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Markets end lower for the fourth day amid volatility; Sensex down 102 points

Stock Market Today: Traders will eye earnings reports for cues. (Abhijit Bhatlekar/Mint)Premium
Stock Market Today: Traders will eye earnings reports for cues. (Abhijit Bhatlekar/Mint)

Market LIVE Closing: Benchmark indices fell for the fourth day in a row amid volatility after a positive opening on Friday. Sensex closed 102 points lower while Nifty slipped 0.4%. Banks and financials gained, while IT and metals dragged 

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Indian equity markets ended lower for the fourth day in a row in a choppy session even as indices opened firm on Friday. While banks and financials, and realty stocks rose, IT, pharma, and metal dragged. Sensex hit a high of 61,420 and a low of 60,551 intraday. ITC and Infosys were the biggest laggards today 

22 Oct 2021, 03:32:29 PM IST

Markets end lower for the fourth day

Benchmark share indices fell for the fourth day in a row on Friday, failing to hold on to the initial gains amid a volatile session. Sensex closed 102 points lower at 60,821.62, while Nifty slipped 0.4% to settle at 18,115. Banks and financials gained, while other sectors closed in the red. Nifty Metal index was the biggest loser among indices, closing 3% lower. The broad market was negative with midcap and small-cap indices ending over 1% lower each.  

On the 30-share Sensex, HDFC and Bajaj Auto were the biggest gainers among the 13 stocks that ended in the green. ITC, Maruti and Infy were the prominent laggards among the 17 stocks that closed in the negative.


Sensex at close
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Sensex at close
22 Oct 2021, 03:28:07 PM IST

Hindustan Zinc September quarter profit rises 4% at ₹20.17 billion

22 Oct 2021, 03:25:59 PM IST

Nifty Auto down 1.2%

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22 Oct 2021, 03:19:44 PM IST

IOC expects 100% refinery run within a quarter 

The country's largest oil firm, expects refinery run to reach 100% within a quarter as fuel demand returns, its chairman SM Vaidya said.

He said petrol and cooking gas LPG demand is already above pe-COVID levels and diesel - the most consumed fuel in the country - is inching back to normalcy.

22 Oct 2021, 03:11:22 PM IST

Nykaa IPO price band set at ₹1085-1125 a share

FSN E-Commerce Ventures Ltd, the parent of cosmetics e-tailer Nykaa, has fixed the price band of its initial public offering (IPO) at 1085-1125 a share. The issue will open for subscription on 28 October and close on 1 November.

The 5,200 crore Nykaa IPO includes a primary issue of equity shares worth 630 crore, up from an estimated 525 crore planed earlier, and an offer for sale of up to 41.97 million shares by existing shareholders.

22 Oct 2021, 03:04:45 PM IST

ITC down 3.3%; biggest laggard on Sensex

22 Oct 2021, 02:55:30 PM IST

Federal Bank jumps 6% post earnings

The private sector lender on Friday reported nearly 55% jump in its consolidated net profit at 488 crore for the quarter ended September.

Total income (consolidated) was down 4,013.46 crore, as against 4,071.35 crore in the same period of 2020-21.

22 Oct 2021, 02:50:29 PM IST

Asia ends on a mixed note

Asian markets ended mixed on Friday. The Hang Seng in Hong Kong climbed 0.4% and the Shanghai Composite index lost 0.3%. Tokyo's Nikkei 225 added 0.3%, while the Kospi in Seoul lost less than 0.1%. Australia's S&P/ASX 200 was flat at 7,415.50.

22 Oct 2021, 02:40:15 PM IST

Polycab India net profit down 10%; revenue up 4%

22 Oct 2021, 02:31:14 PM IST

Sensex slips 300 points; 21 of 30 stocks in the red

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22 Oct 2021, 02:20:09 PM IST

Axis Securities maintains 'buy' on Asian Paints 

Asian Paints delivered topline for Q2FY22 ahead of our and street estimates. However, on the profitability front it grossly missed our and street estimates on the back of an unprecedented 18-20% inflation level seen in its RM basket. Consol Revenue growth of 32.6% at Rs. 7,096 Cr beat our estimate which was led by strong volume and value growth. In Q2FY22, volumes grew at a strong 34% in the domestic decorative paints segment driven by healthy demand momentum post May ’21 impacted by a second wave. Further, robust revenue growth in Q2FY22 was driven by demand recovery in Urban, Tier1/2 cities even as demand in rural areas sustained. Pick-up in projects business, and healthy performance across home improvement businesses too supported growth. However, steep inflation in RMs impacted the Core EBITDA/ PAT growth which declined by 28.5%/29% respectively at Rs. 904Cr/Rs. 605 Cr respectively for Q2FY22. Gross Margins (GMs), contracted sharply by 966bps YoY to 34.7% (39.7% our estimate). This dragged the EBITDA Margins which contracted sharply by over 1000bps at 12.7% (19.2% our estimate) lowest in the last 5 years.

Our View: To bake in the high inflationary environment, our FY22E see a sharp downgrade while FY23E/24E estimates for EBITDA/PAT are lower by 8.9%/9.6 and 6.7%/7.1%, respectively. The long-term structural growth drivers remain intact like - 1) Clear focus on driving volumes and profitability, 2) Improved traction in other adjacent business segments, 3) Market share gains, and 4) Huge growth opportunities in the rural and small towns. Even as we continue to value the stock at 57x FY24E EPS our TP undergoes a downward revision to Rs. 3,300/share ( 3,550/share earlier). Maintain BUY.

22 Oct 2021, 02:11:26 PM IST

Yes Bank down 4% as net interest income slips 23%

22 Oct 2021, 02:05:36 PM IST

Infy, ITC, TCS drag Sensex lower

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22 Oct 2021, 01:59:56 PM IST

What India Hotels’ Q2 earnings signal about revival of hospitality sector

Indian Hotels Company Ltd is finding its feet back post the pandemic, with losses gradually narrowing. The company managed to post better-than-expected earnings for the September quarter. Consolidated revenue grew 184% year-on-year (y-o-y) to 723 crore, beating analysts’ estimates. On a sequential basis as well, revenue growth more than doubled. (Full report)

22 Oct 2021, 01:51:07 PM IST

Yes Bank net profit up 9% at ₹2.25 billion

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22 Oct 2021, 01:42:24 PM IST

INOX Leisure net loss widens

INOX Leisure has reported a net loss at 87.6 crore in Q2FY22 against loss of 67.8 crore. Net revenue was at 47.4 crore.

22 Oct 2021, 01:34:42 PM IST

J Kumar Infraprojects gets letter of acceptance worth ₹102 crore from City & Industrial Development Corp of Maharashtra

22 Oct 2021, 01:24:42 PM IST

Sensex gives up initial gains, slips 180 points

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22 Oct 2021, 01:18:25 PM IST

NSE SGX announces launch of GIFT Data Connect

22 Oct 2021, 01:11:13 PM IST

Yash Sawant, Research Associate, Angel One, on base metals

The fall in aluminium, nickel and other base metals in yesterday’s session was triggered by China’s announcement to ease surging prices to support electricity producers during the widespread power crisis.

China's thermal coal futures slipped over 13% since Tuesday after hovering near record highs. Drop in coal prices eased worries of potential shortage in global markets and pushed the prices lower.

While China’s power consumption norms continue to hampered Aluminium and Zinc production activities, easing coal prices took some pressure off the already disrupted supply chain and kept prices under pressure.


22 Oct 2021, 01:02:29 PM IST

Biocon down 5% as September quarter profit declines 18%

22 Oct 2021, 12:59:59 PM IST

Carlyle set to raise $1 bn debt for big Hexaware buyout

Private equity firm Carlyle will raise $1 billion in debt through an offshore bond issuance to finance its almost $3 billion acquisition of IT services firm Hexaware Technologies. The proposed debt offering by CA Magnum Holdings (CAMH), a special-purpose investment holding company set up for the acquisition, has been assigned a B1 rating, international rating agency Moody’s said in a note on Friday. (Read more)

22 Oct 2021, 12:47:35 PM IST

Yes Securities maintains ‘add’ on Tata Communication

Overall, revenue growth remains muted; while margin improvement was led by cost optimization and one‐off gains. We expect data segment to continue to drive the overall performance of the company; whereas the voice segment is expected to decline in line with industry trend. We expect revenue to grow at CAGR of 6.5% over FY22E‐FY24E with average EBITDA margin of 25.8%. Trades at valuation of EV/EBITDA of 9.0x on FY24E EBITDA. We maintain our current ADD rating on the stock with revised target price of 1,522/share.


22 Oct 2021, 12:39:27 PM IST

BSE SmallCap down 1% 

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22 Oct 2021, 12:33:09 PM IST

South Indian Bank down 8.5%; reports net loss of ₹187 cr in Q2

22 Oct 2021, 12:24:01 PM IST

YES Securities recommends ‘sell’ on Syngene 

Management commentary remains positive around demand environment particularly for clients based out of US & Europe though the company refrained from changing revenue guidance. Albeit, overstocking on RM that need to be expensed to have a toll on gross margin which we now cut by 300bps vs our previous estimate of 75%; coupled with Rs310mn in one‐time write down of export incentives, leads to a 24% cut to FY22 EPS. However, FY23/24 estimates remain largely unchanged. We expect costs to expand in H2 yoy on back of recent senior executives hiring as well as increase in travel costs. With revenue surprises unlikely in H2 and rebound in gross margin being dependent on resolution of supply chain (we factor in a near normal RM scenario with H2 gross margin of ~74%), reckon there exists little triggers in the near term to further rerating. While our preference for the franchise remains intact on back of medium term factors like start of Mangalore API, monetization of biologics capex (earlier than API), see little catalysts over next 6 months. Await a better entry point and retain SELL with largely unchanged TP of Rs520.

22 Oct 2021, 12:19:14 PM IST

Nifty IT slips 1.6%; Mphasis dips 8%

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22 Oct 2021, 12:13:02 PM IST

Nykaa to launch IPO on 28 October

22 Oct 2021, 12:07:31 PM IST

Nifty slips below 18,200; broad market weak; India VIX up 4%

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22 Oct 2021, 12:03:45 PM IST

Sensex at noon: Up around 150 points

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22 Oct 2021, 11:46:07 AM IST

Nifty Metal down 2.5%

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22 Oct 2021, 11:36:55 AM IST

Indian Hotels slips around 4% 

The company plans to buy the 40% stake it doesn’t own in unit Roots Corp. Ltd, which runs the Ginger brand of economy hotels, for 500 crore. The IHCL board also approved plans to raise up to 2,000 crore by selling shares to existing investors and another 2,000 crore by selling shares to financial institutions, totalling 4,000 crore.

22 Oct 2021, 11:28:25 AM IST

TVS Motors sees investor confidence improve with strong Q2 show, improved outlook

The highest ever revenue and Ebitda posted by TVS Motor Company ltd lifted investor confidence significantly. The stock gained more than 9% on the bourses in morning trades on Friday.

Investor confidence was subdued over the recent past looking at the weak demand for two-wheelers in the country. However, TVS benefited from strong exports, recording total two-wheeler sales of 8.70 Lakh units in the quarter as against 8.34 Lakh units in the second quarter of 2020-21. (Read more)

22 Oct 2021, 11:19:31 AM IST

HDFC hits 52-week high

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22 Oct 2021, 11:14:09 AM IST

IEX up 3%; clocks 58% growth in electricity trade volume at 25.9 BU in Q2

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22 Oct 2021, 11:11:20 AM IST

Zee Entertainment Enterprises up 1%

The company agreed, after a nudge from the Bombay high court, on Thursday to consider Invesco’s demand to convene a special shareholders’ meeting after the court assured that the outcome would be kept on hold for a week during which it could review the legality of the resolutions recommended by the US fund manager.

22 Oct 2021, 11:00:00 AM IST

BPCL board approves scheme of amalgamation of Bharat Oman Refineries with the company

22 Oct 2021, 10:53:18 AM IST

Sharekhan maintains ‘Buy’ on Gateway Distriparks

We maintain a Buy on Gateway Distriparks Limited (GDL) with an unchanged SOTP-based PT of Rs. 347 as we factor in strong earnings growth led by its rail vertical.

- For Q2FY2022, GDL reported better-than-expected operational performance led by strong volume growth in both CFS and rail business along with maintaining operational profitability in rail.

-Management expects EXIM growth to remain robust while it would continue to strive to improve rail’s operational profitability further. The CFS business to focus more on margin accretive business rather than chasing volumes.

-Snowman is to expand capacities over next three years and focus on high margin warehousing business.


22 Oct 2021, 10:44:41 AM IST

LIC Housing Finance down more than 6% as Q2 net profit down 69%

22 Oct 2021, 10:36:49 AM IST

Arbitration panel rejects Future's plea on Reliance deal in dispute with Amazon

A Singapore arbitration panel has rejected Future Retail's plea to quash an order from last year that put its $3.4 billion deal with Reliance on hold, in a boost for its partner Inc which is seeking to block the transaction.

Amazon has been locked in a tussle with Future and accuses it of breaking contracts when it sold its retail assets to Indian market leader Reliance last year. Future denies any wrongdoing.

22 Oct 2021, 10:30:44 AM IST

Nifty Realty soars 2.7% 

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22 Oct 2021, 10:23:33 AM IST

PM Modi: There is optimism everywhere; experts, world agencies very positive about Indian economy

22 Oct 2021, 10:21:13 AM IST

Rupee inches 5 paise higher at 74.82 against US dollar in early trade

22 Oct 2021, 10:15:00 AM IST

PM Modi: World will now see India as more safe from Covid, its acceptance as pharma hub will grow further

22 Oct 2021, 10:13:46 AM IST

Nifty Financial Services up 1.2%

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22 Oct 2021, 10:06:50 AM IST

BSE MidCap up 0.6%; TVS Motor jumps over 7%

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22 Oct 2021, 09:59:46 AM IST

CG Power up 4% as Q2 net profit jumps nearly 72%

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22 Oct 2021, 09:53:00 AM IST

Mphasis down 1%

The IT firm reported a 14% increase in consolidated net profit at 341.4 crore for the September quarter. The company's net profit stood at 299.2 crore in the year-ago period. Revenue from operations grew 17.8% to 2,869.2 crore in the reported quarter.

22 Oct 2021, 09:43:28 AM IST

Asian Paints’ strategy to go slow on price hikes is upsetting investors

Commodity cost inflation has hit market leader in decorative paints Asian Paints Ltd hard. Very hard. In the September quarter, its gross margins slumped 970 basis points (bps) on a year-on-year basis to 34.7%. One basis point is one hundredth of a percentage point. The company’s management said that raw material cost inflation was highest in four decades and it expects this trend to persist over the near-term.

Elevated marketing spends and increase in freight costs offset the benefit of operating leverage, pushing operating margins to a 50-quarter low of 12.7%. Ebitda margin contracted by 1090 basis points y-o-y, significantly missing analysts’ estimates of 18-20%. Ebitda is short for earnings before interest, tax, depreciation and amortization. (Read more)

22 Oct 2021, 09:34:57 AM IST

TVS Motor up 7.4% on robust earnings

The company posted a 29.19% increase in consolidated net profit at 234.37 crore for the quarter ended September. Revenue from operations rose to 6,483.42 for the second quarter as compared to 5,254.36 in the year-ago period.

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22 Oct 2021, 09:30:01 AM IST

Broad market indices positive

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22 Oct 2021, 09:26:21 AM IST

Nifty above 18,250; HDFC, Titan lead

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22 Oct 2021, 09:24:02 AM IST

Sensex up 250 points; HDFC top gainer

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22 Oct 2021, 09:16:10 AM IST

Sensex, Nifty open in the green

22 Oct 2021, 09:10:10 AM IST

Sensex players at pre-open

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22 Oct 2021, 09:04:22 AM IST

Sensex swings between losses and gains at pre-open

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22 Oct 2021, 09:01:47 AM IST

Indices in the red at pre-open

22 Oct 2021, 08:57:54 AM IST

Petrol, diesel prices hiked

Petrol and diesel prices on Friday were hiked by 35 paise per litre each, the third consecutive day of increase that took pump rates across the country to record high levels.

The price of petrol in Delhi rose to its highest-ever level of 106.89 a litre and 112.78 per litre in Mumbai. 

In Mumbai, diesel now comes for 103.63 a litre; while in Delhi, it costs 95.62 per litre.

In Kolkata, the petrol will be sold at Rs. 107.44 per litre and diesel will be sold at Rs. 98.73 per litre. The prices in Chennai on Friday, stands at Rs. 103.92 per litre for petrol and Rs. 99.92 per litre for diesel.

22 Oct 2021, 08:52:27 AM IST

Indian indices may open in the green amid volatility 

Indian stock markets are expected to remain volatile on Friday, while trends in SGX Nifty indicate a tepid opening for domestic benchmark indices. 

On Thursday, the BSE Sensex ended at 60,923.50, down 336.46 points or 0.55% and the Nifty was at 18,178.10, down 88.50 points or 0.48%.

22 Oct 2021, 08:43:21 AM IST

₹9,489 cr festive cheer for govt workers

The central government on Thursday decided to raise the dearness allowance (DA) to employees and the dearness relief (DR) to pensioners by 3% to 31% from July to cushion them from the rise in cost of living.

The decision by the Union cabinet will cost the exchequer 9,488.7 crore a year, Union minister Anurag Singh Thakur said. It will benefit more than 4.7 million central government employees and 6.8 million pensioners, Thakur added. ( Read more)

22 Oct 2021, 08:33:36 AM IST

Oil climbs

Oil prices resumed their climb on Friday on continued tightness in U.S. supply, but were headed for a flat finish on the week as coal and gas prices eased, curbing fuel-switching which had stoked demand for oil products for power.

U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.2%, to $82.70 a barrel. 

Brent crude futures climbed 24 cents, or 0.3%, to $84.85 a barrel.

22 Oct 2021, 08:24:28 AM IST

China's Evergrande avoids default with last-minute payment: Report

China's Evergrande Group pulled back from the brink of default by reportedly paying a bond coupon before this weekend’s deadline, the latest twist in a months-long drama that has captivated global investors.

The company wired the $83.5 million payment and bondholders will receive the funds before Saturday, state-backed newspaper Securities Times said, citing “relevant channels".

22 Oct 2021, 08:16:07 AM IST

PM Modi to address nation at 10 am today

Prime Minister Narendra Modi will address the nation at 10 am on Friday. This comes in the backdrop of India administering more than one billion jabs to protect against the coronavirus.

“PM @narendramodi will address the nation at 10 AM today," the Prime Minister’s Office said in a tweet on Friday morning. 

22 Oct 2021, 08:07:25 AM IST

Stocks to Watch: Reliance, Zee, Bharti Airtel, JSW Steel, TVS Motors

Markets will  also eye stocks of prominent companies that will announce earnings today, including Reliance Industries, Tata Elxsi and Yes Bank ABB Power, Aditya Birla Fashion, Crompton Greaves Consumer, Deepak Fertilizers, Federal Bank, Gland Pharma, HDFC Life Insurance, Hindustan Zinc, Inox Leisure, PVR

22 Oct 2021, 07:46:09 AM IST

Asian stocks mixed

Asian stocks were mixed on Friday as traders weighed earnings reports, worries about inflation, and a report indicating that indebted developer China Evergrande Group may meet a key payment deadline

S&P 500 futures fell 0.1%. Nikkei 225 index was down 0.36%. Australia’s S&P/ASX 200 index was flat South Korea’s Kospi index was steady.

22 Oct 2021, 07:29:57 AM IST

US markets mixed

US stock indexes were mixed on Thursday. The Dow Jones Industrial Average fell 6.26 points, or 0.02%, to 35,603.08, the S&P 500 gained 13.59 points, or 0.30%, to 4,549.78 and the Nasdaq Composite added 94.02 points, or 0.62%, to 15,215.70.

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