Fourteen states received the 15th Finance commission mandated Post Devolution Revenue Deficit Grant.
With November's Rs 7,183 crore release, the total amount of Revenue Deficit Grants released to the States in FY23 has gone up to Rs. 57,467.33 crore.
Source: PIB
The market breadth is skewed in the favour of bulls. About 1,967 stocks rose, 1486 fell and 202 remained unchanged.
Rajesh Exports' shares gained after the company formed a new subsidiary for ACC production under PLI scheme.
The stock gained 3.63% to Rs 774.8. Total traded quantity at 2.7 times the 30-day average. The relative strength index is at 77 suggesting that the stock may be overbought.
Rajesh Exports has formed a wholly-owned subsidiary named ACC Energy Storage Pvt.
Rajesh Exports was selected under the government’s ACC PLI scheme, along with Reliance Industries and Ola Electric in July this year.
Source: Exchange filing
– Global Health IPO was fully subscribed as of 12 p.m. on day 3.
– Bidding was led by non institutional investors (1.97 times).
Source: BSE
Reliance Industries said it would not comment on media reports that point to its foray into salon business via the acquisition of salon chain Naturals.
It said it evaluates various opportunities on ongoing basis.
Source: Exchange filing
The market breadth is skewed in the favour of bulls. About 2,076 stocks rose, 873 fell and 129 remained unchanged.
Yield on the 10-year bond fell 1bps to 7.46% on Monday.
Source: Bloomberg
Auto Retail Sales In Festivals (YoY)
Passenger vehicle sales rose 34.3% to 4.56 lakh units
Two-wheeler sales jumped 26.4% to 21.55 lakh units
Commercial vehicle sales rose 29.3% to 1.06 lakh units
Sales of tractors rose 29.8% to 77,602 units
Three-wheeler sales rose 68.2% to 93,239 units
Source: FADA
*Festival sales for 42-day period from Sep 26 to Nov 6
-Zydus Lifesciences received Establishment Inspection Report from the U.S. drug regulator for its Moraiya formulations manufacturing unit.
-U.S. FDA determined the inspection classification of the facility as Voluntary Action Indicated.
- U.S. FDA inspected the facility from July 26 to Aug.5, concluding with four observations.
-It indicated that the inspection is closed.
Source: Exchange filing
U.S. Dollar Index at 111.15
U.S. 10-year bond yield at 4.16% on Friday
Brent crude down 1.48% to $97.11 per barrel
Nymex crude at $90.92 per barrel
SGX Nifty up 0.54% to 18,301 as of 8:18 a.m.
Bitcoin fell 0.97% to $20,923.9.
Aditya Birla Capital, Affle (India), Alkyl Amines Chemicals, Automotive Axles, Bannari Amman Sugars, BLS International Services, Bharat Petroleum Corporation, Ceat, Cera Sanitaryware, Coal India, Divi's Laboratories, Endurance Technologies, India Cements, KEC International, K.P.R. Mill, Mold-Tek Packaging, One 97 Communications, PB Fintech, Privi Speciality Chemicals, RateGain Travel Technologies, Sansera Engineering, Sequent Scientific, Sun Pharma Advanced Research Company, Sundaram-Clayton, Tata Teleservices (Maharashtra), Ujjivan Small Finance Bank, Vinati Organics
TVS Motor Company: The board approved issue of zero-coupon debentures up to Rs 310 crore to subsidiary Sundaram Auto Components.
Bhagiradha Chemicals & Industries: The board declared dividend of Re 1 per equity share of face value of Rs 10.
Cipla: The board decided not to proceed with the transfer of India-based U.S. business undertaking.
Escorts Kubota: The company will buy rough terrain crane business and the associated equipment and parts from Tadano Escorts India for Rs 16.59 crore. The company will also sell 49% stake in Tadano.
Birlasoft: Dharmender Kapoor resigns as managing director and chief executive officer. Company appointed Angan Guha as chief executive officer and managing director, effective Dec. 1, 2022.
IDFC First Bank: The board approved plan to raise Rs 4,000 crore Tier-1 capital via issuance of equity share.
Reliance Industries: Veteran banker K.V. Kamath has been appointed non-executive chairman of the company’s financial services arm Reliance Strategic Investments, which is soon to be demerged and listed as Jio Financial Services.
Indian Railway Finance Corporation: The board will convene on Nov. 10, 2022 to consider interim dividend for the current financial year.
Bank of India: The board approved Raising of Tier-1 capital via issue of AT-1 bonds worth Rs 2,500 crore.
Mahanagar Gas: The company increased CNG price by Rs 3.50 per kg, and domestic PNG price by Rs 1.50 per SCM in its license areas spread in and around Mumbai.
Jagran Prakashan: The company announced a Rs 345-crore buyback plan, where it will buy back 4.6 crore equity shares at Rs 75 apiece via tender offer route. The buyback size represents 17.45% of company's total equity shares.
Vidhi Specialty Food: The board will meet on Nov. 11 to consider the first interim dividend for the current fiscal.
Adani Ports and Special Economic Zone: October business update:
-The company handled 25 MMT cargo in October.
-Daily average volumes improved to 1 MMT in second half of the month.
-APSEZ recorded 203 MMT cargo volume during April-October period, amounting to a growth of 10% year-on-year.
Titan Company Q2 FY23 (Consolidated YoY)
Revenue up 22% at Rs 9,163 crore Vs Rs 7,493 crore (Bloomberg estimate: Rs 8,507.88 crore)
EBITDA up 29% to Rs 1247 crore Vs Rs 968 crore (Bloomberg estimate: Rs 1,105.68 crore)
EBITDA margin at 13.6 % Vs 12.9% (Bloomberg estimate: 13%)
Net profit up 30% at Rs 831 crore Vs Rs 639 crore (Bloomberg estimate: Rs 739.04 crore)
Marico Q2 FY23 (Consolidated YoY)
Revenue up 3% at Rs 2,496 crore Vs Rs 2,419 crore (Bloomberg estimate: Rs 2488.49 crore)
Ebitda up 2% to Rs 433 crore Vs Rs 423 crore (Bloomberg estimate: Rs 443.76 crore)
Ebitda margin at 17.3% Vs 17.5% (Bloomberg estimate: 17.8%)
Net profit down 3% at Rs 301 crore Vs Rs 309 crore (Bloomberg estimate: Rs 311.75 crore)
TVS Motor Q2 FY23 (Consolidated YoY)
Revenue from operations rises 32% to Rs 8,560.7 crore (Bloomberg estimate: Rs 6,365 crore)
Ebitda rises 47% to Rs 1,086.32 crore Vs 739.8 crore (Bloomberg estimate: Rs 659 crore)
Ebitda margin stood at 12.7% versus 11.4% last year (Bloomberg estimate: 10.4%)
Net profit rises 60% to Rs 386.3 crore Vs Rs 242.2 crore (Bloomberg estimate: Rs 351.5 crore)
InterGlobe Aviation Q2 FY23 (Consolidated YoY)
Revenue from operations rises 123% to Rs 12,497.6 crore Vs Rs 5,608.5 crore (Bloomberg estimate: Rs 11,769.1 crore)
Ebitda falls 32.7% to Rs 229.2 crore Vs 340.8 crore
Ebitda margin at 1.8% versus 6.1% last year
Net loss widens 10.3% to Rs 1,583.3 crore Vs Rs 1435.7 crore (Bloomberg estimate: Rs 892.01 crore)
Britannia Q2 FY23 (Consolidated figures, YoY)
Revenue up 21% at Rs 4379.6 crore Vs Rs 3607.4 crore
Net profit up 28% at Rs 493.3 crore Vs Rs 384.22 crore
Ebitda up 27% to Rs 711.7 crore Vs Rs 558.3 crore
Margins at 16.3% Vs 15.5%
City Union Bank Q2 FY23 (YoY)
Net interest income rises 19% to Rs 567.9 crore Vs 478.3 crore
Net profit rises 52% at Rs 276.4 crore Vs Rs 182.1 crore (Bloomberg estimate: Rs 227 crore)
GNPA at 4.36% Vs 4.65% (QoQ)
NNPA at 2.69% Vs 2.89% (QoQ)
Godrej Agrovet Q2 FY23 (Consolidated YoY)
Revenue up 14% at Rs 2,445.3 crore Vs Rs 2,154.1 crore (Bloomberg estimate: Rs 2,537.8 crore)
Ebitda down 21% to Rs 150.3 crore Vs Rs 190.4 crore (Bloomberg estimate: Rs 204.3 crore)
Ebitda margin at 6.1% Vs 8.8% (Bloomberg estimate: 8.1%)
Net profit down 34% at Rs 71.7 crore Vs Rs 109.3 crore (Bloomberg estimate: Rs 120.1 crore)
ZF Commercial Vehicle Control Systems India Q2 FY23 (Consolidated YoY)
Revenue up 29% at Rs 792.8 crore Vs Rs 616.5 crore
Ebitda up 71% to Rs 107.5 crore Vs Rs 62.7 crore
Ebitda margin at 13.6% Vs 10.2%
Net profit up 113% at Rs 68.6 crore Vs Rs 32.2 crore
State Bank of India Q2FY23 (Standalone, YoY)
Net profit: Rs 13,264.5 crore vs Rs 7,626.6 cr (YoY) (Bloomberg estimate: Rs 10,267 crore)
NII: Rs 35,182.45 cr vs Rs 31,183.89 cr (YoY)
GNPA: 3.52% vs 3.91% (QoQ)
NNPA: 0.8% vs 1% (QoQ)
Power Grid Corporation of India Q2 FY23 (Consolidated YoY)
Revenue up 9% at Rs 11,150.57 crore Vs Rs 10,268.48 crore (Bloomberg estimate: Rs 11,215.2 crore)
EBITDA up 3% at Rs 9,425.85 crore Vs Rs 9,112.04 crore (Bloomberg estimate: Rs 9,516.1 crore)
EBITDA margin at 84.5% Vs 88.7% (Bloomberg estimate: 84.9%)
Net profit up 8% at Rs 3,650.16 crore Vs Rs 3,376.38 crore (Bloomberg estimate: Rs 3,969.6 crore)
Dividend of Rs 5 per equity share of face value Rs. 10
Equities opened higher in Japan, South Korea and Australia, though the gains were more modest than futures had suggested earlier. Contracts for the S&P 500 and Nasdaq 100 fell, as did European stock futures, after the shares on Wall Street snapped a four-day slide on Friday.
Investor appetite soured, sending US equity futures and commodities lower after China affirmed its Covid-zero policy stance. The dollar advanced against major currencies on its appeal as a haven asset.
Oil slumped around 2%, leading falls in commodities on the prospect of weaker demand from China.
On Friday, India's stock benchmarks sustained gains for three weeks in a row aided by weekly gains in metals, PSU banks and media stocks.
At 6:35 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- gained 0.54% to 18,301.