“Technically, Nifty is expected to see further consolidation, with critical support placed around 25,600. Amid this setup, we continue to recommend a selective approach, focusing on sectors showing relative strength, and preferring large-cap and large mid-cap stocks for long trades while maintaining moderate position sizes amid global uncertainty,” said Ajit Mishra – SVP, Research, Religare Broking.
In today’s trade, shares of SBI, M&M, Airtel, Adani Enterprises, Power Grid among others will be in focus due to various news developments and second quarter results.
Titan
Consumer discretionary major Titan Company reported 59% year-on-year (YoY) growth in its consolidated net profit at Rs 1120 crore in the second quarter. The growth was driven by early festive tailwind, particularly in the jewellery business. Sales in the reporting quarter rose 22% YoY to Rs 16461 crore.
Bharti Airtel
Telcom major Bharti Airtel reported a 89% growth/fall in its consolidated Q2 net profit at Rs 6,792 crore versus Rs 3,593 crore in the year ago period. The profit after tax (PAT) is attributable to the owners of the parent. The company’s revenue form operations in the quarter under review stood at Rs 52,145 crore, which was up 26% over Rs 41,473 crore in the corresponding quarter of the last financial year.Vodafone Idea
In a major relief to Vodafone Idea, the Supreme Court on Monday said that the Centre can reconsider and reconcile the telecom company’s pending dues of all adjusted gross revenue and it will not be restricted to AGR dues for the financial year 2016-17. On October 27, the bench had said that the “prayer in the petition itself restricts its claim only to the additional AGR demand raised by the respondent for the period up to the Financial Year 2016-17.”
Cipla
Drug maker Cipla said it has inked a pact to fully acquire Inzpera Healthscience for around Rs 111 crore. The drug maker has entered into definitive agreements to acquire 100 per cent stake in Inzpera Healthscience, the Mumbai-based firm said in a regulatory filing. Inzpera is a company incorporated in India in the year 2016 and is engaged in the business of developing, manufacturing and marketing of differentiated paediatric pharmaceutical and wellness products.
Adani Power
Adani Power said it has opted for an international arbitration process to resolve disputes over Bangladesh’s power supply payments. The company led by Indian billionaire Gautam Adani has been at loggerheads with Bangladesh Power Development Board over pending payments for the electricity it supplies as part of a pact that both sides had signed in 2017.
PNB Housing Finance
PNB Housing Finance, the country’s third-largest housing finance company, has shortlisted four candidates for the position of managing director and CEO, with Tata Capital Housing Finance chief business officer Ajai Shukla emerging as the frontrunner, according to people familiar with the development.
Power Grid
Power Grid posted a nearly 6% fall in second-quarter profit due to higher expenses and delayed project awards and execution. The state-run energy transmission company’s consolidated net profit fell to 35.66 billion rupees ($405.7 million) in the quarter ended September 30. Total expenses rose 5.8% to 77.33 billion rupees, while revenue from operations inched up 1.8% to 114.76 billion rupees.
Gland Pharma
India’s Gland Pharma reported a 12% rise in second-quarter profit on Monday, as recovery at its European unit Cenexi bolstered margins. The consolidated net profit rose to Rs 184 crore (nearly $21 million) for the quarter ended September 30 from Rs 164 crore a year earlier. Revenue from operations rose 6% to Rs 1487 crore. US sales, which make up more than half of the total, climbed 10%, while European business posted a 16% rise.
SBI, M&M, Adani Ports, Adani Enterprises, IndiGo, Paytm, Suzlon, Indian Hotels
Shares of SBI, M&M, Adani Ports, Adani Enterprises, IndiGo, Paytm, Suzlon and Indian Hotels will be in focus as the companies will announce their second quarter results.