Summary
Closing Bell: Sensex ends above 39,000, Nifty below 11,600; SBI surges 7.5% post Q2 results##Closing Bell: Sensex ends above 39,000, Nifty below 11,600; SBI surges 7.5% post Q2 results
The BSE Sensex ended 37.67 points higher, or 0.10 percent, at 39,058. The NSE Nifty50 ended with gains of over just a point at 11,583.90. The Nifty MidCap 100 index underperformed, dipping 0.18 percent. Bank Nifty closed almost a percent higher led by SBI from the front. Apart from SBI, Yes Bank was the big gainer, rising over 11 percent. ICICI Bank also rose over 3 percent. Cipla and Sun Pharma rose by up to 3 percent. Bharti Infratel, Tata Motors, Titan, JSW Steel and UltraTech Cement were top losers, falling by up to 8.6 percent.
Arvind shares jump 4% after Q2 earnings##Arvind shares jump 4% after Q2 earnings
Shares of textiles firm Arvind jumped 4 percent on BSE on October 25 after the company posted a 9 percent top-line growth for the September quarter of FY20. However, the company's consolidated net profit declined 20 percent YoY to Rs 48 crore in Q2FY20 from Rs 60 crore in the corresponding quarter of the previous financial year. EBITDA came 7 percent higher at Rs 195 crore in Q2FY20 against 182.3 crore in Q2FY19 while EBITDA margin declined by 30bps to 9.9 percent against 10.2 percent in the previous financial year.
Airtel buys 8.82% in Bengaluru software start-up##Airtel buys 8.82% in Bengaluru software start-up
Bharti Airtel Ltd has acquired a minority stake of 8.82 percent in Bengaluru-based software development startup Vahan Inc. The company however did not disclose the cost of the acquisition. In a regulatory filing it said the Indicative time period for completion of the stake acquisition is By October 31, 2019. The acquisition of Vahan is a part of Airtel's Startup Accelerator Program to support the growth of early-stage Indian tech startups. Vahan, which specialises in providing jobs by using artificial intelligence driven bot (web robot) and a messaging platform, is the first company to join the program.
"Airtel announced the induction of Bengaluru-based tech startup Vahan into its Startup Accelerator Program. Airtel will acquire a stake in Vahan and partner with them in building significant scale to achieve their vision of enabling jobs for the next billion internet users" the statement said.
Zuari Agro Chemicals gains 7% on biz restructuring##Zuari Agro Chemicals gains 7% on biz restructuring
Shares of Zuari Agro Chemicals rose 7 percent intraday on October 25 after company board approved the restructuring of the businesses. The company board at its meeting held on October 25 approved the proposal to restructure its fertilizer business with a view to monetize and consolidate all its bulk fertilizer operations.
“It has decided to incorporate another company, under the name of “Zuari FarmHub Limited”, which will operate its retail, speciality nutrients and the proposed FarmHub business, for which the company is also seeking investments from Strategic and /or Financial Investor’s,” company said in the release.
SBI Q2 profit surges six-fold to Rs 3,375 crore##SBI Q2 profit surges six-fold to Rs 3,375 crore
SBI shares rallied 7.06 percent to Rs 281.25 per unit during afternoon trade on the BSE. The country's largest lender SBI on Friday reported a nearly six-fold jump in its consolidated net profit to Rs 3,375.40 crore for the second quarter ended September 30.
The bank's net profit was Rs 576.46 crore in the July-September quarter of previous fiscal.
Its total income of the entire SBI group rose to Rs 89,347.91 crore in the quarter under review, compared to Rs 79,302.72 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing.
The asset quality of the bank improved with the gross non-performing assets (NPA) declining to 7.19 percent of the gross advances as on September 30, 2019, from 9.95 percent a year ago.
Net NPAs or bad loans too declined to 2.79 per cent of the advances from 4.84 per cent in the year-ago period.
On a standalone basis, the bank's net profit alone rose nearly three-fold to Rs 3,011.73 crore as against Rs 944.87 crore.
The lender's income was Rs 72,850.78 crore in the July-September quarter, up from Rs 66,607.98 crore.
State Bank of India's Q2 net profit surges 3 times, NPAs decline##State Bank of India's Q2 net profit surges 3 times, NPAs decline
India's largest public lender reported strong set of numbers on Friday with net profit surging 218 percent year-on-year (YoY) to Ra 3,011.73 crore as against Rs 944.87 crore in the corresponding quarter last year.
Net interest income during the July-September quarter plunged 77.95 percent YoY to Rs 4,609.32 crore as compared to Rs 20,905.69 crore in the same quarter last year.
Net NPAs dropped to 2.79 percent as compared to 3.07 percent in Q1FY20. Gross NPAs improved to 7.19 percent from 7.53 percent quarter-on-quarter (QoQ).
The Bank during the quarter reported a one-time gain of Rs 3,848 crore on sale of partial investment in SBI Life Insurance. Read more on SBI's earnings here.
SBI reports Q2 net profit at Rs 3,012 crore Vs CNBC-TV18 poll of Rs 1,875.9 crore##SBI reports Q2 net profit at Rs 3,012 crore Vs CNBC-TV18 poll of Rs 1,875.9 crore
Diwali bonanza for mutual fund investors: 3 experts build 3 model portfolios##Diwali bonanza for mutual fund investors: 3 experts build 3 model portfolios
Here are the model portfolios designed by Feroze Azeez, deputy CEO of Anand Rathi Financial Services, Manoj Nagpal, founder of Outlook Asia Capital and consulting editor with Moneycontrol, and Kaustubh Belapurkar, director of fund research at Morningstar India. READ MORE
DHFL shares locked in 5% lower price band##DHFL shares locked in 5% lower price band
Shares of Dewan Housing Finance Corporation (DHFL) remained locked in the 5 percent lower price band at Rs 17.55 on BSE on October 25 and looked on course to extend their losing run into the fourth straight session. The stock remained in the red even as it clarified in a BSE filing that it has taken cognizance of the key observations from the draft report prepared by KPMG.
"The company reiterates that it has taken cognizance of the key observations from the draft report prepared by KPMG, appointed by Union Bank of India, the lead banker of the consortium, on behalf of all the members of the consortium," DHFL said in a regulatory filing.
Euro steadies vs dollar near one-week low, focus shifts to Fed next week##Euro steadies vs dollar near one-week low, focus shifts to Fed next week
The euro steadied on Friday after falling to a one-week low against the U.S. dollar in the previous session on the European Central Bank leaving the door open for more monetary policy easing, but keeping interest rates unchanged. The focus will shift next week to a US Federal Reserve meeting ending October 30 and a Bank of Japan meeting ending Oct. 31. The Fed is expected to cut interest rates for a third time this year, but money markets have largely priced in a 25 basis points cut already, according to Refinitiv data. The euro was last flat at $1.1109, though close to the one-week low of $1.1094 it reached on Thursday. The index which tracks the dollar against six major currencies was also flat at 97.66.
Titan hits 52-week high on Dhanteras as jewellery demand surges##Titan hits 52-week high on Dhanteras as jewellery demand surges
Titan's share price hit a 52-week high on Friday as jewellery witnessed an increase in demand with the beginning of festivities with Dhanteras. Intraday, Titan rose 1.12 percent to Rs 1,389.95 on the NSE. However, the stock pared gains soon, trading higher by just 0.88 percent at Rs 1,386.65 per share on the NSE at 10:11 am. READ MORE