Asian stocks set to have a cautious open as investors prepare for the major central bank decision. Oil prices dropped as Israel’s ground invasion of Gaza has started slower than anticipated, according to Bloomberg report.
Brent crude fell to $89.51 a barrel, and West Texas Intermediate was trading around the $84.52 mark. The yield on the 10-year U.S. bond was trading at 4.88%, whereas Bitcoin was above the $34,000 level.
At 5:38 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was trading flat at 19,080.
India's benchmark stock indices advanced over 1% on Friday after declining for six consecutive days following geopolitical uncertainties stemming from the Israel-Hamas war and the resultant rise in crude prices, coupled with higher-for-longer U.S. rates.
The S&P BSE Sensex closed 634.65 points up, or 1.01%, at 63,789.80, while the NSE Nifty 50 ended 190 points, or 1.01%, higher at 19,047.25.
Intraday, the S&P BSE Sensex rose 1.21% to 63,913.13, and the NSE Nifty 50 gained 1.16% to 19,076.15.
Overseas investors continued their selling spree in the equities market on Friday. Foreign portfolio investors offloaded stocks worth Rs 1,500.1 crore, while domestic investors remained net buyers and mopped up equities worth Rs 313.6 crore, the NSE data showed.
The Indian rupee weakened two paise to close at Rs 83.25 against the U.S. dollar on Friday.
Earnings Post Market Hours
Reliance Industries Q2 FY24 (Consolidated, QoQ)
Revenue is up 11.44% at Rs 2,31,886 crore vs. Rs 2,07,559 crore (Bloomberg estimate: Rs 2,23,433.65 crore).
Ebitda is up 7.54% at Rs 40,968 crore vs. Rs 38,093 crore (Bloomberg estimate: Rs 40,321.66 crore).
Ebitda margin at 17.66% vs. 18.35% (Bloomberg estimate: 18%)
Profit attributable to owners is up 8.63% at Rs 17,394 crore vs. Rs 16,011 crore (Bloomberg estimate: Rs 17,850.92 crore).
Reliance Retail Q2 FY24 (Consolidated, YoY)
Revenue is up 19.5% at Rs 68,937 crore vs. Rs 57,694 crore.
Ebitda up 30.8% at Rs 5,607 crore vs. Rs 4,286 crore.
Ebitda margin at 8.4% vs. 7.6%
Reported PAT is up 21% at Rs 2,790 crore vs. Rs 2,305 crore.
Reliance Jio Q2 FY24 (Consolidated, QoQ)
Revenue is up 2.94% at Rs 24,750 crore vs. Rs 24,042 crore.
Ebitda up 2.98% at Rs 12,953 crore vs. Rs 12,578 crore.
Ebitda margin at 52.33% vs. 52.31%
Reported PAT is up 4% at Rs 5,058 crore vs. Rs 4,863 crore.
Bharat Petroleum Corp Q2 FY24 (Consolidated, YoY)
Revenue is down 9.05% at Rs 1,03,044.37 crore vs. Rs 1,12,984.79 crore (Bloomberg estimate: Rs 1,17,527.70 crore).
Ebitda down 18.03% at Rs 12,940.51 crore vs. Rs 15,785.13 crore (Bloomberg estimate: Rs 9,308.30 crore).
Ebitda margin at 12.55% vs. 13.97% (Bloomberg estimate: 7.90%)
Reported PAT is down 22.55% at Rs 8,243.55 crore vs. Rs 10,644.3 crore (Bloomberg estimate: Rs 5,248.47 crore).
Union Bank of India Q2 FY24 (Standalone)
NII is up 10% at Rs 9,126.07 crore vs. Rs 8,305.01 crore YoY.
Reported PAT is up 90% at Rs 3,511.42 crore vs. Rs 1,847.7 crore YoY.
Gross NPA at 6.38% vs. 7.34% (QoQ)
Net NPA at 1.30% vs. 1.58% (QoQ)
SBI Cards Q2 FY24 (Standalone, YoY)
Total income is up 22.24% at Rs 4,221.4 crore vs. Rs 3,453.32 crore.
Reported PAT is up 14.73% at Rs 602.98 crore vs. Rs 525.54 crore.
M&M Financial Services Q2 FY24 (Standalone, YoY)
Total income is up 24.18% at Rs 3,240.49 crore vs. Rs 2,609.32 crore.
Reported PAT is down 47.53% at Rs 235.18 crore vs. Rs 448.3 crore (Bloomberg estimate: Rs 483.14 crore).
Ion Exchange India Q2 FY24 (Consolidated, YoY)
Revenue is up 19.07% at Rs 532.97 crore vs. Rs 447.61 crore.
Ebitda up 13.28% at Rs 60.39 crore vs. Rs 53.31 crore.
Ebitda margin at 11.33% vs. 11.9%
Reported PAT is up 9.43% at Rs 42.35 crore vs. Rs 38.7 crore.
IRB Infrastructure Developers Q2 FY24 (Consolidated, YoY)
Revenue is up 29.93% at Rs 1,744.996 crore vs. Rs 1,342.95 crore.
Ebitda up 19.47% at Rs 794.61 crore vs. Rs 665.1 crore.
Ebitda margin at 45.53% vs. 49.52%
Reported PAT is up 12.23% at Rs 95.75 crore vs. Rs 85.31 crore.
Mahanagar Gas Q2 FY24 (Consolidated, QoQ)
Revenue is up 2.29% at Rs 1,570.93 crore vs. Rs 1,537.79 crore (Bloomberg estimate: Rs 1,575.94 crore).
Ebitda down 8.14% at Rs 478.88 crore vs. Rs 521.27 crore (Bloomberg estimate: Rs 491.26 crore).
Ebitda margin at 30.48% vs. 33.89% (Bloomberg estimate: 31.2%).
Reported PAT is down 8.11% at Rs 338.5 crore vs. Rs 368.4 crore (Bloomberg estimate: Rs 339.52 crore).
Supreme Petrochem Q2 FY24 (YoY)
Revenue is up 3.49% at Rs 1,277.67 crore vs. Rs 1,234.58 crore.
Ebitda up 34.67% at Rs 106.27 crore vs. Rs 78.91 crore.
Ebitda margin at 8.31% vs. 6.39%
Reported PAT is up 30.51% at Rs 78.06 crore vs. Rs 59.81 crore.
Sarda Energy and Minerals Q2 FY24 (Consolidated, YoY)
Revenue is up 3.6% at Rs 1,001.36 crore vs. Rs 966.54 crore.
Ebitda down 10.92% at Rs 250.41 crore vs. Rs 281.09 crore.
Ebitda margin at 25% vs. 29.08%
Reported PAT is down 19.69% at Rs 149.21 crore vs. Rs 185.8 crore.
Blue Dart Express Q2 FY24 (Consolidated, YoY)
Revenue is down 0.07% at Rs 1,324.48 crore vs. Rs 1,325.28 crore (Bloomberg estimate: Rs 1,360.38 crore).
Ebitda down 8.34% at Rs 222.73 crore vs. Rs 242.99 crore (Bloomberg estimate: Rs 203.78 crore).
Ebitda margin at 16.81% vs. 18.33% (Bloomberg estimate: 15%).
Reported PAT is down 21.97% at Rs 73.06 crore vs. Rs 93.64 crore (Bloomberg estimate: Rs 83.1 crore).
Great Eastern Shipping Q2 FY24 (Consolidated, YoY)
Revenue is down 15.1% at Rs 1,229.02 crore vs. Rs 1,447.45 crore.
Ebitda down 18.87% at Rs 643.37 crore vs. Rs 793 crore.
Ebitda margin at 52.34% vs. 54.78%
Reported PAT is down 22.65% at Rs 594.66 crore vs. Rs 768.83 crore.
Oberoi Realty Q2 FY24 (Consolidated, YoY)
Revenue is up 76.79% at Rs 1,217.41 crore vs. Rs 688.59 crore.
Ebitda up 105.57% at Rs 638.21 crore vs. Rs 310.45 crore.
Ebitda margin at 52.42% vs. 45.08%
Reported PAT is up 43.35% at Rs 456.76 crore vs. Rs 318.62 crore.
Route Mobile Q2 FY24 (Consolidated, QoQ)
Revenue is up 4.88% at Rs 1,014.61 crore vs. Rs 967.34 crore (Bloomberg estimate: Rs 1,054.97 crore).
EBIT is up 0.54% at Rs 106.7 crore vs. Rs 106.12 crore.
EBIT margin at 10.51% vs. 10.97%
Reported PAT is down 3.64% at Rs 88.35 crore vs. Rs 91.69 crore (Bloomberg estimate: Rs 85.8 crore).
Indostar Capital Finance Q2 FY24 (Standalone, YoY)
Total income is down 1.3% to Rs 234.27 crore vs. Rs 237.35 crore.
Reported PAT is down 72.46% at Rs 10.51 crore vs. Rs 38.17 crore.
Johnson Controls-Hitachi Air Q2 FY24 (YoY)
Revenue is down 9.12% at Rs 280.15 crore vs. Rs 308.24 crore (Bloomberg estimate: Rs 358.1 crore).
Ebitda loss at Rs 43.58 crore vs. loss of Rs 53.88 crore (Bloomberg estimate: Ebitda loss of Rs 39 crore).
Reported loss at Rs 56.4 crore vs. loss of Rs 52.9 crore (Bloomberg estimate: reported loss of Rs 44.8 crore)
Intellect Design Arena Q2 FY24 (Consolidated, YoY)
Revenue is up 17.3% at Rs 619 crore vs. Rs 527.5 crore.
Ebitda up 45.1% at Rs 121.9 crore vs. Rs 83.9 crore.
Ebitda margin at 19.7% vs. 15.9%
Reported PAT is up 53.9% at Rs 70.8 crore vs. Rs 46 crore (Bloomberg estimate: Rs 90.5 crore).
Bajaj Holdings and Investment Q2 FY24 (Consolidated, YoY)
Total income is up 19.43% at Rs 240.06 crore vs. Rs 200.99 crore.
Reported PAT is up 19.98% at Rs 1,491.16 crore vs. Rs 1,242.79 crore.
Tamilnad Mercantile Bank Q2 FY24
Reported PAT is up 4% at Rs 273.51 crore vs. Rs 262.3 crore (YoY).
NII is up 5% at Rs 532.73 crore vs. Rs 508.55 crore (YoY).
Gross NPA at 1.7% vs. 1.56% (QoQ)
Net NPA at 0.99% vs. 0.66% (QoQ)
MPS Q2 FY24 (Consolidated, QoQ)
Revenue is down 2.22% at Rs 129.57 crore vs. Rs 132.51 crore.
EBIT is down 3.72% at Rs 36 crore vs. Rs 37.39 crore.
EBIT margin at 27.78% vs. 28.21%
Reported PAT is down 0.89% at Rs 30.03 crore vs. Rs 30.3 crore.
Inox Wind Q2 FY24 (Consolidated, YoY)
Revenue is up 243.55% at Rs 384.4 crore vs. Rs 111.89 crore (Bloomberg estimate: Rs 509.3 crore).
Ebitda at Rs 82.09 crore vs. loss of Rs 30.86 crore (Bloomberg estimate: Rs 30.9 crore).
Ebitda margin at 21.35% (Bloomberg estimate: 6.1%).
Reported loss at Rs 26.84 crore vs. loss of Rs 133.81 crore (Bloomberg estimate: Reported loss of Rs 54.3 crore).
Inox Green Energy Services Q2 FY24 (Consolidated, YoY)
Revenue is down 23.31% at Rs 47.39 crore vs. Rs 61.79 crore.
Ebitda down 26.95% at Rs 12.96 crore vs. Rs 17.74 crore.
Ebitda margin at 27.34% vs. 28.71%
Reported PAT at Rs 5.76 crore vs. loss of Rs 8.21 crore
Inox Wind Energy Q2 FY24 (Consolidated, YoY)
Revenue is up 245% at Rs 371.4 crore vs. Rs 107.65 crore.
Ebitda at Rs 27.03 crore vs. loss of Rs 35.5 crore
Ebitda margin at 7.27%
Reported loss of Rs 57.14 crore vs. loss of Rs 134.46 crore
Astec Lifesciences Q2 FY24 (Consolidated, YoY)
Revenue is down 44.54% at Rs 110.78 crore vs. Rs 199.74 crore (Bloomberg estimate: Rs 123 crore).
Ebitda loss at Rs 3.45 crore vs. profit of Rs 33.26 crore (Bloomberg estimate: Rs 1.8 crore)
Reported loss at Rs 13.41 crore vs. profit of Rs 18.31 crore (Bloomberg estimate: reported loss of Rs 9.3 crore).
City Union Bank Q2 FY24 (Standalone)
NII is down 5% at Rs 538.42 crore vs. Rs 567.9 crore (YoY).
Reported PAT is up 2% at Rs 280.61 crore vs. Rs 276.45 crore (YoY) (Bloomberg estimate: Rs 226.35 crore).
Gross NPA at 4.66% vs. 4.91% (QoQ)
Net NPA at 2.34% vs. 2.51% (QoQ)
NACL Industries Q2 FY24 (Consolidated, YoY)
Revenue is up 2.71% at Rs 580.26 crore vs. Rs 564.91 crore.
Ebitda down 43.62% at Rs 30.56 crore vs. Rs 54.19 crore.
Ebitda margin at 5.26% vs. 9.59%
Reported PAT is down 86.34% at Rs 4.08 crore vs. Rs 29.89 crore.
Latent View Analytics Q2 FY24 (Consolidated, QoQ)
Revenue is up 5.42% at Rs 155.68 crore vs. Rs 147.67 crore.
EBIT is up 10.73% at Rs 28.46 crore vs. Rs 25.7 crore.
EBIT margin at 18.28% vs. 17.4%
Reported PAT is up 3.56% at Rs 34.03 crore vs. Rs 32.86 crore.
Bharat Electronics Q2 FY24 Consolidated YoY
Revenue up 1.19% at Rs 4009.06 crore vs Rs 3961.59 crore
Ebitda up 16.8% at Rs 1014.17 crore vs Rs 868.28 crore
Margin at 25.29% vs 21.91%
Net profit up 26.47% at Rs 789.71 crore vs Rs 624.4 crore
Zen Technologies Q2 FY24 Consolidated YoY
Revenue up 99% at Rs 67 crore vs Rs 33 crore
Ebitda up 91% at Rs 19 crore vs Rs 10 crore
Margin at 28.5% vs 29.7%
Net profit up 78.6% at Rs 14 crore vs Rs 8 crore
Zen Tech Presentation
Expect to achieve a revenue target of Rs 450 cr in FY24
Out of total order book of Rs 1487 crore, equipment orders worth Rs 1208 crore are slated for execution by 31st March 2025
Commentary indicates FY25 revenues of atleast Rs 750 crore
Alert - FY23 Revenues at Rs 219 crore, H1FY24 Revenue at Rs 198 crore
Pfizer Q2 FY24 YoY
Revenue down 9.8% at Rs 575 crore vs Rs 637 crore
Ebitda down 21.2% at Rs 183 crore vs Rs 232 crore
Margin at 31.7% vs 36.3%
Net profit down 52.1% at Rs 149 crore vs Rs 311 crore
IDFC First Bank Q2FY24 Standalone
NII up 32% at Rs 3950 crore vs Rs 3002 crore YoY
Net profit up 35% at Rs 751 crore vs Rs 556 crore YoY
Gross NPA 2.11% vs 2.17% QoQ
Net NPA at 0.68% vs 0.70% QoQ
NTPC Q2 FY24 Consolidated YoY
Revenue up 1.8% at Rs 44983 crore vs Rs 44175 crore
Ebitda up 20.6% at Rs 12680 crore vs Rs 10513 crore
Margin at 28.2% vs 23.8%
Net profit up 38.3% at Rs 4726 crore vs Rs 3417.7 crore
Macrotech Developers Q2 FY24 Consolidated YoY
Revenue down 0.9% at Rs 1750 crore vs Rs 1765 crore
Ebitda down 1.9% at Rs 416 crore vs Rs 424 crore
Margin at 23.8% vs 24%
Net profit at Rs 203 crore vs loss of Rs 933 crore
Earnings In Focus
Adani Green Energy, DLF, Marico, Procter Gamble Hygiene & Health Care, APL Apollo Tubes, Petronet LNG, GMR Airports Infrastructure, KPIT Technologies, Nippon Life India Asset Management, Blue Star, DCM Shriram, Fine Organic Industries, Castrol India, Rainbow Childrens Medicare, Craftsman Automation, SIS, Spandana Sphoorty Financial, LT Foods, Gokaldas Exports, IFB Industries, LG Balakrishnan & Bros, J Kumar Infraprojects, DCX Systems, Siyaram Silk Mills, Andhra Paper, Jagran Prakashan, Filatex India, Bharat Bijlee, The Anup Engineering, Kalyani Steels, Jyoti Resins & Adhesives, Nelcast, Rane Madras, Premier Explosives, Mangalore Chemicals & Fertilizers, Enkei Wheels India.
Stocks To Watch
Tata Group: Taiwan-based Wistron Corp., a contract manufacturer for Apple Inc., will sell its India unit to the Tata Group for $125 million. Wistron will sell a 100% stake in its unit, Wistron InfoComm Manufacturing (India) Pvt., to Tata Electronics Pvt., following board approval.
Tata Power: The company's renewable energy arm inked a power delivery agreement with Mukand Ltd., a Bajaj Group company, for a 43.75 MW AC Group Captive Solar project. The installation will generate 99.82 MUs annually.
Bombay Dyeing: The company's Global Depository Receipt programme has been terminated, and the GDRs have been delisted from the Luxembourg Stock Exchange. Due to the termination of the GDR programme, Naira Holdings has surrendered their 27.40 lakh GDRs for cancellation and, subsequently, has taken possession of the equivalent corresponding equity shares of the company.
Strides Pharma Science: The company's Singapore unit, Strides Pharma Global, has entered into a binding agreement to sell its manufacturing facility for a consideration of $15 million to Rxilient Biohub.
IRB Infrastructure Developers: The company has emerged as the preferred bidder for the project of tolling, operation, maintenance and transfer of a 316-kilometre highway stretch in the states of Uttar Pradesh and Madhya Pradesh. The IRB Infrastructure Trust is to pay an upfront concession fee of Rs 4,428 crore to NHAI for a revenue-linked concession period of 20 years.
SJVN: The company's unit, SJVN Green Energy, inked an MoU with Norway's Ocean Sun for collaboration in the green and clean energy sector. The unit will develop and finance a pilot membrane-based floating solar project of about 2 MW in India, with Ocean Sun providing patented technological support for the same.
Blue Dart Express: CFO V.N. Lyer resigns w.e.f. Jan. 31, 2024.
Thermax: The company's subsidiary, Thermax Onsite Energy Solutions Ltd., infused an additional Rs 24.94 crore in its step-down subsidiary, Thermax Energy & Environment Lanka Pvt. The additional capital is being infused to meet the fund requirements for the execution of a project.
Grindwell Norton: The company executed a share sale and purchase agreement with Shinagawa Refractories Co. and SG Shinagawa Refractories India Pvt. for the sale of 49% of the equity shares held by the company in SG Shinagawa Refractories India.
Dr Reddy's Laboratories: The formulations manufacturing facility in Bachupally Hyderabad has been issued a Form 483 with 10 observations by the U.S. Food and Drug Administration.
IPO Offering
Cello World: The IPO will open for bids on Monday. The household products and stationery manufacturer plans to raise Rs 1,900 crore. The price band is fixed at Rs 617 to 648 apiece. The company has mopped up Rs 567 crore from anchor investors.
Block Deals
Jindal Stainless: Hypnos Fund sold, while JSL Overseas bought 13.78 lakh shares (0.16%) at Rs 455 apiece.
Insider Trades
Som Distilleries & Breweries: Promoter Deepak Arora bought a total of 20,000 shares during Oct. 26–27.
Who's Meeting Whom
Bharti Airtel: To meet analysts and investors on Nov. 1.
Britannia Industries: To meet analysts and investors on Nov. 2.
PTC India Financial Services: To meet analysts and investors on Oct. 30.
Max Healthcare Institute: To meet analysts and investors on Nov. 7.
Matrimony.com: To meet analysts and investors on Nov. 9.
Brigade Enterprises: To meet analysts and investors on Nov. 8.
Gati: To meet analysts and investors on Nov. 6.
Bajaj Electricals: To meet analysts and investors on Nov. 6.
India Glycols: To meet analysts and investors on Nov. 6.
India Oil Corp: To meet analysts and investors on Nov. 1.
Aditya Birla Capital: To meet analysts and investors on Nov. 3.
Vodafone Idea: To meet analysts and investors on Oct. 30.
Electronics Mart: To meet analysts and investors on Nov. 3.
Dhampur Sugar Mills: To meet analysts and investors on Nov. 1.
LIC Housing Finance: To meet analysts and investors on Nov. 1.
ADF Foods: To meet analysts and investors on Nov. 1.
Hitachi Energy India: To meet analysts and investors on Nov. 6.
Greaves Cotton: To meet analysts and investors on Nov. 8.
Kalpataru Projects International: To meet analysts and investors on Nov. 3.
Bank of Baroda: To meet analysts and investors on Nov. 4.
India Cements: To meet analysts and investors on Nov. 1.
VIP Industries: To meet analysts and investors on Oct. 31.
Sapphire Foods: To meet analysts and investors on Nov. 2.
Thomas Cook (India): To meet analysts and investors on Nov. 2.
Trading Tweaks
Ex/record date dividend: Ramkrishna Forgings, Happiest Mind Technologies
Move out of short term ASM framework: Vakrangee.
F&O Cues
Nifty November futures rose 0.91% to 19,145, at a premium of 97.75 points.
Nifty November futures open interest declined by 1.63% to 3,592 shares.
Nifty Bank November futures rose 1.17% to 43,100, at a premium of 318 points.
Nifty Bank November futures open interest declined by 6 shares.
Nifty Options Nov. 2 Expiry: Maximum call open interest at 19,200 and maximum put open interest at 19,000.
Nifty Bank Options Nov. 1 Expiry: Maximum call open interest at 43,000 and maximum put open interest at 42,500.
Securities in the ban period: Nil.
Money Market Update
The Indian rupee weakened two paise to close at Rs 83.25 against the U.S. dollar on Friday.
Research Reports
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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