Stock Market Live: Nifty, Sensex Fall As IndusInd Bank, NTPC Drag

Shares of ITC Ltd. rose over 3% after the diversified conglomerate released its financial results for the quarter ending Sept. 30, 2024. The company reported a net profit of Rs 5,078.34 crore for Q2 FY25, a 3% rise year-on-year.

Shares of IndusInd Bank Ltd. plunged to hit a 10% lower circuit on Friday after the lender's profit was hit from a 73% sequential increase in its provision on account of rising bad loans.

The lender's bottom line stood at Rs 1,325 crore on a standalone basis during the July-September period, as compared to Rs 2,181 crore in the year-ago quarter.

Benchmark equity indices saw a muted opening on Friday amid earnings season as shares of HDFC Bank and IndusInd Bank dragged but those of ITC and Axis Bank limited the downside.

At pre-open, the Nifty 50 was at 24418.05, up by 0.08% or 18.65 points and the Sensex was at 80187.34, up 0.15% or 122.18 points.

"Technically, not much has changed, but the overall sentiment remains cautious," said Sameet Chavan, head of research of technical and derivatives at Angel One. "For the last trading session of the week, Nifty is likely to stay within a range, with the 24350 and 24200 (bullish gap from August) serving as immediate support, given the oversold conditions on intraday charts."

Shares of IndusInd Bank Ltd., Larsen & Toubro Ltd., HDFC Bank Ltd., Infosys Ltd., and NTPC Ltd. dragged the Nifty. While those of Axis Bank Ltd., ITC Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., and HCL Tech Ltd. limited the fall.

Most sectoral indices were lower but Nifty FMCG outperformed.

At pre-open, the Nifty 50 was at 24418.05, up by 0.08% or 18.65 points and the Sensex was at 80187.34, up 0.15% or 122.18 points.

Finolex Industries Q2 Earnings (Consolidated, YoY)

• Net Profit down 58.5% at Rs 40.7 crore vs Rs 98 crore

• Revenue down 6.2% at Rs 828 crore vs Rs 883 crore

• EBITDA down 89.7% at Rs 10.6 crore vs Rs 103 crore

• Margin At 1.3% vs 11.7%

The yield on the 10-year bond opened Filat at 6.82%.

It closed at 6.82% on Thursday.

Source: Bloomberg

Rupee opened flat at 84.07 against the US dollar.

It closed at 84.07 on Thursday.

Source: Bloomberg

Nuvama has downgraded IndusInd's rating to 'hold' and its target price to Rs 1,290 from Rs 1,690 earlier. It said that the bank's Q2 earnings were all round miss, weakest earnings in sector so far. Asset quality deteriorated especially in MFI and net interest income fell QoQ with fee income being weak.

Citi has lowered its target price to Rs 1,630 from Rs 2,010 earlier while maintaining a 'buy'. It said the lender's Q2 earnings missed estimates sharply in terms of credit cost, NIMs, fees surprise negatively. It noted that unless MFI starts outpacing loan growth, margins will remain at 4.1%. The brokerage has also cut growth expectations and earnings estimates by 18-22% for FY25-27.

Bernstein, however, has outperform rating for the stock and a target price of Rs 1800. It said that sharp decline in the RoA was due to rise in credit costs and contingent provisions and asset quality deteriorated across the consumer portfolios. The only positive according to the brokerage was better than system deposit growth was only positive.

Jefferies has raised its target price for Laurus Labs' stock to Rs 300 from Rs 250 earlier, while maintaining an 'underperform' rating. It said that its has cut 3%/2% cut in FY25/26 EPS estimates due to unclear growth levers in non-CDMO business and volatile sales.

The new target price implies downside potential of 33%. In Q2, the company missed estimates again due to operating deleverage affecting margins and despite improved CDMO sales. The company's management maintained 20% EBITDA margin target for FY25.

Morgan Stanley, in a report said that FY24 return on equity rose to a 13 year high of 16.9% in FY24 driven by margin expansion and that private capex cycle is underway that gives confidence that ROE is set for higher levels in next 3-4 years. Rising ROE means rising share prices, it explained and that this rise can be attributed to consumer discretionary and industrials.

Godrej Properties has emerged as the highest bidder for luxury group housing plot in Gurugram. The Gurugram project is expected to have revenue potential of over Rs 5,500 crore, an exchange filing said.

IndusInd Bank Q2 Highlights (Standalone, YoY)

• NII up 5% at Rs 5,347 crore versus Rs 5,077 crore.

• Net Profit down 39% At Rs 1,325 crore versus Rs 2,181 crore (Bloomberg estimate Rs 2,214 crore).

• Gross NPA At 2.11% Vs 2.02% (QoQ).

• Net NPA At 0.64% Vs 0.60% (QoQ).

• Provisions up 73% at Rs 1,820 crore versus Rs 1,050 crore (QoQ).

ITC Q2 Highlights (Standalone, YoY)

• Revenue up 16% to Rs 19,327.72 crore versus Rs 16,550 crore. (Bloomberg estimates Rs 18,068 crore).

• Ebitda up 5% to Rs 6,335.17 crore versus Rs 6,042 crore. (Bloomberg estimate Rs 6,506 crore).

• Margin at 32.8% versus 36.5%. (Bloomberg estimate Rs 36%).

• Net profit up 3% to Rs 5,078.34 crore versus Rs 4,927 crore (Bloomberg estimate Rs 5,154 crore).

• Approved the acquisition of 1.52 crore equity shares of Rs 2 each of EIH and 34.60 lakh equity shares of Rs 21 each of HLV from Russell Credit, a wholly owned subsidiary of the company.

Godrej Consumer Products Q2 Highlights (Consolidated, YoY)

• Revenue up 1.77% at Rs 3,666 crore versus Rs 3,602 crore (Bloomberg estimate Rs 3,631 crore).

• Ebitda up 5.25% at Rs 761 crore versus Rs 723 crore (Bloomberg estimate Rs 754 crore).

• Ebitda margin up 68 bps at 20.75% versus 20.07% (Bloomberg estimate 20.8%).

• Net profit up 13.39% at Rs 491 crore versus Rs 433 crore (Bloomberg estimate Rs 499 crore).

Castrol India Highlights (YoY)

• Revenue up 8.96% at Rs 1,288 crore versus Rs 1,182 crore (Bloomberg estimate Rs 1,297 crore).

• Ebitda up 7.49% at Rs 287 crore versus Rs 267 crore (Bloomberg estimate Rs 317 crore).

• Ebitda margin down 30 bps at 22.28% versus 22.58% (Bloomberg estimate 24.5%).

• Net profit up 7.21% at Rs 208 crore versus Rs 194 crore (Bloomberg estimate Rs 235 crore).

Radico Khaitan Q2 Highlights (Consolidated, YoY)

• Revenue up 9% at Rs 1,116 crore versus Rs 925 crore.

• Ebitda up 35% at Rs 163 crore versus Rs 121 crore.

• Ebitda margin at 14.6% versus 13.1%.

• Net profit up 25% at Rs 81 crore vs Rs 65 crore.

Coromandel International Q2 Highlights (Consolidated, YoY)

• Revenue up 6.4% to Rs 7,432.83 crore versus Rs 6,988.13 crore (Bloomberg estimate Rs 6,312 crore).

• Ebitda down 8% to Rs 974 crore versus Rs 1,059 crore. (Bloomberg estimate Rs 859 crore).

• Margin at 13.1% versus 15.2% (Bloomberg estimate Rs 13.6%).

• Net profit down 13% to Rs 659.10 crore versus Rs 754.59 crore (Bloomberg estimate Rs 624 crore).

DCB Bank Q2 Highlights (Consolidated, YoY)

• NII rise 7% to Rs 509 crore versus Rs 476 crore.

• Net profit rises 23% at Rs 155 crore versus Rs 127 crore.

• Gross NPAs at 3.29% vs 3.33% (QoQ).

• Net NPAs at 1.17% vs 1.18% (QoQ).

Go Digit Highlights (YoY)

• Total income up 16.4% at Rs 2,175 crore versus Rs 1,869 crore.

• Net profit at Rs 89.5 crore versus Rs 27.7 crore (Bloomberg estimate Rs 127 crore).

United Breweries Q2 Highlights (Consolidated, YoY)

• Revenue up 13.1% to Rs 2,116.72 crore versus Rs 1,890.05 crore. (Bloomberg estimate Rs 2068 crore).

• Ebitda up 23% to Rs 227.22 crore versus Rs 184.29 crore. (Bloomberg estimate Rs 222 crore).

• Margin at 10.7% versus 9.8%. (Bloomberg estimate 10.7%).

• Net profit up 23% to Rs 132.33 crore versus Rs 107.17 crore. (Bloomberg estimate Rs 125 crore)

Oracle Financial Services Software Q2 Highlights (Consolidated, QoQ)

• Revenue down 3.9% to Rs 1,673.90 crore versus Rs 1,741.40 crore.

• Ebitda down 12% to Rs 732.80 crore versus Rs 829.60 crore.

• Margin at 43.8% versus 47.6%.

• Net profit down 6% to Rs 577.70 crore versus Rs 616.70 crore.

GMR Airports Highlights (Cons, YoY)

• Revenue up 20.9% at Rs 2,495 crore versus Rs 2,064 crore (Bloomberg estimate Rs 2,461 crore).

• Ebitda up 19.3% at Rs 867 crore vs Rs 727 crore.

• Margin at 34.7% vs 35.2%.

• Net loss of Rs 429 crore versus loss of Rs 190 crore (Bloomberg estimate net loss of Rs 238 crore).

• Alert: Co has one-time gain of Rs 109 crore in second quarter of financial year 2025.

Le Travenues Technology Highlights (Consolidated, QoQ)

• Revenue up 13.18% at Rs 206 crore versus Rs 182 crore.

• Ebitda up 5.95% at Rs 17.8 crore versus Rs 16.8 crore.

• Ebitda margin down 58 bps at 8.64% versus 9.23%.

• Net profit down 13.33% at Rs 13 crore versus Rs 15 crore.

Dixon Technologies Q2 Highlights (Consolidated, QoQ)

• Revenue up 133.3% to Rs 11,534 crore versus Rs 4,943 crore.

• Ebitda up 114% to Rs 426.37 crore versus Rs 198.91 crore.

• Margin at 3.7% versus 4.0%.

• Net profit up 263% to Rs 412 crore versus Rs 113 crore.

PNB Housing Finance Q2 Highlights (Consolidated, YoY)

• Total income rises 5.7% at Rs 1,869 crore versus Rs 1,768 crore.

• Net profit rises 22.7% at Rs 472 crore versus Rs 384 crore.

Cyient Q2 Highlights (Consolidated, YoY)

• Revenue up 4.0% to Rs 1,849.10 crore versus Rs 1,778.50 crore (Bloomberg estimate Rs 1,802 crore).

• Ebitda down 9% to Rs 297 crore versus Rs 326 crore. (Bloomberg estimate Rs 302 crore).

• Margin at 16.0% versus 18.3%. (Bloomberg estimate 16.8%).

• Net Profit up 2% to Rs 186.60 crore versus Rs 183.60 crore (Bloomberg estimate Rs 168 crore).

• Board approved acquisition of Abu Dhabi and Gulf Computers Establishment via arm.

IEX Q2 Highlights (Consolidated, YoY)

• Revenue up 28% at Rs 139 crore vs Rs 109 crore (Bloomberg Estimate: Rs 150 crore).

• Ebitda up 30% at Rs 120 crore vs Rs 92 crore (Bloomberg Estimate: Rs 141 crore)

• Margins expanded 130 basis points to 86% vs 84.7% (Bloomberg Estimate: 93.7%).

• Net profit up 25% at Rs 108 crore vs Rs 87 crore (Bloomberg Estimate: Rs 110 crore).

Glenmark Life Sciences Q2 Highlights (Consolidated, YoY)

• Revenue down 14.9% to Rs 506.88 crore versus Rs 595.36 crore.

• Ebitda down 20% to Rs 134.35 crore versus Rs 167.08 crore.

• Margin at 26.5% versus 28.1%.

• Net profit down 20% to Rs 95.32 crore versus Rs 118.74 crore.

CIE Automotive India Q3 Highlights (Consolidated, YoY)

• Revenue down 6.4% to Rs 2,134.63 crore versus Rs 2,279.41 crore (Bloomberg estimate Rs 2262 crore).

• Ebitda down 4% to Rs 330.58 crore versus Rs 345.38 crore (Bloomberg estimate Rs 345 crore).

• Margin at 15.5% versus 15.2% (Bloomberg estimate 15.3%).

• Net profit down 48% to Rs 195.23 crore versus Rs 375.42 crore (Bloomberg estimate Rs 202 crore).

JSW Energy Q2 Highlights (Consolidated, YoY)

• Revenue down 0.7% to Rs 3,237.66 crore versus Rs 3,259.42 crore (Bloomberg estimate Rs 3648 crore).

• Ebitda down 10% to Rs 1,684.87 crore versus Rs 1,880.38 crore (Bloomberg estimate Rs 2,609 crore).

• Margin at 52.0% versus 57.7% (Bloomberg estimate 71.5%).

• Net profit up 2% to Rs 876.76 crore versus Rs 856.79 crore (Bloomberg estimate Rs 753 crore).

VST Industries Q2 Highlights (Consolidated, YoY)

• Revenue up 1.9% to Rs 360.03 crore versus Rs 349.54 crore.

• Ebitda down 14% to Rs 67.61 crore versus Rs 78.91 crore.

• Margin at 18.8% versus 22.6%.

• Net profit down 37% to Rs 47.56 crore versus Rs 75.95 crore.

Nippon Life India Asset Management Q2 Highlights (Consolidated, YoY)

• Total income rises 45.6% at Rs 692 crore versus Rs 475 crore.

• Net profit rises 47.3% at Rs 360 crore versus Rs 244 crore. (Bloomberg estimate Rs 313 crore)

R R Kabel Q2 Highlights (Consolidated, YoY)

• Revenue up 12.5% to Rs 1,810.14 crore versus Rs 1,609.67 crore.

• Ebitda down 29% to Rs 85.78 crore versus Rs 120.99 crore.

• Margin at 4.7% versus 7.5%.

• Net profit down 33% to Rs 49.53 crore versus Rs 74.10 crore.

Home Finance Q2 Highlights (Consolidated, YoY)

• Total Income rises 35% at Rs 3,74 crore versus Rs 2,78 crore.

• Net profit rises 24.11% at Rs 92 crore versus Rs 74 crore.

Petronet LNG Q2 Highlights (Consolidated, QoQ)

• Revenue down 2.9% to Rs 13,024 crore versus Rs 13,415 crore. (Bloomberg estimate Rs

• Ebitda down 23% to Rs 1,202 crore versus Rs 1,563 crore

• Margin at 9.2% versus 11.6%.

• Net profit down 21% to Rs 870.61 crore versus Rs 1,105.47 crore.

Mahanagar Gas Q2 Highlights (Consolidated, QoQ)

• Revenue up 7.1% to Rs 1,786.25 crore versus Rs 1,665.76 crore.

• Ebitda down 5% to Rs 413.42 crore versus Rs 436.75 crore.

• Margin at 23.1% versus 26.2%.

• Net profit down 2% to Rs 283.50 crore versus Rs 288.77 crore.

NTPC Q2 Highlights (Consolidated, YoY)

• Revenue down 0.6% to Rs 44,696.30 crore versus Rs 44,983.35 crore (Bloomberg estimate Rs 47,008 crore).

• Ebitda down 8% to Rs 11,655.23 crore versus Rs 12,680.19 crore (Bloomberg estimate Rs 13,237 crore).

• Margin at 26.1% versus 28.2% (Bloomberg estimate Rs 28.2%).

• Net profit up 14% to Rs 5,380.25 crore versus Rs 4,726.40 crore (Bloomberg estimate Rs 5,035 crore).

Chalet Hotels Q2 Earnings Highlights (Consolidated, YoY)

• Revenue up 20% to Rs 377.1 crore versus Rs 314.6 crore (Bloomberg estimate: Rs 372 crore).

• Ebitda up 19% to Rs 149.6 crore versus Rs 126 crore (Estimate: Rs 150 crore).

• Margin narrows 38 basis points to 39.66% versus 40.04% (Estimate: 40.40%).

• Net loss at Rs 138.5 crore versus net profit of Rs 36.4 crore (Estimate: Rs 64 crore).

V2 Retail Q2 Highlights (Consolidated, YoY)

• Revenue up 64.3% to Rs 380.00 crore versus Rs 231.32 crore.

• Ebitda up 66% to Rs 33.05 crore versus Rs 19.88 crore.

• Margin at 8.7% versus 8.6%.

• Net profit down 134% to Rs -1.93 crore versus Rs 5.70 crore.

Patanjali Foods Q2 Highlights (Consolidated, QoQ)

• Revenue up 13.7% to Rs 8,154.19 crore versus Rs 7,173.06 crore.

• Ebitda up 11% to Rs 449.13 crore versus Rs 405.60 crore.

• Margin at 5.5% versus 5.7%.

• Net profit up 17% to Rs 308.58 crore versus Rs 262.72 crore.

Bikaji Foods International Q2 Highlights (Consolidated, YoY)

• Revenue up 18.5% to Rs 721.17 crore versus Rs 608.69 crore (Bloomberg estimates Rs 710 crore).

• Ebitda up 22% to Rs 107 crore versus Rs 87.73 crore (Bloomberg estimates Rs 109 crore).

• Margin at 14.8% versus 14.4% (Bloomberg estimates 15.3%).

• Net profit up 15% to Rs 68.58 crore versus Rs 59.78 crore (Bloomberg estimates Rs 73 crore).

As of 7:47 a.m., futures of both Brent and Nymex Crude were up 0.3% at $74.57 a barrel and $70.38 a barrel respectively. On Thursday, they ended lower on concerns of slow economic growth in Europe.

Most indices in the Asia-Pacific region rose on Friday, except Nikkei which fell as market awaits election outcome of Japan over the weekend. At 7:26 a.m., Australia's ASX 200 was 0.4% higher, Hong Kong's Hang Seng rose 0.69%, CSI 300 traded flat, and Kospi gained 0.2%. Japan's Nikkei was trading 0.8% lower.

US markets were mixed at close on Thursday after Tesla reported higher than expected net profit. S&P 500 closed 0.21% up at 5,809.86, Dow Jones was down 0.33% at 42,374.36, and Nasdaq Composite rose 0.76% to 18,415.49.

At 6:50 a.m., GIFT Nifty traded flat at 24,461.50. Among other stocks. those of IndusInd Bank Ltd., ITC Ltd., Godrej Consumer Products Ltd. and NTPC Ltd. will be in focus today after they announced their quarterly results post market hours.

On Thursday, the NSE Nifty 50 and BSE Sensex settled at over a two-month low for a third consecutive session, as earnings reported and global cues failed to uplift investors' sentiment.

The Nifty 50 ended 36.10 points, or 0.15% down at 24,399.40, and the Sensex ended 16.82 points, or 0.02% lower at 80,065.16.

Markets abroad stand improved today, with stocks in Asia Pacific trading mixed after Wall Street's first gain this week.

Overseas investors remained net sellers of Indian equities for the 19th consecutive session on Thursday, while domestic institutional investors stayed net buyers for the 23rd straight session. The FPIs offloaded stocks worth Rs 5,062.5 crore, while domestic institutional investors bought stocks worth Rs 3,620.5 crore, according to provisional data from the National Stock Exchange.

The Indian rupee appreciated by 1 paisa to close at 84.077 against the US dollar.