Share Market Highlights 01 November 2023: Indices extend losses; Sensex sheds 283 pts, Nifty ends below 19k

After showing weakness from the swing highs of 19200 levels on Tuesday, Nifty continued to show weak trend amidst range bound movement on Wednesday and closed the day lower by 90 points.

After opening with a weak note, the market has shifted into a gradual decline with range bound action for better part of the session. Intraday upside recovery in between has been used to create fresh shorts.

The short-term trend of Nifty continues to be weak. The Nifty is expected to slide down to the lower support of 18850 levels (200 day EMA) once again before showing another round of upside bounce from the lows. Any intra-week upmove from here could encounter resistance around 19100 levels.

The Indian rupee dropped to a record low against the US dollar on Thursday, pressured by elevated US Treasury yields and weakness among its Asian peers.

The rupee fell to a low of 83.2950, slipping past its previous lifetime low of 83.29 hit in October last year.

The Indian central bank has consistently been selling dollars to slow the rupee’s decline, traders said. Read more.

Equity benchmark indices Sensex and Nifty declined for the second day in a row on Wednesday amid unabated foreign fund outflows. Investors preferred to remain on the sidelines ahead of the US Federal Reserve’s interest rate decision, traders said. The 30-share BSE Sensex declined 283.60 points or 0.44 per cent to settle at 63,591.33. During the day, it fell 324.47 points or 0.50 per cent to 63,550.46. The Nifty went down by 90.45 points or 0.47 per cent to 18,989.15. Read more.

Orchid Pharma has commissioned a new block of sterile plant. The new plant will add approx 50-75 tons per annum in injectable capacity. The company’s shares were up 3.54% to ₹ 491.00 at 3:24 PM.

Mid-tier IT firm Birlasoft reported a 5.5 per cent sequential rise in net profit at ₹145.1 crore. On a year-on-year(YoY) basis, profits rose by 26.1 per cent

Revenue from operations stood at ₹1309.9 crore, a 3.7 per cent rise on a quarter-on-quarter(QoQ) basis, and 9.9 per cent on YoY basis. EBITDA margin expanded 52 bps on a QoQ basis to 15.8 per cent and 111 bps on YoY basis.

Growth during Q2 was driven by BFSI and Manufacturing among verticals, and by emerging tech among service lines, said the company. Signed deals of TCV stood at $271 million during the quarter with TCV new deal wins of $167 million and renewals of $105 million. The active client count was 278 in the quarter.

TVS Motors reported the highest-ever monthly Oct auto sales at 4,34,714 units against 3,60,288 units in the same month last year, up 21%. The company reported sales of 4,02,553 units in the previous month.

Mahindra Finance today announced a strategic co-lending partnership with State Bank of India (SBI), India’s largest public sector bank. The co-lending model is designed to harness the distribution strength of Non-Banking Financial Companies (NBFCs) and the cost-efficient capital of banks, ensuring wider outreach and better interest rates for customers.

The partnership was launched by Ramesh Iyer, VC & MD, Mahindra Finance & the Dy Managing Director, SBI in the presence of Raul Rebello, MD & CEO – Designate, Mahindra Finance & the CGM (SME) from SBI.

VST Tillers Tractors Ltd reported total tractor sales of 289 units in Oct as compared with 535 units in the previous month. The company posted total power tillers sales of 1220 units as compared with 2092 units in the previous month.

The company’s shares were down 2.25% to ₹3,459 at 2:30 PM on the BSE.

PMS Bazaar said that the PMS & AIF industry can grow to Rs 43.64 lakh crore by 2028. It added that there is also potential to grow beyond USD 300 billion

India’s International Financial Services Centre (IFSC) at Gift City has played a pivotal role in this growth narrative.

The industry has witnessed an exceptional CAGR of 26%, with AUM reaching a staggering Rs 13.73 lakh crore as of June FY24.

This growth rate is more than double that of the mutual fund industry, which recorded a CAGR of 13%.

PMS Bazaar expects alternative assets to emerge as powerful tools of wealth creation in the next 10 years.

Both the NSE Nifty and BSE Sensex continued their fall on Wednesday. NSE Nifty was down by 0.20 per cent or 39.05 points to 19,040, while the BSE Sensex was at 63,639 down by 0.37 per cent or 235 points at 1 pm.

Top gainers on the BSE include Idea, Cressanpp, Jpassociat, Bbtc, Rtnindia with gains ranging from 10 per cent to 6 per cent. Top losers from BSE include Jindalstel, Carerating, Niitltd, Starhealth, Dcmshriram with losses ranging from 6 per cent to 4 per cent.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “With the ground war in Gaza intensifying, the uncertainty surrounding the West Asian crisis is at its peak. Now we don’t know how and when this war will end and what the consequences will be. Therefore, investors should continue with a cautious strategy.”

Noida-based Creative Graphics Solutions files DRHP with NSE Emerge. The issue size comprises a fresh issue of 64,00,000 equity shares with a face value of Rs. 10 each.

The company will allocate its net proceeds from the issue to invest in its subsidiary Wahren India Private Limited to meet its working capital requirements and finance inorganic growth through unidentified acquisitions.

Engaged in the manufacturing of flexographic printing plates and packaging solutions for the pharmaceutical industry; operates seven manufacturing plants in India.

Corporate Capital Ventures is the Book Running Lead Manager of the Issue, while Bighsare Services Private Limited is the Registrar of the Issue.

Lead futures (November contract) on the Multi Commodity Exchange (MCX) has been declining since early September. By then, it faced resistance at ₹192 against which it fell. On Tuesday, it closed at ₹185.30.

“Despite weak market mood, Blue Jet Healthcare listing was better than street expectations. We believe the listing premium is justified considering its niche product portfolio. While we continue to advise conservative allotted investors to look to book decent profits on listing day while those who wish to buy more should wait and watch the market to settle considering decent long term industry rationales.”

“This development follows the remark made by the Finance Minister in September permitting Indian companies to undertake a direct “foreign listing” in IFSCs particularly in GIFT City. This will hopefully pave the way for Indian companies to list on other overseas exchanges as well. There are several advantages to for companies who want to directly list overseas which include attracting a larger and diverse pool of capital, improving corporate governance as well as benefits of dollar denominated trades which enables investors to save hedging and currency conversion costs. This should also help the Govt’s plan to reverse flip holding structures of Indian companies as well. Notification from the MCA is now awaited for the class of securities that public companies will be permitted to issue in permitted foreign jurisdictions.” -- Abhimanyu Bhattacharya, Partner at Khaitan & Co.

​Tata Motors ​- Domestic sales of commercial vehicles in October 2023, including trucks and buses, stood at 15,211 units, compared to 13,251 units in October 2022.

Total sales for commercial vehicles, domestic & international business, in October 2023, including trucks and buses, stood at 16,048 units compared to 13,940 units in October 2022.

Hyundai Motor India (HMIL) reported a 15% year-on-year growth in domestic wholesales, reaching 55,128 units in October, along with a 36% increase in exports. Mahindra & Mahindra (M&M) saw a 32% YoY growth in overall auto sales, with the highest-ever sales in both SUVs and commercial vehicles (CVs). Toyota Kirloskar Motor (TKM) noted a strong 66% YoY sales increase, while MG Motor India achieved a 17% YoY rise in retail sales for October.

Nifty Auto index is currently trading slightly weaker at 15,895.10 points, down 0.13 per cent

The Reserve Bank of India (RBI) wants to ensure that the strong financial performance of banks and non-banking finance companies (NBFCs) does not camouflage certain basic governance deficiencies, said Governor Shaktikanta Das.

He observed that the financial numbers of the Indian banking and NBFCs (top 25 NBFCs, which represent 75-80 per cent of this sector) sectors at the moment are healthy and robust at the aggregate as well as at the individual entity level.

Bank of Baroda’s digital lending business head Akhil Handa has quit, days after the Reserve Bank of India barred the state-owned lender from onboarding fresh customers on its mobile application ‘bob World’.

In a late-night regulatory filing, Bank of Baroda (BoB) on Tuesday informed about the cessation of employment of Akhil Handa.

BoB announced the appointment of Kadgatoor Sheetal Venkatesmurt as head of Digital Channels and Operations and Digital Lending Business. Prior to this, she was the head of Digital Channels and Operations.

Manufacturing showed slightly subdued performance in October as the Purchasing Managers’ Index (PMI) slipped to 55.5 in October as against 57.5 in September, a report released by S&P Global Market Intelligence on Wednesday showed. Additionally, not all companies are going for fresh hiring. Read more

Venus Remedies Ltd. was recognised with FICCI Healthcare Award 2023 in the Excellence in Patient Safety and Care” category. The award acknowledges Venus’s ‘Organ-on-a-Chip’ research model, a development at the Venus Medicine Research Centre (VMRC). The company underwent an evaluation process, maintained by the Federation of Indian Chambers of Commerce and Industry (FICCI) in identifying contributions in patient care and safety.

As artificial intelligence and Large Language Models (LLMs) engulf sector after sector, the demand for people with AI skills has gone up significantly – far more than what we are assuming.

According to a first-of-its-kind survey by ServiceNow, the country would need to upskill or reskill 1.62 crore workers in AI and automation to meet India’s skill deficit. The country also requires 4.7 million new jobs in the technology space alone as it needs to upskill the existing IT workforce of 4.6 million professionals by 2027.

Cyient DLM business has 20 per cent revenue exposure to Israel: Cyient MD and Executive V-P Krishna Bodanapu says the DLM arm of the company has a revenue of exposure to Israel.

“On the Cyient DET business, we do not have much business in Israel. About 20% of DLM our revenue and 20% of our supply chain comes from companies in Israel. So, there is a bit of dependency,” he says.

“The first concern that we had was the safety of our employees, not that we have many, but we have a few in Israel in the DLM business. Everybody is safe. Israel is actually a very resilient country. There is going to be significant disruption in what we do in Israel,” he said in the earngs call.

IMD in its latest forecast has predicted the influence of El Nino on monsoon will diminish from 2024.

While 2023 saw ‘below normal’ rains and agricultural challenges, the prediction for 2024 hints at a shift from El Nino’s grip towards neutral conditions, offering hope for improved weather and agricultural outcomes.

This transition is supported by both the IMD and the World Bank, with signs of weakening El Nino. While weather patterns in November may vary, there is an overall sense of optimism for the year ahead.

The current weather models indicate a potential weakening of El Niño from April onwards, potentially transitioning into ‘neutral’ conditions.

The World Bank, in its Global Commodity Markets Outlook, also supported the notion that El Nino is anticipated to weaken by the spring of 2024, with a shift toward neutral conditions of the El Nino Southern Oscillation (ENSO) weather event likely from May to July 2024. This aligns with the IMD’s observations of a potential transition to neutral conditions by April 2024.

Karthik Natarajan, CEO and ED of Cyient Limited, in the earnings call: On the fiscal ‘24 guidance, we are keeping our 15% to 20% guidance that we have given earlier with the commentary that we expect it to be around the lower end of the range and EBIT margins we have guided about 150-250 basis points improvement as compared to fiscal ‘23 and we are holding on to the same numbers.

Indian benchmark indices, namely the Sensex and Nifty, experienced a decline on Wednesday, primarily influenced by weakness in the metals sector attributed to discouraging economic data from China. Additionally, apprehension loomed ahead of the U.S. Federal Reserve’s impending policy decision.

Around noon, the NSE Nifty 50 index exhibited a 0.20% decrease, settling at 19,041.70, while the S&P BSE Sensex also recorded a 0.20% decline, reaching 63,747.88.

With the exception of Nifty Realty and Nifty Oil & Gas, most other sectors displayed subdued or declining trading patterns. The metals sector, in particular, experienced a 0.53% decline following reports of diminished factory activity in China, a significant consumer of metals. Notable losers in this segment included JSW Steel and APL Apollo.

IT stocks remained relatively stagnant throughout the day, after enduring nearly a 4% drop the previous month due to underwhelming results from major companies and concerns regarding sustained high interest rates in the United States, a pivotal market.

The Cotton Association of India has predicted the lowest cotton output in 15 years for the 2023-24 season, with El Nino impact and reduced cultivation area affecting yields.

This decline prompts a surge in cotton imports to meet domestic demand, leaving a surplus of 35 lakh bales and leading to a projected 14 lakh bales in exports.

Regional variations highlight challenges in key cotton-producing zones, emphasizing the significance of this crop crisis.

The CAI projects the cotton output for the 2023-24 season at 295.10 lakh bales, the lowest in 15 years, attributing the decline to the impact of El Nino and a 5.5 per cent reduction in cotton cultivation area.

Unfavorable weather conditions are expected to reduce yields by 5-20 per cent across different cotton-producing states, affecting the overall output.

CAI plans to reassess the situation in its upcoming meeting scheduled for November 15, allowing a re-evaluation of the crop estimates.

The total domestic demand is estimated at 311 lakh bales, leaving a surplus of 35 lakh bales. CAI foresees exports of 14 lakh bales, down from the previous year’s 15.50 lakh bales.

The Nifty Realty index has shown a notable increase of more than 1.35%, reaching a trading level of 610.60. Among the individual stocks within this sector, both DLF and Swan Energy registered gains of over 2%.

Nifty 50: Bearish bias; short futures at 19,130; SL 19,230; TP 19,000. Mid/Small-cap stocks draw investor interest. Asia markets positive.

As of 11 am, the NSE saw trading activity in approximately 2,327 stocks, with 1,268 stocks advancing, 946 declining, and 113 remaining unchanged. During this period, 46 stocks reached their 52-week highs, while 14 reached their 52-week lows. Additionally, around 81 stocks hit their upper circuit limits, while 32 stocks touched their lower circuit limits.

IRB Infrastructure Developers-sponsored IRB Infrastructure Trust has successfully completed the major refinancing exercise for its five BOT Assets amounting to a total of Rs Rs 6,400 crore. This will result in savings in interest rate of 110 basis points and Rs 1000 crore savings in debt amortisation over a perios od five years. “The saving thus achieved will improve the free cashflows for distribution from Private InvIT to IRB and GIC in ratio of 51:49 on regular basis,” the company said.

IRB’s shares are flat at Rs 33.35 on the NSE.

Five-Star Business Finance Ltd, a non-banking finance company, has reported a profit after tax (PAT) of ₹199 crore for the quarter ended September 30, 2023, up 38% Y-o-Y and 9% Q-o-Q.

For the first half of this fiscal, PAT grew 35 per cent at ₹383 crore (₹284 crore in H1 of FY23).

Disbursements for the September 2023 quarter stood at ₹1,204 crore, up 50% Y-o-Y and 6% Q-o-Q, while for the H1 of FY24, disbursements grew a whopping 70 per cent at ₹2,336 crore (₹1,371 crore in H1FY23), according to a statement. Read more.

Tata Steel’s net profit may decline 71 per cent year-on-year to Rs 441 crore in the September quarter due to weak Europe operations, according to analysts tracking the company.

Revenues may fall 6 per cent to Rs 55,982 crore.

“Tata Steel Q2 performance is expected to be weakest among peers due to further drag on TSE Ebitda losses,” said a Prabhudas Lilladher note.

Consolidated production fell 3.2 per cent year-on-year to 7.26 million tonne in Q2 of FY24, led by a 17 per cent year-on-year drop in Europe production.

Indian operations, on the other hand, are expected to remain robust, led by lower coking coal costs partly offset by lower realizations, according to Kotak Institutional Equities. Tata Steel India’s production rose 3.9 per cent year-on-year to 4.99 million tonne while deliveries fell 1.8 per cent to 4.82 million tonne.

Kotak Institutional Equities estimates a 78 per cent year-on-year growth Ebitda per tonne for India operations at Rs 14,481 per tonne and a Ebitda loss per tonne of $142 per tonne for Europe operations.

Tata Steel announced a £1.25 billion investment with the UK government in September. The investment includes a £500 million grant by the UK government for setting up a 3 million tonne electric arc furnace in Tata Steel’s Port Talbot facility. The steel maker will invest the remainder of the £750 million.

ICICI Securities anticipates a modest increase in EBITDA for the India operations. However, they expect losses at the Tata Steel European level to grow due to negative price-cost effects and blast furnace re-lining costs at Ijmuiden. Tata Steel Long Product is likely to report lower EBITDA due to a significant decline in long steel prices in Q2FY24.

The rupee depreciated 3 paise to 83.27 against the US dollar in the morning session on Wednesday, November 1, 2023 tracking a strong American currency overseas and muted trend in domestic equities.

Persistent foreign fund outflows also weighed on the local unit, forex traders said.

At the interbank foreign exchange, the rupee opened at 83.26 against the dollar. It touched a low of 83.27 in initial deals, registering a fall of 3 paise over its previous close. Read more.

Rattanindia Enterprises Ltd.’s shares were up by 8.80 per cent after the company’s Throttle Aerospace Systems (TAS) secured type-certification from the Directorate General of Civil Aviation (DGCA) for its multipurpose drone, DOPO. The drone, classified as ‘Small’ and weighing less than five kilograms, is designed for applications in Survey, Mapping, Inspection, Agriculture, Surveillance, and Disaster Management. Read more.

Ernst & Young said in a report that India has emerged as the global leader in the number of IPOs year-to-date in 2023. The third quarter of 2023 saw a staggering 21 IPOs in the Indian main market, compared to just four in the same quarter of 2022. The proceeds raised during Q3 2023 amounted to US$ 1,770 million, a significant increase of 376% compared to US$ 372 million in Q3 2022. This represents a remarkable 425% increase in the number of deals. The Small and Medium Enterprises (SME) segment also recorded significant success by raising US$ 165.76 million via 48 IPOs in Q3 2023.

Mahindra & Mahindra announced that its overall auto sales for the month of October 2023 stood at 80,679 vehicles, a growth of 32%, including exports.

In the Utility Vehicles segment, Mahindra recorded the highest sales for the fourth consecutive month. In October, the company sold 43,708 vehicles in the domestic market, a growth of 36% and overall, 44,264 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 25,715 units, also the highest-ever.

The Stock is up 1.1% on the NSE.

M&M sold 50,460 tractors in October as against 51,994 units for the same period last year. Exports for the month stood at 1,124 units.

Domestic tractor sales in October 2023 were at 49,336 units, as against 50,539 units during October 2022. Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra said, “We have sold 49,336 tractors in the domestic market during October 2023. Higher aggregate kharif production, higher MSP for key Rabi crops and government’s continued support to the agri economy in H2 of this year, are leading to positive sentiments among farmers during the on-going festive season, supporting tractor demand.”

Equity benchmark indices declined in early trade on Wednesday due to weakness in banking, financial, and metal stocks amid unabated foreign fund outflows.

Investors preferred to remain on the sidelines ahead of the US Federal Reserve’s interest rate decision, traders said.

The BSE Sensex declined 193.99 points to 63,680.94. The Nifty slipped 47 points to 19,032.60.

Among the Sensex firms, JSW Steel, Bharti Airtel, Kotak Mahindra Bank, HDFC Bank, Asian Paints, Tata Steel, Power Grid and Nestle were the major laggards.

Mahindra & Mahindra, Wipro, HCL Technologies, Bajaj Finserv and Tata Motors were the major gainers. Read more.

Despite positive global indicators, India’s Sensex and Nifty are trading with a weak performance. As of 10 a.m., the Sensex declined by 131.77 points to reach 63,743.16, while the Nifty dropped 32.55 points to 19,047.05.

Jindal Steel & Power has seen a roughly 6.6% decrease in its share price following several brokerage firms reducing the stock’s target price. On the other hand, Vodafone Idea’s stock has surged by almost 6%, making it the leading gainer on the Nifty200 index.

Prabhidas Lilladher has cut the EPS estimate of ​VIP Industries​ for FY24, FY25 and FY26 by 21%, 7% and 2% respectively and downgraded the stock to ‘hold’ due to the company’s weak performance in the second quarter of FY24. The company’s financials were hit by higher advertising and promotion spends of Rs 56 crore, an additional outgo of Rs 15 crore on freight and warehousing, and a one-time expense of Rs 6 crore relating to a payment made to BCG for fast-tracking its e-commerce channel.

“VIP has been facing considerable growth challenges over the last 2 quarters (top-line growth of 7.0% YoY in 1HFY24) and it remains to be seen whether a change of guard at top-level can bring an end to concerns surrounding erosion in market share,” the broker said.

The target price has been reduced to Rs 689 from Rs 721 earlier

Expect to begin the day on a flat note, with 83.3 and 83.14 remaining the immediate range. Breakout range is seen as 83.4 and 83 a breach of which is required to bring in speed. Inability to float above 83.2 could render the bias weak.

Nifty weekly contract has highest open interest at 19200 for Calls and 19000 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19200 for Calls and 19100 for Puts in weekly and at 19200 for Calls and 19200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 11.94%, increased future index shorts by 1.40% and in index options by 7.77% in Call longs, 2.69% decrease in Call short, 1.53% increase in Put longs and 16.83% decrease in Put shorts.

The pull back that ensued after coming close to the 19250 objective, reversed on test of 19070, which was pencilled in yesterday to contain dips yesterday. Favoured view however sees relief to be short lived, leading to extended slide towards 18940. Alternatively, push beyond 19120 could dilute the bearish bias, but it would require a push above 19250 to lend momentum to upside attempts.

“With the ground war in Gaza intensifying, the uncertainty surrounding the West Asian crisis is at its peak. Now we don’t know how and when this war will end and what the consequences will be. Therefore, investors should continue with a cautious strategy.

It is important to understand that equity markets globally are being impacted more by the spike in US bond yields rather than the Israel-Hamas conflict. The US 10-year bond yield above 4.9% will continue to be a major headwind for stock markets, particularly for those in emerging markets. Sustained selling by FIIs is likely to continue weighing on markets.

The crash in Brent crude to $85 is a big positive for India. Aviation, paints and tyre stocks will respond positively to this news.

Investors may watch the trends in high quality large caps like Maruti, ICICI Bank, HDFC Bank, RIL, ITC and L&T, which have come out with good Q2 results. These companies have good earnings visibility and, therefore, will witness substantial institutional buying when normalcy returns.”

State-run Indraprastha Gas (IGL) is expected to report flat operating profits during the July-September quarter in the current financial year due to muted volume growth.

Brokerage Prabhudas Lilladhar in a report earlier this month said that the net profit of city gas distribution (CGD) companies is expected to remain flat on a sequential basis in Q2 FY24 Read more

Bajaj Auto’s total sales in October rose 19% on year to 471,188 units, led by domestic sales that rose 36% to 329,618 units. Two-wheeler sales were up 19% at 408,144 units, while CV sales were up 18% at 63,044 units, of which domestic sales were 51,132, the highest ever, the company said. Total exports fell 7% to 141,570 units. Stock was up over 1% at Rs 5376.35 on the NSE.

Escorts Kubota’s Agri Machinery Business Division in

October 2023 sold 13,205 tractors as against 14,492 tractors sold in October 2022. The company said, “The festive

season this year is delayed and spread across two months; hence October sales were slightly muted compared to last year. November, however, looks positive with key festivals in the first half of the month.” It said that with all macroeconomic factors remain positive it expected the demand momentum to continue for the remaining part of this fiscal.

Domestic tractor sales in October 2023 were at 12,642 tractors as against 13,843 tractors sold in October 2022.

Export tractor sales in October 2023 were at 563 as against 649 tractors sold in October 2022.

Stock is down slightly at Rs 3117.10 on the NSE

Crude oil futures traded higher on Wednesday morning as the market is waiting for the latest policy decision from the US Federal Reserve today. At 9.11 am on Wednesday, January Brent oil futures were at $85.25, up by 0.27 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $81.14, up by 0.15 per cent. November crude oil futures were trading at ₹6768 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6782, down by 0.21 per cent; and December futures were trading at ₹6754 as against the previous close of ₹6764, down by 0.15 per cent.

Prabhudas Lilladher has revised the target price of Larsen & Toubro to Rs 3437 from Rs 3302 earlier, maintaining its ‘buy’ rating on the stock. The revision comes on the back of strong tender prospects of Rs 8.8 lakh crore, better order conversion in the domestic market, significant traction in the hydrocarbon business and more international orders.

Despite positive global cues, India’s key stock indices, the Sensex and Nifty, opened weak on Wednesday. In early trading, the 30-share BSE Sensex dropped up by 176.59 points to reach 63,698.34, while the NSE Nifty fell by 39.70 points to 19,039.90. Notable gainers from the Nifty included BPCL, Apollo Hospitals, Nestle India and IndusInd Bank, while HDFC Bank, JSW Steel, PowerGrid, Tata Steel and TechMahindra were among the underperformers.

Asian stocks displayed gains ranging from 0.3% to 1.6% following the expected decision by the US Federal Reserve to maintain steady interest rates. Market participants remained cautious due to continuous foreign portfolio investment selling, and analysts noted mixed results for Q2 earnings.

Aditi Nayar, Chief Economist at ICRA Ltd, noted that a surge in rainfall resulted in a slowdown of India’s core sector growth in September 2023, marking a four-month low at 8.1%, down from 12.5% in August 2023. While coal output continued to expand, steel and electricity generation showed strong growth. However, cement production decelerated significantly, and crude oil production contracted after a two-month uptick. Nayar expects India’s Index of Industrial Production (IIP) to moderate to high single digits in September 2023, influenced by the core sector’s performance.

Ashwin Ramani, a Derivatives & Technical Analyst at SAMCO Securities, pointed out that the Future Open Interest (OI) showed the accumulation of new short positions in Index futures. The India VIX, an indicator of market fear, rose by 2.9% intraday to 11.83, causing concerns for bullish sentiment. Notably, heavy call writing at 19,200 and 19,300 strike prices led to a significant downward movement in the Nifty index. The 19,060 level acted as strong support, and a break below the maximum call open interest at 19,000 could signal a continuation of the short-term bearish trend. Ramani suggested that monitoring option activity at the 19,100 strike would provide insights into the Nifty’s intraday direction.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, observed that the Nifty index encountered strong resistance after a gap-up opening and failed to surpass the day’s high. The index currently trades within a range of 18,900 to 19,250, with the potential for a breakout in either direction to trigger significant movements. Shah noted that the broader trend remains negative, and a close above 19,300 is needed to indicate a resumption of the uptrend.

The Caixin China General Manufacturing PMI unexpectedly fell to 49.5 in October 3023 from 50.6 in the prior month, missing market forecasts of 50.8. This was the first drop in factory activity since July, highlighting a fragile economic recovery.

Gold prices faced downward pressure amid a strengthening dollar preceding the Federal Reserve’s anticipated decision to maintain interest rates.

Gold prices closed at $1980 an ounce on Wednesday.

Market focus intensifies the Fed’s statement for insights into future rate adjustments. Eurozone data revealed a swift decline in inflation and a contracting economy, potentially impacting gold’s demand during India’s festive peak, according to the World Gold Council.

Upcoming key economic releases encompass: ADP Non-Farm Employment Change, ISM Manufacturing PMI, JOLTS Job Openings, and FOMC Funds Rate in the US.

Vodafone plans to sell its Spanish business to Zegona Communications for 5 billion euros ($5.30 billion), marking the second major deal by its new CEO and an exit from a market that has dragged on performance for years.

Margherita Della Valle, CEO, Vodafone, who has vowed to reshape the UK telecoms group to drive growth, said the sale would enable it to focus on markets with “sustainable structures and sufficient local scale.

GOCOLORS’ (GO’s) Q2 print was in line with Street/our modest expectations, although the company is most likely to outperform other apparel players. Revenue/PBT grew 14%/4%, led by SSG decline of 1%, but working capital (WC), encouragingly, got lighter by 17 days in H1 vs. FY23. SSG trends are weaker than our expectations, given the subdued demand setting. However, the muted SSG impact is partly offset by: i) 100bps margin benefit expected from low-cost inventory; ii) significant turnaround in operating cash flows on WC optimization—Rs630mn in H1 vs. Rs25mn loss last year. Given superior cashflows, GO expects 150-175 annual additions beyond FY24 vs. (120-130 in FY23). We clip Dec-24E TP by 3% to Rs1,440/sh (unchanged 30x EBITDA), led by summation of listed factors. GO remains our top-idea in apparel space, with potential upsides from faster SSG improvement and further WC optimization

“Market conditions for Nifty and Bank Nifty are challenging, with Nifty at 19,080 and Bank Nifty at 42,846. Despite stable US bond markets and oil prices, the sentiment on Dalal Street is down. Selling Nifty at the current market price is advised, with targets at 19,000/18,827 or more aggressively at 18,605. Bank Nifty should also be sold at the current price, targeting 42,398/42,000 or a more aggressive range of 41,500-41,801. However, there’s a positive outlook for SBI LIFE, CANARA BANK, PNB, and COAL INDIA amidst intraday weaknesses. Additionally, SBI LIFE at the current price of 1,368 is recommended for purchase, targeting 1,395/1,411 or a more aggressive 1,451. The focus remains on the FOMC outcome, expected on November 1st, where the Federal Reserve is anticipated to maintain unchanged interest rates, although a deviation in the consensus might affect future decisions. Investors are cautioned to stay on the sidelines due to uncertainty and risk stemming from significant FIIs selling in October. Today’s Q2 results include AMBUJA CEMENT, BRITANNIA, GODREJ CONSUMER, IGL, INDIA CEMENT, JK TYRE, LIC HOUSING FINANCE, REC, SUN PHARMA, and TATA STEEL. Technically, both Nifty and Bank Nifty exhibit a bearish landscape, while Nifty’s options data suggests a trading range of 18,500-19,500. The Volatility index stands at 11.82.” -- Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

Nomura on Tata Consumer: Maintain Buy on Company, raise target price at Rs 1075

MS on Tata Consumer: Maintain Overweight on Company, target price at Rs 933

CLSA on Larsen: Maintain Buy on Company, raise target price at Rs 3600

Jefferies on Larsen: Maintain Buy on Company, raise target price at Rs 3400

Antique on Larsen: Maintain Buy on Company, raise target price at Rs 3398

Nomura on Birlasoft: Maintain Buy on Company, raise target price at Rs 630

Antique on Arvind: Maintain Buy on Company, raise target price at Rs 249

Antique on Greenlam: Maintain Buy on Company, raise target price at Rs 560

CLSA on GAIL: Maintain Buy on Company, target price at Rs 135

Antique on GAIL: Maintain Buy on Company, target price at Rs 133

Jefferies on GAIL: Maintain Hold on Company, target price at Rs 137

Antique on BEL: Maintain Buy on Company, target price at Rs 161

Jefferies on BEL: Maintain Buy on Company, raise target price at Rs 165

Jefferies on DLF: Maintain Buy on Company, raise target price at Rs 650

HSBC on DLF: Maintain Hold on Company, target price at Rs 580

CLSA on JSPL: Maintain Underperform on Company, target price at Rs 720

Antique on JSPL: Maintain Hold on Company, target price at Rs 697

MS on Larsen: Maintain Overweight on Company, target price at Rs 2935

CLSA on Bharti Airtel: Maintain Buy on Company, target price at Rs 1100

Jefferies on Bharti Airtel: Maintain Buy on Company, target price at Rs 1085

Antique on DCB Bank: Maintain Buy on Bank, target price at Rs 150

Jefferies on Max Fin: Maintain Buy on Company, target price at Rs 1040

Jefferies on Navin: Maintain Hold on Company, target price at Rs 3165

MS on UPL: Downgrade to Equal weight on Company, cut target price at Rs 590

MS on JSPL: Maintain Underweight on Company, cut target price at Rs 500

Citi on JSPL: Maintain Sell on Company, cut target price at Rs 560

RattanIndia Enterprises Ltd. on Wednesday said that its company Throttle Aerospace Systems (TAS) received Type-Certification for its drone product, DOPO, from the Directorate General of Civil Aviation (DGCA).

DOPO is a multipurpose drone, and with this Type-Certification, it can be deployed across multiple industries like Survey, Mapping, Inspection along with Agriculture, Surveillance & Disaster management. DOPO is a ‘Small’ class drone weighing less than 5 kilograms, with a flying time of 49 minutes. It can travel at ariel speeds of 32.4 Kms / hr and operates up to a maximum temperature of 50°C. DOPO can map 1.5 Sq kms in a single flight and can operate at low, medium, and high altitudes and supports multiple payloads.

GAIL’s Q2FY24 EBITDA/PAT came 43%/35% above our estimates, primarily led by beat in gas marketing (Rs19.5bn vs. Rs13.2bn est.) and other segments. Petchem losses were also lower, though gas transmission EBITDA missed by 9%. LPG-LHC earnings were near zero levels, in line with estimates. Mgmt. has guided Rs35/40bn+ gas marketing EBITDA for FY24/25E, while also indicating healthy pipeline volume growth (12-15mmscmd) and narrowing of petchem losses due to gas sourcing and plant optimization. PNGRB is slated to take up GAIL’s tariff review petition in Nov-23. We largely retain our FY24-26E estimates based on the current earnings outlook (gas businesses revised up while petchem-LPG is down). We maintain our HOLD rating and roll-over to Sep-25E with a revised TP of Rs125/share.

Considering the overall uneven monsoon season, delay in festive season and resurgence of the unorganized players in the market, we expect Britannia Ltd. to report subdued revenue growth in September quarter on the back of lower single-digit volume growth. Additionally, price cuts taken by the company would also keep the value growth in check. On the flip side, EBITDA margins are set to expand more than 100bps annually, with key commodity prices like palm oil tapering off but some of these gains capped due to an increase in employee expenses. While other commodities like wheat and milk continue to remain elevated, we expect some stabilization in milk prices ahead of the healthy flush season. Going forward, we continue to remain optimistic on the business and its plans of ramping up its dairy and bakery business segments.

The IPO Honasa Consumer Limited, owners of famous Mamaearth outlets was subscribed 0.13 times or just 13 per cent at the end of Day 1 on Tuesday.

The ₹1,701-crore Initial Public Offering, at a price band of ₹308-324, received bids for 36.25 lakh shares against an offer of about 2.9 crore shares . The minimum bids can be made for 46 equity shares and in multiples of 46 shares thereafter.

Today is the last day to subscribe into the public issue of Cello World.

The ₹1,900-crore IPO of Cello World that opened on Monday was subscribed 1.44 tamest the end of Day 2. The IPO comes at a price band of ₹617-648. Investors can bid for a minimum of 23 equity shares and in multiples of 23 equity shares thereafter.

As compared to the earlier guidance of 63-65% loss ratio, management now expects to exceed the same given the rising incidences of fever and respiratory diseases. We have cut our EPS estimates 13%/4% for FY24/25 to factor in higher claims ratio and expense ratio as reported in 1HFY24. Considering the long term growth potential for the industry along with investments by the company in profitable channels and products we reiterate our BUY rating on the stock with a TP of Rs 730 (based on 33x FY25E EPS). - MOFSL

In its commitment to demonstrate social and economic impact for women, the Association of Business Women in Commerce & Industry (ABWCI) is now registered on the Social Stock Exchange (SSE). This aligns with the Government of India’s mandate to empower organizations dedicated to serving underserved communities.

The SSE is a platform designed to facilitate access to a broader capital base for social enterprises and voluntary organizations operating within the social sector, further strengthening their capacity to drive positive change.

Parul Soni, Founder Secretary General of ABWCI, said, “We are proud to be part of the Social Stock Exchange, where we can showcase our commitment to sustainable innovation and engage with investors who share our values of creating a robust community of women entrepreneurs; providing them with opportunities to access investment capital, trade networks & entrepreneurial education; and advocating for policies resulting in women - centric entrepreneurial ecosystems worldwide. Our journey towards a more sustainable and equitable world has just taken a significant leap forward..

Shares of Blue Jet Healthcare will be listed at the bourses today. The company has fixed the IPO price at ₹346, at the upper end of the price band ₹329-346.

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd., said:. The company’s gray market premium is currently at ₹20, which indicates a decent listing. Based on the IPO’s upper price band of ₹346, the estimated listing price of Blue Jet Healthcare shares is ₹366, which is a premium of around 5 to 6 per cent.

The initial public offering of Blue Jet Healthcare was subscribed 7.95 times, as it received decent interests from all category investors.

Domestic markets are expected to open flat on Wednesday as analysts remain cautious despite positive global cues. Asian stocks are ruling higher in the region of 0.3 per cent to 1.6 per cent as the US Federal Reserve maintained the rate steady as expected. However, Gift Nifty is ruling marginally at 19,130 against the Nifty futures close of 19,158, as analysts are analysing El Niño effect and Q2 results. The continuous selling by FPIs keeps participants on the edge, said analysts.

According to them, Q2 results so far have been mixed

We expect Hero Motocorp to post a high single-digit growth in revenue sequentially led by 5% QoQ growth in volumes and a price hike of 1.5% by the company in July 2023. The weakness in entry-level motorcycles will mostly be offset by the increase in ASPs. The company’s EBITDA margin could witness a healthy expansion compared to the similar quarter last year and a marginal expansion sequentially. The main factors supporting the margin expansion includes higher realizations, better operational leverage, reduced (seasonal) marketing expenditures, and a decline in the price of precious metals. The moderation in raw material costs and other expenses would also lead to strong growth in net profit both sequentially and annually. The management commentary on the demand in its EV segment and the expected revival in the entry-level bike segment will be crucial going forward.

AMINES & PLASTICIZERS LTD : Company has received ‘Three Star Export House’ Status Holder Certificate from the Directorate General of Foreign Trade, Ministry of Commerce & Industry, Government of India

Cantabil Retail India Limited : company has opened 16 New Showrooms/ Shops at different location in India during the month of October 2023.Now total number of Showrooms/ Shops of the Company stands at 498

Zaggle Prepaid Ocean Services Ltd : Company has entered into a cobrand agreement with Kotak Mahindra Bank Limited. And also entered into an agreement with Toshiba Software (India) Private Limited. for Customer Services worth of INR 56.8 lac

Grauer & Weil (India) Ltd : Company has opened Branch office in Dubai, United Arab Emirates and has secured the Trade Licence for carrying out its operations.

Repco Home Finance Limited : Board meeting to be held on 06 Nov 2023 Proposal for raising of funds by issue of Non-Convertible Debentures (NCDs) and Commercial Paper CPs) upto an amount of Rs.250 crore and Rs.200 crore respectively on private placement in one or more tranches

Aster DM Healthcare Ltd : Company launches Aster Whitefield Hospital, a 506-bed MultiSpecialty Hospital at Whitefield.Aster Whitefield Hospital will offer Aster’s Centres of Excellence in Oncology, Cardiac Sciences, Neurosciences, Gastroenterology, Women & Child care and more bringing international.

SBI Cards and Payment Services Ltd : Company have come together to launch the co-branded ‘Reliance SBI Card

Newgen Software Technologies Ltd : Company as received and accepted a Domestic Purchase Order for the Supply, Implementation & Maintenance of Trade Finance & Supply Chain Finance Solution for 5 years . The aggregate value of the aforesaid purchase order is Rs.18,00,00,000/-

Mankind Pharma Ltd : Board approved that scheme of Amalgamation (“Scheme”) between Shree Jee Laboratory Private Limited, JPR Labs Private Limited and Jaspack Industries Private Limited, wholly owned subsidiaries of the Company, with the Company and their respective shareholders and creditors subject to requisite approvals/consents

GMM Pfaudler Ltd : Company had disclosed entering into an agreement to acquire Professional Mixing Equipment Inc. (“MixPro”). The indicative time period for completion of the acquisition of MixPro was October 2023.due to certain operational delays, the aforesaid acquisition is expected to be completed by November 30, 2023.

HIMACHAL FIBRES LIMITED : Company on 30.10.2023 has paid off all its secured loans. Now the assets of the company are released from all charges of secured lenders.

Paisalo Digital Limited : Board meeting to be held on 02 Nov 2023 to consider and issue Listed/Unlisted Non-Convertible Debt Securities/Commercial Papers through Private Placement Basis.

Rashtriya Chemicals and Fertilizers Limited : Company have accorded its approval for Equity Investment in Talcher Fertilizers Limited (TFL), a Joint venture company, from original approval of Investment Rs1,184.20 crore to revised requirement of Rs 2,169.67crore (±10%) subject to grant of Cabinet Committee of Economic Affairs (CCEA) Approval.

ALAN SCOT ENTERPRISES LTD : Board approved Acquiring minority stake of 24% at Rs.48 lakhs in M/s Zubi Infotech Pvt. Ltd. also in Satwik Himalayan Products Pvt. Ltd. and in M/s Metastar Media Private Limited.

Artson Engineering Limited : Company has received purchase order for Rs. 11.74 Crores from Andritz Technologies Private Limited for Manufacture & Supply of BED Heat Exchangers - 24 Nos ( MOC - SS 316 L ) with in 40 Weeks

Inox wind Energy Limited : Company by its promoter Inox Wind Energy Limited, raising ~ Rs. 800 crores. The transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee long-only domestic and foreign institutional investors.

CSB Bank Ltd : Bank entered into an agreement with Oracle Financial Services Software Limited (“OFSS”) for procurement of the new Core Banking Solution (CBS) for the Bank.

NBCC (India) Limited : Company received work order worth ₹ 100.79 crores for Providing and fixing LED Flood Light in Dampa Tiger Reserve Forest

PVP Ventures Limited : Company has completed the sale of its subsidiaries, PVP Global Ventures Private Limited, and PVP Media Ventures Private Limited, upon obtaining approval from its shareholders vide postal ballot concluded on 30 Sep 2023

Arihant Superstructures Limited : Board meeting to be held on 07 Nov 2023 to Consider and approve fund raising by way of issue of share warrants or any other securities through private placement/preferential issue or through any other permissible mode and/ or combination

Khazanchi Jewellers Limited : Board informed that they are launching luxurious addition to exquisite range of Jewelry offerings - Lab-Grown Diamonds, also known as CVD diamonds. And also They have been authorized as sole distributor in Tamilnadu for sale of 22K Gold Jewelry, with freshwater pearls and Swarovski Zirconia manufactured by Gunjan Jewels Private Limited.

ITC Limited : Company has today acquired 2,286 Equity Shares of ` 10/- each of Delectable Technologies Private Limited (‘Delectable’) with this acquisition, the Company’s shareholding in Delectable aggregates 39.32% of its share capital on a fully diluted basis.

G R Infraprojects Limited : Company has entered into Share Purchase Agreement dated 31st October 2023 with Aadharshila Infratech Private Limited for transfer of 21% Equity shares being held by G R Infraprojects Limited in its wholly owned subsidiary namely Nagaur Mukundgarh Highways Private Limited (“NMHPL”) for Consideration of Rs.111,658,323 /‐

Capital Trade Links Limited : Board meeting to be held on 07 Nov 2023 to consider to raise the funds by way of issue of one or more instruments including equity shares/ convertible securities by such method as may deem suitable to the board of the company

DCWLimited : Company has commissioned its project of Chlorinated Polyvinyl Chloride (CPVC) expansion by 10,000 MT at Sahupuram Plant, Tamilnadu. The Company expects to ramp up the production and commercialise the incremental volumes in a phased manner. With this expansion, the total production capacity of CPVC Division of the Company has increased to 20,000 MT.

FAZE THREE Autofab Limited : Company is in receipt of the Delisting Order dated October 31, 2023, approving the delisting of equity shares of the Company from the stock exchange where Equity Shares are presently listed i.e., BSE Limited (“BSE”). Accordingly, the trading in the equity shares of the Company will be discontinued from BSE Limited w.e.f. , November 7, 2023. i. e. w.e.f. the closing hours of trading on November 6, 2023.

LUPIN LIMITED : The company received an EIR from the U.S. FDA for the Mandideep Unit-2 manufacturing facility. The inspection closed with the facility receiving the classification ‘No Action Indicated’

Elpro International Limited : Company has acquired equity shares of PI Industries Limited and Suven Pharmaceuticals Limited.

Bondada Engineering Ltd : Company has received a work order from M/s. Bharat Heavy Electricals Limited for Setting up of 2MW Solar PV Projects ‘on Build Own Operate and Transfer basis, amounting to Rs. 24,27,36,621/-

360 ONE WAM LIMITED : Company incorporated a wholly owned subsidiary company in the name of ‘360 ONE Alternates Asset Management Limited’.this new company carry out alternates asset management business, which is not outside the main line of business of the Company and its other subsidiaries

United Spirits Limited : Company has closed its factory operations at the manufacturing unit located at Rosa, Village Rousarkothi, Post Rousarkothi, Dist. Shahjanpur, UP – 242406 (“Unit”).Unit is a 200 plus year old factory which has very old infrastructure and depleted machinery with age old technology.

Tata Consumers: The company will merge three subsidiaries—NourishCo Beverages, Tata SmartFoodz, and Tata Consumer Soulfull Private—with itself. L. Krishnakumar, the Executive Director and Group CFO, resigned effective the close of business hours on Oct. 31, 2023. Navaneel Kar, President and Head of India Sales, submits his resignation w.e.f. Nov. 17. Current Senior CP of Strategy and M&A Punit Gupta to assume the role of head of sales India

Mahanagar Gas: M. V. Iyer has ceased to be the Director and Chairman of the Company, w.e.f. Oct. 31. The board appoints Sandeep Kumar Gupta as Non-Executive Non-Independent Director, designated as Chairman of the Company, with immediate effect

JSW Energy: Prashant Jain to step down from the position of Joint Managing Director and CEO and Key Managerial Person of the company. Jain will serve his current position till Jan. 31, 2024

Krishna Institute of Medical Sciences: The company made further investment by acquiring an additional equity stake of 6.86% in SPANV Medisearch Lifesciences, a subsidiary company, bringing the company’s total shareholding to 69.30%. Shares were acquired at Rs 221.99 apiece at a total acquisition cost of Rs 26.63 crore

Tejas Networks: The company received government approval to appoint Anand S. Athreya as Executive Director (Managing Director and CEO Designate) from April 21, 2023 to June 20, 2023 and as Managing Director and CEO from June 21, 2023 to April 20, 2028

Ethos: The company approved the floor price for its preliminary placement at Rs. 1,627.49 per equity share. The company may offer a discount of not more than 5% on the floor price, as calculated for the issue

Adani Ports and SEZ: The company’s wholly owned subsidiary, Adani Logistics, subscribed to a 50% stake in Veracity Supply Chain Private, which was incorporated on Oct. 31, 2023. VSCPL was incorporated to provide last-mile connectivity to customers from ICDs powered by a digital transport management system. The cost of acquisition stood at Rs 5 lakhs

Power Mech: The company received an award worth Rs 355 crore from Bharat Heavy Electricals. Order related to erection, commissioning and trial at the BHEU client’s stores or storage yard, transportation to the site and handing over of the boiler and its auxiliaries, power cycle piping, and steam turbine generators of units 1 and 2 at 2x660 MW NTPC, Talcher, Odisha

Oberoi Realty: The company’s wholly owned subsidiary, Sight Realty, executed a SPA and divested its entire 33% stake in JV Metropark Infratech and Realty Developments for a consideration of Rs 55.19 lakh. The buyer, Dipak Sharma, is an existing shareholder of the JV.

Larsen & Toubro, Bharti Airtel, Tata Consumer Products, Five-Star Business, DCB Bank, Adani Total Gas, Jsw Holdings, Jindal Steel & Power, IOCL, Indiabulls Real Estate, Gillette India, Go Fashion, Ajanta Pharma, Mankind Pharma, Thyrocare Technologies, Vedant Fashions, Zee Media Corporation, Gail, Geojit Financial, Infobeans Technologies, NIIT, Nuvoco Vistas, Star Health, V.I.P.Industries, V-Guard Industries, Vaibhav Global, Prime Security and Dcm Shriram

Larsen & Toubro 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/48cba7a8-faf6-467a-b418-87efe34c6f09.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/32966a9f-4ab6-4351-b182-8a448843a5df.pdf

Bharti Airtel 2QFY24 Earnings

Financial Result and Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f8e1944c-375e-4ece-92a7-bd4daaa4807e.pdf

Tata Consumer Products 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/4db4b27c-7257-40fc-be59-27b86b211afc.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/ec319df0-86c1-428a-8fc8-b7168d03730e.pdf

Five-Star Business Finance 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/843d280d-5600-4808-8010-bfb7def42a3f.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/83b04f55-0758-43d0-8fca-e1a34dc53861.pdf

DCB Bank 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/236f7b4c-87cb-42c0-9504-4c2ffaa24d2d.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/1a6d93ad-1731-4368-a4a7-1065a124def2.pdf

Adani Total Gas 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/59338ba8-f68a-4da1-93a2-42d67f22c00b.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/fcbab424-bb72-4746-b9d3-2911864f6d63.pdf

Jsw Holdings 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c50039e6-e104-485b-ac3e-1a53263771eb.pdf

Jindal Steel & Power 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f7f38ba8-3b5e-4c9a-85e2-30c14acd5e35.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/6a73b5d5-d263-41bd-b245-71b3ff7651a0.pdf

Indian Oil Corporation 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/3aad80e6-12ab-4c92-bc03-15d6da019f00.pdf

Indiabulls Real Estate 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/affa3df4-8546-4183-8b01-109b27a16760.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/741c0cfb-5ae4-4502-bd54-fd618d9269d9.pdf

Gillette India 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/bdd45ab2-8e72-4b1e-a76d-ce323273e4dd.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e170cf26-af1b-4b6f-87e3-63f815948b14.pdf

Go Fashion (India) 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/731e2522-88e2-4cdb-bbc7-6c17b58d4c2b.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/7d7ef491-a67e-4e09-a457-030a8d5252b3.pdf

Ajanta Pharma 2QFY24 Earnings

Financial Result and Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f2b564d9-f6e1-4bce-9e97-e32da18568e9.pdf

Mankind Pharma 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/eb68c5cc-6e38-4d6a-905e-d3ef9e57a4bf.pdf

Thyrocare Technologies 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/bc00a5a8-2594-4974-a2d2-80a0f563d09f.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/706e9d12-0a6c-476d-99d6-658416d8fe10.pdf

Vedant Fashions 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/4e311f00-eefd-4b1d-b134-0bcd71b84ccb.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/dfcb93ff-5e84-4ef1-b826-a33cf2b29eeb.pdf

Zee Media Corporation 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/6a4bb920-e425-4efe-9df6-78d102cb47b2.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/944d70bd-9204-4824-85ba-fa00e91fcc6e.pdf

Gail (India) 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/8382b880-0527-452e-9edd-84738e2d21e2.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/bd13a2c2-7996-45ca-96dd-7100e9ba6be2.pdf

Geojit Financial Services 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/4f30fe88-0af0-426f-b52c-a233dd874b92.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/161e0f06-444e-4cb7-9732-277733bbaa4b.pdf

Infobeans Technologies 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/831baa0b-728f-4f04-83b0-975f9a429362.pdf

NIIT 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/c591dd91-2cdb-481a-9ff0-141f9fd1a483.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/a8f992d3-d962-4d61-b7e8-97bf5de0348c.pdf

Nuvoco Vistas Corporation 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/cffb9194-18fe-46bc-9537-4f8a0fbbcbee.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/8bfb71a6-582c-47f7-a4ce-a209608175be.pdf

Star Health And Allied Insurance Company 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/1cf40bcd-1d8a-4f82-ab9e-78c09d852f4f.pdf

V.I.P.Industries 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/b55c62a0-c1c7-46c2-950d-348606dfdf9d.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/163ce0bf-ab99-4db1-8645-0dd44076e73a.pdf

V-Guard Industries 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/0f1ee338-ecce-4746-b753-5b83e500fb60.pdf

Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/066b6e57-bb36-4a58-9dfb-e780030d0b90.pdf

Vaibhav Global 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e8ed5dcb-e1c7-4c63-a9e3-0593ddbce7a3.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/879e5e95-80db-42c5-a8c1-5058d8fa4524.pdf

Prime Securities 2QFY24 Earnings

Financial Result and Press Release

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/5b3c925c-ffb1-4920-9429-7ef44383b2a9.pdf

Dcm Shriram 2QFY24 Earnings

Financial Results

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e3faa115-abf9-498d-aa27-b1adb6b77521.pdf

Presentation

Link: https://www.bseindia.com/xml-data/corpfiling/AttachLive/6e26b378-888d-46f7-bba9-b7f06d6a68fd.pdf

GNFC

9:00 AM Max Financial

(Results, Investor/Analyst Presentation, Press Release )

Dial: 91 22 6280 1141

Weblink: https://tinyurl.com/2p9986nb

10:30 AM Five Star Business F

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/3u2fpw9k

10:30 AM Sterling Tools

Dial: +91 22 6280 1309

Weblink: https://tinyurl.com/3trtpma3

11:00 AM MAP MY INDIA

(Results, Investor/Analyst Presentation, Press Release )

Dial: +91 22 6280 1386

Weblink: https://tinyurl.com/36zcka2y

11:00 AM Kaya

Dial: +91 22 6280 1116

Weblink: https://tinyurl.com/2ptv7awa

11:00 AM RITES

Dial: +91 22 6280 1146

Weblink: https://tinyurl.com/2s3869h8

11:30 AM Gravita India

Dial: +91 22 6280 1325

Weblink: https://tinyurl.com/ya86bz3t

11:30 AM Praj Industries

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/bdef2zuz

( Hosted by Valorem )

12:00 PM TATA Cons. Prod

Weblink: https://tinyurl.com/5xwkvxeh

12:00 PM MANKIND PHARMA

Dial: +91 22 6280 1214

Weblink: https://tinyurl.com/yc8z8e5b

12:00 PM Shemaroo Ent

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/y2hswzba

( Hosted by Valorem )

12:00 PM KEI Industries

Dial: 02262801455

Weblink: https://tinyurl.com/4csar2tc

1:00 PM Adani Wilmar Ltd

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/mrxpsk7n

2:00 PM KAYNES TECHNOLO

Dial: 91226280 1143

2:00 PM Bigbloc Constru

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/mryn5mms

( Hosted by Valorem )

2:30 PM India Cements

No Contact Available

Please check again for details @ www.researchbytes.com

2:30 PM Bharti Airtel

(Press Release )

Weblink: https://tinyurl.com/y574xynk

3:00 PM Triveni Engg

Dial: +91 22 6280 1141

Weblink: https://tinyurl.com/3hjwxwpy

3:00 PM IOC

Dial: +91 22 6280 1222

Weblink: https://tinyurl.com/m385aus7

3:00 PM PNC Infratech

Dial: 022 6280 1386

Weblink: https://tinyurl.com/4wpj9jra

3:30 PM v-guard industries

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/bdfr8twr

3:30 PM ADF Foods

Dial: +91 22 6280 1550

Weblink: https://tinyurl.com/332uyes2

4:00 PM REC

No Contact Available

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4:00 PM Greenpanel Industries

Dial: +91 22 6280 1141

Weblink: https://tinyurl.com/5xrvv8cm

4:00 PM Geojit Fin

Dial: +91 22 6280 1211

Weblink: https://tinyurl.com/5f46nncv

4:00 PM Vedant Fashions

Dial: +91 22 6280 1259

Weblink: https://tinyurl.com/bdzbfxs7

4:00 PM Nuvoco Vistas C

Dial: +91 22 6280 1339

Weblink: https://tinyurl.com/mt7pv3rd

4:00 PM Amara Raja Batt

(Results)

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/eet3s272

4:00 PM Yasho Industrie

Dial: +91 22 6280 1550

Weblink: https://tinyurl.com/nkv53c2r

4:30 PM Ajmera Realty

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/2p9ppd27

4:30 PM Dhampur Sugar

Dial: +91 22 6280 1480

5:00 PM Divgi TorqTrans

Weblink: https://tinyurl.com/4jdbzsr8

5:00 PM Jubilant Ingrev

Dial: +91 22 6280 1141

Weblink: https://tinyurl.com/4kbfse45

6:00 PM Godrej Consumer

Dial: +91 22 6280 1332

Weblink: https://tinyurl.com/2atx56ub

6:30 PM Sun Pharma

Dial: +91 22 6629 0049

Star Health and Allied Insurance : (replay)

https://www.researchbytes.com/webcast.aspx?WID=287639

GMR Infra : (replay)

https://www.researchbytes.com/webcast.aspx?WID=287635

Navin Fluorine : (replay)

https://www.researchbytes.com/webcast.aspx?WID=287638

DCB Bank : (replay)

https://www.researchbytes.com/webcast.aspx?WID=287637

Thyrocare Techn : (replay)

https://www.researchbytes.com/webcast.aspx?WID=287636

Go Fashion (India) : (replay)

https://www.researchbytes.com/webcast.aspx?WID=287620

Vaibhav Global : (replay)

https://www.researchbytes.com/webcast.aspx?WID=287619

Motherson Wire : (replay)

https://www.researchbytes.com/webcast.aspx?WID=287618

Aether Industries : (replay)

https://www.researchbytes.com/webcast.aspx

07:15 CHINA Caixin Manufacturing PMI (Expected: 50.8 vs 50.6)

10:30 INDIA S&P Global Manufacturing (Expected: 57.2 vs 57.5)

17:45 U.S. ADP Non-Farm Employment Change (Expected: 141K vs 89K)

19:30 U.S. ISM Manufacturing PMI (Expected: 49.0 vs 49.0)

19:30 U.S. JOLTS Job Openings (Expected: 9.27M vs 9.61M)

23:30 U.S. Federal Funds Rate (Expected: 5.50% vs 5.50%)

00:00 U.S. FOMC Press Conference

CVS Health Corporation (Pre market) (Sector- Healthcare)

GSK plc (Pre market) (Sector- Healthcare)

Thomson Reuters Corp (Pre market) (Sector- Service)

Estee Lauder Companies, Inc. (Pre market) (Sector- Consumer Staples)

Apollo Global Management, Inc. (Pre market) (Sector- Finance)

Trane Technologies plc (Pre market) (Sector- Capital Goods)

Seagen Inc. (Pre market) (Sector- Healthcare)

The Kraft Heinz Company (Pre market) (Sector- FMCG)

TE Connectivity Ltd. (Pre market) (Sector- Capital Goods)

IQVIA Holdings, Inc. (Pre market) (Sector- Healthcare)

Yum! Brands, Inc. (Pre market) (Sector- FMCG)

DuPont de Nemours, Inc. (Pre market) (Sector- Chemical)

IDEXX Laboratories, Inc. (Pre market) (Sector- Healthcare)

Verisk Analytics, Inc. (Pre market) (Sector- Technology)

CDW Corporation (Pre market) (Sector- Technology)

Martin Marietta Materials, Inc. (Pre market) (Sector- Construction)

DTE Energy Company (Pre market) (Sector- Energy)

Entergy Corporation (Pre market) (Sector- Power)

Builders FirstSource, Inc. (Pre market) (Sector- Construction)

QUALCOMM Incorporated (Post market) (Sector-Technology)

Mondelez International, Inc. (Post market) (Sector- FMCG)

Airbnb, Inc. (Post market) (Sector- Hotel)

McKesson Corporation (Post market) (Sector- Healthcare)

MercadoLibre, Inc. (Post market) (Sector- Technology)

PayPal Holdings, Inc. (Post market) (Sector- Financial)

Aflac Incorporated (Post market) (Sector- Financial)

MetLife, Inc. (Post market) (Sector- Financial)

American International Group, Inc. (Post market) (Sector- Financial)

Energy Transfer L.P. (Post market) (Sector- Energy)

Williams Companies, Inc. (Post market) (Sector- Energy)

Electronic Arts Inc. (Post market) (Sector- Technology)

Allstate Corporation (Post market) (Sector- Financial)

Prudential Financial, Inc. (Post market) (Sector- Financial)

Cognizant Technology Solutions (Post market) (Sector- Technology)

DoorDash, Inc. (Post market) (Sector- Technology)

Nutrien Ltd. (Post market) (Sector- Chemical)

Edison International (Post market) (Sector- Power)

Ingersoll Rand Inc. (Post market) (Sector- Capital Goods)

ANSYS, Inc. (Post market) (Sector- Technology)

American Water Works (Post market) (Sector- Utility)

Markel Group Inc. (Post market) (Sector- Financial)

Marathon Oil Corporation (Post market) (Sector- Energy)

PTC Inc. (Post market) (Sector- Technology)

Albemarle Corporation (Post market) (Sector- Chemical)

CF Industries Holdings, Inc. (Post market) (Sector- Chemical)

BioMarin Pharmaceutical Inc. (Post market) (Sector- Healthcare)

Texas Pacific Land Corporation(Post market) (Sector- Energy)

Recent Interview...

As of 17:50 PM Tuesday 31 October 2023

Blue Star: Vir Advani, MD

Blue Star Ltd Q2 Earnings Fineprint: Post Surge Demand Surge

https://www.youtube.com/watch?v=jG_mYl7x1hM

APL Apollo: Deepak Goyal, CFO

Will Achieve 80-85% Utilisation In The Raipur Plant By FY25: APL Apollo Tubes

https://www.youtube.com/watch?v=V9uQapiLC38

Castrol: Sandeep Sangwan, MD

Volume Growth Has Come In At 8% YoY Which Is Higher Than The Market: Castrol India

https://www.youtube.com/watch?v=PeDIOyOjX54

Ugro Capital: Shachindra Nath, Executive CMD

We Expect ?9,000-10,000 Cr Of Disbursements In FY24: UGRO Capital

https://www.youtube.com/watch?v=s7JSH73e6Bo

Ugro Capital: Shachindra Nath, Executive CMD

UGRO Capital Ltd Q2 Results; Eye On FY24 AUM Targets, Disbursements

https://www.youtube.com/watch?v=du0F9EJd7mA

Cello World: Pradeep Rathod, CMD

Cello World IPO Day 2 Subscription Check: FY24 Business Outlook

https://www.youtube.com/watch?v=XKkkKxuQWbw

GE Shipping: G Shivakumar, ED & CFO

Fundamentals Are Lining Up For The Shipping Industry: GE Shipping

https://www.youtube.com/watch?v=H1Ntys-jwuU

Gokaldas Export: Sivaramkrishnan Ganapathi, MD

Atraco Will Contribute To Incremental Revenue In Q4FY24: Gokaldas Exports

https://www.youtube.com/watch?v=DjAqopP10-U

Honasa Consumer: Varun Alagh, Chairman

We Are A Fast Growing Co, P/E May Not Be The Right Metric To Look At Our Biz: Honasa Consumer

https://www.youtube.com/watch?v=p1MvhD81ksc

IRB Infra: Anil Yadav, CFO

IRB Infrastructure Developers Q2 Results, Earnings Fineprint

https://www.youtube.com/watch?v=qrbI4Wroa8s

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

Turnover : (NSE + BSE)

Cash Volume: 60771.15 + 5049.59 Total : 65820.74

F&O Volume: 216999.31 + 123546.97 Total : 340546.28

Provisional Cash Rs. In Crs.

FII/FPI: NET SELL: -696.02

(10940.2 - 11636.22)

DII: NET BUY: +340.25

(6479.49 - 6139.24)

The Board of Directors of Rashtriya Chemicals and Fertilisers has approved for Equity Investment in Talcher Fertilizers Limited, a Joint venture company, from original approval of Investment Rs1,184.20 crore to revised requirement of Rs 2,169.67crore, subject to grant of Cabinet Committee of Economic Affairs (CCEA) Approval.

Lupin Limited has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (U.S. FDA) for its Mandideep Unit-2 manufacturing facility. The EIR was issued post the last inspection of the facility conducted from August 7 to August 11, 2023. The inspection closed with the facility receiving an inspection classification of “No Action Indicated”.

Zaggle Prepaid Ocean Services Limited has entered into a co-brand agreement with Kotak Mahindra Bank Limited. Through this strategic collaboration, corporates will have access to a unified offering comprising a suite of financial products, including Kotak’s payroll banking services, such as salary accounts and co-branded prepaid cards, seamlessly integrated with Zaggle’s market-leading SaaS solutions, specifically designed for employee flexi-benefits (Zaggle SAVE) and travel and expense management (Zaggle EMS). This integration will enable working professionals to boost their incomes by up to 7 per cent through flexible benefits designed to facilitate tax savings, giving complete visibility and greater control over their pay, flexi-benefits, advances, reimbursements, and spending, accessible through a single mobile app. Zaggle has also entered into an agreement with Toshiba Software (India) Private Limited. While the contract duration is 36 months , it will receive Per Active user Per month Subscription fee of Rs 149 (1200 users)

Aban Offshore, Ajmera Realty, Ambuja Cements, Adani Wilmar, Arvind Smartspaces, Bajaj Finance, Birla Cable, Bliss GVS, Britannia Industries, Cera Sanitaryware, Divgi Torqtransfers, Emami Paper, Elpro International, Fino Payments Bank, Godrej Consumer Products, Gandhi Special Tubes, GMDC, Gravity, Green Panel, Hero MotoCorp, Indraprastha Gas, IFL, India Cements, JK Tyre & Industries, Jindal Drill, Kansai Nerolac Paints, KEC International, LIC Housing Finance, Motilal Oswal Financial Services, Maharashtra Seamless, Nilkamal, Plaza Wires, REC, Relax Footwears, Reliance Home Finance, Satin Creditcare, Sun Pharmaceutical Industries, Syrma, Tata Steel, Thomas Cook, Triveni Turbine,TV Today, Unichem Laboratories, Yash Chem and Zim Lab.

The eight core industries’ output growth eased in September 2023 to 8.1 per cent, lower than August’s 14-month high of 12.1 per cent. The Government has now revised upwards the August 2023 print to 12.5 per cent.

The latest reading is also lower than the 8.3 per cent growth recorded in September last year.

Except for crude oil, which contracted 0.4 per cent, the other seven industries recorded positive growth in September 2023. Coal output continued to shine, with 16.1 per cent growth in September 2023, higher than the 12.1 per cent growth seen in September last year. It was slightly lower than the robust 17.9 per cent growth seen in August this year.

Buzzing stocks: Tata Steel, Hero MotoCorp, Ambuja Cements, Britannia, Adani Wilmer, Bajaj Finance, L&T, SBI Cards, Reliance, SBI, automobile stocks JSW Energy, KEC Intel, Sun Pharma, Motilal Oswal, India Cements, Zaggle Prepaid, RCF, Lupin

TVS Motor (TVSL)’s Q2-FY24 EBITDAM, at 11 per cent (up 50bps QoQ), was in line with consensus/our estimates. Gross Margin improved 60 bps QoQ despite a 200 bps increase in EV volume mix – benefit of which, we believe, got offset by higher S&M expenses driven by new launches. EBITDA/vehicle increased 5 per cent QoQ to ₹8,400/unit with ASP/unit remaining flat QoQ, which comes on the back of lower Apache mix, in our view. TVSL ramped up iQube’s production to 25k units/ month and plans to launch a series of products in the 5–25kW range by FY25-end. Read more

Piramal Pharma reported healthy performance in Q2-FY24 which was above our estimate. Revenue stood at ₹1,911.40 crore (+11.1 per cent YoY/9.3 per cent QoQ) due to mid-teen growth in CDMO business (+13.6 per cent YoY/18.9 per cent QoQ) with continued order inflows, steady growth in CHG business (4.8 per cent YoY) - primarily on account of healthy volume growth in Inhalation Anesthesia (IA) products, and new launches led to strong momentum in ICH (+12.8 per cent YoY/7.1 per cent QoQ). Read more

Railways, fertiliser, and road ministries led the government expenditure during the first six months of the current fiscal, data released by the Controller General of Accounts (CGA) on Tuesday showed. However, ministries, including Petroleum & Natural Gas and Co-operation, need to accelerate spending in the next six months to meet the budget target. Data showed that the fiscal deficit, the difference between expenditure and income, for FY 24 reached over 39 per cent of the budget estimate during the April–September period, higher than 37 per cent for the corresponding period of the last fiscal.

Lignite and power major NLC India Ltd (NLCIL) says it is in the process of implementing power projects, which include thermal and solar, for a total capacity of more than 11 GW. The company’s lignite-to-methanol project is expected to be completed by March 2027.

The company will be adding about 5.6 GW of solar capacity through 7 projects across the country. These projects will be commissioned from March 2024 to FY28, the company management said during its Q2FY24 earnings call.

State-run Gas Authority of India (GAIL) on Tuesday reported a 87 per cent year-on-year (y-o-y) jump in its consolidated net profit to ₹2,442 crore for the July-September quarter in FY24, aided by better performance of its gas transmission business. The country’s largest gas utility’s net profit in Q2 FY24 rose 36 per cent sequentially.

GAIL’s consolidated total income in the September quarter stood at ₹33,255 crore as against ₹38,970 in Q2 FY23 and ₹33,001 crore in Q1 FY24.

GAIL CMD, S K Gupta, said that the company has performed on the strength in the gas transmission segment which will continue to perform better.

Telecom major Bharti Airtel (Airtel) on Tuesday reported a consolidated net profit of ₹1,341 crore for the second quarter (Q2) ended September 30, a year-on-year (y-o-y) decline of 37.5 per cent compared to ₹2,145 crore in the corresponding period last year.

However, consolidated revenue of the company rose 7.3 per cent y-o-y to ₹37,044 crore during the quarter in review, compared with ₹34,527 crore in the July-September quarter last year, backed by strong and consistent performance in India operations, Airtel said.

India revenues for Q2’24 grew 11 per cent at at ₹26,995 crore (₹24,333 crore). Mobile revenues grew 11 per cent on account of improved realisation as well as strong 4G/5G customer additions during the year.

The Indian Sugar Mills Association (ISMA) released its preliminary projections for the 2023-24 sugar season (SS), forecasting sugar production at approximately 337 lakh tonnes (lt), a decline of around 8 per cent from the estimated 366 lt for 2022-23. This gross sugar production for 2023-24 SS without considering diversion towards ethanol shall be sufficient for domestic consumption, ISMA stated.

State-run Indian Oil Corporation (IOC) on Tuesday reported a consolidated net profit of ₹13,713 crore in the July-September quarter in FY24 as against a net loss of ₹910 crore a year-ago.

However, the country’s largest oil marketing company’s (OMC) net profit in Q2 FY24 was down 7 per cent sequentially on account of lower sales.

The Maharatna company reported a lower consolidated total income of ₹2.06-lakh crore in Q2 FY24 compared with ₹2.34 lakh crore in Q2 FY23 and ₹2.26-lakh crore in Q1 FY24, it said in a results filing on the BSE.

Auto parts firm Rane Engine Valves Ltd (REVL) reported a net profit of ₹1.5 crore for the quarter ended September 30, 2023 as against a net loss of ₹4 lakh in the year-ago period.

Its EBITDA stood at ₹9.2 crore compared with ₹8.3 crore in the September 2022 quarter, an increase of 11.5 per cent. But, EBITDA margin was lower at 6.4 per cent (6.7 per cent in Q2FY23).

Total revenue grew by 16.5 per cent to ₹143.7 crore for Q2 FY24 when compared with ₹123.3 crore in the year-ago quarter, according to a statement.

Larsen & Toubro posted a 45 per cent rise in consolidated net profit and 19 per cent rise in revenue in the second quarter of FY24, aided by project executions and profit from sale of commercial property in Hyderabad Metro.

At a consolidated level, the company reported a net profit of ₹3,223 crore on revenue of ₹51,024 crore. This includes the results of its IT, software services and financial services subsidiaries. The numbers were far in excess of street estimates.

Cello World is a consumerware maker in India which is also manufacturing writing instruments and moulded furniture. Its IPO is completely an offer for sale of up to ₹1,900 crore and open till November 1, 2023. The offering values the company at 48 times FY23 earnings. Though not cheap, the valuation is in line with the peer group. We recommend that investors can subscribe to the offer.

Larsen & Toubro has approved an investment of ₹830 crore to set up a wholly-owned subsidiary that will be engaged in the business of fabless semiconductor chip design and product ownership.

Talking about it during the media interaction to discuss the company’s Q2 results, CFO R Shankar Raman said it would be focusing only on chip design and not on manufacturing. “We do believe in the talent pool of chip designing in India,” he said, adding, “we have decided to stay at the design-end of it.”

Diversified conglomerate INOXGFL Group on Tuesday announced the conclusion of the equity share sale of Inox Wind (IWL) by its promoter, Inox Wind Energy (IWEL), raising around ₹800 crore.

The transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee long-only domestic and foreign institutional investors, the company said.

RITES Ltd saw a 11 per cent decline in standalone profit after tax (PAT) to ₹117 crore for the quarter ending September 30, 2023. The PAT in the year-ago-period was ₹131 crore.

The operating revenue for the period under review was ₹549 crore, down 13 per cent from ₹632 crore in the year-ago-period. The decrease in revenue on a y-o-y basis is mainly attributable “to a significant dip in the export stream of revenue and revenue from quality assurance.”

Legal deck now cleared for government to issue the class of public companies and classes of securities that would be permitted for direct listing in foreign bourses

The stock of Datamatics Global Services hit a record high of ₹699 on Tuesday before closing the session at ₹676.3. The scrip has been in a steady uptrend since May when it started to rally on the back of the support at ₹300. The price rising by over two times is an indication of a strong bull trend.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict.

Brent January crude futures rose 36 cents, or 0.4%, to $85.38 a barrel by 0040 GMT, after falling $1.33 on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract’s expiry on Tuesday.

U.S. West Texas Intermediate crude futures gained 28 cents, or 0.3%, to $81.30 a barrel after losing $1.29 in the previous session. - Reuters

Japanese stocks surged at the opening on Wednesday, propelled by gains on Wall Street and a weakening yen.

In early trading, the Nikkei benchmark index skyrocketed by 1.76%, or 543.46 points, reaching 31,402.31, while the broader Topix index also saw a significant increase of 1.97%, or 44.32 points, landing at 2,298.04.

Meanwhile, South Korea’s KOSPI is currently trading 1.08% higher at 2,302.48, and Australia’s S&P ASX200 is up 0.38% at 6,806.60 points.

In the United States, the Dow Jones Industrial Average posted a 0.38% gain, rising by 123.91 points to close at 33,052.87. Similarly, the S&P 500 climbed by 0.65%, adding 26.98 points to finish at 4,193.8. The Nasdaq Composite also ended positively, with an increase of 0.48%, or 61.76 points, closing at 12,851.24.

On Tuesday, Wall Street’s primary indices closed with positive results as investors focused on the Federal Reserve’s upcoming monetary policy announcement while also processing a mixture of earnings reports.

The Federal Reserve commenced a two-day monetary policy meeting, and it is widely anticipated that the central bank will maintain interest rates at their current levels on Wednesday. Investors will closely observe the Fed’s statement and comments from Fed Chair Jerome Powell for insights into their future plans.

The Dow Jones Industrial Average increased by 123.91 points, equivalent to a 0.38% rise, closing at 33,052.87, while the S&P 500 registered a gain of 26.98 points, representing a 0.65% increase, finishing at 4,193.8. Additionally, the Nasdaq Composite saw an uptick of 61.76 points, or 0.48%, concluding at 12,851.24.