Stock Market Today: All You Need To Know Going Into Trade On Oct. 7
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Stocks in Asia fell in early trading following declines in the US as investors awaited a pivotal monthly payrolls report
Equities dropped in Australia, Japan and South Korea, where Samsung Electronics Co. slid after the Korean chipmaker reported a decline in profit for the first time since late 2019. Stocks in the U.S. fell for a second day, with the S&P 500 and tech-heavy Nasdaq 100 both ending near session lows.
At 6:25 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.3% to 17,263.50.
The latest economic data in the U.S. on Thursday did little to bolster sentiment. While weekly initial jobless claims rose by more than forecast last week, they remained at a historically low level.
Oil topped $88 a barrel in New York and Brent traded up near $95, extending gains a day after the OPEC+ alliance announced its biggest production cut since 2020. Elsewhere, Bitcoin slipped below $20,000.
Stocks To Watch
Dabur: The company said its domestic business had a "steady performance" and is expected to report "consolidated revenue growth in mid-single digit" for the second quarter ended September 2022.
Titan Co.: The company said it witnessed healthy double-digit growth across most businesses with overall sales growing 18% annually during the quarter ended September 2022. The outlook for the festive season continues to be optimistic and is visible in positive consumer sentiment across categories, it added.
Equitas Small Finance Bank: The lender recorded 20% growth on-year in total deposits during the quarter ended Sept. 30, 2022. The CASA deposits grew 28% on-year, with CASA ratio at 48.13%, compared to 45.31% a year ago.
Hindalco/Hindustan Copper/Vedanta: London Metal Exchange began a formal discussion on a potential ban on new Russian metal.
Nykaa: The company entered into a strategic alliance with Middle East-based Apparel Group to recreate omni-channel beauty retail platform in the GCC region.
Hero MotoCorp: To launch Vida today, its first electric scooter.
Samvardhana Motherson: The company opened a new facility at Tanger Med Industrial Platform, replacing an existing one in Morocco. This new facility is a part of Motherson’s Modules and Polymer Products division and will produce interior modules and components like instrument panels and door panels for passenger vehicles and light commercial vehicles.
SBI Cards and Payment Services: The company has appointed Rashmi Mohanty as Chief Financial Officer, with effect from Oct. 21, 2022.
Disa India: Norican Group, parent group company of Disa India, has acquired Simpson Technologies, which is engaged in the business of sand mixing, cooling, handling, reclamation, and analysis.
Yes Bank: The bank has reappointed Prashant Kumar as the Managing Director and Chief Executive Officer for a period of three years, effective from Oct. 06, 2022.
HCLTech: The company has expanded its strategic partnership with Google Cloud with new capabilities and service offerings to expedite enterprise migration to Google Cloud.
NTPC: NTPC and GE Gas Power signed MoU for demonstrating hydrogen co-firing in gas turbines to further decarbonise power generation.
Karur Vysya Bank: The bank revised MCLR across tenors by 20 basis points, with effect from Oct. 7, 2022.
JK Tyre & Industries: Care Ratings upgraded long-term bank facilities of JK Tornel Sociedad Anonima De Capital Variable, Mexico, a subsidiary of the company, to ‘CARE A-; Stable’ from ‘CARE BBB+; Stable’. The agency downgraded long-term bank facilities of Cavendish Industries, a subsidiary of the company, to ‘CARE A-; Negative’ from ‘CARE A-; Negative’, and for long-term/short-term bank facilities to ‘CARE A-; Negative/CARE A2+’ from ‘CARE A-; Stable/CARE A2+’.
Quess Corp: The board approved disinvestment of 53% of equity investment held by the company in its non-material subsidiary Simpliance Technologies Pvt. Ltd. to Aparajitha Corporate Services. The deal is valued at an enterprise value of Rs 120 core.
Biocon: European Directorate for the Quality of Medicines & HealthCare issued a list of deficiencies related to the company’s API manufacturing site in Bangalore after a GMP inspection from Sept. 12-14. No deficiencies were marked critical, while one was categorized as major.
Lupin: Dr Shahin Fesharaki appointed as as Global Chief Scientific Officer of the company.
Jet Airways: The airline denied reports of entering into any leasing agreement Avolon for Airbus A320 aircraft.
Reliance Industries: Reliance Industries-backed Asteria Aerospace announced that it has received India's first micro category drone type certification for its indigenously designed A200 drone from the Directorate General of Civil Aviation, PTI reported.
Morgan Stanley on Titan: Has an 'overweight' stance, target price at Rs 2,902. Initial Q2 trends were strong with 18% YoY growth in Jewellery division. Watches sales grew 20% YoY, eye wear grew 7% YoY. Improving studded mix, positive consumer sentiment and a good festive season outlook.
Morgan Stanley on Bharti Airtel: Has an 'overweight' stance, target price at Rs 825. Airtel officially announces launch of 5G Plus in select cities. Co also said 5G Plus service will be available to its users on existing data plans until rollout is more widespread. Believe 5G services for consumers could be priced competitively & industry might look to increase 4G base tariff in order to improve overall ARPU & monetization.
Jefferies on Hero MotoCorp: Raised to 'buy', target price at Rs 3,000.
Jefferies on Macrotech Developers: Has a 'buy' rating, target price at Rs 1,420. Raises FY23 pre-sales estimate by 5% to Rs 12,000 crore following strong Q2 performance. Despite rising interest rates, affordability is still better than average and underlying demand remains strong. Progress on new project signings and return of capital from U.K. investments is ahead of schedule. Net-debt reduction pace should rise in the second half as collections see seasonal surge.
Emkay on SBI Cards: Delivery percentage at 54% vs 47% monthly average with 1.1x traded volume. Closing price on Thursday (Rs 886) is trading just above its 200-DEMA of Rs 881. Breakdown below these levels with significant volumes can give a short trade target of Rs 800 levels. RSI is near 40 which suggests weakness in stock prices.
Electronics Mart: The IPO was subscribed 7.57 times on its second day. Non-institutional investors (11.74 times) and retail investors (7.81 times) led the demand for the Rs 500-crore issue. The QIB basket was subscribed 4.01 times. The price band for the IPO, which includes issue of fresh shares representing 22.03% of the company’s equity capital post the offering, has been fixed at Rs 56-59 apiece.
Gravita India: Kuchhal Atul sold 9.19 lakh shares (1.33%) at Rs 332.08 apiece.
Rategain Travel Technologies: Nippon India Mutual Fund bought 50 lakh shares (4.62%) at Rs 292.43 apiece, Wagner sold 57.05 lakh shares (5.27%) at Rs 292.82 apiece.
Who’s Meeting Whom
Persistent Systems: To meet investors and analysts on Oct. 20.
UTI Asset Management Company: To meet investors and analysts on Oct. 14.
Jindal Steel & Power: Officials of the company will meet ICICI Prudential Life Insurance, Kotak Mutual Fund, DSP Mutual Fund, Mirae Asset Management, Goldman Sachs Asset Management, IDFC Mutual Fund, and SBI Mutual Fund.
Ex-Date Face Value Split: Ajooni Biotech
Record-Date Buy Back: SP Apparels
Pledge Share Details
Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 1.25 lakh shares on Oct. 3.
Geojit Financial Services: Promoter BNP Paribas SA sold 1.4 lakh shares on Sept. 14.
GNA Axles: Promoter Group GNA Gears bought 1,100 shares between Sept. 16 and Sept. 30.
Star Cement: Promoter Group Rahul Chamaria bought 41,852 shares on Sept. 30.
Godrej Agrovet: Promoter Godrej Industries bought 6,298 shares between Sept. 29 and Sept. 30.
Money Market Update
The rupee closed at 81.89 against the U.S. dollar on Thursday, depreciating as much as 0.47% or 38 paise to 81.90 during the day.
Nifty October futures ended at 17,313, a discount of 18.8 points.
Nifty October futures added 5.07% and 11,780 shares in Open Interest.
Nifty Bank October futures ended at 39,355, a premium of 72.15 points.
Nifty Bank October futures shed 5.40%, 4,431 shares in Open Interest.
Securities in the ban list: Nil