Stocks to Watch: TVS Motors, Marico, Tata Motors, Blue Star, BHEL | Mint - Mint

Here are the top stocks that could be in focus in today's trade:

TVS Motors: TVS Motor Company on 30 October announced its quarterly reports for September 2023 and said its net profit grew 32% at ₹537 crore for Q2 FY2023-24, as against ₹408 crore during Q2 of FY 2022-23. Apart from this, the firm's operating revenue increased by 13% at ₹8,145 crore in the September quarter of FY 2023-24, compared to ₹7,219 crore in Q2 of last year, it said in a stock regulatory filing.

Marico: Marico Ltd on October 30 reported a consolidated net profit of ₹360 crore for the second quarter of fiscal year 2023-24 (Q2FY24), marking a growth of 17.3% as compared to ₹307 crore reported in the year-ago period. Sequentially, however, the net profit dropped by 17.5% from ₹436 crore reported in the June 2023 quarter. The consumer goods company's revenue from operations dipped marginally as it came in at ₹2,476 crore.

Tata Motors: In a major victory for Tatas, an arbitral tribunal has awarded Tata Motors a compensation of over ₹766 crore for the losses incurred because of protests by Trinamool Congress that stalled its small car project at Singur in West Bengal. The tribunal asked the West Bengal government to pay Tata Motors the compensation, along with interest, according to a stock exchange filing by the Mumbai-based auto major on Monday.

BHEL: BHEL's board on Monday approved the induction of Koppu Sadashiv Murthy as Chairman and Managing Director (CMD) of the company. On May 23, BHEL said it received a communication from the Ministry of Heavy Industries, informing that the Appointment Committee of Cabinet (ACC) has approved Murthy's appointment as the CMD. The official at present is an Executive Director in the company.

Triveni Engineering: The net profit clocked by Triveni Engineering & Industries slumped by 98% on-year to ₹29.1 crore in the second quarter of fiscal year 2023-24 (Q2FY24), as per the financial results declared by the company on October 30. In the year-ago period, the net profit stood at ₹1,388 crore. Sequentially, the net profit dropped by 57% from ₹67.6 crore reported in the June 2023 quarter.

GMR Airports Infrastructure: GMR Airports Infrastructure Ltd (GIL) on Monday reported its consolidated net loss reduced to ₹190 crore in the July-September quarter of the current fiscal year. The company had reported a net loss of ₹197 crore in the quarter ended September 30, 2022. The company's net income during the reporting quarter rose 25% to ₹1,607 crore against a net income of ₹1,285 crore achieved in the second quarter of the previous fiscal, GIL said in a statement.

Blue Star: Air conditioning and commercial refrigeration firm Blue Star Ltd on Monday reported a 66 per cent increase in consolidated net profit to ₹70.77 crore for the second quarter ended September 30, helped by margin expansion and growth. The company had posted a net profit of ₹42.64 crore a year ago, according to a regulatory filing from Blue Star. Its revenue from operations during the quarter under review rose 19.47%.

Vodafone Idea: Vodafone Idea Ltd is expected to conclude talks for securing funding from investors within this quarter, chief executive Akshaya Moondra said during its earnings call on Monday. The promoters’ commitment to put in an additional ₹2,000 crore stands and will likely come in alongside investments from external investors, Moondra said, adding that the telco settled spectrum dues in the last quarter using bank debt, which will be repaid by March-end.

P&G Hygiene and Health: FMCG products maker Procter & Gamble Hygiene and Health Care Ltd on Monday reported a 36.44 per cent increase in profit after tax at ₹210.69 crore for the first quarter ended September. The company, which follows the July-June financial year, had reported a profit after tax of ₹154.41 crore in the corresponding quarter of the previous fiscal. Its net sales were 9.04 per cent higher at ₹1,135.06 crore during the quarter under review.

Petronet LNG: The Petronet LNG board on Monday approved the setting up of a petrochemical plant in Dahej, Gujarat with an estimated cost of ₹20,685 crore. The project has got the required statutory clearances and will be ready in the next four years, CEO and MD of the company Akshay Kumar Singh said addressing the media. The diversification towards petrochemicals comes at a time when the government is looking at making the country a petrochemical hub.

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Updated: 31 Oct 2023, 07:21 AM IST

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Stocks to Watch: TVS Motors, Marico, Tata Motors, Blue Star, BHEL | Mint - Mint
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L&T Q2 results: Profit jumps 45% to Rs 3,223 crore, revenue up 19% at Rs 51,024 crore - Moneycontrol

There was an expectation that the conglomerate would increase its revenue and order inflow guidance upwards for the rest of the FY

Larsen & Toubro (L&T)'s net profit during the second quarter of fiscal year 2023-24 climbed 45 percent year-on-year to Rs 3,223 crore, as per the financial results declared by the company on October 31.

L&T reported a 19 percent rise in consolidated revenue for Q2FY24 to Rs 51,024 crore, compared to Rs 42,763 crore clocked in the corresponding quarter of the previous fiscal.

Higher-than-expected sales growth was driven by execution tailwinds in the infrastructure projects segment and sustained growth momentum in the IT and ITeS portfolio.

There was an expectation that the conglomerate would increase its revenue and order inflow guidance upwards for the rest of the fiscal year.

“Order inflow has been robust this year and we expect the management to increase its revenue and order inflow guidance upwards for the rest of fiscal year,” said analysts at Centrum Broking.

Analysts see a strong tender pipeline from domestic and overseas markets. L&T announced total orders in the range of Rs 24,500-44,500 crore during the quarter.

L&T won orders worth Rs 89,153 crore at the group level during Q2, logging a 72 percent growth over the corresponding quarter of the previous year when it had won orders worth Rs 51,914 crore.

During the reporting quarter, orders were received across multiple segments, including public spaces, nuclear power, and the irrigation, ferrous metal, health, renewables and refinery sectors, the company said in a press release.

International orders at Rs 59,687 crore during the quarter comprised 67 percent of the total order inflow. Last year, L&T had international orders worth Rs 17,341 crore which accounted for 33 percent of its total order inflow

The group’s consolidated order book was at Rs 450,734 crore as of the end of September, with international orders having a share of 35 percent. Last year, L&T had ended the same period with a group consolidated order book of Rs 372,381 crore.

The order book of Rs 4,12,648 crore represents a growth of 13.5 percent over Rs 3,63,448 crore as on June 30, 2022.

Its operating margin for the second quarter of FY2023-24 came in at 11 percent, compared to 11.4 percent in the year-ago quarter and 10.2 percent in the June quarter.

Analysts had expected L&T's operating margin to come in at 10.5 percent in the September quarter.

Infrastructure Projects Segment

Segment-wise, L&T’s infrastructure projects segment secured order inflows of Rs 27,990 crore, during the quarter that ended September 30, 2023, which was 11.7 percent higher when compared to the corresponding quarter of the previous year.

The segment order book stood at Rs 304,497 crore as on September 30, 2023, with the share of international orders at 23 percent.

Revenues from the segment rose 27 percent on year to Rs 24,976.8 crore while profit from the segment fell 2.9 percent on year to Rs 1035.6 crore.

The fall in profit was mainly on account of a fall in operating profit margin from the segment which fell to 5.4 percent in Q2FY24 from 6.6 percent in the same period a year ago.

L&T's infrastructure projects segment had seen a sequential fall in operating margins for the six quarters as the company won infrastructure projects at very aggressive prices after the post-COVID-19, post-Russia-Ukraine (conflict) period in 2022-23.

The company's chief financial officer R Shankar Raman Raman said that L&T expects its operating margin to start improving from October - December as orders won at aggressive prices in 2022-23 will complete execution and new orders start being carried out.

At the end of June, around 35-40 percent of L&T's then order book of Rs 3,01,159 crore from the infrastructure projects segment was made up of orders that were won at aggressive prices.

Energy Projects Segment

L&T secured order inflows of Rs 40,141 crore in this segment, during the quarter that ended September 30, 2023, which was nearly four times higher when compared to the corresponding quarter of the previous year when the company had won orders worth Rs 8,441 crore.

Energy Projects' Segment order book crossed Rs 100,000 crore for the first time ever, taking the segment order book to Rs 106,802 crore as on September 30, 2023, with the international order book constituting 79 percent.

Revenues from the segment rose 21.5 percent on year to Rs 6,794.25 crore while profit from the segment rose 40.2 percent on year to Rs 587.7 crore.

Hi-Tech Manufacturing Segment

L&T secured order inflows of Rs 3,395 crore in this segment, during the quarter that ended September 30, 2023, which was 35.5 percent higher when compared to the corresponding quarter of the previous year.

Hi-Tech Manufacturing Segment order book stood at Rs 25,958 crore as of September 30, 2023, with the international order book constituting 10 percent.

Raman said that order inflow in the company's Hi-Tech Manufacturing segment has been slow in the first half of FY24 due to the delays in the government awarding defense contracts.

"Going forward we expect the government to aggressively come out with defense orders which will help order inflow of our Hi-Tech Manufacturing segment," Raman said.

Revenues from the segment rose 28.5 percent on year to Rs 2,041.14 crore while profit from the segment rose 5.5 percent on year to Rs 233.17 crore.

IT & Technology Services Segment

L&T's revenues from this segment rose to Rs 11,182 crore in this segment, during the quarter that ended September 30, 2023, which was 10.2 percent higher when compared to the corresponding quarter of the previous year.

International billing contributed 92 percent of the total customer revenues of the segment.

Profit from the segment fell 0.2 percent on the year to Rs 1901.24 crore. The EBITDA margin for the segment was at 20.2 percent for the quarter as compared to 21.4 percent in the corresponding quarter of the previous year.

The segment margin was impacted mainly due to higher employee cost though improved operational efficiencies partially negated the impact.

OUTLOOK

Going forward, L&T expects growth momentum in the Indian market to continue on the back of sustained buoyancy in services, consumer and business optimism, higher government spending, healthy balance sheets of banks and corporates, upcoming festive season demand and supply chain normalization.

L&T added that India continues to witness resilience on the back of strong domestic demand in contrast to global trends.

"Investment activity is benefiting from continuing public sector capex with growth being witnessed in steel consumption, cement production as well as in imports and production of capital goods. Capacity utilization in the manufacturing sector is also trending up, which augurs well for country-level capital formation," the company said.

Despite the recent conflict in the Middle East, L&T said it remains optimistic about fresh project awards in Oil and gas, industrialization, and energy transition projects from West Asian countries.

"The war in the Middle East is unfortunate but most of our orders are in Saudi Arabia, which has so far steered away from any involvement in the war. It is unlikely that Israel-Hamas have any adverse impact but we will continue to watch it," the company's chief financial officer R Shankar Raman said while speaking in the post-earnings media conference call on October 31.

The conglomerate expects volatile energy and food prices due to lingering geopolitical tensions and lingering geopolitical tensions to impact the inflation outlook globally, which could lead to a tight monetary policy stance.

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Stock Market Today: Sensex, Nifty Resume Decline After Two-Day Gain As RIL, HDFC Bank, ICICI Bank Drag - BQ Prime

Business NewsStock Market Today: Sensex, Nifty Resume Decline After Two-Day Gain; FPIs Remain Net Sellers

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Apple nears $10 bn India revenue | Mint - Mint

“Apple topped the smartphone revenue chart in India in the first six months, and has also had a very strong two months festive season sales. Due to this, there is strong probability Apple could pip Samsung to the top spot in smartphone revenue in India," said Navkendar Singh, associate vice-president for client devices , International Data Corp. (IDC) India.

According to IDC, the company closed 2022 with shipments of 6.5 million iPhone units to retailers. A consensus of industry analysts suggests that in 2023, Apple is likely to exceed 9 million iPhone shipments with some even estimating 9.5 million units.

However, this is significantly lower than Samsung’s 26.1 million units in 2022, which helped the Korean electronics major lead the revenue charts for smartphone sales in India. According to Counterpoint and IDC analysts, Samsung’s average selling price (ASP) is around $350, while Apple’s ASP for iPhones around $1,000.

Retailers were of the same view. The head of a Kolkata-based multi-brand retail chain, claiming to be a “preferred retail inventory partner" of Apple, said iPhone sales have been “stronger than expected this year".

“In the past three years, Apple is increasingly doing better every year. For most years, nearly 80% iPhone sales through festive period is driven by older generation models. This year, the share of iPhone 15 sales, launched in September, were 50% higher than iPhone 14 sales over this period in 2022, hinting at consistently strong demand for Apple’s products in this period."

The retailer spoke on the condition of anonymity as he is not authorized to comment on Apple’s sales performance.

All signs indicate to a promising future for Apple in India. Its sales have been steadily increasing, and at almost three times the average price of a phone sold in India. With a relatively small user base, industry insiders believe there is ample room for growth. However, challenges remain.

According to a Mint analysis, the company’s India and global earnings figures showed even after a near-48% rise in revenue growth in FY23 from the year ago, Apple India’s contribution to global revenue in the April 2022-March 2023 period was a mere 1.5%. Apple India’s earnings were at $5.9 billion, compared with its global revenue of $385.1 billion during this period.

Apple India’s share in overall earnings grew by 50 basis points since FY22, primarily due to a very low base. Its India revenue growth of 48% far outpaced its 0.2% revenue dip during this period.

A clear example for this can be seen in Apple’s ‘services’ revenue—the company earned $354 million from services in India in FY23, a paltry 0.4% of its $80.5 billion in services revenue globally, during this corresponding period.

According to experts, this could pose serious challenges in the long run. “There will be a point in near future when Apple will hit the ceiling. The premium phones market is about 20% of the overall market. Apple can only sell so many $1,000 phones in the long run. At some point, the room for exponential growth will run out," Singh said.

So, despite robust growth over the past three years, India’s contribution to Apple’s overall revenue may remain muted at best. “India’s significance for Apple is of a fresh market, plus geopolitical diversification of its supply chain. But, the revenue ceiling could be a challenge for Apple to break through," Singh added.

>>WEB>>

To address this, analysts as well as retailers believe that Apple may need to revise its pricing strategy for the Indian market.

Signs of this were evident in the recently concluded festive sales in late September-early October.

“There was strong demand for the iPhone, especially with online sellers, who offered iPhone 14 at as low as ₹59,000. Offline sellers did not have such heavy discounts to offer, but if Apple can offer its two years-old flagship devices at this price point, this can pose a strong challenge to sales of other flagship devices such as Samsung’s," said Manish Khatri, partner and Mumbai-based retailer and distributor, Mahesh Telecom.

However, to get a larger market share from Samsung and OnePlus, a stripped-down experience such as Apple’s mid-range iPhone SE may not suffice. “The iPhone SE never sold well despite its pricing purely because of the feature set. If Apple can offer older flagship here for a $600 ( ₹50,000) price point, it may hold key," Khatri added.

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Updated: 30 Oct 2023, 11:23 PM IST

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WB govt told to pay Rs 765 crore compensation to Tata Motors in Singur case | News - Times of India Videos - Times of India

Oct 30, 2023, 08:15PM ISTSource: TOI.in

It’s a massive setback for Mamata Banerjee-led West Bengal government as a tribunal has asked it to pay Rs 765 crore compensation to Tata Motors for the latter’s investment in Singur. Tata Motors had to pull out due to stiff opposition by then opposition leader Mamata Banerjee. Tata Motors had to move out its planned Nano plant from Singur. Tata Motors says 3-member tribunal gave unanimous verdict in its favour.

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AU, Fincare small finance banks to merge | Mint - Mint

Mumbai: AU Small Finance Bank Ltd on Sunday said it will take into its fold peer lender Fincare Small Finance Bank in the first such merger between two such institutions.

Under the amalgamation plan, shareholders of Fincare Small Finance Bank will get 579 equity shares of AU Small Finance Bank Ltd for every 2,000 fully paid-up equity shares they own.

Set up to push financial inclusion by providing an outlet for savings and by providing access to credit to small business units; small and marginal farmers; micro and small industries; and other unorganised sector entities, these banks were set up under an RBI policy from 2014. While AU Small Finance Bank started operations in April 2017, Disha Microfin (which later became Fincare SFB after a merger with Future Financial Services) commenced operations in July 2017.

“The scheme is subject to approval of the respective shareholders of the transferor company (Fincare Small Finance Bank Ltd) and transferee company (AU Small Finance Bank Ltd), the Reserve Bank of India (RBI) and the Competition Commission of India (CCI)," AU SFB said in a regulatory filing late on Sunday evening.

The statement said that the appointed date of the scheme shall be 1 February 2024, or a date as may be fixed mutually by both companies and approved by RBI.

As of 30 September, AU Small Finance Bank had total assets of ₹95,977 crore and a net worth of ₹11,763 crore, while Fincare Small Finance Bank had total assets of ₹14,777 crore and a net worth of ₹1,539 crore. While shares of AU SFB are listed on the stock exchanges, Fincare SFB’s plan for a share sale received a nod from the market regulator Securities and Exchange Board of India (Sebi) last month.

The statement said that the banks believe the consolidation is “founded on leveraging of the significant complementarities that exist between both the small finance banks, particularly relating to branch network, product offerings and customer segments".

“This revenue synergy-led and growth-oriented amalgamation, adopting best practices of banking, technology, governance and prudence from both banks, is expected to result in a superior platform benefitting from efficiencies of size and scope over time for all stakeholders such as customers, employees, and shareholders," it said.

As of 30 September promoters held 25.49% in AU Small Finance Bank, while in Fincare, promoters owned 78.58% as of 31 March.

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Updated: 30 Oct 2023, 07:40 AM IST

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Blackstone enters Indian healthcare services with Care Hospitals buy - Reuters

BENGALURU, Oct 30 (Reuters) - Blackstone (BX.N) said on Monday it will buy a majority stake in India's Care Hospitals from a fund belonging to asset management firm TPG, marking the U.S.-based private equity firm's entry into the country's healthcare services sector.

Blackstone will commit $1 billion in the hospital chain in India and hold over 75% in Care Hospitals, a source with direct knowledge of the matter said. They did not want to be named as the deal details are private.

The deal comes as a post-pandemic boom in demand for private healthcare in India has made the sector attractive, with global investors seeking an entry into healthcare chains in the country.

"Life sciences is a key investment theme for Blackstone and we plan to bring in our global scale and operating expertise," said Ganesh Mani, managing director at Blackstone Private Equity.

In a separate deal, Care Hospitals will buy a majority stake in KIMSHEALTH, which operates under Kims Healthcare Management, to form one of India's largest hospital platforms with 23 facilities and more than 4,000 beds across 11 Indian cities.

The value of both the deals is between $1.3 billion and $1.5 billion, the source added. The companies did not disclose financial terms of the deal.

TPG, which has a stake in Care Hospitals through its Evercare Health Fund, will retain a significant minority stake in the combined platform, the statement said.

Blackstone and Care did not immediately respond to Reuters' queries seeking financial details.

Hong Kong-based investment firm BPEA EQT, Baring Private Equity Asia, will acquire a 60% stake in Indian fertility services provider Indira IVF for 54 billion indian rupees ($648.63 million), Reuters had reported in July, citing a source.

($1 = 83.2525 Indian rupees)

Reporting by M. Sriram in Mumbai and Rama Venkat in Bengaluru; Editing by Nivedita Bhattacharjee

Our Standards: The Thomson Reuters Trust Principles.

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M. Sriram

Thomson Reuters

Sriram leads Reuters' deals coverage in India, including reporting and writing on private equity funds, IPOs, venture capital, corporate M&A and regulatory changes. His reportage includes scoops on large transactions as well as deeper analyses and insightful stories on the inner workings of companies, funds and industry trends that fly below the radar. He is a business journalist for five years by training, with a postgraduation from the Asian College of Journalism's Bloomberg program in financial journalism. He graduated from the course's inaugural batch. Contact: +919632913911

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BSNL 4G Launch Update at IMC 2023 - TelecomTalk

Bharat Sanchar Nigam Limited (BSNL) has started rolling out 4G in Punjab. The company has completed the beta testing with 200 sites and is now looking to complete the 4G rollout in Punjab by the coming December. The state-run telecom company aims to deploy 4G across the country by June 2024, after which the focus would shift to 5G rollout, confirmed Chairman and Managing Director (CMD) of BSNL, P.K. Purwar. As reported by PTI, Purwar said that BSNL is in the process of installing 3000 sites in Punjab.

Read More - BSNL Faces Revenue Challenges as Telecom Tariffs Continue to Drop

The deployment will slowly be scaled to 6,000, and then 9,000, 12,000, and 15,000 sites per month. One of the big statements by Purwar during the IMC 2023 was that BSNL aims to complete its 4G rollout by June 2024. After that, the company wants to start rolling out 5G. At the IMC 2023, the radio gear that Tejas Networks is providing to BSNL was showcased. BSNL's entire 4G network will be homegrown. Even the telco's 5G will be homegrown as it will be released using the same equipment that Tejas Networks has provided to the company.

Read More - Can BSNL be the Hero for Low Earning Folks in India

BSNL will be offering 4G in rural areas and places where high-speed broadband access is missing. This will enable India to reduce the digital divide that exists and also provide more people with opportunities that the digital world presents. BSNL's 4G is expected to be more affordable than what private telcos offer their 4G for.

BSNL's loss widened to Rs 8161.56 crore for FY23. However, the government expects the company to become profitable by FY27. The growth of the wireless network services business will be fueled by 4G and 5G in the coming years for BSNL. The state-run telecom company aims to be more affordable than its competitors.

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We have become a non-terrestrial player, ahead of competition: Jio - Business Standard

Satellites have evolved from being a vanilla backhaul system to becoming a base station in the sky and the co-existence of satellite communications with other mobile technologies is now a reality, Reliance Jio President Mathew Oommen has said.

Speaking to the press on the sidelines of the seventh India Mobile Congress (IMC), he said Reliance Jio, moving beyond traditional terrestrial spectrum, had become a non-terrestrial network player and was way ahead of competition.

While satellites have historically been used for backhaul services, satellite spectrum has begun serving the same devices and customers as that of terrestrial spectrum over the past two years, Oommen pointed out.

Satellite spectrum, or orbit spectrum, is a segment of radio spectrum made available when satellites are placed into orbit. A debate over whether the scarce resource should be auctioned or allocated by the government has split the telecom industry.

As part of the Telecom Regulatory Authority of India’s (Trai’s) last consultation process in June, tech firms like Elon Musk’s Starlink, Amazon’s Project Kuiper, Telesat, Tata Group’s Nelco, and Hughes had been united in their opposition to the auctioning of satcom spectrum.

In contrast, telecom operators remained divided. Bharti Enterprises has pushed for allocation while Reliance Jio wants auction.

“If it (satellite spectrum) is the same type of service, going to the same devices and the same customers, and using the same standards, should there be a different spectrum policy? My answer is ‘no’,” Oommen said.

On the issue of there being no global precedent of a nation auctioning satellite spectrum, he said the United Arab Emirates had recently auctioned it while Thailand did so for orbital slots.

“We as a nation are the most spectrum-deprived, and just because somebody didn’t do something, that doesn’t mean it needs to be applicable for us. We need to do what is right for us. We are no longer a Tier-II nation and can’t have a regressive policy to be applied to a progressive technology,” he said. To questions on how Jio planned to provide affordable satcom services to remote areas, he said the vast sums in the government’s Universal Service Obligation (USO) fund should be given to telcos to be used for further investment.

“If we want to drive the Digital India vision, we should take that and put it to use,” he said.

The government imposes a universal access levy on telecom service providers of 5 per cent of their annual adjusted gross revenues. That goes to the Telecom Department’s USO fund, which had an unused surplus of Rs 75,689 crore as of June 30, 2023, the official data shows.

The fund should be leveraged for not just putting up towers but also giving subsidies to Indians who can’t afford the transition, Oommen said.

Satcom race hotting up

The Department of Telecommunications (DoT) has granted Eutelsat OneWeb and Reliance Jio’s satellite arm Jio Space the licence for Global Mobile Personal Communication by Satellite Services (GMPCS). The licence is needed to offer satellite-based broadband service in India.

Both companies are now facing off in the segment, with Jio successfully demonstrating at the IMC its Jio SpaceFiber service, India’s first satellite-based gigabit speed broadband service to previously inaccessible geographies in the country.

Meanwhile, Bharti Airtel Chairman Sunil Bharti Mittal said Bharti Airtel-backed Eutelsat OneWeb’s satellite communication service would be available in India from next month.

Oommen said the satellites of Luxembourg-based satellite telecommunications network provider SES, leveraged by JioSpaceFiber, would give the company an edge.

Eutelsat OneWeb, created last month through a merger between OneWeb and French satellite operator Eutelsat Communications, is banking on a combination of GEO-LEO fleet of satellites.

However, Oommen said unlike the hundreds of satellites needed by LEO systems to cover the earth, Jio would require eight-nine MEO satellites to cover the earth, he said.

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Government imposes minimum export price of $800 per tonne on onion till December 31 - The Hindu

The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices.

"Exports on onion is free. MEP of $800 FOB (free on board) per tonne is imposed till December 31, 2023," the Directorate General of Foreign Trade said in a notification.

Onion prices have further risen to ₹65-80 per kilogramme in the retail market of the national capital on lower supply.

Mother Dairy, which has around 400 Safal retail stores in the Delhi-NCR, is selling loose onions at ₹67 per kg. E-commerce portal Bigbasket is selling at ₹67 per kg, while Otipy at ₹70 per kg.

Local vendors are selling onions at ₹80 per kg.

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These 10 smallcaps log double-digit rise even as Sensex posts worst weekly decline in a month; do you own? | Mint - Mint

Domestic equity benchmarks Nifty 50 and Sensex plunged sharply lower in the past week and lost more than 2.5 per cent, the steepest such drop since the week ended September 22, mostly weighed by week global cues. The blue-chips bounced back by 1 per cent, in the final session on Friday, October 27, snapping a six-day losing streak, supported by some healthy corporate results and value-buying in auto, IT, financial and energy stocks.

On Friday, Nifty 50 closed 190 points, or 1.01 per cent, higher at 19,047.25 while the Sensex closed at 63,782.80, up 635 points, or 1.01 per cent. Mid and smallcaps outperformed the benchmarks. The BSE Midcap index rose 1.70 per cent while the Smallcap index ended with a gain of 1.89 per cent on October 27.

IT stocks, battered in the past two weeks by weak corporate earnings, gained 1.24 per cent after data showed inflation cooled in the United States, a key market for IT companies.

Also Read: Dividend Stocks: Nestle India, HUL, Asian Paints, NTPC, others to trade ex-dividend next week; check full list

Weekly Performance

Sensex and Nifty have slipped 3.18 per cent and 3.17 per cent in the last seven days. This week, all sectoral indices ended in red with media and metal declining the most. 

In the broader markets, the domestically focused small- and midcaps have lost 5.1 per cent and 6.4 per cent, respectively in the past six sessions. However, they are still up 30 per cent and 23 per cent, respectively, so far this year, well above the Nifty's 5.2 per cent increase.

In six trading sessions till October 26, Sensex had declined 3,279.94 points. The domestic market has been under pressure in October because of foreign capital outflow, unimpressive July-September quarter results, record-high US bond yields and Middle East tensions. Nifty 50 is down about 3 per cent this month so far.

US bond yields surged to 17-year high mark at 5 per cent as Federal Reserve Chairman Jerome Powell said earlier this month that more interest rate hikes may be required to bring inflation down to a 2 per cent target because of a tight labour market and resilient US economy. The 10-year US treasury yields rose 3 basis points (bps) to 4.845 per cent after scaling 5 per cent earlier in the week.

On the stock-specific front, 10 smallcap stocks logged gains in the range of 10 per cent - 25 per cent last week, outperforming the index. Bombay Bumrah, Black Box, Sadhana Nitro, Angel Broking, CreditAccess Grameen, Swan Energy, Ramco Industries, Voltamp Transformers, KDDL, and Styrenix Performance are among the smallcaps that logged a double-digit rise in their share prices last week.

Where are markets headed?

Market experts highlighted that the frontline indices ended a three-month long consolidation phase, with the tone being bearish for most of the week but some losses were trimmed in the final session. "The correction in small- and mid-caps over the last week is still puny compared to the rally over the past six to seven months," said analysts at Kotak Institutional Equities.

Analysts say that decent Q2 results in India, which were in line with optimistic estimates, may also support the market's rebound. ‘’However, the volatility of the global market is expected to delay the recovery trend of the domestic market, since the global market is focused on the risk of further slowdown of the global economy due to elevated interest rate and geo-political tension,'' said Vinod Nair, Head of Research at Geojit Financial Services.

Amidst the ongoing market consolidation, sectors such as FMCG, consumption, fertilizers, and core segments like infrastructure, housing, are expected to present potential growth opportunities. 

‘’While US Fed’s rate decision on Wednesday will be a key event, investors would also await BOJ’s meeting outcome on Monday amid high global bond yield. We expect market to continue with its volatile move going forward ahead of key economic events and ongoing earning season,'' said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

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Updated: 28 Oct 2023, 08:52 PM IST

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Airtel partners with Microsoft to deliver integrated calling services via Airtel IQ for Teams | Mint - Mint

Airtel, a prominent telecommunications service provider in India, has revealed a partnership with Microsoft to provide Indian businesses with calling services on Microsoft Teams through an integration with Airtel IQ.

Through Airtel IQ integrated with Microsoft Teams, businesses in India will soon gain enhanced flexibility to connect with customers nationwide via fixed-line internet connections, claims Airtel. 

Abhishek Biswal, Business Head, Airtel IQ, said in a statement, “We are delighted to partner with Microsoft to bring an agile, flexible and innovative solution to ease one of the biggest issues facing Indian enterprises today. Airtel’s traditional strength of connectivity combined with Microsoft’s technology will result in reliability, cost savings, ease of management and, most importantly, scalability for all customers, ensuring that going forward they can focus solely on productivity." 

As per the telecom giant, Airtel IQ for Microsoft Teams is an easy-to-install solution that can be ready within a day with minimal provisioning and management requirements. This setup enables cost savings on infrastructure procurement as it does not require additional hardware, while ensuring enterprise-grade reliability and support.

Shruti Bhatia, Country Head, Modern Work and Surface, India and South Asia, Microsoft, said in a statement, “In today’s constantly evolving hybrid world, users need the flexibility to work and connect. At Microsoft, it has been our endeavor to power the modern workplace by providing enterprises with the right tools and technologies that cater to their needs and make hybrid work seamless for everyone."

Bhatia added, "Taking a step further in that direction, we are thrilled to partner with Airtel and introduce an innovative solution that will enable India’s workforce to unlock a new level of productivity, collaboration, and efficiency, transforming the future of work in the country." 

Meanwhile, Airtel Xstream Play, the video streaming service by Bharti Airtel, has crossed the 5 million paid subscriber mark in October. The company is now eyeing the 20 million milestone as more consumers look at ease of access and bundled services.

Adarsh Nair, CEO - Airtel Digital, told Mint that Airtel Xstream Play is one of the fastest-growing aggregator apps and is looking at more OTT platforms to partner with and reach out to wider audiences.

 

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Updated: 28 Oct 2023, 02:47 PM IST

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‘Firms had ample time to follow DPDP rules’ | Mint - Mint

Companies should not need more time than discussed to comply with the soon to be published rules under the Digital Personal Data Protection (DPDP) Act, said Union minister for communications and information technology (IT), Ashwini Vaishnaw. Speaking on the sidelines of the 7th India Mobile Congress, Vaishnaw also said domestic manufacturing firms are focusing on creating intellectual property (IP) on design—which will be the “real" value addition for companies.

“There are multiple data protection regulations around the world—in Europe, Korea and even Singapore. Companies are already required to be compliant with data regulations in these countries, so there’s no reason why they would need longer than what we’ve discussed to comply with our rules," he said.

On 14 September, Mint reported that DPDP rules are slated to be rolled out in a “graded" manner, wherein large, global firms will get six months to become compliant with the new data regulation in India.

Smaller companies are likely to be offered more time to comply with the rules.

Companies have started working on it too—on 28 September, Nick Clegg, Meta’s president of global affairs, told Mint in an interview that the company is already working to comply with India’s data regulations. He also added that there are certain sections of the rules, which would be more challenging than others to comply with.

Speaking about India’s local manufacturing efforts, Vaishnaw said that the “real" value addition comes from creating intellectual property (IT) around own designs of various electronics and hardware categories. “India’s own design IP rights can add 40-50% of value to our local manufacturing efforts—this is the real value addition to our efforts across sectors. If you look at sectors like networking hardware, companies are also already increasing component sourcing locally. The value addition and component sourcing will increase as volume in local manufacturing grows further," the minister said.

One key area, Vaishnaw added, is in semiconductor design. “A recent study, conducted by ISM, shows that we have some of the most complex chips being designed in India. In the semiconductor ecosystem, our earlier estimate was that we have 50,000 chip design engineers—our new survey says it is 1.2 lakh. Our design efforts are already growing—in fact, seven companies have already been approved under the semiconductor DLI scheme," he said.

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Updated: 27 Oct 2023, 11:02 PM IST

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Stock Market Live: Sensex jumps 500pts, Nifty reclaims 19K; NTPC, Infy lead - Business Standard

Stock market live: Tracking gains elsewhere in Asia, domestic benchmark indices were on a strong footing Friday in an attempt to recover from the previous selloff. The BSE Sensex rose 348 points to 63,470, and the NSE Nifty50 gained 90 points to 18,947.

Tata Steel, Infosys, M&M, SBI, Sun Pharma and NTPC led gains on the Sensex, while Hindalco and Bajaj Auto were the top Nifty winners. Reliance gained 1 per cent ahead of its Q2 earnings later today. 

On the flip side, Asian Paints, HUL, Nestle and Ultratech Cement were among the few frontline drags.

The broader markets also rebounded sharply. The BSE MidCap and SmallCap indices rose 1 per cent each. 

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Gainers and Losers: 10 stocks that moved the most on October 26 - Moneycontrol

Benchmark indices fell for the sixth straight session in the biggest losing streak since February 28, 2023. Both benchmark indexes lost over 1 percent amid rising US bond yields and an escalating geopolitical crisis in the Middle East

On October 26, the Sensex was down 900.91 points or 1.41 percent at 63,148.15 and the Nifty was down 264.90 points or 1.39 percent at 18,857.25.

JB Chemicals and Pharma | CMP 1,315.20 | Shares of JB Chemicals and Pharma closed up 1.85 percent after the stock plunged 3 percent intraday as Maharashtra Goods and Services Tax Department (GST) inspected its registered and corporate office. The raid commenced on October 25.

Antony Waste Handling Cell | CMP Rs 392.4 | Antony Waste Handling Cell share price rose over 6 percent after the company's subsidiary bagged an order from Panvel Municipal Corporation. The total contract value is Rs 368 crore for a period of 5 years with the option for a 2-year extension.

Venus Remedies | CMP Rs 242 | Shares of Venus Remedies went up by 2.63 percent after the Chandigarh-based company received market authorisation in the United Kingdom for Bleomycin 15,000 IU powder for solution for injection/infusion.

Sonata Software | CMP Rs 1,145 | Shares of Sonata Software went up by 9.63 percent after the company reported a consolidated profit of Rs 124.2 crore for the July-September period, a 3.4 percent gain over the previous quarter. It also announced an interim dividend of Rs 7 per share for the current financial year and has received board approval for a bonus issue in the ratio of 1:1.

Sona Blw Precision Forgings | CMP Rs 549.6 | Sona BLW Precision Forgings rallied 7 percent after the auto-component maker reported its highest-ever quarterly revenue and net profit for the July-September quarter (Q2FY24) period.

Jubilant Food | CMP Rs 508.6 | Jubilant FoodWorks shares tanked 3.75 percent after the fast-food chains operator's September quarters’ net profit fell 26 percent and revenue was down 5 percent from the year-ago period, missing Street estimates.

Cressanda Solutions | CMP Rs 20.07 | Shares of Cressanda Solutions plunged 10.44 percent. The stock extended its losses for the fourth straight session. 57 lakh shares exchanged hands, higher than the weekly average of 48 lakh.

Welspun India | CMP Rs 131.7 | Shares of Welspun India went down by 7.45 percent. 2 crore shares exchanged hands, lower than the 3 crore trade volume witnessed in the bourses yesterday.

Aster DM | CMP Rs 334.35 | Shares of Aster DM went down by 6.83 percent. Around 11 lakh shares exchanged hands, higher than the stock’s weekly average of 4 lakh.

Delta Corp | CMP Rs 127.45 | Shares of Delta Corp went down by 5.38 percent. Trade volumes were low in the stock with 79 lakh shares exchanging hands as compared to a weekly average of 1 crore.

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Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

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Vodafone Idea reports Q2 revenue at ₹10,750.8 crore | Mint - Mint

Vodafone Idea reported total revenue at  ₹10,750.8 crore for the second quarter ended September 30. 

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MC Interview: India will be world's third largest economy; vision of PM Modi is excellent, says Hinduja - Moneycontrol

From L to R: P.P Hinduja, Chairman, Hinduja Group, Europe; G.P Hinduja, Chairman, Hinduja Group; and A.P Hinduja, Chairman, Hinduja Group, India

It is indeed a rare occasion when one gets to meet the triumvirate of the Hinduja brothers - G.P. Hinduja, Chairman (Hinduja Group), A.P. Hinduja, Chairman, Hinduja Group (India) and P.P. Hinduja, Chairman, Hinduja Group (Europe), the senior leaders of the diversified auto to lubricants conglomerate.

Moneycontrol's Ashwin Mohan caught up exclusively with the brothers at their residence at Carlton House Terrace, London, UK, as the trio weighed in on several key issues. They laud the vision of Prime Minister Narendra Modi and are bullish on India becoming the third-largest economy in the world.

The group is betting big on the BFSI space and post the Reliance Capital win under the IBC auction process, it is planning to bolster the portfolio with a few buyouts before the end of the financial year. That's not all, there is also a promoter group entity listing on the cards even as the group looks to hike its stake in Indus Ind Bank and lap up the Africa opportunity

Edited Excerpts:

G.P., let's begin with you. I wanted to get your thoughts on the India growth story under the Narendra Modi regime. Are you bullish on the India growth story? And if yes, which factors make it an attractive investment destination because there are many world leaders who are now saying the globe's focus is on India?

G.P. Hinduja: You see, globally there are problems. If you look at Europe, the economy is going down. If you look at the US, there are problems there. The war between Russia-Ukraine, Russia-China joining together, and now again Israel and Palestine. These are all problematic things and people are worried. They don't know what is going to happen. India has maintained good and neutral relations with all and I have been saying on behalf of the group since 2019 that India will be the third-largest economy in the world. I still stand by it. It is going well and I am confident with the talent and the capability they have. The only thing missing is the ease of doing business, although India is progressing. But the vision of Prime Minister Modi is excellent. He has to work a little bit harder to implement this faster. (ease of doing business) The world is looking to India to come and invest, but they get stuck when they come because of slow movement. And in my opinion, irrespective of everything, India will keep on growing.

Right. On that optimistic note, let me shift focus to the BFSI space. That's a space that is really exciting for the Hinduja group. A.P. Hinduja, you look into this space very closely. Recently the Hinduja group had won the auction process for Reliance Capital under the IBC route (the Insolvency and Bankruptcy Code route). From what I understand, you want to have a complete bouquet of all BFSI products, right? Reliance Capital gives you a few of them. But there are gaps like asset management and wealth management. Are you looking actively at any targets in the space?

A.P. Hinduja: Let me add to it. As rightly said, BFSI, is the full sector we want to cover. There are still areas that are open, which we are looking into and at the right opportunity, right timing, once we conclude, we will definitely inform you. But I'm hopeful by this financial year, most of the BFSI sector will be covered.

When it comes to the M&A route, are any segments in BFSI that you're looking at currently, any targets?

A.P. Hinduja: Yes, we are, but unfortunately, I cannot disclose anything. We are looking into it. We are under due diligence. And I'm hopeful, as I said, that during this financial year by March, we'll be able to announce one or two such acquisitions.

IndusInd International Holdings (IHL) is the entity that bid for Reliance Capital. What is your plan as far as value unlocking there is concerned as there are a bunch of investors there who would be looking for an exit. So is an IPO on the cards?

A.P. Hinduja: You see, we were looking for the right opportunity and once the value creation is there, only then we would go for divestment or an IPO. So now that the situation has come, I'm giving a time, say by mid-next year we should take this for listing, and this listing can be in the UK, it can be Singapore, Dubai, Mauritius, or even Luxembourg. It is all under study and I think by February-March, this will also be announced.

P.P Hinduja, your brother spoke about the impact of some of the geopolitical events that are shaping how economies are run, including India. How do you look at some of these events impacting the Hinduja business? It's a huge diversified conglomerate with a presence in so many jurisdictions.

P.P. Hinduja: After my experience in visiting Davos, the World Bank, IMF, and the Asian Development Bank, I came up with a few new concepts and ideas. Today, take, for instance, Africa, where the Indian strength is so big. The Japanese, the Chinese, UAE, and Saudi Arabia, don't have knowledge of Africa. So, I gave them a concept that they liked very much - how a tri-party concept should be developed like Japan-India-Africa, Saudi-India-Africa, and UAE-India-Africa, where we have Indian strength in terms of manpower and our experts. A lot of industrialists have done it like L&T and companies like Shapoorji Pallonji. So growing with partnership in a particular area, where a huge business can be developed with India and the African world, I see a big future. And you see today, a lot of conferences are happening in the UK, Saudi Arabia, UAE, France on Africa in a big way. So India can play a very important role by getting financing from China and from other places, at a time when India is very strong in the African world. The Hinduja Group will play a very important role in this aspect.

Let's move on now to succession planning G.P. You are a big, diversified group and in your case, the next generation has already taken charge of some businesses, and their kids are involved as well. The Hinduja Group is looking at new and emerging areas like renewable energy, artificial intelligence, and the battery technology space. Has there been any serious thought when it comes to succession planning to ensure a smooth transition of the business to the next generation?

G.P. Hinduja: Let me tell you. In our family, since our late father's era, there have been five principles - Work to give, the word is a bond, act locally; think globally, advance fearlessly, and partner for growth. And then looking at all these things, one thing is very important, everything belongs to everyone, nothing belongs to anyone. We are all servers, not survivors. And all that we have has to go into the foundation for serving others. So if someone from the family in the fourth generation or fifth generation wants to do something different, ( they are) welcome. They can do anything that they want. We will not stop them.

A.P. Hinduja: But that has to be part of the group and the group will fully support.

Moneycontrol has many viewers and readers who are keen to know more about your listed companies and one of them is IndusInd Bank. What is the status of your plans to hike the stake of the promoter group to 26 percent in the private sector lender? You had an in-principle approval from the RBI so what's the road ahead?

A.P. Hinduja: See, the policy is already amended by the regulator and we are in the process of raising the capital and our first capital raise in that company will be by mid-November. So the first principle approval will be taken because the money is to be shown. The funds will be through the rights issue route. And then after the listing and the money flow comes in, hopefully by December-January we will be in the market to go above 15 percent.

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