Market Overview: Stocks to Watch Today
Today’s trading session is expected to witness heightened activity across several key stocks. Here we provide insights into notable companies, highlighting their latest performances and market developments that could influence investor sentiment.
Bajaj Finance
Bajaj Finance continues to impress with its robust growth trajectory. The company reported an expansion of its customer base to 92.09 million in Q2 FY25, a significant increase from 76.56 million in the same period last year. The Assets Under Management (AUM) surged by 29%, reaching an impressive ₹3,73,900 crore. During this quarter, new loans reached 9.69 million, up by 14%. Furthermore, the deposits book increased by 21% to ₹66,100 crore, with a net liquidity surplus of ₹20,100 crore as of September 2024.
HDFC Bank
HDFC Bank has seen recent shifts in its ownership as BNP Paribas Financial Markets divested 43.75 lakh equity shares at an average price of ₹1,726.2 per share, resulting in a total value of ₹755.3 crore. Notably, Morgan Stanley Asia (Singapore) Pte and Citigroup Global Markets Mauritius stepped in as key buyers, with the former acquiring 17.5 lakh shares and the latter 26.25 lakh shares at the same valuation.
Reliance Power
The board of Reliance Power has made significant financial decisions, approving the raising of up to ₹4,200 crore (approximately $500 million) through unsecured, 10-year Foreign Currency Convertible Bonds (FCCBs) with a competitive annual interest rate of 5%. These bonds are intended for issuance to affiliates of Värde Investment Partners, LP. Additionally, the board has approved an Employee Stock Option Scheme (ESOS) for eligible employees, signaling a commitment to employee engagement and retention.
Bank of Baroda
Bank of Baroda reported substantial growth for the quarter ending September 2024, achieving a global business of ₹25.06 lakh crore, marking a 10.23% year-on-year increase. The bank’s global deposits rose by 9.11% YoY to ₹13.63 lakh crore, while advances saw a notable increase of 11.60%, totaling ₹11.43 lakh crore. Domestically, deposits grew by 7.14% to ₹11.50 lakh crore and advances increased by 12.51% to ₹9.39 lakh crore.
M&M Financial Services
In Q2 FY25, M&M Financial Services reported total disbursements of ₹13,160 crore, reflecting a slight decline of 1% year-on-year. The company maintained a commendable collection efficiency rate of 96%. Notably, Stage-3 assets decreased to 3.8% from 4.3% a year ago, while Stage-2 assets rose to 6.4% from 5.7%, indicating improved asset quality. M&M Financial maintained a robust liquidity position with over ₹8,500 crore at its disposal.
BSE
The Bombay Stock Exchange (BSE) announced that it will phase out weekly index derivatives contracts on Sensex 50 and Bankex, effective November 14 and November 18, respectively. While existing contracts will remain valid until their expiry, no new contracts will be issued beyond these deadlines, reflecting a strategic shift in the exchange’s trading model.
Market Changes: Key Developments Overnight
JTL Industries
JTL Industries, a prominent player in steel pipe manufacturing, has approved a subdivision of its 19.65 crore equity shares with a face value of ₹2 each into 39.30 crore shares with a face value of ₹1 each. The record date for this share split will be announced later, which could enhance liquidity in the stock market.
Refex Industries
Refex Industries plans to raise up to ₹927.81 crore through the issuance of equity shares and convertible warrants in a preferential issue. The funds raised will be strategically allocated to various initiatives, including investments in subsidiary companies, capital expenditures, working capital requirements, loan repayments, and other general corporate purposes.
Premier Polyfilm
Premier Polyfilm, a manufacturer of artificial leather, is scheduled to hold a meeting on October 14, 2024, to determine the record date for the subdivision of its equity shares. This meeting will also include a review of its standalone unaudited financial results for the quarter and half-year ending September 30, 2024.
Biocon
Biocon has successfully refinanced $1.1 billion in long-term debt through the issuance of US dollar bonds along with a new syndicated facility. This refinancing includes $800 million in senior secured notes due 2029, featuring a 6.67% coupon rate. CFO Kedar Upadhye emphasized that this refinancing not only strengthens the company’s liquidity but also defers a $250 million repayment to five years, providing greater financial flexibility going forward.
