Shares rallied in Japan, South Korea and Australia, while stock futures for Hong Kong pointed to large gain after the S&P 500 climbed 5.5% -- the best first-day reaction to a CPI report in decades. US and European futures also rose in Asia.
Meanwhile, West Texas Intermediate crude benchmark rose 1% to $86.67 per barrel, while gold rose 2.2%. Bitcoin managed to rise 9.9% to trade around $17,300-level as the FTX meltdown keeps pressure on the cryptocurrency market.
Indian benchmarks indices, Sensex and Nifty, closed lower for the second day dragged by declines in realty, consumer durables, and metal stocks.
Rupee faltered against the U.S. dollar for the first time in four days after registering three consecutive 50-paisa gains this week.
At 7 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 1.7% to 18,403.
Earnings Post Market Hours
Eicher Motors Q2FY23 (Consolidated YoY)
Revenues up 56% at Rs 3,519.4 crore Vs 2,249.56 crore (Bloomberg estimate: Rs 3,511.4 crore)
EBIDTA up 75% at Rs 821.61 crore Vs 469.87 crore (Bloomberg estimate: Rs 837 crore)
EBIDTA margin at 23.3% Vs 20.9% (Bloomberg estimate: 18.9%)
Net profit up 76% at Rs 656.86 crore Vs 373.2 crore (Bloomberg estimate: Rs 663 crore)
Berger Paints Q2 FY23 (Consolidated, YoY)
Revenue up 20% at Rs 2,670.9 crore Vs Rs 2,225.01 crore (Bloomberg estimate: Rs 2,682.34 crore)
EBITDA up 3% to Rs 363.95 crore Vs Rs 353.99 crore (Bloomberg estimate: Rs 383.21 crore)
EBITDA margins at 13.6% Vs 15.9% (Bloomberg estimate: 14.3%)
Net profit was flat at Rs 219.36 crore Vs Rs 218.85 crore (Bloomberg estimate: Rs 237.59 crore)
Zomato Q2 FY23 (Consolidated, QoQ)
Revenue up 17% at Rs 1,661.3 crore Vs Rs 1,413.9 crore (Bloomberg estimate: 1,558.30 crore)
EBITDA losses at Rs 418 crore Vs Rs 307.3 crore (Bloomberg estimate: 331.98 crore)
Net loss came in at Rs 250.8 crore Vs Rs 185.7 crore (Bloomberg estimate: 252.75 crore)
Apollo Hospitals Q2 FY23 (Consolidated, YoY)
Revenue up 14% at Rs 4,251 crore Vs Rs 3,717 crore (Bloomberg estimate: Rs 4,003 crore)
EBITDA down 8% to Rs 565 crore from Rs 615 crore (Bloomberg estimate: Rs 546 crore Profit)
EBITDA margins at 13.3% Vs 16.5% (Bloomberg estimate: 13.6%)
Net profit down 18% to Rs 204 crore Vs Rs 248 crore (Bloomberg estimate: Rs 223 crore)
Container Corporation of India Q2 FY23 (Consolidated, YoY)
Revenues up 8% at Rs 1,986.34 crore Vs 1,837.2 crore (Bloomberg estimate: Rs 2,043 crore)
EBIDTA up 17% at Rs 505.56 crore Vs 431.86 crore (Bloomberg estimate: Rs 485.5 crore)
EBIDTA margin at 25.5% Vs 23.5% (Bloomberg estimate: 23.8%)
Net profit up 19% at Rs 295.86 crore Vs 248.29 crore (Bloomberg estimate: Rs 307.6 cr)
Adani Green Energy Q2 FY23 (Consolidated, YoY)
Revenue up 22% at Rs 1,586 crore Vs Rs 1,295 crore
EBITDA up 12% at Rs 866 crore Vs Rs 770 crore
EBITDA margin 55% Vs 59%
Net profit up 49% at Rs 149 crore Vs Rs 100 crore
Suzlon Energy Q2 FY23 (Consolidated, YoY)
Revenue up 6% at Rs 1,430 crore Vs Rs 1,347 crore
EBITDA fell 27% at Rs 162.28 crore Vs Rs 223.6 crore
EBITDA margin 11% Vs 17%
Net profit of Rs 57.43 crore Vs net loss of Rs 10.55 crore
Steel Authority of India Q2 FY23 (Consolidated, YoY)
Revenue up 2% at Rs 26,246 crore Vs Rs 26,828 crore (Bloomberg estimate: Rs 25,238.45 crore)
EBITDA fell 90% at Rs 735.21 crore Vs Rs 7,033.85 crore (Bloomberg estimate: Rs 853.60 crore)
EBITDA margin 3% Vs 26% (Bloomberg estimate: 3.4%)
Net loss of Rs 329.36 crore Vs Rs net profit of 4338.75 crore
Gujarat State Petronet Q2 FY23 (Consolidated, QoQ)
Revenue fell 22% at Rs 4,443 crore Vs Rs 5,670 crore
EBITDA up 1% at Rs 983.40 crore Vs Rs 973.51 crore
EBITDA margin 22% Vs 17%
Net profit fell 8% at Rs 436.04 crore Vs Rs 473.12 crore
Bata India Q2 FY23 (Consolidated, YoY)
Revenue up 35% at Rs 830 crore Vs Rs 614 crore
EBITDA up 35% at Rs 160.92 crore Vs Rs 119.22 crore
EBITDA margin flat at 19%
Net profit up 47% at Rs 54.8 crore Vs Rs 37.18 crore
Indian Hotels Q2 FY23 (Consolidated, QoQ)
Revenue fell 3% at Rs 1,233 crore Vs Rs 1,266 crore
EBITDA fell 22% at Rs 293.98 crore Vs Rs 377.88 crore
EBITDA margin 24% Vs 30%
Net profit fell 28% at Rs 129.59 crore Vs Rs 180.84 crore
Torrent Power Q2 FY23 (Consolidated, QoQ)
Revenue up 3% at Rs 6,703 crore Vs Rs 6,510 crore
EBITDA up 10% at Rs 1,164.16 crore Vs Rs 1060.42 crore
EBITDA margin 17% Vs 16%
Net profit fell 4% at Rs 484.19 crore Vs Rs 502.01 crore
Jindal Steel & Power Q2 FY23 (Consolidated, YoY)
Revenue fell 1% at Rs 13,521 crore Vs Rs 13,612 crore
EBITDA fell 58% at Rs 1,931.37 crore Vs Rs 4594.43 crore
EBITDA margin 14% Vs 34%
Net profit fell 92% at Rs 219.27 crore Vs Rs 2,678.42 crore
Trent Q2 FY23 (Consolidated, QoQ)
Revenue up 8% at Rs 1,953 crore Vs Rs 1,803 crore
EBITDA fell 12% at Rs 255.81 crore Vs Rs 291.63 crore
EBITDA margin 13% Vs 16%
Net profit fell 31% at Rs 78.94 crore Vs Rs 114.53 crore
Gujarat Narmada Valley Fertilizers & Chemicals Q2 FY23 (Consolidated, YoY)
Revenue up 23% at Rs 2,587 crore Vs Rs 2,096 crore
EBITDA fell 28% at Rs 309 crore Vs Rs 431 crore
EBITDA margin 12% Vs Rs 21%
Net profit fell 16% at Rs 237 crore Vs Rs 282 crore
Muthoot Finance Q2 FY23 (Consolidated, YoY)
Interest income fell 8% at Rs 2,757.88 crore Vs Rs 3,003.2 crore
Net profit fell 10% at Rs 901.6 crore Vs Rs 1,002.8 crore
Ashok Leyland Q2 FY23 (Consolidated, YoY)
Revenue up 73% at Rs 9,600.08 crore vs Rs 5,562.47 crore
EBITDA up 77% at Rs 1,020.04 crore vs Rs 575.95 crore
EBITDA margin at 10.6% vs 10.4%
Net profit at Rs 163.91 crore vs net loss of Rs 103.43 crore
Also Read: MSCI Rejig: Adani Power, Varun Beverages Among 11 Stocks Added To India Domestic Index; One Out
Stocks To Watch
Mahindra & Mahindra: Peugeot Motorcycles will cease to be a subsidiary of Mahindra Two Wheelers Europe Holdings, a wholly owned subsidiary of the company.
Adani Green Energy: The company appointed Phuntsok Wangyal as chief financial officer with effect from Nov. 11, after the resignation of Kaushal Shah from the office.
Adani Power: The company will sell its entire stake in its wholly owned subsidiary Support Properties to AdaniConnex for Rs 1,556 crore.
Sunteck Realty: The board has approved amalgamation of subsidiary Starlight Systems (I) into the company.
SJVN: The company secured 83 MW floating solar project in Madhya Pradesh from REWA Ultra Mega Solar Ltd. at Rs 3.70 per unit on build-own-and-operate basis.
Trent: The company will raise Rs 600 crore through commercial papers for its working capital requirements.
Reliance Industries: Reliance Jio, the telecom arm of the company, launched 5G beta services in Bengaluru and Hyderabad.
Bank of Baroda: The bank increased interest rates across MCLR tenors in the range of 10-15 basis points, effective Nov. 12.
Alkem Laboratories: The company received Form 483 with three observations from U.S. FDA for its manufacturing facility located in St. Louis after a pre-approval inspection Oct. 31 to Nov. 9.
Offerings
Five Star Business Finance: The issue received bids for 32% of the offer size on its second day. The QIB portion was subscribed 1.01 times. The non-institutional basket was subscribed 2%, while the retail portion was subscribed 6%.
Archean Chemical Industries: The IPO was subscribed 1.41 times on the second day. Institutional investors bid for 54% of their basket, while non-institutional investors’ subscription stood at 2.07 times. The retail portion was subscribed 2.94 times.
Kaynes Technology India: The initial share sale received bids for 23% of the issue size on the first day. The QIB portion saw 52% subscription, whereas the non-institutional investors placed bids for 10% of their basket. The retail portion was subscribed 12%, while eligible employees placed bids for 2.04 times the size of their basket.
Inox Green Energy: The wind turbine generator company will launch its IPO on Nov. 11, which will continue till Nov. 15. The price band for the issue has been pegged at Rs 61-65 per share. The maiden share sale comprises fresh issue of shares worth Rs 370 crore and offer for sale worth Rs 370 crore. The company raised around Rs 50 crore from anchor portion allocation a day before the issue opens for public.
Axis Bank: The opening day of offer for sale by promoter Specified Undertaking of the Unit Trust of India saw institutional investors oversubscribe the issue, bidding for 4.85 crore shares, compared with 4.65 crore shares on sale. Investors bid at an indicative price of Rs 836 per share, compared to the floor price of Rs 830.6 per share. OFS will open again for retail investors on Nov. 11.
Listing
DCX Systems: The shares of DCX Systems will be listed on the exchanges on Nov. 11. The IPO was subscribed 69.79 times on its final day, where QIB portion was subscribed 84.32 times, the non-institutional investor portion was subscribed 43.97 times and the retail portion was subscribed 61.77 times.
Earnings
Life Insurance Corporation of India, Hindalco Industries, Mahindra & Mahindra, EID-Parry (India), Bharat Heavy Electricals, Hindustan Aeronautics, Zydus Lifesciences, Jindal Saw, Glenmark Pharmaceuticals, Alkem Laboratories, Zee Entertainment Enterprises, Delhivery, Thermax, IPCA Laboratories, Mahanagar Gas, Fortis Healthcare, Alembic Pharmaceuticals, Astral, Medplus Health Services, Glaxosmithkline Pharmaceuticals, SJVN, Sun TV Network, Graphite India, Emami, JB Chemicals and Pharmaceuticals, Ujjivan Financial Services, Sobha, Bharat Dynamics, Krishna Institute of Medical Science, V-Mart Retail, Restaurant Brands Asia, Shilpa Medicare, Vedant Fashions, Lemon Tree Hotels, MOIL, Thyrocare Technologies, Easy Trip Planners, ABB India, Adani Power, Advanced Enzymes Technologies, Aether Industries, Borosil, DB Realty, Electronics Mart India, ESAB India, Exide Industries, Gujarat Ambuja Exports, Great Eastern Shipping Company, HBL Power Systems, HEG, IndiaBulls Real Estate, IDFC, Ingersoll-Rand(India), Ircon International, ISGEC Heavy Engineering, KRBL, LA Opala RG, Mirza International, Nirlon, NLC India, Procter & Gamble Health, Religare Enterprises, Reliance Infrastructure, R Systems International, Thomas Cook (India), Unichem Laboratories
Bulk Deals
FSN E-Commerce Ventures: Segantii India Mauritius bought 37.92 lakh shares (0.13%) at Rs 171.75 apiece, Lighthouse India Fund III Ltd. sold 96.89 lakh shares (0.34%) at Rs 171.75 apiece and Mala Gopal Gaonkar sold 40 lakh shares (0.14%) at Rs 172.04 apiece, Norges Bank on Account of Government Petroleum Fund bought 39.81 lakh shares (0.84%) at Rs 173.35 apiece, Aberdeen Standard Asia Focus Plc bought 42.72 lakh shares (0.9%) at Rs 173.18 apiece, Narotam S. Sekhsaria sold 1.47 crore shares (3.1%) at Rs 173.7 apiece.
Who’s Meeting Whom
Time Technoplast: To meet investors and analysts on Nov. 14.
Neogen Chemicals: To meet investors and analysts on Nov. 17 and Dec. 2.
Rail Vikas Nigam: To meet investors and analysts on Nov. 14.
SMS Pharmaceuticals: To meet investors and analysts on Nov. 15.
Radico Khaitan: To meet investors and analysts on Nov. 15.
Black Rose Industries: To meet investors and analysts on Nov. 16.
V-Mart Retail: To meet investors and analysts on Nov. 14.
Kamdhenu: To meet investors and analysts on Nov. 14.
IRCON International: To meet investors and analysts on Nov. 14.
Tribhovandas Bhimji Zaveri: To meet investors and analysts on Nov. 16.
Blue Star: To meet investors and analysts on Nov. 11.
Aarti Industries: To meet investors and analysts on Nov. 15.
SJVN: To meet investors and analysts on Nov. 11.
Deep Industries: To meet investors and analysts on Nov. 11.
Shakti Pumps (India): To meet investors and analysts on Nov. 15.
Fortis Healthcare: To meet investors and analysts on Nov. 14.
Krishna Institute of Medical Sciences: To meet investors and analysts on Nov. 12.
Indo Count Industries: To meet investors and analysts on Nov. 15.
Garden Reach Shipbuilders & Engineers: To meet investors and analysts on Nov. 15.
Trading Tweaks
Price Band Revised From 20% To 10%: Bank of India
Ex-Date Interim Dividend: Siyaram Silk Mills, Ajanta Pharma
Ex-Date Extra-Ordinary General Meeting: Rajnandini Metal
Ex-Date Interim Dividend: GMM Pfauldler
Ex-Date Bonus: GPT Infraproject
Record-Date Face Value Split: Steel Strips Wheels
Record-Date Bonus: FSN E-Commerce Ventures
Record-Date Interim Dividend: Share India Securities, Dalmia Bharat, LT Foods
Insider Trades
Chamabal Fetilizers & Chemicals: Promoter Group New India Retailing and Investment bought 1.1 lakh shares on Nov. 4 and Promoter RTM Investment and Trading Co. bought 56,000 shares on Nov. 7.
KPI Green Energy: Promoter & Director Farukbhai Gulambhai Patel bought 1,500 shares on Nov. 10.
Money Market Update
Rupee closed 0.46% lower against the dollar at 81.80, compared to Wednesday’s close of 81.42.
F&O Cues
Nifty November futures ended at 18,097.85, a discount of 118.95 points.
Nifty November futures gained 0.79% and 1,899 shares in Open Interest.
Nifty Bank November futures ended at 41,752, a discount of 174.4 points.
Nifty Bank November futures shed 4.62% and 4,411 shares in Open Interest.
Securities in the ban list: Punjab National Bank.
Research Reports
Inox Green Energy IPO — Growth Hinges On Wind Sector Revival: ICICI Direct
Kaynes Technology IPO - Electronics Manufacturing Player With Diverse Capabilities: ICICI Direct
Archean Chemical Industries IPO - Largest Exporter Of Bromine, Industrial Salt: ICICI Direct
Piramal Pharma - Work-In-Progress To Address Challenges In The CDMO Segment: Motilal Oswal
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