Markets exhibited weakness for third straight week with Nifty closing well below the 25,000 mark. However, despite rebound from 24,700 zone, the outlook remains cautious with near term target seen at 22,800. The formation of lower high and lower low on weekly chart suggests that major volatility is likely in the coming days.
Result Today – Bajaj Housing Finance, Gravita, Ultratech Cement
Nifty 50 Chart
Stocks to watch
Positive Read through
- HDFC Bank – Healthy set of earnings, NIM remains above 3.4 pct.
- Garden Reach – Get LoI for a project of Rs. 4.91 bn from Defence Min.
- Insurance Cos – GoM recos certain GST rate exemptions for term plan & health insurance.
- Tech Mahindra – Sales growth steady for 2nd straight quarter, CC sales grew 1.9 pct QoQ.
- Jindal Saw – EBITDA jumped 14 pct, margin rose 170 bps YoY, debt down QoQ.
- JIO Fin Services – Profit increases 3 pct, sales grew 14 pct YoY.
- Alembic Pharma – Gets US FDA nod for Diltiazem HCL extended-release capsules.
- Mastek – Sales rose 13 pct, EBITDA increased 16 pct, margin expanded 140 bps YoY.
- Oberoi Realty – Margin expanded 930 bps YoY, booking value higher than estimates.
- Netweb Tech – profit jumped 70 pct, sales up 73 pct YoY.
- Tejas Networks – Q2 sales up 1.8x, EBIT margin rose 550 bps QoQ.
- KPIT Tech – To consider fund raising in October 23 board meet.
- JM Fin – RBI lifts restrictions, allowed to provide financing against shares & bonds.
- GNA Axles – Approves Rs. 4 bn capex, to be funded by internal accruals & debt.
- Rossari Bio – Sales up 3 pct, EBITDA improves 4 pct.
- JSW Steel – To acquire Thyssenkrupp Electrical Steel India for Rs. 40.51 bn.
Negative Read through
- Kotak Mah Bank – NIM slips both QoQ & YoY, slippages higher vs estimates.
- ICICI Lombard – Combined ratio higher vs estimate, rose 60 bps YoY.
- Tata Cons – India beverages sales & volume decline, international business margin healthy.
- PNC Infra – Road Ministry disqualifies from tender participations for 1 year.
- MRPL – Weak GRMs drag earnings, reports EBITDA loss of Rs. 4.70 bn.
- Indiamart – Headline numbers improve, but collections remain under pressure.
- Dalmia Bharat – Weak Q2 on lower realisations & EBITDA/tonne at multi-year low.
- MCX – Mixed Q2, margin improves QoQ but it’s below estimates.
- Star Cement – Vinit kumar Tiwari resigns as CEO with effect from October 18.
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