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Think Ahead with EZWealth – 26 Oct 2021
[/vc_column_text][vc_separator][vc_column_text]The Sensex and Nifty found firmer ground in Monday after a four-session losing streak, boosted by a rally in ICICI Bank which has posted record profits for the September quarter. Recovering from a weak start, the Sensex ended 145 points of 0.24% higher at 60967. Similarly, the broader Nifty advanced to 10.5 points of 0.06% to 18125.
ICICI Bank hogged the limelight in the Sensex pack, soaring 10.8% after it posted its highest-ever standalone quarterly profit.
The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 40 points gain.
The Dow Industrials and S&P 500 closed at record highs on Monday, as earnings season kicked in to high gear in one of the heaviest reporting weeks of the quarter with bellwethers in multiple sectors poised to announce results.
Stocks in Asia-Pacific rose in Tuesday trade after major indexes on Wall Street rose to record closing highs stateside. Japanese stocks led gains regionally as the Nikkei 225 jumped 1.85% while the Topix index gained
Stats from Monday EOD:
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News Stories Today
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1) Prime Minister Narendra Modi launched the Ayushman Bharat Health Infrastructure Mission, one of the largest pan-India schemes for strengthening healthcare infrastructure, in his parliamentary constituency Varanasi in Uttar Pradesh on Monday. The Prime Minister also inaugurated various development projects worth more than ₹5,200 crore for his constituency.
The Pradhan Mantri Ayushman Bharat Health Infrastructure Mission is one of the largest pan-India schemes for strengthening healthcare infrastructure across the country. It is in addition to the National Health Mission. Its objective is to fill gaps in public health infrastructure, especially in critical care facilities and primary care in both urban and rural areas. It will provide support for 17,788 rural health and wellness centres in 10 high-focus states. Further, 11,024 urban health and wellness centres will be established in all the States.
Through this, critical care services will be available in all the districts of the country with more than five lakh population through exclusive critical care hospital blocks, while the remaining districts will be covered through referral services. People will have access to a full range of diagnostic services in the public healthcare system through a network of laboratories across the country, and integrated public health labs will be set up in all the districts.
2) The government plans to complete the privatisation process for 13 airports run by the state-owned Airports Authority of India (AAI) by the end of this fiscal year.
“The model to be followed for bidding would be the per-passenger revenue model. This model has been used earlier and is successful and the Jewar airport (in Greater Noida) was also bid out on the same model,” AAI chairman Sanjeev Kumar said. There will be takers for these projects despite Covid, as the impact of the disease is short term and the airports are on offer for 50 years, he said.
AAI has decided to club seven small airports with six big ones–Varanasi with Kushinagar and Gaya; Amritsar with Kangra; Bhubaneswar with Tirupati; Raipur with Aurangabad; Indore with Jabalpur; and Trichy with Hubli. The government’s plan is to liberalise the sector with the privatisation of profit-making airports. AAI’s mandate will be expanded to develop new ones in areas where the private sector may not want to venture through profits earned through revenue share from the privatised airports.
3) Spurred by the market rally over the past year and the increasing interest in investments in stocks from smaller cities, the country’s investor count has crosses 50 million, the NSE said on Monday. The unique investor count, however, is 30% lesser than the total dematerialised accounts in the country since several traders have multiple demand and trading accounts. At the end of September, the total demat accounts with CDSL and NDSL stood at 70.2 million. The number of demat accounts surged 40%, or 20.4 million, this year.
The NSE said the northern states account for 36% of new investor registrations, followed by western India with 31%. Meanwhile, southern and eastern states account for 20% and 13% of new investor registrations, respectively. At the state level, Maharashtra accounts for the highest investor addition at 17%, followed by Uttar Pradesh with 10% and Gujarat at 7% of new investor registrations.
4) Biological E.(BE) is expecting its COVID-19 vaccine Corbevax to be rolled out by the end of November even as the Hyderabad-based firm is getting ready with 100 million doses for the launch, Mahima Datla, managing director, BE, said. Speaking on the sidelines after signing a financing agreement with the U.S. International Development Finance Corporation, she said currently the doses were being sent to the Central Drugs Laboratory, Kasauli, for regulatory testing.
“Corbevax is in phase three trials. We are likely to complete all the studies by the end of November which is when we are expecting licence [from the drug regulator]. The licence for children should follow one month later. The study in children is underway as well,” she said. Biological E’s anti-coronavirus shot, Corbevax, is a RBD protein sub-unit vaccine and is currently undergoing phase 2/3 clinical trials on adults. The phase three trials were going to be a study in comparison with the already licensed vaccines, though the study in children was not a comparative study, she said.
5) In a closely watched contest for two new IPL T-20 teams, RP-Sanjiv Goenka group and private equity player Irelia (part of CVC Capital Partners) have emerged winners. The Board of Control for Cricket in India (BCCI) announced the new franchises on Monday evening following an open auction in Dubai. There were nine bidders including two from overseas.
At Rs 7,090 crore, RPSG’s winning bid for Lucknow made it the most expensive team in the IPL tournament. Irelia Company Pte Ltd got the second franchise for Ahmedabad at Rs 5,625 crore. The new teams are for the tournament to be played next year. RPSG bid was more than four times of what Sahara had paid for the Pune franchise in 2010. In fact, both the winning bids were many times higher than the minimum base price of Rs 2,000 crore for each and exceeded the expectations of experts.
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Stocks in the news today
[/vc_column_text][vc_column_text]Results on October 26: Axis Bank, Kotak Mahindra Bank, Bajaj Finance, ABB India, Cipla, Ambuja Cements, Asahi Songwon Colors, Best Agrolife, Birlasoft, Canara Bank, Central Bank of India, Century Enka, Cera Sanitaryware, Coromandel Engineering, Gati, Greaves Cotton, Greenlam Industries, Hikal, IRB Infrastructure Developers, Jindal Stainless, Dr Lal PathLabs, Mahindra Lifespace Developers, Meghmani Finechem, Mahanagar Gas, Meghmani Organics, Mangalore Refinery & Petrochemicals, Nippon Life India Asset Management, Persistent Systems, PI Industries, Sharda Cropchem, Shiva Cement, Surya Roshni, Symphony, Torrent Pharmaceuticals, Triveni Turbine, Wabco India, and Zensar Technologies will release September quarter earnings on October 26.
Ceat: The company reported sharply lower profit at Rs 42 crore in Q2FY22 against Rs 181.9 crore in Q2FY21, but revenue increased to Rs 2,451.8 crore from Rs 1,978.5 crore YoY. Board has given approval for fund raising up to Rs 500 crore via debt.
Tech Mahindra: The company has reported lower profit at Rs 1,338.7 crore in Q2FY22 against Rs 1,353.2 crore in Q2FY21, revenue rose to Rs 10,881.3 crore from Rs 10,197.6 crore QoQ. Its subsidiaries acquired two companies (Infostar LLC, and WMW by Born London, UK) for Rs 885 crore.
HDFC Bank: Competition Commission of India has approved acquisition of 4.99 percent of outstanding equity share capital of HDFC Ergo General Insurance Company by HDFC Bank.
Mindtree: The company expanded relationship with ServiceNow, the leading digital workflow company, to offer solutions based on Internet of Things.
Bharti Airtel: The company has confirmed to avail both options – deferment of the payment of spectrum auction instalments due up to four years; and deferment of AGR (adjusted gross revenue) related dues by a period of four years with immediate effect.
Quess Corp: The company increased equity stake in Stellarslog Technovation (owner of the digital gig platform – Taskmo) from 33.33 percent to 36.58 percent, by investing approximately Rs 80 lakh
Indus Towers: The company has reported higher profit at Rs 1,558.5 crore in Q2FY22 against Rs 1,130.7 crore in Q1FY21, revenue rose to Rs 6,876.5 crore from Rs 6,359.1 crore YoY.
Orient Cement: The company has reported sharply higher profit at Rs 56.88 crore in Q2FY22 against Rs 34.82 crore in Q2FY21, revenue rose to Rs 613.12 crore from Rs 477.5 crore YoY.
Home First Finance Company India: The company reported higher profit at Rs 44.86 crore in Q2FY22 against Rs 14.3 crore in Q2FY22, revenue jumped to Rs 146.1 crore from Rs 108.7 crore YoY.
HDFC Asset Management Company: The company reported higher profit at Rs 344.38 crore in Q2FY22 against Rs 338.06 crore in Q2FY21, revenue rose to Rs 542.33 crore from Rs 456.25 crore YoY.
Kansai Nerolac Paints: The company reported lower consolidated profit at Rs 87.28 crore in Q2FY22 against Rs 167.96 crore in Q2FY21, revenue jumped to Rs 1,619.64 crore from Rs 1,383.21 crore YoY.
Sajjan Jindal-led JSW Steel today said it will be investing around Rs 150 crore to set up a colour-coated steel facility in Kashmir. The planned downstream manufacturing facility of capacity 120,000 tonne per annum will also house special lines to produce “Steel Sandwich Panels” and ‘Steel Doors” for the local market here in Jammu and Kashmir, said the release.[/vc_column_text][vc_separator][vc_column_text]
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