Wipro lost 4 percent as its second quarter (July-September) net profit declined nearly 1 percent sequentially (up 8 percent year-on-year) to Rs 2,098.3 crore dented by higher tax and finance expenses, and reconciling items. Profit in the previous quarter was Rs 2,118 crore.
The market starts auspicious Mahurat trading session with smart gains. It also marks the beginning of Samavat 2071. The Nifty opened at 8029 up 21 points while the Sensex is up 68.91 points at 26856.14.
Auto stocks topped the buying list among sectoral indices, up 3 percent as Hero Motocorp rallied 4 percent.
Cipla, Hero MotoCorp, Bajaj Auto, Tata Motors and Maruti Suzuki are top gainers in the Sensex. Among the losers are ONGC, ITC, NTPC, ICICI Bank and Bhart Airtel.
Hero, Bajaj Auto, Tata Motors,, Maruti Suzuki and LT are top gainers in the Sensex. Among the losers are ONGC, Hindalco, NTPC, Coal India and ICICI Bank.
Kotak Mahindra Bank jumped nearly 5 percent on strong profitability and stable asset quality performance in Q2. Private sector lender's second quarter standalone profit after tax rose 26 percent year-on-year to Rs 444.5 crore led by strong other income and lower provisions.
Hero, Tata Motors, Bajaj Auto, BHEL and Cipla are top gainers while ONGC, Coal India, Tata Power, SBI and ITC are laggards.
Hero Motocorp topped the buying list, up over 3 percent as the two-wheeler maker expects to clock close to 1.5 lakh in retail sales on October 21. "Dhanteras sales of 1.5 lakh will be 40-50 percent growth (YoY)," it said.
The Indian rupee has opened at 61.15 a dollar, up 16 paise compared to previous day's closing value of 61.31 per dollar on hopes of strong trade in equity market.
Software services exporter Wipro climbed 3 percent ahead of earnings. CNBC-TV18 poll expects dollar revenue to jump 2.45 percent sequentially to USD 1783 million in September quarter.
Financial Technologies tanked 20 percent after the government issued draft order for merger of NSEL with company, saying the entire business of NSEL will be transferred to Financial Technologies.
Both PNB and HDFC Bank are in focus after it announced July-September quarter earnings. PNB is down around 1 percent as its asset quality worsened in the quarter. HDFC reported net interest margin at 4.5 percent with net profit at Rs 2380 crore. The stock is up 1 percent.
State-run ONGC fell nearly 3 percent on profit taking. Shares of ITC, Infosys, HDFC, Reliance Industries, Mahindra and Mahindra, Coal India and Dr Reddy's Labs declined 0.7-1.9 percent.
The Bank Nifty is at a lifetime high today outperforming the Nifty month-to-date in October with a gain of 6.7 percent in the month versus a 0.44 percent gain for the Nifty. HDFC Bank and PNB also trade higher ahead of Q2 earnings today.
ICICI Bank, HDFC Bank, Tata Motors, Larsen and Toubro, State Bank of India, Axis Bank, Bharti Airtel, Wipro and Tata Steel jumped 1-1.7 percent. However, ONGC and Coal India were top losers, falling over a percent followed by ITC with 0.7 percent loss.
Wipro underperformed its peers in dollar revenue growth. TCS had reported 6.4 percent, Infosys 3.19 percent and HCL Technologies 1.9 percent growth in dollar revenue on sequential basis.
The realty giant appealed for interim relief from a three-year ban from accessing capital markets by the regulator. DLF lodged its appeal with the SAT, which will conduct its next hearing on October 30.
The firm reported a 5.8 percent growth in net profit at Rs 70.6 crore for the second quarter ended September 30, 2014-15, helped by revival in spending in the automotive and manufacturing sectors.
The company is hoping to see a record 40-50 percent year-on-year growth in sales on October 21 which was Dhanteras, generally considered auspicious to make purchases.
Issuing a draft order for the proposed merger, the government today said the move has been decided upon in "public interest".
Gross NPA was at Rs 20,752 crore in September quarter, up 6 percent compared to previous quarter and 25.6 percent compared to same quarter last year. Net NPA grew 11 percent sequentially and 21 percent on yearly basis to Rs 11,618 crore in the quarter ended September 2014.
Investors of the state-run company are concerned that about the enabling clause within the ordinance that will allow commercial players in the coal mining business, once okayed. It is said this provision will serve as a threat to Coal India to ramp up its production.
Here are top buzzing stocks to watch on October 21 - JSPL, Hindalco, NTPC, Punjab Comm, Exide, Gold MCX, TBZ and Titan.
CLSA has maintained its underperform rating on the stock stating re-farming remains a risk to the stock. The brokerage has raising its FY15-17 revenue and EBITDA estimates by 2-3 percent.
The brokerage also cut its target price on the stock to Rs 164 from Rs 183, led by 7 percent and 12 percent cut in FY15e and FY16e earnings per share (EPS).
Morgan Stanley Asia (SINGAPORE) PTE sold 1,45,602 shares of Tata Sponge Iron.
On October 20, 2014 GMO Emerging Dom Opportunities Fund bought 9,64,124 shares of Repco Home Finance at Rs 470.
While maintaining outperform rating on the stock, Credit Suisse raised earnings per share estimates by around 2 percent on higher-than-expected net interest margin.
The board has allotted 8,08,08,080 warrants to KSK Power Holdings entitling for subscription of equivalent number of equity shares of Rs 10 each at a price of Rs 99 per warrant.
The fresh case has been registered against Jindal Stripes Limited, Jindal Steel and Power Limited and unknown public officials for alleged criminal conspiracy and cheating under the Indian Penal Code and provisions of the Prevention of Corruption Act, CBI sources said.