Indian Stock Market News | BSE/NSE Sensex Updates | Equity Market Highlights

Market Highlights

Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

October 23, 2024

Sebi chief Madhabi Puri Buch cleared in probe: Government sources - India Today Report
Government sources have indicated that investigations into Sebi Chairperson Madhabi Puri Buch have concluded without findings against her or her family, with no actions planned
UniHealth Consultancy Limited Rebrands to UniHealth Hospitals Limited: Strengthening Its Identity in the Global Healthcare Arena
Renaming the company 'Unihealth Hospitals Limited' (effective October 14, 2024) strengthens its brand identity by aligning it more clearly with its core focus on multi-specialty hospitals and medical centers in Africa and India. The new name enhances brand recall and trust, attracting more patients and partners. The company has also received the fresh certificate of incorporation reflecting this change.
UniHealth Hospitals has a strong network of subsidiaries, joint ventures, and associate companies that enhance its healthcare offerings. Key subsidiaries include Unihealth Pharmaceuticals, UMC Global Health Limited, Biohealth Limited and Unihealth (Tanzania) Limited. The company’s Joint venture, Victoria Hospital Limited in Uganda owns and operates its flagship 120 bedded tertiary care hospital in the country, while associate companies such as UHS Oncology Private Limited and Unihealth (Uganda) Limited showcase its focus on growth and innovation in key verticals of cancer care and distribution of key medical consumables and pharmaceutical products.
This rebranding marks a pivotal moment in UniHealth Hospitals' journey, reinforcing its commitment to delivering world-class healthcare services and driving innovation across its growing network in Africa and India.
UCO Bank – Q2FY25 result update as on October 22nd, 2024.
“Bank has declared excellent results this quarter"
CMP: Rs. 43.76 |FV: Rs. 10 |Book value per share as on Q2FY25: Rs. 15.39 |Market Cap: Rs. 52,319.27 crores
Key financial indicators as on Q2FY25: Capital Adequacy Ratio: 16.84%|C/D ratio: 71.77%| Domestic CASA ratio: 38.24%| Domestic NIM: 3.30%|Cost/Income ratio: 56.53%| Gross NPA: 3.18%| Net NPA: 0.73%| Provision Coverage Ratio: 95.92%|Slippage ratio: 1.84%|Credit cost: 1.26%|RoA (annualized): 0.75%| RoE (annualized): 14.22%
Q2FY25 result analysis:
1. Net interest income is up by Rs. 2.09% QoQ at Rs. 2301 crores in Q2FY25 against Rs. 2254 crores in Q1FY25. It rose by 20.03% YoY against Rs. 1917 crores in Q2FY24.
2. Operating profit is up by 6.64% QoQ and 28.47% YoY at Rs. 3294 Crores in Q2FY25 against Rs. 3089 crores in Q1FY25 and at Rs. 2564 crores in Q2FY24.
3. Net Profit grew by 9.94% QoQ and 50.00% YoY at Rs. 603 crores in Q2FY25 against Rs. 551 crores in Q1FY25 and Rs. 402 crores in Q2FY24.
4. NIM rose to 3.30% in Q2FY25 against 3.29% in Q1FY25 and 3.05% in Q2FY24.
5. Cost of deposits increased to 4.88% in Q2FY25 against 4.77% in Q2FY24 and 4.79% in Q1FY25.
6. Cost of Funds increased to 4.79% in Q2FY25 against 4.47% in Q2FY24 and 4.71% in Q1FY25
7. Yield on Advances came at 8.96% in Q2FY25 against 8.80% in Q2FY24 and 8.76% in Q1FY25
8. Total business stood at Rs. 473704 crores in Q2FY25, up by 2.66% QoQ against Rs. 461408 crores in Q1FY25 and up by 13.56% YoY at Rs. 417145 crores in Q2FY24.
9. Total Non-Interest Income increased by 18.92% QoQ and 53.48% YoY at Rs. 993 crores in Q2FY25 against Rs. 835 crores in Q1FY25 and Rs. 647 crores in Q2FY24.
10. Fee based income increased by 10.16% QoQ basis and 15.67% on YoY basis at Rs. 347 crores in Q2FY25 against Rs. 315 crores in Q1FY25 and Rs. 300 Crore in Q2FY24.
11. Treasury income increased to Rs. 126 crores in Q2FY25 against Rs. 57 Crore in Q2FY24 and Rs. 90 crores in Q1FY25.
12. Cost/Income ratio came down to 56.53% in Q2FY25 against 61.70% in Q2FY24 and 57.23% in Q1FY25.
13. Gross Advances increased to Rs. 197927 crores up by 2.41% QoQ against Rs. 193253 crores in Q1FY25 and up by 18.00% YoY against Rs. 167734 crores in Q2FY24.
14. The total Government guaranteed advances decreased to Rs. 8933 crores in Q2FY25 against Rs. 9360 crores in Q1FY25 and Rs. 9091 crores in Q2FY24.
15. Total deposits increased by 2.84% QoQ at Rs. 275777 crores in Q2FY25 against Rs. 268155 crores in Q1FY25 and up by 10.57% YoY at Rs. 249411 crores in Q2FY24 and up by at
16. CASA ratio stood muted at 38.24% in Q2FY25 against 38.28% in Q2FY24 and 38.62% in Q1FY25.
17. Credit/Deposit (C/D) ratio rose to 71.77% in Q2FY25 against 67.25% in Q2FY24 & 72.07% in Q1FY25.
18. Return on assets (ROA) improved to 0.75% in Q2FY25 up from 0.70% in Q1FY25 and 0.54% in Q2FY24.
19. Fresh slippages increased to Rs. 864 crores in Q2FY25 against Rs. 479 crores in Q1FY25 and Rs. 578 crores in Q2FY24.
20. Gross NPA ratio improved to 3.18% in Q2FY25 against 3.32% in Q1FY25. Net NPAs ratio also improved to 0.73% in Q2FY25 against 0.78% in Q1FY25.
21. Credit cost increased to 1.26% in Q2FY25 from 0.85% in Q1FY25 and 0.83% in Q2FY24.
22. Provision Coverage ratio stood at 95.92% in Q2FY25 against 95.76% in Q1FY25 and 95.07% in Q2FY24.
23. The Bank's Capital Adequacy ratio stood at 16.84% in Q2FY25 against 17.09% in Q1FY25 and 16.83% in Q2FY24.
24. Replying to an analyst’s query on credit growth, the MD & CEO of the bank Shri Ashwani Kumar expressed confidence to achieve 14% credit target for FY25. There are majorly two growth drivers for RAM segment, their home loan book grew by 20% and car loan grew at 38%, he added . Also, they are getting good corporate proposals with good margins said Mr Ashwani Kumar .
25. The bank has focused on improving CASA and retail deposits and has taken various initiatives to improve CASA growth by introducing tab banking to open customers account, revamping salary saving account with special features of insurance products, introduced special deposit of 333 days with 7.30% interest rate, introduced new AI based chatbot for customers query solution and introduced IVR in UCO Sampark 2.0 which will provide 31 different self-services options to the customers.
26. The management is positive on a CD ratio target and replied to an analyst, that they have surplus liquidity and good excess SLR, which will be redeployed into the credit to improve NIM and yield on advances, if such opportunity arises .
27. The bank aims to achieve Rs. 1700 crores in recovery & upgradation in FY25.
Ajcon Global’s view
1. The bank is on right path to grow its business with good resultant increased profitability.
2. The digitisation is helping the bank in increasing its retail business rapidly and attracting good number of customers .
Ajcon Global Research
Ajcon Global Services Limited
For detailed Disclosure and Disclaimer, please click the below link:
http://ajcononline.com/disclosure-and-disclaimer-2/
GOLDMAN SACHS DOWNGRADES INDIA
*Goldman Sachs on India - Downgrade to Neutral from Overweight*
Structural appeal remains, but economic growth and corporate profits are decelerating.
•High starting valuations and a less favorable backdrop could limit near-term upside.
•A significant ‘price correction’ seems unlikely, given strong support from domestic flows.
•Markets may experience a ‘time correction’ over the next 3 to 6 months.
•Strategically reduce Indian equities from Overweight to Neutral in Asia/EM allocations.
•Revised 12-month NIFTY target to 27,000 (from 27,500), suggesting a 9% upside.
•3-month/6-month NIFTY targets are 24,500 (-1%) and 25,500 (+3%), respectively.
•Overweight on Autos, Telecoms, Insurance, Realty (upgraded), and Internet (upgraded).
•Downgrade cyclical sectors like Industrials, Cement/Chemicals, and Financials.
•Prioritize quality, earnings visibility, and targeted alpha strategies.
INSTL. INVESTORS EQUITY DERIVAT. TRADES AS ON 22-10-2024 :
FIIS F & O : RS. CRS. :
TOTAL NET BUY : +13712
INDEX FUT. : -218
INDEX OPT. : +12761
STOCK FUT. : +860
STOCK OPT. : -309
SEC. IN BAN FOR, 23-10-2024 :
1. AARTIIND 2. BANDHANBNK 3. BSOFT 4. CHAMBLFERT 5. GNFC 6. IEX 7. INDIAMART 8. LTF 9. MANAPPURAM 10. PEL 11. PNB 12. RBLBANK
ADDITION : NIL
DELETION : GRANULES, HINDCOPPER, IDFCFIRSTB, SAIL
INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 22-OCT-2024 :
FIIS : SELL -3,979 (16,866-10,997)
DIIS : BUY +5,869 (15,579-19,558)
BSE SENSEX : -930 (80,221)
NSE NIFTY : -309 (24,472)
BSE MIDCAP. : -1190 (45,974)
BSE SMLCAP. : -2118 (53,531)
B. CRUDE : $ 75.60
GOLD:$ 2,735=INR 79,000 (10gr)
SILVER : RS. 99,000 (kg)
FOREX : RS. $ 84.07
6.79% NEW '34: 6.7831%(100.0450)
7.10% GOI '34: 6.8220% (101.91)
7.23% GOI '39: 6.8621% (103.34)
Navigating the Opening Bell with Sbi Securities: 6 Key Technical and Derivative Insights
1. Global Market :
On Tuesday, after facing pressure in the first half of the session, all three major U.S. indices rebounded in the second half, finishing the day with minimal changes. The Nasdaq edged up by 0.11%, while the Dow dipped by 0.02%, and the S&P slipped by 0.05%.
Going ahead, for S&P 500 the zone of 5790-5770 will act as immediate support. While, on the upside, the zone of 5870-5890 will act as a crucial hurdle.
#BrentOil has witnessed a pullback for the second consecutive trading session. Along with this pullback, it has surged above its 20-day EMA level. Going ahead, the 50-day EMA zone of $75.80-76 will act as an immediate hurdle for Brent Oil. Any sustainable move above the level of 76 will lead to an extension of the pullback rally upto the level of $78 in the short-term.
The U.S. Dollar Index (#DXY) has continued its northward journey and ended above 104 level for the first time after 57 trading sessions. Going ahead, it is likely to continue its northward journey and test the level of 104.50 in the short-term.
2. Nifty View:
On Tuesday, the Nifty index came under selling pressure, closing below its 100-day EMA for the first time since election result day. It also finished the session below the key psychological level of 25,000, posting a 1.25% loss.
On the daily chart, a sizeable bearish candle has emerged, while the daily RSI has slipped below the 40 mark and continues to decline, signalling further bearish momentum.
Going ahead, the index is likely to continue its southward journey and test the level of 24340, followed by the 24190 level in the short-term.
While, on the upside, the zone of 24600-24620 will act as an immediate hurdle for the index.
On the #derivative front, October #futures dipped by 1.01 percent, and the cumulative #OpenInterest of current, next, and far series has surged by 2.26 percent. This indicates an overall short build-up.
Among the constituents of the #Nifty index, only 2 stocks have witnessed a long build-up, and 2 stocks have witnessed a short covering rally. While 28 stocks have witnessed a short build-up and 18 stocks have witnessed a long unwinding.
The 24500 strike has significant call open interest, followed by the 24600 strike. On the put side, 24400 has a substantial open interest, followed by a 24300 strike.
For the weekly series, OI PCR is at 0.50. While, for the October monthly series, OI PCR is at 0.90.
3. Bank Nifty View :
The Bank Nifty also witnessed a selling pressure on Tuesday. It has ended at the 51257 level with a loss of 1.36 percent. On a daily scale, it has formed a sizeable bearish candle.
Going ahead, the zone of 51050-51000 will act as immediate support for the index. Any sustainable move below the level of 51000 will lead to further selling pressure in the index upto the level of 50400.
While, on the upside, the zone of 51600-51700 will act as an immediate hurdle for the index.
On the #derivative front, October #futures ended lower by 1.16 percent, and the cumulative #OpenInterest of current, next, and far series has surged by 4.51 percent, which indicates an overall short build-up.
The 51500 strike has significant call open interest, followed by the 51700 strike. On the put side, 51000 has a substantial open interest, followed by a 50500 strike.
For the weekly series, OI PCR is at 0.55 and max pain is at 51500 strike. While, for the October monthly series, OI PCR is at 0.76.
4. Key Market Indicators :
On Tuesday, the volatility index #INDIAVIX jumped by 4.21%, breaking above both its short and long-term moving averages. Going ahead, the zone of 14.40-14.60 will act as an immediate hurdle for the index. Any sustainable move above the level of 14.60 will lead to a sharp upside rally upto the level of 15.70 in the short-term.
The #Advance/Decline ratio was largely tilted in favour of decliners.
5. Key Sectors:
On Tuesday, Nifty CPSE, Nifty PSE, Nifty PSU Bank, Nifty Realty, Nifty Energy and Nifty Media gave a fresh consolidation breakdown. Hence, these sectors are likely to underperform in the short-term.
The Nifty Midcap 100 has closed below its 100-day EMA for the first time since April 2023, accompanied by a fresh breakdown of a horizontal trendline. Similarly, the Nifty Small Cap 100 has also experienced a horizontal trendline breakdown, signalling strong bearish momentum across the broader market. Hence, we recommend to avoid building a fresh position for the next couple of trading sessions.
Apart from this, Nifty Auto, Nifty FMCG, Nifty Metal and Nifty Oil & Gas are likely to continue their underperformance in the next couple of trading sessions.
6. FII/DII Data:
#FIIs sold to the tune of 3978.61 cr. while #DIIs bought to the tune of 5869.06 cr.
FIIs' #Long-short ratio for index futures is at 32.33 as on a net basis, they sold 3102 index futures.
On the stock #futures front, FIIs have bought to the tune of 10890 contracts, while on the #Options Front, FIIs sold 52277 call contracts and bought 23079 Put Option contracts.

First

Last