Stock Market Today: Nifty, Sensex Fall For Second Consecutive Week; HCLTech, Infosys Top Weekly Losers
Nifty and Sensex snap three day gaining streak to close lower.
Intraday, both Nifty and Sensex had fallen over 0.90% each.
Nifty ends 0.47% or 108.60 points down at 23,203.20.
Sensex ends 0.55% or 423.49 points lower at 76,619.33.
Broader indices were mixed. Nifty Midcap 100 ended 0.23% up; Nifty Smallcap 250 closed 0.04% lower.
Most sectoral indices rose with Nifty Oil and Gas rising the most.
BPCL and Reliance Industries were top Nifty gainers.
Infosys and Axis Bank fell the most.
Investec initiates coverage on Aurobindo Pharma with a 'Buy'
The brokerage gave a target price to Rs 1930, which implied a 66% potential upside
Better days ahead
Recent fall is unwarranted, P/E discount to peers at 50% from 30-35%
Auro has highest contribution from exports among Indian Pharma
Depreciating INR scenario should benefit
Upcoming PenG ramp up, normalising Eugia sales and a stable / improving US Gx pricing would lead to improving mix
See margin expansion going forward.
H2FY5 is expected to be better than H1FY25 and would aid re-rating
MobiKwik finds tier-II, tier-III merchants are underserved
MobiKwik plans to distribute financial products to small merchants
Just added Piramal Finance for distribution of loan products will help in company’s growth
Added 6 million users in this quarter
Distribution of products is seeing slowdown in line with macro environment
MobiKwik was not aggressive in merchant acquisition side but now we have started scaling
MobiKwik are adding 2 lakh new merchants every quarter
Govt must look at making ESOP tax simpler in the upcoming Budget
Source: Upasana Taku, Cofounder and CFO Mobikwik
Maruti Suzuki unveils its first electric SUV - eVITARA on Friday.
Over 1 million shares of NMDC were traded via a block deal on Friday. The share of NMDC rose as much as 0.11% to Rs 65.77 apiece.
Maruti Suzuki has invested Rs 2,100 crore for manufacturing eVitara in India said Hisashi Takeuchi, managing director and chief executive officer at Maruti Suzuki.
eVitara is built on a skateboard architecture called Heartech platform, he added.
India is the global manufacturing hub for eVitara and the production will start in a few months, with exports to more than 100 countries.
Ganesh Housing Q3 Highlights (YoY)
Net Profit up 60% at Rs 161 crore versus Rs 101 crore.
Revenue up 41.7% at Rs 257 crore versus Rs 181 crore.
Ebitda up 54.4% at Rs 211 crore versus Rs 137 crore.
Margin at 82.1% versus 75.3%
Indian equities were trading lower with Nifty falling 0.30% lower at 23,242.50 and Sensex trading 301 points lower at 76,741.73.
Intraday, both Nifty and Sensex fell over 0.91%.
Nifty fell 0.91% or 211.45 points at 23,100.35.
Sensex fell 1.01% or 779.53 points to 76,263.29.
Broader indices were mixed. Nifty Midcap rose 0.09%; Nifty Smallcap was trading 0.32% lower.
Most sectoral indices advance, led by Nifty Oil and Gas.
Nifty Bank fell 1.56%, Nifty IT was down 2.37%.
BPCL, Reliance Industries and Nestle were top Nifty gainers.
Infosys, Axis Bank and Kotak Mahindra were top Nifty losers.
Over 1.35 million shares of HDFC Bank were traded via a block deal on Friday. The share of HDFC Bank fell as much as 0.96% to Rs 1,636 apiece.
Youth increase in middle class, urbanisation, make in India will push auto sector, said Prime Minister Narendra Modi. He further added that the World is looking at India with hope for the future of mobility.
He also pointed out that India sells more cars than the population of many countries. This indicated ramp-up in demand.
Ratan Tata & Osamu Suzuki played a huge role in making the dreams of middle class come true, he said.
Havells expects higher expenses on account of product expansion, the company said during the con call on Friday. The company added that the margins are to be in the range of 12%-14%.
The company added that the volume growth in cables and wires was flat.
Read full story here.
BofA on Friday hiked Dr Reddy's target price to Rs 1,620 with a 25% upside. The firm has however maintained a buy rating. The hike comes due to visibility in earnings.
In the note BofA also said that Dr Reddy's is among their top picks.
Read full story here.
Garware Hi‐Tech on Friday introduced dynamic initiatives aimed at reshaping automotive protection in India.
Source: Exchange filing
Startups are now creating about 20 lakh jobs in the country, said Jyotiraditya Scindia, Minister of Communications.
He further said that e-commerce industry will go to about $320 Billion by 2030.
Source: COAI Digicom Summit
"Fintechs are giving the last mile financing in India today," said Sanjay Nayar, Founder Sorion Investments.
He further added that fintechs are using all sorts of alternative data, sources.
Source: COAI Digicom Summit
"We have $18-20 billion private equity coming in startups," said Sanjay Nayar, Founder Sorion Investments.
He further said that the focus is to bring startups in Indian GDP growth and listing startups is not enough.
Need local pools of capital from AIFs.
Source: COAI Digicom Summit
"In the years to come, Indian telecom sector will be critical for the world’s growth," Jyotiraditya Scindia, Minister of Communications.
He said that India's telecom sector was like a buffering video-full of great content, but with long pauses. However, that has changed in the last decade and India is setting the pace today.
Telecom is now an instrumental sector for our nation’s growth, contributing to about 7% of our GDP, said Scindia.
"Capital today has become fungible, it is human resource and ideas that truly bring paradigm shifts in our lives," added Scindia.
He further said that telecom has become embedded like a chip in terms of gearing up productivity.
Source: COAI Digicom Summit
"While 4G&5G are guiding the technology now, we must not loose sight of 6G, AI, IoT for the future," Abhijit Kishore, COO, Vodafone Idea & COAI Chairperson said on Friday.
Kishore said that the industry is transforming India into a hub of innovation and technology.
He also said that the company's Viksit Bharat mission is a socio economic one.
Source: COAI Digicom Summit
The telecom industry has made significant investments, Rahul Vatts, CRO, Bharti Airtel said on Friday. He also added that trust and safety remain one of the key pillars of the industry and both DoT and TRAI have enabled several frameworks to build consumer trust.
The Indian telecom industry has become a critical enabler of the digital economy, said Vatts
Source: COAI Digicom Summit
CE Info Systems has entered a collaboration with Qualcomm to accelerate make in India solutions for automotive.
Source: Exchange Filing.
Over 6.9 million shares of Go Digit General were traded via a block deal on Friday. The share of GMR Airports rose as much as 1.54% to Rs 296.35 apiece.
At pre-open, the NSE Nifty 50 was trading 34.70 points or 0.12% lower at 23,277.10. The BSE Sensex was 92.67 points or 0.12% higher at 77,135.49.
Rupee opened flat at 86.56 against the US Dollar. It closed at 86.55 on Wednesday.
Source: Bloomberg
The dollar index is 0.03% higher at 108.97. Brent crude is up 0.36% to $81.58.
Read full story here.
Infosys Q3 Review: Multiple Target Hikes On Being 'Top IT Revival Play'
The US Dollar index is up 0.03% at 108.97.
Euro was up 0.01% at 1.0303
Pound was up 0.02% at 0.8174
Yen was up 0.07% at 155.42
US markets saw a downward trend on Thursday, with the S&P 500 slipping 0.21% to close at 5,937.34. The Dow Jones declined 0.16% to 43,153.13 and the Nasdaq Composite dropped 0.89% to 19,338.29.
S&P 500 futures edged lower by 0.03% and Dow Jones futures was flat. Meanwhile, Nasdaq futures eased by 0.08%.
In Asia-Pacific, stocks were mixed. Japan's Nikkei 225 was down 0.9%, while Australia's S&P/ASX 200 was 0.2% higher. South Korea's Kospi slipped 0.22%.
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