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Rupee ends lower: Indian rupee ended lower by 10 paise at 73.46 per dollar, amid buying seen in the domestic equity market. It opened flat at 73.37 per dollar against previous close of 73.36 and traded in the range of 73.29-73.52.
Kajaria Ceramics Q2: Consolidated net profit fell 3.75 percent year-on-year (YoY) to Rs 89.6 crore against Rs 93.1 crore.
Revenue slipped 0.3 percent YoY to Rs 712.5 crore against Rs 714.7 crore. Consolidated EBITDA grew 36.5 percent to Rs 143.7 crore against Rs 105.2 crore YoY.
EBITDA margin came at 20.2 percent against 14.7 percent YoY.
‘Investors have created wealth with small and mid-size companies growing for multi-years’
One-sided growth makes people overestimate their ability to predict market or stocks and misconstrue luck with analysis or understanding, says Wealthyvia.com founder Pritam Deuskar.
Buyback Offer Approval
“The board of directors on October 19 has unanimously approved a proposal for the buyback of 1,41,74,469 equity shares (representing 2.28 percent of the paid-up share capital) from the shareholders at a price of Rs 110 per share payable in cash for an aggregate consideration not exceeding Rs 155.92 crore,” KIOCL said in its BSE Filing.
Market Update
Equity benchmarks continued to trade higher for third consecutive session on October 20 with the Nifty50 trading above 11,900 mark, driven by IT, select auto, FMCG, Bharti Airtel and L&T.
The Nifty50 climbed 49.30 points to 11,922.30, while the BSE Sensex gained 216.33 points at 40,647.93.
Sunteck Realty Acquires 50-Acre Land
Sunteck Realty said it has entered into an agreement to acquire approximately 50-acre land parcel in Vasind.
“The project will offer approximately 2.6 million square feet. Envisaged as a one of the large residential development under ‘Sunteck World’ brand in Thane District, the project will have a revenue potential of Rs 1,250 crore spanning over next 4-5 years,” company detailed about project.
Buyback Offer
Dhanuka Agritech has opened its share buyback offer on October 22 and will continue till November 3, 2020.
The company has decided to buy back 10 lakh equity shares from shareholders and has fixed the offer price at Rs 1,000 per share.
SENSEX GAINERS AND LOSERS
Analyst’s Take on L&T’s new contract
Larsen & Toubro is set to emerge as the lowest bidder for design and construction of civil works of high speed rail corridor of Mumbai and Ahmedabad. The company has bidded Rs 24,985 crore for constructing 237.1 km bullet train projects. This project is the largest among all construction lines covering 47 percent of 508.2 km project.
“In competitive bidding, three bidders involving seven infrastructure companies participated in it. Other bidders were Afcon Infrastructure-Ircon International- JMC Projects India consortium and Tata Project- NCC- J Kumar Infra Projects-HSR Consortium. We see this as a positive development for L&T, as winning such big orders in a muted ordering activity environment alleviates new order concerns,” Keshav Lahoti – Associate Equity Analyst at Angel Broking told Moneycontrol.
