Indian Indices Continue Momentum, DHFL Saga, and Top Cues in Focus Today

Thu, 31 Oct Pre-Open

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On Wednesday, Indian share markets traded on a positive note most of the day and ended higher. The BSE Sensex extended gains and rose above 40,000-mark while the NSE Nifty rose above 11,800.

Better-than-expected corporate earnings from some frontline companies and expectations of tax realignment on equities lifted investor sentiments.

On the sectoral front, gains were largely seen in the IT sector, FMCG sector and oil & gas sector.

At the closing bell on Wednesday, the BSE Sensex stood higher by 220 points (up 0.6%) and the NSE Nifty closed higher by 57 points (up 0.5%).

Top Stocks in Action Today

PVR share price will be in focus today as the company's board has approved the issue and allotment of 29,08,583 equity shares to eligible qualified institutional buyers (QIBs) at the issue price of Rs 1,719.05 per equity share aggregating to Rs 5 billion.

Bharti Airtel share price will also be in focus today as the company has reported a fall in its average revenue per user (ARPU) in the September quarter.

Airtel recorded an ARPU of Rs 128 in the September quarter, down from Rs 129 in the June quarter. ARPU is the total revenue of an operator divided by the number of users, or connections, on its network.

Market participants will also track Blue Dart share price, IOC share price, and JBM Auto share price as these companies are scheduled to announce their September quarter results later today.

Results Corner

From the engineering sector, Graphite India reported a sharp 83% year-on-year (YoY) decline in the consolidated net profit at Rs 1.9 billion in the September quarter (Q2FY20).

The graphite electrode manufacturer had a profit of Rs 11.1 billion in the year-ago quarter.

Net sales during the quarter fell 62% YoY to Rs 8.8 billion against Rs 23.5 billion in the corresponding quarter of the previous fiscal.

Earnings before interest, tax, depreciation and amortization (EBITDA) margin plunged to 22% from 72%.

The company in a statement said, "lower volumes, realization and increase in average needle coke cost has impacted the sales and margins as compared to same period last year."

From the energy sector, Petronet LNG reported net profit of Rs 10.9 billion, up 90% against Rs 5.7 billion posted in the year-ago period.

However, revenue from operations slipped to Rs 93.6 billion from Rs 107.5 billion in the second quarter of the previous fiscal year.

The company said that it had elected to exercise the option of lower tax rate of 25.17%, which was announced last month by the government.

The company's board of directors also approved special interim dividend of Rs 5.50 per share.

DHFL Saga

As per an article in a leading financial daily, the Central government will soon order a Serious Fraud Investigation Office (SFIO) probe into the alleged financial irregularities at debt-ridden mortgage firm Dewan Housing Finance Corporation (DHFL) after a report by the Registrar of Companies (RoC) indicated fund diversion.

Earlier this year, the Mumbai office of the RoC had initiated a detailed examination into the alleged financial irregularities, including fund diversion by DHFL promoters.

DHFL came in limelight after a report suggested that the company, through layers of shell companies, allegedly siphoned off Rs 310 billion out of total bank loans of Rs 970 billion.

A forensic audit done by KPMG has also found massive fund diversion by the promoters.

DHFL had sought Rs 150 billion from the lenders as they finalise the resolution plan, which may also include picking up 51% equity in the company by converting their debt into equity.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

From the Commodity Space...

Oil prices fell on Wednesday as a possible delay in resolving the US-China trade war overshadowed a drop in US crude inventories.

US crude inventories fell 708,000 barrels in the week ended October 25 to 436 million, compared with analysts' expectations for an increase of 494,000 barrels, according to data from the American Petroleum Institute.

Reports state that the United States and China were continuing to work on an interim trade agreement, but it may not be completed in time for US and Chinese leaders to sign it next month.

The Organization of the Petroleum Exporting Countries and other producers including Russia have cut oil output by 1.2 million barrels per day to support prices since January.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's article here: Message of the Markets - What is Crude Oil Indicating?

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

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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