Market Highlights: Sensex ends 250 pts higher, Nifty tops 19,800; Powergrid, BPCL shine; TaMo drags

Equity benchmark indices bounced back on Tuesday after three days of fall amid a recovery in global markets and encouraging earnings reports from major companies including HDFC Bank.

The 30-share BSE Sensex jumped 260 pts to end at 66,428, while the Nifty closed above 19,800, at 19,811, a gain of 90 pts. Fourteen of the broad-based Nifty sectoral indices ended in the green.

BPCL, Powergrid, TechM and HDFC Life topped the stock charts. HDFC Bank also ended up with reasonable gains after a strong earnings performance. Tata Motors and L&T dropped more than a per cent each and ended up among the biggest laggards

Auto and Realty ended flat with all other sectoral indices gaining in today's session. Finance, Bank, FMCG and Energy were among the biggest gainers.

Asian shares advanced Tuesday after US stocks rallied as investors unwound some of last week's moves driven by worries about war in the Middle East.

Japan's Nikkei share average rebounded from the previous day's steep drop, taking cues from Wall Street as investor optimism about upcoming earnings overtook concerns about the conflict in Gaza. The Nikkei gained 0.9%, recouping more than half of Monday's 2% tumble.

Chinese stocks climbed on Tuesday after dozens of Chinese companies announced plans to buy back shares to boost investor confidence, while a rebound in global shares helped sentiment.

The blue-chip CSI 300 Index closed up 0.4% and the Shanghai Composite Index rose 0.3%. Hong Kong's Hang Seng Index advanced 0.8%.

European stocks opened lower on Tuesday, weighed down by a drop in Ericsson shares following downbeat quarterly results and weakness in the mining sector as investors monitored risks from an escalation in the Middle East conflict.

UK's FTSE 100 rose on Tuesday, as aerospace and defence stocks jumped on layoffs announced by Rolls Royce, while the latest earnings data showing a slowdown in wage growth boosted investor sentiment.

India’s national emissions trading system should begin operating within two years and could cover about 15% of the country’s emissions by 2030, according to an official involved in the preparations.

The market is likely to initially cover heavily polluting industries including steel, cement, paper and pulp, petrochemicals and aluminum, subject to their readiness, said Abhay Bakre, director general at the state-run Bureau of Energy Efficiency.

India’s power sector, which currently relies on coal for about 70% of electricity generation, may not be included in the system, Bakre said in an interview in New Delhi last week. Decarbonization in that sector is being driven by other mechanisms including renewable purchase obligations for power retailers as well as trading of renewable energy certificates. (Bloomberg)

Škoda Auto Volkswagen India Pvt Ltd on Tuesday said it will start exports to Vietnam from 2024 as part of its strategy to accelerate export operations in the ASEAN region.

The company, which has inaugurated its parts expedition centre (PEC) at the Volkswagen group's headquarters in Chakan, Pune, said 'made-in-India' kits will be shipped from India to Vietnam for final production.

The centre is spread over 16,800 square feet and it has an initial capacity of 27,000 car sets annually for Vietnam and has the infrastructure to scale up to 40,000 car sets annually, Škoda Auto Volkswagen India Pvt Ltd (SAVWIPL) said in a statement.

"With the opening of the parts expedition centre, we are building a bridge between India and Vietnam and setting the stage to unleash significant synergies between these two key markets," Škoda Auto Board Member for Production and Logistics Andreas Dick said. (PTI)

Prime Minister Narendra Modi chaired a high-level meeting to assess progress of India’s Gaganyaan Mission and to outline the future of India’s space exploration endeavours.

The Department of Space presented a comprehensive overview of the Gaganyaan Mission, including various technologies developed so far such as human-rated launch vehicles and system qualification. It was noted that around 20 major tests, including 3 uncrewed missions of the Human Rated Launch Vehicle (HLVM3) are planned. First demonstration flight of the Crew Escape System Test Vehicle is scheduled on 21 October. The meeting evaluated the mission’s readiness, affirming its launch in 2025. (Read More)

Tata Metaliks Ltd on Tuesday posted an over three-fold jump in net profit at ₹44.16 crore for the quarter ended September 30, 2023, helped by reduced expenses.

It had clocked ₹14.29 crore net profit in July-September period a year ago, the company said in a regulatory filing.

Total income fell to ₹758.05 crore from ₹881.77 crore in the year-ago quarter.

Expenses declined to ₹696.41 crore from ₹861.64 crore in July-September 2022-23. (PTI)

BNP Paribas India on HDFC Bank Results Report: Negative surprise on two fronts

· Mixed numbers; margin disappoints:

HDFCB’s 2QFY24 net profit of INR159.7b (up c51% y-y, +c34%q-q) was c13% above the Bloomberg consensus (BBGe) mainly due to lower-than-expected credit costs (down 20bps q-q) and a one-off INR10b write back of tax provisions. NII growth, though healthy at 30% y-y /16% q-q, missed estimates due to a c10bps negative surprise on margins (down 33bps q-q), hit by the drag from maintaining the Incremental Cash Reserve Ratio (ICRR) and the excess liquidity buffer kept at the point of merger (c25bps impact). Loan growth (already known) of 4.9% q-q was led by Commercial & Rural Banking (CRB) and Retail segments. Sequential deposit growth, at 5.3%, remained expectedly healthy and TD driven (10.5% q-q) while CASA growth (+7.6% y-y, +0.6% q-q) disappointed.

· Negative surprise on CASA and margins:

CASA growth was surprisingly low at 7.6% y-y and 0.6% q-q, albeit already known. This is true even when seen in light of June 2023 industry CASA growth of 2% y-y and high base of FY23 incremental market share of 43%. However, we note that this was indeed the transition quarter and activities like systems integration may have consumed branch bandwidth. We expect margins to start trending up as liquidity and ICRR drags dissipate starting mid-3QFY23.

· Loan growth slowdown from wholesale loans for the most part:

Gross loan growth, excluding Inter Bank Participation Certificates (IBPC) and HDFC’s legacy non-individual loans, was still 17% y-y for the merged bank. Growth was primarily led by CRB (+29.5% y-y /+c9.7% q-q) and Retail (+14.6% y-y / +3.1% q-q), while wholesale loans grew at a tepid 0.9% y-y /3.3% q-q. Management reiterated its confidence of maintaining loan growth momentum.

· Attractive valuations; HDFCB remains our top BUY:

In our view, valuation of 2.3x 1QFY25E core BVPS (30-40% discount to its pre-merger 5-year mean), does scarce justice to an FY26E core RoE of 17.1% that compares favourably with its pre-merger 5-year history. Our reasonably conservative target multiple of 3.0x 1QFY26E core BVPS yields a TP of INR 2,210. It remains our top sector BUY.

Key Highlights for Ajmera Realty and Infra (ARIIL) Q2 FY24:

1. Sales Area stood at 1,20,787 sq. ft, up 51% YoY

2. Sales Value stood at INR 252 crores, up 52% YoY

3. The collection stood at INR 111 crores, up 8% YoY

4. Acquired 3 projects with GDV of ~INR 800 crores and sales potential of ~4.4 lac sq. ft.

• Redevelopment of 4 societies at Yogi Nagar, Borivali with sales potential of ~1.07 lacs sq. ft.
• SRA redevelopment project at Bhandup, with initial phase development of ~1.7 lac sq. ft.
• Entered into JDA through its SPV for a 69% stake at Electronic Phase 2, Bengaluru with a sales potential of ~1.62 lacs sq. ft.

Prime Minister Narendra Modi on Tuesday hailed India as an emerging maritime power and invited global investors to join India's path towards progress as it aims to become a developed nation by 2047.

Inaugurating the Global Maritime India Summit (GMIS) 2023 virtually, Modi underscored India's unique blend of development, demography, democracy, and demand, urging investors to seize the opportunity. The summit in Mumbai features global ministers, CEOs, business leaders, investors, and officials. (Read More)

Apple CEO Tim Cook made a surprise visit to China amid reports of the company's declining market share in the country and the steady rise in sales of local rival Huawei. Huawei's latest Mate 60 Pro smartphone, launched just weeks before the company's iPhone 15, has been warmly received in China and seen as a victory over US sanctions.

Cook met with gamers in his city of Chengdu in the southwest of the country. He also met players of Chinese tech giant Tencent's latest game, Honour of Kings. (Read More)

KFin Technologies (KFin) has exhibited a significant 25 percent increase in its shares since its listing in December of the previous year, currently trading at ₹457, up from its IPO price of ₹366.

Amid the company's robust performance and the optimistic outlook of its management regarding their plans for overseas expansion, the brokerage firm Jefferies has maintained its 'buy' recommendation on the stock. Moreover, Jefferies has revised the target price upward from ₹500 to ₹560. This new target price indicates a potential upside of more than 22 percent. (Read More)

Shares of Va Tech Wabag rose sharply in Tuesday's session, gaining 11% to hit a six-week high of ₹495 apiece. This surge followed an announcement by the company that it has entered into a partnership with Pani Energy Inc. (Pani) to implement applied AI solutions for treatment plants.

"VA Tech WABAG has partnered with Pani Energy Inc. to implement applied AI for treatment plants. The new category of digital technology is called Operational Intelligence (OI) and delivered through their product, Pani ZEDTM, in plant operations," the company said in an exchange filing on Monday. (Read More)

Jagatjit Industries Ltd has demonstrated a consistent uptrend in its shares since March 2023. Starting from a low point of approximately ₹90, the stock has surged to around ₹150 per share during morning trading on Tuesday. This remarkable performance has solidified its position as one of the multibagger stocks within the Indian stock market over the past few years.

Notably, amid the post-Covid rebound, this particular multibagger stock has exhibited a remarkable upward trajectory, surging from roughly ₹19 to the current levels of ₹150 per share. This impressive growth has resulted in an impressive 700% return for investors who established their positions during the market bottom following the Covid-19 sell-off. (Read More)

Total income from operations during the quarter under review grew to ₹2,335.97 crore, from ₹1,821.05 crore a year ago.

The bank's gross non-performing assets (GNPA) improved 228 basis points and stood at 1.73% of gross advances as on 30 September at ₹1,219 crore.

Net NPAs was below 1%, and stood at 0.47% of net advances as on 30 September at ₹324 crore.

Fitch Ratings has affirmed the issuer rating of Axis Bank at 'BB ' and said there are expectations of a moderate probability of extraordinary state support compared to large state banks, the lender said in a filing to the stock exchanges on Tuesday.

The outlook on the rating is stable, according to Fitch.

The agency has also affirmed the bank's Government Support Rating (GSR) at 'BB ' and its Viability Rating (VR) at 'BB'.

Global oil prices steadied on Tuesday after a more than $1 decline on Monday amid hopes that the US would ease sanctions on producer Venezuela, and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas.

Brent crude futures were up 16 cents at $89.81 a barrel, while U.S. West Texas Intermediate crude (WTI) was down 1 cent at $86.65 a barrel.

Glenmark Pharmaceuticals on Tuesday said it has received approval from the US health regulator to market a generic medication to treat psoriatic arthritis in the American market.

The company has received final approval from the US Food & Drug Administration (USFDA) for Apremilast tablets in strength of 10 mg, 20 mg and 30 mg, the Mumbai-based drug maker said in a statement.

The company's product is a generic version of Otezla tablets, it added.

According to IQVIA sales data for the 12-month period ending August 2023, the Otezla tablets (10 mg, 20 mg, and 30 mg) achieved annual sales of around USD 3.7 billion. (PTI)

Data Patterns (India) witnessed a significant surge in share price on Tuesday, soaring by more than 6% following the company's announcement of a licensing and Transfer of Technology (ToT) agreement with IN-SPACe for miniature synthetic aperture radar (SAR) capability. The share price of Data Patterns experienced a peak increase of 6.75% to reach ₹2,130 per share on the Bombay Stock Exchange (BSE).

This strategic agreement is poised to equip Data Patterns with advanced miniature SAR Radar capability, signaling potential advancements and technological prowess for the company. (Read More)

Income Tax Department is conducting raids at Trident Group, news agency ANI has reported citing sources.

As per the sources, raids are underway countrywide.

Trident Group operates in yarn, home textile, paper and stationary, chemicals and adaptive power having their manufacturing facilities located in Budhni, Madhya Pradesh, Barnala and Dhaula, Punjab. (Read More)

Institutional Shareholder Services Inc., an international proxy advisory firm, has recommended that shareholders vote against the proposal to appoint billionaire Mukesh Ambani’s youngest son, Anant Ambani, on the board of the family-controlled Reliance Industries (RIL), underscoring concerns around succession planning at India’s largest company by market value.

“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS said in an October 12 note, which it shared with Bloomberg. It has backed the board appointments of his twin-elder siblings, Isha and Akash Ambani — both 31 — in the shareholder vote that will close on October 26. Anant is 28 years old. (Read More)

Coal India's (CIL) share price has surged impressively by more than 36% since the end of August, reaching a fresh 52-week high on Tuesday. The company's consistent focus on increasing production and supplies has kept it in the limelight. Additionally, the rise in international coal prices has contributed to improved realizations for the company, particularly in the open market supplies to the non-power sector. Another driving factor for the heightened investor interest in Coal India is its high dividend yield.

In a recent announcement made after market hours on Monday, Coal India disclosed that its supplies to the country's thermal power plants had increased by nearly 6% to 23.5 million tonnes (mt) during the first fortnight of October 2023, just in time for the festive season. (Read More)

Oil fell as the US intensified diplomatic efforts to contain the crisis in Gaza, with President Joe Biden to visit Israel this week to spearhead his administration’s drive to prevent a regional conflagration.

West Texas Intermediate dropped toward $86 a barrel after ending more than 1% lower on Monday. Biden will travel to the country on Wednesday to show his support after the Oct. 7 attacks by Hamas that sparked the conflict. At the same time, Israel is still making plans for a ground offensive into Gaza.

The crude market has been left on edge by the sudden crisis in the Middle East on concern that it risks spreading beyond Israel and Gaza, potentially endangering crude flows from key producers. Iran, which supports Hamas, has warned that an expansion of the war was “approaching the inevitable stage.” Tehran also backs the Hezbollah armed group in southern Lebanon. (Bloomberg)

Ashish Shah of JM Financial Institution views on AIA Engineering: Offers scale and credentials in a niche segment - BUY - INR 4,015 

AIA Engineering (AIAE) offers a sizeable play on the global mining consumables space with a global market share of c.7% in grinding media for gold, copper, and iron ore and c.35% for cement (ex-China basis). Strength of AIAE’s product offerings is apparent in its robust financial metrics of growth, margins, cash flows, and ROIC. A low penetration level of 20-25% of high chrome grinding media (key product offering of AIAE) and foray into metallic mill liners provides headroom to outperform the c.6% growth outlook for the global mineral processing industry. We estimate a relatively moderate EPS CAGR of 8% over FY23-26E for AIAE (10% over FY24E-26E) as FY24 EBITDA margins would likely revert to historical levels of 23-24% from 25.3% in FY23. Given its robust cash surplus, AIAE offers the optionality of incremental EPS/ROE growth through acquisitions and/or increased distributions. We maintain Buy with a revised price target of INR 4015 (30x Sept’25E EPS).

The rupee appreciated by 5 paise to 83.22 against the US dollar in early trade on Tuesday supported by a positive trend in domestic equities. The domestic currency opened at 83.24 against the dollar and then touched an early high of 83.22, registering a gain of 5 paise over its previous close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.06% higher at 106.30.

On Monday, the rupee ended at 83.27 against the US dollar. (Read More)

KIOCL experienced a remarkable surge in share prices, hitting the 20% upper circuit and reaching a new 52-week high on Tuesday, driven by the company's recent announcement of the resumption of operations at its Pellet Plant Unit in Mangalore on October 14, 2023. The shares of KIOCL Limited began trading at ₹414.95 apiece on the Bombay Stock Exchange (BSE). During the day, the stock price peaked at ₹476.40, with a low of ₹413.55.

Technical analysts have indicated that KIOCL's stock price has delivered significant returns over the past three months. Despite this sharp upward movement, the stock maintains a favorable price-volume structure, suggesting the potential continuation of this upward trend in the future. (Read More)

Maruti Suzuki India is set to issue shares to Suzuki Motor Corporation (SMC) for its Gujarat unit acquisition at ₹10,421 per share.

In a filing with the exchanges, the company said its Board has in a meeting on October 17 approved the purchase of 100 percent of the Suzuki Motors Gujarat (SMG) shares owned by SMC.

The related party transaction will be done by way of issue and allotment of the MSI’s equity shares to SMC on a preferential basis for consideration other than cash, equal to the net book value of SMG, it added. (Read More)

CEAT, a prominent Indian tire manufacturer, witnessed a significant surge in its shares, rising by over 10.5% during early trading on Tuesday, reaching an all-time high of ₹2,337 per share. This notable boost was a result of the company's outstanding performance in the September quarter, surpassing market expectations.

In the latest financial report released post-market hours on Monday, CEAT reported a substantial year-on-year growth in its consolidated net profit, which soared by 3125% to ₹207 crore in Q2FY24, compared to a net profit of ₹6.4 crore in the corresponding quarter of the previous fiscal year. This remarkable achievement was attributed to the favorable impact of lower raw material costs and robust volume growth. (Read More)

Nishant BAGRECHA from InCred Equities recomendations on Dalmia Bharat Ltd: 2Q - Beat on costs front; 2H looks strong

DALBHARA IN / DALB.NS | ADD - Maintained | INR2,322 tp:INR2,570

Mkt.Cap:US$5,229m | Avg.Daily Vol:US$8.0m | Free Float:43.0%

Cement

Author(s): (91) 22 4161 1564

■ 2QFY24 consolidated EBITDA stood at Rs5.9bn, 10% above our estimate (up 55% yoy while down 3% qoq) because of lower-than-expected costs.

■ Cement prices have been hiked by Rs40-50/bag in East India and Rs30/bag in South India so far in 3QFY24. It remains to be seen if such hikes can sustain.

■ We broadly maintain our FY24F-25F EBITDA estimates post 2Q results. Retain ADD rating on the stock with a higher target price of Rs2,570 (Rs2,220 earlier).

Jio Financial Services observed a notable uptick in its share value by over 3% to ₹232 on the Bombay Stock Exchange (BSE) on Tuesday. This surge came following the release of the company's first financial report after its demerger from Mukesh Ambani-led Reliance Industries, wherein the company demonstrated impressive growth.

For the quarter ending in September 2023 (Q2FY24), Jio Financial Services reported a substantial doubling of its consolidated net profit, reaching ₹668.18 crore compared to ₹331.92 crore in the previous quarter (Q1FY24). This exceptional performance was primarily attributed to a surge in income from operations.

Additionally, the company's total income experienced a robust 46.8% increase quarter-on-quarter, amounting to ₹608 crore, compared to ₹414 crore in Q1FY24. The rise in total expenses by 33% quarter-on-quarter to ₹71 crore was predominantly influenced by elevated employee expenses. (Read More)

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The market scenario is changing fast. There is a risk-on mood in the market triggered by the hope that the Israel-Hamas conflict will not spread. President Biden’s upcoming trip to Israel and Jordan and the two US aircraft carriers sent to the Eastern Mediterranean is a clear message to Iran and Hezbollah not to intervene in the war. The market hopes that the war will remain localised, and this is the reason why the market remains hopeful.

The HDFC Bank results, particularly the bullish guidance and commentary, are positive and the bank, which has the highest weightage in the Nifty, can support the market. Results from the other leading banking names too will be good.

Capital goods and autos continue to be on strong wicket.

Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox views on the following stocks that will be in focus today:

CESC Ltd | Bullish

Stock is attempting to absorb all the selling pressure emerging over 90. Once this hurdle is taken out, the price action may run in the direction of 95 and 100. The current bias maintain supports in the range of 87 – 85

CSB Bank Ltd| Bullish

Following hitting a new 52-week high, the stock is flaunting a decisive breakout to cross the all-time high of 374. The minor consolidation in the range of 365 – 345 has broken on the upside and is maintaining its course to scale uncharted territories. We see this stock heading towards 380 – 390 levels, holding support of 350.

Gujarat Ambuja Exports Ltd| Bullish

A new historic peak has spurred further upside in the stock. Immediate support exists at 350, with price inevitably heading towards the 400 level. The price action continues to witness bullishness in the overbought category of RSI.

China’s economic growth last quarter probably undershot Beijing’s annual target for 2023 as the property sector and subdued demand weighed on activity, a sign of the recovery’s fragility as the government reportedly mulls more stimulus.

Data due Wednesday will likely show gross domestic product expanded 4.5% in the July-to-September period from a year earlier — below the official full-year target of about 5%. GDP growth from the prior quarter likely picked up slightly. Authorities will also release data on industrial output, retail sales, investment and unemployment.

A growth rate slowing below the government’s annual goal may create a case for policymakers to step up support for the economy. While stimulus so far has appeared to have some impact — factory activity improved and a drop in exports moderated — consumer prices in September slowed to the brink of deflation and loan growth was weak. (Bloomberg)

On Tuesday, October 17, Bajaj Finance declared its acquisition of an approximate 26 per cent equity stake in Pennant Technologies Private Limited for approximately ₹267.50 crore. Pennant Technologies is recognized as a technology product company, specializing in delivering business-driven technology services and software products specifically tailored for the banking and financial services sector. The company's turnover for the fiscal year 2022-23 was approximately ₹74.28 crore.

Furthermore, Bajaj Finance is scheduled to reveal its financial results for the second quarter of the fiscal year 2023-24 today. (Read More)

Here's the list of companies that will report their Q2FY24 numbers today - Artemis Electricals And Projects Ltd

Atharv Enterprises Ltd

Bajaj Finance Limited

Benares Hotels Ltd

Can Fin Homes Ltd

Cie Automotive India Ltd

Cosyn Ltd

Duncan Engineering Ltd

Eimco Elecon (India) Ltd

Happiest Minds Technologies Ltd

Hathway Bhawani Cabletel & Datacom Ltd

Himadri Speciality Chemical Ltd

Huhtamaki India Ltd

ICICI Prudential Life Insurance Company Ltd

IIFL Securities Ltd

JK Agri Genetics Ltd

Lotus Chocolate Co.Ltd

L&T Technology Services Ltd

Newgen Software Technologies Ltd

PCBL Ltd, Syngene International Ltd

Tata Elxsi Ltd

Tata Metaliks Ltd

Tci Express Ltd

Techindia Nirman Limited

Tiger Logistics (India) Ltd

Trimurthi Ltd

Vijay Textiles Ltd

Vikas Lifecare Ltd

Vst Industries Ltd

Zensar Technologies Ltd. (Read More)

Yatra Online Ltd released its financial report for the first quarter ending June 30 of fiscal year 2024, revealing a 2.74% increase in net profit, amounting to ₹5.99 crore. In comparison, during the corresponding quarter of the previous fiscal year, the company had reported a net profit of ₹5.83 crore.

The company's exchange filing highlighted a growth in revenue from operations during the first quarter, reaching ₹110.17 crore, which represents a notable increase from ₹88.96 crore reported during the same period the previous year. (Read More)

Engine Lease Finance BV, one of the lessors suing budget airline SpiceJet, told the Delhi High Court on Monday that the two parties had reached an interim settlement.

Under the terms of the settlement, SpiceJet must pay over $2 million to the engine lessor by January and return the leased engines by January 25. Importantly, Engine Lease Finance is not under any obligation to revoke the terminated lease with the airline. If SpiceJet fails to comply with this agreement, it retains the right to move court again. (Read More)

Indian tyre maker CEAT on Monday reported a sharp rise in second-quarter profit which beat estimates, as strong sales and lower expenses boosted margins.

CEAT reported a consolidated net profit of 2.08 billion rupees ($24.99 million) for the quarter ended Sept. 30, compared with 78.3 million rupees a year earlier, when the company was hurt by higher raw material costs and a one-time expense related to employee payouts.

Analysts, on average, expected a profit of 1.52 billion rupees, according to LSEG data. Total quarterly expenses were down 2.5%, led by a 13.6% drop in input costs.

Mumbai-based CEAT is the first to report results among major tyre makers, which are expected to see some benefit from cooling raw material costs .

Ceat's revenue for the three months to Sept. 30 rose 5.5% to 30.53 billion rupees. (Reuters)

According to a recent report by Bloomberg, exchange-traded funds (ETFs) tracking emerging markets encountered a persistent trend of outflows over the last five weeks, totaling almost $5 billion. Despite this, there has been a recent positive shift in investor sentiment, with cautious interest surfacing in certain specific areas.

Data compiled by Bloomberg reveals that for the week ending on October 13, inflows into United States-listed emerging market ETFs, which encompass both developing nations and specific countries, reached $228 million. This represents a significant turnaround from the previous week, which saw outflows of $3.1 billion. (Read More)

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends: 

1] ABB India: Buy at ₹4281, target ₹4470, stop loss ₹4220;

2] CIE Automotive India: Buy at ₹476, target ₹497, stop loss ₹470; and

3] Mazagon Dock: Buy at ₹2163, target ₹2300, stop loss ₹2130. (Read More)

• HDFC Bank: Recorded a 51% profit surge in Q3, exceeding estimates despite a narrowed net interest margin.
• Jio Financial Services: Doubled net profit to ₹668.2 crore with a 47% revenue increase in its first listed quarter.
• Grasim: Plans to raise ₹4,000 crore via rights issue for capital expenditure, debt repayment, and general corporate purposes.
• SpiceJet: Defers court case due to interim settlement, requiring compliance with engine return schedule and payment by January.
• ICICI Securities: Marked a 41% rise in net profit, reaching ₹424 crore in Q2FY24, with a 44% increase in total income.
• Cyient DLM: Achieved a 106.4% net profit rise and 71.5% revenue growth in Q2FY24, demonstrating significant improvement.
• Delta Corp: Experienced share sell-off, resulting in an 8.18% stock price decline on the NSE.
• Tata Power: Signed an agreement with Endurance Technologies for a 12.5 MW captive solar plant in Maharashtra.
• CEAT: Noted a net profit of ₹208 crore, along with increased revenue and improved EBITDA margin in Q2FY23-24.
• Nelco: Reported a 27.29% net profit increase and a slight rise in consolidated revenue in the September quarter.
• Yatra Online: Recorded a 2.74% net profit growth and increased revenue from operations in the first quarter of FY 2024.

Grasim Industries is set to raise funds up to ₹4,000 crore via rights issue, the Aditya Birla subsidiary announced on Monday.

The fundraising plan received green signal from the board of Grasim Industries Limited on Monday. The approval was given to raise funds not exceeding ₹4,000 crore by way of a rights issue to the eligible equity shareholders as on the record date. (Read More)

Jio Financial Services, which is backed by Reliance Industries Ltd, announced a significant surge in its net profit to ₹668.2 crore, marking a doubling from the preceding quarter. This remarkable growth was primarily attributed to increased income from operations.

This financial report represents the company's first results subsequent to its listing on the stock exchanges on 21st August. Following the demerger of the financial services business from Reliance Industries, Jio Financial Services is now strategically planning to venture into consumer finance, asset management, and insurance.

In the September quarter, the company observed total revenues amounting to ₹608 crore, exhibiting a substantial 47% rise from the previous quarter. Despite a decline in interest income during Q2 in comparison to Q1, the company's total revenues were buoyed by a dividend income of ₹217 crore in the September quarter. (Read More)

Should Country Garden, China's largest property developer, fail to fulfill a $15 million coupon payment by the end of the 30-day grace period, the entirety of its offshore debt would be classified as in default. This non-payment is anticipated to activate cross defaults in other bonds, as is typical in standard bond agreements.

Country Garden had previously cautioned about its incapacity to meet offshore debt obligations, making it the latest in a series of Chinese developers that have defaulted on their payments. (Read More)