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EQUITY - MARKET SCREENER

Sensex, Nifty register record closing high; TCS declines 6%
11-Oct-21   15:36 Hrs IST
Equity indices ended a volatile trading session to end at record closing high level on Monday. The Nifty closed below the crucial 18,000 mark after hitting a record high of 18,041.95 in intraday today. The Sensex also hit an all time high of 60,476.13 in today's trade. Barring IT and media stocks, majority buying was seen in auto, banking and metal shares.

As per the provisional closing data, the barometer index, the S&P BSE Sensex, ended 76.12 points or 0.13% higher at 60,135.78. The Nifty 50 index added 50.75 points or 0.28% to 17,945.95.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.6%.

The market breadth was positive. On the BSE, 1958 shares rose and 1473 shares fell. A total of 161 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 237,878,939 with 4,851,945 deaths. India reported 227,347 active cases of COVID-19 infection and 450,782 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In last 24 hours, India recorded 18,132 new cases. The recovery rate currently stands at 98.00%, highest since March 2020. There were 21,563 recoveries in the last 24 hours taking the total recoveries to 3,32,93,478

New Listing:

Shares of Aditya Birla Sun Life AMC were currently trading at Rs 697.1 apiece at 15:29 IST on the BSE, at a discount of 2.09% as compared to the issue price of Rs 712 per share. The scrip was listed at its issue price of Rs 712 per share. So far, it has hit a high of Rs 721 and a low of Rs 696 in the trading session. On the BSE, over 6.71 lakh shares of the company changed hands in the counter. The initial public offer (IPO) of Aditya Birla Sun Life AMC received bids for 14.59 crore shares as against 2.77 crore shares on offer. The issue was subscribed 5.25 times. The issue opened for bidding on Wednesday (29 September 2021) and it closed on Friday (1 October 2021). The price band of the IPO was fixed at Rs 695-712 per share.

Results Today:

Delta Corp (down 0.2%), Krsnaa Diagnostics (down 1.41%) and Tata Metaliks (up 1.09%) are some of the companies that will announce their quarterly results today.

Stocks in Spotlight:

TCS slumped 6.26%. The company's consolidated net profit rose 6.84% to Rs 9,624 crore on 3.21% increase in net sales to Rs 46,867 crore in Q2 FY22 over Q1 FY22. Constant currency revenue grew 15.5% YoY. Operating margin fell 0.6% YoY and it rose 0.1% quarter-on-quarter (QoQ) to 25.6% in Q2 FY22. All verticals showed strong, double-digit YoY growth. Growth was led by the manufacturing vertical (+21.7%), followed by life sciences and healthcare (+19%), retail and CPG (+18.4%) and BFSI (+17%). Communications & media (+15.6%) and technology & services (+14.8%) witnessed accelerated growth.

Reliance Industries (RIL) fell 0.64%. The company said that its subsidiary will acquire 40% stake in Sterling & Wilson Solar (SWSL) through a combination of primary investment, secondary purchase and open offer. Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of RIL, executed definitive agreements with Shapoorji Pallonji and Company (SPCPL), Khurshed Daruvala and SWSL to acquire 40% stake post-money in SWSL through a series of transactions. SWSL will make a preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post preferential share capital) at Rs 375 per share to RNESL. Further, RNESL will acquire 1.84 crore equity shares from SPCPL (equivalent to 9.70% post preferential share capital) at Rs 375 per share. RNESL will also make an open offer to acquire 4.91 crore equity shares of SWSL at Rs 375 each, representing 25.9%. RNESL will hold 40% of the equity capital of SWSL, consequent to acquisition in the open offer, follow-on acquisition of shares from SPCPL and Khurshed Daruvala, and sell down, if any required. Shares of Sterling & Wilson jumped 11.98% to Rs 486.50 on BSE.

Solar Industries India jumped nearly 3.43% after the company announced that it received orders worth Rs 1,471 crore from Coal India (CIL) to supply bulk explosives over a period of two years.

Power Mech Projects rose 6.15% after the company said it received two letter of intent worth Rs 448.60 crore. The first order worth Rs 391 crore is from Coastal Energen. The order calls for operation & maintenance of 2X660 MW Mutiara Thermal Power Plant in Tuticorin (Tamil Nadu). The second order worth Rs 57.60 crore is from NMDC. The order is for miscellaneous civil works for screening plant-III at Kirandul in Chattisgarh.

Saregama India hit an upper circuit limit of 5% to Rs 4216.80 after the company's consolidated net profit rose 16.87% to Rs 33.80 crore on 34.21% increase in net sales to Rs 145.09 crore in Q2 FY22 over Q2 FY21 The company's operating income before content charge, interest and depreciation (OIBCID) jumped 38% to Rs 53.50 crore in Q2 FY22 from Rs 38.70 crore in corresponding quarter last year. During the period under review, the company's revenues from music business jumped 21% to Rs 121.58 crore. Its revenues from TV & films division surged 238% to Rs 22.35 crore. The firm's revenues from publication division rose 9% to Rs 1.16 crore.

GOCL Corporation hit an upper circuit limit of 20% to Rs 328.50 after the company said that its wholly-owned subsidiary, IDL Explosives, has bagged an order worth Rs 592.45 crore from Coal India. The order is for supplying bulk explosives over a period of 2 years.

GMR Infrastructure jumped 8.75% on reports that GMR Group will invest Rs 6,300 crore in Hyderabad's Rajiv Gandhi International Airport to expand the aerodrome's capacity to 34 million passengers per annum by 2024. The media reported that funds for the expansion have been secured and most part of the finance is through bonds issuance.

Tata Motors surged 8.88% after a foreign brokerage reportedly maintained its 'overweight' stance on the stock with a target price of Rs 448. The Tata Motors stock hit a 52-week high of Rs 420.40 in intraday today.

JSW Steel rose 1.17% after the company reported group combined crude steel production at 5.07 million tonnes for Q2 FY22, up by 29% from 3.92 million tonnes recorded in Q2 FY21. On a sequential basis, the growth in crude steel production has, however, remained flat. The crude steel production includes the production at jointly controlled entities viz. Bhushan Power & Steel (BPSL) and JSW Ispat Special Products (JISPL). JSW Steel said that the capacity utilization at standalone level was at 91% in Q2 FY22.

Jubilant Ingrevia fell 0.17%. The company said that it will acquire of 26.60% stake in AMP Energy Green Fifteen for Rs 5.11 crore for putting up the solar power plant with capacity of 15.5 MW under captive scheme. The acquisition will help the company to meet the green energy needs and optimize energy cost and to comply with the regulatory requirement for captive power consumption under the electricity laws. It is expected to be completed in six months.

Bandhan Bank fell 5.2%. The micro finance lender said its collection efficiency improved to 90% at the end September 2021 from 80% three months back. Bandhan Bank's repayment collection from Emerging Entrepreneurs Business (EEB) microfinance vertical also improved to 86% at the end September 2021 from 72% as on June 2021. The bank's loans & advances rose 7% year-on-year (YoY) to Rs 81,668 crore as on 30 September 2021. Total deposits jumped 24% to Rs 81,898 crore in the same period. Loans & advances as on 30 September 2021 are before considering write-offs, if any, the bank said. Retail deposits (including CASA) rose 35% YoY to Rs 68,787 crore as on 30 September 2021. CASA ratio stood at 44.6% as on 30 September 2021 compared with 42.9% as on 30 June 2021 and 38.2% as on 30 September 2020.

Global Markets:

Most European markets were trading mixed while Asian stocks closed on a mixed note on Monday as investors monitored inflation expectations and U.S Treasury yields, which jumped to multi-month highs on Friday.

Travel stocks in Singapore surged after Singapore authorities announced over the weekend that more vaccinated travel lanes are set to open with 8 more countries. Markets in South Korea are closed on Monday for a holiday.

US stock indexes ended lower Friday with technology stocks under pressure as bond yields rose after a monthly report on the labor market came in much weaker than expected.

The Labor Department's nonfarm payrolls report showed the US economy in September created the fewest jobs in nine months as hiring dropped at schools and some businesses were short of workers. The report said non-farm payroll employment rose by 194,000 jobs in September after climbing by an upwardly revised 366,000 jobs in August.

Despite the much weaker than expected job growth, the unemployment rate fell to 4.8% in September from 5.2% in August.

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