Benchmark indices ended higher for the second consecutive session on November 8, supported by power, metal, oil & gas, IT and PSU bank stocks. At close, the Sensex was up 477.99 points, or 0.80%, at 60,545.61, and the Nifty was up 151.70 points, or 0.85%, at 18,068.50.
Britannia Industries | CMP: Rs 3,715.05 | The stock ended in the green on November 8. The bakery products and biscuit maker has reported a 22.9 percent year-on-year decline in Q2FY22 profit, dented by weak operating performance due to higher input cost. Consolidated profit fell to Rs 381.8 crore in the quarter ended September 2021, compared to Rs 495.2 crore in the corresponding period last fiscal. Consolidated revenue from operations grew by 5.5 percent year-on-year to Rs 3,607.4 crore during the September 2021 quarter.
Sun TV Network | CMP: Rs 576.15 | The share fell over 5 percent on November 8. The company reported a higher consolidated profit at Rs 395.55 crore in Q2FY22 against Rs 335.02 crore in Q2FY21. Its revenue jumped to Rs 848.67 crore from Rs 768.69 crore, YoY.
Wockhardt | CMP: Rs 462 | The stock was up 5 percent after the firm reported Q2 net profit at Rs 33.5 crore, up from Rs 3.3 crore in the year-ago period. Revenue was up 20.7% at Rs 862 crore from Rs 714.1 crore in the same quarter of the previous year. EBITDA was at Rs 95.9 crore against Rs 16.8 crore and the margin was at 11.1% versus 2.4%, YoY.
Balrampur Chini | CMP: Rs 331.90 | The share price ended in the red after the company declared its Q2 earnings. Net profit was up 6.1% at Rs 83.1 crore against Rs 78.3 crore (YoY). Its revenue was down 5.9% at Rs 1,213.8 crore against Rs 1,289.8 crore (YoY). EBITDA gained 5.6% at Rs 134.8 crore against Rs 127.7 crore (YoY), while EBITDA margin came in at 11.1% against 9.9% (YoY).
Canara Bank | CMP: Rs 246 | The stock jumped over 7 percent after rating agency ICRA upgraded the rating of Bank’s Basel III Tier II Bonds to “ICRA AAA (Stable)” from “ICRA AA+(hyb) (Stable)”. The rating agency has also upgraded its ratings on the Basel III Additional Tier I Bonds to “ICRA AA+ (Stable)” from “ICRA AA (hyb) (Stable)”.
State Bank of India | CMP: Rs 523.60 | The share slipped over a percent on November 8. The country’s largest lender, on November 3, reported highest-ever quarterly standalone profit at Rs 7,627 crore in the quarter ended September 2021, growing 66.7 percent YoY. Standalone profit in the corresponding quarter of last fiscal stood at Rs 4,574.16 crore.
IndusInd Bank | CMP: Rs 1,063.95 | The stock price tumbled over 10 percent even though the bank has refuted accusations of loan evergreening made by whistleblowers. Allegations were made by certain anonymous individuals purportedly acting as whistleblowers, as published in the Mumbai edition of The Economic Times on November 5, 2021 titled as “Whistleblowers Raise Loan Evergreening Issue at IndusInd Arm” are grossly inaccurate and baseless, IndusInd Bank said in a release on November 6. The bank said all the loan products managed by Bharat Financial in the capacity of a business correspondent were approved by IndusInd Bank and fully compliant with regulatory guidelines.
Inox Wind | CMP: Rs 138.40 | The scrip added over 3 percent after the company bagged an order from NTPC Renewable Energy for a wind power project in Gujarat. “Inox Wind has bagged an order for a 150 MW wind power project from NTPC Renewable Energy Limited, a wholly-owned subsidiary of NTPC Limited, to be commissioned in the state of Gujarat,” the company said in its release.
JBM Auto | CMP: Rs 666 | The stock price was up 8 percent after the company bagged an order for 200 electric buses from Delhi Transport Corp Under Fame II EV Policy.
Shankara Building Products | CMP: Rs 597 | The scrip ended in the green on November 8. The company reported sharply higher profit at Rs 9 crore in the quarter ended September 2021 against Rs 6.3 crore in the corresponding period last fiscal. Revenue from operations grew by 24.1 percent to Rs 605.7 crore in Q2FY22, up from Rs 487.9 crore in Q2FY21.
