of stocks to watch, click here!

The sale of Mumbai power business is expected to help Reliance Infrastructure pare its debt by 60-70%.https://t.co/h06DeEcc2f

— BloombergQuint (@BloombergQuint) November 13, 2017

Commodities:

• West Texas Intermediate crude rose 0.16 percent to $56.83 a barrel
• Gold remained unchanged at $1,276.18 an ounce