Samvat 2078 Begins on a Strong Note, Muthoot Finance Quarterly Results, and Buzzing Stocks Today

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Samvat 2078 began on a positive note for Indian share markets as the auspicious Muhurat trading session on Thursday ended strong.

Benchmark indices kickstarted Samvat 2078 on a positive note taking cues from other Asian markets and US equities.

At the closing bell on Thursday, the BSE Sensex closed higher by 296 points (up 0.5%).

The NSE Nifty ended higher by 88 points (up 0.5%).

Stocks from the automobile sector and FMCG sector were the most in demand.

The BSE Mid Cap Index ended up by 0.8%. The BSE Small Cap Index ended higher by 1.5%.

Stocks such as M&M, ITC, and Bajaj Auto were the top gainers in the Muhurat trading session.

On the other hand, ICICI Bank and Asian Paints were the top losers.

Shares of Sheela Foam and SKF India hit their respective 52-week highs.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Happiest Minds Technologies.

Happiest Minds aims to bring down its dependency on the US to under-65% on a sustainable basis.

The US is the single largest revenue head for all domestic software companies mostly because it is the most tech-savvy market with the highest adoption levels.

On an average, the US gives 48% of the revenue to domestic software companies, down from 55-60% earlier.

For Happiest Minds, that is close 70% on average barring in quarter two when it slipped to 66%.

Joseph Anantharaju, executive vice-chairman of Happiest Minds said,

• We used to have around 80% of our revenue from the US alone. We've been diversifying our revenue pool to lower our revenue dependency on that market.
  
  In the September 2021 quarter, it was down to 66% from 77% a year ago. But we know such a drastic drop is not possible nor it is sustainable.

The sharp drop in the US revenue share in quarter two was because of a big one-time deal from a West Asian client which also boosted the rest of the world revenue share to over 9% from 2.6% for long, and also a multi-million deal from a German engineering company.

The company is also on course to win a few more large West European deals, primarily from Germany over the coming quarters.

Sun Pharma share price will also be in focus today.

Sun Pharma informed the stock exchanges that its two US-based subsidiaries have signed settlement agreements in generic pharmaceuticals pricing antitrust litigation.

The two units have signed settlement agreements with the Direct Purchaser Plaintiffs in the In re Generic Pharmaceuticals Pricing Antitrust Litigation that has been taking place in the US for some time.

Under the terms of the settlement agreements, the subsidiaries will make an aggregate payment amounting to a combined total of US$85 m in exchange for a full release of all claims asserted against them.

The settlement payment amounts will be reduced by US$10 m if the direct purchasers that opt out of the putative class collectively account for 20% or more of Taro's and SPII's aggregate dollar sales of the generic pharmaceutical products at issue in the direct purchaser action.

The full amount of the payments under the settlement agreements have already been provided for in Sun Pharma's prior consolidated financial results.

The settlement agreements were entered into without admission of any wrongdoing in the direct purchaser action.

Sun Pharma said the settlement agreements are subject to court approval, adding that if the court preliminarily approves the settlements, the agreements provide for a period of time during which, class members will be notified of the settlements and given an opportunity to opt out of the class, object to the settlements, or file a claim to receive a settlement payment.

If the court grants final approval of the settlements, the release will be effective as to all class members who do not validly opt out of the class, regardless of whether they filed a claim form and received a payment, Sun Pharma said.

Adani Eyes ARC Business to Buy Stressed Assets in Infra, Real Estate

Adani Group has applied for a licence from the RBI to open an asset reconstruction company (ARC).

The above move comes with an aim to acquire distressed assets in infrastructure and real estate.

Adani Group's non-banking financial company (NBFC) Adani Capital is allowed to purchase bad loans under RBI norms. Despite this, the firm is mulling to set up special purpose vehicles for buying NPAs as most bad assets on sale are bought by ARCs.

Earlier too, Adani group had acquired distressed assets in infrastructure, specifically ports. In February, Adani Ports and SEZ acquired Dighi Port under the Insolvency and Bankruptcy Code for Rs 7.1 bn.

In 2021, it bought the Krishnapatnam and Gangawaram ports. With these additions, Adani Ports now controls 30% of India's port traffic.

The Adani group also acquired a controlling stake in Mumbai International Airport (MIAL) after its debt burden became unsustainable, and the company attracted a central bureau of investigation (CBI) investigation.

Muthoot Finance September Quarter Results

Gold loan company Muthoot Finance reported a rise of 11% in its quarter two of 2022, standalone net profit on a year on year (YoY) basis.

It also reported that its loan assets rose to Rs 551.5 bn compared to Rs 470.2 bn in the same quarter last year, registering a growth of 17% on a YoY basis.

Notably, during the quarter, gold loan assets increased by Rs 26.1 bn, which represents an increase of 5%.

The company's consolidated loan assets under management (AUM) stood at Rs 609.2 bn as of end September 2021, clocking a growth of 17% on a YoY basis.

Muthoot Finance Managing Director George Alexander Muthoot said,

• The demand environment remains strong and as we enter the festive season, we remain optimistic about growth momentum in gold loan over the second half of the financial year 2022. We are optimistic about growing our gold loan book further and maintain 15% growth guidance for the fiscal 2022.

We will keep you posted on more updates from this space. Stay tuned.

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

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