Benchmark indices settled with minor losses on Wednesday. The Nifty managed to close above the 18,000 mark after hitting an intraday low 17,915 in early trade. Pharma, oil & gas and auto stocks advanced while PSU banks, metals and realty shares declined.
The barometer index, the S&P BSE Sensex, fell 80.63 points or 0.13% to 60,352.82. The Nifty 50 index dropped 27.05 points or 0.15% to 18,017.20.
Tata Steel (down 2.77%), HDFC Bank (down 0.97%) and ICICI Bank (down 0.72%) were major drags. Bharti Airtel (up 3.30%), Mahindra & Mahindra (up 2.74%) and Reliance Industries (up 0.95%) supported the indices.
In the broader market, the S&P BSE Mid-Cap index slipped 0.50% and the BSE Small-Cap index lost 0.01%.
Buyers outnumbered sellers. On the BSE, 1720 shares rose and 1587 shares fell. A total of 151 shares were unchanged.
Numbers to Watch:
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The yield on 10-year benchmark federal paper rose to 6.338% as compared with 6.293% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.37, compared with its close of 74.05 during the previous trading session.
MCX Gold futures for 3 December 2021 settlement rose 0.09% to Rs 48,330.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.15% to 94.10.
In the commodities market, Brent crude for January 2022 settlement fell 11 cents at $84.67 a barrel. The contract rose $1.35, or 1.62% to settle at $84.78 a barrel in the previous trading session.
Foreign Markets:
Shares in Europe and Asia were mixed on Wednesday, 10 November 2021. Investors are awaiting the latest US consumer price index reading, which the Labor Department will report Wednesday before the bell.
China's consumer price index for October rose 1.5% from last year. The producer price index for October surged 13.5% from last year.
Stocks in Spotlight:
Bank of Baroda fell 5.36%. The bank's net profit rose 24.38% to Rs 2087.85 crore on 2.21% decline in total income to Rs 20270.74 crore in Q2 September 2021 over Q2 September 2020.
Net Interest Income (NII) increased to Rs 7,566 crore in Q2FY22 as against Rs 7,410 crore in Q2FY21, registering a growth 2.11% YoY.
Gross NPA of the bank improved to 8.11% in September 2021 from 9.14% in September 2020. Domestic CASA rose by 13.01% YoY, domestic CASA ratio improved by 368 bps YoY.
Housing Development Finance Corporation (HDFC) rose 0.19%. The NBFC on Tuesday said it will raise Rs 3,000 crore by issuing secured redeemable non-convertible debentures on a private placement basis. The object of the issue is to augment the long-term resources of the corporation. The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the corporation, HDFC said in a regulatory filing. The coupon rate of the issue has been fixed at 7.10% per annum with a redemption date of 12 November 2031.
Kalyan Jewellers India rose 3.63% after the company reported consolidated net profit of Rs 68.73 crore in Q2 September 2021 as against net loss of Rs 136.18 crore in Q2 September 2020. Net sales rose 60.66% to Rs 2,888.70 crore in Q2 September 2021 over Q2 September 2020. The revenue growth was broad-based across geographies with both India and international markets growing at the same pace.
Redington (India) surged 7.56% after the company's consolidated net profit increased by 72.7% to Rs 307.20 crore on a 11.1% rise in net sales to Rs 15,287.46 crore in Q2 FY22 over Q2 FY21. On the segmental front, India business revenue was Rs 6,841.89 crore while that from Overseas business was Rs 8,445.80 crore in the second quarter. Total expenses rose by 10.2% to Rs 14,922.59 crore in Q2 FY22 from Rs 13,545 crore in Q2 FY21.
India Cements tumbled 5.72% after the company's consolidated net profit declined 57% to Rs 29.75 crore in Q2 FY22 from Rs 69.21 crore posted in Q2 FY21. Revenue from operations rose by 13.2% to Rs 1,234.85 crore in Q2 FY22 from Rs 1,089.96 crore posted in Q2 FY21.
CreditAccess Grameen fell 3.72% after the company reported 7.9% fall in standalone net profit to Rs 71.99 crore despite 8.3% rise in total income to Rs 510.33 crore in Q2 FY22 over Q2 FY21. The microfinance institution recorded an operating profit of Rs 194.71 crore in the second quarter, up 10.5% YoY. Provisions and write-offs increased by 39.5% to Rs 91.12 crore in Q2 FY22 from Rs 65.32 crore in Q2 FY21.
Cadila Healthcare rose 0.77%. The drug company said that it has received final approval from the USFDA to market Glycopyrrolate injection, a generic version of US reference listed drug Robinul. Glycopyrrolate is used before surgery to decrease the volume of secretions from mouth, lungs and stomach. It can also be used either before or during surgery to maintain heart's normal beating rhythm. It is also used to counter the effects of some other medicines, which can slow heartbeat or produce excessive secretions when used during surgery. The drug will be manufactured at the group's injectables manufacturing facility at CHL-Jarod, near Vadodara (earlier known as Liva Pharmaceuticals).
Mishra Dhatu Nigam fell 2.14%. The company's consolidated net profit rose 4.4% to Rs 33.94 crore on a 13.7% increase in net sales to Rs 185.27 crore in Q2 FY22 over Q2 FY21. The company said it achieved a turnover of Rs 187.92 crore, registering a growth of 14.75% during the Q2 FY22 as against a turnover of Rs 163.77 crore recorded in the corresponding period of the previous year. The order book position of the company as on 1 October 2021 stood at Rs 1,369.89 crore.
Godrej Agrovet lost 1.87% after the company reported a 2.9% fall in consolidated net profit to Rs 112.2 crore despite a 24.7% rise in total income to Rs 2,159.7 crore in Q2 FY22 over Q2 FY21. EBITDA improved by 8% to Rs 196.1 crore in Q2 FY22 from Rs 181.5 crore in Q2 FY21. EBITDA margin was 9.1% in Q2 FY22 as against 10.5% in Q2 FY21. Finance costs surged to Rs 15.62 crore in the second quarter from Rs 9.60 crore in the same period last year.
New Listing:
Shares of FSN E-Commerce Ventures (Nykaa) settled at Rs 2208.35 on the BSE, a premium of 96.30% as compared to the issue price of Rs 1125. The scrip was listed at Rs 2001, a premium of 77.87% to the issue price.
The initial public offer (IPO) of Nykaa was subscribed 81.78 times. The retail individual investors category was subscribed 12.24 times. The non institutional investors category was subscribed 112.02 times. The qualified institutional buyers category was subscribed 91.18 times.
The issue opened for bidding on 28 October 2021 and it closed on 1 November 2021. The price band of the IPO was fixed at Rs 1,085-1,125 per share.
Primary Market:
The IPO of One97 Communications (Paytm) received bids for over 9.13 crore shares as against 4.83 crore shares on offer on Wednesday (10 November 2021), according to stock exchange data on 16:42 IST today. The issue was subscribed 1.89 times.
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. The IPO opened for bidding on Monday, 8 November and it will close on 10 November. The price is set at Rs 2,080 to Rs 2,150.
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.
The IPO of Sapphire Foods India received bids for 1 crore shares as against 96.63 lakh shares on offer on Wednesday (10 November 2021), according to stock exchange data on 16:24 IST today. The issue was subscribed 1.04%.
Sapphire foods is one of YUM's franchisee operators in the Indian subcontinent. The company is Sri Lanka's largest international QSR chain in terms of revenue for the financial year 2021 as also number of restaurants operated as of 31 March 2021. The IPO opened for bidding on Tuesday, 9 November 2021 and it will close on 11 November 2021. The price is set at Rs 1,120 to Rs 1,180.
Ahead of the IPO, Sapphire Foods finalized allocation of allocation of 79,06,473 equity shares to anchor investors, at a price of Rs 1,180 per equity share to anchor investors, aggregating to Rs 932.96 crore.
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