TC Markets : Weekly Report Oct 8 – Oct 15

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Benchmark indices Nifty 50 and Sensex have rallied pretty well during this truncated week. Nifty 50 rallied from 17,895.20 to 18,338.50 i.e., over 442 points or nearly 2.47% gain. In a similar manner, Sensex jumped from 60,059.06 to 61,305.95 i.e., nearly 1247 points or 2.07% gain. In contrast to the global markets, our markets were predominantly buoyant.

The stock which was in headlines was Tata Motors. The news that it will get a fresh investment of Rs.7,500 Crore from TPG Rise Climate & ADQ into its newly formed EV passenger car segment made the stock to soar more than 32% during this week. This news made the other Tata Group stocks like Tata Power, Tata Chemicals etc. to rally along with some auto ancillary stocks like Sona Comstar.

Along with Tata Motors, Adani Ports (10.41%), Wipro (10.16%), ITC (10.13%) and Grasim (10.08%) were top gainers on Nifty 50 Index. Wipro gained because of its good results. On the other hand, TCS was the top loser with 7.23% loss during this week. Its below estimates results led to this correction. Other losers were HDFC Life (-4.35%), HCL Technologies (-4.22%), Coal India (-3.62%), and SBI Life Insurance (-2.43%).

HCL Technologies has posted good numbers. Its Q2 consolidated Profit after tax rose by 1.6% QoQ and 3.9% YoY respectively. Its consolidated revenue rose by 2.9% QoQ and 11% YoY. Mid-cap IT name Cyient reported a good quarter. Its revenue was up by 4.6% QoQ. Its various business segments have reported encouraging numbers. Most of them are better than expectations.

Mindtree, Infosys and Wipro performed well due to their decent Q2 performance which were better than estimates. The results reflected in their market performance. Mindtree was up by 7.67% on Thursday.

Reliance industries has been continuing its stake acquisition spree. Including stake acquisition in Sterling Wilson Solar, it has also acquired stakes in some international players. All these stake purchases are related to its non-renewable energy business segment.

HDFC Bank reported good numbers. Its net profit rose by 17.6% to Rs.8,834 Cr, and Net Interest Income up by 12%. Its Gross NPAs were at 1.35% of gross advances as against 1.47% QoQ and 1.37% YoY respectively. Net NPAs were 0.40% of net advances.

Retail Giant DMart also reported good numbers. Its standalone net profit was up by 113% to Rs.449 Cr. Its revenue was up by 46% to Rs.7,085.58 Cr YoY.

Raghuveer Jandhyala

Editor, Tax Concept. I have written on market, finance, management, and technology.

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