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Gland Pharma IPO, September Quarter Results, and Top Buzzing Stocks Today
Thu, 5 Nov Pre-Open

Extending gains to the third straight session, Indian share markets witnessed positive trading activity during closing hours yesterday and ended higher.

After opening the day on a positive note yesterday, benchmark indices turned volatile and slipped into the red in the afternoon session as Electoral College vote trends showed Democratic candidate Joe Biden and Republican Donald Trump fighting neck and neck.

Losses were erased thereafter as Indian stock markets turned bullish, tracking gains in IT stocks.

At the closing bell yesterday, the BSE Sensex stood higher by 355 points (up 0.9%).

The NSE Nifty closed higher by 95 points (up 0.8%).

IndusInd Bank and Sun Pharma were among the top gainers.

The BSE Mid Cap index ended up by 0.4%. The BSE Small Cap index ended up by 0.3%.

On the sectoral front, gains were largely seen in the energy sector and IT sector.

Realty stocks, on the other hand, witnessed selling pressure.

US stock futures fluctuated yesterday after President Donald Trump called for Supreme Court to intervene in the counting of votes. Trump declared that he had won re-election against Joe Biden and said he would ask the Supreme Court to intervene.

Gold prices were trading down by 0.8% at Rs 51,188 per 10 grams at the time of closing stock market hours yesterday.

On Tuesday, gold crossed the key level of Rs 51,000 amid uncertainty over results of US Presidential election and rise in coronavirus cases across the globe.

To know more about gold, visit our YouTube Playlist on gold investing.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about an important aspect about the stock market which has not received enough attention, in his latest video for Fast Profits Daily.

In the video below, Vijay shares how most small investors and traders are worried about the volatility in the market while big money is taking the markets higher.

So, why is big money behaving differently?

Tune in here to find out more:

Top Stocks in Focus Today

Adani Ports and SEZ will be among the top buzzing stocks today.

Adani Ports and SEZ reported a 32% YoY growth in its net profit for the September quarter, aided by reopening of the economy. The company's revenue from operations also grew around 3% YoY to Rs 29 billion.

The company is now hopeful of higher cargo volumes going ahead. The company also registered a volume growth of 7% YoY during the quarter. In October alone, volumes registered a 21% YoY growth.

Finance stocks will also be in focus as the Reserve Bank of India (RBI) is looking at diversifying its foreign exchange reserve investments amid the fall in global interest rates caused by the Covid-19 pandemic.

As per reports RBI is likely to increase its gold investments, as well buying dollars and exploring investing in AAA-rated corporate bonds for the first time.

Market participants will also track Cholamandalam Financial Holdings as the company reported a 55.5% YoY jump in its consolidated net profit to Rs 5.1 billion for the second quarter of the current fiscal (Q2FY21).

Total income during the quarter rose to Rs 35 billion from Rs 33.4 billion in the same period a year ago.

Assets under management (AUM) grew by 16% to Rs 744.7 billion as on September 30, 2020, as compared to Rs 644.1 billion as on September 30, 2019.

Q2FY21 Results: SBI Profit Up 52% YoY; Sun Pharma's Up by 70% YoY

State Bank of India's (SBI) Q2FY21 standalone net profit jumped 52% year-on-year (YoY) to Rs 45.7 billion as the bank's provisions declined.

SBI's net interest income (NII) came in at Rs 281.8 billion compared with Rs 246 billion earned in Q2FY20.

Sequentially, it logged an improvement of 5.7% from Rs 266.4 billion NII reported in June quarter of FY21.

Operating profit increased 12% to Rs 164.6 billion in Q2FY21 from Rs 147.1 billion reported in Q2FY20.

The bank's gross non-performing assets (GNPA) declined to Rs 1.25 trillion during the quarter under review, as against Rs 1.29 trillion in Q1FY21.

Net NPAs declined to Rs 364.5 billion from Rs 427 billion sequentially.

SBI extended moratorium to loans worth Rs 8.2 trillion as on August 31, 2020. Besides, it has reclassified loans worth Rs 113.6 billion as on September 30, 2020.

Sun Pharmaceutical reported a net profit of Rs 18.1 billion, a 70% YoY increase, for the quarter ended September, on the back of lower operating expenses and higher other income.

The company also reported tax gains (exceptional) for the quarter. This was on account of the creation of a deferred tax asset amounting to Rs 2.8 billion arising out of subsequent measurement attributable to restructuring of an acquired entity.

Sales and gross profit of Taro Pharmaceutical, its U.S. subsidiary, dropped 25.7% YoY and 16.3% YoY to US$ 142.8 million and US$ 81.6 million, respectively for the quarter. However, the earnings and sales of the company improved over the preceding three months.

Taro Pharmaceutical accounts for more than 30% of Sun Pharma's overall consolidated sales.

Going forward, the company maintains a positive outlook on its specialty portfolio, a robust abbreviated new drug application (ANDA) pipeline, and increasing market share in the branded generics segment.

Multiplex operator PVR reported a consolidated net loss of Rs 1,840 million in the second quarter of fiscal year 2020-21 as against a net profit of Rs 480 million in the corresponding period of last year.

The loss was on account of hit to business due to coronavirus induced restrictions during the quarter.

Consolidated revenue from operations fell significantly to Rs 404 million as against Rs 9,730 million in the year ago period.

The company said that Covid-19 situation across the country continued to adversely affect the operations resulting in almost no operating revenue for the quarter and six months ended September 30.

Under unlock 5 guidelines, the government allowed cinemas to restart operations from October 13 onwards with capacity restrictions. While several states have allowed cinemas to start operations, permission is still awaited from others in this respect.

IPO Buzz: India's Largest Pharma IPO to Launch Next Week

In latest developments from the IPO space, Hyderabad-based Gland Pharma is set to launch the country's largest initial public offering (IPO) by a pharmaceutical company next week.

Till now, the biggest IPO in the pharma sector was from Eris Lifesciences, which raised Rs 17.4 billion in 2017.

Gland Pharma has received the stock market regulator's approval to launch its Rs 60 billion IPO.

The company will become the first big Indian company with a Chinese parent to go for public listing.

The IPO comprises of fresh issue of shares worth up to Rs 12.5 billion and an offer for sale (OFS) of a little over 340 million shares.

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

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!

Read the latest Market Commentary


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