Stocks in Asia were mixed after a rally in big tech saw the S&P 500 notch up its longest streak of gains in two years.
Australian, Japanese and Taiwanese markets were marginally higher while China, South Koream and Hong Kong shares declined. U.S. equities were little changed after some central bank officials emphasized that bringing inflation fully down to the 2% goal is their main focus.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.58% and Bitcoin was above 35,000-level. Brent crude was trading below $82 a barrel, whereas WTI Crude was below $77-mark.
At 7:24 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 3 points of 0.02% at 19,492.5.
India's benchmark stock indices snapped three sessions of gains to end lower on Tuesday, weighed by losses in index heavyweights HDFC Bank and Reliance Industries.
The Sensex rebounded over 300 points from the day's low, while the Nifty closed over 80 points above the day's low. The pharmaceutical and energy sectors rose, while the real estate and media sectors were trading lower.
Overseas investors remained net sellers of Indian equities for the tenth day in a row on Tuesday. While foreign portfolio investors offloaded stocks worth Rs 497.2 crore, domestic institutional investors mopped up equities worth Rs 700.3 crore, the NSE data showed.
The Indian rupee weakened 5 paise to close at 83.27 against the U.S. dollar on Tuesday.
Earnings Post Market Hours
IRCTC Q2 FY24 (Consolidated, YoY)
Revenue up 23.44% at Rs 995 crore vs Rs 806 crore.
Ebitda up 19.91% at Rs 366 crore vs Rs 305 crore.
Margin at 36.8% vs 37.89%.
Reported profit up 31.56% at Rs 296 crore vs Rs 225 crore.
Shree Cement Q2 FY24 (Consolidated, YoY)
Revenue up 18.87% at Rs 4,800 crore vs Rs 4,038 crore.
Ebitda up 63.82% at Rs 885.8 crore vs Rs 540.7 crore.
Ebitda margin at 18.45% vs 13.39%.
Reported profit up 2.44 times at Rs 446.6 crore vs Rs 183.2 crore.
JB Chemicals Q2 FY24 (Consolidated, YoY)
Revenue up 8.93% at Rs 881.74 crore vs Rs 809.44 crore.
Ebitda up 31.94% at Rs 243.54 crore vs Rs 184.58 crore.
Margin at 27.62% vs 22.8%.
Net profit up 35.56% at Rs 150.59 crore vs Rs 111.08 crore.
Lux Industries Q2 FY24 (Consolidated, YoY)
Revenue up 0.56% at Rs 639.3 crore vs Rs 635.7 crore.
Ebitda down 14.9% at Rs 55.1 crore vs Rs 64.7 crore.
Margin at 8.6% vs 10.2% YoY.
Reported profit down 12.63% at Rs 35.9 crore vs Rs 41.1 crore.
SJS Enterprises Q2 FY24 (Consolidated, YoY)
Revenue up 39.6% at Rs 163 crore vs Rs 117 crore.
Ebitda up 16.5% at Rs 36 crore vs Rs 30.9 crore.
Margin at 22.05% vs 26.43%.
Reported profit down 3% at Rs 19.3 crore vs Rs 19.94 crore.
Kingfa Science Technology (India) Q2 FY24 (Consolidated, YoY)
Revenue down 0.13% at Rs 351 crore vs Rs 351 crore.
Ebitda up 26.7% at Rs 42.9 cr vs Rs 33.8 crore.
Margin at 12.22% vs 9.63%.
Reported profit up 33.9% at Rs 29.6 crore vs Rs 22.1 crore.
Vinati Organics Q2 FY24 (Consolidated, YoY)
Revenue down 20.9% at Rs 448.13 crore vs Rs 566.29 crore.
Ebitda down 25.4% at Rs 110.79 crore vs Rs 148.46 crore.
Margin at 24.72% vs 26.21%, down 149 bps.
Reported profit down 27.4% at Rs 84.16 crore vs Rs 115.93 crore.
Greaves Cotton Q2 FY24 (Consolidated, YoY)
Revenue up 3.9% at Rs 727 crore vs Rs 699 crore.
Ebitda up 7.1% at Rs 45.9 crore vs Rs 42.9 crore.
Margin at 6.31% vs 6.13%.
Reported loss at Rs 374.59 crore vs profit of Rs 32.3 crore.
Arvind Fashions Q2 FY24 (Consolidated, YoY)
Revenue up 7.2% at Rs 1,267 crore vs Rs 1,181.8 crore.
Ebitda up 26.6% at Rs 147.1 crore vs Rs 116.2 crore.
Margin at 11.6% vs 9.82%.
Reported profit up 31.9% at Rs 37 crore vs Rs 28.1 crore.
Balrampur Chini Mills Q2 FY24 (Consolidated, YoY)
Revenue up 38.3% at Rs 1,540 crore vs Rs 1,113 crore.
Ebitda at Rs 165 crore vs loss of Rs 15.9 crore.
Margin at 10.71%.
Reported profit at Rs 166 crore vs loss of Rs 28.9 crore.
Schneider Electric Infrastructure Q2 FY24 (Consolidated, YoY)
Revenue up 17.82% at Rs 495.81 crore vs Rs 420.81 crore.
Ebitda at Rs 62.63 crore vs Rs 18.86 crore.
Margin at 12.63% vs 4.48%.
Reported profit at Rs 42.86 crore vs Rs 8.84 crore.-
Crisil Q3 CY23 (Consolidated, YoY)
Total income up 7.74% at Rs 735.9 crore vs Rs 683 crore.
Reported profit up 2.8% at Rs 152 crore vs Rs 147.9 crore.
Prince Pipe Q2 FY24 (Consolidated, YoY)
Revenue up 3.13% at Rs 656.45 crore vs Rs 636.48 crore.
Ebitda at Rs 194.18 crore vs loss of Rs 11.36 crore.
Margin at 29.58%.
Reported profit at Rs 70.63 crore vs loss of Rs 24.11 crore.
Ind-Swift Labs Q2 FY24 (Consolidated, YoY)
Revenue down 6% at Rs 270.3 crore vs Rs 287.5 crore.
Ebitda up 11.6% at Rs 63.4 crore vs Rs 56.8 crore.
Margin at 23.45% vs 19.75%.
Net profit up 25.3% at Rs 30.1 crore vs Rs 24 crore.
Yatharth Hospital Q2 FY24 (Consolidated, YoY)
Revenue up 33.9% at Rs 171.3 crore vs Rs 127.9 crore.
Ebitda up 35.8% at Rs 45.5 crore vs Rs 33.5 crore.
Margin at 26.56% vs 26.19%.
Net profit up 70.37% at Rs 27.6 crore vs Rs 16.2 crore.
Krishna Institute Of Medical Sciences Q2 FY24 (Consolidated, YoY)
Revenue up 15.7% at Rs 652.5 crore vs Rs 564.1 crore.
Ebitda up 16.3% at Rs 177.3 crore vs Rs 152.5 crore.
Margin at 27.17% vs 27.03%.
Net profit down 4.52% at Rs 101.3 crore vs Rs 106.1 crore.
FIEM Industries Q2 FY24 (Consolidated, YoY)
Revenue down 3.01% at Rs 509.4 crore vs Rs 525.2 crore.
Ebitda down 5.7% at Rs 68.1 crore vs Rs 72.2 crore.
Margin at 13.4% vs 13.7%.
Reported profit up 6.63% at Rs 43.48 crore vs Rs 40.77 crore.
GOCL Corp. Q2 FY24 (Consolidated, YoY)
Revenue down 15.9% at Rs 163.3 crore vs Rs 194 crore.
Ebitda at Rs 7.9 crore vs Ebitda loss of Rs 20.9 crore.
Margin at 4.8%.
Net profit down 61.1% at Rs 15.7 crore vs Rs 40.4 crore.
Power Grid Corp Q2 FY24 (Consolidated, YoY)
Revenue up 1.04% at Rs 11,267 crore vs Rs 11,151 crore.
Ebitda up 5.1% at Rs 9,908 crore vs Rs 9,426 crore.
Margin at 87.9% vs 84.5%.
Reported profit up 3.4% at Rs 3,781 crore vs Rs 3,650 crore.
Note: The board announced an interim dividend of Rs 4 per share.
Gujarat State Fertilizers and Chemicals Q2 FY24 (Consolidated, YoY)
Revenue up 25.4% at Rs 3,118.7 crore vs Rs 2,487.7 crore.
Ebitda down 39.3% at Rs 237.3 crore vs Rs 390.9 crore.
Margin at 7.6% vs 15.71%.
Net profit up 8.3% at Rs 308.9 crore vs Rs 285.3 crore.
Zaggle Prepaid Q2 FY24 (Consolidated, QoQ)
Revenue up 55.5% at Rs 184 crore vs. Rs 118.5 crore.
EBIT at Rs 12.6 crore vs. Rs 5.9 crore.
Margin at 6.9% vs. 5%.
Reported profit at Rs 7.6 crore vs. Rs 2.1 crore.
Mishra Dhatu Nigam Q2 FY24 (Consolidated, YoY)
Revenue up 25.71% at Rs 227.49 crore vs. Rs 180.95 crore.
Ebitda down 38.23% at Rs 36.29 crore vs. Rs 58.75 crore.
Margin at 15.95% vs. 32.46%.
Net profit down 58.54% at Rs 13.93 crore vs. Rs 33.6 crore.
Dollar Industries Q2 FY24 (Consolidated, YoY)
Revenue up 21.2% at Rs 412.5 crore vs. Rs 340.4 crore.
Ebitda up 37.62% at Rs 41.7 crore vs. Rs 30.3 crore.
Margin at 10.11% vs. 8.9%.
Reported profit up 43.9% at Rs 24.87 crore vs. Rs 17.28 crore.
Updater Services Q2 FY24 (Consolidated, QoQ)
Revenue up 4.1% at Rs 600.1 crore vs. Rs 576.4 crore.
Ebitda down 19.8% at Rs 26.3 crore vs. Rs 32.8 crore.
Margin at 4.38% vs. 5.69%.
Net profit down 25.8% at Rs 9.2 crore vs. Rs 12.4 crore.
Apollo Tyres Q2 FY24 (Consolidated, YoY)
Revenue up 5.4% at Rs 6,279.7 crore vs. Rs 5,956.1 crore.
Ebitda up 62.9% at Rs 1,160 crore vs. Rs 711.9 crore.
Margin at 18.47% vs. 11.95%.
Net profit up 164.4% at Rs 474.3 crore vs. Rs 179.4 crore.
Cummins India Q2 FY24 (Consolidated, YoY)
Revenue down 1.8% at Rs 1,921.8 crore vs. Rs 1,957.3 crore.
Ebitda up 19.5% at Rs 346.4 crore vs. Rs 289.8 crore.
Margin at 18.02% vs. 14.8%.
Net profit up 23.1% at Rs 329.1 crore vs. Rs 267.3 crore.
Deepak Nitrite Q2 FY24 (Consolidated, YoY)
Revenue down 9.4% at Rs 1,778.1 crore vs. Rs 1,961.7 crore.
Ebitda up 11.6% at Rs 302.2 crore vs. Rs 270.9 crore.
Margin at 16.99% vs. 13.8%.
Net profit up 17.5% at Rs 205.1 crore vs. Rs 174.5 crore.
Skipper Q2 FY24 (Consolidated, YoY)
Revenue up 67% at Rs 772.4 crore vs. Rs 462 crore.
Ebitda up 85% at Rs 73.7 crore vs. Rs 39.8 crore.
Margin at 9.5% vs. 8.6%.
Reported profit at Rs 19.78 crore vs. Rs 3 crore.
Dilip Buildcon Q2 FY24 (Consolidated, YoY)
Revenue up 9.7% at Rs 2,849 crore vs. Rs 2,596 crore.
Ebitda down 3% at Rs 340.6 crore vs. Rs 351.9 crore.
Margin at 11.95% vs. 13.55%.
Reported profit at Rs 73.2 crore vs. Rs 13.02 crore.
Prestige Estates Project Q2 FY24 (Consolidated, YoY)
Revenue up 56.6% at Rs 2,236.4 crore vs. Rs 1,427.7 crore.
Ebitda up 60.7% at Rs 592.5 crore vs. Rs 368.6 crore.
Margin at 26.49% vs. 25.81%.
Net profit at Rs 910.3 crore vs. Rs 148.6 crore.
Earnings In Focus
Pidilite Industries, Power Finance Corporation, Tata Power Co., United Spirits, Lupin, PI Industries, Patanjali Foods, Bharat Heavy Electricals, Mazagon Dock Shipbuilders, The Phoenix Mills, Oil India, Skf India, Grindwell Norton, The New India Assurance Company, Endurance Technologies, Godrej Industries, Bata India, KIOCL, Sanofi India, Tata Investment Corporation, Elgi Equipments, Brigade Enterprises, Rhi Magnesita India, Century Plyboards (I), Multi Commodity Exchange Of India, Raymond, Concord Biotech, Eris Lifesciences, Welspun Corp, CESC, Computer Age Management Services, Firstsource Solutions, Gujarat Narmada Valley Fertilizers & Chemicals, Shree Renuka Sugars, GE T&D India, Birla Corporation, Medplus Health Services, E.I.D.-Parry (India), Mtar Technologies, Easy Trip Planners, Reliance Infrastructure, Balaji Amines, HEG, Gujarat Pipavav Port, EPL, FDC, Nazara Technologies, Hindustan Foods, Restaurant Brands Asia, Gujarat Alkalies & Chemicals, Wonderla Holidays, Moil, Borosil, Nesco, Sansera Engineering, Pricol, Ami Organics, Tasty Bite Eatables, Sandur Manganese & Iron Ores, Teamlease Services, Neogen Chemicals, T D Power Systems, Ashoka Buildcon, Sai Silks (Kalamandir), Emudhra, HMA Agro Industries, Kaveri Seed Company, Automotive Axles, Hindware Home Innovation, Samhi Hotels, Avalon Technologies, Landmark Cars, Pearl Global Industries, Somany Ceramics, Lumax Auto Technologies, Best Agrolife, Mayur Uniquoters, Dishman Carbogen Amcis, Precision Wires India, Vishnu Chemicals, Vidhi Specialty Food Ingredients, Alembic, Axiscades Technologies, Artemis Medicare Services.
Stocks To Watch: IndiGo, Voltas, Lupin, IRCTC, Pidilite, Inox Wind, Powergrid, Cummins, SJVN In Focus
Inox Wind: The company will raise Rs 500 crore through the issue of preference shares. The board approved the raising of funds by way of the issuance of 0.01% non-convertible, non-cumulative, participating, redeemable preference shares of the face value of Rs 10 each.
Lupin: The company received U.S. FDA tentative approval for the Invokamet generic.
Voltas: The company denied news reports that the Tata Group is considering selling the home appliance operations of the company.
SJVN: The company received a letter of intent for the purchase of 200 megawatts of solar power from Uttarakhand Power Corp. UPCL to purchase solar power for Rs 2.57 per unit from the company’s 1,000 MW Bikaner plant.
InterGlobe Aviation: The airline anticipates aircraft on the ground in the mid-thirties in Q4 due to accelerated engine removals. It reconfirmed capacity guidance for Q3, along with FY24 guidance for the upper range of mid-teens.
Alert: Earlier this year, Pratt & Whitney highlighted the impact of the powder metal issue that has affected its new generation GTF aircraft engine.
Anupam Rasayan: The Board appointed Dr. Anuj Hemantbhai Thakar as executive director w.e.f. Nov. 7 for a period of five years, subject to approval of the members of the company within 3 months from the date of appointment.
Cummins India: The company's board appointed Jennifer Bush as chairperson of the board w.e.f. Nov. 7.
IPO Offerings
Protean eGov Technologies: The IPO was subscribed to 3.21 times on its second day. The bids were led by non-institutional investors (6.23 times), retail investors (3.89 times), reserved for employees (0.76 times, 76%), and institutional investors (0.07 times, 7%).
ASK Automotive: The IPO has been subscribed 0.38 times, or 38%, on its first day. The bids were led by retail investors (0.56 times or 56%), non-institutional investors (0.41 times or 41%), and institutional investors (0.03 times or 3%).
Insider Trades
Choice International: Promoter Patodia Properties bought 75,000 shares on Nov. 6.
ISMT: Promoters BR Taneja, Asscher Enterprise and Baldevraj Topanram Taneja sold 3.14 lakh shares, 1.44 crore shares and 1.45 lakh shares, respectively on Nov. 3.
Trading Tweaks
Price band revised from 20% to 10%: Drone Destination, Jaiprakash Power Ventures.
Record Date Dividend: Birlasoft, Great Eastern Shipping Co., Oberoi Realty, RITES, Supreme Petrochem.
Who's Meeting Whom
Nuvoco Vistas: To meet analysts and investors on Nov. 8, 9, 22, and 23.
RBL Bank: To meet analysts and investors on Nov. 10.
Fusion MicroFinance: To meet analysts and investors on Nov. 8 and 9.
Adani Total Gas: To meet analysts and investors on Nov. 10.
F&O Cues
Nifty November futures fell 0.03% at 19,480, at a premium of 74 points.
Nifty November futures open interest fell by 0.44% by 979 shares.
Nifty Bank November futures rose 0.23% to 43,938, at a premium of 201 points.
Nifty Bank November futures open interest fell by 1.3% by 2,129 shares.
Nifty Options Nov. 9 Expiry: Maximum call open interest at 19,500 and maximum put open interest at 19,300.
Nifty Bank Options Nov. 8 Expiry: Maximum call open interest at 44,500 and maximum put open interest at 43,600.
Securities in the ban period: GNFC.
Money Market Update
The Indian rupee weakened 5 paise to close at 83.27 against the U.S dollar on Tuesday.
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