Share Market Live: Sensex, Nifty At Day's Low; FMCG, Pharma Stocks Decline

Shares of LIC Housing Finance Ltd. fell nearly 8.3% in intraday trade to Rs 403.6 apiece. The company reported decline in NII and Net profit in the second quarter, post market hours Thursday.

LIC Housing Finance Q2FY22 (Consolidated, YoY)

• NII down 5% at Rs 1,212.5 crore Vs Rs 1,277.48 crore

• Net profit down 68% at Rs 249.74 crore Vs Rs 789.55 crore

CLSA

• Maintain buy with a target price of Rs 540 apiece

• Loan growth in home loans improved toa multi-quarter high of 15% YoY, off a low base.

• Asset quality surprised positively with 170bps improvement in stage 2 and 3 loans.

• Shrinkage in spread led to the decline in net interest income.

• Company expected to benefit from lower incremental cost of funds.

• Cut spreads estimates 15bps to factor in yield compression even the growth estimates are adjusted 100-200bps.

• Asset quality trends remain the key monitorable, as it is the biggest driver of potential re-rating of the stock.

Kajaria Ceramics Ltd. reported net income for the September quarter that beat the average analyst estimate.

Second Quarter Results (Consolidated)

• Net income up 188% QoQ to Rs 119.07 crore vs estimate of Rs 91.70 crore (Bloomberg Consensus)

• Revenue up 73.33% QoQ to Rs 973.55 crore vs estimate of Rs 833 crore

• Total costs at Rs 823.93 crore vs Rs 510.78 crore QoQ

• Ebitda at Rs 180 crore vs estimate of Rs 145 crore (range from Rs 117 to Rs 175 crore)

Of the 32 analysts tracking the company, 24 maintained 'buy', seven maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 3.2%

HDFC Life Insurance Co Ltd. reported net income for the second quarter that missed the average analyst estimate.

Second Quarter Results

• Net income at Rs 275.91 crore vs estimate of Rs 459 crore (Bloomberg Consensus)

• Net investment income at Rs 8,873.38 crore vs Rs 6,318.81 crore YoY

• Other income at Rs 45.02 crore vs Rs 43.11 crore YoY

• Net Commission at Rs 509.89 crore vs Rs 424.74 crore YoY

Of the 39 analysts tracking the company, 27 maintained 'buy', 11 maintained 'hold' and one maintained 'sell' recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 14.8%

Shares of KEC International Ltd. rose over 10.6% in intra-day trade to a record Rs 514.05 apiece after the company bagged orders worth Rs 1,829 crore across its various businesses.

In an exchange filing, the company said that its transmission and distribution business secured orders of Rs 656 crore in Europea and Americas, while railways business won orders worth Rs 144 crore in emerging metro segments in India. The Civil business won order of Rs 935 crore for infra works in the water pipelines and industrial segments in India and the cables business secured Rs 94 crore order.

• Maruti Suzuki cut to 'accumulate' at KR Choksey, Price target: Rs 8,000

• Balkrishna Industries cut to 'accumulate' at KR Choksey; Price target: Rs 2,700

• Bajaj Auto cut to 'accumulate' at KR Choksey; Price target: 4,325

Source: Bloomberg