KEY HIGHLIGHTS
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Sensex, Nifty Snap Six-Day Losing Streak: Market Wrap
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Sensex, Nifty Rise Over 1% As RIL, Infosys Lead: Midday Market Update
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Markets At Day's High
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Reliance Holders Approves Appointment Of Isha Ambani, Akash Ambani, Anant Ambani As Non-Executive Directors
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ACC Shares Surge After Posting A Net Profit Of Rs 387.9 Crore
FPIs Turn Net Sellers For The Third Consecutive Day
Overseas investors turn net sellers of Indian equities on Friday
Foreign portfolio investors off loaded stocks worth Rs 1,500.13 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned out to be net buyers and mopped up equities worth 313.69 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 100163 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The S&P BSE Sensex closed up 634.65 points, or 1.01%, at 63,789.80, while the NSE Nifty 50 was 190 points or 1.01% higher at 19047.25.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.36% on Friday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened about 2 paise to close at 83.25 against the U.S dollar on Friday.
It closed at 83.23 on Thursday
Source: Bloomberg
Sensex, Nifty Snap Six-Day Losing Streak: Market Wrap
India's benchmark stock indices advanced over 1% on Friday after declining for six consecutive day following geopolitical uncertainties stemming from the Israel-Hamas war and resultant rise in crude prices, coupled with higher-for-longer U.S. rates.
"The domestic market recovered well compared to yesterday’s sharp corrections, due to restrained FII’s selling along with moderation in currency and global bond yield volatility. Till date, the Q2 results outcome is decent, which is in-line with the buoyant estimate. Yet, the market is not enthusiastic as we are at the cusp of earnings downgrade in anticipation of further slowdown in the world economy due to elevated interest rate and geopolitical risk", Vinod Nair, Head of Research at Geojit Financial Services said.
The S&P BSE Sensex closed up 634.65 points, or 1.01%, at 63,789.80, while the NSE Nifty 50 was 190 points or 1.01% higher at 19047.25.Intraday, the S&P BSE Sensex rose 1.21% to 63,913.13 and NSE Nifty 50 gained 1.16% to 19,076.15.
Domestic inflow in India has been very resilient, strong and thereby, actually helped the overall indices to not give away those kind of gains and to also decrease the overall volatility," Vaibhav Sanghavi, chief executive officer at ASK Hedge Solutions told to BQ Prime.
The primary reason for the correction is hardening of U.S. bond yields to above 5% which has in a sense crossed an important psychological level, Vijay Chandok, managing director, ICICI Securities said. "This being a benchmark for determining of value virtually of all asset classes becomes an important number to watch."
"Investors need to watch any signs of weakening U.S. inflation or economy that could potentially trigger a reversal of stance by the Fed on interest rates," Chandok said. "Any indication of that is likely to reflect in reduction in the benchmark yield in U.S and that would be a positive for India especially because of strong earnings and fundamentals of Indian equities."
"After relentless selling in recent days, the Nifty has temporarily paused its decline due to an oversold chart setup. However, the index closed significantly below the critical breakdown level of 19,250. As long as it stays below 19,250, the market may continue to be inclined towards selling on any upward movements", Rupak De, Senior Technical analyst at LKP Securities.
"On the downside, a resumption of weakness is expected if the index falls below 18,800. This is because put writers are likely to defend the Nifty with substantial positions at 18,800, with immediate support placed at 19,000", Rupak said.
ITC Ltd., Dr. Reddy's Laboratories Ltd., Asian Paints Ltd., UPL Ltd., and SBI Life Insurance company Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, Reliance Industries Ltd., Axis Bank Ltd., Infosys Ltd., State Bank of India Ltd., and Larsen & Toubro Ltd. were positively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 1.70%, whereas S&P BSE SmallCap Index was 1.89% higher.
All the 20 sectors compiled by BSE advances. With S&P BSE Services gaining the most.
The market breadth was skewed in the favour of the buyers. About 2,823 stocks rose, 842 declined, while 134 remained unchanged on the BSE.
Sectoral, Nifty Media and Nifty Metal declined the most, while all the index contributed negatively this week.
Most Adani Group Stocks Advance
Indian Hotels Company Q2 FY24 Consolidated YoY
Revenue up 16.27% at Rs 1433.2 crore vs Rs 1232.61 crore
Ebitda up 20.68% at Rs 354.78 crore vs Rs 293.98 crore
Margin at 24.75% vs 23.85%
Reported profit up 38.1% at Rs 178.97 crore vs Rs 129.59 crore
Source: Exchange Filing
Maruti Suzuki India At Record High
GE Shipping To Buy 80,919 DWT Kamsarmax Dry Bulk Carrier
To buy 80,919 DWT kamsarmax dry bulk carrier
Carrier to join company's fleet by Q3FY24.
Source: Exchange filing
Schaeffler India Q3CY23 Consolidated Year-On-Year
Revenue up 5.53% at Rs 1853.6 crore vs Rs 1756.43 crore
Ebitda up 6.69% at Rs 340.4 crore vs Rs 319.04 crore
Margin at 18.36% vs 18.16%
Net profit up 8.07% at Rs 232.76 crore vs Rs 215.36 crore
Source: Exchange Filing
Maruti Suzuki India Q2 FY24 Standalone
Revenue up 23.82% at Rs 37062.1 crore vs Rs 29930.8 crore
Ebitda up 72.78% at Rs 4784.2 crore vs Rs 2768.9 crore
Margin at 12.9% vs 9.25%
Reported profit up 80.28% at Rs 3716.5 crore vs Rs 2061.5 crore
Source: Exchange Filing
European Markets Open Mixed
Rategain Travel Technologies Q2 FY24 Consolidated QoQ
Revenue up 9.44% at Rs 234.72 crore vs Rs 214.47 crore
Ebit up 36.03% at Rs 35.98 crore vs Rs 26.45 crore
Margin at 15.32% vs 12.33%
Reported profit up 20.59% at Rs 30.04 crore vs Rs 24.91 crore
Source: Exchange Filing
Carborundum Universal Q2 FY24 Consolidated Year-On-Year
Revenue up 1.64% at Rs 1146.34 crore vs Rs 1127.77 crore
Ebitda up 2.75% at Rs 167.52 crore vs Rs 163.03 crore
Margin at 14.61% vs 14.45%
Reported profit up 10.87% at Rs 103.88 crore vs Rs 93.69 crore
Source: Exchange Filing
Adani Energy Solutions Commissions 2500 MW green Evacuation System In Tamil Nadu
Commissions 2500 MW green evacuation system in Karur, Tamil Nadu
Project includes establishment of the 400/230 kV, 1000 MVA Karur Pooling Station
Source: Exchange Filing
Ujjivan Small Finance Bank Q2FY24 Standalone
NII up 24% at Rs 823.34 crore vs Rs 663.18 crore YoY
Net profit up 11% at Rs 327.74 crore vs Rs 294.29 crore YoY
Gross NPA 2.35% vs 2.62% QoQ
Net NPA at 0.09% vs 0.06% QoQ
Source: Exchange Filing
Indian Overseas Bank Q2FY24 Standalone
NII up 20% at Rs 2345.87 crore vs Rs 1953.36 crore YoY
Net profit up 25% at Rs 624.58 crore vs Rs 501.34 crore YoY
Gross NPA 4,74% vs 7.13% QoQ
Net NPA at 0.68% vs 1.44% QoQ
Source: Exchange Filing
ZF Commercial Vehicle Q2 FY24 Consolidated Year-On-Year
Revenue up 25.08% at Rs 991.69 crore vs Rs 792.83 crore
Ebitda up 35.24% at Rs 145.47 crore vs Rs 107.56 crore
Margin at 14.66% vs 13.56%
Net Profit up 53.96% at Rs 105.68 crore vs Rs 68.64 crore
Source: Exchange Filing
Shree Digvijay Cement Q2 FY24 Consolidated Year-On-Year
Revenue up 11.96% at Rs 183.49 crore vs Rs 163.88 crore
Ebitda up 13.12% at Rs 17.93 crore vs Rs 15.85 crore
Margin at 9.77% vs 9.67%
Reported profit up 16.85% at Rs 7.397 crore vs Rs 6.33 crore
Source: Exchange Filing
Shalby Q2 FY24 Consolidated Year-On-Year
Revenue up 17.93% at Rs 237.98 crore vs Rs 201.797 crore
Ebitda up 42.17% at Rs 52.71 crore vs Rs 37.07 crore
Margin at 22.14% vs 18.36%
Reported profit up 49.88% at Rs 27.578 crore vs Rs 18.4 crore
Source: Exchange Filing
Optiemus Infracom Starts New Division For Drone Manufacturing
Starts new division for drone manufacturing called Optiemus Unmanned Systems
Company to invest Rs 25 crore in the new division
Source: Exchange filing
Sensex, Nifty Rise Over 1% As RIL, Infosys Lead: Midday Market Update
India's benchmark stock indices advanced over 1% through midday on Friday after declining for six consecutive day, supported by gains in index heavyweights Reliance Industries Ltd. and Infosys Ltd.
Nifty has completed the first phase of its corrective pattern to 18,850, but the absence of a reversal could cause the correction to extend to the next support zone, which spans across the 18,600-18,500 range, according to analysts.
"If Nifty manages to sustain above 18,930, we can expect the pullback to continue till 19,030 or 19,075, where Nifty has previously left a bearish gap," said Shrikant Chouhan, head of equity research at Kotak Securities. "Bank Nifty is experiencing a sharp decline, and the next levels to watch out for are 42,000 and 41,500. The bearish gap resistance at 42,750 will be a critical barrier to overcome."
"For investors, the strategy should be to selectively purchase stocks while focusing on crucial support levels for the medium term," Chouhan said. "While traders are advised to purchase above 18,930, with a tight stop loss at 18,800."
As of 12:12 p.m., the S&P BSE Sensex rose 645.55 points, or 1.02%, to 63,793.70, while the NSE Nifty 50 gained 192.70 points, or 1.02%, to 19,049.95
"After six continuous days of losses triggered by the elevated bond yields in the US and tensions in West Asia, the market appears to be oversold. Shorting in the FPI overweight segments like banking and IT have contributed significantly to the sharp market correction", V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said
According Vijayakumar, the US economy’s resilience is surprising. The Q3 GDP growth at 4.9% means the Fed will continue to be hawkish and the likely ‘higher for longer’ interest rate regime is negative from the stock market perspective.
"On the positive side, valuations in India, which were high, have now turned fair and in sectors like banking valuations are attractive. This is the time for cherry picking for long-term investors. History tells us that corrections triggered by geopolitical events were opportunities to buy", he added.
Reliance Industries, Infosys, ICICI Bank, HDFC Bank, State Bank Of India were positively contributing to the change.
Whereas, Dr. Reddy's Laboratories, Asian Paints and UPL were negatively adding to the change in the Nifty 50 Index.
The broader market indices outperformed their larger peers, with the S&P BSE MidCap rising 1.92% and the S&P BSE SmallCap gaining 1.99% through midday trade on Friday.
All the 20 sectors compiled by BSE Ltd. advances. S&P BSE Power rose over 2%.
The market breadth was skewed in favour of the buyers. About 2,855 stocks rose, 651 declined, and 154 remained unchanged on the BSE.
Markets At Day's High
Reliance Holders Approves Appointment Of Isha Ambani, Akash Ambani, Anant Ambani As Non-Executive Directors
Reliance Industries Ltd.'s sharesholders approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors.
The appointments were approved through a postal ballot conducted through remote e-voting.
The said resolutions have been passed with more than requisite majority on Oct. 26, 2023 (the last date of e-voting).
Source: Exchange Filing
ACC Shares Surge After Posting A Net Profit Of Rs 387.9 Crore
Shares of ACC rose over 1% after cement manufacturer posted a net profit of Rs 387.9 crore in the September quarter, compared to a net loss of Rs 87.3 crore in the same period last year, according to an exchange filing on Thursday. Analysts polled by Bloomberg estimated a net profit of Rs 334.2 crore.
ACC Q2 FY24 Highlights (Consolidated, YoY)
Revenue up 11.22% at Rs 4,434.7 crore (Bloomberg estimate: Rs 4,403.5 crore)
Ebitda up 33.53 times at Rs 549.3 crore (Bloomberg estimate: Rs 575.5 crore)
Ebitda margin at 12.39% vs 0.41% (Bloomberg estimate: 13.1%)
Net profit of Rs 387.9 crore vs net loss of Rs 87.3 crore (Bloomberg estimate: Rs 334.2 crore)
Shares of ACC Ltd. rose 1.9% intraday before gains gains to trade 0.28% higher at Rs 1,905.15 apiece, compared to a 0.82% gain in the NSE Nifty 50 as of 11:09 a.m. on Friday. Total traded volume stood at 1.6 times its 30-day average.
Of the 42 analysts tracking the company, 29 maintain a 'buy' rating on the stock, seven recommend a 'hold', and six suggest a 'sell' on the stock, according to Bloomberg data. The average of 12-month price target given by analysts implies a potential upside of 15.9%.
Indian Overseas Bank Has 10.2 Lakh Shares Change Hands In A Large Trade
10.2 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 40.10 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Dixon Technologies Surge Over 3% On Q2 Results
Shares of Dixon Technologies Ltd. rose over 3% after its second-quarter profit jumped over 46%.
The company's net profit was up 46.99% year-on-year to Rs 113.36 crore in the quarter ended September, according to an exchange filing. That compares with the Rs 101.39 crore consensus estimate of analysts tracked by Bloomberg.
Dixon Technologies Q2 FY24 (Consolidated, YoY)
Revenue is up 27.83% at Rs 4,943.18 crore vs. Rs 3,866.77 crore. (Bloomberg Estimate: Rs 4,437.56 crore)
Ebitda up 37.01% at Rs 198.91 crore vs. Rs 145.17 crore. (Bloomberg Estimate: Rs 180.13 crore)
Ebitda margin at 4.02% vs. 3.75% (Bloomberg Estimate: 4.10%)
Net Profit up 46.99% at Rs 113.36 crore vs. Rs 77.12 crore. (Bloomberg Estimate: Rs 101.39 crore).
Shares of the company rose as much as 3.26% to Rs 5,514.80 apiece, the most single day gain since Sept 27.
The stock is trading 1.58% higher at Rs 5,425.10 apiece, compared to a 0.83% advance in the benchmark NSE Nifty 50 as of 11:08 a.m.
It has risen 39.69% on a year-to-date basis. The total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 60.81 as of 11:02 a.m.
Fifteen out of the 27 analysts tracking the company maintain a 'buy' rating, six recommend a 'hold' and six suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 2.1%.
HDFC Bank Has 10.1 Lakh Shares Change Hands In A Large Trade
10.91 lakh shares changed hands in a large trade
0.01% equity changed hands at Rs 1472.90 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Reliance Jio Demonstrates India’s First Satellite-Based Gigabit Broadband At India Mobile Congress
Demonstrates India’s first satellite-based gigabit broadband
To connect the remotest corners of India
To provide fully inclusive broadband through JioFiber, JioAirFiber, and JioSpaceFiber
Service to be available across the country at affordable prices
Source: Press Release
Suzlon Energy Gets Order For 3 MW Series Turbines From Juniper Green Energy Private Of 50.4 MW
Gets order for 3 MW series turbines from Juniper Green Energy Private of 50.4 MW
To supply 16 wind turbines with rated capacity of 3.15 MW each
Project can curb nearly 1.51 lakh tonnes of CO2 emissions annually
Project to be completed in 2025 at Dwarka district in Gujarat
Exchange Filing
Westlife Foodworld Shares Plunge Over 7% After Q2 Profit Decline
Shares of Westlife Foodworld Ltd. fell over 7% after its second-quater profit fell missing analysts' estimates.
The fast food restaurant holding company's net profit fell 29.05% year-on-year to Rs 22.37 crore in the quarter ended September, according to an exchange filing. That compares with the Rs 33.27 crore consensus estimate of analysts tracked by Bloomberg.
Westlife Foodworld Q2 FY24 (Consolidated YoY)
Revenue up 7.39% at Rs 614.73 crore. (Bloomberg estimate: 649.42 crore)
Ebitda up 2.38% at Rs 98.21 crore. . (Bloomberg estimate: 108.27 crore)
Margin at 15.97% vs 16.75%. (Bloomberg estimate: 16.70%)
Net profit down 29.05% at Rs 22.37 crore. (Bloomberg estimate: 33.27 crore)
Shares of the company fell as much as 7.69% to Rs 815 apiece. The stock is trading 6.78% lower at Rs 823 apiece, compared to a 0.78% advance in the benchmark NSE Nifty 50 as of 9:38 a.m.
It has risen 4.37% on a year-to-date basis. The total traded volume so far in the day stood at 22 times its 30-day average. The relative strength index was at 22, implying that the stock maybe oversold.
Fifteen out of the 23 analysts tracking the company maintain a 'buy' rating, four recommend a 'hold' and four suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 15.2%.
Broader Market Indices Outperformed
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 1.34%, whereas S&P BSE SmallCap Index was 1.33% higher.
All the 20 sectors compiled by BSE advances. S&P BSE Services IT, Realty and Auto rose over 1%.
The market breadth was skewed in the favour of the buyers. About 2226 stocks rose, 345 declined, while 79 remained unchanged on the BSE.
Top Contributors To The Nifty 50 Change
Sensex, Nifty Open Higher: Opening Bell
India's benchmark stock indices opened higher on Friday after declining for the sixth day on Thursday. As market sell-off intensifies, according to analyst Nifty is expected to trade within a range of 18,500-19,500, with a crucial resistance at 19,500.
At pre-open, the S&P BSE Sensex was up 411.17 points, or 0.65%, at 63,559.32 while the NSE Nifty 50 was 71.50 points or 0.38% lower at 18,928.27.
"The stock market's near-term recovery looks unlikely due to persistent concerns such as rising US bond yields and the Israel-Hamas conflict, while FIIs have been selling in October, driven by inflation and recession fears. Also, uninspiring Q2 earnings of major Indian companies further contribute to the market's pessimism. Nifty is expected to trade within a range of 18,500-19,500, with a crucial resistance at 19,500, and the Volatility Index stands at 11.73", Prashanth Tapse, Senior VP (Research), Mehta Equities said.
Sensex, Nifty Advance At Pre-Open
At pre-open, the S&P BSE Sensex was up 411.17 points, or 0.65%, at 63,559.32 while the NSE Nifty 50 was 71.50 points or 0.38% lower at 18,928.27
Source: Bloomberg
Rupee Opens Flat Against The U.S. Dollar
The local currency opened flat at Rs 83.23 against the U.S dollar on Friday.
Source: Bloomberg
Yield On The 10-Year Declines
The yield on the 10-year bond opened 2 bps lower at 7.35% on Friday.
It closed at 7.37% on Thursday
Source: Bloomberg
JP Morgan Upgrades India To Overweight From Neutral
Near-term correction to be buying opportunity on positive historical seasonality to general elections
India offers strongest EM nominal GDP compounding, competitive risk-adjusted returns to DM equities
Deeper domestic bond market should support lower risk premises
Add Sun Pharma, Bank of Baroda, Unilever to EM Model Portfolio
Quick Heal Technologies Reduces Value Of Investment Made In L7 Defense, Isarel To Nil
Reduces value of investment made in L7 Defense, Isarel to nil.
L7 Defense not able to break even in past two quarters, facing severe liquidity crunch.
Current geo-political situation in Israel further casts uncertainty on future operations of L7 Defense.
Recorded fair value loss of Rs 12.55 crore in other comprehensive income.
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 106.60
U.S. 10-year bond yield at 4.86%
Brent crude up 0.50% at $88.37 per barrel
Nymex crude up 0.50% at $83.63 per barrel
GIFT Nifty up 0.42% at 18,992.5 as of 8:10 a.m.
Bitcoin down 0.43% at 34,045.15
Trading Tweaks
Price band revised from 10% to 5%: Jai Corp.
Ex/record date dividend: Astral, ICICI Lombard General Insurance Company, ICICI Securities, LTIMindtree, L&T Technology Services, Jindal Stainless
Ex/record date stock split: BCL Industries, Talbros Automotive Component
Move out of short term ASM framework: Brightcom Group, PDS.
Who's Meeting Whom
Karnataka Bank: To meet analysts and investors on Nov. 2.
Welspun Specialty Solutions: To meet analysts and investors on Oct. 31.
Zomato: To meet analysts and investors on Nov. 3.
DLF: To meet analysts and investors on Oct. 31.
Sterling Tools: To meet analysts and investors on Nov. 1.
Motilal Oswal Financial Services: To meet analysts and investors on Nov. 2.
Medplus Health Services: To meet analysts and investors on Nov. 8.
Arvind: To meet analysts and investors on Oct. 31.
Shriram Finance: To meet analysts and investors on Oct. 27.
Greenpanel Industries: To meet analysts and investors on Nov. 1.
Great Eastern Shipping Co: To meet analysts and investors on Oct. 31.
Ajmera Realty & Infra: To meet analysts and investors on Nov. 1.
Gokaldas Exports: To meet analysts and investors on Oct. 31.
GMR Airports Infrastructure: To meet analysts and investors on Oct. 31.
KRBL: To meet analysts and investors on Nov. 9.
Star Health and Allied Insurance Company: To meet analysts and investors on Oct. 31.
DCB Bank: To meet analysts and investors on Oct. 31.
EIH: To meet analysts and investors on Nov. 6.
Solar Industries: To meet analysts and investors on Nov. 3.
Psp Projects: To meet analysts and investors on Nov. 2.
JK Lakshmi Cement: To meet analysts and investors on Nov. 6.
Greenlam Industries: To meet analysts and investors on Oct. 31.
Samvardhana Motherson International: To meet analysts and investors on Nov. 9
Insider Trades
Dhampur Bio Organics: Promoter Sonitron bought 5,136 shares on Oct. 26.
Bulk Deals
Avalon Technologies: Unifi Financial sold 4.72 lakh shares (0.81%) at Rs 518.87 apiece.
Indiabulls Housing Finance: Capri Global Holdings sold 25.14 lakh shares (0.53%) at Rs 151.79 apiece.
Block Deals
Grasim Industries: Cresta Fund bought 5.48 lakh shares (0.08%) and Griffin Growth Fund sold 5.48 lakh shares (0.08%) at Rs 1,840 apiece.
Jindal Stainless: JSL Overseas bought 17 lakh shares (0.20%) and Hypnos Fund sold 17 lakh shares (0.20%) at Rs 459 apiece.
IPO Offering
Blue Jet Healthcare: The IPO was subscribed to 1.32 times on its second day. The bids were led by non-institutional investors (2.84 times), retail investors (1.37 times), and institutional investors (0.09 times, 9%).
Stocks To Watch
Axis Bank: The lender appointed Munish Sharda as a whole-time director, designated as executive director, for three years, with effect from Nov. 1.
Praveg: The board approved the scheme of amalgamation between Eulogia Inn and the company. A total of 17.33 lakh new equity shares of Praveg will be issued to the shareholders of Eulogia Inn.
CARE Ratings: CARE Ratings (Africa), a subsidiary of the company, has incorporated a step-down subsidiary, i.e., CARE Ratings South Africa, on Oct. 25 for providing credit rating services.
Karnataka Bank: The bank approved an allotment of equity share capital of Rs 800 crore on a preferential basis. The board approved the allotment of 3.34 crore shares with a face value of Rs 10 each to HDFC Life Insurance, Bajaj Allianz Life Insurance, Quant Mutual Fund, Bharti AXA Life Insurance, and Bajaj Allianz General Insurance at a price of Rs 239.52 apiece.
McLeod Russel: Borelli Tea Holdings, a wholly owned subsidiary of the company, sold 100% of the capital contribution in Phu Ben Tea Company, a step-down subsidiary of the company, to TLK Agriculture for a net consideration of $2.15 million on Oct. 25. The sale is expected to be completed by Dec. 24.
Aurionpro Solutions: Ashish Rai has been promoted to CEO.
Lemon Tree Hotels: The company has signed a licence agreement for a 50-room property in Visakhapatnam under the brand 'Red Fox Hotels'. The hotel is expected to be operational by FY 2026.
IPO Offering
Blue Jet Healthcare: The IPO was subscribed to 1.32 times on its second day. The bids were led by non-institutional investors (2.84 times), retail investors (1.37 times), and institutional investors (0.09 times, 9%).
Earnings In Focus
Reliance Industries, Maruti Suzuki India, Bajaj Finserv, SBI Life Insurance, Cipla, Dr Reddy's Laboratories, Indian Overseas Bank, Bajaj Holding & Investment, Bharat Petroleum Corp, SBI Cards and Payment Services, Union Bank of India, SRF, IHCL, Schaeffler India, Oberoi Realty, Mahindra & Mahindra Financial Services, ZF Commercial Vehicle Control Systems India, Carborundum Universal, Sumitomo Chemical India, IRB Infrastructure Developers, Indiamart Intermesh, Blue Dart Express, Great Eastern Shipping Company, Piramal Pharma, TTK Prestige, Ujjivan Small Finance Bank, Mahanagar Gas, Route Mobile, Intellect Design Arena, City Union Bank, Supreme Petrochem, SBFC Finance, Tamilnad Mercantile Bank, Mahindra Lifespace Developers, Latent View Analytics, Ion Exchange India, Sarda Energy & Minerals, Jubilant Pharmova, Rategain Travel Technologies, Inox Wind, Johnson Controls -Hitachi, Goodyear India, Inox Wind Energy, MPS, Astec Lifesciences, Shalby, Indostar Capital Finance, GNA Axles, Satin Creditcare Network, Dwarikesh Sugar Industries, Welspun Specialty Solutions, PTC India Financial Services, Novartis India, NACL Industries, Shree Digvijay Cement, Monarch Networth Capital, Ritesh Properties & Industries, Heubach Colorantsindia.
Earnings Post Market Hours
Vodafone Idea Q2 FY24 (Consolidated, QoQ)
Revenue is up 0.57% at Rs 10,716.3 crore vs. Rs 10,655.5 crore.
Ebitda up 3.02% at Rs 4,282.8 crore vs. Rs 4,157 crore.
Ebitda margin at 39.96% vs. 39.01%
Net loss at Rs 8,737.9 crore vs. loss of Rs 7,840 crore
ARPU is up 2.2% at Rs 142 vs. Rs 139.
Colgate Palmolive India Q2 FY24 (Consolidated, YoY)
Revenue is up 6.02% at Rs 1,471.09 crore vs. Rs 1,387.48 crore.
Ebitda up 18.17% at Rs 482.13 crore vs. Rs 407.99 crore.
Ebitda margin at 32.77% vs. 29.4%
Reported PAT is up 22.31% at Rs 340.05 crore vs. Rs 278.02 crore.
Dixon Technologies Q2 FY24 (Consolidated, YoY)
Revenue is up 27.83% at Rs 4,943.18 crore vs. Rs 3,866.77 crore.
Ebitda up 37.01% at Rs 198.91 crore vs. Rs 145.17 crore.
Ebitda margin at 4.02% vs. 3.75%
Reported PAT is up 46.99% at Rs 113.36 crore vs. Rs 77.12 crore.
Laxmi Organic Industries Q2 FY24 (Consolidated, YoY)
Revenue is up 0.01% at Rs 652.27 crore vs. Rs 652.2 crore.
Ebitda up 36.05% at Rs 38.93 crore vs. Rs 28.62 crore.
Ebitda margin at 5.96% vs. 4.38%
Reported PAT is up 24.24% at Rs 10.71 crore vs. Rs 8.62 crore.
Aditya Birla Sun Life AMC Q2 FY24 (Standalone, YoY)
Total income is up 0.66% at Rs 384.53 crore vs. Rs 381.99 crore.
Reported PAT is down 7.12% at Rs 176.46 crore vs. Rs 189.99 crore.
Railtel Corp. Q2 FY24 (QoQ)
Revenue is up 28.13% at Rs 599.15 crore vs. Rs 467.61 crore.
EBIT is up 106.62% at Rs 77.4 crore vs. Rs 37.46 crore.
EBIT margin at 12.91% vs. 8.01%
Reported PAT is up 77.52% at Rs 68.15 crore vs. Rs 38.39 crore.
Kabra Extrusiontechnik Q2 FY24 (Consolidated, YoY)
Revenue is up 1.3% at Rs 182.387 crore vs. Rs 180.046 crore.
Ebitda down 35.88% at Rs 11.52 crore vs. Rs 17.97 crore.
Ebitda margin at 6.31% vs. 9.98%
Reported PAT is down 40.73% at Rs 5.625 crore vs. Rs 9.491 crore.
AGI Greenpac Q2 FY24 (Consolidated, YoY)
Revenue is up 20.09% at Rs 615.28 crore vs. Rs 512.31 crore.
Ebitda up 58.03% at Rs 134.16 crore vs. Rs 84.88 crore.
Ebitda margin at 21.8% vs. 16.56%
Reported PAT is up 65.36% at Rs 56.14 crore vs. Rs 33.95 crore.
Aavas Financiers Q2 FY24 (Standalone, YoY)
Total income is up 25.9% at Rs 497.44 crore vs. Rs 395.08 crore.
Reported PAT is up 13.94% at Rs 121.72 crore vs. Rs 106.82 crore.
Maharashtra Scooters Q2 FY24 (Consolidated, YoY)
Revenue up 7.03% at Rs 205.92 crore vs. Rs 192.39 crore.
Ebitda up 7.65% at Rs 200.31 crore vs. Rs 186.06 crore.
Ebitda margin at 97.27% vs. 96.7%
Reported PAT is up 4.05% at Rs 197.73 crore vs. Rs 190.03 crore.
Ugro Capital Q2 FY24 (YoY)
Revenue up 63.32% at Rs 253.63 crore vs. Rs 155.29 crore.
Reported PAT is up 448.19% at Rs 28.89 crore vs. Rs 5.27 crore.
Prudent Corporate Advisory Services Q2 FY24 (Standalone, YoY)
Total income is up 24.84% at Rs 160.34 crore vs. Rs 128.43 crore.
Reported PAT is up 25.59% at Rs 23.31 crore vs. Rs 18.56 crore.
NLC India Q2 FY24 (Consolidated, YoY)
Revenue down 14.67% at Rs 2,977.53 crore vs. Rs 3,489.28 crore.
Ebitda down 29.24% at Rs 834.56 crore vs. Rs 1179.27 crore.
Ebitda margin at 28.02% vs. 33.79%
Reported PAT is up 160.39% at Rs 1,085.93 crore vs. Rs 417.03 crore.
Venus Pipes And Tubes Q2 FY24 (YoY)
Revenue up 51.38% at Rs 191.35 crore vs. Rs 126.4 crore.
Ebitda up 123.53% at Rs 34.67 crore vs. Rs 15.51 crore.
Ebitda margin at 18.11% vs. 12.27%
Reported PAT is up 94.89% at Rs 20.25 crore vs. Rs 10.39 crore.
Sadhana Nitrochem Q2 FY24 (Consolidated, YoY)
Revenue up 15% at Rs 42.01 crore vs. Rs 36.53 crore.
Ebitda up 196.91% at Rs 12.53 crore vs. Rs 4.22 crore.
Ebitda margin at 29.82% vs. 11.55%
Reported PAT at Rs 2.57 crore vs. loss of Rs 0.37 crore
Quick Heal Technologies Q2 FY24 (Consolidated, QoQ)
Revenue up 52.33% at Rs 78.36 crore vs. Rs 51.44 crore.
EBIT at Rs 7.72 crore vs. EBIT loss of Rs 18.01 crore
Net profit at Rs 12.9 crore vs. loss of Rs 12.76 crore
GIFT Nifty Signals A Higher Open For The Benchmarks
Asian equities were poised for a mixed open Friday as big tech stocks on Wall Street rallied in trade following good earnings. US share futures advanced, according to a Bloomberg report.
Brent crude rose to $88.38 a barrel, and West Texas Intermediate was trading around the $83.63 mark. The yield on the 10-year U.S. bond was trading at 4.86%, whereas Bitcoin was above the $34,000 level.
At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was trading up 0.42% at 18,992.5.
India's benchmark stock indices fell for the sixth consecutive day on Thursday, given the geopolitical uncertainties stemming from the Israel-Hamas war and the resultant rise in crude prices coupled with higher-for-longer U.S. rates.
The headline indices logged the longest stretch of losses in over seven months. The Sensex has fallen 4.94% in the last six sessions, and it was down 7% from its life high scaled on Sept. 15. The Nifty slipped 4.82% in six days and was down 6.8% from its all-time high.
The S&P BSE Sensex closed 900 points, or 1.41%, lower at 63,148.15, while the NSE Nifty 50 fell 265 points, or 1.39%, to end at 18,857.25.
Indian markets recorded the biggest single-day equity selloff of the year by overseas investors as global concerns continue to roil stocks.
Foreign portfolio investors offloaded stocks worth Rs 7,702.5 crore on Thursday, the most so far this year, according to provisional data from the NSE. Domestic institutional investors turned net buyers and mopped up equities worth Rs 6,558.5 crore.
The Indian rupee weakened 4 paise to close at 83.23 against the U.S. dollar on Thursday.
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