Indian Indices Continue Momentum; Upcoming IPOs, and Top Stocks in Action Today

Tue, 5 Nov Pre-Open

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On Monday, Indian share markets traded on a positive note throughout the day and ended higher. Benchmark indices extended their winning streak to the seventh day tracking global cues.

The BSE Sensex rose as much as 310 points intraday to hit a fresh record high before paring some gains.

At the closing bell, the BSE Sensex closed higher by 137 points to end the day at 40,302. Infosys and Vedanta were among the top gainers.

While the broader NSE Nifty ended up by 55 points to end at 11,945.

Among BSE sectoral indices, metal stocks gained the most, followed by telecom stocks and IT stocks.

Top Stocks in Action Today

Bharat Heavy Electricals (BHEL) share price will be in focus today as the company has won an order for Renovation, Modernization & Uprating (RM&U) of Chilla Hydro Electric Plant (HEP).

Lemon Tree Hotels share price will also be in focus today as the company is planning to open three properties under its upscale Aurika Hotels and Resorts brand across the country by the end of 2021.

Market participants will also track Ajanta Pharma share price, Berger Paints share price, and Gillette India share price as these companies will announce their September quarter results later today.

Results Corner

BEML has reported a net loss of Rs 259.2 million for the September quarter against net profit of Rs 168.9 million for the same quarter in the previous year.

Total income of the company decreased by 5.8% at Rs 6,953.3 million for Q2FY20 as compared Rs 7,382.7 million for the corresponding quarter previous year.

Varun Beverages has reported marginal rise of 2.6% in its net profit at Rs 652.3 million for the quarter under review as compared to Rs 636 million for the same quarter in the previous year.

Relaxo Footwears has reported 78.8% rise in its net profit at Rs 705.4 million for the quarter under review as compared to Rs 394.6 million for the same quarter in the previous year.

Total income of the company increased by 13.5% at Rs 6,234.2 million for Q2FY20 as compared Rs 5,493.9 million for the corresponding quarter previous year.

HDFC has reported a rise of 60.6% in its net profit at Rs 39.6 billion for the quarter under review as compared to Rs 24.7 billion for the same quarter in the previous year.

Total income of the company increased by 19.9% at Rs 134.9 billion for Q2FY20 as compared Rs 112.6 billion for the corresponding quarter previous year.

Yes Bank posted a loss of Rs 6 billion during the July-September period, dented by higher provisions and one-time deferred tax assets adjustment with sharp increase in non-performing assets.

Lower other income, pre-provision operating profit (PPoP) and net interest income (NII) also hit earnings. The bank had reported profit at Rs 9.6 billion in year-ago period and Rs 1.1 billion in the June-ended quarter.

Asset quality deteriorated further with gross non-performing assets (NPA), as a percentage of gross advances, falling 238 bps sequentially to 7.4% while net NPAs, as a percentage of net advances, increased 144 bps QoQ to 4.4%.

Burger King India IPO

In latest developments from the IPO space, Burger King India, a major player in the domestic quick service restaurant (QSR) space, will file for an initial public offer (IPO) this week with the markets regulator.

As per reports, the issue will comprise a secondary share sale worth Rs 6 billion by private equity major Everstone Capital and fresh fundraising worth Rs 4 billion. The funds raised will be used to fuel the burger chain's expansion plans.

Burger King India would list early next year, joining rivals Jubilant Foodworks (operator of the Domino's Pizza chain) and Westlife Development (franchisee of McDonald's).

Everstone owns and operates Burger King's branded restaurants across India and Indonesia, as part of its food and beverage Asia portfolio.

Investment bankers said taking Burger King India public is part of Everstone's strategy to liquidate its investment. In May 2018, Everstone-backed non-banking financial company (NBFC) IndoStar Capital Finance had raised Rs 18.4 billion through an IPO.

In 2017, Everstone's education sector-focused publishing company S Chand and Company got listed in a Rs 7.3 billion IPO.

How this Burger King IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Global Stock Market Drivers

Global share markets touched a 21-month high on Monday on signs that the United States and China could soon put an end to a damaging trade war as well as indications that the world may yet dodge an economic recession.

Beijing and Washington spoke on Friday of progress in talks aimed at settling a trade dispute that has bruised the global economy and repeatedly shaken financial markets, with US officials saying a deal could be signed this month.

The MSCI world equity index, which tracks shares in 47 countries, climbed 0.2% to its highest since February 2018, with major European indexes following Asia upwards.

On the currencies front, the Chinese Yuan rose to a 12-week high versus the US dollar. Oil prices also inched up on back of the above news.

Chinese President Xi Jinping and US President Donald Trump have been in continuous touch through "various means", China said on Monday, when asked when and where the two leaders might meet to ink a trade deal.

Prices had jumped about US$ 2 a barrel on Friday after the world's top two economies said they had made progress on trade talks.

As per the economic schedule released by Vijay Bhambwani, here are the important events due later today:

• China - Caixin Services PMI October
• UK - Composite and Services PMI October
• India - Nikkei Services PMI October

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

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