Sensex Opens Flat; Infosys Jumps 4% Post Q2 Results

Thu, 15 Oct 09:30 am

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Asian stock markets are trading on a negative note today. The Hang Seng is trading down by 1.1% and the Nikkei is trading down by 0.5%.

On Wall Street, the Dow fell 0.6% and the Nasdaq dropped 0.8% as hopes of US fiscal stimulus before the presidential election faded.

Back home, Indian share markets have opened the day on a flat note.

The BSE Sensex is trading down by 84 points. The NSE Nifty is trading lower by 23 points.

Infosys and Tata Steel are among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened up by 0.2%. The BSE Small Cap index opened up by 0.3%.

Sectoral indices are trading mixed with stocks in the banking sector witnessing selling pressure. IT stocks, on the other hand, are trading in green.

The rupee is trading at 73.32 against the US$.

Gold prices are trading down by 0.3% at Rs 50,406 per 10 grams.

Speaking of the current stock market scenario, in his latest video, Co-head of research at Equitymaster, Rahul Shah explains why he asked his subscribers to move into cash.

Tune in to find out more:

In news from the power sector, Power Finance Corporation (PFC) and REC have disbursed around Rs 235 billion to state power distribution companies (discoms) as a part of their first tranche payment under the liquidity infusion scheme announced by the government in May.

PFC and REC had sanctioned Rs 450 billion under the first of the scheme, from which Uttar Pradesh has received the highest disbursal of around Rs 105 billion followed by Telangana and Andhra Pradesh.

A senior REC official said that the one-time approval granted by the union cabinet to discoms to borrow above the 25% revenue limit on working capital loans will increase the overall size of the scheme to over Rs 1,000 billion, as many states such as Tamil Nadu and Bihar would become eligible under the scheme.

In other news, NTPC share price is in focus today.

Yesterday, shares of the company slipped 5% intraday after more than three-million equity shares changed hands through multiple block deals.

The stock of the state-owned electric utility company ended close to its 52-week low of Rs 74.

Earlier this week, NTPC had announced that the company has decided to raise Rs 40 billion on October 15, 2020, through private placement of unsecured non-convertible bonds in the debentures at a coupon of 5.45% p.a. with a door to door maturity of 5 years on October 15, 2025.

The proceeds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes.

The bonds are proposed to be listed on both NSE and BSE.

Earlier this week, reports also stated that NTPC has started to collaborate with cement manufacturers across the country to supply fly ash to achieve 100% utilization of the by-product produced during power generation.

NTPC share price has opened the day up by 0.7%.

Speaking of the power sector, it is interesting to note that the power exchanged in India is about 4.5% of the overall power production, as can be seen in the chart below:

This is abysmally low by global standards. This shows that there is big upside in the market share of power exchanges in India.

As per Tanushree Banerjee, co-head of Research at Equitymaster, India's power sector is currently in transition. It is driven by increasing reliance on short-term contracts and electricity spot markets. This transition to the short-term market is happening due to quickly evolving industry dynamics.

Tanushree believes the Indian power sector will see a surge in spot power volumes due to certain factors.

Tanushree recently recommended a high quality stock from this space. Subscribers can read the report here (requires subscription).

And if you are not a StockSelect subscriber, here's where you can sign up.

Moving on to news from the IT sector, Infosys is among the top buzzing stocks today.

India's second largest software services provider reported a 14.4% sequential growth in consolidated profit at Rs 48.5 billion for the September quarter (Q2FY21), and revised its full year revenue as well as margin guidance given the highest ever deal wins in Q2.

On a year-on-year (YoY) basis, Infosys reported 20.5% increase in its net profit.

Revenue from operations increased to Rs 245.7 billion in Q2FY21, up by 3.8% QoQ, while dollar revenue grew by 6.1% sequentially to US$ 3,312 million.

Operating profit stood at Rs 62.3 billion, a growth of 16.1%.

The company revised its revenue growth guidance upward to 2-3% in constant currency for financial year 2020-21, from 0-2% earlier.

The full year operating margin guidance was also revised upward to 23-24%, against 21-23% earlier.

The company also declared an interim dividend of Rs 12 per equity share.

Infosys share price has opened the day up by 2.8%.

To know more, you can read Infosys' Q2FY21 result analysis on our website.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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