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Bajaj Finserv churns out 14% rise in Q2 profit, revenue up 20%

by 5paisa Research Team 28/10/2021

Bajaj Finserv Ltd, the holding arm of Sanjiv Bajaj-led various financial services businesses including insurance and non-banking finance, reported a double-digit rise in earnings as well as revenue for the second quarter ended September 30.

Consolidated net profit rose 13.7% to Rs 1,122 crore from Rs 986 crore in the year-ago period. On a sequential basis, net profit rose 34%.

Consolidated profit excluding mark to market gain was Rs 1,017 crore, up 26% over the same period last year.

The profit growth was largely powered by contribution from the lending unit Bajaj Finance, which saw profit rise over 50% year-on-year. Profit contribution from the insurance businesses was a tad lower compared to last years.

Earlier this month, Bajaj Finance had said its quarterly consolidated net profit jumped 53% to Rs 1,481 crore. The consolidated figure includes results of two subsidiaries—Bajaj Housing Finance Ltd and Bajaj Financial Securities Ltd.

Bajaj Finserv’s total revenue rose 20% to Rs 18,008.4 crore from Rs 15,051.6 crore in the second quarter of last financial year.

The company’s share price has more than tripled in the last one year. The shares declined 0.2% to close at Rs 17,977 apiece after results were announced on Thursday. The broader Mumbai market slumped 1.9%.

Bajaj Finserv Q2: Other Highlights

1) Bajaj Finance’s Q2 FY22 AUM was at Rs 1,669,36.6 crore, up 22% YoY.

2) Bajaj Finance sanctioned 6.33 million new loans in Q2 as against 3.62 million a year earlier.

3) Bajaj Finance’s Gross NPA and Net NPA for the quarter stood at 2.45% and 1.1%, respectively, as against 2.96% and 1.46% as of June 2021.

4) Bajaj Allianz General Insurance’s gross direct premium income grew 21% in Q2 vs private-sector peers that grew by 13.7%

5) Bajaj Allianz General Insurance’ growth was driven by four wheelers, fire, marine, government, health and travel segments.

6) Bajaj Allianz General Insurance’ AUM rose 17% to Rs 24,070 crore; net profit rose 28% to Rs 425 crore.

7) Bajaj Allianz Life Insurance AUM grew by 27% YoY to Rs 81,400 crore.

8)  Bajaj Allianz Life Insurance’s growth in unit-linked AUM stands at 36% to Rs 33,300 crore.

9) Bajaj Allianz Life Insurance’s net profit growth was impacted by Covid-19-related claims, which rose over four times to Rs 58 crore after tax during the quarter.

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IndiGo reports wider Q2 loss but flies past estimates; revenue doubles

by 5paisa Research Team 28/10/2021

Budget airline IndiGo has reported higher losses for the second quarter as fuel cost rocketed, but posted earnings and revenue numbers ahead of street estimates.

InterGlobe Aviation, the company that runs IndiGo, posted a consolidated net loss of Rs 1,435.7 crore for the three months ended September 30, up 20% over last year. However, loss more than halved from the first quarter when it had shot up to Rs 3,174.2 crore.

Revenue rose 104.6% to Rs 5,608.5 crore from a year earlier and up 86.5% from the first quarter.

Analysts were expecting the net loss to be in the region of Rs 1,700-1,800 crore during the quarter, largely due to the sharp rise in fuel costs. Revenues were estimated to rise to Rs 5,000-5,200 crore.

IndiGo’s share price declined 0.64% to close at Rs 1,996.8 apiece in a weak Mumbai market on Thursday.

IndiGo Q2: Other highlights

1) Passenger ticket revenues jumped 114% to Rs 4,716.3 crore; ancillary revenue rose 61.45 to Rs 817.7 crore.

2) Fuel cost tripled to Rs 1,989.4 crore from Rs 646.4 crore in Q2 last year. On a sequential basis, fuel cost rose 63.6%.

3) IndiGo recorded EBITDAR of Rs 340.8 crore versus Rs 408.5 crore a year earlier.

4) EBITDAR margin narrowed to 6.1% from 14.9% for the same period last year.

5) Revenue per available seat rose 11.3% to Rs 36 lakh year on year and 32.1% over Q1.

6) Available seat capacity in Q3 is expected to increase around 40% as compared to Q2 and around 45% YoY.

Management Speak

IndiGo CEO Ronojoy Dutta said the pace of revenue recovery is encouraging. “We continue to work towards return to profitability in order to strengthen our balance sheet,” he said.

“With a modern fleet, dedicated employees and a stronger economic environment we are well positioned to leverage all the growth opportunities around us,” Dutta added.

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Chart Busters: Top trading set-ups to watch out for Friday

Chart Busters: Top trading set-ups to watch out for Friday
by 5paisa Research Team 29/10/2021

The Nifty witnessed a bloodbath on Thursday as Nifty logged a loss of nearly 2% and ended the session below its important psychological mark of 18,000. The price action for the day formed a sizeable bear candle carrying lower high-lower low and closed below the low of October 25th. With Thursday’s sharp fall, Nifty has slipped below the 13-day EMA, 21-day EMA and closed below the 61.8% retracement of the recent up-move from the low of October 01 to an all-time high. The banking benchmark index has tumbled by over 3%. The overall advance-decline was largely tilted in the favour of the decliners. The India VIX has surged by over 6.45%.

Here are the top trading set-ups to watch out for Friday.

Asahi India Glass: The stock has formed a Doji candlestick pattern as on the weekend of March 27, 2020, and thereafter marked the sequence of higher tops and higher bottoms. On Thursday, the stock has given a breakout of a downward sloping trendline resistance on the daily chart. Further, on breakout day the volume was expanded by nearly 18 times of 50-days average volume, which indicates important buying interest. The 50-days average volume was 2.18 lakh while today the stock has registered a total volume of 39.29 lakh. In addition, the stock has formed a sizable bullish candle on breakout day, which adds strength to the breakout.

As the stock is near to its 52-week high, it is trading above all the short and long-term moving averages. The stock is meeting the criteria of Mark Minervini’s trend template. The current stock price is above both 150-day (30-weeks) and 200-day (40-weeks) moving average price lines. Moreover, 30 and 40-weekly averages are trending up and at the same time, they are in the desired sequence. Also, the 10-weekly moving average is above both 30 and 40-weekly moving averages.

All the major indicators suggest a bullish momentum in the stock. The weekly RSI is in bullish territory and it is in rising mode. Technically, all the factors are currently aligned in support of the bulls. Hence, we would advise the traders to be with a bullish bias. On the upside, the targets are open towards Rs 448, followed by Rs 480 level. While on the downside, the zone of Rs 398-Rs 387 will act as strong support for the stock.

ABB India: On Thursday, the stock has given a 41-days consolidation breakout on the daily chart. This breakout was supported by robust volume. Currently, the stock is trading above its short and long-term moving averages. These averages are in the desired sequence, which suggests the trend is strong. Interestingly, the daily RSI has broken out of inverse head and shoulders, which is a very bullish sign. The weekly RSI is in the super bullish zone and it is in rising mode. The daily MACD stays bullish as it is trading above its zero line and signal line. The histogram is suggesting a pickup in upside momentum. Moreover, the surge in +DI is suggesting that the trend will strengthen further.

Considering all the above factors, we believe the will continue its northward journey. On the upside, the level of Rs 2066 will act as minor resistance for the stock. While on the downside, the 20-day EMA will act as strong support for the stock.

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F&O Cues: Key support & resistance levels for Nifty 50

F&O Cues: Key support & resistance levels for Nifty 50
by 5paisa Research Team 29/10/2021

Activity on the F&O market for the weekly expiry on November 3, 2021, shows 18,000 will act as strong resistance now.

The Indian equity market remained one of the worst-performing markets globally yesterday. This was led by weak global cues along with monthly F&O expiry. Frontline equity index Nifty 50 saw a fall of 2%, the highest fall since April 2021. In terms of sectoral indices Bank Nifty fell by almost 3%. FIIs continued their selling spree and have sold equity worth Rs 10,000 crore in the last five trading sessions.

Activity on the F&O market for the weekly expiry on November 3, 2021, shows 18,000 will act as strong resistance now. The highest put writing was seen at strike price of 17000 (20,552 contracts added on October 28), followed by 17,500 (17039 contracts added on October 27), while there was put unwinding at strike price 18200 (3324 contracts shed), followed by 18,250 (1026 contracts shed). Highest total put open interest (31010) stood at a strike price of 18,000. Although Nifty is trading below this level, it is likely that in the next few trading sessions market is likely to move towards the 18,000 level. This is followed by a strike price of 17,000, which saw a total put option of 27,767 contracts, while a strike price of 17,500 has 27,363 contracts in open interest.

In terms of overall open interest on the call option side, maximum open interest stood at strike price of 20000. Total call open interest of 67256 contracts stood at a strike price of 20,000. This was followed by a strike price of 18000 where 50374 contracts were added in open interest.

Following table shows the difference in open interest between call and put options at the different strike prices.

Strike Price  

Open Interest (Call option)  

Open Interest (Put option)  

Diff(Put – Call)  

17,600.00  

948  

20716  

19768  

17,700.00  

1893  

19973  

18080  

17,800.00  

10114  

25560  

15446  

17900  

17593  

22943  

5350  

18,000.00  

60299  

31010  

-29289  

18,100.00  

49523  

15457  

-34066  

18,200.00  

51460  

15403  

-36057  

The Nifty 50 put call ratio (PCR) closed at 0.52. A PCR above 1 is considered bullish, while a PCR below 1 is considered bearish.

Following table shows the participant wise action of key players on the index options front.

   

Index Put Options  

Client Type  

Change of OI*  

% Change of OI*  

Oct 28 2021  

Oct 27 2021  

Oct 26 2021  

Client  

32593  

-9.42%  

-313500  

-346093  

-261825  

Pro  

68335  

1199.91%  

74030  

5695  

-52725  

DII  

-28056  

-43.30%  

36734  

64790  

64190  

FII  

-72871  

-26.44%  

202736  

275607  

250360  

*Change from Previous Day  

   

   

   

   

   

 

   

Index Call Options  

Client Type  

Change of OI*  

% Change of OI*  

Oct 28 2021  

Oct 27 2021  

Oct 26 2021  

Client  

-76711  

-41.09%  

109984  

186695  

9682  

Pro  

133762  

-48.81%  

-140290  

-274052  

-109292  

DII  

0  

0.00%  

401  

401  

401  

FII  

-57051  

-65.61%  

29905  

86956  

99210  

*Change from Previous Day  

   

   

   

   

   

 

   

Net Change in Open Interest  

Client Type  

Change of OI*  

% Change of OI*  

Oct 28 2021  

Oct 27 2021  

Oct 26 2021  

Client  

-109304  

-20.52%  

423484  

532788  

271507  

Pro  

65427  

-23.39%  

-214320  

-279747  

-56567  

DII  

28056  

-43.57%  

-36333  

-64389  

-63789  

FII  

15820  

-8.39%  

-172831  

-188651  

-151150  

*Change from Previous Day  

   

   

   

   

   

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Tata Power Q2 profit up 36% on lower finance costs, growing green energy biz

by 5paisa Research Team 29/10/2021

Tata Power Ltd has reported a 36% increase in year-on-year net profit for the second quarter ended September, helped in lower finance costs and an uptick in its renewable energy business.

Consolidated profit after tax rose to Rs 506 crore for the July-September period from Rs 371 crore a year earlier, the private-sector electricity producer said. Consolidated revenue went up by 13% to Rs 9,502 crore from 8,428 crore.

The Tata Group company said its consolidated earnings before interest, tax, depreciation and amortisation fell to Rs 1,732 crore from Rs 2,276 crore in the corresponding quarter last year.

EBITDA fell mainly due to higher losses at its Mundra power project on account of higher coal prices, but this was offset at the net profit level by earnings at coal mines.

The bottom line was boosted also by an 11% drop in finance costs to Rs 946 crore from Rs 1,065 crore.

Tata Power also said that while the cost of fuel, mainly coal, was up 17.2%, on a year-on-year basis, the cost of power purchased was up 61%, more than offsetting the former. 

Tata Power’s numbers come as the country is facing an acute shortage of coal, and rising price of spot power. Both the government and industry say that the shortage is likely to persist at least for the next six months.

Shares of Tata Power closed 2.7% lower at Rs 218.05 apiece on the BSE on Thursday. The shares have lost almost a fifth of their value since touching a one-year high on October 19. However, the shares are still up fourfold over the past year.

Tata Power Q2: Other highlights

1) Revenue from the transmission and distribution segment jumped 48% year-on-year to Rs 6,787.4 crore.

2) Revenue from the power generation segment fell 36% YoY to Rs 2,216.9 crore.

3) Revenue from the renewable energy segment rose 35% to Rs 1,494.9 crore from Rs 1,105.6 crore a year ago.

Tata Power management commentary

The company said that its strong performance was thanks partly to its transmission and distribution segment, which benefitted from the surge in domestic power demand.

Its power generation business suffered due to reduced run time as thermal power stations across the country faced a coal shortage during the quarter.

Tata Power chief executive officer and managing director Praveer Sinha said the company aims to scale up its renewable energy business towards its 2030 target. “Clean energy currently makes up 32% of Tata Power's portfolio. This is expected to touch 80% by 2030,” Sinha said. 

Sinha said all business divisions and subsidiaries reported strong results and that consolidated financial performance was “exceptionally strong” on the back of robust underlying business performance. 

“Our focus continues to remain towards the expansion of our renewable and distribution businesses and go green strategy in our existing generation business,” he added.

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Schaeffler India rallies 4% on strong Q2FY22 results and significant corporate actions

Schaeffler India rallies 4% on strong Q2FY22 results and significant corporate actions
by 5paisa Research Team 29/10/2021

Leading industrial and automotive supplier, Schaeffler India announced that its board has approved results for the quarter ending on September 30, 2021. The board also approved a stock split and target dividend payout ratio.

Total revenue from operations for Q2FY22 was Rs 1,487.6 crore, higher by 32.7% than the corresponding quarter of the previous year and 20.7% higher than the preceding quarter. Profit before tax (before exceptional items) for the quarter was Rs 229.6 crore, which happened to be 50.3% higher than the corresponding quarter of 2020 and 34.6% higher than the preceding quarter. PBT margin for the quarter stood at 15.4%, against 13.6% during the corresponding quarter of 2020. Net Profit for the quarter was Rs 170.8 crore while the margin for the quarter stood at 11.5%.

To quote, Harsha Kadam, Managing Director of Schaeffler India from a filing with the exchange, “This is our fourth consecutive quarter showing a strong performance. The performance demonstrated during the first half of the year further improved in the third quarter, despite significant input cost pressures. Our business divisions – automotive technologies, automotive aftermarket and industrial have delivered resounding performance and further consolidated our position of being the preferred technology partner. However, we do see some headwinds due to the global chip shortage and the resultant supply chain disruptions, which we are monitoring closely. Our continued focus on countermeasures and deeper customer engagements have yielded impressive results.”

The Board of Directors approved a subdivision of each equity share of the face value of Rs 10 per share into five equity shares of the face value of Rs 2 per share, subject to the approval of the shareholders. The 5 for 1 stock split will see existing shareholders issued with five new shares, in lieu of every one share they currently own. The rationale behind the stock split is to encourage wider participation of investors and to improve the liquidity of the equity shares in the stock market.

The Board of Directors also approved the target dividend payout ratio of 30%-50% of the annual standalone profits after tax (PAT) to be announced by the company from time to time, subject to the applicable rules and regulations. The company has adopted a progressive dividend policy, intending to sustain or raise the dividend each year, in conjunction with the financial performance and free cash flow generation each year. The company shall endeavour to consider a total dividend payout ratio as indicated above subject to the circumstances and scenarios mentioned in the dividend distribution policy.

Schaeffler India’s share price rallied 4% during early market hours on Friday, 29 October 2021.

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