Stocks To Watch Today: HUL, ICICI Bank, JSW Steel, Kotak Mahindra Bank, RIL, SBI

US futures were volatile after a sharp decline in Chinese markets, lowest levels since 2008 financial crisis, ahead of key earnings from some of the world’s biggest companies. Treasury yields fell while the greenback strengthened.

US-listed Chinese stocks including Alibaba Group Holding Ltd. to JD.com Inc. tumbled in premarket trading. British bonds rose after Boris Johnson quit the race to lead the Conservative Party, bringing former chancellor Rishi Sunak closer to becoming the prime minister of the United Kingdom.

On the occasion of Diwali, both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) will open to allow trading for exactly 1 hour, which is called the tradition of ‘Muhurat Trading’. This year, the Muhurat Trading will take place on Monday, October 24, from 6:15 pm to 7:15 pm. The stock market will only be open for this one hour and closed throughout the rest of the day. The Pre-Open Market session will be held from 6:00 pm to 6:08 pm.

At 4:20 p.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- gained 1.55% to 17,844.

Stocks To Watch

• Reliance Industries: The company will demerge its financial services arm and list on the stock exchanges as Jio Financial Services. The company will also demerge its subsidiary Reliance Projects and Property Management Services.

• Vodafone Idea: The company will issue Indian rupee denominated optionally convertible, unlisted, unsecured and unrated debentures worth Rs 1,600 crore to ATC Telecom Infrastructure on preferential basis.

• State Bank of India: The bank hiked interest rates on most of its term deposits under Rs 2 crore in the range of 25-80 basis points with effect from Oct. 22.

• Biocon: Biocon Biologics integrated insulins manufacturing facility in Malaysia accorded Certificate of GMP Compliance by the European Medicines Agency following a site inspection in July 2022.

• DLF: The company’s board approved raising funds to the tune of Rs 1,500 crore through NCDs and/or debt securities.

• Hindustan Aeronautics: The company received Air System Design Organisation approval certificate, making it the first defence PSU to receive CEMILAC's Design Organisation approval as per the new Design Organisation Approval Scheme. The company also concluded contract for 70 HTT-40 indigenous trainer aircraft worth Rs 6,800 crore with Indian Air Force.

• Borosil Renewables: The company will acquire solar glass maker GMB and glass company Interfloat Group for a total consideration of 7.5 million euros (Rs 61.07 crore).

• Kirloskar Industries: The board has approved to convening an EGM of the shareholders of Kirloskar Brothers.

• Welspun Corp: Associate company East Pipes Integrated Company for Industry in the Kingdom of Saudi Arabia has announced that its shareholders have approved the board's recommendation to grant bonus shares in the ratio of 1:2 through the capitalisation of SAR 105 million (Rs 230.79 crore) from retained earnings.

• Tech Mahindra: The company will acquire 26% equity shares in Upendra Singh Multi Transmission for a consideration of Rs 48 lakh.

• Reliance Power: The company made preferential allotment of 20.58 crore warrants of Rs. 15.55 apiece on a private placement basis to VFSI Holdings under public category.

• V-Guard Industries: The company made further investment of Rs 31.39 crore in wholly owned subsidiary V-Guard Consumer Products and allotted 3.14 crore equity shares of Rs each.

• Tata Consumer Products: The company made a preferential issue of 74.6 lakh shares of Re 1 each to Tata Enterprises (Overseas) at an issue price of Rs 765.16 apiece.

• Adani Ports And Special Economic Zone: The company incorporated a wholly owned subsidiary Tajpur Sagar Port for the purpose of development of deep-sea port on design, build, finance, operate and transfer basis at Tajpur, West Bengal.

• Garware Technical Fibres: The board approved buyback of up to 2.4 lakh shares with a face value of Rs 10 from all shareholders through the tender offer route at Rs 3,750 apiece, for an aggregate amount not exceeding Rs 90 crore.

• REC: The company clarified before the exchanges that its board in January 2021, had approved loan assistance of Rs 4,260 crore to SJVN Thermal in respect of Buxar Thermal Power Plant, in the normal course of business, and this facility had insignificant impact on its loan book.

• Garden Reach Shipbuilders & Engineers: The company signed 13 MoUs during the recent Defence Expo 2022, ranging from covering exports targets to other business avenues.

Earnings Post Market Hours

Reliance Industries Q2 FY23 (Consolidated, QoQ)

• Revenue up 4.3% at Rs 2,32,863 crore Vs Rs 2,23,113 crore (Bloomberg estimate: Rs 2,25,825 crore)

• EBITDA fell 25% at Rs 28,416 crore Vs 37,997 crore (Bloomberg estimate: Rs 30,335.5 crore)

• EBITDA margin 12.4% Vs 15.6%

• Net profit fell 20% at Rs 15,512 crore Vs Rs 19,443 crore (Bloomberg estimate: Rs 14,456.5 crore

Hindustan Unilever Q2 FY23 (Consolidated, YoY)

• Revenue up 16% at Rs 15,144 crore Vs Rs 13,046 crore

• EBITDA up 8% to Rs 3,479 crore Vs Rs 3,226 crore

• EBITDA margins at 23% Vs 24.7 %

• Net profit up 22% to Rs 2,665 crore Vs Rs 2,181 crore

Kotak Mahindra Bank Q2 FY23

• Net Profit: Rs 2580.68 crore Vs Rs 2032 crore (YoY) (Bloomberg estimate: Rs 2,429.6 crore)

• NII: 5,099 crore Vs 4,021 crore (YoY)

• GNPA: 2.08% vs 2.24% (QoQ)

• NNPA: 0.55% vs 0.62% (QoQ)

Yes Bank Q2 FY23

• Net Profit: Rs 152.82 crore Vs Rs 225.5 crore (YoY)

• NII: Rs 1,991 crore Vs Rs 1,512 crore (YoY)

• GNPA: 12.89% vs 13.45% (QoQ)

• NNPA: 3.6% vs 4.7% (QoQ)

ICICI Bank Q2 FY23

• Net profit: Rs 7,557.8 crore Vs Rs 5,511 crore (YoY)

• NII: Rs 14,787 crore Vs 11,690 crore (YoY)

• GNPA: 3.19% vs 3.41% (QoQ)

• NNPA: 0.61% vs 0.7% (QoQ)

JSW Steel Q2 FY23 (Consolidated, YoY)

• Revenues up 10% at Rs 41,778 crore vs Rs 32,503 crore

• EBITDA down 59% at Rs 1,752 crore vs Rs 10,417 crore

• EBITDA margin at 4.2% vs 32%

• Net loss of Rs 848 crore against a net profit of Rs 9,791 crore

Torrent Pharmaceuticals Q2 FY23 (Consolidated, YoY)

• Revenue up 7% at Rs 2,291 crore Vs Rs 2,137 crore (Bloomberg estimate: Rs 2,340 crore)

• EBITDA up 5% to Rs 679 crore from Rs 647 crore (Bloomberg estimate: Rs 698 crore)

• EBITDA margins at 29.6% Vs 30.3% (Bloomberg estimate: 29.8%)

• Net profit down 1% to Rs 312 crore Vs Rs 316 crore (Bloomberg estimate: Rs 348 crore)

SBI Life Insurance Company Q2 FY23 (Consolidated, YoY)

• Revenue rose 8% to Rs 27,525 crore Vs Rs 25,404 crore

• Net profit up 52% at Rs 377 crore Vs Rs 247 crore

• Solvency ratio 2.19 Vs 2.12

DLF Q2 FY23 (Consolidated, YoY)

• Revenue fell 12% at Rs 1,302 crore Vs Rs 1,481 crore

• EBITDA fell 5% at Rs 436.67 crore Vs Rs 458.26 crore

• EBITDA margin 33.5% Vs 31%

• Net profit up 26% at Rs 477.04 crore Vs Rs 378.95 crore

United Spirits Q2 FY23 (Consolidated, YoY)

• Revenue up 1% at Rs 8,283 crore Vs Rs 8,209 crore

• EBITDA fell 7% at Rs 437.3 crore Vs Rs 469.1 crore

• EBITDA margin 5.3% Vs 5.7%

• Net profit up 90% at Rs 553.1 crore Vs Rs 291.8 crore. Net profit for Q2 includes Rs 381.5 crore profit from slump sale of its 32 brands

Bajaj Holdings Q2 FY23 (Consolidated, YoY)

• Revenue up 28% at Rs 188 crore Vs Rs 147 crore

• EBITDA up 24% at Rs 151.08 crore Vs Rs 121.8 crore

• EBITDA margin 81% Vs 83%

• Net profit up 10% at Rs 1242.79 crore Vs Rs 1131.57 crore. Net profit for both quarters includes share of associates Bajaj Auto at Rs 1,200 crore and Rs 1,118 crore respectively.

VIP Industries Q2 FY23 (Consolidated, YoY)

• Revenue up 56% at Rs 515 crore Vs Rs 330 crore

• EBITDA up 71% at Rs 71.58 crore Vs Rs 41.81 crore

• EBITDA margin 14% Vs 13%

• Net profit up 2x at Rs 43.4 crore Vs Rs 18.54 crore

• Declared interim dividend of Rs 2.5 per share of face value of Rs 2 each

Chalet Hotels (Consolidated QoQ)

• Revenues down 2% at Rs 247.84 crore vs Rs 253.01 crore

• Net profit at Rs 15.73 crore vs loss of Rs 13.66 crore

• EBITDA down 19% at Rs 87.71 crore vs Rs 108.77 crore

• Margins at 35.39% vs 43%

Tejas Networks (Consolidated QoQ)

• Revenues up 75% at Rs 219.94 crore vs Rs 125.76 crore

• Profit after tax at Rs 1.07 crore vs loss of Rs 6.64 crore

• EBITDA at Rs 21.54 crore vs loss of Rs 7.32 crore

• Margins at 9.8%

Credit Access Grameen (Consolidated)

• Net interest income up 39.9% at Rs 516.2 vs Rs 368.9 (YoY)

• Net profit up 171% at RS 172.03 crore vs Rs 63.05 crore (YoY)

• GNPA at 2.17% vs 7.67% (QoQ)

• NNPA at 0.77%

Earnings Today

Mahindra & Mahindra, Ceat, Vardhman Special Steels, Orient Cement, Bigbloc Construction, CCL Products India, ZF Commercial Vehicle Control

Who’s Meeting Whom

• Sterlite Technologies: To meet investors and analysts on Nov. 4. 

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

• Everyday Industries India: To meet investors and analysts on Nov. 2. 

• Marico: To meet investors and analysts on Nov. 4. 

• IIFL Finance: To meet investors and analysts on Oct. 27. 

• Crompton Greaves: To meet investors and analysts on Oct. 27. 

• Vimta Labs: To meet investors and analysts on Oct. 28. 

• Datamatics Global Services: To meet investors and analysts on Oct. 31. 

• Macrotech Developers: To meet investors and analysts on Nov. 2. 

• Godrej Consumer Products: To meet investors and analysts on Nov. 8. 

• Lakshmi Machine Works: To meet investors and analysts on Oct. 26. 

• Sona BLW Precision Forgings: To meet investors and analysts on Oct. 28.

Trading Tweaks

• Price Band Revised From 20% To 10%: Gokul Agro Resources 

• Ex-Date Interim Dividend: Cyient 

• Move Into Short-Term ASM Framework: Tips Films 

• Move Out Of Short-Term ASM Framework: Dhani Services

Pledge Share Details

• Max Financial Services: Promoter Max Ventures Investment Holdings created a pledge of 25.26 lakh shares between Oct. 11 and Oct. 21, revoked a pledge of 25.02 lakh shares between Oct. 18 and Oct. 21. 

• NRB Bearings: Promoter Devesh Singh Sahney revoked a pledge of 3 lakh shares on Oct. 18.