India's Retail Inflation, Infosys Quarterly Performance, and Buzzing Stocks Today

Thu, 14 Oct Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices extended their record-breaking rally into fifth straight session as macroeconomic tailwinds put stocks in top gear.

India's retail inflation eased again in September, falling to a five-month low of 4.35%, while the Index of Industrial Production (IIP) rose to 11.9% YoY in August.

That apart, IMF's GDP forecast, which pegs India's growth at 9.5% in 2021 and at 8.5% in 2022, came as another shot in the arm for market bulls.

At the closing bell yesterday, the BSE Sensex stood higher by 453 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 170 points (up 0.9%).

Tata Motors and Mahindra & Mahindra were among the top gainers.

ONGC and Maruti Suzuki, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.6% and 0.6%, respectively.

Sectoral indices ended on a positive note with stocks in the auto sector and power sector witnessing buying interest.

Shares of V-Mart Retail and Tata Chemicals hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 47,350 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Infosys.

IT giant Infosys reported a 12% year on year (YoY) rise in consolidated net profit at Rs 54.2 bn for the September quarter. It was Rs 48.5 bn in the year-ago period.

On a sequential basis, Infosys profit grew by a marginal 4.3% from Rs 52 bn in the June quarter.

Its consolidated revenue from operations rose 20% to Rs 296 bn against Rs 245.7 bn reported in the September quarter of last year.

The company has revised the revenue guidance for the financial year 2022 to 16.5%-17.5%, but retained the margin guidance at 22%-24%.

The board has also approved an interim dividend of Rs 15 per equity share.

Commenting on the results, Salil Parekh, CEO and MD of Wipro said,

• Our stellar performance and robust growth outlook continue to demonstrate our strategic focus and the strength of our digital offerings.
  
  As we witness a strong market opportunity with global enterprises rapidly accelerating their digital journeys, our sustained investments in expanding capabilities, including the differentiated cloud play, Infosys CobaltTM, has uniquely positioned us to continue serving our clients effectively, gain market share and emerge as the preferred cloud and digital transformation partner in the market.

Telecom sector stocks will also be in focus today.

India is set to receive an investment of about Rs 33 bn from 31 domestic and multinational companies over a period of four years under the ambitious production-linked incentive (PLI) scheme.

This will likely employ as many as 40,000 individuals in the telecom sector.

Following the incentive package, proposals from as many as 31 companies that included 16 micro, small and medium enterprises (MSME), seven multinationals and eight domestic players have been approved by the telecom department (DoT).

Multinational companies include Nokia Solutions and Networks, Foxconn Technology, Flextronics Technologies, Commscope and Jabil Circuit.

In addition, HFCL, Tejas Networks, VVDN Technologies, Dixon Electro Appliances, and state-run ITI were among homegrown companies declared eligible under the scheme.

The scheme for the telecom sector includes manufacturing of transmission equipment, 4G and 5G radio access network and wireless equipment, customer premise equipment (CPE), access devices, routers and switches.

In April 2021, the government had launched a program with an outlay of Rs 122 bn to promote networking equipment by incentivizing incremental investments by domestic and foreign companies.

India's Retail Inflation Drops to 5-Month Low in September

India's retail inflation fell to a five-month low of 4.35% in September from 5.3% in August as food inflation declined sharply, according to the data released by the government on Tuesday.

Food inflation is on a continuous decline and further eased to 0.68% in September from 3.11% in August.

Inflation, as defined by the consumer price index (CPI) stayed within the Reserve Bank of India's (RBI) tolerance band of 2%-6% for the third consecutive month.

Inflation in the fuel and light category remained elevated at 13.63%.

The Central bank in its latest monetary policy meeting lowered the inflation forecast at 5.3% for the current financial year from an earlier estimate of 5.7%.

Meanwhile, the index of industrial production (IIP) for the month of August surged 11.9%, showed data by ministry of statistics and programme implementation (MoSPI). IIP grew 11.5% in the month of July.

The mining output during the August month grew by 23.6%, while manufacturing sector surged 9.7%.

Meanwhile, the electricity generation in August grew 16%. Industrial production has been surging for the past few months mainly due to low-base of last year.

Indian Airline Stocks Soar as Government Allows Full Flight Capacity

Shares of Indian airline operators jumped yesterday after the country's civil aviation ministry allowed domestic flights to fly at full capacity from 18 October 2021, lifting pandemic-led restrictions ahead of the festive season.

InterGlobe Aviation, which runs India's largest airline IndiGo, and SpiceJet rose as much as 4.8% and 5.9%, respectively, to their highest levels since mid-September.

India's aviation industry has been among the worst hit by the Covid-19 pandemic, with airlines losing billions of dollars since operations were halted or restricted since 2020. With Covid-19 cases falling and vaccination rates increasing, India has started easing travel restrictions over the past few months.

Passenger growth jumped 136.6% in August from a year earlier after the government relaxed some curbs, regulatory data showed.

We will keep you posted on more updates from this space. Stay tuned.

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