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MSCI tweak lifts Sensex by 377 pts, Nifty ends near 11,900; Kotak Bank gains 12%

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  • Indian shares reversed course to end higher on Tuesday on hopes of higher inflows after MSCI said it will make changes to its global indexes following revisions in the country's foreign ownership limits

    Market closing

    Indian benchmark share indices reversed early losses to settle higher on Tuesday on hopes of higher inflows after MSCI said it will make changes to its global indexes following revisions in the country's foreign ownership limits.

    Sensex settled at 40,522.10, up 376.60 or 0.94%, while Nifty closed 121.65 points or 1.03% higher at 11,889.40.

    Kotak Mahindra Bank, closing over 11% higher, was the top Sensex gainer followed by Nestle India, Asian Paints, Bajaj Finance and NTPC. TCS, HDFC, ONGC and Infosys were among the laggards. Of 30 Sensex shares, 19 closed in the green.

    Kotak Mahindra Bank shares continue to gain

    Shares of Kotak Mahindra Bank further gained nearly 12% in early trade on Tuesday after the company reported a 22 per cent growth in consolidated net profit for the July-September quarter. The stock jumped 12% to ���1584.75 on the BSE.


Indian stocks rally on MSCI move to revise foreign ownership limits

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MSCI on Tuesday said it will implement changes in foreign ownership limits in the MSCI Global Indexes, which will contain Indian securities. It will implement the changes at the close of 30 November, effective 1 December.

Indian shares recouped earlier losses and were higher on Tuesday on hopes of higher inflows after MSCI's announcement to rejig indices. Analysts believe that the changes are expected to rope in billions of dollars in domestic stocks where the foreign ownership limit will increase.

According to the Morgan Stanley report, Kotak Mahindra Bank, PI Industries and Ipca Laboratories are likely to be included into MSCI indices, leading to massive inflows to the tune of $2.5 billion via passive funds.

"MSCI India's weight in MSCI EM will increase to 8.7% (weight increases for current constituents) and 8.8% (new additions) from the current level of 8.1%, and passive inflows of $1.93 billion and $600 million, respectively", Morgan Stanley report added.The biggest beneficiaies will be Asian Paints, Bajaj Finance, Britannia, L&T and Nestle India that can see inflows in the range of $100-$210 million. Apart from these Tech Mahindra, NTPC, Divi’s Labs, Cipla, Titan, Maruti Suzuki and Tata Steel may also see inflows of upwards of $77 million, according to the Morgan Stanley report. Kotak Mahindra Bank, PI Industries and Ipca Labs to see inflows of $502 million, $99 million and $102 million respectively.

Kotak Mahindra Bank surged 10% after this news. Other stocks were up in the range of 1-5%.

The MSCI move comes after depositories CDSL and NSDL in April increased foreign ownership limit for all listed companies to their sectoral limits.

"MSCI welcomes the recent disclosure of the foreign investment limits for Indian securities by National Securities Depository Limited (NSDL) & Central Depository Services Limited (CDSL) addressing the concerns on the timeliness, quality and standardization of the data," MSCI said in a statement.





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Stocks to Watch: Mahindra Finance, DHFL, Torrent Pharma, HCL Tech, SBI, GHCL

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Here’s a list of top ten stocks that may be in news on Tuesday:

Mahindra Finance: The company reported a 34% jump in consolidated net profit at 353 crore for the second quarter ended September of this fiscal. Mahindra and Mahindra Financial Services (Mahindra Finance) had posted a net profit of 264 crore during the corresponding quarter a year ago.

DHFL: Lenders to the debt-ridden mortgage financier Dewan Housing Finance Corp. Ltd (DHFL) have asked the four bidders to get back with a revised offer by 31 October as part of the on-going resolution process. DHFL had received bids from Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy to either pick stake in the company or buy out assets.

Torrent Pharma: Drug firm Torrent Pharmaceuticals reported a 27.04% rise in consolidated net profit to 310 crore for the quarter ended September, mainly on account of robust sales in India and reduction in expenses. The company had posted a net profit of 244 crore for the corresponding period of the previous fiscal, Torrent Pharmaceuticals said in a filing to BSE.

Cadila Healthcare: The Indian drugmaker, which is racing to develop an indigenous covid-19 vaccine, is in talks with potential partners to ramp up production capacity if its candidate passes human clinical trials, according to a Bloomberg report.

SBI: The State Bank of India (SBI) has raised 5,000 crore by issuing Basel-III compliant bonds. The committee of directors of capital raising met on Monday and accorded its approval to allot 50,000 Basel-III compliant non-convertible, taxable debt instruments, SBI said in a regulatory filing.

Coforge: Hulst BV, part of private equity investor Baring Private Equity Asia (BPEA), on Monday sold 38 lakh shares or 6.27% of Coforge Ltd, earlier known as NIIT Technologies, for 878 crore through block deals.

HCL Technologies: The company has completed the acquisition of Cisco's Self Optimizing Network ('SON') Technology effective 25 October, it said in a regulatory filing.

GHCL: Chemicals and textiles manufacturer GHCL Ltd reported a 27.71% decline in consolidated net profit to 84.86 crore for the quarter ended September 2020. The company had posted a consolidated net profit of 116.84 crore in the July-September period a year ago, GHCL said in a regulatory filing.

NTPC: The board of directors of state-owned power giant NTPC will meet on 2 November to consider a proposal to buy back the company's equity shares. Last week, markets regulator Sebi granted exemption to NTPC from certain buyback norms for the proposed merger of its wholly-owned subsidiaries with the parent company.

Future Lifestyle Fashions: Care Ratings has revised downwards the credit rating on long-term bank facilities and non-convertible debentures to ‘BB credit watch with negative implication’s from ‘BBB credit watch with developing implications’. The revision of ratings primarily factors in weakening credit profile of the company on account of slower than envisaged ramp up of sales, unavailability of additional working capital limits, the ratings agency said.

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Stocks to Watch: Mahindra Finance, DHFL, Torrent Pharma, HCL Tech, SBI, GHCL

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Here’s a list of top ten stocks that may be in news on Tuesday:

Mahindra Finance: The company reported a 34% jump in consolidated net profit at 353 crore for the second quarter ended September of this fiscal. Mahindra and Mahindra Financial Services (Mahindra Finance) had posted a net profit of 264 crore during the corresponding quarter a year ago.

DHFL: Lenders to the debt-ridden mortgage financier Dewan Housing Finance Corp. Ltd (DHFL) have asked the four bidders to get back with a revised offer by 31 October as part of the on-going resolution process. DHFL had received bids from Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy to either pick stake in the company or buy out assets.

Torrent Pharma: Drug firm Torrent Pharmaceuticals reported a 27.04% rise in consolidated net profit to 310 crore for the quarter ended September, mainly on account of robust sales in India and reduction in expenses. The company had posted a net profit of 244 crore for the corresponding period of the previous fiscal, Torrent Pharmaceuticals said in a filing to BSE.

Cadila Healthcare: The Indian drugmaker, which is racing to develop an indigenous covid-19 vaccine, is in talks with potential partners to ramp up production capacity if its candidate passes human clinical trials, according to a Bloomberg report.

SBI: The State Bank of India (SBI) has raised 5,000 crore by issuing Basel-III compliant bonds. The committee of directors of capital raising met on Monday and accorded its approval to allot 50,000 Basel-III compliant non-convertible, taxable debt instruments, SBI said in a regulatory filing.

Coforge: Hulst BV, part of private equity investor Baring Private Equity Asia (BPEA), on Monday sold 38 lakh shares or 6.27% of Coforge Ltd, earlier known as NIIT Technologies, for 878 crore through block deals.

HCL Technologies: The company has completed the acquisition of Cisco's Self Optimizing Network ('SON') Technology effective 25 October, it said in a regulatory filing.

GHCL: Chemicals and textiles manufacturer GHCL Ltd reported a 27.71% decline in consolidated net profit to 84.86 crore for the quarter ended September 2020. The company had posted a consolidated net profit of 116.84 crore in the July-September period a year ago, GHCL said in a regulatory filing.

NTPC: The board of directors of state-owned power giant NTPC will meet on 2 November to consider a proposal to buy back the company's equity shares. Last week, markets regulator Sebi granted exemption to NTPC from certain buyback norms for the proposed merger of its wholly-owned subsidiaries with the parent company.

Future Lifestyle Fashions: Care Ratings has revised downwards the credit rating on long-term bank facilities and non-convertible debentures to ‘BB credit watch with negative implication’s from ‘BBB credit watch with developing implications’. The revision of ratings primarily factors in weakening credit profile of the company on account of slower than envisaged ramp up of sales, unavailability of additional working capital limits, the ratings agency said.

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Indian markets end higher for the week, Nifty holds 11,900; auto stocks zoom

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  • Tech Mahindra, Nestle India, Yes Bank, ICICI Lombard General Insurance Company, IDBI Bank, JSW Steel, Persistent Systems, Wabco India are among the 38 companies scheduled to announce their September quarter results today.

    Bihar poll campaign: Modi says opposition working with anti-India forces

    Prime Minister Narendra Modi on Friday said opposition parties were working with anti-India forces, and if they came to power in Bihar, lawlessness and corruption will be back in the state.

    Speaking at a joint public meeting with Bihar chief minister Nitish Kumar in Sasaram and Bhagalpur, Modi asked the people to support National Democratic Alliance (NDA) candidates for development of the state.


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Wipro announces 9,500 crore buyback plan at 400 per share

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The board of IT services company Wipro today approved a buyback proposal worth 9,500 crore. Wipro plans to purchase of 23.75 crore shares at 400 per equity share for an aggregate amount not exceeding .9,500 crore, in accordance with the provisions contained in the Securities and Exchange Board of lndia regulations. This represents 4.16% of total paid-up equity share capital of the company as on September 30.


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Sun Pharma’s investor fortunes hinge on speciality product ramp-up

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Sun Pharmaceuticals stock has lagged the Nifty Pharma index over the past two months, slipping about 6% against the index’s gains of about 5% during this period.

One reason for the stock’s underperformance is slow growth of its speciality product sales. With heavy investments required in speciality products, the sales dip of 38% sequentially in Q1 had an impact on the company’s performance. But the Street is pinning hopes on a ramp-up to drive its earnings.

Sales of some speciality products have increased post the pandemic as Sun Pharma has several speciality products under its belt. Sun’s revenue from Illumya has recovered from its lows recently due to covid-19, said analysts. Further, the product launch in Japan could add another lever of revenue expansion, and margins.“The sustainability of Sun Pharma’s US earnings is getting better (Taro accounted for 40% of Ebitda at peak). Improving margins on the back of speciality sales should increase confidence in earnings," said the JP Morgan report.

Still, the US regulatory overhang has been another drag. Its Halol facility is under official action indicated status, which could hamper the progress in new drug launches in the US. The US pricing environment continues to remain challenging for generics, as per analysts.

Meanwhile, domestic growth is likely to pick up this quarter with clinics and hospitals re-opening gradually.

Even so, the stock’s price-earnings multiple of about 22 times FY22 earnings is not quite inexpensive. Besides, any increase in research expenses could impact margins in the near term, while the ramp-up in speciality products could still take some time due to covid-19 disruption.

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Stocks to Watch: RIL, PNB, PVR, ONGC, Hindalco, Vedanta, CAMS, Chemcon Speciality

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  • Silver Lake will invest an additional 1,875 crore into Reliance Retail Ventures Limited, a subsidiary of Reliance Industries Limited. Silver Lake will invest an additional 1,875 crore into Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd (RIL). The aggregate investment by Silver Lake and its co-investors in RRVL now adds up to 9,375 crore, which will translate into a 2.13% equity stake in RRVL on a fully diluted basis      
  • .PNB: State-owned Punjab National Bank has declared its exposure of 1,203.26 crore to Sintex Industries Ltd (SIL) as fraud. Once an account is declared as fraud-hit, banks need to set aside 100% of outstanding loans as provisions either in one go or over four quarters, according to the banking regulator's rules. In this case, PNB said it has made provisions of 215.21 crore.
  • Chemcon Speciality Chemicals: The company will make its stock market debut today. Mirroring massive investor demand, the initial public offer of Chemcon Speciality Chemicals was subscribed a whopping 149 times on the last day of bidding on Wednesday.
  • CAMS: Computer Age Management Services (CAMS), the largest registrar and transfer agent of mutual funds in India, will list its equity shares on the stock exchanges today. CAMS’ initial public offer was subscribed 46.93 times on the final day of bidding.

    PVR, Inox Leisure: The Union Home Ministry has issued new guidelines for permitting more activities in areas outside the containment zones that include opening up cinemas, theatres and multiplexes with up to 50% of their seating capacity from October 15.

    Dhanlaxmi Bank: Shareholders of Dhanlaxmi Bank on Wednesday ousted Managing Director and Chief Executive Officer Sunil Gurbaxani, little over seven months after he assumed charge of the lender.


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Wall St: Dow Futures tank over 500 points on renewed fears of lockdown, big banks slip

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  • Shares of airlines, hotels and cruise operators lead declines in premarket trading, tracking their European peers as the UK signalled the possibility of a second national lockdown
  • Another round of business restrictions would also threaten a nascent recovery in the wider economy.
  • U.S. stock index futures fell on Monday as surging COVID-19 cases raised fears of more lockdowns, while media reports saying several global banks moved sums of allegedly illicit funds over nearly two decades hit U.S. banking stocks.

    Shares of airlines, hotels and cruise operators led declines in premarket trading, tracking their European peers as the UK signalled the possibility of a second national lockdown.

    Marriott International Inc, Hilton Worldwide Holdings Inc and Hyatt Hotels Corp dropped between 1.5% and 3.6%, while casino operators Wynn Resorts Ltd, MGM Resorts International and Las Vegas Sands Corp shed between 2.7% and 6.0%.

    Another round of business restrictions would also threaten a nascent recovery in the wider economy, analysts said, and could spark a flight from equities. The first round of lockdowns in March had led the benchmark S&P 500 to suffer its worst monthly decline since the global financial crisis.

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Gold investors take new aim at miners with returns falling short

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A coalition of gold investors, including firms backed by billionaires John Paulson and Naguib Sawiris, is urging changes at miners as performance 'continues to fall short' in some areas even as prices rise.A coalition of gold investors, including firms backed by billionaires John Paulson and Naguib Sawiris, is urging changes at miners as performance “continues to fall short" in some areas even as prices rise.

In an open letter to the mining industry, prominent gold investors including money managers at Franklin Templeton, VanEck Funds and members of the Shareholders’ Gold Council are targeting issues including executive compensation and directors who don’t have enough skin in the game because they don’t hold a meaningful amount of shares in the firms they represent. The signatories offered 16 suggestions to better align the interest of managers, boards and shareholders.

Gold has been on a record-setting tear as the pandemic threatens to derail global economic growth, sending investors on a flight to safe havens. That comes at a time when real yields are falling as governments unleash massive stimulus programs. Precious-metal miners have seen their shares skyrocket with a gauge of senior gold producers climbing almost 80% in the past year.

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