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Britannia Q2 FY22 (Consolidated, QoQ)
Revenue up 6% at Rs 3607.37 crore Vs Rs 3403.46 crore
Net profit down 1% to Rs 384.22 crore from Rs 389.55 crore
EBITDA up 1% to Rs 558.33 crore Vs Rs 553.78 crore
Margins at 15.5% Vs 16.3%
The broader indexes almost mirrored their larger peers with the S&P BSE MidCap index adding 1.2% and the S&P BSE SmallCap index gaining nearly 0.8%. Barring S&P BSE Healthcare index, all the other 18 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Consumer Durables and S&P BSE Oil & Gas rising nearly 2.5%
The market breadth was skewed in favour of the bulls. About 1,819 stocks advanced, 1,540 declined and 191 remained unchanged.
"A solid rebound in Financial Services (excluding Private Banks), IT and metal stocks supported market rally today. Notably, cement stocks were in focus today mainly led by sustainability of sharp price hikes taken by cement companies in recent period and visible contraction in key input costs", Binod Modi wrote in a note. The Head - Strategy at Reliance Securities added "government’s effort to calm down high commodity prices by cutting excise duties in petrol and diesel augurs well, which will also aid RBI to keep interest rate at current range to support ongoing recovery."
Poonawalla Fincorp has 30.3 million shares change hands in three bunch trades.
Details of buyers and sellers are not immediately known.
Source: Bloomberg
Shares of Wockhardt Ltd. rose 7.62% in intraday trade to Rs 474 apiece after the company reported sequential growth in sales and net profit in the September quarter
Second Quarter Results (QoQ)
Net profit at Rs 35 crore vs net loss of Rs 13 crore
Sales at Rs 862 crore vs Rs 860 crore
Ebitda at Rs 109 crore vs Rs 108 crore
Ebitda margins at 12.7% vs 12.5%
Trading volume on the stock was 4 times the 30-day average volume for this time of the day.
Shares of Sundaram Finance Ltd. shed 1% to Rs 2,480.05 apiece after the company reported its September quarter numbers
Second Quarter Numbers
Net income at Rs 210.65 crore vs Rs 191.99 crore YoY
Revenue from operations Rs 1,021.82 crore vs Rs 992.96 crore YoY
Total costs at Rs 746.71 crore vs Rs 744.03 crore YoY
Other income at Rs 3.35 crore vs Rs 4.90 crore YoY
Of the seven analysts tracking the company, three maintained 'buy', two maintained 'hold' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 3.9%
Rupee gained past 74 to a dollar to its highest since September 28 amid inflows for share sales.
USD/INR drops to as much as 73.9863, last seen September 28.
Edelweiss Alternative Research: All the MSCI potential high conviction inclusion names hold strong chance to move from current midcap categorization to Large Cap categorisation
Zomato will be for sure fresh entrant in Large cap category
Edelweiss Alternative Research Predictions
High Conviction
Tata Power
SRF
Mphasis
Godrej Properties
Mindtree
IRCTC
Zomato
Two Stocks On Borderline For Exclusion From Standard Index
Ipca Laboratories
REC
MSCI will announce SAIR rejig on Friday. The adjustment will take place on November 30.
New home loan rate to be effective from Nov 9 to Dec 10.
New rate applicable for fresh home loans as well as balance transfers.
Kotak Mahindra Bank was offering home loans at 6.5% between September 10 to November 8 for the festive season.
Source: Kotak Mahindra Bank statement
India's market infrastructure institutions, including stock exchanges, clearing corporations and depositories finalized a plan to implement shorter trade settlement for some stocks from February 25,.
The T+1 settlement cycle will be implemented in a phased manner and some stocks will have the T+1 settlement available from February 25.
Source: Statement from Exchanges, NSDL, CDSL, MSE
Motherson Sumi Systems Ltd. approved the issuance of rated, listed, unsecured, redeemable non-convertible debentures of face value of Rs 10 lakh each, for an aggregate principal amount of up to Rs 1,000 crore, on a private placement basis, to certain eligible investors , in one or more tranches.
Source: Exchange Filing
Shares of Minda Corporation Ltd. rose for the ninth straight day, on track for the longest winning streak since Feb. 23, 2015.
Minda has gained a total of 39% during the streak while the S&P BSE Sensex Index fell 0.7%.
Relative strength index on the stock was 82, suggesting it may be overbought.
Byju's received strong demand for its term loan from global investors like Blackstone, GIC, Fidelity.
Byju's is more than doubling targeted size of its term loan B to $1.2 billion from $500 million earlier.
Board of Byju's parent, Think & Learn Pvt approved the size and terms of the loan.
Byju's, Blackstone, Fidelity and GIC did not immediately respond to emails.
Source: People Involved In The Deal
Eicher Motors cut to 'hold' from 'accumulate' at Prabhudas Lilladher; price target: Rs 2,856
Indian Bank cut to 'accumulate' from 'buy' at Quantum Securities; price target: Rs 208
VRL Logistics raised to 'buy' from 'accumulate' at Elara Securities; price target: Rs 516
Source: Bloomberg
Shares of Karur Vysya Bank Ltd. advanced after the company reported YoY growth in net income in September quarter.
Second Quarter Results
Net profit at Rs 165.45 crore vs Rs 114.89 crore YoY
Gross NPA at 7.38% vs 7.97% QoQ
Interest income at Rs 1,397.95 crore vs Rs 1,394.70 crore YoY
Total costs at Rs 1,187.21 crore vs Rs 1,217.50 crore YoY
Of the 12 analysts tracking the company, 10 maintained 'buy', one maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 25.8%.
The broader indexes outperformed their larger peers with the S&P BSE MidCap adding over 0.75% and the S&P BSE SmallCap index gaining 0.5%. Sixteen of the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Consumer Durables index rising over 2%.
The market breadth was skewed neither in favour of bulls nor bears. About 1,674 stocks advanced, 1,545 declined and 206 remained unchanged.
India bonds rose on optimism that inflation would slow after the federal government cut excise duty on gasoline and diesel. The rupee advanced for a sixth day as India’s biggest initial share sale opened for subscription.
10-year yields dropped 4bps to 6.32%; 5-year yields fell 4bps to 5.69%
USD/INR dropped 0.4% to 74.1837
Twenty-two Indian provinces cut taxes on gasoline and diesel, taking a cue from the federal government’s decision to pare levies on retail fuels to provide relief to consumers from record pump prices
Source: Bloomberg
Shares of Pfizer India Ltd. rose over 8%, the biggest intraday gain in nearly a year, to Rs 5,421 apiece.
The company reported its quarterly numbers post market hours Wednesday
Pfizer Q2FY22 (YoY)
Revenue up 7% at Rs 636.26 crore Vs Rs 595.41 crore
Net profit up 9% at Rs 142.95 crore Vs Rs 131.37 crore
Ebitda down 7% at Rs 189.37 crore Vs Rs 203.32 crore
Margins at 29.8% Vs 34.1%
The advance comes after Pfizer publishing data that showed its Covid-19 pill reduced hospitalizations and deaths in high-risk patients by 89%.
Of the seven analysts tracking the company, five maintained 'buy' and two maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 16.2%.
Trading volume on the stock was 22.3 times the 30-day average volume for this time of the day.
Future Retail appeals lower court refusal to lift bar on Reliance deal
Future Retail has filed a new petition in the Supreme Court challenging the Delhi High Court’s refusal to allow steps for the company’s asset sale deal with Reliance Industries, according to updates on the top court’s website.
Future Retail filed the petition against a Amazon.com Inc. group firm on Monday morning; the top court has yet to give a date for hearing the petition
The top court is scheduled to hear earlier petitions by Future Group firms and Amazon on Nov. 11
Shares of Asian companies related to infrastructure rose after the House on Friday passed the biggest U.S. infrastructure package in decades, unleashing $550 billion of fresh spending on roads, bridges, public transit and other projects in coming years
Indian companies in focus: Cummins India rose nearly 2%, Bharat Forge gained over 2.5%
Source: Bloomberg
Paytm IPO Subscription Live Updates: Day 1
Yields fell across the India sovereign yield curve in Monday morning trading.
The 5-year yield fell 4.1bps to 5.686%
The 10-year yield fell 4bps to 6.318%
The 20-year yield remained unchanged at 6.982%
The 5-year-10-year yield spread was 63.2bps, vs previous close 63.1bps
Source: Bloomberg
The construction arm of Larsen & Toubro Ltd. secured significant orders for its business in India. The company defines significant orders to be of the value of Rs 1,000 crore-Rs 2,500 crore.
The metallurgical and material handling business has been awarded an EPC order of 12 MTPA dry circuit systems for a screening plant from NMDC Ltd, in Chhattisgarh.
Building and Factories business won a prestigious order from DRDO to construct their flight control system facility at Bengaluru.
Source: Exchange Filing.
Shares of Larsen & Toubro rose 2.35% in intraday trade to Rs 1,953.9 apiece.
Of the 42 analysts tracking the company, 40 maintained 'buy', one maintained 'hold' and one maintained 'sell' recommendations.
Shares of Muthoot Finance Ltd. rose nearly 7% in intraday trade, the most in over five months, to Rs 1,636.85 apiece after the company reported sequential growth in interest income and net profit in the September quarter, post market hours Thursday.
Muthoot Finance (Consolidated, QoQ)
Interest income up 2.9% at Rs 3,003.3 crore
Profit after tax up 2.5% at Rs 1,002.9 crore
Gross loans under management up 5% at Rs 55,146.8 crore
Earnings per share at Rs 24.98 versus Rs 24.37
Of the 20 analysts tracking the company, 15 maintained 'buy', three maintained 'hold' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 9%.
Trading volume on the stock was 5.7 times the 30-day average volume for this time of the day.
Makers of Covid-19 vaccines and treatments slumped in Asia after Pfizer Inc. published a positive result from its Covid-19 pill, which it said reduced hospitalizations and deaths in high-risk patients by 89%.
Divi's Labs Shares Drop 8% On Q2 Missing Estimates, Margin Woes
IndusInd Bank Shares Drop 10% As Brokerages Seek Clarity On Evergreening Concerns
Eicher Motors Q2 Review: Analysts See Healthy Order Book, Chip Supply To Improve
The broader indexes almost mirrored their broader peers with the S&P BSE MidCap index gaining 0.3% and the S&P BSE SmallCap little changed. Sixteen of the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Capital Goods index rising over 1.4%.
The market breadth was skewed neither in favour of bulls nor bears. About 1,222 stocks advanced, 1,316 declined and 171 remained unchanged.
Paytm IPO: All You Need To Know About One97 Communications
Inox Wind Ltd. has secured an order for a 150 Mega Watt wind power project from NTPC Renewable Energy Ltd, a wholly owned subsidiary of NTPC Ltd. This project will be commissioned in Gujarat by April 2023 and is expected to help NTPC achieve its target of 60 Giga Watt renewable energy capacity by 2032.
This is a repeat order from NTPC and the largest PSU order for Inox Wind in recent times.
Source: Exchange Filing
Indian government has placed a purchase order for 10 million doses of Zydus Cadila's Covid-19 vaccine, the Press Trust of India reported citing officials it did not name.
The three-dose shot called ZyCoV-D is the first vaccine the government has approved to inoculate citizens of age 12 years or more, but initially it may be given only to adults because of limited production capacity, according to the report
Eicher Motors raised to 'add' at ICICI Securities; price target: Rs 2,795
Divi's Labs cut to 'reduce' at ICICI Securities; price target: Rs 4,628
Bharti Airtel cut to 'add' at Spark Capital Advisors
Source: Bloomberg
Rupee traders will watch for inflows as India’s biggest initial share sale opens for subscription. Bond traders are likely to weigh the impact of a cut in excise duty on gasoline and diesel on inflation and government finances.
The float by One97 Communications, the parent of Paytm, is priced in a band of Rs 2,080-2,150 and aims to raise as much as Rs 18,300 crore ($2.5 billion); offer closes Nov. 10
USD/INR fell 0.3% to 74.4600 on Wednesday
Onshore markets were shut Thursday and Friday for the Diwali holiday
Implied opening from forwards suggests spot may start trading around 74.24
10-year yields little changed at 6.36% on Wednesday
Global funds sold net Rs 401 crore of India stocks Wednesday: NSE
They did not sell sovereign bonds under limits available to foreign investors, and withdrew Rs 63 crore of corporate debt
State-run banks bought Rs 738 crore of sovereign bonds on Nov. 3: CCIL data. Foreign banks sold Rs 359 crore of bonds
Source: Bloomberg
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