Shares of Rail Vikas rose over about 6.4%, after company won a project in Maldives
Total traded quantity is 2.1 times the 30-day average. The relative index of the stock is 75 suggesting that it might be overbought.
Of the two analysts tracking the company, all maintain a 'buy'. The potential downside is 17.1%.
The project is named Development of UTF (Uthuru Thila Falhu- Island) Harbour, according to stock exchange filing. The estimated cost of the project is Rs 1544.6 crore.
Source: Bloomberg, Exchange filings
Nifty 50 gained gained 1.83% to hit a 52-week high of 18,357.70.
Shares of IPCA Labs fell 5.5% to Rs 839.45 after the company's second quarter profit missed estimates.
Of the 24 analysts tracking the company, 10 maintain 'buy' and eight suggest 'hold', while six recommend 'sell'. The return potential of the stock implies an upside of 16.9%.
IPCA Laboratories Q2 FY2023 (Consolidated, YoY)
Revenue up 4% at Rs 1,601 crore Vs Rs 1,544 crore (Bloomberg Estimate: Rs 1,655 crore)
Net profit down 42% to Rs 144 crore Vs Rs 250 crore (Bloomberg Estimate: Rs 218 crore Profit)
EBITDA down 29% to Rs 261 crore from Rs 366 crore (Bloomberg Estimate: Rs 337 crore Profit)
Margins at 16.3% Vs 23.7% (Bloomberg Estimate: 20.4%)
Source: Bloomberg, NSE, Exchange filings
Shares of MedPlus Health Services gained 0.6% to RS 582.35 after its second quarter net profit fell.
Of the eight analysts tracking the company, seven maintain 'buy' and one suggests 'hold', while none recommend 'sell'. The return potential of the stock implies an upside of 52.7%.
MedPlus Health Services Q2FY2023 (Consolidated, YoY)
Revenue up 21% at Rs 1,121 crore Vs 925 crore
Net profit down 68% to Rs 7 crore Vs Rs 20 crore
EBITDA at Rs 60 crore Vs Rs 62 crore, down 4%
Margins at 5.3% vs 6.7%
Source: NSE, Exchange filings
India’s GDP is forecasted to grow to 7% from 7.7% for 2022.
The downward revision assumes higher inflation, high interest rates and slowing global growth will dampen economic momentum by more than previously expected.
Source: Moody’s Investors Service
The broader indices underperformed their larger peers with MidCap and SmallCap gaining over 0.43% and 0.52%, respectively. While LargeCap almost mirrored its large peers gaining 1.63%.
Eighteen of the 20 sectoral measures complied by BSE advanced with BSE Information & Technology, gaining over 3%.
The market breadth is skewed in the favour of bulls. About 1,946 stocks rose, 1,413 fell and 132 remained unchanged.
October Automobile Dispatches to Dealerships:
Passenger vehicle sales rose 28.6% to 291,113 units vs 226,353
Two-wheeler sales rose 1.6% to 15.78 lakh units vs 15.53 lakh
Three-wheeler sales jumped 70% to 54,154 units vs 31,812
Source: SIAM
Shares of DCX Systems listed at Rs 289.10 per share on the BSE, a premium of 39.66% to its IPO price of Rs 207.
On the NSE, the stock listed at Rs 289.80 a 40.00% premium.
Its IPO was subscribed 69.97 times.
Source: BSE, NSE
Shock Rally Sweeps Markets In Rebuke To Overconfident Bears
US Tech Billionaires Enjoy Best Day on Record After Brutal 2022
Asian Markets To Jump In ‘Sympathy Rally’ As Inflation Eases
Yield on the 10-year bond fell 10 bps to 7.24% in early trade.
Source: Bloomberg
Dollar Suffers Biggest Plunge Since 2009 as CPI Smacks Fed Bets
U.S. Dollar Index at 109.2
U.S. 10-year bond yield at 3.81% on Thursday
Brent crude up 0.15% to $93.81 per barrel
Nymex crude at $86.71 per barrel
SGX Nifty up 1.8% to 18,422.5 as of 6:46 a.m.
Bitcoin fell 1.15% to $17,602.1.
For the full list of earnings to watch, click here.
Mahindra & Mahindra: Peugeot Motorcycles will cease to be a subsidiary of Mahindra Two Wheelers Europe Holdings, a wholly owned subsidiary of the company.
Adani Green Energy: The company appointed Phuntsok Wangyal as chief financial officer with effect from Nov. 11, after the resignation of Kaushal Shah from the office.
Adani Power: The company will sell its entire stake in its wholly owned subsidiary Support Properties to AdaniConnex for Rs 1,556 crore.
Sunteck Realty: The board has approved amalgamation of subsidiary Starlight Systems (I) into the company.
SJVN: The company secured 83 MW floating solar project in Madhya Pradesh from REWA Ultra Mega Solar Ltd. at Rs 3.70 per unit on build-own-and-operate basis.
Trent: The company will raise Rs 600 crore through commercial papers for its working capital requirements.
Reliance Industries: Reliance Jio, the telecom arm of the company, launched 5G beta services in Bengaluru and Hyderabad.
Bank of Baroda: The bank increased interest rates across MCLR tenors in the range of 10-15 basis points, effective Nov. 12.
Alkem Laboratories: The company received Form 483 with three observations from U.S. FDA for its manufacturing facility located in St. Louis after a pre-approval inspection Oct. 31 to Nov. 9.
Tata Motors Bets Big On EV Disruption Strategy To Drive Growth
Stocks Surge In Asia To Extend Post-CPI Rally: Markets Wrap