Share Market Highlights 02 November 2023: Sensex gains 490 pts, Nifty closes above 19,100 on positive global cues

Adani Enterprises’ consolidated net profit in the second quarter of FY24 halved from a year ago on lower revenues, one-time expense and higher tax outgo.

Net profit fell 50.1 per cent from a year ago to Rs 227.8 crore, while revenue from operations was 41 per cent lower at Rs 22,517.3 crore. On a sequential basis, net profit fell 66.2 per cent and revenue fell 11.5 per cent.

Revenue of its integrated resources management vertical more than halved on year to Rs 12,470 crore. This business manages coal and other mineral supplies. Other verticals such as mining services, commercial mining, the new energy ecosystem, airport operations and roads reported revenue growth. Read more.

Tata Motors (TML) in a regulatory filing said the company continued its strong performance in Q2 FY24 with revenues at ₹1,05,128 crore (up 32.1%), EBITDA at ₹14,400 crore (up 86.4%) and EBIT of ₹7,800 crore as all auto verticals continued their profitable growth trajectory.

The stock gained 1.56% to trade at ₹637.50 on NSE.

The QIB portion has been subscribed 11.50 times, NII 3.95 times, retail 1.14 times, and those reserved for employees 4.61 times. The issue closes today.

The stock traded at ₹5,075 on the NSE, down by 0.83%.

After witnessing losses for two days in a row, the Indian equity markets reported a sharp rebound on Thursday as the US Federal Reserve’s dovish stance boosted the investors confidence.

While BSE Sensex advanced 489.57 points or 0.77 per cent to close at 64,080.90, the broader NSE Nifty50 index gained 144.10 points or 0.76 per cent to end at 19,133.25. On Wednesday, Sensex lost 283.60 points or 0.44 per cent to end at 63,591.33, Nifty declined by 90.45 points or 0.47 per cent to 18,989.15.

For Nifty, 19,150 offered a strong resistance and 19,050 was the crucial support. The index touched an intraday high of 19,175.25 and a low of 19,064.15.

Gainers/losers

Britannia (2.97 per cent), Hindalco (2.68 per cent), IndusInd Bank (2.10 per cent), Apollo Hospitals (1.95 per cent) and Eicher Motors (1.76 per cent) were the top gainers among the Nifty50 stocks, Hero Motocorp (-1.03 per cent); Bajaj Auto (-0.47 per cent); HDFC Life (0.17 per cent), ONGC (-0.19 per cent) and Adani Enterprises (0.15 per cent) were the major laggards.

Market Depth

On BSE, out of the 3,791 stocks that were traded on Thursday, 2,322 stocks advanced, while 1,328 declined and 141 stocks remained unchanged.

Adani Enterprises reported its standalone net profit for the quarter ended September 2023 at ₹761.79 crore as against ₹469.20 crore in the same quarter previous year. The stock trades at ₹2,215 on the NSE, down by 0.10%.

Indian Hume Pipe Company informed the exchange that it has restarted its Miraj Factory at Sangli, Maharashtra, which was closed down on October 7, 2022. The stock rises by 2.81% on the NSE, trading at ₹236.

Asahi India Glass reported its net profit for the quarter ended September 2023 at ₹86.37 crore as against ₹104.35 crore in the same quarter previous year. The stock falls by 0.29% on the NSE, trading at ₹553.85.

Major gainers:

• Britannia (2.93%)
• Hindalco (2.29%)
• IndusInd (2.04%)
• Apollo Hospital (1.90%)
• Eicher Motors (1.64%)

Major losers:

• Hero Motocorp (-1.53%)
• Bajaj Auto (-0.50%)
• Bajaj Finance (-0.44%)
• Dr Reddy (-0.22%)
• ONGC (-0.19%)

Stocks advanced on BSE at 3 pm on November 2, 2023, were 2,301 against 1,306 stocks that declined; 150 stocks remain unchanged. Total stocks traded were 3,757. The number of stocks that recorded a 52-week high was 162, and those that hit a 52-week low was 30.

Dabur India ended the second quarter of 2023-24 with a 7.3% growth in Revenue from Operations at Rs 3,203.8 crore, driven by steady performance of both the Home & Personal care and HealthCare businesses. Consolidated Net Profit for the quarter marked a 5.1% increase to Rs 515.1 crore, up from Rs 490.1 crore a year earlier.

The Board of Directors of Dabur India Ltd declared an Interim Dividend of 275% for 2023-24.

“We have delivered steady Revenue and double-digit Operating Profit growth with improvement in gross margins led by moderating inflation. We believe we are on the right path with our strategic playbook. We remain focused on managing our business with agility, leveraging our strong distribution footprint while enhancing our margins, quarter after quarter,” Dabur India Limited Chief Executive Officer Mohit Malhotra said.

“We have witnessed a marked sequential improvement in urban demand, led by new-age channels. While the rural growth still lags urban demand, the gap has reduced. We are increasingly optimistic of the future as we are seeing green shoots of recovery in Rural sentiments. We will continue to invest behind our brands, distribution infrastructure and innovation to deliver volume-led profitable growth,” he added.

Suzlon Energy reported the standaline net loss for the quarter ended September 2023 at ₹5.36 crore as against net profit of ₹4.40 crore in the same quarter in the prrevious year. However, the stock trades at ₹31.90 on the NSE, up by 1.92%.

DSP Mutual Fund announced the launch of DSP Gold ETF Fund of Fund, an open-ended Fund of Fund scheme investing in DSP Gold Exchange Traded Fund (ETF). The scheme offers investors a convenient way to invest in gold like a normal mutual fund scheme, compared to the physical version, with the freedom to trade easily.

The New Fund Offer for the DSP Gold ETF Fund of Fund opens for subscription on November 3 and closes on November 10.

Datamatics Global Services reported the net profit for the quarter ended September 2023 at ₹30.02 crore as against ₹24.11 crore in the same quarter previous year. The stock declines by 3.08% on the NSE, trading at ₹641.35.

Solar Industries India reported its standalone net profit for the quarter ended September 2023 at ₹141.18 crore as against ₹91.91 crore in the same quarter previous year. The stock falls by 3.11% on the NSE, trading at ₹5,349.90.

National Skill Development Corporation (NSDC) has entered into a partnership with HCLTech to bridge the skills gap, particularly in the tech and engineering sectors. Under this collaboration, both the organizations will work together to promote the adoption of technology among learners from diverse backgrounds and explore new global markets and business opportunities.

The agreement was exchanged by Ved Mani Tiwari, CEO, NSDC and C Vijayakumar, CEO & Managing Director, HCLTech.

Global pharma major Lupin Limited has received tentative approval from USFDA for its Abbreviated New Drug Application for Selexipag Injection, 1800 mcg/vial, Single-Dose Vial. The stock rises by 3.05% on the NSE, trading at ₹1,167.30.

Top Nifty realty stocks:

• Lodha (7.03%)
• Oberoi Realty (3.88%)
• Phoenix Mills (3.69%)
• Sobha (3.42%)
• Godrej Properties (3.05%)

Honasa Consumer IPO has been subscribed 5.62 times as of 2:24 pm on November 2, 2023. The QIB portion has been subscribed 9.39 times, NII 1.22 times, retail 0.91 times, and those reserved for employees 4.34 times. The issue closes today.

Adani Power reported its net profit for the quarter ended September 2023 at ₹6,625.39 crore as against ₹928.28 crore in the same quarter previous year. The stock rises by 2.48% on the NSE, trading at ₹374.25.

“While the overall economy including the core sector has seen a solid momentum in the first half of FY24 partly supported by the base factor and the significant public expenditure in infrastructure, there are signs of a growth moderation in the second half of the year. Weaker rural demand may have an impact on core and industrial activity. In the short run, the Israel – Hamas conflict may also impact specific core industries such as petro-products and fertilizers.”

Dr Lal PathLabs Limited announced financial results for the quarter ended September 30, 2023.

Consolidated revenue increased by 12.6% in Q2 FY24. The stock rises by 2.30% on the NSE, trading at ₹2,435.40.

Lincoln Pharmaceuticals stock jumps by 12.89% on the NSE, trading at ₹558.50 after the company reported its financial results for the period ended September 2023.

“The US Fed has kept the rate unchanged for the second time and is on the much-expected lines in reflection of the uncertainty in the global economy. This move indicates the efforts of the Fed body to keep inflation in control with sustained yet steady momentum towards the goal of bringing down the inflation rate within the range of 2%. Having said that, another rate hike is probable during this financial year. This may result in fluctuations at an international level. However, the mild turbulence will be well absorbed on the domestic front owing to the festive gold buying in India.”

Intellect Global Consumer Banking (iGCB), consumer banking arm of Intellect Design Arena Limited, has been named a gold winner in the 13th Annual Globee Business Awards for 3 categories. The stock trades at ₹658.30 on the NSE, down by 0.91%.

Sapphire Foods India reported its standalone net profit for the quarter ended September 2023 at ₹14.94 crore as against ₹24.07 crore in the same quarter previous year. The stock declines by 1.85% on the NSE, trading at ₹1,304.80.

Akzo Nobel India reported its net profit for the quarter ended September 2023 at ₹94.2 crore as against ₹6.54 crore in the same quarter previous year. The stock is up by 3.08% on the NSE, trading at ₹2,458.60.

Infibeam Avenues Ltd to develop self-sufficient & symbiotic artificial intelligence (AI) ecosystem for tech and AI businesses. The stock rises by 4.75% on the NSE, trading at ₹19.85.

Heranba Industries reported its revenue at ₹429.5 crore in Q2 FY24 as against ₹423.30 crore in the previous year. The stock rises by 7.67% on the NSE, trading at ₹381.

Minda Corporation Limited has entered into agreement for forming a Joint Venture (JV) with HSIN Chong Machinery Works Co. Ltd. from Taiwan to provide cutting-edge technology backed by state-of-the-art manufacturing of Sunroof and Closure Technology Products for passenger cars by localization in India.

Minda Corporation stock is up by 0.60% on the NSE, trading at ₹341.25.

Honasa Consumer IPO has been subscribed 2.54 times as of 1 pm on November 2, 2023. The QIB portion has been subscribed 4.12 times, NII 0.54 times, retail 0.79 times, and those reserved for employees 4.02 times. The issue closes today.

The Association of Mutual Funds in India has made it mandatory for mutual funds to display only the 10-year compounded annual rolling returns prescribed by it in non-scheme related pamphlets and advertisements.

The key levels to watch are ₹690 and ₹710

Online stock broking platform Angel One has absorbed the team of Bengaluru-based learning app Dstreet Finance, its first acquisition of a tech start-up team.

This is to build an engagement platform and enhance its product offerings for the younger generation. The firm did not disclose the investment but said that it would absorb all the 12 members of DStreet.

DCM Shriram informed the exchange that the Façade fabrication facility of the Company’s Fenesta business at Hyderabad, has been commissioned today. The stock trades at ₹868.90 on the NSE, up by 0.22%.

Growcoms, a spice tech company, raised $ 3.5 million from JSW Ventures and Arali Ventures. Existing investor InfoEdge Ventures also participated in the fund raise.

The funds raised by the company will be primarily used for bolstering product portfolio and technology stack to build key capabilities in enabling traceability for exports and value-added spices.

The investment is the first in the Agritech space for both JSW Ventures and Arali Ventures.

Lioncoln Pharmaceuticals stock rises by 5.11% on the NSE, trading at ₹520.05. The company reported its standalone net profit for the quarter ended September 2023 at ₹27.65 crore as against ₹23.71 crore in the same quarter previous year.

Cholamandalam MS General Insurance Company Ltd (Chola MS) - a joint venture between Murugappa Group and Mitsui Sumitomo insurance group (Japan), has more than doubled its PAT at Rs.164 crore in H1 of this fiscal vs Rs.73 cr in H1 of FY23). The solvency margin was at 1.89 times, above the minimum requirement of 1.5 times stipulated by the regulator.

The Gross Written Premium grew 33% at Rs.3708 crore, aided by the reentry into crop insurance and other factors.

HDFC Securities has entered the low-cost broking arena with the HDFC SKY platform (website and app). This entity will access Indian stocks, exchange-traded funds, mutual funds, futures and options, currencies, commodities, IPOs, and global equities on a single platform. Here is a review.

Bliss GVS Pharma stock jumps 16.01% on the NSE, trading at ₹97.45 after the company reported its financial results for the quarter ended September 2023.

Steady earnings growth continues; maintain BUY

For Q2, Gravita India (GRAV) reported consol. adj. revenue/EBITDA/PAT of Rs8.4bn/Rs798mn/Rs579mn, up 23%/24%/30% YoY, led by 25% YoY lead volume growth. Consol. vol. grew by 14% YoY, as AL was impacted by macros, while plastics are ex-Nicaragua now. Mgmt. has reiterated its growth targets, besides awaiting approvals to set up a Li-ion recycling plant in Mundra, while paper is on the cards in the next 1-2 years. GRAV’s balance sheet remains healthy with credible ESG funding being received. We revise FY25E EPS upwards by 10%, assuming better margin profile. We raise our TP to Rs1,300 from Rs915 due to rollover to Sep-25 (adding Rs214 incl. EPS hike) and building better target P/E of 23x (vs. 20x, adding Rs170) led by consistent performance. Our FY24E EPS is down 5% due to higher net finance cost. Retain BUY.

Xchanging Solutions reported its net profit for the quarter ended September 2023 at ₹511 lakh as against ₹371 lakh in the same quarter previous year. The stock surges by 6.21% on the NSE, trading at ₹94.05.

Ramco Systems Has been positioned as a ‘Leader’ and recognised a ‘Star Performer’ in Everest Group’s Multi-Country Payroll Solutions PEAK Matrix Assessment 2023 for APAC. The stock trades at ₹259.90 on the NSE, down by 0.04%.

Indian stocks extended their upward trajectory on Thursday after the US Federal Reserve’s dovish stance. By 12:20 p.m., the BSE Sensex had surged by 304.91 points, reaching 63,896.24, and the NSE Nifty had gained 100.05 points, reaching 19,089.20. Market data showed 2,269 advancing stocks, 1,178 declining stocks, and 167 unchanged stocks out of a total of 3,614 stocks traded. Among these, 134 stocks hit their 52-week high, and 21 touched their 52-week low.

Prominent gainers on the NSE at noon included Adani Enterprises (2.45%), Britannia (2.20%), Apollo Hospitals (1.58%), Coal India (1.35%), and IndusInd (1.33%). Conversely, notable losers were Hero Motocorp (-1.44%), Bajaj Auto (-0.78%), Bajaj Finserv (-0.26%), Tata Steel (-0.17%), and Maruti (-0.08%).

Adani Enterprises (2.45%); Britannia (2.20%); Apollo Hospitals (1.58%); Coal India (1.35%); IndusInd (1.33%)

Major losers:

Hero Motocorp (-1.44%); Bajaj Auto (-0.78%); Bajaj Finserv (-0.26%); Tata Steel (-0.17%); Maruti (-0.08%)

Stocks advanced on BSE at 12 pm on November 2, 2023, were 2,269 against 1,178 stocks that declined; 167 stocks remain unchanged. Total stocks traded were 3,614. The number of stocks that recorded a 52-week high was 134, and those that hit a 52-week low was 21.

CIL produced 394 million tonnes (MTs) of coal in April-October 2023 period with 42 MT increase compared to 352 MTs year ago same period.The stock rises by 1.39% on the NSE, trading at ₹310.90.

Under the thematic fund’s space, transportation and logistics offerings have witnessed quite a few launches recently. For a basket that for years had just one focussed scheme (UTI), the last 12 months have seen three launches, viz. ICICI Pru, Bandhan (formerly IDFC) and HDFC coincided with decent returns clocked by transportation & logistics stocks in this period. The latest to join the bandwagon is Aditya Birla Sun Life (ABSL). The new fund offer (NFO) period for Aditya Birla Sun Life Transportation and Logistics Fund closes on November 10. Should you invest?

Result Report Q2 FY24

Recommendation: BUY

Target Price: Rs 1200

After waiting to initiate with BUY in Dec 2022, we now place MAXF as the top pick, tactically

(1) Axis Bank channel sees a sharp turnaround while MAXF continues to build up the agency channel. (2) While VNB margin in the first half was under pressure due to product mix changes, MAXF sounded confident on their plan to achieve full year guidance of 27-28%. (3) We maintain ‘BUY’ rating on MAXF with a revised price target of Rs 1200

DB Realty: The company has entered into a share purchase agreement to sell their entire shareholding in equity shares & OCDS in Siddhivinayak RealtiePrivate Limited to RCFL for INR 376.18 crore.

Kapston Services (9.99%)

Cupid (9.97%)

JK Tyre & Industries (9.04%)

REC (8.41%)

Cigniti Technologies (8.02%)

he Federal Reserve’s decision to skip a hike again even while the US economy continues to show unexpected strength and inflation slows sluggishly, tells us that the central bank is in a tricky spot. The recent rise in market-based interest rates have made financial conditions very restrictive, possibly doing some of the Fed’s work for them. Additionally, the full impact of their tightening is yet to be felt, making it appropriate to pause. Additional rate hikes at this juncture could result in overtightening and seriously damage the ‘soft landing’ that the Fed is aiming for. However, the Fed cannot declare tightening over with growth this strong and inflation still above target, which keeps the door open for another hike. The ‘higher for longer’ stance should keep markets on edge. Gold prices are currently supported by geopolitical tensions in the Middle East and prospects of the Fed easing policy in 2024. -- Ghazal Jain, Fund Manager, Quantum Mutual Fund

Tata Consultancy Services (TCS) has launched a new Cyber Insights Platform that leverages AI and Amazon Security Lake to help customers enhance their cyber security and compliance. The stock rises by 1.02% on the NSE, trading at ₹3,364.50

JK Tyre (10.66%); LT Foods (8.46%); Arvind (7.85%); Rec (7.69%); Rategain (7.33%)

Major losers:

GMDC (-8.11%); Syrma (-5.41%); Green Panel (-4.72%); HIL (-3.45%); LIC Housing (-2.71%)

Market statistics at 11 a.m.: Out of the 2,313 stocks traded on the NSE, 1,718 advanced, 501 declined and 94 remained unchanged. There were 53 stocks which hit 52-week high and 11 touched 52-week low. About 84 stocks hit the upper circuit and 35 touched lower circuit.

Bank Nifty opened today on the front foot at 43,018.70 versus Wednesday’s close of 42,700.95. The index is currently at 43,140, up 1 per cent.

The bullish inclination is supported by the market breadth of the index – all 12 stocks in the index have appreciated today so far.

IndusInd Bank and Punjab National Bank, up 2.3 and 2.2 per cent respectively, are the leaders in Bank Nifty today.

​Mangalore Chemicals & Fertilizers Limited​ informed the exchange that the company has resumed production of ammonia and urea today i.e., November 2, 2023 after planned maintenance. The stock inches up by 0.57% on the NSE, trading at ₹113.75.

The rupee appreciated by 9 paise to 83.19 against the US dollar in early trade on Thursday, tracking its Asian peers as risk-on sentiments prevailed in the market as the US Fed was a bit dovish in its policy meeting.

A weak US dollar overseas and positive domestic equities supported the local unit in early trade, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.23 against the dollar and then touched an early high of 83.19, registering a gain of 9 paise over its previous close. Read more.

Nifty 50 (19,140) started the session higher at 19,120 versus yesterday’s close of 18,989.15. The index is up 0.8 per cent after the initial hour of trade.

Supporting the positive bias, the advance/decline ratio of Nifty 50 stands at 45/5. Moreover, all mid- and small-cap indices are in the green. There is a drop in volatility as indicated by India VIX, a bullish sign.

In addition, all the sectors have gained so far today led by Nifty PSU Bank and Nifty Realty, up 2 and 1.4 per cent, respectively.

Equity benchmark indices rebounded nearly 1 per cent in early trade on Thursday after a two-day decline, following a rally in global markets amid the US Fed keeping rates unchanged.

The 30-share BSE Sensex jumped 593.8 points to 64,185.13 in early trade. The Nifty climbed 179.3 points to 19,168.45.

Honasa Consumer IPO has been subscribed 0.73 times as of 10:30 am on November 2, 2023. The QIB portion has been subscribed 1.02 times, NII 0.16 times, retail 0.68 times, and those reserved for employees 3.57 times. The issue closes today.

Top gainers of Nifty bank stocks:

• PNB (2.47%)
• IndusInd Bank (2.23%)
• Bank of Baroda (1.89%)
• IDFC First Bank (1.85%)

Bajaj Finance stock trades at ₹7,562.60 on the NSE, up by 1.21%. The company’s board approved a proposal to issue of 15.5 lakh warrants to the promoter Bajaj Finserv, at an issue price of ₹7,670 per Warrant, amounting to ₹1,188.85 crore.

Dabur India has informed the exchange regarding allotment of 2239 shares. The stock is up by 17%, trading at ₹518.

Fino Payments Bank’s second quarter net profit rose 41.5 per cent year-on-year (y-o-y) to ₹19.5 crore against ₹13.8 crore as net revenue grew faster than operating cost.

Net revenue (difference between revenue and product cost) rose 26 per cent y-o-y to ₹118 crore ( ₹94 crore in the year-ago quarter).

Operating cost was up about 14 per cent y-o-y to ₹72 crore (₹63 crore).

Nitiraj Engineers has received order from Integra Micro Systems (P) Ltd, Bangalore, from 30450 quantity of weighing scale for total value of ₹18.17 crore

Britannia stock rises by 2.58% on the NSE, trading at ₹4,510.60 after the company reported consolidated sales for the quarter ended September 2023 stood at ₹4,370 crore.

“The Companies Act now allows Indian companies to list their shares in other specified jurisdictions. To make this happen there would be changes required to other regulations including FEMA. Additionally, some may also consider listing their equity shares on INX at IFSC once regulatory concerns are adequately addressed.

This allows Indian companies another medium of raising capital. It would also need them to meet governance norms at such specified jurisdictions. Over the years, the requirements of SEBI and the Indian stock exchanges have surpassed these concerns and this would no more be an issue.

Even on the accounting front, IndAS is now aligned largely to globally accepted accounting norms and that would also help Indian companies and avoid the time consuming and costly preparations of accounts in US GAAP or IFRS.

The likely challenge will be that relating to investors. Will global investors provide the same valuations as that in India? What would be the commercial benefits of these listings? These are the more important and relevant questions that Indian companies and their Boards would have to grapple with over the coming months and years. “ -- Yash Ashar, Partner & Head - Capital Markets, Cyril Amarchand Mangaldas

CTE (Cambridge Technology Enterprises) gains 6 pc in early trade, trading at Rs 73.60. The scrip touched the 52-week high of Rs 78.60 on November 1.

Zydus Lifesciences and Guardant Health have signed a co-marketing agreement to jointly promote the Guardant360 portfolio of liquid and tissue biopsy tests across India and Nepal. Zydus stock inches up by 0.28% on the NSE, trading at ₹577.

Market data at 10 a.m. showed that out of the 2,989 stocks traded on the BSE, 2,268 registered gains, 604 experienced losses, and 117 unchaged. During this period, 77 stocks reached their 52-week high, while 15 hit their 52-week low. Additionally, 89 stocks hit the upper circuit, while 61 touched the lower circuit.

GAIL India stock rises by 1.49% on the NSE, trading at ₹119.35 after it signed 15-year supply contract with BPCL for supply of propane to its petrochemical plant at Usar in Maharashtra.

Britannia Industries reported a strong performance in the quarter ending in September, with the consolidated net profit improving by 19.55 per cent y-o-y to ₹586.5 crore, surpassing market estimates of a 7.9 per cent improvement.

In September 2022, the FMCG major reported a net profit of ₹490.58 crore. Sequentially, the net profit improved by 28.77 per cent.

Bucking the trend: Cognizant reports positive net employee hiring in September quarter, while its peers saw a decline.

Elgi Equipments informed the exchange that Bhavesh Karia has been appointed as President – ISAAME (India, South Asia, Africa, and Middle East) of the Company with effect from November 2, 2023. The stock rises by 1.02% on the NSE, trading at ₹504.25.

Britannia (3.55%); LTIMindtree (2.33%); Bajaj Finance (1.60%); Titan (1.59%); Kotak Bank (1.59%)

Major losers:

Tata Steel (-0.21%); ONGC (-0.03%)

Kotak Mahindra Bank, Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”) and Zurich Insurance Company Limited (“Zurich”) have entered into definitive agreements for a transaction whereby Zurich will invest (approximately) Rs4,051 crore to acquire a 51% stake in Kotak General Insurance through a combination of fresh growth capital and share purchase. Further, Zurich will acquire an additional stake of 19% within a period of three years from its initial acquisition . Zurich’s investment represents the single largest investment by a global strategic insurer in an Indian non-life insurer. Kotak Bank’s shares are up 1.5%

VA TECH WABAG strengthened its market leadership in Tunisia by securing a consortium design, build, operate repeat order towards 345 MLD Bejaoua Drinking Water Treatment Plant, worth about 215 million Tunisian Dinars (approx. EUR 63 Million), from Societe Nationale D’exploitation Et De Distribution Des Eaux (SONEDE).

Sun Pharma Advanced Research Company Ltd. has entered into an agreement with Johns Hopkins University (JHU) and The Institute of Organic Chemistry and Biochemistry of the Czech Academy of Sciences (IOCB) (Licensors) to license SCD-153 including all patents and patent applications owned or controlled by licensors.

Indian benchmark indices, Sensex and Nifty, made a strong opening on Thursday, influenced by the US Federal Reserve’s dovish stance. The BSE Sensex gained 451.97 points, reaching 64,043.30, while the NSE Nifty surged 149.65 points to 19,138.80.

Among Nifty components, gainers included Britannia, Hindalco, LTI Mindtree, Hero MotoCorp, and IndusInd Bank, while Tata Steel was the only decliner.

Asian equities also started higher as investors found reassurance in the Federal Reserve’s meeting, with the Nikkei 225 and Australian markets up by 1.2%, and Korea’s Kospi trading 1.6% higher.

As anticipated, the Federal Reserve opted to keep interest rates unchanged, maintaining the possibility of “additional policy firming.” However, the Fed’s message now exhibits a more balanced tone, emphasizing the impact of financial and credit conditions on the outlook. This stance led to lower yields, stock market gains, and a weaker US dollar, according to Madhavi Arora, Economist at Emkay Global.

Powell sounded quite pleased with the effort to bring down inflation, where he saw “pretty significant progress.” He sounded optimistic that fading pandemic distortions and rising labour supply (notably from immigration) could help this process—although Powell noted that he, like most of the FOMC, still believes some further softening of the labour market and slowing of growth will be necessary.

Dhawal Ghanshyam Dhanani of SAMCO Mutual Fund praised the US Fed’s decision to maintain interest rates, considering it a prudent move amid global uncertainties. He suggested a “wait and watch” approach for investors as the Fed monitors economic developments.

Madhavi Arora anticipates that the Federal Reserve will maintain its hold on rates through December and the first half of the following year. However, the softening of the Fed’s tone may provide some relief to US Treasuries bear steepening, though rising term premiums could drive higher yields in the future. Edward Moya from OANDA suggests that financial markets will need to wait and see if the US economy stabilizes, potentially reducing the risk of accelerated inflation with further rate hikes, as the Fed seeks higher rates to assist its objectives.

Meanwhile, weak results such as Tata Steel will keep the market on the edge. Analysts said FPI selling may tone down slightly, but results are mixed. “Investors sentiment was also primarily clouded by lingering concerns about corporate India’s Q2 earnings which as of now is uninspiring,” Prashanth Tapse, Senior VP (Research), Mehta Equities.

Analysing the Open Interest (OI) data, the highest open interest for call options was observed at the 19,100 strike price, followed by the 19,200 strike price. On the put side, the highest OI was found at the 18,900 strike price, signalling the market movement, said Choice International.

Crude oil futures traded higher on Thursday morning as the US Federal Reserves kept the interest rates unchanged in its meeting on Wednesday. At 9.05 am on Thursday, January Brent oil futures were at $85.53, up by 1.06 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $81.34, up by 1.12 per cent. November crude oil futures were trading at ₹6793 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6762, up by 0.46 per cent; and December futures were trading at ₹6766 as against the previous close of ₹6756, up by 0.15 per cent.

“Even though the pause decision of the Fed was on expected lines, the commentary was not hawkish as the market feared. The Fed chief Jerome Powell’s comment that “despite elevated inflation, the longer term inflation expectations remain well anchored” was taken by the market as a slightly dovish statement. The implication of this statement is that the Fed may not hike rates again in this rate hiking cycle. Consequently the bond yields declined sharply. The benchmark 10-year bond yield declined 17 bp to 4.75 percent and the equity markets responded positively.

In the near-term, the dollar index at 106.3, Brent crude at around $85 and the 10-year US bond yield at 4.75 % are favourable for stock markets. There is a possibility that the FIIs who were sustained sellers in October may turn buyers and if that happens, short-covering can take markets higher despite the uncertainty surrounding the Israel-Hamas conflict.

From the valuation and growth perspective, leading banks provide good buying opportunities. IT can stage a comeback.” - -- V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Dovish signals by the US Fed, kept the interest rate unchanged and Fed Chair Jerome Powell left the door open for further hikes interest rate lifted across the global market between 1-2%. US market gained up to 2%, Asian markets surged between 1-2% and Gift Nifty soared 1% after the Fed chief Jerome Powell signaled that policymakers will remain on hold, downplaying the “efficacy” of the Fed’s September forecast for one more rate hike this year.

Back home, Gift Nifty soared 165 points or 0.8% and US Future gained by 0.2%. October GST collection surged by 13% to above Rs1.7 lakh cr, second highest ever and impressive monthly auto sales data will be positive for the market sentiment. Moreover, short covering may not be ruled out ahead of weekly Nifty F&O expiry today.

BankNifty will be in focus due to underperformance against Nifty. Auto stocks will be focused after announcing strong October month sales data. Metal stocks will be positive on account of increased base metal price on LME and fall in US Dollar Index. -- Vikas Jain, Senior Research Analyst, Reliance Securities

Cognizant Technology Solutions reported a 16 per cent drop in net profit to $525 million for the third quarter ended September 30, 2023 as against $629 million for the same period last year. Revenue was almost flat at $4.89 billion ($4.85 billion). The company incurred restructuring charges of $72 million reported in Q3.

The Rs 1900 crore Initial Public Offering of Cello World was subscribed 38.90 times led by QIB and NII on Wednesday, the final day of bidding.

The issue received bids of 85,83,10,665 shares against the offered 2,20,61,947 equity shares, at a price band of ₹617-648, according to the data available on the stock exchanges.

Qualified Institutional Buyer Portion and Non-Institutional Investors Portion were subscribed 108.57 times and 24.42 times respectively, whereas retail portion was subscribed 3.06 times. Employee Portion was subscribed 2.60 times.

Gold prices saw an increase as a reaction to the Federal Reserve’s decision to maintain steady interest rates. This was accompanied by a slip in both the US dollar and bond yields.

The Federal Reserve acknowledged the tighter financial conditions faced by businesses and households. The discussion among policymakers centered around whether current financial conditions were already tight enough to control inflation or if a thriving economy might need further restraint.

Fed Chair Jerome Powell stated that sustainable increases in market borrowing costs would be necessary to influence future decisions on central bank monetary policy.

The SPDR Gold Trust reported a rise in its holdings by 0.24% to 861.51 tonnes, up from 859.49 tonnes.

GNFC

Ex/ Record Date Interim Dividend: QGO Finance, Elpro International, Godrej Consumer Products.

Enami: Promoter Group Diwakar Finvest released pledge of 9.75 shares, Suraj Finvest created a pledge of 18.5 and 24.5 lakh shares.

Jindal Stainless: Promoter Group JSL Overseas bought 50 shares.

Sterling and Wilson Renewable: Promoter Shapoori Pallonji and Company sold 1.80 lakh shares in first market sales and 2.42 lakh shares in second market sales.

Shilchar Technologies: Promoter and Director Ajay Jitendra Shah sold 70000 shares.

Maruti Suzuki India: The company received a show cause notice from Agra’s Legal Metrology Department for not mentioning MRP on the listed products available for sale on the company’s website.

ICICI Bank: The bank opened a branch at the Domestic Tariff Area in Gift City.

Murugappa Group companies: The Murugappa family arrangement is now effective. No listed company forming part of the Murugappa Group is a party to the family arrangement.

Indian Oil: SEBI has introduced a common online dispute resolution portal to facilitate the online resolution of all kinds of disputes arising in the Indian Securities Market for the members of the company.

ONGC: Sanjay Verma, Executive Director, Chief Well Services, superannuated his position. Birendra Kishore Das was appointed to the position on Nov. 1.

Adani Enterprises: Unit AMG Media Networks has executed a share-purchase agreement for the acquisition of the remaining 51% stake in Quintillion Business Media.

Tata Steel: The company will issue 67 shares of Tata Steel for every 10 shares held in Tata Steel Long Products following the amalgamation. It also approved the Scheme of Amalgamation of Bhubaneshwar Power, a wholly owned subsidiary, into and with its parent company.

Inox Wind: The company allotted preference shares worth Rs 400 crore to Inox Wind Energy on a private placement basis.

Bharat Forge: The company approved additional investment in KPTL for Rs 33 crore.

Sona BLW Precision Forgings: The United Auto Workers has reached a tentative agreement with the OEMs, thereby bringing an end to the strike at the OEM plants.

Wheel India: A board-approved proposal to incorporate wholly-owned subsidiaries in the U.S. and Germany

Torrent Pharmaceuticals: India Ratings and Research affirmed the long-term issuer credit rating at IND AA+/Stable on the banking facilities and non-convertible debentures of the company at IND AA+/Stable.

RITES: Rajeev Kumar Dayal superannuates the Vertical Head/IU position on Oct. 31, thereby ceasing to be among the senior management. The company appointed Lalit Kumar as Vertical Head/IU w.e.f Nov. 1.

Bharti Airtel: The company said it doesn’t agree with the latest notice from DoT imposing a penalty of Rs 73,000 for the alleged violation of subscriber verification norms and will take action for reversal.

Ultratech Cement: The company issued a corporate guarantee of $73.50 million in favour of Abu Dhabi Commercial Bank PJSC for credit facilities availed by its wholly-owned subsidiary in the UAE, UltraTech Cement Middle East Investments.

Interglobe Aviation: Mahesh Kumar Malik, Chief Commercial Officer—Cargo, resigned his position w.e.f. Nov. 1.

JK Tyre and Industries: The company approved an investment of Rs 1,025 crore for the expansion of tyre manufacturing capacity. Manufacturing capacity to increase by 19.45%

Godrej Consumer Products: The board approved a dividend of Rs 5 per share as well as the incorporation of a new wholly owned subsidiary to manufacture, sell, and export personal and household care products.

Syrma SGS Technology: Board-approved scheme of amalgamation of SGS Infosystems with SGS Tekniks Manufacturing The board also approved the merger of the merged company, SGS Tekniks Manufacturing, with Syrma SGS Technology.

Ruby Mills: Sessions Court in Thane has issued a summons for The Ruby Mills and Bharat Shah, managing director, to appear in court. The company refutes all the allegations made against it.

Adani Cement: The company expects the acquisition of Sanghi Industries to close in Q3 FY24. The company had announced the acquisition of Sanghi Industries in August 2023 at an enterprise value of Rs 5,000 crore.

Ugro Capital: Board to consider and approve raising of funds by was of issuance of non convertible debentures through private placement basis on Nov 4.

State Bank of India: The lender raised Rs 10,000 crore at a coupon rate of 7.81% through its first Basel III-compliant Tier 2 bond for FY23. The bonds are issued for 15 years, with a first-call option after 10 years. The issue attracted bids of Rs 15,907 crore and was oversubscribed four times.

Pfizer India: The company will transfer the unexpired leasehold rights of the MIDC land parcel to Zoetis Pharmaceutical Research. Lease on 82,000 sq. metres of land with a total built-up area of 16,494 sq. metres to be transferred for a consideration of Rs 264.4 crore.

GAIL (India): The company signed an agreement with Bharat Petroleum for a 15-year supply of propane for its upcoming petrochemical plant in Usar, Maharashtra. The contract has an estimated value of Rs 63,000 crore and will see GAIL procure 600 KTPA of propane from BPCL’s LPG import facility in Uran.

Vedanta: New Century exercised the option to acquire the Copper Mines of Tasmania from Mt Lyell Copper Mine in Australia, Monte Cello BV, a 100% subsidiary of Vedanta. The sale transaction includes a $10 million payment by New Century to MCBV, the replacement of a $4.5 million closure bond, and a $10 million payment on CMT achieving its first commercial production. MCBV shall also be entitled to receive a royalty consideration based on the future revenues of CMT.

SpiceJet: The company inducted five leased Boeing 737s into its fleet.

APL Apollo Tubes: Company appointed Chetan Khandelwal as CFO w.e.f Nov. 1.

Bondada Engineering: The company received an order worth Rs 381 crore from BSNL for infrastructure-as-a-service to supply and erect ground-based towers, operate and maintain them for five years

GR Infraprojects: The company’s wholly owned subsidiary, GR Devinagar Kasganj Highway, executed a concession agreement with NHAI. Agreement of project: Four lanings of NH 530B from Devinagar Bypass in Uttar Pradesh for a project cost of Rs 1,226.87 crore

Hitachi Energy: The company received an order from the office of the Deputy Collector, Stamp Duty Valuation System Vadodar, for a stamp duty payment of Rs 16.11 crore and a penalty of Rs 25 crore.

South Indian Bank: Salim Gangadharan retired from the position of Non-Executive Director and Part-Time Chairman VJ Kurian to take charge w.e.f Nov. 2, 2023, till March 22, 2026.

Avantel: The company received a purchase order worth Rs 1.61 crore from Satish Dhawan Space Centre, ISRO and Rs 17.64 crore from Cochin Shipyard.

Elpro International: The company acquired an equity share of SBI General Insurance for Rs 25.14 crore.

KPI Green Energy: The company received new orders totaling 6.5 MW for solar power projects

Adani Enterprises, Tata Motors, Adani Power, Cholamandalam Investment and Finance Company, Dabur India, Indian Railway Finance Corporation, Berger Paints India, Godrej Properties, Container Corporation of India, Gujarat Gas, Dr. Lal PathLabs, Ratnamati Metals & Tubes, 360 One WAM, Aptus Value Housing Finance India, Clean Science and Technology, Indian Energy Exchange, Akzo Nobel India, KSB, Sapphire Foods India, Deepak Fertilisers & Petrochemicals Corporation, Minda Corporation, Kirloskar Oil Engines, Karnataka Bank, Chemplast Sanmar, Surya Roshni, Infibeam Avenues, NOCIL, Datamatics Global Services, Tatva Chintan Pharma Chem, Hikal, Jtekt India, Indian Metals & Ferro Alloys, Gallantt Ispat, Prataap Snacks, Heranba Industries, Insecticides (India), EIH Associated Hotels, Linc, Summit Securities, Chaman Lal Setia Exports.

Tata Steel Q2 FY24 (Consolidated, YoY)

Revenue down 7.01% at Rs 55,682 crore vs. Rs 59,877.5 crore (Bloomberg estimate: Rs 55,982.1 crore).

Ebitda down 29.6% at Rs 4,267.8 crore vs. Rs 6,060.3 crore (Bloomberg estimate: Rs 4,957 crore).

Margin at 7.66% vs. 10.12% (Bloomberg estimate: 8.9%).

Reported loss of Rs 6,511.2 crore vs. profit of Rs 1,297.1 crore (Bloomberg estimate: Rs 440.7 crore)

Britannia Industries Q2 FY24 (Consolidated,YoY)

Revenue up 1.2% at Rs 4,432.9 crore vs. Rs 4,379.6 crore (Bloomberg estimate: Rs 4,555.4 crore).

Ebitda up 22.6% at Rs 872.4 crore vs. Rs 711.7 crore (Bloomberg estimate: Rs 803.4 crore).

Margin at 19.68% vs. 16.25% (Bloomberg estimate: 17.6%).

Reported profit up 19.6% at Rs 586.5 crore vs. Rs 490.6 crore (Bloomberg estimate: Rs 547.9 crore).

Triveni Turbine Q2 FY24 (Consolidated, YoY)

Revenue up 32.4% at Rs 388 crore vs. Rs 293 crore (Bloomberg estimate: Rs 470.7 crore).

Ebitda up 33.6% at Rs 74 crore vs. Rs 56 crore (Bloomberg estimate: Rs 77 crore).

Margin at 19.2% vs. 18.9% (Bloomberg estimate: 19.8%).

Reported profit up 38.2% at Rs 64 crore vs. Rs 46.3 crore (Bloomberg estimate: Rs 62 crore).

Godrej Consumer Products Q2 FY24 (Consolidated, YoY)

Revenue up 6.2% at Rs 3,602 crore vs. Rs 3,392 crore (Bloomberg estimate: Rs 3,617.5 crore).

Ebitda up 29.9% at Rs 704 crore vs. Rs 542 crore (Bloomberg estimate: Rs 703.5 crore).

Margin at 19.5% vs. 15.9% (Bloomberg estimate: 19.4%)

Reported profit up 20.6% at Rs 433 crore vs. Rs 359 crore (Bloomberg estimate: Rs 472.5 crore).

Savita Oil Technologies Q2 FY24 (Consolidated, YoY)

Revenue up 2.7% at Rs 888.8 crore vs. Rs 865.4 crore.

Ebitda down 38.6% at Rs 60.2 crore vs. Rs 97.9 crore.

Margin at 6.8% vs. 11.3%

Net profit down 32.7% at Rs 47 crore vs. Rs 70 crore.

Responsive Industries Q2 FY24 (Consolidated, YoY)

Revenue up 9.5% at Rs 268.3 crore vs. Rs 245.1 crore.

Ebitda up 334.8% at Rs 61 crore vs. Rs 14.1 crore.

Margin at 22.8% vs. 5.7%

Net profit of Rs 40.7 crore vs. loss of Rs 5.8 crore

Hero Motocorp Q2 FY24 (Standalone, YoY)

Revenue up 4% at Rs 9,445.4 crore vs. Rs 9,075.4 crore (Bloomberg estimate: Rs 9,343.3 crore).

Ebitda up 27.9% at Rs 1,328.3 crore vs. Rs 1,038.3 crore (Bloomberg estimate: Rs 1,299.3 crore).

Margin at 14.1% vs. 11.4% (Bloomberg estimate: 13.9%)

Reported profit up 47.2% at Rs 1,053.8 crore vs. Rs 716.1 crore (Bloomberg estimate: Rs 955.3 crore).

JK Tyre and Industries Q2 FY24 (Consolidated, YoY)

Revenue up 3.8% at Rs 3,897.5 crore vs. Rs 3,756.5 crore (Bloomberg estimate: Rs 4,007.9 crore).

Ebitda up 98% at Rs 589.1 crore vs. Rs 297.4 crore (Bloomberg estimate: Rs 543.2 crore).

Margin at 15.11% vs. 7.91% (Bloomberg estimate: 13.6%).

Net profit up 401.1% at Rs 248.6 crore vs. Rs 49.6 crore (Bloomberg estimate: Rs 203.4 crore).

Jindal Drilling and Industries Q2 FY24 (Consolidated, YoY)

Revenue up 3% at Rs 142 crore vs. Rs 138 crore.

Ebitda up 11.84% at Rs 53.2 crore vs. Rs 47.5 crore.

Margin at 37.4% vs. 34.5%

Reported profit down 30% to Rs 22.1 crore vs. Rs 31.7 crore.

Syrma SGS Technology Q2 FY24 (Consolidated, YoY)

Revenue up 52.4% at Rs 711.7 crore vs. Rs 466.9 crore.

Ebitda up 4.3% at Rs 49 crore vs. Rs 46.9 crore.

Margin at 6.9% vs. 10%

Reported profit up 7.8% at Rs 30.5 crore vs. Rs 28.3 crore.

Arman Financial Services Q2 FY24 (Consolidated, YoY)

Total income up 73% at Rs 160.3 crore vs. Rs 92.6 crore.

Reported profit up 104.9% at Rs 40.8 crore vs. Rs 19.9 crore.

Steelcast Q2 FY24 (Consolidated, YoY)

Revenue down 16% to Rs 101.6 crore vs. Rs 121.2 crore.

Ebitda up 1.6% at Rs 28.7 crore vs. Rs 28.3 crore.

Margin at 28.3% vs. 23.3%

Reported profit up 5.9% at Rs 18.6 crore vs. Rs 17.6 crore.

LIC Housing Finance Q2 FY24 (Standalone, YoY)

Total income up 32.7% at Rs 6,759 crore vs. Rs 5,092 crore.

Reported profit up at Rs 1,188 crore vs. Rs 305 crore (Bloomberg estimate: Rs 1,185.4 crore).

Gujarat Mineral Development Corp. Q2 FY24 (Consolidated, YoY)

Revenue down 29% to Rs 382.7 crore vs. Rs 538.9 crore.

Ebitda down 69% at Rs 52.9 crore vs. Rs 171.1 crore.

Margin at 13.8% vs. 31.7%

Reported profit down 50.7% to Rs 74.6 crore vs. Rs 151.2 crore

RattanIndia Power Q2 FY24 (Consolidated, YoY)

Revenue up 24.8% at Rs 796.4 crore vs. Rs 638.1 crore.

Ebitda down 10.2% at Rs 111.4 crore vs. Rs 124.1 crore.

Margin at 14% vs. 19.4%

Reported loss of Rs 632.7 crore vs. loss of Rs 517.6 crore

The IPO Honasa Consumer Limited will close today for public. The initial public offering of owners of famous Mamaearth outlets was subscribed 0.70 times or just 70 per cent at the end of Day 2 on Wednesday even as retail investors and non-institutions remained on sidelines.

The ₹1,701-crore IPO, at a price band of ₹308-324, received bids for 2.01 crore shares against an offer about 2.9 crore shares . The minimum bids can be made for 46 equity shares and in multiples of 46 shares thereafter.

RattanIndia Enterprises said that Revolt Motors has opened 52 new dealerships across India, further reinforcing the company’s commitment to sustainable transportation, and expanding its reach across the country.

These 52 new dealerships are strategically positioned across states, including Uttar Pradesh (12), Maharashtra (7), Bihar (5), Gujarat (5), Haryana (4), Madhya Pradesh (3), Kerala (3), Chhattisgarh (2), Delhi (2), Tamil Nadu (3), Jharkhand (1), Odisha (1), West Bengal (1), Rajasthan (1), Andhra Pradesh (1) and Telangana (1).

Macquarie on Sun Pharma: Maintain Outperform on Company, target price at Rs 1275

Jefferies on Sun Pharma: Maintain Buy on Company, target price at Rs 1310

Citi on Sun Pharma: Maintain Buy on Company, target price at Rs 1380

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

HSBC on Larsen: Maintain Buy on Company, raise target price at Rs 3160

MS on Navin Fluorine: Maintain Overweight on Company, target price at Rs 4951

HSBC on KEI IND: Maintain Buy on Company, raise target price at Rs 3200

Jefferies on Hero Motocorp: Maintain Buy on Company, target price at Rs 3500

Citi on LIC Housing: Maintain Buy on Company, raise target price at Rs 565

Jefferies on LIC Housing: Maintain Buy on Company, raise target price at Rs 505

HSBC on Godrej CP: Maintain Buy on Company, target price at Rs 1210

Antique on Godrej CP: Maintain Buy on Company, raise target price at Rs 1194

Antique on IOC: Maintain Buy on Company, raise target price at Rs 128

Antique on Mankind Pharma: Maintain Buy on Company, target price at Rs 2100

Antique on Rites: Maintain Buy on Company, target price at Rs 621

Antique on Vedant Fashion: Maintain Buy on Company, target price at Rs 1517

Jefferies on Ambuja: Maintain Buy on Company, target price at Rs 540/sh (Positive)

MS on Ambuja: Maintain Equal weight on Company, target price at Rs 390

Citi on Ambuja: Maintain Buy on Company, cut target price at Rs 500

Antique on Ambuja: Maintain Buy on Company, cut target price at Rs 505

MS on Hero Motocorp: Maintain Underweight on Company, target price at Rs 2521

MS on IGL: Maintain Underweight on Company, target price at Rs 432/sh (Neutral)

Citi on IGL: Maintain Buy on Company, target price at Rs 560

Macquarie on Hero Motocorp: Maintain Neutral on Company, target price at Rs 3180

MS on Tata Steel: Maintain Equal weight on Company, target price at Rs 115/sh (Neutral)

Nomura on Britannia: Maintain Buy on Company, target price at Rs 5500

MS on Britannia: Maintain Overweight on Company, target price at Rs 5103

Antique on Max Fin: Maintain Buy on Company, cut target price at Rs 1140

NSE registered a 13 per cent increase in net profit at Rs 1,999 crore on a consolidated basis for Q2 FY’24 on a year-on-year basis. The net profit margins for Q2 FY24 stood at 50 per cent.

Revenue from operations was up 24 per cent at Rs 3,652 crore. Apart from trading revenue, the revenue from operations was also supported by clearing services, listing services, index services, data services and colocation services, said the exchange.

Consolidated earnings per share increased to Rs 40.38 in the quarter under review against Rs 35.83 in the same period last year.

On the trading volumes front, cash markets recorded an average daily traded volumes was up 40 per cent at of Rs 77,757 crores while the equity futures reached an ADTV of Rs 1,23,019 crore, up 4 per cent year-on-year and equity options (premium value) ADTVs increased 33 per cent at Rs 60,621 crore.

GNFC

ABHIJIT

E.G.M.

COFORGE

Interim Dividend - Rs. - 19.0000

HINDUNILVR

Interim Dividend - Rs. - 18.00

KAJARIACER

Interim Dividend - Rs. - 6.00

SHAREINDIA

Interim Dividend

TECHM

Interim Dividend

SBI, GAIL, BPCL, Bajaj Finance, Bondada Engineering, Adani Enterprises, Adani Power, Tata Motors, Concor, IEX, IRFC, Karnataka Bank, Solar Ind, Religare

Domestic markets are likely to bounce back sharply on Thursday, thanks to the dovish stance of the US Federal Reserve. As global stocks are rejoicing the Fed mood, Gift Nifty too climbed sharply to 19,216 as against Nifty futures closing of 19,060, signalling a gap-up opening of 150 points.

Equities across the Asian region have opened higher after investors took comfort from the Federal Reserve meeting. The Nikkei 225 and Australian markets are trading 1.2 per cent higher, while Korea’s Kospi is trading 1.6 per cent higher.

GMR Power and Urban Infra has acquired 100% stake in GMR Consulting Services Limited from GMR Energy Limited (“GEL”) a subsidiary company. While GCSL is already a step down subsidiary of the Company, the proposed acquisition would make it a wholly owned subsidiary of the Company.

Adani Wilmar Ltd: Angshu Mallick, CEO

AdaniWilmar Q2 Reports Cons Loss Of Rs.131 cr VS PAT

https://www.youtube.com/watch?v=Rq60SY2QxDU

Ajmera Realty: Dhaval Ajmera, Director

Key Focus Is MMR & Mumbai But Also Looking At Bangalore As A Micro Market: Ajmera Realty

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

AU Small Financ: Sanjay Agarwal, MD & CEO

Diwali Will Be Big For Us,’ Sanjay Agarwal On AU Small Finance Bank Q2 Performance

https://www.youtube.com/watch?v=Kx6TlroNa6c

Bajaj Auto: Rakesh Sharma, ED

Top Half Of The Industry Is Outpacing The Bottom Half By 2-2.5x In Terms Of Growth: Bajaj Auto

https://www.youtube.com/watch?v=ip-wroIekwQ

Blue Jet Health: Shiven Arora, MD

Key Clients Would Be Global Leaders With 4 Players Holding 75% Of Mkt Share: Blue Jet Healthcare

https://www.youtube.com/watch?v=7dOAzmsRnjA

Cera Sanitaryware: Ayush Bagla, ED

Company Plans To Increase Margin By 50-70 bps Annually: Cera Sanitaryware

https://www.youtube.com/watch?v=iYZrpM-X9Os

MAP MY INDIA: Rohan Verma, CEO

Eye Rs 1,000 Cr Revenue Over 4-5 Years, FY24 EBITDA Margin Seen Above 40%: CE Info Systems

https://www.youtube.com/watch?v=yQz3A7fpX3k

Greenlam Ind: Saurabh Mittal, MD & CEO

Q1 Exports Hit Due To Mundra Port Issues, Eye 20-25% Growth In FY25: Greenlam Industries

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

Inox Wind: Devansh Jain, Director

Today’s Deal & Internal Accruals Should Allow Us To Make Co Net Debt Free By FY24: INOX Wind

https://www.youtube.com/watch?v=RNNcR4KwQpw

KAYNES TECHNOLO: Jairam Sampath, Whole Time Director & CFO

Going Forward Order-Flow Per Month Will Be Close To ?270 Cr: Kaynes Technology

https://www.youtube.com/watch?v=5oheWjzZnmg

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

Pre Market

Eli Lilly and Company (Pre market) (Sector- Healthcare)

Shell PLC (Pre market) (Sector- Energy)

Novo Nordisk A/S (Pre market) (Sector- Healthcare)

ConocoPhillips (Pre market) (Sector- Energy)

S&P Global Inc. (Pre market) (Sector- Financial)

Starbucks Corporation (Pre market) (Sector- FMCG)

The Cigna Group (Pre market) (Sector- Healthcare)

Regeneron Pharmaceuticals Inc. (Pre market) (Sector- Healthcare)

Southern Company (Pre market) (Sector- Power)

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

Duke Energy Corporation (Pre market) (Sector- Energy)

Shopify Inc. (Pre market) (Sector- Retail)

Intercontinental Exchange Inc. (Pre market) (Sector- Financial)

Ferrari N.V (Pre market) (Sector- Automobile)

Marriott International (Pre market) (Sector- Hotel)

ING Group, N.V (Pre market) (Sector- Financial)

Parker-Hannifin Corporation (Pre market) (Sector- Metal)

Cheniere Energy Inc. (Pre market) (Sector- Energy)

American Electric Power Company, Inc. (Pre market) (Sector- Power)

Exelon Corporation (Pre market) (Sector- Power)

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

Cenovus Energy Inc. (Pre market) (Sector- Energy)

Palantir Technologies Inc. (Pre market) (Sector- Technology)

Rockwell Automation Inc. (Pre market) (Sector- Automobile)

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

Chunghwa Telecom Co Ltd (Pre market) (Sector- Telecom)

Aptiv PLC (Pre market) (Sector- Automobile)

Quanta Services Inc. (Pre market) (Sector- Financial)

Broadridge Financial Solutions, Inc. (Pre market) (Sector- Financial)

Alnylam Pharmaceuticals, Inc. (Pre market) (Sector- Healthcare)

Targa Resources, Inc. (Pre market) (Sector- Energy)

Howmet Aerospace Inc. (Pre market) (Sector- Defence)

Blue Owl Capital Inc. (Pre market) (Sector- Financial)

Iron Mountain Incorporated (Pre market) (Sector- Realty)

Baxter International Inc. (Pre market) (Sector- Healthcare)

Ball Corporation (Pre market) (Sector- Packaging)

Westlake Corporation (Pre market) (Sector-Chemicals)

Fox Corporation (Pre market) (Sector- Media)

Entegris Inc. (Pre market) (Sector-Technology)

EPAM Systems, Inc. (Pre market) (Sector- Technology)

Molson Coors Beverage Company (Pre market) (Sector- FMCG)

Hyatt Hotels Corporation (Pre market) (Sector- Hotel)

Post Market Numbers

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

Stryker Corporation (Post market) (Sector- Healthcare)

EOG Resources, Inc. (Post market) (Sector- Energy)

Pioneer Natural Resources Company (Post market) (Sector- Energy)

Monster Beverage Corporation (Post market) (Sector- FMCG)

Motorola Solutions, Inc. (Post market) (Sector- Technology)

Atlassian Corporation (Post market) (Sector- Technology)

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

Microchip Technology Incorporated (Post market) (Sector- Technology)

Consolidated Edison Inc. (Post market) (Sector- Power)

Block, Inc. (Post market) (Sector- Service)

SBA Communications Corporation (Post market) (Sector- Telecom)

Live Nation Entertainment, Inc. (Post market) (Sector- Entertainment)

Coinbase Global, Inc. (Post market) (Sector- Financial)

Pembina Pipeline Corp. (Post market) (Sector- Energy)

Ventas, Inc. (Post market) (Sector- Realty)

Rocket Companies, Inc. (Post market) (Sector- Financials)

Skyworks Solutions, Inc. (Post market) (Sector- Technology)

Alliant Energy Corporation (Post market) (Sector-Power)

American Homes 4 Rent (Post market) (Sector- Realty)

14.25 EURO German Final Manufacturing PMI (Expected: 40.7 vs 40.7)

17:30 U.K. BOE Monetary Policy (Expected: 5.25% vs 5.25%)

18:00 U.K. BOE Gov Bailey Speaks

18:00 U.S. Unemployment Claims (Expected: 210K vs 210K)

19:30 U.S. Factory Orders m/m (Expected: 2.2% vs 1.2%)

Current: 5.5%

Expectations: 5.5%

Previous: 5.5%

L&T reported yet another strong set of numbers with stellar 19/45 per cent YoY growth in revenue and PAT driven by better execution in P&M (projects and manufacturing) segment and profit from sale of commercial property in Hyderabad Metro project. Reported PAT is 25 per cent ahead of our estimate owing to exceptional item of profit from sale of property, adjusted for the same, PAT is largely in-line with our estimate. Overall EBITDA margins at 11 per cent are ahead of our estimates but the management has guided for lower margins in FY24 on account of legacy projects. Read More

GAIL India (GAIL) has delivered another strong performance in Q2FY24, with EBITDA up 2x YoY to ₹3,490 croreand PAT up 56 per cent YoY to ₹2,400 crore, well ahead of our EBITDA/PAT estimates of ₹2,700 crore/₹1,800 crore. Stronger transmission earnings (buoyed by 12mmscmd YoY and 4mmscmd QoQ uptick in volumes), 40% higher tariff YoY (due to new integrated tariffs being applied from 1st Apr’23) and 4.9x YoY improvement in trading EBITDA (up 76 per cent QoQ) helped offset continued weakness in petrochemical and muted LPG earnings. Read more

Jindal Saw’s stock price has been appreciating steadily since early 2023. It began the rally by taking support at ₹100. The uptrend is intact. Substantiating this, the stock broke out of a resistance at ₹405 early this week. It then extended the upside and made a record high of ₹453.8 on Wednesday. Read more

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

Asian stocks rally after Fed holds rates steady, Powell’s pragmatic stance eases investor worries

On Thursday, Asian stocks made a positive start as a result of the US Federal Reserve’s decision to maintain unchanged interest rates, which prompted buying on Wall Street. Although Chairman Powell hinted at the possibility of further tightening, the market perceived his stance as less hawkish than anticipated.

In early trading, Japan’s leading Nikkei 225 index increased by 1.43%, or 450.87 points, reaching 32,052.52, while the broader Topix index gained 0.99%, or 22.89 points, to reach 2,333.57.

South Korea’s KOSPI surged by 1.70%, or 39.06 points, to reach 2,340.62.

The Australian S&P/ASX 200 index saw a notable rise of 1.28%, or 87.40 points, bringing it to a level of 6,925.70.

Wall Street’s major indexes closed higher on Wednesday with the Nasdaq’s 1.6% advance leading gains, after the U.S. Federal Reserve kept interest rates unchanged and comments from its top official fuelled investor optimism rate hikes were done even though the central bank left the door open for more.

Fed Chair Jerome Powell said policy makers would proceed carefully although they were not yet confident financial conditions were restrictive enough to get inflation as low as the central bank would like.

The Dow Jones Industrial Average rose 221.71 points, or 0.67%, to 33,274.58, the S&P 500 gained 44.06 points, or 1.05%, to 4,237.86 and the Nasdaq Composite added 210.23 points, or 1.64%, to 13,061.47. - Reuters