India Market Recap
Indian equity benchmarks extended their gains for a second consecutive session on Friday, supported by buying in IT, Metal and Auto stocks. The BSE Sensex advanced 413.66 points, or 0.56%, to close at 74,729.27, while the Nifty 50 gained 148.80 points, or 0.65%, to settle at 23,146.15. The continued recovery reflected improved buying interest, although global technology-sector weakness and elevated crude oil prices remain key risks. On the technical front, Nifty support is placed around 23,000–22,800, while resistance is seen in the 23,300–23,400 range.
US Market Recap
US equities traded mixed on Friday as continued selling in technology and AI-linked stocks weighed on sentiment. The S&P 500 and Dow Jones Industrial Average initially posted modest gains, rising around 0.1% and 0.4%, respectively, while the Nasdaq Composite slipped 0.2%. However, the indices ultimately closed lower, with the Nasdaq declining 2.14%, the S&P 500 falling 1.09% and the Dow Jones losing 0.34%, according to the closing figures provided. For the week, the Nasdaq’s 2.4% decline compared with a 0.9% fall in the S&P 500, highlighting the greater pressure on technology-heavy stocks. Weakness in semiconductor and AI-related shares continued to reflect investor concerns over valuations and the sustainability of AI spending.
Asian Market Update:
Asian markets traded mixed on Monday, with technology-sector weakness weighing on Japan and South Korea. Japan’s Nikkei 225 declined 2% to 64,016.46, while South Korea’s Kospi fell 2.03% to 5,553.00. In contrast, Australia’s S&P/ASX 200 advanced 0.22% to 8,826.20. Regional sentiment remained cautious as investors assessed the global technology sell-off, geopolitical tensions and elevated energy prices.
Commodity Check
Crude oil prices eased on Monday after rallying to a five-month high of around $109 per barrel on Friday. Brent crude declined 1.73% to $107.96 per barrel as of 6:34 a.m. IST, while US West Texas Intermediate (WTI) traded 0.7% lower at $100.78 per barrel. The pullback offered some relief despite continued fighting in the Gulf region and renewed Ukrainian attacks on Russian energy infrastructure. With geopolitical tensions still threatening global supply routes and production facilities, crude prices remain elevated and volatile. For India, sustained high oil prices could increase import costs, add to inflationary pressures and weigh on market sentiment.
Stocks In News
- Swiggy: Lynks Logistics ceases to be a subsidiary of Swiggy Networks.
- Shriram Finance: To consider plans for NCD and bond issuances on October 23.
- ESAF Small Finance Bank: Migration of existing banking systems, applications and business applications to the new core banking system is scheduled from October 23 to 26.
- Varroc Engineering: To acquire a 45% stake in Forsee for €4.5 million.
- Maharashtra Scooters: Receives a fresh certificate of incorporation following the company's name change to Bajaj Nivesh.
- Power Grid: To establish a 765 kV transmission system in Pune. Project valued at Rs 200 crore.
- Heritage Foods: Company's shareholding in Heritage Novandie Foods (HNFL) increases from 94.40% to 100%.
- Ganesha Ecosphere: Arm Ganesha Ecopet receives FSSAI approval for its fourth recycled polyethylene terephthalate (rPET) line.
- Aadhar Housing Finance: Non-Executive Chair Raj Vikash Verma passes away.
- Affle 3i: Supreme Court stays corporate insolvency resolution process (CIRP) proceedings against investee Bobble. Supreme Court grants a stay on insolvency proceedings before the National Company Law Tribunal.
- Vodafone Idea: Appoints Manoj Murali as Chief Operating Officer.
- Hindware Home: NCLT Kolkata sanctions demerger with HHIL.
Earnings Post Market Hours
- Total income grew 18.3% to Rs 3,251 crore from Rs 2,748 crore YoY.
- Net profit grew 17.7% to Rs 757 crore from Rs 643 crore YoY.
- Revenue grew 5.6% to Rs 4,472 crore from Rs 4,234 crore YoY.
- EBITDA declined 42.3% to Rs 261 crore from Rs 452 crore YoY.
- EBITDA margin contracted to 5.8% from 10.7% YoY.
- Net profit declined 69.1% to Rs 47 crore from Rs 152 crore YoY.
- Revenue grew 41.3% to Rs 537 crore from Rs 380 crore YoY.
- EBITDA loss widened to Rs 188 crore from Rs 68.7 crore YoY.
- Net loss widened to Rs 182 crore from Rs 59 crore YoY.
- To raise Rs 2,500 crore through equity, debt and other routes.
- Net interest income grew 10.8% to Rs 11,601 crore from Rs 10,469 crore YoY.
- Operating profit grew 4.2% to Rs 7,532 crore from Rs 7,227 crore YoY.
- Net NPA improved to 0.25% from 0.28% QoQ.
- Gross NPA improved to 2.55% from 2.78% QoQ.
- Provisions stood at Rs 97 crore versus Rs 541 crore QoQ.
- Provisions stood at Rs 97 crore versus Rs 643 crore YoY.
- Net profit grew 12.8% to Rs 5,532 crore from Rs 4,904 crore YoY.
- Revenue grew 1.7% to Rs 11,808 crore from Rs 11,608 crore QoQ.
- EBIT grew 2.2% to Rs 1,839 crore from Rs 1,799 crore QoQ.
- EBIT margin improved to 15.6% from 15.5% QoQ.
- Net profit declined 4.6% to Rs 1,398 crore from Rs 1,466 crore QoQ.
- To pay an interim dividend of Rs 25 per share.
- Revenue declined 6.1% to Rs 1,671 crore from Rs 1,779 crore YoY.
- EBITDA declined 0.1% to Rs 1,019 crore from Rs 1,020 crore YoY.
- EBITDA margin expanded to 61% from 57.3% YoY.
- Net profit grew 0.3% to Rs 762 crore from Rs 760 crore YoY.
- Revenue declined 23.3% to Rs 1,261 crore from Rs 1,643 crore YoY.
- EBITDA declined 91.9% to Rs 23 crore from Rs 284 crore YoY.
- EBITDA margin contracted to 1.8% from 17.3% YoY.
- Other income rose to Rs 1,037 crore from Rs 619 crore YoY.
- Net profit grew 10.3% to Rs 1,301 crore from Rs 1,180 crore YoY.
- Revenue grew 0.9% to Rs 406 crore from Rs 402 crore QoQ.
- EBITDA loss widened to Rs 107 crore from Rs 100 crore QoQ.
- Net loss narrowed to Rs 207 crore from Rs 307 crore QoQ.
- Net profit stood at Rs 61.3 crore versus a loss of Rs 3.2 crore YoY.
- Revenue grew 12.9% to Rs 321 crore from Rs 284 crore YoY.
- EBITDA stood at Rs 18.1 crore versus a loss of Rs 3.7 crore YoY.
- EBITDA margin stood at 5.6%.
- Net profit grew 37.6% to Rs 7,003 crore from Rs 5,090 crore YoY.
- Gross NPA stood at 1.16% versus 1.28% QoQ.
- Net NPA stood at 0.35% versus 0.39% QoQ.
- Net interest income grew 12% to Rs 15,371 crore from Rs 13,745 crore YoY.
- Provisions stood at Rs 1,694 crore versus Rs 3,547 crore YoY.
- Provisions stood at Rs 1,694 crore versus Rs 2,223 crore QoQ.
- Operating profit grew 6.4% to Rs 11,083 crore from Rs 10,413 crore YoY.
- Net interest margin stood at 3.36% versus 3.46% QoQ.
- Net interest margin, excluding the FCNR(B) impact, stood at 3.47%.
- Fresh slippages stood at Rs 4,762 crore versus Rs 5,696 crore YoY.
- Net profit grew 5.4% to Rs 38.9 crore from Rs 36.9 crore YoY.
- Revenue grew 19% to Rs 698 crore from Rs 586 crore YoY.
- EBITDA grew 21.1% to Rs 87.1 crore from Rs 71.9 crore YoY.
- EBITDA margin stood at 12.5% versus 12.3% YoY.
- To lease land in Saudi Arabia for setting up a greenfield manufacturing unit through an arm.
- Net profit grew 21.1% to Rs 1,469 crore from Rs 1,213 crore YoY.
- Gross NPA stood at 2.39% versus 2.60% QoQ.
- Net NPA stood at 0.31% versus 0.49% QoQ.
- Net interest income grew 26% to Rs 4,145 crore from Rs 3,283 crore YoY.
- Provisions stood at Rs 563 crore versus Rs 402 crore QoQ.
- Provisions stood at Rs 563 crore versus Rs 314 crore YoY.
- Operating profit grew 27% to Rs 2,268 crore from Rs 1,786 crore YoY.
- Net interest margin stood at 3.01% versus 2.89% YoY.
- Net profit grew 4.7% to Rs 19,510 crore from Rs 18,641 crore YoY.
- Provisions stood at Rs 3,574 crore versus Rs 3,059 crore QoQ.
- Provisions stood at Rs 3,574 crore versus Rs 3,500 crore YoY.
- Operating profit grew 5.6% to Rs 29,483 crore from Rs 27,923 crore YoY.
- Net interest income grew 10% to Rs 34,619 crore YoY.
- Gross NPA stood at 1.11% versus 1.17% QoQ.
- Net NPA stood at 0.37% versus 0.41% QoQ.
- Net interest margin stood at 3.16% versus 3.26% QoQ, down 10 bps.
- Net profit declined 39.2% to Rs 2,205 crore from Rs 3,627 crore YoY.
- Gross NPA stood at 2.12% versus 2.30% QoQ.
- Net NPA stood at 0.17% versus 0.16% QoQ.
- Net interest income grew 29% to Rs 4,228 crore YoY.
- Provisions stood at Rs 8.55 crore versus a reversal of Rs 653 crore YoY.
- Provisions stood at Rs 8.55 crore versus a reversal of Rs 637 crore QoQ.
- Operating profit declined 17.9% to Rs 2,893 crore from Rs 3,523 crore YoY.
- Net interest margin stood at 4.11%, up 40 bps YoY and 50 bps QoQ.
- Net profit grew 20.1% to Rs 14,843 crore from Rs 12,359 crore YoY.
- Net interest margin stood at 4.18% versus 4.36% QoQ.
- Gross NPA stood at 1.20% versus 1.38% QoQ.
- Net NPA stood at 0.30% versus 0.35% QoQ.
- Net interest income grew 18% to Rs 25,339 crore from Rs 21,529 crore YoY.
- Provisions stood at Rs 851 crore versus Rs 914 crore YoY.
- Provisions stood at Rs 851 crore versus Rs 1,260 crore QoQ.
- Operating profit grew 18.9% to Rs 20,575 crore from Rs 17,298 crore YoY.
- Net profit grew 26.8% to Rs 14.1 crore from Rs 11.1 crore YoY.
- Revenue grew 18.2% to Rs 175 crore from Rs 148 crore YoY.
- EBITDA grew 12.1% to Rs 30.2 crore from Rs 27 crore YoY.
- EBITDA margin stood at 17.3% versus 18.2% YoY.
- Net profit stood at Rs 38.8 crore versus Rs 8.8 crore YoY.
- Revenue grew 2.2% to Rs 1,142 crore from Rs 1,117 crore YoY.
- EBITDA grew 77.8% to Rs 144 crore from Rs 81.1 crore YoY.
- EBITDA margin stood at 12.6% versus 7.3% YoY.
- Net profit grew 39.7% to Rs 412 crore from Rs 295 crore YoY.
- Gross NPA stood at 2.09% versus 2.21% QoQ.
- Net NPA stood at 0.61% versus 0.65% QoQ.
- Net interest income grew 22% to Rs 1,161 crore from Rs 950 crore YoY.
- Provisions stood at Rs 52 crore versus Rs 94 crore QoQ.
- Provisions stood at Rs 52 crore versus Rs 148 crore YoY.
- Operating profit grew 22.3% to Rs 617 crore from Rs 505 crore YoY.
- Net profit grew 65% to Rs 1,080 crore from Rs 654 crore YoY.
- Gross NPA stood at 1.2% versus 1.3% QoQ.
- Net NPA remained flat at 0.2% QoQ.
- Provisions stood at Rs 317 crore versus Rs 394 crore QoQ.
- Provisions stood at Rs 317 crore versus Rs 419 crore YoY.
- Operating profit grew 29.4% to Rs 1,678 crore from Rs 1,297 crore YoY.
- Net interest income grew 23% to Rs 2,822 crore from Rs 2,301 crore YoY.
- Revenue stood at Rs 235 crore versus Rs 131 crore, up 79.4% YoY.
- Net profit stood at Rs 2 crore versus Rs 1 crore, up 137.5% YoY.
- EBITDA stood at Rs 31 crore versus Rs 15 crore, up 104.7% YoY.
- EBITDA margin stood at 13% versus 11.4%, up 160 bps YoY.
Business Updates
- Bajaj General Insurance's gross direct premium underwritten stood at Rs 2,363 crore, up 6.5% YoY.
- Bajaj Life Insurance's total premium stood at Rs 1,831 crore, up 33% YoY.
- Total tonnage grew 0.8% to 1.3 million tonnes YoY.
- Collection and transportation volumes grew 11.5% to 6 lakh tonnes YoY.
- Processing volume stood at 6.8 lakh tonnes, down 7.2% YoY due to the suspension of PCMC waste-to-energy operations.
- Excluding the impact of the PCMC waste-to-energy facility, processing volume grew 3.3% YoY.
- Mumbai's construction and demolition waste processing unit saw a 70% increase in volume.
- Refuse-derived fuel sales stood at approximately 49,000 tonnes, up around 23% YoY.
- Core revenue declined around 1% YoY. Excluding power sales, core revenue grew approximately 2% YoY.
- No power was generated in Q2 versus approximately 14 million units YoY due to the suspension of PCMC waste-to-energy operations.
- H1 total tonnage stood at approximately 2.71 million tonnes, up around 4.5% YoY.
- H1 core revenue grew approximately 3.8% YoY.
- Efforts to restart the waste-to-energy unit are ongoing, with operations expected to resume by December.
- Material recovery facility and composting operations have resumed at the waste-to-energy unit.
- Collection and transportation operations across projects remain unaffected.