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The market breadth was skewed in the favour of bears. About 1,440 stocks advanced, 1,850 declined and 155 remained unchanged.
"Domestic equity witnessed heavy sell-off today led by heavy selling in heavyweight financials. Notably, hotter than expected October CPI print in USA raised apprehensions among investors pertaining to prevailing soft monetary policy stance of global central bankers", Binod Modi, Head Strategy at Reliance Securities wrote in a note. He also added that "market may consolidate at these levels in the near term and investors will track pricing power of the industries."
Shares of Piramal Enterprises Ltd. shed over 5% in intraday trade to Rs 2,678.3 apiece after the company reported sequential decline in net profit in the September quarter.
September Quarter Numbers (Consolidated, QoQ)
Net profit down 22% at Rs 419.2 crore Vs net loss of Rs 539.4 crore
Revenue up 6.77% at Rs 3,105.52 crore vs Rs 2,908.68 crore
Total costs at Rs 2,667.92 crore vs Rs 2,492.97 crore
Other income at Rs 128.07 crore vs Rs 102.92 crore
Of the six analysts tracking the company, five maintained 'buy' and one maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 12.7%
September Quarter Results (Consolidated, QoQ)
Net profit at Rs 92.2 crore vs Rs 29.90 crore
Revenue at Rs 2,113.99 crore vs Rs 1,602.55 crore
Total costs at Rs 2,000.56 crore vs Rs 1,564.87 crore
Other income at Rs 21.06 crore vs Rs 6.14 crore
Of the 22 analysts tracking the company, 15 maintained 'buy', five maintained 'hold' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 13.3%
Shares of Hindustan Aeronautics Ltd. rose nearly 3% to Rs 1,414.55 apiece after the company reported sequential growth in net profit and revenue in September quarter
Second Quarter Results (Consolidated, QoQ)
Net profit at Rs 846.74 crore vs Rs 194.68 crore
Revenue at Rs 5,551.16 crore vs Rs 1,615.83 crore
Total costs at Rs 4,555.18 crore vs Rs 1,499.53 crore
Other income at Rs 137.38 crore vs Rs 150.13 crore
All the six analysts tracking the company maintained 'buy' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 44%.
September Quarter Results (Consolidated, QoQ)
Net profit at Rs 478.89 crore vs Rs 413.66 crore (Bloomberg Consensus Estimate: Rs 492 crore)
Revenue at Rs 3,163.65 crore vs Rs 2,894.45 crore (Estimate: Rs 3,184 crore)
Total costs at Rs 2,579.45 crore vs Rs 2,372.65 crore
Other income at Rs 22.64 crore vs Rs 20.90 crore
Second Quarter Results (Consolidated, QoQ)
Net profit down 13.2% at Rs 65.1 crore vs Rs 75 crore (Bloomberg consensus estimate: Rs 88.3 crore)
Revenue down 8.07% Rs 377.2 crore vs Rs 410.3 crore (Estimate: Rs 489 crore)
Total costs at Rs 345.4 crore vs Rs 336.3 crore
Other income at Rs 38 crore vs Rs 17 crore
Of the 15 analysts tracking the company, seven maintained 'buy', five maintained 'hold' and three maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 32.1%
Shares of MOIL Ltd. rose for the eighth straight day, on track for the longest winning streak since the period ended Oct. 15, 2015.
MOIL has gained a total of 13% during the streak while the S&P BSE Sensex Index increased 0.9%.
Trading volume on the stock was 4.9 times the 30-day average volume, for this time of the day.
Shares of MOIL crossed above 100-day moving average.
Second Quarter Results (Consolidated, QoQ)
Revenue at Rs 2,626.35 crore Vs Rs 1,936.79 crore (Bloomberg Consensus Estimate: Rs 2,318 crore)
Net profit at Rs 375.53 crore Vs Rs 217.64 crore (Bloomberg Consensus Estimate: Rs 350 crore)
Total costs at Rs 2,149.45 crore vs Rs 1,655.45 crore
Other income at Rs 13.9 crore vs Rs 6.12 crore
CFO Pradip Menon has resigned from the post. He will be relieved from the duty w.e.f. close of business hours on December 20, 2021.
Of the 19 analysts tracking the company, four maintained 'buy', six maintained 'hold' and nine maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 13.3%
Trading volume on the stock was 7.2 times the 30-day average volume, for this time of the day.
Motilal Oswal
Maintains 'neutral' with the target unchanged at Rs 2,300; implied return of -6.61%
Overall gross margin contracted on account of sharp rise and volatility in input costs.
Calibrated pricing actions and focus on operational efficiencies helped the company maintain EBITDA margin.
Domestic subsidiaries in C&B business posted double-digit growth due to rise in sales in premium products.
Subsidiaries in B2B business have improved sequentially due to recovery in construction-related activities.
Dolat Capital
Maintains 'accumulate' with the target price unchanged at Rs 2,280
Results beat estimates on all front, due to strong demand environment.
Domestic business growth driven by volume growth in consumer bazaar/B2B segment.
Sharp rise in input cost led to margin contraction, which was however partially offset by reduction in employee cost.
To revisit estimate post conference call on Thursday
Second Quarter Results (Standalone, QoQ)
Net profit up 70.29% at Rs 235 crore vs Rs 138 crore (Bloomberg Consensus Estimate: Rs 253 crore)
Revenue up 8.28% at Rs 2,091 crore vs Rs 1,931 crore
Total costs at Rs 1,912 crore vs Rs 1,865 crore
Other income at Rs 32 crore vs Rs 14 crore
Source: Exchange Filing
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The broader indexes almost mirrored their broader peers with the S&P BSE MidCap index shedding 0.8% and the S&P BSE SmallCap slipping 0.5%. Barring S&P BSE Consumer Durables and S&P BSE Metal indexes, all the other 17 sectoral indexes compiled by BSE Ltd. declined, with the S&P BSE Realty index falling 2.70%.
The market breadth was skewed in the favour of bears. About 1,379 stocks advanced, 1,780 declined and 164 remained unchanged
Shares of Metropolis Healthcare Ltd. shed nearly 5% to Rs 3,003.20 apiece after the company reported sequential decline in net profit and revenue in the September quarter, post market hours Wednesday
Second Quarters Results (Consolidated, QoQ)
Net profit at Rs 58.40 crore vs Rs 74.92 crore
Revenue at Rs 302.62 crore vs Rs 326.76 crore
Total costs at Rs 230.48 crore vs Rs 243.34 crore
Other income at Rs 5.57 crore vs Rs 3.76 crore
Of the 14 analysts tracking the company, eight maintained 'buy', two maintained 'hold' and four maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 6.7%
About 1,415 stocks advanced, 1,709 declined and 149 remained unchanged, as of 12:00 p.m.
Source: BSE
Shares of CRISIL Ltd. rose over 12.3% to Rs 3,225 apiece after reporting sequential growth in net profit and revenue in September quarter, post market hours Wednesday
Second Quarter Results (Consolidated, QoQ)
Net profit at Rs 112.86 crore vs Rs 100.80 crore
Revenue at Rs 570.96 crore vs Rs 528.51 crore
Total costs at Rs 452.57 crore vs Rs 419.06 crore
Other income at Rs 32.84 crore vs Rs 21.97 crore
Of the five analysts tracking the company, three maintained 'buy' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 1%.
Trading volume on the stock was 37 times the 30-day average volume, for this time of the day.
The relative strength index on the stock was 70, suggesting it may be overbought.
NTPC Ltd. has informed that the Unit-1 (660 Mega Wass) of Barh Super Thermal Power Station Stage-I is open for commercial operations from Friday.
With this, the commercial capacity of NTPC and NTPC group will become 54,232.5 Mega Watt and 67,657.5 Mega Watt, respectively.
Source: Exchange Filing.
Indian bonds slip as RBI Governor Shaktikanta Das flags concerns on core inflation, adding to the growing fears on rising global prices. The rupee is weaker in line with Asian peers.
10-year yields up 3bps to 6.37%, adding to 4bps rise on Wednesday
5-year yield also up 3bps to 5.72%
USD/INR rose 0.2% to 74.5250
Source: Bloomberg
J Kumar Infraprojects Ltd. received Letter of Acceptance from Maharashtra Metro Rail Corporation Ltd. (Navi Mumbai Metro Rail Project) for anorder worth Rs 163.22 crore).
The order pertained to the design and construction of balance works of concrete and fabricated steel structures, architectural works, plumbing and sewerage of six elevated metro stations at Kharghar Villar, Kendriya Vihar, Utsav Chowk, Belpada, RBI Colony and Belapur Terminal station in Navi Mumbai, the company said in an exchange filing.
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Yields rose across the India sovereign yield curve in Thursday morning trading.
The 3-year yield rose 0.7bps to 5.082%
The 10-year yield rose 3.2bps to 6.368%
The 20-year yield remained unchanged at 6.892%
The 3-year-10-year yield spread was 128.6bps, vs previous close 126.1bps
Source: Bloomberg
Second Quarter Results (Consolidated, QoQ)
Revenue down 2.5% at Rs 1,292.3 crore Vs Rs 1,326 crore (BBG estimate : Rs 1,309.8 crore)
Net profit up 2.9% to Rs 169.3 crore from Rs 164.5 crore (BBG estimate : Rs 169.5 crore Profit)
EBITDA at Rs 257.2 crore Vs Rs 235.9 crore, up 9% (BBG estimate : Rs 251.4 crore)
Margins at 19.9% Vs 17.8% (BBG estimate : 19.2%)
EPS at Rs 8.61 per share Vs Rs 8.37 (BBG estimate : Rs 8.65)
Of the 18 analysts tracking the company, seven maintained 'buy', seven maintained 'hold' and four maintained 'hold' recommendations.
V-Mart Retail cut to 'accumulate' from 'buy' at Elara Securities; price target: Rs 4,565
Firstsource Solutions raised to 'buy' from 'hold' at Emkay Global; price target: Rs 220
Source: Bloomberg
Zomato Shares Gain As Analysts Remain Unfazed By Wider Losses
Second Quarter Results (Consolidated, QoQ)
Revenue at Rs 274.70 crore Vs Rs 152.47 crore (Bloomberg Consensus Estimate: Rs 226 crore)
Net profit up 77% at Rs 47.81 crore Vs Rs 35.89 crore (Estimate: Rs 33.95 crore)
Total costs at Rs 232.90 crore vs Rs 124.01 crore
Other income at Rs 15.23 crore vs Rs 12.69 crore
Of the seven analysts tracking the company, six maintained 'buy' and one maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 9%.
Dolat Capital
Maintains 'buy' with the target kept unchanged at Rs 1,164
Robust performance organically, Jamp acquisition integration had a positive impact on international business
India business reported commendable growth.
Believe Affle offers a unique interplay of 'digital + mobility + analytics' theme with the possibility of multi-year high growth.
Believe that the company can sustain current growth momentum.
September Quarter Results (Consolidated, QoQ)
Revenue up 39.62% at Rs 1,469.32 crore Vs Rs 1,052.36 crore
Net profit up 81.4% at Rs 87.92 crore Vs Rs 48.47 crore
Total costs at Rs 1,391.78 crore vs Rs 1,021.49 crore
Other income at Rs 36.75 crore vs Rs 25.39 crore
Of the 28 analysts tracking the company, four maintained 'buy', eight maintained 'hold' and 16 maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 9.6%.
Trading volume on the stock was 129.4 times the 30-day average volume, for this time of the day.
Motilal Oswal
Maintains 'neutral' with the target price kept unchanged at Rs 1,385; an implied return of -2.38%.
Revenue was in-line with the estimate while gross margin remained stable.
Order inflows remained strong and order book was robust at Rs 6,520 crore.
Dolat Capital
Maintains 'sell' with the target price kept unchanged at Rs 1,205; an implied return of -11.45%
Robust revenue growth aided by performance in energy, environment and chemical segments.
Growth in net profit driven by higher-than-estimated other income.
HDFC Bank has 1 million shares change hand in a bunched trade
Details of buyers and sellers are not immediately known
Source: Bloomberg
The broader indexes outperformed their broader peers with the S&P BSE MidCap index little changed and the S&P BSE SmallCap gaining 0.2%. Eleven of the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P BSE Consumer Durables index adding 1%.
The market breadth was skewed in favour of the bulls. About 1,498 stocks advanced, 873 declined and 111 remained unchanged.
Equity Mutual Funds See Inflows For Eighth Month, SIPs Hit A New Record
NIIT Ltd. raised to 'buy' from 'accumulate' at Dolat Capital; price target: Rs 420
Zomato raised to 'overweight' from 'equal-weight' at Morgan Stanley; price target: Rs 185
Indraprastha Gas raised to 'outperform' from 'neutral' at Credit Suisse; price target: Rs 640
Source: Bloomberg
Indian bond traders will weigh the central bank governor’s comment on inflation. A sharp rise in U.S. yields may weigh on bonds while the rupee may weaken in line with Asian peers.
Core inflation remains elevated and a policy challenge, RBI Governor Shaktikanta Das said on Wednesday in an interview with a newspaper.
10-year yields rose 4bps to 6.34% on Wednesday.
USD/INR rose 0.5% to 74.3837 on Wednesday, the biggest rise in a month.
Global funds sell net Rs 470 crore of India stocks Wednesday: NSE
They sold Rs 25 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 200 crore of corporate debt.
State-run banks sold Rs 3,460 crore of sovereign bonds on Nov. 9: CCIL data. Foreign banks bought Rs 5,070 crore of bonds.
Source: Bloomberg
India’s trade ministry has prepared a list of 102 products, including gold, crude palm oil and personal computers, where domestic capacity should be boosted with the goal of reducing imports, PTI reports citing an unnamed official.
List has been circulated to other ministries.
Products mentioned also include coking coal, urea digital cameras, refined copper, sunflower seed oil, and phosphoric acid.
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