Nifty jumped 225 points to above 24,400, while Sensex jumped 900 points. All sectoral indices were up. Bank Nifty jumped 600 points to 51,400. After good results, IIB bank rose 3% and was among Nifty's top gainers. Bank of Baroda ran 5%, SBI, PNB, and Canara Bank also strengthened 2-4%. With good results, Shriram Finance jumped 7% to become Nifty's top gainer. Other NBFCs also rallied: SBFC Finance, L&T Finance, Poonawalla Fincorp, and Manappuram Finance also gained 2-4%. Metals shone after five days: JSW Steel, Hindalco, Tata Steel up 2-3%, Hindustan Copper, NMDC, Nalco, and SAIL also rose 3-4%. PSU stocks saw good buying: stock of the day HPCL jumped 4%, while REC, PFC, IRFC, and New India Assurance also strengthened. Small and midcaps saw strong rally. Vodafone Idea jumped 6% and was among futures top gainers. BSE, Indus Tower, Amara Raja, CDSL, and Orient Electric rose 4-20%. After results, Bandhan Bank and DLF jumped 7-9% and were strongest in futures. Due to poor results, Coal India fell 3% and was weakest in Nifty. InterGlobe Aviation fell 5% and was futures top loser. IDFC First Bank also slipped 2%. Today, Bharti Airtel and Sun Pharma will announce quarterly results. In futures market, BHEL, IOC, LIC, Housing, IGL, and PNB will be in focus. Waaree Energies listed at a 66% premium on the NSE and 70% on the BSE — a bumper listing at ₹500, followed by mild profit booking. Akank Shafra's IPO has had a slow response, only 20% subscribed so far, price band ₹440-4463. Anil Sivi advises investing for the long term.
Namaskar, welcome to Corporate Radar. I am Pooja Tripathi with you. Today on our radar are two companies: first, Sasken Technologies, a specialist in product engineering and digital transformation, and second, Bank of Baroda. Both recently announced their September quarter results. Shortly we will speak to their management. But first, let's find out how the market is doing right now. For that, Jhanvi is with us. Jhanvi, tell us what kind of trading is happening in the market right now.
Absolutely, the week has started off very well. All indices are trading positively with good strength. Nifty is trading above 24,400, up nearly 1%. Sensex is also up about 1%. Bank Nifty is trading near 51,400, up about 1.25%. Midcap and smallcap indices are also showing similar trends: the midcap index is up almost 1.25%, and the smallcap index is up more than 1%. Looking at the stocks supporting Nifty today, Shriram Finance and IIB Bank are both seeing results action, up 5-7%. Adani Enterprises and M&M are also seeing buying up more than 3%. On the losers side, Coal India is down 3% after weak numbers. Federal Bank is also declining today due to news. In results action, Bandhan Bank and DLF have seen good gains, and CDSL is up 6% after results. InterGlobe Aviation saw its biggest drop since February 2022, down more than 8% after poor results. On the news front, Waaree Energies listed at a strong 60% premium, then some profit booking from upper levels, but still holding good gains. Max Life Insurance is also seeing news impact, and HPCL is up 5%. Among top gainers overall, Mphasis and SGS are trading up about 11%, and Amara Raja is up about 7%. On the broader market losers, Goa Fashion saw heavy decline after Friday's numbers, and Chola Investment, Crafts Automation, MGL are down about 3-5%.
Thank you very much, Jhanvi, for the full update. So those are some action stocks. The market has good strength. Sensex is up, Nifty is up about 240 points, Bank Nifty is up 600 points. There is good strength in the market right now, and some recovery from lower levels can be seen. Let's now move on to Corporate Radar and talk about Sasken Technologies, a company founded in 1989 with a market cap of ₹2,381 crore. It is growing rapidly in the product engineering and digital transformation segment, making semiconductor, electronics, and automotive products and providing services in this area. The company recently announced its September quarter results, where we saw revenue up about 10%, but there was some pressure on EBITDA, margin, and profit. To discuss the key triggers from the results, the company management has joined us. Rajeev C Modi, Chairman and Managing Director, is with us. Sir, thank you very much for your time today. First, tell us about your revenue growth: good growth was seen this time. How was performance and what is your outlook for revenue going forward?
Thank you very much for having us on your channel. Regarding growth, as you said, we had about 9.6% growth in the current quarter, and year-on-year we are at about 18-19% growth. We have seen an all-round growth in the quarter. Our silicon business, which we incorporated a few quarters ago, is really ramping up and starting to deliver positive momentum on both revenue and EBITDA. We continue to invest in the Japan market, where we set up a subsidiary to service Japanese customers, and we should start seeing results as we progress in the next few quarters. So we are quite excited and bullish about the outlook. We expect the growth momentum to continue in Q3 and into Q4. All different segments — semiconductors, automotive, industrial, telecom network engineering, consumer electronics — all the vectors are showing good results. From a geographic perspective, Finland is showing good growth, the US is showing good growth, and the GCC, the vector we created to support customers in India, is also showing good growth. So overall positive momentum is what we are experiencing in the market.
That's a good thing. Coming to the margin front, on a sequential basis we saw a slight decline in your margin. What was the reason for that, and how do you see margin movement in FY25?
We had a salary increase that we gave to our people in the September-ending quarter — that was the primary reason for the impact on EBITDA from a margin perspective. The investments I talked about are also the reason for the EBITDA being what it is. From here on, we expect EBITDA to improve. In quarter four, we expect low double-digit EBITDA. So we are focused on moving margins up into double-digit in the near future.
That's good. The salary hike for employees caused margin pressure, no other issue. Expecting better growth in coming quarters. Sir, you also set up a subsidiary in Singapore. Tell us about it — what kind of revenue potential do you see there?
We are seeing customers who have presence in Singapore, and from there we can service potential growth in the nearby region. So we do expect that to be another vector for growth for us going forward.
Rajeev ji, thank you so much for giving us your valuable time. Best wishes for the coming quarters. Happy Diwali to you and your team.
Thank you very much. Wishing everybody a happy Diwali.
