Tale of the Tape 

Good evening boys and girls. Markets were back in the green. Hurray! 

Nifty and Sensex rebounded sharply after opening flat to end at day’s high. Midcaps (+0.6%) and Smallcaps (+0.4%) closed up but underperformed the benchmark indices. The advance-decline ratio was in favor of the bulls (3:2). 

Except for FMCG (-0.3%), all the other sectors ended in the green. Metal (+2.8%) stocks were the stars of the day. Banks and NBFCs also rallied +2% each. 

ABB India fell after its Q3 numbers missed Street estimates. Meanwhile, Mazagon Dock gained +4% on a blockbuster Q2. More results below.

Swiggy's IPO kicks off tomorrow! Check out our analysis below to help you decide whether to subscribe or not.

Gland Pharma, Ola Electric and Embassy REIT all saw big moves today. Check out their charts below to find out why.

Results reaction. Tilaknagar Industries (+15%) hit a new all-time high. Saregama was locked in a -5% lower circuit. 

IGL (+2%) was in focus after global brokerage firm Citi said it sees +25% upside from current levels. 

NMDC (+4%) will consider the proposal of a bonus issue on Nov 11.

L&T will buy a 21% stake in E2E Networks for Rs 1,327 cr. PS - E2E Networks was locked in a 5% upper circuit extending its 2024 gains to +600%. 

Afcons Infrastructure was +4.5% on strong institutional demand. Goldman Sachs, Nomura and Jupiter India Fund collectively picked up a 2.7% stake in the company. 

Premier Energies rallied +10% intraday after winning multiple orders worth Rs 560 cr.

Here are the closing prints:

Earnings
Earnings Roundup

ABB India fell -5% after its Q3 results missed Street estimates. Muted demand across all verticals led to just a single-digit bump in topline growth. Total order inflows for the quarter came in at Rs 3,342 cr vs estimates of Rs 3,510 cr. The company did see one bright spot with margins jumping +272 bps YoY as price erosion eased off in its low tension motors segment.

But beyond that, its management commentary wasn’t inspiring. For instance, it has a strong order backlog at Rs 9,995 cr. But the company says the conversation rate aka turning order bookings into revenue will be at a lot slower pace especially for large orders. It has also guided for order inflow range between Rs 2,500 cr and Rs 3,000 cr and that reaching the Rs 4,000 cr will be quite challenging, which sucks.

Here are its key stats:

• Revenue: Rs 2,912 cr; +5% YoY (vs Est: Rs 3,259 cr)

• EBITDA: Rs 540 cr; +23% YoY (vs Est Rs 587 cr)

• EBITDA Margin: 18.6% vs 15.8% YoY

• PAT:  Rs 441 cr; +21% YoY (vs Est: Rs 478 cr)

ABB India is +52% YTD

Mazagon Dock Shipbuilders (+4%) Q2 results easily beat Street estimate. Strong demand across both its shipbuilding & submarine divisions boosted the topline. Careful cost control measures helped operating expenses to revenue fall to 81.5% vs 90.3% last year! All of this massively boosted both margins and profitability! PS - the PSU firm’s total order book came in at a whopping Rs 39,872 cr as of September 30, 2024; +8% YoY.

Here is its Q2 report card:

• Revenue: Rs 2,757 cr; +51% YoY (vs Est: Rs 2,148 cr)

• EBITDA: Rs 511 cr; +189% YoY (vs Est: Rs 364 cr)

• EBITDA Margin: 18.5% vs 9.7% YoY

• PAT: Rs 585 cr; +76% YoY (vs Est: Rs 489 cr)

Big Picture: This is a major shot in the arm for the shipbuilder, which is down -37% since its July highs over valuation concerns. If retail investor favorites want to keep posting gains in a bad market, performance is key!

Mazagon Dock Shipbuilders is +2x YTD.

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