Indian Indices:
Indian benchmark indices are likely to open flat to lower on Wednesday, tracking muted cues from Nifty futures on the Singapore Stock Exchange and soft trend across global peers. Markets across Asia were trading flat as investors weighed disappointing corporate earnings. Ashok Leyland and OBC Q2 stocks to be in focus today. SGX Nifty is trading at 10415 up by 4 points indicating a flat opening.
Indian shares fell sharply on Tuesday and the rupee weakened amid concerns that rising oil prices may lift inflation and hit economic growth. Heavy selling in the Pharma sector on concerns over regulatory hurdles also weighed on markets. The benchmark BSE Sensex tumbled 360.43 points.
Global Market:
• U.S. stocks fell as investors turned their attention to fiscal policy, with tax writers from the House of Representatives expected to hammer out their plan this week
• Asian stocks declined, suggesting a pause in a rally that lifted regional equities to the highest levels in at least a decade
• Key data to watch in the US today are MBA Mortgage Applications
Major Headlines of the day:
• SUN PHARMA-TARO Q2:
o Operating profit at $88.8 mn vs $141.5 mn, down 37% (Beats Street Estimates)
o Operating Margins at 52.2% vs 61.8% (Beats Street Estimates)
o Net sales at $169.9 mn
o Net profit at $52.4 mn
• DHAMPUR SUGAR Q2:
o Revenue up 15 percent at Rs 802 crore
o Net profit up 62 percent at Rs 60 crore
o EBITDA up 14 percent at Rs 121 crore
o Margin at 15.1 percent versus 15.2 percent
• DCM SHRIRAM Q2:
o Revenue up 17.5 percent at Rs 1,605 crore
o Net profit up 88 percent at Rs 172 crore
o EBITDA up 138.5 percent at Rs 291 crore
o Margin at 18.1 percent versus 8.9 percent
• L&T TECHNOLOGY SERVICES Q2:
o Revenue up 9.5 percent at Rs 901 crore
o Net profit up 25.5 percent at Rs 12.3 crore
o EBIT up 10 percent at Rs 138 crore
o Margin at 15.3 percent versus 15.2 percent
• TATA COFFEE Q2:
o Revenue up 4 percent at Rs 382 crore
o Net profit down 23 percent at Rs 23 crore
o EBITDA down 15.5 percent at Rs 71 crore
o Margin at 18.6 percent versus 22.88 percent
Trend in FII flows: The FIIs were Net Value of Rs 461.47 the cash segment on Tuesday while the DIIs were Net Value of Rs -2046.07 as per the provisional figures.
UPCOMING-RESULTS:- ABAN,ARVIND,BHARATFORGE,ASHOKLEY,BALKRISIND,CESC,GSFC,GNFC,IRB,MUTHOOTFIN,MAHANAGAR GAS,NDTV,ORIENTBANK,PETRONET,PIDILITE,SHREECEM,THERMAX,UBL,VOLTAS
Securities in Ban For Trade Date 08-NOV-2017:
1.DHFL
2.HDIL
3.IBREALEST
4.INDIACEM
5.INFIBEAM
6.JSWENERGY
7.RCOM
8.WOCKPHARMA
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