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Bulls Take Over Bank Nifty? Nifty Closes Flat Amidst Choppiness – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,404. After an initial 60-point fall in the first 5 minutes, the index attempted to recover but didn’t succeed, and fell sharply below the day’s low. Then, Nifty moved down to 19,330 levels, took support there, and moved up back up— breaching the opening levels and the day’s high. Nifty closed at 19,406, down by 5 points or 0.03%.

Nifty chart November 7 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day flat at 43,598. Right after the market opened, the index quickly fell more than 200 points to 43,380 levels. It then made a temporary recovery before again falling to 43,280. Then, the index shot up nearly 520 points to reach the resistance zone of 43,800! BNF closed at 43,737, up by 118 points or 0.27%.

All indices except Nifty Realty (-1.34%), Nifty Media (-0.64%), and Nifty Auto (-0.18%), closed flat-to-green.

Major Asian markets closed in the red. European markets are currently trading up to 1% in the red.

Today’s Moves

Sun Pharma (+1.82%) was NIFTY50’s top gainer. Some brokerages have upgraded the stock after the company posted strong Q2 results.

Trent (+8.54%) surged today after reporting an 189% YoY jump in net profit to ₹228 crore in Q2.

Shares of Jyothy Labs (+8.69%) rallied after the FMCG company’s net profit rose 59.1% YoY to ₹103.98 crore in Q2, while revenue was up 11.09% YoY.

Hero MotoCorp (-1.16%) was NIFTY50’s top loser. 

Sobha (-3.68%) fell sharply after the realty firm’s net profit fell 22% YoY to ₹15 crore in Q2 FY24; missing analysts’ estimates.

SEBI has revoked the securities market ban against entities in Lux Industries Ltd’s (-2.4%) insider trading case.

Markets Ahead

Remember when we were talking about the rise in India VIX and the chance of a retracement/pullback? Well, we saw a similar structure in the market today. With the earlier resistance levels now acting as supports, the major indices have moved up with strength, especially Bank Nifty.

Nifty: It’s crucial to keep an eye on the significant resistance at 19,400. If the index manages to break out from that level, it could potentially climb towards the round level of 19,500. On the other hand, there’s strong support for the index at 19,380 levels. If it falls below this point, we might see a decline towards 19,320 and 19,250 levels.

Bank Nifty: The resistance to look for in Bank Nifty is clearly the 43,800-900 zone. If the index manages to surpass these levels, it might make its way up to the round figures of 44,000 and 44,100. Meanwhile, the support to look out for is near 43,600 (the previous swing level). If the index falls below this point, it could potentially slide down to 43,400 and 43,200 levels.

Bank Nifty is testing important breakdown levels (as shown in the chart below). So, a breakout will confirm the change in the trend.

The Indian stock market faced resistance at higher levels and broke its 3-day winning streak today. Negative global news came in as Chinese exports fell more than expected, indicating that global trade is slowing down.

How was FIN NIFTY expiry today? Are you in net profit/loss? Let us know in the comments section below!

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Volatile Monthy Expiry! Metal Stocks Shine – Post-Market Analysis

NIFTY started the day flat at 19,729 with a gap-up of 57 points. The index immediately fell, taking rejection from the earlier support zone of 19,700. It moved down till yesterday’s low of 19,660 zones (making lower lows), gave a strong pull-back to the 19,700 zone, and took rejection there. Then, Nifty gave a good fall to 19,620 levels and took support from there to move again sharply to the rejection zone of 19,700. Nifty closed at 19,680, up by 8.25 points or 0.04%.

NIFTY chart - July 25

BANK NIFTY (BNF) started the day at 46,154 with a gap-up of 231 points. The index fell to the 45,900-600 support zones but couldn’t sustain. After the breakdown and re-test of those levels, Bank Nifty further fell to 45,600 levels to take support and gave a huge recovery till the rejection zone of 45,900 zones. BNF closed at 45,845, down by 78 points or 0.17%. 

Bank Nifty chart - July 25

Nifty Metal (+2.94%) and Nifty Media (+1.5%) moved up the most, while Nifty PSU Bank (-1.4%) fell sharply. 

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

Hindalco (+3.82%) was NIFTY50’s top gainer. 

Metal stocks Tata Steel (+3.25%), JSW Steel (+3.2%), NTPC (+2.4%), NALCO (+2.9%), Hindustan Copper (+5.4%), and others surged today.

Jyothy Labs (+19.9%) rallied after its net profit jumped 102% to ₹96.25 crore on the back of moderating input costs and a stable demand environment in Q1 FY24.

Asian Paints (-4.04%) was NIFTY50’s top loser. The company’s consolidated net profit rose 53% YoY to Rs 1,550 crore; beating street estimates.

ITC (-1.9%) continued its fall after announcing the demerger of its hotel business.

Olectra Greentech (-9%) shares have fallen 21% in 7 days. BSE and NSE have placed the stock under the long-term ASM framework.

Markets Ahead

Markets have turned bearish, and the levels mentioned in yesterday’s post-market analysis acted as planned. Our targets of 19,560 in Nifty and 45,500 in Bank Nifty are still intact. So if there’s a follow-up tomorrow, those targets could be hit!

Nifty: Now, the important resistance is clearly 19,700 and the important support is near 19,560 (which also coincides with the falling channel pattern low). If there’s a flat opening tomorrow below 19,700, Nifty can have another round of sell-off tomorrow. On the other hand, if there’s a breakout from the 19,700 level, the index can move to the 19,770 resistance level.

Bank Nifty: The index is now below the support zone of 45,900 and has turned bearish. But on a 5 min chart, there’s a bullish head and shoulder pattern that’s been formed. So if the index crosses 45,800 tomorrow, we can expect it to fall to today’s low and eventually till the 45,500 level. If there’s a breakout from 46,000 levels, Bank Nifty can move to 46,250 as the first target.

FIN NIFTY was super volatile like Nifty and Bank Nifty on expiry day. The index made some crazy moves, creating trouble for both option buyers and sellers. But if you were a safe/conservative option seller, you would have made money!

Meanwhile, business activity in the U.S. slowed to a five-month low in July, dragged down by decelerating service-sector growth. The Federal Open Market Committee’s (FOMC) meeting will begin today. Investors are expecting the group to raise interest rates by 25 basis points to their highest level since 2001.

How did your expiry trading go? Let us know in the comments section of the marketfeed app.

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Tech Mahindra Reports 39% YoY Rise in Net Profit in Q1 – Top Indian Market News

Tech Mahindra Q1 Results: Net profit rises 39% YoY to Rs 1,353 crore

Tech Mahindra Ltd reported a 39.17% YoY increase in net profit to Rs 1,353.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 25.13% when compared to the previous quarter. Its revenue from operations rose 11.98% YoY to Rs 10,197.6 crore during the same period. In dollar terms, revenue grew 14.6% YoY (or 3.9% QoQ) to $1,384 million. Tech Mahindra secured deals worth $815 million (~Rs 6050 crore) during the April-June quarter.

Read more here.

PVR Q1 Results: Net loss at Rs 220 crore

PVR Limited reported a consolidated net loss of Rs 219.4 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 225.7 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 367% YoY to Rs 59.4 crore in Q1 FY22. The Covid-19 pandemic continues to adversely impact the company’s operations and financial performance. During the current financial year, PVR had availed additional borrowing of Rs 200 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) 3.0 scheme of the Indian government.

JSW Energy signs agreement with Australian firm to produce green hydrogen

JSW Energy Ltd has entered into a framework agreement with Australia-based Fortescue Future Industries (FFI) for potential projects related to the production of green hydrogen. The companies will assess the potential of green hydrogen for green steel manufacturing, hydrogen mobility, green ammonia, and other industrial applications in India. FFI is the renewable energy and industry company of Fortescue Metals Group.

Read more here.

Colgate-Palmolive Q1 Results: Net profit rises 18% YoY to Rs 233 crore

Colgate-Palmolive Ltd reported an 18% YoY increase in net profit to Rs 233.2 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12% YoY to Rs 1,157.8 crore during the same period. The company’s expenses on advertising and promotional activities grew 40.6% YoY (or 7.6% QoQ) in Q1. EBITDA increased by 15% YoY to Rs 350 crore.

Read more here.

IFC acquires 5% stake in Federal Bank for Rs 916 crore

IFC and two investment funds managed by IFC Asset Management Company (AMC) have acquired a 4.99% stake in Federal Bank for Rs 916 crore. The investment will support Federal Bank’s commitment to environmental, social, and governance (ESG) standards. It will also strengthen the lender’s Tier-1 capital adequacy ratio (CAR) and expand its micro, small, & medium enterprises (MSME) and climate finance portfolios. International Finance Corporation (IFC) is an arm of the World Bank Group.

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TVS Motor Q1 Results: Net loss at Rs 15 crore

TVS Motor Company Ltd reported a consolidated net loss of Rs 15 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 183 crore in the corresponding quarter last year (Q1 FY21) and a net profit of Rs 310 crore in Q4 FY21. Total income jumped 141% YoY to Rs 4,692 crore in Q1 FY22. TVS Motor Company’s total two-wheeler and three-wheeler sales (including exports) increased by ~146% YoY to 6.58 lakh units during the same period.

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Tata Teleservices partners with Zoom to offer communications solutions to enterprises

Tata Teleservices Ltd has partnered with Zoom Video Communications Inc. to offer scalable and secure video communications solutions to enterprises. The company will provide Zoom’s platform services such as Zoom Meetings and Zoom Webinars primarily to small and medium enterprises (SMEs). The partnership will benefit industry segments such as Banking, Financial Services, and Insurance (BFSI), IT-enabled businesses, and education with unified communications solutions backed by Tata Teleservices’ support.

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Jyothy Labs Q1 Results: Net profit falls 20% YoY to Rs 40 crore

Jyothy Labs Ltd reported a 20% YoY decline in consolidated net profit to Rs 40 crore for the quarter ended June (Q1 FY22). Net profit has increased by 48% when compared to the previous quarter. The FMCG company’s revenue from operations rose 21% YoY (or 6% QoQ) to Rs 525 crore during the same period. Jyothy Labs’ fabric care segment posted a sales growth of 27.5% YoY, while its dishwashing segment grew 22% YoY in Q1.

Bharti Airtel loses 46.1 lakh subscribers in May; Jio adds 35.5 lakh subscribers.

Bharti Airtel lost a staggering 46.13 lakh wireless subscribers in May 2021, while Reliance Jio added 35.54 lakh subscribers. Meanwhile, Vodafone Idea’s subscriber base declined by 42.8 lakh users during the same month. Jio, Bharti Airtel, and Vodafone Idea had a subscriber base of 43.12 crore, 34.9 crore, and 27.7 crore, respectively, at the end of May. India’s overall mobile subscriber figure fell by 62.7 lakh to 117.6 crore. The data was released by the Telecom Regulatory Authority of India (TRAI).

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Laurus Labs Q1 Results: Net profit rises 40% YoY to Rs 241 crore

Laurus Labs Limited reported a 40% YoY increase in consolidated net profit to Rs 241 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 31.3% YoY to Rs 1,279 crore during the same period. The company’s synthesis business registered a strong growth of 95% YoY, with ongoing commercial supplies for four products. Hyderabad-based Laurus Labs is a leading research and development (R&D) driven fully integrated pharmaceutical and biotech company.

Glenmark Life Sciences IPO subscribed 44 times on final day of bidding 

The Rs 1,513.6 crore IPO of Glenmark Life Sciences was subscribed 44.17 times on the final day of bidding. Retail investors have subscribed 14.63 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 122.54 times and 36.97 times, respectively, against their reserved portions. 

Meanwhile, the Rs 731 crore IPO of Rolex Rings Ltd was subscribed 9.26 times on the second day of bidding. Retail investors have subscribed 15.89 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 5.85 times and 23%, respectively, against their reserved portions. You can learn more about the IPO here. 

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Tata Motors Reports Net Loss of Rs 7,605 crore in Q4 – Top Indian Market News

Tata Motors Q4 Results: Net loss at Rs 7,605 crore

Tata Motors reported a consolidated net loss of Rs 7,605.4 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 9,894.3 crore in the corresponding quarter last year (Q4 FY20) and a net profit of Rs 2,906.45 crore in Q3 FY21. The automaker’s consolidated revenues rose 42% YoY to Rs 88,728 crore in Q4 FY21. The company’s exceptional loss related to Jaguar Land Rover (JLR) stood at nearly Rs 14,000 crore during the quarter. Its India business posted a 106% YoY jump in revenues to Rs 20,046 crore in Q4. 

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L&T Infotech signs digital banking deal with Hoist Finance

L&T Infotech (LTI) has entered into a strategic engagement with Sweden-based Hoist Finance AB to provide banking-as-a-service for performing loans segment through its digital banking platform. The platform will enable Hoist Finance to be more scalable and ensure faster on-boarding of new asset classes across regions. LTI’s digital banking platform provides agility and higher security at a lower total cost of ownership.

Read more here.

Canara Bank Q4 Results: Net profit at Rs 1,011 crore

Canara Bank reported a net profit of Rs 1,011 crore for the quarter ended March (Q4). It had posted a net loss of Rs 3,259 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 68.4% YoY to Rs 5,589 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio stood at 8.93%, compared with 7.46% in the previous quarter (Q3 FY21). The bank’s provisions and contingencies declined to Rs 4,134 crore in Q4, compared with Rs 4,325 crore in the October-December quarter (Q3).

Read more here.

Praj Industries develops technology to produce bio-bitumen based on lignin

Praj Industries announced that it has developed a technology to produce bio-bitumen based on lignin. The Netherlands-based Circular Biobased Delta has approved the company’s samples processed from Purified Lignin, as a part of their flagship CHAPLIN program. Lignin is one of the co-products resulting from 2nd generation ethanol plants, paper making, and also from compressed biogas plants. Bitumen is a black viscous mixture of hydrocarbons used in road construction and roofing.

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Jyothy Labs Q4 Results: Net profit rises 3% YoY to Rs 27 crore

Jyothy Labs reported a 2.59% YoY increase in consolidated net profit to Rs 27.28 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 495.11 crore during the same period. The FMCG firm incurred an exceptional expense of Rs 23.5 crore in Q4. The Managing Director of Jyothy Labs said they have been witnessing good traction across segments and are aligned to achieve higher growth. The company’s board has recommended a final dividend of Rs 4 per share.

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Majesco partners with Infosys to accelerate digital transformation for insurers

Majesco and Infosys have announced a strategic collaboration through which they will work to help joint customers accelerate their digital transformation journey. Infosys’ insurance domain and digital capabilities combined with Majesco’s cloud-based next-generation suite of solutions will accelerate growth and innovation for the insurance industry. Through this partnership, the companies will enable insurers to unlock new opportunities, address the demand for personalised customer experiences, and ensure digital adoption across the insurance business value chain.

Torrent Pharma Q4 Results: Net profit rises 3% YoY to Rs 324 crore

Torrent Pharmaceuticals reported a 3.18% YoY increase in consolidated net profit to Rs 324 crore. Its total revenue rose 0.15% YoY to Rs 1,915 crore during the same period. The pharma company’s India revenues grew 10% YoY to Rs 992 crore, while revenues from the US market declined 30% YoY to Rs 269 crore. The company’s board has recommended a final dividend of Rs 15 per share. Its board has also approved the raising of up to Rs 5,000 crore through the issuance of equity shares, convertible debentures, or via qualified institutional placement (QIP) or any other mode. 

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Ujjivan SFB Q4 Results: Net profit rises 86% YoY to Rs 136 crore

Ujjivan Small Finance Bank reported an 86.59% YoY increase in net profit to Rs 136.49 crore for the quarter ended March (Q4). Its total operating income declined 16.22% YoY to Rs 617.85 crore during the same period. Total deposits grew 22% YoY to Rs 13,136 crore. The gross non-performing assets (GNPA) ratio stood at 7.1%, compared with 1% in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit declined 97.6% YoY to Rs 8.30 crore.

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Abbott India Q4 Results: Net profit rises 37% YoY to Rs 152 crore

Abbott India reported a 37.4% YoY increase in net profit to Rs 152.47 crore for the quarter ended March (Q4). Net profit has declined by 13.93% when compared with the previous quarter. Its revenue from operations rose 14% YoY to Rs 1,095.54 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 16.49% YoY to Rs 690.69 crore. The drugmaker’s board has recommended a final dividend of Rs 120 per share and a special dividend of Rs 155 per share.

Read more here. 

CCI approves acquisiton of additional 25% stake of Krishnapatnam Port by Adani Ports

The Competition Commission of India (CCI) has approved the proposed acquisition of an additional 25% shareholding of Krishnapatnam Port by Adani Ports and Special Economic Zone Ltd (APSEZ). The cost of acquisition of the 25% stake from Vishwa Samudra Holdings will be Rs 2,800 crore. After the successful completion of the acquisition, Krishnapatnam Port will become a wholly-owned subsidiary of APSEZ. The all-weather, deep water port has a multi-cargo facility with an annual capacity of 64 million tonnes.

Read more here.

Route Mobile Q4 Results: Net profit jumps 161% YoY to Rs 35 crore

Route Mobile reported a 161.81% YoY jump in consolidated net profit to Rs 35.37 crore for the quarter ended March (Q4). Net profit has declined by 6.9% when compared to the previous quarter. Its revenue rose 36.38% YoY to Rs 362.44 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 128.8% YoY to Rs 133.32 crore. The company’s board has recommended a dividend of Rs 2 per share. Route Mobile is a leading cloud communications platform provider based in Mumbai.

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HUL’s Q3 Profit Jumps 19% YoY to Rs 1,921 crore – Top Indian Market News

HUL Q3 Results: Net profit rises 19% YoY to Rs 1,921 crore

Hindustan Unilever Ltd (HUL) reported an 18.8% YoY increase in net profit to Rs 1,921 crore for the quarter ended December (Q3). The FMCG firm’s revenue rose 20.94% YoY to Rs 11,862 crore during the same period. Its domestic volume growth jumped 7% in Q3. The company’s strong performance was led by double-digit growth in its homecare product segment, while its beauty and personal care segment clocked a 9% YoY rise in revenues. HUL stated that rural growth continued to outpace urban during the quarter and is growing in double digits. 

Read more here.

Hero MotoCorp to enter Mexican market; enters into partnership with Grupo Salinas

Hero MotoCorp Ltd announced that it will soon commence operations in Mexico. The company has entered into a distribution agreement with Grupo Salinas (a group of companies founded by Mexican entrepreneur Ricardo Salinas). In the first phase of operations, Hero MotoCorp will launch 9 products. This includes motorcycles for work (100cc), street (125cc), premium (150cc,160cc), as well as scooters.

Read more here. 

Marico Q3 Results: Net profit rises 13% YoY to Rs 312 crore

Marico Ltd reported a 13% YoY increase in consolidated net profit to Rs 312 crore for the quarter ended December (Q3). The FMCG firm’s revenue rose 16.34% YoY to Rs 2,122 crore during the same period. The company’s performance in Q3 was driven by strong domestic volume growth of 15% and a constant currency growth of 8% in the international business. 

Read more here.

NALCO announces Rs 749 crore share buyback plan

National Aluminium Company’s (NALCO) board has approved the buyback of 13.03 crore shares for about Rs 749.10 crore. The shares will be bought back at Rs 57.5 per share, which is a 24.5% premium over Monday’s closing price of Rs 46.15. NALCO has fixed February 8 as the record date to ascertain the eligibility of shareholders for the buyback of equity shares.

Read more here.

Jyothy Labs Q3 Results: Net profit rises 18% YoY to Rs 53 crore

Jyothy Labs Ltd reported an 18% YoY increase in consolidated net profit to Rs 53.2 crore for the quarter ended December (Q3). The FMCG firm’s revenue from operations rose 13.3% YoY to Rs 477 crore during the same period. Jyothy Labs stated that the revival of consumer sentiment is reflecting in the company’s performance across its brand portfolio. The company has witnessed demand acceleration in general trade and e-commerce platforms in Q3.

Read more here.

Sterling and Wilson Solar commissions 25 MW solar energy project in Oman

Sterling and Wilson Solar Ltd (SWSL) has commissioned a 25 megawatt (MW) solar project in Oman. The project was awarded to SWSL by global energy company Shell. The solar project, located on a 50-hectare site within Sohar Freezone, will save 25,000 tonnes of carbon emissions annually. 

Read more here.

India Cements Q3 Results: Net profit at Rs 67.90 crore

India Cements Ltd reported a consolidated net profit of Rs 67.90 crore for the quarter ended December (Q3). It had posted a net loss of Rs 8.79 crore during the corresponding period in FY20. The company’s revenue from operations declined 4.79% YoY to Rs 1,184.68 crore in Q3 FY21. The company stated that the Covid-19 pandemic had severely impacted its normal business operations.

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Dr. Reddy’s Labs terminates Covid-19 treatment study in Kuwait

Dr. Reddy’s Laboratories has terminated its clinical study of Fujifilm Holdings’ Covid-19 treatment Avigan in patients with moderate to severe symptoms in Kuwait. This comes after data from the Kuwait trial showed that the difference in time taken by Avigan and a placebo to resolve a sustained absence of oxygen in the tissues was not significant enough to continue the trial. Dr. Reddy’s stated that a late-stage North American trial of Avigan in patients with mild to moderate Covid-19 will continue.

Read more here.

Canara Bank Q3 Results: Net profit at Rs 739 crore

Canara Bank reported a consolidated net profit of Rs 739.20 crore for the quarter ended December (Q3). The state-owned bank had reported a net profit of Rs 406.43 crore during the corresponding period in FY20. Net interest income (NII) grew 14.58% YoY to Rs 6,081 crore in Q3 FY21. Provisions for bad loans and contingencies stood at Rs 4,327.34 crore, compared with Rs 1,814.32 crore in Q3 FY20.

Read more here.

Axis Bank Q3 Results: Net profit falls 36% YoY to Rs 1,117 crore

Axis Bank Ltd reported a 36% YoY decline in net profit to Rs 1,116.6 crore for the quarter ended December (Q3). The bank’s net interest income (NII) rose 14% YoY to Rs 7,372.7 crore during the same period. Provisions increased by 32.7% YoY to Rs 4,604.28 crore. Axis Bank’s gross non-performing asset (NPA) ratio stood at 3.44%, compared with 4.18% in Q2.

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Aditya Birla Fashion to acquire 51% stake in Sabyasachi for Rs 398 crore

Aditya Birla Fashion and Retail Ltd (ABFRL) has announced a strategic partnership with designer brand Sabyasachi, by signing a definitive agreement for acquiring a 51% stake in the Sabyasachi brand. The cost of acquisition or the price at which the shares are acquired will be approximately Rs 398 crore. The indicative time period for completion of the acquisition is 30-45 days.

Read more here.

Tata Elxsi partners with Syntiant to provide low-power edge AI device development for voice applications

Tata Elxsi and US-based Syntiant Corp. have announced a collaboration to help manufacturers design and develop low-power always-on voice applications across multiple product categories. Some of these categories include smart home devices and consumer electronics, along with industrial & automotive use cases. The developed application aims to provide end-to-end solutions and services for customers using Syntiant’s deep learning Neural Decision Processors.  

Read more here. 

Stove Kraft IPO subscribed 2.93 times on Day 2

The initial public offering (IPO) of Stove Kraft was subscribed 2.93 times on the second day of bidding. The IPO has received bids for 1.72 crore equity shares, against an offer size of 58.94 lakh equity shares. The reserved portion for retail investors was subscribed 13.07 times. The portion set aside for non-institutional investors was subscribed 1.85 times. Qualified institutional investors have put in 8.15% bids against the reserved portion.

Read more here.

To know more about the IPO, click here.

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SBI Reports 52% YoY Jump in Net Profit – Top Indian Market News

SBI Q2 Results: Net Profit jumps 52% YoY to Rs 4,574 crore

State Bank of India (SBI) reported a 51.9% year-on-year (YoY) increase in net profit to Rs 4,574.16 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 14.56% YoY to Rs 28,181.5 crore, during the same period. The share price of SBI Bank saw a rise of 0.37%, and closed at Rs 205.50 on the NSE today.

Read more here.

Gland Pharma IPO to open on November 9

Hyderabad-based Gland Pharma is set to launch its initial public offering (IPO) on November 9, in order to raise Rs 6,450 crore. The price band for the offer has been fixed at Rs 1,490-1500 per share. The issue will be closed on 11 November. This would be the largest IPO by a pharmaceutical firm in India.

Read more here.

Adani Enterprises Q2 Results: Profit stands at Rs 436 crore

Adani Enterprises Ltd. reported a consolidated profit of Rs 435.73 crore, for the quarter ended September (Q2). The company had posted a consolidated loss of Rs 10.06 crore in Q2 of the previous financial year. The total income of the company stood at Rs 9,312.14 crore in Q2 FY21.

Read more here.

India’s services PMI expands for first time in eight months

India’s service sector activity showed great signs of recovery, as the PMI increased from 49.8 in September to 54.1 in October. Economic activity has continued to pick up, as lockdown restrictions have been removed. The IHS Markit Services Purchasing Managers’ Index (Services PMI) is a month-on-month calculation of service activity in a country. A PMI value of more than 50 shows expansion, and a value of less than 50 shows contraction.

Read more here.

HPCL announces Q2 results and share buyback plan

Hindustan Petroleum Corporation Ltd. (HPCL) reported a 135% year-on-year (YoY) increase in net profit to Rs 2,477.4 crore, for the quarter ended September (Q2). The company’s revenue has declined by 14.9% YoY to Rs 51,773.3 crore, during the same period. HPCL has announced a share buyback worth Rs 2,500 crore, at Rs 250 per share.

Read more here.

Jyothy Labs Q2 Results: Net Profit rises 12% YoY to Rs 60 crore

Jyothy Labs Ltd. reported a 12.2% year-on-year (YoY) increase in consolidated net profit to Rs 60.13 crore, for the quarter ended September (Q2). The FMCG firm’s total income has increased by 5.86% YoY to Rs 508.51 crore, during the same period. The company has stated that its general trade and e-commerce platform had seen a strong demand in Q2. 

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SBI Cards partners with Paytm to launch co-branded credit cards

SBI Cards has partnered with financial services platform Paytm to launch Paytm-SBI Card co-branded credit cards. The company has stated that these credit cards are equipped with smart features and will provide superior rewards and benefits. The credit card company had earlier reported very weak Q2 earnings, due to the effects of the Covid-19 pandemic.

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United Spirits Q2 Results: Net Profit falls 21% YoY to Rs 125 crore

United Spirits Ltd. reported a 20.62% year-on-year (YoY) decline in consolidated net profit to Rs 125.1 crore, for the quarter ended September (Q2). The company had posted a net profit of Rs 157.6 crore in Q2 of the previous financial year. The revenue from operations has increased by 3.97% YoY to Rs 7,590.4 crore in Q2 FY21.

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SRF Q2 Results: Profit up by 57% YoY to Rs 316 crore

SRF Limited reported a 57% year-on-year (YoY) increase in consolidated net profit to Rs 316 crore, for the quarter ended September (Q2). The manufacturing firm’s consolidated revenue increased by 21% YoY to Rs 2,101 crore, during the same period. The company has stated that its Packaging Films and Special Chemicals businesses have posted a robust performance in Q2.

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Pidilite Q2 Results: Net Profit rises 9.5% YoY to Rs 356 crore

Pidilite Industries Ltd. reported a 9.5% year-on-year (YoY) increase in net profit to Rs 356 crore, for the quarter ended September (Q2). The company’s revenue has increased by 4% YoY to Rs 1,880 crore, during the same period. Pidilite has also confirmed that it has completed the acquisition of Huntsman Group’s Indian subsidiary for Rs 2,100 crore.