Stock Market Today: All You Need To Know Going Into Trade On Oct. 11

Shares declined in Asia following a fourth straight drop in US equities amid persistent concern that rising interest rates and geopolitical threats will crimp global growth.

Stocks slumped in Japan and South Korea as trading resumed after holidays. Contracts for the S&P 500 and Nasdaq 100 fluctuated while Australian equities edged higher.

At 6:30 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- was little changed at 17,226.

Yield on the 30-year Treasury rose to 3.93%, the highest since 2014, as trading in US government bonds resumed following Monday's holiday.

The mood remains fragile ahead of Thursday's US inflation data, with the case for another 75 basis-point rate hike likely to be strong if the data comes in hotter-than-expected.

Elsewhere in markets, oil dropped, gold was steady, while Bitcoin edged lower.

Source: Bloomberg

Earnings Post Market Hours

Tata Consultancy Services Q2 FY23 (Consolidated, QoQ)

• Revenue up 5% to Rs 55,309 crore Vs 52,758 crore (Bloomberg Estimate: Rs 54,881.1 crore)

• EBIT up 9% at Rs 13,279 crore Vs Rs 12,186 crore (Bloomberg Estimate: Rs 13,058.8 crore)

• EBIT margin 24% Vs 23% (Bloomberg Estimate: 23.8%)

• Net profit up 10% at Rs 10,431 crore Vs Rs 9,478 crore (Bloomberg Estimate: Rs 10,293.4 crore)

JTL Infra Q2 FY23 (Consolidated, YoY)

• Revenue up 14% at Rs 300 crore Vs Rs 263 crore

• EBITDA up 60% at Rs 31.17 crore Vs Rs 19.43 crore

• EBITDA margin 10% Vs 7%

• Net profit up 57% at Rs 20.27 crore Vs Rs 12.95 crore

Stocks To Watch

• Infosys: The board of the company will meet on Oct. 13 to consider proposal for buyback of shares.

• Adani Ports and Special Economic Zone: The company received approval from Ahmedabad and Hyderabad benches of the National Company Law Tribunal to fully take over Gangavaram Port. The company will acquire the remaining 58.1% stake in a share-swap deal from DVS Raju and family for around Rs 6,200 crore, at Rs 120 apiece.

• IDBI Bank: The financial bids for IDBI Bank privatisation are likely to be invited by March and the conclusion of the sale process is expected by September 2023, PTI reported.

• Panacea Biotec: The company has received long-term supply awards worth $127.30 million (Rs 1,040 crore) from UNICEF and Pan American Health Organization for supply of its WHO pre-qualified fully liquid pentavalent vaccine, Easyfive-TT.

• IRB InvIT Fund: Toll collection of the fund increased 39% on-year across its existing road portfolio at Rs 72.61 crore.

• Adani Green Energy/Inox Wind: The company has completed acquisition of 100% equity share capital of three entities—Wind One Renergy, Wind Three Renergy and Wind Five Renergy—from Inox Green Energy Services, each housing 50 MW operational wind power projects.

• Power Finance Corporation: Khandukhal Rampura Transmission Ltd., a wholly owned subsidiary of PFC Consulting Ltd. that was established to develop 400 KV Khandukhal-Rampura D/C line has been transferred to the successful bidder, Megha Engineering & Infrastructures Ltd.

• Bank of Baroda: The lender hiked MCLR in the range of 10-15 basis points for across tenors. The revised MCLR will come into effect from Oct. 12, 2022.

• IRB Infrastructure Developers: The company reported toll revenue collection of Rs 328.24 crore, declining 2% from previous month's collection. The revenue rose 36.6% Year-on-Year.

• India Cements: The company divested its entire shareholdings in Springway Mining Private Limited to JSW Cement for a total consideration of Rs 476.87 crore.

• Ashiana Housing: The company booked 224 units in Phase 1 of Gurugram project worth Rs 242.6 crore.

Earnings

• Delta Corp.

• GM Breweries

Offerings

• Tracxn Technologies: The issue was subscribed 23% on its first day. The retail basket saw the most demand and was subscribed 1.23 times, whereas non-institutional basket was subscribed only 0.04 times. No demand was seen for the QIB portion.

Bulk Deals

• HBL Power Systems: Aware Super bought 15.56 lakh shares (0.56%) at Rs 118 apiece.

• PG Electroplast: Avestha Fund Management LLP bought 1.42 lakh shares (0.67%) at Rs 1,046.79 apiece.

Who's Meeting Whom

• Krishna Institute of Medical Sciences: To meet investors and analysts on Oct. 11.

• Granules India: To meet investors and analysts on Oct. 20.

• Samvardhana Motherson International: To meet investors and analysts on Dec. 3.

• CreditAccess Grameen: To meet investors and analysts from Oct. 10. to Oct. 12.

• Delhivery: To meet investors and analysts on Oct. 14.

• ICICI Prudential Life Insurance Company: To meet investors and analysts on Oct. 15.

• Mahindra Holidays & Resorts India: To meet investors and analysts on Nov. 3.

• Coal India: To meet investors and analysts on Oct. 11

• Brigade Enterprises: To meet investors and analysts on Oct. 12.

Trading Tweaks

• Price Band Revised From 10% To 20%: DFM Foods, Dish TV, Everest Kanto Cylinder, Medicamen Biotech, Prime Focus, Rossell India, Veranda Learning Solutions, Max Ventures and Industries, Rachana Infrastructure

• Price Band Revised From 5% To 10%: Adani Wilmar

• Price Band Revised From 5% To 20%: Raymond, Tanla Platforms, Jindal Worldwide, JBM Auto, ISMT, Gokul Agro Resources, Gallantt Ispat, Brightcom Group

Pledge Share Details

• Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 1.63 lakh shares on Oct. 6.

Money Market Update

The rupee reached fresh record low of 82.34 against the U.S. dollar on Tuesday, somewhat paring losses from the intra-day low of 82.69.

F&O Cues

• Nifty October futures ended at 17,230 a discount of 11 points.

• Nifty October futures added 7.88% and 19,119 shares in Open Interest.

• Nifty Bank October futures ended at 39,245.45, a premium of 152.35 points.

• Nifty Bank October futures shed 3.71%, 3,053 shares in Open Interest.

• Securities added to the ban list: Indiabulls Housing Finance, India Cements

Source: BSE, NSE, Bloomberg