Share Market Highlights 26 October 2023: Nifty settled at 18,857, Sensex falls 900 pts; M&M, Bajaj Finance drag, Axis Bank, HCL gain

Sensex plunged about 900 points to crash below the 64,000 level due to an across-the-board selloff amid heightened tension in the Middle East.

The Nifty dived 264.90 points or 1.39 per cent to 18,857.25.

Besides sluggish trends in global markets, deep losses in auto, financial and energy stocks as well as fresh selling by foreign investors added to the gloom, analysts said.

The 30-share BSE Sensex slumped 900.91 points or 1.41 per cent to settle below the 64,000 mark at 63,148.15. During the day, it plummeted 956.08 points or 1.49 per cent to 63,092.98.

Mahindra & Mahindra was the biggest loser in the Sensex pack, falling 4.06 per cent, followed by Bajaj Finserv, Asian Paints, Nestle, Bajaj Finserv, JSW Steel, Titan, HDFC Bank, Tech Mahindra, Tata Motors and Larsen & Toubro.

In contrast, Axis Bank, ITC, HCL Technologies, NTPC and IndusInd Bank were the gainers.

The rupee continued its downward trend for the third consecutive session to close 6 paise lower at 83.23 (provisional) against the US dollar on Thursday, dragged down by massive selling in equity markets and strengthening American currency overseas.

Withdrawal of foreign funds and elevated crude oil prices touching USD 90 a barrel also weighed on the domestic currency, forex traders said.

At the interbank foreign exchange market, the local unit opened weak at 83.19 and traded between the peak of 83.18 and the lowest level of 83.24 against the greenback. It finally settled at 83.23 (provisional) against the dollar, registering a loss of 6 paise from its previous close.

This is the third straight fall for the Indian currency. It dropped 4 paise on Monday, followed by a dip of 1 paisa on Wednesday when it settled at 83.17.

Indian Bank net profit up by 32% y-o-y at ₹1988 crore in Sep’ 23 from ₹1225 crore in Sep’ 22. Profit before tax up by 75% y-o-y at ₹2752 crore in Sep’ 23 from ₹1571 crore in Sep’ 22.

Edelweiss Mutual Fund has raised over Rs 1,000 crore including STeP feature in its newly launched Multi Cap Fund, with over 65,000 applications. The fund will reopen for continuous sale and repurchase from 30th October.

Radhika Gupta, MD & CEO of Edelweiss Mutual Fund said “We are delighted by the overwhelming response to the Edelweiss Multi Cap Fund NFO, and we thank our distribution partners and investors for their faith and trust in us. This enthusiastic reception also reaffirms their belief in our experience in successfully managing equity funds over the last 15 years.”

Ashima Ltd has launched a real estate development project of residential apartments, in the name of ‘The Sovereign’, at Thaltej, Ahmedabad, Gujarat. The stock is up by 1.09% on the NSE, trading at ₹13.85.

Gold headed towards $2,000 an ounce on Thursday the highest in five months due to geopolitical concerns in West Asia. The worries have boosted haven demand for the yellow metal. By 15.20 hours IST, gold was quoted at $1,990.72 an ounce. Silver ruled at $23.08 an ounce.

ISMT Ltd reported its standalone net profit for the quarter ended September 2023 at ₹32.99 crore as against ₹32.67 crore in the same quarter previous year. The stock is up by 0.28% on the NSE, trading at ₹72.10.

The Board of Directors of Embassy Office Parks Management Services, Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of ₹524 crores or ₹5.53 per unit for Q2 FY2024. The record date for the Q2 FY2024 distribution is November 03, 2023, and the distribution will be paid on or before November 10, 2023.

Signatureglobal (India) has announced the achievement at the 14th CNBC-AWAAZ Real Estate Awards — North Zone. Its Signature Global Park I1 has received the Best Residential Project in the Mid Segment” accolade. The stock declines by 1.55% on the NSE, trading at ₹522.55.

Shriram Finance reported its standalone net profit for the quarter ended September 2023 at ₹1,750.84 crore as against ₹1,555.11 crore in the same quarter previous year. The stock declines by 1.12% on the NSE, trading at ₹1,795.75.

Environmental stresses associated with El Nino weather conditions could add to the fiscal, growth, inflationary and external liquidity challenges facing vulnerable sovereigns, says Fitch Ratings.

The El Nino phenomenon can be associated with unusually dry conditions in some parts of the world and with greater-than-normal levels of rain in others. Environmental conditions that dampen economic activity could hurt the credit profiles of vulnerable sovereigns that face tight access to financing or have a record of ratcheting up debt during crises. Lower crop production may reduce exports or raise imports of food products, adding to external liquidity stress and possibly local inflation. The impact on hydropower output could also be economically significant.

Highly rated sovereigns have more room to mitigate the effect of adverse weather conditions and their export sectors and economic activity are generally more resilient. However, they may be affected indirectly. For instance, El Nino conditions could influence prices for globally traded food commodities, affecting their inflation and monetary policy decisions.

Governments can deploy subsidies or transfers to mitigate the effect of rising food prices, but this weighs on fiscal metrics. Moreover, after the Covid-19 pandemic and subsequent period of high global inflation, many governments have less fiscal headroom.

Nonetheless, the Food and Agriculture Organization of the United Nations expects global cereal production in 2023 to be slightly above the previous record in 2021. If this bears out, it should provide a buffer against the risk of disruption to output in 2024, and suggests any impact from the El Nino on global food prices in aggregate should be limited.

Moschip Technologies Limited has appointed Srinivasa Rao Kakumanu as new Chief Executive Officer (CEO) and Managing Director (MD). The stock trades at ₹81.15 on the BSE, up by 0.35%.

Major gainers: Axis Bank (1.93%); HCL Tech (0.52%); ITC (0.44%); Adani Ports (0.16%); IndusInd (0.11%)

Major losers: M&M (-3.98%); Bajaj Finance (-3.43%); Asian Paints (-3.29%); UPL (-3.11%); Bajaj Finserv (-3%)

Stocks advanced on BSE at 3 pm on October 26, 2023, were 1,265 against 2,358 stocks that declined; 149 stocks remain unchanged. Total stocks traded were 3,772. The number of stocks that recorded a 52-week high was 75, and those that hit a 52-week low was 103.

Coromandel International reported its standalone net profit for the quarter ended September 2023 at ₹762 crore as against ₹738.12 crore in the same quarter previous year. However, the stock falls by 4.06% on the NSE, trading at ₹1,072.80.

Copper futures on the Multi Commodity Exchange (MCX) began its latest leg of downtrend in early September. Faced with resistance at ₹750, the continuous contract started to fall. Read more

LTIMindtree has been recognised as a Great Place to Work-Certified Company in Denmark for the second year in a row. The stock trades at ₹5,186.55 on the NSE, down by 0.34%.

RBL Bank (-4.48%); Bandhan Bank (-2.73%); Federal Bank (-2.61%); IDFC First Bank (-2.18%); HDFC (-2.08%)

Apcotex Industries reported its net profit for the quarter ended September 2023 at ₹15.31 crore as against ₹30.79 crore in the same quarter previous year. The stock trades at ₹489.15, down by 0.33% on the NSE.

Jindal Saw reported standalone net profit for the quarter ended September 2023 at ₹348.24 crore as against ₹61.11 crore in the same quarter previous year. The stock rises by 3.43% on the NSE, trading at ₹369.20.

The Phoenix Mills Limited has announced the opening of Phoenix Mall of Asia at Hebbal, Bengaluru, Karnataka. The stock trades at ₹1,765.45, down by 1.58% on the NSE.

Vodafone is expected to post a marginal 0.4 per cent rise in revenue to Rs 10,700 crore in the quarter under revie w, from Rs 10,656 crore in the first quarter of the same financial year. Read more

Voltamp Transformers reported its net profit for the quarter ended September 2023 at ₹68.44 crore as against ₹45.93 crore in the same quarter previous year. The stock trades at ₹4,520.05, up by 2.87% on the NSE.

Cipla Ltd informed the exchange that t a routine current Good Manufacturing Practices inspection was conducted by the USFDA at the manufacturing facility unit 1 and 2 of InvaGen Pharmaceuticals Inc, wholly owned subsidiary of the Company, located in Hauppauge, Long Island, New York, USA. Cipla stock trades at ₹1,147.30 on the NSE, down by 0.88%.

Hindustan Zinc Limited specialises in the exploration, mining and smelting of zinc, lead and other non-ferrous metals. The company’s products include zinc ore, lead zinc concentrate, zinc metal, lead metal, cadmium metal, silver metal and sulphuric acid.

In Q2FY24, the company reported a drop of 18.5% YoY in revenue to Rs. 6,620cr, primarily due to lower zinc prices and reduced zinc and silver volumes.

Despite cost improvements, lower revenue affected margins, leading to a contraction of 680 bps YoY in EBITDA margin to 47.4%. Consequently, reported PAT declined 35.2% to Rs. 1,737cr.

Macroeconomic uncertainties and potential challenges, such as weakened Chinese economy, increasing inflation and rising interest rates, are likely to impact the near-term outlook.

Hence, we reiterate our REDUCE rating on the stock with a revised target price of Rs. 258 based on 6.7x FY25E EV/EBITDA.

Cipla is expected to post another steady quarter number on Friday. The numbers will likely be driven by low-teens growth in the Indian business led by chronic therapy. However, we expect tepid growth for Cipla in the acute-heavy portfolio due to muted IPM growth of 4% in Q2FY24. The US business is expected to dip sequentially as contribution from gRevlimid is likely to decline. During the quarter, the gross margin is expected to remain stable at 60-65% as a benefit of price increase and freight costs normalize. The EBITDA margin is expected to improve 80-90 bps annually, mainly driven by strong branded contribution. Overall, Cipla has a strong product pipeline for the US, and domestic markets are also expected to perform well. Further, we would monitor management comments on upcoming product launches, demand in key therapeutic areas, and long-term growth outlook.

Prathamesh Masdekar, Research Analyst, StoxBox

Bajaj Finserv is expected to post decent set of numbers in Q2FY24. The optimism arises from the fact that its major subsidiaries, Bajaj Auto and Bajaj Finance, have come out with decent numbers which will support the finance company’s profitability. Also, with the Banking and PSU fund launch, there will be healthy AUM growth. The new product launches in the market such as Bajaj Finserv Direct and Bajaj Finserv Health is also likely to help the company to expand its customer base. Also, the company is poised to produce healthy growth numbers in Q2FY24 with improved transaction data.

Shreyansh Shah, Research Analyst, StoxBox

Indian Bank reported its standalone net profit for the quarter ended September 2023 at ₹1,987.76 crore as against ₹1,225.22 crore in the same quarter previous year. The stock falls by 2.45% on the NSE, trading at ₹398.90.

The State Bank of India has allowed Bajaj Hindusthan Sugar to withdraw the ongoing insolvency proceedings against Bajaj Hindusthan Sugar as the company has repaid the outstanding amount.

Punjab National Bank (PNB) on Thursday surprised on the upside with a 327 percent year on year increase in net profit for the second quarter ended September 30, 2023 at Rs 1756 crore (Rs 411 crore). Even sequentially, the Q2 bottom-line was higher by 40 percent over net profit of Rs 1,255 crore in Q1.

Westlife Foodworld Limited (WFL) announced its financial results for the first half of FY24 and quarter ended September 30, 2023. Its EBITDA grew 7 per cent y-o-y in 1H FY24. The stock declines by 2.35% on the NSE, trading at ₹878.

India, currently the world’s fifth largest economy, is likely to overtake Japan to become the world’s third-largest economy and the second largest in Asia with a GDP of $7.3 trillion by 2030, according to S&P Global Market Intelligence. There are multiple channels through which an open economy can get impacted due to changes in the global markets. The economy is expected to grow at 6.3 per cent in the financial year 2023-24 (FY24), according to the latest Economic Outlook Survey released by Federation of Indian Chambers of Commerce and Industry (FICCI).

Contributing factors would be robust urban demand, uptick in private investment over government’s front-loading of capex, pick-up in real estate and the festival season. Prof. Vishwanathan Iyer - Senior Associate Professor and Director of Accreditation, Great Lakes Institute of Management, Chennai spoke on how global financial trends including Exchange rate impacts, trade deficits (or surplus) in goods and services, FDI’s and FIIs are among the direct channels that impact India’s corporate sector. The ‘spillover’ effect on the recipient economy is felt to the extent of the integration with the global financial markets.

The company’s sales volume grew by 20.2% YoY @ 17.5 MioT; EBITDA on YoY basis jumped significantly from ₹566 crore to ₹1,607 crore; and PAT on YoY basis jumped significantly from ₹140 crore to ₹854 crore. The stock trades at ₹1,892.65, up by 0.08% on the NSE.

Sunita Tools Limited has received the contract for procurement of spares of EN 19 Rounds ,SAE 4140 Rounds & C 45 Rounds totaling to approx ₹3.54 crore. The stock tumbles by 9.02% on the BSE, trading at ₹121.

Asian Paints reported its standalone net profit for the quarter ended September 2023 at ₹1,160.25 crore as against ₹763.29 crore in the same quarter previous year. The board has inter alia approved the payment of interim dividend of ₹5.15 per equity share of the face value of ₹1 each for the financial year ending March 31, 2024. The stock declines by 2.25% on the NSE, trading at ₹2,992.

Infosys has signed a five-year collaboration with automotive marquee smart Europe GmbH to refine its Direct-to-Customer (D2C) business model in Europe. The stock trades at ₹1,364.80 on the NSE, down by 0.38%.

Wardwizard Innovations & Mobility Ltd. signed a MOU with the Government of Gujarat to invest Rs. 2,000 crores in the development of an Electric Vehicle Ancillary Cluster by 2024. The stock surges by 8.98% on the BSE, trading at ₹41.40.

Maharashtra Scooters reported its net profit for the quarter ended September 2023 at ₹197.73 crore as against ₹190.03 crore in the same quarter previous year. The stock declines by 2.71% on the NSE, trading at ₹7,802.

Global headwinds continue to roil equity markets, which tumbled for a sixth straight session on Thursday, to their lowest level in four months. The BSE Sensex fell 850 points to 63,119, while the NSE Nifty 50 lost 270 points. The Sensex pulled up a little by 1 pm, when it was down by 798 points, compared to yesterday’s close.

Canara Bank reported its financial results for the quarter ended September 2023:

Gross Advances stood at ₹9,23,966 crore, grew by 12.11% (yoy)

Net Profit for September 2023 stood at ₹3,606 crore against ₹2,525 crore for September 2022.

The stock inches up by 0.76% on the NSE, trading at ₹356.45.

DCB Bank has allotted 16,500 equity shares of ₹10 each to the employees pursuant to the terms of the Employee Stock Option Plan (ESOP) of the Bank. The stock trades at ₹112.65 on the NSE, down by 0.88%

Steel Strips Wheels reported its standalone net profit for the quarter ended Sept. 2023 at ₹52.41 crore as against ₹54.60 crore in the same quarter previous year. The stock declines by 1.80% on the NSE, trading at ₹267.75.

Vardhman Acrylics has appointed Raish Shaikh as CFO of the company w.e.f. from November 1, 2023. The stock trades at ₹53 on the NSE, down by 0.09%.

The market was looking for some reason to correct as the valuation was not comfortable and finally, that correction happened. The main reason for correction can be attributed to the worsening of geo-political tension, rising US yield and profit booking before the upcoming election. FII has also increased their pace of selling and that might continue in the short term until rates pick out there. Long-term investors do not need to do much and the only thing they can do is to add on in dip and stay with quality. The market may look reasonable in terms of the valuation if it corrects 300-400 points more from here and geo-political risk stablises although no one can predict the top or bottom in the short term.

Spandana Sphoorty Financial has allotted 4,000 Non-Convertible Debentures having face value of ₹1 lakh each on private placement basis. The stock trades at ₹800 on the NSE, down by 0.31%.

• Premier Polyfilm (12.81%)
• Somi Conveyor Beltings (11.13%)
• Kapston Services (9.99%)
• Sical Logistics (4.99%)
• Plaza Wires (4.99%)

Paisalo Digital stock rises by 2.73% on the NSE, trading at ₹77.25. The company reported its standalone net profit for the quarter ended September 2023 at ₹47.20 crore as against ₹23.91 crore in the same quarter previous year.

D.B.Corp reported its standalone net profit for the quarter ended September 2023 at ₹100.2 crore as against ₹48.6 crore in the same quarter previous year. The stock rises by 3.95% on the NSE, trading at ₹303. The company declared interim dividend of ₹2 per equity share.

Oriental Carbon & Chemicals reported its standalone net profit for the quarter ended September 2023 at ₹834.78 lakh as against ₹776.85 lakh in the same quarter last year. The stock falls by 2.76% on the NSE, trading at ₹775.95.

Within a year of launch, Bharti Airtel has acquired over 1.7 million customers for Airtel 5G Plus in Kerala. The company also said the 5G service was available in all the districts in the state within just 12 months of launch.

The Water metro stations in Kochi, and the famous Bolgatty Island are also on the digital superhighway.

“There was a barrage of bad news in last few weeks. Geo political situation, higher for longer US rates and higher energy prices have created an uncertainty in the investors mind. Our valuation was at a premium to other peers. Most investors are sitting on profit in India unlike other markets. There were some excess in micro caps and mini caps which needed a correction. In the last few months we had seen “kachra” stocks outperforming quality. Donkeys can outperform Horses for a while but not for a long. We believe every correction is a great opportunity to buy into the “ quality at reasonable price “ portfolio for long term investors. Keep doing your SIP. Take advantage of the correction and add to your equity portfolio.”

Tata Consumer Products Ltd (TCPL) has announced specific and measurable sustainability milestones & metrics leading upto FY 2025-26. The stock declines by 1.13% on the NSE, trading at ₹879.90.

IRB InvIT Fund, India’s first listed Infrastructure Investment Trust has announced distribution of Rs. 2.00 per unit among its unit holders towards distribution for Q2FY24. The decision was taken in the Board Meeting of the Investment Manager held today.

Major gainers: Axis Bank (1.46%); HCL Tech (0.19%)

Major losers: M&M (-2.97%); Tech Mahindra (-2.80%); Apollo Hospitals (-2.74%); UPL (-2.53%); Bajaj Finance (-2.46%)

Stocks advanced on BSE at 12 noon on October 26, 2023, were 581 against 2,930 stocks that declined; 128 stocks remain unchanged. Total stocks traded were 3,639. The number of stocks that recorded a 52-week high was 62, and those that hit a 52-week low was 90.

India Ratings and Research, has assigned an IND AA/Stable rating to Gateway Distriparks Limited (GDL). Ind-Ra has given a consolidated view on the GDL, its subsidiary Gateway Distriparks (Kerala) Limited (60% stake), Kashipur Infrastructure and Freight Terminal Private Limited (KIFTPL; 99.92%), GDL’s associate company, Snowman Logistics Limited (SLL: IND A/Stable) and GDL’s joint venture, Container Gateway Limited, for reviewing the ratings.

This rating reflects GDL’s stable consolidated financial performance, consistent year-on-year reduction in the overall debt levels, comfortable credit metrics in FY23, and future growth potential.

DRA Consultants Ltd has announced appointment of Sanjoy Roy as the Chief Executive Officer (CEO) of the company. The stock falls by 8.46% on the BSE, trading at ₹25.44.

JB Chemicals & Pharmaceuticals informed the exchange that an inspection pursuant to Maharashtra Goods and Services Tax Act by the Authorities (GST Department) had commenced yesterday at company’s registered office and corporate office. The stock declines by 2.92% on the NSE, trading at ₹1,259.55.

KIOCL Ltd has stopped the pellet production at the Pellet Plant Unit situated at Mangalore w.e.f. yesterday i.e., 25th October, 2023 (A/N), due to non-availability of Iron Ore Fines. The stock falls by 4.99% on the NSE, trading at ₹331.95.

Major gainers: Prsm Johnson (6.59%); Sona Blw (3.33%); Bector Food (3.26%); TD Power (2.40%); TNPL (2.39%)

Major losers: AIIL (-9.04%); Usha Mart (-8.98%); Cressanda Solutions (-8.85%); Welspun India (-8.57%); Cressan (-7.18%)

IRM Energy stock lists a discount on the IPO price. Here is a post-listing view on IRM IPO from Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

IRM Energy, an emerging player in the city gas distribution (CGD) segment, made its stock market debut today at Rs 477.25 per share, a discount of around 7% against its issue price of Rs 505.

The IPO was well-received by investors, and oversubscribed by 27 times. However, the current market condition could be a reason behind such a poor listing.

IRM Energy is a relatively new company, but it has a diversified customer portfolio, distribution network, and strong customer relationships. Additionally, the company is well-positioned to benefit from the growing demand for natural gas in India.

However the current market sentiment is not favorable for its listing, so investors may keep the stop loss at 455 and exit if the stock breaks this level.

Lubrizol, a global leader in specialty chemicals, and Aditya Birla flagship Grasim Industries have conducted ground-breaking for the first phase of a 100,000-tonne CPVC resin plant at Vilayat in Gujarat. Read more

Airtel announced that it has over 1.7 million unique 5G customers on its network in the North East states of Arunachal Pradesh, Sikkim, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. The company also announced that Airtel 5G Plus service is available across all the districts in the states within 12 months of the launch.

Bharti Airtel stock is down by 1.79% on the NSE, trading at ₹906.05.

Thejo Engineering Limited has incorporated TE GLOBAL FZ-LLC, at Ras AL Khaimah, UAE, the certificate of incorporation of which has been received by us on October 25, 2023. The stock declines by 3.55% on the NSE, trading at ₹1,721.05.

Antony Waste Handling Cell Limited informed the excahnge that its material subsidiary, AG Enviro Infra Projects Private Limited has been awarded contract of door-to-door collection and transportation of municipal solid waste by Panvel Municipal Corporation. The stock trades at ₹370.05 on the NSE, up by 0.41%.

Bank Nifty’s fall continues today too. After opening lower at 42,708.40 today, versus yesterday’s close at 42,832, the index dropped further. It is currently at 42,350, down 1.1 per cent.

Reinforcing the overall bearish bias, the advance/decline ratio of the index stands at 1/11. Axis Bank, up nearly 1 per cent, is the only gainer. Bank of Baroda and Bandhan Bank, down 2.4 per cent each, are the top losers.

Marico Ltd announced the appointment of Koteshwar L N as Executive Vice President & Head Digital Business with effect from November 1, 2023. He will be responsible for overseeing the Company’s digital businesses. The stock declines by 1.09% on the NSE, trading at ₹536.75.

Oracle Financial Services Software has allotted 10,736 equity shares of face value of ₹5 each to the eligible employees who have exercised their stock options under the OFSS Stock Plan 2014. The stock declines by 2.16% on the NSE, trading at ₹3,873.90.

The sell-off in the Indian equity market continues. The Sensex and Nifty 50 are down about 0.9 per cent.

Nifty has declined below the psychological 19,000 mark. It is currently trading around 18,945. The outlook is bearish. As long as it trades below 19,000, there is a good chance it will fall towards 18,700 in the coming days.

Sonata Software stock rises by 3.81% on the NSE, trading at ₹1,088.90. The company reported its standalone net profit for the quarter ended September 2023 at ₹168.47 crore as against ₹30.97 crore in the same quarter previous year.

Shares of Tech Mahindra declined nearly 5 per cent on Thursday morning after the IT company posted a 61 per cent decline in consolidated net profit in the July-September quarter.

The stock was the biggest laggard on both BSE Sensex and Nifty during the morning deals.

Tech Mahindra posted a 61 per cent decline in consolidated net profit to Rs 505.3 crore in the July-September quarter mainly on account of reduced spending by clients.

The company had registered a net profit of Rs 1,299.2 crore in the year-ago period, according to a regulatory filing on Wednesday.

The consolidated revenue from operations of the company declined by 2 per cent to Rs 12,864 crore during the reported quarter from Rs 13,129.5 crore in the September 2022 quarter.

Sundaram Finance Holdings board meeting to be held on November 2, 2023, to inter-alia consider and approve Unaudited Financial results of the Company for the Half Yearly ended September 2023. The stock is down by 1.55% on the NSE, trading at ₹117.85.

Equity benchmark indices declined in early trade on Thursday, continuing their weak momentum, amid negative trend in global markets and fresh foreign fund outflows.

The 30-share BSE Sensex plunged 502.5 points to 63,546.56. The Nifty fell 159.55 points to 18,962.60.

Among the Sensex firms, Tech Mahindra traded nearly 3 per cent lower after the company posted 61 per cent decline in consolidated net profit to Rs 505.3 crore for July-September period mainly on account of reduced spending by clients.

Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, JSW Steel, Tata Motors, Nestle and Titan were the other major laggards.

Axis Bank emerged as the only gainer after the firm reported a 10 per cent increase in September 2023 quarter net profit to Rs 5,864 crore on higher interest income.

The rupee stayed on a downward track for the third consecutive session and depreciated by 6 paise to 83.23 against the US dollar in early trade on Thursday, tracking a firm American currency and negative equity market sentiment. Read more

Listed emerging market fund flows were positive for China, India, South Korea and Taiwan. India witnessed $1.3 billion of inflows, followed by Taiwan, China and South Korea, which saw $1.2 billion, $901 million and $683 million of inflows, respectively.

Brazil and Thailand saw $641 million and $134 million of outflows, respectively.

Total FPI and EPFR activity showed divergent trends for India, South Korea and Taiwan.

Country allocations. Allocations to China and India constitute 45 per cent of the average Asia ex-Japan fund portfolio. Asia ex-Japan funds’ allocations to India increased to 18 per cent in September from 17 per cent in August, whereas allocations to India by GEM funds increased to 16 per cent in September from 15.8 per cent in August. Allocations by Asia ex-Japan non-ETFs to India increased to 18 per cent in September from 17 per cent in August; allocations to India by GEM non-ETFs increased to 15 per cent in September from 15 per cent in August, according to Kotak Institutional Equities research.

Over 20% of India reeling under drought, says US weather agency NOAA. 2023 could be the warmest year on record. January-September 2023 the warmest in 174 years of its record, says NOAA.

Major losers of Nifty IT stocks: Tech Mahindra (-2.88%); Persistent Systems (-2.35%); Coforge (-2.33%); Mphasis (-1.96%); LTIMindtree (-1.71%)

Valiant Communications is in receipt of an order from Tejas Networks Limited, a Tata Group company. Valiant Communications stock falls by 4.97% on the BSE, trading at ₹235. Meanwhile, Tejas Networks stock is down by 2.97% on the NSE, trading at ₹820.40.

Chalet Hotels (CHALET IN) - Jinesh Joshi - Research Analyst, Prabhudas Lilladher

Rating: BUY | CMP: Rs560 | TP: Rs650

Q2FY24 Result Update – Recovery eyed in 2HFY24

Quick Pointers:

• 88 rooms at Novotel, Pune have started operations from 04th Oct, 2023.
• Occupancy certificate received for 4 residential towers at Koramangala.

We cut our FY24E PAT by 2.8% as we re-align our leasing time-line assumptions for the rental business. Chalet reported a decent performance with RevPAR growth of 24.5% YoY to Rs7,034 (PLe of Rs7,207) and we expect 2HFY24 to be much better buoyed by the ongoing Cricket World Cup and FTA revival. Moreover, full-fledged benefits of asset sweating have started accruing as 1) 168/88 rooms at Hyderabad/Pune have begun operations 2) OC for 4 towers at Koramangala has been received and 3) ~0.3mn/0.8mn sq ft of leasing portfolio at Bangalore/Mumbai is ready for handover from 3QFY24. Buoyed by healthy RevPAR growth and operationalization of hotel/commercial assets, we expect revenue/EBITDA CAGR of 21%/24% over FY23-FY26E. We maintain our BUY rating on the stock with SOTP based TP of Rs650 (earlier Rs656) as we value the hotel business at EV/EBITDA multiple of 20x 2) annuity portfolio at a cap rate of 9% and 3) the residential project at NAV of Rs14 per share. Slower than expected traction in leasing and delayed recovery in FTA revival is a key risk to our rating.

A recent environmental regulatory approval has made Sadhana Nitro Chem Ltd one of only two companies globally making an ingredient that goes into production of paracetamol - pAP ( Para Aminophenol) - from Nitrobenzene, the company said. Read more

Venus Remedies announced the achievement of market authorisation in the UK for Bleomycin 15,000 IU Powder for Solution for injection/infusion by its German subsidiary Venus Pharma GmbH. The stock declines by 1.38% on the NSE, trading at ₹232.95.

Gold prices have risen by 0.30 per cent to approach levels near $1985 an ounce due to heightened concerns in the Middle East, despite a stronger US dollar and bond yields.

Ongoing Israeli strikes on Hamas targets in Gaza and the UN’s inability to secure humanitarian aid plans have contributed to the uncertainty.

Investors are bracing for higher interest rates, eagerly awaiting the release of US GDP data for the third quarter and the PCE price index on Friday, ahead of the Federal Reserve’s upcoming rate decision.

COFORGE

Weight Increases 0.32%

Due to promoter selling

Likely Inflows of $ 8 Mn

IDFC FIRST

Weight Increases 0.02%

Due to QIP

Likely Inflows of $ 14 Mn

Zen Technologies stock declines by 1.69% on the NSE, trading at ₹662 although the company bagged order worth ₹100 crore from the Ministry of Defence.

Crude oil futures traded lower on Thursday morning as there was an increase in the crude oil inventories in the US. Added to this, the market is also waiting for the release of the third quarter GDP data in the US later in the day. Market players also monitored the geo-political developments in the Middle East following as they felt any escalation in the war between Israel and Hamas could impact the crude oil supplies from the region. At 9.24 am on Thursday, December Brent oil futures were at $89.87, down by 0.29 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $85.23, down by 0.19 per cent. November crude oil futures were trading at ₹7100 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹7078, up by 0.31 per cent; and December futures were trading at ₹7057 as against the previous close of ₹7039, up by 0.26 per cent.

The benchmark indices experienced profit-booking at higher levels, leading to Nifty closing 155 points lower and Sensex falling by 525 points after a sharp intraday correction. Most major sectoral indices recorded selling pressure at higher levels, with the media and realty sectors declining by more than 1 per cent each. Technically, due to weak market sentiments, Nifty/Sensex broke the important support level of 19200/64400 and formed a bearish candle on the daily chart, which is a negative indicator.

However, due to two consecutive days of back-to-back selling, the markets are moving closer to the oversold zone. We advise investors and short-term traders to look for buying opportunities in select stocks between 19000 and 18900 levels. On the higher side, resistance will lie at 19180/19200 levels. Bank Nifty is moving towards 42500 levels, which is a significant support zone for it. We recommend adopting a contrarian strategy of buying select bank stocks between 42500 and 42300 levels from a medium-term perspective.

The company reported:

Net profit increased by 10% to ₹5,863 crore, compared to ₹5,330 crore in the corresponding period last year, slightly above the market’s expectation of ₹5,698 crore.

Net Interest Income (NII) grew by 19% to ₹12,315 crore, compared to ₹10,360 crore in the year-ago period, with the market expectation at ₹11,908 crore.

The bank’s gross non-performing asset (NPA) stood at 1.73 percent, down from 2.5 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.36 percent, improving from 0.51 percent on a year-on-year basis.

Advances from the bank increased by 23% year over year to Rs 8.97 lakh crore. The lender’s deposits were Rs 9.55 lakh crore, up from Rs 8.11 lakh crore last year.

The Stock has remained flat in the last three months. While it gained just over 3% year-to-date (YTD) it is up by just 7% in the past one year. We expect the stock to outperform over the next couple of months and reach a level of 1020 before the end of CY 2023.

Aurionpro Solutions reported revenue for the quarter ended September 2023 at ₹211 crore, a growth of 37% on a YoY basis; EBITDA for Q2FY24 stood at ₹46 crore as compared to ₹35 crore in Q2FY23, a growth of 32% on a YoY basis.

Crossover above 200 daily MA

VINEET LAB, MANALI PETRO, MAWANA SUGARS,

VIPUL, NYKA, BATA INDIA, SUPRIYA LIFE, SIYARAM

SILK, SCHAEFFLER IND, FEDERAL MOGUL, DONEAR

IND, TAJ GVK, CAREER POINT, KANORIA CHEM

Crossover below 200 daily MA

KRISHNA PHOSCH, MEDICO, TOUCHWOOD ENT,

CHEMPLAST, ISMT, AFFLE INDIA, SUKHJIT STARCH,

SONA BLW, PSP PROJECTS, INDIA GLYCOLS

Market is likely to open lower in the early trade, taking cues from negative Asian stocks and overnight losses in the US market. Asian stocks slipped today after the latest round of earnings prompted concern among investors over the economic outlook, adding to the angst over painfully high interest rates, while benchmark U.S. Treasury yields and the dollar ticked up. U.S. stocks tumbled in a broad sell-off on Wednesday as Alphabet shares slid after the Google parent posted disappointing earnings and as U.S. Treasury yields rose, reviving fears that interest rates could stay higher for longer. Oil prices rose about 2% on Wednesday, buoyed by worries about conflict in the Middle East, but gains were capped by higher U.S. crude inventories and gloomy economic prospects in Europe.

Back at home, Asian Paints, Canara Bank, Colgate-Palmolive (India), ACC, Apollo Pipes, Coromandel International, Dixon Technologies, Punjab National Bank, RailTel Corporation, Symphony, Tata Teleservices, Vodafone Idea and Voltamp Transformers are among the companies that will announce their earnings for the September 2023 quarter during the day. As per provisional figures, Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs. 4236.60 crore and Domestic institutional investors bought shares worth net Rs.3569.36 Crore on 25th October 2023.

Major gainers: Axis Bank (1.15%)

Major losers: Tech Mahindra (-3.67%); M&M (-2.81%); Hindalco (-2.43%); Adani Enterprises (-2.31%); Bajaj Finserv (-2.19%)

Bullion

“Gold and silver exhibited substantial volatility before settling on a mixed note. The dollar index extended its gains following the release of better-than-expected U.S. new home sales data. Meanwhile, U.S. 10-year bond yields reached 16-year highs, curbing the advances of precious metals. Gold is displaying resilience amid ongoing conflicts in the Middle East and concerns about global economic growth. Additionally, a significant uptick in Chinese gold consumption is lending support to gold prices. According to the China Gold Association, there was a notable 7.32% increase in China’s gold consumption during the first three quarters of 2023. Conversely, silver experienced modest profit-taking in response to weakness in the industrial metals sector. Anticipate continued volatility in today’s session for both gold and silver prices. Gold finds support in the range of $1970 to $1958, with resistance at $1996 to $2010. Silver’s support levels lie between $22.64 and $22.52, while resistance is at $23.10 to $23.28. In terms of INR, gold is supported at Rs 60,450 to Rs 60,220, and faces resistance at Rs 61,050 and Rs 61,260.”

Crude Oil

“Crude oil exhibited significant volatility, with prices declining for the fourth consecutive session due to the strength of the dollar index and an increase in U.S. oil stocks. However, it rebounded from its daily low and closed in positive territory, driven by escalating conflicts in the Middle East. The Israeli Prime Minister, in a televised statement, announced Israel’s preparation for a ground attack on Gaza. In response to heightened risk sentiments, crude oil prices reversed their downward trend and saw gains in international markets. Nonetheless, the increase in U.S. crude oil inventories last week, rising by 1.4 million barrels to reach 421.1 million barrels, tempered the overall gains. We anticipate that crude oil prices will maintain their volatility throughout the week, influenced by fluctuations in the dollar index and ongoing tensions in the Middle East. Crude oil finds support at the levels of $84.20–83.10, with resistance at $86.50-87.40 for today’s session. In terms of the Indian Rupee (INR), crude oil has support at Rs. 965-6890, while encountering resistance at Rs. 7,145-7,230.”

USD-INR

“The USD/INR 27 October futures contract traded within a narrow range. Upon analyzing the daily technical chart, it’s evident that the pair is currently trading below its moving average trend-line support level of 83.20, and the MACD is indicating a negative divergence. The technical setup reveals that the RSI is above the 50-level mark, but the pair is encountering significant resistance between 83.30 and 83.45.Based on the daily technical chart, the pair finds support at 83.05-82.92 and faces resistance at 83.30-83.45. To demonstrate further strength, the pair must breach and sustain a level above 83.22. Otherwise, it is likely to continue moving within the range of 82.92 to 83.45.”

Nifty outlook:

The anticipated upswings turned out to be too feeble yesterday in the face of the bearish onslaught plunge that has clearly set its eyes on 18600, the 200DMA. Recovery hopes now rest on the ability of bulls to regroup near 19000, the psychological mark, but the 19200-260 region appears to be a stiff challenge to cross right away, in the event of an upswing.

Derivative outlook:

Nifty weekly contract has highest open interest at 19500 for Calls and 19000 for Puts while monthly contracts have highest open interest at 19500 for Calls and 19000 for Puts. Highest new OI addition was seen at 19200 for Calls and 18950 for Puts in weekly and at 19200 for Calls and 18950 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.11%, increased future index shorts by 2.39% and in index options by 35.84% in Call longs, 18.92% in Call short, 24.93% in Put longs and 2.26% in Put shorts.

USD-INR outlook:

Regrouping in the 82.98 vicinity has brought us back again to the consolidation band, with 83.2 required to be broken to signal strength. Such an outcome could open room for 83.3-83.4 easily.

“There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets. If the conflict lingers for long it has the potential to impact global growth,too, when the global economy is already in the midst of a slowdown. In the near-term, however, the strongest headwind for the market is the stubbornly high US bond yields. With the 10-year bond yield at near 5% FPIs are likely to be in the sell mode. Sectors like banking and IT which constitute the largest segments of the AUM of FPIs are likely to be under pressure. This will provide opportunities for long-term investors to buy quality stocks, particularly in banking, at attractive rates.”

Bears have tightened their grip further in Indian equities amid weak global cues. In early trading, the BSE Sensex dropped 326.24 points to 63,722.72, while the NSE Nifty fell 92.35 points to 19,029.80. Axis Bank, IndusInd Bank and and HCL Technologies showed gains, while TechMahindra, Hindalco, Bajaj Finserve, Wipro and M&M lagged.

Persistent FPI selling and geopolitical concerns are expected to extend the market’s downturn. A firm interest rate environment and a flight to safety are prompting FPIs to secure profits from Indian markets, with many mid and small-cap stocks experiencing technical weaknesses.

Ruchit Jain, Lead Research, 5paisa.com, stated that the market’s corrective phase continues, breaching crucial supports early this week. The follow-up selling in large caps and broader markets suggests this trend will persist. Over 70% of FII positions in index futures remain short, and the transition to the November series remains uncertain. The Gift Nifty at 19,107 points to further domestic market decline, with Nifty futures closing at 19128 and 19224.95, as Asian stocks follow the sharp US correction overnight.

*Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said: Domestic equities saw profit booking and slipped to 3-months low. Profit booking continued in mid-cap and small-cap stocks. Metal stocks were in momentum after China unveiled plans for $137 billion extra debt to boost infrastructure spending. “Overall we expect Indian markets to remain volatile on the back of concerns over higher interest rates, ongoing Israel-Hamas war and mixed Q2 results. On global front, investors will take cues from ECB interest rate decision on Thursday,” he said.

The recent market trends indicate a cautious outlook for Nifty and Bank Nifty. Nifty concluded Wednesday’s session with a notable decline, breaching a significant support level at the 20-week EMA and shattering a crucial demand zone that had been intact since July 2023.

The forthcoming monthly October expiry holds substantial importance, as today’s closing figures will be instrumental in charting the course ahead. Presently, the short-term trajectory for Nifty remains pessimistic.

While there exists a potential for a minor upside rebound in the vicinity of 19,100-19,000 levels, a breach of the 19,000 mark could potentially pave the way for a further downturn towards 18,800-18,650 levels in the near future.

Any potential upward movement is likely to encounter robust resistance at 19,250-19,350 levels. Meanwhile, Bank Nifty has also witnessed a breach of its support range at 43,400-43,800, coupled with a close below its 200 EMA, indicating a forthcoming period of weakness. The next crucial support level for Bank Nifty is situated at 42,000-41,700. It remains to be seen whether short covering will materialize or if fresh short positions will be established in both Nifty and Bank Nifty.

Given the prevailing bearish sentiments in both indices, market participants are advised to exercise prudence and adopt a discerning, stock-specific approach in their investment strategies.

Ameya Ranadive CMT CFTe

Research Analyst

Choice Broking

Expects market to open on a weak note on account of sharp decline in US and Asian market, rising geo-political tension in the gulf region, persistent FIIs selling (yesterday FIIs net sellers over Rs4200cr) and US 10-Year bond Yield spiked to 16-year high of nearly 5% level.

Overnight, Nasdaq Composite slipped nearly 3% to close to a 5-month low at below 13k level- one of the biggest single day falls since last 8-month after the Google parent Alphabet, Meta and Boeing posted disappointing earnings. US Treasury yields rose to nearly 5%, reviving fears that interest rates could stay higher for longer ahead of US inflation data to be released on Friday and interest-rate decisions by the Federal Reserve to be announced next week.

US Nasdaq Future declined by 1% and Asian markets fell up to 1% ahead of Amazon results and US GDP data to be announced today. Brent Crude surged to nearly $90/bbl and surging gold price to 1-month high above $1980/ounce after the news that Israel will proceed with a ground invasion of Gaza.

Short covering may not be ruled out in the later part of the day ahead of Nifty October series expiry today. Oil: Brent Crude gained over 2% to $90/bbl after the news that Israel will proceed with a ground invasion of Gaza, reviving concerns the conflict could escalate and threaten energy supplies. -- Vikas Jain, Senior Research Analyst at Reliance Securities

Zen Technologies Limited said it has been awarded an order valued at approximately ₹100 Cr (inclusive of taxes) by the Ministry of Defence, India, for its state-of- the-art Force-On-Force Tank training system. This innovative system empowers Tank Units and Sub-Units to engage in training on real terrains under authentic conditions using their equipment, without the necessity for live ammunition.

GVK Group in Oct’2011 through its Overseas associate GVK Coal Developers Pte Limited, Singapore (GVKCD) acquired stake in several Australian companies which had coal mining concessions situated in Galilee basin, Queensland State, Australia.

Apart from equity shares and other investments made by GVK Group, GVKCD’s total acquisition and pre-development costs for the Australian Coal Project were partly financed by a consortium of overseas branches of Indian banks (Hancock Lenders) led by ICICI Bank.

GVK Power & Infrastructure Limited (GVKPIL), the listed Indian entity, apart from making investment in the overseas associate had provided corporate Guarantee to an extent of 49% of the overall loan amount of $1.13 Billion.

The said loan was classified as Non-Performing in the FY2015-16. The lenders had also filed a claim in the High Court of Justice Business and Property Courts of England and Wales Commercial Courts (England Court) on November 09, 2020 and have sought to recover the amounts so advanced to GVKCD.

We have received a communication today i.e. 25/10/2023, that the English Court vide its order dated 19th October, 2023 has crystalized the amount payable by the Defendants including GVKPIL at USD 2.19 billion including the amounts towards interest.

Ex-Dividend 27 October 2023 (Tomorrow)

Last date for Cum-Dividend Today

Astral Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 1818.05

ICICI Lombard General Insurance Company Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 1364.3

ICICI Securities Ltd

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 648.25

Jindal Stainless Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 455.45

LTIMindtree Ltd

Dividend Per Share Rs.20

Previous day Closing Price – Rs. 5203.4

L&T Technology Services Ltd

Dividend Per Share Rs.17

Previous day Closing Price – Rs. 4210.05

Ex Bonus 27 October 2023 (Tomorrow)

Last date Trade for Before Bonus Today

Maruti Interior Products Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 205

Shri Venkatesh Refineries Ltd

Bonus issue 1:1

Previous day Closing Price – Rs. 195.15

The Board of Directors of Affle (India) Limited on Thursday approved, subject to shareholders approval, the issuance of 69 lakh fully paid-up equity shares at Rs 1,085.54 a share, aggregating to Rs 749.02 crore on a preferential basis to Gamnat Pte. Ltd, a step-down subsidiary of the Minister for Finance, Government of Singapore. Following this, the Singapore entity will own 4.92 per cent stake in Affle India.

With passive investing gaining ground, asset management firms, both old and new, have relied on index fund and exchange-traded fund launches in recent times. The newest member of India’s MF industry, Zerodha Fund House, has launched two new funds: Zerodha Nifty LargeMidcap 250 Index Fund and an Equity Linked Savings Scheme (ELSS) variant - Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund.

The Power Ministry has directed all the Gencos to increase coal imports from 4 per cent to 6 per cent of their total usage till March 2024 as the gap between receipt and consumption of domestic stocks hit 12 million tonnes (mt) despite using imported coal.

The Ministry observed that there is a consistent rising trend in the power demand in the country coupled with inadequate supply of domestic coal which has resulted in the rapid depletion of coal stocks at Domestic coal-based (DCB) plants across the country. “The gap between receipt of domestic coal and consumption of coal (domestic + equivalent domestic of imported coal) during September 1 to October 9, 2023 was to the tune of 12 MT,” it added.

The import of crude oil by India, the world’s third-largest importer, hit a 12-month low of 17.80 million tonnes (MT) in September this year largely on account of lower requirement due to autumn refinery maintenance and lower consumption during monsoons. Read more

As China drops price of the most traded steel offerings (the benchmarked hot rolled coils) by at least $19 per tonne to just $537 per tonne for export markets, down 3 -5 per cent month-on-month, the Indian exporters have either stalled offers or continue to hold back trade with Middle East, South East Asian nations and also Europe.

Indian offers are at least at or above $580 per tonne, nearly 8-10 per cent higher than Chinese prices.

The Rs 840.27-crore Blue Jet Healthcare IPO was subscribed 0.69 time or 69 per cent at the end of Day 1 of subscription on Wednesday . The IPO will close on October 27. The issue price band has been fixed in the range of ₹329 to ₹346 of face value of ₹2. Investors can bid for a minimum of 43 equity shares

The issue received decent interest from both non-institution and retail investors. While the portion set aside for former was subscribed 1.37 times, the latter’s 0.78 time. Qualified institutions remain muted on Day 1.

The issue received bids for around 1.16 crore shares against 1.70 crore shares on offer.

Shares of IRM Energy will be listed at the bourses today. The initial public offering (IPO) of IRM Energy was subscribed 27.05 times. The IPO of IRM Energy Limited, a city gas distribution (CGD) company, witnessed strong demand from qualified institutional buyers (QIBs) and non-institution investors (NIIs).

The company fixed the IPO price at Rs 505 a share.

Astral Adhesives, a prominent adhesive manufacturer in India and part of Astral Limited, has announced the inauguration of its cutting-edge manufacturing facility in Dahej, Gujarat.

Spanning across a vast 17-acre expanse, the modern facility stands as a testament to Astral Adhesives’ unwavering commitment to world-class manufacturing. Characterized by cutting-edge automation, strict safety compliance, and a relentless focus on ergonomics, this facility has been meticulously designed to align with the visionary mission of the company.

Active large cap fund managers continued to struggle in beating the benchmark with more than half of them underperforming the S&P BSE 100 in the first half of this year.

The S&P BSE 100 gained 7 per cent in H1 2023, and 58 per cent of active managers underperformed the benchmark over that period, according to S&P Indices versus Active report.

The underperformance rates remained high over three- and five-year periods, at 86 per cent and 93 per cent, respectively.

On the other hand, Equity Linked Saving Schemes had an excellent start to the year, with only 18 per cent underperforming the S&P BSE 200.

The benchmark for Indian Mid- and Small-Cap funds, the S&P BSE 400 Mid-Small Cap Index, rose 12.4 per cent in H1 2023, and 45 per cent of active managers underperformed the index over that period.

Infact, the Mid- and Small­ cap funds fared the best by far over a five-year horizon, with only 38 per cent of funds underperforming the S&P BSE 400 Mid-Small Cap index.

Bears are likely to tighten their grip further amid weak global cues. As FPIs selling continued aggressively, analysts expect the downtrend to continue, as geopolitical tension continued to hurt sentiment. The firm interest rate regime and fight to safety push FPIs to book profits from Indian markets, they added. Besides, most stocks from Mid and Small-cap space turned weak technically too.

9:30 AM Sterling and Wilson Solar

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11:00 AM Rallis

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12:00 PM CMS Info Systems Limited

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2:30 PM Indus Towers

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2:30 PM Kamat Hotels

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3:00 PM 20 Microns

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3:45 PM Apar Ind

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4:00 PM Aurionpro Sol

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4:30 PM Dixon Technolog

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5:00 PM IRB InvIT

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5:00 PM PNB

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5:30 PM Indian Bank

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5:30 PM DB Corp

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6:00 PM Shriram Trans

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Notwithstanding 30 per cent tax on gains and TDS (Tax Deducted at Source) at the rate of 1 per cent, India remains among the top crypto markets in the world, a 2023 global report on crypto by Chainalysis says.

Chainanalysis, a US-based blockchain data platform, in ‘The 2023 Geography of Cryptocurrency Report’ said: “India leads the world in grassroots adaptation as measured by Global Crypto Adoption Index, but even more impressively has become the second largest crypto market in the world by raw estimated transaction volume, beating out several wealthier nations.” The US leads the table. The report pegged transactions in India at over $260 billion. -- Read more

The Union Cabinet on Wednesday approved a ₹22,303 crore subsidy on phosphorous and potash fertilisers for the current Rabi season, as against ₹51,875 crore allocated in the 2022 Rabi season due to a drop in global rates of crop nutrients. The new rate subsidy for potash (K), fixed at ₹2.38/kg for the current season, is the lowest since 1997, when it was ₹2/kg, industry sources said.

Initial sowing data indicate increased acreage for mustard, masur (lentil), jowar, and maize, with wheat planting yet to begin. The first report indicates a total area under all rabi crops of 22.53 lakh hectares (lh) as of October 20, up from 21.87 lh compared to the previous year.

“There has been conducive climate now as day temperature in north has started falling, which will aid in sowing activities. The moisture content is also good and the reservoir level in north is normal which is good for the sowing of winter crops,” said a senior official.

FIIS F & O : RS. CRS. :

TOTAL NET BUY : +31439

INDEX FUT. : -151

INDEX OPT. : +30189

STOCK FUT. : +2254

STOCK OPT. : -753

🔹SEC. IN F&O BAN FOR, 26-Oct-23 :

1. RBL BK. 2. DELTACORP

ADDITION : DELTACORP

DELETION : NIL

🔹INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 25-OCT-2023 :

FIIS : SELL -4,236 (9,075-13,312)

DIIS : BUY +3,569 (9,638-6,069)

BSE SENSEX : -523 (64,049)🔽

NSE NIFTY : -160 (19,122)🔽

BSE MIDCAP. : -162 (30,920)🔽

BSE SMLCAP. : -281 (36,322)🔽

B. CRUDE : $ 86.98 🔽

GOLD: $1977=INR 62,900 (10gr) ↔️

SILVER : RS. 75,000 (kg)(5pm)🔽

FOREX : RS. $ 83.18 🔼

7.26%GOI ‘33: 7.3797%(99.19)🔽

7.18%NEW ‘33: 7.3408%(98.8750)🔽

7.18%GOI ‘37: 7.4483% (97.70)🔽

Nestle India on Wednesday said that inorganic growth opportunities remain an “area of interest” for the company. In the period 2018-22, the packaged food major recorded volume growth at a CAGR of about 7 per cent and value growth at a CAGR of 11 per cent.

In an investor meet, Suresh Narayanan, Chairman & Managing Director, Nestle India, said: “M&As (mergers and acquisitions) continue to be an area of interest. So far, we have focused on 100 per cent organic growth. So, I think our quest for acquisitions continues. But it will need to meet our criteria in terms of the right fit, capability to add value and valuations. Our eyes and ears are open and hopefully something will come up in the future.” Read more

Thirty two of the 139 PMS schemes held 10 per cent or more in cash at the end of September. Sixty schemes had cash holdings of 5 per cent or more.

Eklavya Capital’s Long Term Value scheme held 71 per cent in cash, the most among the schemes under consideration, data from PMS AIF World showed. Equirus’ Core Equity (34.9 per cent) and First Global’s Indian Multi-Asset Allocation PMS (25.2 per cent) were the other two schemes holding the most cash.

The mutual fund (MF) industry is facing a unique challenge of retaining the monthly systematic investors with the number of SIP being discontinued increasing steadily as investors who entered the market at the peak of the cycle having a bitter experience and many others waiting for the opportune time to re-enter the market.

Moreover, the pause facility in SIP introduced by MFs during the peak of the Covid pandemic is being used liberally by investors to start and stop monthly deductions from the accounts.

Buzzing Stocks: Aavas Financiers, ACC, Aditya Birla MF, Asian Paints, Canara Bank, PNB, Paisalo, RailTel, Indian Bank, Jindal Saw, NTPC, Fundraiser Capital, CarTrade, Vodafone Idea, Tech Mahindra, Hero MotoCorp, Bhageria Industries, Karnataka Bank, Vakrangee, Samvardhana Motherson, Autoline, SH Kelkar

Aavas Financiers, ACC, Aditya Birla AMC, AGI, Apar Industries, Apcotex, Apollo Pipes, Asian Paints, Canara Bank, Colgate-Palmolive (India), Coromandel International, Dixon Technologies, DB Corp, Home First, Indian Bank, Jindal Saw, Laxmi Organic, Maharashtra Scooters, Max India, NLC India, Quickheal, Paisalo, Punjab National Bank, Punjab Chemicals, RailTel Corporation, Shriram Finance, SSWL, Sterlite Technologies, Symphony, Tata Teleservices, Venus Pipes, Vodafone Idea, Voltamp Transformers, Warree Renewable Technologies and Westlife Foodworld.

IBULHSGFIN

RBLBANK

GMR Infrastructure informed the exchanges that the Board Meeting of the Company scheduled to be held on October 27, 2023. has now been deferred to October 30 due to certain unavoidable administrative reasons. The board meeting will consider among other matters, the Un-Audited Financial Results of the Company (Standalone and Consolidated) for the quarter and half year ended September 30, 2023, is being re-scheduled to be held on October 30, 2023.

Axis Bank, Jubilant Foodworks, Tech Mahindra, Gulf Oil, Network18 Media, Tv18 Broadcast, Rallis India, Lakshmi Machine Works, Chennai Petroleum Corporation, Welspun India, Mahindra Logistics and Torrent Pharma

Axis Bank 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/3568e067-46db-4e20-bc88-5447416fabed.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d1c07ce3-5438-4f85-8c67-b0c1d41f4259.pdf

Jubilant Foodworks 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/bf287ecb-8ee4-4329-ace7-1c73592927d3.pdf

Press Release & Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/be042d8f-dfe2-4847-85ee-db7b19a76a20.pdf

Tech Mahindra 2QFY24 Earnings

Financial Results and Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/4ec08aaf-eb75-4b75-9033-38dd96842f4b.pdf

Gulf Oil Lubricants India 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c482ce50-a5c1-4b14-9f59-b0e77acde176.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/8f346d56-98da-4441-a3ac-40f0f96513b2.pdf

Network18 Media & Investments 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/7e99e8dd-fd4d-41b0-bc14-a07126f4a3d3.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/3c61ba1d-093e-4054-88e5-395ff312c796.pdf

Tv18 Broadcast 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/0a27a3f7-fb8d-4d18-b849-06e79c577688.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/71a2c923-9957-4cfa-94bb-a1d23b41eb3d.pdf

Rallis India 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/1fb24429-858d-4f43-8baf-c9d594060ce6.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/064584f5-44a3-4eaf-b4e7-ac612c9b60c5.pdf

Lakshmi Machine Works 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/6a840278-5c70-4540-aedf-2ce5ec6c5c49.pdf

Chennai Petroleum Corporation 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c1cdd5c0-0084-41a6-b9e0-b4e86f2a50e4.pdf

Welspun India 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e80247a8-008f-438b-b37c-1be57254d26d.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/69f1d95b-ceed-4c51-97f4-5e6d2350a38f.pdf

Mahindra Logistics 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/4d8597ab-55ee-4809-ae46-b6f73a3976ff.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/d1157805-4d44-49db-989a-f20c15c93e9c.pdf

Torrent Pharmaceuticals 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/3d215bae-7c86-433c-8ddc-7feec8aa1624.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/b9e74868-f4c2-46f0-8357-29eec8f647b6.pdf

Macrotech Developers has executed a Share Purchase Agreement to sell its entire stake in Palava Induslogic 3 Private Limited, a Wholly Owned Subsidiary of the Company on, October 25 to NewCold India Holding B.V. , Netherlands, for Rs 153.65 crore. The sale is subject to certain agreed conditions precedent. Upon consummation of the sale transaction as per the terms of the SPA, PI3PL shall cease to be a WoS of the company.

Amazon. com, Inc. (Post market) (Sector- Diversified)

Intel Corporation (Post market) (Sector- Technology)

Ford Motor Company (Post market) (Sector- Automobile)

Digital Realty Trust, Inc. (Post market) (Sector- Realty)

Capital One Financial Corporation (Post market) (Sector- Financial)

DexCom, Inc. (Post market) (Sector- Healthcare)

ResMed Inc. (Post market) (Sector- Healthcare)

VeriSign, Inc. (Post market) (Sector- Technology)

Weyerhaeuser Company (Post market) (Sector- Realty)

FirstEnergy Corp. (Post market) (Sector- Energy)

Lloyds Banking Group Plc (TENT) (Sector- Financial)

Pioneer Natural Resources Company (TENT) (Sector- Energy)

DTE Energy Company (TENT) (Sector- Energy)

17:45 EURO Main Refinancing Rate (Expected: 4.5% versus Previous: 4.5%)

18:00 U.S Advance GDP q/q (Expected: 4.5% versus Previous: 2.1%)

18:00 U.S Unemployment Change (Expected: 208K versus Previous: 198k)

18:00 U.S Durable Goods Orders m/m (Expected: 1.9% versus Previous: 0.1%)

18:15 EURO ECB Press Conference

19:30 U.S Pending Home Sales (Expected: -2.0% versus Previous: -7.1%)

The company’s revenue surged to an impressive ₹595.4 crore, marking a substantial 17 per cent year-on-year increase and a commendable 3 per cent quarter-on-quarter rise. EBITDA also demonstrated robust performance, climbing to ₹167.1 crore, reflecting a notable 16 per cent year-on-year growth despite a 14 per cent quarter-on-quarter decrease.

Experiencing a noteworthy 19.7 per cent year-on-year boost, Generic API revenues in Q2 FY24 soared to ₹542.8 crore, primarily fuelled by robust expansion within regulated markets.. However, CDMO revenues stumbled to ₹25.3 crore, reflecting an 18.1 per cent year-on-year decline.

PNB Housing Finance’s (PNBHF) Q2FY24 financial performance was an outcome of the successful execution of its renewed ‘retailisation’ strategy. Improving trajectory in earnings continued as reflected in 10 per cent q-o-q growth in PAT to ₹380 crore, thereby improving RoA to 2.24 per cent (2.1 per cent in Q1FY24) – highest in the past 15 quarters. Earnings were mainly driven by 5 per cent q-o-q growth in NII and credit cost moderating to 26 bps vs 40 bps q-o-q (annualised). Read more

Here are the key intraday supports and resistances to watch out for Nifty Futures, RIL, ONGC, TCS, Infosys, HDFC Bank, SBI, and ITC

Tata Consumer Products’ share price has dropped in the past few sessions. After it broke out at ₹875 in early October, the stock was unable to build a sustainable rally. However, the overall trend remains bullish, and the recent decline has now brought the stock near the important support level of ₹875. Read more

Thursday saw Asian stocks opening in negative territory, a result of the combined impact of mixed corporate earnings and the ongoing rise in US Treasury yields.

During the early trading hours, Japan’s key Nikkei 225 index recorded a decline of 1.89 percent, equivalent to a loss of 591.40 points, trading at 30,678.52. Simultaneously, the broader Topix index experienced a drop of 1.15 percent or a reduction of 25.86 points, trading at 2,228.54. South Korea’s KOSPI mirrored this trend with a decline of 1.80 percent, translating to a loss of 42.58 points, bringing the index to 2,320.59. Additionally, Australia’s S&P ASX 200 exhibited a 1.01 percent decline, equivalent to a decrease of 68.90 points, resulting in a trading level of 6,785.40.

The previous evening on Wall Street, the Dow Jones Industrial Average concluded the session with a 0.3 percent decrease, closing at 33,035.93, while the S&P experienced a 1.4 percent reduction. The Nasdaq, noted for its tech-heavy constituents, underwent a substantial decline of 2.4 percent.

US Treasuries continued their rebound, following the breach of the 5 percent mark by the 10-year yield earlier in the week. The 10-year note’s yield was recently measured at 4.949 percent, reflecting a gain of 10.6 basis points.

The US stocks slipped on Wednesday after the latest round of earnings prompted concern among investors over the economic outlook, adding to the angst over painfully high interest rates, while benchmark U.S. Treasury yields and the dollar ticked up.

Shares of Alphabet Inc plunged nearly 10% after the Google parent reported disappointing cloud services revenue, reviving fears of an economic slowdown and dragging down the broader communication services sector.

The Dow Jones Industrial Average finished down 0.32%, the S&P 500 lost 1.43% and the Nasdaq Composite dropped 2.43%. - Reuters