Share Market Highlights October 21, 2024: Sensex closes at 81,151; Nifty falls 73 points amid record FII outflows

The rupee on Monday settled flat at 84.07 (provisional) against the US dollar amid strong American currency against major rivals overseas and relentless foreign fund outflows.

Investors remained cautious and stayed away from riskier assets due to geopolitical uncertainties, forex dealers said.

Equity benchmark indices Sensex and Nifty gave up initial gains and ended lower on Monday tracking a sharp fall in Kotak Mahindra Bank and relentless foreign fund outflows.

The 30-share Sensex declined 73.48 points or 0.09 per cent to settle at 81,151.27. The barometer shot 545 points at the opening but succumbed to selling pressure later and hit a low of 80,811.23. The index gyrated 958.79 points between the day’s high and the low level.

The NSE Nifty dipped 72.95 points or 0.29 per cent to 24,781.10.

Top gainers on the NSE 

Bajaj Auto (4.34%), HDFC Bank (2.57%), Asian Paints (1.70%), M&M (1.17%), Eicher Motors (0.68%) 

Top losers: 

Tata Consumer Products (-7.08%), Kotak Mahindra (-4.73%), Bajaj Finserv (-3.37%), BPCL (-3.36%), IndusInd (-3.03%)

TVS Motor Company (TVSM) launched its new sports motorcycle – the TVS Apache RTR 310, the freestyler, at National Bikers Weekend in Singapore.

Shares trade flat on the NSE at ₹2,741.75

Shares of Tejas Networks Ltd surged by over 9 per cent from their previous close of ₹1,189.65, reaching ₹1,298.20 as of 2.35 p.m 2.35 p.m in today’s session.

This sharp rise follows the company’s impressive Q2 FY25 results, which were released after market hours on Friday.

Sanofi and CD&R announce today a plan to join forces to fuel Opella’s ambitions as a French-headquartered, global consumer healthcare champion. Sanofi and CD&R have entered exclusive negotiations for the potential sale and purchase of a 50% controlling stake in Opella

Sanofi Consumer Healthcare India stock gained 1.48% on the NSE to trade at ₹4,895.

Gravita India recorded its standalone net profit for the quarter ended Sept 2024 at ₹50.58 crore as against ₹43.51 crore in the corresponding quarter last year.

Shares trade 2.04% lower on the NSE at ₹2,463.

Top gainers on the NSE as at 3 pm:

Bajaj Auto (4.36%), HDFC Bank (2.88%), Asian Paints (1.83%), Tech Mahindra (0.94%), M&M (0.93%) 

Top losers: 

Tata Consumer Products (-6.99%), Kotak Mahindra (-4.36%), Bajaj Finserv (-3.46%), IndusInd (-2.99%), BPCL (-2.80%)

Stocks advanced on BSE at 3 pm on October 21, 2024, were 1,192 against 2,819 stocks that declined, and 138 remained unchanged. Total stocks traded were 4,149. The number of stocks that recorded a 52-week high was 248, and those that hit a 52-week low was 63. A total of 323 stocks traded in the upper circuit, and 349 in the lower circuit.

CG Power and Industrial Solutions board has approved fundraising via QIP upto ₹3,500 crore.

Company reported standalone net profit for the quarter ended September 2024 at ₹222.57 crore as against ₹355.24 crore in the corresponding quarter last year.

Shares plunge 5.85% on the NSE to trade at ₹771.05

UltraTech Cement Ltd on Monday reported a consolidated net profit of Rs 825.18 crore for the September quarter.

The leading cement maker posted a consolidated net profit of Rs 1,280.38 crore in the July-September period a year ago, the Aditya Birla group flagship firm said in a regulatory filing.

According to the company, due to the acquisition of an additional stake increasing its shares to 54.79 per cent in UAE-based Ras Al Khalmah Co. for White Cement & Construction Materials P.S.C. (RAKW), its results are not comparable to the preceding year’s corresponding period. - PTI

Solara Active Pharma Sciences reported consolidated net profit for the quarter ended September 2024 at ₹8.01 crore as against a loss of ₹17.06 crore in Sept 2023 quarter.

Shares rise 2.81% on the NSE to ₹832.90

Wendt (India) recorded its consolidated net profit for the quarter ended Sept 2024 at ₹10.69 crore as against ₹8.95 crore in the corresponding quarter last year.

Shares surge 3.82% on the NSE to ₹15,900

Crompton Greaves Consumer Electricals has launched LED Star Premion under B2C Lighting category.

Shares slip 0.98% on the NSE to ₹405.05

Retailers reported a sales growth of 5 per cent in September over the same period last year, as per the latest survey released by the Retailers Association of India. This was also higher than in August when retailers had reported a mere 2 per cent growth. The industry body said that with the start of the festival period, the industry hopes to garner better sales growth in the coming days after a lackluster growth period seen from April to September. It also said that survey findings revealed that consumers are willing to shell money in categories and products where they see value.

Vinyl Chemicals (India) has announced the appointment of Sayantan Mallick as Chief Financial Officer (CFO) of the Company w.e.f. 4th November, 2024

Swaraj Engines’ Q2 results

- Net Profit: ₹454M a growth of 20.7% YoY from ₹377M

- NPM : 9.87% vs 9.69% YoY

- NPM Growth: 1.8% 

- Revenue: ₹4.6B a growth of 17.9% YoY from ₹3.9B

- EBITDA : ₹628M a growth of 20.3% YoY from ₹521M

- EBITDA Margin: 13.54% vs 13.41% YoY

1. Capital Expenditure (Capex) Guideline: CEAT Ltd has announced that their annual capital expenditure will be around ₹1,000 cr to ₹1,050 cr. This means that the company plans to invest approximately ₹1,000 cr to ₹1,050 cr in their business operations, which could include expanding production capacity, upgrading technology, or entering new markets.

2. Capex Spend in Second Half: The company mentioned that they will spend a little more on capex in the second half of the year compared to the first half. This indicates that CEAT Ltd is planning to accelerate their investments in the latter part of the year, which could lead to increased production capacity or improved efficiency.

3. New Product Launches: CEAT Ltd has a strong pipeline of new SKUs (Stock Keeping Units) expected in the second half of the year, specifically in Q3 and Q4, for their non-specialty business. This means that the company is planning to launch new products in the market, which could help them increase their market share and revenue.

EKI Energy Services Limited (EKI) announced update in India’s carbon market with the Bureau of Energy Efficiency (BEE) releasing a list of approved offset sectors under the Carbon Capture and Trading System (CCTS). 

EKI Energy Services stock trades flat on the BSE at ₹293.85

Stanley Lifestyle: Mukul Mahavir Agrawal, an investor, has acquired a 1.58% stake in the company.

TD Power: The company has won an order worth ₹18 cr and expects a total business volume of ₹300 cr over the next 5 years.

Surana Solar: The company has reported a net profit of ₹3.3m in Q2, compared to a loss of ₹15m in the previous year. Revenue has also increased to ₹143m from ₹28m.

Spectrum Foods: The company projects a turnover of ₹100-110 cr and a profit of ₹28-35 cr by FY27-28. They also expect 3-4x revenue and 25-30x profit growth by FY27/28.

Best Agrolife: The company is excited about its strong product pipeline for Q3 and Q4 FY25 and plans to launch a patented herbicide and a new insecticide.

Maharashtra Scooters: The company’s Q2 revenue and net profit have decreased to ₹1.6b and ₹1.5b, respectively, from ₹2.06b and ₹1.98b in the previous year.

G E Shipping: The company has delivered its 2011-built Supramax dry bulk carrier, Jag Rani.

Meghna Infra: The company has received ISO 9001:2015 and ISO 14001:2015 certification, demonstrating its commitment to becoming a preferred luxurious real estate developer in Mumbai.

Active Clothing: The company is expanding its product portfolio by foraying into softline woven apparels.

MRO-Tek Realty: The company has procured a parcel of land in Candolim, North Goa, marking a significant step in its strategic expansion into the real estate sector.

Statements from Rajiv Bajaj and Bajaj Auto

1. Rajiv Bajaj’s Comments: Rajiv Bajaj, the promoter of Bajaj Auto, had made some comments earlier that were mistaken. He clarifies that promoters are actually buying stocks from the open market, which is a positive sign. He also feels that ₹20,000 is a fair value for Bajaj Auto’s stock.

2. Bajaj Auto’s Growth: Bajaj Auto clarifies that the company is growing at a rate that is 40% faster than the industry average. The company expects its growth to be closer to double digits by December.

In summary, Rajiv Bajaj has clarified his earlier comments, and Bajaj Auto is performing well, growing faster than the industry average, and expects to maintain double-digit growth by December. The promoters’ purchase of stocks from the open market is a positive sign, and Rajiv Bajaj believes that ₹20,000 is a fair value for the stock.

HDFC Bank came up with results for the quarter ended September 2024 on Saturday. The numbers were accompanied by an update that the board has approved the IPO of the subsidiary HDB Financial Services. It will be an OFS (offer for sale) of ₹10,000 crore plus a fresh issue of ₹2,500 crore. As per RBI’s mandate, the NBFC must be listed by September 2025.

Natural gas futures on the Multi Commodity Exchange (MCX) has dropped considerably so far in October. While the October contract (₹190 per mmBtu) has lost 22 per cent, the November series (₹232 per mmBtu) is down by 17 per cent so far this month. Read more

Digital engineering firm Mastek Limited announced today a strategic partnership with healthcare AI company Innovaccer to enhance value-based care delivery and patient experience. The collaboration combines Mastek’s digital engineering expertise with Innovaccer’s AI-powered Health Experience Platform. Read more

Get live updates on HDFC Bank share price movements here

Groww today reported revenues of Rs 3,145 cr for FY’23-24 (fiscal year ending March 31, 2024), 119% growth from FY’22-23 revenue of INR 1,435 Cr. Groww maintained its operational profitability of Rs535 crore for FY24 versus Rs458 crore for FY23. The company paid about Rs1,340 crore as a one-time tax on its domicile movement to India earlier this year. After paying tax, the company reported a net loss of Rs805 crore.

Bharti Airtel announced today it has become the first telecom operator to provide 5G connectivity across the newly inaugurated Mumbai Metro Line-3, connecting Bandra Kurla Complex (BKC) to Aarey. The service covers all ten stations on the underground metro line, also known as the Aqua Line. The shares of Bharti Airtel Limited were trading at ₹1,683.30 down by ₹24.55 or 1.44 per cent on the NSE today at 1.05 pm.

The telecom giant has deployed dedicated in-building solutions at each underground station along the 33.5-kilometer route to ensure uninterrupted mobile connectivity for commuters. The network enhancement spans key transit points, including Terminal 2 airport and Santacruz. Read more

The government will extend the regional air connectivity scheme UDAN for 10 more years, Civil Aviation Minister K Rammohan Naidu said on Monday. 

UDAN has led to the birth and growth of regional airlines, generation of jobs and contribution to tourism, the minister said at a function in the national capital to mark eight years of the scheme.

As many as 601 routes and 71 airports have been operationalised under the regional air connectivity scheme. Read more

Siyaram Recycling Industries Limited announced today that it has received a purchase order worth $750,000 (approximately ₹6.30 crore) from Hong Kong-based Greenland Trading Pvt. Ltd. for 125 tonnes of brass billets. Read more

Indian benchmark indices reversed early gains to trade lower in Monday’s afternoon session, with broader markets witnessing increased selling pressure despite positive opening cues. The BSE Sensex fell 197.70 points or 0.24 per cent to 81,027.05, while the Nifty50 declined 109.60 points or 0.44 per cent to 24,744.45 at 12:30 PM IST. The broader market weakness was more pronounced in the Nifty Next 50, which dropped 768.05 points or 1.03 per cent to 73,520.05.

Market breadth remained significantly negative with 2,654 stocks declining versus 1,250 advances on the BSE. The exchange reported 231 stocks hitting 52-week highs, while 53 touched their 52-week lows.

HDFC Bank emerged as the top gainer, rising 3.30 per cent after reporting a 5 per cent increase in quarterly profits. Other notable gainers included Bajaj Auto gaining 3.15 per cent, Asian Paints up 1.12 per cent, Tech Mahindra adding 0.76 per cent, and Eicher Motors advancing 0.74 per cent. 

Emkay Global Financial Services Ltd appoints Sujit Kadakia as Chief Business Officer. Kadakia has over two decades of experience, and joins Emkay Global Financial Services from Société Générale Securities India Private Limited, where he served as Managing Director and CEO turned Co-Head of the India Office.

Veranda Learning Solutions announced today its higher education division will offer two new professional courses in collaboration with the University of Technology Sydney (UTS). The programs, focusing on Digital and Social Media Marketing and Business Analytics, are set to commence in January 2025. Read more

A consortium led by Gensol Engineering Limited and Matrix Gas & Renewables has been awarded a contract to develop India’s first green hydrogen-powered steel facility, the companies announced Monday. The project, estimated to cost ₹321 crore ($38.5 million), will receive 50% capital expenditure support from the Government of India. Read more

Tech Mahindra shares gained over 3 per cent and hit a 52-week high on the BSE at ₹1,761.30 after opening ₹1,749.95. The surge followed strong Q2 FY25 earnings that showed a 153.1 percent year-on-year consolidated net profit growth. Read more

Top gainers: HDFC Bank (3.14%), Bajaj Auto (2.78%), Asian Paints (0.97%), Tech Mahindra (0.84%), Eicher Motors (0.78%)

Top losers: Tata Consumer Products (-7.36%), Kotak Mahindra (-5.75%), BPCL (-3.37%), IndusInd (-3.18%), Bajaj Finserv (-2.35%)

Of 4,002 stocks traded on the BSE at 12 noon on October 21, 1,323 advanced against 2,532 stocks that declined, and 147 remained unchanged. While 226 stocks recorded a 52-week high, 51 hit a 52-week low. A total of 278 stocks traded in the upper circuit, and 272 in the lower circuit.

Mastek announces partnership with Innovaccer, a leading healthcare AI company. This collaboration will help recalibrate Mastek’s extensive healthcare focus by integrating Innovaccer’s expertise in data, customer experience, AI, and analytics, enhancing service offerings, and delivering significant impact through a focused value-based care model.

Mastek shares declined 3.80% on the NSE to ₹2,902.95

Godrej Properties Ltd (GPL) has acquired approximately 3 acres of land in Vastrapur, Ahmedabad, to develop premium residential apartments with an estimated booking value of ₹1,300 crore.

The shares of Godrej Properties ,Ltd (GPL) were trading at ₹3,149.15, up by ₹15.50 or 0.49 per cent, on the NSE today at 11.40 am. 

The project, located in West Ahmedabad’s upscale Vastrapur area, is expected to offer 0.9 million square feet of saleable area. The site’s strategic location provides access to key institutions including IIM Ahmedabad, healthcare facilities, and commercial hubs like Navratna Business Park.

Bharti Airtel to provide uninterrupted 5G connectivity across the ten new stations of the newly inaugurated Mumbai Metro Line-3, also known as the Aqua Line

Shares trade 1.43% lower on the NSE at ₹1,683.50

Siyaram Recycling Industries receives purchase order for 125 tonne of Brass Billet from Greenland Trading Pvt. Ltd, Hong Kong for $7,50,000 (approximately ₹6.30 crore) Siyaram Recycling Industries stock trades 2.89% higher on the BSE at ₹168.90

The Great Eastern Shipping Company has delivered its 2011 built Supramax Dry Bulk Carrier “Jag Rani” to the buyers. The vessel was contracted for sale in August 2024. 

Shares trade flat on the NSE at ₹1,259.20

RattanIndia Enterprises’ subsidiary Neobrands Limited launched Akkord, a new musical instruments brand, on Monday with products priced as low as ₹1,799. Read more

Bank Nifty opened today’s session at 52,361 versus yesterday’s close of 52,094. The index is now hovering around 52,150, up 0.1 per cent. The advance/decline ratio stands at 5/7, giving the index a marginal bearish bias. HDFC Bank, up 3.4 per cent, is the top gainer whereas Kotak Mahindra Bank, down 6.2 per cent, is the top loser.

Nifty Private Bank has lost 0.9 per cent whereas Nifty PSU Bank is down 0.4 per cent. So, broadly, the private banks are underperforming the public sector peers.​ Read more​

Adar Poonawalla-led Serene Productions has picked up 50 per cent stake in Karan Johar’s Dharma Productions and Dharmatic Entertainment for Rs 1000 crore

Karan Johar will continue as the Executive Chairman will spearhead the company’s creative vision, while Apoorva Mehta, in his role as the Chief Executive Officer.

Tech Mahindra shares rose 2.35% on the NSE to ₹1,727.55 post Q2 results. The company reported a 153.1 per cent year-on-year jump to Rs 1,250 crore in its consolidated net profit for the July-September quarter.

Nifty 50, the benchmark index, began today’s session with a gap-up at 24,956 versus yesterday’s close of 24,854. However, it started falling after opening and is now at 24,750, down 0.4 per cent. Read more

Crude oil futures traded higher on Monday morning as China lowered its key lending rates to boost its economy. At 9.56 am on Monday, December Brent oil futures were at $73.45, up by 0.53 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $69.14, up by 0.66 per cent.

Track live updates on HDFC Bank here

Indian equity markets opened higher on Monday, with the Sensex starting at 81,770.02 and Nifty at 24,956.15, as positive global cues and strong quarterly results from major companies boosted investor sentiment.

Veranda HigherEd, a Veranda Learning enterprise, has launched two modern short courses in partnership with the University of Technology Sydney (UTS), Australia, for working professionals in India 

Veranda Learning shares were up 1.72% on the NSE to ₹274.90

United Arab Emirates’ Lulu Group International, which runs one of the Middle East’s biggest hypermarket chains, plans to sell a 25% stake in its Abu Dhabi initial public offering, Khaleej Times reported on Monday, citing a prospectus. Read more

Optival Health Solutions Private Limited, the subsidiary company of MedPlus Health Services, has received one suspension order of Drug License for a store situated at Guntur, Andhra Pradesh.

MedPlus shares trade flat on the NSE at ₹683.95

Top gainers: Tech Mahindra (3.16%), HDFC Bank (2.80%), SBI Life (1.58%), HDFC Life (1.40%), Asian Paints (1.15%)

Top losers: Tata Consumer Products (-6.70%), Kotak Mahindra (-3.66%), BPCL (-1.88%), Bharti Airtel (-1.46%), IndusInd (-1.27%)

Large-size private banks, including HDFC Bank, Axis Bank and Kotak Mahindra Bank, have seen a de-growth in their corporate loan book in Q2FY25, largely due to pricing issues and as lenders target higher yielding corporate bonds and other small and medium enterprises (SME) loans, senior bankers say. Read more

Crude oil futures traded higher on Monday morning as China lowered its key lending rates in an effort to boost its economy. At 9.21 am on Monday, December Brent oil futures were at $73.33, up by 0.37 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $69.03, up by 0.49 per cent. October crude oil futures were trading at ₹5844 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5855, down by 0.19 per cent, and November futures were trading at ₹5828 against the previous close of ₹5839, down by 0.19 per cent.

Deepak Builders & Engineers India plans to raise ₹260 crore through an initial public offering (IPO), which will open for subscription on Monday.

The ₹4,321.44-crore IPO of Waaree Energies opens today for public subscription. The company has set a price band of ₹1,427-1,503 for the IPO that will close on October 23. The minimum lot size is nine shares. 

Ex-Dividend 22 Oct 2024 (Tomorrow)

Last date for Cum-Dividend Today

Gopal Snacks Ltd

Dividend Per Share Rs. 1

Previous day Closing Price – Rs. 472

HCL Technologies Ltd

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 1,858

Citi on Polycab: Maintain Buy on Company, raise target price at Rs 8600/Sh (Positive) 

CLSA on Zee Ent: Upgrade to Outperform on Company, raise target price at Rs 170/Sh (Positive) 

JP Morgan on Ultratech: Initiate Overweight on Company, target price at Rs 13750/Sh (Positive) 

JP Morgan on ACC: Initiate Overweight on Company, target price at Rs 3020/Sh (Positive) 

Nuvama on Gravita: Initiate Buy on Company, target price at Rs 3475/Sh (Positive) 

MOSL on Raymond Life: Initiate Buy on Company, target price at Rs 3200/Sh (Positive) 

Investec on Tech M: Maintain Buy on Company, raise target price at Rs 1726/Sh (Positive) 

PL on DOMS: Maintain Buy on Company, target price at Rs 3349/Sh (Positive) 

GS on HDFC Bank: Maintain Buy on Bank, target price at Rs 2156/Sh (Positive) 

Bernstein on HDFC Bank: Maintain Outperform on Bank, target price at Rs 2100/Sh (Positive) 

MOSL on HDFC Bank: Maintain Buy on Bank, target price at Rs 2050/Sh (Positive) 

JP Morgan on HDFC Bank: Maintain Neutral on Bank, target price at Rs 1750/Sh (Neutral) 

Investec on HDFC Bank: Maintain Hold on Bank, raise target price at Rs 1650/Sh from Rs 1625/Sh (Neutral) 

GS on Kotak Bank: Maintain Buy on Bank, target price at Rs 2286/Sh (Positive) 

Investec on Kotak Bank: Maintain Buy on Bank, cut target price at Rs 2185/Sh from Rs 2300/Sh (Neutral) 

Bernstein on Kotak Bank: Maintain Market perform on Bank, target price at Rs 1750/Sh (Neutral) 

MOSL on Kotak Bank: Maintain Neutral on Bank, target price at Rs 1950/Sh (Neutral) 

Macquarie on ICICI Lombard: Maintain Neutral on Company, target price at Rs 2000/Sh (Neutral) 

Jefferies on Tata Consumer: Maintain Neutral on Company, cut target price at Rs 1170/Sh (Neutral) 

MS on Tata Consumer: Maintain Overweight on Company, cut target price at Rs 1273/Sh (Neutral) 

BofA on Zomato: Maintain Buy on Company, target price at Rs 325/Sh (Neutral) 

Jefferies on Zomato: Maintain Buy on Company, target price at Rs 335/Sh (Neutral) 

JP Morgan on Ambuja: Initiate Neutral on Company, target price at Rs 590/Sh (Neutral) 

JP Morgan on Shree Cem: Initiate Neutral on Company, target price at Rs 27125/Sh (Neutral) 

JP Morgan on Dalmia Bharat: Initiate Underweight on Company, target price at Rs 1550/Sh (Neutral) 

MS on MCX: Maintain Underweight on Company, target price at Rs 3245/Sh (Neutral) 

JP Morgan on RBL Bank: Maintain Neutral on Bank, target price at Rs 225/Sh (Neutral) 

Jefferies on India Mart: Maintain Underperform on Company, cut target price at Rs 2540/Sh (Neutral) 

CLSA says reduction in supply of legacy gas will test pricing power for City Gas stocks , adding that delay in price hikes or gradual price hikes may keep uncertainty alive (Neutral) 

Nuvama on India Mart: Downgrade to Reduce on Company, cut target price at Rs 2500/Sh (Negative) 

Investec on RBL Bank: Downgrade to Hold on Bank, cut target price at Rs 230/Sh (Negative) 

IIFL on RBL Bank: Maintain Add on Bank, cut target price at Rs 195/Sh (Negative)

Domestic markets are expected to open on a flattish note amid mixed global cues. The focus has now shifted to corporate results amidst heavy selling by foreign portfolio investors.

The outlook for the market will be guided by the major domestic and global economic data such as India Nikkei S&P Global Manufacturing PMI (Oct), India Nikkei Services PMI (Oct), India RBI MPC Meeting Minutes, US Initial Jobless Claims, US Manufacturing PMI (Oct), US Services PMI (Oct), US S&P Global Composite PMI (Oct), UK Composite PMI (Oct), said Palka Arora Chopra, Director of Master Capital Services Ltd. 

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1. GNFC 2. GRANULES 3. HINDCOPPER 4. IDFCFIRSTB 5. AARTIIND 6. PNB 7. BSOFT 8. SAIL 9. CHAMBLFERT 10. IEX 11. NATIONALUM 12. TATACHEM 13. BANDHANBNK 14. LTF

ADDITION : AARTIIND, BSOFT

DELETION : MANAPPURAM, RBLBK

Neutral, TP cut to Rs 225

2Q PAT at Rs2.2bn (-24% y/y; ROE: 6%) well below JPMe driven by a sharp rise in provisioning from higher unsecured delinquencies

Bk noted higher stress on its credit cards & MFI book 

Expect growth to remain below guidance in FY25

CITI ON RBL BANK 

BUY

TP Rs255 from Rs281

Credit card, MFI woes slash earnings / growth below expectations

ROA/ROE was much below guided level leading to sharp earnings miss

Higher SMA pool in MFI & spill over of credit card stress, credit cost is underwhelming

Factoring in unsecured stress, NIM pressure and lower than guided growth

We cut earnings estimates by 15%/12%/9% for FY25E/26E/27E

Valuations at 0.7x FY26E book is at steep discount factoring sub-par RoA/RoE profile.

INVESTEC ON RBL BANK

* Downgrade to Hold from Buy; Cut TP to Rs 230 from Rs 300

* NII/RoAs miss ests on the back of interest reversals/spike in provisioning

* Growth remains muted as the bank dials down disbursals in core verticals

* MFI stress rises on the back of over- a leveraging/attrition in collection staff

* Credit card delinquencies increase on account of change in collection processes

Hind Rectifier: Company Secured Orders of Approx Rs. 73 Cr from Indian Railways. (Positive) 

Refex Renewables: Company gets contracts for setting-up of 100-mw solar project from NTPC, project cost Rs 4.8 billion. (Positive) 

Dodla Dairy: Company acquires 35.23 acres of land in Maharashtra for expansion plans (Positive) 

Hindustan Zinc: Company says see better operational performance in H2, expansion of 2 MTPA of production capacity seems feasible (Positive) 

Garden Reach Shipbuilders: Company receives Letter of Intent for Rs 491 Cr contract to design and deliver Acoustic Research Ship (Positive) 

JSW Steel: Company board approved acquisition of 100% equity interest in Thyssenkrupp electrical steel India. (Positive) 

Alembic Pharma: Company receives USFDA approval for Diltiazem Hydrochloride extended-release capsules (Positive) 

MOIL: Company and MPSMCL sign draft JV Agreement for exploration and mining activities (Positive) 

Life Insurance Stocks: GST Council’s GoM reaches consensus on providing exemptions for life and health insurance policies (Positive) 

PTC Industries: Company to acquire 100% stake in UK-based Trac Precision Solutions (Positive) 

G R Infraprojects: Company secures Rs 200 Cr Tarakote - Sanjichhat Ropeway project (Positive) 

Godrej Properties: Company said it has acquired a 3-acre land parcel in Vastrapur, Ahmedabad (Positive) 

JM Financial: RBI, with immediate effect, lifted the restrictions imposed by it on JM Financial products Ltd, a material subsidiary of the Company (Positive) 

HDFC Bank: Board approved the Offer for Sale of equity of upto ₹10,000 cr from HDB Financials during IPO (Positive) 

India Mart: Net Profit at Rs 135.1 cr vs Net Profit Rs 69.1 cr (YoY) , Revenue at Rs 348 vs Rs 295 cr. (YoY) (Positive) 

Lloyds Eng: Net Profit at Rs 27.8 cr vs Net Profit Rs 18.7 cr (YoY) , Revenue at Rs 212 vs Rs 122 cr. (YoY) (Positive) 

Mastek: Net Profit at Rs 130 cr vs Net Profit Rs 71.5 cr (QoQ) , Revenue at Rs 870 vs Rs 810 cr. (QoQ). (Positive) 

Indo Star Capital: Net Profit at Rs 32 cr vs Net Profit Rs 25 cr (YoY) , Revenue at Rs 352 vs Rs 308 cr. (YoY). (Positive) 

Ashapuri Gold: Net Profit at Rs 3.4 cr vs Net Profit Rs 1.9 cr (YoY) , Revenue at Rs 86 vs Rs 44 cr. (YoY). (Positive) 

Tech Mahindra: Net Profit at Rs 1250 cr vs Net Profit Rs 851.5 cr(QoQ) , Revenue at Rs 13,313 vs Rs 13,005 cr. (QoQ) (Positive) 

Jio Financial: Net Profit at Rs 689 cr vs Net Profit Rs 313 cr (QoQ) , Revenue at Rs 694 vs Rs 418 cr. (QoQ). (Positive) 

Tejas Network: Net Profit at Rs 275 cr vs Net loss Rs 13 cr (YoY) , Revenue at Rs 2695 vs Rs 396 cr. (YoY). (Positive) 

Sarveshwar Foods: Net Profit at Rs 8.1 cr vs Net Profit Rs 4.8 cr (YoY) , Revenue at Rs 271 vs Rs 205 cr. (YoY) (Positive) 

NetWeb Technologies: Net Profit at Rs 26 cr vs Net Profit Rs 15 cr (YoY) , Revenue at Rs 251 vs Rs 144 cr. (YoY) (Positive) 

Ganesh Housing: Net Profit at Rs 160 cr vs Net Profit Rs 86 cr (YoY) , Revenue at Rs 202 vs Rs 120 cr. (YoY) (Positive) 

MCX: Net Profit At ₹153.6 Cr Vs Loss Of ₹19.1 Cr, Revenue Up 73% At ₹285.6 Cr Vs ₹165.1 Cr (YoY) (Positive) 

UCO Bank: Net Profit at Rs 603 cr vs Net Profit Rs 402 cr (YoY), NII at Rs 2300 vs Rs 1917 cr. (YoY) (Positive) 

Punjab & Sind Bank: Net Profit at Rs 240 cr vs Net Profit Rs 189 cr, NII up 29.3% YoY (Positive) 

Canara Bank: Bank of Tanzania approves sale of assets & liabilities of Canara Bank Tanzania to Exim Bank Tanzania & eventual winding up of Canara Bank Tanzania. (Neutral) 

Kotak Bank: Enters into a definitive agreement with Standard Chartered Bank, India for Acquisition of its Personal Loan book. (Neutral) 

ICICI Lombard: Net Profit at Rs 694 cr vs Net Profit Rs 577 cr (YoY), Gross Premiums at Rs 6948.3 vs Rs 6272.3 cr. (YoY) (Neutral) 

Oberoi Realty: Net Profit at Rs 590 cr vs Rs 456 cr (YoY) , Revenue at Rs 1273 vs Rs 1217 cr. (YoY) (Neutral) 

Rossari: Net Profit at Rs 35.3 cr vs Rs 32.9 cr

(YoY) , Revenue at Rs 498 vs Rs 483 cr. (YoY) (Neutral) 

L&T Fin: Net Profit at Rs 696 cr vs Rs 594 cr (YoY) , Revenue at Rs 3654 vs Rs 3168 cr. (YoY) (Neutral) 

Tata Consumer: Net Profit at Rs 359 cr vs poll of Rs 337.3 cr, Revenue at Rs 4214 vs poll of Rs 4320 cr. (Neutral) 

Benares Hotels: Net Profit at Rs 7.2 cr vs Net Profit Rs 6.8 cr(YoY) , Revenue at Rs 24.47 vs Rs 25.90 cr. (YoY) (Neutral) 

Ksolves India: Net Profit at Rs 9.2 cr vs Net Profit Rs 8.2 cr(YoY) , Revenue at Rs 34.8 vs Rs 26.0 cr. (YoY) (Neutral) 

Jindal Saw: Net profit at Rs 499 cr vs Net Profit Rs 377 cr (YoY) , Revenue at Rs 5572 vs Rs 5466 cr. (YoY) (Neutral) 

Kesoram: Net loss at Rs 24.0 cr vs Net loss Rs 27.0 cr (YoY) , Revenue at Rs 58.7 vs Rs 59.9 cr. (YoY) (Neutral) 

Kotak Mahindra: Net Profit at Rs 3344 cr vs poll of Rs 3513 cr, NII at Rs 7020 vs poll of Rs 6997 cr. (Neutral) 

HDFC Bank: Net Profit at Rs 16821 cr vs poll of Rs 16267 cr, NII at Rs 30113.9 vs poll of Rs 30097 cr. (Neutral) 

RBL Bank: Net Profit at Rs 222.5 cr vs poll of Rs 278.3 cr, NII at Rs 1615 vs poll of Rs 1664.7 cr. (Neutral) 

Lehar Footwear: Company secures Rs 8.46 crore financial assistance under Indian Footwear and Leather Development Programme. (Neutral) 

Ksolves India: Company declares 2nd interim dividend of Rs 8 per share (Neutral) 

Frog Cellsat: Company wins third major Onedas contract in last 3 months for Navi mumbai international airport, valued over Rs 16 Cr+ (Neutral) 

Asian Paints: Record date for interim dividend set for November 19 (Neutral) 

Vedanta: Company to invest Rs 1 trillion in Odisha (Neutral) 

Max Healthcare: Board approves voluntary liquidation of step-down wos subsidiary (Neutral) 

JSW Energy: Company to acquire 125 MW wind energy capacity from Hetero Group for Rs 630 crore (Neutral) 

Tech Mahindra: Q2 Announces interim dividend of Rs 15 for second quarter. (Neutral) 

IRB Infrastructure: Company issues US$200 million senior secured notes. (Neutral) 

Megasoft: Company approves amalgamation of Sigma Advanced Systems into Megasoft. (Neutral) 

Wipro: Company incorporates Wipro Life Science Solutions, LLC as step-down subsidiary to explore new pharma services. (Neutral) 

PG Electroplast: Company board approves raising up to Rs 1,500 crore via QIPs. (Neutral) 

MRPL: Net loss at Rs 696.9 cr vs Net Profit Rs 73.22 cr (QoQ) , Revenue at Rs 24,968 vs Rs 23,247 cr. (QoQ) (Negative) 

Dalmia Bharat: Net profit at Rs 49 cr vs Net Profit Rs 123 cr (YoY) , Revenue at Rs 3087 vs Rs 3153 cr. (YoY) (Negative) 

Star Cement: Vinit Kumar Tiwari resigns as CEO of the Company w.e.f. October 18 (Negative) 

Seshasayee: Net profit at Rs 28 cr vs Net Profit Rs 73 cr (YoY) , Revenue at Rs 398 vs Rs 362 cr. (YoY) (Negative)

https://play.google.com/store/apps/details?id=com.intelegain.rb

Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 07:23 AM Monday 21 October 2024

Can set alert for them at www.researchbytes.com 

9:30 AM Dalmia Bharat

Dial: +91 22 6280 1536

Weblink: https://tinyurl.com/wtuftrrv

11:00 AM Jindal Saw

Dial: +91 22 6280 1143 

Weblink: https://tinyurl.com/2fwwm92a

11:00 AM L and T Finance Hol

Dial: +91 22 6280 1486

Weblink: https://tinyurl.com/ak5ym9t3

12:00 PM Ksolves India

(Results)

Weblink: https://tinyurl.com/43hnmcvm

12:00 PM Ganesh Housing

(Results)

Dial: +91 22 6280 1557

Weblink: https://tinyurl.com/4u2s4ht2

12:30 PM Indostar Cap

Dial: +91 22 6280 1550 

Weblink: https://tinyurl.com/3ea6b5ny

1:00 PM Best Agrolife

(Press Release )

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/yc3kfnmb

(Hosted by Adfactors)

3:00 PM UCO Bank

Weblink: https://tinyurl.com/4jzhtje2

3:30 PM Punjab and Sind

Weblink: https://tinyurl.com/yphzm964

3:30 PM Netweb Technolo

Dial: +91 22 6280 1259 

Weblink: https://tinyurl.com/59s894us

3:30 PM SOLARA ACTIVE P

Dial: +91 22 6280 1346 

Weblink: https://tinyurl.com/s9p4uk6z

4:00 PM Elecon Eng

(Results, Press Release )

Dial: +91 22 6280 1146

Weblink: https://tinyurl.com/3deha5x2

4:00 PM CG Power

Dial: +91 22 6280 1259

Weblink: https://tinyurl.com/mjpy525a

4:00 PM UltraTechCement

Dial: +91 22 6280 1286

Weblink: https://tinyurl.com/5czu9nfy

4:00 PM MCX India

Dial: +91 22 6280 1385

4:00 PM Frog Cellsat

Dial: 044 4770 2488

4:30 PM Jana Small Fin

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/yuyhb2s6

5:00 PM Rossari

Dial: + 91 22 6280 1141 

Weblink: https://tinyurl.com/45cjhje3

5:30 PM Cyient DLM Ltd

Dial: +91 22 7115 8814

Weblink: https://tinyurl.com/9cvs64we

6:15 PM Bajaj Housing Finance Ltd

Dial: +91 22 7195 0000

Weblink: https://tinyurl.com/2u3zhvdh

HDFC Bank : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311661

Tech Mahindra : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311659

Kotak Mahindra : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311660

RBL Bank : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311658

Tejas Networks : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311632

TATA Cons. Prod : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311633

Onward Tech : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311634

ICICIGI : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311643

Mastek : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311607

HindZinc : (replay)

https://www.researchbytes.com/webcast.aspx?WID=311605

Results today …

https://www.researchbytes.com/Default.aspx?cc=result

Recent interviews …

https://www.researchbytes.com/Default.aspx?cc=interview

Replays available at www.researchbytes.com

China cut benchmark lending rates as anticipated at the monthly fixing on Monday, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy.

The one-year loan prime rate (LPR) was lowered by 25 basis points to 3.10% from 3.35%, while the five-year LPR was cut by the same margin to 3.6% from 3.85% previously.

The lending rates were last cut in July.

People’s Bank of China (PBOC) Governor Pan Gongsheng told a financial forum last week lending rates will decrease by 20 to 25 basis points on Oct. 21.

•Fixed Income

The New 10-Year Benchmark GOI 6.79 2034 traded between 6.71% - 6.77% during the week ending on 18th Oct 2024.

The Old 10-Year Benchmark GOI 7.10 2034 traded between 6.75% - 6.82% during the week ending on 18th Oct 2024, tracking movement involved around Crude Oil, US Treasury Yields and Inflation data.

•Auction Highlights

RBI conducted the Auction for G-sec, SDL, and T-bills for the aggregated amount of INR 33,000 Crore, INR 13,050 and INR 19,000 Crore, respectively. 

G-sec Cutoff: 

7.02% GS 2031: 101.33/6.7662%\u0009\u0009\u0009\u0009

7.23% GS 2039: 103.37/6.8590%

7.09% GS 2054: 101.35/6.9806%\u0009\u0009\u0009

SDL Cutoff: 

03 Years: GJ 6.82%

08 Years: UP 7.08%\u0009

10 Years: HP 7.08%, KR 7.08%, PD 7.09%

11 Years: KR 7.09%, RJ 7.09%

20 Years: PN 7.11%

21 Years: TS 7.11%

Re-issue of 7.25% Puducherry SDL 2032 issued on January 25, 2017 at 101.00/7.0690\u0009

Re-issue of 7.65% Rajasthan SGS 2033 issued on January 25, 2023 at 103.44/7.0907 

T-Bill Cutoff:

091 Days: INR 7000 Crore 98.4170/6.4515%

182 Days: INR 6000 Crore 96.8376/6.5493%

364 Days: INR 6000 Crore 93.8739/6.5438%\u0009

•Commodities:

1)Brent Crude Oil: $72.50-$78.55 (Per barrel)

2)Gold: INR 7,740-INR 7,811 24 Carat (1 Gram)

3)Silver: INR 96,000-INR 99,000 (1 KG)

•US Treasury Yield: 

1)US 2 Years Treasury: 3.91%-4.01%

2)US 5 Years Treasury: 3.82%-3.91%

3)US 10 Years Treasury: 3.99%-4.1%

•Corporate Bond Highlights

1)AAA 3 Years Bond traded between 7.40%-7.45% this week.

2)AAA 5 Years Bond traded between 7.35%-7.40% this week.

3)AAA 10 Years Bond traded between 7.25%-7.30% this week

•News Highlights

INDIA

1)India’s retail inflation rose to 5.49% in September, driven by higher vegetable prices and a lower year-ago base, surpassing the Reserve Bank of India’s (RBI) 4% medium-term target for the first time since July. This increase follows a five-year low of 3.65% in August.

2)The food inflation, which accounts for around half of the overall CPI basket, jumped to 9.24 per cent in September from 5.66 per cent in the previous month, the data showed. The inflation rate for vegetables grew 35.99 per cent in August as against 10.71 per cent in the previous month, while pulses & products inflation eased to 9.81 per cent as against 13.6 per cent in August.

3)Rural inflation quickened to 5.87 per cent as against 4.16 per cent in August, whereas urban inflation accelerated to 5.05 per cent as compared to 3.14 per cent in the previous month.

4)India’s wholesale inflation rose to 1.84% in September from 1.31% in August, driven by changes in the Wholesale Price Index covering primary articles, fuel, and manufactured products. The RBI’s MPC retained the repo rate and adjusted inflation projections, maintaining a neutral stance amidst varied inflation and growth trends.

5)India’s forex reserves contracted by $10.7 billion to $690 billion as of October 11, with foreign currency assets reducing by $10.5 billion to $602 billion. Gold reserves and SDRs also saw a dip, while the RBI continues managing market volatility to prevent steep rupee depreciation.

6)India’s merchandise trade deficit narrowed to a five-month low of $20.78 billion in September as imports grew at the slowest pace in six months and exports rose marginally after two months of decline, the official data showed. The trade deficit, or the gap between imports and exports, had widened to a 10-month high of $29.65 billion in August. Goods worth $55.36 billion were imported last month, up 1.62 per cent compared to the year-ago period, amid softening global petroleum prices. In September, exports rose by 0.5 per cent to $34.58 billion due to muted global demand amid geopolitical challenges, according to the data.

7)According to Primedatabase, in H1FY25, funds raised by NBFCs from debt capital markets totaled to Rs 3.23 trillion, up 3.11 per cent year-on-year (Y-o-Y) during the same period last year. In 2024 so far (upto September), this number adds up to Rs 5.09 trillion, up almost 4 per cent Y-o-Y.

8)India’s GDP is expected to grow at 6.95% in the current financial year, which is about 25 basis points (bps) lower than the Reserve Bank of India’s (RBI) forecast, according to a note by the Centre for Monitoring Indian Economy (CMIE).

9)At the India Credit Forum hosted by Bloomberg, RBI Governor Shaktikanta Das addressed key economic concerns, stating that inflation in October is expected to remain sticky but may ease in November and December, although upside risks persist. He emphasized that the RBI is not behind the curve on policy rates and the upcoming December decision will hinge on the inflation outlook rather than external factors like U.S. elections. Das clarified that the RBI doesn’t manage exchange rates but responds to market demand and supply, countering market assumptions. Regarding growth, he highlighted that India, as a large economy, must rely on multiple growth levers, not solely manufacturing or services. He also noted the need for more institutional investors, especially Foreign Institutional Investors (FIIs), in India’s bond markets, where only 15% of the allocated space is currently utilized. However, FIIs’ biggest hurdle remains the complex KYC process and UBO declarations, which are constrained by FATF regulations.

10)The mutual fund industry AUM hit an all-time high of Rs 67.90 lakh crore in September, led by net inflows across open-ended categories and mark-to-market (MTM) gains in the equity market. The industry’s AUM increased from Rs 66.70 lakh crore in August, reflecting growth of Rs 0.39 lakh crore or 0.58% over the previous month, according to a monthly note by the Association of Mutual Funds in India (AMFI).

WORLD

1)OPEC said in its monthly report that the world oil demand will rise by 1.93 million barrels per day (bpd) in 2024 -106,000 barrels per day less previously estimated, or the growth of 2.03 million bpd it expected last month.

2)As of October 17, 2024, the US initial jobless claims were 241,000, which is a 7.31% decrease from the previous week and a 14.22% increase from one year ago.

3)The price index for US exports fell 2.1% year-on-year in September, the largest 12-month decrease since January 2024. This was due to lower prices for nonagricultural exports, which more than offset higher agricultural export prices. The price index for US imports fell 0.1% year-on-year in September. This was due to cheaper energy products.

4)Retail Sales in the United States increased 1.7% year-on-year in September 2024, the smallest yearly gain since January, following an upwardly revised 2.2% rise in August. Retail Sales YoY in the United States averaged 4.74 percent from 1993 until 2024, reaching an all-time high of 52.50 percent in April of 2021 and a record low of -19.90 percent in April of 2020.

5)Industrial Production in the United States decreased 0.6% year-on-year in September 2024, the biggest decline in five months, following a downwardly revised 0.2% fall in August. Mining sank 2.2% and manufacturing contracted 0.5% while production of utilities increased 0.6%.

6)The United States saw a 0.5% year-on-year decline in manufacturing production in September 2024, following a downwardly revised flat reading in August. Over the long term, U.S. manufacturing production has averaged 3.56% from 1920 to 2024, with an all-time high of 67.90% in July 1933 and a record low of -39.40% in February 1946.

7)The United Kingdom’s (UK) ILO Unemployment Rate eased to 4.0% in the three months to August, following July’s 4.1% reading, the data published by the Office for National Statistics (ONS) showed. Additional details of the report showed that the number of people claiming jobless benefits increased by 27.9K in September, compared with a gain of 23.7K in August, missing the expected 20.2K print.

8)The annual inflation rate in the UK fell to 1.7% in September 2024, the lowest reading since April 2021 and driven down by lower airfare and petrol prices, compared to 2.2% in each of the previous two months and forecasts of 1.9%. Meanwhile the core inflation rate fell to 3.2% from 3.6% in the previous months.

9)In the UK, producer input prices fell by 2.3% in September 2024, further declining from a revised decrease of 1.0% in August, while producer output (factory gate) prices dropped by 0.7%, down from a revised increase of 0.3% in the previous month. On a monthly basis, input prices decreased by 1.0%, and output prices fell by 0.5% in September 2024. In contrast, UK services producer prices rose by 3.3% in the year to Quarter 3 (July to September) 2024, slightly up from a revised increase of 3.2% in Quarter 2 (April to June).

10)The Retail Price Index in the United Kingdom advanced by 2.7% year-on-year in September 2024, easing from a 3.5% rise in the previous month and below market expectations of a 3.1% gain. On a monthly basis, the RPI fell by 0.3%, reversing from a 0.6% increase in the prior period and compared to market forecasts of a 0.1% rise.

11)The Governing Council decided to lower the three key ECB interest rates by 25 basis points. Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 3.25%, 3.40% and 3.65% respectively, with effect from 23 October 2024.

12)The euro area annual inflation rate was 1.7% in September 2024, down from 2.2% in August. A year earlier, the rate was 4.3%. European Union annual inflation was 2.1% in September 2024, down from 2.4% in August. The core inflation rate in the Eurozone was 2.7% in September 2024, down from 2.8% in August 2024.

13)The Euro Area recorded a trade surplus of 4583.60 EUR Million in August of 2024. Balance of Trade in Euro Area averaged 5584.95 EUR Million from 1999 until 2024, reaching an all-time high of 29946.10 EUR Million in July of 2015 and a record low of -55033.30 EUR Million in August of 2022.

14)Japan’s trade balance shifted to a deficit of JPY 294.24 billion in September 2024 from a surplus of JPY 60.56 billion in the same month a year earlier. It was the third straight month of a trade gap, coming in worse than market forecast of a shortfall of JPY 237.6 billion, with exports unexpectedly shrinking while imports grew. Sales declined by 1.7% to JPY 9,038.20 billion, marking the first drop since November 2023 and missing consensus of a 0.5% rise. Meantime, imports rose 2.1% to JPY 9,332.55 billion, pointing to the sixth straight month of expansion but falling short of estimates of 3.2%.

15)Japanese inflation slowed in September with prices up 2.4 percent on-year, not including volatile fresh food, official data showed Friday. The core Consumer Price Index eased from 2.8 percent to 2.4% percent in August as the pace of increase in electricity and gas prices relented, the internal affairs ministry said.

16)China’s debt-to-GDP ratio hit a jaw-dropping 366% in Q1 2024, a new all-time high. Since the 2008 Financial Crisis, the ratio has doubled. To put this differently, for 1 unit of GDP, the Chinese economy has produced 3.66 units of debt burden.

17)China recorded a trade surplus of 81.71 USD Billion in September of 2024. Balance of Trade in China averaged 16.08 USD Billion from 1981 until 2024, reaching an all-time high of 125.16 USD Billion in February of 2024 and a record low of -61.99 USD Billion in February of 2020.

18)The Chinese economy expanded 4.6% yoy in Q3 of 2024, compared with market forecasts of 4.5% and a 4.7% rise in Q2. It marked the slowest annual growth rate since Q1 2023, amid persistent property weakness, shaky domestic demand, deflation risks, and trade frictions with the West.

19)China’s retail sales climbed by 3.2% year-on-year in September 2024 from 2.1% gain in the previous month, easily beating market estimates of 2.5% rise. 

20)In September 2024, China’s industrial production increased by 5.4% year-on-year, which was higher than the 4.6% market forecast and the 4.5% increase in August. This was the fastest expansion in industrial output since May and the first acceleration in five months.

21)China’s surveyed unemployment rate fell to 5.1% in September 2024, compared to market estimates and August’s reading of 5.3%. This marks the lowest reading in three months. The jobless rate for locally registered residents decreased by 0.2 percentage points to 5.2%, at which non-local registrants had a rate of 4.8%, while the rate for non-local agricultural registrants stood at 4.6%. In 31 major cities, the urban unemployment rate was also 5.1%.

22)The Philippine central bank reduced its key interest rate by 25 basis points on Wednesday for a second meeting and left the door open to further cuts with medium-term inflation expected to stay within its 2%-4% target range.

Mankind Pharma has “renewed” its focus on the specialty business, as it plugs “therapeutic gaps”, in a highly competitive segment. Read more

Punjab & Sind Bank (PSB), a public sector bank, has reported a 26.98 percent increase in net profit for the quarter ended September 30, 2024 at ₹240 crore (₹189 crore). Read more

IT giant LTIMindtree reported a 3.2% sequential growth in revenue to ₹9,432 crore in the second quarter of FY25. Debashis Chatterjee, company CEO and MD, expresses optimism about the momentum continuing into Q3. Strong deal wins and sustained deal traction in key verticals, along with hiring in Q2 positions the company well, he said.

Logistics company Western Carriers, which went public last month, will focus on adding new customers and enhancing capability across sectors and geographies as part of its new growth strategies.

Leading stock exchangesBSE and NSE will conduct a one-hour special ‘Muhurat Trading’ session on the occasion of Diwali on November 1, marking the start of the new Samvat 2081.

-The US markets closed at all-time highs

-S&P500 and Dow made new life highs, buoyed by rally in Netflix

-Netflix shares jumped 11%, the top gainer on the S&P 500 and the Nasdaq

-Dow +37, S&P500 +23, Nasdaq +116

-Brent oil $73

-US 10Y bond yield at 4.083%

-Dollar Index 103

-Gold at $2730

-Weekly: Dow +1%, S&P500+0.9%, Nasdaq +0.8%

06:30 CHINA 5-y Loan Prime Rate (Expected: 3.65% versus Previous: 3.85%)

18.25 U.S. FOMC Member Logan Speaks 

22:30 U.S. FOMC Member Kashkari Speaks

SAP SE (Post market) (Sector- Technology)

Nucor Corporation (Post market) (Sector- Metal)

W.R. Berkley Corporation (Post market) (Sector- Financials)

Alexandria Real Estate Equities, Inc. (Post market) (Sector- Real Estate)

Logitech International S.A. (Post market) (Sector- Technology)

Equity Lifestyle Properties, Inc. (Post market) (Sector- Real Estate)

TFI International Inc. (Post market) (Sector- Logistics)

Medpace Holdings, Inc. (Post market) (Sector- Healthcare)

AGNC Investment Corp. (Post market) (Sector- Financials)

SRF 

* Revenue expected at Rs 3526 crore versus Rs 3177 crore

* EBITDA expected to be seen at Rs 644 crore versus Rs 626 crore

* EBITDA margin expected to be seen at 18.26% versus 19.71% 

* Net profit expected to be seen at Rs 290 crore versus Rs 300 crore

VBL 

* Revenue expected at Rs 4720 crore versus Rs 3870 crore

* EBITDA expected to be seen at Rs 1227 crore versus Rs 881 crore

* EBITDA margin expected to be seen at 25.99% versus 22.76% 

* Net profit expected to be seen at Rs 574 crore versus Rs 501 crore

ZOMATO 

* Revenue expected at Rs 4752 crore versus Rs 2848 crore

* EBITDA expected to be seen at Rs 210 crore versus Rs -47 crore

* EBITDA margin expected to be seen at 4.41% versus -1.65% 

* Net profit expected to be seen at Rs 574 crore versus Rs 501 crore

AURIONPRO,BAJAJHFL, BALUFORGE, BEPL, CGPOWER, CUB, CYIENTDLM, GRAVITA, HFCL, JSFB, MAHLOG, MAHSCOOTER, NELCO, RAJRATAN, ROUTE, SOLARA, SPLPETRO, SWARAJENG, ULTRACEMCO, UNIONBANK, WENDT

CGPOWER

* Revenue expected at Rs 2302 crore versus Rs 2001 crore

* EBITDA expected to be seen at Rs 330 crore versus Rs 308 crore

* EBITDA margin expected to be seen at 14.34% versus 15.42% 

* Net profit expected to be seen at Rs 251 crore versus Rs 215 crore

CUB 

* NII expected at Rs 562 crore versus Rs 538 crore

* EBIT expected to be seen at Rs 383 crore versus Rs 330 crore

* EBIT margin expected to be seen at 71.19% versus 61.40% 

* Net profit expected to be seen at Rs 270 crore versus Rs 280 crore

ULTRACEMCO

* Revenue expected at Rs 15442 crore versus Rs 16012 crore

* EBITDA expected to be seen at Rs 2235 crore versus Rs 2550 crore

* EBITDA margin expected to be seen at 14.47% versus 15.93% 

* Net profit expected to be seen at Rs 951 crore versus Rs 1281 crore

UNIONBANK 

* NII expected at Rs 9556 crore versus Rs 9126 crore

* EBIT expected to be seen at Rs 7016 crore versus Rs 7220 crore

* EBIT margin expected to be seen at 51.40% versus 56.32% 

* Net profit expected to be seen at Rs 3766 crore versus Rs 3511 crore

Q2FY25 EARNING CALENDAR 22.10.2024 

ABREL, ADANIENSOL, ADANIGREEN, AMBER, BAJFINANCE, CANFINHOME, CHENNPETRO, CHOICEIN, CIGNITITEC, COFORGE, GABRIEL, GMDCLTD, GOODYEAR, HUHTAMAKI, ICICIPRULI, INDUSTOWER, ISEC, JUBLINGREA, KAJARIACER, M&MFIN, MFSL, OLECTRA, PAYTM, PERSISTENT, RESPONIND, SALASAR, SHANTIGEAR, SHOPERSTOP, SRF, SUPREMEIND, UGROCAP, WELSPLSOL, VBL, ZENSARTECH, ZOMATO

AMBER

* Revenue expected at Rs 1233 crore versus Rs 927 crore

* EBITDA expected to be seen at Rs 88 crore versus Rs 59 crore

* EBITDA margin expected to be seen at 7.13% versus 6.42% 

* Net profit expected to be seen at Rs -2 crore versus Rs -6 crore

BAJAJFINANCE 

* NII expected at Rs 9658 crore versus Rs 7197 crore

* EBIT expected to be seen at Rs 7305 crore versus Rs 5831 crore

* EBIT margin expected to be seen at 82.59% versus 65.93% 

* Net profit expected to be seen at Rs 4393 crore versus Rs 3550 crore

CANFINHOME 

* NII expected at Rs 334 crore versus Rs 316 crore

* EBIT expected to be seen at Rs 289 crore versus Rs 270 crore

* EBIT margin expected to be seen at 82.80% versus 83.75% 

* Net profit expected to be seen at Rs 208 crore versus Rs 154 crore

COFORGE 

* Revenue expected at Rs 2776 crore versus Rs 2400 crore

* EBIT expected to be seen at Rs 347 crore versus Rs 211 crore

* EBIT margin expected to be seen at 12.50% versus 8.79% 

* Net profit expected to be seen at Rs 245 crore versus Rs 133 crore

ICICIPRULI 

* APE expected at Rs 2325 crore versus Rs 2058 crore

* EBIT expected to be seen at Rs 386 crore versus Rs 163 crore

* EBIT margin expected to be seen at 3.09% versus 1.62% 

INDUSTOWER 

* Revenue expected at Rs 7489 crore versus Rs 7132 crore

* EBITDA expected to be seen at Rs 4134 crore versus Rs 3448 crore

* EBITDA margin expected to be seen at 55.20% versus 48.34% 

* Net profit expected to be seen at Rs 1676 crore versus Rs 1294 crore

M&MFIN 

* NII expected at Rs 1864 crore versus Rs 1587 crore

* EBIT expected to be seen at Rs 1157 crore versus Rs 942 crore

* EBIT margin expected to be seen at 58.26% versus 56.32% 

* Net profit expected to be seen at Rs 456 crore versus Rs 235 crore

MFSL 

* APE expected at Rs 2116 crore versus Rs 1653 crore

* Net profit expected to be seen at Rs 112 crore versus Rs 147 crore

PERSISTENT 

* Revenue expected at Rs 2850 crore versus Rs 2737 crore

* EBIT expected to be seen at Rs 392 crore versus Rs 384 crore

* EBIT margin expected to be seen at 13.75% versus 14.03% 

* Net profit expected to be seen at Rs 315 crore versus Rs 306 crore

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/23e64bf2-2fc5-4931-815f-1687ab5f4fa3.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/953dd8ac-e973-4bdd-aef3-a4f30698991f.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/370dd2e7-5990-485a-9fde-cf8149876333.pdf 

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/b83003e1-d348-4fab-a373-8fb3b3c83a2b.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/3f4b5577-5db1-4b9c-abf1-a7d751e63f2d.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/91507b0f-3347-4060-93a2-787a6f0e1b48.pdf 

https://www.sharekhan.com/MediaGalary/Equity/ValueGuide_Oct2024.pdf

Time for a breather While the Nifty and Sensex clocked new peaks in September, with the former crossing the psychological 26,000 mark. A bumper rate cut by the US Fed and a resilient American economy bolstered investors’ confidence. FIIs remained net sellers in domestic equities for the fourth consecutive month. Yet, the markets had a hard landing as they set foot into October, facing the sharpest decline since June. Rising tensions in the Middle East and a fresh set of derivative norms did dent sentiments. But the key trigger for correction was the huge selling pressure by FIIs in early October. The massive stimulus by the Chinese government created an opportunity for hot money to look for tactical trade in terms of buying China at the expense of other emerging markets. In fact, the selloffs from foreign portfolio investors (FPIs) amounted to Rs. 27,142 crore in just the first three days of October, leading to a decline of 5-5.5% in the Nifty from its recent peak. Fortunately, the BJP pulled off a miraculous victory in Haryana state elections that suddenly changed the mood in the Indian equity markets. The opposition had the advantage of a two-term incumbency against the ruling party, BJP, along with some other crucial factors. However, the BJP has romped home with a comfortable majority which is far ahead of even the most optimistic expectations. The victory in Haryana would boost confidence of their cadre in Delhi and Maharashtra – the two states scheduled to go for elections soon. In terms of events ahead, the market has to deal with Q2 results season, which is likely to turn out to be another quarter of muted growth in Nifty earnings. The consensus is building 4-4.5% growth in the Nifty earnings due to high base effect, pressure on margins and moderation in earnings growth in heavyweight sectors such as banking and energy. Globally, there are elections scheduled in the US. Also, the market would want to watch for progress in the rate cut cycle along with impact of the intensifying Middle East crisis on the crude oil and commodity prices. Given the macro environment and valuation concerns post the rally in post couple of months, it would be healthy if the markets take a breather and consolidate in a range. Moreover, the stock-specific volatility could rise in the Q2 result season as some of the pockets of stocks in the broader market do look overheated with little valuation comfort at the current level. The consolidation phase could offer an opportunity for investors to accumulate good quality stocks at prices that are 10-25% lower than their recent peak. Do keep the big picture in mind. The Indian economy is on a multi-year upcycle with all engines of growth firing like rising infrastructure spending, real estate upturn and beginning of a new privatesector capex cycle. 

Intelligent Investing

* Stock Idea

Housing and Urban Development Corporation Ltd: Strong growth at low risk, Initiate Buy

Protean eGov Technologies: Unique play powering Digital Public Infrastructure

... and many more

* Stock Update

ITC Ltd: Cigarettes biz to grow steadily; better times ahead for FMCG

Larsen & Toubro Ltd: Q2 order intake healthy; to improve in H2

... and many more

* Viewpoint

Oberoi Realty: At an inflection point; Stay Positive

PCBL Ltd: Management commentary reinforces optimism

... and many more

* Sector Update

Automobile: All eyes on festive cheer

Cement: Stage set for higher demand & prices for Q3

... and many more

Trader’s Edge

* Technical view

Nifty: Approaching crucial support zone

Regular features

* Report card

* Earnings guide

Products and Services

* InvesTiger Stock Baskets

* PMS

* MF Picks

The short-term outlook is bullish for Mphasis. The stock has surged over 7 per cent last week and has closed on a strong note. The price action since the last week of July indicates a bull channel. Strong and cluster of supports are there in the ₹3,000-2,950 region. Intermediate dips are likely to get fresh buyers at lower levels. Read more

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/64faded1-7687-4dd1-9bd0-821716ec8d78.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/8b6b14da-b170-4d73-919a-fec175f45bcc.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c04ba95f-c2e3-4316-b10a-479b81dc6426.pdf 

HDFCB reported 2QFY25 profit at INR168.2b (inline).

NII grew 10% YoY to INR301.1b (inline). Core NIMs (on total assets) declined 1bp QoQ to 3.46%.

Other income stood at INR114.8b (7% YoY growth, inline). 

Treasury gains declined to INR2.9b vs INR10.4b in 2QFY24.

Total revenues thus grew 9% YoY to INR416b (inline).

Operating expenses grew 9.7% YoY to INR168.9b (inline). C/I ratio stood at 40.6%.

PPoP grew 9% YoY to INR247.1b (inline).

Advances book grew 7% YoY / 1% QoQ to INR24.95t; Deposits grew 15% YoY / 5% QoQ to INR25.0t. CD ratio declined to 99.8% while CASA mix stood at 35.3%.

GNPA/NNPA ratio increased by 3bp/2bp QoQ to 1.36% / 0.41% respectively. PCR decreased 131bp QoQ to 69.9%. Provisions declined 7% YoY to INR27b (5% higher than MOSLe).

CAR stood at 19.8% with Tier-1 ratio of 17.8% and CET-1 of 17.3% (up 50bp QoQ).

https://play.google.com/store/apps/details?id=com.intelegain.rb

Recent Interview...

As of 19:32 PM Friday 18 October 2024

Ceat: Arnab Banerjee, ED

CEAT Limited: Navigating Challenges and Seizing Growth Opportunities in the Automotive Secto

https://www.youtube.com/watch?v=m28exWxpVrQ

Havells India: Anil Rai Gupta, CMD

Looking At EBITDA Margin Of 13-14% Excluding Lloyd: Havells India

https://www.youtube.com/watch?v=ykkqTMx0dCc

Keystone Realto: Boman Rustom Irani, CMD

Keystone Realtors Saw A Stellar 129% YoY Jump In Pre-Sales In Q2FY25

https://www.youtube.com/watch?v=GoHzCo-XGX4

Karur Vysya Bk: B Ramesh Babu, MD & CEO

Don’t Have Co-Lending Model With The 4 NBFCs Mentioned By RBI: Karur Vysya Bank

https://www.youtube.com/watch?v=fHKKGtvLXf4

LTIMindtree: Nachiket Deshpande, Director

Expect Growth Moderation In Q3 But Confident That Biz Momentum In Q1 & Q2 Will Continue: LTIMindtree

https://www.youtube.com/watch?v=TNgX5ZxMA8E

LTIMindtree: Debashis Chatterjee, CEO & MD

In Line Show For LTIMindtree In Q2; Growth Momentum To Sustain?

https://www.youtube.com/watch?v=iqCUBU91O-Q

Polycab India : Inder Jaisinghani, CMD

Should Be Able To Achieve ?20,000 Cr Revenue Target By End Of FY25: Polycab

https://www.youtube.com/watch?v=cEccZXdVMGo

Polycab India : Inder Jaisinghani, CMD

Polycab Q2: Demand Drivers | W&C Segment: Competition Heating Up? |

https://www.youtube.com/watch?v=UGxGh-RDLAM

Tata Comm: Amur Swaminathan Lakshminarayanan, MD&CEO

Tata Communications Weak Q2

https://www.youtube.com/watch?v=hoUajujPWlo

Wipro: Srini Pallia, CEO

We Are Closer To Our Aspirational Margin Band Of 17-17.5%: Wipro

https://www.youtube.com/watch?v=VdMNJ2Bhzco

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/ff8fde97-bcc9-465a-8871-c8bd99719d7d.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c51c4014-2336-4f0c-b787-c20640233d80.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/8856ba97-96e7-4a14-a553-2552a3bc6c8a.pdf 

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f471ad84-c7c5-4992-984f-376aca3b6068.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d2981e4c-9d49-43a0-9de6-0bf04e15bc83.pdf

Presentation

Link: https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Footer/About%20Us/Investor%20Relation/Detail%20PAges/financial%20results/PDFs/2024/oct/Q2FY25-Earnings-Presentation.pdf

Key Parameters 

Link: https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Footer/About%20Us/Investor%20Relation/Detail%20PAges/financial%20results/PDFs/2024/oct/Key-Parameters_Financial-Results-for-the-Quarter-ended-September-30-2024.pdf 

18 October 2024

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -5485.7 

(12348.95 - 17834.65) 

DII: NET BUY: +5214.83 

(13850.16 - 8635.33

​