Earnings Impact: IndusInd Bank share jump 7.5% despite 53% decline in net profit
Shares of IndusInd Bank surged 7.5 percent on Monday even after the lender reported an over 53 percent decline in its standalone net profit at Rs 647.04 crore in the September quarter. The bank had posted a net profit of Rs 1,383.37 crore in the year-ago period. The stock rose as much as 7.5 percent to the day’s high of Rs 629.75 per share. However, on a YTD basis, the stock is the biggest loser on the Nifty Bank index, down 59 percent as compared to a 24 percent decline in Nifty Bank.
Continue to like top private banks, given faster rebound in earnings: PhillipCapital
PhillipCapital on Monday said it continues to like the top private banks like ICICI Bank, HDFC Bank and Axis Bank given that these lenders, as the brokerage says, will see faster rebound in earnings and returns. It has increased the target price on ICICI Bank to Rs 520 per share. ICICI Bank reported the best core operating profit growth in eight quarters. Slippages have come in lower than analysts’ expectations.
“Margins were slightly disappointing on a quarter-on-quarter (QoQ) basis, however, what is more important at this point in time is the asset quality collections and the outlook for the credit cost. We are impressed about the way the collections have panned out for some of the larger banks and the guidance for credit cost for next year looks very impressive from ICICI point of view,” said Manish Agarwalla, Co-Head of Research, PhillipCapital, in an interview with CNBC-TV18. Watch Video for more
Bajaj Auto reports an 11% jump in Oct sales at 512,038 units
Bajaj Auto Ltd on Monday reported an 11 percent increase in its total vehicle sales at 512,038units in October. The company had sold a total of 463,208units in the same month last year, Bajaj Auto said in a regulatory filing. Domestic sales stood at281,160units last month, as against 278,776 units in October last year, up 1 percent, it added. Motorcycle sales grew by 18 percent at470,290 units, compared to398,913 units in the year-ago month, its highest ever sales. Bajaj Auto said during October, Pulsar brand recorded sales of over 170,000 units. Commercial vehicle sales stood at 41,746 units, as against 64,295 in the corresponding month last year, a decline of 35 percent, the company said. Total vehicle exports in October were at 230,878 units, as compared to184,432 units in the same month a year ago, up 25 percent, Bajaj Auto said.
BUZZING: ICICI Bank shares jump over 6.5% post Q2
Shares of ICICI Bank surged over 6.5 percent on Monday after the private sector lender posted its highest-ever net profit in the September quarter. Profits after tax rose six-fold to Rs 4,251 crore in Q2 on the back of a rise in operating profits and a decline in tax expenses. In the corresponding quarter last year, the bank posted a net profit of Rs 655 crore. The bank said that it also made gains of Rs 305 crore by selling a 2 percent stake in ICICI Securities during the quarter.
New Listing: Equitas Small Finance Bank lists at Rs 31, a 6% discount to issue price
Equitas Small Finance Bank listed at Rs 31 on BSE, a 6 percent discount to the issue price of Rs 33 per share. At 10:02 am, the stock was trading 6.5 percent lower at Rs 30.85 per share as compared to a 0.6 percent decline in BSE Sensex at 39,383. The company’s Rs 517.6 crore initial public offer (IPO) was open for subscription from October 20 till October 22. This is the third public issue in the small finance bank space, following the footsteps of AU Small Finance Bank and Ujjivan Small Finance Bank.
Oil prices slump 4% on jitters over Europe lockdowns, US elections
Oil prices slumped more than 4 percent on Monday to the lowest levels since May on worries a swathe of coronavirUS lockdowns across Europe will weaken fuel demand, while traders braced for turbulence during the US Presidential election week. Brent crude for January was at USD 36.32 a barrel, down USD 1.62, or 4.3 percent, by 0018 GMT, while US West Texas Intermediate fell USD 1.62, or 4.5 percent, to USD 34.17 a barrel. Brent earlier hit a low of USD 35.74 a barrel while WTI slipped to USD 33.64 a barrel. Countries across Europe have reimposed lockdown measures aimed at slowing COVID-19 infection rates which have accelerated in the continent in the past month. ”The lockdown measures announced by UK and by Italy are jUSt adding to the deteriorating European situation,” Michael McCarthy, chief market strategist at CMC Markets in Sydney said.
Opening Bell: Sensex, Nifty open higher led by financials; ICICI Bank top gainer
Indian indices opened higher on Monday, tracking gains in Asian peers, mainly led by gains in financials after private lender ICICI Bank reported its highest-ever net profit. At 9:18 am, the Sensex was up 103 points at 39,717 while the Nifty rose 55 points to 11,697. Broader markets were mixed at opening with Nifty Midcap up 0.5 percent and Nifty SMallcap flat. Among sectors, Nifty Bank rose the most, yp 1.5 percent while Nifty Fin services added 1 percent. Nifty Auto was also up 0.9 percent. The FMCG, IT, Pharma and Metal indices also rose at opening. ICICI Bank, IndusInd Bank, Hero Moto, Powergrid and NTPC were the top gainers while RIL, Divi’s Labs, UPL, Kotak Ban kand UltraTech Cement led the losses.
FPIs turn net buyers in October, invest Rs 22,033 crore into Indian markets
Foreign portfolio investors (FPIs) turned net buyers in October in Indian markets by putting in Rs 22,033 crore as participant sentiment was driven by the resumption of economic activities and robust quarterly corporate results among others. In September, FPIs were net sellers at Rs 3,419 crore. As per depositories data, overseas investors invested a net Rs 19,541 crore into equities and Rs 2,492 crore into debt during October 1-30. Total investment on a net basis stood at Rs 22,033 crore in October. More here
Stock Market News LIVE Updates: ICICI Bank Q2 net profit at Rs 4,251.33 crore, beats estimates
The country’s second-largest private sector lender ICICI Bank on Saturday reported a net profit of Rs 4,251.33 crore for the quarter ended September 30, 2020. In the corresponding quarter last year, the bank posted a net profit of Rs 1,131.20 crore. CNBC-TV18 Polls had predicted a profit of Rs 3,142 crore for the quarter under review. Total income (standalone) in July-September 2020 stood at Rs 23,650.77 crore, up from Rs 22,759.52 crore in the same period a year earlier, ICICI Bank said in a regulatory filing. Continue Reading
Stock Market News LIVE Updates: Maruti Suzuki sales increase 19% to 1,82,448 units in October
The country’s largest carmaker Maruti Suzuki India (MSI) on Sunday reported an 18.9 per cent increase in sales at 1,82,448 units in October. The company had sold 1,53,435 units in October last year, Maruti Suzuki India (MSI) said in a statement. Domestic sales increased 19.8 percent to 1,72,862 units last month as against 1,44,277 units in October 2019, it added. Continue Reading
Stock Market News LIVE Updates: 10 things you need to know before the opening bell on November 2
Asia: Stocks in Asia-Pacific rose in Monday morning trade, as data showed China’s manufacturing activity grew in October. Shares in Japan led gains among the region’s major markets: The Nikkei 225 gained 1.56 percent while the Topix index jumped 2.12 percent. South Korea’s Kospi added 1.19 percent. Mainland Chinese stocks were also higher, with the Shanghai composite up around 0.3 percent while the Shenzhen component gained 1.12 percent. Hong Kong’s Hang Seng index edged 0.9 percent higher. Meanwhile, shares in Australia advanced, with the S&P/ASX 200 last trading 0.46 percent higher. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.4 percent higher, reported CNBC International. Continue Reading
Stock Market News LIVE Updates: CNBC-TV18’s top stocks to watch out for on November 2
The Indian stock market is expected to open sharply higher on Monday as the SGX Nifty was trading 86 points higher at 11,679.20, at 7:35 am, indicating a positive opening for the Sensex and the Nifty50. Continue Reading
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