Asian markets are set to fall in early trading as the rout in U.S. equities deepened amid geopolitical angst and worries global interest rates will stay elevated for longer.
Australian, Japanese and South Korean stocks declined and futures contracts in China pointed to drops on Monday morning, while oil opened slightly lower.
The S&P 500 on Friday broke the 200-day moving average — seen by some as a bearish signal — and the VIX, Wall Street’s “fear gauge,” jumped to its highest since March.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.95% and Bitcoin was above 29,000-level. Brent crude was trading below $92 a barrel, whereas WTI Crude was above $87-mark.
At 6:00 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 68 points of 0.35% at 19,454.
India's benchmark stock indices closed lower on Friday, dragged by losses in ITC Ltd. and Larsen & Toubro Ltd. On a weekly basis, the headline indices snapped two weeks of gains. Realty, consumer durables and energy sectors declined, while private banks gained.
Overseas investors turned net buyers of Indian equities on Friday. Foreign portfolio investors mopped up stocks worth Rs 456.2 crore, while domestic institutional investors also turned net buyers and bought equities worth Rs 8.5 crore, the NSE data showed.
The Indian rupee strengthened 12 paise to close at 83.12 against the U.S dollar on Friday.
Stocks To Watch: JSW Steel, Adani Energy, Powergrid, Tata Power, JSW Energy, LIC, Paras Defence, ONGC In Focus
DCB Bank: The bank's board recommended names of candidates for position of MD & CEO. Current MD & CEO Murali Natrajan's term to end on April 28, 2024.
JSW Steel: Periama Holdings to acquire remaining 10% stake in JSW USA. Stake to be bought from Green Suppliers and Services for a consideration of $1,000. Following the acquisition, Periama will hold 100% stake in JSW USA.
Samvardhana Motherson: Company unit in pact to buy 100% stake in France's Topco for €35 million. Topco manufactures components for aircraft engines and medical devices. The company is also in a pact to buy 73.05% stake in Irillic Private and will hold 74.19% of the share capital of the target.
Adani Energy Solutions: The company received smart meter LOAs worth Rs 17,000 crore. It Added 219 circuit kilometers to operational network and also sold 2,446 million units, up 9.53% year-on-year.
Adani Green Energy announced the resignation of Ahlem Friga-Noy as nominee director w.e.f. Oct. 23
Zydus Lifesciences: The company received U.S. FDA approval for ANDA of Sitagliptin tablets, which is used to treat adult patients with type 2 diabetes mellitus.
Power Grid Corporation of India: The company will invest Rs 119.95 crore in its Eastern Region Expansion Scheme.
JSW Energy: The company appointed Ashok Ramachandran as COO effective Oct. 20.
Tata Power Renewable Energy: The company signed a 12.5 MW PDA with Supreme Petrochem in Achegaon, Maharashtra. Plant expected to reduce carbon emissions by 20,075 metric tonnes annually.
Tejas Networks: The company appointed Sumit Dhingra as CFO effective Dec. 1.
ONGC: Participates in the bidding process for the acquisition of a 100% stake of PTC Energy, a wholly owned subsidiary of PTC India.
Blue Star: The company received a Rs 3.4 crore demand notice from Mumbai Stamps Collector. The demand is based on alleged non-payment of stamp duty from 2008.
Aditya Birla Fashion and Retail: The company's unit is to buy a 51% stake in Styleverse Lifestyle for Rs 155 crore. The Acquisition is part of the company's expansion of digital-first brands.
Astral: The company completed the acquisition of 80% shares of Gem Paints (51% against redemption of optionally convertible debentures amounting to Rs 194 crores and 29% towards the second tranche). Balance 20% equity stake will be acquired over a period of 5 years.
LIC: The company informed the stake increase in Housing & Urban Development Corporation from 10.45 crore shares to 17.82 crore shares, increasing the stake from 5.22% to 8.90%.
Paras Defence: Board of Directors approved the incorporation of a wholly owned subsidiary named Quantico Technologies, which will develop end-to-end solutions for Quantum Technologies (who is associated with United States and is included in the 5th Positive Indigenisation List).
Sheela Foam: The company updated that it has completed the acquisition of 94.66% of the share capital of Kurlon Enterprise.
Himadri Specialty Chemical: NCLT has approved the resolution plan for acquisition of BTL under the corporate insolvency process.
Earnings Post Market Hours
J&K Bank Q2 FY24 (Standalone, YoY)
Net profit at Rs 381.07 crore vs Rs 243.49 crore, up 57% YoY.
NII at Rs 1,333.83 crore vs Rs 1,195.12 crore, up 12% YoY.
Gross NPA at 5.26% vs 5.77% QoQ.
Net NPA at 1.04% vs 1.39% QoQ.
CreditAccess Grameen Q2 FY24 (Standalone, YoY)
Total income up 53.2% at Rs 1,247.59 crore vs Rs 814.31 crore.
Net profit up 99.35% at Rs 349.21 crore vs Rs 175.17 crore.
Poonawalla Fincorp Q2 FY24 (Standalone, YoY)
Total income up 54.98% at Rs 744.73 crore vs Rs 480.53 crore.
Net profit up 867.11% at Rs 1,258.89 crore vs Rs 130.17 crore.
NIM up 2 bps at 11.42% vs 10.36%.
Note: Numbers not comparable due to sale of Poonawala Housing Finance this quarter.
Tanfac Industries Q2FY24 (YoY)
Revenue up 9.36% at Rs 81.37 crore vs Rs 74.4 crore.
Ebitda up 59.55% at Rs 15.62 crore vs Rs 9.79 crore.
Margin at 19.19% vs 13.15%.
Net profit up 33.6% at Rs 11.37 crore vs Rs 8.51 crore.
KFin Technologies Q2 FY24 (Consolidated, QoQ)
Revenue up 15.13% at Rs 208.97 crore vs Rs 181.5 crore.
EBIT up 39.93% at Rs 81.09 crore vs Rs 57.95 crore.
Margin at 38.8% vs 31.92%.
Net profit up 41.34% at Rs 61.3 crore vs Rs 43.37 crore.
PNB Gilts Q2FY24 (YoY)
Total income up 2.17% at Rs 346.89 crore vs Rs 339.52 crore.
Net loss at Rs 48.71 crore vs profit of Rs 0.68 crore.
Paytm Q2 FY24 (Consolidated, QoQ)
Revenue up 7.55% at Rs 2,518.6 crore vs Rs 2,341.6 crore.
Ebitda loss of Rs 231 crore vs Ebitda loss of Rs 292.1 crore.
Net loss at Rs 291.7 crore vs loss of Rs 358.4 crore.
Central Bank of India Q2 FY24 (Standalone, YoY)
Net profit at Rs 605.43 crore vs Rs 318.17 crore, up 90% YoY.
NII at Rs 3,027.69 crore vs Rs 2,747.49 crore, up 10% YoY.
Gross NPA at 4.62% vs 4.95% QoQ.
Net NPA at 1.64% vs 1.75% QoQ.
Sasken Technologies Q2 FY24 (Consolidated, QoQ)
Revenue up 4.08% at Rs 102.51 crore vs Rs 98.49 crore.
EBIT up 70.83% at Rs 12.71 crore vs Rs 7.44 crore.
Margin at 12.39% vs 7.55%.
Net profit down 29.66% at Rs 18.07 crore vs Rs 25.69 crore.
Tejas Networks Q2 FY24 (Consolidated, YoY)
Revenue up 80.02% at Rs 395.95 crore vs Rs 219.94 crore.
Ebitda down 39.79% at Rs 12.97 crore vs Rs 21.54 crore.
Margin at 3.27% vs 9.79%.
Net loss at Rs 12.64 crore vs loss of Rs 3.16 crore.
JSW Energy Q2 FY24 (Consolidated, YoY)
Revenue up 36.52% at Rs 3,259.42 crore vs Rs 2,387.48 crore.
Ebitda up 111.37% at Rs 1,880.38 crore vs Rs 889.58 crore.
Margin at 57.69% vs 37.26%.
Net profit up 87.65% at Rs 856.79 crore vs Rs 456.57 crore.
Sunteck Realty Q2 FY24 (Consolidated, YoY)
Revenue down 69.13% at Rs 24.93 crore vs Rs 80.74 crore.
Ebitda loss at Rs 14.14 crore vs profit of Rs 10.02 crore.
Net loss at Rs 13.94 crore vs profit of Rs 2.33 crore.
ICRA Q2 FY24 (Consolidated, YoY)
Revenue up 6.34% at Rs 104.85 crore vs Rs 98.59 crore.
Net profit down 13.61% at Rs 32.145 crore vs Rs 37.21 crore.
L&T Finance Holdings Q2 FY24 (Consolidated, YoY)
Total income up 6.89% at Rs 3,482.07 crore vs Rs 3,257.36 crore.
Net profit up 46.42% at Rs 595.11 crore vs Rs 406.43 crore.
Net interest margin up 10.84% vs 8.43% YoY.
Just Dial Q2 FY24 (Consolidated, QoQ)
Revenue up 5.51% at Rs 260.61 crore vs Rs 246.98 crore.
Ebitda up 32.92% at Rs 48.77 crore vs Rs 36.69 crore.
Margin at 18.71% vs 14.85%.
Net profit down 13.93% at Rs 71.78 crore vs Rs 83.4 crore.
Balkrishna Industries Q2FY24 (Consolidated, QoQ)
Revenue down 15.22% at Rs 2253.19 crore vs Rs 2657.52 crore
Ebitda up 24.97% at Rs 532.71 crore vs Rs 426.26 crore
Margin at 23.64% vs 16.03%
Reported PAT down 9.1% at Rs 347.44 crore vs Rs 382.26 crore
ICICI Bank Q2 FY24 (Standalone)
NII up 24% at Rs 18307.91 crore vs Rs 14786.81 crore
Net profit up 36% at Rs 10261 crore vs Rs 7558 crore
Gross NPA at 2.48% vs 2.76% QoQ
Net NPA at 0.43% vs 0.48% QoQ
Rossari Biotech Q2 FY24 (Consolidated, YoY)
Revenue up 13.64% at Rs 483.46 crore vs Rs 425.43 crore
Ebitda up 12.39% at Rs 63.55 crore vs Rs 56.54 crore
Margin at 13.14% vs 13.29%
Reported PAT up 37.76% at Rs 32.94 crore vs Rs 23.91 crore
IDBI Bank Q2 FY24 (Standalone)
NII up 12% at Rs 3066.49 crore vs Rs 2738.11 crore YoY
Net profit up 60% at Rs 1,323.27 crore vs Rs 828.09 crore YoY
Gross NPA at 4.90% vs 5.05% QoQ
Net NPA at 0.39% vs 0.44% QoQ
RBL Bank Q2 FY24 (Standalone)
NII up 26% at Rs 1474.98 crore vs Rs 1174.35 crore YoY
Net profit up 46% at Rs 294.08 crore vs Rs 201.55 crore YoY
Gross NPA at 3.12% vs 3.22% QoQ
Net NPA at 0.78% vs 1% QoQ
YES Bank Q2 FY24 (Standalone)
NII down 3% at Rs 1924.4 crore vs Rs 1991.4 crore YoY
Net profit up 47% at 225.21 crore vs Rs 152.82 crore YoY
Gross NPA at2.0% vs 2.0% QoQ
Net NPA at 0.9% vs 1.0% QoQ
Kotak Mahindra Bank Q2FY24 (Standalone)
Net Profit: Rs 4423 crore vs Rs Rs 3579 crore (YoY) up 23.6%
NII: Rs 8181 crore vs Rs 6609 crore (YoY) up 24%
GNPA: 1.69% vs 1.75% (QoQ) down 6 bps
NNPA: 0.39% vs 0.43% (QoQ) down 4 bps
Earnings In Focus
Torrent Pharmaceuticals, Lloyds Metals and Energy, PNB Housing Finance, Alok Industries, Mahindra Holidays & Resorts India, Kewal Kiran Clothing, Mahindra Logistics, NDTV, and Ganesha Ecoverse.
Block Deals
Zomato: SVF Growth Singapore sold 9.35 crore shares (1.1%) and Fidelity Investments, through 13 funds, collectively bought 9.34 crore shares at Rs 111.2 apiece.
Insider Trades
Infosys: Promoter Group Shreyas Shibulal and Bhairavi Madhusudhan Shibulal sold 23.70 lakh shares and 6.68 lakh shares respectively on Oct 19.
Som Distilleries & Breweries: Promoter Deepak Arora bought 20,000 shares on Oct 20.
Pledge Share Details
Choice International: Promoter Group NS Technical Consultancy created a pledge of 9 lakh shares on Oct 19.
Who’s Meeting Whom
Titan: To meet analysts and investors on Nov. 3.
Rainbow Children’s Medicare: To meet analysts and investors on Oct. 31.
Reliance Industries: To meet analysts and investors on Oct. 27.
Motherson Sumi Wiring: To meet analysts and investors on Oct. 31.
Max India: To meet analysts and investors on Oct. 27.
Aurion Pro: To meet analysts and investors on Oct. 26.
Paradeep Phosphates: To meet analysts and investors on Nov. 2.
Nuvovco Vistas: To meet analysts and investors on Nov. 1.
Firstsource Solutions: To meet analysts and investors on Nov. 8.
Symphony: To meet analysts and investors on Oct. 26.
DCM Shriram: To meet analysts and investors on Nov. 2.
Tips Industries: To meet analysts and investors on Oct. 26.
Godrej Consumer Products: To meet analysts and investors on Nov. 1.
Nippon Life Indian AMC: To meet analysts and investors on Nov. 7.
Hero Motor Corp: To meet analysts and investors on Nov. 2.
Trading Tweaks
Move out of short term ASM framework: Jai Corp.
F&O Cues
Nifty October futures fell 0.49% at 19,523.30, at a discount of 19.35 points.
Nifty October futures open interest declined by 3.07% by 5,504 shares.
Nifty Bank October futures fell 0.23% to 43743.05, at a premium of 20 points.
Nifty Bank October futures open interest declined by 16.14% by 26,004 shares.
Nifty Options Oct 26 Expiry: Maximum call open interest at 20,000 and Maximum put open interest at 19,800.
Nifty Bank Options Oct 26 Expiry: Maximum call open interest at 46,000 and Maximum put open interest at 42,000.
Securities in the ban period: India Bulls Housing Finance.
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns a 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.
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