T+1 Settlement Cycle, Britannia Industries Quarterly Results, and Buzzing Stocks Today

Tue, 9 Nov Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices ended higher for the second consecutive session supported by the power, metal and oil & gas stocks.

At the closing bell yesterday, the BSE Sensex stood higher by 478 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 152 points (up 0.9%).

IOC and Titan were among the top gainers.

IndusInd Bank and Divi's Laboratories, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.3% and 0.9%, respectively.

Sectoral indices ended on a positive note with stocks in the oil & gas sector, consumer durables sector and power sector witnessing most of the buying interest.

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

Shares of Muthoot Finance and Shriram Transport hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 47,945 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani shares with you his top 2 investment ideas for Diwali 2022, in his latest video for Fast Profits Daily.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Britannia Industries.

Britannia Industries reported a 23% year on year (YoY) decline in its consolidated net profit to Rs 3.8 bn for the quarter ended September, which was below analysts' expectations.

The biscuit maker's consolidated total revenue from operations, however, rose 5.5% YoY to Rs 36.1 bn for the reported quarter.

Like other FMCG companies, Britannia faced rising cost pressures during the September quarter. The company's raw material cost for the quarter rose over 8% YoY to Rs 19.1 bn, which was higher than the growth in revenues.

However, other expenses in the quarter remained largely flat, likely on the account of trimming down of promotional costs by the company.

'During the quarter, the impact of the second wave of Covid-19 started receding, and the economic activity started picking up. However, inflationary trends remained rampant around the globe, across sectors,' the company said in its earnings statement.

Britannia said that it is witnessing 'unprecedented inflation' in market prices of key ingredients like palm oil, industrial fuel, and packaging material.

The surge in costs reflected badly on the company's operating performance in the quarter as consolidated operating profit slumped 17.4% YoY to Rs 5.6 bn. The FMCG company's margins shrank 430 basis points YoY to 15.5% reflecting the pain of rising input costs.

Inox Wind share price will also be in focus today.

Inox Wind share price rose 4.4% on the BSE after the company bagged an order from NTPC Renewable Energy for a wind power project in Gujarat.

The company has bagged an order for a 150-megawatt (MW) wind power project from NTPC Renewable Energy, a wholly-owned subsidiary of NTPC, to be commissioned in the state of Gujarat.

The project will be executed on a turnkey basis at Dayapar in the Kutch district and is to be commissioned by April 2023.

In a statement, Kailash Tarachandani, CEO of Inox Wind said,

• We are very excited to bag this prestigious project from NTPC. This being a repeat order from NTPC, Inox Wind had earlier executed a 50 MW turnkey wind project for NTPC in Gujarat a few years ago, speaks volumes about Inox Wind's credentials and capabilities.
  
  We look forward to being a long-term and trusted supplier for NTPC and be partners in NTPC's vision of achieving its ambitious renewable energy target. This also happens to be the largest order awarded by a PSU in recent times.

Inox Wind will supply and install DF 113/92 - 2.0 MW capacity wind turbine generators with 113 meters rotor diameter and 92 meters hub height.

The common infrastructure facilities such as the 220 kilovolt (KV) pooling substation at Dayapar and an extra-high voltage transmission line has already been commissioned and thus the project will be executed on a plug and play basis with a shorter gestation period.

Inox Wind will also provide comprehensive operation and maintenance for the lifetime of the project.

JLR Expects Recovery in Semiconductor Situation

Tata Motors-owned Jaguar Land Rover (JLR) expects the semiconductor shortage situation to gradually start recovering in the remaining part of the current financial year.

While the supply of semiconductors remains constrained, the company will continue to take mitigating actions, including prioritising the production of higher-margin vehicles and closely managing costs to reduce its break-even point.

In a statement, the company said,

• Furthermore, Jaguar Land Rover is taking measures to increase the future visibility and control over semiconductor supply for its vehicles, working closely with semiconductor and tier 1 suppliers.

JLR noted that the global economic recovery from Covid-19 continues but outbreaks in a number of regions, more recently in Southeast Asia, have impacted the supply base.

The automaker noted that the passenger car industry volumes continue to be constrained in most markets as a result of the continuing supply shortage of semiconductors.

However, the strong demand continues for its products with record orders in excess of 1,25,000 units, which should support a strong recovery for when production and supply of vehicles recovers.

In terms of new products, the sales of the new Range Rover, which was revealed in October, are expected to start in the fourth quarter of fiscal 2022, JLR said.

Exchanges to Rollout T+1 Settlement Cycle in Equities from 25 February 2022

India stock exchanges have decided to rollout the T+1 equity settlement cycle from 25 February 2022, after receiving approval from the market regulator for a phase-wise implementation, a joint statement by bourses and depositories said.

Stock exchanges said that the bottom 100 stocks based on daily market capitalisation averaged in October will be brought under the new settlement system followed by 400 stocks in March. The last batch of stocks will be brought under the new system by 27 January 2023.

Bourses said that any new stock getting listed after October 2021, will be added to the list based on the market capitalisation calculated on the basis of average trading price of 30 days after commencement of trading.

In September, the capital market regulator allowed stock exchanges to move towards T+1 settlement, which will further accelerate the settlement process in the stock market to one day from two days earlier.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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

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