Stock Market Today: All You Need To Know Going Into Trade On Nov. 6
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Shares in Asia advanced after Friday’s rally in U.S. stocks as investors gave further credence to the idea interest rates are near the cycle peak.
Equities rose in Australia, South Korea and Japan. Contracts for share benchmarks in Hong Kong also advanced. The S&P 500 enjoyed its best week this year, gaining 5.9%. U.S. futures were slightly higher Monday.
On Tuesday, 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 4.57% and Bitcoin was above 35,000-level. Brent crude was trading above $85 a barrel, whereas WTI Crude was above $80-mark.
At 5:20 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,437.5.
India's benchmark stock indices were rangebound through Friday, after a higher opening. Realty, media and consumer durables were the top gainers as all sectors advanced.
The Sensex ended over 100 points below the day's high, around the 64,400 level, whereas Nifty 50 closed beyond the 19,200 mark, over 30 points lower from the day's high.
Overseas investors stayed net sellers of Indian equities for the eighth day in a row on Friday. Foreign portfolio investors offloaded stocks worth Rs 12.4 crore, while domestic institutional investors mopped up equities worth Rs 402.7 crore, the NSE data showed.
The Indian rupee weakened about 4 paise to close at 83.29 against the U.S. dollar on Friday.
Earnings Post Market Hours
State Bank of India Q2 FY24 (Standalone)
Net Interest Income up 12% at Rs 39,500 crore vs Rs 35,183 crore (YoY)
Net Profit up 8% at Rs 14,330 crore vs Rs 13,265 crore (YoY)
Gross NPA: 2.55% vs 2.76% (QoQ)
Net NPA: 0.64% vs 0.71% (QoQ)
Bank of Baroda Q2 FY24 (Standalone)
Net Interest Income up 6% at Rs 10831 crore vs Rs 10174 crore (YoY)
Net Profit up 28% at Rs 4253 crore vs Rs 3313 crore (YoY)
Gross NPA: 3.32% vs 3.51% (QoQ)
Net NPA: 0.76% vs 0.78% (QoQ)
Vedanta Q2 FY24 (Consolidated, YoY)
Revenue up 6.3% at Rs 38,945 crore vs Rs 36,654 crore
Ebitda up 49.1% at Rs 11,479 crore vs Rs 7,699 crore
Margin at 29.47% vs 21%
Reported loss of Rs 915 crore vs profit of Rs 2,687 crore
InterGlobe Aviation Q2 FY24 (Consolidated, YoY)
Revenue up 19.57% at Rs 14,943.8 crore vs Rs 12,497.5 crore (Bloomberg estimate: Rs 14,885.15 crore).
Ebitda at Rs 2,396 crore vs Rs 75.5 crore.
Margin at 16% vs 1%.
Reported profit at Rs 189 crore vs loss of Rs 1,583 crore (Bloomberg estimate: Reported loss of Rs 316.1 crore).
Godrej Agrovet Q2 FY24 (Consolidated, YoY)
Revenue up 5.2% at Rs 2,571 crore vs Rs 2,445 crore (Bloomberg estimate: Rs 2,578.98 crore).
Ebitda up 34.7% at Rs 202 crore vs Rs 150 crore (Bloomberg estimate: Rs 188.45 crore).
Margin at 7.85% vs 6.13% (Bloomberg estimate: 7.30%).
Reported profit up 48.6% at Rs 104 crore vs Rs 70 crore (Bloomberg estimate: Rs 98.18 crore).
Thermax Q2 FY24 (Consolidated, YoY)
Revenue up 10.9% at Rs 2,302 crore vs Rs 2,075 crore (Bloomberg estimate: Rs 2,296.23 crore).
Ebitda up 45.4% at Rs 205 crore vs Rs 141 crore (Bloomberg estimate: Rs 193.32 crore).
Margin at 8.88% vs 6.78% (Bloomberg estimate: 8.40%).
Reported profit up 45.9% at Rs 159 crore vs Rs 109 crore (Bloomberg estimate: Rs 147.23 crore).
India Glycols Q2 FY24 (Consolidated, YoY)
Revenue up 14.4% at Rs 1,870 crore vs Rs 1,634 crore.
Ebitda up 43.3% at Rs 96 crore vs Rs 67 crore.
Margin at 5.13% vs 4.1%.
Reported profit up 61% at Rs 38 crore vs Rs 23.6 crore.
Crompton Greaves Q2 FY24 (Consolidated, YoY)
Revenue up 4.9% at Rs 1,782.3 crore vs Rs 1,699.5 crore (Bloomberg estimate: Rs 1,743.6 crore).
Ebitda down 9.6% at Rs 174.5 crore vs Rs 193.11 crore (Bloomberg estimate: Rs 187.55 crore).
Margin at 9.8% vs 11.4% (Bloomberg estimate: 10.80%).
Reported profit down 22.8% at Rs 100.9 crore vs Rs 130.7 crore (Bloomberg estimate: Rs 123.91 crore).
JK Paper Q2 FY24 (Consolidated, YoY)
Revenue up 0.36% at Rs 1,650 crore vs Rs 1,644 crore (Bloomberg estimate: Rs 1,695.3 crore).
Ebitda down 24.5% at Rs 408 crore vs Rs 540 crore (Bloomberg estimate: Rs 489.5 crore).
Margin at 24.69% vs 32.82% (Bloomberg estimate: 28.90%).
Reported profit down 6.8% at Rs 302 crore vs Rs 324 crore (Bloomberg estimate: Rs 305.5 crore).
Godawari Power Q2 FY24 (Consolidated, YoY)
Revenue down 1.23% at Rs 1,291 crore vs Rs 1,307 crore.
Ebitda up 52.1% at Rs 361.4 crore vs Rs 237.6 crore.
Margin at 28% vs 18.2%.
Reported profit up 52.3% at Rs 256.7 crore vs Rs 168.6 crore.
Shipping Corp. of India Q2 FY24 (Consolidated, YoY)
Revenue down 23% at Rs 1,093.2 crore vs Rs 1,417.4 crore.
Ebitda down 27.2% at Rs 235.7 crore vs Rs 323.9 crore.
Margin at 21.6% vs 22.8%.
Reported profit down 42.5% at Rs 65.7 crore vs Rs 114.4 crore.
Gujarat Fluorochemicals Q2 FY24 (YoY)
Revenue down 35.2% at Rs 947 crore vs Rs 1,461 crore (Bloomberg estimate: Rs 1,107.3 crore).
Ebitda down 69.4% at Rs 164 crore vs Rs 535 crore (Bloomberg estimate: Rs 255.7 crore).
Margin at 17.31% vs 36.61% (Bloomberg estimate: 23.10%).
Reported profit down 85.2% at Rs 52.7 crore vs Rs 357.2 crore (Bloomberg estimate: Rs 150.83 crore).
Kirloskar Ferrous Industries Q2 FY24 (YoY)
Revenue down 22.4% at Rs 880 crore vs Rs 1,133 crore.
Ebitda down 3.4% at Rs 133 crore vs Rs 137 crore.
Margin at 15.09% vs 12.12%.
Reported profit down 30.5% at Rs 57 crore vs Rs 82 crore.
JSW Infrastructure Q2 FY24 (Consolidated, YoY)
Revenue up 28.14% at Rs 848.31 crore vs Rs 662 crore.
Ebitda up 32.6% at Rs 452.2 crore vs Rs 341 crore.
Margin at 53.3% vs 51.5%.
Reported profit up 85% at Rs 255.9 crore vs Rs 138.3 crore.
Punjab and Sind Bank Q2 FY24 (Standalone)
NII down 13% at Rs 675 crore vs Rs 775 crore (YoY).
Net profit down 32% at Rs 189 crore vs Rs 278 crore (YoY).
Gross NPA at 6.23% vs 6.8% (QoQ).
Net NPA at 1.88% vs 1.95% (QoQ).
GMR Power And Urban Infra Q2 FY24 (Consolidated, YoY)
Revenue down 60.3% at Rs 627.5 crore vs Rs 1,580.7 crore.
Ebitda up 82.9% at Rs 122.3 crore vs Rs 66.9 crore.
Margin at 19.5% vs 4.2%.
Reported loss at Rs 123.3 crore vs loss of Rs 1,069.3 crore.
Sudarshan Chemicals Q2 FY24 (Consolidated, YoY)
Revenue up 14.1% at Rs 594.7 crore vs Rs 521.4 crore (Bloomberg estimate: Rs 579.91 crore).
Ebitda up 66.4% at Rs 59.6 crore vs Rs 35.8 crore (Bloomberg estimate: Rs 66.95 crore).
Margin at 10.02% vs 6.9% (Bloomberg estimate: 11.50%).
Reported profit at Rs 17.86 crore vs Rs 4.5 crore (Bloomberg estimate: Rs 19.79 crore).
Thirumalai Chemicals Q2 FY24 (YoY)
Revenue up 11.9% at Rs 551 crore vs Rs 492 crore.
Ebitda down 64.5% at Rs 18.6 crore vs Rs 52.4 crore.
Margin at 3.37% vs 10.65%.
Reported profit down 63.3% at Rs 13.2 crore vs Rs 36 crore.
EIH Q2 FY24 (Consolidated, YoY)
Revenue up 32.3% at Rs 530.6 crore vs Rs 401 crore.
Ebitda up 68.9% at Rs 142.9 crore vs Rs 84.65 crore.
Margin at 26.9% vs 21%.
Reported profit at Rs 94.14 crore vs Rs 22.35 crore.
Cigniti Technologies Q2 FY24 (Consolidated, QoQ)
Revenue up 2.8% at Rs 452 crore vs Rs 440 crore.
Ebitda at Rs 57.2 crore vs loss of Rs 145 crore.
Margin at 12.7%.
Reported profit up 2.9% at Rs 45.9 crore vs Rs 44.6 crore.
Gati Q2 FY24 (Consolidated, YoY)
Revenue up 1.5% at Rs 441.5 crore vs Rs 435.2 crore (Bloomberg estimate: Rs 481.3 crore).
Ebitda down 26.3% at Rs 14.9 crore vs Rs 20.2 crore (Bloomberg estimate: Rs 21 crore).
Margin at 3.4% vs 4.6% (Bloomberg estimate: 4.40%).
Reported loss at Rs 3.79 crore vs profit of Rs 7.65 crore (Bloomberg estimate: Rs 0.5 crore).
Satia Industries Q2 FY24 (Consolidated, YoY)
Revenue down 18.7% at Rs 373 crore vs Rs 459 crore.
Ebitda down 6.9% at Rs 86.2 crore vs Rs 92.6 crore.
Margin at 23.09% vs 20.18%.
Reported profit down 5.7% at Rs 47.9 crore vs Rs 50.8 crore.
Indraprastha Medical Corporation Q2 FY24 (Consolidated, YoY)
Revenue up 11.5% at Rs 317 crore vs Rs 284.4 crore.
Ebitda up 14.1% at Rs 50.4 crore vs Rs 44.2 crore.
Margin at 15.9% vs 15.5%.
Reported profit up 30.7% at Rs 32.9 crore vs Rs 25.13 crore.
P&G Health Q2 FY24 (Consolidated, YoY)
Revenue up 2.5% at Rs 304.9 crore vs Rs 297.6 crore.
Ebitda down 2.4% at Rs 88.7 crore vs Rs 90.8 crore.
Margin at 29.1% vs 30.5%.
Reported profit up 3% at Rs 65.6 crore vs Rs 63.7 crore.
JM Financial Q2 FY24 (Standalone, YoY)
Total income up 84.8% at Rs 265.5 crore vs Rs 143.6 crore.
Reported profit up 75.5% at Rs 142.5 crore vs Rs 81.2 crore.
MSTC Q2 FY24 (Consolidated, YoY)
Revenue up 4.9% at Rs 187.8 crore vs Rs 179 crore.
Ebitda up 6.4% at Rs 118 crore vs Rs 111 crore.
Margin at 62.96% vs 62.08%.
Reported profit up 9.3% at Rs 55.3 crore vs Rs 50.6 crore.
Krsnaa Diagnostics Q2 FY24 (Consolidated, QoQ)
Revenue up 11.4% at Rs 155.4 crore vs Rs 139.5 crore (Bloomberg estimate: Rs 165.4 crore).
Ebitda up 1.6% at Rs 31.6 crore vs Rs 31.1 crore (Bloomberg estimate: Rs 44.5 crore).
Margin at 20.3% vs 22.3% (Bloomberg estimate: 26.90%).
Reported profit down 28.1% at Rs 10.5 crore vs Rs 14.6 crore (Bloomberg estimate: Rs 23.4 crore).
Shakti Pumps Q2 FY24 (Consolidated, YoY)
Revenue down 29.4% at Rs 153 crore vs Rs 216 crore.
Ebitda up 22.3% at Rs 15.2 crore vs Rs 12.4 crore.
Margin at 9.96% vs 5.75%.
Reported profit up 3.08 times at Rs 5.86 crore vs Rs 1.9 crore.
Timex Group India Q2 FY24 (Consolidated, YoY)
Revenue up 4.2% at Rs 126.4 crore vs Rs 121.2 crore.
Ebitda down 21.3% at Rs 16 crore vs Rs 20.6 crore.
Margin at 12.7% vs 16.9%.
Reported profit down 41.5% at Rs 11 crore vs Rs 18.8 crore.
Aeroflex Industries Q2 FY24 (Consolidated, YoY)
Revenue up 23.36% at Rs 84.07 crore vs Rs 68.15 crore.
Ebitda up 45.5% at Rs 17.65 crore vs Rs 12.13 crore.
Margin at 21% vs 17.8%.
Reported profit up 53.8% at Rs 11.57 crore vs Rs 7.52 crore.
Earnings In Focus
Varun Beverages, Divis Laboratories, Adani Energy Solutions, Max Healthcare Institute, NHPC, Linde India, Bharat Forge, FSN E-Commerce Ventures, Hindustan Petroleum Corp, AIA Engineering, Honeywell Automation India, K.P.R. Mill, Gland Pharma, Emami, Exide Industries, Hitachi Energy India, Radico Khaitan, Gujarat State Petronet, Bajaj Electricals, Bikaji Foods International, Redington, BLS International Services, Zydus Wellness, TVS Supply Chain Solutions, Sun Pharma Advanced Research, Sobha, Ujjivan Financial Services, Garware Technical Fibres, Quess Corp, Fusion Micro Finance, HG Infra Engineering, VRL Logistics, Man Infraconstruction, Borosil Renewables, Indo Count Industries, PG Electroplast, Privi Speciality Chemicals, Gateway Distriparks, Jamna Auto Industries, Heidelbergcement India, Navneet Education, HLE Glascoat, Kolte Patil Developers, Dalmia Bharat Sugar and Industries, V-Mart Retail, Banco Products India, Polyplex Corp, India Pesticides, Shivalik Bimetal Controls, VA Tech Wabag, Stylam Industries, Ashapura Minechem, Paras Defence And Space Technologies, Barbeque-Nation Hospitality, Sequent Scientific, Camlin Fine Sciences, Repco Home Finance, Gujarat Industries Power Co, Xpro India, Greenply Industries, Rupa & Co, Marathon Nextgen Realty, Uttam Sugar Mills, Rossell India, Seamec, Gokul Agro Resources, Monte Carlo Fashions, Fairchem Organics, Alicon Castalloy, Kitex Garments, Onmobile Global, Peninsula Land, Faze Three, Shanti Educational Initiatives, Dolat Algotech.
Stocks To Watch: Tata Steel, Infosys, Indian Oil, InterGlobe Aviation, JSW Infrastructure, P&G Health In Focus
Tata Steel: The record date in the matter of the scheme of amalgamation amongst the company and Tata Steel Long Products is Nov. 17. Tata Steel will issue and allot full paid-up equity shares to the shareholders of TSLP on the record date in the ratio of 67 equity shares of Rs 1 each for every 10 equity shares of Rs 10 each held in TSLP.
Indian Oil Corp: Company gets approval from NCLT's Mumbai Bench for the acquisition of a 100% stake in Mercator Petroleum.
Infosys: The company and Spirit AeroSystems inaugurated their dedicated centre for aerospace engineering excellence in Richardson, Texas.
Elpro International: The company has acquired 33,650 shares of HDFC Bank at an acquisition cost of Rs 5.01 crore.
Cigniti Technologies: MD CV Subramanyam resigns w.e.f. November 3, citing personal reasons.
Greaves Cotton: The company sold its land located in Pune to Runal Developers LLP for a total consideration of Rs 284 crore.
Restaurant Brands Asia: The company executed a facility agreement with Axis Bank. The agreement is for availing a secured term loan facility for up to Rs 150 crore.
JSW Infrastructure: The board has approved the acquisition of Marine Oil Terminal Corp. along with its Fujairah Branch by JSW Terminal Middle East; the transaction has an enterprise value of $187 million. The board has also approved the purchase of a container train operator licence from Sical Multimodal and Rail Transport.
Ethos: The board approved fund raising via QIP at the issue price of Rs 1,547 per equity share, which is at a discount of 4.95% to the floor price of Rs 1,627.49 per equity share.
IPO Offering
ESAF Small Finance Bank: The IPO was subscribed to 1.74 times on its first day. The bids were led by non-institutional investors (2.44 times), retail investors (1.98 times), reserved for employees (1.01 times), and institutional investors (0.90 times, 90%).
Protean eGov Technologies: The IPO will open for bids on Monday. The IT-enabled solutions provider plans to raise Rs 490 crore by offering 61.9 lakh shares via an offer for sale. The price band is fixed at Rs 752–792 apiece. The company has mopped up Rs 143 crore from anchor investors.
New Listing
Cello World: The shares will debut on the stock exchanges on Monday at an issue price of Rs 648 apiece. The Rs 1,900-crore IPO was subscribed 38.90 times on its final day. Bids were led by institutional investors (108.57 times), non-institutional investors (24.42 times), retail investors (3.06 times), and a portion reserved for employees (2.60 times).
Block Deals
ISMT: Kirloskar Industries bought 1.45 crore shares (4.81%) and Asscher Enterprises sold 1.45 crore shares (4.81%) at Rs 80 apiece.
Bulk Deals
Computer Age Management Services: NJ Advisory Services bought 2.74 lakh shares (0.55%) at Rs 2,300.24 apiece.
Kesoram Industries: Santosh Industries bought 15.68 lakh shares (0.50%) at Rs 90.36 apiece.
Insider Trades
Sunteck Realty: Promoter Group SW Capital bought 15,617 shares on Nov. 1.
Trading Tweaks
Price band revised from 20% to 10%: Jaiprakash Associates.
Ex/ record date dividend: Colgate-Palmolive, IRB Infrastructure Developers, MPS, Shriram Finance.
Move into short term ASM framework: Vodafone Idea.
Who's Meeting Whom
Nucleus Software Exports: To meet analysts and investors on Nov. 10.
Aeroflex Industries: To meet analysts and investors on Nov. 8.
Krishna Institute of Medical Sciences: To meet analysts and investors on Nov. 8.
Seamac: To meet analysts and investors on Nov. 8.
Shree Cement: To meet analysts and investors on Nov. 8.
Galaxy Surfactants: To meet analysts and investors on Nov. 11.
Jupiter Life Line Hospitals: To meet analysts and investors on Nov. 15.
Dilip Buildcon: To meet analysts and investors on Nov. 8.
Edelweiss Financial Services: To meet analysts and investors on Nov. 10.
General Insurance Corporation of India: To meet analysts and investors on Nov. 10.
Oil India: To meet analysts and investors on Nov. 9.
Updater Services: To meet analysts and investors on Nov. 8.
Piramal Enterprises: To meet analysts and investors on Nov. 9.
IRCTC: To meet analysts and investors on Nov. 8.
Samvardhana Motherson International: To meet analysts and investors on Nov. 9.
Prince Pipes and Fittings: To meet analysts and investors on Nov. 8.
Eicher Motors: To meet analysts and investors on Nov. 10.
Easy Trip Planners: To meet analysts and investors on Nov. 8.
F&O Cues
Nifty November futures rose 0.30% at 19,296, at a premium of 65.4 points.
Nifty November futures open interest declined by 3.48% by 8,150 shares.
Nifty Bank November futures rose 0.43% to 43,506.80, at a premium of 188.55 points.
Nifty Bank November futures open interest declined by 6.09% by 10,304 shares.
Nifty Options Nov. 9 Expiry: Maximum call open interest at 19,300 and maximum put open interest at 19,200.
Nifty Bank Options Nov. 8 Expiry: Maximum call open interest at 45,000 and maximum put open interest at 43,000.
Securities in the ban period: GNFC.
Money Market Update
The Indian rupee weakened about 4 paise to close at 83.29 against the U.S dollar on Friday.
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.
