Gift Nifty Up 81 Points | Asian Paints & ACC Q2 Result | Why Adani Group Stocks Are Falling | Top Buzzing Stocks Today

Fri, 27 Oct Pre-Open

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On Thursday, Indian share markets continued the downtrend as the session progressed and ended the day deep in red.

Indian equity benchmarks fell on Thursday, dragged by information technology (IT) stocks after Tech Mahindra's disappointing earnings, while rising US Treasury yields intensified fears of interest rates staying higher for longer.

At the closing bell on Thursday, the BSE Sensex stood lower by 901 points (down 1.4%).

Meanwhile, the NSE Nifty closed lower by 265 points (down 1.4%).

ITC and Adani ports were among the top gainers.

UPL and Asian Paints on the other hand, were among the top losers.

The BSE MidCap index fell 1% while the BSE SmallCap index fell 0.3%.

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

Shares of Prestige Estates hit their 52-week high on Thursday.

The rupee was trading at 83.22 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 61,028 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:15 AM today, the Gift Nifty was trading higher by 81 points or 0.4% at 18,993 level.

Indian share markets are headed for a positive 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

Asian Paints share price will be in focus today.

The company reported a consolidated net profit of Rs 12.3 bn for the second quarter of the financial year 2023-24, up 53.3% from Rs 8 bn in the year-ago period. Sequentially, the profit was down 21.7%.

The paint manufacturer reported a 0.03% year-on-year (YoY) up in consolidated revenue at Rs 84.8 bn in the September quarter against Rs 84.6 bn in the year-ago period.

PNB will also be a top buzzing stock.

Punjab National Bank (PNB) on 26 October 2023, reported a 327% rise in net profit at Rs 17.6 bn for the July-September quarter of the current financial year.

The public-sector lender's gross non-performing assets (GNPA) declined to 6.9% from 10.5% in this period and the net non-performing assets (NNPA) fell to 1.5% from 3.8%.

Why Adani Group Stocks Are Falling

Shares of all ten Adani Group companies experienced a significant downturn following reports that the accounting regulator National Financial Reporting Authority (NFRA) was scrutinising one of the group's auditors.

Yesterday, Adani Enterprises' shares were down over 2%, and Adani Ports and Special Economic Zone (APSEZ) had fallen by more than 1%.

Adani Total Gas shares were nearly 4% lower, while Adani Power and Adani Green Energy both faced drops of over 4%. Adani Transmission and Adani Wilmar were down by over 2% each.

Additionally, Adani-owned companies such as Ambuja Cement, ACC, and NDTV also experienced a decline in their stock prices.

These sweeping losses across Adani Group companies came after a media report indicated that NFRA had initiated an inquiry into one of EY's member firms in India, SR Batliboi.

The inquiry requested access to files and communications related to the audits of companies controlled by Adani dating back to 2014.

The duration and potential consequences of NFRA's inquiry remain uncertain at present, with no official comments issued by NFRA or the Adani Group.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

ACC Q2 Results

Adani Group-controlled ACC's net profit for the quarter ended September came in at Rs 3.9 bn against a loss of Rs 873.5 m in the same quarter last year. The profit was driven by a significant decrease in power and fuel expenses.

The revenue from operations of the company rose 11.2% to Rs 44.3 bn from Rs 39.9 bn.

ACC said its EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at Rs 7.6 bn, driven by cost savings & operational efficiency. EBITDA margin expanded by 14.2 percentage points (pp) - from 2.1% to 16.3%.

The company's electrical energy consumption improved by 6.4 kWh/t at 73.9 kWh/t with Clinker factor improvement from 57.2% to 56.6% coupled with a reduction in kiln fuel cost from Rs 3.19 to Rs 1.85 per 1000 kcal.

Canara Bank Profit Jumps 43%

Public sector lender Canara Bank on October 26 reported a net profit of Rs 36.1 bn for the July-September quarter of FY24, up 43% from the year-ago period.

The lender's net interest income (NII) came in at Rs 89 bn, 19% higher the the corresponding quarter of the previous fiscal.

The bank's gross non-performing asset (NPA) stood at 4.8%, down from 6.4% in the year-ago period. Net NPA for the quarter improved to 1.4% from 2.2% in the year-ago period.

The deposit of the bank stood at Rs 11.4 trillion (tn), growing by 8.2%, and domestic advances stood at Rs 8.8 tn, growing by 12.6%.

The lender's RAM credit grew by 13.6% to Rs 5.2 tn and constitutes 56% of the total advances. Retail credit grew by 10.6%, with housing loan growth at 12.3% and education Loan grew by 14.7%, whereas vehicle loans grew by 9.3%.

For more, check out 2 PSU Stocks You Could 'Bank' Upon.

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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