As per the provisional closing data, the S&P BSE Sensex, surged 512.6 points or 0.85% at 60,580.97. The Nifty 50 index rose 151.75 points or 0.85% at 18,068.75.
In the broader market, the S&P BSE Mid-Cap index added 1.3% while the S&P BSE Small-Cap index rose 0.81%.
The market breadth was positive. On the BSE, 1,818 shares rose and 1,539 shares fell. A total of 193 shares were unchanged.
Primary Market:
The initial public offer (IPO) of One97 Communications (Paytm) received bids for over 74.97 lakh shares as against 4.83 crore shares on offer on Monday (8 November 2021), according to stock exchange data. The issue was subscribed 15%.
One97 Communications (Paytm) is one the largest payments platform in India based on the number of consumers, number of merchants, number of transactions and revenue ended March 2021.
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The IPO opened for bidding today, 8 November and it will close on 10 November. The price is set at Rs 2080 to Rs 2150.
Ahead of the IPO, Paytm raised Rs 8,235 crore from anchor investors including Blackrock, CPPIB, Birla MF, GIC among other blue-chip investors. The IPO consists of a fresh issue to raise Rs 8300 crore and offer of sale (OFS) comprising Rs 10,000 crore.
Stocks in Spotlight:
Divi's Laboratories dropped 5.8%. The drug maker posted a 17% rise in consolidated net profit to Rs 606 crore in Q2 FY22 from Rs 520 crore posted in the corresponding quarter last year. The drug major reported a 13.6% increase in revenue from operations to Rs 1,987.51 crore in Q2 FY22 from Rs 1749.30 crore posted in Q2 FY21. Profit before Tax (PBT) for the quarter amounted to Rs 760 crore in Q2 FY22, 9.6% higher than Rs 693 crore registered in Q2 FY21.
Wockhardt jumped 5.73% after the company reported a consolidated net profit of Rs 34 crore in Q2 FY22 as against a net profit of Rs 4 crore in Q2 FY21. Sales increased by 21% YoY to Rs 862 crore during the quarter. The company's UK Business grew by 66% over previous corresponding quarter and stood at Rs 387 crore in Q2FY22. The continuing India Business stood at Rs 187 crore in Q2FY22, registering growth of 47%. Emerging Markets Business of the company stood at Rs 113 crore (down 33% YoY) in Q2 FY22. Irish Business stood at Rs 38 crore (up 12% YoY) in Q2FY22. US Business stood at Rs 61 crore in Q2FY22 as compared to Rs 99 crore in Q2FY21, registering de-growth of 38%. Research and Development (R&D) expenses were Rs 39 crore in Q2 FY22, amounting to 4.5% of the sales of the company. In Q2 FY21, R&D expenses aggregated to Rs 45 crore (6.3% of sales). EBITDA in the second quarter was Rs 109 crore as against Rs 27 crore in the same period last year. EBITDA margin was 12.7% in Q2 FY22 as compared with 3.8% in Q2 FY21.
Canara Bank advanced 6.42% after ICRA upgraded the rating of bank's Basel-III Tier-II bonds worth Rs 7900 crore to 'ICRA AAA (Stable)' from 'ICRA AA+(hyb) (Stable)'. The credit ratings agency has also upgraded its ratings on the Basel III Additional Tier l bonds worth Rs 1500 crore to 'ICRA AA+ (Stable)' from 'ICRA AA (hyb) (Stable)'.
Olectra Greentech rallied 5% after the company said its consortium has received letter of award from a state transport corporation for 100 electric buses under FAME-II scheme of Government of India. The consortium of Olectra Greentech and Evey Trans (EVEY) will supply 100 electric buses on Gross Cost Contract (GCC) / OPEX model basis. Value of this contract is approximately Rs 140 crore to the company.
Uflex shed 2.83% after the company's consolidated net profit dropped 23% to Rs 171.05 crore on a 38.3% jump in net sales to Rs 2,983.90 crore in Q2 FY22 over Q2 FY21. Consolidated EBITDA skid 10.2% to Rs 424.50 crore in Q2 September 2021 from Q2 September 2020.
Pfizer jumped 5.21% after the company's parent said on Friday that its experimental Covid-19 antiviral pill cut by 89% the chance of hospitalization or death for adults at risk of severe disease. The drug - Paxlovid - is intended for use soon after symptoms develop in people at high risk of severe Covid-19 disease. The drug was found to reduce the risk of hospitalization or death by 89% compared to placebo in non-hospitalized high-risk adults with Covid-19.
IndusInd Bank slumped 10.69% after media reports suggested that whistle blowers had raised loan evergreening issue at the bank's microlending arm Bharat Financial Inclusion (BFIL). A group of senior officials at Bharat Financial have reported alerted the Reserve Bank of India and the board of IndusInd Bank of the misgovernance and lapse of accounting norms to evergreen loans since the outbreak of the COVID-19 pandemic, reports said. Acting as whistle blowers, the officials warned that if the practice of adjusting new loan money with overdues from earlier loans" is not checked immediately, the fault in the subsidiary would eat into the financials of the parent, media reports said. IndusInd had acquired the micro-finance lender BFIL - formerly SKS Microfinance - in a stock deal in March 2019.
Inox Wind rose 3.97% after the company bagged an order for a 150 MW (mega-watt) wind power project from NTPC Renewable Energy, a wholly owned subsidiary of NTPC, to be commissioned in the state of Gujarat. The order will help NTPC achieve its target of having over 60 GW (giga-watt) renewable energy capacity, constituting nearly 50% of its overall power generation capacity by 2032.
Global Markets:
Shares in Europe and Asia were mixed on Monday as investors react to China's trade data released over the weekend. Official data released over the weekend showed China's exports surging 27.1% in October as compared with a year ago.
The Dow Jones US Futures were trading 63 points higher, indicating a mildly higher start in US markets today.
Wall Street stocks jumped early Friday, lifting markets to fresh records following a strong US jobs report and a Pfizer announcement about a promising COVID-19 treatment.
Pfizer announced that a clinical trial of its pill to treat COVID-19 showed an 89% reduction in risk of hospitalization or death among adult patients at high risk of progressing to severe illness.
The US economy added 531,000 jobs last month and job gains in the prior two months were higher than originally reported, while the unemployment rate dropped to 4.6%, according to government data.
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