Asia stocks are poised for a mixed open. The yen rallied on a report that the Bank of Japan may raise a limit on government bond yields, Bloomberg reported.
Japan’s currency surged to its strongest level in nearly three weeks after Nikkei reported, without identifying from where it obtained the information, that the Bank of Japan is considering letting the yield on 10-year government bonds rise above 1%.
Brent crude rose to $88.05 a barrel, and West Texas Intermediate was trading around the $82.85 level. The yield on the 10-year U.S. bond was trading at 4.90%, whereas Bitcoin was above the $34,000 level.
India's benchmark stock indices advanced for the second consecutive session on Monday, supported by gains in Reliance Industries and HDFC Bank.
The S&P BSE Sensex closed 329.85 points, or 0.52%, higher at 64,112.65, while the NSE Nifty 50 gained 93.65 points, or 0.49%, to end at 19,40.90.
Intraday, the S&P BSE Sensex rose 0.63% to 64,184.58, and the NSE Nifty 50 gained 0.58% to 19,158.50.
Overseas investors became net sellers of Indian equities for the fourth day in a row. Foreign portfolio investors offloaded stocks worth Rs 1,761.7 crore, while domestic institutional investors turned net buyers and mopped up equities worth Rs 1,328.5 crore, the NSE data showed.
The Indian rupee closed flat at 83.25 against the U.S. dollar on Monday.
Earnings Post Market Hours
DLF Q2 FY24 (Consolidated, YoY)
Revenue is up 3.5% at Rs 1,348 crore vs. Rs 1,302 crore.
Ebitda up 6% at Rs 462 crore vs. Rs 437 crore.
Margin at 34% vs. 33.5%
Reported profit is up 30% to Rs 622 crore vs. Rs 477 crore.
Marico Q2 (Consolidated, YoY)
Revenue is down 0.8% to Rs 2,476 crore vs. Rs 2,496 crore.
Ebitda up 14.8% at Rs 497 crore vs. Rs 433 crore.
Margin at 20.1% vs. 17.3%, up 272 bps
Reported profit was up 17.3% to Rs 360 crore vs. Rs 307 crore.
Rainbow Children's Medicare Q2 FY24 (Consolidated, YoY)
Revenue is up 6.3% at Rs 333 crore vs. Rs 313 crore.
Ebitda rises 7% to Rs 118 crore vs. Rs 110 crore.
Margin at 35% vs. 35%
Net profit is up 2.7% at Rs 63 crore vs. Rs 62 crore.
Procter & Gamble Hygiene and Health Care Q2 FY24 (YoY)
Revenue is up 8.9% at Rs 1,138 crore vs. Rs 1,045 crore.
Ebitda up 33.1% at Rs 285 crore vs. Rs 214 crore.
Margin at 25% vs. 20.5%
Net profit is up 36.4% at Rs 211 crore vs. Rs 154 crore.
Filatex India Q2 FY24 (Consolidated, YoY)
Revenue is down 4.8% at Rs 1,108 crore vs. Rs 1,163 crore.
Ebitda up 16.4% at Rs 54 crore vs. Rs 46 crore.
Margin at 4.9% vs. 4%
Reported profit is down 8.2% to Rs 23 crore vs. Rs 25 crore.
Castrol India Q2 FY24 (Consolidated, YoY)
Revenue is up 5.5% at Rs 1,183 crore vs. Rs 1,121 crore.
Ebitda up 4.4% at Rs 269 crore vs. Rs 257 crore.
Margin at 22.7% vs. 22.9%
Net profit is up 3.9% at Rs 194 crore vs. Rs 187 crore.
TVS Motor Co. Q2 FY24 (Standalone, YoY)
Revenue is up 12.8% at Rs 8,145 crore vs. Rs 7,219 crore.
Ebitda up 22.2% at Rs 900 crore vs. Rs 737 crore.
Margin at 11% vs. 10.2%
Net profit is up 31.7% at Rs 537 crore vs. Rs 407 crore.
Sterling Tools Q2 FY24 (Consolidated, YoY)
Revenue is up 17.7% at Rs 210 crore vs. Rs 179 crore.
Ebitda up 1.4% at Rs 25 crore vs. Rs 25 crore.
Margin at 12.1% vs. 14%
Net profit is down 24.9% to Rs 12 crore vs. Rs 17 crore.
APL Apollo Tubes Q2 FY24 (Consolidated, YoY)
Revenue is up 16.7% at Rs 4,630 crore vs. Rs 3,969 crore.
Ebitda up 40.2% at Rs 325 crore vs. Rs 232 crore.
Margin at 7% vs. 5.8%
Reported profit was up 35.1% at Rs 203 crore vs. Rs 150 crore.
Blue Star Q2 FY24 (Consolidated, YoY)
Revenue is up 19.5% at Rs 1,890 crore vs. Rs 1,582 crore.
Ebitda up 43% at Rs 123 crore vs. Rs 86 crore.
Margin at 6.5% vs. 5.4%
Reported profit was up 66% to Rs 71 crore vs. Rs 43 crore.
Spandana Sphoorty Financial Q2 FY24 (Consolidated, YoY)
Total income is up 92% at Rs 138 crore vs. Rs 72 crore.
Reported profit was up 127% at Rs 125 crore vs. Rs 55 crore.
GMR Airports Infrastructure Q2 FY24 (Consolidated, YoY)
Revenue is up 30.3% at Rs 2,064 crore vs. Rs 1,584 crore.
Ebitda up 55.2% at Rs 727 crore vs. Rs 468 crore.
Margin at 35.2% vs. 29.6%
Net loss of Rs 190.4 crore vs. loss of Rs 196 crore
Managlore Chemicals and Fertilisers Q2 FY24 (Consolidated, YoY)
Revenue is up 397.69% at Rs 1,410.41 crore vs. Rs 283.39 crore.
Ebitda profit of Rs 141.47 crore vs. Ebitda loss of Rs 18.71 crore
Margin at 10.02%
Net profit of Rs 67.71 crore vs. net loss of Rs 32.19 crore
Fine Organic Industries Q2 FY24 (Consolidated, YoY)
Revenue is down 41.2% at Rs 540 crore vs. Rs 919 crore.
Ebitda down 48.4% at Rs 131 crore vs. Rs 254 crore.
Margin at 24.2% vs. 27.6%
Reported profit is down 49% to Rs 103 crore vs. Rs 203 crore.
Triveni Engineering and Industries Q2 FY24 (Consolidated, YoY)
Revenue is up 10% at Rs 1,409 crore vs. Rs 1,346 crore.
Ebitda up 38.7% at Rs 63 crore vs. Rs 45 crore.
Margin at 4.5% vs. 3.4%
Net profit is down 98% to Rs 29 crore vs. Rs 1,388 crore.
Note: The company reported a one-time gain of Rs 1,401 crore in Q2 FY23.
DCM Shriram Q2 FY24 (Consolidated, YoY)
Revenue is down 1.7% to Rs 2,708 crore vs. Rs 2,740 crore.
Ebitda down 57.8% at Rs 114 crore vs. Rs 270 crore.
Margin at 4.2% vs. 9.9%
Net profit is down 74.8% to Rs 32 crore vs. Rs 128 crore.
SIS Q2 FY24 (Consolidated, YoY)
Revenue is up 11.1% at Rs 3,073.6 crore vs. Rs 2,767.7 crore.
Ebitda up 23% at Rs 145 crore vs. Rs 110 crore.
Margin at 4.7% vs. 4%
Net profit is up 9.9% at Rs 75 crore vs. Rs 67 crore.
Siyaram Silk Mills Q2 FY24 (Consolidated, YoY)
Revenue is down 7.9% to Rs 586 crore vs. Rs 636 crore.
Ebitda down 26.5% at Rs 88 crore vs. Rs 119 crore.
Margin at 15% vs. 18.8%
Net profit is down 23.5% to Rs 61 crore vs. Rs 80 crore.
LG Balakrishnan and Brothers Q2 FY24 (YoY)
Revenue is up 5.2% at Rs 573 crore vs. Rs 545 crore.
Ebitda up 4.4% at Rs 102 crore vs. Rs 98 crore.
Margin at 17.9% vs. 18%
Reported profit was up 16.7% at Rs 76 crore vs. Rs 65 crore.
TVS Holdings Q2 FY24 (Consolidated, YoY)
Revenue is up 16.9% at Rs 10,473 crore vs. Rs 8,963 crore.
Ebitda up 18.1% at Rs 1,360 crore vs. Rs 1,152 crore.
Margin at 13% vs. 12.8%
Reported profit was up 16% to Rs 457 crore vs. Rs 394 crore.
Jyoti Resins and Adhesives Q2 FY24 (YoY)
Revenue is down 4.1% at Rs 63 crore vs. Rs 66 crore.
Ebitda up 60.3% at Rs 21 crore vs. Rs 13 crore.
Margin at 34% vs. 20.3%
Reported profit was up 83.7% at Rs 16 crore vs. Rs 9 crore.
Nelcast Q2 FY24 (Consolidated, YoY)
Revenue is up 9.1% at Rs 358 crore vs. Rs 329 crore.
Ebitda up 17.9% at Rs 32 crore vs. Rs 27 crore.
Margin at 8.9% vs. 8.2%
Reported profit was up 37% to Rs 17 crore vs. Rs 12 crore.
Jagran Prakashan Q2 FY24 (YoY)
Revenue is down 0.3% to Rs 391 crore vs. Rs 392 crore.
Ebitda down 21.4% at Rs 65 crore vs. Rs 82 crore.
Margin at 16.5% vs. 21%
Net profit is down 19.1% at Rs 45 crore vs. Rs 55 crore.
Vesuvius India Q2 FY24 (Standalone, YoY)
Revenue is up 16.7% at Rs 410 crore vs. Rs 351 crore.
Ebitda up 62.6% at Rs 79 crore vs. Rs 48 crore.
Margin at 19.2% vs. 13.8%
Net profit is up 67% at Rs 60 crore vs. Rs 36 crore.
DCX Systems Q2 FY24 (Consolidated, YoY)
Revenue is up 77.77% at Rs 309.12 crore vs. Rs 173.89 crore.
Ebitda up 82.39% at Rs 18.44 crore vs. Rs 10.11 crore.
Margin at 5.97% vs. 5.81%
Net profit is up 151.58% at Rs 19.85 crore vs. Rs 7.89 crore.
Gokaldas Exports Q2 FY24 (Consolidated, YoY)
Revenue is down 12.2% at Rs 500 crore vs. Rs 570 crore.
Ebitda down 27.9% at Rs 47 crore vs. Rs 65 crore.
Margin at 9.4% vs. 11.5%
Net profit is down 48.2% to Rs 24 crore vs. Rs 46 crore.
Earnings In Focus
Adani Total Gas, Bharti Airtel, Larsen and Toubro, Indian Oil, Tata Consumer Products, GAIL, Mankind Pharma, Jindal Steel and Power, Star Health and Allied Insurance Company, Vedant Fashions, Max Financial Services, Motherson Sumi Wiring India, KEI Industries, Ajanta Pharma, Five-Star Business Finance, Gillette India, Navin Fluorine International, Mangalore Refinery and Petrochemicals, Capri Global Capital, Birlasoft, Kaynes Technology India, V-Guard Industries, Nuvoco Vistas Corporation, Aether Industries, C.E. Info Systems, RITES, Amara Raja Batteries, Vardhman Textiles, Praj Industries, VIP Industries, PNC Infratechm, Archean Chemical Industries, Go Fashion (India), Gravita India, Reliance Power, JSW Holdings, Paradeep Phosphates, Arvind Ltd, Indiabulls Real Estate, DCB Bank, Thyrocare Technologies, CARE Ratings, ADF Foods, Balu Forge Industries, Yasho Industries, Cantabil Retail India, Dhampur Sugar Mills, NIIT, Kokuyo Camlin, Geojit Financial Services, Bigbloc Construction, Shiva Cement.
Stocks To Watch
Tata Motors: The carmaker said an arbitration panel has ruled in its favour to recover Rs 766 crore with interest from the West Bengal Industrial Development Corp. for the Singur-Nano project that the company was forced to scrap.
Marico: The board approved an interim dividend of Rs 3 per share.
Power Grid Corp: The company acquired Beawar Dausa Transmission via tariff-based competitive bidding for an aggregate value of nearly Rs 21.37 crore, subject to adjustment.
Gulf Oil Lubricants: The company acquired 51% of Tirec Transmission.
Filatex India: Board-approved expansion project for manufacturing recycling ships with a capacity of 20,000 TPA from polyester and textile waste. The project is to be executed by a company or subsidiary at an estimated cost of Rs 150 crore.
JK Cement: The company proposed to acquire shares of four companies under captive power plant mode through SPV.
Chemplast Sanmar: The custom-manufactured chemical division signed an LOI with a global agrochemical innovator to manufacture a new pipeline of active ingredients for five years. Commercial supplies are expected to start in CY2025.
Astral: Atul Sanghvi, president of Faucet and Sanitary Ware, resigned.
DCM Shriram: The company will set up a sugar plant in Loni, Uttar Pradesh, to increase capacity to 9,400 TCD from 7,300 TCD.
HFCL: The company launched a comprehensive suite of next-gen connectivity products and solutions at India Mobile Congress 2023.
Colgate Palmolive: The company received a transfer pricing order of Rs 170 crore from the Income Tax Authority for AY 2021–22. It will make an application before the Dispute Resolution Panel.
Prism Johnson: The company’s greenfield tile production plant in West Bengal, with a capacity of 6.3 MSM p.a., started commercial production. Total tile production capacity of H&R Johnson (India) Division up from 61 MSM p.a. to 67 MSM p.a.
Bajaj Hindusthan Sugar: The company has received Rs 1,361 crore in the respective escrow account maintained exclusively for cane price payments for each of its 14 sugar units from Uttar Pradesh Power Corporation. The amount is paid to the cane growers towards the cane payment arrears for the sugar season 2022–23.
PSP Projects: The company bagged work orders worth Rs 200.25 crore in Gujarat. The total order inflow for FY24 amounts to Rs 958.63 crore.
IPO Offerings
Cello World: The IPO was subscribed to 0.38 times, or 38%, on its first day. The bids were led by non-institutional investors (0.94 times, 94%), retail investors (0.35 times, 35%), and institutional investors (0.02 times, 2%), with a portion reserved for employees (0.42 times, 42%).
Honasa Consumer: The Mamaearth parent will launch its IPO on Tuesday to fetch over Rs 1,700 crore at the upper end of the price band. The IPO consists of a fresh issue of equity shares worth Rs 365 crore and an offer-for-sale component of 4.12 crore equity shares. The price brand for the offer has been fixed at Rs 308–324 per share. The company has raised Rs 765.2 crore from anchor investors.
Bulk Deals
Abans Holding: Scoutbit General Trading bought 3.5 lakh shares (0.69%) at Rs 300.58 a piece.
Keroram Industries: Pilot Consultancies bought 25 lakh shares (0.8%) at Rs 76.25 a piece.
Swan Energy: Graviton Research Capital bought 14.1 lakh shares (0.53%) at Rs 387.31 a piece.
Kesoram Industries: ICM Finance sold 25 lakh shares (0.8%) at Rs 76.25 a piece.
Insider Trades
Som Distilleries & Breweries: Promoter Deepak Arora bought 10,500 shares on Oct. 30.
Who's Meeting Whom
Polycab India: To meet analysts and investors on Nov. 2.
Keystone Realtors: To meet analysts and investors on Nov. 6.
Indian Metals and Ferro Alloys: To meet analysts and investors on Nov. 3.
Rossari Biotech: To meet analysts and investors on Nov. 6.
Schneider Electric Infrastructure: To meet analysts and investors on Nov. 8.
Shriram Finance: To meet analysts and investors on Oct. 31.
Blue Dart Express: To meet analysts and investors on Nov. 2.
Elecon Engineering: To meet analysts and investors on Nov. 8.
Maharashtra Seamless: To meet analysts and investors on Nov. 2.
Home First Finance: To meet analysts and investors on Nov. 3.
Piramal Pharma: To meet analysts and investors on Nov. 7-8.
Bharat Forge: To meet analysts and investors on Nov. 7,8,9.
Granules India: To meet analysts and investors on Nov. 9.
Dabur India: To meet analysts and investors on Nov. 6
Chemplast Sanmar: To meet analysts and investors on Nov. 3.
Alkem Laboratories: To meet analysts and investors on Nov. 7.
Borosil Renewables: To meet analysts and investors on Nov. 8.
Indraprastha Gas: To meet analysts and investors on Nov. 2.
Endurance Technologies: To meet analysts and investors on Nov. 9.
Styrenix Performance Materials: To meet analysts and investors on Nov. 2.
Utkarsh Small Finance Bank: To meet analysts and investors on Nov. 6.
Centum Electronics: To meet analysts and investors on Nov. 10.
Sequent Scientific: To meet analysts and investors on Nov. 7.
Metropolis Healthcare: To meet analysts and investors on Nov. 6.
Ratnamani Metals: To meet analysts and investors on Nov. 3.
One 97 Communications: To meet analysts and investors on Nov. 7, 8.
PB Fintech: To meet analysts and investors on Nov. 6.
Siyaram Silk Mills: To meet analysts and investors on Nov. 2.
Wipro: To meet analysts and investors on Nov. 3.
Metropolis Healthcare: To meet analysts and investors on Nov. 6.
Trading Tweaks
Ex/Record Date Interim Dividend: Marico, GMM Pfaudler, Tide Water Oil (India), Petronet LNG, MMTC, and Siyaram Silk Mills
F&O Cues
Nifty November futures rose 0.54% to 19234.25, at a premium of 93.35 points.
Nifty November futures open interest increased by 0.86% to 1,851 shares.
Nifty Bank November futures rose 0.68% to 43,335, at a premium of 295.15 points.
Nifty Bank November futures open interest increased by 5.40% to 8,467 shares.
Nifty Options Nov 2 Expiry: Maximum call open interest at 19500 and maximum put open interest at 19000.
Securities in the ban period: Nil.
Money Market Update
The Indian rupee closed flat at 83.25 against the U.S dollar on Monday.
(Corrects an earlier version that misstated Mankind Pharma revenue figure)
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