Asian indices were mixed at open as investors assessed economic data from China and Japan. At 6:48 a.m., Japan's Nikkei was up 0.3% at 39,032.03, Australia's ASX 200 fell 0.7% to 8,297.60, and South Korea's Kospi traded 0.16% down at 2,605.10.
In US, while Dow Jones rose 0.37% to close at 43,239.05, S&P 500 ended 0.02% down at 5,841.47, and Nasdaq Composite was up 0.04% at 18,373.61.
Brent crude was trading 0.30% higher at $74.68 a barrel. Gold rose 0.2% to $2,712.50 an ounce.
GIFT Nifty was trading at 24,738.50 down by 20 points, or 0.1% as of 06:54 a.m.
India's benchmark equity indices extended losses for the third straight session to record their lowest closing in nearly two months on Thursday as some of the quarterly results of key companies failed to impress the market.
At close, Nifty fell 0.89% or 221.45 points, to 24,749.8 and Sensex ended 0.6% or 494.75 points, lower at 81,006.61.
Overseas investors, commonly known as foreign portfolio investors, remained net sellers of Indian equities for the 14th consecutive session on Thursday. The FPIs offloaded stocks worth Rs 7,421.4 crore, while domestic institutional investors bought stocks worth Rs 4,979.8 crore, according to provisional data from the National Stock Exchange.
The Indian currency weakened by 7 paise to close at 84.07 against the US dollar.
Earnings Post Market Hours
Infosys Q2 FY25 (Consolidated, QoQ)
Revenue up 4.3% at Rs 40,986 versus Rs 39,351 crore (Bloomberg estimate Rs 40,707 crore).
EBIT up 4.7% at Rs 8,689 crore versus Rs 8295 crore (Bloomberg estimate Rs 8,726 crore).
Margin at 21.2% versus 21.1% (Bloomberg estimate 21.4%).
Net Profit up 2.2% at Rs 6,506 crore versus Rs 6,368 crore (Bloomberg estimate 6,815 crore).
Declared interim dividend of Rs 21 per share.
Wipro Q2 (Consolidated, QoQ)
Revenue up 1.5% at Rs 22,302 crore versus Rs 21,963 crore (Bloomberg estimate Rs 22,271 crore).
EBIT up 1.3% at Rs 3,672 crore versus Rs 3,625 crore (Bloomberg estimate Rs 3,625 crore).
Margin flat at 16.5% (Bloomberg estimate 16.3%).
Net Profit up 6.8% at Rs 3,208 crore versus Rs 3,003 crore (Bloomberg estimate Rs 2,996 crore).
Declared issue of bonus shares in the ratio of 1:1.
Axis Bank Q2 FY25 (Standalone, YoY)
NII up 9% at Rs 13,483 crore versus Rs 12,314 crore.
Net Profit up 18% at Rs 6,918 crore versus Rs 5,864 crore (Bloomberg estimate Rs 6,381 crore).
Net NPA Flat At 0.34% (QoQ).
Gross NPA At 1.44% Vs 1.54% (QoQ).
LTIMINDTREE Q2 FY25 (Consolidate, YoY)
Revenue up 3.17% to Rs 9,433 crore versus Rs 9,143 crore (Bloomberg estimate Rs 9,431 crore).
EBIT up 6.34% to Rs 1,458 crore versus Rs 1,371 crore (Bloomberg estimate Rs 1,462 crore).
EBIT margin up 46 bps to 15.5% versus 15% (Bloomberg estimate 15.5%).
Net profit up 10.3% to Rs 1,252 crore versus Rs 1,135 crore (Bloomberg estimate Rs 1,226 crore).
Declared interim dividend of Rs 20 per share.
Tata Chemicals Q2 FY25 (Consolidated, YoY)
Revenue up 0.02% to Rs 3,999 crore versus Rs 3,998 crore (Bloomberg estimate Rs 3,994 crore).
Ebitda down 24.54% to Rs 618 crore versus Rs 819 crore (Bloomberg estimate Rs 647 crore).
Ebitda margin down 503 bps at 15.45% versus 20.48% (Bloomberg estimate 16.2%).
Net profit down 46.06% to Rs 267 crore versus Rs 495 crore (Bloomberg estimate Rs 231 crore).
Polycab India Q2 FY25 (Consolidated, YoY)
Revenue up 30.34% to Rs 5498 crore versus Rs 4218 crore (Bloomberg estimate Rs 4,984 crore).
Ebitda up 3.61% to Rs 631 crore versus Rs 609 crore (Bloomberg estimate Rs 657 crore).
Ebitda margin down 296 bps at 11.47% versus 14.43% (Bloomberg estimate 13.2%).
Net profit up 3.48% to Rs 445 crore versus Rs 430 crore (Bloomberg estimate Rs 453 crore).
CEAT Q2 FY25 (Consolidated, YoY)
Revenue up 8.2% to Rs 3,304.53 crore versus Rs 3,053.32 crore.
Ebitda down 21% to Rs 362.28 crore versus Rs 456.12 crore.
Margin at 11.0% versus 14.9%.
Net profit down 42% to Rs 121.45 crore versus Rs 207.72 crore.
Earnings in Focus
Elecon Engineering, Hindustan Zinc, ICICI Lombard General Insurance Company, Jindal Saw, Jio Financial Services, L&T Finance, Mangalore Refinery & Petrochemicals, Oberoi Realty, TATA Consumer Products, and Tejas Networks.
Stocks To Watch
Indraprastha Gas: GAIL has reduced the domestic gas allocation to the company, effective from Oct. 16. The revised domestic gas allocation is approximately 21% lower than the previous allocation. This reduced allocation is expected to have an adverse impact on the company's profitability. The company is currently in discussions with key stakeholders to minimise the impact.
Adani Enterprises: The company raised Rs 4,200 crore through qualified institutional placement. The company allotted 1.41 crore shares at Rs 2,962 per share. The proceeds from the QIP will be used for funding capex, debt repayment and general corporate purposes.
Reliance Industries: Reliance Brands has entered into an agreement with Mothercare to form a joint venture with a 51-49 ownership structure for South Asia. The joint venture will own the Mothercare brand and its intellectual property assets across India, Nepal, Sri Lanka, Bhutan, and Bangladesh. As part of the deal, Reliance Brands will acquire a 51% stake in the JV for £16 million.
Prestige Estates Projects: The company in its second quarter business update reported a 43% rise in sales, reaching Rs 4,023 crore year-on-year. The realisation increased by 1.5% to 6,654 per square foot. Collections grew by 4%, totalling Rs 2,737 crore.
Zomato: The company to consider fundraising through qualified institutional placement in the board meeting on Oct. 22.
MTNL: Punjab and Sind Bank declared the company's account as NPA.
Mahanagar Gas: A 20% cut in CNG allocation to be effective from Oct. 16, which will have an adverse effect on profitability. The company is exploring options to bridge this shortfall.
Aether Industries: The company operationalises additional 5 MW solar power capacity for the KPI Green unit.
Zydus Lifesciences: The company received final approval from USFDA for Fludrocortisone Acetate Tablets USP, 0.1 mg.
IPO Offering
Hyundai Motor India: The public issue was subscribed to 2.37 times on day 3. The bids were led by qualified institutional investors (6.97 times), reserved for employees (1.74 times), non-institutional investors (0.6 times), and retail investors (0.5 times).
Bulk Deals
Kamdhenu Ventures: Tirupati Fincorp sold 18 lakh shares (0.57%) at Rs 24.66 apiece.
Insider Trades
Apollo Micro Systems: Promoter Karunakar Reddy Baddam created a pledge for 35.4 lakh shares between Oct. 14 and 16.
Trading Tweaks
Price band changes from 5% to 20%: Diffusion Engineers.
Price band changes from 10% to 5%: Premier Polyfilm.
Ex/record dividend: TCS, Anant Rathi.
Ex/record stock split: HEG Face value split from Rs 10 to Rs 2.
Moved in short term ASM: Ajmera Realty and Infra India.
F&O Cues
Nifty October futures down by 0.81% to 24,845 at a premium 95 points.
Nifty October futures open interest down by 1.4%.
Nifty Bank October futures down by 1.1% to 51,491 at a premium of 203 points.
Nifty Bank October futures open interest up 2.8%.
Nifty Options Oct 24 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 23,500.
Bank Nifty Options Oct 23 Expiry: Maximum call open interest at 52,000 and maximum put open interest at 43,000.
Securities in ban period: Bandhan Bank, Chambal Fertilizers, GNFC, Granules, Hindustan Copper, IDFC First Bank, IEX, Manappuram, L&T Finance, National Aluminium, PNB, RBL Bank, Sail, Tata Chemical.
Money Market Update
The Indian rupee closed weaker on Thursday after holding above the 84 mark as foreign investors continued to offload domestic stocks.
The rupee depreciated by 7 paise to close at 84.07 against the greenback, according to Bloomberg. The local currency had closed at 84 on Wednesday.
Research Reports
Sterling And Wilson - Credit Ratings Upgrade To Drive Execution; Retaining A 'Buy': Anand Rathi
Nestle India Q2 Results Review - Sluggish Revenue Growth Lingers: Dolat Capital
Midcaps Q2 Results Preview - Likely To Be A Mixed Bag For Chemicals: Nirmal Bang
Cement Sector Q2 Results Preview - Companies Struggle Amid Persistent Price Pressures: DRChoksey
Capital Goods Q2 Results Preview - Margin Expansion To Drive Profitability: Nirmal Bang
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