Gift Nifty Down 70 Points | Axis Bank & Tech Mahindra Q2 Result | KFin Tech's Global Expansion Plans | Top Buzzing Stocks Today

Thu, 26 Oct Pre-Open

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On Wednesday, Indian share markets pared the gains as the session progressed and ended the day deep in red.

Indian equity benchmarks fell sharply in afternoon deals today, extending their losing run for the fifth straight session. The domestic indices were dragged by banks, financial, automobile, technology, heathcare and energy stocks.

At the closing bell on Wednesday, the BSE Sensex stood lower by 523 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 160 points (down 0.8%).

Coal India and Tata Steel were among the top gainers.

Infosys and Cipla on the other hand, were among the top losers.

The BSE MidCap index fell 0.5% while the BSE SmallCap index fell 0.8%.

Barring metal sector other sectoral indices ended in red with stocks in the telecom sector, power sector and IT sector witnessing most of the selling pressure.

Shares of Prestige Estates and Welspun India hit their 52-week high on Wednesday.

The rupee was trading at 83.17 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 60,489per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:55 AM today, the Gift Nifty was trading lower by 70 points or 0.4% at 19,107 level.

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

Speaking of stock markets, what do you feel about buying a stock that's trading at a PE multiple of 85x?

Well, for value conscious investors like Co-head of Research at Equitymaster, Rahul Shah, who believe in following rules and having strict upper limits for valuations, I will simply give the stock a pass.

A PE of 85x is quite high and does not offer margin of safety of any kind.

However, there are a few exceptions to this rule. Is the fertiliser company FACT one such exception? Or is the stock price in a bubble?

Find out more in the below video:

Top buzzing stocks today

TVS Motor share price will be in focus today.

Shares of TVS Motor gained 1.3% as it prepares to unveil Project Dynamo at the Indonesia Motorcycle Show 2023 (IMOS) in collaboration with ION Mobility.

The company said that Project Dynamo was a result of TVS Motor's collaboration with ION Mobility, a Singapore-based technology startup.

Delta Corporation will also be a top buzzing stock.

Shares of Delta Corporation gained 5% yesterday after the troubled Casino major received an interim relief from the Bombay High Court at Goa on show-cause notices from the tax department.

Axis Bank Q2 Results

Private sector lender Axis Bank on October 25 reported a net profit of Rs 58.6 billion (bn) for the July-September FY24 quarter, which marks a 10% jump from Rs 53.3 bn clocked a year ago.

The company's net profit at Rs 58.6 bn is beating the market estimate of Rs 56.9 bn.

The net interest income (NII), at Rs 123.2 bn, is higher than the market estimates of Rs 119.1 bn and grew 19% YoY. Net interest margin (NIM) for Q2FY24 stood at 4.1%, up 0.2%.

Provision and contingencies for the bank stood at Rs 8.2 bn and specific loan loss provisions for July-September FY24 stood at Rs 10.1 bn.

The bank's gross non-performing asset (NPA) stood at 1.7%, down from 2.5% recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.4%, improving from 0.5% on a year-on-year basis. Recoveries from written-off accounts for the quarter were Rs 6.6 bn.

The bank's advances grew 23% YoY and stood at Rs 8.9 trillion (tn). The deposits of the lender stood at Rs 9.55 lakh crore versus Rs 8.1 tn last year's corresponding quarter. Domestic net loans of the bank grew 26% YoY whereas retail loans grew 23% to Rs 5.2 tn.

What separates a good bank from a bad one? NPAs and capital efficiency. Axis Bank is one such bank that have low NPAs and a higher Return on Equity (ROE)...

Tech Mahindra Profit Plunges 61.6%

IT services major Tech Mahindra reported a 61.6% fall in net profit to Rs 4.9 bn year-on-year for the quarter ended September 30, signalling a muted second quarter driven by slowing demand in the telecom and communications segment and delays in deal cycles.

Communications, media and entertainment (CME) currently account for nearly 40% of the company's revenue.

The company's EBIT margin or operating margin came in at 4.7% which is worse than the previous quarter's 6.8%.

Tech Mahindra's board announced an interim dividend of Rs 12 per share for FY23-24.

Tech Mahindra now wants to diversify its revenue dependency from CME to other segments such as BFSI and healthcare.

According to reports, CEO designate Mohit Joshi is currently reshuffling the duties of the senior management to achieve the same, as competition from peers intensifies in a weaker demand environment.

This comes at a time when Tier-I IT companies are already slashing revenue guidance for FY24 amidst macro headwinds, despite expecting a strong order book for the next two quarters.

IT stocks offering decent return on Equity (ROE), sales growth and profit growth appeal to many. Tech Mahindra is one of the top Indian IT companies in India...

KFin Tech's Global Expansion Plans

Registrar and transfer agency KFin Technologies is keen on expanding its international presence, which has a higher margin.

While it is well-positioned in Malaysia, Thailand, and the Philippines, it also recently entered the Canada and Singapore markets. Looking ahead, the company is setting sights on the United States and Europe as well.

The foray into new markets will happen sooner than expected. It could happen as early as the end of this financial year or Q1 Y25.

It added 172 new corporate clients and 4 million investor folios under issuer solutions in September 2023 q. The company's margin expanded by 540 basis points YoY to 44.8%.

For a sector overview, read our finance sector report. Since small-cap stocks interest you, here's a proven approach on investing in small-cap stocks.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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