On Tuesday, the benchmark indices ended on a red note as Nifty plunged 294.55 pts (1.19%) to settle at 24,486.55 while Sensex ended 874.53 pts (1.08%) to close at 80,276.74. On the Nifty index ICICI Bank, Nestle India and Infosys were the top gainers while BEL, M&M, Coal India, SBI and Adani Enterprises were the top losers.
Earlier, stock indices, Sensex and Nifty 50, declined on Tuesday morning. As of 11:50 AM, the Sensex had dropped by 358.39 points (0.44%) to 80,792, while the Nifty 50 had decreased by 137 points (0.55%) to 24,644.
The majority of stocks listed on the BSE Sensex were trading in the red. Among the top gainers were UltraTech Cement, which rose by 1.61% due to its recent acquisition of Orient Cement, followed by ICICI Bank and Power Grid Corporation. Sectorally, the Nifty IT index traded slightly higher at 0.07%, while the Nifty FMCG index also showed gains. In contrast, the Nifty Bank, Realty, Auto, Metal, and PSU Bank indices experienced declines.
The Indian stock market opened flat on October 22, reflecting mixed global signals. The Sensex edged up by 41.02 points or 0.05% to 81,192.29, while the Nifty gained 17.20 points or 0.07% to reach 24,798.30. Market breadth was balanced with 1,128 shares advancing, 1,089 declining, and 150 remaining unchanged.
Top gainers on the Nifty included Tech Mahindra, Wipro, Infosys, Adani Ports, and Grasim Industries. Meanwhile, SBI Life Insurance, HDFC Life, Shriram Finance, Kotak Mahindra Bank, and HCL Technologies were among the major losers.
As the earnings season unfolds, eyes are on Bajaj Finance and broader market companies like Adani Green, Can Fin Homes, and Zomato, whose results will drive market sentiment on Tuesday.
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Oct 22, 2024, 3:31 pm IST
Sector Update: Oil and Gas | Demand concerns cap oil price, OPEC+ output cuts key to maintaining deficit
Dayanand Mittal of JM Financial Institutional Securities said, Brent moderated to ~USD 73/bbl on easing geopolitical tensions, demand concerns, and potential over-supply risk if OPEC+ unwinds its 2.2mmbpd voluntary output cuts over Dec’24 to Nov’25. IEA has further cut its CY24 global oil demand growth marginally to 0.9mmbpd as China's oil demand contracted for the 4th straight month in Aug’24 by 500kbpd YoY, though it maintains CY25 growth at ~1mmbpd. However, IEA expects global oil supply growth for CY24 to be limited at only 0.7mmbpd due to OPEC+ output cuts, implying a deficit of ~0.2mmbpd. Though IEA expects surplus to emerge in CY25, we believe OPEC+ is likely to defer/reverse the unwinding of voluntary output cuts to ensure the market remains in deficit (as detailed in our recent note Saudi Arabia - shift in strategy from price to market share?). We still believe the strong pricing power of OPEC+ will continue to support Brent at USD 75-80/bbl (around Saudi Arabia’s fiscal break-even crude price). We maintain BUY on Oil India/ONGC given robust ~30%/15% production growth outlook in the next 1-3 years; Oil India also benefits from lucrative NRL capacity expansion. However, we believe OMCs’ risk-reward still appears unfavourable as CMP is discounting gross marketing margin to be higher than the historical average of INR 3.5/ltr and ignoring OMCs’ aggressive capex plans. OMCs’ valuations (HPCL 1.4x FY27 P/B; IOCL 1.0x FY27 P/B; and BPCL 1.4x FY27 P/B) are trading at 10-30% premium to historical valuations.
Oct 22, 2024, 3:20 pm IST
Cyient DLM Ltd | Q2FY25 Result: Eyes on margin expansion and order book uptick in H2FY25
Deepak Agarwal of JM Financial Institutional Securities said Cyient DLM Limited (CDLM) 2QFY25 quarterly numbers vs. JM est. saw inline performance. Rev at INR 3.9bn, up 33% yoy and 51% qoq. On yoy basis, Aerospace grew 21%, Defence grew 80%, Industrial de-grew 53%, Medtech 15% and Others de-grew 33%. GP margin at 20.6%, down 18bps yoy and 467bps qoq. EBITDA at INR 316mn, up 34% yoy and 58% qoq. OPM at 8.1% flat yoy and up 37bps qoq. Other income (as % of sales) at 1.8% vs 3.2% yoy vs. 3.4% qoq. PAT at INR 155mn, up 5% yoy and 46% qoq. PAT margin at 4% down 105bps yoy and 14bps qoq.
Oct 22, 2024, 2:38 pm IST
City Union Bank | 2QFY25 Result Update: Steady quarter, risk-reward favourable - Upgrade to BUY
Sameer Bhise of JM Financial Institutional Securities said CUBK reported a healthy quarter with PAT at INR 2.9bn (+1.6% YoY, 7.8% QoQ), +2% ahead of our expectations. PPOP grew at +11% YoY, +15 QoQ (led by margin expansion of +13bps QoQ) and strong other income (+24% YoY, driven by recoveries from w/o accounts) despite marginally elevated opex (+4.6% QoQ) and higher provisions (credit cost at 0.59%, +25bps QoQ). NIM (at 3.67% vs 3.54% QoQ) expansion was led by sequentially higher yields (as the bank took price hikes) and lower CoF. Headline asset quality improved with GNPLs/NNPLs at 3.54%/1.62% (-34bps/-25bps QoQ) and gross slippage ratio declined to 1.49% (vs 1.55% QoQ). Healthy loan growth (+12% YoY, +2.6% QoQ) was supported by robust incremental deposit growth (+9% YoY, +4.6% QoQ). Mgmt. plans to launch additional retail products by 4Q25 which is expected to support gradually reviving growth. Cost-to-income ratio improved to 47.1% (-228bps QoQ). CUBK currently trades at undemanding valuations of 1.1x FY26e BVPS. Given a well-capitalised balance sheet (CAR at 22.98%), tech setup in place for colending and recoveries exceeding slippages, sustained delivery on growth should make a strong case for reversal of CUBKs underperformance in our view. CUBK has relatively lower exposure towards troubled unsecured segment. Additionally, enhanced focus on higher yielding secured products should support profitability going ahead (2Q25 ROA at 1.59%). We increase our earnings estimates by +7%/+3% for FY25/FY26 and upgrade CUBK to BUY with TP of INR 185, valuing it at 1.3x FY26e BVPS.
Oct 22, 2024, 2:14 pm IST
Ultratech Cement – Lowest EBITDA/mt since Sep-13; 2H outlook promising (Add, TP: Rs12,000)
Ultratech reported weak set of results as reported EBITDA came in 4% below our estimate owing to higher costs. EBITDA/mt came in at Rs725 which is lowest since Sep-13 indicating pricing pressure resulting from competition. However, 2HFY25 outlook for both demand and pricing looks promising as government spending is set to pick up and pricing is showing signs of firming up. The capex plans of the company are on track and it is set to cross 200mn mt capacity by FY27. The company’s efficiency improvement programme is also ongoing which will result in Rs250-300/mt cost reduction by FY27. Given the weak 1HFY25 owing to elections and extended monsoon, we have cut our FY25 EBITDA estimates by 18%. However, we believe recovery is on the cards as both demand and pricing is expected to improve in 2HFY25. We have rolled our valuation forward to Sep26 from March26 and continue to value UTCEM based on 17x EV/EBITDA to arrive at our revise TP of Rs12,000. Upgrade to ADD from Reduce post recent correction in the stock, said Centrum Broking.
Oct 22, 2024, 1:15 pm IST
Paytm Q2 Results: Net Profit Reached Rs 930 Cr; Revenue Jumps To Rs 1,660 Cr
On October 22, One97 Communications Ltd., the company behind the well-known financial platform Paytm, announced a net profit of Rs 930 crore for the quarter that ended on September 30, 2024, which included an extraordinary gain of Rs 1,345 Cr from the sale of entertainment tickets. EBITDA before ESOP was Rs 186 Cr, which improved QoQ by Rs 359 Cr, and EBITDA of Rs 404 Cr, which improved QoQ by Rs 388 Cr. The company's operating revenue was Rs 1,660 Cr, up 11% QoQ.
With a net payment margin of Rs 465 Cr, up 21% QoQ, and a GMV of Rs 4.5 Lakh Cr, up 5% QoQ, Paytm's payment services revenue of Rs 981 Cr up 9% QoQ. As of September 24, the number of merchant device subscribers has increased to 1.12 Cr, a 3 Lakh rise on a QoQ basis. 34% QoQ growth in the company's financial services revenue, or Rs 376 Cr.
Oct 22, 2024, 12:57 pm IST
Adani Group To Acquire CK Birla Group Firm Orient Cement
Billionaire Gautam Adani-led Adani Group on Tuesday said it will acquire CK Birla group firm Orient Cement at a valuation of Rs 8,100 crore, as part of its expansion drive. With this acquisition Adani Cement will achieve a capacity of 100 MT (million tones) per annum by end of FY25 and a gain of 2 per cent in the overall market share in the country. Adani Cement has signed a binding agreement for the acquisition of Orient Cement Ltd (OCL) at an equity value of Rs. 8,100 crore. As per that, its step down unit "Ambuja will acquire 46.8 per cent shares of OCL from its current promoters and certain public shareholders", according to a joint statement. The acquisition will be fully funded through internal accruals, it added. The latest acquisition will add 16.6 MTPA capacity to the growth-hungry Adani group firm, which operates through Ambuja Cements in the sector, according to a PTI report.
Large cap FMCG company Varun Beverages Ltd shares today zoomed 2.08% to 590.20 per share on BSE at 12:28 soon after the company reported its September 2024 quarter results. The FMCG giant today announced a jump of 22.4% in its consolidated net profit to Rs 628.82 crore for the quarter ended September 2024 as against the Rs 514.06 crore declared in the corresponding quarter of last year, as per the BSE filing. It is worth mentioning that it is Q3 results of Varun Beverages for the 2024 calendar year. Meanwhile, its revenue from operations for the September 2024 quarter stood at Rs 4932.1 crore, up 25.2% as compared to Rs 3937.8 crore reported in the similar quarter of last year.
“Heavy rains throughout the quarter led to India volumes growing in mid-single digits i.e. 5.7% and international volumes grew by 7.9% organically, said VBL in its BSE filing.
Oct 22, 2024, 12:23 pm IST
Gold Prices In India Scale Fresh Peak Ahead Of Dhanteras: Check Latest Gold Prices
Gold prices in India have been maintaining upward momentum for the last 5-days amid higher US Treasury yields, rising uncertainties surrounding US elections, and Middle-East war. However, gold price in India today remained stable. Meanwhile, silver prices surged marginally today after prices crossed 1 lakh mark yesterday in India. 22k gold price today stood at Rs 73,000/10 grams and 100 grams of 22k gold price today in India retailing at Rs 7,30,000. 24k gold price today in India is quoting at Rs 79,640/10 grams and 100 grams of 24 carat yellow metal prices remained unchanged at Rs 7,96,400.
18k gold rate today in India is Rs 59,730/10 grams and 100 grams of yellow metal price in India today stood at Rs 5,97,300.
Meanwhile, 1 gram gold price today for 22k in India today stood at Rs 7,300. 1 gram gold rate today for 24k is Rs 7,964. 1gm gold rate today for 18 carat is Rs 5973.
Oct 22, 2024, 12:00 pm IST
Varun Beverages Announces its Q3 & 9M CY2024 Financial Results
Varun Beverages Limited, a key player in the beverage industry, announced its financial results for the third quarter and nine months ended September 30, 2024. Revenue from operations grew by 24.1% YoY to Rs. 48,046.8 million in Q3 CY2024 as compared to Rs. 38,705.2 million in Q3 CY2023. Net realization per case increased by 1.9% to Rs. 179.6 in Q3 CY2024. Consolidated sales volume grew by 21.9% to 267.5 million cases in Q3 CY2024 from 219.5 million cases in Q3 CY2023. This includes ~34 million cases from BevCo and DRC during the current quarter o Heavy rains throughout the quarter led to India volumes growing in mid-single digits i.e. 5.7% and international volumes grew by 7.9% organically o CSD constituted 75%, JBD 4% and Packaged Drinking Water 21% in Q3 CY2024 at a consolidated level.
Oct 22, 2024, 11:37 am IST
Balu Forge Industries Q2 Results
Leading precision engineering and manufacturing company Balu Forge Industries Ltd. (BFIL) approved its consolidated financial results for the quarter ended September 30, 2024, at its board of directors meeting on October 21, 2024. Balu Forge Industries announced on Monday a 107% year-on-year spike in its consolidated net profit for the quarter that ended on September 30, 2024, to Rs 48 crore as against Rs 23 crore reported by the company in the year-ago period.
Paytm Announces The Earnings For The Quarter Ending September 2024
One 97 Communications Ltd is announced earnings for the second quarter ended September 2024 (Q2FY25).In Q2 FY 2025, they achieved 11% QoQ revenue growth, due to 5% QoQ increase in GMV, better realization from devices and 34% QoQ increase in revenues from financial services. The net payment margin increased 21% QoQ to ₹465 Cr, largely on account of improvement in payment processing margin, better device realization and growth in GMV. Financial Services revenue was ₹376 Cr, up 34% QoQ, on account of increase in collection bonus in merchant loans due to better asset quality trends, and higher share of merchant loans. With even greater confidence in our merchant loan distribution business, where they help in both distribution and collection, we have started working with select lenders by giving the Default Loss Guarantee (DLG, explained in subsequent sections) for select portfolios. This in long term will give us the opportunity to serve wider merchant base and increase our financial services distribution revenue.
Oct 22, 2024, 10:58 am IST
Spectrum Foods Ltd. Signs Non-Binding LOI With IHG For Pushkar Project
Spectrum Foods Limited, “Company”, has signed a non-binding Letter of Intent (LOI) with Intercontinental Hotels Group, IHG, a leading British Hospitality MNC, for the management and branding of our Company’s upcoming 5-star Pushkar hotel under the upscale ‘voco’ brand. Proposed Property Launch by June 2025
Oct 22, 2024, 10:41 am IST
India Gold Rates Today Makes No Significant Movement On 22nd October
Gold prices in India remained steady today. The cost of 10 grams of 24-carat gold held at Rs. 79,650/-, while 22-carat gold stayed at Rs. 73,000/- per 10 grams.
Remsons Announces Acquisition of BEE Lighting (UK), Expanding Product Range into Automotive Lighting
Remsons Holding Ltd, a wholly owned subsidiary of Remsons Industries Limited, a leading provider of control cables, gear shifters, sensors and winches, is excited to announce its acquisition of a 51% equity stake in BEE LIGHTING, a renowned name in automotive lighting design, development and manufacturing. This strategic acquisition represents a significant milestone in Remsons' plan to diversify its product portfolio by entering the automotive lighting market and adding BEE’s expanding customer portfolio of prestigious marques in the Luxury/Super/Hyper-Car & EV marketplace. Rahul Kejriwal, Executive Director of REMSONS, expressed enthusiasm about the expanded capabilities: “We are thrilled to welcome BEE LIGHTING into the Remsons family. This acquisition not only enhances our product offering but also allows us to enter the lighting market with the significant expertise and innovation that BEE brings. It’s an exciting step forward in delivering more comprehensive solutions to our customers.
Oct 22, 2024, 10:16 am IST
Hyundai Motor India Shares Debut with Lackluster Response on NSE and BSE
Hyundai Motor India Ltd. officially commenced trading on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on Tuesday, October 22. However, the much-anticipated listing saw a tepid reception, with the stock opening at Rs 1,934 on the NSE, indicating a 1.33% dip from its issue price of Rs 1,960. Similarly, on the BSE, shares were listed at Rs 1,931, reflecting a decline of 1.47%.
Oct 22, 2024, 10:16 am IST
Ambuja Cements Set to Acquire 46.8% Stake in Orient Cement
Ambuja Cements Ltd., a subsidiary of the Adani Group, has revealed its intention to acquire a 46.8% stake in Orient Cement Ltd. This acquisition, valued at Rs 8,100 crore, will involve purchasing shares from Orient Cement's promoters as well as select public shareholders, with each share priced at Rs 395.4.
Oct 22, 2024, 9:22 am IST
Sensex, Nifty Open Flat Amid Mixed Global Cues
The Indian stock market opened flat on October 22, reflecting mixed global signals. The Sensex edged up by 41.02 points or 0.05% to 81,192.29, while the Nifty gained 17.20 points or 0.07% to reach 24,798.30. Market breadth was balanced with 1,128 shares advancing, 1,089 declining, and 150 remaining unchanged.
Oct 22, 2024, 9:08 am IST
Rupee Remains Steady at Opening
The Indian Rupee opened steady at 84.05 per US Dollar on Tuesday, nearly unchanged from Monday’s close of 84.06.
Oct 22, 2024, 8:57 am IST
Oil Prices Fall as Middle East Tensions Ease, China Demand Concerns Persist
Oil prices dipped on Tuesday, trimming the previous day’s nearly 2% rise. Efforts by the US to broker a ceasefire in the Middle East reduced war-related risks, while sluggish demand from China, the world’s top oil importer, continued to pressure the market. Brent crude futures for December fell 26 cents to .03 a barrel, while US West Texas Intermediate crude for November delivery dropped 2 cents to .54. The more active WTI December contract was down 23 cents at .81 per barrel.
Oct 22, 2024, 8:57 am IST
Asian Markets Decline as Nikkei and Kospi Drop 1% Each
Asian stocks slipped on Tuesday, with both Japan’s Nikkei and South Korea’s Kospi down 1%. A steep bond sell-off and a surge in gold prices signaled that investors are seeking safer assets as they brace for the upcoming US election.
Oct 22, 2024, 8:44 am IST
GIFT Nifty Signals Flat to Positive Opening for Indian Markets
GIFT Nifty trends suggest a flat to mildly positive opening for the broader Indian market, with an expected gain of 26 points or 0.10%. Nifty futures were trading around the 24,806 level, indicating cautious optimism for the upcoming session.
Oct 22, 2024, 8:39 am IST
Dow and S&P Slide as Treasury Yields Surge, Investors Await Key Earnings
The Dow Jones Industrial Average and S&P 500 closed lower on Monday, pulling back from Friday's record highs and snapping a streak of six consecutive weekly gains. Rising Treasury yields added to market pressure, as investors became cautious of high valuations ahead of major corporate earnings reports. The Dow fell 344.31 points (0.80%) to 42,931.60, while the S&P 500 lost 10.69 points (0.18%) to close at 5,853.98. In contrast, the Nasdaq Composite gained 50.45 points (0.27%) to reach 18,540.01, driven by Nvidia's 4.14% surge to a record high of 3.71. The benchmark 10-year Treasury yield spiked to 4.17%, its highest in 12 weeks.
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