September Quarter Results, IndusInd Bank Merger, and Top Buzzing Stocks Today

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Indian share markets ended marginally lower on Friday.

After opening the day on a positive note, benchmark indices erased gains in the afternoon session tracking weak global cues as investors took money off the table ahead of next week's US presidential election while uncertainty over the global economic outlook grew due to rising Covid-19 cases.

Further, sentiment dampened as the output of eight core infrastructure sectors dropped by 0.8% in September, contracting for the seventh consecutive month, mainly due to a decline in production of crude oil, natural gas, refinery products and cement.

The decline in output during the month under review was the lowest since March.

At the closing bell on Friday, the BSE Sensex stood lower by 136 points. Meanwhile, the NSE Nifty ended down by 28 points.

Bharti Airtel was the top loser in NSE. Meanwhile, the top gainers in NSE included Adani Ports and BPCL.

The BSE Mid Cap index ended up by 0.6%. The BSE Small Cap index ended on a flat note.

On the sectoral front, telecom stocks and automobile stocks witnessed selling pressure. Realty stocks, on the other hand witnessed buying interest.

Gold prices were trading up by 0.4% at Rs 50,496 per 10 grams at the time of closing stock market hours on Friday.

Speaking of stock markets, in her latest video, co-head of Research at Equitymaster, Tanushree Banerjee explains why the proposed Kotak Bank-IndusInd Bank merger has merit and urgency.

Which bunch of shareholders will benefit from this deal? Should you buy Kotak Mahindra Bank or IndusInd Bank?

Tune in to the video to know the math behind this proposed merger.

Top Stocks in Focus Today

Angel Broking will be among the top buzzing stocks today as Kuwait Investment Authority acquired more than 400,000 equity shares via open market transactions on Thursday last week.

On October 29, 2020, Kuwait Investment Authority FD F238 bought 430,000 equity shares, representing 0.5% of its total paid-up equity, at Rs 321.73 per share on the NSE via bulk deal, the exchange data shows.

Earlier last week, Angel Broking reported its highest-ever quarterly profit after tax (PAT) at Rs 746 million for the September quarter (Q2FY21). It had posted a profit of Rs 483 million in the June quarter of the current fiscal (Q1FY21).

Laurus Labs will also be in focus as the firm reported a net profit of Rs 2.4 billion for the quarter ended September, showing a 325% YoY growth.

The company's revenue went up to Rs 11.4 billion, up 60% YoY while its earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 172% YoY.

The board of directors also approved an interim dividend of 80 paise per equity share.

Q2FY21 Results: BoB PAT Up 128% YoY; TVS Motors Sales Up 6% YoY

TVS Motor Company reported healthy operational performance in Q2FY21.

The company's EBITDA (earnings before interest, taxes, depreciation, and amortization) margin improved by 50 basis points to 9.3% from 8.8% in Q2FY20, due to strong focus on cost reduction initiatives taken by the company.

Net sales for the quarter under review stood at Rs 46.1 billion, up 6% year-on-year (YoY) amidst 2% decline in volumes for the quarter.

Profit after tax stood at Rs 2 billion. The company said that PAT is not comparable on a YoY basis due to exceptional gains in the base quarter.

TVS Motor said that despite the Covid-19 challenges, the company strengthened its supply chain during the September quarter. The production and sales improved consistently from July onwards.

The total 2-wheeler sales of 834,000 for the quarter were almost in line with last year second quarter number of 842,000.

State-owned Bank of Baroda reported a standalone net profit of Rs 16.8 billion for the July-September quarter (Q2FY21) on the back of lower provisions.

Profit after tax (PAT) grew 128% year-on-year (YoY) from Rs 7.4 billion.

In the previous quarter of the current fiscal (Q1FY21), the lender had incurred a loss worth Rs 8.6 billion.

On a consolidated basis, profit was Rs 17.7 billion for Q2FY21, as against a net loss of Rs 6.8 billion in the June quarter.

Net interest income (NII) came in at Rs 75.1 billion for the quarter under review, rising marginally from Rs 70.3 billion in Q2FY20.Provisions set aside in the September quarter declined sharply to Rs 30 billion on a sequential basis from Rs 56.3 billion set aside in Q1FY21. Of these, provisions for NPA stood at Rs 22.8 billion.

Loan accounts worth Rs 859 billion are under moratorium as of September 30, 2020. Loan accounts worth Rs 140.2 billion were classified at the end of Q2FY21.

IndusInd Bank-Kotak Bank Merger

IndusInd Bank share price will be in focus today as last week, it was reported that Kotak Mahindra Bank is exploring a potential takeover of IndusInd Bank.

The promoters of Kotak Bank and their counterparts in IndusInd Bank have engaged in discussions for the merger via a share swap.

Reports state that if such a deal is clinched, it could significantly expand Kotak Mahindra's presence in the Indian banking sector, particularly in the retail segment.

We will keep you updated on all the news from this space. Stay tuned.

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

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