Axis Bank’s Q2 profit rises, media stocks slump & more

NIFTY50: 19,122 ▼ 159 (-0.8%)
SENSEX: 64,049 ▼ 522 (-0.8%)

• Benchmark indices close near four-month low as disappointing Q2 earnings and rising US bond yield weighed on sentiments
• In all, 40 of the NIFTY50 stocks closed in the red
• International Brent crude oil prices slumped for the fourth straight day, trading around $88 per barrel

Among the NIFTY sectoral indices, PSU Bank (+0.17%) and Metal (+0.15%) saw meagre gains, while Media (-1.6%) and IT (-1.0%) were the top losers.

What's Up

What's Down

Market Sentiment

Stock Buzz

⭐ Axis Bank reported healthy Q2 numbers

Shares of the private sector lender recovered from day’s low after the bank reported a 10% year-on-year (YoY) rise in its standalone net profit to ₹5,864 crore in the September quarter. Bank’s net interest income grew by 19% YoY to ₹12,315 crore. Meanwhile, its non-performing assets (NPAs) stood at 1.73% as compared to 1.9% in the last quarter. 

⭐ Metal stocks shine on Chinese stimulus

Metal stocks shined as China announced a stimulus for infrastructure and disaster relief. The NIFTY Metal index rose 0.1%, led by Hindalco, Jindal Steel and Nalco. China's decision to issue sovereign bonds worth one trillion yuan ($137 billion) to boost its economy was a positive trigger for the metal sector. As per experts, this economic stimulus could boost demand for metals from China, leading to higher metal prices and boosting export demand. 

⭐ Torrent Pharma gains on strong Q2 results

Shares of the pharmaceutical company closed 2.3% higher after the company reported a 24% year-on-year surge in its consolidated net profit at ₹386 crore in the September quarter. Its revenue also rose by over 16% YoY to ₹2,660 crore. Higher growth came on the back of strong performance in the branded generics drug market in India and Brazil. 

⭐ Media stocks slump after subdued results 

Media stocks ended lower today, with Zee Entertainment, Network18 Media and TV18 Broadcast declining in the range of 2% to 5%. This comes after Network18 Media and TV18 Broadcast reported a net loss during the September quarter. Network18 Media’s Q2 consolidated loss widened to ₹111 crore. Meanwhile, TV18 Broadcast quarterly loss stood at ₹65 crore compared to a profit of ₹10.2 crore in the same quarter last year.

⭐ GMR acquires additional stake in Hyderabad airport 

The airport operator has entered into a share purchase agreement with Malaysia Airports Holding Berhad to acquire an additional 11% stake in GMR Hyderabad International Airport Limited (GHIAL). This deal was signed for a total consideration of $100 million (₹831 crore). Post this acquisition, GMR Group’s holding in GHIAL will rise to 74%. The company’s shares closed 0.7% lower today.

IPO Corner

⭐Blue Jet Healthcare IPO received an upbeat response from investors, with an overall subscription of 69% on the first day of bidding. The company is a leading manufacturer of pharmaceutical and healthcare products, including contrast media intermediates, high-intensity sweeteners and pharmaceutical APIs. The IPO will close on 27 October. To know more and apply for this IPO, click here.

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