KEY HIGHLIGHTS
Foreign Investors Net Buyers
Overseas investors remained net buyers for the tenth day in a row on Thursday.
As per data from the National Stock Exchange, foreign portfolio investors net bought equities worth Rs 36.06 crore.
Similarly, Domestic institutional investors remained net sellers and sold equities worth Rs 967.13 crore.
Institutions have net bought Rs 800.41 crore worth of equities so far in November and net sold Rs 29,425.81 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Declines
Yield on the 10-year bond fell 4bps to close at 7.35%. It opened at 7.37%.
Source: Bloomberg
Indian Rupee Falls Against U.S. Dollar For First Time In Three Days
The Indian rupee depreciated against the U.S. dollar on Thursday, snapping a three-day strengthening streak.
The local currency opened at 81.64, and fell as much as 0.60% to 81.92 intraday during the day. It closed 0.46% lower at 81.80.
The rupee had hit a record low of 83.29 on Oct. 20.
Source: Bloomberg
Closing Bell
Indian stock benchmarks ended lower on Thursday dragged by auto, consumer durables and consumer discretionary stocks.
The Sensex fell 0.7% to 60,613.70, while the Nifty 50 closed 0.66% lower at 18,036.45.
Today 11 of Nifty 50 stocks rose while 39 fell. Hero MotoCorp, HDFC Bank, Kotak Mahindra Bank, ONGC and Bharti Airtel were the top gainers on Nifty 50.
Tata Motors, Axis Bank, Mahindra & Mahindra, Bajaj Finserv and Titan Company were the top losers.
The broader indices underperformed their larger peers with MidCap and SmallCap falling over 1.02% and 1.05% respectively.
All of 19 the sectoral measures complied of BSE declined with BSE Auto losing over 2%.
The market breadth is skewed in the favour of bears. About 1,263 stocks rose, 2,201 fell and 128 remained unchanged.
Samvardhana Motherson Gains On Q2 Earnings
Samvardhana Motherson gained 5.05% intraday after the company posted better than expects Q2 revenue.
Samvardhana Motherson (Consolidated, YoY)
Revenue at Rs 18,260.7 crore vs Rs 14,076.4 crore (Bloomberg estimate: Rs 17,088 crore)
Ebitda at Rs 1,403.9 crore vs Rs 943.75 crore.
Profit at Rs 246.4 crore vs Rs 216.8 crore (Bloomberg estimate: Rs 300 crore)
Source: Bloomberg, Exchange filing
Oil India Shares Volatile After Q2 Earnings
Shares of Oil India rose as much as 1.3% before paring gains and trading nearly flat after its Q2 earnings.
The stock is now trading 0.18% lower. Of the 20 analysts tracking the company, 15 maintain a 'buy', three suggest a 'hold' and two recommend a 'sell'. The return potential is 30.6%.
Oil India Q2FY23 ( Consolidated, YoY)
Revenue from operations Rs 10123.7 crore Vs Rs 7254.12 crore
EBITDA Rs 838.2 crore Vs Rs 1106
EBITDA Margin 8.27% vs 15.2%
Net Profit Rs 2115.8 crore Vs Rs 1454.3 crore
Source: Bloomberg, Exchange filing.
Aurobindo Tanks To Its Lowest Since 2020
Shares of Aurobindo Pharma slumped after the company's whole time director was arrested by the Enforcement Directorate.
The stock tanked about 14.26%- the most in at least a year, to Rs 464.2- its lowest since 2020. Total traded quantity is 4.9 times the 30-day average.
Aurobindo Pharma said that the arrest of Whole Time Director P Sarath Chandra Reddy is “not in any way connected” with the operations of the company or its subsidiaries.
Earlier today, Aurobindo Pharma said Reddy has been arrested by the Enforcement Directorate and it is in the process of ascertaining details and will do further disclosures as appropriate.
Of the 32 analysts tracking the company, 26 maintain a 'buy', four suggest a 'hold' and two recommend a 'sell'. The return potential is 34.1%.
Source: Bloomberg, Exchange filing
Century Plyboards Gains
Century Plyboards shares gained after the company agreed to sell its unit in Myanmar.
The stock gained as much as 3.67%. Total traded volume is 2.3 times the 30-day average.
Century Plyboards India to divest Centuryply Myanmar due to “disruption in operations resulting out of adverse political developments” in the country.
Unit’s net worth was Rs 45.08 crore, company says unit will be sold off for Rs 10 crore to any prospective buyer. Sale is expected to be completed within the next three months.
Of the 20 analysts tracking the company, 18 maintain a 'buy', one suggests a 'hold' and one recommends a 'sell'. The return potential is 22.9%.
Source: Bloomberg, Exchange filing
Natco Pharma Drops After Q2 Profit Miss
Shares of Natco Pharma declined 2.16%, after company reported a 13% fall in second quarter net profit, lagging consensus view.
Total traded quantity 2.6 times the 30-day average.
Of the 16 analysts tracking the company, seven maintain a 'buy', seven suggest a 'hold' and two recommend a 'sell'. The return potential is 27.5%.
Natco Pharma- Q2 FY2023 (Consolidated, YoY)
Revenue up 15% at Rs 432 crore Vs Rs 377 crore (BBG estimate : Rs 658 crore)
Net profit down 13% to Rs 57 crore Vs Rs 65 crore (BBG estimate : Rs 163 crore Profit)
Ebitda up 35% to Rs 95 crore from Rs 71 crore (BBG estimate : Rs 216 crore Profit)
Margins at 22.1% Vs 18.7% (BBG estimate : 32.8%)
Source: Bloomberg, Exchange Filings
European Markets Open Lower
European markets opened gap down ahead of a key U.S. CPI report due today.
Gujarat Gas Rises Post Q2 Beat
Shares of Gujarat Gas gained 2.3% after it reported better-than-expected second quarter earnings
Of the 32 analysts tracking the company, 20 maintain a 'buy', four suggest a 'hold' and eight recommend a 'sell'. The return potential is 3.6%.
Gujarat Gas (Consolidated, YoY)
Revenue at Rs 4,107.83 crore vs Rs 3,698.67 crore (Bloomberg estimate: Rs 3,931 crore)
Ebitda at Rs 642.74 crore vs Rs 418.99 crore
Net profit at Rs 404.41 crore vs Rs 245.48 crore (Bloomberg estimate: Rs 355 crore)
Source: Exchange filing, Bloomberg
Saudi Agricultural And Livestock Investment Co To Pick Up 9.2% Stake In LT Foods
Daawat rice brand owner LT Foods approved the preferential issuance of 7.89% stake at Rs. 142.23 per share to SALIC.
In addition, SALIC will acquire a 1.33% equity stake through a secondary share purchase from the promoters group.
Post completion of this transaction, SALIC will hold a 9.22% equity stake in LT Foods, worth around Rs 456 crore.
In a related transaction, LT Foods will purchase 29.52% stake in its subsidiary, Daawat Foods Ltd. from SALIC for Rs 175.8 crore and will then hold 100% equity stake in the subsidiary.
Source: Exchange filing
Bharat Electronics Declines
Shares of Bharat Electronics declined after it signed a memorandum of understanding with Goa Shipyard Ltd.
The stock fell as much 3.10%. Total traded quantity is 0.5 times the 30-day average.
Bharat Electronics has inked a MoU with Goa Shipyard to jointly develop products or solutions in the area of autonomous navigation and its associated fields.
The companies will jointly work towards digital control and simulation of ships, networking of vessels and any other identified area for both defence and civilian applications in domestic and international markets.
Of the 30 analysts tracking the company, 26 maintain a 'buy', two suggests a 'hold' and two recommends a 'sell'. The return potential is 12.5%.
Source: Bloomberg, Exchange filing
Rupee Falls After 3-Day Gain Streak
Rupee depreciated 0.5% to 81.86 against the U.S. dollar.
Source: Bloomberg
Prism Johnson To Buy 45% Stake In SPV; Stock Down
Prism Johnson said today it has agreed to acquire up to 45% stake in special purpose vehicle Renew Green (MPR Two) through an investment of upto Rs 25.20 crores, in one or more tranches.
The SPV was incorporated by ReNew Green Energy Solutions Private Ltd., in April 2022, to set up captive wind power project aggregating to 24 MW for supply to the company's cement plant in Madhya Pradesh state.
Shares declined as much as 3.12% intraday and it is now down 1.94%. Total traded quantity is 3.9 times the 30-day average.
Of the seven analysts tracking the company, five maintain a 'buy', one suggests a 'hold' and one recommends a 'sell'. The return potential is 6.8%.
Source: Bloomberg, Exchange filing
Midday Market Update
India's stock benchmarks declined, dragged by auto, consumer discretionary, commodities stocks.
The Sensex declined over 0.85% to 60,515.52. The Nifty 50 fell a similar magnitude to 18,003.40.
Today, 11 of the index stocks rose while 39 declined. Hero Motocorp, Bharti Airtel, Dr Reddy's Laboratories, ONGC and Hindustan Unilever were the top gainers.
While Tata Motors, Mahindra & Mahindra, Axis Bank, Bajaj Finserv and SBI Life Insurance were the top laggards on Nifty 50.
The broader indices underperformed their larger peers with MidCap falling 0.1.21% and Smallcap falling 1.16%, while LargeCap almost mirrored its larger peers and declined 0.90%.
All the 20 sectoral measures compiled by the BSE declined, with BSE Auto losing over 2%.
The market breadth is skewed in the favour of bears. About 1,140 stocks rose, 2,189 fell and 140 remained unchanged.
Aurobindo Pharma Falls After Company Executive's Arrest
Shares of Aurobindo Pharma declined 6.35%- the most since May. 19, after the drugmaker confirmed news report on the company executive' arrest.
Total traded quantity is 4.9 times the 30-day average.
Aurobindo Pharma has said that its Whole Time Director P Sarath Chandra Reddy has been arrested by the Enforcement Directorate. The company said it is in the process of ascertaining details and will do further disclosures as appropriate.
Of the 32 analysts tracking the company, 26 maintain a 'buy', four suggest a 'hold' and two recommend a 'sell'. The return potential is 34.1%.
Source: Bloomberg, Exchange filing
Deepak Nitrite Drops Most in Nearly 10 Months
Shares of Deepak Nitrite fell about 9.8%- the most since Jan. 25, after the fertilizer company second-quarter net income missed analysts’ estimates.
Total traded quantity six times the 30-day average.
Of the 13 analysts tracking the company, eight maintain a 'buy', two suggest a 'hold' and three recommend a 'sell'. The return potential is 10.6%.
Deepak Nitrite Q2 FY23 (Consolidated, YoY)
Revenue up 17% at Rs 1,962 crore.
Ebitda fell 30% to Rs 270.85 crore.
Ebitda margin 14% versus 23%
Net profit fell 31% to Rs 174.5 crore, compared with Bloomberg estimate of Rs 293.4 crore.
Source: Bloomberg, Exchange filings
Pidilite Industries Falls Post Q2 Earnings Miss
Shares of Pidilite Industries declined 1.17%, after company missed analyst estimation on Q2 and reported 11% fall in net profit.
Total traded quantity 2.1 times the 30-day average.
Of the 20 analysts tracking the company, four maintain a 'buy', six suggest a 'hold' and ten recommend a 'sell'. The potential downside is 6%.
Pidilite Industries Q2 FY23 (Consolidated, YoY)
Revenue up 15% at Rs 3,011 crore, compared with Bloomberg estimate of Rs 3,082.3 crore.
Ebitda fell 9% to Rs 499.87 crore, compared with Bloomberg estimate of Rs 555.1 crore.
Ebitda margin 17% versus 21%. Bloomberg estimate: 18%.
Net profit fell 11% to Rs 332.4 crore, compared with Bloomberg estimate of Rs 366.9 crore.
Source: Bloomberg
Borosil Renewables Declines After Q2 Results
Shares of Borosil Renewables declined 3.01%, after the company reported 20% fall in second-quarter net profit.
Total traded quantity three times the 30-day average.
Borosil Renewables Q2 FY23 (Consolidated, QoQ)
Revenue fell 0.5% to Rs 169 crore.
Ebitda fell 13% to Rs 41.9 crore.
Ebitda margin 25% versus 28%.
Net profit fell 20% to Rs 24.2 crore.
Source: Bloomberg, Exchange filings
Aurobindo Pharma Shares Decline
Shares of Aurobindo Pharma declined 2.85% after the Enforcement Directorate reportedly arrested Director Sarath Reddy in relation to a money laundering case.
Reddy was arrested along with Benoy Babu of Pernod Ricard late Wednesday night, NDTV reported.
Total traded quantity is 5.5 times the 30-day average. Of the 32 analysts tracking the company, 26 maintain a 'buy', four suggest a 'hold' and two recommend a 'sell'. The return potential is 33.3%.
Source: Bloomberg
Lupin Surges The Most In 11 Months Post Q2
Shares of Lupin surged after the drugmaker's second quarter earnings beat consensus estimates.
The stock gained as much as 8.61%- the most since Dec. 14, 2021. Total traded quantity is 15.7 times the 30-day average.
Of the 53 analysts tracking the company, 12 maintain a 'buy', 17 suggest a 'hold' and 14 recommend a 'sell'. The potential downside is 8.8%.
Lupin Q2 FY23 (Consolidated, YoY)
Revenue up 1% at Rs 4,146 crore, compared with Bloomberg estimate of Rs 4,118 crore.
Operating profit of Rs 434 crore versus operating loss of Rs 1,316 crore. Bloomberg estimate: Rs 439 crore.
Net profit of Rs 130 crore versus net loss of Rs 2,098 crore. Bloomberg estimate: Rs 128 crore.
Source: Bloomberg
Nykaa Shares Pares Pre-Market Losses, Stock Volatile
Shares of FSN E-Commerce Ventures, the parent firm of Nykaa, slipped 1.3%, paring losses from a pre-market decline of 6%. Total traded quantity 94 times the 30-day average.
Of the 20 analysts tracking the company, 15 maintain a 'buy', three suggest a 'hold' and two recommend a 'sell'. The return potential is 748.4%.
The stock has been volatile as the one year investor lock-in period expires today, while the bonus share issue record date, as announced by the company's board, is on Nov.1.
The shares started off by declining 6.2% only to reverse all losses within minutes and gained 7% to Rs 189.05 apiece.
Source: Bloomberg
Tata Motors Shares Decline
Shares of Tata Motors fell the most, since Sept 26, after the automaker said it will voluntarily delist its American Depository Shares from the New York Stock Exchange and terminate its ADS programme.
Tata Motors also reported its second quarter results.
Total traded volume is 2.8 times the 30-day average. Of the 34 analysts tracking the company, 26 maintain a 'buy', five suggests a 'hold' and three recommend a 'sell'. The return potential is 22.5%
Tata Motors Q2 FY23 (Consolidated, YoY)
Revenue up 30% at Rs 79,611.4 crore, compared with Bloomberg estimate of Rs 73,082 crore.
Ebitda up 35% at Rs 5,572.3 crore, compared with Bloomberg estimate of Rs 6,379 crore.
Ebitda margin at 7% versus 6.7%. Bloomberg estimate of 8.7%.
Net loss narrows 79% at Rs 944.6 crore, compared with Bloomberg estimate of Rs 1,548 crore.
Source: Bloomberg
Opening Bell
India's stock benchmarks opened lower, dragged by auto, metals and consumer discretionary stocks amid risks of inflation data due, and weak Asia trade.
The Sensex declined 0.54%, over 320 points, to open at 60,704.53, while the Nifty 50 index fell 0.58%, 98 points, to 18,051.45.
Today, 12 of the index stocks rose while 38 declined. Cipla, Hindustan Unilever, Bharti Airtel, Divi's Laboratories and Bajaj Auto were the top Nifty 50 gainers.
While Tata Motors, Axis Bank, Tech Mahindra, Eicher Motors and Mahindra & Mahindra were the top losers.
The broader indices outperformed their larger peers with MidCap falling 0.25% and Smallcap falling 0.09%, while LargeCap almost mirrored its larger peers and declined 0.50%.
Seventeen of the 19 sectoral measures compiled by BSE declined, with BSE Auto losing over 1%.
The market breadth is skewed in the favour of bulls. About 1,318 stocks rose, 1,262 fell and 106 remained unchanged.
Nykaa Shares Decline After Large Trade
Nykaa has 12.2 lakh shares changed hands in a bunched trade. Shares decline 5.5% in pre-market open. The one year anchor lock-in period expired today.
Source: Bloomberg
10-Year Bond Yield Largely Flat
Yield on the 10-year bond fell 1 bps to 7.37% in early trade.
Source: Bloomberg
Rupee Depreciates Against U.S Dollar
Indian currency depreciated by 21 paise to 81.64 at the open against the greenback on Thursday. It closed at 81.43 on Wednesday.
Source: Bloomberg
Trade Setup
FTX Warns of Bankruptcy Without Rescue for $8 Billion Shortfall
Sam Bankman-Fried, founder and chief executive officer of cryptocurrency exchange FTX.com told its investors Wednesday that without a cash injection the company would need to file for bankruptcy, according to a person with direct knowledge of the matter.
Bankman-Fried informed investors his crypto exchange faced a shortfall of up to $8 billion and needed $4 billion to remain solvent. FTX is attempting to raise rescue financing in the form of debt, equity, or a combination of the two, the person said.
Source: Bloomberg
Binance Backs Out Of FTX Rescue, Citing Finances, Investigations
Changpeng “CZ” Zhao walked away from his bailout for Sam Bankman-Fried’s FTX.com almost as quickly as he offered a rescue. Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance, the crypto exchange founded by Zhao, said in a statement.
Source: Bloomberg
Read the full story here.
FTX Fiasco Hits Investors From Tiger Global To Tom Brady
The FTX.com fiasco has ensnared some of the biggest names in finance. Tiger Global Management, Third Point and Altimeter Capital Management are among hedge funds that recently participated in funding rounds for Sam Bankman-Fried’s once-high-flying crypto exchange. Brevan Howard Asset Management’s Alan Howard, the family office of Paul Tudor Jones and Millennium Management founder Izzy Englander also chipped in as angel investors, alongside celebrities including Gisele Bundchen and Tom Brady.
Source: Bloomberg
Crypto Chaos Stirs Fresh Wall Street Selling as Inflation Report Looms
Enduring crypto chaos, an election signaling fresh partisan battles, an ugly Treasury auction. It was all too much for Wall Street to bear Wednesday, igniting the biggest cross-asset selloff in a month and raising the stakes ahead of a make-or-break inflation report.
Source: Bloomberg
Read the full story here.
Global Cues
U.S. Dollar Index at 110.54
U.S. 10-year bond yield at 4.09% on Wednesday
Brent crude down 2.84% to $92.65 per barrel
Nymex crude at $85.85 per barrel
SGX Nifty down 0.4% to 18,121 as of 6:17 a.m.
Bitcoin rose 2.43% to $16,112.8
Earnings To Watch
Adani Green Energy
Ashok Leyland
Aster DM Healthcare
Bata India
Berger Paints
Cochin Shipyard
Container Corporation Of India
Deepak Fertilisers
Equitas Holdings
Indoco Remedies
Jindal Steel & Power
Kalyan Jewellers
Muthoot Finance
Natco Pharma
Oil India
Power Finance Corporation
SAIL
Zomato
For the full list of earnings to watch, click here.
Stocks To Watch
Axis Bank: Promoter SUUTI will offload the bank’s 4.65 crore equity shares, or 1.5% of the entire shareholding, at an offer price of Rs 830.63 apiece.
Tata Motors: The company will delist American Depository Shares from the New York Stock Exchange after January 2023.
Hindustan Unilever: The company terminated its marketing, distribution and selling agreement with GlaxoSmithKline Asia and GlaxoSmithKline Consumer.
Adani Ports and Special Economic Zone: The company bought Oiltanking’s 49% stake in Indian Oiltanking and an additional 10% in the latter’s subsidiary, IOT Utkal, for Rs 1,050 crore.
JM Financial: The board will meet on Nov. 14 to consider the proposal for interim dividend.
Balrampur Chini Mills: The company announced a Rs 145.44-crore buyback scheme, wherein it will buy back 40.4 lakh shares, or 1.98% of the entire shareholding, at Rs 360 apiece.
Life Insurance Corporation of India: The insurer increased its shareholding in Divi's Laboratories to 5.03% from 4.99%.
Tata Power: The company’s subsidiary, Tata Power Renewable, received a letter of award from Maharashtra State Electricity Distribution Corporation Ltd. to set up a 150 MW solar project in Solapur.
Venus Pipes & Tubes: The board declared a dividend of Rs 0.50 per share of face Rs 10.
Earnings Post Market Hours
Tata Motors Q2 FY23 (Consolidated, YoY)
Revenue up 30% at Rs 79,611.4 crore, compared with Bloomberg estimate of Rs 73,082 crore.
Ebitda up 35% at Rs 5,572.3 crore, compared with Bloomberg estimate of Rs 6,379 crore.
Ebitda margin at 7% versus 6.7%. Bloomberg estimate of 8.7%.
Net loss narrows 79% at Rs 944.6 crore, compared with Bloomberg estimate of Rs 1,548 crore.
Lupin Q2 FY23 (Consolidated, YoY)
Revenue up 1% at Rs 4,146 crore, compared with Bloomberg estimate of Rs 4,118 crore.
Operating profit of Rs 434 crore versus operating loss of Rs 1,316 crore. Bloomberg estimate: Rs 439 crore.
Net profit of Rs 130 crore versus net loss of Rs 2,098 crore. Bloomberg estimate: Rs 128 crore.
Narayana Hrudalaya Q2 FY23 (Consolidated, YoY)
Revenue up 21% at Rs 1,142 crore, compared with Bloomberg estimate of Bloomberg estimate of Rs 1,075 crore.
Ebitda up 44% to Rs 244 crore, compared with Bloomberg estimate of Rs 214 crore.
Margins at 21.3% versus 18%. Bloomberg estimate: 19.9%.
Net profit surges 70% to Rs 169 crore, compared with Bloomberg estimate of Rs 117 crore.
Pidilite Industries Q2 FY23 (Consolidated, YoY)
Revenue up 15% at Rs 3,011 crore, compared with Bloomberg estimate of Rs 3,082.3 crore.
Ebitda fell 9% to Rs 499.87 crore, compared with Bloomberg estimate of Rs 555.1 crore.
Ebitda margin 17% versus 21%. Bloomberg estimate: 18%.
Net profit fell 11% to Rs 332.4 crore, compared with Bloomberg estimate of Rs 366.9 crore.
Petronet LNG Q2 FY23 (Consolidated, QoQ)
Revenue up 12% at Rs 15,986 crore.
Ebitda up 10% at Rs 1,172.9 crore
Ebitda margin 7% versus 7.5%
Net profit up 6% at Rs 744.3 crore.
Declared special dividend of Rs 7 per share of face of Rs 10 each.
Borosil Renewables Q2 FY23 (Consolidated, QoQ)
Revenue fell 0.5% to Rs 169 crore.
Ebitda fell 13% to Rs 41.9 crore.
Ebitda margin 25% versus 28%.
Net profit fell 20% to Rs 24.2 crore.
Piramal Enterprises Q2 FY23 (Consolidated, YoY)
Revenue up 20% at Rs 1,894 crore.
Ebitda loss at Rs 1,889.2 crore Ebitda versus profit at Rs 1443.5 crore
Net loss at Rs 1,536.4 crore versus net profit 426.5 crore
Deepak Nitrite Q2 FY23 (Consolidated, YoY)
Revenue up 17% at Rs 1,962 crore.
Ebitda fell 30% to Rs 270.85 crore.
Ebitda margin 14% versus 23%
Net profit fell 31% to Rs 174.5 crore, compared with Bloomberg estimate of Rs 293.4 crore.
Gujarat Alkalies & Chemicals Q2 FY23 (Consolidated, YoY)
Revenue up 37% at Rs 1,127 crore.
Ebitda up 59% at Rs 225.9 crore.
Ebitda margin 20% versus 17%
Net profit fell 18% to Rs 60.5 crore.
Star Health and Allied Insurance Company Q2 FY23 (Consolidated, YoY)
Revenue up 12% at Rs 2,918 crore, compared with Bloomberg estimate of Rs 2,908 crore.
Operating profit of Rs 110 crore versus operating loss of Rs 335 crore
Net profit of Rs 93 crore versus net loss of Rs 171 crore. Bloomberg estimate: Rs 103 crore.
Balrampur Chini Mills Q2 FY23 (Consolidated, YoY)
Revenue fell 8% to Rs 1,113 crore, compared with Bloomberg estimate of Rs 1,065.4 crore.
Operating loss at 15.9 crore versus operating loss of Rs 134.8 crore
Net loss at Rs 28.9 crore versus net profit of Rs 83.1 crore. Bloomberg estimate: Rs 33.1 crore in profit.
Prestige Estates Projects Q2 FY23 (Consolidated, YoY)
Revenue up 10% at Rs 1,475 crore.
Ebitda up 1% at Rs 415.60 crore.
Ebitda margin 28% versus 31%
Net profit up 80% at Rs 140.7 crore.
Quess Corp Q2FY23 (Consolidated QoQ)
Revenue up 7% at Rs 4,273.3 crore, compared with Bloomberg estimate of Rs 4,115.8 crore.
EBIT down 27% at Rs 67.3 crore, compared with Bloomberg estimate of Rs 112.8 crore.
EBIT margin at 1.6% versus 2.3%. Bloomberg estimate: 2.7%.
Net profit down 11% at Rs 332.44 crore, compared with Bloomberg estimate of Rs 366.9 crore.
Board approved dividend of Rs 8 per share of face Rs 10
Sensex, Nifty Set To Open Lower
Asian stocks weakened after U.S. shares fell and fear swept through cryptocurrencies, denting risk appetite ahead of crucial inflation data due later Thursday.
Crude fell 2.4% on higher stockpiles and weak demand outlook from China, while gold remained mostly unchanged. Bitcoin tumbled by the biggest margin since March 2020 on Wednesday to dip below $16,000 after Binance scrapped plans to acquire embattled exchange FTX.com, which may face bankruptcy.
Domestic benchmarks closed lower on Wednesday as the decline in realty, consumer durables, and metal stocks weighed down the indices.
Rupee registered its third straight 50-paise rally against the U.S. dollar as the greenback slipped in the face of rising risk appetite in global markets and decline Treasury yields.
At 8:24 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.53% to 18,097.
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