· Expect market to open on a positive note on account of global cues. US stocks rallied Friday, regaining most of the ground lost midweek as buyers shrugged off rising inflation, stretched supply chains, and a new COVID-19 outbreak in Europe. The S&P 500, Dow Jones and Nasdaq Index gained half to one percent. Technology and industrials led the way, while energy shares struggled. The 10-year US Treasury yield rose 2 basis points to 1.58%. SGX Nifty is up nearly half percent and Dow Future is flat to positive. President Joe Biden will meet virtually with Chinese President Xi Jinping today and US Government may approve $1tn infra bill today.
· European stocks closed mostly higher on Friday as investors assessed economic data and the latest corporate earnings. rance’s CAC 40 closed up 0.5% while UK Index slipped half percent. The euro area’s industrial production fell 0.2% month over month in September after tumbling 1.7% in August, according to a release from Eurostat. On a yearly basis, the September reading was up 5.2%.
· Asian stocks rose Monday as traders awaited key Chinese economic data (IIP and Retail sales). Treasuries were steady, bringing some respite from volatility caused by high inflation and the prospect of tighter monetary policy. Shares climbed in Australia, South Korea, Taiwan and Japan’s Index advance half to one percent.
· Oil prices fell 1% to $82/bbl, erasing gains made in the previous session, as the dollar continued to rise on bets that the US central bank would present plans to raise interest rates to curb inflation.
· Gold steadied at $1865/ounce, though is still on pace for its biggest weekly gain in at least six months after the U.S. reported the hottest inflation print in three decades.
· Expect positive sentiment in the market on account of rally in the global market, FIIs turned into net buyers and impressive quarterly results. Both FIIs and DIIs were net buyers Rs511 and Rs851cr respectively.
· Events – WPI Data, Media report of SEBI commodity derivative meeting for FPI investment in commodity derivative, Arsons IPO open today, FM meeting with CM and FM today, US retail sales data
· Brokers Radar – JP Morgan Grasim TGT raised to 2160 from 1860, CLSA TGT on Apollo Hospital at 5100, Tata Power TGT by Morgan Stanley at 217
· Actionable – Buy Bank of Baroda, Mphasis, ICICI Securities, HDFC, Hero Motocorp
· Market Summary – Ramkrishna Forgings To Partner With US based ePropelled On EV Motors, Adani Enterprises Signs Initial MoU With Four Israeli Firms, Cadila Health Receives Tentative Nod From U.S. FDA For Eluxadoline Tablets, Vodafone Idea May Get State Bank Loan After Relief Measures. Motherson Sumi, Bharat Forge and Alkem Labs announced inline with expected Q2 results, KNR Construction and Hindalco reported strong Q2 results. September IIP rose less than economists expected in September ..October CPI marginally Higher. PI Industries announced lower than expected Q2 results. Apollo Hospital and Hero Motocorp announced better than expected Q2 results.
· Railways to start regular services with pre-Covid fares – he Ministry of Railways issued a notice on Saturday to resume regular train services, and would drop the ‘special trains’ tag which was done during the first wave of the Covid pandemic.- positive
· HCL Technologies: Company plans to add 500 jobs in CT. over 24-36 months – positive
· Route Mobile Ltd on Saturday said its Fund Raising Committee has approved the issue and allotment of over 46.84 lakh equity shares via qualified institutional placement (QIP) aggregating to Rs 867.5 crore.- positive
· Listing today – Policybazaar, Sigachi, SJS Enterprises shares to list today – Policy Bazar issue price Rs980 a share, SJS Enterprises issue price Rs542 and Sigachi issue price Rs163 a share
· Capacit’e Infraprojects – Ratings agency India Ratings & Research hailed the company’s clean debt servicing track record since August 23.- Positive
· Shares of Ramkrishna Forgings signed MoU with ePropelled (US), a Massachusetts-based tech firm specialising in electric propulsion systems. The two companies will jointly develop products and solutions to raise power efficiency in electric vehicle batteries, enabling manufacturers to reduce size and cost.- Positive
· Cadila Healthcare Ltd.’s U.S. subsidiary Zydus Pharmceuticals (USA) Inc. received tentative nod from U.S. FDA to market Eluxadoline tablets in the strengths of 75 mg and 100 mg.- positive
· Adani Enterprises has signed initial joint MoU with four Israeli companies – Capital Nature Ltd., Chevron Mediterranean Ltd., Konnect and Enlight Renewable Energy Ltd., to participate in partnership for establishing new technological incubators, a programme under Israel innovation authority – positive
· CPI for the month of October at 4.48% vs 4.35% previous month – expectation at 4.41%, IIP for the month of September 7-month low at 3.1% (YoY) – estimate 4.8% previous month 11.9%
· TVS Motor becomes first Indian 2 and 3 wheeler manufacturer to join UN Global Compact. All TVS Motor Company offices and operations globally, in India, Singapore, Indonesia, the UK, and Europe, will adhere to our commitment.- positive
· KEC International wins new orders of Rs1,415cr. Order for civil infra works in the Defence segment from a Defence entity.- positive
· Wipro joins CargoWise Service Partner Network to enable global supply chain transformation- Positive
· Goldiam International bags export orders of Rs40cr from International client – positive
· RITES appoints Rahul Mithal as Chief Executive Officer. Rahul Mithal is from the Indian Railways Service of Mechanical Engineers (SCRA 1985 Batch).- positive
· Man Industries has received new orders worth approximately Rs350cr – Positive
· Shriram Capital appointed Ajay Thomas John as Chief Digital Officer. Shriram City Union recently launched AI-enabled loan offering for two-wheeler loans, whereas Shriram Transport is the first company to use blockchain to issue digital fixed deposits – Positive for Shriram Transport and Shriram City.
· Polycab India has incorporated a Subsidiary in India namely “Steel Matrix Private Limited” on November 11, 2021.- positive
· Indiabulls Real Estate plans to raise Rs75cr through NCDs issue – Positive
· Vodafone Plc’s troubled India unit is in talks with the country’s largest lender about fresh loans, according to people familiar with the matter, in a deal that could pave the way for other banks to offer credit and boost survival chances of the cash-trapped wireless operator – Media Report – Avoid on account of poor balance sheet.
· Motherson Sumi announced inline with expected Q2 results. Company reported Q2 Net profit 217cr (down 36% YoY) – expectation Rs225cr, Ebitda Rs1210cr (down 22% YoY) – expectation Rs1226cr and Income Rs14080cr (down 5.9% YoY) – expectation Rs14661cr, Q2 Gross debt increased to Rs11060cr vs 10445cr, supply side challenge likely to continue in Q3.
· Alkem Labs announced inline with expected Q2 results. Company reported Q2 net profit Rs544cr (up 15% YoY) – expectation Rs489cr, Ebitda Rs624.4cr (up 4% YoY) – expectation Rs615.6cr, Ebitda margin 22.3% vs 25.41% (YoY) – expectation 22.4% and Income Rs2800cr (up 18.5% YoY) – expectation Rs2748cr
· Bajaj Electrical announced poor Q2 Ebitda margin. Company reported Q2 Net profit Rs62.8cr (up 18), Ebitda Rs94.4cr (down 10%), Ebitda margin 7.3% vs 8.6% (YoY) and Income Rs1302cr (up 7%)
· Bharat Forge announced better than expected Q2 Ebitda. Company reported Q2 net profit Rs270.4cr( up 275% YoY) – expectation Rs235cr, Ebitda Rs510cr (up 207% YoY) – expectation Rs397.2cr, Ebitda margin 21.4% vs 18.80% (YoY) – expectation 27.8% and Income Rs2385.6cr (up 73.4% YoY) – expectation Rs1430cr
· KNR Construction announced strong Q2 results. Company reported Q2 net profit Rs95cr( up 62% YoY) – expectation Rs69cr, Ebitda Rs170cr (up 35% YoY) – expectation Rs129cr, Ebitda margin 22% vs 20.6% – expectation 18.5% and Income Rs760cr (up 26% YoY) – expectation Rs700cr
· Sandher Tech Q2 Net profit Rs60cr (up 9% YoY), Ebitda margin 9.7% vs 11% (YoY) and Income Rs618cr (up 24%)
· Hindalco announced impressive Q2 results and strong realization its aluminium segment. Company reported Q2 net profit Rs3417cr – expectation Rs2500cr, Ebitda Rs8050cr – expectation Rs6100cr and Income Rs47665cr (up 73.4% YoY) – expectation Rs44200cr
· Vodafone Idea reported better than expected ARPU but higher debt is a concern. Company reported Q2 loss Rs7130cr vs loss 7218cr– expectation loss Rs7529cr, ARPU Rs109 vs Rs104 (up 4.8% QoQ) – expectation 1% up (QoQ) and Income Rs9410cr (up 2.8% QoQ) expectation Rs9073crcr
· Finolex Cable Q2 net profit Rs144.8cr (up 46% YoY), Ebitda margin at 12.8% vs 14.3% (YoY), Ebitda Rs119.5cr (up 31% YoY) and Income Rs933cr (up 46% YoY)
· BURGER King announced strong Q2 results. Company reported Q2 sales Rs250cr (up 154% YoY), EBITDA Rs25.6cr vs Rs30 lakh stood at INR256m v/s INR3m in 2QFY21. EBITDA margin stood at 10.4% as against 0.3% in 2QFY21. Net loss stood at Rs20.2cr as against loss Rs37.7cr
· PI Industry announced lower than expected Q2 results. Company reported Q2 Income Rs1350cr (estimates Rs1370crb), up 17% YoY. EBITDA Rs290cr (est. Rs320cr), up 4% YoY. EBITDA margins contracted 260bp YoY to 21.6% (est 23.3%) and Adj PAT grew 6% YoY to Rs229.6cr (est. Rs250.2cr).
· Apollo Hospitals announced impressive Q2 results. Company reported Q2 revenues Rs3720cr (up 34.6% YoY), EBITDA margin expanded at a higher rate of 560bp YoY to 16.5%, EBITDA was ~2x of that in 2QFY21 at Rs620cr and PAT grew `10x over 2QFY21 to Rs270cr.
· Glenmark Pharma announced inline with expected Q2 results. Company reported Q2 net profit Rs260cr (down 5% YoY) – Expectation Rs290cr, Ebitda margin 18.8% – expectation 19%, Ebitda Rs590cr (up 3.6% YoY) – expectation Rs590cr and Income Rs3150cr (up 6.6% YoY) – expectation Rs3080cr
· ONGC announced inline with expected Q2 results. Income Rs24350cr (inline), EBITDA Rs13200cr (up 57% YoY, +9% QoQ), Reported PAT Rs18350cr, while adj. PAT for taxation stood atRs8500cr (v/s Rs4300cr in 1QFY22 and Rs3600cr in 2QFY21). Interim dividend of Rs5.5/share announced (translating to dividend yield of 3.5% at CMP).
· Granules India announced lower than expected Q2 results. Company reported income Rs 890cr (up 4%) – expectation Rs900cr, Ebitda margin at 19% – expectation 23%, Ebitda Rs150cr (down 39% YoY) – expectation Rs210cr and net profit Rs80.7cr – expectation Rs120cr
· Ashika Buildcon announced in line with expected Q2 results. Company reported Q2 Income Rs920cr (up 5% YoY) – expectation Rs1000cr, Ebitda margin 11.5% vs vs 14.9% (YoY) – expectation 11.8%, Ebitda Rs110cr (down 19% YoY) – expectation Rs118 and net profit Rs96cr (down 9% YoY) – expectation Rs81.6cr.
· PNC Infra 2Q FY22 earnings snapshot – Topline grew by 53% YoY toRs1620cr (up 29% QoQ). EBITDA margins stood healthy at 14% (flat YoY and QoQ). Strong Operating performance and lower tax outgo saw PAT almost double YoY to Rs140cr.
· Nykaa Q2 results – Nykaa reported sales growth of 46.6% YoY to Rs890cr, EBITDA declined 47.6% YoY to Rs28.8cr. EBITDA margin declined 580bp YoY to 3.3%. Adj. PAT was down 96% YoY to Rs1.17cr in 2QFY22.
· Hero Motocorp announced better than expected Q2 results. Company reported Q2 profit Rs794cr (up 118% YoY) – expectation Rs684cr, Ebitda margin 13.5% vs vs 9.4% (YoY) – expectation 11.7%, Ebitda Rs1156cr (down 125% YoY) – expectation Rs934cr and Income Rs8543cr (up 56% YoY) – expectation Rs7975cr.
Railway Employee
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