Telecom Companies' Subscriber Data, Jubilant FoodWorks Quarterly Results, and Buzzing Stocks Today

Thu, 21 Oct Pre-Open

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Indian share markets witnessed heavy selling during the second-half yesterday and ended lower.

Benchmark indices extended losses yesterday as consumer durable, realty and metal stocks bled.

The yield on 10-year benchmark government bond rose to its highest level in one-and-a-half years as a relentless rise in crude oil prices and worries of inflation, led to a speculation that RBI will tighten its monetary policy soon.

At the closing bell yesterday, the BSE Sensex stood lower by 456 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 152 points (down 0.8%).

Bharti Airtel and SBI were among the top gainers.

Titan and Hindalco, on the other hand, were among the top losers.

Broader markets, too, came under pressure. The BSE Mid Cap index and the BSE Small Cap index plunged 1.9% and 2.3%, respectively.

Barring telecom stocks, all sectoral indices ended in red with stocks in the metal sector, and consumer durables sector witnessing most of the selling.

Shares of SBI and L&T Infotech hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 47,380 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 Adani group stocks.

Adani group will invest over US$50-70 bn in renewable energy value chain over the next decade.

The group firms have committed 70% of planned capex until 2030 to the energy transition, the group's billionaire chairman Gautam Adani said on Tuesday.

Adani said he made a plea for equitable and pragmatic policies in the battle against climate change and recommended setting practical goals and agendas.

He added that hydrogen is a game-changer and the group's green energy portfolio will expand to become one of the world's largest green hydrogen producers.

Banking sector stocks will also be in focus today.

Non-performing assets (NPAs) of banks are likely to rise to 8-9% in the financial year 2022 from 7.5% as of March 2021, driven by defaults in the retail and small business segment.

However, this rise of 50-150 basis points (100bps = 1%) would be still lower than the peak of 11.2% in March 2018 and 9.1% in March 2019 as the corporate sector continues to be resilient.

According to a report by Crisil, Covid relief measures like the restructuring dispensation and the emergency credit line guarantee scheme (ECLGS) will help limit the rise. With around 2% of bank credit expected under restructuring by the end of this fiscal, stressed assets comprising gross NPAs and loan book under restructuring, should touch 10-11%.

The rating agency's senior director Krishnan Sitharaman said,

• The retail and MSME segments, which together form about 40% of bank credit, are expected to see higher accretion of NPAs and stressed assets this time around. Stressed assets in these segments are seen rising to 4-5% from 3% last fiscal and 17-18% from around 14%, respectively, by this fiscal end.
  
  The numbers would have trended even higher but for write-offs, primarily in the unsecured segment.

According to Crisil, the retail segment, which had a relatively stable run over the past decade, has been singed by the pandemic with salaried and self-employed borrowers alike facing significant income challenges and higher medical expenses, especially in the second wave.

IRCTC Shares Plunge After Hitting Market Cap of Rs 1 tn

Indian Railway Catering and Tourism Corporation (IRCTC) shares fell over 15% on the exchanges yesterday as investors booked profits on their gains.

The company's shares had hit a record high of Rs 6,384.1 on Tuesday. The stock's market cap also surged to hit the milestone of Rs 1 tn.

However, in the last hour of trading on Tuesday, the stock tumbled 21.7% from the day's peak to Rs 4,995.8. It closed at Rs 5,454.9, down more than 7% and at a market cap of Rs 858.1 bn.

Shares of IRCTC have surged about 338% in 2021 so far amid rising interest for internet companies in India. Since listing a little over two years ago, the stock has soared 1,860% over its IPO price.

IRCTC is in a pure monopoly business as it is the only authorized firm to provide online tickets and catering services to the Indian railways.

This along with its robust financials as well as a debt-free status had made it a favorite among all kinds of investors. IRCTC had entered the primary markets by listing in October 2019 and its stock has delivered stellar return to its shareholders since then.

Jubilant FoodWorks' Earnings Beat Estimates

Jubilant FoodWorks on Wednesday, reported a 58% year-on-year (YoY) rise in net profit to Rs 1.2 bn for the quarter ended September.

The company reported a 36.6% YoY growth in topline to Rs 11 bn.

Both, the topline and bottomline figures were above market expectations.

During the quarter, the company saw a 43% jump in cost of raw material to Rs 2.3 bn. The growth in input costs was significantly higher than the growth in revenues.

The operator of fast-food chain Domino's said that it undertook one-time loss of Rs 12.5 m to support its employees affected by the Covid-19 pandemic during the quarter.

In the previous quarter too, it had booked one-time cost of Rs 56 m.

The company's same-store-sales growth came in at 26.3% for the July-Sept quarter as against expectations of over 30%.

Shares of the company fell yesterday in a broad-based selloff after reporting its earnings.

Telcom Service Providers Lose Subscribers in August

An increase in entry-level prepaid tariffs in July led to a fall in subscriber additions in the month of August, according to telecom data released on Wednesday.

As per telecom regulatory authority of India (TRAI), telecom companies lost more than one lakh subscribers (1.13 lakh) in August against the addition of 6 million subscribers in July.

Telecom operator Vodafone Idea lost 8.3 lakh subscribers in August as against the loss of 14.3 subscribers in July.

While Reliance Jio added 6.5 lakh subscribers against the addition of 6.5 m subscribers in July, Bharti Airtel added 1.4 lakh subscribers against the addition of 1.9 m subscribers in July, the data showed.

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

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