SGX Nifty Indicates Negative Open | Bajaj Finance Q2 Results | Top Buzzing Stocks Today

Fri, 21 Oct Pre-Open

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On Thursday, Indian share markets erased losses as the session progressed and ended on a positive note.

Benchmark indices ended in green for the fifth straight session led by a rally in PSU bank stocks.

The PSU bank index dragged throughout the session but rallied towards the end to jump 2%.

Chartist Brijesh had rightly said a couple of days ago that PSU bank index will follow footsteps of Bank Nifty.

At the closing bell on Thursday, the BSE Sensex stood up by 96 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 52 points (up 0.3%).

UPL, Adani Enterprises, and Tech Mahindra were among the top gainers.

IndusInd Bank, Asian Paints, and Apollo Hospitals on the other hand, were among the top losers.

The broader markets ended on a negative note. The BSE Midcap dived lower by 0.2% and the BSE SmallCap index ended the day on the flat note.

Sectoral indices ended on a mixed note with stocks in the oil & gas sector, power sector, and energy sector witnessing most of the buying.

On the other hand, stocks from the banking sector, realty sector, and finance sector witnessed selling pressure.

Shares of ITC, Indian Bank, and Aegis Logistics Bank hit their 52-week high on Thursday.

The rupee was trading at 82.7 against the US$. After collapsing to an all-time low of 83.3 in the day, the rupee recovered to below 83 level, helped by the Reserve Bank of India's intervention.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 50,199 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:30 AM today, the SGX Nifty was trading down by 26 points or 0.2% lower at 17,500 levels.

Indian share markets are headed for a negative opening today following the trend on SGX Nifty.

Top Buzzing Stocks Today

Asian Paints will be among the top buzzing stocks today.

The paint sector giant on Thursday reported a 32% year-on-year (YoY) rise in its net profit for the quarter ended September 2022 to Rs 7.8 bn. The profit growth was due to the double-digit volume growth of the domestic decorative business.

It further declared an interim dividend of Rs 4.4 per share, to be recorded on 10 November 2022.

Bharat Electronics share price will also be in focus today.

The Navratna defence PSU received a Letter of Intent (LoI) from Triton Electric Vehicle for battery pack procurement of battery packs for its semi-truck project in India at an estimated value of Rs 80.6 bn.

Rupee Dives to All-Time Low

The Indian rupee on Thursday hit a fresh record low against the US dollar tracking losses in emerging Asian currencies. The increased speculation on aggressive tightening by Federal Reserve further weighed on sentiment.

The domestic currency opened at Rs 83.04 against US dollars and touched an all-time low of Rs 83.08 a dollar.

The rupee was trading at 0.08% from its previous close of 82.99. It was due to a stronger greenback overseas and unrelenting foreign fund outflows.

Besides, a sell-off in domestic equities and risk-averse sentiments weighed on the local unit.

The rupee is down over 2% in October and close to 12% down so far in 2022.

The rupee has been falling for quite some time now, depreciating below the 80 per dollar mark last month.

If you're looking for investing ideas, we suggest watching this video - How to Profit from a Rising US Dollar.

Also, read our recent pieces on how IT stocks benefit from a falling rupee and the 5 stocks that can gain from a falling rupee.

Adani Transmission Bags Smart Meters Deal

Adani Transmission on Thursday bagged a deal to install and maintain 1.1 m smart meters for BEST (Brihanmumbai Electric Supply and Transport) undertaking.

The deal value for the multi-year engagement has been pegged at nearly Rs 13 bn.

The contract includes the installation of the smart meters over 30 months and then maintenance for the following 90 months.

The project will be on a design, build, finance, own, operate and transfer basis. Adani Transmission will see the project from start to finish and will then transfer it BEST at the end of the contract.

The meters will help consumers to monitor online consumption patterns and take prompt corrective action whenever necessary.

These meters will also provide an option to opt for pre-paid billing and net-metering facility for housing societies and commercial buildings with the roof-top solar facility.

Adani Transmission over the year has given returns of 94% making it among the fastest growing stocks of 2022.

Key Quarterly Results

Bajaj Finance: The bluechip stock on Thursday reported a 88% jump in the net profit to Rs 27.8 bn for the quarter ended September 2022.

Bajaj Finance reported a net profit of Rs 14.8 bn in the same quarter last year. This is the highest-ever net profit reported by the company.

The net interest income surged 31% to Rs 70 bn from Rs 53.3 bn in the same quarter last year.

Meanwhile, the assets under the management grew by 31% YoY to Rs 2.2 tn during the quarter.

The asset quality of the company saw an improvement on both YoY basis.

The gross NPA of the company stood at 1.2% against 2.4% in the previous quarter. The net NPA for September stood at 0.4% against 1.1% in the same quarter last year.

Canara Bank: Canara Bank, for the September quarter 2022, reported an 89% jump in the net profit to Rs 25.3 bn, aided by higher net interest income along with healthy growth in advances.

It reported a profit of Rs 13.3 bn a year back.

Its net interest income grew by 18.5% YoY to Rs 74.3 bn compared to Rs 62.7 bn. Meanwhile, the non-interest income grew by 13% YoY to Rs 48.3 bn in the same period.

The net interest margin of the bank came in at 2.9% compared to 2.8% in the year-ago quarter.

Provisions and contingencies increased 8% YoY to Rs 26.4 bn.

The bank's asset quality saw sharp improvement as gross non-performing assets dropped by 205 basis points (bps) on a YoY basis, while the net NPA dropped by 102 basis points.

The bank's gross global advances grew by 20% YoY to Rs 8.2 tn, while domestic advances reported a 17.7% YoY growth to Rs 7.8 tn.

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