Share Market Highlights 30 October 2023: Sensex gains 329 pts, Nifty closes above 19,100; BPCL, ONGC surge

The global agrochemical industry has been going through a challenging phase over the last two quarters as distributors ordered destocking and focused on tactical purchases amid elevated channel inventory levels and intense price competition.

These factors significantly impacted its revenue and profitability for Q2FY24. However, we see a pick-up in volumes (+1% YoY) in the crop protection business (ex-India) led by the resilient performance of the differentiated and sustainable portfolio.

Further, the company has taken cost reduction initiatives over the next two years to improve margins. As we advance, the company is optimistic of progressively improved performance in H2FY24 as key geographies of North America, Latin America, and Europe enter major cropping season.

Overall, UPL is executing well in this challenging market and expects operational performance to be back on track by H2FY24, which will further improve business as the cycle normalises.

UPL July-Sep quarter results snapshot:

Company posted a revenue decline of 18.7% YoY / down 13.5% QoQ to Rs. 10,170 crores, below market expectations of Rs. 10,836 crores. The quarter was impacted by the headwinds affecting the overall industry. For FY24, the company expects revenue growth to remain flat, compared to its earlier guidance which pegged the revenue growth between 1% and 5%.

UPL reported annual revenue decline in international geographies such as Latin America (-17%), Europe (-7%), India (-23%), North America (-57%) and the Rest of the World (-4%).

EBITDA decreased 45.8% YoY / up 4.1% QoQ to Rs. 1,325 crores, while EBITDA margin stood at 13.0% (down 651bps YoY) in Q2FY24, owing to a contraction in gross margins by 651 bps YoY to 48.6%.

In Q2FY24, the loss stood at Rs. 293 crores, against market expectations of a profit.

PL’s elevated inventory levels will gradually subside with strong farmgate demand in H2FY24 as North America, Latin America, and Europe enter cropping season.

In alignment with the positive trends in European and Asian markets, the domestic market in India experienced a boost, leading both benchmark indices to close higher for the second consecutive session. Sensex surged by 330 points, and Nifty exceeded the 19,100 mark. Although mid and small-cap stocks also saw gains, they didn’t perform as well as the benchmark Sensex.

Looking ahead, there is potential for Nifty to reach 19,350 in the next couple of sessions. The overall market outlook remains stable to positive until Diwali. However, minor corrections might occur, particularly influenced by the global situation, notably the Israel-Hamas conflict.

After showing a sustainable upside bounce on Friday, Nifty continued with follow-through upmove on Monday with buy on dips opportunity and closed the day higher by 93 points. After opening with a flat note, the market slipped into weakness in the early part of the session. Sharp intraday buying has emerged from the day’s low of 18940 levels and the market later shifted into an intraday range movement towards the mid to later part of the session.

The short-term trend of Nifty continues to be positive with range bound action. The present upside bounce is expected to continue for the short term. The immediate hurdles to be watched around 19250 and next 19450 levels in the near term. Immediate support is at 19050 levels.

The rupee settled flat at 83.25 (provisional) against the US dollar on Monday, as sustained foreign fund outflows and the strength of the American currency in the overseas market weighed on investor sentiments.

Forex traders said the Indian rupee traded on a flat note with a slight negative bias on strong US dollar and selling pressure from foreign funds. Read more.

The Company will offer a fresh issue of up to 2.07 crore shares with a face value of ₹2 each through the book-building route.

SKI Capital Services Limited has been appointed as the Book Running Lead Manager to the Issue, and Bigshare Services Private Limited as the Registrar to the Issue.

The Gurugram-based company operates three broad business verticals - Skill Development, Drones Skilling and Assembly and Agri-retail. Founded by entrepreneurs Deep Sihag Sisai (Managing Director) and Preet Sandhuu (Chairman) in 2016, AVPL is a “Category A” Training Partner recognised by the National Skill Development Corporation (NSDC) and serves a wide range of government departments & agencies, including other training providers. The company has two subsidiaries - SPH Aviation Private Limited and Farmers City International Private Limited, which enables an ecosystem play. SPH offers DGCA-approved Drone Pilot training programmes at their RPTOs.

The company will employ the proceeds from the issue for funding new business initiatives by investing in its subsidiaries. Besides, the company will also utilise part of the proceeds towards the working capital.

Equity benchmarks Sensex and Nifty closed higher for a second straight session on Monday as buying in index majors Reliance Industries, HDFC Bank and ICICI Bank helped the indices rebound from early lows amid a mixed trend in global markets.

Besides, weakening Brent crude oil prices overseas also boosted investor confidence amid simmering tensions in the West Asia, traders said.

Recovering after a sharp sell-off in morning trade, the 30-share BSE Sensex jumped 329.85 points or 0.52 per cent to settle at 64,112.65. During the day, it rallied 401.78 points or 0.62 per cent to 64,184.58. Read more.

The board of Tube Investments has approved to set up greenfield precision steel tube manufacturing facility in Western part of India at an estimated cost of Rs 211 crore, which will be raised through internal accruals.

Om Infra Ltd’s shares were up by two per cent after the company reported a 125 per cent increase in profit for the quarter ended 30 September 2023, at ₹23.68 crore compared to a loss of ₹92.26 crore during the corresponding quarter last year.

The company’s revenues were up by 184 per cent to ₹279.79 crore compared to ₹98.34 crore last year. Sequentially, the company’s profits were higher by 65 per cent compared to ₹14.29 crore in the previous quarter.

The shares were up by two per cent to ₹95.39 at 1.15 pm on the BSE. Read more.

The benchmark BSE Sensex climbed 295 points, or 0.46%, reaching 64,078.38, while the broader NSE index advanced by 76 points, or 0.4%, closing at 64,078.38. This surge came ahead of several major central banks, including the U.S. Federal Reserve, making policy interest rate decisions.

In terms of individual stocks, BPCL led the gainers with a 3.93% rise, followed by RIL, Cipla, UltraTech Cement, and Bharti Airtel. However, Tata Motors, Maruti Suzuki, Axis Bank, Eicher Motors, and Dr. Reddy were among the laggards.

Among the sectoral indices, all indices were trading positively except for Nifty Auto and consumer durables, with Nifty Realty leading the gains.

On the BSE, out of 3,844 stocks traded, 1,903 saw advances, 1,733 declined, and 208 remained unchanged. Notably, 278 stocks hit the upper circuit, while 252 hit the lower circuit. Additionally, 137 stocks reached their 52-week high, while 40 touched their 52-week low.

Board of Directors of Crafts Automation has approved to make an equity investment in Sulur Maharaja Solar Green Power Private Limited up to Rs. 21.87 lakh (ie., 2,18,700 equity shares of face value of Rs. 10 each).

Blackstone, through private equity funds managed by it, is entering the healthcare space in India with two acquisitions in a deal valued at around $1.3-1.5 billion, of which Blackstone’s commitment is around $1 billion to build one of the largest hospital platforms in the country, according to sources.

L&T Construction’s Power Transmission & Distribution (PT&D) business has secured orders in India and abroad during the current quarter.

In Chhattisgarh, the business has been awarded a contract for the establishment of 400kV and 220kV transmission lines. This project aims to alleviate congestion in the state’s electricity transmission grid.

L&T Construction’s Power Transmission & Distribution (PT&D) business has secured orders in India and abroad during the current quarter.

In Chhattisgarh, the business has been awarded a contract for the establishment of 400kV and 220kV transmission lines. This project aims to alleviate congestion in the state’s electricity transmission grid.

Sun Pharma Advanced Research Company Ltd’s shares were up by 2.93 per cent after the company announced the completion of enrolment for its global Phase 2 study, PROSEEK, which focuses on evaluating the safety and efficacy of Abl tyrosine kinase inhibition using K0706 (also known as Vodobatinib) in patients with early Parkinson’s disease. This was achieved with the enrolment of 506 patients across 84 sites in the United States, Europe, and India.

​Nazara Technologies Limited​ introduced a new game publishing arm called “Nazara Publishing” to launch ​games​ for both the Indian and international markets.

The company will collaborate with various Indian and global developers to adapt and introduce these games to the extensive gaming community in India, as well as publish games created by​ Indian developers worldwide​.

Zinc futures – November expiry – on the Multi Commodity Exchange (MCX) closed at ₹233.65 by the end of September. It was a clear breakout of the resistance at ₹230, technically, a bullish signal. Read more

Danlaw Technologies shares gain 8.75 pc in early trade to trade at Rs 961.85. Touched the upper circuit of Rs 972.85. Reports spurt in volumes by 1.70 times. The scrip touched the 52-week high of Rs 972.85.

On Monday, the major stock indices in India staged a recovery and turned positive, primarily driven by strength in the financial sector. This rebound came amid concerns related to the Middle East conflict and rising U.S. Treasury yields, which had initially dampened market sentiment. However, the presence of gains in Reliance Industries helped to mitigate overall losses.

As of 12:04 p.m., the NSE Nifty 50 index was down 0.42% at 19,127, while the S&P BSE Sensex experienced a 0.45% decline, reaching 64,070.34.

Among the sectoral indices, with the exception of Nifty Auto, consumer durables, and FMCG, all other indices were trading in positive territory. Notably, the Nifty Oil and Gas sector stood out with gains of over 1 per cent.

City Union Bank’s (CUBK) earnings marginally beat estimates, primarily on the back of better asset quality leading to lower credit cost at 53 bps (-94 bps QoQ). The bank reported negative net slippages (-0.1% as a % of advances) for the first time, resulting in GNPAs clocking in at 4.7% (Q1FY24: 4.9%). However, loan growth continues to be sluggish (+0.6% QoQ) and remains a key challenge for the bank, going forward. The management believes that the bank can get to double-digit growth (~10-12%) by end-FY24 through incremental efforts in co-lending and digital initiatives coming into effect by the end of Q3FY24. With no room for asset repricing and a likely pick-up in growth, we expect pressure on NIMs and believe the medium-term opex shall remain elevated. We tweak our FY24/25E numbers by 2-3% to factor in lower credit costs; maintain BUY, with a TP of INR165 (1.4x Mar-25 ABVPS)

SAT has quashed SEBI’s order restraining Punit Goenka to hold the post of MD and CEO of Zee. In the event if something material comes up during the ongoing Sebi investigation, then appropriate procedures can be adopted in accordance with law. “We also make it clear that any observation made in this order is prima facie observation and will not influence the investigation nor will it be utilised by either of the parties,” SAT said.

Ujjivan SFB once again clocked an all-time high PAT, led by robust loan growth (+39% YoY, ex-MSE) and in-line credit costs (90bps annualised). Back-book repricing in the MFI portfolio was offset by strong deposit traction (+9% QoQ), resulting in 40bps QoQ moderation in NIM to 8.8%. GNPA clocked in at 2.4%, witnessing a 27bps QoQ improvement on the back of strong upgrades/write-offs despite higher slippages. Although Ujjivan operates on an elevated investment-deposit ratio (IDR) at 38% (+500bps QoQ) for gradual substitution as loans, we expect pressure on medium-term spreads as the portfolio migrates to a higher mix of secured loans. We adjust our FY24/25 estimates for changes in the balance sheet structure and lower credit costs, Upgrade the stock to a BUY with a revised TP of INR75 (2.2x Mar-25 ABVPS).

AAVAS’s earnings marginally missed our estimates on the back of lower-than-expected loan growth and pressure on yields, reflected in the 30bps compression in spreads sequentially. Business momentum continued to be sluggish for a second straight quarter (disbursals up 10% YoY), which was attributed to high competitive intensity and disruptions on account of tech transformation and management change. AAVAS continued its risk-calibrated approach towards underwriting, reflected in sustained pristine asset quality across segments (credit costs at 16bps annualised). Opex intensity is likely to remain elevated in the near term as the productivity impact of the ongoing tech investments follows a lead-lag pattern. While asset quality and profitability were strong, the sluggish growth has been disappointing and could pose a downside risk to our forecasts. However, the stock has underperformed over the past year, offering a favourable risk reward. We trim our FY24/FY25 earnings estimates by 4% each to factor in lower loan growth and NIMs, maintain ADD with revised RI-based TP of INR1,830 (implying 3.2x Sep-24 ABVPS, 21x Sep-25 EPS).

The board of directors of Visakha Industries to meet on November 7 to consider financial statements for the second quarter ended September 30, 2023.

IndiaMART posted revenue growth of 4.5% QoQ with strong cash collections (+28% YoY). The paid supplier addition was weak (~2K), impacted by a price hike in the entry-level segment and higher churn in the silver monthly bucket (monthly churn at ~7% vs 5% earlier). The management has refrained from giving any guidance for the net paid supplier addition and is working on reducing the churn (the impact of the price hike is for two quarters). The revenue growth is driven by strong collections and an increase in realisations (+3.8% QoQ). The ARPU improvement is led by migration to a higher price/tenure bucket and lower churn in gold and platinum paid suppliers (~50% of paid suppliers and ~75% of revenue and monthly churn is ~1%). Strong cash collections provide growth visibility for FY24E but the margin expansion will be slower than what we anticipated earlier (range of 28-30%) as the investments are ongoing. We maintain our positive view on IndiaMart, based on (1) growth visibility led by strong collections, (2) lower churn in plat/gold client buckets, (3) gradual margin expansion, and (4) an increase in ARPU. We lower our EPS estimate by ~7% for FY25/26E due to slower-than-expected margin expansion. We maintain our BUY rating with a DCF-based TP of INR 3,200 (~44x Sep-25E EPS), supported by revenue/EPS CAGR of 23/30% over FY23-26E.

MMFS reported a second straight quarter of elevated credit costs and margin compression, interrupting its path towards greater stability and lesser volatility by FY25. Disbursements decelerated (+13% YoY), driven by sluggish growth in the tractor portfolio and SME segments (15% of mix), as the FY24 loan growth guidance was lowered to 20% (vs. 25% earlier). NIMs declined further to 6.6% in H1FY24 (Q1FY24: 6.8%) due to higher costs of funds and a shift in product mix. While the stressed pool (GS-II+GS-II) declined sequentially by ~70bps, the credit costs were elevated at ~3% due to a rise in PCR. While the management has reiterated its credit cost guidance of 1.5%-1.7% during FY24, continued volatility in earnings remains an overhang even as MMFS remains on course to build customer (greater affluence) and product diversification by FY25. We reduce our FY24/FY25E earnings estimated by 9%/8% to factor in NIM compression and lower loan growth; maintain ADD with a revised SOTP-based TP of INR295 (standalone at 1.7x Sep-25 ABVPS).

IHCL’s Q2FY24 numbers were in line with revenue growth of 16% YoY to INR14.3bn, led by increased occupancy (66%,+240 bps YoY) and ARR (+11% YoY), resulting in strong RevPAR growth (+16% YoY) at domestic enterprise level. The increase in ARR was driven by a favourable demand-supply gap in key locations, vacation travel, increased corporate travel, and the G-20 presidency. IHCL group’s EBITDA margin increased by 90 bps YoY to 24.8% in Q2FY24, led by topline growth and the cost control-driven operating leverage. Management remains optimistic about strong growth momentum in the medium term and hence continues to accelerate the expansion program. Given the favourable demand-supply mismatch in the industry, cricket World Cup-led travel as well as the upcoming wedding and festive season, we expect IHCL to report strong numbers, going ahead. We maintain our ADD recommendation with an FY25 EV/EBITDA multiple of 22x and a TP of INR398/share.

DRC Systems India Ltd’s shares were up by 2.40 per cent after the company announced its accreditation with the Capability Maturity Model Integration (CMMI) Level 3 certification. According to the company, achieving CMMI Level 3 certification leads to a marked improvement in product quality, brings efficiency in operations. Workflows within the organisation are streamlined, leading to a reduction in errors and an increase in overall productivity.

SBI Cards’ (SBICARD) earnings missed estimates due to higher provisioning (6.6% of assets) and lower yields. While the overall loan mix remained stable (mix of revolve + instalment loans at 62%), the mix of instalment loans drove yields lower and, consequently, the NIMs. Card acquisitions witnessed de-growth (-11% YoY) on a high base, although lower attrition drove strong CIF growth (+21% YoY). Despite the revolve mix stabilising at 24% (Q1FY22: 29%), credit costs have continued to trend above management guidance of ~6%. SBICARD continues to diversify its customer (self-employed) and geographic (Tier III/IV cities) profile but is still searching for the appropriate balance in risk-reward. We cut our FY24/FY25 earnings forecasts by 6%/8% to adjust for lower yields; maintain BUY with a revised RI-based TP of INR965 (implying 5.6x Sep-25 ABVPS and 24x Sep-25 EPS).

On MCX, gold December contracts were up by ₹150 to ₹61,306 per 10 gm. Silver December futures gained ₹568 at ₹72,285 a kg.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,515/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businesses. RIL’s consolidated EBITDA at INR 410bn (+32% YoY, +8% QoQ, HSIE: INR 385bn) and APAT at INR 174bn (+27% YoY, +9% QoQ) came in above our estimates, supported by better-than-expected performance from its energy businesses.

ZYDUS LIFESCIENCE: CO AND SUN PHARMA SIGN LICENSING AGREEMENT FOR CO-MARKETING OF DESIDUSTATE, A CRITICAL TREATMENT FOR CHRONIC KIDNEY DISEASE PATIENTS IN INDIA

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*Satin Creditcare Ne

Close on the heels of making the balance upfront payment of Rs. 231.42 crore, Swan Energy Limited (SEL), has initiated the formal process of taking over Reliance Naval and Engineering Limited (RNEL). As the first step, SEL will set up a Board of Directors once the Monitoring Committee appointed by the NCLT gets dissolved. SEL will kick start operations as soon as the takeover process is completed.

SEL through its SPV Hazel Infra Limited, has made the payment of Rs.231.42 crore on 27th October, 2023 towards the upfront payment obligations of RNEL.

With this acquisition, Swan Energy Limited has firmed up its plan to emerge as the biggest private player in the commercial and naval defence vessel manufacturing and ship repairing segments. Apart from targeting major contracts from the naval defence sector, the company is also focusing on driving business for commercial vessel manufacturing and for the oil and gas sector.

Bank Nifty opened this week with a gap-down after a relief rally on Friday. The index opened at 42,721.40 today versus Friday’s close of 42,782. It is now hovering around 42,650, down 0.3 per cent.

The bearish bias is supported by the breadth of the Bank Nifty – the advance/decline ratio stands at 4/8.

Nifty 50 and Sensex are attempting to recover from their day’s lows. Both the indices are trading flat. Sensex is trading at 63,840 and Nifty is at 19,061. The broader picture is still weak.

Nifty has immediate resistance around 19,100.

DLF Ltd. will announce its results for the quarter ended September today.

According to the average of analysts’ estimates calculated by Bloomberg, DLF could report a net profit of ₹563.2 crore and a revenue of ₹1,586.3 crore in the quarter under review (July - Sept).

Equity benchmark indices witness seesaw trade on Monday after a day’s breather amid continuous foreign fund outflows and sluggish trends in global market.

At 11.10 a.m., the 30-share BSE Sensex gained 133 points to 63,916.35 The Nifty is trading 37 points higher at 19,084.90.

Among the Sensex firms, Tata Motors, Mahindra & Mahindra, Maruti, Power Grid, Bajaj Finance, Larsen & Toubro, Titan and Axis Bank were the major laggards.

Reliance Industries, Tech Mahindra, UltraTech Cement and Tata Consultancy Services were the gainers. Read more.

The rupee was trading in a narrow range against the US dollar in early trade on Monday, amid a negative trend in domestic equities.

Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and strength of the American currency in the overseas market weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 83.25 against the dollar and then touched an early high of 83.24, and a low of 83.26 against the greenback. Read more.

JSW Ventures has exited its shareholding Purplle through a sale to Manipal Education & Medical Group Family Office.

The company did not disclose any financial details of the transaction.

Purplle is an e-commerce platform offering beauty and personal care products.

Ranjan Pai, Chairman of the Manipal Group said with their vision and dedication, the Purplle team, has created a digital ecosystem that revolutionizes how Indian consumers discover and experience beauty products.

With this transaction, JSW Ventures has fully exited their stake in Purplle from Fund I and they have returned 2.7 times of the fund size to their investors so far.

JSW Ventures first invested in Purplle’s Series A round in 2016 from their first fund

JSW Ventures Fund-I continues to track at a top quartile Internal rate of return and Distributed to Paid-in Capital among funds of an identical vintage.

The exit from the investment comes as Sajjan Jindal JSW Group is planning an automobile venture by acquiring a majority stake in Chinese company MG Motors.

In May, JSW Ventures sold a part of its holding in Purplle to Abu Dhabi Investment Authority (ADIA). “The partial exit in Purplle has generated 18 times return on the capital invested,” the company then said.

According to industry sources, the first fund of JSW Ventures was Rs 100 crore. After the partial exit from Purplle, JSW Ventures returned Rs 200 crore to its investors in May.

Gentari, the clean energy division of Malaysia’s Petronas and AM Green set up by the founders of Greenko, has signed a definitive agreement together with an affiliate of GIC to produce 5 million tonne per annum (MTPA) of green ammonia by 2030 – equivalent to about 1 MTPA of green hydrogen.

The partnership will focus on the production of green ammonia across multiple locations in India. Exports of green ammonia to key OECD markets, such as Germany, Japan, South Korea and Singapore from this platform are expected to begin in late 2025.

The green ammonia will be produced by a unit of AM Green, known as AM Green Ammonia Holdings. Post-investment from Gentari, GIC and AM Green, the unit will be a fully funded platform that will invest in Andhra Pradesh, Tamil Nadu, Gujarat, Karnataka, and Himachal Pradesh.

Indian stock market indices, the Nifty and Sensex, continue to reflect global trends with a weak performance. As of 10 a.m., the 30-share BSE Sensex has shed 275 points, reaching 63,507, while the NSE Nifty is down by 89 points, standing at 18,957.

In the current trading session on BSE, there are 3,075 active stocks, with 1,279 advancing, 1,661 declining, and 135 remaining unchanged. Out of these, 101 stocks have hit the upper circuit, while 109 have fallen into the lower circuit. Additionally, 61 stocks have reached their 52-week high, whereas 19 have touched their 52-week low.

At 9:55 am, BSE had 3,075 stocks in active trading, with 1,279 advancing and 1,661 declining, while 135 remained unchanged. Among these, 101 stocks were locked in the upper circuit, and 109 hit the lower circuit. Additionally, 61 stocks reached their 52-week high, while 19 reached their 52-week low.

Raymond Ltd: Company Unit Selected as ‘Preferred Developer’ for Major Mumbai Redevelopment Project with Rs 1,700 Crore Revenue Potential

The oversold position in the market facilitated the 190 point bounce back in the Nifty on Friday. But the conditions are not favourable for the continuation of this uptrend since the risk-off mood persists in the market. The risk of the Middle East geopolitical crisis spreading is high and since the ground war has begun in Gaza there can be lots of uncertainty and unexpected developments.The other major factor impacting the markets -the elevated US bond yields- also will remain a short term concern since the Fed is likely to continue its hawkish stance in the light of the resilience of the US economy and inflation (3.7%) remaining above the Fed’s target. So watch out for the Fed’s message on November 1st even while it holds the rate as the market expects.Investors may remain cautious in this time of high uncertainty and risk. Nibbling at high quality large-caps will be a smart move. - V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Nazara Tech: Company Unveils ‘Nazara Publishing’ – an Initiative Empowering Indian Developers, Investing Rs 1 Cr per Game for Global Launch of 20 High-Quality Games in 18 Months

Best Agrolife: Company Unit Receives Patent from Government of India Patent Office for a 20-Year Intervention

•Fixed Income:

The New 10-Year Benchmark GOI 7.18 2033 traded between 7.33% - 7.39% during this week

Old 10-Year Benchmark GOI 7.26 2033 traded between 7.37% – 7.43% during this week, tracking movement in Crude Oil, Currency, and US Treasury Yields.

•Auction Highlights:

RBI conducted the Auction for G-sec, SDL and T-Bill for the aggregated amount of INR 30,000 Crore, INR 18,900 Crore and INR 24,000 Crore respectively.

G-sec:

New GS 2026 (7.33%)

7.18% GS 2037 (97.62/7.4580%)

7.25% GS 2063 (96.38/7.5373%)

SDL Cutoff:

07 Years: TN 7.68%

10 Years: KR 7.69%, RJ 7.71%, TN 7.72%, UP 7.70%

11 Years: KR 7.70%, MP 7.68%

12 Years: TS 7.72%, MN 7.73%

13 Years: AP 7.72%

19 Years: AP 7.66%

20 Years: TN 7.66%

30 Years: JK 7.60%

Reissue of 7.46% Maharashtra SGS 2033 issued on September 13, 2023 at 98.35/7.6997

Reissue of 7.47% Maharashtra SGS 2034 issued on September 13, 2023 at 98.24/7.7101

T-Bill Cutoff:

091 Days: INR 7000 Crore 98.3004/ 6.9349%

182 Days: INR 8000 Crore 96.5634/ 7.1374%

364 Days: INR 9000 Crore 93.3355/ 7.1600%\u0009

•Commodities:

1)Brent Crude Oil: $85.77-$91.15 (Per barrel)

2)WTI Crude Oil: $82.08-$88.29 (Per barrel)

3)Gold: INR 6,145-INR 6,262 24 Carat (1 Gram)

4)Silver: INR 74,600-INR 75,100 (1 KG)

•US Treasury Yield:

1)US 2 Year Treasury: 5.00%-5.14%

2)US 5 Years Treasury: 4.75%-4.94%

3)US 10 Years Treasury: 4.80%-5.02%

•Corporate Bond Highlights:

AAA 5 Years PSU Bond traded between 7.75%-7.78% this week.

AAA 10 Years Private Bond traded between 7.79%-7.83% this week.

•New Issuances:

India Infrastructure Finance Company Limited

Ratings: AAA by ICRA & IND Ratings

Issue Size: 500 + 1500 Cr

Maturity Date: 26/10/2038

Allocated 2000 Crs at 7.69%

National Bank for Agriculture and Rural Development

Ratings: AAA/ Stable by CRISIL & ICRA

Issue Size: 2000 + 3000 Cr

Maturity Date: 30/12/2026

Allocated 2518 Crs at 7.83%

NIIF Infrastructure Finance Limited

Ratings: AAA/ Stable by CARE & ICRA

Issue Size: 100 + 400 Crs

Maturity Date: 28/11/2028

Allocated 500 Crs at 8.085%

ICICI Home Finance Company Limited

Ratings: AAA/ Stable by CRISIL & ICRA

Issue Size: 400 + 0 Crs

Maturity Date: 28/03/2025

Allocated 400 Crs at 7.96%

Sundaram Finance Limited

Ratings: AAA/ Stable by CRISIL

Issue Size: 500 + 0 Cr

Maturity Date: 26/10/2026

Allocated 500 Crs at 8.04%

Axis Finance Limited

Ratings: AAA by CRISIL & IND Ratings

Issue Size: 50 + 150 Crs

Maturity Date: 28/10/2033

Allocated 200 Crs at 8.28%

•News Highlights:

INDIA

1)India’s foreign exchange reserves resumed their losing streak to fall to $583.53 billion as of Oct. 20, compared with $585.90 billion a week earlier, data from the Reserve Bank of India showed on Friday.

2)The Indian government had no outstanding loans with the central bank under ways and means advances in the week ended Oct. 20, according to the Reserve Bank of India’s weekly statistical supplement released on Friday.

3)RBI announces rate of interest on Government of India Floating Rate Bond 2034 applicable for the half year October 30, 2023 to April 29, 2024 to be 8.10 per cent per annum.

4)JP Morgan upgraded its rating on India to ‘overweight’ from ‘neutral’ partly on the grounds that the market historically has mostly risen in the run-up to the national elections. The brokerage said India’s strong economic outlook and prospects of a deeper bond market are also factors to be positive on the country’s equities in the longer term.

5)India is projected to overtake Japan and become the world’s third-largest economy by 2030, with a GDP of $7.3 trillion, according to S&P Global Market Intelligence. The country’s rapid economic expansion is driven by strong growth in domestic demand, increased foreign direct investment, and a growing middle class, the report said.

6)To address concerns and challenges, the RBI requested that banks have at least two WTDs on their boards, including the MD and CEO. The number of WTDs should be determined by the bank’s board of directors, who should consider criteria such as the size of operations, business complexity, and other relevant factors.

7)The finance ministry’s monthly economic review for September said the global economy is facing fresh challenges in the form of “adverse geopolitical turns and volatile crude oil prices”, and if these risks worsen and sustain, they can affect economic activity in India as well.

8)The Reserve Bank of India had announced that the Regulatory Sandbox (RS) will be theme neutral. It now announces opening of application window for the Fifth Cohort to eligible entities. Innovative products/ services/ technologies cutting across various functions in RBI’s regulatory domain would be eligible to apply. The application for the Fifth Cohort may be submitted from October 30, 2023 to November 30, 2023.

9)SEBI releases framework for Corporate Debt Market Development Fund (CDMDF) to act as a backstop facility for purchase of investment grade corporate debt securities. A workflow has been developed on the existing NSE RFQ Platform for CDMDF transactions, which will be available from October 27, 2023.

WORLD

1)The S&P Global Manufacturing PMI from October came in at 50, beating the expected 49.5, accelerating from its prior reading of 49.8. The Services PMI also came in higher than expected at 50.9 vs the expected 49.8 increasing from its prior reading of 50.1.

2)The US economy expanded at an annualized rate of 4.9% during the third quarter, surpassing market consensus of 4.2%.

3)US jobless claims rose by 10,000 to 210,000 on the week ending October 21, compared to previous week

4)US personal consumption expenditures (PCE) price index rose by an annualized 2.9% in Q3 2023, following a 2.5% rise in 02 while core PCE Index came at 2.4%, lower from 3.7%

5)The Bank of Canada (BoC) held its main reference rate at 5.0% like Wall Street broadly predicted, but dovish comments from BoC Governor Tiff Macklem are failing to spark much confidence in the Loonie.

6)Chile’s central bank cut its benchmark interest rate on Thursday by 50 basis points to settle at 9.00% in a unanimous decision, as the South American nation’s monetary authority sees inflation pressures easing.

7)European Central Bank (ECB) announced its decision on monetary policy, and as widely anticipated, policymakers held fire after ten consecutive hikes. President Christine Lagarde and co made a point on rates, declaring the decision was unanimous, adding that discussing rate cuts is out of the table for now, and finally noting that they cannot confirm rates would not be any higher.

8)Eurozone HCOB flash manufacturing PM fell to 43 in October from 43.4 in September, services PMI fell to 47.8 from 48.7. The composite PMI dropped to 46.5, down from 47.2.

9)UK S&P Global CIPS flash manufacturing PMI rose to 45.2 in October from 44.3 in September, services PMI edged down to 49.2 from 49.3. The composite PMI came in at 48.6 from 48.5

10)According to the latest data published by the Australian Bureau of Statistics (ABS) on Wednesday, the nation’s Consumer Price Index (CPI) arrives at 1.2% in the third quarter of 2023, compared with the 0.8% increase seen in the second quarter. The market consensus was for a growth of 1.1% in the reported period.

11)Japan’s factory activity contracted for the fifth consecutive month, with the manufacturing purchasing managers’ index (PMI) holding at 48.5, indicating a sustained period below the growth threshold of 50.0 since June. Japan’s services PMI descended to its lowest growth rate this year at 51.1, down from 53.8 the previous month.

12)The index of coincident economic indicators in Japan, which covers a range of data, such as factory output, employment, and retail sales, edged up to 14.3 in August 2023 from a final 114.2 in July which was the lowest reading in four months.

13)The Bank of Russia hiked interest rates by a higher than expected 200 basis points to 15% on Friday, raising borrowing costs for the fourth meeting running in response to a weak rouble, stubborn inflation and increasing budget spending.

Weak opening in the Asian markets, sharp decline US market on Friday and ahead of key interest rate decision in US, UK and Japan to be release this week, may open domestic bourses on a cautious note. US, Asia and European market decline by 1% and US S&P 500 index declined by 10% below its July peak and ended below 4200 technical level.

Sentiment dampened after hotter that the US September Inflation to 5-month high above 4%, mixed bag of corporate results in US and surging geo-political tension in the gulf region. Gold price surged to 6-month high and oil price spiked to $90/bbl after the news that the Israel stepped up ground operations into the northern Gaza Strip. It has been further escalating geo-political tension in the gulf –region.Weakness in the global market and continued FIIs selling are major concern in the domestic market. Positively factored aspect is that the domestic inflation is stable and corporates announced solid quarterly results, which might support equity bourses from lower level.

Oil –. Oil fell 1% to below $90/bbl after Israel committed forces to Gaza with a more cautious approach than initially vowed, bolstering speculation the fighting may remain contained despite rhetoric from Iran. Gold – Gold surged to 6-month high above $2,000 an ounce after the news that the Israel’s ground invasion of Gaza appeared to be more cautious than it had initially vowed.

NIFTY-50 OUTLOOK·

NIFTY-50 witnessed a bounce from its oversold levels and being the first day of the new expiry there was positive momentum in midcaps and small caps.·

We expect the markets to trade in range of 18,900-19250 levels over the next few days and expect some time correction.·

RSI has bounced from the lower range of 26 levels to 35 as expected and crossover of the averages will be key to watch.·

Highest call OI is at 19,200 strike while on the downside the highest put OI is at 19,000 for the weekly expiry.

BANK NIFTY OUTLOOK ·

BANK NIFTY opened higher and gained with a strong breadth of all the stocks to close positive led by pus banks to gain by 4%.·

The crossover of the 200 day average at 43,100 levels will be important for the sustained recovery and on the downside 42,100 is a quarterly pivot support.·

RSI and other key technical indicators have reversed from the lower range and we expect some momentum on crossover of the averages.·

Bank Nifty 43,000 CE has the highest OI while on the downside it has moved to 42,500 for the put options OI. -- Pre-market views of Vikas Jain, Senior Research Analyst at Reliance Securities.

At 9:30 a.m., the NSE witnessed trading activity in 2,135 stocks, with 819 stocks advancing and 1,206 declining. Among them, 60 stocks reached their upper circuit limit, while 45 hit their lower circuit. Additionally, 35 stocks reached their 52-week high, while 11 touched their 52-week low.

NTPC Ltd. reported a modest revenue growth which surpassed market expectations. The company reported a significant annual improvement in EBITDA and PAT aided by the fall in fuel prices. Considering the key metrics, the business was able to expand its overall installed capacity and gross electricity generation but saw a declining trend in its plant availability factor. Looking forward, our focus remains on the management’s outlook on fuel prices and its strategy to capitalize on the increasing demand of power amid rising temperatures. Moreover, the company continues to focus on expanding its renewable energy portfolio which would be a key driver for the business performance going forward. -- Parth Shah, Research Analyst, StoxBox

The USD/INR 28 November futures contract exhibited stability during the past week. Analyzing the weekly technical chart, we can see that the pair is currently trading above its moving average trend-line support level of 83.15, and RSI is above the 60-level mark. While the technical setup appears promising with the MACD indicating positive divergence, the pair is encountering substantial resistance at higher levels. Based on the weekly technical chart, it’s evident that the pair has a support range between 83.15 and 82.92, while resistance is established at 83.50-83.70. To demonstrate further strength and move towards the levels of 83.45-83.60, the pair must sustain itself above the 83.30 mark; otherwise, it may retest its support levels. Our projection is that the pair is likely to trade within the range of 83.15-83.50 during today’s session. -- -- Rahul Kalantri, VP Commodities, Mehta Equities Ltd

India’s key stock market indices, the Nifty and Sensex, kicked off the week in line with global trends. At 9:17 a.m., the 30-share BSE Sensex dropped 161.81 points to reach 63,620.99, while the NSE Nifty fell by 47.50 points to 18,999.75.

In the Nifty group, companies such as Cipla, SBI Life, BPCL, RIL and Hindalco saw gains. On the flip side, Dr Reddy’s Bajaj Finance, Bajaj Finserve, Britannia and Infosys recorded losses.

Asian stocks remained under pressure due to ongoing struggles in the U.S. markets. Concerns about the rural economy arose as the Ministry of Agriculture and Farmers Welfare released its initial estimates of agricultural production, which predicted lower output for nearly all kharif crops except for tur (pigeon pea).

The latter half of the current fiscal year may present new challenges. Suman Chowdhury, Chief Economist and Head of Research at Acuité Ratings & Research, noted that economic growth will rely on consumption demand and increased investments, both public and private, as there is no favorable base factor advantage. Downside risks to agricultural output due to irregular monsoons and the uncertain impact of El Nino are key concerns.

Analysts anticipate increased selling by foreign portfolio investors (FPIs), which could keep the market under pressure. FPI activity will be instrumental in determining market direction as many companies release their quarterly results.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, pointed out continuous FPI selling, with FPIs having sold equity worth Rs 20,356 crore through October 27th. Selling through exchanges was even higher at Rs 25,575 crore. FPIs predominantly sold shares in sectors such as financials, power, FMCG, and IT.

The primary reason for sustained selling is the sharp spike in U.S. bond yields, which reached a 17-year high of 5% for the 10-year yield. It has since declined to 4.84%. With high bond yields, it is reasonable for FPIs to withdraw funds. Additionally, the Israel-Hamas conflict in West Asia and the resulting uncertainty have contributed to negative sentiment in the market.”

Crude oil experienced significant volatility over the past week, with prices rebounding from their lows due to the escalation of the conflict between Israel and Hamas over the weekend. Concerns about supply disruptions in the Middle East resulting from the Israel-Hamas conflict provided support for crude oil prices. Additionally, crude oil prices rebounded following the release of better-than-expected U.S. third-quarter GDP data last week. However, gains were tempered by the strength of the dollar index and concerns about a potential recession in the Eurozone. Furthermore, an increase in U.S. crude oil inventories last week also limited price gains.We expect crude oil prices will continue to exhibit volatility in the coming week, influenced by fluctuations in the dollar index and ongoing tensions in the Middle East. Crude oil is expected to find support in the range of $83.40–82.50 and face resistance in the $85.60-86.50 range. In terms of the Indian Rupee (INR), crude oil is anticipated to have support at Rs7,040-6,920 and resistance at Rs7,240-7320. -- -- Rahul Kalantri, VP Commodities, Mehta Equities Ltd

On Friday, amidst a highly volatile session, both gold and silver concluded on a positive note. Gold surged towards the $2,003 psychological mark late on Friday evening, continuing its upward trajectory during the early Asian trading hours on Monday. This rise marked the first time the yellow metal surpassed the $2,000 mark since May, attributed to heightened geopolitical tensions that spurred safe-haven flows demand. This surge coincided with anticipation surrounding the upcoming U.S. Federal Reserve meeting scheduled for the week. The precious metals, gold, and silver, witnessed upward movement amid a significant sell-off in global equity markets and concerns regarding the euro-zone’s subdued growth prospects. However, their gains were curtailed by the strength of the dollar index, buoyed by better-than-expected U.S. third-quarter GDP data and encouraging housing statistics. Expectations suggest that gold and silver prices will likely maintain their volatility throughout the week, influenced by fluctuations in the dollar index and in anticipation of the U.S. Federal Reserve meeting. Gold is anticipated to find support levels around $1988-1974, while facing resistance in the range of $2018-2028. Similarly, silver may find support at $22.86-22.70, with resistance at $23.24-23.38. In terms of INR, gold’s support is expected at Rs60,950-60,780, with resistance at Rs61,510-61,730. For silver, support is projected at Rs71,700-71,130, while resistance stands at Rs72,550-73,080. -- Rahul Kalantri, VP Commodities, Mehta Equities Ltd

The Bank of England is expected to downgrade UK economic growth forecasts, raising the risk of a recession ahead of the next general election. Prime Minister Rishi Sunak’s government grapples with falling popularity, and efforts to stimulate growth through expenditure cuts face challenges. The focus is on the Monetary Policy Committee’s projections, with interest rates likely to remain at 5.25%. Rising inflation, potential rate cuts, and political pressure complicate economic recovery, while positive revisions offer a slightly brighter outlook in the medium term.

The Bank of England’s anticipated revision of GDP forecasts signals a challenging economic landscape for the UK, increasing concerns for Prime Minister Rishi Sunak as he heads towards a crucial general election. The government’s attempts to spur growth through expenditure cuts face headwinds amid a backdrop of rising inflation and pressure to ease interest rates. The Monetary Policy Committee’s decision to keep rates at 5.25% reflects a cautious approach, with the potential for further cuts in the future. Political pressure mounts as some MPs call for a relaxation of the restrictive interest rate policy to prevent economic contraction.

The near-term outlook appears grim, with a possible recession on the horizon and hurdles to tax cuts that could boost voter appeal for the Conservative Party. The Bank of England’s reliance on data such as the Purchasing Managers’ Index and wage data underscores the complexity of decision-making in an uncertain economic environment. While medium-term prospects show some improvement, immediate challenges include a high inflation rate, slowing labor market growth, and the potential impact on the Treasury’s fiscal policies.

Silver prices surged above $23, driven by mounting tensions in the Middle East, bolstering demand for this safe-haven metal. Meanwhile, the US dollar index maintained its strength at around 106.5, staying close to November highs. PCE inflation data indicated a gradual moderation in price pressures, although they remained elevated. Traders are currently pricing in a 99% likelihood that the Federal Reserve will maintain interest rates at their current level during the upcoming week.

Gold prices held firm above the critical $2,000 mark on Monday, bolstered by rising tensions in the Middle East, which increased demand for the precious metal as a safe-haven asset. Investors are closely monitoring the impending U.S. Federal Reserve policy meeting this week. In September, U.S. consumer spending experienced a notable increase, while monthly inflation remained elevated, according to the Commerce Department. Additionally, COMEX gold speculators substantially increased their net long positions by 48,815 contracts to reach 90,682 in the week ending October 24, as per CFTC data.

CMP: Rs. 416|FV: Rs 10 |Book value: Rs. 328.13 per share as on Q2FY24| Market Cap: Rs. 51,810.35 Crore|CASA ratio: 40.11 %|Global C/D ratio: 76.82 %| Domestic NIM: 3.52%|Cost/Income ratio: 44.36%|Gross NPA: 4.97 %| Net NPA: 0.60 %|Slippage ratio (Annualised): 1.77 %| PCR (Incl. TWO): 95.64 %|Credit cost (Annualised): 0.79 %|CRAR: 15.53 %|Return on Average Networth (RoE): 19.90 %| RoA: 1.06 %

FY23 was quite a turbulent year for the cement industry, mainly due to increased cost of power and fuel. This led to higher input cost and reduced margins, although demand remained steady.

However, the stock of India’s leading cement player, Ultratech Cement, has recovered 59 per cent from its lows in FY23. This is on optimism driven by long-term demand growth and recovery in margin in recent quarters. Read more

When assumptions get challenged, it can work both ways for a stock. With Kotak Mahindra Bank, what next after Uday Kotak, the former MD & CEO of the bank and its promoter and single largest shareholder steps down from his position later this year, was a hangover since 2022.

When Kotak tendered his early resignation, a move that caught everyone unawares on September 2 (with effect from a day earlier), the market didn’t take it kindly.

In the past week, the Benchmark indices, Sensex and Nifty 50 declined 2.5 per cent each respectively. All the sectoral indices also gave negative returns in the week. BSE Consumer Durables and BSE Realty declined the most by 3.2 per cent each. BSE Capital Goods and BSE Teck declined 3.1 per cent each. BSE Oil and Gas declined 2.9 per cent.

Among BSE 500, many stocks moved up without any significant news-inflow. Swan Energy, Welspun India, and Indian Overseas Bank were top performing stocks driven by some news during the week pertaining to the stocks.

HSBC on RR Kabel: Initiate Buy on Company, target price at Rs 1650

Jefferies on Reliance Ind: Maintain Buy on Company, raise target price at Rs 3000

Macquarie on Maruti: Maintain Buy on Company, raise target price at Rs 11912

Nomura on Maruti: Maintain Neutral on Company, raise target price at Rs 11715

Jefferies on Indian Hotels: Maintain Buy on Company, raise target price at Rs 450

Incred on Ultratech: Maintain Add on Company, target price at Rs 9500

Investec on Dr Reddy: Maintain Buy on Company, target price at Rs 6520

Citi on MGL: Maintain Buy on Company, target price at Rs 1240

CLSA on BEL: Maintain Buy on Company, target price at Rs 154

Nomura on Cipla: Maintain Buy on Company, target price at Rs 1353

GS on SBI Life: Maintain Buy on Company, raise target price at Rs 1620

HSBC on SBI Life: Maintain Buy on Company, raise target price at Rs 1500

MS on SBI Life: Maintain Overweight on Company, raise target price at Rs 1650

Nomura on Reliance Ind: Maintain Buy on Company, target price at Rs 2925

Antique on Reliance Ind: Maintain Buy on Company, target price at Rs 2904

Macquarie on Reliance Ind: Upgrade to Neutral on Company, target price at Rs 2200

HSBC on Reliance Ind: Maintain Hold on Company, target price at Rs 2460

MS on Reliance Ind: Maintain Overweight on Company, target price at Rs 2821

MS on IDFC First: Maintain Equal-weight on Company, raise target price at Rs 90

HSBC on SBI Cards: Maintain Hold on Company, target price at Rs 860

Nomura on Dr Reddy: Maintain Neutral on Company, target price at Rs 5802

Jefferies on BPCL: Maintain Underperform on Company, target price at Rs 300

Jefferies on Cipla: Downgrade to Hold on Company, raise target price at Rs 1230

CLSA on Vodafone Idea: Maintain Sell on Company, target price at Rs 6

MS on M&M Fin: Maintain Equal-weight on Company, cut target price at Rs 285

UBS on M&M Fin: Maintain Neutral on Company, cut target price at Rs 290

GS on SBI Cards: Maintain Sell on Company, target price at Rs 684

Nomura on India Mart: Maintain Reduce on Company, target price at Rs 2250

MOSL on IDFC First: Downgrade to Neutral on Bank, cut target price at Rs 95

Nifty is likely to open on moderately negative on Monday, Indicates derivate trading at Gift City. Nifty futures in Gift Nifty is ruling at 19,100 against Friday’s Nifty futures closing of 19,131.35. Asian stocks are ruling weak, as there is no respite from the US markets, which continue to reel under selling pressure.

Triggering concern over rural economy, the Ministry of Agriculture and Farmers Welfare’s came out with first advance estimates of the agricultural production that projected the output in almost all kharif crops, barring tur (pigeon pea) is lower.

Ex-Dividend 31 October 2023 (Tomorrow)

Last date for Cum-Dividend Today

Balkrishna Industries Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 2598.95

Dr.Agarwals Eye Hospital Ltd.

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 2868.5

Elecon Engineering Co. Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 791.1

Sasken Technologies Ltd

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 1153.3

Styrenix Performance Materials Ltd

Dividend Per Share Rs.22

Previous day Closing Price – Rs. 1418.25

Tips Industries Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 343.7

RCF said that the Ministry of Chemicals and Fertilizers has announced revised subsidy rates under Nutrient based Subsidy (NBS) scheme applicable from October 1. There has been reduction in the rates of the subsidy ranging from 30 per cent to 85 per cent depending upon the NPK fertilizer grades. Accordingly, under extant NBS Policy, the Company expects an impact on unsold inventory including stocks lying with wholesalers and retailers yet to be sold to farmers and confirmed through Point of Sale (PoS), as on September 30, 2023. The estimated impact on account of the same is around Rs.374 crore, it said.

Nilendu Narayan Chakraborty has tendered his resignation as Independent Director of the Brightcom Group, citing health issues and higher board responsibilities, following the exits of key operating personnel. Chakraborty, who was appointed in December 2021, said the recent actions by statutory authorities against the company and key executives had resulted in an operationally challenging situation. The exits of key operating personnel had led to a significant shift in the responsibilities being placed upon the Board, he said.

AU Small Finance Bank announced the merger of Fincare Small Finance Bank with itself on Sunday night. Confirming businessline’s newsbreak on September 13, AU SFB on social media said that “this strategic merger expands reach and diversifies offerings, reinforcing our commitment to financial inclusion”.

The scheme of merger is subject to approval of the respective shareholders of the AU SFB and Fincare SFB, the Reserve Bank of India and the Competition Commission of India (CCI). According to AU SFB’s exchange filing, the merged entity should take effect from February 1, 2024, suggesting that the deal should conclude in FY24 subject to regulatory approvals.

HFCL said that in line with the company’‘s strategy to increase revenue from the export markets, HFCL B.V., a wholly owned subsidiary of HFCL Limited in the Netherlands, has established a wholly owned subsidiary HFCL Canada Inc. in Canada. In a separate notice, HFCL’s said its new 1728-high fibre count IBR cable offering will allow telcos and enterprises to accelerate installation of 5G network infrastructure, expand FTTH capabilities and address the rising demand for high-capacity networks particularly from data centres. HFCL is amongst the few companies in India and worldwide that has successfully developed this industry leading product.

Speciality Restaurants has received a demand notice in relation to payment of shortfall tax from the Office of the Commissioner, Kolkata South CGST & CX Commissionerate. The said demand notice alleged a tax demand of approximately Rs 3.75 crore.

AstraZeneca Pharma Ltd has received an order from the Transfer Pricing Officer being issued under Section 92CA(3) of Income Tax Act, 1961 for the assessment year 2021-22, wherein an adjustment on the legacy issues have been proposed. The estimated tax impact of the adjustments proposed is Rs. 9.17 crore (approx.). The said amount does not involve any interest or penal consequences. The Company will suitably challenge the order in the due course, it said in a notice to the stock exchanges.

Ex/record date dividend: Ramkrishna Forgings, Happiest Mind Technologies

Move out of short term ASM framework: Vakrangee.

F&O BAN

NIL

Som Distilleries & Breweries: Promoter Deepak Arora bought a total of 20,000 shares during Oct. 26–27.

Jindal Stainless: Hypnos Fund sold, while JSL Overseas bought 13.78 lakh shares (0.16%) at Rs 455 apiece.

The ₹1,900-crore IPO of Cello World opens today and closes on Wednesday. The price band of the issue is ₹617-648.

The public Issue of face value of ₹5 a share is entirely an offer for sale of shares up to ₹1,900 crore. The OFS will see promoter Pradeep Ghisulal Rathod paring shares worth ₹300 crore, ₹736 crore by Pankaj Ghisulal Rathod, ₹464 crore by Gaurav Pradeep Rathod, ₹200 crore by Sangeeta Pradeep Rathod, and ₹100 crore by both Babita Pankaj Rathod and Ruchi Gaurav Rathod.

Adani Green Energy, DLF, Marico, Procter Gamble Hygiene & Health Care, APL Apollo Tubes, Petronet LNG, GMR Airports Infrastructure, KPIT Technologies, Nippon Life India Asset Management, Blue Star, DCM Shriram, Fine Organic Industries, Castrol India, Rainbow Childrens Medicare, Craftsman Automation, SIS, Spandana Sphoorty Financial, LT Foods, Gokaldas Exports, IFB Industries, LG Balakrishnan & Bros, J Kumar Infraprojects, DCX Systems, Siyaram Silk Mills, Andhra Paper, Jagran Prakashan, Filatex India, Bharat Bijlee, The Anup Engineering, Kalyani Steels, Jyoti Resins & Adhesives, Nelcast, Rane Madras, Premier Explosives, Mangalore Chemicals & Fertilizers, Enkei Wheels India.

Latent View Analytics Q2 FY24 (Consolidated, QoQ)

Revenue is up 5.42% at Rs 155.68 crore vs. Rs 147.67 crore.

EBIT is up 10.73% at Rs 28.46 crore vs. Rs 25.7 crore.

EBIT margin at 18.28% vs. 17.4%

Reported PAT is up 3.56% at Rs 34.03 crore vs. Rs 32.86 crore.

Bharat Electronics Q2 FY24 Consolidated YoY

Revenue up 1.19% at Rs 4009.06 crore vs Rs 3961.59 crore

Ebitda up 16.8% at Rs 1014.17 crore vs Rs 868.28 crore

Margin at 25.29% vs 21.91%

Net profit up 26.47% at Rs 789.71 crore vs Rs 624.4 crore

Zen Technologies Q2 FY24 Consolidated YoY

Revenue up 99% at Rs 67 crore vs Rs 33 crore

Ebitda up 91% at Rs 19 crore vs Rs 10 crore

Margin at 28.5% vs 29.7%

Net profit up 78.6% at Rs 14 crore vs Rs 8 crore

Zen Tech Presentation

Expect to achieve a revenue target of Rs 450 cr in FY24

Out of total order book of Rs 1487 crore, equipment orders worth Rs 1208 crore are slated for execution by 31st March 2025

Commentary indicates FY25 revenues of atleast Rs 750 crore

Alert - FY23 Revenues at Rs 219 crore, H1FY24 Revenue at Rs 198 crore

Pfizer Q2 FY24 YoY

Revenue down 9.8% at Rs 575 crore vs Rs 637 crore

Ebitda down 21.2% at Rs 183 crore vs Rs 232 crore

Margin at 31.7% vs 36.3%

Net profit down 52.1% at Rs 149 crore vs Rs 311 crore

IDFC First Bank Q2FY24 Standalone

NII up 32% at Rs 3950 crore vs Rs 3002 crore YoY

Net profit up 35% at Rs 751 crore vs Rs 556 crore YoY

Gross NPA 2.11% vs 2.17% QoQ

Net NPA at 0.68% vs 0.70% QoQ

NTPC Q2 FY24 Consolidated YoY

Revenue up 1.8% at Rs 44983 crore vs Rs 44175 crore

Ebitda up 20.6% at Rs 12680 crore vs Rs 10513 crore

Margin at 28.2% vs 23.8%

Net profit up 38.3% at Rs 4726 crore vs Rs 3417.7 crore

Macrotech Developers Q2 FY24 Consolidated YoY

Revenue down 0.9% at Rs 1750 crore vs Rs 1765 crore

Ebitda down 1.9% at Rs 416 crore vs Rs 424 crore

Margin at 23.8% vs 24%

Net profit at Rs 203 crore vs loss of Rs 933 crore

Revenue is up 2.71% at Rs 580.26 crore vs. Rs 564.91 crore.

Ebitda down 43.62% at Rs 30.56 crore vs. Rs 54.19 crore.

Ebitda margin at 5.26% vs. 9.59%

Reported PAT is down 86.34% at Rs 4.08 crore vs. Rs 29.89 crore.

NII is down 5% at Rs 538.42 crore vs. Rs 567.9 crore (YoY).

Reported PAT is up 2% at Rs 280.61 crore vs. Rs 276.45 crore (YoY) (Bloomberg estimate: Rs 226.35 crore).

Gross NPA at 4.66% vs. 4.91% (QoQ)

Net NPA at 2.34% vs. 2.51% (QoQ)

Revenue is down 44.54% at Rs 110.78 crore vs. Rs 199.74 crore (Bloomberg estimate: Rs 123 crore).

Ebitda loss at Rs 3.45 crore vs. profit of Rs 33.26 crore (Bloomberg estimate: Rs 1.8 crore)

Reported loss at Rs 13.41 crore vs. profit of Rs 18.31 crore (Bloomberg estimate: reported loss of Rs 9.3 crore).

Revenue is up 245% at Rs 371.4 crore vs. Rs 107.65 crore.

Ebitda at Rs 27.03 crore vs. loss of Rs 35.5 crore

Ebitda margin at 7.27%

Reported loss of Rs 57.14 crore vs. loss of Rs 134.46 crore

Revenue is down 23.31% at Rs 47.39 crore vs. Rs 61.79 crore.

Ebitda down 26.95% at Rs 12.96 crore vs. Rs 17.74 crore.

Ebitda margin at 27.34% vs. 28.71%

Reported PAT at Rs 5.76 crore vs. loss of Rs 8.21 crore

Revenue is up 243.55% at Rs 384.4 crore vs. Rs 111.89 crore (Bloomberg estimate: Rs 509.3 crore).

Ebitda at Rs 82.09 crore vs. loss of Rs 30.86 crore (Bloomberg estimate: Rs 30.9 crore).

Ebitda margin at 21.35% (Bloomberg estimate: 6.1%).

Reported loss at Rs 26.84 crore vs. loss of Rs 133.81 crore (Bloomberg estimate: Reported loss of Rs 54.3 crore).

Large-cap stocks have grown in favour after the recent correction and may offer better reward-risk balance to investors given more reasonable valuations compared with a wide section of mid- and small-cap stocks.

The recent correction in mid- and small-caps has been relatively much smaller compared to the rally seen over the past six to seven months.

The Nifty 50 has shed 3.4 per cent in the last one month. The Nifty Midcap 100 and the Nifty Smallcap 100 have slid 4.8 per cent and 0.3 per cent, respectively, in the same period. In the year-to-date, these indices have rallied 23 per cent and 30 per cent, respectively, compared with 5.2 per cent gains made by the Nifty.

Buzzing Stocks: AU Small Finance Bank, Adani Green Energy, TVS Motor, Spandana Sphoorty, Marico, UPL, APL Apollo Tubes, GMR Infra, KPIT Systems, IRB Infra, Bharti Airtel, UltraTech Cement, SJVN, Bosch, RCF, Tata Power, Brightcom group, AstraZeneca, Panacea Biotec, Jindal Drilling, Speciality Restaurants, Castrol, Zenotech, MCF

Reported PAT is up 4% at Rs 273.51 crore vs. Rs 262.3 crore (YoY).

NII is up 5% at Rs 532.73 crore vs. Rs 508.55 crore (YoY).

Gross NPA at 1.7% vs. 1.56% (QoQ)

Net NPA at 0.99% vs. 0.66% (QoQ)

MPS Q2 FY24 (Consolidated, QoQ)

Revenue is down 2.22% at Rs 129.57 crore vs. Rs 132.51 crore.

EBIT is down 3.72% at Rs 36 crore vs. Rs 37.39 crore.

EBIT margin at 27.78% vs. 28.21%

Reported PAT is down 0.89% at Rs 30.03 crore vs. Rs 30.3 crore.

Total income is up 19.43% at Rs 240.06 crore vs. Rs 200.99 crore.

Reported PAT is up 19.98% at Rs 1,491.16 crore vs. Rs 1,242.79 crore.

Revenue is up 17.3% at Rs 619 crore vs. Rs 527.5 crore.

Ebitda up 45.1% at Rs 121.9 crore vs. Rs 83.9 crore.

Ebitda margin at 19.7% vs. 15.9%

Reported PAT is up 53.9% at Rs 70.8 crore vs. Rs 46 crore (Bloomberg estimate: Rs 90.5 crore).

Revenue is down 9.12% at Rs 280.15 crore vs. Rs 308.24 crore (Bloomberg estimate: Rs 358.1 crore).

Ebitda loss at Rs 43.58 crore vs. loss of Rs 53.88 crore (Bloomberg estimate: Ebitda loss of Rs 39 crore).

Reported loss at Rs 56.4 crore vs. loss of Rs 52.9 crore (Bloomberg estimate: reported loss of Rs 44.8 crore)

Total income is down 1.3% to Rs 234.27 crore vs. Rs 237.35 crore.

Reported PAT is down 72.46% at Rs 10.51 crore vs. Rs 38.17 crore.

Revenue is up 4.88% at Rs 1,014.61 crore vs. Rs 967.34 crore (Bloomberg estimate: Rs 1,054.97 crore).

EBIT is up 0.54% at Rs 106.7 crore vs. Rs 106.12 crore.

EBIT margin at 10.51% vs. 10.97%

Reported PAT is down 3.64% at Rs 88.35 crore vs. Rs 91.69 crore (Bloomberg estimate: Rs 85.8 crore).

Revenue is up 76.79% at Rs 1,217.41 crore vs. Rs 688.59 crore.

Ebitda up 105.57% at Rs 638.21 crore vs. Rs 310.45 crore.

Ebitda margin at 52.42% vs. 45.08%

Reported PAT is up 43.35% at Rs 456.76 crore vs. Rs 318.62 crore.

Revenue is down 15.1% at Rs 1,229.02 crore vs. Rs 1,447.45 crore.

Ebitda down 18.87% at Rs 643.37 crore vs. Rs 793 crore.

Ebitda margin at 52.34% vs. 54.78%

Reported PAT is down 22.65% at Rs 594.66 crore vs. Rs 768.83 crore.

Revenue is down 0.07% at Rs 1,324.48 crore vs. Rs 1,325.28 crore (Bloomberg estimate: Rs 1,360.38 crore).

Ebitda down 8.34% at Rs 222.73 crore vs. Rs 242.99 crore (Bloomberg estimate: Rs 203.78 crore).

Ebitda margin at 16.81% vs. 18.33% (Bloomberg estimate: 15%).

Reported PAT is down 21.97% at Rs 73.06 crore vs. Rs 93.64 crore (Bloomberg estimate: Rs 83.1 crore).

Revenue is up 3.6% at Rs 1,001.36 crore vs. Rs 966.54 crore.

Ebitda down 10.92% at Rs 250.41 crore vs. Rs 281.09 crore.

Ebitda margin at 25% vs. 29.08%

Reported PAT is down 19.69% at Rs 149.21 crore vs. Rs 185.8 crore.

Revenue is up 3.49% at Rs 1,277.67 crore vs. Rs 1,234.58 crore.

Ebitda up 34.67% at Rs 106.27 crore vs. Rs 78.91 crore.

Ebitda margin at 8.31% vs. 6.39%

Reported PAT is up 30.51% at Rs 78.06 crore vs. Rs 59.81 crore.

Revenue is up 2.29% at Rs 1,570.93 crore vs. Rs 1,537.79 crore (Bloomberg estimate: Rs 1,575.94 crore).

Ebitda down 8.14% at Rs 478.88 crore vs. Rs 521.27 crore (Bloomberg estimate: Rs 491.26 crore).

Ebitda margin at 30.48% vs. 33.89% (Bloomberg estimate: 31.2%).

Reported PAT is down 8.11% at Rs 338.5 crore vs. Rs 368.4 crore (Bloomberg estimate: Rs 339.52 crore).

Revenue is up 29.93% at Rs 1,744.996 crore vs. Rs 1,342.95 crore.

Ebitda up 19.47% at Rs 794.61 crore vs. Rs 665.1 crore.

Ebitda margin at 45.53% vs. 49.52%

Reported PAT is up 12.23% at Rs 95.75 crore vs. Rs 85.31 crore.

Total income is up 24.18% at Rs 3,240.49 crore vs. Rs 2,609.32 crore.

Reported PAT is down 47.53% at Rs 235.18 crore vs. Rs 448.3 crore (Bloomberg estimate: Rs 483.14 crore).

Ion Exchange India Q2 FY24 (Consolidated, YoY)

Revenue is up 19.07% at Rs 532.97 crore vs. Rs 447.61 crore.

Ebitda up 13.28% at Rs 60.39 crore vs. Rs 53.31 crore.

Ebitda margin at 11.33% vs. 11.9%

Reported PAT is up 9.43% at Rs 42.35 crore vs. Rs 38.7 crore.

NII is up 10% at Rs 9,126.07 crore vs. Rs 8,305.01 crore YoY.

Reported PAT is up 90% at Rs 3,511.42 crore vs. Rs 1,847.7 crore YoY.

Gross NPA at 6.38% vs. 7.34% (QoQ)

Net NPA at 1.30% vs. 1.58% (QoQ)

SBI Cards Q2 FY24 (Standalone, YoY)

Total income is up 22.24% at Rs 4,221.4 crore vs. Rs 3,453.32 crore.

Reported PAT is up 14.73% at Rs 602.98 crore vs. Rs 525.54 crore.

Revenue is down 9.05% at Rs 1,03,044.37 crore vs. Rs 1,12,984.79 crore (Bloomberg estimate: Rs 1,17,527.70 crore).

Ebitda down 18.03% at Rs 12,940.51 crore vs. Rs 15,785.13 crore (Bloomberg estimate: Rs 9,308.30 crore).

Ebitda margin at 12.55% vs. 13.97% (Bloomberg estimate: 7.90%)

Reported PAT is down 22.55% at Rs 8,243.55 crore vs. Rs 10,644.3 crore (Bloomberg estimate: Rs 5,248.47 crore).

Revenue is up 2.94% at Rs 24,750 crore vs. Rs 24,042 crore.

Ebitda up 2.98% at Rs 12,953 crore vs. Rs 12,578 crore.

Ebitda margin at 52.33% vs. 52.31%

Reported PAT is up 4% at Rs 5,058 crore vs. Rs 4,863 crore.

Revenue is up 19.5% at Rs 68,937 crore vs. Rs 57,694 crore.

Ebitda up 30.8% at Rs 5,607 crore vs. Rs 4,286 crore.

Ebitda margin at 8.4% vs. 7.6%

Reported PAT is up 21% at Rs 2,790 crore vs. Rs 2,305 crore.

Revenue is up 11.44% at Rs 2,31,886 crore vs. Rs 2,07,559 crore (Bloomberg estimate: Rs 2,23,433.65 crore).

Ebitda is up 7.54% at Rs 40,968 crore vs. Rs 38,093 crore (Bloomberg estimate: Rs 40,321.66 crore).

Ebitda margin at 17.66% vs. 18.35% (Bloomberg estimate: 18%)

Profit attributable to owners is up 8.63% at Rs 17,394 crore vs. Rs 16,011 crore (Bloomberg estimate: Rs 17,850.92 crore).

Dr Reddy’s Laboratories: The formulations manufacturing facility in Bachupally Hyderabad has been issued a Form 483 with 10 observations by the U.S. Food and Drug Administration.

UltraTech Cement: board Approves the 3rd phase of growth with an investment of ₹13,000 crore towards increasing the capacity by another 21.9 mtpa with a mix of brown field and green field projects

State Bank of India: ropes in MS Dhoni as brand ambassador

Grindwell Norton: The company executed a share sale and purchase agreement with Shinagawa Refractories Co. and SG Shinagawa Refractories India Pvt. for the sale of 49% of the equity shares held by the company in SG Shinagawa Refractories India.

Thermax: The company’s subsidiary, Thermax Onsite Energy Solutions Ltd., infused an additional Rs 24.94 crore in its step-down subsidiary, Thermax Energy & Environment Lanka Pvt. The additional capital is being infused to meet the fund requirements for the execution of a project.

Blue Dart Express: CFO V.N. Lyer resigns w.e.f. Jan. 31, 2024.

SJVN: The company’s unit, SJVN Green Energy, inked an MoU with Norway’s Ocean Sun for collaboration in the green and clean energy sector. The unit will develop and finance a pilot membrane-based floating solar project of about 2 MW in India, with Ocean Sun providing patented technological support for the same.

IRB Infrastructure Developers: The company has emerged as the preferred bidder for the project of tolling, operation, maintenance and transfer of a 316-kilometre highway stretch in the states of Uttar Pradesh and Madhya Pradesh. The IRB Infrastructure Trust is to pay an upfront concession fee of Rs 4,428 crore to NHAI for a revenue-linked concession period of 20 years.

Strides Pharma Science: The company’s Singapore unit, Strides Pharma Global, has entered into a binding agreement to sell its manufacturing facility for a consideration of $15 million to Rxilient Biohub.

Bombay Dyeing: The company’s Global Depository Receipt programme has been terminated, and the GDRs have been delisted from the Luxembourg Stock Exchange. Due to the termination of the GDR programme, Naira Holdings has surrendered their 27.40 lakh GDRs for cancellation and, subsequently, has taken possession of the equivalent corresponding equity shares of the company.

Tata Power: The company’s renewable energy arm inked a power delivery agreement with Mukand Ltd., a Bajaj Group company, for a 43.75 MW AC Group Captive Solar project. The installation will generate 99.82 MUs annually.

Tata Group: Taiwan-based Wistron Corp., a contract manufacturer for Apple Inc., will sell its India unit to the Tata Group for $125 million. Wistron will sell a 100% stake in its unit, Wistron InfoComm Manufacturing (India) Pvt., to Tata Electronics Pvt., following board approval.

India is experimenting with smart ways of billing for Russian oil imports, by excluding freight, insurance and other logistics costs, to stay within the West’s price cap of $60 per barrel and avoid economic sanctions in the face of rising price of Russian Urals, sources have said.

UPL’s stock began depreciating in early 2023. Having failed to overcome the hurdle at ₹800, it took the way South. Last week, the scrip declined below an important level of ₹585, thereby opening the door for further downside. Read more

Sun Pharmaceutical Industries stock has been tracing a sideways trend, between ₹1,100 and ₹1,160, since August this year. By closing at ₹1,111.4 last week, the stock is now near the range bottom of ₹1,100, a support. Read more

JSW Steel stock is on a decline since mid-September. It began falling after facing the barrier at ₹830. Last week, the stock witnessed good selling momentum which resulted in the breach of few supports. Read more

Nifty 50, Sensex and the Nifty Bank indices were beaten down badly last week. All the indices tumbled over 2 per cent. Our bullish view of the Nifty breaking above 19,850 and rising to 20,400 has gone wrong. Instead, the index has declined sharply breaking below the key support level of 19,400. Similarly, Sensex has also declined sharply below the support at 64,500, which we had expected to hold. This has proven our bullish view of the rise to 68,000 wrong.

Oil prices slipped $1 a barrel on Monday as investors adopted caution ahead of the Fed policy meeting and China’s manufacturing data later this week, offsetting support from geopolitical tensions in the Middle East.

Brent crude futures dropped 98 cents, or 1.1%, to $89.50 a barrel by 0001 GMT while U.S. West Texas Intermediate crude was at $84.54 a barrel, down $1, or 1.2%. - Reuters

Asian markets saw declines on Monday due to concerns over an escalation of conflict as Israel expanded its operations into Gaza. Early on Monday, S&P 500 futures increased by 0.36% to reach 4,152.50, following a previous decline, while Nasdaq futures gained 0.5%.

Investor risk appetite was dampened by Israel’s move to encircle Gaza’s main city as part of the “second phase” of a three-week conflict against Iranian-backed Hamas militants.

MSCI’s broadest index of Asia-Pacific shares, excluding Japan, decreased by 0.2%, hitting a one-year low the previous week.

In Japan, the Nikkei fell by 1.15%, or 356.04 points, to 30,635.65, and the Topix index dropped by 0.99%, or 22.26 points, reaching 2,232.39. South Korea’s KOSPI also showed a negative bias, declining by 0.24% to 2,297.32, and Australia’s S&P ASX 200 fell by 0.49%, or 33.20 points, to 6,793.70 points.

Meanwhile, crude oil prices slipped by $1 per barrel on Monday as investors exercised caution in anticipation of the upcoming Federal Reserve policy meeting and China’s manufacturing data later in the week. These factors offset support from geopolitical tensions in the Middle East.

Brent crude futures dropped by 98 cents, or 1.1%, to $89.50 a barrel by 0001 GMT, while U.S. West Texas Intermediate crude was at $84.54 a barrel, down $1, or 1.2%.

Hindustan Unilever Ltd has reported a revenue growth of 3.6 per cent y-o-y in Q2-FY24, backed by growth across all segments.

Gross profit was up 19.2 per cent y-o-y, owing to a significant fall in raw material cost (down 15.1% YoY). EBITDA rose 9.4 per cent y-o-y. EBITDA margin expanded about 130bps YoY. Net profit increased 3.9 per cent y-o-y. -- Geojit Financial

Colgate Palmolive’s Q2FY24 print was in line; revenue/EBITDA/PAT grew 6.1/18.7/22.3 per cent. Domestic sales grew 6.6 per cent led by flat volumes. Management said, toothpaste category volumes remained flattish in rural markets, although improved sequentially.

We note Colgate’s growth was driven by its focused strategy of growing oral care category driven by newly launched formulation for its flagship product CDC (with Arginine technology). Recently Colgate launched new ad-campaign to drive twice a day brushing habits. Management said, there are signs of recovery in rural markets, the toothbrush category saw persistent pressure on volumes due to rising competition from Oral-B. -- Prabhudas Lilladher

Notwithstanding the turbulence in the equity market triggered by the ongoing conflict between Israel and Hamas, two companies are braving it out to raise ₹3,601 crore from the primary market in the coming week.

Cello World, which will hit the IPO market on Monday, has already raised ₹567 crore from anchor investors before the subscription opens for retail bidding.

The company has fixed a price band of ₹617-648 per equity share. It is a complete offer-for-sale, where promoters and other shareholders will sell shares of ₹5 face value totalling ₹1,900 crore.

The US Federal Reserve’s interest rate decision, global cues, macroeconomic data announcements and the ongoing quarterly earnings are the major triggers that will dictate trends in stock markets this week, analysts said.

Besides, the trading activity of foreign investors and the movement of global oil benchmark Brent crude will also be tracked.

“All eyes are on the outcome of the US Federal Reserve meeting scheduled for November 1, particularly due to the multi-year high levels of the US bond yields. Additionally, the policy decisions of the Bank of Japan will be closely watched.

“Beyond these key events, global factors will also play a crucial role. Economic data releases from the US and China, as well as the ever-changing geopolitical situation, will influence market sentiment,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

Among firms to announce their earnings this week are Adani Green Energy, DLF, TVS Motor Company, Bharti Airtel, GAIL, Hero MotoCorp, Tata Steel, Adani Enterprises, Tata Motors, InterGlobe Aviation and MRF.

Foreign Portfolio Investors (FPIs) have pulled out over ₹20,300 crore from Indian equities this month so far, primarily due to a sharp surge in the US treasury yield, and the uncertain environment resulting from the Israel-Hamas conflict.

However, the story takes an intriguing turn on observing FPI activity in Indian debt as they have infused ₹6,080 crore into the debt market during the period under review, data with the depositories showed.

All the top-10 most valued firms suffered a combined erosion of ₹1,93,181.15 crore in market valuation last week, with Tata Consultancy Services (TCS) and HDFC Bank taking the biggest hit, in line with bearish trend in equities.

In the ranking of top-10 firms, Reliance Industries continued to retain the title of the most valued company followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, Bharti Airtel, State Bank of India and Bajaj Finance.