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September Quarter Results, Equitas Small Finance Bank IPO, and Top Buzzing Stocks Today
Fri, 23 Oct Pre-Open | Monish Vora, TM Team

Indian share markets ended marginally lower yesterday.

Benchmark indices snapped their four-day winning streak led by losses in index heavyweights Reliance Industries, Infosys, HDFC Bank and ICICI Bank.

At the closing bell yesterday, the BSE Sensex stood lower by 149 points. Meanwhile, the NSE Nifty ended down by 41 points.

Hero MotoCorp was the top loser in NSE. Meanwhile, the top gainers in NSE included NTPC and Tata Motors.

The BSE Mid Cap index ended up by 0.5%. The BSE Small Cap index ended up by 0.9%.

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On the sectoral front, IT stocks and banking stocks witnessed selling pressure. Telecom stocks, on the other hand, witnessed buying interest.

At 8 am today, the SGX Nifty was trading down by 12 points, or 0.1% lower at 11,890 levels. Indian share markets are headed for a flat opening today following the trend on SGX Nifty.

Gold prices were trading down by 0.4% at Rs 51,106 per 10 grams at the time of closing stock market hours yesterday.

Watch Now: 3 Little-known Stocks We are Super Bullish On

Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

So, is the rally over? Will gold and silver prices fall?

India's #1 trader Vijay Bhambwani doesn't think so. Vijay believes the bull market still has a long way to go.

In one of his videos, he tells you why. Tune in to the video to find out more.

Top Stocks in Focus Today

Aurobindo Pharma will be among the top buzzing stocks today as the company's arm received a warning letter from the US health regulator for its oral solid manufacturing facility situated at Dayton, New Jersey.

Aurobindo Pharma said that its existing business from this facility will not be impacted. The exclusive sales from this facility are around 2% of the group turnover. The company further added that it would engage with the regulator and it is fully committed in resolving this issue at the earliest.

Zee Entertainment Enterprises will be in focus today as the company has restructured its organization in line with its ZEE 4.0 strategy. Under the new plan, Punit Misra will take over as President - Content & International Markets.

The company has formed an integrated content team, which will be responsible of creating and serving content to its viewers across linear and digital platforms. Earlier this year, the company announced an investment of Rs 5.2 billion, spread over 24 months, in its streaming connectivity company SugarBox.

Market participants will also track Tata Consultancy Services (TCS) share price as the company is in advanced talks to acquire a technology services unit of Deutsche Bank AG.

Reportedly, negotiations are ongoing and could still be delayed or fall apart. In 2008, TCS paid US$ 505 million to acquire Citigroup Inc.'s back-office unit in what was then its biggest acquisition.

Q2FY21 Results: UltraTech Posts Stellar Profit; Bajaj Finance Sees Drop

Cement maker UltraTech Cement reported a consolidated net profit of Rs 12.4 billion, a 113% year-on-year (YoY) increase for the quarter ended September.

This was largely due to an exceptional gain of Rs 3.6 billion on account of the sale of its Chinese subsidiary.

UltraTech Nathdwara Cement (UNCL) through its subsidiary, Krishna Holdings, a company incorporated in Singapore, divested its entire equity shareholding of 92.5% in the cement subsidiary at a net consideration of US$ 94.7 million.

While net sales of the company rose 8% YoY to Rs 103.5 billion, its earnings before interest, tax, depreciation and amortization (EBITDA) jumped 40% YoY to Rs 29.5 billion - the highest since the first quarter of FY20.

That was mostly led by lower energy and other costs (down 9% and 18% YoY, respectively), coupled with stable logistic expenses. The company's margin expanded to 26% from 19.9% a year ago.

The company said that its strong quarterly performance was on the back of operational efficiencies and its ability to serve all India markets. It also reported robust operating margins driven by both revenue growth and tight cost management.

Bajaj Finance reported a 36% drop in its consolidated net profit at Rs 9.7 billion for the second quarter of the 2020-21 fiscal year (Q2FY21).

The non-banking finance company (NBFC) had posted a net profit of Rs 15.1 billion in the same quarter a year ago.

The company's consolidated income grew 3% to Rs 65.2 billion during Q2FY21 as against Rs 63.2 billion in the same quarter a year ago.

Net interest income was up 4% at Rs 41.7 billion as against Rs 40 billion.

Bajaj Finance said new loans booked during the second quarter of this fiscal dropped 44% to 3.6 million as against 6.5 million in the corresponding period a year ago.

Its consolidated assets under management (AUM) as of September 30, 2020 stood flat at Rs 1,370.9 billion.

The consolidated results of Bajaj Finance include results of its wholly-owned subsidiaries Bajaj Housing Finance and Bajaj Financial Securities.

To know more, you can read Bajaj Finance's Q2FY21 result analysis on our website.

Equitas Small Finance Bank IPO: Offer Subscribed 2 Times

In news from the IPO space, the Rs 5.2 billion initial public offer of Equitas Small Finance Bank was subscribed 1.9 times at the time of closing stock market hours yesterday, the final day of bidding.

The offer received bids for 217 million equity shares against offer size of 115.8 million equity shares.

The offer size excluded anchor book, through which company had raised Rs 1.4 billion on October 19. ICICI Prudential Life Insurance Company, SBI Life Insurance, Franklin India Smaller Companies Fund, Mirae Asset Large Cap Fund and HDFC Life Insurance Company are among the anchor investors.

The portion set aside for qualified institutional investors has been subscribed 3.9 times, and that of non-institutional investors 15% and retail investors 2 times, at the time of writing.

This is the third public issue in small finance bank segment after AU Small Finance Bank and Ujjivan Small Finance Bank.

The public issue consists of a fresh issue of Rs 2.8 billion and an offer for sale of 72 million equity shares by Equitas Holdings to comply with shareholding norms set by the Reserve Bank of India.

The issue price has been fixed at Rs 32-33 per share.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space. Stay tuned.

Speaking of IPOs, in one of his videos, Vijay Bhambwani shares his thoughts on the recent spate of IPOs and what it means for the market.

You can check the same here: My View on the IPO Market

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!

Read the latest Market Commentary

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Stock Market Updates

GUJ. STATE PETRONET Share Price Up by 5%; BSE 500 Index Up 1.4% (Today's Market)

Mar 2, 2021 03:31 PM

GUJ. STATE PETRONET share price is trading up by 5% and its current market price is Rs 262. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are GUJ. STATE PETRONET (up 5.2%) and GSK CONSUMER (up 5.1%). The top losers are BAYER CROPSCIENCE and LAURUS LABS.

GUJARAT PIPAVAV PORT Share Price Up by 12%; BSE REALTY Index Up 0.8% (Today's Market)

Mar 2, 2021 03:23 PM

GUJARAT PIPAVAV PORT share price is trading up by 12% and its current market price is Rs 114. The BSE REALTY is up by 0.8%. The top gainers in the BSE REALTY Index is GUJARAT PIPAVAV PORT (up 12.5%). The top losers are PRESTIGE ESTATES and PHOENIX MILL (down 0.2%).

STRIDES PHARMA SCIENCE Share Price Up by 5%; BSE HEALTHCARE Index Up 1.1% (Today's Market)

Mar 2, 2021 03:23 PM

STRIDES PHARMA SCIENCE share price is trading up by 5% and its current market price is Rs 878. The BSE HEALTHCARE is up by 1.1%. The top gainers in the BSE HEALTHCARE Index is STRIDES PHARMA SCIENCE (up 5.1%). The top losers are AJANTA PHARMA (down 0.4%) and CAPLIN POINT (down 0.4%).

JAGRAN PRAKASHAN Share Price Down by 7%; BSE 500 Index Up 1.3% (Today's Market)

Mar 2, 2021 03:23 PM

JAGRAN PRAKASHAN share price is trading down by 7% and its current market price is Rs 63. The BSE 500 is up by 1.3%. The top gainers in the BSE 500 Index are SYMPHONY (up 20.0%) and SHIPPING CORP (up 20.0%). The top losers is JAGRAN PRAKASHAN (down 7.4%)..

JK LAKSHMI CEMENT Share Price Up by 11%; BSE 500 Index Up 1.0% (Today's Market)

Mar 2, 2021 03:15 PM

JK LAKSHMI CEMENT share price is trading up by 11% and its current market price is Rs 438. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are JK LAKSHMI CEMENT (up 11.0%) and TTK PRESTIGE (up 11.1%). The top losers are CROMPTON GREAVES CONSUMER ELEC. and RAYMOND .

Sensex Trades Over 200 Points Higher; Dow Futures Down by 90 Points (Today's Market)

Mar 2, 2021 12:30 pm

BSE Sensex is trading up by 209 points, while the NSE Nifty is trading up by 76 points.

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