Closing Bell : Nifty below 19,700, Sensex down 551 pts; bank, power drag, pharma shines. Oct-18

Closing Bell :- BSE Midcap index shed 0.8 percent and Smallcap index fell 0.2 percent.

Closing Bell: Sensex Slips, closed at 65,877 level : While Nifty at 19,671 level

 Indian Market 

FII AND DII 

Stock Market News

• The BSE Metal index fell 0.5 percent, led by NMDC, SAIL, and Jindal Steel.
• The BSE has asked Orient Cement for confirmation on claims that CK Birla is in talks with Adani about selling a stake in the company.
• Blue Jet Healthcare’s initial public offering (IPO) will begin on October 25 with no fresh issue component.
• WomanCart IPO received 29.90 times subscriptions until the last day of bidding.
• Airtel has launched India’s first omni-channel cloud platform for CCaaS.
• The government reduces the windfall tax on domestic crude diesel ATF exports.

• The Reserve Bank of India has imposed monetary penalties on ICICI Bank and Kotak Mahindra Bank.

• Despite a decline in revenue, Himadri Speciality Chemical’s Q2 earnings increased by 246% year on year to Rs 101 crore. 

• VST Industries’ stock drops 2% on a 17.6% drop in Q2 net earnings. 

• CIE Automotive’s third-quarter earnings increased 11.4% year on year to Rs 186.7 crore.

• Can Fin Homes’ Q2 profit rises 11.5% year on year to Rs 158 crore.

• Lemon Tree Hotels gets franchise agreement for new Gujarat hotel 

• Tejas Networks gains 2% and scales to a new high thanks to the FibreConnect cooperation.

• Bajaj Electricals benefits from a Rs 347.3-crore Power Grid project.

• Exide Industries invests Rs 100 crore in a subsidiary, resulting in share gains. 

• Lemon Tree shares are up 2% following the Gujarat hotel deal. 

• L&T Technology Services reports flat revenue and lowers revenue guidance; the stock drops 4%.

• Wipro’s Q2 revenue may fall due to deal conversion delays; net profit may rely on stable margins.

• VST Industries’ Q2 earnings fell 17.6% year on year to Rs 76 crore, with topline growth being sluggish.

• Tata Elxsi’s second-quarter earnings increases by 5.9%. Revenue increases 3.7% year on year at Rs 200 crore.

• Zensar Technologies’ Q2 earnings increased 11.3% year on year to Rs 173.9 crore, as the EBIT margin increased by 40 basis points.

• L&T Technology Services’ Q2 earnings increased 1.4% year on year to Rs 315.4 million. 

• Power Grid Corporation of India awards Bajaj Electricals a service contract worth Rs 347.3 crore.

• Mazagon Dock Shipbuilders signs contract with the Ministry of Defence worth Rs 310 crore. 

• The government intends to sell up to 7% of its ownership in HUDCO through an offer for sale, with a base price of Rs 79 per share.

• Bajaj Financial Services Profit in the second quarter increased by 28% to Rs 3,551 crore, while the number of new loans booked increased by 26%. 

• Bajaj Electricals benefits from a Rs 347.3-crore Power Grid project. 

• Wipro’s Q2 revenue may fall due to deal conversion delays; net profit may rely on stable margins.

• Zensar Technologies’ Q2 earnings increased 11.3% year on year to Rs 173.9 crore, as the EBIT margin increased by 40 basis points.

• Mazagon Dock Shipbuilders signs contract with the Ministry of Defence worth Rs 310 crore. 

• On the basis of stable asset quality, IndusInd Bank’s Q2 profit should increase by 14% year on year.

• Happiest Minds Technologies reported a profit of Rs 58.46 crore in the second quarter.

•  Wipro’s Q2 revenue may fall due to deal conversion delays; net profit may rely on stable margins.

Indian Market Action

     INDIAN MARKET MOVERS 

News Updates

Due to a delay in contract conversions, Wipro’s Q2 revenue may drop; however, net profit may be supported by constant margins.

On October 18, Wipro, the fourth-largest IT services firm in India, is scheduled to report a disappointing quarter (Q2 FY23–24). A decrease in sequential revenue is anticipated as a result of deal conversion delays. Profits, particularly in the industrial vertical, are predicted to increase.

Sequentially, it is projected that Wipro’s revenue in rupees will decrease by about 0.1 percent. According to the average forecast of seven brokerages, revenue is expected to fall 0.6 percent to Rs 22,781 crore year. Weakness in the BFSI and hi-tech verticals, as well as in its consulting business, will have an impact on Wipro’s revenue, according to Phillip Capital.

To Rs 3,551 crore, Bajaj Finance’s Q2 consolidated net profit increased by 28%.

On October 17, Bajaj Finance posted a combined net profit of Rs 3,551 crore for the July-September quarter of the current financial year, above expectations but up 28% from the same quarter last year.

Improved net interest revenue, newly committed loans, and improved asset quality all contributed to a rise in Bajaj Finance’s net profit.

According to Bajaj Finance, the total number of loans booked during the quarter increased by 26% to 8.53 million from 6.76 million during the same period the year prior.

The government lowers the windfall tax on domestic crude diesel ATF exports.

With effect from October 18, the government reduced the special additional excise duty (SAED) on crude oil to Rs 9,050/tonne.

On September 29, the most recent fortnightly review, the windfall tax on domestic crude oil production was set at Rs. 12,200 per tonne.

Additionally, the SAED, or levy on export of diesel, will drop from Rs 5 per litre to Rs 4 per litre.The existing Rs 2.5/litre tax on jet fuel or ATF would be cut to Rs 1 per litre.

Global Market Updates 

Gift Nifty

Trends in GIFT Nifty predict a bad start for the larger index in India, with a loss of 28 points or 0.14 percent. The Nifty futures were trading around 19,783.50 level.

US Markets

On Tuesday, the Nasdaq fell and the benchmark US Treasury yields increased on signs that the Federal Reserve would maintain its restrictive monetary policy for longer than anticipated.

All three of the major US stock indices fluctuated over the afternoon, but the S&P 500 and the Dow closed almost unchanged, while megacap stocks that were sensitive to interest rates dragged on the Nasdaq and caused it to post a slight loss.

The Nasdaq Composite fell 34.24 points, or 0.25 percent, to 13,533.75, the S&P 500 dropped 0.43 points, or 0.01 percent, to 4,373.2, and the Dow Jones Industrial Average rose 13.11 points, or 0.04 percent, to 33,997.65.

Asian Markets

On Wednesday, the prospects for containing the crisis were dashed by a bombing at a Gaza hospital, while bonds suffered heavy losses as strong US retail data supported an extended period of punishingly high rates.

The broader MSCI index of Asia-Pacific shares outside of Japan fell slightly as a result of the cautious atmosphere, while the Nikkei in Japan fell 0.1 percent.

Oil Prices

Early on Wednesday, oil prices rose by around $2 as industry data revealed a larger-than-anticipated decline in US oil storage, raising concerns about Middle Eastern supply disruptions brought on by the escalating Israel-Hamas war.

At 0148, Brent crude futures were up $1.62, or 1.8 percent, to $91.49 a barrel as investors awaited Chinese GDP data. The price of a barrel of West Texas Intermediate crude (WTI) futures increased $1.77, or 2%, to $88.43.

According to estimates from the American Petroleum Institute on Tuesday, US oil stocks decreased by about 4.4 million barrels in the week ending October 13. That was much steeper than the analysts’ expected 300,000 barrel draw.

Dollar Index

The dollar held steady on Wednesday, despite struggling to gain ground despite positive US retail sales data, as traders turned their focus to impending Chinese GDP projections and the escalating violence in the Middle East.

Hopes that the battle may be contained were dashed when a hospital in Gaza was hit by an explosion. President of the United States Joe Biden is travelling to Tel Aviv. After a slight recovery overnight, the Israeli shekel dropped again to the lower end of the 4-per-dollar range.

After data revealed that retail sales increased significantly and more than anticipated last month, the latest sign of the economy’s ongoing growth, US rates shot up significantly. At 5.24 percent, two-year rates reached a 17-year high.

Stocks in news 

Bajaj financing: The non-banking financing company reported a staggering 28 percent year-over-year gain in profit after tax for the three months ended September FY24, coming in at Rs 3,551 crore. The amount of new loans booked during the same period rose by 26% to 8.53 million, while net interest revenue increased by 26% to Rs 8,845 crore. As of September 2023, assets under management (AUM) had increased by 33% to Rs 2.9 lakh crore.

L&T Technology Services: The engineering services provider’s operating results for the quarter ended in September FY24 above analysts’ expectations, resulting in a 1.4 percent sequential increase in net profit at Rs 315.4 crore. With dollar sales increasing 2.9 percent to $288.1 million and constant currency topline growth at 3.2 percent in the same time, revenue for the quarter climbed by 3.7 percent QoQ to Rs 2,386.5 crore.

Zensar Technologies: The company’s net profit for the three months ended in September FY24 was Rs 173.9 crore, up 11.3 percent from the same period the previous year. EBIT increased by 3.5 percent to Rs 194.4 crore, and the EBIT margin increased by 40 bps QoQ to 15.7 percent. For the quarter, operating revenue climbed by 1.1 percent sequentially to Rs 1,240.8 crore.

Tata Elxsi: During the July–September period of FY24, the design-led technology services company’s net profit increased by 5.9 percent sequentially to Rs 200 crore, while its revenue increased by 3.7 percent to Rs 881.7 crore.

VST Industries: The Hyderabad-based manufacturer of cigarettes, VST Industries, reported a 17.6% year-over-year fall in net profit at Rs 75.95 crore, along with sluggish topline growth, reduced profit before tax, and other income. The quarter’s operating revenue climbed by 2.86 percent year over year to Rs 452.3 crore.

Mazagon Dock Shipbuilders: The state-owned shipbuilding firm Mazagon Dock Shipbuilders has agreed to pay Rs 310 crore to the acquisition branch of the Ministry of Defence for the building and delivery of one training ship for the Indian Coast Guard (ICG).

Housing & Urban Development Corporation: On October 18 and 19, the Indian government will sell up to 7,00,66,500 equity shares of HUDCO, or 3.50 percent of the company’s total paid-up equity, with the option to sell an additional 7,00,66,500 equity shares should the oversubscription option be exercised.  At Rs 79 per share, the floor price has been established.

ICICI Bank: For violating sub-section (1) of Section 20 of the Banking Regulation Act, the Reserve Bank of India fined ICICI Bank Rs. 12.19 crore.

Hindustan Petroleum Corporation: throughout the course of five years, HPCL retail shops all throughout India will host 1,000 Petromin Express Stations (rapid service vehicle maintenance) built by Petromin Corporation, Saudi Arabia, a member of the AI-Dabbagh group. On October 16, the first batch of 16 Petromin Express Stations in Bengaluru and Chennai went into operation.

Avenue Supermarts: The Superintendent of Central Tax (GST), Kakinada, Andhra Pradesh, has sent the D-Mart operator a notice for a tax demand and penalty of Rs. 3.9 lakh.

Lemon Tree Hotels: The hotel group has signed a franchise arrangement for its forthcoming 45-room Keys Select by Lemon Tree Hotels property in Vadodara, Gujarat. In FY26, the hotel is anticipated to open for business.

Bajaj Electricals: The Power Grid Corporation of India has awarded the business a service contract worth Rs 347.29 crore.

Indian Railway Catering and Tourism Corporation (IRCTC): As a proof of concept (PoC) in the first phase, IRCTC has partnered with Zomato to provide and distribute preordered meals through IRCTC’s e-catering service at five railway stations: New Delhi, Prayagraj, Kanpur, Lucknow, and Varanasi.

Kotak Mahindra Bank: Kotak Securities, a subsidiary, has agreed to sell all of its approximately 7.50 percent ownership of Entroq Technologies to Delente Technologies for Rs. 508.06 per share. For failing to comply with RBI Directions on “managing risks and code of conduct in outsourcing of financial services by banks,” “recovery agents engaged by banks,” “customer service in banks,” and “loans and advances—statutory and other restrictions,” the Reserve Bank of India fined Kotak Mahindra Bank Rs 3.95 crore.

Grasim Industries: The Century Rayon facility has been given permission by the Department of Industrial Safety and Health (DISH) in Kalyan to reopen the carbon disulfide refining section’s activities in Shahad. The corporation has also received the necessary approvals from other relevant agencies, such as the Kalyan Regional Office of the Maharashtra Pollution Control Board (MPCB) and the Police Department.

Exide Industries: The manufacturer of lead-acid storage batteries and power storage solutions has made a 100 crore rupee rights-based investment in its fully owned subsidiary, Exide Energy Solutions. The subsidiary’s ownership stake in the business remains constant.

Himadri Specialty Chemical: The specialty chemical firm reported standalone net profit of Rs 101 crore for the period ending September FY24, up 246.2 percent over the same period last year despite a 5.1 percent on-year decline in revenue at Rs 1,005 crore, driven by strong EBITDA and margin expansion.

Can Fin Homes: The housing financing company recorded an 11.5 percent year-over-year increase in profit for the quarter ended September FY24 at Rs 158 crore, and a 26.1 percent year-over-year increase in net interest income at Rs 316.8 crore. Asset quality declined as net non-performing assets (NPA) increased 9 bps QoQ to 0.43 percent for the quarter and gross non-performing assets (NPA) increased 13 bps sequentially to 0.76 percent.

CIE Automotive India: Due to a higher operating margin, the auto auxiliary company’s consolidated profit increased by 11.4 percent year over year to Rs 186.7 crore for the quarter ended in September 2023. In Q3 FY23, operating revenue climbed by 2.2 percent year over year to Rs 2,279.4 crore.

Syngene International: For the period of July through September of FY24, the contract research organisation saw an 18.5 percent increase in operating revenue to Rs 910 crore and a 14% increase in profit to Rs 117 crore.

Mphasis: The IT solutions provider announced a strategic agreement with WorkFusion to take advantage of the AI solutions offered by WorkFusion and improve and advance its services in transforming financial crime operations for its enterprise clients.

Mahanagar Gas: The firm has a joint venture contract (JVC) with Baidyanath LNG to set up a private limited company in India to conduct liquefied natural gas (LNG) activity. The initial share capital of JVC will be subscribed to in a 51:49 ratio by MGL and Baidyanath LNG.

Committed Cargo Care: On October 18, the third-party logistics company will make its NSE Emerge debut. The share price for the issuance is Rs. 77. The trade-for-trade market will allow trading of its equity shares.

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Force Motors announces August production of 3,032 automobiles. 

Power Mech Projects climbs more than 2% after receiving a Rs 625 crore order.

Hitachi Energy India rises nearly 4% after receiving an order.

Quant Mutual Fund invests Rs 86 crore in JM Financial, while Valiant Mauritius Partners sells 0.8% of its holding.

Baring Private Equity sells Rs 34.7 crore in PG Electroplast shares.

Small Cap World Fund and New World Fund sell Rs 884.43 crore in Shriram Finance shares.

Nazara Technologies will offer 57.42 lakh preferential shares to SBI Funds at Rs 714 per share.

Cochin Shipyard Large Trade | According to CNBC-TV18, 8.6 lakh shares (0.7 percent e

Data from China | Exports were down 8.8% in August, while imports were down 7.3% year on year.

Indian Railways awards Responsive Industries a contract for the Garib Rath Initiative.

CNBC-TV18 reported that Bikaji Foods International Large Trade | 14.1 lakh shares (0.6 percent equity) worth Rs 71.3 crore change hands at Rs 507 per share.

PVR INOX stock rises as SRK’s ‘Jawan’ hits theaters, and the industry anticipates a blockbuster opening.

L&T rises on rumours of a possible order from Saudi Aramco for a gas project.

Varroc Engineering to acquire a 26% share in AMP Energy SPVs TCS forms strategic cooperation with JLR’s digital unit

Tata Motors August Auto Sales | JLR UK sales are down 23.6% year on year at 1,479 units versus 1,935 units.

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