Share Market Today: Sensex, Nifty End With Slim Gains; FPIs Stay Net Sellers
India's stock benchmarks ended with slim gains aided by gains in FMCG, Realty, Energy stocks.
Foreign Investors Net Sellers
Overseas investors stayed net sellers for the ninth day in a row on Wednesday.
As per data from the National Stock Exchange, foreign portfolio investors net sold equities worth Rs 453.91 crore.
On the contrary, Domestic institutional investors stayed net buyers and bought equities worth Rs 908.42 crore.
Institutions have net bought Rs 5,083.86 crore worth of equities in October so far and net sold Rs 32,742.75 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Gains
Yield on the 10-year bond closed about 3bp higher to 7.45% on Tuesday.
Source: Bloomberg
Indian rupee drops to 83 against the U.S. dollar.
– The Indian rupee fell to 83 against the U.S. dollar briefly in late afternoon trade.
– It ended the day's trade at 82.98.
Source: Bloomberg
Closing Bell
India's stock benchmarks ended with little gains as gains in FMCG, Realty, energy stocks were offset by losses in Utilities IT, metals, power stocks.
The Sensex added about 147 points (0.25%) to close at 59,107.19. The Nifty 50 added 29.50 points (0.17%) to close at 17,516.45.
Today, 32 of the index stocks declined, while 18 rose. Nestle India Ltd., ITC Ltd. HDFC Ltd., Reliance Industries Ltd., and Axis Bank Ltd. were the top gainers on Nifty 50.
Meanwhile JSW Steel Ltd., Bajaj Finserv Ltd., NTPC Ltd., State Bank Of India Ltd. and Coal India Ltd. were the top losers on Nifty 50.
The broader indices underperformed their larger peers, MidCap gained 0.13%, while the SmallCap fell 0.03%.
Nine of the 19 sectoral measures complied of BSE declined with BSE Power, Utilities and Metal gauges losing the most.
The market breadth is skewed in the favour of bears. About 1,655 stocks rose, 1,763 fell and 153 remained unchanged.
Foreign investor holding in India's domestic sovereign debt is under 2% of total, says Fitch Ratings
--Low foreign investor holding reflects limited spillover risk, if these investors choose to reduce exposure in India.
--India's current account deficit to narrow to 2% of GDP in FY24, as easing global energy prices will dampen imports.
Source: Fitch Ratings Statement
Risk to India's sovereign rating from external pressures is limited, says Fitch Ratings
--India's external buffers sufficient to cushion against US monetary tightening and high global commodity prices.
--Expect foreign exchange reserves to remain robust and India’s current account deficit to be contained at a sustainable level.
--Reserve cover remains strong at about 8.9 months of imports in September, higher than during the “taper tantrum” in 2013.
--Short -term external debt is only 24% of total reserves.
Source: Fitch Ratings Statement
HDFC AMC Volatile After Q2 Earnings
Shares of HDFC Asset Management gained 1.67% after announcing its Q2 results. Total traded volume is twice the 30-day average.
Of the 24 analysts tracking the company, 17 maintain 'buy', five suggest 'hold' and two recommend 'sell'. The return potential of the stock is 10%.
HDFC Asset Management Co. Q2 FY2023-consol figures (YoY)
Revenue up 0.4% to Rs 544.72 crore versus Rs 542.33 crore.
Net Profit gains 5.7% to Rs 363.85 crore vs Rs 344.38 crore.
Ebitda at Rs 404.29 crore.
Source: Exchange filing
Vedanta unit emerges as successful bidder for Barra Coal Block in Chhattisgarh.
- Vedanta's unit Bharat Aluminium Company (BALCO) emerged as the successful bidder for Barra Coal Block in Chhattisgarh.
- The block has estimated reserves of 900 million tonnes.
- Vedanta said the block is an optimal fit given its logistical location.
Source: Exchange filing
Syngene International Jumps Most In At Least A Year On Q2 Beat
Q2 FY2023 (Consolidated, YoY)
Revenue up 26% at Rs 768 crore Vs Rs 610 crore (BBG estimate : Rs 720 crore)
Net profit up 53% to Rs 102 crore Vs Rs 67 crore (BBG estimate : Rs 97 crore Profit)
EBITDA up 41% to Rs 235 crore from Rs 167 crore (BBG estimate : Rs 203 crore Profit)
Margins at 30.6% Vs 27.4% (BBG estimate : 28.2%)
Source: Exchange filing, Bloomberg
Rupee Slides To Record Low
Rupee depreciated 42 paise to a new low of 82.78 against the U.S. dollar.
Rupee Falls Most In Over A Week Since October 7 To A New Low
Source: Bloomberg
Bombay HC directs Axis Finance To Raise Its Concerns Over Sony-Zee Merger Before NCLAT
National Company Law Appellate Tribunal will hear the matter Nov. 3.
Axis Finance had approached the high court to secure a debt of Rs. 150 crore owed to it by Zee Entertainment.
Source: Bombay High Court proceedings
Ultratech Cement Q2 Net Income Misses Estimate
(Consolidated, QoQ)
Net profit at Rs 755.73 crore Vs. Rs 1,584.08 crore (Rs 1,313.53 crore YoY)(Bloomberg estimate: Rs 1,079.90 crore)
Revenue at Rs 13,892.69 crore Vs. Rs 15,163.98 crore (Rs 12,016.78 crore YoY) ( Bloomberg estimate: Rs 13,351.47 crore)
EBITDA at Rs 1,865.15 crore Vs. Rs 3095.65 crore (Rs 2,714.81 crore) (Bloomberg estimate: Rs 2,035.08 crore)
EBITDA margin at 13.43% Vs. 20.41% (22.59% YoY) (Bloomberg estimate: 15.20%)
Source: Exchange filing
Prestige Estate Projects Jumps Most In Three Weeks After Q2 Operational Update
Shares of Prestige Estate Projects jumped 4%, most in nearly three weeks since September 29. Trading volume is twice the 30-day average.
The uptick comes after the company reported its Q2 operational updates post market hours on Tuesday. Prestige Estate Projects registered sales of Rs 3,511 crore, up 66% YoY while collections increased 68% YoY to Rs 2,602.9 crore. The company sold 36 units per day in the quarter-ended September.
Of the 20 analysts tracking the stock, 19 maintain 'buy' and one suggests 'hold'. The return potential of the stock is 33.3%.
Source: Exchange filing, Bloomberg
European Markets Open Mixed
Mixed start for European markets after UK reported 10.1% rise in CPI inflation in September, matching the 40-year high reported on July.
Source: Bloomberg
U.K. Inflation Jumps To 10.1%, Matching A 40-Year High
U.K. Consumer Prices Index rose to 10.1% over 9.9% in August, matching a 40-year high reached in July.
Source: U.K.’s Office for National Statistics, Bloomberg
CreditAccess Grameen Raises $35 Million ESG-Linked Loan From U.S. International Development Finance Corporation
CreditAccess Grameen will borrow a $35 million (Rs 290 crore) ESG-linked loan for up to seven years through the ECB route from the U.S. Government’s development finance institution.
This is the second ESG-linked loan for CA Grameen.
Source: Exchange filing
Midday Market Update: Sensex, Nifty Off Day's High; RIL, Nestle India, HDFC Advance
India's stock benchmarks advanced, but are off day's high, aided by broad-based gains in Energy, Oil & Gas, FMCG, Realty stocks. Information technology, power stocks decline in today's session.
The Sensex rose 0.40% to 59,197.88. The 30-stock gauge added 440 points to an intraday high of 59,399.69. This is the second time Sensex gained slightly above 59,000, since Sept. 22, after reclaiming the mark briefly in Tuesday's session. The Nifty 50 gained 0.24% to 17,528.20. Today 21 stocks rose, 29 declined. Nestle India, Reliance, HDFC, ITC and Axis Bank were the top gainers on Nifty 50. Meanwhile State Bank Of India, Infosys, Coal India Ltd, Bajaj Finserv and JSW Steel were the top losers on Nifty 50.
The broader indices underperformed their larger peers MidCap and SmallCap, gaining 0.11% and 0.23%, respectively. Ten of the 19 the sectoral measures complied of BSE advanced with BSE Energy and Oil & Gas gaining the most .
The market breadth is skewed in the favour of bulls. About 1,838 stocks rose, 1,414 fell and 158 remained unchanged.
Large Trade: Samvardhana Motherson International
Samvardhana Motherson International has 1.37 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
KPIT Technologies Slides Most In Five Months After Q2 Numbers; Stock Recovers As Firm Raises Revenue Growth Guidance
Shares of KPIT Technologies fell over 6.8%, most in nearly five months since May 25, after the company reported a sequential decline in net profit for the quarter ended September during market hours today.
Q2FY2023 (Consolidated, QoQ)
Net income down 2.3% at Rs 83.48 crore Vs. Rs 85.43 crore
Revenue up 7.51% at Rs 754.32 crore Vs. Rs 701.63 crore
EBITDA up 4.39% at Rs 139.41 crore Vs. Rs 133.55 crore
EBITDA margin at 18.48% Vs. 19.03%
EPS at Rs 3.09 Vs Rs 3.16
The stock pared some of the losses after the company increased its FY23 constant currency revenue growth outlook increased to 31%-32%. FY23 Organic Growth outlook increased to 23%+ against 18%-21% earlier while EBITDA margin outlook increased to 18.5%-19.0%
Trading volume is nearly thrice the 30-day average. Of the 12 analysts tracking the company, six maintain 'buy', three suggest 'hold' and three recommend 'sell'. The return potential of the stock is -5.7%.
Source: Exchange filing, Investor Presentation, Bloomberg
10-Year Bond Yield Erases Losses
Yield, on the 10-year bond fell 4bps to 7.39% during the session before erasing the losses to 7.43%.
Source: Bloomberg
Rupee Little Changed Against U.S. Dollar
Indian Rupee fell 1 paise to 82.37 against the greenback.
The currency traded in a narrow range between 82.32 and 82.39 during the session compared to Tuesday close of 82.36.
Source: Bloomberg
MIDHANI Jumps Most In A Week To Record As Boeing Announces Collaboration For Raw Materials For Aerospace Components
Shares of Mishra Dhatu Nigam Ltd. jumped 7%, most in over a week since October 7 to 52-week high of Rs 259.3 apiece. The stock jumped nearly 5% on Tuesday as well.
Trading volume is more than five times the 30-day average.
The sharp uptick comes after Boeing announced on Tuesday that it will collaborate with the state-run firm to develop raw materials for aerospace parts and components in the country.
MIDHANI produces various super allows, steel components and other materials for defence and strategic sectors.
Of the three analysts tracking the company, two maintain 'buy' and one suggests 'hold'. The return potential of the stock is 3.8%.
Source: PTI, Bloomberg
Large Trade: Punjab National Bank
Punjab National Bank has 1.41 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Hindustan Zinc Rises Most In Nearly Two Weeks As Govt Expects To Complete Sale Of Residual Holding In FY2023
Shares of Hindustan Zinc rose over 1.5%, most in nearly two weeks since October 6, after Business Standard reported that the government expected to complete sale of its residual holding in Hindustan Zinc in FY23 quoting Tuhin Kanta Pandey, Divestment Secretary from an interview with the newspaper. The government may also close Shipping Corp. of India divestment, according to the divestment secretary.
EoI for Container Corp. of India will be sought will in a month.
Sale process is likely to take 9-12 months after roadshows and launch of EoI, Container Corp divestment is unlikely to be completed in FY23.
Government hopes to receive bids for IDBI Bank by December 16..
Government expects to complete IDBI divestment in FY23.
No exemption on open offer in IDBI Bank stake sale.
Source: Business Standard, Bloomberg
IndiGo’s Market Share At 57.7%, Vistara A distant second, According To DGCA Data
IndiGo’s market share in September stood at 57.7%.
Vistara’s share stood at 9.6%, Air India at 9.2%.
Go First’s share was at 7.9%, SpiceJet’s at 7.3%.
Air Asia’s share stood at 5.9%, while Akasa’s stood at 0.9%.
MoM Gainers - Air India 0.7%, Air Asia 0.1%, Akasa 0.7%
MoM Losers – Go First 0.7%, SpiceJet 0.6%, Vistara 0.1%
Source: DGCA
Nestle Reverses Losses After Q3 Results
Q3 CY22 Highlights (YoY)
Net profit up 8% YoY to Rs 668.34 crore Vs. Bloomberg estimate of Rs 651.2 crore
Revenue jumped 18% to Rs 4,591 crore Vs. Bloomberg estimate of Rs 4,377 crore forecast.
Operating profit rose 7% to Rs 1010.7 crore Vs. Estimate of Rs 991.53 crore.
Margin came in at 22% Vs. 24.4% YoY (Bloomberg estimate at 22.7%).
TV18 Broadcast Falls Most In Over Three Weeks After Weak Q2; Stock Slides Most Among Nifty Media Constituents
Shares of TV18 Broadcast fell over 6.6%, most in over three weeks since September 26. Trading volume is nearly quadruple the 30-day average.
The slide comes after the company reported 83% sequential fall in net income in the quarter ended September, post market hours on Tuesday. Ebitda fell 54% QoQ while margin contracted to 3% from 7%.
Q2 FY23 (Consolidated, QoQ)
Revenue up 14% at Rs 1,473 crore.
Ebitda fell 54% to Rs 40.65 crore.
Ebitda margin 3% versus 7%
Net profit fell 83% to Rs 10.28 crore.
TV18 Broadcast and Network 18 fell the most among Nifty Media constituents.
Source: Bloomberg, Exchange filing
Piramal Pharma Shares Fall After Listing At Rs 201.8 After Demerger
Shares of Piramal Pharma listed at Rs 201.8 apiece after its demerger from Piramal Enterprises.
The stock fell 5% on the BSE to Rs 191.75 apiece after debuting.
Source: Exchange filing
L&T Technology Services Falls Most In Over A Month Despite Q2 Beat As Most Analysts Find Risk-Reward Unfavourable & Guidance Ambitious
Shares of L&T Technology Services fell nearly 3.4%, most in over a month since September 16, despite reporting net profit, revenue, EBITDA and EBITDA margin that beat average analyst estimate in the quarter-ended September post market hours on Tuesday.
Q2 FY23 (Consolidated, QoQ)
Revenue up 6% at Rs 1,995 crore, compared with Bloomberg estimate of Rs 1,966.7 crore.
Ebitda up 5% at Rs 421.80 crore, compared with Bloomberg estimate of Rs 404.9 crore.
Ebitda margin flat at 21% versus Bloomberg estimate of 20%.
Net profit up 3% at Rs 282.4 crore versus Bloomberg estimate of Rs 273.6 crore.
Declared interim dividend of Rs 15 per share
ICICI Securities maintained 'reduce' on the stock post the results, with the target price at Rs 3,132, up from Rs 3,079 earlier, still an implied downside of 14.78%. The brokerage noted that the guidance suggested a weak H2FY2023. L&T Technology narrowed its revenue growth guidance to 15.5-16.5% YoY from 14.5-16.5% earlier, which implied soft revenue growth in the next two quarters and factored the impact of macro headwinds facing the company. While L&T Tech retained its long-term revenue guidance of $1.5 billion revenue run rate by FY25, ICICI Securities observed that it is a stretched target which will be difficult to achieve organically in two years amid the macro challenges. The brokerage added that the company is well placed in the ER&D theme, but the risk-reward as unfavourable.
Motilal Oswal, on the contrary, reiterated 'buy' citing strong margin performance despite wage hikes. The brokerage also expected the guidance of the company as achievable, and added that deal wins remained health and the pipeline remained strong. Motilal Oswal has a target of Rs 4,230 on the stock, an implied upside of 15%. It expect L&T Tech to be a key beneficiary of the rising penetration of ER&D services and picked it as the best Tier-II services play in its coverage universe.
Kotak Institutional Equities termed the performance 'half full or half empty' noting healthy and in-line growth as positives while adding that the challenges remained in telecom/hitech and medical devices segment, which together accounted for 30% of revenues. It retained sell on the stock with the fair value kept at Rs 3,200, a discount to current market price of Rs 3,675 and added that the stock traded at premium valuations and did not adequately bake in risks from potential economic slowdown.
Since the earnings, Investec, Antique Stock Broking and Asian Markets have downgraded the stock to 'sell', 'hold' and 'sell' recommendations
Of the 29 analysts tracking the company, nine maintain 'buy', seven suggest 'hold' and 13 recommend 'sell'. The return potential of the stock is -4.3%.
Source: Exchange filing, Bloomberg, Brokerage notes
Mumbai-Based Renaissance Global Enters Licensing Agreement With Netflix For Branded Jewellery Line
Renaissance Global announced a licensing agreement with Netflix to develop branded jewellery based on the OTT’s shows.
The Netflix jewellery collection will include pieces designed around intellectual property from shows such as Stranger Things, Squid Games, The Witcher and The Queen’s Gambit.
The collection will be marketed to consumers in the United States and Canada.
Shares of Renaissance Global are volatile in today's session. The stock jumped nearly 7.5% before reversing gains to trade over 1.6% lower. The stock rose 8.4% on Tuesday and are on course to snap a four-day winning streak.
Source: Exchange filing, Bloomberg
Bharat Electronics Extends Gains After Signing MoU With Munitions India To Address Domestic & Export Markets' Needs In Ammunition, Explosives
Shares of Bharat Electronics gained over 3% and are on course to extend gains for the third day in a row. The stock has gained nearly 7% in the week so far.
Trading volume is twice the 30-day average.
The uptick comes after the company announced post market hours on Tuesday that it signed an MoU with defence PSU Munitions India to jointly address the requirements of Indian defence and export markets in the areas of ammunition, explosives and related systems.
Of the 29 analysts tracking the company, 25 maintain 'buy', three suggest 'hold' and one recommends 'sell'. The return potential of the stock is -3.6%.
Source: Exchange filing, Bloomberg
ICICI Lombard Gains Most In Six Weeks After Q2 Beat
Shares of ICICI Lombard General Insurance rose nearly 3% at the open, most in six weeks since September 7, before paring most of the gains after reporting net profit that beat the average analyst estimate for the quarter-ended September, post market hours on Tuesday.
Net profit jumped 32% YoY to Rs 591 crore compared to Bloomber estimate of Rs 337 crore while Revenue jumped 18% to Rs 4499 crore, in-line with Bloomberg estimate of Rs 4,522 crore.
ICICI Lombard posted 12% YoY growth in EBITDA at Rs 510 crore while margins contracted marginally YoY to 11.34% from 12%.
Trading volume is more than five times the 30-day average. Of the 29 analysts tracking the company, 24 maintain 'buy', two suggest 'hold' and three recommend 'sell'. Since the earnings, 15 of the analysts reiterated their recommendations on the stock.
Source: Exchange filing, Bloomberg
Network18 Media Slides Most In Over Three Weeks After Reported Loss In Q2
Shares of Network18 Media & Investments fell over 6.64%, most in over three weeks since September 26 after reporting loss in the quarter-ended September, post market hours on Tuesday.
Q2 FY23 (Consolidated, QoQ)
Revenue up 16% at Rs 1,549 crore.
Ebitda fell 30% to Rs 32.23 crore.
Ebitda margin 2% versus 3%
Net loss at Rs 28.84 crore versus net profit of Rs 39.46 crore
Trading volume is nine times the 30-day average. Share price crossed below the 50-day simple moving average, indicating potential downward price momentum.
Source: Exchange filing, Bloomberg
Banking Stocks Advance; SBI Bucks The Trend
Opening Bell: Sensex, Nifty Open Higher; Network 18 Slides After Q2 Loss
India's stock benchmarks advanced at the open, aided by gains in financial services, auto, FMCG stocks, amid mixed trade in Asian equities following an uptick in U.S. markets.
The S&P BSE Sensex rose 0.40% to 59,196.96. The NSE Nifty 50 also gained 0.46% to 17,568.15 Today 27 of Nifty 50 stocks rose while 23 fell. HDFC twins, Cipla, Ultratech Cement, Power Grid were the top gainers while SBI, Tata Steel, ONGC, JSW Steel and Infosys fell the most among index stocks.
The broader indices underperformed their larger peers with S&P BSE MidCap rising 0.3% and S&P BSE SmallCap adding 0.24%. Twelve of the 19 sectoral indices compiled by BSE Ltd. advanced with Financial Services, Capital Goods, Power gauges gaining the most.
The market breadth is skewed in the favour of bulls. About 1,644 stocks rose, 663 fell and 102 remained unchanged.
Factors Aiding The Market Rally
There are two factors supporting the ongoing rally in the market: One, support from the mother market US aided by some excellent quarterly results and two, FII selling getting completely overwhelmed by DII buying. DIIs bought stocks for Rs 5290 crores in the cash market during the last 3 trading days against FII selling of Rs 1536 crores. This complete dominance of DIIs over FIIs is triggering short covering too. Good Q2 results are imparting resilience in segments like IT and financials. The festive mood is another positive. However, high global inflation and tightening central banks pose headwinds to the rally.VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services
10-Year Bond Yield Little Changed
Yield on the 10-year bond fell 1bps to 7.42%, at the open.
Source: Bloomberg
Rupee Opens Little Changed Against U.S. Dollar
Rupee appreciated 3 paise to 82.33 at the open.
Source: Bloomberg
'Rupee Could Start Marginally Stronger On Wednesday'
Indian currency could start marginally stronger on Wednesday amid improving risk appetite.
Asian and EM peers started stronger against the greenback and could aid sentiments. However hawkish Fed and elevated U.S. yields could cap gains.
Indian bond yields are expected to start lower in early trades on Wednesday.
Sriram Iyer, Senior Research Analyst at Reliance Securities
'Gains In Wall Street, Optimism In Asian Markets To Aid Sensex, Nifty On Wednesday'
Overnight gains in the US markets and subsequent optimism in the Asian pack is likely to help local benchmark indices extend gains in Wednesday trades. The sluggish trend in the US dollar near the 112 levels and sliding crude oil prices to $85 a barrel would boost the market sentiment. Concerns over rising interest rates in the next month's policy meeting by the US Fed after last week's higher-than-expected inflation data will keep investors on the edge, although the market is already preparing for a higher rate hike. Technically, for Nifty the immediate target is at 17589 mark, while support for the index is seen at 17227.Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.
India Aims Hindustan Zinc, Shipping Corp Divestment In FY23; IDBI, Container Corp Next Fiscal: Business Standard
India expects to complete sale of its residual holding in Hindustan Zinc in FY23 and may also close Shipping Corp. of India divestment, Business Standard reported quoting Tuhin Kanta Pandey, Divestment Secretary from an interview with the newspaper.
EoI for Container Corp. of India will be sought will in a month.
Sale process is likely to take 9-12 months after roadshows and launch of EoI, Container Corp divestment is unlikely to be completed in FY23.
Government hopes to receive bids for IDBI Bank by December 16..
Government expects to complete IDBI divestment in FY23.
No exemption on open offer in IDBI Bank stake sale.
Source: Business Standard, Bloomberg
Key Earnings Estimates
Vodafone Idea To Consider Proposal To Raise Funds On October 21
Vodafone Idea’s board to meet on October 21 to consider a proposal for issuance of debenture securities convertible into equity shares on a preferential placement basis to raise funds.
Source: Exchange filing
Trade Setup For Wednesday
Global Cues
U.S. Dollar Index at 112
U.S. 10-year bond yield at 4.01% on Tuesday
Brent crude up 0.96% to $90.89 per barrel
Nymex crude at $84.03 per barrel
SGX Nifty down 0.1% to 17,477.5 as of 6:24 a.m.
Bitcoin down 0.57% to $19,257.5
Earnings
Ultratech Cement, Nestle India, IndusInd Bank, IIFL Wealth Management, HDFC Asset Management, Home First Finance Company, Havells India, Hatsun Agro Product, Navin Fluorine International, Nippon Life Asset Management, Max Financial Services, Metro Brands, Syngene International, Shoppers’ Stop, Sagar Cements, Rallis India, Persistent Systems, Oracle Financial Services, Maharashtra Scooters, Kirloskar Pneumatic, INOX Leisure, e-Mudhra, DCM Shriram, DB Corp, CG Power & Industrial Solutions, AU Small Finance Bank
Stocks To Watch
Bharat Electronics: The company signed an MoU with defence PSU Munitions India to jointly address the requirements of Indian defence and export markets in the areas of ammunition, explosives and related systems.
Adani Enterprises: Adani Defence & Aerospace, a subsidiary of the company, signed a definitive agreement to acquire MRO company Air Works for Rs 400 crore.
Reliance Industries/Bharti Airtel/Vodafone Idea: Reliance Jio replaced BSNL to become the largest fixed-line operator in the country, the first private player to do so, according to TRAI subscriber data for August. Reliance Jio and Bharti Airtel added new telecom subscribers, whereas Vodafone Idea lost subscribers during the month.
Brightcom Group: The company to consummate the final transaction closure with Daum Corporation to complete the outstanding Lycos deal after being apprised of the process followed and the final settlement terms.
ITC: The company entered into an agreement to acquire additional 1,000 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh, taking its shareholding to 22%.
Polycab India: The board considered and approved the merger of subsidiary Silvan Innovation Labs with the company.
Harsha Engineers International: The company issued a letter of intent to Clean Max Enviro Energy Solutions for setting up hybrid power project with a configuration of wind turbine generator of 2.7 MW along with 0.675 MW solar power plant at Pipaliya, Gujarat.
Suven Life Sciences: The board approved the opening and closing dates—Oct. 31, 2022 and Nov. 10, 2022, respectively—for the upcoming rights issue of the company.
Prestige Estate Projects: Q2 operational updates (YoY)
-The company registered sales of Rs 3,511 crore, up 66%
-Collections increased 68% to Rs 2,602.9 crore
-The company sold 36 units per day.
Earnings Post Market Hours
L&T Technology Services Q2 FY23 (Consolidated, QoQ)
Revenue up 6% at Rs 1,995 crore, compared with Bloomberg estimate of Rs 1,966.7 crore.
Ebitda up 5% at Rs 421.80 crore, compared with Bloomberg estimate of Rs 404.9 crore.
Ebitda margin flat at 21% versus Bloomberg estimate of 20%.
Net profit up 3% at Rs 282.4 crore versus Bloomberg estimate of Rs 273.6 crore.
Declared interim dividend of Rs 15 per share
ICICI Lombard General Insurance Q2 FY23 (Consolidated, YoY)
Revenue up 18% at Rs 4,499 crore versus Bloomberg estimate of Rs 4,522 crore.
Ebitda up 12% at Rs 510 crore.
Ebitda margins at 11.34% versus 12%
Net profit up 32% to Rs 591 crore versus Bloomberg estimate of Rs 337 crore.
HFCL Q2 FY23 (Consolidated, YoY)
Revenue up 5% at Rs 1,173 crore.
Ebitda fell 2% to Rs 166.01 crore.
Ebitda margin 14% versus 15%
Net profit at Rs 81.84 crore versus Rs 81.6 crore
Sonata Software Q2 FY23 (Consolidated, QoQ)
Revenue fell 16% to Rs 1,496 crore versus Bloomberg estimate of Rs 1,249.7 crore.
EBIT up 10% at Rs 140.91 crore versus Bloomberg estimate of131.2 crore.
EBIT margin 9% versus 7%
Net profit up 6% at Rs 112.71 crore compared with Bloomberg estimate of Rs 104.5 crore.
Declared interim dividend of Rs 7 per share of face value of Rs 1 each
Schaeffler India Q2 FY23 (Consolidated, YoY)
Revenue up 18% at Rs 1,756 crore.
Ebitda up 20% at Rs 318.97 crore.
Ebitda margin flat at 18%
Net profit up 26% at Rs 215.36 crore.
Network18 Media Investments Q2 FY23 (Consolidated, QoQ)
Revenue up 16% at Rs 1,549 crore.
Ebitda fell 30% to Rs 32.23 crore.
Ebitda margin 2% versus 3%
Net loss at Rs 28.84 crore versus net profit of Rs 39.46 crore
Mahindra CIE Automotive Q2 FY23 (Consolidated, YoY)
Revenue up 30% at Rs 2,723 crore.
Ebitda up 18% at Rs 316.89 crore.
Ebitda margin 12% versus 13%
Net profit up 3% at Rs 171.36 crore.
TV18 Broadcast Q2 FY23 (Consolidated, QoQ)
Revenue up 14% at Rs 1,473 crore.
Ebitda fell 54% to Rs 40.65 crore.
Ebitda margin 3% versus 7%
Net profit fell 83% to Rs 10.28 crore.
Sensex, Nifty Set To Open Flat; Bharat Electronics, Adani Enterprises, Telecom Stocks In Focus
Asian stocks had a mixed open on Wednesday as traders assessed a solid start to the corporate-earnings season that helped extend a rally in U.S. markets.
Equities in Japan and Australia advanced, while South Korean stocks fluctuated. In the U.S., stocks rallied after earlier giving up almost all of their advance, sending the S&P 500 to back-to-back gains to start the week.
Domestic benchmarks indices closed higher for the second day in a row buoyed by by broad-based gains across sectors led by power, realty, capital goods, utilities, automobiles, telecommunications, industrials, and energy stocks, and a recovery in global equities.
Rupee closed marginally worse against the U.S. dollar on Tuesday.
At 6:47 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- gained 0.01% to 17,496.