Stock Market Today: All You Need To Know Going Into Trade On Oct 16

Good morning!

Stock Market Recap

Indian equity benchmark indices, the Nifty 50 and Sensex, ended higher on Thursday, led by gains in Private Bank, IT and Auto stocks, amid the weekly expiry of Sensex contracts.

That said, the BSE Sensex ended at 74,315.61, up 1,533.72 points or 2.11%, while the Nifty 50 settled at 22,997.35, up 374.65 points or 1.66%.

Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay

US Market Recap

Wall Street traded on a mixed note on Thursday, as concerns over heavy artificial intelligence spending and a hotter-than-expected inflation reading weighed on technology stocks. The Dow Jones Industrial Average advanced, supported by gains in non-tech shares, while the S&P 500 and Nasdaq Composite remained under pressure.

At 9:32 a.m. EDT, the Dow Jones Industrial Average was up 301.41 points, or 0.58%, at 51,922.89. The S&P 500 fell 36.01 points, or 0.47%, to 7,682.93, while the Nasdaq Composite dropped 316.005 points, or 1.18%, to 26,376.863.

ALSO READ: Trade Setup For Oct 16: Nifty Resistance At 23,170 Despite Cautious Market Sentiment

Results

Wipro Q2 (Cons)

Revenue at Rs 24,753 crore versus estimates of Rs 24,710 crore.
EBIT at Rs 3,986 crore versus estimates of Rs 4,018 crore.
EBIT margin at 16.1% versus estimates of 16.26%.
Net profit at Rs 3,200 crore versus estimates of Rs 3,306 crore.
Revenue up 1.1% to Rs 24,753 crore from Rs 24,479 crore QoQ.
EBIT up 4.1% to Rs 3,986 crore from Rs 3,830 crore QoQ.
Net profit down 4.5% to Rs 3,200 crore from Rs 3,352 crore QoQ.

HDFC Life Q2 (Cons)

Net premium income up 15.8% to Rs 21,856 crore from Rs 18,871 crore YoY.
Net profit up 16.5% to Rs 522 crore from Rs 448 crore YoY.

Persistent Systems Q2 (Cons)

Revenue up 8.4% to Rs 4,664 crore from Rs 4,303 crore QoQ.
EBIT margin declined to 10% from 13.5% QoQ.
EBIT down 19.6% to Rs 467 crore from Rs 581 crore QoQ.
Net profit down 27.1% to Rs 352 crore from Rs 483 crore QoQ.

IIFL Finance Q2 (Cons)

Total income up 28.4% to Rs 4,248 crore from Rs 3,309 crore YoY.
Net profit rose to Rs 766 crore from Rs 376 crore YoY.

360 ONE WAM Q2 (Cons)

Total income down 1% to Rs 1,261 crore from Rs 1,273 crore QoQ.
Net profit down 9.4% to Rs 300 crore from Rs 331 crore QoQ.
To pay second interim dividend of Rs 7.5 per share.

Cyient DLM Q2 (Cons)

Revenue up 26.4% to Rs 393 crore from Rs 311 crore YoY.
EBITDA up 9.9% to Rs 34.5 crore from Rs 31.4 crore YoY.
EBITDA margin declined to 8.8% from 10.1% YoY.
Net profit up 5.9% to Rs 34 crore from Rs 32.1 crore YoY.

Tech Mahindra Q2 (Cons)

Revenue at Rs 16,180 crore versus estimates of Rs 15,975 crore.
EBIT at Rs 2,386 crore versus estimates of Rs 2,319 crore.
EBIT margin at 14.7% versus estimates of 14.5%.
Net profit at Rs 1,586 crore versus estimates of Rs 1,677 crore.
Revenue up 3% to Rs 16,180 crore from Rs 15,712 crore QoQ.
EBIT up 5.4% to Rs 2,386 crore from Rs 2,264 crore QoQ.
EBIT margin expanded to 14.7% from 14.4% QoQ.
Net profit up 8.3% to Rs 1,586 crore from Rs 1,465 crore QoQ.

Angel One Q2 (Cons)

Revenue down 0.2% to Rs 1,427 crore from Rs 1,430 crore QoQ.
EBITDA up 31% to Rs 636 crore from Rs 485 crore QoQ.
EBITDA margin expanded to 44.6% from 33.9% QoQ.
Net profit up 45% to Rs 335 crore from Rs 231 crore QoQ.
To pay interim dividend of Rs 1.40 per share.

Alok Industries Q2 (Cons)

Revenue up 14.6% to Rs 1,078 crore from Rs 941 crore YoY.
EBITDA rose to Rs 41 crore from Rs 4 crore YoY.
EBITDA margin expanded to 3.8% from 0.4% YoY.
Net loss widened to Rs 208 crore from Rs 162 crore YoY.
One-time loss stood at Rs 36 crore versus a gain of Rs 5 crore YoY.

Sterling And Wilson Q2 (Cons)

Revenue down 12.7% to Rs 1,528 crore from Rs 1,749 crore YoY.
EBITDA surged 1,342% to Rs 56.1 crore from Rs 3.9 crore YoY.
EBITDA margin expanded to 3.7% from 0.2% YoY.
Net profit stood at Rs 19.2 crore versus a loss of Rs 473.2 crore YoY.

Metro Brands Q2 (Cons)

Revenue up 12.1% to Rs 730 crore from Rs 651 crore YoY.
EBITDA up 15.3% to Rs 197 crore from Rs 171 crore YoY.
EBITDA margin expanded to 27% from 26.2% YoY.
Net profit up 12% to Rs 75.8 crore from Rs 67.7 crore YoY.

Jio Financial Services Q2 (Cons)

Total income up 69.6% to Rs 1,699 crore from Rs 1,002 crore YoY.
Net profit down 51.1% to Rs 340 crore from Rs 695 crore YoY.

Sri Lotus Developers Q2 (Cons)

Revenue up 52.5% to Rs 268.6 crore from Rs 176.1 crore YoY.
EBITDA rose to Rs 107.3 crore from Rs 50.5 crore YoY.
EBITDA margin expanded to 40% from 28.7% YoY.
Net profit up 77.7% to Rs 82.1 crore from Rs 46.2 crore YoY.

L&T Finance Q2 (Cons)

Total income up 27% to Rs 5,484 crore from Rs 4,336 crore YoY.
Net profit up 32.7% to Rs 975 crore from Rs 735 crore YoY.

CCL Products Q2 (Cons)

Revenue up 7.5% to Rs 1,211 crore from Rs 1,127 crore YoY.
EBITDA up 7.6% to Rs 212.5 crore from Rs 197.5 crore YoY.
EBITDA margin stood at 17.54% versus 17.52% YoY.
Net profit up 28.9% to Rs 130 crore from Rs 101 crore YoY.

Stocks In News

• Hexaware Technologies: To consider second interim dividend on October 20.
• CSB Bank: Denies reports of merger talks with IDBI Bank. Says it is not aware of the report’s factual correctness and confirms that no discussions or negotiations are ongoing regarding the matter.
• Akums Drugs: Receives Rs 53 crore demand notice from the Pharma Department.
• RVNL: Signs pact with Damodar Valley Corporation to develop railway infrastructure and connectivity to DVC power plants.
• Aditya Birla Capital: Allots 40,000 NCDs worth Rs 400 crore.
• Meesho: Surojit Chatterjee resigns as Non-Executive Independent Director, citing personal commitments.
• PFC: Incorporates Kadapa II REZ Transmission as an arm of PFC Consulting. Receives RBI no-objection certificate for the merger of REC with PFC.
• Yes Bank: In the process of obtaining the final copy of the Supreme Court judgment. To make further disclosures as may be required.
• The India Cements: To acquire a 3.62% stake in Zenataris Renewable Energy for Rs 20.9 crore.
• Moneyview: Invests Rs 250 crore in subsidiary Whizdm Finance.
• Afcons Infrastructure: Thane tax body confirms tax demand of Rs 39 crore.
• Jyoti Structures: Appoints Deepak Dinkar Salunke as CFO. Abdul Hameed Khan relinquishes the CFO position.
• Milky Mist: Expands high-protein portfolio with lactose-free milk.
• Fujiyama Power: To raise up to Rs 1,200 crore via QIP.
• NTPC: Signs pact with Africa50 to develop power projects in Africa.
• Baazar Style: Incorporates an arm for its renewable energy business. Allots 20 lakh shares on warrant conversion at Rs 328.25 per share, raising Rs 66 crore. Opens a new store in Patna, taking its total store count to 287.
• Subros: Establishes Subros Advanced Tech Innovation Centre in Noida.
• Rajesh Exports: Says it will continue cooperating with the SEBI investigation and provide all required documents to authorities. Says the company has done nothing wrong and expresses confidence that the matter will be cleared.
• Jindal Steel: Arm Jindal Paradip Port commences operations of Phase I capacity of 12.5 MTPA.
• Solar Industries: Enters pact to acquire Sivasakthi for Rs 115 crore.
• Premier Energies: Executes shareholder pact for battery joint venture covering a 12 GWh BESS project.
• Maruti Suzuki: Receives income tax appellate order covering eight years. Order cuts the interest component by Rs 6,300 crore.
• Mankind Pharma: To invest an additional €45 million in its Netherlands arm and acquire a 70% stake in Armed Cell Therapeutics.
• Aegis Logistics: Commissions specialised LPG bottling plant at Jawaharlal Nehru Port Authority, with a capacity of 35,000 MT per annum.
• IRCTC: Signs MoU with Quality Council of India covering food safety and hygiene audits.
• ICICI Prudential Life Insurance: Tax demand reduced to Rs 279 crore from Rs 328 crore following a rectification tax order from the Mumbai body.
• Glass Wall Systems: Receives order worth up to Rs 50 crore for facade work, with a project delivery schedule of 24 months.
• Sharda Motor: Receives factory licence for its new plant from the Uttarakhand Labour Department.
• Prestige Estates: CPPIB acquires a 10% stake in PHVL for Rs 950 crore. CPPIB also acquires a 5.79% stake via Series A CCPS for Rs 550 crore.
• HEG Advanced: GST body drops Rs 282 crore show-cause notice.
• Nuvoco Vistas: AEPL enters voluntary liquidation under the Insolvency and Bankruptcy Code. The liquidation will make VEGL a wholly owned subsidiary.
• Go Digit General Insurance: Fairfax to contribute Digit Insurance and IIFL Capital to IDBI Bank. Fairfax eyes an integrated banking, insurance and wealth platform through IDBI Bank.

Bulk And Block Deals

• LCC Projects: Kirtan Maneklal Rupareliya bought 17.77 lakh shares at Rs 134.99 per share. Neomile Corporate Advisory bought 23.05 lakh shares at Rs 135.01 per share.
• Ratnaveer Precision Engineering: Chungath Karunakaran Padma Kumar sold 17.12 lakh shares at Rs 327.01 per share. Golden Goenka Management Consultancy Services LLP bought 5 lakh shares at Rs 328.19 per share.
• PC Jeweller: Aditya Kumar Halwasiya bought 5.1 crore shares at Rs 14.43 per share.
• Natco Pharma: Life Insurance Corporation of India sold 3.45 lakh shares at Rs 25 per share. Acadian Emerging Markets Small-Cap Equity Fund LLC sold 1.22 lakh shares at Rs 24.61 per share. Nippon India Mutual Fund bought 6.78 lakh shares at Rs 24.88 per share.

Corporate Actions

Bansal Wire Industries: Stock split from Rs 5 to Rs 1 per share.

Board Meetings

• Ujjivan Small Finance Bank: Fundraising.
• Urban Company: Fundraising.
• Earnings Tomorrow
• Bajaj Housing Finance
• Crompton Greaves Consumer Electricals
• DLF
• E2E Networks
• Federal Bank
• Himadri Speciality Chemical
• Jindal Saw
• LTM
• Oberoi Realty
• Punjab National Bank
• Shoppers Stop
• Solara Active Pharma Sciences
• Tejas Networks
• Ujjivan Small Finance Bank
• Urban Company

Lock-In

Veegaland Developers: One-month lock-in; 2 million shares, representing 5% of total outstanding shares.

SBI Funds Management: Three-month lock-in; 23 million shares, representing 1% of total outstanding shares.

ALSO READ: SEBI’s New Closing Auction Session Framework: Check Revised Timings, VWAP Rules, Derivatives Cut-Offs

ASM Framework

Short-Term ASM Framework Stage: West Coast Paper Mills added to the list of shortlisted securities.

Exclusion From ASM Framework: Krishna Defence And Allied Industries.

F&O Cues

Nifty October futures up 1.52% at 22,993.20, at a discount of 4 points.

Nifty Options (February 3 Expiry): Maximum call open interest at 24,000; maximum put open interest at 22,500.

Securities In Ban Period: Ambuja Cements, Kaynes Technology and SAIL.

Essential Business Intelligence,
Sharp Market Insights,
Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.