Nifty50: 17,576 ▲ 12 (+0.07%)
Sensex: 59,307 ▲ 104 (+0.1%)
Greetings, people!
During the festive season, most of us are busy cleaning our homes. But some people take cleaning to a whole new level. In a video that has gone viral, a woman can be seen standing on a ledge and cleaning windows from the outside.
- Benchmark indices closed higher for the sixth consecutive trading session.
- In all, 21 of the Nifty50 stocks closed in the green.
- Investors await the Q2 results of Nifty heavyweight Reliance Industries to be released later in the day.
Among the Nifty sectoral indices, PSU Bank (+1.8%) and Bank (+1.7%) saw the most gains, while Media (-1.9%) and Metal (-0.9%) were the top losers.
| Top gainers | Today's change |
| Axis Bank | 904 ▲ 78 (+9.4%) |
| ICICI Bank | 909 ▲ 21 (+2.3%) |
| Kotak Bank | 1,905 ▲ 41 (+2.2%) |
| Top losers | Today's change |
| Bajaj Finance | 7,180 ▼ 252 (-3.4%) |
| Divi's Lab | 3,563 ▼ 88 (-2.5%) |
| Adani Ports | 800 ▼ 19 (-2.4%) |
What’s trending
⭐ Bajaj Finance reports strong numbers
BAJFINANCE (NSE): 7,180 ▼ 252 (-3.4%)
Bajaj Finance reported a 88% year-on-year (YoY) jump in its net profit at ₹2,781 crore. Further, its net interest income grew by 31% to ₹7,001 crore. Net non-performing assets fell to 0.44% from 1.10% in Q2FY22. The management said the company is on track to go fully digital across all products and services by March 2023.
⭐ HDFC Life’s profit jumps
HDFCLIFE (NSE): 541 ▲ 4 (+0.8%)
HDFC Life insurance company reported a jump of 19% year-on-year (YoY) in its net profit at ₹326 crore. Meanwhile, its net premium income rose by nearly 15% YoY to ₹13,111 crore. The company’s solvency ratio stood at 210%, compared with 183% a quarter ago. The company's new business premium fell by 7% YoY at ₹6,147 crore, while the value of new business rose by 10% YoY at ₹748 crore.
⭐ HAL signs contract with IAF
HAL (NSE): 2,403 ▼ 44 (-1.8%)
Aerospace and defence company, Hindustan Aeronautics (HAL) concluded a contract worth ₹6,800 crore during the 12th Defence Expo. The company will supply 70 indigenously made HTT-40 trainer aircraft to the Indian Air Force (IAF) with a clause to supply additional 38 aircrafts once initial procurement is operationalized. The production will take place at the two manufacturing facilities of HAL located at Bengaluru and Nashik.
⭐ DGCA relief for Spicejet
SPICEJET (NSE): 40 ▲ 1.7 (+4.4%)
Industry regulator DGCA has lifted the 50% cap restriction on Spicejet flights. The carrier can now operate at full capacity from the winter schedule, which lasts from 30 October to 25 March 2023. It will operate 21,941 flights on domestic routes every week in the winter schedule. Earlier in September, DGCA had extended the 50% restriction on flights that it placed on Spicejet on July 27.
In Focus
ITC files high on strong results
Hotel-to-FMCG conglomerate ITC’s quarterly result managed to beat the street estimates. Following the result announcement, the stock price crossed the ₹350 level for the first time in five years. Overall, ITC share price is up by over 58% in 2022, as compared to mere 1.2% rise in the Nifty50 index. Let's take a closer look at quarterly numbers:
The owner of popular FMCG brands like Aashirvaad and Sunfeast reported a 25.3% year-on-year rise in consolidated revenue to ₹18,608 crore, while its net profit grew by 24% YoY to ₹4,670 crore, which was above market expectations of ₹4,279 crore. Strong growth was observed across the segments.
FMCG segment revenue grew by 21% YoY, aided by high penetration, more outlet coverage and steady demand recovery. However, the segment faced input-cost inflation, which was mitigated through price hikes and strategic cost management.
Revenue from the cigarette business was up by 23.3% YoY supported by stability in tax rates and action by government agencies on illicit trade, which enabled volume recovery for the legal cigarette industry.
ITC’s hotel segment delivered a standout performance. The segment revenue stood at ₹536 crore, a rise of 81.9% YoY. The business reported a net profit of ₹86.8 crore, as compared to a loss of ₹49.4 crore in Q2 of FY22. Occupancy rate and average room rate (ARR) were above pre-pandemic levels.
Revenue growth of 25% was also reported in the paperboards and packaging segment, driven by strong demand from the end user segment and exports. Meanwhile, the agri business revenue was up by 44% YoY due to rise in exports of wheat, rice and leaf tobacco.
According to the company, economic activity continued to gather momentum during the quarter. However, elevated input cost along with inflationary headwinds continued to weigh on consumption and expenditure.
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Good to know
What is net interest income?
Net interest income is an important metric of the financial performance of a bank. It is the difference between the interest the bank earns on loans and the interest the bank pays for deposits. The amount of net interest income a bank generates depends on factors such as the quality of its loan portfolio and whether its loans carry a fixed or variable rate.
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