Stocks To Watch: Bharti Airtel, Tata Steel, L&T, Sun Pharma, Tech Mahindra, Adani Ports, Zomato, LIC Housing

U.S. stocks declined as traders wait for the U.S. Federal Reserve’s meeting on Wednesday. Meanwhile, bond yields surged, with 10-year Treasuries rising 8 basis points to 4.09%.

The S&P 500 fell 0.8%, while the tech-heavy Nasdaq 100 fell 1.3%. Oil fell 1.8%; as gold also tumbled 0.5%. Bitcoin fell 1.5% to trade around $20,400-level.

Domestic benchmarks gauges rose for the second week in a row, aided by gains in PSU banks, auto, energy and realty stocks, and as several companies released their results.

Rupee closed near the day’s low against the U.S. dollar after depreciating 32 paise in the final hour.

Earnings Post Market Hours

Bharti Airtel Q2 FY23 (Consolidated QoQ)

• Revenue increased 5% to Rs 34,526.8 crore vs Rs 32,804.6 crore (Bloomberg estimate of Rs 34,000.51 crore)

• Net profit increased 33% to 2,145.2 crore vs Rs 1,606.9 crore (Bloomberg estimate: Rs 2,327.35 crore)

• EBITDA increased 7% to Rs 17,721.2 crore vs Rs 16,604.4 crore (Bloomberg estimate:Rs 17,228.62 crore)

• EBITDA margin increased to 51.3% from 50.6%. (Bloomberg estimate: 50.7%)

Tata Steel Q2 FY23 (Consolidated YoY)

• Revenue declined 1% to Rs 59,877.52 crore vs Rs 60,387.13 crore (Bloomberg estimate: Rs 56,321.54 crore)

• Net profit declined 87% to Rs 1,514.42 crore vs Rs 11,918.11 crore (Bloomberg estimate: Rs 3,154.74 crore)

• EBITDA declined 62% to Rs 6,271 crore vs Rs 16,618 crore (Bloomberg estimate: Rs 7,485.87 crore)

• EBITDA margin increased to 10.5% from 27.5%. (Bloomberg estimate: 13.3%)

Larsen & Toubro Q2 FY23 (Consolidated YoY)

• Revenue increased 23% to Rs 42,762.61 crore vs Rs 34,772.90 crore (Bloomberg estimate: Rs 39,149.31 crore)

• Net profit increased 26% to Rs 2,819.20 crore vs Rs 2,231.33 crore (Bloomberg estimate: Rs 2,334.44 crore)

• Operating profit increased 23% to Rs 4899.4 crore vs Rs 3,994.87 crore (Bloomberg estimate: Rs 4,378 crore)

• Operating margin increased to 13.7% from 11.5%. (Bloomberg estimate: 11.2%)

Castrol India Q3 FY22 (YoY)

• Revenue increased 4% to Rs 1,121.07 crore vs Rs 1,073.16 crore

• Net profit increased 1% to Rs 187.17 croe vs Rs 185.96 crore

• EBITDA declined 2% to Rs 257.14 crore vs Rs 262.32 crore

• EBITDA margin at 22.9% vs 24.4%

TCI Express Q2 FY23 (QoQ)

• Revenue increased 7% to Rs 309.90 crore vs Rs 290.44 crore

• Net profit increased 22% to Rs 37.79 crore vs Rs 31.01 crore

• EBITDA increased 20% to Rs 51.48 crore vs Rs 42.79 crore

• EBITDA margin at 16.6% vs 14.7%

• Declared interim dividend of Rs 3 per equity share of face value of Rs 2

Equitas Small Finance Bank

• Net profit increased 183% t0 Rs 116.42 crore vs Rs 41.19 crore (YoY)

• Net interest income increased 26% to Rs 610 crore vs Rs 484 crore (YoY)

• GNPA at 3.82% vs 3.95% (QoQ)

• NNPA at 1.93% vs 2.07% (QoQ)

LT Foods Q2 FY23 (Consolidated YoY)

• Revenue increased 31% to Rs 1,724.84 crore vs Rs 1,319.79 crore

• Net profit increased 17% to Rs 89.5 crore vs Rs 76.63 crore

• EBITDA increased 11% to Rs 171.64 crore vs Rs 154.07 crore

• EBITDA margin at 10% vs 11.7%

• Declared interim dividend of Rs 0.50 per share on equity shares of Re. 1 each

GHCL Q2 FY23 (Consolidated YoY)

• Revenue increased 71% to Rs 1,381.09 crore vs Rs 805.72 crore

• Net profit increased 222% to Rs 300.46 crore vs Rs 93.20 crore

• EBITDA increased 153% to Rs 433.83 crore vs Rs 171.57 crore

• EBITDA margin at 31.4% vs 21.3%

Timken India Q2 FY23 (YoY)

• Revenue increased 25% to Rs 695.4 crore vs Rs 557.9 crore

• Net profit increased 23% to Rs 97.6 crore vs Rs 79.2 crore

• EBITDA increased 7% to Rs 132.1 crore vs Rs 123.8 crore

• EBITDA margin at 19% vs 22.2%

Stocks To Watch

• LIC Housing Finance: The Reserve Bank of India imposed a fine of Rs 35 lakh against the company over regulatory non-compliance.

• Axis Bank: Bain Capital is planning to sell 1.24% of total shares outstanding at the company at a discount of up to 2% to the closing price on Oct. 31, according to Bloomberg News. Direct sellers of the shares are- BC Asia Investments VII Ltd., BC Asia Investments III Ltd. and Investments South Asia IV. There is 30-day lock-up period on the sellers.

• GHCL: The board of the company approved acquisition of a specified business undertaking in the Junagarh district of Gujarat, as a going concern on a slump sale basis from Ajmera Cements for a lump sum consideration of Rs 27 crore. The board also approved liquidation of U.S.-based subsidiary Grace Home Fashions LLC, and additional capex for roof top solar power project of 5 MW in yarn division of the company.

• Trident: The company approved the put option exercised by Standard Chartered Bank against its NCDs, amounting to a payout of Rs 93.75 crore.

• HFCL: The company received an approval from SIDBI, Project Management Agency and competent authority under the PLI Scheme to avail incentives worth Rs 652.79 crore on production and sales of telecom and networking products over a period of five years from 2022-23 to 2026-27.

• Bharat Electronics: The company signed an agreement with Hyderabad-based Meslova Systems for cooperation in areas of artificial intelligence and machine learning for air defence systems for the armed forces. Also Dinesh Kumar Batra has retired as he Chairman and Managing Director of the company.

• Cyient: The board of the company and its wholly owned subsidiary, Cyient DLM, have accorded approval for part-divestment of the latter, including but not Iimited to IPO.

• Shriram Properties: The company signed an MoU with ASK Property Fund to set up a Rs 500-crore investment platform to acquire housing projects in Bengaluru, Chennai, and Hyderabad.

• Zomato: The company will liquidate its Doha-based joint venture Zomato Media WLL with effect from Oct. 25. 2022.

• Vakrangee: The RBI has imposed a penalty of Rs 1.76 crore on the company for non-compliance with certain provisions of the White Label ATM directions.

• Glenmark Pharmaceuticals: The company launched Fingolimod capsules in 0.5 mg capacity in the U.S.

• SBI/Bank of Baroda/Union Bank of India/HDFC Bank/ICICI Bank/Kotak Mahindra Bank/Yes Bank/IDFC First Bank: These banks will participate in the CBDC pilot floated by the Reserve Bank of India.

Offerings

• DCX Systems: The initial public offering was subscribed 2.11 on its opening day, with the retail basket subscribed 8.71 times. Non-institutional investors portion was subscribed 2.16 times, while the institutional investors picked 3% of the portion reserved for them.

Earnings

Adani Ports And Special Economic Zone, Chambal Fertilisers & Chemicals, Cholamandalam Investment and Finance Company, CMS Info Systems, Dhanuka Agritech, Elantas Beck India, JK Tyre & Industries, Kansai Nerolac Paints, Karnataka Bank, LIC Housing Finance, Macrotech Developers, Max Healthcare Institute, FSN E-Commerce Ventures, Punjab National Bank, Prudent Corporate Advisory Services, Sun Pharmaceutical Industries, Tata Investment Corporation, Tech Mahindra, UPL, Varun Beverages, Voltas, Whirlpool Of India

Who’s Meeting Whom

• Indigo Paints: To meet investors and analysts on Nov. 7.

• Tatva Chintan Pharma Chem: To meet investors and analysts on Nov. 4.

• Gujarat Industries Power Company: To meet investors and analysts on Nov. 3.

• Vodafone Idea: To meet investors and analysts on Nov. 4.

• PI Industries: To meet investors and analysts on Nov. 9.

• Hester Biosciences: To meet investors and analysts on Nov. 4.

• Rainbow Children's Medicare: To meet investors and analysts on Nov. 4.

• Nelcast: To meet investors and analysts on Nov. 3.

• S.P. Apparels: To meet investors and analysts on Nov. 3.

• Ion Exchange (India): To meet investors and analysts on Nov. 11.

• LT Foods: To meet investors and analysts on Nov. 1.

• Chambal Fertilisers & Chemicals: To meet investors and analysts on Nov. 2.

• MSTC: To meet investors and analysts on Nov. 10.

• MAS Financial Services: To meet investors and analysts on Nov. 3.

Trading Tweaks

• Price Band Revised From 20% To 10%: Rajratan Global Wire

• Price Band Revised From 5% To 10%: Rachana Infrastructure

• Ex-Date Interim Dividend: Hindustan Unilever, Nippon Life India Asset Management, Route Mobile, Steelcast, Birlasoft, NACL Industries, Ramkrishna Forgings, Shree Digvijay Cement Company

• Record-Date Interim Dividend: Sasken Technologies, Gujarat Fluorochemicals, ICICI Securities, DCM Shriram, Colgate Palmolive, Symphony, Sonata Software, Asian Paints, Nestle India

• Record-Date Face Value Split: TD Power Systems

• Record-Date Dividend: Embassy Office Parks REIT

Pledge Share Details

• Apcotex Industries: Promoter Group Aquamarine Trading and Investments bought 550 shares on Oct. 31