Vodafone Idea Quarterly Results, MSCI India Index Rejig, and Buzzing Stocks Today

Mon, 15 Nov Pre-Open

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Indian share markets ended on a strong note on Friday.

Benchmark indices snapped their 3-day losing streak with strong gains led in IT shares and select index heavyweights.

At the closing bell on Friday, the BSE Sensex stood higher by 767 points (up 1.3%).

Meanwhile, the NSE Nifty closed higher by 229 points (up 1.3%).

Tech Mahindra and Hindalco were among the top gainers.

Bajaj Auto and Tata Steel, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.6% and 0.3%, respectively.

Sectoral indices ended on a positive note with stocks in the IT sector, realty sector and telecom sector witnessing buying interest.

Shares of L&T Infotech and Minda Industries hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 49,051 per 10 grams at the time of closing stock market hours on Friday.

Speaking of stock markets, India's #1 trader Vijay Bhambwani shares his thoughts on taking up day trading as a profession, 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 Vodafone Idea.

Vodafone Idea on Friday reported a consolidated net loss of Rs 71.3 bn in the second quarter ending September.

The loss was Rs 73.2 bn in the previous June quarter and Rs 72.2 bn in the last year period.

However, when compared with the previous quarter revenue rose nearly 3% from Rs 91.4 bn, supported by the gradual resumption of economic activity post severe second wave of Covid.

Ravinder Takkar, MD & CEO of Vodafone Idea said,

• During the last quarter, we witnessed a recovery in our operating momentum as the economy has started to gradually open up aided by the ongoing rapid vaccination drive.
  
  We continue to improve our 4G subscriber base on the back of superior data and voice experience on Vi GIGAnet, India's fastest mobile network, which is testified through consistent top rankings in Ookla and TRAI.
  
  We continue to focus on executing our strategy to improve our competitive position and win in the marketplace.

Average revenue per user (ARPU) per month during the quarter improved to Rs 109, up 5.3% vs Rs 104 in quarter one of 2022.

The total gross debt (excluding lease liabilities and including interest accrued but not due) as of 30 September 2021 stands at Rs 1.9 tn, which includes deferred spectrum payment obligations of Rs 1.1 tn, adjusted gross revenue (AGR) liability of Rs 634 bn that are due to the government and debt from banks and financial institutions of Rs 227.7 bn.

Meanwhile, Vodafone is in talks with the country's largest lender State Bank of India (SBI) about fresh loans in a deal that could pave the way for other banks to offer credit and boost survival chances of the cash-strapped wireless operator.

SBI has asked Vodafone Idea, a joint venture between Vodafone and billionaire Kumar Mangalam Birla's conglomerate, to first outline a turnaround strategy.

Hindalco share price will also be in focus today.

Hindalco Industries reported a 783% year on year (YoY) rise in consolidated net profit at Rs 34.2 bn, the highest ever quarterly profit in the company's history.

The company posted a 52.6% YoY jump in consolidated revenue from operations to Rs 476.7 bn.

Satish Pai, managing director at Hindalco Industries said,

• Our record-breaking performance this quarter is an affirmation of our fully integrated business model, which powers our performance in both upstream and downstream markets.

The strong performance of the company was largely down to the record-breaking show from arm Novelis, which reported a 38% YoY rise in revenues at US$4.1 bn.

Novelis also reported record quarterly operating profit of US$553 m, which was higher by 22% when compared to year ago quarter.

Novelis once again achieved a record earnings before interest, taxes, depreciation, and amortization (EBITDA) per ton driven by higher volumes and favourable metal prices.

At home, the India aluminium business had a trailblazing quarter with record high operating profits. The aluminium business saw its adjusted operating profit rise 173% YoY to Rs 32.5 bn while its operating margins hit a decade high of 42% in the reported quarter.

Overall, the Indian business reported a record high quarterly net profit of Rs 18.2 bn, up 455% YoY. The business also reported record operating profit of Rs 37.2 bn, which rose 152% YoY.

Hindalco said that its quarterly performance was largely driven by favourable macroeconomic conditions, strategic product mix, higher volumes and stability in operations.

Fino Payments Bank Lists at a Discount

Fino Payments Bank made a disappointing debut on Friday as the scrip got listed at Rs 544.4 on NSE, a discount of 5.7% against its issue price of Rs 577. The stock got listed at Rs 548 on BSE.

The initial stake sale of Fino Payment Bank was open for subscription between 20 October to 2 November, with no activity in the grey market.

The lender raised Rs 12 bn via the primary route, selling its shares in the range of Rs 560-577 a piece. Bids were made in multiples of 25 shares.

The initial public offer (IPO) was subscribed 2.03 times with the retail portion getting oversubscribed 5.92 times.

The portion reserved for qualified institutional buyers (QIB) was subscribed 1.65 times, whereas non-institutional investors bid for merely 21% of their quota. Even employees bid for only 93% of their allocation.

Fino Payments is a specialised bank that provides services in a cost-effective way. It has an asset-light model coupled with a unique next-gen, tech-driven network.

Zomato Shares on a Roll After Entry in MSCI Index

Shares of Zomato surged 9% to hit a 52-week high of Rs 153 on BSE on Friday after the scrip got included in the MSCI India Index.

MSCI Inc, a leading provider of research-based indexes and analytics, announced the results of the November 2021 Semi-Annual Index Review for the MSCI Equity Indexes.

As per the press release, Godrej Consumer Properties, IRCTC, SRF, Zomato, Tata Power, Mindtree and Mphasis will be added to MSCI Global Standard Index, whereas IPCA Laboratories and REC will be removed. The changes will be implemented from 30 November 2021.

The online food delivery giant reported a net loss of Rs 4.3 bn in the July-September quarter against a loss of Rs 2.3 bn in the year ago quarter. The company had posted a loss of Rs 3.6 bn in the preceding June quarter.

The delivery cost per order increased by Rs 5 per during the September quarter compared to the preceding June quarter due to the prolonged and unpredictable rainy season and a sharp increase in fuel prices.

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

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