Page Industries Quarterly Results, Sapphire Foods IPO, and Buzzing Stocks Today

Fri, 12 Nov Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices came under pressure today after inflation in the US hit a 30-year high, raising fears of an earlier-than-expected hike in interest rates in the world's largest economy.

Such worries could intensify foreign outflows and trigger high volatility in emerging markets such as India.

At the closing bell yesterday, the BSE Sensex stood lower by 433 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 144 points (down 0.8%).

Titan and Hindalco were among the top gainers.

ONGC and SBI, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.6% and 0.5%, respectively.

Sectoral indices ended on a negative note with stocks in the realty sector, banking sector and healthcare sector witnessing most of the selling pressure.

Consumer durables and power stocks, on the other hand, witnessed buying interest.

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

Gold prices for the latest contract on MCX were trading up by 0.8% at Rs 49,264 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, Brijesh Bhatia discusses why this is the right time to trade in hotel stocks, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Page Industries.

Garments maker Page Industries reported a net profit of Rs 1.6 bn for the quarter ended September, beating Street estimates by a wide margin. The net profit was up 44.7% on a YoY basis.

Bengaluru-based Page Industries' revenue increased 46.4% to Rs 10.8 bn for the three-month period, compared to that of Rs 7.4 bn in the same period a year ago.

Sunder Genomal, Managing Director of Page Industries said,

• As we announce our highest-ever revenue and PAT this quarter, we remain confident to deliver on the long-term growth prospects of the company.
  
  I am pleased to share that the sales momentum has picked up significantly after the setbacks of the global pandemic.

The company saw increased momentum in sales across product categories backed by expansion in its portfolio and its existing network.

The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 41.1% YoY to Rs 2.3 bn.

Its EBITDA margin came in at 21.5% in the July-September period against 22.3% in the year ago period.

The company's board declared an interim dividend of Rs 150 per equity share.

Finance sector stocks will also be in focus today.

Collection efficiencies for securitised retail pools originated by non-banking finance companies (NBFC)s and housing finance companies (HFCs) improved significantly during the September quarter on the back of continued decline in fresh Covid-19 infections.

Collection efficiency including overdue collection for the most affected asset classes reached close to 100% for September 2021 from a low of 80% seen in May 2021, rating agency ICRA said in a note.

Collections in the housing loan segment continued to remain healthy while that in commercial vehicle (CV) loans also improved to more than 100% by September 2021.

This was driven by higher inter/intra-state movements upon revival of businesses.

The 90-day plus delinquencies also recorded a decline as of September 2021 compared to the peak seen in May 2021, but remain much higher than pre-Covid levels for most asset classes.

Another indication that asset quality was improving is that majority of the lenders reported lower bounce rates in their portfolio led by the improvement in collections on the back of uninterrupted operational activities.

The rating agency observed that with the resumption of normalcy in business and operational activities, the collections performance of retail pools securitised post the first wave remained robust and better than the pools originated prior to the same.

Maruti Suzuki Reports 26% Drop in Production in October

The country's largest carmaker Maruti Suzuki India witnessed a 26% drop in production last month, owing to the shortage of semiconductor chips.

In a regulatory filing, the auto major reported total production of 1,34,779 units in October compared to 1,82,490 units in October 2020.

The auto manufacturer said total passenger vehicle production stood at 1,30,763 units last month, against 1,76,942 units in October 2020.

Production of mini cars comprising Alto and S-Presso models stood at 23,632 units last month compared to 31,779 units a year ago.

Similarly, manufacturing of compact cars, comprising WagonR, Celerio, Ignis, Swift, Baleno and Dzire, declined to 62,824 units from 1,02,666 units earlier.

Production of its light commercial vehicle Super Carry stood at 4,016 units last month, against 5,548 units in the year ago month.

Maruti Suzuki had reported a 51% drop in total production in September on a yearly basis at 81,278 units.

Sapphire Foods IPO Subscribed 6.62 Times on Final Day

The initial public offering (IPO) of Sapphire Foods, YUM's largest franchisee operator in the Indian subcontinent in terms of revenues for the fiscal 2020, has been subscribed 6.62 times on the final day of bidding, garnering bids for 63.9 m equity shares against offer size of 9.7 m equity shares.

Qualified institutional buyers have bought 7.5 times of the shares set aside for them, while the reserved part of non-institutional investors was subscribed 3.46 times.

Retail investors have put in bids 8.7 times the portion reserved for them.

The Rs 20.7 bn IPO was subscribed 1.07 times till the second day of bidding on 10 November 2021.

It is entirely an offer for sale issue, so the company will not get any money from the public issue. All the money, excluding issue expenses, will go to selling shareholders including promoters and investors.

How this IPO sails through 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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