Key Q2FY20 Results, Global Stock Market Drivers, and Top Stocks in Action Today

Tue, 15 Oct Pre-Open

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On Monday, Indian share markets traded on a positive note most of the day and ended marginally higher.

The BSE Sensex closed higher by 87 points to end the day at 38,214. Tata Motors and ONGC were among the top gainers.

While the broader NSE Nifty ended up by 25 points to end at 11,330.

Among BSE sectoral indices, telecom stocks gained the most, followed by realty stocks and automobile stocks.

Top Stocks in Action Today

DLF share price will be in focus today as the company has sold 376 ready-to-move-in luxury flats worth Rs 7 billion on the first day of the launch of its new housing project in Gurugram.

Sun Pharma share price will be in focus today as one of its wholly owned subsidiaries has commercialized CEQUA (cyclosporine ophthalmic solution) 0.09% in the US.

CEQUA is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye), an inflammatory disease that afflicts more than 16 million people in the US.

HCL Technologies share price will also be in focus as the company has completed acquisition of Sankalp Semiconductor, an advanced technology design services provider offering comprehensive digital & mixed signal SoC services and solutions from concept to prototype, in the semiconductor space.

Market participants will also track ACC share price, Wipro share price and SBI Life Insurance share price as these companies are scheduled to announce their September quarter (Q2FY20) results later today.

You can also read our recently released Q2FY20 results: Infosys, TCS, IndusInd Bank, Bajaj Consumer Care.

Results Corner

Avenue Supermarts has reported 47.7% rise in its net profit at Rs 3,334.5 million for the September quarter as compared to Rs 2,257.4 million for the same quarter in the previous year.

On a consolidated basis, the company has reported a rise of 47.5% in its net profit at Rs 3,226.3 million for the quarter under review as compared to Rs 2,186.7 million for the same quarter in the previous year.

Asahi Songwon has reported 48.3% rise in its net profit at Rs 78.6 million in Q2FY20 as compared to Rs 53 million for the same quarter in the previous year.

However, total income of the company decreased by 12.4% at Rs 719.8 million for Q2FY20 as compared Rs 822.1 million for the corresponding quarter previous year.

IRCTC's Bumper Listing

In latest developments from the IPO space, IRCTC share price made a strong debut yesterday, as the shares of the company got listed at Rs 644 on BSE, a 101.25% premium over issue price of Rs 320.

The Rs 6.5 billion initial public offering (IPO) of state-owned Indian Railway Catering and Tourism Corporation (IRCTC) was subscribed almost 112 times, making it the most successful share sale in over 20 months.

The offer got bids for 2,256 million shares compared to the total issue size of 202 million shares.

The portion reserved for QIBs got subscribed 108.8 times, while HNI portion got subscribed 354.5 times. Retail and employees portion got subscribed 14.6 times and 5.8 times, respectively. Both retail investors and employees will receive shares at a Rs 10 discount to the final offer price.

IRCTC is a central public sector enterprise, wholly owned by the Government of India and under the administrative control of the Ministry of Railways.

It is the only entity authorized by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.

The company has also diversified into other businesses, including non-railway catering and services such as e-catering, executive lounges and budget hotels, which are in line with its objective to build a "one stop solution" for its customers.

Ankit Shah has shared the detailed note of the IPO in one of the Equitymaster Insider issues. You can read the entire note here: IRCTC IPO: The IPO Season Kickstarts After Corporate Tax Cuts.

Global Stock Market Drivers

Global stock markets slipped on Monday as signs of progress in the US-China trade dispute drew a mixed reaction from investors, with some cautioning over a lack of detail in the initial stages of the agreement.

Asian share markets cheered US President Donald Trump's outlining the first phase of an agreement to end a trade war with China and suspending a threatened tariff hike, but European shares slipped.

On the commodities front, oil prices fell as adequate details about the first phase of a trade deal between the United States and China undercut optimism over a US-China thaw that had helped lift crude markets by 2% at the end of last week.

On Friday, the United States and China outlined the first stage of a trade deal and suspended this week's scheduled US tariff hikes. But existing tariffs remain in place and officials on both sides said much more work was needed before an accord could be agreed.

Brent and WTI rose more than 3% last week, on back of the above news.

Buying interest was also seen after the United States announced on Friday it was deploying more troops to Saudi Arabia, and after an Iranian oil tanker was attacked in the Red Sea.

As per the economic schedule released by Vijay Bhambwani, here are the important events due later today:

• Japan - Industrial Production August (M-o-M)
• UK - September Claimant Count, Unemployment Data
• India - Trade Balance

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

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