Good Morning!
GIFT Nifty Check
The Indian stock market is expected to open higher on Wednesday, rebounding from previous session's losses, amid upbeat cues from global markets. The trends on Gift Nifty also signal a positive start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 23,025 level, a premium of nearly 130 points from the Nifty futures' previous close.
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Asian Markets Check
Asian markets advanced on Wednesday, led by South Korea and Japan, as renewed optimism over artificial intelligence-related investments lifted sentiment. South Korea's Kospi rose 2.84% to 5,710.25, while Japan's Nikkei 225 climbed 1.40% to 64,972.67. Australia's S&P/ASX 200 was marginally lower at 8,816.70.
Commodity Check
Crude oil prices edged upwards on Wednesday as the prospect of a truce between the United States and Iran remained clouded. Brent crude traded at $110.15 per barrel, up over 1% from the previous session.
The global benchmark had a rather volatile session on Tuesday as traders assessed progress in peace negotiations between the warring blocs, meanwhile, attacks on tankers in Saudi Arabia intensified.
US Secretary of State Marco Rubio told American media that reaching a peace deal with Iran is extremely difficult and economic pressure will continue until Tehran stops targeting commercial ships in the Strait of Hormuz.
Stock Market Today
The Indian stock market benchmark indices, Sensex and Nifty 50, declined over 1% each on Monday, October 19, dragged by heavy selling acorss the board, led by private banks and IT stocks.
The BSE Sensex crashed 876.37 points, or 1.17%, to close at 73,852.90, while the NSE Nifty 50 settled 257.20 points, or 1.11%, lower at 22,888.95. The Bank Nifty index ended 355.90 points, or 0.64%, lower at 55,488.10.
US Stock Market Today
US stock markets opened higher on Monday, as technology shares recovered following a sell-off in artificial intelligence-linked stocks.
The Dow Jones Industrial Average dipped 38.37 points, or 0.07%, to 51,964.04 at 9:31 a.m. The S&P 500 gained 45.85 points, or 0.54%, to 7,703.58, while the Nasdaq Composite advanced 288.989 points, or 1.05%, to 26,424.21, according to real-time market quotes.
However, the indices closed broadly higher. S&P 500 closed 0.28% higher at 7,712.57, Dow Jones Industrial Average settled 1.02% higher at 52,495.88, whereas the tech-heavy Nasdaq Composite closed around 26,424.82 levels, marginally lower.
ALSO READ: US Eyes India's Reliance To Refine Venezuelan Oil
Earnings
Hindustan Zinc Q2 (Cons, QoQ)
- Revenue up 9.8% to Rs 15,093 crore
- Ebitda up 14.9% to Rs 9,248 crore
- Ebitda margin at 61.3% versus 58.6%
- Net profit up 17.2% to Rs 6,412 crore
- Revenue at Rs 15,093 crore versus estimates of Rs 14,035 crore
- Ebitda at Rs 9,248 crore versus estimates of Rs 8,466 crore
- Ebitda margin at 61.3% versus estimates of 60.3%
- Net profit at Rs 6,412 crore versus estimates of Rs 5,593 crore
Piramal Finance Q2 (Cons, YoY)
- Total income up 28% to Rs 3,717 crore
- AUM increased 24% YoY to Rs 1,13,112 crore
- Net profit up 64.8% to Rs 539 crore
Tatva Chintan Pharma Chem Q2 (Cons, YoY)
- Revenue up 76% to Rs 217 crore
- Ebitda up 83.3% to Rs 40.7 crore
- Ebitda margin at 18.7% versus 18%
- Net profit at Rs 21.4 crore versus Rs 9.9 crore
L&T Technology Services Q2 (Cons, QoQ)
- Revenue up 3.4% to Rs 3,040 crore
- Ebit up 7.5% to Rs 495.9 crore
- Ebit margin at 16.3% versus 15.7%
- Net profit up 53.5% to Rs 548 crore
SML Mahindra Q2 (YoY)
- Revenue up 20.7% to Rs 670 crore
- Ebitda down 32.3% to Rs 28.3 crore
- Ebitda margin at 4.2% versus 7.5%
- Net profit down 44.5% to Rs 11.7 crore
Bajaj Finance Q2 (Cons, YoY)
- Net profit up 28.5% to Rs 6,266 crore versus Rs 4,875 crore
- NII up 23.6% to Rs 13,334 crore versus Rs 10,785 crore
- Operating profit up 23.2% to Rs 10,699 crore versus Rs 8,685 crore
- Gross NPA at 1.06% versus 1.24%
- Net NPA at 0.42% versus 0.60%
Nelco Q2 (Cons, YoY)
- Revenue up 5.1% to Rs 78.1 crore versus Rs 74.3 crore
- Net profit up 6.8% to Rs 1.73 crore versus Rs 1.62 crore
A-One Steels Q1 (Cons, QoQ)
- Revenue down 12% to Rs 1,041 crore versus Rs 1,188 crore
- Ebitda down 16.2% to Rs 102.1 crore versus Rs 121.8 crore
- Ebitda margin at 9.8% versus 10.3%
- Net profit down 32.4% to Rs 48 crore versus Rs 71 crore
- Government grants at Rs 2.5 crore versus Rs 6.9 crore
Sobha Q2 (Cons, YoY)
- Revenue down 31.3% to Rs 967 crore versus Rs 1,408 crore
- Ebitda down 28.1% to Rs 68.7 crore versus Rs 95.6 crore
- Ebitda margin at 7.1% versus 6.8%
- Net profit down 54.6% to Rs 32.9 crore versus Rs 72.5 crore
Waaree Renewable Technologies Q2 (Cons, YoY)
- Revenue up 36.5% to Rs 1,058 crore versus Rs 775 crore
- Ebitda up 1.2% to Rs 160 crore versus Rs 158 crore
- Ebitda margin at 15.1% versus 20.4%
- Net profit down 36.5% to Rs 74 crore versus Rs 116 crore
IREDA Q2 (Cons, YoY)
- Total income up 14% to Rs 2,347 crore versus Rs 2,058 crore
- Net profit up 0.5% to Rs 552 crore versus Rs 549 crore
Jaiprakash Power Q2 (Cons, YoY)
- Revenue up 5.1% to Rs 1,512 crore versus Rs 1,438 crore
- Ebitda up 39.3% to Rs 656 crore versus Rs 471 crore
- Ebitda margin at 43.4% versus 32.8%
- Net profit down 81.7% to Rs 33.3 crore versus Rs 182 crore
- Reported one-time loss of Rs 511 crore in Q2
Just Dial Q2 (Standalone, YoY)
- Revenue up 13.1% to Rs 343 crore versus Rs 303 crore
- Ebitda up 4.1% to Rs 90.6 crore versus Rs 87 crore
- Ebitda margin at 26.4% versus 28.7%
- Net profit down 9.2% to Rs 108 crore versus Rs 119 crore
Elevate Campuses Q1 (Cons, YoY)
- Revenue up 31.1% to Rs 219 crore versus Rs 167 crore
- Ebitda up 29.1% to Rs 165 crore versus Rs 128 crore
- Ebitda margin at 75.2% versus 76.3%
- Net profit down 71.4% to Rs 34 crore versus Rs 119 crore
- One-time loss of Rs 7 crore versus a gain of Rs 109 crore
Delta Corp Q2 (Cons, YoY)
- Revenue down 13.1% to Rs 159 crore versus Rs 183 crore
- Ebitda down 28.8% to Rs 28.4 crore versus Rs 39.9 crore
- Ebitda margin at 17.9% versus 21.8%
- Net loss at Rs 106 crore versus a profit of Rs 25 crore
- One-time loss of Rs 137 crore in Q2
Galantt Ispat Q2 Highlights (Consolidated, YoY)
- Revenue flat at Rs 1,145 crore
- EBITDA down 41% at Rs 109.6 crore Vs Rs 185.1 crore
- EBITDA margin at 9.6% vs 16.2%
- Net profit down 51% at Rs 60.5 crore vs Rs 123.7 crore
Stocks In News
- Infosys: Expands collaboration with Truist; to build Global Capability Centre in Hyderabad.
- Ceigall India: Arm Jam Khambhaliya Jamnagar Power Transmission signs transmission service agreement with Central Transmission Utility of India.
- Shukra Pharma: Seeks NSE approval for name change to Shukra Medtech; submits revised CA certificate.
- NTPC: Government appoints Diwakar Nath Misra as Government Nominee Director on the board.
- Titan: Fully redeems commercial papers worth Rs 1,000 crore.
- Federal Bank: Clarifies that it evaluates all opportunities in the normal course of business and is not in possession of any material information.
- Genus Power Infra: Board to meet on Oct. 26 to consider share buyback.
- Diamond Power Infrastructure: Appoints Kundip S Thakker as CFO from Oct. 20; Pawan Lohiya ceases to be CFO from Oct. 19 and is appointed Deputy CEO from Oct. 20.
- Transrail Lighting: Approves acquisition of 49% stake in Pace Green Energy for Rs 20 crore; to invest in a 990 MW solar portfolio in Maharashtra.
- Gabriel India: Forms JV with Faurecia Automotive; acquires 50% minus one share in the JV, which will begin with an investment of Rs 20 crore.
- JSW Dulux: Receives Rs 118 crore tax order from Karnataka GST authority.
- Jaiprakash Power: Appoints Jigar Dalal as CFO effective Nov. 1.
- Nuvama Wealth Management: Arm Nuvama Asset Management receives SEBI approval to launch a Specialised Investment Fund (SIF) under the Nuvama SIF brand.
- Karnataka Bank: COO Raja BS resigns effective Oct. 19.
- Sterling & Wilson Renewable Energy: Step-down arm approaches South African court over a Rs 25.5 crore claim related to unpaid insurance bond invocation.
- Cemindia Projects: QIP issue closes; allots 1.3 crore shares at Rs 1,108 per share.
- Lord's Mark Industries: Board to meet on Oct. 23 to consider raising an unsecured loan of Rs 100 crore.
Steel Stocks: Primary-secondary rebar spread at its highest level since June 2022; global steelmaker Nucor has hiked prices.
2-Wheeler Stocks: Citi now builds in 9% YoY industry volume growth for FY27 versus 7% earlier.
Cement Stocks: Positive commentary and outlook from UltraTech Cement.
Orchid Pharma: Board approves raising up to Rs 600 crore through equity and/or other instruments.
Globus Spirits: Maize ethanol price cut by Rs 3/litre; analysts see a likely 10-11% impact on Ebitda and a 20-22% impact on profit after tax.
Venus Pipes: Commences pipe spooling operations ahead of schedule.
Quality Power Electrical Equipments: Commences manufacturing operations at its new Global Coil Factory at Kupwad MIDC, Sangli, Maharashtra.
Karamtara Engineering: India Ratings upgrades bank loan ratings to IND AA-/Stable/IND A1+.
RailTel: Wins a Rs 47 crore order from Haryana State Electronics Development Corporation.
Vintage Coffee: Board approves raising Rs 325 crore through equity and/or debt.
Schaeffler India: Managing Director and CEO Harsha Kadam taken into custody by Pune Police in connection with a factory accident that occurred on June 9.
Sun Pharma: UNLOXCYT receives a National Comprehensive Cancer Network (NCCN) Category 2A preferred recommendation for advanced skin cancer patients who are not eligible for surgery or radiation.
IPO Update
Sahajanand Medical IPO — Day 3
- Overall: 14.20x
- QIB: 34.70x
- NII: 14.64x
- Retail: 3.03x
Bonfiglioli Transmissions IPO — Day 3
- Overall: 46.06x
- QIB: 120.78x
- NII: 40.40x
- Retail: 5.91x
Tonbo Imaging IPO — Day 3
- Overall: 135.90x
- QIB: 293.56x
- NII: 170.94x
- Retail: 31.07x
Zetwerk Manufacturing IPO — Day 3
- Overall: 3.06x
- QIB: 4.73x
- NII: 1.40x
- Retail: 0.73x
IPO Listings
HD Fire
- IPO subscribed 131.73 times
- Retail: 30.55 times
- QIB (ex-anchor): 256.65 times
- NII: 203.21 times
IPO To Open
Jio Platforms
- About the company: Technology company focused on digital connectivity, digital services and technology-led solutions in India.
- Dates: Oct. 21–23
- Issue size: Rs 30,213 crore
- Issue mix: Entirely a fresh issue
Paras Healthcare
- About the company: Clinical specialty-led hospital platform providing tertiary and quaternary healthcare services.
- Dates: Oct. 21–23
- Issue size: Rs 1,450 crore
- Issue mix: Fresh issue of Rs 500 crore and offer for sale of Rs 950 crore
Board Meetings
- Orchid Pharma: Fundraising.
Bulk and Block Deals
- DCM Shriram Industries: Mugi Constructions acquired 16.04 lakh shares at Rs 46.44 per share.
Shares To Exit Lock-In
1 Month
- SS Retail: 2% / 2 million shares
- Jindal Supreme (Ind): 4% / 2 million shares
- Hero Motors: 4% / 18 million shares
3 Months
- Caliber Mining: 2% / 1.6 million shares
Price Band
- KRN Heat Exchanger and Refrigeration: Price band changed from 10% to 5%.
F&O Cues
- Nifty October futures down 0.97% to 22,894 at a premium of 6 points.
- Nifty options (Oct. 27 expiry): Maximum call open interest at 24,000; maximum put open interest at 22,500.
- Securities in ban period: Ambuja Cements, Kaynes Technology, SAIL.
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