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Rupee gains by 18 paise to 75.08 vs dollar
The rupee gained by 18 paise to close at 75.08 against the US dollar amid rising oil prices and demand for the greenback from PSUs.
The rupee can come under pressure goinf forward with Brent crude oil at a striking distance of 2018 highs near $87 per barrel, said Anindya Banerjee, DVP- Currency and Interest Rate Derivatives at Kotak Securities. "If Brent continues to inch higher, with FPIs taking money out of India, the rupee can come under selling pressure. Over this week, focus will be on IPO-related inflow as well. Therefore, we expect a two-way market within an expected range of 74.80-75.40 in the spot market," he said.
Some consolidation expected in banks: Hemang Jani
Hemang Jani of Motilal Oswal Financial Services said that after a big outperformance in banks, maybe it is time to see some sort of consolidation. "We may see some cooling off in banking names, which have done so very well in the last, let us say, a couple of weeks, from a short-term perspective. Despite the momentum, we think that it makes sense to kind of be a little watchful about what sort of numbers and upgrades are we going to see from the banks like Axis Bank and State Bank of India, because expectations have really gone up post-ICICI Bank numbers," he said.
Jani is positive on the banking because of valuations being comfortable and the quarterly numbers. "But it makes sense to be a little more cautious and guarded rather than going with the flow," he warned.
Positive on corporate-linked banks: ICICI Securities' Amit Gupta
Amit Gupta, VP and Fund Manager-PMS at ICICI Securities, continues to be positive on corporate-linked stocks. "We believe that after the IL&FS crisis, and after the NPAs increasing to almost 12 percent out of the total base of Rs 100 lakh crore, I think a bottom has been made for this particular segment," he said.
"In the last 10 years if you see, they were continuously losing their weight actually in the index, whether it was SBI, Axis Bank or others, and now, we believe that the NPA cycle is possibly behind this and whatever loan is given to the corporate book, 85 percent is already provisioned... If you look at the slippages, the collection efficiency has bounced back because we saw in the COVID time in April-May, again the siippages had increased, but finally, we got the numbers that the collection efficiency has increased back to you know 95 or 98 percent. SBI said Rs 4,800 crore out of total Rs 6,343 crore of slippages were recovered in July and August... It is heartening to see that these stocks which already bottomed out are now are getting the triggers," he said.
"Banking is slowly starting now as the capex execution also has already started... I think these are the triggers which are coming in now for the financial services," he added.
Sell Colgate-Palmolive, more downside likely: Nischal Maheshwari
Nischal Maheshwari of Centrum Broking remains negative on Colgate-Palmolive. "We continue to have a 'sell' on the stock. We continue to believe that there is more way to go down for Colgate-Palmolive," he said.
Maheshwari has been negative on Colgate for some time. "They are under pressure from other companies, especially Dabur, which has been gaining market share. Being a single product company, they have not been able to make much headway," he said.
Closing Bell | Sensex rises 145 points to 60,967, Nifty at 18,125
The Sensex index rose 145.4 points or 0.2 percent to end at 60,967.1 and the broader Nifty50 benchmark climbed up 10.5 points or 0.1 percent to settle at 18,125.4.
Gains in banking and financial services stocks were offset by losses in automobile, IT and consumer counters in a choppy session. (Read more on the closing bell)
Bank asset quality starting to improve, growth beginning to return: Nischal Maheshwari
Nischal Maheshwari of Centrum Broking said several banks are beginning to report improvement in asset quality, and growth starting to return. "Banking seems to be turning the quarter at the moment," he said.
Wait for levels below Rs 800 to enter ICICI Bank shares: Centrum Broking's Nischal Maheshwari
Nischal Maheshwari of Centrum Broking believes ICICI Bank shares have run up quite a bit. "I would wait for a correction to happen and something like below Rs 800 is what we believe is a good price to enter," he said.
Dwarikesh Sugar Q2 | Net profit more than doubles to Rs 39.6 crore, revenue up 21%
Dwarikesh Sugar posted a net profit of Rs 39.6 crore for the quarter ended September 30, as against Rs 17.7 crore for the corresponding period a year ago. Its revenue rose 21.1 percent to Rs 505.5 crore.
The company's EBITDA rose 64.2 percent on a year-on-year basis to Rs 74.7 crore, and the EBITDA margin improved to 14.8 percent, from 10.9 percent in the year-ago period.
The stock recovered intraday losses to trade sharply higher in late afternoond deals. At 3:25 pm, the stock was up 3.8 percent at Rs 74.5 apiece on BSE.
Aditya Birla Sun Life AMC Q2 | Net profit up 38 percent at Rs 173 crore, revenue up 30%
Aditya Birla Sun Life AMC -- whose shares began their secondary market journey recently -- Net posted a net profit of Rs 173.1 crore for the quarter ended September 30, up 38 percent on a year-on-year basis.
Revenue rose 30 percent to Rs 332 crore.
Aditya Birla Sun Life AMC shares traded one percent lower at Rs 652 apiece on BSE, having declined as much as 3.4 percent to Rs 636.1 apiece earlier in the day.
CSB Bank Q2 Results | Net profit up 72% at Rs 118.6 crore
CSB Bank reported a net profit of Rs 118.6 crore for the quarter ended September 30, up 72.1 percent compared with the corresponding period a year ago. Its net interest income rose 21.4 percent to Rs 278.4 crore.
Gross non-performing assets came in at 4.1 percent in the July-September period, as against 4.9 percent in the previous quarter. Net non-performing assets were at 2.6 percent in Q2, as against 3.2 percent in Q1.
CSB Bank shares jumped after the earnings announcement. The stock was up 1.6 percent at Rs 310.6 apiece on BSE in late afternoon deals.
Yes Bank expects less than Rs 1,000 crore in slippages in Q3, eyes inorganic growth opportunity
In an interview to CNBC-TV18, Yes Bank CEO and Managing Director Prashant Kumar said he is seeing a huge improvement in asset quality both on the corporate and retail fronts. The second wave of the pandemic impacted the retail and MSME segments, he said.
On Friday, Yes Bank reported a profit after tax of Rs 225 crore for the quarter ended September 30, up 74.3 percent on a year-on-year basis, mainly on the back of lower provisioning requirements. Its net interest income (NII) -- the difference between interest earned and interest expended -- declined 23.4 percent to Rs 1,512 crore. The net interest margins -- a key metric -- dipped came down to 2.2 percent from 3.1 percent in the year-ago period. (Read more on Yes Bank numbers)
Colgate-Palmolive Q2 Results | Net profit down 2% at Rs 269 crore, misses Street estimates
Colgate-Palmolive reported a net 1.8 percent year-on-year decline in net profit to Rs 269.2 crore for the quarter ended September 30. Its revenue rose 5.2 percent to Rs 1,352.4 crore for the three-month period. Analysts in a CNBC-TV18 poll had predicted the company to post a net profit of Rs 285 crore over revenue of Rs 1,368 crore for the July-September period.
Colgate Palmolive's board declared a first interim dividend of Rs 19 per equity share for the financial year 2021-22.
Colgate-Palmolive shares traded 1.3 percent lower at Rs 1,544.8 apiece on BSE, having declined as much as 2.5 percent earlier in the day.
New phone designed with India at its heart, already started receiving global attention: Reliance Jio
Reliance Industries' digital arm, Reliance Jio Infocomm, reaffirmed its visiion to provide digital connectivity to every Indian.
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