Sensex ends at record closing high, Nifty above mount 12K; IndusInd Bank top gainer

CNBC

Market at close: Sensex ended 215.02 points higher or 0.53 percent at 40684.80, and the Nifty closed at 12016.10. About 1286 shares have advanced, 1136 shares declined, and 165 shares are unchanged.

IndusInd Bank, Infosys and HDFC are the top gainers while Indiabulls Housing Finance, YES Bank and Bharti Infratel are the most active stocks.
UPL Q2: UPL's second quarter (July-September) consolidated net profit fell sharply by 67 percent due to one-time exceptional loss. Profit during the quarter declined to Rs 89 crore, against Rs 270 crore reported in same period last year. 
The company reported one-time loss of Rs 305 crore during the quarter against loss of Rs 57 crore in corresponding quarter previous fiscal. 
"Exceptional items for the period reported majorly included cost related to Agrofresh litigation in the USA and severance and integration cost due to acquisition of Arvsta group and LATAM restructuring expenses," the company said in its BSE filng.
Dwarikesh Sugar Q2: Net profit went down 41.5 percent at Rs 4.7 crore against Rs 8.1 crore YoY. Revenue was down 33.5 percent at Rs 176 crore against Rs 264.5 crore YoY. EBITDA fell 8.2 percent at Rs 18.3 crore against Rs 19.9 crore YoY.
Adani Transmission Q2: Consolidated net profit at Rs 230.4 crore against Rs 89.5 crore YoY. Revenue went up 85.7 percent at Rs 2,593 crore against Rs 1,396.14 crore YoY.
Sun Pharma Q2: Consolidated net profit jumps to Rs 1,065 crore against loss of Rs 269.6 crore YoY
Sun Pharmaceutical Industries has reported consolidated profit at Rs 1,065 crore during July-September period, against loss of Rs 269.6 crore in same period last fiscal. The company had reported one-time loss of Rs 1,214.4 crore in Q2FY19 with respect to Modafinil antitrust litigation. 
Consolidated revenue during the quarter grew by 17.1 percent year-on-year to Rs 8,123.3 crore, backed by India and Rest of World sales. India sales increased 35 percent to Rs 2,515 crore and Rest Of World sales jumps 49 percent to $161 million compared to year-ago. 
Emerging market sales during the quarter rose 3 percent to $201 million YoY, but US sales remained unchanged at $339 million YoY.
Amrutanjan Q2: Net profit went up 24.5 percent at Rs 8.1 crore against Rs 6.5 crore YoY. Revenue grew 20.6 percent at Rs 74.8 crore against Rs 62 crore YoY. 
EBITDA went higher by 32.3 percent at Rs 11.5 crore against Rs 8.7 crore YoY.
Pennar Industries share price climbs 10% ahead of share buyback meet
Shares of Pennar Industries gained 10 percent intraday on November 7 ahead of board meet to consider share buyback proposal in coming week.
"Board of directors of the company will also consider a proposal for buy back of the equity shares of the company on November 12," said the engineered products & services provider in its BSE filing.
On the same day, the company will also announce its un-audited financial results (standalone and consolidated) for the quarter and half yearly ended September 30, 2019.
HPCL Q2 profit rises 30% to Rs 1,052 cr QoQ 
Hindustan Petroleum Corporation reported a massive 29.8 percent QoQ growth in September quarter, but was lower than analyst expectations due to lower revenue. Profit increased to Rs 1,052.3 crore in quarter ended September 2019, against Rs 811 crore in June quarter. 
Revenue from operations fell 14.3 percent sequentially to Rs 60,862 crore during July-September period. 
Calculated gross refining margin for the quarter stood at $2.60 a barrel, which was lower than a poll of analysts conducted by CNBC-TV18 which was pegged at $4.40 per barrel. 
Oil retailer's earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 41.1 percent quarter-on-quarter to Rs 2,319 crore and margin expanded by 150bps QoQ to 3.8 percent in Q2FY20.
Somany Ceramics share price rises 9% on robust Q2 numbers
Shares of Somany Ceramics rose 9 percent intraday on November 7 after the company posted robust numbers in the quarter ended September 2019. The company has reported 41.7 percent YoY jump in its Q2 profit to Rs 6.5 crore versus Rs 4.6 crore, while revenue was up 7.9 percent at Rs 422.2 crore versus Rs 391.4 crore.
The profit included a one-time loss at Rs 26.8 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) was up 68.2 percent at Rs 44.7 crore, while EBITDA margin was up 280 bps at 10.6 percent.
MSTC share price surges 20% on MoU with Burn Standard for e-auction services
Shares of MSTC touched 52-week high of Rs 147.80, added 20 percent intraday on November 7 after company signed MoU with Burn Standard for e-auction services.
The company has entered into a Memorandum of Understanding (MoU) with Burn Standard Co Limited for e-Auction services for sale of movable assets and immovable assets, as per BSE release. The agreement shall remain valid up to March 31, 2021 until it is terminated by either party by giving three months notice, it added.
Yes Bank share price dips 4% after Moody's places rating under review for downgrade
Share prices of Yes Bank declined 4 percent intraday on November 7 after Moody's had placed bank's ratings under review for downgrade. Global ratings agency Moody's on November 6 placed private sector lender Yes Bank's ratings under review for downgrade.
The Ba3 rating of the bank can be downgraded because of the weak September quarter earnings and the bank managing to get only a commitment for $1.2 billion in funding recently.
Whirlpool Q2: Consolidated net profit went up 63.8 percent at Rs 128.7 crore against Rs 78.6 crore YoY. Consolidated revenue grew 17.9 percent at Rs 1,393.5 crore against Rs 1,181.5 crore YoY.
Max Financial Services share price jumps 8%
Shares of Max Financial Services gained 7.8 percent intraday on November 7 as brokerages remained bullish on the stock and expect 28-36 percent return in stock after Q2 earnings and terminating agreement with Mitsui.
Max Financial have put up to withdraw the application for share swap and purchase transaction for Mitsui Sumitomo Insurance Company's (MSI) stake in Max Life for Max Financial shares as agreement for finalization of definitive terms were not reached. 
"Transaction arrangement may not be required for reverse merger but some issues have to be ironed out like a one-off pending contingent liability from erstwhile telecom investment. Management also showcased confidence on being strongly associated with Axis but are still to reach any arrangement for future course of action," said Prabhudas Lilladher which retained buy rating with target price of Rs 596 (revised from Rs 695 earlier), implying 36 percent potential upside from current level.
Godrej Consumer climbs 3%: Shares of Godrej Consumer Products rallied more than 3 percent on November 7 after global brokerage firm CLSA upgraded its rating on the stock to buy from underperform.
Rupee recovers but trades lower?: The Indian rupee has erased some of its morning losses but trading lower by 4 paise at 71.02 per dollar, with buying seen in the domestic equity market which took Nifty above 12,000 in the morning trade.
Buzzing: Shares of Exide Industries rose 3 percent on November 7 after Japanese brokerage firm Nomura turned bullish on the stock, upgrading its rating after Q2 earnings.
The brokerage expects steady growth by company to continue and said attractive valuations in stock made risk-reward favourable.
Exide Industries share price gains 3% after Nomura turns bullish with rating upgrade
Shares of Exide Industries rose 3 percent intraday on November 7 after Japanese brokerage firm Nomura turned bullish on the stock, upgrading its rating after Q2 earnings. 
The brokerage expects steady growth by company to continue and said attractive valuations in stock made risk-reward favourable. It expects company to deliver 8 percent volume CAGR over FY20-22 and sees EPS increasing by 8 percent/5 percent/8 percent to factor in a lower corporate tax rate of 25 percent.
Nomura upgraded stock to buy from neutral and raised target price to Rs 222 from Rs 203 per share, implying 19 percent potential upside from current level.
SBI Life Insurance, ICICI Prudential likely to be included in MSCI index
SBI Life Insurance Company and ICICI Prudential Life Insurance are likely to be included in the MSCI index from December onwards, ICICI Direct has said. These stocks are likely to be included in the upcoming MSCI reviews, it added.
The half-yearly review for MSCI India will be announced on November 10, 2019, which will be applicable from December 1, 2019.
Market Update: Sensex is up 110.27 points or 0.27% at 40580.05, and the Nifty up 24.70 points or 0.21% at 11990.70. About 997 shares have advanced, 675 shares declined, and 99 shares are unchanged.
InduInd Bank, HDFC and Infosys are the top gainers while Tata Steel, YES Bank and Tata Motors are the top drags. The most active stocks included Bharti Infratel, Indiabulls Housing Finance and Fortis Healthcare.
Lupin share price falls 3% post Q2 loss; CLSA retains sell
Share price of Lupin was trading lower by over 3 percent intraday on Thursday after CLSA maintained sell call on the stock and has cut target to Rs 650 from Rs 660 per share.
The research firm is of the view that Solosec ramp-up remains weak and US generic launch pipeline remains thin adding that building in Rs 540 crore provision has led to cut FY20 EPS by 36 percent. The firm has also cut FY21-22 EPS estimates by 5-6 percent.
Lupin reported a consolidated net loss of Rs 127.1 crore in the quarter-ended September as against a profit of Rs 266 crore in the same period last fiscal and Rs 303 crore in Q1 FY20. The pharma company posted a one-time loss of Rs 546.5 crore. However, profit before one-time loss stood at Rs 457.3 crore.
JB Chemicals share price gains 6%
Share price of JB Chemicals and Pharmaceuticals added more than 6 percent in the early trade on November 7 after company is going to consider buyback of its shares.
A meeting of the board of directors of the company will be held on November 12, 2019, to consider and approve unaudited financial results for the quarter ended on September 30, 2019.
The board will also consider the proposal for buyback of fully paid-up equity shares by the company and other matters incidental thereto in the said meeting.
Market opens: HDFC, IndusInd Bank and Infosys are the top gainers while Bharti Airtel, ONGC and Maruti are the top drags. The most active shares included HDFC, Indiabulls Housing and NBCC.
Rupee opens lower at 71.05 per dollar
The Indian rupee opened at 71.05 per dollar on Thursday versus previous close 70.98.
“From the past 3-weeks, the spot has been in a depreciating mode, as US-China have been showing the curiosity and hinting at a ‘Phase One’ deal anytime this month. However, depreciation is getting capped as market has started getting doubtful of the silence amid China’s attempts to push the US to remove more tariffs, said Rahul Gupta, Head of Currency, Emkay Global Financial Services.
Gold Update: Worries that a long-awaited trade deal between the United States and China could be delayed until December made investors cautious, keeping gold prices steady on Thursday.
Shishir Baijal, Chairman & Managing Director at Knight Frank India: The inclusion of developments under NPAs and NCLT into the gamut of eligible projects, albeit these are net positive projects, into the Special Window Funding is a welcomed decision. The extension of this benefit to mid income beyond the affordable housing segment is a critical step forward. 
We welcome these changes and feel that this will help create greater momentum in stock movement. There are many projects which are near completion but have not been able to garner last mile funds will benefit from this move. This step will definitely create greater confidence and credibility and may, in due course, encourage private segments to extend their support in last mile funding ,helping the beleaguered sector to go over this period of slowdown.
September quarter earnings: On the earnings front, as many as 148 companies on the BSE will declare their results for September quarter which include names like Aditya Birla Capital, Andhra Bank, City Union Bank, LT Foods, DLF, IPCA Laboratories, Max India, Trent, UCO Bank, UPL Ltd, VIP Industries, and Wockhardt among others. 
Oil Update: Oil prices were unchanged on Thursday, holding on to most of their losses from the previous session, on worries that a long-awaited interim deal to dial back a crippling US-China trade war could be delayed.
Brent crude futures were flat at USD 61.74 a barrel by 0158 GMT. Prices fell USD 1.22, or almost 2% on Wednesday.
US Markets: US stocks ended little changed on Wednesday as a report the US-China trade deal could be delayed until December was offset by gains in healthcare shares.
The Dow Jones Industrial Average fell 0.07 points to 27,492.56, the S&P 500 gained 2.16 points, or 0.07%, to 3,076.78 and the Nasdaq Composite dropped 24.05 points, or 0.29%, to 8,410.63.
Asian Markets: Asian shares paused near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress.
MSCI’s broadest index of Asia-Pacific shares outside Japan was a shade lower, just off a six-month high hit earlier in the week. Japan's Nikkei started in the red, having touched a 13-month top on Wednesday, while South Korean stocks were 0.3 percent down after hitting their highest since May.