Stocks in Focus on October 29: L&T, Hero MotoCorp, Ajanta Pharma, Cipla to NTPC; here are the 5 Newsmakers of the Day
Domestic shares slumped on Wednesday, October 28, 2020, on weak global cues as Coronavirus infections grew at an alarming pace in the US and Europe. The S&P BSE Sensex slumped 599.64 points or 1.48% to settle at 39,922.46. The Nifty 50 index lost 159.80 points or 1.34% to end at 11,729.60. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Thursday, October 29, 2020. List of such five stocks:
Triggers: Certain events, like Result and FM Meet, can create positive/negative reactions in the share market when it opens today. Find them in detail:
Nifty: Maruti Suzuki and BPCL.
F&O: Havells India, TVS Motor, Canara Bank, Bank of Baroda, Cholamandalam Investment, Tata Chemicals, Shriram Transport Finance, Vodafone Idea and Indigo
Post Market Results: Some companies, like Larsen & Turbo Axis Bank to Hero MotoCorp, posted their September quarter results after the markets were closed for trading purposes on Wednesday These stocks are likely to be in action today when the market will open for trading purposes. Details:
L&T: The construction engineering company Larsen & Turbo (L&T) on Wednesday reported a 118% year-on-year (YoY) jump in consolidated profit at Rs 5,520 crore for the quarter ended September 30, 2020. It had posted a net profit of Rs 2,527 crore in the same quarter last year. However, the adjusted profit fell by 44% to Rs 1,410 crore against Rs 2,527 crore posted last year. The consolidated revenue from operations fell 12% to Rs 31,034 crore in the July to September period of this financial year against Rs 35,328.5 crore posted last year in the same period. EBITDA dropped 17% to Rs 3,335 crore against Rs 4,022 crore. The margins fell to 10.7% in Q2FY21 against 11.4% posted in Q2FY20. it received orders worth Rs 28,039 crore in the quarter, which was a decline of 42% compared to the orders the company received last year. Total order book of the group stands at Rs 2.00 lakh crore. Also, the board of the company has approved a special dividend of Rs 18 per share. Besides, the company’s construction unit has received orders worth Rs 7,000 crore from National High-Speed Rail Corporation Limited (NHRCL).
Axis Bank: The private lender, Axis Bank on Wednesday reported a year-on-year profit of Rs 1,683 crore for the quarter ended September 30, 2020, against a loss of Rs 112.08 crore the bank posted in the year-ago period. Net interest income (NII) - the difference between interest earned and interest expended - grew by 20% to Rs 7,326 crore in the July to September period of FY21 against Rs 6,101.8 crore that the bank posted in the same period last year. The bank’s total provisions and contingencies stood at Rs 4,580 crore, up 30% on a year-on-year basis from Rs 3,518 crore. The bank’s gross non-performing assets (NPAs) were at 4.18% in Q2FY21 against 4.72% posted in the previous quarter. The net NPA ratio was at 0.98% in Q2, against 1.99% in the year-ago quarter. Also, the bank’s total deposits grew 13% YOY on a quarterly average basis. Steady growth in Deposits continues to drive Loan growth. The bank has said that its performance is improving across business segments. Bank has recognized slippages of Rs 931 crores during Q2FY21, compared to Rs 2,218 crores during Q1FY21 and Rs 4,983 crores in Q2FY20. Bank has made incremental provisions of Rs 1,279 crores towards loans under moratorium and Rs 1,864 crores towards probable restructuring, aggregating to Rs 3,143 crore. Besides, the bank has said that it is work on Max deal is in progress and it is likely to conclude soon.
Hero MotoCorp: The two-wheeler manufacturer, Hero MotoCorp has reported an 8.9% year-on-year rise in profit at Rs 953 crore for the quarter ended September 30, 2020. It had posted a net profit of Rs 875 crore in the same period last year. Revenue from operations grew 23.7% to Rs 9,367 crore as compared to Rs 7,571 crore posted in the corresponding quarter last year. EBITDA grew 16.8% to Rs 1,286.4 crore against Rs 1,101 crore posted last year. The margin fell by almost 1% to 13.7% in Q2FY21 against 14.5% posted in Q2FY20.
Ajanta Pharma: The board of the company is scheduled to meet on November 9, 2020, to consider a proposal for buy-back of the Equity Shares of the Company.
CIPLA: Drug firm Cipla on Wednesday announced the launch of antibody detection kits for COVID-19 in India under the brand name ‘ELIFast’ (IgG ELISA test) in partnership with KARWA Ltd under the technology transfer from the Indian Council of Medical Research (ICMR).
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NTPC: NTPC on Wednesday signed an agreement with Japan Bank for International Cooperation (JBIC) for a loan worth Rs 3,500 crore. The facility is extended under JBIC's Global Action for Reconciling Economic growth and Environment preservation (GREEN) for projects which ensure the conservation of the global environment. The loan proceeds to be utilized by NTPC for funding its CapEx for Flue Gas Desulphurization (FGD) & Renewable Energy (RE) projects.
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