- #Sony calls for board meeting today to take a call on the #Zee merger
- Key takeaways from #IndusIndBank's Q3 earnings
All this and more with Alex Mathew on 'All You Need To Know'. #NDTVProfitLive
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- Key takeaways from #IndusIndBank's Q3 earnings
All this and more with Alex Mathew on 'All You Need To Know'. #NDTVProfitLive
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01:19 Good morning and welcome.
01:20 This is NDTV Profit.
01:22 My name is Alex Matthew and you're watching All You Need To Know.
01:24 Happy Friday to you.
01:26 Over the course of the next half an hour or so,
01:28 we'll tell you everything that you need to know to start your day ahead of the curve.
01:31 Let's start with the headlines.
01:33 HDFC Bank's ADR gains close to 2%, breaks two days of relentless selling.
01:39 US markets snap a three-day losing streak as mega-cap tech stocks led by Apple surge.
01:45 NASDAQ 100 closes at an all-time high and all benchmarks close in the green,
01:50 even though weekly jobless claims hamper rate cut expectations.
01:55 RBI Governor Shaktikanta Das says inflation will moderate in the next financial year
02:00 and that's an NDTV exclusive.
02:03 The Sony Group calls for a board meeting today to take a call on the merger
02:07 with Z Entertainment Enterprises as per an Economic Times report.
02:13 And Gautam Adani says India has emerged as the most important theme at Davos.
02:18 Now, there could be some respite in selling in the equity markets here in India
02:25 if the early indications are anything to go by.
02:28 And overnight, some of the world's largest technology companies saw their share prices surge
02:34 with the NASDAQ 100 rising to an all-time high.
02:37 Shares of Apple rose more than 3% after Bank of America gave it a big upgrade,
02:42 calling for a 20% upside.
02:44 As we said yesterday, part of the selling could be attributed to the resetting of expectations
02:49 on rate cuts in the current year.
02:51 And the latest data on jobs seems to reinforce that change in expectations.
02:56 The numbers of Americans filing new claims for unemployment benefits
03:01 fell quite significantly, unexpectedly, last week to the lowest level in one to one and a half years.
03:08 And that suggested that growth in jobs likely remains strong in January.
03:13 And it's also a strong start to trade in the Asia-Pacific region this morning
03:18 as investors see Japan December inflation hitting its lowest since June 2022.
03:24 Only the Chinese market looking a little wobbly, but the other markets looking quite strong at this juncture.
03:30 Speaking of inflation, the Reserve Bank of India's governor in an exclusive conversation with NDTV
03:36 said that inflation will moderate in the next financial year. Listen in.
03:42 Immediately after the Ukraine war, our headline inflation had touched 7.8%.
03:48 Now thereafter, because of the monetary policy actions which we have taken,
03:53 which was also supplemented by, aided by the supply side measures taken by the government,
03:59 inflation has been steadily coming down and we are on our way to achieve reach 4% target.
04:06 But next year's average is expected to be 4.5%.
04:11 The positive aspect of it is that we are, our inflation is now well within the, you know,
04:16 the target band of inflation, but we are not satisfied with that.
04:20 We would like our inflation to reach 4% and remain around 4%.
04:24 Just let me complete that bit. So therefore, that is our endeavor.
04:29 And the core inflation, there also the core inflation has now come below,
04:34 you know, marginally below the 4% headline target.
04:37 So we expect next year's average inflation to be 4.5,
04:41 inflation to steadily moderate towards 4%.
04:45 All right, let's turn to the equity markets now and talk about where things stand after the weekly options expiry.
04:52 Let's talk about the major cues as well.
04:55 HDFC Bank's ADR, by the way, has ended positive overnight and maybe,
05:00 just maybe that's an indication of a little bit of relief, but we'll see soon enough.
05:05 Agam is joining in to take you through the latest cues from the F&O space.
05:08 Agam, any relief likely based on the early indications?
05:12 Well, it's a wait and watch, Alex, but you know, if there are a lot of shots into the system,
05:18 there perhaps could be some expectation of those shots being close
05:22 and that would have caused result into some sort of respite for those who are long in the market.
05:28 Well, we haven't really seen too much change yesterday.
05:31 You could say it's a little bit of a pause, especially considering the deep gash that we saw on the session day before.
05:37 But yesterday we did still see about a half percent cut on the Nifty
05:41 and not too much change as far as open interest is concerned.
05:44 The Bank Nifty futures, on the other hand, are looking at a significant amount of unwinding coming through,
05:51 about another 8.5% decline, even as the underlying came off by around 0.8%.
05:56 Moving on, as far as your range and in terms of change in open interest is concerned with respect to the Nifty options,
06:03 again, a lot more writing now shifting downwards and we are starting to see a little more writing around 21500, 21600,
06:11 which perhaps could set you and give you a little bit of a resistance zone, at least as we move into trade this week.
06:17 And well, it's a very wide 1000-point range based on maximum open interest now,
06:24 which is with the 21000 put at the moment and all the way up to 22000 call on the higher end.
06:33 So keep an eye on that. And let's talk about stocks then.
06:36 And I'm sure that it will all be about that.
06:38 We do have shorts building in for LTI, MICIC, APRU and India Mart Intermesh.
06:43 India Mart Intermesh came up with a good set of earnings. So you never know, we possibly could see about a short covering today.
06:50 Apollo Towers and Oracle Financial Services, of course, saw longs.
06:53 Oracle Financial Services was perhaps the stock of the day yesterday.
06:57 And short covering in Indus Tower and Zaris Life.
07:02 On the other hand, longs and winding in Max Financial, L&T Tech and Indus Bank.
07:06 A whole host of stocks to keep an eye on. Alex, I reckon today it will be about earnings.
07:11 And of course, we also keep an eye on Reliance Industries.
07:14 Certainly.
07:15 Announce earnings post-market.
07:17 And HUL as well. Thank you so much, Agam, for bringing us those details.
07:21 Speaking of earnings, let's talk about ones that are already in and that's IndusInd Bank,
07:26 which saw its third quarter profit jump over 17 percent.
07:30 And that was in line with the expectations on account of a rise in income on investments.
07:37 We've got Mimansar joining in to break down those key numbers for you.
07:40 Mimansar, also I was looking at the margin front and it looks pretty decent for this bank.
07:46 What are the key highlights according to you?
07:48 Good morning, Alex. So IndusInd Bank reported 17 percent rise, which met analyst estimates.
07:54 So analysts that we spoke to yesterday as well, they were saying that IndusInd Bank is going to be
07:59 one of the better performing lenders in this quarter.
08:03 So investment income is something that led to this jump in the banks' bottom line
08:09 to investment income rose 31 percent in October-December to Rs.1589 crore.
08:15 The net interest income was also up about 18 percent in the quarter,
08:20 which indicates a healthy loan growth of 20 percent.
08:23 However, loan growth has been, analysts have revised their loan growth to 17 percent in FY25 and 26.
08:30 On deposits front as well, the bank reported a 13 percent rise due to growth in retail deposits,
08:37 which has boosted the liquidity coverage ratio to 122 percent.
08:41 So things are looking pretty decent for IndusInd Bank right now.
08:44 But when we talk about the risks, the concern is coming from the gross slippage number reported in this quarter.
08:50 It was at Rs.1765 crore primarily due to the unseasonal weather in some of the states,
08:58 which has adversely impacted vehicle finance portfolio of IndusInd Bank.
09:03 Along with the rise in stress in agriculture, loan against property and merchant acquisition.
09:08 So the slippage number was a little surprising for analysts because they were expecting the slippage numbers
09:14 to come in at Rs.1400 crore, but it is slightly higher than that.
09:19 So having said that, bank in the post earnings call as well said that the management,
09:26 the bank is working towards recovery of these accounts.
09:29 But in terms of asset quality, the NPA ratios seem pretty stable and provisions have come down by 9 percent to Rs.969 crore.
09:39 Understood. All right. Thanks so much, Meemantha, for getting us those details.
09:43 Certainly want to watch out for in trade today in the context of the kind of selling that you have seen
09:47 in banking names led by HDFC Bank.
09:50 Let's talk about another heavyweight then and Reliance Industries is coming out with its earnings for the third quarter.
09:56 That is going to be or is expected to be post market today. It will still be in focus.
10:01 The net profit and revenue seen higher despite pressure on operating numbers or operating profit.
10:06 My colleague Vikas Srivastava has this report on what to expect from Reliance Industries.
10:13 Reliance Industries third quarter operational performance is likely to be impacted by a weak performance from the O2C segment.
10:21 The O2C segment constitutes mostly the refining business and the petrochemical business.
10:26 In the third quarter, the refining gross refining margin is lower by almost $1.2 per barrel.
10:32 So in the previous quarter, it was around $9.9 per barrel, which has come down to almost $7.9 per barrel,
10:40 according to analysts estimates tagged by Bloomberg.
10:43 Now, this is likely to be offset by a strong performance in margins by petrochemical business.
10:50 The petrochemical margins are seen at almost Rs.193 per tonne compared to Rs.191 per tonne in the previous quarter.
11:02 As far as the net profit and the revenue figures are concerned, the net profit and revenue are likely to do well in the third quarter
11:10 on the back of very strong performance from the retail and the RGO business.
11:17 The RGO business has done extremely well on the back of strong footfall, on the back of strong RPU,
11:23 that is average revenue per user, and also very good subscriber additions in the third quarter.
11:29 As far as the retail business is concerned, the retail business has done well on the back of strong footfalls
11:35 because the third quarter is also the season, like festival season quarter.
11:41 So that has helped boost the revenue.
11:44 Revenue is likely, the revenue from operations for the consolidated business is likely to be higher to almost Rs.2.54 lakh crores
11:54 in this quarter compared to Rs.2.34 lakh crore in the previous quarter.
11:58 The net profit is also seen to be higher by almost 4% to Rs.18,080 crores in the third quarter.
12:06 All right, so that's the latest, those are the expectations for Reliance Industries.
12:11 And we've also got HUL to contend with, in all probability it will be towards the latter half of the market session today.
12:19 And let's take a look at some of the key expectations here.
12:23 You have revenue, which is expected to grow as much as 2% to about Rs.15,640 crores.
12:29 You have the PAT number that is expected to grow about 7.7% on a year-on-year basis to about Rs.2,665 crores.
12:37 And margins are seen contracting just a tad bit to about 23.9%.
12:42 But beyond that, you're going to have to watch for management commentary on the demand scenario,
12:48 particularly in the rural segment, which has been a bit of a concern for not just HUL,
12:53 but the other peers in the FMCG space as well, with consumption under pressure.
12:58 And also competition from a few local brands, which has forced pricing pressure on HUL as well as the other brands in the FMCG space.
13:06 So, as a result of which, you're going to watch for both the volumes as well as the realizations,
13:12 because that's going to have a key bearing on the margin picture, not just now, but going forward as well.
13:18 Raw material prices have been more or less benign, and that's going to be supportive of margin expansion in all probability.
13:24 So, there's a balancing factor that is playing out both on the demand side as well as on the raw material side.
13:29 So, we'll have to see how that pans out.
13:31 For now, let's turn to something else.
13:34 It's time for a quick break. But before we head into that break, take a look at what C. Vijay Kumar,
13:39 the Chief Executive Officer and Managing Director of HCL Tech, had to say about the company's expectations this quarter.
13:46 We'll be right back.
13:48 If you see in 2022 December, we were really at the peak of IT spending.
13:55 A lot of customers had initiated significant projects. It's just around the time.
14:00 November, December is when you saw a lot of tech sector layoffs, and then it kind of spilt over to the IT services in terms of reducing discretionary spend.
14:13 So, we were actually going through a down cycle, and I think which was quite visible in the first half of this year, and it continued.
14:23 Whereas now, I think it kind of feels like we're at the bottom of the cycle, and the spend could come back.
14:32 That's the kind of optimism that is there in a number of conversations.
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17:03 - Welcome back.
17:07 You're watching,
17:08 you're watching All You Need to Know.
17:10 Let's talk about the key stocks
17:11 that you have to watch out for in trade today.
17:13 Anushi is joining in with some of those details.
17:16 Anushi, what are you picking up?
17:17 Morning.
17:18 - Morning.
17:19 So three stocks to watch for the list for today.
17:21 First is PFC Limited,
17:22 which would be in focus after it has incorporated
17:25 two SPVs in Gujarat and Rajasthan
17:28 for their transmission projects over there.
17:30 So these SPVs would be incorporated
17:33 as the wholly owned subsidiaries of it's,
17:35 again, another subsidiary,
17:36 which is PFC Consulting Limited.
17:39 So in the Gujarat one is responsible for the,
17:42 responsible for potential renewable energy
17:45 in the Khawara Gujarat area,
17:47 while in the Rajasthan,
17:49 the SPV would include the evacuation of power
17:51 from the Rajasthan region.
17:53 So the SPVs are set for the transmission projects
17:56 for these purposes.
17:57 Next coming to Shalby Limited.
17:59 So Shalby Limited has acquired about 87% stake
18:02 in PK Healthcare Private Limited,
18:05 which operates Sanar International Airports
18:08 for a concentration of about 102 crores.
18:11 So this equity stake would be acquired
18:13 within a one month's time frame.
18:15 And this would be through its primary infusion
18:18 and secondary buyout.
18:19 So this is in line with the company's aim
18:21 to increase its presence in the NCR region
18:23 and get a more hold of the international markets over there
18:26 as the company currently holds about 130 bed capacity
18:30 and derives at 70% of its revenue
18:33 from the international markets.
18:35 Along with this, there is additional capex being planned
18:38 through which the company will increase its 130 bed capacity
18:41 to 180 bed capacity going forward.
18:43 And last on the list is REC Limited,
18:46 wherein government of India has designated REC
18:49 as the overall implementation strategy
18:51 for the rooftop solar program
18:53 of the Renewable Energy Ministry,
18:55 wherein the objective of the REC
18:58 would be to accumulate about 40,000 megawatt of capacity
19:02 by the FY 2026 year end.
19:05 So these are the three stocks
19:06 you should be watching out for.
19:07 - All right, those are among the major stocks, of course.
19:10 Anushi, thank you so much for joining in
19:11 and giving us that perspective.
19:13 Ultratech Cement should also be on your radar
19:15 because of its third quarter results.
19:17 The net profit of the company may jump as much as 76%,
19:21 but to tell you why that is
19:22 and what the key expectations are,
19:24 I'm joined by Mihika.
19:26 Mihika, what can you tell us
19:27 about the key numbers to watch here?
19:28 - Yes, so robust third quarter is expected,
19:31 mainly because of the pan-India price hikes
19:34 which will help realizations
19:35 and the lower fuel costs which will help the EBITDA per ton.
19:38 Now, Bloomberg estimates an estimated 10%
19:41 year on year revenue rise.
19:43 EBITDA may rise 43% and margins are also expected to improve
19:48 and net profit also might rise 76%, as you rightly said so.
19:52 The company's already given its volume growth.
19:55 They posted a 6% year on year volume growth
19:58 this quarter to 27.3 million ton.
20:00 This was slightly below expectations,
20:02 but nonetheless, pan-India,
20:05 there have been price hikes in various parts of the country.
20:09 Brokerages expects realizations due to this
20:12 to rise and improve by 2%.
20:14 And even though there was some moderation
20:16 in the price hikes towards the end of November
20:19 and in December, on a quarterly basis,
20:22 pan-India cement prices are still 3% higher
20:25 and access securities noted major price hikes
20:28 in the east and southern region.
20:30 The second point is the power and fuel expenses
20:32 usually on average account for 30%
20:35 of a cement company's total expenses
20:37 and the international and domestic petroleum,
20:40 coke and coal prices, which are key raw materials,
20:42 have come down 30 to 40% year on year.
20:45 US pet coke prices have declined by around 15 to $20
20:49 to $116 per ton,
20:52 which gives Ultratech 80 to 90 rupees per ton advantage.
20:56 And MTX expects the EBITDA ton to improve
21:00 to 1,150 and 1,160 rupees range.
21:04 So robust expectations for the company today.
21:07 - Thanks so much, Meeka, for bringing us those details.
21:09 Sticking with earnings then and talking about a couple of,
21:11 or rather three companies, Finelix Industries,
21:13 Shopperstop, as well as Home First Finance.
21:15 They've all reported their third quarter numbers
21:17 and Harsh is joining in to give you some perspective
21:19 on all three of those.
21:20 Harsh, how does the scorecard look?
21:22 - Well, yes, let me first start off
21:23 with Finelix Industries, Alex.
21:25 You're looking at revenue, which is at around 1,020 crore
21:28 versus 1,125 crore number same time last year.
21:32 It's down 9.5%.
21:33 The pressure largely continuing to come from volumes.
21:37 Sequentially, though, the revenue has started to pick up,
21:39 so that's one positive.
21:40 The other positive is with regard to margins.
21:43 Margins has seen an uptick.
21:44 You've seen EBITDA go up to 120 rupees,
21:47 or rather 120 crore rupees, apologies,
21:49 versus 92 crore number.
21:51 That's up around 31% year over year.
21:53 Now, margins have come in at 11.8% versus 8.2%,
21:56 so you're seeing a margin uptick as well.
21:58 And that's reflecting on PAT.
21:59 PAT has gone up by 20% year over year.
22:01 It's coming at 95.5 odd crore.
22:04 Let's look at Shopperstop's numbers as well.
22:06 Well, the revenue is up around 9% or thereabouts.
22:10 Muted revenue growth, I would call it.
22:12 EBITDA is up roughly 2% or thereabouts.
22:15 Therefore, margins have contracted by around 113 bps
22:18 on a year-on-year basis, and you're seeing net profit,
22:21 which is actually down around 41%.
22:24 Net profit is now at 37 crore
22:27 versus that 62.5 odd crore number.
22:30 Let me quickly, lastly, take it to Home First Finance.
22:32 The story here is with regard to declining NIMS.
22:35 You've seen NIMS come off from 6% last quarter to 5.7% now,
22:40 but you're seeing ROAs hold up,
22:42 and that's a big positive.
22:44 So I'll quickly take you through the numbers.
22:45 Operating profit is up 35%.
22:48 Your AUM has grown by around 7.5 odd percent sequentially.
22:51 33% year over year, so growth continues to remain strong
22:54 in this segment.
22:56 You're seeing profit after tax, which is up 34%
22:58 on a year-on-year basis, a 6% sequential rise.
23:01 So no major impact on ROAs.
23:04 Just about a 10 bps contraction in ROAs
23:06 despite a 30 bps contraction in NIMS.
23:09 Keep your eye out on this one.
23:10 Solid growth story with profit after tax
23:13 also growing quite healthily.
23:14 - All right, thanks so much, Harsh,
23:15 for bringing us those details.
23:17 Aarti Industries was a stock
23:18 that we watched very closely yesterday.
23:20 It ended with gains of about 5% or thereabouts,
23:22 and there were a few operational highlights to focus in on,
23:25 but as of this morning, you have brokerage firm MK Global,
23:29 which has initiated coverage at a buy rating
23:32 on the same counter.
23:33 Varsha is joining in with some of the details
23:35 of what the brokerage is saying
23:37 and what the target price indicates.
23:38 Varsha, what are you picking up?
23:40 Good morning.
23:41 - Good morning, Alex.
23:41 So as you rightly said, so MK has initiated coverage
23:44 at buy with target price of rupee 750.
23:47 Now, they expect MMA and MEA, their products,
23:51 to be significantly large and scalable over next few years.
23:55 Also, if you see their core portfolio is expected
23:58 to start delivering significantly delta
24:02 to overall EBITDA for the company.
24:04 Also, Aarti's points for structural uptick
24:07 led by benefits of Europe plus one,
24:09 then capacity announcement by the nitrate players
24:12 have made India more competitive.
24:14 And Aarti not being into this product,
24:16 not the decision for not being into
24:18 this backward integrated product
24:19 was the right decision as per MK.
24:21 Also, if you see, expansion of existing value chain
24:24 and entering new value chain will aid earning momentum
24:28 for the company, and next leg of growth
24:30 is driven by value-added products.
24:31 Lastly, their entry into downstream products
24:34 will lead margin expansion and improve earnings quality.
24:39 - All right, thanks so much, Varsha,
24:40 for bringing us those details.
24:42 Very quick update on the Zee Sony deal as well.
24:46 There's a source-based report
24:48 in the Economic Times this morning
24:50 that talks about the board meeting
24:53 that has been called by Sony Group.
24:55 Apparently, they're going to be discussing
24:57 the future of the deal, and by next week,
25:00 you could have clarity on whether or not
25:02 they intend to proceed with that deal.
25:05 So Zee could well be in focus in trade today.
25:08 But that brings us to the end of this particular edition
25:10 of All You Need to Know.
25:11 It's been a pleasure bringing it to you.
25:13 Do stay tuned.
25:14 Up next is India market open, and this is NDTV Profit.
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