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Key Levels Taken Out! Bearishness Continues – Post-Market Analysis

NIFTY started the day flat at 19,286. After an initial up-move to 19,350 levels, the index fell 270 points to 19,075. During the decline, Nifty tried taking support at 19,200 levels, took rejection near yesterday’s low, and continued the fall. The index consolidated post 1:30 PM and finally closed at 19,122, down by 159 points or 0.83%.

Nifty chart October 25 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,308 with a gap-up of 157 points.  After an initial consolidation, the index fell nearly 600 points from the intraday high (continuing the fall from yesterday). BNF closed at 42,832, down by 319 points or 0.74%.

Bank Nifty chart October 25 - post-market analysis | marketfeed

All major indices except Nifty PSU Bank (+0.17%) and Nifty Metal (+0.15%) closed in the red. Nifty Media (-1.6%) and Nifty IT (-1.03%) fell the most.

Major Asian markets closed in the green. European markets are currently trading up to 0.4% in the red.

Today’s Moves

Coal India (+1.37%) was NIFTY50’s top gainer. ICICI Securities has maintained a ‘Buy’ advisory on the stock and raised its target price from ₹325 to ₹395. 

Welspun India (+11.2%) hit a one-year high after the company posted strong Q2 results on the back of higher demand for home linens.

Amber Enterprises (+6.49%) jumped after several analysts raised the stock’s target price even as the company’s losses for Q2 FY24 widened over last year.

Infosys (-2.7%) was NIFTY50’s top loser. The stock turned ex-dividend today.

Shares of Jubilant Pharmova (-7.7%) fell sharply today.

Markets Ahead

Bearishness continues in the Indian market! Nifty and Bank Nifty have broken down major supports. After this fall, the indices might undergo volatility or a small retracement.

Nifty: The important support for the index is near 18,900 levels, which is a bit far from the spot. It is a major target that could be expected in the coming days. The index may retrace a bit in between. Meanwhile, the major resistance will now be 19,200 levels (the earlier support levels). If that level is crossed, the targets could be 19,260 and 19,350.

Bank Nifty: The next major support to consider in BNF is 42,500. The major resistance level to watch out for will be 43,000. If that level is breached, we can expect the index to move up to 43,180 and 43,450 levels. But for a major trend reversal, the index has to cross 43,700.

Major indices have stretched a lot on the downside over the past few days. So a retracement or some profit booking could be seen going forward, which can take the markets up a little. But look for sell-on-rise opportunities only till major resistances are crossed.

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Adani Ports Cargo Volumes Rise 24% in Sept – Top Indian Market News

adani ports and sez

Adani Ports cargo volumes rise 24% in September

Adani Ports & Special Economic Zone Ltd (APSEZ) handled total cargo volumes of 23.08 million metric tonnes (MMT) in September 2021, registering a growth of 24% year-on-year (YoY). The company’s container segment grew 18%, other bulk cargo by 22%, coal by 16%, and crude by 9% during the same month. During the first half of the financial year 2021-22, APSEZ handled an overall cargo volume of 160 MMT, which is a growth of 64% YoY.

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CEAT acquires 26% stake in Cleanwin Energy

CEAT Ltd has signed a Limited Liability Partnership (LLP) agreement with Yellowstone Clean Energy LLP to invest up to Rs 60 lakh in Cleanwin Energy Five LLP. Cleanwin owns, operates, and maintains a captive wind power generating plant in Maharashtra. The renewable energy unit will supply 5 megawatts (MW) of electricity on a captive basis to CEAT plants in Bhandup and Nashik. The tyre manufacturer will hold a 26% stake in Cleanwin Energy Five.

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Tata Communications, Cisco expand global strategic partnership

Tata Communications has extended its longstanding global strategic partnership with Cisco. The new agreement will empower enterprises with simple and easy to deploy, manage, and analyze IT infrastructure for delivering anywhere, anytime access. Cisco’s Meraki solution will enable Tata Communications to offer cloud-managed Wi-Fi services based on Wi-Fi 6 and Software-Defined Wide Area Network (SD-WAN) services across various industries.

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Man Infra’s board approves issue of bonus shares

The Board of Directors of Man Infraconstruction Ltd has approved the issue of bonus shares in the ratio 1:2. One equity share of the face value of Rs 2 each will be issued for every two equity shares of Rs 2 each held by shareholders of the company. The board has also declared an interim dividend of Rs 1.26 per share for the financial year 2021-22. Man Infra’s board has fixed October 14 as the record date for the interim dividend.

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KPIT Tech to boost investments in software-defined vehicle solutions

KPIT Technologies Ltd will make significant investments in middleware technologies and infrastructure to accelerate clients’ transformation to software-defined vehicles across both passenger and commercial vehicle segments. The company intends to develop and enhance technologies and infrastructure to help original equipment manufacturers (OEMs). It aims to address the emerging challenges through solutions in software integration and architecture consulting to help OEMs accelerate the stitching of diverse components together.

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UPL threatened with criminal probe after South African pollution

According to a report from South Africa’s environment department, UPL Limited illegally stored hazardous chemicals that were released into a residential area and a river system after its warehouse in Durban was looted and set ablaze in July 2021. The report further states that UPL did not have any appropriate permits. A criminal investigation is likely to be initiated on the company and the owners of the land where the warehouse is situated. UPL has denied any wrongdoing and said it was “disappointed” by the release of the report.

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Max Healthcare plans Rs 1,600 crore investment to add 1,000 beds in Gurugram

Max Healthcare Institute Ltd (MHIL) plans to invest ~Rs 1,600 crore to expand its capacity in the National Capital Region (NCR) by adding 1,000 beds over the next 4-6 years in Gurugram. The expansion plan is proposed to be funded by internal accruals, borrowings, and other modes. Two land parcels have been allotted to MHIL by Haryana Shahri Vikas Pradhikaran (HSPV) to set up two hospitals in Gurugram.

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Welspun India partners with Dupont Biomaterials to launch home textile range

Welspun India, in collaboration with DuPont Biomaterials, has launched a new home textile collection. It includes bath towels and bed sheets made with bio-based materials to meet the growing demand for sustainable home textile products. The collaboration brings together cotton and DuPont Sorona fibres to create home textile fabrics. The fabrics used in the new range provide comfort and moisture management.

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JK Lakshmi Cement halts production at Chhattisgarh plant due to strike

JK Lakshmi Cement has suspended production at its plant in Durg, Chhattisgarh, due to a strike called by Chhattisgarh Cement Transport Association. Dispatches from the Durg cement plant have completely stopped. Industry-wide negotiations are being held with the state government, and the company is hopeful of an amicable solution soon. The Durg plant has a production capacity of nearly 2.7 million tonnes per annum (MTPA).

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Divi’s Labs hits record high on Merck’s positive data for Covid-19 drug 

Shares of pharma company Divi’s Laboratories surged 10% today. The stock is in focus as the company is MSD’s authorised manufacturer for Molnupiravir API. As per a planned interim analysis of data from Phase-3 clinical trials by Germany-based Merck, Molnupiravir drug is found to reduce the risk of hospitalisation or death by approximately 50% of those most at risk of contracting Covid-19. The drug also demonstrated consistent efficacy across SARS CoV2 variants Gamma, Delta, and Mu.

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Maruti Suzuki Reports 62% QoQ Fall in Net Profit in Q1 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q1 Results: Net profit at Rs 441 crore

Maruti Suzuki India Ltd reported a standalone net profit of Rs 440.8 crore for the quarter ended June (Q1 FY22). Net profit has declined by 62% when compared to the previous quarter. It had posted a net loss of Rs 249 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations fell 26% QoQ to Rs 17,770 crore in Q1 FY22. The automaker posted a 25% QoQ decline in total sales to 3.53 lakh units during the April-June quarter.

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Yes Bank, Indiabulls Housing Finance sign co-lending agreement

Yes Bank has entered into a co-lending agreement with Indiabulls Housing Finance for home loans. The partnership aims at integrating capabilities to provide an efficient and seamless experience to retail home loan customers. The Reserve Bank of India’s co-lending framework provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

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Nestle India Q2 Results: Net profit rises 11% YoY to Rs 539 crore

Nestle India Ltd reported an 11% YoY increase in net profit of Rs 538.6 crore for the quarter ended June (Q2 CY21). The company follows the January-December financial year cycle. Its revenue from operations rose 14% YoY to Rs 3,476 crore during the same period. Nestle’s domestic sales grew 13.7% YoY, while export revenues grew 17.7% YoY in Q2 CY21. The company’s board has approved the sale of a 20% stake in Sahyadri Agro due to a change in business conditions. 

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IDBI Bank Q1 Results: Net profit jumps four-fold to Rs 603 crore

IDBI Bank reported a 318% YoY jump in standalone net profit of Rs 603.3 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 41.4% YoY to Rs 2,506 crore during the same period. The gross non-performing assets (GNPA) ratio declined to 22.71% in Q1 FY22, compared to 26.81% in Q1 FY21. IDBI Bank’s provisions for bad loans and contingencies rose 97.2% YoY to Rs 1,751.80 crore in the April-June quarter of FY22.

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Shilpa Medicare gets WHO approval for Tenofovir Disoproxil Fumarate

Shilpa Medicare has received approval from the World Health Organisation for Tenofovir Disoproxil Fumarate. The drug is used to treat chronic Hepatitis B and prevent and treat HIV AIDS. Shilpa Medicare is a leading manufacturer of Active Pharmaceutical Ingredients (APIs), intermediaries, and formulations in India.

Coforge Q1 Results: Net profit rises 55% YoY to Rs 124 crore

Coforge Limited reported a 54.7% YoY increase in consolidated net profit to Rs 123.6 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 38.3% YoY to Rs 1,461.6 crore during the same period. The IT company’s total order book executable over the next 12 months rose 38.7% YoY to $645 million as of June 30, 2021. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

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Sanofi India sells nutraceuticals business to Universal Natruscience for Rs 587 crore

The Board of Directors of Sanofi India Ltd has approved the sale and transfer of its nutraceuticals business to Universal Nutriscience Pvt Ltd for Rs 587 crore. Universal Nutriscience is a strategic partnership between Kedaara Capital (a private equity firm) and Universal Medicare (a nutraceuticals company). Sanofi India’s nutraceuticals business comprises 16 brands and 30 stock-keeping units (SKUs) 

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SRF Q1 Results: Net profit jumps 123% YoY to Rs 395 crore

SRF Limited reported a 123% YoY jump in consolidated net profit to Rs 395 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its revenue from operations rose 75% YoY to Rs 2,699 crore during the same period. The company’s chemical business posted a 59% increase in revenue to Rs 1,114 crore in Q1. SRF’s board has declared an interim dividend of Rs 12 per share.

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Welspun India Q1 Results: Net profit jumps 343% YoY jump to 217.53 crore

Welspun India Ltd reported a 343.12% YoY jump in consolidated net profit to Rs 217.53 crore for the quarter ended June (Q1 FY22). Net profit has increased by 67.2% when compared to the previous quarter. Its total income rose 83.15% YoY (or 2.47% QoQ) to Rs 217.53 crore during the same period. Welspun India is a multinational conglomerate based in Mumbai. Its crore industries include steel, energy, and textiles.

Mahanagar Gas Q1 Results: Net profit jumps 351% YoY to Rs 204 crore

Mahanagar Gas Ltd (MGL) reported a 351% YoY jump in consolidated net profit to Rs 204.08 crore for the quarter ended June (Q1 FY22). Net profit has declined by 4% when compared to the previous quarter. Its revenue from operations rose 140% YoY (it fell 14% QoQ) to Rs 615.49 crore during the same period. MGL posted a 22.5% QoQ decline in CNG sales to 141.11 million standard cubic meters (MSCM) in Q1. Total gas sales fell 17% QoQ to 2.398 MSCM per day.

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L&T Reports 3% YoY Rise in Net Profit in Q4 – Top Indian Market News

L&T

L&T Q4 Results: Net profit rises 3% YoY to Rs 3,293 crore

Larsen & Toubro (L&T) reported a 3% YoY increase in consolidated net profit to Rs 3,293 crore for the quarter ended March (Q4). Net profit has risen by 33% when compared to the October-December quarter (Q3 FY21). Its revenue from operations rose 9% YoY to Rs 48,088 crore in Q4 FY21. L&T’s order inflow fell 12% YoY to Rs 50,651 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 11,583 crore, registering a growth of 21% YoY. The company’s board has recommended a final dividend of Rs 18 per share.

The construction arm of L&T has secured an order worth Rs 2,500-5,000 crore from Chennai Metro Rail Corporation Ltd (CMRL). The order consists of the construction of nearly 12 km Twin Bored tunnels from Kellys metro station to Taramani Road Junction station.

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Dr Reddy’s Labs Q4 Results: Net profit declines 28% YoY to Rs 554 crore

Dr Reddy’s Laboratories reported a 28% year-on-year (YoY) decline in consolidated net profit to Rs 554 crore for the quarter ended March (Q4). Its revenue rose 7% YoY to Rs 4,728 crore during the same period. The company’s sales from the North American market fell 3% YoY to Rs 1,749.1 crore. Total sales in India rose 23% YoY to Rs 844.5 crore in Q4. Its operating profit grew 13% YoY to Rs 1,133 crore during the quarter. The drugmaker’s board has approved a final dividend of Rs 25 per share.

In other news, Dr Reddy’s Labs has launched the Russian Covid-19 vaccine, Sputnik V, in India at Rs 948 per dose.

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Mphasis Q4 Results: Net profit declines 10.2% YoY to Rs 316.9 crore

Mphasis Limited reported a 10.2% YoY decline in consolidated net profit to Rs 316.9 crore for the quarter ended March (Q4). Its revenue from operations rose 7.5% YoY to Rs 2,524.2 crore during the same period. The IT firm’s total contract value (TCV) stood at $245 million (~Rs 1,795 crore) in Q4, of which 69% was in new generation services. For the financial year ended March 31, 2021 (FY21), net profit rose 2.7% YoY to Rs 1,216.8 crore. The company’s board has recommended a dividend of Rs 65 per share.

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Cipla Q4 Results: Net profit rises 68% YoY to Rs 413 crore

Cipla Limited reported a 68% YoY increase in consolidated net profit to Rs 413.4 crore for the quarter ended March (Q4). Net profit has declined by 44% when compared to the previous quarter (Q3 FY21). Its total revenue rose 5.2% YoY to Rs 4,606.45 crore during the same period. Cipla’s tax expenses jumped 50% YoY to Rs 128.2 crore in Q4. Sales from the North American market increased by 17% YoY to Rs 1,002 crore. The drugmaker’s board has approved a final dividend of Rs 5 per share.

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Alembic Pharma gets USFDA approval for bipolar depression drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lurasidone Hydrochloride tablets. The drug is indicated for the treatment of major depressive episodes associated with bipolar depression. According to IQVIA data, Lurasidone Hydrochloride tablets had US sales of approximately $3.7 billion (~Rs 27,110 crore) for the twelve months ended December 2020.

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Escorts Q4 Results: Net profit jumps two-fold to Rs 285 crore 

Escorts Limited reported over a two-fold YoY jump in consolidated net profit to Rs 285.41 crore for the quarter ended March (Q4). Its revenue from operations rose 60% YoY to Rs 2,228.75 crore during the same period. Tractor sales increased by 62.1% YoY to 32,588 units in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 85% YoY to Rs 871.63 crore. The board of Escorts Ltd has approved a final dividend of Rs 5 per share and a special dividend of Rs 2.5 per share.

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Aditya Birla Capital Q4 Results: Net profit jumps 161% YoY to Rs 375 crore

Aditya Birla Capital reported a 161.1% YoY jump in consolidated net profit to Rs 375.15 crore for the quarter ended March (Q4). Its revenue from operations rose 16.2% YoY to Rs 5,586.83 crore during the same period. The overall lending book (including NBFC and housing finance) grew 2% YoY to Rs 60,557 crore during the quarter. The gross premium across Aditya Birla Capital’s life and health insurance segments rose 25% YoY to Rs 11,076 crore in Q4.

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GoAir seeks SEBI approval for Rs 3,600 crore IPO

Go Airlines India Ltd has filed a Draft Red Herring Prospectus (DHRP) with market regulator SEBI to launch an initial public offering (IPO) worth Rs 3,600 crore. Ahead of the IPO, the low-cost airline rebranded itself as ‘Go First’. The company will utilise the net proceeds from the public issue towards pre-payment or scheduled repayment of outstanding borrowings worth Rs 2,015.8 crore. It will also use the proceeds for the replacement of letter of credits, repayment of dues to Indian Oil Corp.

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Welspun India Q4 Results: Net profit rises 48% YoY to Rs 134 crore

Welspun India reported a 48.3% YoY increase in consolidated net profit to Rs 134.34 crore for the quarter ended March (Q4). Its total income for the quarter stood at Rs 2,173.46 crore. This is compared with a net income of Rs 1,664.46 crore in the corresponding quarter a year ago (Q4 FY20). The company’s board has approved the buyback of equity shares at Rs 120 per share for an aggregate amount of Rs 200 crore. Welspun India’s board has also recommended a dividend of Rs 0.15 per share.

In other news, Welspun India said it will work with Target Corporation again, almost five years after the US retail giant terminated its contract with the company over alleged lapses in labelling and marketing of Egyptian cotton products.

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Indigo Paints Q4 Results: Net profit falls 9% YoY to Rs 24 crore

Indigo Paints reported an 8.9% YoY decline in net profit to Rs 24.8 crore for the quarter ended March (Q4). Its revenue from operations rose 40.8% YoY to Rs 254.27 crore during the same period. Earnings before interest, tax, depreciation, and amortization (EBITDA) fell 7.9% YoY to Rs 42.9 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 48.2% YoY to Rs 70.85 crore.

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