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Market Opening - An Overview
GIFT Nifty Futures on the NSE IX were trading lower by 0.22% at 19134.50, indicating that Dalal Street was headed for negative start on Thursday.
Asian shares were trading lower, tracking losses in Wall Street overnight due to lower-than-expected earnings from technology companies and rising US Treasury Yields. The Nikkei 225 index tanked 2.13% and the Topix tumbled 1.57%. The Hang Seng lost 0.72% and the CSI 300 index was down 0.58%.
The Indian rupee appreciated by 2 paise to 83.18 against the US dollar on Wednesday.
FII/DII Trading Data
Foreign institutional investors were net sellers for Rs 4,236.60 crore, while domestic institutional investors were net buyers worth Rs 3,569.36 crore on October 25, according to National Stock Exchange data.
Stocks in News Today
Axis Bank: The private sector lender reported a net profit of Rs 5,863 crore in Q2FY24, up 10% from Rs 5,329.8 crore in the corresponding quarter of last year. Net interest income (NII) in Q2FY24 rose 18.9% to Rs 12,314.56 crore from Rs 10,360.26 crore, in the year-ago period. Net interest margin (NIM) during the reported quarter stood at 4.11%, up 15 basis points YoY. Gross NPA ratio was at 1.73%, down by 23 basis points from 1.96% in Q1FY24. Net NPA was at 0.36%, down by 5 basis points QoQ.
Tech Mahindra: The IT services company registered a consolidated profit of Rs 494 crore for the quarter ended September 2023, down by nearly 29% QoQ. Consolidated revenue for the quarter stood at Rs 12,864 crore, down fell by 2.2% compared to the previous quarter of the current financial year. Further, the board has approved the merger of three of the company’s wholly owned subsidiaries with itself. Perigord Premedia India, Perigord Data Solutions India, and Tech Mahindra Cerium will be incorporated under the rearrangement scheme.
Jubilant Foodworks: The food services company has reported a 39.5% YoY decline in standalone net profit at Rs 72.1 crore for the quarter ended September FY24 from Rs 119.2 crore in the year-ago period. Its standalone revenue from operations grew by 4.5% to Rs 1,344.8 crore in Q2FY24 from Rs 1286.8 crore in the corresponding period last fiscal. EBITDA stood at Rs 280.7 crore in the quarter under review as against Rs 312.5 crore in the year-ago period. It opened 60 new stores in India, taking the total store count to 1,949 across all brands.
Indus Towers: The company posted a net profit of Rs 1,295 crore in Q2FY24, 49% rise from Rs 872 crore reported in the year-ago period. The company’s revenue in Q2FY24 dropped 10% YoY to Rs 7,133 crore from Rs 7,967 crore in Q2FY23. The consolidated EBIDTA stood at Rs 3,456 crore in the quarter under review, up 23% from Rs 2,812 crore in the corresponding period of the previous fiscal. As of September 30, 2023, the company operated a total of 2.04 lakh towers, an increase of 16,000 towers compared to 1.88 lakh towers operated in the year-ago period.
Sonata Software: The company reported a 10% YoY rise in net profit at Rs 124.2 crore in Q2FY24 as against Ts 112.7 crore in the corresponding quarter last year. Total revenue stood at Rs 1,912.6 crore, a 28% rise from Rs 1,496.0 crore in the same period last fiscal. EBITDA jumped 33% to Rs 220.5 crore in Q2FY24 from Rs 165.7 crore in Q2FY23. The company declared an interim dividend of Rs7 per share for FY24 and the record date for the purpose of payment of the interim dividend will be on November 7, 2023. The company also approved and recommended a bonus issue of 1 equity share for every 1 equity share held by the shareholders of the company as of the record date.
Chennai Petroleum Corporation: The company recorded a profit of Rs 1,190.56 crore for the July-September period FY24, a rise of 117% over the previous quarter, driven by a spike in EBITDA. Revenue from operations (excluding excise duty) grew by 12.2% QoQ to Rs 16,544.6 crore during the reported quarter.
Hero MotoCorp: The company has made an investment of Rs 15 crore by way of a rights issue in its subsidiary company, HMC MM Auto. The company’s shareholding in its unit has increased from 60% to 66.32%. Teh indicative time period for completion of transaction is within the next 30 days.
Chalet Hotels: The hotel chain has reported a consolidated profit of Rs 36.4 crore, a growth of 131.4% YoY to Rs 36.4 crore on the back of higher revenue and operating margin. The company’s revenue from operations jumped 27% YoY to Rs 314.5 crore in Q2FY24. EBITDA increased 48% YoY to Rs 126 crore and margin expanded 570 bps to 40% during the quarter under review.
Share India Securities: The company’s board has approved the proposal for the amalgamation of Silverleaf Capital Services as a going concern with the company.
S H Kelkar: The company has made an investment of 4.99 million euros in its Europe subsidiary, Keva Europe BV, by subscribing to 1.39 million equity shares at 3.59 euros per share.
Samvardhana Motherson International: The company has initiated a plan for phased operational reconfiguration of a few units located in Europe and the units in consideration for phased operational reconfiguration are wholly owned subsidiaries of the company. The operational reconfiguration entails a one-time cost of 25–30 million euros.
Karnataka Bank: The lender has entered into a partnership agreement with Vakrangee for providing business correspondent banking services through Vakrangee Kendra outlets on a pan-India basis. Vakrangee has emerged as one of the leading financial inclusion players with more than 14,000 Banking BC points and 4th largest ATM operator in Rural India with more than 6,300+ ATMs.
Sona BLW Precision Forgings: The company’s consolidated revenue was up 20.6% YoY at Rs 787.47 crore in Q2FY24 as against Rs 652.91 crore in Q2FY23. Consolidated Ebitda rose 36.43% to Rs 219.99 crore in Q2FY24 from Rs 161.24 crore in Q2FY23. The company’s prfot after tax climbed 34.04% to Rs 124.06 crore in Q2FY24 from Rs 92.55 crore in Q2FY23.
Lakshmi Machine Works: The company’s consolidated revenue grew 8.95% to Rs 1,320.42 crore in Q2FY24 from Rs 1,211.9 crore in Q2FY23. Ebitda rose 13.29% to Rs 135.96 crore in Q2FY24 from Rs 120.01 crore in Q2FY23. The company registered a net profit of Rs 115.11 crore in Q2FY24, up 10.36% from Rs 104.3 crore in the year-ago period.
Gulf Oil Lubricants India: The company reported a 40.7% YoY jump in net profit at Rs 73.6 crore in Q2FY24 as against a net profit of Rs 52 crore in the year-ago period. Its total revenue stood at Rs 802.3 crore, a rise of 11.5% YoY from Rs 719.5 crore in the corresponding period last fiscal. EBITDA jumped 25.2% to Rs100.4 crore in Q2FY24 from Rs 80.2 crore in Q2FY23. EBITDA margin stood at 12.5% in the quarter under review as against 11.2% in the same quarter last fiscal.
Rallis India: The Tata Group firm posted a 13.88% growth in profit after tax (PAT) at Rs 82 crore in Q2FY24 as against a PAT of Rs 72 crore in Q2FY23. Its revenue from operations declined 12.51% to Rs 832 crore in Q2FY24 from Rs 951 crore in Q2FY23. The fall in revenue was attributed to weak export demand, decline in prices and erratic rainfall in the domestic market.
CMS Info Systems: The company posted a consolidated profit of Rs 84.4 crore in Q2FY24, up 16.3% YoY. Revenue from operations rose 15.3% to Rs 543.7 crore during the reported quarter from Rs 471.7 crore in the corresponding quarter last financial year.