Stock Market Today: Sensex, Nifty Close The Week Higher Despite Two-Day Fall, FPIs Turn Net Buyers
The S&P BSE Sensex was down 126 points, or 0.19%, at 66,282.74, while the NSE Nifty 50 was 43points or 0.22% lower at 19,751.05.
KEY HIGHLIGHTS
Rupee Closes Flat Against The U.S. Dollar
Sensex, Nifty Decline For The Second Day As HDFC Bank, Infosys, Axis Bank Drag: Market Wrap
Ashok Leyland Gets Order From Tamil Nadu Government For 1,666 Bus Chassis
Nifty Bank Falls After 300 Points Recovery
Tata Motors Shares Jump Over 5% To Hit All-Time High
FPIs Snap 17-Day Selling Streak To Turn Net Buyers
Overseas investors turn net buyers of Indian equities on Friday
Foreign portfolio investors mopped up stocks worth Rs 317.01 crores, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned out to be net sellers and off loaded equities worth 102.88 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 110735 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The S&P BSE Sensex closed down 126 points, or 0.19%, at 66,282.74, while the NSE Nifty 50 was 43 points or 0.22% lower at 19,751.05.
Yield On The 10-Year Bond Ends Higher
The yield on the 10-year bond closed 2 bps higher at 7.32% on Friday.
Source: Bloomberg
Rupee Closes Flat Against The U.S. Dollar
The local currency closed flat at 83.26 against the U.S dollar on Friday.
Source: Bloomberg
Sensex, Nifty Decline For The Second Day As HDFC Bank, Infosys, Axis Bank Drag: Market Wrap
India's benchmark stock indices declined through Friday after I.T. major, Infosys Ltd. reported muted earnings, dragging both indices.
Banks, I.T., media and metal sectors fell, whereas realty and pharma sectors rose. Nifty ended below the 19,800 level, while Sensex closed below the 66,300 mark.
The S&P BSE Sensex closed down 126 points, or 0.19%, at 66,282.74, while the NSE Nifty 50 was 43 points or 0.22% lower at 19,751.05.
European stocks dipped, while U.S. futures fluctuated. Shares in Asia declined after the latest U.S. inflation data bolstered bets on Federal Reserve rate hikes.
MSCI’s All Country World Index fell for a second day, with major Asian benchmark indexes in the red. Hong Kong shares underperformed and mainland Chinese shares slipped after both consumer and producer prices came in below estimates.
Benchmark indices fell in Japan and South Korea, while also slipping in Australia.
Tata Motors Ltd., Nestle India Ltd., HCL Technologies Ltd., IndusInd Bank Ltd., and Tata Consultancy Services Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., Infosys Ltd., Axis Bank Ltd., State Bank of India, and ICICI Bank Ltd. were negatively contributing to the change.
The broader market indices ended marginally lower; the S&P BSE MidCap Index was down 0.05%, whereas S&P BSE SmallCap Index was also 0.04% lower.
Eleven out of the 20 sectors compiled by BSE declined, while nine advanced.S&P BSE Bankex fell the most and S&P BSE Auto rose the most.
The market breadth was skewed in the favour of the sellers. About 1,795 stocks rose, 1,870 declined, while 155 remained unchanged on the BSE.
The indices advanced for the second straight week this Friday. The S&P BSE Sensex rose 0.44% and NSE Nifty 50 was higher by 0.50%, this week.
Last week, the headline indices snapped two weeks of losses as the S&P BSE Sensex Index rose 0.25% and NSE Nifty 50 Index was higher by 0.08%.
Nifty Realty and Auto gained the most this week, whereas Nifty IT and bank declined.
Ashok Leyland Gets Order From Tamil Nadu Government For 1,666 Bus Chassis
Gets order from Tamil Nadu Government for 1,666 BSVI diesel fuel type passenger bus chassis.
Order to be delivered by March 2024.
Source: Exchange filing
Nifty Bank Falls After 300 Points Recovery
Tata Motors Shares Jump Over 5% To Hit All-Time High
Shares of Tata Motors Ltd. rose as much as 5.03% to hit a recorrd high at Rs 669 apiece. It pared gains to trade 4.45% higher at Rs 665.30 apiece, compared to a 0.11% decline in the benchmark NSE Nifty 50 as of 2:48 a.m.
It has risen 71.5% on a year-to-date basis. The total traded volume so far in the day stood at 2.8 time its 30-day average. The relative strength index was at 70, implying that the stock maybe overbought.
28 out of the 35 analysts tracking the company maintain a 'buy' rating, three recommend a 'hold' and four suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 6.7%.
Sensex, Nifty Near's Day's High
HDFC Life insurance Q2FY24 (Consolidated, YoY)
Net profit up 15% to Rs 378 crore Vs Rs 329 crore
Revenue almost unchanged at Rs 23,018 crore Vs Rs 23,002 crore
VNB up 4% at Rs 801 crore Vs Rs 770 crore
VNB margin at 26.31% Vs 27.02%*
*Alert: Restated to include Exide life
Source: Exchange Filing
ITI has 15.1 Lakh Shares Change Hands
15.1 lakh shares changed hands in a large trade.
0.16% equity changed hands at Rs 271.10 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
HDFC Bank Has 15.1 Lakh Shares Change Hands
15.1 lakh shares changed hands in a large trade.
0.02% equity changed hands at Rs 1538 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Fortis Healthcare Has 15.1 Lakh Shares Change Hands
About 15.1 lakh shares changed hands in a large trade.
0.2% equity changed hands at Rs 338.10 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
European Markets Open Mixed
Sai Silks Kalamandir Q1FY24 (Consolidated, YoY)
Revenue down 10.46% at Rs 304.62 crore vs Rs 340.17 crore
Ebitda down 20.18% at Rs 44.62 crore vs Rs 55.9 crore
Margin at 14.64% vs 16.43%
Net profit down 41.24% at Rs 16.78 crore vs Rs 28.56 crore
Source: Bloomberg
Indian Oil Corp. Approves Contribution Of Rs 1,660.15 Crore In 50-50 JV
Approves contribution of Rs 1,660.15 crore in IndianOil NTPC Green Energy JV.
IndianOil NTPC Green Energy is a 50-50 JV between the two companies.
Source: Exchange filing
Stocks Hitting 52-Week High Intraday
BQ Conversations: Why CLSA Turned Bullish On India?
Stocks In Focus: Kesoram Industries Reports Net Loss, Margin Improves
F&O Show: Navigating Volatility With Smart F&O Strategies
Sensex, Nifty Decline As Infosys, HDFC Bank Drag: Midday Market Update
India's benchmark stock indices opened lower and declined through midday on Friday after I.T. major, Infosys Ltd. reported muted earnings, dragging both indices.
Banks, I.T., media and metal sectors fell, whereas realty and pharma sectors rose. Nifty was below the 19,700 level, while Sensex was trading around the 66,000 mark.
"The domestic macros have turned distinctly positive with the CPI inflation in September falling steeply to 5.02 % and the IIP for August rising impressively to 10.3%. This implies that the MPC can pause for the rest of FY 24 and go for a rate cut in Q2 of CY24," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"While this is positive for the economy, the market is likely to be weighed by results of I.T. majors which are struggling with weak numbers on revenue guidance for FY24 and lack of clarity on growth recovery. Leading banking names have the strength to continue supporting the market," he added
As of 12:22 p.m., the S&P BSE Sensex was down 330 points, or 0.50%, at 66,078.57, while the NSE Nifty 50 was 94 points or 0.47% lower at 19,700.20.
Shares in Asia declined after the latest U.S. inflation data bolstered bets on Federal Reserve rate hikes.
MSCI’s All Country World Index fell for a second day, with major Asian benchmark indexes in the red. Hong Kong shares underperformed and mainland Chinese shares slipped after both consumer and producer prices came in below estimates.
Benchmark indices fell in Japan and South Korea, while also slipping in Australia.
European equity futures pointed to a lower open. Elsewhere, U.S. equity futures contracts were little changed after the S&P 500 fell for the first time in five days, with banks underperforming ahead of earnings from JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. Friday.
Nestle India Ltd., HCL Technologies Ltd., Tata Consultancy Services Ltd., IndusInd Bank Ltd., and Sun Pharmaceutical Industries Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Infosys Ltd., HDFC Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.03%, whereas S&P BSE SmallCap Index was also 0.14% higher.
Thirteen out of the 20 sectors compiled by BSE declined, while seven advanced.S&P BSE Information Technology fell the most and S&P BSE Realty rose the most.
The market breadth was skewed in the favour of the buyers. About 1,842 stocks rose, 1,670 declined, while 180 remained unchanged on the BSE.
Landmark Cars To Open MG Motor Dealership In Goa
Gets LoI to open MG Motor dealership in Goa.
This business to include Sales and After Sales of MG Cars.
Source: Exchange Filing
ICICI Prudential Mutual Fund Sold 2% Stake In PVR INOX
ICICI Prudential Mutual Fund sold 2% stake in company.
ICICI Prudential stake decreased to 5.19% vs 7.19% earlier.
Source: Exchange Filing
NMDC Has 12.3 Lakh Shares Change Hands
About 12.3 lakh shares changed hands in a large trade.
0.04% equity changed hands at Rs 161.35 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Anand Rathi Wealth Shares Fall Despite Strong Q2 Earnings
Shares of Anand Rathi Wealth Ltd. fell despite its revenue and profit rising in July to September quarter and first half of the fiscal 2024. The stock witnessed some profit booking as it has risen about 35% in the last one month and 125% in the last six months.
Two analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data. Rohan Mandora of Equirus Securities Pvt. had a price target of Rs 1,070 apiece on the scrip, whereas Ventura Securities had a target price of Rs 1,125 per share. As per the current stock price, both the targets have been achieved.
Furthermore, Anand Rathi also raised its revenue guidance for FY24 from Rs 661 crore to Rs 720 crore, as per its investor presentation. It further raised the profit guidance from Rs 205 crore to Rs 220 crore. Anand Rathi expects its Asset Under Management to grow by Rs 51,000 crore in FY24, as compared to an earlier guidance of Rs 47,000 crore.
The company's consolidated net profit rose by 34.29% year-on-year to Rs 182.58 crore in the July to September quarter, according to an exchange filing on Thursday. This compares to a net profit of Rs 136.06 crore in the same quarter of the previous financial year.
Additionally, Groww added over 3.93 lakh new clients during the previous month, taking its total to 66.28 lakh, while Zerodha reached a total of 64.79 lakh. The two unlisted discount brokerages have remained top contenders, with the highest number of active clients among any of their listed peers. Anand Rathi Wealth Ltd., as per the same data on NSE added 3,348 clients in September, taking the total to nearly 11.09 lakh clients.
Anand Rathi Wealth Q2 FY24 (Consolidated, YoY)
Revenue is up 34.19% at Rs 182.58 crore vs. Rs 136.06 crore.
Net profit is up 34.29% at Rs 57.68 crore vs. Rs 42.95 crore.
AUM grew 33.8% to Rs 47,957 crore in H1FY24 vs. Rs 35,842 crore In H1FY23
The scrip fell 2.81% at Rs 1,861.40 apiece, as of 11:11 a.m., as compared to a 0.58% decline in the NSE Nifty 50. The share price declined as much as 5.86% intraday to hit Rs 1,803.05 per share, the lowest level since Oct. 9, 2023.
The stock has risen 165.2% on a year-to-date basis. The total traded volume stood at 3.8 times its 30-day average. The relative strength index was at 75, implying that the stock maybe overbought.
Two analysts tracking the company maintain a 'buy' rating on the stock, as per the Bloomberg data
Angel One Shares Hit Record High After Q2 Profit Beats Estimates
Shares of Angle One rose over 6% to hit a fresh high after company's second-quarter results beat estimates.
The company’s net profit rose 42.62% year-on-year to Rs 304.5 crore in the quarter-ended September, according to an exchange filing on Thursday.
Angel One Q2 FY24 (Consolidated, YoY)
Revenue is up 40.6% at Rs 1047.9 crore vs. Rs 745.3 crore (Bloomberg estimate: Rs 668.9 crore).
Net profit is up 42.62% at Rs 304.5 crore vs. Rs 213.5 crore (Bloomberg estimate: Rs 283.2 crore).
The Board of Directors have recommended Rs 12.70 per equity share of Rs10/- each, as interim dividend.
The scrip rose as much as 6.77% to Rs 2,250 apiece, the most in a single day since June 5, 2023. The stock is trading 5.90% higher at Rs 2,231.75 apiece, compared to a 0.51% decline in the benchmark NSE Nifty 50 as of 10:19 a.m.
It has risen 70.66% on a year-to-date basis. The total traded volume so far in the day stood at 98 times its 30-day average. The relative strength index was at 77, indicating that stock may be overbought.
Seven out of the eight analysts tracking the company maintain a 'buy' rating and one recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 15.4%
Rites, Ircon International Jump Over 5% After Government Grants 'Navratna' Status To CPSEs
Shares of Ircon International Ltd., and Rites Ltd. rose over 5% after the Department of Public Enterprise granted 'Navratna' status to the Central Public Sector Enterprises, as per its respective exchange filings.
Further, the continuation of Navratna status is subject to the continued fulfillment of Navratna criteria and conditions, the exchange filling read.
Shares of Ircon International Ltd. rose as much as 5.78% to Rs 143.75 apiece, the highest level since Oct. 4, 2023. It pared gains to trade 4.60% higher at Rs 142.15 apiece, compared to a 0.53% decline in the benchmark NSE Nifty 50 as of 10:18 a.m.
It has risen 138.16% on a year-to-date basis. The total traded volume so far in the day stood at one time its 30-day average. The relative strength index was at 52.3.
Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.7%.
Shares of Rites Ltd. rose as much as 5.21% to Rs 498 apiece, the highest level since Sept. 29, 2023. It pared gains to trade 3.99% higher at Rs 492.25 apiece as of 10:18 a.m. This compares to a 0.53% decline in the NSE Nifty 50.
It has risen 45.7% on a year-to-date basis. Total traded volume so far in the day stood at four times its 30-day average. The relative strength index was at 52.8.
Out of the eight analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold,' and two suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a upside of 1.1%.
GAIL Has 10.3 Lakh Shares Change Hands
About 10.3 lakh shares changed hands in a large trade.
0.02% equity changed hands at Rs 131.60 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
HDFC Bank Has 43.3 Lakh Shares Change Hands
About 43.3 lakh shares changed hands in a large trade.
0.06% equity changed hands at Rs 1540.10 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Motherson Sumi Wiring Has 20.7 Lakh Shares Change Hands
About 20.7 lakh shares changed hands in a large trade.
0.05% equity changed hands at Rs 128.23 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
HCL Technologies Shares Rise Over 3% As Q2 Profit Beats Analyst Estimates
Shares of HCL Technologies Ltd. advanced as its profit beat analyst estimates in the July-September quarter of fiscal 2024.
The company also trimmed its revenue growth guidance for the current fiscal despite blockbuster dealmaking, underscoring the “slower for longer” growth pangs for the Indian IT services industry.
Revenue of India's third largest IT services company rose 1.4% over the previous three months to Rs 26,672 crore in the quarter ended September, according to an exchange filing on Thursday. That compares with the Rs 29,645-crore consensus estimate of analysts tracked by Bloomberg.
HCLTech Q2 FY24 Earnings Highlights (QoQ)
Revenue up 1.4% at Rs 26,672 crore vs Rs 26,296 crore (Bloomberg estimate: Rs 29,645 crore).
EBIT up 10.83% at Rs 4,919 crore vs Rs 4,438 crore (Bloomberg estimate: Rs 4,749 crore).
EBIT margin at 18.44% vs 16.9% (Bloomberg estimate: 17.62%).
Net profit up 8.6% at Rs 3,833 crore vs Rs 3,531 crore (Bloomberg estimate: Rs 3,756 crore).
Interim dividend of Rs 12 per share declared.
In dollar terms, HCLTech’s revenue rose 0.8% sequentially to $3,225 million in the July-September quarter. It was up 1% in constant currency terms. The Noida-based IT company now expects to grow at 5-6% in FY24 as against 6–8% estimated earlier. Operational profitability is seen at 18-19%.
The scrip rose as much as 3.49% to Rs 1,266.50 apiece, the most in a single day since Aug. 11, 2023. It pared gains to trade 2.73% higher at Rs 1,257.15 apiece, compared to a 0.34% decline in the benchmark NSE Nifty 50 as of 9:237 a.m.
It has risen 20.85% on a year-to-date basis. The total traded volume so far in the day stood at 5.9 times its 30-day average. The relative strength index was at 54.6.
22 out of the 43 analysts tracking the company maintain a 'buy' rating, 15 recommend a 'hold' and six suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 2.1%.
Infosys Falls Over 4% On Lower Revenue Growth Guidance For FY24
Shares of Infosys Ltd. fell to over one month low after the I.T. major lowered its revenue growth guidance for fiscal 2024 for a second straight time as the Indian IT services industry braces for a slowdown.
Revenue of India’s second largest IT services firm rose 2.8% over the previous three months to Rs 38,994 crore in the quarter ended September, according to an exchange filing on Thursday. That compares with the Rs 38,503-crore consensus estimate of analysts tracked by Bloomberg.
Infosys Q2 Results: Key Highlights (QoQ)
Revenue up 2.8% at Rs 38,994 crore vs Rs 37,933 crore (Bloomberg estimate: Rs 38,503 crore).
EBIT up 4.8% at Rs 8,274 crore vs Rs 7,891 crore (Bloomberg estimate: Rs 8,088 crore).
EBIT margin at 21.20% vs 20.80% (Bloomberg estimate: 21%).
Net profit up 4.5% at Rs 6,215 crore vs Rs 5,945 crore (Bloomberg estimate: Rs 6,266.50 crore).
Interim dividend of Rs 18 per share declared.
Attrition rate at 14.6% vs 17.3%.
In dollar terms, Infosys’ revenue rose 2.2% sequentially to $4,718 million in the July-September quarter. It was up 2.3% in constant currency terms.
Shares of Infosys Ltd. fell as much as 4.47% to Rs 1,400 apiece, the lowest level since Aug. 22, 2023. It pared losses to trade 2.53% lower at Rs 1,428.45 apiece, compared to a 0.37% decline in the benchmark NSE Nifty 50 as of 9:25 a.m.
It has fallen 5.2% on a year-to-date basis. The total traded volume so far in the day stood at 17 times its 30-day average. The relative strength index was at 40.
21 out of the 45 analysts tracking the company maintain a 'buy' rating, 15 recommend a 'hold' and nine suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.6%.
Nifty I.T., Metal Lead Declines
Broader Markets Open Mixed
The broader market indices open mixed; the S&P BSE MidCap Index was down 0.13%, whereas S&P BSE SmallCap Index was also 0.05% higher.
Sixteen out of the 20 sectors compiled by BSE declined, while four advanced. S&P BSE Bankex fell the most.
The market breadth was skewed in the favour of the buyers. About 1,281 stocks rose, 1,029 declined, while 99 remained unchanged on the BSE.
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Lower: Opening Bell
India's benchmark stock indices opened lower on Friday after snapping two days of advance on Thursday.
"According to the charts Nifty may be taking support at 19,720, followed by 19,675 and 19,600. On the higher side, 19,850 can be an immediate resistance, followed by 19,875 and 19,920." said Deven Mehata, Research Analyst at Choice Broking.
At pre-open, the S&P BSE Sensex was down 350 points, or 0.53%, at 66,058.70, while the NSE Nifty 50 was 140 points or 0.70% lower at 19,654.55.
Shares in Asia declined after the latest U.S. inflation data bolstered bets on Federal Reserve rate hikes.
MSCI’s Asia Pacific Index fell about 0.9%, on course to snap a six-day winning streak, with the region’s benchmark indexes in the red. Hong Kong and mainland Chinese shares extended losses from the open
Benchmark indices fell in Japan, South Korea and Hong Kong, while also slipping in Australia.
Elsewhere, U.S. equity futures contracts were little changed after the S&P 500 fell for the first time in five days, with banks underperforming ahead of earnings from JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. Friday.
Sensex, Nifty Fall In Pre-Market Trade
At pre-open, the S&P BSE Sensex was down 350 points, or 0.53%, at 66,058.70, while the NSE Nifty 50 was 140 points or 0.70% lower at 19,654.55.
Source: Bloomberg
Yield On The 10-Year Flat
The yield on the 10-year bond opened flat at 7.31% on Friday.
Source: Bloomberg
Rupee Opens Flat Against The U.S. Dollar
The local currency opened flat at 83.25 against the U.S dollar on Friday.
Source: Bloomberg
Trade Talk: Infosys ADR Down 6% On Weak Guidance. What Should Investors Do?
Asian Markets Trade Lower
IT & Pharma May Face Short-Term Pressure: Trade Setup
Global Cues
U.S. Dollar Index at 106.5
U.S. 10-year bond yield at 4.67%
Brent crude up 0.52% at $86.45 per barrel
Nymex crude up 0.78% at $83.56 per barrel
GIFT Nifty was up 15 points or 0.08% at 19,690 as of 8:10 a.m.
Bitcoin was up 0.17% at $26,783.01
Trading Tweaks
Move Into Short-Term ASM Framework: Shilchar Technologies, SEPC
Price Band Revised From 10% To 5%: Omaxe
Price Band Revised From 20% To 10%: Prakash Industries
Bulk Deals
360 One Wam: Norges Bank bought 32.76 lakh shares (0.91%) for Rs 511.2 apiece. Morgan Stanley sold 24.42 lakh shares (0.68%) at Rs 511.2 apiece.
Shalimar Paints: Hella Infra Market bought 24.1 lakh shares (3.33%) at Rs 168.06 apiece, Rajasthan Global Securities bought 22.85 lakh shares (3.16%) at Rs 168.72 apiece, and Graviton Research Capital bought 8.22 lakh shares (1.13%) at Rs 175.12.
Pledge Share Details
Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals released pledge of 25 lakh shares on Oct 9 and has created a pledge of 30.69 lakh shares on Oct 10.
Aurobindo Pharma: Promoter RPR Sons Advisors and P Suneela Rani released pledge of 20 lakh shares on Oct 10.
Earnings Post Market Hours
Infosys Q2 FY24 (Consolidated, QoQ)
Revenue is up 2.8% at Rs 38,994 crore vs. Rs 37,933 crore (Bloomberg estimate: Rs 38,503.14 crore).
EBIT is up 4.8% at Rs 8,274 crore vs. Rs 7,891 crore (Bloomberg estimate: Rs 8,087.59 crore).
EBIT margins are at 21.22% vs. 20.80% (Bloomberg estimate: 21%).
Net profit is up 4.5% at Rs 6,215 crore vs. Rs 5,945 crore (Bloomberg estimate: Rs 6,266.5 crore).
Note: FY24 revenue growth guidance was revised lower to 1-2.5% from 1-3.5%.
HCLTech Q2 FY24 (Consolidated, QoQ)
Revenue is up 1.4% at Rs 26,672 crore vs. Rs 26,296 crore (Bloomberg estimate: Rs 29,644.76 crore).
EBIT is up 10.8% at Rs 4919 crore vs. Rs 4438 crore (Bloomberg estimate: Rs 4,748.53 crore).
EBIT margin at 18.4% vs. 16.88% (Bloomberg estimate: 17.62%)
Net profit is up 8.6% at Rs 3,833 crore vs. Rs 3,531 crore (Bloomberg estimate: Rs 3755.47 crore).
Note: FY24 revenue growth guidance was revised lower to 5-6% from 6-8%; FY24 EBIT margin guidance was 18–19%.
Angel One Q2 FY24 (Consolidated, YoY)
Revenue is up 40.6% at Rs 1047.9 crore vs. Rs 745.3 crore (Bloomberg estimate: Rs 668.9 crore).
Net profit is up 42.62% at Rs 304.5 crore vs. Rs 213.5 crore (Bloomberg estimate: Rs 283.2 crore).
Kesoram Industries Q2 FY24 (Consolidated, YoY)
Revenue is up 12.83% at Rs 953.8 crore vs. Rs 845.27 crore.
Ebitda is up 32.54% at Rs 69.08 crore vs. Rs 52.12 crore.
Margins at 7.24% vs. 6.16%
Net loss of Rs 58.37 crore vs. net loss of Rs 59.05 crore
Anand Rathi Wealth Q2 FY24 (Consolidated, YoY)
Revenue is up 34.19% at Rs 182.58 crore vs. Rs 136.06 crore.
Net profit is up 34.29% at Rs 57.68 crore vs. Rs 42.95 crore.
AUM grew 33.8% to Rs 47,957 crore vs. Rs 35,842 crore.
Earnings in Focus
Den Networks, HDFC Life, Tata Steel Long Products, Sai Silks (Kalamandir), Som Distilleries & Breweries
Stocks To Watch: Infosys, HCLTech, Maruti Suzuki, Sun Pharma, Tech Mahindra, Vedanta, Dr. Reddy’s, Lupin In Focus
Infosys: Temasek has extended the Infosys-Temasek digital services JV by five years. Infosys' Q2 FY24 attrition fell to 14.6% vs. 17.3% QoQ. An interim dividend of Rs 18 per equity share was declared, with the record date set for Oct. 25.
HCLTech: The company clocked the highest ever new bookings of $4 billion in Q2. Its attrition fell to 14.2% vs. 23.8% YoY. An interim dividend of Rs 12 per equity share was declared, with the record date set for Oct. 20.
Tech Mahindra: Company to sell a 33% stake in a South African unit for ZAR 23.95 million (approximately Rs 10.5 crore). Divestment is undertaken to comply with South African Broad-Based Black Economic Empowerment guidelines.
Maruti Suzuki: The company will consider a preferential issue of equity to Suzuki Motor Corp. as consideration for acquiring Suzuki Motor Gujarat.
Airline Stocks: Air passenger traffic grew 18.3% to 1.22 crore in September. Indigo's market share increased to 63.4% in September from 63.3% in August; Vistara's share increased to 10% from 9.8%; and AirAsia India's share fell to 6.7% from 7.1%.
IRB Infrastructure Trust: The company has executed definitive agreements with affiliates of Singaporean sovereign wealth fund GIC as financial investors and SPV Samakhiyali Tollway to implement the Rs 2,092 crore Samakhiyali Santalpur BOT project in Gujarat. The Trust will acquire a 99.96% stake in STPL for a total consideration of Rs 116.2 crore.
GMR Airports Infrastructure: September passenger traffic was up 23% YoY at 94.16 lakh and aircraft movements were up 14% YoY at 62,230.
Dr. Reddy’s Laboratories: The company has been issued Form 483 with nine observations from the U.S. FDA for Bachupally Manufacturing Plant, Hyderabad. The inspection was conducted from Oct. 4 to Oct. 12.
Sun Pharmaceuticals: Sun Pharma's CEQUA 0.09% phase 4 study data shows sustained improvement in dry eye disease signs and symptoms in patients who switched from Restasis 0.05%.
Lupin: The company has received tentative approval from the US FDA to market a generic equivalent of Xywav Oral Solution, of Ireland's Jazz Pharmaceuticals. The product will be manufactured at Lupin’s Somerset facility in the U.S.
Panacea Biotec: The company has been issued Form 483 with nine observations from the U.S. FDA for the Baddi facility in Himachal Pradesh. The inspection was conducted from Oct. 3 to Oct. 12.
Glenmark Pharma: The company’s subsidiary Ichnos Sciences Inc has entered into an exclusive worldwide licensing agreement for its OX40 antagonist monoclonal antibody portfolio with Astria Therapeutics, a biopharmaceutical company.
Zaggle Prepaid Ocean Services: The company has entered into a $20 million growth agreement with Visa Worldwide for 5 years to further their alliance in support of the issuance of Forex CoBrand Cards.
BGR Energy Systems: The company wins an order worth Rs 112.75 crore from Mangalore Refinery and Petrochemicals for the supply of air-cooled heat exchanges to be delivered by Oct. 9, 2024.
One 97 Communication: RBI imposes a monetary penalty of Rs 5.39 crore on Paytm Payments Bank for non-compliance on multiple fronts
SJVN: Unit SJVN Green Energy received an LoA from Rajasthan Urja Vikas Nigam for the development of a 100 MW solar power project worth Rs 600 crore to be executed over 18 months. The project will be developed on a build-own-operate basis.
IRCON: The company has been granted 'Navratna' status by the Department of Public Enterprise.
RITES: The government granted 'Navratna' status to RITES.
Vedanta: Odisha's customs commissioner officer imposes a customs duty of Rs 1.56 crore and a penalty and fine of Rs 2.9 crore on Vedanta's Aluminum business (and BALCO) for the sale of goods without obtaining necessary approvals. The company also incorporates a wholly-owned subsidiary named Vedanta Iron and Steel as part of its demerger plan.
Kesoram Industries: Sales volume grew 16.9% to 3.73 million tonnes in the first half of FY24.
Steel Strips Wheels: The acquisition of AMW Autocomponent under CIRP has been approved verbally by NCLT, Ahmedabad.
Angel One: Total orders rise 36.1% QoQ to 338 million in Q2. The company added 2.1 million clients in Q2, the highest in a quarter. The Board has recommended an interim dividend of Rs 12.7 per share.
IDBI Bank: The bank has hiked the 2-year to 3-year MCLR by 10 bps and the overnight to one-year MCLR by 15 bps.
Bank of Maharashtra: One-year MCLR has been revised upwards to 8.7% from 8.6%.
Aditya Birla Fashion & Retail: The company invests an additional Rs 75 crore in subsidiary Aditya Birla Digital Fashion Ventures via partly paid equity and preference shares.
REC: Khavda IVA Power Transmission, Rajasthan IV A Power Transmission, and Rajasthan IV C Power Transmission have been incorporated as wholly owned subsidiaries of REC Power Development & Consultancy, each with an authorised share capital of Rs 5 lakh.
GIFT Nifty Signals Higher Open For Benchmarks
Shares in Asia declined after the latest U.S. inflation data bolstered bets on Federal Reserve rate hikes. Benchmark indexes fell in Japan, South Korea and Hong Kong, while also slipping in Australia.
U.S. equity futures contracts were little changed after the S&P 500 fell for the first time in five days, with banks underperforming ahead of earnings from JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. on Friday.
The yield on the 10-year U.S. bond was trading at 4.69%, and Bitcoin was below the $27,000 level. Brent crude was trading beyond $86 a barrel, whereas WTI crude was above $83 mark.
At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 15 points or 0.08% at 19,690.
India's benchmark stock indices closed lower, snapping two days of gains after swinging between gains and losses for most of Thursday. Media, metals and energy led the advance, whereas the information technology sector was under pressure.
Overseas investors remained net sellers of Indian equities on Thursday for the 17th consecutive session. Foreign portfolio investors offloaded stocks worth Rs 1,862.6 crore, while domestic institutional investors mopped up equities worth Rs 1,532.1 crore, according to provisional data from the National Stock Exchange.
The Indian rupee weakened 6 paise to close at Rs 83.25 against the U.S. dollar on Thursday.
