- Future group, Amazon: Amazon.com Inc has complained to SEBI that Future Retail Ltd misled shareholders by incorrectly saying it was complying with its contractual obligations to the U.S. e-commerce giant, media reports suggested. In the letter to the SEBI, Amazon said Future's news release and stock exchange disclosures violated Indian regulations, urging the regulator to investigate the matter and not approve the deal. Future group, on the other hand, has urged the stock exchanges to ignore Amazon’s appeal saying that it 'entirely misconceived' the agreement between Amazon and Kishore Biyani.
- ICICI Bank Q2FY21: ICICI Bank posted standalone profit after tax of Rs4,251cr in the quarter ended September 31, 2020, as opposed to Rs655cr in the year-ago period. Net interest income (NII), increased 16% on annual basis to Rs9,366cr in Q2 FY21. In the quarter, net NPA ratio decreased from 1.23% at June 30, 2020, to 1% at September 30, 2020.
- Axis Bank: The Reserve Bank of India (RBI) has disallowed the private sector lender to directly acquire 17% stake in Max Life Insurance. Instead, the lender will now have to split the stake sale along with its subsidiaries to comply with RBI rules. Accordingly, Axis Bank and its subsidiaries, i.e. Axis Capital Limited and Axis Securities Limited, have agreed to enter into revised agreements with Max Financial for the acquisition of up to 19.002% of the equity share capital of Max Life.
- Reliance Industries Ltd: The oil refiner reported a 15% fall in net profit at Rs9,567cr in July-September quarter of fiscal 2020-21 on account of weak demand in refining and petrochemicals business. The consolidated revenue from operations declined 24% to Rs1.16 tn as against Rs1.53 tn a year ago. Its gross refining margin - the profit earned on each barrel of crude oil processed - slumped to $5.7 per barrel, lower than the $6.3 in the previous quarter and the $9.4 a year earlier.
- Grasim Industries Ltd: The company has entered into a definitive agreement with Ohio-based Lubrizol Advanced Materials, a subsidiary of Warren Buffett’s Berkshire Hathway, to manufacture and supply chlorinated polyvinyl chloride (CPVC) resin in India, with initial production expected in late 2022. This special type of polymer material that is widely used in hot and cold-water pipes, will be manufactured at Chlor-alkali unit of Grasim located at Vilayat.
- IndusInd Bank Q2FY21: The lender reported a 53% YoY decline in its consolidated net profit at Rs663.08cr for the second quarter ended September 30, 2020, against Rs1,400.96cr in the same quarter last year, on account of higher provisions. The lender's total provisions more than doubled to Rs1,964.44cr in the September quarter of the current fiscal as compared to Rs737.71cr in the same period last year. On asset quality front, gross non-performing assets ratio as a percentage of gross advances rose to 2.21% from 2.19% in Q2 FY20.
- Maruti Suzuki Ltd: The automaker reported 19% surge in its October wholesale volumes at 182,448 units, including exports. Maruti’s total domestic passenger vehicle wholesales were at 163,656 units, up 17.6% yoy from 139,121 units sold in October last year. Maruti’s utility vehicle portfolio, recorded a 10% y-o-y growth with sales at 25,396 units in October as against 23,108 units from the year-ago period.
- Bharat Petroleum Corporation Ltd: The refiner has put on hold its plans to expand its Bina refinery and install a secondary unit at its Mumbai refinery to boost efficiency pending privatization of the company. The government wants to sell its 53.29% stake in BPCL in bid to raise funds to rein in a ballooning fiscal deficit.
- DLF Q2: The realtor reported Rs227.5cr net profit in the September quarter, down 48.68% from a year ago. New sales bookings for the September quarter rose to Rs853cr from Rs152cr in the preceding quarter.
- Indian Oil Ltd: The refiner reported a thirteen-fold rise in consolidated net profit at Rs6,025.81cr for the second quarter ended September 30, 2020, helped by inventory gains. Consolidated revenue declined 13.39% to Rs1.17 lakh cr as compared to Rs1.35 lakh cr in the same period last year. Average Gross Refining Margin,the difference between the cost of crude oil processed and the prices of refined products, for April-September 2020 was $3.46 a barrel compared to $2.96 per barrel in the year ago period.
Let us look at the developments which took place on the global front
U.S. stock benchmarks plunged on Friday triggered by a slide in shares of tech heavyweights following their quarterly results, amid a record rise in coronavirus cases and jitters ahead of the voting for US Presidential elections. The Dow Jones Industrial Average lost 157.51 points, or 0.59%, to close at 26,501.60. The S&P 500 fell 40.15 points, or 1.2%, to end at 3,269.96. The Nasdaq Composite Index slumped 274 points, or 2.45%, finishing at 10,911.59.
Apple Inc.’s iPhone sales and Twitter Inc.’s user growth both missed estimates, which pushed the headline indices down. Meanwhile, new U.S. coronavirus cases topped 89,000, setting a daily record.