Top 5 Shares that move most on 31st Oct

Life Insurance Corporation | CMP: Rs 603.85 | The scrip was up close to 2 percent on reports that the company plans to pay dividends or issue bonus shares to shareholders. The state-owned insurer is reportedly planning to transfer nearly $22 billion from policyholders' funds into a fund earmarked to pay dividends or issue bonus shares. The move is aimed at shoring up both its own net worth and investor confidence, according to a Reuters report.

Bharti Airtel | CMP: Rs 832 | The stock ended higher by almost 2 percent. Its consolidated net profit for the September quarter rose 89 percent to Rs 2,145.2 crore from Rs 1,134 crore a year back. The figure was in line with analysts' projections. Its total revenue came in at Rs 34,526.8 crore, up 22 percent from Rs 28,326.4 crore reported in the corresponding quarter last year. Analysts had estimated a 75 to 110 percent year-on-year (YoY) growth in net profit while revenue growth was pegged at around 20 percent.

Gland Pharma | CMP: Rs 1,787 | The stock price was down over 4 percent on fears of a likely distress sale of stake by its promoter entity Fosun Pharma Industrial Pte, dealers said. Fosun Pharma holds 57.86 percent of Gland Pharma, which has a strong presence in injectables export to regions like the US and Europe. Fosun International was recently downgraded deeper into 'junk' rating by credit rating agencies as the storm in the Chinese real estate market swept other sectors of the economy, according to a report by Forbes magazine.

Bandhan Bank | CMP: Rs 239.40 | The share price declined over 9 percent on October 31. The private sector lender posted a net profit of Rs 209 crore for the September quarter against a loss of Rs 3,008 crore a year ago, far below Street expectations. Net interest margin (NIM) slipped 100 basis points quarter-on-quarter to seven percent from eight percent. Asset quality showed very little improvement with gross net performing assets (NPA) at 7.2 percent versus 7.3 percent a quarter ago and net NPA flat at 1.9 percent. With slippages during the quarter in review at Rs 3,954 crore, analysts expect credit costs, which stood at 5.3 percent as against 2.7 percent in the June quarter, to remain high. Credit Suisse has trimmed the target price on the stock to Rs 330 from Rs 360. It expects credit costs to moderate in the second half of this fiscal but has cut FY23-25 EPS estimates by 9-19 percent.

Dr Reddy's Laboratories | CMP: Rs 4,427.45 | The scrip ended in the red on October 31. The company reported 12 percent growth in consolidated post-tax profit at Rs 1,113 crore during the September quarter defying analysts who had expected a drop in the bottom line. The drug firm reported a growth of 9 percent in consolidated revenues at Rs 6,306 crore in the September quarter. Sales from the North American market, nearly 50 percent of overall sales, grew 48 percent to Rs 2,800 crore during the quarter under review. With an outperform call on the stock, global brokerage Macquarie said, "Revlimid generic is living up to the expectations as September quarter numbers were better than expected. Management expects continued contribution from Revlimid in upcoming quarters." It has a target price of Rs 4,915 per share.

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Top Stock that move Most on 28th Oct

Indian equity benchmark indices ended higher in a highly volatile session on the monthly expiry day on October 27. The Sensex ended 212.88 points, or 0.36% higher, at 59,756.84, and the Nifty was up 80.70 points, or 0.46%, at 17,737.

Gland Pharma | CMP: Rs 1,898 | The share price of Gland Pharma declined 14.71 percent after the company reported a 20 percent year-on-year decline in profit at Rs 241.2 crore for the quarter ended September FY23, dented by weak topline as well as operating performance. Revenue for the quarter fell 3 percent YoY to Rs 1,044.4 crore. Citi has a "sell" call on the stock with the target price cut to Rs 1,920 from Rs 2,140 a share.

Dabur | CMP: Rs 551 | Share price of Dabur surged 3.5 percent after the company reported a market share gain across 95 percent of its portfolio in Q2FY23 and also announced the acquisition of Badshah Masala to expand its food business. Goldman Sachs has a "buy" call on the stock with a target price of Rs 680 apiece.

V-Guard | CMP: Rs 253 | The company reported a 26.8 percent fall in its Q2 net profit at Rs 43.6 crore versus Rs 59.4 crore. Mithun. K Chittilappilly, Managing Director, VGuard Industries, said "Margins for the quarter were impacted by the sale of higher cost wires inventory at relatively lower realizations due to a fall in copper prices. We should see margins returning to pre-Covid levels over the next two quarters." The stock ended 2.43 percent lower.

Indian Metals & Ferro Alloys | CMP: Rs 240.25 | The stock declined 6.19 percent as the company posted a 88.7 percent fall in its Q2FY23 net profit at Rs 16.3 crore against Rs 143.6 crore, while revenue was up 3 percent at Rs 672.5 crore versus Rs 653.2 crore, YoY.

Kaveri Seed | CMP: Rs 483 | Share price jumped after the board of directors approved the proposal for buying back the company's fully-paid equity shares having a face value of Rs 2 for an aggregate amount of Rs 125 crore at a price not exceeding Rs 700 per share. The stock ended 5.7 percent higher.

JSW Steel | CMP: Rs 680.90 | The company's US arm has raised $182 million from two Italian banking institutions—Intesa Sanpaolo and Banco BPM—to fund the modernising of its plate mill facility in Baytown, US. Despite posting a loss in Q2FY23, the steel major has maintained its FY22-23 volume guidance of 24-25 million tonnes, which has been cheered by investors. The stock was the top Nifty gainer on October 27,  up 5.8 percent.

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Top 5 stocks that moved the most on October 25

Indian benchmark indices snapped a seven-day winning streak to ended lower on October 25. At close, the Sensex was down 287.70 points or 0.48% at 59,543.96 and the Nifty was down 74.50 points or 0.42% at 17,656.30.

IGL | CMP: Rs 405.55 | Indraprastha Gas gained 5.7 percent after the company said that Sukhmal Kumar Jain has been appointed the company's chairman and additional director. It also announced "the cessation" of Arun Kumar Singh as the chairman and director. In Q2FY23, the company's revenue almost doubled to Rs 3,922 crore as against Rs 2,015 crore in the year-ago period.

HUL | CMP: Rs 2504 | The company's Q2FY23 EBITDA rose by 7.8 percent to Rs 3,377 crore but margins fell by 170 bps YoY from 24.6 percent to 22.9 percent. Underlying volume growth of 4 percent was also below Street expectations. Experts had pegged volume growth at 5 percent. The stock slumped 2.7 percent.

United Spirits | CMP: Rs 862.5 | The share gained 3.24 percent after the company said its profit grew by 106 percent YoY to Rs 563 crore in the quarter ended September FY23 led by a one-time gain of Rs 381 crore from the slump sale of business undertaking associated with 32 brands in 'Popular' segment. Revenue at Rs 2,879.7 crore grew by 17.6 percent YoY.

Tejas Networks | CMP: Rs 675 | The stock slumped 2.4 percent as the company's Q2FY23 net profit tanked 71 percent to Rs 1.1 crore, hit by weak margin performance and higher tax cost. In the same quarter last year, net profit stood at Rs 3.66 crore.

Meghmani Organics | CMP: Rs 111.25 | The company on October 23 reported a fire at a finished goods warehouse of pigment plant in Dahej. Expected quantum of loss and damage caused is under assessment, it said. The stock declined more than 2 percent.

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Canara Bank shares gain 4% after September quarter numbers beat estimates

Canara Bank shares gained as much as 4 percent on October 20 after its September quarter numbers came in ahead of analysts' expectations despite elevated provisions. The stock closed at Rs 259.3, up 4.14 percent on the NSE.

The public sector lender recorded an 89.5 percent year-on-year growth in standalone profit at Rs 2,525 crore for the quarter ended September FY23, aided by lower tax costs and healthy net interest income. Higher other income and operating performance also supported profitability with improved asset quality.

Net interest income (NII) for the quarter grew by 18.5 percent to Rs 7,434 crore compared to the corresponding period last fiscal, with 20 percent YoY growth in global advances and a nearly 10 percent increase in global deposits.
Numbers were ahead of analysts' estimates. According to the average estimates of analysts polled by CNBC-TV18, profit was expected at Rs 1,948.6 crore and net interest income at Rs 7,333.6 crore for the quarter.

Net interest margin (NIM) for the quarter expanded to 2.83 percent, against 2.72 percent in the year-ago period as well as 2.78 percent in the previous quarter. Canara Bank said it has shifted to a new tax regime with a deferred tax reduction of Rs 2,451.6 crore.

The tax cost for the quarter ended September FY23 stood at Rs 743.2 crore, down by 18.4 percent compared to the same period last year.

The bank has improved its asset quality with gross non-performing assets (as a percentage of gross advances) falling 61 bps sequentially to 6.37 percent and net NPA was down by 29 bps QoQ to 2.19 percent for September FY23 quarter.

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IndusInd Bank top index losers despite robust Q2 profit; brokerages expect up to 25% upside

Shares of IndusInd Bank declined over 3 percent in the early trade on October 20, a day after the bank announced its Q2 earnings. IndusInd Bank posted a 57 percent year-on-year rise in net profit this September quarter. Its net profit stood at Rs 1,805.3 crore in Q2FY23 against Rs 1,146.7 crore in Q2FY22. The private lender's net profit rose 10.6 percent quarter-on-quarter (QoQ) from Rs 1,631 crore in Q1FY23. Operating profit has gone up 10 percent year-on-year (YoY) and 3 percent sequentially to Rs 3,554 crore.

Provisions fell 33 percent YoY to Rs 1,141 crore in Q2FY23 from Rs 1,706.9 crore in Q2FY22, and it fell 8.7 percent QoQ from Rs 1,250.9 crore in Q1FY23. Its gross NPA as a percentage of its total loan book fell to 2.11 percent in Q2FY23 from 2.77 percent in Q2FY22, and from 2.35 percent in Q1FY23. The value of Gross NPA was Rs 5,567 crore in Q2FY23, which was a 10.8 percent YoY fall from Rs 6,245 crore in Q2FY22 and a 6.1 percent QoQ fall from Rs 5,932.9 crore.

The lender's loans went up 18 percent YoY and 5 percent QoQ to Rs 2,60,129 crore in Q2FY23. Deposits rose 15 percent YoY and 4 percent QoQ to Rs 3,15, 532 crore in Q2FY23. The bank's CASA has increased 15 percent YoY and 2 percent QoQ to Rs 1,33,525 crore, while the term deposits jumped 14 percent YoY and 6 percent QoQ to Rs 1,82,007 crore.

At 09:22 hrs IndusInd Bank was quoting at Rs 1,174.30, down Rs 44.05, or 3.62 percent on the BSE. It has touched an intraday high of Rs 1,217 and an intraday low of Rs 1,150.45.

Here what brokerages have to say after the bank's Q3 results:

Macquarie

The global research firm has maintained its outperform call on the stock with target at Rs 1,400 per share, an upside of over 19 percent from the current market price. "RoA expansion continues to impress us while strengthening asset quality is confidence inspiring. Reduction in slippage ratio to 2.5 percent from 3.7 percent a key highlight. Credit growth outlook positive amidst rising interest rate environment," it said, according to a CNBC-TV18 report.

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5 stocks that moved the most on October 18

Polycab India | CMP: Rs 2,767 | The share price jumped over 5 percent after the firm reported a net profit of Rs 268 crore for the July-September period, a jump of 37.3 percent compared with the corresponding period a year ago, boosted by robust volume growth in its core cables and wires business. Its revenue increased 10.8 percent on a year-on-year basis to Rs 3,332.3 crore for the three-month period, according to a regulatory filing. Revenue from the wires and cables unit saw an increase of 13 percent to Rs 2,925.9 crore.

Can Fin Homes | CMP: Rs 522.90 | The stock gained over 4 percent after the company's net profit rose 14.6% to Rs 141.71 crore on a 40.5% increase in total income to Rs 657.55 crore in Q2 FY23 over Q2 FY22. The company's gross non-performing assets (NPAs) stood at Rs 178.69 crore as on 30 September 2022 as against Rs 185.08 crore as on 30 September 2021. Disbursements increased 1.67% YoY to Rs 2,245 crore during the quarter that ended on 30 September 2022. Outstanding loan book grew 22.21% to Rs 28,823 crore during the period under review.

Transformers and Rectifiers India | CMP: Rs 54.75 | The scrip added 3 percent after the company received two orders of transformers for a total contract value amounting to Rs 145 crore from well-known Indian companies. With this order, the company's Order book as of date stands at Rs 1521 crores.

PSP Projects | CMP: Rs 574.90 | The share price declined 10 percent after consolidated net profit declined 40.8% to Rs 21.54 crore on a 7.8% fall in revenue from operations to Rs 359.98 crore in Q2 FY23 over Q2 FY22. Cost of materials consumed stood at Rs 116.85 crore (down 6.92% YoY), Construction Expenses were at Rs 210.53 crore (up 13.5%), employee benefits expenses were at Rs 22.49 crore (up 44.95% YoY) and finance cost stood at Rs 70.49 crore (up 85.25% YoY) during the period under review.

J Kumar Infra | CMP: Rs 230.10 | The stock slipped over 3 percent after the company informed that the Income Tax Department, conducted a search, under Section 132 of the Income Tax Act, 1961, in the normal course of business at its Corporate Office, the residence of promoters of the company and at site offices of the Company from October 11, 2022, and concluded on October 17, 2022, J Kumar Infra said in its release.

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These IT stocks are still trading above their 10-year PE averages

 Pokharna, too, has similar views. "We believe attrition will come down going forward as pent-up attrition following Covid has played out, companies have replenished bench strength through aggressive hiring, and expectations of a demand slowdown will peter out. Also, the wage hike expectation of new hires has started to become more realistic, which is a favourable trend. Headwinds from tight manpower supply will progressively reduce as attrition rates and average premium for lateral hires decline,’’ Pokharna said.

The IT stocks are the biggest laggards year to date, with Infosys declining 24.8 percent, TCS losing 17 percent, Wipro falling 47 percent, HCL dropping 25.55 percent, and Tech Mahindra tumbling 42.59 percent. The BSE IT Index has plunged over 26.39 percent so far this year.

The Nasdaq index, which features a chunk of IT firms, has declined nearly 31.93 percent this year, which is a cause for concern, say analysts. India's benchmark Sensex and Nifty are down just 1.75 percent each.

"Until NASDAQ bottoms out and starts recovering lost ground, there would be a gloomy outlook on the IT sector, even though large-cap Indian IT companies have given healthy future guidance,’’ explained Tapse.

Data shows that the gap is the highest in the case of Infosys with its current one-year forward PE at 22.6 compared to a 10-year average forward PE of 18.63. TCS’s one-year forward PE stands at 25.27 versus a 10-year average forward PE of 21.68.

Similarly, Wipro, HCL Tech, and Tech Mahindra’s current one-year forward PE stand at 16.72, 17.39, and 15.42, respectively, while their 10-year average PE stands at 16.6, 15.41, and 15.28. The BSE IT Index current one-year forward PE is 21.89, versus a 10-year average forward PE of 18.50.

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These IT stocks are still trading above their 10-year PE averages

 Despite falling heavily in 2022 so far, India's top five IT firms are still expensive with their current one-year forward price-earnings (PE) ratio higher than the average 10-year forward PE.

Data shows that the gap is the highest in the case of Infosys with its current one-year forward PE at 22.6 compared to a 10-year average forward PE of 18.63. TCS’s one-year forward PE stands at 25.27 versus a 10-year average forward PE of 21.68.

Similarly, Wipro, HCL Tech, and Tech Mahindra’s current one-year forward PE stand at 16.72, 17.39, and 15.42, respectively, while their 10-year average PE stands at 16.6, 15.41, and 15.28. The BSE IT Index current one-year forward PE is 21.89, versus a 10-year average forward PE of 18.50.

Recent second quarter earnings of four large IT firms were mixed. Signs of a slowdown were visible in moderate hiring and weak total contract value (TCV). Also, some level of caution by clients due to a deteriorating macro environment has been seen, analysts said.

"We need to closely track the US and Europe economic situation as clients from these geographies contribute a lot to the Indian IT space," said Prashanth Tapse, SVP, Research, at Mehta Equities.

According to Sumit Pokharna, VP, Fundamental Research, Kotak Securities, the biggest challenge in the coming quarters is a slowdown / recession in client geographies, which may impact the technology spent by global giants, thus impacting the TCV.

Mitul Shah, Head, Research, at Reliance Securities, feels high attrition, wage inflation, and increasing travel and visa costs may continue to squeeze margins over the next 1-2 quarters. However, Shah believes that by end-FY23 manpower attrition may decline and wage costs stabilise. This, coupled with better- pricing of new deals will aid margins in FY24. Shah remains selectively positive within the IT space and expects any further correction as a buying opportunity for a few IT names.

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