Among sectors, FMCG, auto, capital goods, power, PSU Bank and realty up 1-4 percent.
Indian benchmark indices ended on a positive note for the third straight session on October 18 with Nifty finishing near 17,500.
ACC | CMP: Rs 2,219 | The share price shed over 2 percent on October 18. The company posted losses in the quarter that ended in September 2022. ACC on October 17 reported a standalone loss of Rs 91 crore for the quarter, as against a post-tax profit of Rs 449 crore a year back, while it had posted a net profit of Rs 222 crore in the June quarter this year. Morgan Stanley has maintained an ‘underweight’ rating on the stock and cut the target price to Rs 1,950 from Rs 2,050 per share. Jefferies has kept the buy call on ACC with a target price at Rs 3,000 per share.
Samvardhana Motherson International | CMP: Rs 64.10 | The scrip tumbled over 7 percent after 14.6 crore shares changed hands in multiple trades representing a 4.6 percent stake worth Rs 952 crore, CNBC-TV18 reported. The deal was carried out at an average of Rs 65 per share. On October 17, Japan-based Sojitz Corp announced it will sell a 1.9 percent stake in Samvardhana Motherson through a block deal, the floor price for which was set at Rs 64.36 per share.
Tata Communications | CMP: Rs 1,239 | The scrip added over 3 percent after the Tata Group company reported a 25.13% rise in consolidated net profit to Rs 532.29 crore on a 6.15% increase in net sales to Rs 4,430.74 crore in Q2 FY23 over Q2 FY22. On a sequential basis, net profit slipped 2.11% while net sales rose 2.79% in Q2 FY23 over Q1 FY22. Sequentially, growth in revenue followed upsides in the Data business, the company stated. Consolidated EBITDA stood at Rs 1,130 crore in Q2 FY23, registering a growth of 4.9% quarter on quarter (QoQ) and a rise of 1.5% year on year (YoY). Margins improved to 25.5% in Q2 FY23, expanding by 50 basis points QoQ while declining by 120 basis points YoY.
Sonata Software | CMP: Rs 501 | The share price ended in the red despite the company posting a 4.5 percent jump in its Q2 net profit at Rs 112.7 crore versus Rs 107.8 crore. However, its revenue was down 15.9% at Rs 1496 crore against Rs 1778 crore, QoQ.
Polycab India | CMP: Rs 2,767 | The share price jumped over 5 percent after the firm reported a net profit of Rs 268 crore for the July-September period, a jump of 37.3 percent compared with the corresponding period a year ago, boosted by robust volume growth in its core cables and wires business. Its revenue increased 10.8 percent on a year-on-year basis to Rs 3,332.3 crore for the three-month period, according to a regulatory filing. Revenue from the wires and cables unit saw an increase of 13 percent to Rs 2,925.9 crore.
Can Fin Homes | CMP: Rs 522.90 | The stock gained over 4 percent after the company’s net profit rose 14.6% to Rs 141.71 crore on a 40.5% increase in total income to Rs 657.55 crore in Q2 FY23 over Q2 FY22. The company’s gross non-performing assets (NPAs) stood at Rs 178.69 crore as on 30 September 2022 as against Rs 185.08 crore as on 30 September 2021. Disbursements increased 1.67% YoY to Rs 2,245 crore during the quarter that ended on 30 September 2022. Outstanding loan book grew 22.21% to Rs 28,823 crore during the period under review.
Transformers and Rectifiers India | CMP: Rs 54.75 | The scrip added 3 percent after the company received two orders of transformers for a total contract value amounting to Rs 145 crore from well-known Indian companies. With this order, the company’s Order book as of date stands at Rs 1521 crores.
PSP Projects | CMP: Rs 574.90 | The share price declined 10 percent after consolidated net profit declined 40.8% to Rs 21.54 crore on a 7.8% fall in revenue from operations to Rs 359.98 crore in Q2 FY23 over Q2 FY22. Cost of materials consumed stood at Rs 116.85 crore (down 6.92% YoY), Construction Expenses were at Rs 210.53 crore (up 13.5%), employee benefits expenses were at Rs 22.49 crore (up 44.95% YoY) and finance cost stood at Rs 70.49 crore (up 85.25% YoY) during the period under review.
J Kumar Infra | CMP: Rs 230.10 | The stock slipped over 3 percent after the company informed that the Income Tax Department, conducted a search, under Section 132 of the Income Tax Act, 1961, in the normal course of business at its Corporate Office, the residence of promoters of the company and at site offices of the Company from October 11, 2022, and concluded on October 17, 2022, J Kumar Infra said in its release.
Electronics Mart | CMP: Rs 92.95 | The stock price zoomed 10 percent after Nippon India Mutual Fund bought an additional 0.6 percent equity stake in the company through open market transactions. In the previous session, which was the first trading day for the stock after its IPO, Electronics Mart India closed with a massive 43 percent gain at Rs 84.50, which was largely in line with analysts’ estimates, given the robust response from investors to the IPO, healthy financials with steady margins and strong industry growth prospects.
Sandip Das
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