Share Market Highlights 27 October 2023: Nifty above 19000, Sensex gains 635 pts, HCL Tech, Coal India, SBI gain, ITC, UPL drag

Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value buying in auto, IT, financial and energy stocks.

Better than expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts.

In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points. During the session, it swung between a high of 63,913.13 points and a low of 63,393.37 points.

Likewise, the wider gauge Nifty surged 202.45 points or 1.07 per cent to 19,059.70 points.

Maruti Suzuki India on Friday reported a whopping 80.3 per cent increase in net profit at Rs 3,716.5 crore in the July-September quarter driven by better sales, softening commodity prices, cost reduction efforts and higher non-operating income.

On the other hand, Asian Paints, Ultratech Cement and ITC were the laggards.

The rupee paused its three-day downward move and settled flat at 83.25 (provisional) against the US dollar on Friday, as the support from positive domestic equities was negated by surging crude oil prices.

Forex traders said the rupee consolidated in a narrow range as selling pressure from foreign equity investors continued to weigh on the Indian currency.

At the interbank foreign exchange market, the local unit opened at 83.24 and traded in a narrow range of 83.22 to 83.25 before settling flat at Thursday’s closing level of 83.25 (provisional) against the greenback.

The rupee has dropped 8 paise against the dollar on Thursday, the third consecutive day of fall. It had declined 4 paise on Monday, followed by a dip of 1 paisa on Wednesday.

“After a consolidation breakdown on the daily chart, Bank Nifty experienced a 2000-point correction in a short span of time. The index appeared somewhat oversold, leading to a pullback on Friday. However, the sentiment remains predominantly bearish, and any upward movements may still face selling pressure. On the upper side, 43000 could serve as a significant resistance level, as call writers have established substantial positions there. Support can be observed at 42500, where writers have a strong presence,” says Rupak De, Senior Technical analyst at LKP Securities

HAL and Safran Aircraft Engines signed a Memorandum of Understanding (MoU) to develop industrial cooperation in Ring forging manufacturing for commercial anginas. HAL stock inched up by 1.93% on the NSE, at ₹1,854.50.

Cipla has reported highest ever quarterly revenue during the quarter, led by stellar performance across all markets. Overall, India’s branded-prescription business continued strong growth, driven by key therapies in the chronic portfolio, double-digit growth in trade generics despite the inconsistent season, and strong annual growth in consumer health business despite seasonally weak H1FY24. At the same time, US businesses posted the highest-ever quarterly revenue by focusing on differentiated portfolios. We expect Cipla to work towards establishing a strong foundation for growth in upcoming quarters led by (1) Continuing leadership in chronic therapies in the branded prescription business in India; (2) Expanding differentiated pipeline in the US business and plan to launch one peptide product in FY24 and 3-4 peptide products in FY25; (3) Strong demand in South African private business and six brands launched across multiple therapies in Q2FY24; and (4) Management expectations to expand Cipla’s reach to an enhanced range of therapies and a wider basket of product portfolio., said Prathamesh Masdekar, Research Analyst, StoxBox.

Man Infraconstruction’s holding in MICL Homes LLP, a subsidiary entity, has been diluted from 99.99% to 34% on account of disposal of its partial partnership interest in the said LLP.

Dr. Reddy’s Laboratories reported its standalone net profit for the quarter ended September 2023 at ₹1,192.6 crore as against ₹1,116.3 crore in the same quarter previous year. The stock declines by 0.11% on the NSE, trading at ₹5,416.25.

​HFCL Ltd​ has launched its IP/MPLS routers at India Mobile Congress 2023. The stock rises by 1.74% on the NSE, trading at ₹64.45.

Monarch Networth Capital reported its standalone net profit for the quarter ended September 2023 at ₹34.69 crore as against ₹10.97 crore in the same quarter previous year. The stock jumps 10.55% on the NSE, trading at ₹419.

SRF Ltd informed the exchange regarding setting up of an integrated facility for development of PTFE. The said project has been commissioned and capitalized today at an aggregate cost of ₹489 crore (approx.). The stock rises by 3.30% on the NSE, trading at ₹2,175.80.

Major gainers: Axis Bank (3.20%); Coal India (3.03%); HCL Tech (3%); SBI (2.64%); Adani Enterprises (2.61%)

Major losers: Dr Reddy (-0.71%); SBI Life (-0.47%); UPL (-0.25%); Hindalco (-0.12%); Asian Paints (-0.07%)

Stocks advanced on BSE at 3 pm on October 27, 2023, were 2,830 against 781 stocks that declined; 155 stocks remain unchanged. Total stocks traded were 3,766. The number of stocks that recorded a 52-week high was 103, and those that hit a 52-week low was 31.

Genus Power Infrastructures Limited has incorporated a wholly-owned step-down subsidiary, namely Jammu Smart Metering Private Limited. The stock inches up by 0.41% on the NSE, trading at ₹254.80.

Swan Energy Limited (SEL), a strategic partner of Resolution Applicant, i.e., Hazel Mercantile Limited (HML), through a special purpose vehicle, namely Hazel Infra Limited (HIL), to acquire RNEL. The company informed the exchange that HIL has released ₹231.42 crore towards balance upfront payment today, i.e., 27th October, 2023.

Swan Energy stock jumps 15.51% on the NSE, trading at ₹380.10.

After a bearish run for 6 days, the NSE Nifty on Friday was up by 1.13 per cent or 213 points to 19,070 in the afternoon, while the BSE Sensex was at 63,910, up by 1.21 per cent, or 762 points at 2:40 pm.

Top gainers on the BSE include Swanenergy, JPASSOCIAT, ICIL, JYOTIRES, and CREESAN, with gains ranging from 8.97 per cent to 15.56 per cent. Conversely, STLTECH, Prestige, WESTLife, MMTC, and VRLLOG experienced declines, with losses ranging from 2.88 per cent to 8.12 per cent. Read more

Satin Creditcare Network reported its standalone net profit for the quarter ended September 2023 at ₹103.26 crore as against ₹54.62 crore in the same quarter previous year. The stock surges by 8.65% on the NSE, trading at ₹238.55.

TheIndian Hotels Company reported its standalone net profit for the quarter ended September 2023 at ₹157.22 crore as against ₹113.47 crore in the same quarter previous year. The stock inches up by 0.15% on the NSE, trading at ₹375.35.

SRF Ltd reported its standalone net profit for the quarter ended September 2023 at ₹308.72 crore as against ₹439.15 crore in the same quarter previous year. The stock inches up by 0.56% on the NSE, trading at ₹2,118.15

• Swan Energy (17.38%);
• The Phoenix Mills (4.13%);
• Brigade (3.54%);
• Oberoi Realty (3.07%);
• DLF (2.86%)

Dwarikesh Sugar Industries reported its net profit for the quarter ended September 2023 at ₹10.26 crore as against ₹7.83 crore in the same quarter previous year. The stock declines by 1.72% on the NSE, trading at ₹91.50.

SBFC Finance reported its standalone net profit at ₹52.6 crore for the quarter ended September 2023 as against ₹35.6 crore in the same quarter previous year. The stock rises by 5.29% on the NSE, trading at ₹86.55.

The Great Eastern Shipping Company Limited (G E Shipping) has contracted to buy a kamsarmax dry bulk carrier of about 80,919 dwt on October 27, 2023. The 2014 built vessel is expected to join the Company’s fleet in Q3 FY24. The stock rises by 2.79% on the NSE, trading at ₹821.

Schaeffler India reported its standalone net profit for the quarter ended September 2023 at ₹235 crore as against ₹215.36 crore in the same quarter previous year. The stock inches up by 0.68% on the NSE, trading at ₹2,992.35.

Maruti Suzuki reported that during the quarter (Q2 FY23-24), 552,055 vehicles were sold. Sales in the domestic market were 482,731 units while 69,324 cars were exported. The same period in the previous year had seen total sales of 517,395 units comprising 454,200 units in domestic and 63,195 units in export markets.

The stock rises by 2.94% on the NSE, trading at ₹10,730.95.

Reliance Jio (Jio) Chairman Akash Ambani on Friday said the company’s deployment of 5G technology has connected millions of people in the past one year.

“Deploying a 5G cell every 10 seconds, Jio has installed over 10-lakh 5G cells across all 22 circles in India. I am humbled to share that Jio alone has contributed 85 per cent of the overall 5G capacity in the country…and provided one of the fastest 5G internet speeds in the world,” he said at the India Mobile Congress (IMC) 2023 here. Read more

PVR Inox stock rises by 1.62% on the NSE, trading at ₹1,601. The company had announced opening of new 5-screen multiplex at Elan Mercado, Sector 80, NH-8, Gurugram, Haryana.

Adani Energy Solutions Ltd. has announced the successful commissioning of the Karur Transmission Ltd (KTL) project. The project includes the establishment of the 400/230 kV, 1000 MVA Karur Pooling Station and an associated transmission line spanning 8.51 circuit kilometers (CKM) in Tamil Nadu. The stock rises by 2.06% on the NSE, trading at ₹754.30.

Bajaj Finserv has reported its standalone net profit for the quarter ended September 2023 at ₹754.34 crore as against ₹485.08 crore in the same quarter previous year. The stock rises by 1.18% on the NSE, trading at ₹1,578.45.

Indian Overseas Bank, Key highlights of financial results for the quarter ended September 2023: Total Deposits stood at ₹2,73,093 crore as on September 30, 2023, as against ₹2,61,728 crore as on September 30, 2022. Its gross advances stood at ₹2,08,913 crore as on September 2023 as against ₹1,72,713 crore as on September 2022.

The stock rises by 4.17% on the NSE, trading at ₹40.

Venus Pipes and Tubes Ltd.’s shares were up by 9.37 per cent after the company reported a 96 per cent increase in profit at Rs 20.2 crore for the quarter ended September 30, 2023, compared to Rs 10.3 crore in the corresponding quarter last year. Read more

Shree Digvijay Cement Co. Ltd reported its net profit for the quarter ended September 2023 at ₹7.39 crore as against ₹5.96 crore in the same quarter previous year. The stock rises by 1.51% on the NSE, trading at ₹87.60.

2QFY24 revenue growth was below our and consensus estimates but PAT was above estimates driven by higher other income. Colgate reported domestic revenue growth of ~7% (high-single digit growth in toothpaste portfolio), which appears to be driven by balanced volume and price/mix growth. Its strategy is to drive overall category growth through a) accelerated investment towards core (Colgate Strong Teeth, Max Fresh and Salt); b) focus on twice brushing again (after underinvestment

over last few years); and c) premiumisation. Further, as expected, Colgate seems to be the likely beneficiary of flattening of naturals segment share within toothpaste (we like its strategy to focus on its competitive moat of delivering superior science-based products rather than being distracted by naturals segment). Diversification in personal care by leveraging Palmolive brand equity in body wash segment will be dependent on category and distribution nuances. Retain ADD

Kotak Mahindra Bank informed the exchange that the RBI has approved the extension of appointment of Dipak Gupta as the interim Managing Director & CEO of the Bank till December 31, 2023 or till the Managing Director & CEO assumes charge, whichever is earlier. The stock inches up by 0.31% on the NSE, trading at ₹1,700.15.

ZF Commercial Vehicle Control Systems India reported its standalone net profit for the quarter ended September 2023 at ₹104.33 crore as against ₹6.86 crore in the same quarter previous year. The stock rises by 4.48% on the NSE, trading at ₹16,128.10.

Reliance Jio Infocomm (Jio), on Friday demonstrated India’s first satellite-based giga fiber service to provide high-speed broadband services in previously inaccessible geographies in the country.

Jio demonstrated its new satellite broadband, called JioSpaceFiber, at the India Mobile Congress (IMC) held here. The service will be available across the country at affordable prices, the company said. Read more

Antony Waste Handling Cell’s stock rises by 4.33% on the NSE, trading at ₹405 after its material subsidiary bagged contract from Panvel Municipal Corporation.

Antara Senior Care, a subsidiary of the $4 billion Max Group, is expanding its operations into Southern India. Max India stock rises by 3.74% on the BSE, trading at ₹138.55.

Shalby reported its standalone net profit for the quarter ended September 2023 at ₹30.39 crore as against ₹21.80 crore in the same quarter previous year. The stock surges by 9.36% on the NSE, trading at ₹264.

Reliance Jio Infocomm is expected to report a 3.4 per cent increase in revenue at ₹24,850 crore in the second quarter of the fiscal year 2024. The telecom arm of Reliance Industries, is set to announce its financial results on Friday, October 27. Experts believe profit during the period would rise 3 per cent sequentially to ₹5,010 crore, as against ₹4,863 crore in the last quarter. Read more

Crude oil futures traded higher on Friday morning as gross domestic product (GDP) in the US, which was released on Thursday, showed growth in the third quarter.

At 9.53 a.m. on Friday, December Brent oil futures were at $89.08, up by 1.31 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $84.32, up by 1.33 per cent.

November crude oil futures were trading at ₹7,026 on the Multi Commodity Exchange (MCX), against the previous close of ₹6,945, up by 1.17 per cent, and December futures were trading at ₹6,986, against the previous close of ₹6,909, up by 1.11 per cent. Read more

• RBL Bank (4.48%);
• CUB (3.98%);
• Federal Bank (2.24%);
• Axis Bank (1.58%);
• IDFC First Bank (1.47%)

Drone Destination Limited and Marvel Geospatial Solutions Private Limited have signed an MOU to undertake drone services for various GIS projects. The stock rises by 2.65% on the NSE, trading at ₹119.90.

HFCL Limited (HFCL) has launched indigenous 5G FWA (Fixed Wireless Access) CPE (Customer Premise Equipment) solution. The stock rises by 1.74% on the NSE, trading at ₹64.45.

Major gainers: Coal India (2.75%); HCL Tech (2.49%); NTPC (2.35%); Bajaj Auto (2.33%); Adani Enterprises (2.33%)

Major losers: Dr Reddy (-0.59%); UPL (-0.38%); Asian Paints (-0.35%); ITC (-0.18%)

Stocks advanced on BSE at 12 noon on October 27, 2023, were 2,833 against 633 stocks that declined; 154 stocks remain unchanged. Total stocks traded were 3,620. The number of stocks that recorded a 52-week high was 89, and those that hit a 52-week low was 25.

Optiemus Infracom ltd has approved commencement of new business/division/ launch of new product namely Optiemus Unmanned Systems with the launch of technologically-sophisticated, high-precision drones that have been designed to get manufactured in India. The stock surges by 7.40% on the BSE, trading at ₹306.05.

Barbeque Nation Hospitality has acquired 1,282 and 4,518 equity shares, constituting 11.77% and 41.49% of paid-up share capital of Blue Planet Foods Private Limited (Blue Planet) by the Company and its subsidiary Red Apple Kitchen Consultancy Private Limited (Red Apple). The stock rises by 1.33% on the BSE, trading at ₹667.50.

The Great Eastern Shipping Company Limited took delivery of a 2008 built medium range (MR) product tanker “Jag Parth” of about 46,197 dwt. The Company had contracted to buy the vessel in Q2 FY24.

The stock rises by 2.59% on the NSE, trading at ₹819.40.

NBCC has conducted 21st auction for sale of commercial space in the World Trade Centre, Nauroji Nagar, New Delhi, as PMC & Marketing Consultant on behalf of Ministry of Housing and Urban Affairs, Govt. of India. It has sold a total unsold commercial inventory of 3.91 lakh sq. ft. (approx.), having sale value of ₹1557.51 crore, out of which 2.97 lakh sq.ft. area having sale value of ₹1183.7 crore has been sold to private entities. Further, as on date, the Company has sold a total unsold commercial inventory of 21.7 lakh sq.ft. through open e-auction having sale value of ₹8751.61 crore.

The stock rises by 2.04% on the NSE, trading at ₹65.10.

Aditya Birla Sun Life AMC Limited, a subsidiary of Aditya Birla Capital Limited, an investment manager to Aditya Birla Sun Life Mutual Fund, has announced the launch of Aditya Birla Sun Life Transport and Logistics Fund, an open-ended equity scheme following the transportation and logistics theme. The new fund offer will remain open from 27th October, 2023 to 10th November, 2023.

The transportation and logistics theme covers a wide range of sectors. The transportation theme includes sectors like automobiles and auto ancillary while logistics theme includes sectors like ports, warehousing/supply chain, e-commerce and allied sectors. The sectors common to both themes would be shipping, railways, infrastructure and airlines.

It is a large, diversified theme comprising of 20 basic industries with approximately 200 companies that form a part of the listed universe. The fund provides a mix of urban and rural, domestic and international opportunities. Additionally, innovation and new technologies are integral components of this theme.

The Equity portion of the portfolio will follow growth at reasonable price (GARP) and can invest across various sectors within the theme.

ACC’s reported 2QFY24 Ebitda of Rs5.4bn was below estimates on relatively higher costs. Ebitda/t fell 17% QoQ to Rs678, while power and fuel costs fell 5% QoQ. Reported volumes were up 18% YoY; however, a substantial part of this volume is likely to be inter-company sales under the Master Supply Agreement to Ambuja. While the valuations look undemanding, re-rating will hinge on further growth outlook and visibility on cash conversion. We have an U-PF rating on ACC with a TP of Rs2,100. We await further clarity in the management call, after its parent Ambuja reports earnings.

Shareholders of Reliance Industries Ltd have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the company’s board as Non-Executive Directors with the required majority. Read more

We expect profitability for upstream companies to remain subdued in 2QFY24F as benefits of a rising crude oil price environment are largely offset by the increase in windfall taxes. We estimate ONGC’s (ONGC IN, Reduce) EBITDA to increase 2% sequentially to INR199bn, led by 3% q-q higher crude oil realisations of USD78.7/bbl and steady overall oil and gas sales volumes, in-line with recent trends.

For OIL (OINL IN, Reduce), we anticipate a 4% sequential decline in EBITDA to INR22.3bn, as (1) 5% higher oil realizations of USD77.7/bbl, (2) 1% higher oil sales volumes of 0.8mn tons and (2) 7% higher gas sales volumes of 0.6bcm, will be offset by an increase in other expenses (from a low base in 1Q).

We expect the oil marketing companies (OMCs) to deliver weak results in 2QFY24F, as robust refining margins will be offset by the sharp decline in blended marketing margins on sale of auto-fuels to INR1.6/liter in 2QFY24F vs INR9.7/liter in 1QFY24.

We expect refining margins for OMCs to rise sequentially in 2QFY24F driven by robust middle distillate spreads, which will be further boosted by inventory gains following the sharp movement in end-period crude oil prices. We estimate refining margins of — (1) USD16/bbl for IOCL (IOCL IN, Neutral) vs USD8.3/bbl in 1QFY24, (2) USD19/bbl for BPCL (BPCL IN, Buy) vs USD12.6/bbl in 1QFY24, and (3) USD12.5/bbl for HPCL (HPCL IN, Neutral) vs USD7.4/bbl in 1QFY24.

We expect EBITDA for: (1) IOCL to decline by 11% q-q to INR198bn vs INR222bn in 1Q, (2) BPCL to decline by 29% q-q to INR106bn vs INR150bn in 1Q, and (3) HPCL to decline by 31% to INR67bn vs INR97bn in 1Q.

We estimate RIL’s (RELIANCE IN, Buy) 2QFY24F consolidated EBITDA to rise strongly by 8% sequentially to INR411bn, driven by a healthy performance across segments. We estimate standalone EBITDA to increase by a robust 13% q-q to INR164bn in 2QFY24F, underpinned by an increase in refining margins to USD12/bbl versus USD10/bbl in 1QFY24, which will be partly offset by a decline in petchem margins. We factor in a sharp rise in upstream EBITDA underpinned by the rise in volumes following the commencement of the MJ field, while realisation will remain steady q-q at USD10.8/mmbtu.

For the consumer-facing business, we estimate Jio’s EBITDA to rise 3% q-q to INR130bn underpinned by strong EoP subscriber additions of 8mn and a modest 0.6% increase in ARPU to INR182/month. We estimate RIL’s retail segment EBITDA to increase by 4% q-q to INR51bn, benefiting from a robust pace of store additions and rising footfalls.

Geekay Wires reported its standalone net profit for the quarter ended September 2023 at ₹9.87 crore as against ₹3.24 crore in the same quarter previous year. The stock inches up by 0.42% on the NSE, trading at ₹71.50.

Crompton Greaves Consumer Electricals announced the launch of its product ‘Asto Pro’ under the category of ‘Led Tube’. The stock declines by 0.68% on the NSE, trading at ₹285.70.

Brahmaputra Infrastructure Limited has been awarded LOA for a new Project on a bidding Price of ₹12,40,90,035. The stock trades at ₹45 on the BSE, down by 0.51%.

Analysts expect Reliance Industries will report a 25 per cent increase in profits in the second quarter, despite a marginal dip in sales. RIL will announce its second quarter numbers later today.

JM Financial pegs profit after tax (PAT) at Rs 17,173 crore, up 25.8 per cent YoY. Sales are seen falling 2.9 per cent to Rs 2,23,474 crore. Margin is seen at 17.9 per cent.

As per the estimates of Motilal Oswal, RIL’s net sales may fall 2 per cent year-on-year (YoY) to ₹2,25,400 crore. However, adjusted PAT may see a 21.4 per cent YoY growth.

• Talbros Automotive Components (20%)
• Somi Conveyor Beltings (13.65%)
• Black Box (11.75%)
• Sical Logistics (10%)
• Sical Logistics (9.99%)

TTK Prestige reported its standalone net profit for the quarter ended September 2023 at ₹62.17 crore as against ₹85.70 crore in the same quarter previous year. The stock declines by 3.63% on the NSE, trading at ₹753.

Major gainers: Jyoti Resins (12.03%); Swan Energy (10.53%); Shriram Finance (9.26%); ICIL (8.60%); Cressan (8.47%)

Major losers: Sterlite Technologies (-6.68%); Westlife (-5.59%); Prestige (-4.17%); TTK Prestige (-3.49%); VRL Logistics (-3.10%)

ICICI Bank has allotted 661,780 equity shares of face value of `2 each on October 27, 2023 under the ICICI Bank Employees Stock Option Scheme-2000. The stock trades at ₹912.70 on the NSE, up by 0.45%.

The Indian benchmark indices are witnessing a relief rally after three days of sharp fall. The Sensex and Nifty 50 are up about 0.9 per cent each. It is important for the indices to achieve a strong follow-through rise from here and sustain higher.

Nifty (19,013) is trading just above 19,000. The index would have to rise decisively past 19,100 to reduce the danger of falling back again. The price action and closing for the week today will need close watch. That would be key in setting the tone for the markets going forward. Read more

Krishna Institute of Medical Sciences stock rises by 2.51% on the NSE, trading at ₹1,882, following the acquisition of additional stake of 5.72 per cent in SPANV Medisearch Lifesciences Private Limited (Subsidiary Company).

GR Infraprojects stock rises by 2.16% on the NSE, trading at ₹1,123.95. The board had approved proposal for divestment of 21 per cent Equity stake/investment held in its wholly owned subsidiary company viz. Nagaur Mukundgarh Highways Private Limited to Aadharshila Infratech Private Limited.

Among the small-cap banks, CUB was last to show some improvement in its financial performance. However, after the deterioration seen in Q1FY24, the bank will now focus on stabilising its asset quality, focusing on disbursals and taking advantage of the current uptick in the credit cycle. We see gradual growth in its net interest income and no substantial growth in profitability due to a lack of treasury income. However, we are optimistic that the bank’s initiative on co-lending facilities with the NBFCs help it to grow. Although we do not see any surprise elements in the numbers of Q2FY24, our focus would be on the management’s commentary on the roadmap in the medium term for the bank to drive profitability.

The Karnataka Bank stock rises by 3.89% on the NSE, trading at ₹230.85. The bank had raised ₹799.99 crore by allotting 3.34 crore equity shares to HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, Quant Mutual Fund, Bharti AXA Life Insurance Company, and Bajaj Allianz General Insurance Company at a price of ₹239.52 per share, on a preferential basis.

• Mahindra Lifespaces(9.66%)
• Lodha (2.84%)
• Mahindra Lifespaces (2.11%)
• The Phoenix Mills (2.08%)

The equity benchmark indices rebounded in early trade on Friday after facing a massive drubbing of late amid a recovery in Asian markets.

The 30-share BSE Sensex jumped 411.17 points to 63,559.32 in early trade. The Nifty climbed 115.9 points to 18,973.15.

Among the Sensex firms, NTPC, Mahindra & Mahindra, State Bank of India, Infosys and Maruti were the major gainers.

Asian Paints emerged as the only laggard from the pack. Read more

The rupee paused its three-day slide and inched up 2 paise to 83.23 against the US dollar in early trade on Friday, amid positive cues from the domestic equity markets and a weak American currency overseas.

An upward trend in crude oil prices and selling pressure from foreign equity investors continued to weigh on the Indian currency, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.24 and gained further to reach 83.23 against the greenback, up 2 paise from its previous close.

“Following the ascending trail of the previous month, the Acuité Macroeconomic Performance Index (AMEP index) has shown further buoyancy in September. The average index print in the second quarter of the fiscal is 2.36% higher than in the corresponding period of the previous year. The steady and consistent momentum in economic activities in the second quarter of the current fiscal was supported by steady urban demand, onset of festive season, increased public expenditure in infrastructure and higher power demand in periods of deficient monsoon rainfall. Therefore, we expect the GDP growth in the second quarter of the fiscal to remain fairly strong at 6.4%-6.8%.

The second half of the current fiscal, however, may be a different ball game altogether. With no base factor advantage, the economy will have to be driven by the strength of consumption demand and the acceleration in investments, both public and private. The key concern on growth at this stage emanates from the downside risks to agricultural output induced by an irregular monsoon and the uncertain impact of the prevailing El Nino.

This may impact agricultural incomes and may keep food inflation sticky particularly in cereals and pulses, thereby constraining rural demand. Further, new geo-political risks in West Asia may keep the global crude oil prices at elevated levels; while it may not put pressure on the headline inflation directly, it can enhance the fiscal and the current account deficits. In a pre-election period, it may be a difficult balancing act for the government to provide cushion against higher food and fuel inflation while also walking on the path of fiscal consolidation. These risks have made us hold on to the 6.0% growth forecast for FY24 as a whole.

Given the uncertainty on global interest rates, we see the phenomenon of “higher for longer” to play out at least till the first quarter of next fiscal which will also imply higher volatility on bond yields and the rupee. Nevertheless, we expect capital flows to normalize and the rupee as well as the bond yields to settle at lower levels by the end of the current fiscal.

Among the small-cap banks, CUB was last to show some improvement in its financial performance. However, after the deterioration seen in Q1FY24, the bank will now focus on stabilising its asset quality, focusing on disbursals and taking advantage of the current uptick in the credit cycle. We see gradual growth in its net interest income and no substantial growth in profitability due to a lack of treasury income. However, we are optimistic that the bank’s initiative on co-lending facilities with the NBFCs help it to grow. Although we do not see any surprise elements in the numbers of Q2FY24, our focus would be on the management’s commentary on the roadmap in the medium term for the bank to drive profitability.

Shreyansh Shah, Research Analyst, Stoxbox

Suzlon Energy has secured order for their 3 MW series turbines from Juniper Green Energy Private Limited of 50.4 MW. The stock rises by 4.62% on the NSE, trading at ₹32.85. Read more

The board of ISMT Ltd has considered setting up of solar plant (Phase 11) for captive consumption, with capacity of 100 MW DC with a total investment of up to ₹333 crore. The stock surges by 9.02% on the NSE, trading at ₹81.60.

📊 Astec Life

Expected Time: 14:30 - 15:30

📊 Bajaj Finserv

Expected Time: 13:30 - 14:30

📊 Bajaj Holdings

Expected Time: 15:15 - 16:15

📊 Blue Dart

Expected Time: 14:30 - 15:30

📊 BN HOLDINGS

Expected Time: 14:30 - 15:30

📊 BPCL

Expected Time: 13:45 - 14:45

📊 Carborundum

Expected Time: 13:00 - 14:00

📊 Chemo-Pharma

Expected Time: 16:30 - 17:30

📊 Cipla

Expected Time: 14:30 - 15:30

📊 City Union Bank

Expected Time: 14:30 - 15:30

📊 Cords Cable Ind

Expected Time: 14:30 - 15:30

📊 Cosmo Ferrites

Expected Time: 14:30 - 15:30

📊 Cybertech

Expected Time: 19:30 - 20:30

📊 DB (Int) Stock

Expected Time: 15:30 - 16:30

📊 Dr Reddys Labs

Expected Time: 15:30 - 16:30

📊 Droneacharya

Expected Time: 15:00 - 16:00

📊 Dwarikesh Sugar

Expected Time: 13:45 - 14:45

📊 Family Care Hos

Expected Time: 13:00 - 14:00

📊 Focus Lighting

Expected Time: 13:00 - 14:00

📊 GE Shipping

Expected Time: 13:00 - 14:00

📊 Geekay Wires

Expected Time: 13:00 - 14:00

📊 GNA Axles

Expected Time: 13:00 - 14:00

📊 Gold Coin Healt

Expected Time: 13:00 - 14:00

📊 Goodyear

Expected Time: 13:00 - 14:00

📊 Harmony Capital

Expected Time: 14:00 - 15:00

📊 HEUBACHIND

Expected Time: 14:00 - 15:00

📊 Hypersoft Techn

Expected Time: 14:00 - 15:00

📊 Indiamart Inter

Expected Time: 16:15 - 17:15

📊 Indian Hotels

Expected Time: 15:45 - 16:45

📊 Indo Cotspin

Expected Time: 15:45 - 16:45

📊 Indostar Capita

Expected Time: 15:45 - 16:45

📊 Infinium Pharma

Expected Time: 15:45 - 16:45

📊 Inox Wind

Expected Time: 15:45 - 16:45

📊 Inox Wind Energ

Expected Time: 15:45 - 16:45

📊 INOXGREEN

Expected Time: 15:45 - 16:45

📊 Intellect Desig

Expected Time: 15:15 - 16:15

📊 Intense Tech

Expected Time: 15:15 - 16:15

📊 IOB

Expected Time: 13:30 - 14:30

📊 Ion Exchange

Expected Time: 13:30 - 14:30

📊 IRB Infra

Expected Time: 13:30 - 14:30

📊 Jasch Ind

Expected Time: 9:30 - 10:30

📊 Johnson Control

Expected Time: 9:30 - 10:30

📊 Jubilant Pharmo

Expected Time: 15:15 - 16:15

📊 Kiran Syntex

Expected Time: 15:15 - 16:15

📊 Lakshmi Elec

Expected Time: 15:15 - 16:15

📊 Latent View

Expected Time: 13:00 - 14:00

📊 Le Lavoir

Expected Time: 15:15 - 16:15

📊 M&M Financial

Expected Time: 13:30 - 14:30

📊 Mahanagar Gas

Expected Time: 16:15 - 17:15

📊 Mahindra Life

Expected Time: 16:15 - 17:15

📊 Manraj Hsg Fin

Expected Time: 17:30 - 18:30

📊 Maruti Suzuki

Expected Time: 17:30 - 18:30

📊 Mega Flex

Expected Time: 17:30 - 18:30

📊 Moksh Ornaments

Expected Time: 17:30 - 18:30

📊 Monarch Net

Expected Time: 17:30 - 18:30

📊 MPS

Expected Time: 12:15 - 13:15

📊 Muthoot Cap

Expected Time: 12:15 - 13:15

📊 Nacl Industries

Expected Time: 18:00 - 19:00

📊 NDL Ventures

Expected Time: 15:45 - 16:45

📊 North Eastern

Expected Time: 15:45 - 16:45

📊 Novartis India

Expected Time: 7:15 - 08:15

📊 Nuvama Wealth M

Expected Time: 7:15 - 08:15

📊 Oberoi Realty

Expected Time: 7:15 - 08:15

📊 Oceanic Foods

Expected Time: 7:15 - 08:15

📊 Oscar Global

Expected Time: 7:15 - 08:15

📊 Piramal Pharma

Expected Time: 7:15 - 08:15

📊 Prospect Commo

Expected Time: 7:15 - 08:15

📊 PTC India Fin

Expected Time: 13:00 - 14:00

📊 Pudumjee Paper

Expected Time: 13:00 - 14:00

📊 Quicktouch Tech

Expected Time: 13:00 - 14:00

📊 Rategain Travel

Expected Time: 15:00 - 16:00

📊 Reliance

Expected Time: 15:00 - 16:00

📊 Ritesh Prop

Expected Time: 15:00 - 16:00

📊 Route

Expected Time: 14:45 - 15:45

📊 Sarda Energy

Expected Time: 14:45 - 15:45

📊 Satin Credit

Expected Time: 14:15 - 15:15

📊 SBFC Finance

Expected Time: 14:15 - 15:15

📊 SBI Card

Expected Time: 14:00 - 15:00

📊 SBI Life Insura

Expected Time: 14:00 - 15:00

📊 Schaeffler Ind

Expected Time: 14:00 - 15:00

📊 Shalby

Expected Time: 15:15 - 16:15

📊 Shree Digvijay

Expected Time: 15:15 - 16:15

📊 Shree Tirupati

Expected Time: 15:15 - 16:15

📊 Silly Monks Ent

Expected Time: 15:15 - 16:15

📊 SRF

Expected Time: 13:45 - 14:45

📊 SUMITOMO

Expected Time: 13:45 - 14:45

📊 Suncare Traders

Expected Time: 16:30 - 17:30

📊 Supreme Petro

Expected Time: 16:45 - 17:45

📊 Swastika Invest

Expected Time: 16:45 - 17:45

📊 Tavernier

Expected Time: 16:45 - 17:45

📊 Times Guaranty

Expected Time: 16:45 - 17:45

📊 TIPSFILMS

Expected Time: 17:45 - 18:45

📊 TMB

Expected Time: 11:00 - 12:00

📊 TRF

Expected Time: 11:00 - 12:00

📊 TTK Prestige

Expected Time: 11:00 - 12:00

📊 Ujjivan Small

Expected Time: 11:00 - 12:00

📊 Union Bank

Expected Time: 16:00 - 17:00

📊 Urja Global

Expected Time: 17:45 - 18:45

📊 Vinayak Vanijya

Expected Time: 17:45 - 18:45

📊 Vivid Global

Expected Time: 16:45 - 17:45

📊 Welspun Special

Expected Time: 16:45 - 17:45

📊 ZFCVINDIA

Expected Time: 16:45 - 17:45

Just starters

The recent sharp correction in stock prices may reflect (1) growing recognition of short-term (higher-for-longer interest rates, weak domestic consumption) and medium-term (disruption across sectors) challenges or (2) a ‘natural’ correction in the market from ‘high’ levels. In our view, large-cap. stocks offer better reward-risk balance given more reasonable valuations versus lofty valuations of most mid- and small-cap. stocks.

Correction in mid-cap. and small-cap. stocks not meaningful enough

Indian equities have seen meaningful price correction over the past week, with the degree of correction varying across market-cap. and sectors. In particular, several mid- and small-cap. stocks have seen sharp declines, but the correction in their stock prices is rather puny compared to the rally witnessed in their stock prices over the past 6-7 months. We do not find value in most mid- and small-cap. stocks in our coverage universe given the extent of rerating in multiples seen in the past 9-12 months despite weakening business models and eroding business moats.

Valuations remain expensive for the broader market

We find the valuations of the Nifty-50 Index to be more reasonable at 17.5X FY2025E EPS in the context of moderate earnings growth and muted performance over the past two years. However, we find decent value in a few large-cap. stocks and the BFSI sector only in light of rich valuations of most stocks in the consumption, investment and outsourcing sectors

Nifty outlook:

A doji in the 4hr candle signals indecision and potential reversal. We will look for a push towards 19000-19050, but pull back below 18900 towards close could signal that bears have regrouped, and complete the 18600 trajectory.

Derivative outlook:

Nifty weekly contract has highest open interest at 18900 for Calls and 18850 for Puts while monthly contracts have highest open interest at 18900 for Calls and 18850 for Puts. Highest new OI addition was seen at 18900 for Calls and 18850 for Puts in weekly and at 18900 for Calls and 18850 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 58.60%, increased future index shorts by 20.80% and decreased index options by 51.69% in Call longs, 27.78% decrease in Call short, 49.81% decrease in Put longs and 34.33% decrease in Put shorts.

USD-INR outlook:

Upswings strengthened on anticipated lines, after a push above 83.2, but the moves thereof fizzled off just short of achieving the first target of 83.3 pencilled in for yesterday. We might have to consolidate again in the 82.20-82.14 region before reattempting 83.3-83.4

Kamat Hotels (India) stock rises by 2.68% on the NSE, trading at ₹212.40. The company had concluded the sale of its unit Hotel IRA by Orchid in Mumbai to Lateral Hospitality for ₹125 crore.

LTIMindtree stock inches up by 0.84% on the NSE, trading at ₹5,193.70. The company elevated Rajesh Sundaram as Chief Business Officer of the manufacturing business unit of the IT services company.

Major gainers: Apollo Hospitals (1.41%); Infosys (1.40%); Adani Enterprises (1.28%); SBI (1.22%); NTPC (1.14%)

Major losers: Asian Paints (-0.41%); ITC (-0.05%); Hindustan Unilever (-0.01%)

Mandar Bhojane, Research Analyst, Choice Broking said the Sensex and Nifty indices are expected to open slightly higher today, with GIFT Nifty trends indicating a gain of 25 points.

On October 26, the bearish trend on Dalal Street continued for the sixth consecutive session, primarily due to rising US bond yields and the escalating conflict between Hamas and Israel. Most indices were down by over 1%, although the small-cap index did see a smart recovery but still closed lower.

According to the daily chart, Nifty is maintaining a bearish trajectory, targeting 18,400 in line with correction wave C. The immediate resistance is at 18,650. However, if the price closes above 19,000, a bounce towards 19,200 could be anticipated. For Bank Nifty, the immediate support is near 42,000 and 41,900, while on the flip side, 42,600 and 42,800 act as immediate resistance levels.

In a scenario where clear trends are lacking in both the Nifty and Bank Nifty, it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments.

On Friday, Indian markets started the day on a strong note, following the lead of their Asian counterparts. In early trading, the 30-share BSE Sensex advanced by 319.83 points to reach 63,467.98, while the NSE Nifty surged by 92.25 points to 18,949.50.

Among the Nifty stocks, Power Grid, NTPC, JSW Steel, HCL Technologies, and Wipro were among the gainers, while Mahindra & Mahindra, Maruti, Hindustan Unilever, and Bajaj Finserv faced losses.

Analysts anticipate early volatility but expect a potential rebound in the latter half of the trading session, aiding stocks to finish the day on a positive note.

Naveen Kulkarni, CIO at Axis Securities PMS, advises investors not to panic in the current market. He cites global geopolitical tensions and rising US bond yields as key factors driving market correction. Kulkarni recommends selling overvalued, low-quality stocks and accumulating quality businesses, especially in large caps, to navigate market volatility.

Despite a weak closing at the US market overnight, equities across the Asia-Pacific region are trading higher in the range of 0.5 to 1.3 per cent. Besides global uncertainty, analysts said the focus would be on corporates due to a result season.

Nifty companies having a combined weight of 15.4 per cent (Reliance 9.6%; Maruti 1.5%; - Bajaj Finserv 1 per cent; Dr Reddy’s, SBI Life 0.7 per cent each) will declare their earnings today.

Shrey Jain, Founder and CEO of SAS Online, a Deep Discount Broker in India, cautions against market obstacles. Global market fragility, concerns about rising US Treasury yields, geopolitical tensions, and the monthly Futures and Options (F&O) expiry are hindering market performance. Jain advises a “wait and watch” approach and advises against opening new positions.

The European Commission has adjusted its agricultural forecasts for 2023-24, lowering EU wheat export expectations due to stiff competition from Russia, while increasing soft wheat ending stocks. Barley production plummeted to a 12-year low, impacted by drought and hot spells in key regions. Maize harvest estimates remained steady after last year’s drought-affected crop, while rapeseed production saw a minor uptick, and sunflower seed production was revised down.

The European Commission lowered its forecast for European Union exports of common wheat (soft wheat) for 2023/24 from 32 million tonne to 31 million tonne. This reduction is attributed to strong early-season competition from Russia, causing EU soft wheat exports for the same period to be 22% lower compared to the previous year.

The reduced export outlook resulted in an upward revision of the Commission’s forecast for 2023/24 soft wheat ending stocks, which now stand at 19 million tonne. This is an increase from the 17.8 million tonne expected the previous month but slightly below the stockpile of 19.3 million from the previous season.

The reduction in wheat export forecasts, driven by stiff competition from Russia, underscores the complexities of international markets. Barley’s 12-year low production, influenced by adverse weather conditions in Spain and Scandinavia, highlights the vulnerability of certain crops to climate fluctuations. Stability in maize harvest estimates signals a promising rebound after last year’s drought-induced setbacks. The slight increase in rapeseed production, albeit with reduced import expectations, showcases the EU’s adaptability in managing oilseed resources. The downward revision in sunflower seed production adds an element of uncertainty in the region’s oilseed sector. These agricultural dynamics emphasize the need for resilience and flexibility in the face of both domestic and global challenges.

Allsec Technologies Limited announced its financial results for Q2 FY24. Its revenue from operations is up by 19.3% YoY, driven by growth in both verticals - CXM by 18.3% & EXM by 21.2%. Interim dividend of ₹ 45.7 crore declared (₹30/ share)

Global Index Performance

GIFT Nifty 18985 +12 Nifty F

Hang Sang 17303 +259

Dow Jones 32784 -252

NASDAQ 12596 -226

Nikkei 31073 +471

Shanghai 2996 +8

India Vix 11.73 +3.7%

Commodity Market

Brent 89.0 +1.17%

WTI 84.2 +1.15%

Gold 1987.2 +0.16%

Silver 23.0 +0.41%

Copper 8010 +0.36%

Aluminium 2197 +0.07%

Iron Ore (SGX) 116.8 -0.21%

Zinc 2439 +0.16%

Sugar 27.03 -2.17%

Sovereign Yield (10-year benchmark)

India 7.36 +0.02

US 4.86 +0.01

Currency Market

USD 83.2 -0.05%

EUR 87.8 +0.18%

GBP 100.6 +0.20%

With semiconductor availability improving and festivities falling in August-September, Maruti Suzuki India (MSIL) expects to report a more than 20 per cent jump in revenue in the second quarter ended September 30.

According to analysts, the company is expected to report a consolidated revenue of around Rs 37,000 crore during the quarter, as compared with Rs 29,942 crore in the corresponding period last year.

- Oct Nov Rollovers at 83%

- Nifty starts Nov Series with 1.1 Cr shares in OI

- FII Longs at just 11%

GST mechanism for corporate guarantee will have a prospective effect, a Finance Ministry notification has made it clear.

As recommended by the GST Council on October 7, the parent company’s corporate guarantee to its subsidiary for a bank loan will attract 18 per cent GST, recommended GST Council on Saturday. A notification dated October 26 says: “The value of supply of services by a supplier to a recipient who is a related person, by way of providing a corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one per cent of the amount of such guarantee offered, or the actual consideration, whichever is higher.” This means if the corporate guarantee were ₹100 crore, then ₹18 lakh would be the GST liability.

Price band revised from 10% to 5%: Jai Corp.

Ex/record date dividend: Astral, ICICI Lombard General Insurance Company, ICICI Securities, LTIMindtree, L&T Technology Services, Jindal Stainless

Ex/record date stock split: BCL Industries, Talbros Automotive Component

Move out of short term ASM framework: Brightcom Group, PDS.

F&O BAN

NIL

Dhampur Bio Organics: Promoter Sonitron bought 5,136 shares on Oct. 26.

Avalon Technologies: Unifi Financial sold 4.72 lakh shares (0.81%) at Rs 518.87 apiece.

Indiabulls Housing Finance: Capri Global Holdings sold 25.14 lakh shares (0.53%) at Rs 151.79 apiece.

Grasim Industries: Cresta Fund bought 5.48 lakh shares (0.08%) and Griffin Growth Fund sold 5.48 lakh shares (0.08%) at Rs 1,840 apiece.

Jindal Stainless: JSL Overseas bought 17 lakh shares (0.20%) and Hypnos Fund sold 17 lakh shares (0.20%) at Rs 459 apiece.

Vodafone Idea Q2 FY24 (Consolidated, QoQ)

Revenue is up 0.57% at Rs 10,716.3 crore vs. Rs 10,655.5 crore.

Ebitda up 3.02% at Rs 4,282.8 crore vs. Rs 4,157 crore.

Ebitda margin at 39.96% vs. 39.01%

Net loss at Rs 8,737.9 crore vs. loss of Rs 7,840 crore

ARPU is up 2.2% at Rs 142 vs. Rs 139.

Colgate Palmolive India Q2 FY24 (Consolidated, YoY)

Revenue is up 6.02% at Rs 1,471.09 crore vs. Rs 1,387.48 crore.

Ebitda up 18.17% at Rs 482.13 crore vs. Rs 407.99 crore.

Ebitda margin at 32.77% vs. 29.4%

Reported PAT is up 22.31% at Rs 340.05 crore vs. Rs 278.02 crore.

Dixon Technologies Q2 FY24 (Consolidated, YoY)

Revenue is up 27.83% at Rs 4,943.18 crore vs. Rs 3,866.77 crore.

Ebitda up 37.01% at Rs 198.91 crore vs. Rs 145.17 crore.

Ebitda margin at 4.02% vs. 3.75%

Reported PAT is up 46.99% at Rs 113.36 crore vs. Rs 77.12 crore.

Laxmi Organic Industries Q2 FY24 (Consolidated, YoY)

Revenue is up 0.01% at Rs 652.27 crore vs. Rs 652.2 crore.

Ebitda up 36.05% at Rs 38.93 crore vs. Rs 28.62 crore.

Ebitda margin at 5.96% vs. 4.38%

Reported PAT is up 24.24% at Rs 10.71 crore vs. Rs 8.62 crore.

Aditya Birla Sun Life AMC Q2 FY24 (Standalone, YoY)

Total income is up 0.66% at Rs 384.53 crore vs. Rs 381.99 crore.

Reported PAT is down 7.12% at Rs 176.46 crore vs. Rs 189.99 crore.

Railtel Corp. Q2 FY24 (QoQ)

Revenue is up 28.13% at Rs 599.15 crore vs. Rs 467.61 crore.

EBIT is up 106.62% at Rs 77.4 crore vs. Rs 37.46 crore.

EBIT margin at 12.91% vs. 8.01%

Reported PAT is up 77.52% at Rs 68.15 crore vs. Rs 38.39 crore.

Kabra Extrusiontechnik Q2 FY24 (Consolidated, YoY)

Revenue is up 1.3% at Rs 182.387 crore vs. Rs 180.046 crore.

Ebitda down 35.88% at Rs 11.52 crore vs. Rs 17.97 crore.

Ebitda margin at 6.31% vs. 9.98%

Reported PAT is down 40.73% at Rs 5.625 crore vs. Rs 9.491 crore.

AGI Greenpac Q2 FY24 (Consolidated, YoY)

Revenue is up 20.09% at Rs 615.28 crore vs. Rs 512.31 crore.

Ebitda up 58.03% at Rs 134.16 crore vs. Rs 84.88 crore.

Ebitda margin at 21.8% vs. 16.56%

Reported PAT is up 65.36% at Rs 56.14 crore vs. Rs 33.95 crore.

Aavas Financiers Q2 FY24 (Standalone, YoY)

Total income is up 25.9% at Rs 497.44 crore vs. Rs 395.08 crore.

Reported PAT is up 13.94% at Rs 121.72 crore vs. Rs 106.82 crore.

Maharashtra Scooters Q2 FY24 (Consolidated, YoY)

Revenue up 7.03% at Rs 205.92 crore vs. Rs 192.39 crore.

Ebitda up 7.65% at Rs 200.31 crore vs. Rs 186.06 crore.

Ebitda margin at 97.27% vs. 96.7%

Reported PAT is up 4.05% at Rs 197.73 crore vs. Rs 190.03 crore.

Ugro Capital Q2 FY24 (YoY)

Revenue up 63.32% at Rs 253.63 crore vs. Rs 155.29 crore.

Reported PAT is up 448.19% at Rs 28.89 crore vs. Rs 5.27 crore.

Prudent Corporate Advisory Services Q2 FY24 (Standalone, YoY)

Total income is up 24.84% at Rs 160.34 crore vs. Rs 128.43 crore.

Reported PAT is up 25.59% at Rs 23.31 crore vs. Rs 18.56 crore.

NLC India Q2 FY24 (Consolidated, YoY)

Revenue down 14.67% at Rs 2,977.53 crore vs. Rs 3,489.28 crore.

Ebitda down 29.24% at Rs 834.56 crore vs. Rs 1179.27 crore.

Ebitda margin at 28.02% vs. 33.79%

Reported PAT is up 160.39% at Rs 1,085.93 crore vs. Rs 417.03 crore.

Venus Pipes And Tubes Q2 FY24 (YoY)

Revenue up 51.38% at Rs 191.35 crore vs. Rs 126.4 crore.

Ebitda up 123.53% at Rs 34.67 crore vs. Rs 15.51 crore.

Ebitda margin at 18.11% vs. 12.27%

Reported PAT is up 94.89% at Rs 20.25 crore vs. Rs 10.39 crore.

Sadhana Nitrochem Q2 FY24 (Consolidated, YoY)

Revenue up 15% at Rs 42.01 crore vs. Rs 36.53 crore.

Ebitda up 196.91% at Rs 12.53 crore vs. Rs 4.22 crore.

Ebitda margin at 29.82% vs. 11.55%

Reported PAT at Rs 2.57 crore vs. loss of Rs 0.37 crore

Quick Heal Technologies Q2 FY24 (Consolidated, QoQ)

Revenue up 52.33% at Rs 78.36 crore vs. Rs 51.44 crore.

EBIT at Rs 7.72 crore vs. EBIT loss of Rs 18.01 crore

Net profit at Rs 12.9 crore vs. loss of Rs 12.76 crore

Axis Bank: The lender appointed Munish Sharda as a whole-time director, designated as executive director, for three years, with effect from Nov. 1.

Praveg: The board approved the scheme of amalgamation between Eulogia Inn and the company. A total of 17.33 lakh new equity shares of Praveg will be issued to the shareholders of Eulogia Inn.

CARE Ratings: CARE Ratings (Africa), a subsidiary of the company, has incorporated a step-down subsidiary, i.e., CARE Ratings South Africa, on Oct. 25 for providing credit rating services.

Karnataka Bank: The bank approved an allotment of equity share capital of Rs 800 crore on a preferential basis. The board approved the allotment of 3.34 crore shares with a face value of Rs 10 each to HDFC Life Insurance, Bajaj Allianz Life Insurance, Quant Mutual Fund, Bharti AXA Life Insurance, and Bajaj Allianz General Insurance at a price of Rs 239.52 apiece.

McLeod Russel: Borelli Tea Holdings, a wholly owned subsidiary of the company, sold 100% of the capital contribution in Phu Ben Tea Company, a step-down subsidiary of the company, to TLK Agriculture for a net consideration of $2.15 million on Oct. 25. The sale is expected to be completed by Dec. 24.

Lemon Tree Hotels: The company has signed a license agreement for a 50-room property in Visakhapatnam under the brand ‘Red Fox Hotels’. The hotel is expected to be operational by FY 2026.

AURIONPRO SOLUTIONS LTD : Ashish Rai Elevated to Chief Executive Officer at Aurionpro Solutions

DATAMATICS GLOBAL SERVICES LTD : Company implements its Automatic Fare Collection (AFC) and Mobile Ticketing Systems for this India’s 1 st Namo Bharat RapidX train Delhi-Meerut RRTS Corridor by NCRTC

Radha Madhav Corporation Limited : Board meeting to be held on 04 Nov 2023 to explore and evaluate new avenues of business opportunities, 1) which are focused on Product Innovation and New Technologies & 2) which do not require Huge amount of Debt/Investment

Krishna Institute of Medical Sciences Limited : Company has made a further investment by acquiring an additional equity stake of 5.72% in M/s. SPANV Medisearch Lifesciences Private Limited, subsidiary Company. Consequently, the Company now holds 56.72% of the total paid-up Equity Share capital of M/s. SPANV Medisearch Lifesciences Private Limited

Astral Limited : Company has started commercial production of Adhesives Division at Dahej Plant.

Novartis India Limited : The Company is currently facing shortage of one of its product ‘Simulect 20 mg’. However, the Company is putting its best efforts to mitigate the supply issue on a sustainable basis.

IKIO Lighting Limited : Company informed that Royalux Exports Private Limited (Step-down Material Subsidiary of Ik1O Lighting Limited) has closed the Branch Office at “INDIANAPOLIS IN 46240”.

MERCURY EV-TECH LIMITED : Company appointed Mr. Kavit Jayeshbhai Thakkar as the Chief Executive Officer of the Company from October 26, 2023.

MedPlus Health Services Limited : Board approved for fund raising for an amount not exceeding Rs. 1200 Crores by way of QIP

LEMON TREE HOTELS LIMITED : Company announced its latest signing – Red Fox Hotel, Visakhapatnam. The property is expected to open by FY26 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited.

Nilkamal Ltd : Board meeting to be held on 01 Nov 2023 for a a proposal to raise funds by issue of Non-convertible Debentures on private placement basis

Paisalo Digital Limited : Board meeting to be held on 31 Oct 2023 for fund raise through issue Listed/Unlisted Non-Convertible Debt Securities/Commercial Papers through Private Placement Basis.

Infosys Limited : Company announced an Infosys Topaz-powered artificial intelligence (AI) innovation with MSG Networks as part of its ongoing relationship, which MSG Networks’ can use to enhance coverage of the 2023-2024 Knicks and Rangers seasons across social platforms. The arrangement includes Infosys Topaz AI, data and analytics solutions, as well as its signature ‘AI Highlights’ technology

Karnataka Bank Ltd : Bank , have approved allotment of 3,34,00,132 equity shares of face value of ₹ 10/- each, to HDFC Life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, Quant Mutual Fund, Bharti AXA Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited (“Allottees”), at a price of ₹ 239.52/- per equity share

Kamat Hotels (India) Limited : Company has successfully concluded the sale of the Hotel IRA by ORCHID, MUMBAI to Lateral Hospitality Private Limited on 26th October, 2023 in the Consideration of Rs. 125 Crores .Further, by consummating this sale of unit the Company has reduced its debt (towards redemption of non-convertible debentures) by INR 125 Crores, consequently the total debt (towards redemption of non-convertible debentures) as on date stood at INR 172.50 Crores.

Orient Green Power Company Limited : Board meeting to be held on 30 Oct 2023 to consider a proposal to issue Equity Shares to existing Shareholders of the Company on Rights Basis, as may be permitted under applicable law, subject to such Regulatory/Statutory Approvals, as may be required.

Gujarat Inject Kerala Limited : Board meeting to be held on 03 Nov 2023 for Fund raise Proposal in Multiple ways

CARE Ratings (Africa), a subsidiary of the company, has incorporated a step-down subsidiary, i.e., CARE Ratings South Africa, on Oct. 25 for providing credit rating services.

The board of Praveg approved the scheme of amalgamation between Eulogia Inn and the company. A total of 17.33 lakh new equity shares of Praveg will be issued to the shareholders of Eulogia Inn.

The IPO of Blue Jet Healthcare will close for public subscription today. The Rs 840.27-crore Blue Jet Healthcare IPO was subscribed fully - 1.32 times at the end of Day 2 of subscription on Thursday. The issue came out with a price band of ₹329 to ₹346 of face value of ₹2. Investors can bid for a minimum of 43 equity shares

The issue received strong interest from both non-institution and retail investors. While the portion set aside for former was subscribed 3.07 times, the latter’s was 1.37 times. Qualified institutions remain muted with 0.09 time subscription.

Ex-Dividend 30 October 2023 (Monday)

Last date for Cum-Dividend Today

Happiest Minds Technologies Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 813.75

Ramkrishna Forgings Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 602.8

HSBC on Asian Paints: Maintain Buy on Company, target price at Rs 4000

CLSA on PNB: Maintain Outperform on Bank, raise target price at Rs 80

Jefferies on Colgate: Maintain Buy on Company, raise target price at Rs 2320

HSBC on Shriram Finance: Maintain Buy on Company, raise target price at Rs 2300

CLSA on Dixon: Maintain Outperform on Company, target price at Rs 5675

MS on Home First: Maintain Overweight on Company, target price at Rs 1050

UBS on ACC: Maintain Buy on Company, raise target price at Rs 2450

MS on Asian Paints: Maintain Underweight on Company, target price at Rs 2702

Jefferies on Asian Paints: Maintain Underperform on Company, target price at Rs 2500

MS on PNB: Maintain Underweight on Bank, target price at Rs 55

CLSA on Colgate: Maintain Sell on Company, target price at Rs 1932

Nomura on Colgate: Maintain Neutral on Company, target price at Rs 2150

MS on Canara Bank: Maintain Underweight on Bank, target price at Rs 315

HSBC on Rallis: Maintain Hold on Company, target price at Rs 185

CLSA on Westlife: Maintain Outperform on Company, target price at Rs 1000

Domestic markets are likely to remain volatile. Contracts at Gift City are swinging wildly and are currently in a positive zone as Asian stocks bounced back. Nifty futures at Gift Nifty is trading at 19,980 against Nifty November futures closing of 18,972.60 on NSE, signalling about 100 points gap down opening. Analysts said the market might open volatile and dip in early trading, but bottom fishing may happen in the latter half to help stocks end strongly.

11:00 AM Max India

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/4sxb96y6

11:00 AM Asahi Songwon

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/942nm6h2

( Hosted by Investment Lab )

11:00 AM Laxmi Organics

Dial: +91 22 6280 1557

Weblink: https://tinyurl.com/bdcm5t8s

11:00 AM Bharat Wire Rop

(Results)

Dial: 044 7126 4411

Weblink: https://tinyurl.com/bp6n32zt

12:00 PM Kamat Hotels

(Results)

Dial: +91 22 6280 1107

12:00 PM Apollo Pipes

Dial: +91 22 6280 1297

Weblink: https://tinyurl.com/yckfnfkx

1:00 PM Venus Pipes

Dial: 91 22 6280 1342

Weblink: https://tinyurl.com/yc57s92a

2:00 PM Prudent Corpora

Dial: +91 22 6280 1224

Weblink: https://tinyurl.com/mr2f2ccm

2:00 PM Eco Recycling

Dial: +91 22 6280 1239

Weblink: https://tinyurl.com/yvxpjz7d

2:00 PM Apcotex Ind

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/yc4e9nsb

( Hosted by Valorem )

2:00 PM Punjab Chemical

Dial: +91 22 6280 1342

Weblink: https://tinyurl.com/4x2skjfh

2:30 PM Coromandel Int

Dial: +91 22 6280 1259

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

2:30 PM Music Broadcast Private

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/4khen28a

2:30 PM Vodafone Idea

Dial: +91 22 7115 8260

Weblink: https://tinyurl.com/3pyu22nm

3:00 PM Medplus Health

Dial: +91 22 6280 1267

Weblink: https://tinyurl.com/22x4f52v

3:30 PM RailTel Corp

Dial: +91 22 6280 1175

Weblink: https://tinyurl.com/bddc5tze

3:30 PM AAVAS Financier

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/3pz6cnnd

3:30 PM Tiger Logistics

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/5aen6nrw

( Hosted by RIK consultancy )

4:00 PM Lakshmi Machine

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

4:00 PM Ugro Capital

Dial: +91 22 6280 1325

Weblink: https://tinyurl.com/yy3y6hk2

4:00 PM Allsec Tech

Dial: +91 22 6280 1384

Weblink: https://tinyurl.com/22nj6tfu

4:00 PM HSIL

Dial: +91 22 6280 1466

Weblink: https://tinyurl.com/3a7hxefd

4:00 PM Aditya Birla Sun Life Asset Mgmt

Dial: +91 22 6280 1527

Weblink: https://tinyurl.com/yck9vcc2

4:00 PM Schaeffler Ind

Dial: +91 22 6280 1538

Weblink: https://tinyurl.com/5axhbb22

4:00 PM Jindal Saw

Dial: 91 22 6280 1143

Weblink: https://tinyurl.com/y2pkr9b3

4:30 PM SBI Life Insurance

Dial: + 91 22 6280 1101

Weblink: https://tinyurl.com/2s6cxfu7

4:30 PM Quick Heal Tech

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/2r2ybb9e

( Hosted by Valorem )

4:30 PM Cipla

Dial: +91 22 6280 1562

Weblink: https://tinyurl.com/4mj4nw54

5:00 PM IndiaMART InterMESH

Weblink: https://tinyurl.com/38f7wvzn

5:00 PM Ujjivan Small

Dial: +91 22 6280 1259

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5:00 PM Home First Fina

(Conference Transcript (Voice))

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5:00 PM MPS

Dial: +91 22 6280 1410

Weblink: https://tinyurl.com/4xjx7eup

5:15 PM Maruti Suzuki

(Investor/Analyst Presentation)

(Investor/Analyst Presentation) No Contact Available

Please check again for details @ www.researchbytes.com

5:30 PM Inox Wind

Dial: +91 44 4770 0324

Weblink: https://tinyurl.com/cncpu87d

6:00 PM Intellect Design

(Press Release )

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6:00 PM Tamilnad Mercantile Bank

Dial: +91 22 6280 1102

Weblink: https://tinyurl.com/ysudknpt

6:00 PM M&M Fin

Dial: +91226280 1565

Weblink: https://tinyurl.com/26e7uucc

6:00 PM City Union Bank

Dial: 02262801148

6:30 PM Route Mobile

(MarketUpdate)

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/3t4ezz8b

6:30 PM Satin Creditcare Network

Dial: +91 22 6280 1465

Weblink: https://tinyurl.com/bdhr3rkk

6:30 PM SBI Cards&payment service

Dial: +91 22 6280 1506

Weblink: https://tinyurl.com/4rt2jcxv

6:45 PM Inox Green Ene

Dial: 91 44 4770 0322

Weblink: https://tinyurl.com/227yupxd

7:00 PM Indian Hotels

Dial: +91 22 6280

​Blue Jet Healthcare manufactures advanced and basic intermediates​ in contrast media (formulations that enhance images for scanners), high-intensity sweeteners (HIS) and growing CDMO operations. Contrast media and HIS which accounted for 71/24 per cent of FY23 revenues can ride on demographic changes globally and incremental demand from emerging markets for growth. The company is also adding 50 per cent more capacity in next two years.

Buzzing Stocks: Reliance Industries, Maruti Suzuki, SBI Card, SBI Life, TMB, Lemon Tree, Oberoi Realty, LTI Mindtree, Karnataka Bank, Novartis India, McLeod Russel, AKI India, Bajaj Hindusthan, Bajaj Finserv, BPCL, Blue Dart, Cipla, Dr Reddy’s CUMI, CUB, Dronacharya, GE Shipping, Indian Hotles, IndiaMart, Inox Green, IOB, ION Exchange, Jubilant Pharma, SRF, Union Bank, KIMS, Kamat Hotels, PowerGrid

Reliance 9.6%; Maruti 1.5%; Bajaj Finserv 1 per cent; Dr Reddy’s, SBI Life 0.7 per cent each. Alps Industries, Astec Lifesciences, Bajaj Finserv, Bajaj Holdings, Bharat Petroleum Corporation, Blue Dart Express, Cipla, Carborundum Universal, City Union Bank, Chemo Pharma Lab, Dr Reddy’s Laboratories, Dronacharya Aerial Innovations, Dwarikesh Sugars, Family Care, GE Shipping,, GNA Axles, Goodyear, Indian Hotels, IndiaMart, Indo Star Capital, Inox Green, Inox Wind, Indian Overseas Bank, Intellect Design, ION Exchange, IRB Infrastructure Developers, Jubilant Pharma, Latent View Analytics, Maruti Suzuki, M&M Financial Services, Mahindra Lifespace, Mahanagar Gas, Muthoot Capital, NACL Industries, Novartis India, Oberoi Realty, Piramal Pharma, Reliance Industries, Route Mobile, Satin Creditcare, SBI Card, SBI Life Insurance Company, Schaffler, Shalby, SRF, Shree Digvijay Cement, Tamilnad Mercantile Bank, TRF, TTK Prestige, Union Bank of India, Ujjivan Small Finance Bank and ZF Commercial Vehicles

ISMT Ltd: Co has approved the establishment of a 100 MW DC || solar plant for captive consumption, with a total investment of 3.33 billion rupees.

Ashima: Co launched a real estate development project of luxurious residential apartments, ‘The Sovereign,’ in Ahmedabad. The revenue potential from the project is estimated to be approximately 500 crore rupees

Lignite and power major NLC India ltd have reported a net profit of ₹1121 crore for the quarter ended September 30, when compared with ₹367 crore in the year-ago period, boosted by net movement in regulatory deferral account balances income of ₹1252 crore amid fall in topline.

Profit before exceptional items, tax and rate regulatory activity stood at ₹475 crore as against ₹474 crore in Q2 of FY23.

Asset quality: Gross slippages amounted to ₹3,254 crore (annualised slippage ratio of 1.5 per cent), while recoveries and upgrades were ₹1,985 crore.

Margin picture: NIM at 4.11 per cent was up 1 bp QoQ, where the sequential rise in yield on advances has offset the sequential rise in cost of funds. Read more

UTI AMC posted in-line 2QFY24 PAT at ₹1.83bn, despite a sequential decline in yields and elevated expenses, amid a lower tax outgo.

However, a consistent loss in market share (total as well as equity) remains an issue. The share in equity AUM dipped to about 4.25 per cent from around 4.47 per cent in June 2023.

The outlook is bearish for L.G. Balakrishnan & Bros. Strong resistance is at ₹1,015 which can cap the upside. The stock is likely to fall back to test the support at ₹964. A break below ₹964 can drag the stock down to ₹900 in the coming days. Intraday traders can consider taking short positions at current levels. 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

Exxon Mobil Corporation (Pre market) (Sector- Energy)

Chevron Corporation (Pre market) (Sector- Energy)

AbbVie Inc. (Pre market) (Sector- Healthcare)

Sanofi (Pre market) (Sector- Healthcare)

Equinor ASA (Pre market) (Sector- Energy)

Aon plc (Pre market) (Sector- Financial)

Charter Communications, Inc. (Pre market) (Sector- Telecom)

Colgate-Palmolive Company (Pre market) (Sector- FMCG)

ENI S.p.A. (Pre market) (Sector- Energy)

NatWest Group plc (Pre market) (Sector- Financial)

Phillips 66 (Pre market) (Sector- Energy)

Imperial Oil Limited (Pre market) (Sector- Energy)

Xcel Energy Inc. (Pre market) (Sector- Energy)

LyondellBasell Industries NV (Pre market) (Sector- Chemical)

Fomento Economico Mexicano S.A.B. de C.V. (Pre market) (Sector- FMCG)

T. Rowe Price Group, Inc. (Pre market) (Sector- Financial)

CBRE Group, Inc. (Pre market) (Sector- Realty)

Fortis Inc. (Pre market) (Sector- Power)

Booz Allen Hamilton Holding Corporation (Pre market) (Sector- Technology)

Aercap Holdings N.V. (Pre market) (Sector- Aviation)

Avantor, Inc. (Pre market) (Sector- Healthcare)

Stanley Black & Decker, Inc. (Pre market) (Sector- Capital Goods)

Saia, Inc. (Pre market) (Sector- Logistics)

Southern Copper Corporation (Pre market) (Sector- Metal)

18:00 U.S Core PCE Price Index m/m (Expected: 0.3% versus Previous: 0.1%)

19:30 U.S Revised UoM Consumer Sentiment (Expected: 63.0 versus Previous: 63.0)

U.S. Advance GDP q/q

Current: 4.9%

Previous: 4.5%

Expected: 2.1%

(Numbers seen higher than estimates, supportive for U.S. Dollar)

U.S. Unemployment Claims

Current: 210k

Previous: 208k

Expected: 198k

(Numbers seen inline with estimates)

U.S. Durable Goods Orders m/m

Current: 4.7%

Previous: 1.9%

Expected: 0.1%

(Numbers seen higher than estimates, supportive for U.S. Dollar)

Asian equities are on the rise, driven by cautious optimism that strong post-market earnings from US tech companies will trigger a recovery on Wall Street. US share futures are also seeing gains.

In early trading, Japan’s Nikkei 225 index has climbed by 0.76% to reach 30,834.19 points, while the Topix index surged by 0.95% to 2,245.37 points. South Korea’s KOSPI is trading slightly higher, up by 0.065% to 2,300.57 points, and Australia’s S&P ASX 100 is up by 0.29% at 5,754.40 points.

India’s Gift Nifty is trading with a marginal increase of 0.19% at 18,948.

Meanwhile, Japanese Government Bond yields have reached their highest level in a decade on Thursday. This increase follows a rise in US Treasury yields overnight, and it comes as investors contemplate the possibility of the Bank of Japan making policy adjustments at the upcoming monetary policy meeting.

U.S. stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected.

All three major U.S. stock indexes ended in the red. The Dow Jones Industrial Average fell 251.63 points, or 0.76%,to 32,784.3, the S&P 500 lost 49.54 points, or 1.18%, to 4,137.23 and the Nasdaq Composite dropped 225.62 points, or 1.76%, to 12,595.61. -- Reuters