Gift Nifty Trades Flat | Why Textile Stocks are Rising | DLF Q2 Results | Top Buzzing Stocks Today

Tue, 31 Oct Pre-Open

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On Monday, Indian share markets pared early losses as the session progressed and ended the day higher.

Benchmark indices rebounded mirroring upbeat European & Asian markets.

At the closing bell on Monday, the BSE Sensex stood higher by 330 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 93 points (up 0.5%).

BPCL and ONGC were among the top gainers.

UPL and Tata Motors, on the other hand, were among the top losers.

The BSE MidCap index rose 0.1% while the BSE SmallCap index ended marginally higher.

Sectoral indices ended mixed with stocks in the telecom sector, energy sector and realty sector witnessing buying.

Meanwhile, stocks in auto and consumer durables witness selling pressure.

Shares of Trent and KPR Mill hit their respective 52-week highs yesterday.

The rupee was trading at 83.25 against the US$.

Gold prices for the latest contract on MCX were trading up 0.1% at Rs 61,156 per 10 grams at the time of Indian market closing hours yesterday.

At 7:55 AM today, the Gift Nifty was trading lower by 6 points at 19,219 level.

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

Speaking of stock markets, Co-head of Research at Equitymaster, Rahul Shah talks about exposure to stocks right now and more in his latest video.

Was Friday's recovery a dead cat bounce or is the worse behind us and the market may make a new high in the coming months?

Find out answers in the below video:

Top Buzzing Stocks Today

UPL share price will be in focus today.

The agrochemical player yesterday posted a net loss of Rs 1.9 billion (bn) for the July-September quarter on 30 October. The company had reported a net profit of Rs 9.9 bn in the year-ago period.

Revenue came in at Rs 101.7 bn, down 18.7% from Rs 125.1 bn in the same quarter of the previous year.

The weak performance of the agrochemical player was on account of subdued global demand as inventory destocking continued in this quarter as well. impacted by global channel destocking and elevated pricing pressure.

Margins also remained under pressure due to adverse geographical mix and currency headwinds. As a result, EBITDA margin contracted sharply to 15.5% in Q2 as against 22.5% in the base period.

Zee Entertainment share price will also be in focus.

The Securities Appellate Tribunal (SAT) has set aside market regulator's order barring Zee Entertainment's CEO Punit Goenka from holding key directorship in listed entities over an alleged fund-diversion case.

In an interim order, the Securities and Exchange Board of India (SEBI) in June restrained Essel Group Chairman Subhash Chandra Goenka and Goenka from board seats in any entity formed through the merger or amalgamation of the four Zee group companies.

Back then, investigations showed that Chandra and Goenka abused their position as directors of Zee Entertainment in 2019 by siphoning off funds for their own benefit.

So this news comes as a big relief for ZEEL and shares of the company spiked around 4% yesterday.

Market participants will also track share price of DLF.

Realty major DLF yesterday post market hours reported that its consolidated net profit jumped 31% year-on-year to Rs 6.2 bn in the July-September period.

Revenue from operations in the reporting quarter rose 4% to Rs 13.5 bn.

Sun Pharma to Market Zydus Lifesciences' Drug

Sun Pharma has entered into a licensing agreement with Zydus Lifesciences to co-market the latter's drug desidustat in India, used in treatment for anemia associated with Chronic Kidney Disease (CKD).

Under the terms of this agreement, Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India.

Sun Pharma will market the drug under the brand name RYTSTAT.

Zydus will receive upfront licensing income and is eligible to receive milestone income based on achievement of pre-defined milestones.

CKD is progressive medical condition characterized by a gradual loss of kidney function. According to reports, more than 115 million people in India suffer from CKD.

Patients with CKD often have to battle chronic fatigue caused by anemia. To address this, patients need to take injectable Erythropoiesis Stimulating Agents (ESAs) about twice weekly.

Why Textile Stocks Are Rising

In yesterday's intraday trade, textiles stocks rose sharply on expectations of earnings improvement.

Shares of Indo Count Industries, Himatsingka Seide among others surged between 6% to 9%.

According to experts, the textile industry is expected to experience moderate revenue growth in FY24, with domestic demand growing steadily.

The industry remains upbeat about exports in FY24. Despite a slowdown in demand for various sectors, including textiles, Indian exporters are optimistic about a strong performance in 2023-24.

Investors are also banking on government initiatives like signing of the FTAs with multiple countries and stability in export incentive policy to provide robust opportunities for textile companies.

What Next for Yes Bank?

With no trigger points and no major developments for the past couple of months, Yes Bank investors have started to wonder what the next couple of quarters could look like for the stock.

Yes Bank did stage a sharp turnaround when equity was infused by domestic banks and financial institutions aggregating to Rs 100 bn as part of restructuring scheme. In July 2020, the bank also raised equity capital of Rs 150 bn through a follow-on public offer (FPO).

In its latest concall, Yes Bank said that its recovery track record has remained strong. It's expecting big-ticket resolutions in the coming year which could contribute to profitability.

The bank has made senior hiring in the wholesale banking segment to drive growth in large corporate business. It's also investing in digital capabilities and has made strides in its digital banking segment by launching Iris by YES Bank and enabling UPI payments and interoperability.

Yes Bank also has a profit making subsidiary - Yes Securities. The private lender recently acquired 18 million shares in Yes Securities at Rs 55.75 by infusing more capital to the tune of Rs 1 bn.

Overall, the market is divided over the near-term future of Yes Bank. The turnaround has no doubt been remarkable. Full credit for that goes to the management team. But the work is far from done.

The bank has to grow aggressively and yet ensure the quality of its assets does not get diluted.

On a YTD basis, Yes Bank is down 26%.

To know more about the company, check out Yes Bank's financial factsheet and its quarterly results on our website.

And 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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