Asian indices were lower in the early trade tracking a mixed session on the Wall Street. At 6:49 a.m., Australia's ASX 200 fell 1.5%, Japan's Nikkei traded 1.1% down, and South Korea's Kospi was 1.4% down.
Indices on the Wall Street were mixed at close after opening in the green on Monday. as S&P 500 was 0.18% down to close at 5,853.98 points and the tech-heavy Nasdaq Composite rose 0.27% to close at 18,540.01.
The 30-stock Dow Jones Industrial Average fell 0.27% to 18,540.01.
Brent crude was trading 0.5% lower at $73.91 a barrel. Gold spot was flat at $2,739.30 an ounce.
GIFT Nifty was at 24,797.50 down by 8.5 points as of 06:54 a.m.
Benchmark equity indices started the week on a negative note as investors assessed more quarterly results. Kotak Mahindra Bank Ltd. and Infosys Ltd. weighed on the key indices but gains in heavyweights HDFC Bank Ltd. and Reliance Industries Ltd. minimised the fall.
Nifty ended 0.29% or 72.95 points down at 24,781.10 and Sensex lost 0.09% or 73.48 points to close at 81,151.27.
Overseas investors, commonly known as foreign portfolio investors, remained net sellers of Indian equities for the 16th consecutive session on Monday. The FPIs offloaded stocks worth Rs 2,262 crore, while domestic institutional investors bought stocks worth Rs 3,226 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 84.066 against the US dollar.
Earnings Post Market Hours
City Union Bank Q2 FY25 (YoY)
Net profit up 1.42% at Rs 285 crore versus Rs 281 crore (Bloomberg estimate Rs 272 crore).
NII up 8% at Rs 582 crore versus Rs 538 crore.
Gross NPA at 3.54% versus 3.88% (QoQ).
Net NPA at 1.62% versus 1.87% (QoQ).
Bajaj Housing Finance Q2 FY25 (YoY)
NII up 12.99% to Rs 713 crore versus Rs 631 crore.
Revenue from operations up 26% at Rs 2,410 crore vs Rs 1,911 crore.
Net profit up 21% at Rs 546 crore vs Rs 451 crore.
Mahindra Logistics Q2 FY25 (Consolidated, YoY)
Revenue up 11.42% to Rs 1521 crore versus Rs 1365 crore (Bloomberg estimate Rs 1,517 crore).
Ebitda up 22.22% to Rs 66 crore versus Rs 54 crore (Bloomberg estimate Rs 77 crore).
Ebitda margin up 38 bps to 4.33% versus 3.95% (Bloomberg estimate 5%).
Net loss to Rs 11 crore versus loss of Rs 16 crore (Bloomberg estimate Rs 7.7 crore).
Supreme Petrochem Q2 FY25 (Consolidated, YoY)
Revenue up 17.76% to Rs 1505 crore versus Rs 1278 crore (Bloomberg estimate Rs 1392 crore).
Ebitda up 16.82% to Rs 125 crore versus Rs 107 crore (Bloomberg estimate Rs 124 crore).
Ebitda margin down 6 bps at 8.3% versus 8.37% (Bloomberg estimate 8.9%).
Net profit up 15.38% to Rs 90 crore versus Rs 78 crore (Bloomberg estimate Rs 90.4 crore).
Balu Forge Industries Q2 FY25 (Consolidated, YoY)
Revenue up 60.43% at Rs 223 crore versus Rs 139 crore.
Ebitda up 116.44% at Rs 65.8 crore versus Rs 30.4 crore.
Ebitda margin up 763 bps at 29.5% versus 21.87%.
Net profit up 108.69% at Rs 48 crore versus Rs 23 crore.
360 ONE WAM Q2 FY25 (Consolidated, YoY)
Total income up 43% at Rs 890 crore vs Rs 623 crore.
Net profit up 32% at Rs 245 crore vs Rs 186 crore (Bloomberg estimate Rs 250 crore).
Union Bank of India Q2 FY25 (Standalone, YoY)
NII down 0.9% at Rs 9,047 crore vs Rs 9,126 crore.
Net profit up 34% at Rs 4,720 crore vs Rs 3,511 crore.
Gross NPA at 4.36% vs 4.54% (QoQ).
Net NPA at 0.98% vs 0.90% (QoQ).
Rajratan Global Wires Q2 FY25 (Consolidated, YoY)
Revenue up 14.48% to Rs 245 crore versus Rs 214 crore.
Ebitda up 12.99% to Rs 37.4 crore versus Rs 33.1 crore.
Ebitda margin down 20 bps at 15.26% versus 15.46%.
Net profit down 2.2% to Rs 19.05 crore versus Rs 19.48 crore.
Cyient DLM Q2 FY25 (Consolidated, YoY)
Revenue up 33.4% to Rs 389.45 crore versus Rs 291.84 crore.
Ebitda up 34% to Rs 31.63 crore versus Rs 23.54 crore.
Margin at 8.1% versus 8.1%.
Net Profit up 5% to Rs 15.45 crore versus Rs 14.65 crore.
HFCL Q2 FY25 (Consolidated, YoY)
Revenue down 1.62% to Rs 1094 crore versus Rs 1112 crore.
Ebitda up 19.54% to Rs 159 crore versus Rs 133 crore.
Ebitda margin up 257 bps to 14.53% versus 11.96%.
Net profit up 4.28% to Rs 73 crore versus Rs 70 crore.
Bhansali Engineering Polymers Q2 FY25 (Consolidated, YoY)
Revenue up 16.87% at Rs 367 crore versus Rs 314 crore.
EBITDA down 7.14% at Rs 53.4 crore versus Rs 57.51 crore.
EBITDA margin down 376 bps at 14.55% versus 18.31%.
Net profit down 3.92% at Rs 46.32 crore versus Rs 48.21 crore.
Also Read: Q2 Results Updates: Union Bank Net Profit Rose 34%; Bajaj Housing Finance Revenue Rises 26%
Earnings in Focus
Aditya Birla Real Estate, Adani Energy Solutions, Adani Green Energy, Amber Enterprises India, Bajaj Finance, Can Fin Homes, Chennai Petroleum Corporation, Choice International, Cigniti Technologies, Coforge, Gabriel India, Gujarat Mineral Development Corporation, Goody ear India, Huhtamaki India, ICICI Prudential Life Insurance, IIFL Securities, Indus Tower, ICICI Securities, Jubilant Ingrevia, Kajaria Ceramics, Mahindra & Mahindra Financial Services, Max Financial Services, Olectra Greentech, One 97 Communications, Persistent Systems, Responsive Industries, Shanthi Gears, Shoppers Stop, SRF, Supreme Industries, Ugro Capital, Varun Beverages, Welspun Specialty Solutions, Zensar Technologies, Zomato.
Stocks To Watch
Epack Durable: The company entered into an agreement with a global leader in consumer electronics and home appliances, Hisense, to manufacture air conditioners and home appliances in India for the world.
Sona BLW Precision Forgings: The company inaugurated a new plant in Haryana for the driveline business.
Shriram Finance: The company received RBI's nod to sell Shriram Housing stake to Warburg affiliate Mango Crest.
Nelco: The power outage experienced by Intelsat’s IS33E satellite on Oct. 19 disrupted customer traffic. The satellite operator confirmed on Oct. 20 that Intelsat’s IS33E satellite will not be recovered.
Eicher Motors: Royal Enfield began operations in Bangladesh and inaugurated its flagship showroom in Dhaka. Royal Enfield launches the Hunter 350, Meteor 350, Classic 350, and Bullet 350 in Bangladesh.
Arkade Developers: The company launched residential and commercial projects in Bhandup, Mumbai, with an estimated sales value of Rs 760 crore.
Lemon Tree Hotels: The company signed a license agreement for a 72-Room Hotel in Karnataka.
Sterling and Wilson: Bahadur Dastoor resigned from the post of CFO.
Ola Electric: The company has clarified its position in response to the show cause notice from the Central Consumer Protection Authority. The company confirms that 99.1% of the 10,644 complaints received from CCPA were resolved to complete customer satisfaction.
Listing Day
Hyundai Motor India: The company's shares will debut on the stock exchanges on Tuesday. The Rs 27,870-crore IPO has been subscribed 1.96 times on the final day. The bids were led by qualified institutional investors (6.97 times), employees' reserve (1.66 times), non-institutional investors (0.66 times), and retail investors (0.58 times).
IPO Offering
Waaree Energies: The public issue was subscribed to 3.32 times on day 1. The bids were led by non-institutional investors (8.09 times), retail investors (3.17 times), reserved for employees (1.57 times), and qualified institutional investors (0.08 times).
Deepak Builders & Engineers India: The public issue was subscribed to 4.12 times on day 1. The bids were led by retail investors (6.12 times), non-institutional investors (4.26 times), and qualified institutional investors (0.52 times).
Pledge Share Details
Cochin Shipyard: Promoter The President of India, acting through the Ministry Of Ports, Shipping And Waterways, Government Of India, sold 1.3 crore shares between Oct. 16 and 17.
Trading Tweaks
Ex/record dividend: HCLTech.
Moved in short term ASM: Hindustan Rectifiers, Motilal Oswal Financial Services.
Moved out short term ASM: Jyoti Structures, Maan Aluminium, Shivalic Power Control.
F&O Cues
Nifty October futures down by 0.77% to 24,788 at a premium 7 points.
Nifty October futures open interest down by 2.65%.
Nifty Bank October futures down by 0.59% to 52,040 at a premium of 78 points.
Nifty Bank October futures open interest down 2.3%.
Nifty Options Oct. 24 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,000.
Bank Nifty Options Oct. 23 Expiry: Maximum call open interest at 52,500 and maximum put open interest at 51,000.
Securities in ban period: Aarti Industries, Bandhan Bank, Birlasoft, Chambal Fertilizers, GNFC, Granules, Hindustan Copper, IDFC First Bank, IEX, India Mart Intermesh, L&T Finance, Manappuram Finance, Piramal Enterprise, PNB, RBL bank, Sail.
Money Market Update
The Indian rupee closed little changed against the US dollar Monday on likely dollar selling by the Reserve Bank of India amid the continuous selling of domestic stocks by global funds.
The rupee closed flat at Rs 84.066 against the dollar, according to Bloomberg data. The domestic currency had closed at Rs 84.07 against the greenback on Friday.
Research Reports
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