Key benchmark indices provisionally settled with small losses after trading in negative terrain for almost entire day. The barometer index, the S&P BSE Sensex fell 86.55 points or 0.31% at 28,092.53, as per the provisional closing data. The losses for the Nifty 50 index were lower in percentage terms than those for the Sensex. The Nifty 50 index shed 16.80 points or 0.19% at 8,692.15, as per the provisional closing data. The market breadth indicating the overall health of the market was negative. On BSE, 1,439 shares fell and 1,353 shares rose. A total of 233 shares were unchanged. The BSE Mid-Cap index provisionally fell 0.3%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index provisionally rose 0.13%, outperforming the Sensex.
In overseas stock markets, European stocks were trading with modest gains with corporate earnings dominating market moves. Meanwhile, German business sentiment rose to a 2.5-year high in October, a sign that Europe's largest economy has started to pick up speed, according to the Ifo institute's monthly survey of about 7,000 companies. The Ifo institute said today, 25 October 2016 that its business climate index rose to 110.5 points in October from 109.5 in September, reaching the highest level since April 2014.
Asian stocks witnessed a mixed trend. US stocks registered impressive gains yesterday, 24 October 2016, on flurry of M&A deals, part of the single largest week for M&A since the dot-com era. More than five multi-billion dollar deals were announced over the past week. Latest data showed that the Markit flash US manufacturing purchasing managers' index rose to 53.2 in October from 51.5 in September.
The total turnover on BSE amounted to Rs 2973.77 crore, lower than turnover of Rs 3396.82 crore registered during the previous trading session.
HDFC Bank fell 1.3% after announcing Q2 results. The bank reported 20.41% rise in net profit to Rs 3455.33 crore on 15.27% growth in total income to Rs 19970.89 crore in Q2 September 2016 over Q2 September 2015. The result was announced during market hours today, 25 October 2016. HDFC Bank's net interest income, the difference between interest earned and interest expended, grew by 19.6% to Rs 7993.60 crore in Q2 September 2016 over Q2 September 2015.
HDFC Bank's gross non-performing assets (NPAs) stood at Rs 5069.04 crore as on 30 September 2016 compared with Rs 4920.89 crore as on 30 June 2016 and Rs 3827.77 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 1.02% as on 30 September 2016 as against 1.04% as on 30 June 2016 and 0.91% as on 30 September 2015. The ratio of net NPAs to net advances stood at 0.3% as on 30 September 2016 as against 0.32% as on 30 June 2016 and 0.25% as on 30 September 2015.
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HDFC Bank's total deposits rose 16.7% to Rs 5.91 lakh crore while total advances rose 18.1% to Rs 4.94 lakh crore in Q2 September 2016 over Q2 September 2015. HDFC Bank's provisions and contingencies rose 9.94% to Rs 748.99 crore in Q2 September 2016 over Q2 September 2015.
Kotak Mahindra Bank dropped 0.41%, shrugging off strong Q2 September 2016 results announced during trading hours today, 25 October 2016. The bank's net profit rose 42.81% to Rs 813.29 crore on 13.46% increase in total income to Rs 5243.58 crore in Q2 September 2016 over Q2 September 2015.
The bank's gross non-performing assets (NPAs) stood at Rs 3180.66 crore as on 30 September 2016 as against Rs 3058.81 crore as on 30 June 2016 and Rs 2655.38 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 2.49% as on 30 September 2016 as against 2.50% as on 30 June 2016 and 2.35% as on 30 September 2015. The ratio of net NPAs to net advances stood at 1.20% as on 30 September 2016 as against 1.21% as on 30 June 2016 and 1.05% as on 30 September 2015.
The bank's provisions and contingencies (excluding tax provisions) rose 12.11% to Rs 197.76 crore in Q2 September 2016 over Q2 September 2015.
Net Interest Income (NII) rose 19% to 1995 crore in Q2 September 2016 over Q2 September 2015. Net Interest Margin (NIM) was reported at 4.47% in Q2 September 2016, up from 4.30% Q2 September 2015. Advances rose 13% to Rs 126015 crore as on 30 September 2016 compared with Rs 111662 crore as on 30 September 2015
Dr Reddy's Laboratories gained 3.52% after company's management commenting on the company's results said that its major businesses have shown sequential improvement in Q2 September 2016. The company's consolidated net profit fell 60.12% to Rs 308.90 crore on 10.57% decline in total income to Rs 3660.10 crore in Q2 September 2016 over Q2 September 2015. The announcement was made during market hours today, 25 October 2016. The results are as per International Financial Reporting Standards (IFRS).
The company's earnings before interest, taxation, depreciation and amortization (EBITDA) declined 43.64% to Rs 642 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin edged lower to 17.9% in Q2 September 2016, from 28.6% in Q2 September 2015.
Commenting on the company's results, Co-chairman and CEO, G V Prasad said that DRL's major businesses have shown sequential improvement in Q2 September 2016 with revenues growing by 11% and EBITDA by 61%. Looking ahead, the company will continue to focus on launching new products in its generics business, improving productivity and strengthening its quality management systems, Prasad said.
Bharti Infratel rose 2.04% after consolidated net profit rose 31% to Rs 774 crore on 8% increase in revenues to Rs 3292 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016.
Bharti Infratel's consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 10% to Rs 1454 crore in Q2 September 2016 over Q2 September 2015. The company said it had total tower base of 89,791 in Q2 September 2016 with an average sharing factor of 2.21. The total tower base was 87,184 in Q2 September 2015 with an average sharing factor of 2.15.
Akhil Gupta, chairman, Bharti Infratel, said that with the conclusion of recent spectrum auctions, the Indian telecom industry is gearing up for the next round of network rollouts. 960 MHz of data spectrum was sold in 800, 1800, 2100, 2300 & 2500 MHz bands for a sum of approximately Rs 66000 crore, taking the total investment in spectrum since 2010 to over Rs 358000 crore. The telecom sector is already witnessing big increase in demand for high speed data and availability of this additional spectrum will further spur investments from operators towards data rollouts across the country. Bharti Infratel is well poised to capitalize on this opportunity and to support telecom operators in rollout of 3G and 4G networks.
Idea Cellular lost 2.08% after consolidated net profit slumped 88% to Rs 91.46 crore on 8.05% rise in total income to Rs 9535.01 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016. Earnings before interest, taxation, depreciation and amortization (EBITDA) grew 1.8% to Rs 2840.10 crore in Q2 September 2016 over Q2 September 2015 as higher network running expenses due to accelerated expansion, increased subscriber acquisition and servicing cost, and multiple inflationary pressures resulted in overall operating cost increase. EBITDA margin contracted to 30.5% in Q2 September 2016 from 32.2% in Q2 September 2015.
In the recently concluded October 2016 Spectrum auction, Idea acquired 349.2 MHz of spectrum, including 149.2 MHz spectrum in frequency bands of 1800 MHz and 2100 MHz, expanding Idea mobile broadband coverage to Pan India and additional 200 MHz spectrum in frequency bands of 2300 MHz and 2500 MHz to address the future requirement of capacity.
Idea Cellular is gearing to expand its wireless broadband coverage using the spectrum won in recently concluded spectrum auction and plans to spend incremental equipment capex of Rs 1000 crore in FY17. With this, the capex guidance is revised from an earlier level of Rs 6500-7000 crore to Rs 7500-8000 crore, the company said.
Zee Entertainment Enterprises rose 0.15% after consolidated net profit rose 27.05% to Rs 238.38 crore on 19.65% increase in net sales to Rs 1655.77 crore in Q2 September 2016 over Q2 September 2015. The result was announced during trading hours today, 25 October 2016. Zee Entertainment Enterprises' advertising revenues grew by 15.7% to Rs 959.20 crore in Q2 September 2016 over Q2 September 2015. Domestic advertising revenues were Rs 880 crore while International advertising revenues stood at Rs 79.20 crore for the quarter.
Subscription revenues rose 21.7% to Rs 583.30 crore in Q2 September 2016 over Q2 September 2015. During the quarter, domestic subscription revenues stood at Rs 467.50 crore while international subscription revenues stood at Rs 115.80 crore. Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose 36.40% to Rs 489.20 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin stood at 28.9%.
Adani Ports and Special Economic Zone jumped 8.63% after consolidated net profit rose 60.97% to Rs 1090.81 crore on 23.56% increase in total income to Rs 2416.77 crore in Q2 September 2016 over Q2 September 2015. The result was announced during trading hours today, 25 October 2016. The company's consolidated operating income rose 21% to Rs 2183 crore in Q2 September 2016 over Q2 September 2015. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 23% to Rs 1451 crore in Q2 September 2016 over Q2 September 2015. In Q2 September 2016, APSEZ handled cargo of 43 million metric tonnes (MMT), a growth of 17% over Q2 September 2015.
In a separate announcement during trading hours today, 25 October 2016, the company said its board of directors gave in-principle approval for issue of non-convertible debentures for an aggregate amount not exceeding Rs 2000 crore in one or more tranches on private placement basis.
Asian Paints rose 1.99% after consolidated net profit rose 18.11% to Rs 494.76 crore on 10.48% rise in total income to Rs 4311.59 crore in Q2 September 2016 over Q2 September 2015. The result was announced during trading hours today, 25 October 2016.
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