Stock Market Highlights October 20, 2023: Sensex drops 231 points to 65,397.62, Nifty slides 82 points to 19,542

The benchmark stock indices Sensex and Nifty fell for the third day running on Friday, due to weak trends in global markets and soaring crude oil prices.

Foreign fund outflows also weighed on investor sentiment amid strengthening US bond yields, which are nearing 5 per cent for the first time since 2007.

The 30-share BSE Sensex fell 231.62 points or 0.35 per cent to settle at 65,397.62. During the day, it plunged 320.63 points or 0.48 per cent to 65,308.61. Read more

“Rising rates are intuitively not positive for equity markets. With US Govt bonds giving 5 per cent dollar returns, the ask rate for equities goes up significantly if one were to adjust for risk premium and currency hedging.

But India is in a special place. Finding another significant economy with a double-digit increase in corporate profits, double-digit nominal GDP growth, and double-digit ROEs is challenging. The force majeure continues. Higher rates imply that capital is not free or simple to obtain. However, in our view, it is never a barrier to something like what India provides, which is growth certainty. In summary, rising rates are not a sign of strong equity, but given its advantages, India is predicted to fare better.”

Titagarh Rail Systems Ltd (TRSL), formerly Titagarh Wagons Ltd, has signed a contract with Gujarat Metro Rail Corporation (GMRC) for the design, manufacture, supply, testing, commissioning and training of 30 standard gauge cars valued at Rs 350 crore for Ahmedabad Metro Rail Phase-II Project.

NCLT Hyderabad has initiated insolvency proceedings filed by the Edelweiss Asset Reconstruction Company (EARC) against GVK Gautami Power Ltd, a step-down subsidiary of the company. NCLT has appointed Anil Kohli as the lnterim Resolution Professional (lRP) nominated by Edelweiss.

The GVK Power & Infrastructure stock has risen by 4.94 per cent on the BSE, and is trading at ₹8.93.

Entertainment Network (India) has approved execution of a Business Transfer Agreement with Gamma Gaana Ltd (GGL) for acquisition of the latter’s licensing business for music audio content and hosting and streaming services under the name ‘Gaana’, on a going concern basis through a slump sale (not exceeding ₹25 lakh). The stock has declined by 1 per cent on the NSE, and is trading at ₹188.

Onward Technologies posted a standalone net profit of ₹7.99 crore for the quarter ended September 2023, as against ₹1.21 crore in the same quarter of the previous year. The stock has fallen by 6.96 per cent on the NSE, trading at ₹550

JSW Steel reported its standalone net profit for the quarter ended Sept. 2023 at ₹2,913 crore as against loss of ₹91 crore in the same quarter previous year. The stock declines by 1.63% on the NSE, trading at ₹767.75.

Adani Cement has refinanced the loan of $3.5 billion availed from 10 international banks to acquire majority stake in Ambuja Cement and ACC from Holcim plc.

Post refinancing the term has been extended by 3 years, said the company.

Adani Cement, through Endeavour Trade and Investment had entered into definitive agreements for a fresh facility of $3.50 billion for refinancing the debt taken for acquisition of Ambuja and ACC.

The transaction marks the strong underlying performance of both the companies, it said.

Laurus Labs reported its standalone net profit for the quarter ended September 2023 at ₹46.67 crore as against ₹227.44 crore in the same quarter previous year. The stock declines by 1.64% on the NSE, trading at ₹389.90.

Major gainers: Kotak (1.79%); IndusInd (1.20%); SBI Life (1.19%); TCS (1.14%); Nestle India (0.80%)

Major losers: Divi’s Lab (-2.56%); ITC (-2.53%); Hindustan Unilever (-2.23%); BPCL (-2.21%); Tata Steel (-2.14%)

Stocks advanced on BSE at 3 pm on October 20, 2023, were 1,351 against 2,317 stocks that declined; 138 stocks remain unchanged. Total stocks traded were 3,806. The number of stocks that recorded a 52-week high was 246, and those that hit a 52-week low was 25.

TVS Srichakra has resolved to authorise overseas direct investment of $10 million for the establishment of a subsidiary in the state of Michigan, USA. The stock rises by 1.23% on the BSE, trading at ₹3,975.

The board of Rama Steel Tubes Ltd has approved proposal for fund raising for an amount not exceeding ₹500 crore through a Rights Issue/QIP Placement etc. or such other permissible mode. The stock trades at ₹36.25 on the NSE, down by 0.96%.

IRM Energy IPO has been subscribed 14.64 times as of 2:30 pm on October 20, 2023. The QIB portion has been subscribed 13.18 times, NII 34.80 times, retail 7.59 times, and those reserved for employees 1.75 times. The issue closes today.

Ideaforge Technology has informed the exchange regarding allotment of 4,03,410 securities pursuant to ESOP/ESPS. The stock surges by 5.56% on the NSE, trading at ₹838.

Hindustan Zinc reported standalone net profit for the quarter ended September 2023 at ₹17.37 crore as against ₹26.81 crore in the same quarter previous year. The stock declines by 2.24% on the NSE, trading at ₹307.35.

Venus Remedies Ltd.’s shares were up by 0.39 per cent after the company was certified with Responsible Export Organisation (REO) by the Confederation of Indian Industry (CII) for the second consecutive year. Read more

• Gland Pharma (-2.90%);
• Zydus Life Sciences (-2.75%);
• Granules India (-2.35%);
• Lupin (-2%);
• Glenmark (-2%)

SBI Cards and Payment Services has rolled out many offers for its cardholders for the festive season 2023. The stock trades at ₹786.10 on the NSE, down by 0.58% on the NSE.

• Bombay Burmah Trading Corporation (20%)
• Dhunseri Investments (18.88%)
• Summit Securities (13.59%)
• GKW (13.50%)
• Murudeshwar Ceramics (10.67%)

Carysil Limited has announced that its wholly-owned subsidiary Acrysil USA Inc. has agreed to acquire a 100% membership interest in ‘United Granite LLC’ (UGL) in Virginia, USA. The stock declines by 1.85% on the NSE, trading at ₹660.85. Read more

CG Power and Industrial Solutions reported its standalone net profit for the quarter ended September 2023 at ₹355.24 crore as against ₹177.99 crore in the same quarter previous year. The stock trades at ₹381.05 on the BSE, up by 0.20%.

Atul reported its standalone net profit for the quarter ended September 2023 at ₹103.33 crore as against ₹168.30 crore in the same quarter previous year. The stock declines by 1.38% on the NSE, trading at ₹6,678.85.

Interest rate will remain high for now, RBI Governor Shaktikanta Das said here on Friday. He also said monetary policy must remain actively disinflationary to ensure that the decline in inflation from its peak of 7.44 per cent in July continues smoothly.

Clean Fino-Chem Limited (CFCL), a wholly-owned subsidiary, has performed Bhoomi Poojan at Taluka Daund, Dist- Pune, for construction of its new Chemical Plant for manufacturing of Pharma/ Agro Intermediates. Clean Science and Technology stock trades at ₹1,362.50, down by 0.59% on the NSE.

IRM Energy IPO has been subscribed 10.78 times as of 1:18 pm on October 20, 2023. The QIB portion has been subscribed 6.60 times, NII 26.74 times, retail 6.87 times, and those reserved for employees 1.60 times. The issue closes today.

CBS Bank reported its net profit for the quarter ended September 2023 at ₹133.17 crore as against ₹120.55 crore in the same quarter previous year. The stock declines by 1.08% on the NSE, trading at ₹361.40.

Glenmark Life Sciences reported its net profit for the quarter ended September 2023 at ₹118.7 crore as against ₹106.8 crore in the same quarter previous year. GLS stock trades at ₹623, down by 0.06% on the NSE.

Century Textiles & Industries reported its standalone net profit for the quarter ended September 2023 at ₹15.28 crore as against ₹95.90 crore in the same quarter previous year. The stock declines by 7.91% on the NSE, trading at ₹1,066.15.

Airtel Xstream Play has crossed the five million paid subscriber mark in October, Bharti Airtel revealed in a regulatory filing. The stock trades at ₹942.55, down by 0.04%.

Crompton Greaves Consumer Electricals has announced the launch of its product SPECTACLE under the category of flood light. The stock declines by 4.02% on the NSE, trading at ₹283.20

Graphite India’s board has approved acquisition of compulsory convertible preference shares of Godi India Private Limited at a consideration value of ₹50 crore, which amounts to the Company holding 31% of the equity/equity equivalent on a fully diluted basis in GIPL. The stock trades at ₹495.35, up by 0.33% on the NSE.

• Lodha (-4.22%);
• Swan Energy (-3.84%);
• Oberoi Realty (-2.50%);
• Sobha (-1.78%)

United Breweries stock rises by 3.12% on the NSE, trading at ₹1,615 after the company disclosed its financial results for the quarter ended September 2023.

The board of Lexus Granito (India) has approved allotment of ten lakh securities pursuant to Preferential Issue at its meeting held on October 20, 2023. The stock rises by 1.70% on the NSE, trading at ₹41.90.

Major gainers: TCS (1.11%); Nestle India (1.05%); Kotak Bank (1.01%); SBI Life (0.92%); IndusInd (0.89%)

Major losers: ITC (-2.65%); Hindustan Unilever (-1.97%); BPCL (-1.88%); JSW STeel (-1.76%); Cipla (-1.64%)

Stocks advanced on BSE at 12 noon on October 20, 2023, were 1,627 against 1,892 stocks that declined; 155 stocks remain unchanged. Total stocks traded were 3,674. The number of stocks that recorded a 52-week high was 232, and those that hit a 52-week low was 21.

Titagarh Rail Systems Limited has signed contract with Gujarat Metro Rail Corporation Limited (GMRC) for ₹350 crore for Ahmedabad Metro Rail Phase-II Project. The stock jumps 7.65% on the NSE, trading at ₹856. Read more

Bharti Airtel has over 0.9 million 5G customers on its network in Jammu & Kashmir. The company also announced that Airtel 5G Plus service is available across all the districts in the state within just 12 months of the launch. The stock declines by 1.18% on the NSE, trading at ₹557.

TVS Motor company has announced its entry into the Venezuelan market with a host of 14 SKUs with their local distributor, Servisuministros Jpg. The stock declines by 0.26% on the NSE, trading at ₹1,594.90.’

• BALRAMCHIN
• DELTACORP
• GNFC
• IBULHSGFIN
• INDIACEM
• MANAPPURAM
• MCX

Price band revised from 10% to 5%: Nucleus Software Exports.

Price band revised from 20% to 10%: Jai Corp.

Move in to short term ASM framework: Polo Queen Industrial and Fintech.

Move out of short term ASM framework: Infibeam Avenues, NIIT, Sasken Technologies

DCW: APMS Investment sold while Eriska Investment Fund bought 49.72 lakh shares (1.68%) for Rs 56.25 apiece.

Kiri Industries: APMS Investment sold, while Eriska Investment Fund bought 11.40 lakh shares (2.19%) for Rs 270.25 apiece.

Insider Trades

Som Distilleries: Promoter Deepak Arora purchased 20,000 shares on Oct. 19.

Pledge Share Details

Emami: Promoters Suraj Finvest and Diwakar Finvest revoked pledge of 8.22 lakh and 11 lakh respectively on Oct. 16 and 17.

Revenue up 29.65% at Rs 2,292.75 crore vs. Rs 1,768.36 crore.

Ebitda down 30.32% to Rs 70.26 crore vs. Rs 100.84 crore.

Margin at 3.06% vs. 5.7%

Net profit for the period was Rs 35.65 crore vs. a loss of Rs 6.04 crore.

Revenue down 14.97% at Rs 201.11 crore vs. Rs 236.5 crore.

Ebitda is down 18.12% at Rs 8.59 crore vs. Rs 10.49 crore.

Margin at 4.27% vs. 4.43%

Net profit for the period was down 37.87% to Rs 1.87 crore vs. Rs 3.01 crore.

Revenue up 14.13% at Rs 1,890.05 crore vs. Rs 1,682.31 crore.

Ebitda is down 16.02% at Rs 184.29 crore vs. Rs 219.42 crore.

Margin at 9.75% vs. 13.04%

Net profit is down 20.09% to Rs 107.17 crore vs. Rs 134.12 crore.

Voltas stock trades at ₹834.85, down by 0.48% on the NSE. The company’s board had approved fund-raising of up to ₹500 crore via non-convertible debentures.

Bank Nifty Index is trading lower. The strong bounce above 43,900 failed to get a strong follow-through rise. This indicates that the sentiment is weak and the presence of sellers at higher levels. The advance/decline at 2:9 also signals the broader picture is weak.

Udaipur Cement Works Ltd informed about commissioning of 2nd Clinker Line of 1.50 million tonne per annum at integrated Cement Plant in Udaipur, Rajasthan. The stock surges by 4.63% on the BSE, trading at ₹37.25.

Shyam Metalics and Energy Ltd (SMEL) has announced the successful completion of the acquisition of Mittal Corp Limited by its wholly-owned subsidiary, Shyam Sel and Power Limited at a consideration of ₹351 crore.

The stock declines by 0.91% on the NSE, trading at ₹466.

Cyient has signed an MoU today with the Centre of Excellence in Maritime and Shipbuilding (CEMS)to collaborate on skill enhancement training for the student community. The stock declines by 3.02% on the NSE, trading at ₹1,710.

The monsoon has retreated from India, the national weather office said, after summer rains started withdrawing from the northwest of the country late last month, more than a week later than normal. Monsoon rains were 6% below average this year, according to the India Meteorological Department (IMD), the lowest rainfall since 2018. The IMD defines average, or normal, rainfall as ranging between 96% and 104% of the 50-year average of 87 cm (35 inches) for the season. With a weak start, monsoon rains were 9% below average in June before rebounding to 13% above average in July. The monsoon was patchy again in August, with the weather office registering 36% below average rains during the month – the driest on record. Rains revived again in September, when India received 13% above average rains, leading to a narrower rainfall deficit.

Major gainers: BBTC (20%); Bombay Dyeing (9.15%); Hemisphere Properties (8.58%); PTC (8.10%); Tanla (7.18%)

Major losers: IGL (-9.50%); Jai Corp (-8.72%); MMTC (-8.45%); MGL (-7.34%); Chennai Petro (-6.28%)

Tata Communications stock declines by 2.86% on the NSE, trading at ₹1,726.15. The company reported its standalone net profit for the quarter ended September 2023 at ₹164.44 crore as against ₹235.36 crore in the same quarter previous year.

India’s exposure to external funding risks has decreased with improvement in macro stability indicators, according to Morgan Stanley research report.

US 10-year yields have risen 158 bps since May—their sharpest rise since 2013—and are tracking at 16-year highs. At the same time, Indian 10-year yields have risen only 32 bps, in sharp contrast to 2013.

Net profit for the period was Rs 198.13 crore vs. Rs 116.42 crore, up 70% YoY.

NII at Rs 765.59 crore vs. Rs 609.69 crore, up 26% YoY.

Gross NPA at 2.27% vs. 2.75% QoQ

Net NPA at 0.97% vs. 1.18% QoQ

NIM drops 33 basis points to 8.43% QoQ.

Revenue up 16.66% at Rs 555.7 crore vs. Rs 476.31 crore.

Ebitda is up 12.38% at Rs 165.37 crore vs. Rs 147.15 crore.

Margin at 29.75% vs. 30.89%

Net profit for the period was down 13.18% to Rs 67.62 crore vs. Rs 77.89 crore.

Revenue up 2.11% at Rs 4,872.5 crore vs Rs 4,771.36 crore.

EBIT is down 7.65% at Rs 410.33 crore vs. Rs 444.29 crore.

Margin at 8.42% vs. 9.31%

Net profit for the period was down 42.04% to Rs 221.26 crore vs. Rs 381.75 crore.

Revenue down 3.11% at Rs 695.95 crore vs. Rs 718.26 crore.

Ebitda is up 24.39% at Rs 102.09 crore vs. Rs 82.07 crore.

Margin at 14.66% vs. 11.42%

Net profit for the period was down 56.64% to Rs 63.7 crore vs. Rs 146.93 crore.

Note: PAT is down due to an exceptional gain of Rs 136.7 crore in Q2 FY23.

Revenue up 23.65% at Rs 586.82 crore vs. Rs 474.55 crore.

Ebitda at Rs 60.22 crore vs. Rs 2.41 crore

Margin at 10.26% vs. 0.5%

Net loss for the period at Rs 10.53 crore vs. loss of Rs 43.53 crore.

Revenue up 9.02% at Rs 1,905.4 crore vs. Rs 1,747.72 crore.

Ebitda is up 23.81% at Rs 218.8 crore vs. Rs 176.71 crore.

Margin at 11.48% vs. 10.11%

Net profit is up 82.6% at Rs 77.57 crore vs. Rs 42.48 crore.

Revenue up 6% at Rs 3,900.33 crore vs. Rs 3,679.49 crore.

Ebitda is up 30.15% at Rs 373.35 crore vs. Rs 286.85 crore.

Margin at 9.57% vs. 7.79%

Net profit is up 33.19% at Rs 249.08 crore vs. Rs 187.01 crore.

Nifty 50 and Sensex are trading lower. The weakness in the global equity markets is continuing to weigh on the Indian benchmark indices. Both the indices are down a little over 0.2 per cent. Sensex is trading at 65,460, while Nifty is at 19,566.

Nifty is getting support around 19,500. A break below 19,500 can drag the index down to 19,400 and even to 19,350. On the other hand, if Nifty manages to sustain above 19,500, it can be in a range of 19,500-19,750 for some time. Broadly, it is a wait and watch situation for now.

Revenue up 0.83% at Rs 576.44 crore vs. Rs 571.68 crore.

EBIT is up 11.07% at Rs 19.25 crore vs. Rs 17.32 crore.

Margin at 3.33% vs. 3.02%

Net profit is up 28.26% at Rs 12.39 crore vs. Rs 9.66 crore

Revenue up 10.69% at Rs 1,008.59 crore vs. Rs 911.11 crore.

EBIT is up 5.07% at Rs 174.19 crore vs. Rs 165.77 crore.

Margin at 17.27% vs. 18.19%

Net profit is up 5.27% at Rs 142.54 crore vs. Rs 135.4 crore.

Revenue up 3.91% at Rs 127.29 crore vs. Rs 122.5 crore.

EBIT is down 0.3% at Rs 40.63 crore vs. Rs 40.75 crore.

Margin at 31.91% vs. 33.26%

Net profit is down 1.8% to Rs 31.53 crore vs. Rs 32.11 crore.

Paras Defence and Space Technologies stock rises by 1.35% on the NSE, trading at ₹753.10. Its subsidiary Paras Aerospace Private Limited has received Second Type Certificate from DGCA (Directorate General of Civil Aviation), Drone Directorate, Govt. of India, for it’s Agri Drone – “Paras-Agricopter V2.1”.

Crude oil futures traded higher on Friday morning as the US announced plans to replenish its strategic petroleum reserves.

At 9.53 am on Friday, December Brent oil futures were at $93.25, up by 0.94 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $89.31, up by 1.06 per cent.

November crude oil futures were trading at ₹7435 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹7330, up by 1.43 per cent; and December futures were trading at ₹7335 as against the previous close of ₹7246, up by 1.23 per cent.

Equity benchmark indices fell in early trade on Friday due to weak trends in global markets and soaring crude oil prices.

Foreign fund outflows also weighed on investor sentiments.

Falling for the third day running, the 30-share BSE Sensex fell 320.63 points to 65,308.61. The Nifty declined 106 points to 19,518.70.

IRM Energy IPO has been subscribed 4.65 times as of 10:12 am on October 20, 2023. The QIB portion has been subscribed 1.18 times, NII 9.84 times, retail 4.61 times, and those reserved for employees 1.01 times. The issue closes today.

Emkay Global Financial expects Indian stock markets to move in a sideways with a negative bias for the rest of FY24.

“The longer-term top-down narrative remains attractive, with SMIDs (small- & mid-caps) leading the markets for the next 2-3 years. The shorter-term bottom-up story, however, is more challenged with valuations stretched for our favoured themes and macro negatives over the next two quarters,” the domestic brokerage said.

PTC India stock surges by 8.23% on the NSE, trading at ₹149.85. The company had approved the bid submitted by ONGC Ltd. for acquisition of wholly owned subsidiary of PTC India Limited i.e. PTC Energy Limited (PEL) at an equity value of ₹925 crore subject to adjustments in bid value as per the bid format.

ONDC and its partners, SellerApp and Delhivery, help Kanjeevaram saree weavers tap into a broader audience base through the digital marketplace.

Delhivery Ltd., India’s largest fully integrated logistics services provider, along with SellerApp, both partners on ONDC, are enabling highly skilled local weavers from Kanchipuram to navigate the digital marketplace, bringing them greater visibility on a nationwide platform translating into increased sales. The company disclosed this in a regulatory filing on Thursday.

The ONDC onboarding facilitated by SellerApp has brought the weavers a significant increase in visibility across 200+ cities in India. Delhivery – with its pan-India reach of 18,500+ pin codes, is enabling SellerApp and these small businesses from the textile town of Kanchipuram with on-time order fulfillment across multiple locations in India over the last six months. ONDC (Open Network for Digital Commerce) is a government-led initiative to create an open, secure, and interoperable network for digital e-commerce in India.

The rupee depreciated by 5 paise to 83.18 against the US dollar in early trade on Friday due to unabated foreign fund outflow amid rising crude oil prices.

Negative equity market sentiment and a strong dollar also weighed on the Indian currency, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 83.17 against the dollar and then touched the lowest level of 83.20 against the greenback. It later traded at 83.18 against dollar, registering a loss of 5 paise over its previous close.

Venus Remedies has achieved the highly coveted Responsible Export Organisation (REO) certification from the Confederation of Indian Industry (Cll). The stock rises by 1.44% on the NSE, trading at ₹261.15.

Elecon Engineering stock rises by 2.29% on the NSE trading at ₹805 following the receipt of ₹51.41 crore from Arcelormittal Nippon Steel India Limited (AMNS), Hazira, Gujarat, India for supply and supervision of Pipe Conveyor System at its Hazira Plant, Gujarat.

Revenue down 50.15% to Rs 163.35 crore vs. Rs 327.67 crore.

Ebitda is up 54.23% at Rs 121.43 crore vs. Rs 78.73 crore.

Margin at 74.33% vs. 24.02%

Net profit is up 345.67% at Rs 86.01 crore vs. Rs 19.29 crore.

Revenue down 10.51% at Rs 1,001.76 crore vs. Rs 1,119.35 crore.

Ebitda is down 24.71% at Rs 114.25 crore vs. Rs 151.74 crore.

Margin at 11.4% vs. 13.55%

Net profit is down 10.93% to Rs 67.55 crore vs. Rs 75.84 crore.

Revenue up 5.45% at Rs 1,778.5 crore vs. Rs 1,686.5 crore.

EBIT is up 4.83% at Rs 260 crore vs. Rs 248 crore.

Margin at 14.61% vs. 14.7%

Net profit is up 8.57% at Rs 183.6 crore vs. Rs 169.1 crore.

Indoco Remedies stock declines by 2.74% on the NSE, trading at ₹340.80. The company reported its standalone net profit at ₹33.14 crore as against ₹49.64 crore in the same quarter previous year.

Company’s board will meet on Oct. 24 to consider and approve the issuance of non-convertible debentures on a private placement basis.

The company has partnered with Karnataka Bank Ltd. to provide BC Banking services from Vakrangee Kendra outlets across Pan India.

Deepak Chhabria has stepped down as executive Chairman of Finolex Cables after the Supreme Court stuck down the NCLAT order upholding his position in the company.

The board of directors of the company has appointed the Board at its meeting held today, appointed Nikhil Naik, Non-Executive Director of the Company, as Chairman of the Board with immediate effect.

On October 20, the Sensex and Nifty indices are poised to commence trading on a cautious note, as per indications from the GIFT Nifty trends, which point towards a negative opening for the broader index. Following suit with the previous session, Indian stock markets concluded lower for the second consecutive day on Thursday. The domestic markets initiated with a gap-down opening, mirroring the adverse cues from both Wall Street and Asian counterparts, subsequently trading below their equilibrium points. However, as the day progressed, indices managed to recuperate a significant portion of their early losses, ultimately closing marginally lower. Notably, the Nifty exhibited a decline of 46 points, forming a modest green candle with an upper shadow on the daily chart, thereby indicating a notable interest in buying at lower levels. It was observed that put-writers fortified their positions at the 19,500 strike.

In the event of a further weakening of the index, potential support is anticipated around the 19,450-19,400 levels. Conversely, any upward rebound from this juncture may encounter resistance around the 19,650-19,700 levels. A decisive breach beyond this obstacle could propel the Nifty towards another critical hurdle at the 19,800 levels. On a contrasting note, the Bank Nifty finds itself situated within a pivotal demand zone, spanning from 43,600 to 43,350. Should this zone be breached, it may lead to a breakdown in the Bank Nifty.

The market breadth remained neutral, with the advance-decline ratio indicating nearly equal proportions at the day’s conclusion. Foreign Institutional Investors (FIIs) assumed the role of net sellers, offloading shares valued at Rs 1,093.47 crore, while Domestic Institutional Investors (DIIs) took the opposite stance, acquiring shares worth Rs 736.15 crore on Thursday.

Atishay Ltd has received work order from Office of Chief Electoral Officer, Maharashtra, for preparation of Marathi Photo Electoral Rolls in PDF, Generate Deletion List in Marathi as per guidelines of ECI for 288 Assembly Constituencies, worth over ₹57 lakh.

Major gainers: Nestle India (1.09%); Tata Motors (0.90%); Adani Enterprises (0.82%); Adani Ports (0.78%); IndusInd (0.37%)

Major losers: Hindustan Unilever (-1.39%); Power Grid (-1.19%); Divi’s Lab (-1.16%); ITC (-1.15%); Dr Reddy (-0.90%)

Kshitij Polyline Ltd informed the exchange about the resignation of Bharat Hemraj Gala as Managing Director & CEO of the company w.e.f. October 19, 2023.

Crude oil futures traded higher on Friday morning as the US announced plans to replenish its strategic petroleum reserves. At 9.12 am on Friday, December Brent oil futures were at $93.22, up by 0.91 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $89.33, up by 1.03 per cent. November crude oil futures were trading at ₹7436 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹7330, up by 1.45 per cent; and December futures were trading at ₹7325 as against the previous close of ₹7246, up by 1.09 per cent.

US market indices fluctuated before closing in the red on Thursday. The volatility on Wall Street came as Federal Reserve Chair Jerome Powell delivered highly anticipated remarks and indicated that inflation is still too high and warned additional monetary policy tightening may be needed. This morning, Asian-Pacific markets were trading in negative territory, with benchmark indices in Australia, New Zealand and South Korea falling 1-2%. Indian markets are likely to open lower on Friday as risk aversion prevails due to escalating tensions in the Middle East, Fed Chair Jerome Powell’s cautious remarks on further rate hikes and a surge in oil prices over the $90-a-barrel mark. However, stock-specific action amid Q2FY24 results is likely to provide opportunities.

The Nifty 50 index posted a smart recovery on Thursday, its weekly expiry day; hinting a pause to the recent sell-off. However, the Gift Nifty is exhibiting another weak opening today, closer to 19500-level, and below previous close of 19624. The index may see revival if it manages to rebound in the early hour; else, bears may launch an attack, pushing index to 19450-19400 levels. The bias remains cautious until a definite trend is textured.

“Nifty faces vulnerability due to rising Middle-East tensions and soaring oil prices. Despite this, Nifty Bulls may attempt a recovery, with key support at 19507. The preferred Nifty trade is to buy on dips in the 19500-19525 range, with targets at 19707 and aggressive targets at 19889. Bank Nifty offers a similar strategy in the 43300-43350 range, with targets at 44100 and 44551. The Fed is expected to proceed cautiously regarding rate hikes. Nifty’s technical outlook suggests strength above 19757, while options data indicates a trading range of 19300-20000. FIIs have sold over Rs. 15,000 crore in October. Q2 results are expected from various companies today, including JSW Steel, JSW Energy, and Hindustan Zinc.”

The company received an order worth Rs 107.73 crore from TCS to supply equipment for BSNL’s Pan-India 4G and 5G networks.

The company and S-Oil Seven inked a pact to expand business in India. In this partnership, Gulf Oil will oversee the production, distribution, and promotion of OEMs like the KIA India dealer network. Gulf also has the exclusive rights to manufacture and distribute the S-OIL SEVEN range throughout its network.

RVNL JV gets a Rs 174.27 crore contract from the Vadodara Division of Western Railway for civil engineering works in Gujarat. The project is to be executed in 24 months.

The company received a Rs 141 crore demand notice from the Rajasthan Stamps Collector for non-payment of stamp duty on a scheme of arrangement between Indian Rayon and the company from FY1999.

Elecon Engineering has received an order for supply and supervision of a pipe conveyor system from Arcelormittal Nippon Steel India worth Rs 51.41 crore.

The board of Cyient has approved the merger of wholly-owned arms Citec Engineering and Cyient Insights. The board also approved an interim dividend of Rs 12 per share.

Open offer from Berhyanda Ltd along with Berhyanda Midco Limited and Jusmiral Midco Limited to the public shareholders of Seven Pharmaceuticals at a price of Rs. 495 opens today. The acquirers plan to acquire up to 6,61,86,889 shares, representing 26 per cent of the voting share capital from the public shareholders fom October 20 to November 3.

Earlier, private equity fund Advent International in December last had entered into a definitive agreement to acquire a 50.1 per cent stake in Suven Pharmaceuticals from the Jasti family for Rs 6,313 crore paying Rs 495 per share,

Indiabulls Housing Finance’s Secured Redeemable Non-Convertible Debentures of face value of Rs 1,000 each, for an amount upto Rs 100 crores with an option to retain oversubscription up to Rs 100 crores, aggregating up to Rs 200 crore, which is within the shelf limit of Rs 2,000 crore.

The IPO of IRM Energy Limited, a city gas distribution (CGD) company, was subscribed 4.37 times at the end of Day 2, thanks to keen interest shown by retail and non-institution investors (NIIs). The company, which is in the business of laying, building, operating and expanding the city or local natural gas distribution network, has fixed the price band at ₹480 to ₹505 a share for its initial public offer and plans to raise ₹545 crore through the issue.

Investors can bid for a minimum of 29 shares and in multiples of 29 shares thereafter.

Private sector capital expenditure is set to rebound and surge in 2025-26, driven by a global economic revival, expected post-election political stability, and rising demand, according to Amish Mehta, MD&CEO of CRISIL.

“If you are lucky, we might even see this (private investment surge) happening earlier. I do see the full blossoming of private capex in 2025, as elections would have been over by then. Also, capacity utilisation, now at 70 per cent, will start hitting 75-80 per cent-plus levels. We also expect a global recovery to play out in 2025. This will all start putting confidence in capex,” Mehta told businessline in an interview. Read more.

UltraTech Cement, an Aditya Birla Group company, said net profit in the September quarter was up 69 per cent at Rs 1,280 crore, as against Rs 759 crore logged in the same period last year, on the back of a higher sales volume and lower cost.

Income was up 15 per cent at Rs 16,179 crore (Rs 14,039 crore). Expenses increased 12 per cent to Rs 14,493 crore (Rs 12,934 crore). Read more.

Textile manufacturer and exporter Gokaldas Exports, in which recently, NR Narayana Murthy-led VC firm Catamaran Ventures LLP picked up a small stake, anticipates improved financial performance in the upcoming Q3 and Q4 as brands, which have been purchasing 25 per cent less than the previous year due to excess inventory, are expected to rebound, a top company executive told businessline. Read more.

Kirloskar Pneumatic Company Ltd (KPCL) reported profit before tax (PBT) of Rs 26.8 crore in Q2 FY24 , 14 per cent growth over that in Q1 FY24 at Rs 23.5 crore. For H1 FY 24, profit before tax was at Rs 50.3 crore, compared to Rs 57.6 crore in the previous year, due to lower sales, particularly in the export market. Read more.

Granules India has received approval from the US Food & Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for Esomeprazole Magnesium Delayed-Release Capsules.

It is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nexium Delayed-Release Capsules, of AstraZeneca Pharmaceuticals LP. Read more.

LTIMindtree anticipates that the impact of macroeconomic conditions will bottom out in the third quarter, coinciding with companies formulating new budgets for the next calendar year. Subsequently, a gradual rise is expected to follow in the last quarter, said Debashis Chatterjee, CEO and MD, LTIMindtree.

“We are hoping the budgets will come back in January, as companies begin a new fiscal and we will possibly have more visibility on that by November-December,” Chatterjee told businessline. Read more.

Gift Nifty is ruling at 19,510 as against Nifty futures closing of 19,618, signalling a gap down opening of about 120 points. With the mid-cap and small-cap witnessing the sell-off, analysts expect the market to remain volatile with downward bias.

The frame-work released on Thursday has increased the applicability threshold for raising incremental borrowing from debt market to Rs 1,000 crore from the previous limit of Rs 100 crore as stipulated in the previous circular.

The move by the regulator, will not only deepen the bond market in Asia’s third largest economy, but elimination of penalty provision for non-compliance along with incentives or concession in listing fee of debt would aid in ease of doing business.

Further SEBI has stated that one time relaxation from penal provision will be given to listed entities who endeavoured but couldn’t raise incremental borrowing through the debt market till now.

Prices of essential food items such as rice, wheat, sugar and edible oils are expected to rule stable during the festival season on the back of ample stocks in the country, Union Food Secretary Sanjeev Chopra said on Thursday.

Briefing the media on prices of essential commodities, Chopra said the Centre has no plans to relax curbs on export of rice and, if necessary, more wheat from the buffer stock could be sold in the open market. However, he ruled out any possibility of offering rice to any State for running its own scheme. Read more.

Jindal Stainless Ltd (JSL), the country’s largest stainless steel producer, will exit its Indonesia operations due to “unfavourable market conditions” caused primarily by Chinese dumping rendering operations there unviable and high tax on exports (from the Asian nation) into key geographies like the USA and Europe.

JSL repeated a strong set of numbers in Q2, with standalone PAT (profit after tax) rising by 75 per cent YoY to ₹ 609 crore (vs ₹ 349 crore). The earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 54 per cent to ₹ 1,070 crore. Net revenue for the quarter ending September 30 increased 14 per cent to ₹ 9,720 crore. Read more.

The board of Carysil, formerly Acrysil, has approved the acquisition of 100% Membership Interest of United Granite LLC based at Virginia (USA) by Acrysil USA Inc. (Wholly Owned Subsidiary) of Carysil Ltd for $7.9 million.

The deal is expected to completed with in 2 months.

FMCG major Hindustan Unilever Ltd (HUL) posted a flat consolidated net profit for the quarter ended in September 2023. It clocked ₹2,657 crore net profit during the quarter against ₹2,670 crore in the same quarter last year. Sequentially, the net profit was up 4 per cent compared with the first quarter profit at ₹2,556 crore.

Along with its financial result, the company announced an interim dividend of ₹18 per equity share of face value of ₹1 each on Thursday. Read more.

Atishay has won Rs 57.60 lakh order from the Election Commission of India for Preparation of Marathi Photo Electoral Rolls in PDF, Generate Deletion List in Marathi as per guidelines of ECI for 288 Assembly Constituencies.

South Indian Bank posted a net profit of ₹275 crore for Q2 FY24, a growth of 23.2 per cent y-o-y on the back strong loan growth and improved asset quality.

“One major factor is the very significant improvement in credit quality on the overall book, as a consequence of which the credit losses are significantly lower than they used to be in the past, which should translate into much higher profitability,” newly appointed MD and CEO PR Seshadri said. Read more.

PVR Inox returned to profitability as it posted a consolidated net profit of ₹ 166.3 crore in the second quarter on the back of blockbuster hits such as Jawan and Gadar2. In the corresponding quarter in the previous fiscal, the company had posted net loss of 71.2 crore. Consolidated revenue from operations surged to ₹ 1999.9 crore in Q2 from ₹686 crore in the year-ago period.

The company said that “Q2 FY’24 was the best ever quarter of all time for PVR INOX Ltd in terms of Admissions, Average Ticket Price and SPH leading to highest ever Revenue, EBITDA and PAT.” Read more.

The pre-approval inspection was conducted for two drug product applications (ANDAs) filed from this facility. The USFDA has issued four observations after the pre-approval inspection, Indoco Remedies said in a statement.

At the end of the inspection, the company received eight observations. The company is working with USFDA to close them at the earliest, Natco Pharma said in a notice to the stock exchanges.

Tata Steel will acquire 26 per cent stake in TP Vardhaman Surya (TPVSL), a wholly-owned subsidiary of Tata Power Renewable Energy. It will also execute a fixed-tariff long-term agreement with TPVSL to source 379 MW of captive renewable power, which will save 50 million tonne of carbon emissions over the 25-year contract period. TPVSL will set up a 966-MW solar-wind hybrid renewable power facility, which would make it one of the biggest industrial power projects under group captive segment in the country. Read more.

Reports of Softbank is planning to sell part stake in Zomato through block deal will keep the stock in focus. According media repots, SVF Growth (Singapore) Pte Ltd, an entity of Softbank, will sell 1.1 per cent in Zomato for Rs 1,000 crore.

IL&FS Transportation Network has signed pact with Sekura Roads to sell its entire stake in Jorabat Shillong Expressway, wholly owned subsidiary, for Rs 1,343 crore. The sale is to settle liabilities of JSEL aggregating to Rs 1,621 crore. All the liabilities of JSEL have been adjusted against the EV of Rs. 1,343 crore, it said in a statement. The Consideration of Rs. 1,343 Crore is the Enterprise Value of the Company and basis the same, the equity value is negative. The consideration for transfer of 100% equity stake is, therefore, a nominal value of Re 1, it further said.

Paras Defence and Space Technologies said that its subsidiary Paras Aerospace Private Limited has received Second Type Certificate from DGCA (Directorate General of Civil Aviation), Drone Directorate, Govt. of India, for it’s Agri Drone – “Paras-Agricopter V2.1”. This certification will enable execution of existing contracts of Paras Aerospace for “Paras-Agricopter V2.1” and will further unlock new prospects in the Agricultural Drone Industry.

The board of PTC India Ltd has approved the bid submitted by ONGC Ltd. for acquisition of wholly owned subsidiary of PTC India Limited i.e. PTC Energy Limited (PEL) at an equity value of Rs 925 crore subject to adjustments in bid value as per the bid format.

Tata Motors has entered into a share purchase agreement and other agreements to acquire a 26.79 per cent stake in logistics solutions company Freight Commerce Solutions (Freight Tiger) for Rs 150 crore.

The agreement also includes a provision enabling Tata Motors to further invest Rs 100 crore over the next two years. Read more.

• American Express Company (Pre market) (Sector-Financial) (EPS: EST.- 2.96 VS 2.88)
• Schlumberger N.V. (Pre market) (Sector-Energy)
• Regions Financial Corporation (Pre market) (Sector-Financial)
• Huntington Bancshares Incorporated (Pre market) (Sector-Financial)
• Interpublic Group of Companies, Inc. (Pre market) (Sector-Media)

• BALRAMPUR CHINI
• DELTACORP
• GNFC
• IBULHSGFIN
• INDIACEM
• MANAPPURAM
• MCX

Bharti Airtel (Airtel) on Thursday said that it has partnered with Amdocs, a leading provider of software and services to communications and media companies, to drive 5G and Internet of Things (IoT) monetisation and enhance its end-user customer experience.

Amdocs will create a digital platform to automate and digitise Airtel’s business operations and help the operator create a single-bundled plan and bill for all its services thereby enhancing customer satisfaction. Read more.

Butterfly Gandhimathi Appliances Ltd, South-India’s leading kitchen and small domestic appliances player, reported a 42 per cent decline in net profit to ₹15 crore as against a net profit of ₹25 crore for the same period last year.

Revenue was down by 16 per cent to ₹308 crore (₹368 crore) due to the festive period shift and one-off corporate sales in Q2 FY23, says a company release.

The company’s share price on the NSE closed at ₹1,200, down by 1.10 per cent.

Happiest Minds Technologies, with the introduction of a new business unit for Generative AI dubbed GBS, will invest in building proofs of concept, upskilling employees forging hyperscaler partnerships and collaborating with open source platforms, said company executives.

The company believes Generative AI will help them penetrate into new accounts and even expand the service ambit for existing customers. It is also in conversation to sign deals in the domain, given high customer interest. Read more.

ITC on Thursday reported a 10.32% year-on-year growth in its standalone net profit to ₹4,926.96 crore for the second quarter this fiscal, although its gross revenue witnessed a 3.40 per cent y-o-y growth during the period.

The diversified conglomerate’s net profit stood at ₹4,466.06 crore for the second quarter last fiscal. During the period under review, its gross revenue rose to ₹17,548.75 crore from ₹16,971.18 crore a year ago, according to the stock exchange filing. Read more.

The short-term outlook is bullish for IFB Industries. The stock has been managing to hold higher this week amid the weak broader markets. Immediate support is around ₹900. Below that ₹880-870 is a very strong support zone as cluster of moving averages are poised in this region.

A fall below ₹870 looks unlikely at the moment. IFB Industries share price can rise to ₹1,000 over the next couple of weeks. Read more.

Asian stocks declined into a third day following falls on Wall Street as tensions escalated in West Asia, driving gold and oil to further advances. Meanwhile, traders weighed Federal Reserve chairman Jerome Powell’s remarks for any clues on the policy outlook.

Shares in Australia, Japan and South Korea all slipped sending a gauge for the region into its third straight loss. Contracts for US equities fell after the S&P 500 declined weighed by disappointing Tesla Inc. earnings. The dollar edged higher.

Oil traded over the $90-a-barrel mark and gold approached the $2,000-an-ounce level following a report US bases in Iraq and Syria were targeted in drone attacks. Investors were also on edge after an American destroyer in the Red Sea intercepted cruise missiles and drones fired toward Israel by Houthi rebels in Yemen.

Treasury 10-year yields hovered near 5% in Asian trading, while two-year rates held losses after Powell said the Federal Reserve will proceed carefully with rate hikes, while citing evidence that policy isn’t “too tight.” Swaps trimmed the implied odds of another Fed rate increase to under 50%, and priced a start to cuts in July, compared with September previously. (Bloomberg)

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