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Sensex ends 500 pts higher, Nifty gains 125 pts; PSU Bank zooms; Metal lags

Stock Market Today: Inflation remains a hot concernPremium
Stock Market Today: Inflation remains a hot concern

  • Share Market Close: Benchmark indices stayed strongly on Monday and ended in the green with a gain of around 0.8%. PSU Banks led the charge with SBI, Bajaj Finserv, and NTPC ending with gains, while Hindalco, Ultratech Cement and JSW Steel dragged. Electronics Mart debuted strongly today.

The volatility persisted in the markets as inflation kept investors on their toes. Asian markets had a mixed day with Japan losing ground, while Hong Kong and Shanghai ended in the green. Europe also was trading higher in the morning session.  

17 Oct 2022, 03:41:12 PM IST

Indices gain amidst mixed global cues with Sensex adding 490 points and Nifty 126

Benchmark indices displayed a strong showing on Monday and added around 0.8%. The indices gained for the second consecutive session despite mixed global cues.

Sensex jumped almost 500 points and ended just above 58,400, at 58,410. Nifty closed at 17,311, a gain of 126 points.

Bank indices, especially the PSU Bank index which gained more than 3%, led the rally. Finance and Auto indices also made reasonable gains. Metal, Media and Realty remained under pressure.

Among stocks, SBI, Bajaj Finserv, Axis Bank and NTPC topped the list of gainers. Hindalco shed more than 2%. JSW Steel and L&T also slid by more than a per cent.

Electronics Mart India made a strong debut and was listed at a 53% premium.

Asian stocks had a mixed day as investors remain worried about future rate hikes pushing the economy into recession.

Tokyo shares closed lower on Monday after falls on Wall Street as worries persisted over bond yields and recession risks. The benchmark Nikkei 225 index fell 1.16%.

Hong Kong and China shares finished Monday on a positive note as investor gear up for the corporate earnings season. The Hang Seng Index edged up 0.15%. The Shanghai Composite Index edged up 0.42%.

Europe's share, bond and currency markets moved tentatively higher on Monday, helped by relief that's Britain new finance minister had quickly backtracked on tax cuts that triggered turmoil in UK assets this month.

Sensex at Close
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Sensex at Close
17 Oct 2022, 03:23:14 PM IST

Excel Realty N Infra to foray into domestic solar industry

Excel Realty N Infra on Monday announced its plans to foray into the domestic solar sector through greenfield and brownfield routes.

At present, the Mumbai-based company is engaged in development of commercial spaces, it said in a statement.

"Excel Realty N Infra has announced diversification and to focus its business activity into the solar industry. India's solar energy sector provides massive opportunities for growth," it said.

The company will take both greenfield and brownfield routes to foray into the solar industry. The investments for the sector are being worked out, an Excel Realty N Infra spokesperson said in reply to a query. (PTI)

17 Oct 2022, 03:12:00 PM IST

ACC reports surprise quarterly loss on higher expenses; Net sales up 7%

Cement maker ACC Ltd on Monday reported a consolidated net loss of 87.35 crore for the third quarter ended September, 2022, hurt by higher fuel and power expenses. The company, which follows the January-December financial year, had posted a consolidated net profit of 450 crore in the year-ago period.

Total expenses climbed 30% to 4,162 crore, compared to 3,204 crore earlier.

The cement maker had posted a consolidated profit after tax of 227 crore for the second quarter ended June, 2022. It had reported a profit of 396 crore in the January-March quarter (Q1FY23). (Read More)

17 Oct 2022, 02:51:09 PM IST

PVR reports net loss of ₹71 cr in Sept quarter; revenue rises

Leading multiplex chain operator PVR Ltd on Monday reported consolidated net loss of 71.23 crore for the quarter ended September, 2022 (Q2FY23). This is a decline of 53% from 153.13 crore posted in the same period last year (Q2FY22).

Its revenue from operations was up to 686.72 crore during the quarter under review. It was 120.32 crore in the corresponding quarter last fiscal. (Read More)

17 Oct 2022, 02:49:00 PM IST

BNP Paribas Consumer Sector Earnings Preview | Buy Call - Emami, ITC, Dabur, Jubilant Foodworks, Britannia

Kunal Vora, Head, India Equity Research, BNP Paribas India: 

 

· Time correction should continue:

o Demand and margin weakness continues; consensus seems too optimistic

o Pandemic beneficiaries seeing reversals; affluent India consumption holding up well

o Downgrade HUL, GCPL and MRCO to HOLD; limited upside to our BUY rated stocks

 

· FMCG stocks look expensive amid rising interest rates

· Our preferred picks are ITC, BRIT, HMN and JUBI; we downgrade HUL, MRCO and GCPL

o Most of the stocks have delivered returns ahead of the earnings growth led by P/E expansion

· Margin outlook – worst is behind but new headwinds emerge

o Currency depreciation, resurgence in crude, price cuts are risk to margins

· Macro indicators – mixed signals with positives outweighing negatives

17 Oct 2022, 02:22:44 PM IST

India's Reliance Jio selects Nokia as equipment provider in 5G push

Indian telecom service provider Reliance Jio has chosen Nokia as a major supplier, the Finnish telecom equipment maker said on Monday, as India's biggest mobile carrier gears up to expand next-generation wireless services across the country.

Nokia will supply Reliance Jio, which has more than 420 million customers, with 5G radio access network (RAN) equipment in a multi-year deal, the company said in a statement.

"Nokia will supply equipment from its AirScale portfolio, including base stations, high-capacity 5G Massive MIMO antennas, and Remote Radio Heads to support different spectrum bands, and self-organizing network software," it said. (Reuters)

17 Oct 2022, 02:22:14 PM IST

Indian OMCs incur $7 bn in losses on stagnant fuel prices: Moody’s

Indian state-owned oil marketing companies (OMCs) have lost an estimated $6.5 billion-$7 billion on petrol and diesel sales due to a freeze on retail fuel prices between November 2021 and August 2022 and their earnings may remain weak this year as they are yet to be compensated for these losses, the Moody’s Investors Services said in a report on Monday.

However, the government’s recent 22,000 crore grant to cover losses incurred by OMCs on sales of liquefied petroleum gas (LPG) between June 2020 and June 2022 is ‘credit positive’ for Indian Oil Corporation Limited (IOCL), BPCL (Bharat Petroleum Corp. Ltd.) and HPCL (Hindustan Petroleum Corp. Ltd.), the global rating firm signalled this is not adequate. (Read More)

17 Oct 2022, 02:05:45 PM IST

Federal Bank shares hit record high post Q2 results. Brokerages have 'Buy' tag

Shares of Federal Bank surged to record high of 132 apiece on the BSE in Monday's trading session after the lender reported an over reported an about 53% rise in its standalone net profit for the second quarter ended September 2022 to 703.7 crore, on the back of healthy growth in both interest and other income streams, as compared to 460.3 crore from the year-ago quarter.

“Having started FY23 on a strong footing, Federal Bank remains well-placed for further RoA/RoE expansion with key drivers being improving credit growth with the shift in the portfolio mix towards high-yielding segments, healthy liability franchise, improving fee income, gradually moderating Opex, and Benign credit cost trajectory," said domestic brokerage and research firm Axis Securities. (Read More)

17 Oct 2022, 01:49:02 PM IST

Zydus Lifesciences gets USFDA nod for 2 generic drugs

Zydus Lifesciences on Monday said it has got tentative approval from the US health regulator to market its generic versions of Valbenazine capsules and Roflumilast tablets.

Valbenazine capsules are indicated for the treatment of tardive dyskinesia (uncontrolled movement of body parts such as face and tongue) while Roflumilast tablets are used for reducing risk of chronic obstructive pulmonary disease in severely affected patients associated with chronic bronchitis and a history of exacerbations.

The tentative approval granted by the US Food and Drug Administration (USFDA) to the company's arm Zydus Worldwide DMCC to market Valbenazine capsules is for strengths 40 mg, 60 mg, and 80 mg, Zydus Lifesciences said in a regulatory filing. (PTI)

17 Oct 2022, 01:48:37 PM IST

Europe Gas Drops to 3-Month Low as EU Plans More Crisis Measures

Natural gas prices fell as the European Union prepares measures to curb volatility in its biggest marketplace in an attempt to rein in the energy crisis.

Benchmark futures dropped as much as 7% to the lowest level in more than three months. The European Commission plans to propose a temporary mechanism to prevent extreme price spikes in derivatives trading through a dynamic limit for transactions on the Dutch Title Transfer Facility, according to a draft document seen by Bloomberg News. (Bloomberg)

17 Oct 2022, 01:47:42 PM IST

HDFC Bank’s investors await more clarity on proposed merger with HDFC

It bodes well that the National Company Law Tribunal has allowed HDFC Bank to hold a shareholders‘ meeting on 25 November for obtaining approval for the proposed merger.

“While we remain positive on the bank, the near-term issue of the merger would continue to remain a key overhang as we need to have clarity on the various dispensations needed for a smooth transition," said analysts at Kotak Institutional Equities in a report on 17 October. (Read More)

17 Oct 2022, 01:21:26 PM IST

TCS shares trade ex-dividend; stock rises

Shares of Tata Consultancy Services (TCS) rose nearly a per cent to 3,120 apiece as the stock started trading ex-dividend in Monday's trading session, a day ahead of the record date for its dividend which it announced while revealing its second quarter earnings for the current fiscal year.

The top Indian IT company announced the second interim dividend of 8 per equity share for the fiscal year FY23. The company fixed October 18 as the record date to determine the eligible shareholders for dividend benefit. TCS plans to pay the second interim dividend on November 7, 2022. (Read More)

17 Oct 2022, 01:08:53 PM IST

JSW Steel stock under pressure today, sheds more than 1.5%

JSW Steel
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JSW Steel
17 Oct 2022, 01:06:17 PM IST

Oil climbs on China's fuel demand recovery hopes

Oil prices rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world's top crude importer.

Brent crude futures rose 81 cents, or 0.88%, to $92.44 a barrel by 0642 GMT, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was at $86.33 a barrel, up 72 cents, or 0.84%, after a 7.6% decline last week.

China's central bank rolled over maturing medium-term policy loans while keeping the interest rate unchanged for a second month on Monday.

Analysts said the full rollover is a signal that the central bank would continue to maintain a loose monetary policy. (Reuters)

17 Oct 2022, 01:03:26 PM IST

JSW Steel, Smartex in pact to explore low-emission steel production

JSW Steel has signed a memorandum of understanding (MoU) with Smartex to explore low-emission steel production aiming at decarbonisation of the steel sector in India, the company said in a statement.

Under the MoU, the two companies will explore the potential to promote innovation and turnkey approaches--from financing to technology availability and market access--aimed at decarbonisation of the steel sector in India, de-risking industry investment, accelerating climate action and addressing social equity. (Read More)

17 Oct 2022, 12:28:56 PM IST

Q2 Results: ACC, PVR among companies to announce quarterly results today. See live updates in this link

After a week packed with higher than expected quarterly results of companies like HDFC, Mindtree, and many more last week, many other companies are ready to announce their quarterly results for the second quarter of the current fiscal year on Monday. Several companies like ACC Cement, PVR, Elixir Capital, Tata Coffee, Tata Metaliks will announce their quarterly results today. (Click here for live updates)

17 Oct 2022, 12:28:08 PM IST

India cuts base import price of gold. Check prices a week ahead of Diwali

Gold prices in India today rose in tandem with firm global rates. On MCX, gold futures were up 0.4% to 50,466 per 10 gram while silver futures jumped 1% to 55,816 per kg. On Friday, the Indian government cut import prices some commodities including gold as prices corrected in the world market. The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay. (Read More)

17 Oct 2022, 12:03:07 PM IST

India to have over 65 pc power generation capacity from non-fossil fuels by 2030: RK Singh

India will have more than 65 per cent of its power generation capacity from non-fossil fuels by 2030, Power and New & Renewable Energy Minister RK Singh said on Monday.

Addressing a CII conference on green energy, he explained that India is aiming for 65 per cent of power generation capacity from non-fossil fuels but the country will have more than that.

India will have 90 GW of solar equipment manufacturing capacity by 2030, up from 20GW at present, he added.

He also informed that about 15-20 GW of solar equipment manufacturing capacity is under construction and India will have 40 GW of such facilities under Production-Linked Incentive Scheme-II (PLI-II).

The minister also urged the industry player to shift to the manufacturing of high-efficiency solar equipment. (PTI)

17 Oct 2022, 12:02:40 PM IST

Ace Investor Shankar Sharma picks up Stake in BLS International Ltd

As per bulk deal data available on NSE, Ace investor Shankar Sharma bought 11,50,000 shares of the company at an average price of Rs. 275 apiece on 14 October 2022.

Earlier, BLS International signed a 7-year contract to process short-term and long-term visas for Germany in North America and Mexico regions.

BLS will be starting operations with two centres in Mexico and eight centres in North America in cities including Boston, Chicago, Houston, Los Angeles, Miami, New York, San Francisco and Washington D.C. The company will be providing visa outsourcing services along with several value-added services like photocopy, translation, courier, insurance for the convenience of applicants. (ANI)

17 Oct 2022, 12:00:56 PM IST

Noon Update: Sensex up 175 points and Nifty gains around 45 points with Bank stocks leading the rally

Sensex at Noon
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Sensex at Noon
17 Oct 2022, 11:50:08 AM IST

Realty index dragging the market, sheds 0.5% in a day when most indices are either green or trading flat

Realty Index
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Realty Index
17 Oct 2022, 11:41:04 AM IST

Goldman CEO Shakes Up Leadership Ranks in Yet Another Overhaul

Goldman Sachs Group Inc’s David Solomon is embarking on his third major reorganization in just four years as chief executive officer, undoing some of the signature moves he made as recently as 2020.

The Wall Street giant plans to once again combine its expanded asset management and private wealth businesses into one unit run by Marc Nachmann, according to people familiar with the matter. Goldman will also fuse its investment-banking and trading operations under one group run by Dan Dees, Jim Esposito and Ashok Varadhan. The money-losing consumer unit will be broken up.

The moves mark a reversal for Solomon, 60, who had forged ahead with plans to separate the asset management and wealth business two years ago despite skepticism within the bank. He was also reluctant to combine investment banking and trading into one group, as the firm looked to talk up other fee-based businesses to win over shareholders. (Bloomberg)

17 Oct 2022, 11:29:04 AM IST

Prabhudas Lilladher outlook on HDFC Bank and Avenue Supermart

Avenue Supermarts (DMART IN) – Amnish Aggarwal – head of research, Prabhudas Lilladher: Rating: BUY | CMP: Rs4,306 | TP: Rs5,121

Q2FY23 Result Update - Growth momentum continues; Maintain BUY

We remain confident of the long-term growth story of D’Mart led by aggressive store expansion and strong demand recovery in the coming festive season. Hence, we retain our “Buy" rating. Average system wide sales/store at Rs357mn were 8% higher than 2Q20, despite store additions in past 6 months. The discretionary non-FMCG is on a recovering track, although lags the pre covid levels. Currently, footfalls are lower than pre-covid levels and basket values are high. As the footfalls improve, discretionary non-FMCG segment is expected to do better.

HDFC Bank (HDFCB IN) – Gaurav Jani – research analyst, Prabhudas Lilladher

Rating: BUY | CMP: Rs1,439 | TP: Rs1,800

Q2FY23 Result Update - Good quarter; liability accretion a key

HDFCB saw a good quarter with core earnings beating estimates by ~5% led by stronger NII and other income (excl. treasury) while asset quality was better. NIM was higher by 9bps due to superior yields driven by faster asset repricing, which is expected to outpace that of liabilities, suggesting that NIM would improve in near term. Retail wholesale mix remained stable QoQ at 43:57 owing to stronger growth in corporate.

17 Oct 2022, 11:25:59 AM IST

Tracxn Technologies IPO share allotment today. A guide on how to check application status online

The three-day initial public offering (IPO) of Tracxn Technologies was subscribed two times at the close of the offer on Wednesday. The 309-crore IPO received bids for 4.27 crore shares against 2.12 crore shares on offer, according to NSE data.

The finalization of basis of share allotment of Tracxn Technologies IPO is expected to take place today i.e., Monday, October 17, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on Wednesday, October 19, 2022. The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar's website here or on the BSE website here. (Read More)

17 Oct 2022, 11:18:52 AM IST

Axis Securities Pick of the Week - Ujjivan Small Finance Bank Ltd.

Axis Securities says, “UJSFB’s portfolio shift towards the secured products along with a shift in the borrower profile, is likely to put pressure on yields and margins. However, the margin compression will be taken care of by improving fee income, improving cost ratios and moderating credit costs. We expect the bank to deliver RoA/RoE of 2-2.1%/17-18% over the medium term."

Recommendation: We recommend a BUY rating on the stock with a TP of 27, implying an upside of 12% from CMP.

17 Oct 2022, 11:11:13 AM IST

State Bank of India gains in today's trading, adds 2%

State Bank of India
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State Bank of India
17 Oct 2022, 11:04:21 AM IST

INDIA RUPEE-Rupee in narrow range as RBI's intervention reins in speculation

The Indian rupee on Monday held a narrow trading range once again as the Reserve Bank of India's likely intervention last week discourages speculators.

The rupee opened unchanged at 82.3500 per U.S. dollar and was trading at 82.3475 by 0515 GMT. Since hitting a record low of 82.6825 last Monday, the rupee has been mostly rangebound as the RBI likely sold dollars.

The "RBI may continue its protection of certain levels," said Anil Bhansali, head of treasury at Finrex Treasury Advisors.

That is likely the 82.30-82.40 range where the rupee spent quite a bit of time last week.

With the rupee "not doing anything" in the last few says, "it is natural" that speculative active has reduced, a trader at a private sector bank said. (Reuters)

17 Oct 2022, 10:57:52 AM IST

India detects 2,060 new Covid cases, 10 deaths in a day

India reported 2,060 new coronavirus cases, raising its tally to 4,46,30,888, while 10 more fatalities pushed the death toll to 5,28,905, the Health Ministry said on Monday.

The active cases increased to 26,834 and comprise 0.06 per cent of the total infections, according to data updated by the ministry at 8 am.

The death toll climbed to 5,28,905 with 10 more fatalities, which included four deaths reconciled by Kerala, the data stated. (Read More)

17 Oct 2022, 10:46:12 AM IST

All bank indices remain in green with PSU Bank index shining brightly, gains 2% in today's trading

PSU Bank Index
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PSU Bank Index
17 Oct 2022, 10:44:11 AM IST

Rekha Jhunjhunwala's stake increases in this portfolio Tata Group stock

Indian stock market investor Rekha Rakesh Jhunjhunwala's stake has increased in her portfolio stock Tata Communications during the second quarter ended September 2022 of the current fiscal or Q2 FY23. Shares of Tata Communications were trading nearly a per cent higher at 1,173 apiece on the BSE in Monday's early session.

As per the recent shareholding pattern on the BSE, Rekha Jhunjhunwala, wife of late Indian ace investor Rakesh Jhunjhunwala, has increased her stake to 1.61% or 45,75,687 shares during the three-month period of July-September 2022 as compared to 1.08% equity or 30,75,687 shares in the previous quarter of June 2022. (Read More)

17 Oct 2022, 10:21:46 AM IST

Shree Cement Q2 net profit falls 67.5% to ₹183.24 crore

Shree Cement Ltd on Friday reported a 67.5 per cent decline in consolidated net profit to 183.24 crore in the second quarter ended September 2022, impacted by higher power and fuel cost.

The company, which had posted a consolidated net profit of 563.94 crore in the same quarter last fiscal, also said its long-serving Chairman Benu Gopal Bangur has stepped down from the post due to his "advanced age" and will now become Chairman Emeritus.

Gross revenue from operations stood at 5,081.75 crore against 4,219.8 crore in the year-ago period, Shree Cement said in a regulatory filing.

Total expenses were higher at 3,956.9 crore compared to 2,798.3 crore with power and fuel cost at 1,377.79 crore, up from 726.75 crore a year ago, the company said. (PTI)

17 Oct 2022, 10:15:35 AM IST

Electronics Mart India shares make strong market debut, list at premium

Shares of Electronics Mart India Ltd made a strong stock market debut on Monday with the stock listing at 90 apiece on the NSE, a premium of more than 52% as compared to its IPO issue price of 59 per share.

The initial public offering (IPO) of consumer durables retail chain Electronics Mart India received 71.93 times subscription on the final day of offer. The IPO received bids for 449.53 crore shares against 6.25 crore shares on offer, as per exchange data. (Read More)

17 Oct 2022, 09:58:04 AM IST

Bajaj Auto shines after a stellar quarterly report, gains more than 2.5% in early trading

Bajaj Auto
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Bajaj Auto
17 Oct 2022, 09:56:01 AM IST

Angel One on today's market: Keep focusing on thematic movers who are likely to provide better trading opportunities

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: On Friday, our markets started the session with a huge bump up, courtesy of a spectacular overnight rally in US bourses. Once again at higher levels, tentative traders chose to take some money off the table. This resulted in trimming some gains but despite this, Nifty managed to conclude the week tad below 17200 by restricting the weekly losses to merely seven-tenths of a percent.

It was a bit challenging week as markets remained clueless for the most part of the week. In fact, on Friday when things started to look a bit rosy, the last-hour profit booking reduced the excitement level among the market participants. Nevertheless, Nifty defending key support zone (cluster of 89-day EMA and 200-day SMA) amid uncertainty, bodes well for the bulls. Going ahead, we will not be surprised to see global relief extending a bit, which will provide the much-needed impetus to stronger markets like us. As far as supports are concerned, 17000 – 16800 has proved its mettle and it continues to be a sacrosanct zone for this week as well. On the flip side, if we find tiny support also from the global peers, the Nifty is good to go beyond the study wall of 17400. This will help us find our mojo back and, in this case, we would certainly gear up for a pre-Diwali rally in our market.

Hopefully, our anticipation becomes the reality in this week as this will bring back the wider smile in the traders’ fraternity. It’s advisable to continue with an optimistic approach and ideally one should keep focusing on thematic movers who are likely to provide better trading opportunities.

17 Oct 2022, 09:50:37 AM IST

Bonus paying multibagger stock hits life-time high on 3 out of 5 last sessions. Do you own?

Lancer Container Lines shares are one of the multibagger stocks in Indian stock market. The small-cap company with a market cap of around 1160 crore has delivered 14,500 per cent return in last six and half years as it surged from 2.63 apiece (close price on BSE on 13th April 2016) to 386.25 apiece last Friday. However, the small-cap multibagger stock is still in uptrend. On Friday deals, this small-cap stock hit fresh life-time high of 405 apiece on BSE. Interestingly, the stock has hit life time high on three out of five trade session. As per the information available on BSE, Lancer Container Lines shares hit fresh high of 382 per share on 10th October 2022 and later on it climbed to fresh high of 389.95 apiece on 13th October 2022. So, the small-cap multibagger stock hit life-time high on Monday, Thursday and Friday sessions last week. (Read More)

17 Oct 2022, 09:39:40 AM IST

Metal index drags the market, sheds more than a per cent with almost all stocks in red

Metal Index
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Metal Index
17 Oct 2022, 09:31:54 AM IST

Reliance Securities Stock in Focus for today: MOIL

STOCK IN FOCUS

MOIL (CMP 152)

We have a BUY Rating on the stock with a 1-year Target Price of Rs210.

Intraday Picks

M&M (PREVIOUS CLOSE: 1230) SELL

For today’s trade, short position can be initiated in the range of 1240- 1255 for the target of Rs.1205 with a strict stop loss of 1262.

INDUSINDBK (PREVIOUS CLOSE: 1182) SELL

For today’s trade, short position can be initiated in the range of 1192- 1203 for the target of Rs.1165 with a strict stop loss of 1215.

TECHM (PREVIOUS CLOSE: 1020) BUY

For today’s trade, long position can be initiated in the range of 1005- 1015 for the target of Rs.1045 with a strict stop loss of 997.

17 Oct 2022, 09:21:53 AM IST

Indices open flat on Monday with Axis Bank and Bajaj Auto gaining and Tata Steel shedding

Nifty at Open
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Nifty at Open
17 Oct 2022, 09:10:46 AM IST

China Locks Down Almost 1 Million People Near iPhone Factory

The iPhone manufacturing hub of Zhengzhou locked down one of its most-populated districts to tame a virus flareup, with creeping restrictions throughout China underscoring the constant threat of disruption companies face while the country sticks to Covid Zero.

Almost 1 million residents of Zhongyuan district were ordered to stay at home starting Monday, except for when they need to undergo Covid testing, and non-essential businesses have been shut, according to a government notice. The wider restrictions follow the lockdown of some neighborhoods last week, catching many people by surprise after officials had said there wouldn’t be a citywide lockdown. (Bloomberg)

17 Oct 2022, 09:03:34 AM IST

Sensex preopens marginally in red on Monday; Electronics Mart will make its debut today

Sensex at Preopen
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Sensex at Preopen
17 Oct 2022, 08:55:21 AM IST

Geojit Financial Services views on today's market: Uncertain scenario provides opportunities for long-term investors

Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: "Rallies triggered by market positioning will be temporary because there won’t be any follow-on fundamental support for the rally. This trend played out in the US market last Friday with sharp cuts in major indices. There are no major triggers to take the mother market much higher at least in the near term. There are no major triggers for a crash also since almost all negative factors are known to the market. Such an uncertain scenario provides opportunities for long-term investors to slowly accumulate high-quality stocks showing improving prospects.

After a decent set of Q2 numbers from the leading IT majors, the Q2 numbers for banking also have begun well with very good results from HDFC bank. The improvement in Net Interest Margin and impressive loan growth augur well for this banking blue chip.

Even though strong dollar and high bond yields in US may nudge FIIs to sell, strong flows into domestic mutual funds and optimistic retail investors can provide the counter to FII selling providing some stability to the market."

17 Oct 2022, 08:53:33 AM IST

Cryptocurrency prices today: Bitcoin, ether gain while dogecoin, Shiba Inu decline

Cryptocurrency prices today rose marginally with the world's largest and most popular digital token Bitcoin trading about 0.3% higher at $19,193. After surging to an all-time high of almost $69,000 in November, Bitcoin's price has been trading in a narrow range of around $20,000 since June.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also rose by more than a per cent to $1,299. Meanwhile, dogecoin price today was nearly a per cent lower at $0.05 whereas Shiba Inu was about 0.5% to $0.000010. (Read More)

17 Oct 2022, 08:36:26 AM IST

Indian bond yields seen rising, rupee may test record lows

The Indian rupee may edge towards record lows but will get some support from a less hawkish-than-expected tone in minutes of the central bank's latest policy meeting, while government bond yields are expected to rise, analysts said.

The Reserve Bank of India's monetary policy committee (MPC) may become more data-dependant in deciding on the key interest rate with inflation expected to start easing, minutes of the latest meeting suggested on Friday. 

"We could see a narrow trading range of 7.40%-7.50% on the 10-year bond next week as we do not have any major scheduled events," a trader with a private bank said.

The benchmark Indian government bond yield ended at 7.4696% on Friday, 5 basis points (bps) above its previous close. The yield rose 1 basis point on the week, after adding an aggregate 29 bps over the last four weeks.

Market participants, however, do not expect the benchmark bond yield to break 7.50% in a major way.

Traders said with MPC members divided on the future trajectory on rate hikes, there was some relief buying expected. (Reuters)

17 Oct 2022, 08:35:42 AM IST

D-Mart's Q2 net profit up 64.13% to ₹685.71 crore; sales up 36.6%to ₹10,638.33 crore

D-Mart retail chain owner Avenue Supermarts on Saturday reported a 64.13 per cent rise in its consolidated net profit at 685.71 crore in the July-September quarter of FY23 as the average basket values continue to be elevated.

The company had posted a net profit of 417.76 crore in the corresponding quarter a year ago, said Avenue Supermarts in a BSE filing.

Its revenue from operations was up 36.58 per cent at 10,638.33 crore during the quarter under review as against 7,788.94 crore in the corresponding quarter last fiscal.

Avenue Supermarts' total expenses stood at 9,925.95 crore, up 36.93 per cent in Q2/FY23, as against 7,248.74 crore of the corresponding quarter.

Avenue Supermarts CEO & Managing Director Neville Noronha said during the quarter FMCG and staples segment of the business has performed better than the general merchandise and apparel segments. (PTI)

17 Oct 2022, 08:32:35 AM IST

LKP Securities Quarterly results update on Bajaj Auto, Federal Bank and HDFC Bank

Bajaj Auto: With strong balance sheet, robust return ratios, hefty dividend yield of 3.9% in FY22 and zero financial leverage, we believe the stock looks attractive at 16.25x FY 24E earnings. We therefore maintain our BUY rating on the stock with a slightly pruned down target price (on exports concerns) of 4,174 (at 19x FY 24E earnings).

Federal Bank: We believe the asset quality to stay stable with significant improvement in profitability. We have incorporated steady provision requirements along with stable growth in the balance sheet and thus expect it to deliver RoA/ RoE of 1.1%/13% by FY23E. We reiterate BUY with increased target price of Rs180 (based on 1.6x FY24E Adj. BVPS); a potential upside of 38%.

HDFC Bank: The bank has reported sequential increase in PAT by 15% and ROA/ROE of 2%/17%. We believe, superior underwriting practices, higher liquidity, adequate coverage and strong capital position makes the bank well placed and we recommend BUY with revised price target of Rs1,831.

 

17 Oct 2022, 08:29:32 AM IST

Stocks to Watch: Electronics Mart, HDFC Bank, Bajaj Auto, Paytm, Zee Entertainment, Adani Ports, HDFC Ltd, DMart, L&T Infotech, and Shree Cement

ACC, Bank of Maharashtra, PVR, HeidelbergCement India, and Can Fin Homes will be in focus as they declare their September quarter earnings today. (Read More)

17 Oct 2022, 08:16:55 AM IST

 IT companies stave off earnings downgrade challenge

Most information technology (IT) services majors continued to show resilience in the current environment even as macro headwinds were expected to stay strong. The September quarter performance of Infosys Ltd, Tata Consultancy Services Ltd (TCS) and HCL Technologies Ltd beat a majority of analyst expectations.

Constant currency growth remained strong, though the impact of cross-currency headwind continues. Deal wins and order flows remained healthy, improving the outlook for companies in the second half of FY23 amid recession concerns. (Read More)

17 Oct 2022, 08:07:31 AM IST

Paytm Payments Bank set to strengthen leadership with seasoned veterans

The bank has appointed Deependra Singh Rathore as the interim chief executive officer (CEO), in addition to his role as chief product & technology officer, according to sources. It will announce the name of the new full-time CEO after receiving regulatory approvals. Satish Gupta, who was the bank's CEO, is set to retire in October.

Paytm Payments Bank spokesperson said, "We are focused on bringing the best of technology-driven banking to drive financial inclusion. As we continue our journey, we are excited to strengthen our leadership team and have seasoned experts from banking and financial services join us. Paytm Payments Bank remains committed to creating large-scale impact with compliance and operational excellence." (ANI)

17 Oct 2022, 08:07:04 AM IST

Adani Agri Logistics gets contract from FCI to build 4 silos complexes in UP, Bihar

Adani Agri Logistics Ltd on Friday said it has got contract from state-owned FCI to build four silo complexes in Uttar Pradesh and Bihar.

Adani Agri Logistics Ltd, a wholly-owned subsidiary of Adani Logistics Ltd, has received a Letter of Award (LoA) from the Food Corporation of India (FCI), following competitive bidding, to build silo complexes at various locations across the country.

Adani Agri Logistics will develop and operate state-of-the-art silo complexes at four locations -- Kanpur, Gonda and Sandila in Uttar Pradesh and Katihar in Bihar, creating a total silo storage capacity of 3.5 lakh tonnes.

Silo complexes, which are mechanised and automated units equipped with temperature and humidity controls, are built to handle, store and preserve food grains. The handling process, from procurement to transportation, is in bulk form catered through containerised movement. (PTI)

17 Oct 2022, 07:57:10 AM IST

Global chip industry stares at slowdown; India investments may continue

Chipmakers such as Taiwan Semiconductor Manufacturing Company (TSMC) and Hon Hai Precision Industry Co., better known as Foxconn, may be forced to rethink their investments in the coming quarters as they take a cautious stance to respond to global headwinds such as rising inventory coupled with concerns of rising inflation and geopolitical tensions.

TSMC reported on Thursday an 80% jump in net profit for the September quarter at $8.8 billion. However, even as the results beat market estimates, chief executive C.C. Wei said that net capital expenditure for the rest of FY23 has been cut by 10% to $36 billion. He said also that there could be a “likely decline" in the global semiconductor market, and TSMC is “not immune" from the downturn despite its dominant market position. (Read More)

17 Oct 2022, 07:55:24 AM IST

India Cements added to list of stocks under F&O ban on NSE today

A total of three stocks have been put under the ban for trade on Monday, October 17, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.

Delta Corp and Indiabulls Housing Finance stocks continue to be a part of the NSE's F&O ban list whereas India Cements has been added to the list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day. (Read More)

17 Oct 2022, 07:46:56 AM IST

Tokyo stocks opened lower Monday with investors disheartened by falls on Wall Street

Tokyo stocks opened lower Monday with investors disheartened by falls on Wall Street, where participants shrugged off mostly solid bank earnings amid worries over bond yields and rising recession risks.

The benchmark Nikkei 225 index was down 1.03%, or 278.86 points, at 26,811.90 in early trade, while the broader Topix index was down 0.73%, or 13.90 points, at 1,884.29.

"Japanese shares are seen dropping following falls in US stocks" on rising long-term yields, senior market analyst Toshiyuki Kanayama said in a note.

The dollar fetched 148.55 yen in early Asian trade, against 148.72 yen in New York late Friday. (AFP)

17 Oct 2022, 07:40:39 AM IST

Bajaj Auto Q2 profit surges 20% to ₹1530 crore for the second quarter

Bajaj Auto on Friday said its net profit surged by 20 per cent year-on-year to 1,530 crore for the second quarter of the current financial year.

The company's total revenue from operations increased by 16.4 per cent to 10,202.8 crore for July-September 2022 quarter.

At 10,203 crore, quarterly revenue from operations surpasses the 10,000 crore milestones for the first time, according to a regulatory filing to the stock exchanges by Bajaj Auto.

Growth of 16 per cent year-on-year and 27 per cent quarter-on-quarter was aided by the recovery of volumes on the improvement of semi-conductor supplies, the company said. (ANI)

17 Oct 2022, 07:32:26 AM IST

HDFC Bank quarterly  earnings: Beating estimates, India's largest private bank clocks 20% higher profit

Driven by higher loan growth and a rise in income from other sources, HDFC bank, India's largest private bank on Saturday reported a 20% increase in the net profit for the quarter ending September 2022. The private bank clocked a net profit of Rs. 106.05 rupees, which was higher than the estimations of analysts who expected Rs. 105.97 billion as net profits, according to Refinitiv IBES data.

Both the Net interest income and income from other sources saw double-digit growth with interest income increasing by 18.9% to Rs. 210.21 billion and income from other sources increasing by 16.7% due to improvements in earnings from fees and commission and the foreign exchange and derivatives revenue also improved. (Read More)

17 Oct 2022, 07:31:07 AM IST

Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — 17th October

Vaishali Parekh has recommended two shares to buy today. Here we list out details in regard to those buy or sell stocks for today:

1] Mahanagar Gas Ltd or MGL: Buy at 808, target 840, stop loss 794; and

2] Larsen & Toubro (L&T): Buy at 1911, target 1952, stop loss 1885. (Read More)

17 Oct 2022, 07:29:35 AM IST

Electronics Mart IPO share listing today. Experts predict 'decent' debut

Shares of Electronics Mart India Limited is going to hit Dalal Street today. As per the information available on BSE website, effective from Monday, October 17, 2022, the equity shares of Electronics Mart India Limited shall be listed and admitted to dealings on the exchange in the list of 'B' group of securities in a Special Pre-open Session (SPOS). (Read More)

17 Oct 2022, 07:28:35 AM IST

Stocks fall broadly on Wall Street as inflation worries grow

More worries about inflation helped spur a broad slide for stocks Friday that left most of the major indexes on Wall Street in the red for the week and wiped out much of the market's gains from a strong rally a day earlier.

A report showing U.S. consumers raised their expectations for future inflation hurt markets worldwide, offering another signal the Federal Reserve may have to continue aggressively hiking interest rates to temper stubbornly hot inflation. The strategy raises the risk of a recession.

The S&P 500 fell 2.4% after having been up as much as 1.2% in the early going. The Dow Jones Industrial Average fell 1.3% and the Nasdaq composite ended 3.1% lower. Both indexes also turned lower after marching higher in early trading.

Trading has been unsettled all week and was especially volatile on Thursday after a government report showed that inflation remains very hot. Major U.S. indexes staged their biggest comeback in years on Thursday in a reversal from steep morning losses. (AP)

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