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Developments in the Realty Sector, September Quarter Results, and Top Stocks in Action Today

Thu, 7 Nov Pre-Open

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On Wednesday, Indian share markets recovered early losses during the afternoon session and ended on a strong note. The Sensex rose as much as 358 points to a new intraday high of 40,606, while the Nifty reclaimed the 12,000 level for the first time since June 11.

The rebound was led by banking stocks with shares of ICICI Bank, IndusInd Bank, Kotak Bank, RBL Bank, HDFC Bank and Axis Bank gaining between 1% and 3%.

At the closing bell, the BSE Sensex closed higher by 222 points to end the day at 40,470. While the broader NSE Nifty ended up by 44 points to end at 11,961.

Among BSE sectoral indices, realty stocks gained the most, followed by banking stocks and finance stocks.

Top Stocks in Action Today

Torrent Power share price will be in focus today as the company has received approval for purchase of 2 million equity shares of Rs 10 each of TCL Cables (TCLP) for a consideration of Rs 20 million. Prior to purchase of equity shares, TCPL was a step down wholly owned subsidiary of the company.

Hero MotoCorp share price will also be in focus today as the company has received approval for investment of up to Rs 4.5 billion in its associate company Hero FinCorp (HFCL) by subscribing to the issue of shares by way of private placement in one or more tranches.

Market participants will also track Wockhardt share price, Trent share price, and Sun Pharma share price as these companies will announce their September quarter results (Q2FY20 results) today.

You can also read our recently released Q2FY20 results of: Tata Coffee, Sonata Software, Blue Dart, Kansai Nerolac, Yes Bank.

Results Corner

Cipla has reported 29.7% rise in its net profit at Rs 7,373.8 million for the quarter ended September 30, 2019 as compared to Rs 5,684.7 million for the same quarter in the previous year.

Total income of the company increased by 8.5% at Rs 36,829.3 million for Q2FY20 as compared Rs 33,948.2 million for the corresponding quarter previous year.

Canara Bank has reported 21.8% rise in its net profit at Rs 3,649.2 million for the quarter under review as compared to Rs 2,995.4 million for the same quarter in the previous year.

Tech Mahindra has reported a rise of 4.6% in its net profit at Rs 13,968 million for the quarter under review as compared to Rs 13,356 million for the same quarter in the previous year.

Total income of the company increased by 5.4% at Rs 76,758 million for Q2FY20 as compared Rs 72,836 million for the corresponding quarter previous year.

Berger Paints has reported 72% rise in its net profit at Rs 1,743.6 million for the quarter under review as compared to Rs 1,013.8 million for the same quarter in the previous year.

Godrej Consumer Products has reported 28.3% YoY decline in consolidated profit after tax at Rs 4.1 billion for the second quarter ended September 30.

Consolidated sales during the period under review stood at Rs 26 billion as against Rs 26.4 billion in the year-ago period, a decline of 1.3%.

During the period ended September 30, there has been sale of certain brands within its entities that will derive benefits of future tax deductions for the group. Consequently, a deferred tax asset amounting to Rs 1.1 billion has been recognized in the consolidated financial results.

Road Ahead for the Realty Sector

Finance minister Nirmala Sitharaman on Tuesday said the government and Reserve Bank of India (RBI) are working to resolve the issues being faced by realty sector.

Admitting that realty sector has been left out of the booster measures announced earlier, she said the sector has a spillover effect on many sectors, especially the core sector.

At an NSE event, she said that "the government is very keen and is working very clearly together with the RBI to see how best we can, where necessary, tweak the existing norms to help the people who are affected in the realty sector."

Shares of DLF, Sobha, Godrej Properties and Indiabulls Real Estate rallied up to 5% yesterday on back of the above news.

Note that the real estate industry has failed to recover from the two shocks of the ban on high-value currency notes in November 2016 and the goods and services tax (GST) that was introduced in July the following year.

According to reports, real estate projects worth Rs 1.8 trillion are stalled across India. The number of property developers reporting bankruptcy has doubled during the past nine months, which has added to the woes of NBFCs, according to a Reuters report.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of the realty sector, Research Analyst Sarvajeet Bodas, in the video below, talks about how Modi's push towards affordable housing can revive the real estate sector and accelerate the economic activity.

From the Commodity Space...

Oil prices fell on Wednesday, pulled down by a larger-than-expected build in US crude stocks and weak euro zone economic figures, after gaining for three sessions on expectations of an easing in US-China trade tensions.

US crude inventories rose by 4.3 million barrels in the week ended November 1 to 440.5 million barrels, the American Petroleum Institute said on Tuesday.

The United States and China are working to narrow their differences enough to sign a "phase one" trade deal as early as this month to resolve a trade war that has slowed global growth.

Data on Wednesday showed Germany's services sector barely grew in October, while euro zone business activity expanded slightly faster than expected last month but remained close to stagnation.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's article here: Message of the Markets - What is Crude Oil Indicating?

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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