Sensex Trades 258 Points Lower; Dow Futures Down by 226 Points

Thu, 12 Nov 12:30 pm

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Share markets in India are presently trading on a negative note.

The BSE Sensex is trading down by 258 points, down 0.6% at 43,335 levels.

Meanwhile, the NSE Nifty is trading down by 68 points.

Shree Cement and Sun Pharmaceuticals are among the top gainers today . Kotak Bank and Coal India are among the top losers today.

The BSE Mid Cap index is trading up by 0.5%

The BSE Small Cap index is trading up by 1.1%

On the sectoral front, stocks from the real estate sector are witnessing most of the buying interest.

On the other hand, stocks from the banking sector are witnessing most of the selling pressure.

US stock futures are trading lower today, indicating a negative opening for Wall Street indices.

Nasdaq Futures are trading down by 48 points (down 0.4%), while Dow Futures are trading down by 226 points (down 0.8%).

The rupee is trading at 74.51 against the US$.

Gold prices are trading up 0.2% at Rs 50,274 per 10 grams.

In global markets, gold prices edged higher today as the global stock market rally on Covid-19 vaccine optimism showed signs of stalling. A surge in Covid-19 cases around the world and a weaker US dollar supported gold at lower levels.

Tracking global cues, gold prices edged higher in domestic markets though they remain sharply lower this week. In the previous session, gold futures had declined 0.6% or Rs 310 per 10 grams.

Note that gold prices have seen a sharp correction this week, falling about Rs 2,000 per 10 grams.

Speaking of the precious metal, India's #1 trader, Vijay Bhambwani talks about whether you should buy gold now, in his latest video for Fast Profits Daily.

In the video below, Vijay shares what implications the recent fall in gold prices could have for gold as an investment.

So, does the fall in gold prices mean the bull market is over? Or does it mean it is a great opportunity to buy?

Tune in here to find out more:

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Ashoka Buildcon.

Highway builder Ashoka Buildcon reported a healthy 44% year-on-year (YoY) jump in its standalone net profit at Rs 1.1 billion for the quarter ended September, on the back of robust operational performance with lower interest expenses and tax outgo.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 11.5% YoY at Rs 1.8 billion, while EBITDA margin expanded 70 basis points YoY to 19.5%, backed by benign raw material cost. Standalone revenue was up 7.7% YoY at Rs 9.3 billion.

On a quarter-on-quarter basis, the company's net profit rose 51.6% on the back of 49.4% growth in operational revenues, aided by a pick-up in execution with better labour and raw material availability.

The company said its total order book as of September 30, stands at Rs 93 billion. Of the total order book, the contributions from road hybrid annuity model (HAM) and road engineering, procurement and construction (EPC) are Rs 43.2 billion and Rs 32.5 billion, respectively.

Meanwhile, the board of directors of the company has approved the sale of a 49% stake in one of its wholly-owned subsidiaries viz Ashoka Technologies to Auriga IT Solutions at fair market value.

It has also approved to increase the stake in its subsidiary viz. Ashoka Purestudy Technologies (APTPL) from the existing 51% to 59% over a period of next three months by subscribing to the equity share capital of APTPL and/or acquiring shares from Purestudy Software Services, another shareholder of the Company.

At the time of writing, Ashoka Buildcon share price was trading up by 5.6% on the BSE.

Moving on to news from the cement sector...

Shree Cement Q2FY21 Results: Net Profit Rises 68% To Rs 5.3 Billion

In an exchange filing on November 11, Shree Cement reported a net profit of Rs 5.3 billion, an increase of 68% YoY for the quarter ended September amid lower expenses and depreciation.

The company's revenue rose 7.8% YoY to Rs 30.2 billion while its EBITDA rose 17% YoY to Rs 9.9 billion.

The cement maker also saw its operating margin widen to 32.7% from 30.1% earlier. Shree Cement's operational performance improved, despite lower pricing, mainly due to a fall in costs. Power and fuel costs as a share of net sales dropped to 15.7% from 21.3% earlier.

The company's finance costs and depreciation, too, fell compared to last year. Finance costs were down 13% YoY at Rs 627 million. Depreciation declined 35% over last year to Rs 2.8 billion. The cement maker also saw a Rs 103 million tax reversal during the quarter that aided the bottom line.

The Kolkata-based firm was able to improve its volumes during the quarter by keeping a check on prices. Volumes increased by 16.5% over last year and realization, which is the operating profit it makes for each ton, stood largely flat at Rs 15.4 billion.

While cost cuts and pricing discipline have helped lift the cement makers' earnings, the focus will be back on the core business as demand in the economy returns to pre-Covid levels. Fuel and logistics costs are rising at a time when urban consumption is increasing which could rein in the cement maker's pricing power.

We will keep you updated on all the news from this space. Stay tuned.

Speaking of the stock markets, a right investing process can help you win in the long term. It might offer some unexpected and undesirable results in the short term but lets you fare well when you average the outcomes.

According to Richa Agarwal, Senior Research Analyst at Equitymaster, any investment process should not be judged based on individual outcomes. Instead, it should have stood the test of the time.

Her smallcap service Hidden Treasure has had its fair share of failures. But sticking to a disciplined process meant that Hidden Treasure's internal rate of return (IRR) increased to 24.38% since inception. This compares favorably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.

The service's performance did suffer in the short term after the 2018 crash in smallcaps. However, the long term track record and the post Covid rebound underscores the strength of stock picking process.

If you are interested in becoming a Hidden Treasure subscriber, here's where you can sign up.

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

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