Asian stocks opened lower as fresh doubts emerged on whether the Federal Reserve has finished with rate hikes, with Wall Street shares struggling to gain much traction amid a rise in bond yields.
Australian stocks opened down. South Korean KOSPI corrected and Japanese markets opened lower. Wall Street’s Monday malaise came after it notched its best week of 2023 amid dovish Fed bets, oversold technical levels and positioning.
Investors will be looking to a potential interest rate increase from the Reserve Bank of Australia, after a four-meeting pause in rate hikes.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.63% and Bitcoin was above 35,000-level. Brent crude was trading above $85 a barrel, whereas WTI Crude was above $80-mark.
At 5:38 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 7 points of 0.04% at 19,485.5.
India's benchmark stock indices extended gains for the third straight day to close at a two-week high on Monday, led by advances in ICICI Bank Ltd., ITC Ltd., and HDFC Bank Ltd.
Energy, metal, and realty sectors rose, whereas public sector unit banks and consumer durables were under pressure. Nifty 50 was trading above the 19,300 level, whereas Sensex was beyond the 64,700 mark. Intraday, Sensex topped the 64,900 mark, while Nifty 50 rose above the 19,400 level, the highest since Oct. 23.
Overseas investors stayed net sellers of Indian equities for the ninth session. Foreign portfolio investors offloaded stocks worth Rs 549.4 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 595.7 crore, the NSE data showed.
The Indian rupee strengthened 7 paise to close at 83.22 against the U.S dollar on Monday.
Earnings Post Market Hours
Hindustan Petroleum Q2 FY24 (Consolidated QoQ)
Revenue down 13.9% at Rs 95,751.97 crore vs. Rs 1,12,079.16 crore (Bloomberg estimate: Rs 1,07,380 crore).
Ebitda down 14.6% at Rs 8,240 crore vs. Rs 9,645.6 crore (Bloomberg estimate: Rs 5,232 crore).
Margin at 8.6% vs. 8.6% (Bloomberg estimate: 4.9%).
Reported profit down 13.9% at Rs 5,827 crore vs. Rs 6,765.5 crore (Bloomberg estimate: Rs 1,734 crore).
Nykaa Q2 FY24 (Consolidated, QoQ)
Revenue up 5.9% at Rs 1,507 crore vs. Rs 1,422 crore.
Ebitda up 9.8% at Rs 80.6 crore vs. Rs 73.4 crore.
Margin at 5.34% vs. 5.16%.
Reported profit up 43.6% at Rs 7.8 crore vs. Rs 5.43 crore.
Gland Pharma Q2 FY24 (Consolidated, YoY)
Revenue up 31.5% at Rs 1,373 crore vs. Rs 1,044 crore.
Ebitda up 9.2% at Rs 324 crore vs. Rs 297 crore.
Margin at 23.59% vs. 28.42%.
Reported profit down 19.5% at Rs 19.4 crore vs. Rs 24.1 crore.
Adani Energy Solutions Q2 FY24 (Consolidated, YoY)
Revenue up 13% at Rs 3,673.9 crore vs. Rs 3,251.5 crore.
Ebitda up 29.3% at Rs 1,504.6 crore vs. Rs 1,163.6 crore.
Margin at 40.95% vs. 35.78%.
Reported profit up 46.1% at Rs 284.1 crore vs. Rs 194.5 crore.
Sobha Q2 FY24 (Consolidated, YoY)
Revenue up 10.6% at Rs 741.2 crore vs. Rs 670 crore.
Ebitda down 20.4% at Rs 75.4 crore vs. Rs 94.8 crore.
Margin at 10.17% vs. 14.14%.
Net profit down 21.9% at Rs 14.9 crore vs. Rs 19.2 crore.
Emami Q2 FY24 (Consolidated, YoY)
Revenue up 6.3% at Rs 865 crore vs. Rs 814 crore.
Ebitda up 19.6% at Rs 234 crore vs. Rs 195 crore.
Margin at 27.01% vs. 24%.
Reported profit down 0.1% at Rs 179.9 crore vs. Rs 180.1 crore.
Note: Board announced an interim dividend of Rs 4 per share.
Sun Pharma Advanced Research Q2 FY24 (Consolidated, YoY)
Revenue down 53.1% at Rs 21.2 crore vs. Rs 45.1 crore.
Ebitda loss of Rs 91.5 crore vs. loss of Rs 194 crore.
Reported loss of Rs 86.4 crore vs. loss of Rs 182 crore.
Camlin Finesciences Q2 FY24 (Consolidated, YoY)
Revenue down 16% at Rs 406 crore vs. Rs 483 crore.
Ebitda down 54.5% at Rs 25.1 crore vs. Rs 55.2 crore.
Margin at 6.18% vs. 11.42%.
Reported profit down 44.47% at Rs 8.7 crore vs Rs 15.7 crore.
Jamna Auto Q2 FY24 (Consolidated, YoY)
Revenue up 9.87% at Rs 607 crore vs. Rs 553 crore.
Ebitda up 40.9% at Rs 79.1 crore vs. Rs 56.1 crore.
Margin at 13.02% vs 10.15%.
Reported profit up 34.31% at Rs 50.1 crore vs. Rs 37.3 crore.
VRL Logistics Q2 FY24 (YoY)
Revenue up 8.4% at Rs 709 crore vs. Rs 654 crore.
Ebitda down 1.3% at Rs 91.8 crore vs. Rs 93 crore.
Margin at 12.94% vs. 14.21%.
Reported profit down 37.3% at Rs 19.7 crore vs. Rs 31.5 crore.
Hitachi Energy India Q2 FY24 (YoY)
Revenue up 10.2% at Rs 1,228 crore vs. Rs 1,114.6 crore.
Ebitda down 13.8% at Rs 65.3 crore vs. Rs 75.8 crore.
Margin at 5.32% vs. 6.79%.
Net profit down 33.4% at Rs 24.8 crore vs. Rs 37.2 crore.
HLE Glasscoat Q2 FY24 (Consolidated, YoY)
Revenue up 4.6% at Rs 224 crore vs. Rs 215 crore.
Ebitda down 24.5% at Rs 26.5 crore vs. Rs 35 crore.
Margin at 11.79% vs. 16.32%.
Reported profit down 44.1% at Rs 10.8 crore vs. Rs 19.4 crore.
Radico Khaitan Q2 FY24 (Consolidated, YoY)
Revenue up 23.1% at Rs 925 crore vs. Rs 761 crore.
Ebitda up 34.6% at Rs 121 crore vs. Rs 90.1 crore.
Margin at 13.1% vs. 11.82%.
Reported profit up 18.9% at Rs 64.8 crore vs. Rs 54.5 crore.
Ujjivan Financial Services Q2 FY24 (Standalone, YoY)
Total income at Rs 76 crore vs. Rs 1.9 crore.
Net profit at Rs 65.4 crore vs. Rs 0.9 crore.
Indo Count Industries (Consolidated, YoY)
Revenue up 19.5% at Rs 1,009 crore vs. Rs 844.1 crore.
Ebitda up 43.4% at Rs 164.6 crore vs. Rs 114.8 crore.
Margin at 16.3% vs. 13.6%.
Reported profit up 70.5% at Rs 114.2 crore vs. Rs 67 crore.
Dalmia Bharat Sugar and Industries Q2 FY24 (YoY)
Revenue up 26.4% at Rs 732 crore vs. Rs 579 crore.
Ebitda at Rs 65.5 crore vs. Rs 7.3 crore.
Margin at 8.94% vs. 1.25%.
Reported profit at Rs 54.9 crore vs. Rs 11.7 crore.
Kitex Garments (Consolidated, YoY)
Revenue down 5.5% at Rs 134 crore vs. Rs 141.7 crore.
Ebitda down 28.5% at Rs 19.4 crore vs. Rs 27.2 crore.
Margin at 14.5% vs. 19.2%.
Reported profit down 38.4% at Rs 13.3 crore vs. Rs 21.6 crore.
The Fertilisers And Chemicals Travancore (Consolidated, YoY)
Revenue at Rs 1,663 crore vs. Rs 193.5 crore.
Ebitda at Rs 132.4 crore vs. loss of Rs 1,505 crore.
Margin at 8%.
Reported profit down 27.2% at Rs 105 crore vs. Rs 144.6 crore.
Man Infraconstruction (Consolidated, YoY)
Revenue down 46.4% at Rs 215 crore vs. Rs 401 crore.
Ebitda down 30.8% at Rs 65 crore vs. Rs 93.9 crore.
Margin at 30.2% vs. 23.4%.
Reported profit up 3.3% at Rs 65 crore vs. Rs 63 crore.
Gujarat State Petronet Q2 FY24 (Consolidated, QoQ)
Revenue up 3.8% at Rs 4,265.2 crore vs. Rs 4,108.3 crore.
Ebitda up 24.9% at Rs 913.7 crore vs. Rs 731.3 crore.
Margin at 21.42% vs. 17.8%.
Net profit up 36% at Rs 590.4 crore vs. Rs 434 crore.
HG Infra Engineering Q2 FY24 (Consolidated, YoY)
Revenue up 20% at Rs 954.5 crore vs. Rs 795.7 crore.
Ebitda up 36.7% at Rs 220.2 crore vs. Rs 161.1 crore.
Margin at 23.06% vs 20.24%.
Net profit up 17.3% at Rs 96.1 crore vs. Rs 81.9 crore.
Ashapura Minechem Q2 FY24 (Consolidated, YoY)
Revenue at Rs 554 crore vs. Rs 197.7 crore.
Ebitda at Rs 30.5 crore vs. Rs 4.7 crore.
Margin at 5.5% vs. 2.4%.
Reported profit at Rs 58.2 crore vs. Rs 5.6 crore.
Paras Defence and Space Technologies Q2 FY24 (Consolidated, YoY)
Revenue up 10.1% at Rs 61.3 crore vs. Rs 55.7 crore.
Ebitda up 10.3% at Rs 15.5 crore vs. Rs 14.1 crore.
Margin at 25.34% vs. 25.3%.
Net profit up 7.7% at Rs 8.8 crore vs. Rs 8.1 crore.
V-Mart Retail Q2 FY24 (Consolidated, YoY)
Revenue up 8.5% at Rs 549 crore vs. Rs 506 crore.
Ebitda down 98.8% at Rs 66 lakh vs. Rs 53.6 crore.
Margin at 0.12% vs. 10.6%.
Reported loss at Rs 64 crore vs. loss of Rs 11 crore.
Gateway Distriparks Q2 FY24 (Consolidated, YoY)
Revenue up 11% at Rs 398 crore vs. Rs 359 crore.
Ebitda up 7.7% at Rs 103 crore vs. Rs 95.9 crore.
Margin at 25.9% vs 26.7%.
Reported profit up 23.5% at Rs 73.5 crore vs. Rs 59.5 crore.
Redington Q2 FY24 (Consolidated, YoY)
Revenue up 16.6% at Rs 22,220 crore vs. Rs 19,051 crore.
Ebitda down 9.6% at Rs 481.4 crore vs. Rs 532.4 crore.
Margin at 2.16% vs. 2.79%.
Net profit down 20.5% at Rs 311.6 crore vs. Rs 391.9 crore.
Fusion MicroFinance Q2 FY24 (YoY)
Revenue up 26.3% at Rs 571.3 crore vs. Rs 452.3 crore.
Net profit up 32.2% at Rs 125.7 crore vs. Rs 95.1 crore.
Honeywell Automation India Q2 FY24 (YoY)
Revenue up 39% at Rs 1,104.2 crore vs. Rs 794.3 crore.
Ebitda up 8.2% at Rs 138.3 crore vs. Rs 127.8 crore.
Margin at 12.52% vs. 16.08%.
Net profit up 3.4% at Rs 12.2 crore vs. Rs 11.8 crore.
Linde India Q2 FY24 (Consolidated, YoY)
Revenue up 3.7% at Rs 711.4 crore vs. Rs 686 crore.
Ebitda up 20.4% at Rs 173.6 crore vs. Rs 144.2 crore.
Margin at 24.4% vs. 21.02%.
Net profit up 19.6% at Rs 108.7 crore vs. Rs 90.9 crore.
TVS Supply Chain Solutions Q2 FY24 (Consolidated, YoY)
Revenue down 15.6% at Rs 2,262.9 crore vs. Rs 2,680.8 crore.
Ebitda up 12.2% at Rs 185.1 crore vs. Rs 165 crore.
Margin at 8.17% vs. 6.15%.
Reported loss of Rs 40.6 crore vs. profit of Rs 39.8 crore.
Exceptional item: Net Loss from sale of subsidiaries and conversion of share amounted to Rs 3.24 crore.
Tax higher this year at Rs 14.16 crore vs write back last year of Rs 17.91 crore
NHPC Q2 FY24 (Consolidated, YoY)
Revenue down 11.6% at Rs 2,931.3 crore vs. Rs 3,314.6 crore.
Ebitda down 19.7% at Rs 1,757.4 crore vs. Rs 2,187.6 crore.
Margin at 59.95% vs. 65.99%.
Reported profit up 0.44% at Rs 1,693.3 crore vs. Rs 1,685.8 crore.
India Pesticides Q2 FY24 (Consolidated, YoY)
Revenue down 19.4% at Rs 202 crore vs Rs 250.6 crore.
Ebitda down 48.7% at Rs 27 crore vs Rs 52.6 crore.
Margin at 13.34% vs 20.96%.
Net profit down 47.6% at Rs 19.5 crore vs Rs 37.2 crore.
Quess Corp Q2 FY24 (Consolidated, QoQ)
Revenue up 3.2% at Rs 4,748.3 crore vs. Rs 4,600.2 crore.
EBIT up 10.1% at Rs 93.9 crore vs. Rs 85.3 crore.
EBIT margin at 1.97% vs. 1.85%.
Reported profit up 47.4% at Rs 71 crore vs. Rs 48.1 crore.
Earnings In Focus
Shree Cement, Trent, Zydus Lifesciences, Indian Railway Catering And Tourism Corporation, Cummins India, Alkem Laboratories, Uno Minda, Prestige Estates Projects, Crisil, Deepak Nitrite, Apollo Tyres, Devyani International, J.B.Chemicals & Pharmaceuticals, Vinati Organics, ADC India Communications, Krishna Institute Of Medical Sciences, Alembic Pharmaceuticals, Jyothy Labs, Cochin Shipyard, Alkyl Amines Chemicals, Anupam Rasayan India, D B Realty, Balrampur Chini Mills, Schneider Electric Infrastructure, Gujarat State Fertilizers & Chemicals, Mishra Dhatu Nigam, Varroc Engineering, Kirloskar Brothers, Prince Pipes And Fittings, Elantas Beck India, Rolex Rings, R Systems International, Vijaya Diagnostic Centre, Avanti Feeds, GHCL, Rain Industries, Dilip Buildcon, Arvind Fashions, Lux Industries, Saksoft, Harsha Engineers International, India Tourism Development Corporation, Hawkins Cookers, Aarti Pharmalabs, Dhanuka Agritech, Advanced Enzyme Technologies, Ideaforge Technology, Sanghvi Movers, Yatharth Hospital & Trauma Care Services, V.S.T. Tillers Tractors, GOCL Corporation, Mold-Tek Packaging, Greaves Cotton,Venky'S (India), Kingfa Science & Technology (India), Zaggle Prepaid Ocean Services, Shalimar Productions, Eveready Industries India, Balmer Lawrie & Co., Skipper, Dollar Industries, Fiem Industries, S.J.S. Enterprises, Lumax Industries
Stocks To Watch
Cipla: The drugmaker approved the transfer of generics business to unit Cipla Pharma and Life Sciences. Generics business will be tranferred for a consideration of Rs 350 crore. The sale will be completed by Dec. 31, 2023.
Bajaj Finance: The company opened QIP on Nov. 6, 2023, with floor price set at Rs 7,533.81 per equity share. The floor price is at a discount of 0.37% to the stock's closing price of Rs 7,562.05 on Monday.
K.P.R. Mill: The company approved an investment of Rs 250 crore for expansion of fabric processing capacity. Fabric processing capacity is set to increase from 25,000 MT to 37,000 MT per annum. It also approved an investment of Rs 100 crore for increasing solar power generation capacity to 37 MW.
Central Bank of India: Ministry of Finance extended MV Rao's term as MD and CEO till July 31, 2025, from current notified term ending on Nov. 29, 2024.
Quess Corp: The company approved buying 4.5% stake in unit Vedang Cellular Services from promoter for Rs 6.05 crore, increasing its total stake to 96.97%. The board also approved acquisition of additional 46.09% stake in unit Stellarslog Technovation for Rs 6.8 crore, increasing its total stake to 100%.
IPO Offering
ESAF Small Finance Bank: The IPO was subscribed to 8.31 times on its second day. The bids were led by non-institutional investors (20.17 times), retail investors (7.9 times), reserved for employees (2.39 times), and institutional investors (1.04 times).
Protean eGov Technologies: The IPO was subscribed to 1.07 times on its first day. The bids were led by non-institutional investors (1.65 times), retail investors (1.49 times), reserved for employees (0.31 times, 31%), and institutional investors (0.01 times, 1%).
ASK Automotive: The IPO will open for bids on Tuesday. The company plans to raise Rs 834 crore. The price band is fixed at Rs 268 to 282 apiece. The company has mopped up Rs 250 crore from anchor investors.
New Listing
Honasa Consumer: The shares will debut on the stock exchanges on Tuesday at an issue price of Rs 324 apiece. The Rs 1,700-crore IPO was subscribed 7.61 times on its final day. Bids were led by institutional investors (11.50 times), portion reserved for employee (4.87 times), non-institutional investors (4.02 times), and retail investors (1.35 times).
Block Deals
Strides Pharma Science: Pronomz Ventures LLP sold 9.49 lakh shares (1.05%) at Rs 470 apiece, while BNP Paribas Arbitrage bought 9.49 lakh shares (1.05%) at Rs 470 apiece.
Bulk Deals
Cello World: Reliance Commercial Finance bought 16 lakh shares (0.75%) at Rs 794.2 apiece, and Plutus Wealth Management bought 12.5 lakh shares (0.58%) at Rs 801.81 apiece.
Insider Trades
Venus Pipes & Tubes: Promoters Arun Axaykumar Kothari and Dhruv Mahendrakumar Patel bought 5,000 shares each on Nov. 6
Westlife Foodworld: Promoter Subh Ashish Exim Pvt. bought 12,000 shares on Nov. 1
Choice International: Promoter NS Technical Consultancy Pvt. Ltd. bought 1 lakh shares between Nov. 2 and 3
Trading Tweaks
Price band revised from 10% to 5%: Gensol Engineering
Record Date Dividend: D B Corp, Marico, Sonata Software, Supreme Industries, Vaibhav Global, Venus Pipes & Tubes
Who's Meeting Whom
Syngene International: To meet analysts and investors on Nov. 30.
Bikaji Foods International: To meet analysts and investors on Nov. 10.
Century Plyboards: To meet analysts and investors on Nov. 9.
Vedant Fashions: To meet analysts and investors on Nov. 16.
Mazagon Dock Shipbuilders: To meet analysts and investors on Nov. 9.
Birla Corporation: To meet analysts and investors on Nov. 9.
Shriram Finance: To meet analysts and investors on Nov. 7.
The Ramco Cements: To meet analysts and investors on Nov. 9.
Raymond: To meet analysts and investors on Nov. 9.
ICICI Prudential: To meet analysts and investors on Nov. 9.
Tube Investments: To meet analysts and investors on Nov. 8.
Karnataka Bank: To meet analysts and investors on Nov. 10.
Sanofi: To meet analysts and investors on Nov. 15.
NBCC: To meet analysts and investors on Nov. 10.
Zee Entertainment Enterprises: To meet analysts and investors on Nov. 9.
GE Power: To meet analysts and investors on Nov. 9.
Welspun Enterprises: To meet analysts and investors on Nov. 10.
Tata Steel: To meet analysts and investors on Nov. 9 and 10.
F&O Cues
Nifty November futures rose 0.93% at 19,484, at a premium of 72.2 points.
Nifty November futures open interest rose by 1.67% by 3,765 shares.
Nifty Bank November futures rose 0.81% to 43,860, at a premium of 240.6 points.
Nifty Bank November futures open interest rose by 4.59% by 7,293 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 45,000 and maximum put open interest at 42,000.
Securities in the ban period: Gujarat Narmada Valley Fertilizers & Chemicals.
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 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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