AXY Financial News

Axis Bank will announce its financial results for the second quarter of FY24 on October 25, 2023, Wednesday. The private sector lender is expected to report decent profit growth with a rise in net interest income, but margins are likely to remain under pressure, in line with a broader trend in the overall banking sector. The banking sector’s overall credit growth remains healthy at 15% YoY in Q2FY24, mainly led by unsecured loans and some pick-up in corporate credit.

Golden Crossover, a significant technical pattern, has recently caught the attention of traders. This pattern can be a powerful tool for investors looking to make informed choices. In this article, we'll break down the Golden Crossover, its importance, and explore five Nifty stocks that have recently experienced this pattern. A Golden Crossover occurs when a short-term moving average crosses above a long-term moving average.

Axis Bank sees some consolidation in the second half of FY24 (H2FY24) amid a rise in crude oil prices, higher bond yields, and resurfacing inflationary fears. The global bond markets are going through a rough patch. US yields hit a fresh 16-year high after a bond selloff amid growing concerns on hawkish policy comments and interest rates which are likely to remain elevated for a longer period of time.

Motilal Oswal Financial Services Ltd. Among the key results, Axis Bank, Bajaj Finserv, Maruti Suzuki India, and Tech Mahindra are set to announce financial numbers for the September quarter.

Body Various widely tracked companies like Axis Bank, Tech Mahindra, Asian Paints, Punjab National Bank, Reliance Industries, Maruti Suzuki, Bajaj Finserv and NTPC would be releasing their September quarter report cards this week.

Manik Taneja, Executive Director- IT Services, Axis Capital, says tier-1 techs in particular, held onto the margins quite well. In fact, margins were flat to an improvement trajectory on a year-on-year basis across each of the tier-1 companies. But that needs to be seen in the context of the fact that some of them also deferred or delayed wage implements, so it may not be a like-to-like comparison. Most IT companies have trimmed their guidance. Only LTI MindTree, Tata Elxsi and HCL Tech have better commentary coming in for the second half of the year. If you could just give a broad-based view on what you are making of the numbers so far and what should we be expecting in the second half? When you look at the broader universe this quarter, and I am talking about both the tier-1 companies as well as the tier-2 techs, most companies have just about managed to meet modest expectations or in some cases disappointed from a growth standpoint. Tier-1 techs in particular, held onto the margins quite well. In fact, margins were flat to an improvement trajectory on a year-on-year basis across each of the tier-1 companies. But that needs to be seen in the context of the fact that some of them also deferred or delayed wage implements, so it may not be a like-to-like comparison.

market sentiment. The coming truncated week is likely to bring in volatility as a plethora of companies are scheduled to release earnings and the October derivatives expiry is due. “Markets are likely to remain sideways to volatile in the coming week, and Nifty 50 may trade within a wider range of 19300-19850,” said Arvinder Singh Nanda, senior vice president, Master Capital Services. A breakout in either direction within this range has the potential to trigger a significant move, possibly spanning 200 to 400 points in one direction, Nanda said. On Friday, the Nifty 50 ended at 19542.65 points, down 82.05 points or 0.4%. The stock market will be closed on Tuesday for Dussehra.

Apple iPhone 12, featuring a generous 128 GB of storage, is currently available at a remarkable discount on Flipkart. It is now priced at just Rs. 46,999, down from the original price of Rs.

SoftBank, through its affiliate SVF Growth Singapore Pte, has sold a 1.09% stake in food delivery company Zomato through block deals on Friday. According to exchange data, the transaction was executed at 111.2 per share, which valued the deal at 1,040 crore. SoftBank holds a 2.17% stake in the company, at the end of the September 2023 quarter. Marquee funds, including Citigroup, Axis MF, Bandhan MF, ADIA, Fidelity, Goldman Sachs, Morgan Stanley, and Motilal Oswal among others bought stakes in the company through the deal. In August this year, SoftBank offloaded about 1.17% Zomato stake under a block deal, which was valued at Rs 947 crore.

₹100 crore to ₹200 crore and the proceeds will be used to ‘meet obligations’ related to a loan taken by the founders last year, the persons cited above said. In December 2022, Mint reported that the founder Bipin Hadvani raised a debt of ₹490 crore from JM Financial to buy out his younger brother’s stake in the company. 360 One Asset and Gopal Snacks confirmed the pre-IPO investment in the company but did not provide additional details.

₹2,000 crore initial public offering, according to two people aware of its plans. “It is also likely to appoint Citi and Axis Capital as managers for the issue," one of the two people said, seeking anonymity. The company had filed its draft prospectus with Securities and Exchange Board of India (Sebi) in July 2021, but subsequently shelved its plans citing market conditions.

Preeyam Tolia, Equity Research Analyst – FMCG and Retail, Axis Securities, says “what has worked for Nestle is new product development. The new launches which the company has done in the last few years are working for them. Also their expansion into smaller towns. Most of the FMCG companies are highlighting that the rural is seeing pain but Nestle is expanding into smaller towns. The growth is also led by this kind of activities for the company.” How is Nestle looking to you on the first cut and what is the volume growth number that you are looking at as of now? The overall numbers and the trends are pretty strong and that is in line with our estimates. What we anticipated was a volume growth of 4-5%, kind of single digit volume growth. We expect that the volume growth will be more or less in line with that number as the top line growth has been in line, slightly lower than our estimate but overall a good set of numbers especially on the margins front.

“Geopolitical events tend to have long-term consequences. However, these challenges are difficult to quantify for the equity markets,” says Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS. In an interview with ETMarkets, Kulkarni said: “More often than not, these challenges eventually manifest in the form of higher inflation, say higher crude oil prices, in this instant” Edited excerpts: October is turning out to be a roller coaster ride for investors in equity markets. Will geopolitical concerns have a long-term impact on equity markets if things escalate? Geopolitical events tend to have long-term consequences. However, these challenges are difficult to quantify for the equity markets.

Splendor+ and Splendor+ XTEC. The Passion+ will be offered in Black Grey trim, while the Passion XTEC will come with the Matte Axis Grey design.

Benchmark NSE Nifty closed 140.4 points down at 19671.1 amid selling in frontline bluechip counters. However, stocks such as Vaxtex Cotfab, Nakoda Group Of Ind, Xelpmoc Design, Rajesh Exports and TCI Express, touched their fresh 52-week lows.

Sensex on Wednesday plunged 550 points. Besides HDFC Bank, the downfall in Bajaj twins and RIL also contributed to the fall. Nagging concerns about elevated oil prices and US interest rates as well as the Middle East conflict weighed on sentiments. The 30-share BSE benchmark Sensex declined or 0.83% to end at 65,877. The broader NSE Nifty dropped 0.7% to settle at 19,671. High-weightage financials lost 1.3%.

Bajaj Consumer(up 3.91%), Vadilal Industries(up 2.46%), Euro India Fresh Foods(up 1.61%), ADF Foods(up 1.33%), Mrs Bectors Food Specialities(up 0.95%), Marico(up 0.65%), Hatsun Agro Product Ltd(up 0.63%), Emami(up 0.58%), Patanjali Foods(up 0.40%) and Godrej Consumer Products(up 0.23%) stood among the top gainers. Dangee Dums(down 4.61%), Jyothy Labs(down 3.43%), Nakoda Group(down 2.50%), JHS Svendgaard Laboratories(down 2.16%), TATA CONSUMER PRODUCTS(down 1.34%), Dabur India(down 1.16%), Heritage Foods(down 1.00%), Umang Dairies(down 0.91%), Bikaji Foods International(down 0.88%) and Adani Wilmar(down 0.86%) were among the top losers of the day.

Israel-Hamas war's outset, reports indicate that up to 2,778 Palestinians have lost their lives and at least 1,400 Israelis and foreign nationals have been killed in Israel. Although the Palestine issue has long been at the core of regional geopolitics, the recent focus on geoeconomics in the region could face significant challenges in the future.

UltraTech Cement report robust earnings for the quarter ended September 2023. The country’s largest cement-maker is likely to report a 70% year-on-year (YoY) growth in consolidated net profit for the quarter to Rs 1,286 crore, according to the average of estimates given by 10 brokerages. Consolidated revenue from operations is likely to grow 12.4% on year to Rs 15,610 crore. The Aditya Birla Group’s flagship company will release its earnings on Thursday. Here’s a summary of analysts’ expectations from the company: Axis Securities Volume to grow 16% on a YoY basis, led by better demand and new capacity ramp-up.

The FMCG major’s gross margin and operating margin are likely to expand both YoY and sequentially, on the back of softer raw material prices, price hikes, and operating leverage benefits. Nestlé India is scheduled to release its earnings on Thursday. Here is a summary of analysts’ expectations from the company’s Q3 earnings: Nuvama Institutional Equities Expect revenue/EBITDA/PAT to grow by 13%/15%/17.6% YoY.

ITC is expected to post mid-single-digit revenue growth in the September quarter due to subdued performance in papers and agri businesses. Revenue for the quarter is seen growing 4%, according to an average estimate of five brokerages. Net profit, meanwhile, is likely to rise by 8%. Agri business is expected to decline by 5% year-on-year (YoY) as the impact of ban of wheat and rice exports played out.