Stocks To Watch: HPCL, ICICI Bank, Kotak Mahindra, IDFC, L&T Technology, Bajaj Electricals, Grasim, Exide
Here are the stocks to watch before going into trade today.
Asian markets opened mixed after U.S. equities struggled following data reinforcing the case for the Federal Reserve to keep interest rates higher for longer. Oil climbed as the Israel-Hamas conflict intensified.
Australian stocks were marginally higher, while South Korean and Japanese market was trading marginally lower after open. Future contracts for Hong Kong were little changed.
U.S. futures were stable after the S&P 500 erased gains on Tuesday, with Nvidia Corp. leading a slump in technology stocks as the U.S. restricts the sale of chips the company designed for the Chinese market.
Meanwhile, the yield on the 10-year U.S. bond was trading at 4.83% and Bitcoin was above 28,000-level. Brent crude was trading above $91 a barrel, whereas WTI Crude was above $88-mark.
At 5:55 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 10 points or 0.05% at 19,816.
The gains in index heavyweights Reliance Industries Ltd. and HDFC Bank Ltd. helped India's benchmark stock indices snap a three-day losing streak to close higher on Tuesday.
The Nifty closed above 19,800, while the Sensex ended over 66,400. Banks and non-banking financial institutions advanced while the real estate sector was under pressure.
Overseas investors became net buyers of Indian equities. Foreign portfolio investors mopped up stocks worth Rs 263.7 crore, while domestic institutional investors also remained net buyers and bought equities worth Rs 112.6 crore, according to provisional data from the NSE.
The Indian rupee strengthened 2 paise to close at 83.26 against the U.S. dollar on Tuesday.
Stocks To Watch
HPCL: The company updated on collaboration with Petromin Corp., Saudi Arabia, who will be setting up 1000 Petromin Express Stations (Quick Service Vehicle Care) at HPCL Retail outlets across India in 5 years.
ICICI Bank, Kotak Mahindra Bank: The RBI imposed a penalty of Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms.
Spandana Sphoorty Financial: Management is set to meet on Oct. 20 to consider and approve the issue and offer of non-convertible debentures on private placement basis.
IDFC, IDFC First Bank: The Competition Commission of India approved the merger of IDFC with IDFC First Bank.
Tejas Networks: The company partnered with FIbreConnect to deploy end-to-end optical network in Italy. It is the sole supplier of optical networking and broadband access products for FIbreConnect.
Grasim Industries: The cement maker restarted operations of Carbon Disulphide refining on Tuesday after obtaining approval from Department of Industrial Safety and Health, Kalyan. Company also obtained other permissions and deposited Bank Guarantee of Rs 2 lakh with Kalyan (MPCB)., which shall be forfeited for re-starting the operations.
CIE Automotive: The company's board appointed Shriprakash Shukla, a Non-Executive Director, as the Chairperson of the Board of Directors with immediate effect.
Mazagon Dock Shipbuilders: The company signed a contract with the Ministry of Defence for construction and delivery of one training ship for Indian Coast Guard at a cost of Rs 310 crore.
Exide Industries: The company will invest Rs 100 crore in unit Exide Energy Solutions.
ITI: ITI's Bangalore EMC lab gets NABL accreditation for electrical testing.
L&T Technology Services: The company's board declared an interim dividend of Rs 17 per equity share.
HUDCO: Government to sell up to 7% stake in HUDCO via offer for sale. The OFS includes optional 3.5% additional stake sale. Floor price of OFS set at Rs 79 per share, at a discount of 12.17% to the previous close.
Lemon Tree Hotels: The company signed agreement for 45 rooms hotel in Vadodara, Gujrat.
Bajaj Electricals: The company received Rs 347.29 crore service contract from Power Grid Corp.
Mahanagar Gas: The company formed 51:49 JV with Baidyanath LNG Private for LNG business.
IPO Offerings
IRM Energy: The IPO will open for bids on Wednesday. The natural gas energy distribution company plans to raise Rs 545.40 crore through fresh issuance of 1.08 crore shares and no offer for sale. The price band is fixed at Rs 480-505 apiece. The company has mopped up Rs 160 crore from anchor investors.
Earnings Post Market Hours
Bajaj Finance Q2 FY24 (Standalone, YoY)
Net profit up 25.62% at Rs 3,105.75 crore vs. Rs 2,472.24 crore.
Total income up 32.57% to Rs 11,409.98 crore vs. Rs 8,606.24 crore.
Net interest income rose 26% year-on-year to Rs 8,059 crore.
Assets under management grew by 35% year-on-year in Q2 FY24 and stood at Rs 2.15 lakh crore.
The consolidated AUM also rose by 33% in the quarter ended September, and stood at Rs 2.90 lakh crore year-on-year.
Standalone gross NPA worsening by 5 basis points to 1.14%, quarter-on-quarter.
On a consolidated basis too, gross NPA was higher by 4 basis points sequentially at 0.91%.
VST Industries Q2 FY24 (Consolidated, YoY)
Revenue up 2.86% at Rs 452.25 crore vs. Rs 439.66 crore.
Ebitda down 15.13% at Rs 78.91 crore vs. Rs 92.97 crore.
Margin at 17.44% vs. 21.14%
Net profit down 17.58% at Rs 75.95 crore vs. Rs 92.16 crore.
TCI Express Q2 FY24 (Standalone, YoY)
Revenue up 3.25% at Rs 319.98 crore vs. Rs 309.9 crore.
Ebitda down 2.01% at Rs 50.45 crore vs. Rs 51.48 crore.
Margin at 15.76% vs. 16.61%
Net profit down 5.84% to Rs 35.58 crore vs. Rs 37.79 crore.
Tata Elxsi Q2 FY24 (Consolidated, QoQ)
Revenue up 3.69% to Rs 881.69 crore vs. Rs 850.27 crore (Bloomberg estimate: Rs 875.74 crore).
EBIT up 3.68% at Rs 238.53 crore vs. Rs 230.05 crore (Bloomberg estimate: Rs 232.2 crore).
Margin at 27.05% vs. 27.05% (Bloomberg estimate: 26.51%)
Net profit up 5.9% at Rs 200.01 crore vs. Rs 188.85 crore (Bloomberg estimate: Rs 191.94 crore).
L&T Technology Services Q2 FY24 (Consolidated, QoQ)
Revenue up 3.69% at Rs 2,386.5 crore vs. Rs 2,301.4 crore (Bloomberg estimate: Rs 2,387.66 crore).
EBIT up 3.06% to Rs 407.5 crore vs. Rs 395.4 crore (Bloomberg estimate: Rs 398.25 crore).
Margin at 17.07% vs. 17.18% (Bloomberg estimate: 16.68%)
Net profit up 1.21% at Rs 315.9 crore vs. Rs 312.1 crore (Bloomberg estimate: Rs 312.05 crore).
The company now pegs its FY24 guidance at 17.5%-18.5% in constant currency terms, as against more than 20% estimated earlier.
Zensar Technologies Q2 FY24 (Consolidated, QoQ)
Revenue up 1.1% at Rs 1,240.8 crore vs. Rs 1,227.2 crore (Bloomberg estimate: Rs 1,249.97 crore).
EBIT up 3.46% at Rs 194.3 crore vs. Rs 187.8 crore (Bloomberg estimate: Rs 156.16 crore).
Margin at 15.65% vs. 15.3% (Bloomberg estimate: 12.49%)
Net profit up 11.33% at Rs 173.9 crore vs. Rs 156.2 crore (Bloomberg estimate: Rs 130.53 crore).
Hathway Cables And Datacom Q2 FY24 (Consolidated, YoY)
Revenue up 2.23% at Rs 483.79 crore vs. Rs 473.22 crore.
Ebitda down 2.35% at Rs 82.63 crore vs. Rs 84.61 crore.
Margin at 17.07% vs. 17.87%
Net profit down 33.76% to Rs 20.03 crore vs. Rs 30.24 crore.
CIE Automotive India Q2 FY24 (Consolidated, YoY)
Revenue up 2.24% at Rs 2,279.41 crore vs. Rs 2,229.42 crore (Bloomberg estimate: Rs 2,427.9 crore).
Ebitda up 17.7% at Rs 345.37 crore vs. Rs 293.43 crore (Bloomberg estimate: Rs 372.35 crore).
Margin at 15.15% vs. 13.16% (Bloomberg estimate: 15.3%)
Net profit up 119.07% at Rs 375.41 crore vs. Rs 171.36 crore (Bloomberg estimate: Rs 218.75 crore).
ICICI Prudential Q2 FY24 (Consolidated, YoY)
Net premium income up 4.59% at Rs 10,022.42 crore vs. Rs 9,581.72 crore.
Net profit up 21.86% at Rs 243.88 crore vs. Rs 200.12 crore (Bloomberg estimate: Rs 240 crore).
Syngene International Q2 FY24 (Consolidated, YoY)
Revenue up 18.48% at Rs 910.1 crore vs. Rs 768.1 crore (Bloomberg estimate: Rs 915.63 crore).
Ebitda up 17.36% at Rs 254.1 crore vs. Rs 216.5 crore (Bloomberg estimate: Rs 271.53 crore).
Margin at 27.92% vs. 28.18% (Bloomberg estimate: 29.7%).
Net profit up 14.21% at Rs 116.5 crore vs. Rs 102 crore (Bloomberg estimate: Rs 124.25 crore).
Himadri Speciality Chemical Q2 FY24 (Consolidated, YoY)
Revenue down 5.14% to Rs 1,004.52 crore vs. Rs 1,058.91 crore.
Ebitda up 62.32% at Rs 157.68 crore vs. Rs 97.14 crore.
Margin at 15.69% vs. 9.17%
Net profit up 180.43% at Rs 100.62 crore vs. Rs 35.88 crore.
Huhtamaki India Q2 FY24 (Consolidated, YoY)
Revenue down 13.86% at Rs 662.48 crore vs. Rs 769.03 crore.
Ebitda up 99.34% at Rs 45.75 crore vs. Rs 22.95 crore.
Margin at 6.9% vs. 2.98%.
Net profit at Rs 32.27 crore vs. Rs 4,00,000.
IIFL Securities Q2 FY24 (Standalone, YoY)
Total income up 64.34% at Rs 490.25 crore vs. Rs 298.3 crore.
Net profit up 151.21% at Rs 141.41 crore vs. Rs 56.29 crore.
CanFin Homes Q2 FY24 (YoY)
Total income up 32.46% at Rs 871.03 crore vs. Rs 657.55 crore.
Net profit up 11.54% at Rs 158.07 crore vs. Rs 141.71 crore (Bloomberg estimate: Rs 162.91 crore).
Earnings In Focus
Wipro, LTIMindtree, Bajaj Auto, IndusInd Bank, Polycab India, ICICI Lombard General Insurance, Astral, Bandhan Bank, Persistent Systems, Oracle Financial Services Software, Zee Entertainment Enterprises, IIFL Finance, UTI Asset Management, Titagarh Rail Systems, Shoppers Stop, Tips Industries, SG Finserve, Heritage Foods, RPG Life Sciences, 5paisa Capital.
Block Deals
Infibeam Avenues: Abhishek Mayur Desai bought 50 lakh shares (0.19%) and Mayur Desai sold 50 lakh shares (0.19%) at Rs 21 apiece.
Bulk Deals
Aditya Vision: HDFC Mutual Fund bought 95,000 shares (0.78%) for Rs 2,601.93 apiece. Angad Kumar sold 1 lakh shares (0.83%) at Rs 2,602.14 apiece.
Who’s Meeting Whom
Bajaj Finance: To meet analysts and investors on Oct. 20.
Lloyds Metals and Energy: To meet analysts and investors on Oct. 25.
Bosch: To meet analysts and investors on Nov 9.
Elecon Engineering: To meet analysts and investors on Oct. 23.
Voltas: To meet analysts and investors on Oct. 20.
Lakshmi Machine Works: To meet analysts and investors on Oct. 27.
UGRO Capital: To meet analysts and investors on Oct. 27.
Poonawala Fincorp: To meet analysts and investors on Oct. 21.
Transport Corporation of India: To meet analysts and investors on Oct. 31.
Havells: To meet analysts and investors on Oct. 20.
Castrol India: To meet analysts and investors on Oct. 30.
Zaggle Prepaid: To meet analysts and investors on Oct. 20.
Gland Pharma: To meet analysts and investors on Nov 6.
RBL Bank: To meet analysts and investors on Oct. 21.
Tube Investments: To meet analysts and investors on Oct. 31.
Central Bank of India: To meet analysts and investors on Oct. 21.
Sun Pharma: To meet analysts and investors on Nov 1.
Bajaj Finance: To meet institutional investors on Oct. 20.
Chalet Hotels: To meet analysts and investors on Oct. 25.
Trading Tweaks
Price band revised from 20% to 10%: KIOCL, Pearl Global Industries.
Move in to short term ASM framework: Zaggle Prepaid Ocean Services, Asian Hotels (North), Faze Three, PDS, GOCL, Jai Corp.
Move out of short term ASM framework: Godrej Industries.
F&O Cues
Nifty October futures rose 0.35% at 19,809.00, at a discount of 2.50 points
Nifty October futures open interest rose 1.44% by 2,684 shares
Nifty Bank October futures rose 0.34% to 44,495.00, at a premium of 85.5 points
Nifty Bank October futures open interest fell 6.92% by 10,417 shares
Nifty Bank Options Oct 18 Expiry: Maximum call open interest at 44,500 and Maximum put open interest at 43,000.
Nifty Options Oct 19 Expiry: Maximum call open interest at 20,000 and Maximum put open interest at 19,700.
Securities in the ban period: Balrampur Chini Mills, Bharat Heavy Electricals, Delta Corp, Gujarat Narmada Valley Fertilizers & Chemicals, Hindustan Copper, India Bulls Housing Finance, Mannapuram Finance, MCX, Steel Authority of India.
