Closing Bell :-Among sectors, buying is seen in the auto and capital goods, while selling is seen in the metal, pharma, oil & gas and realty.
Closing Bell: Sensex Slips, closed at 65,602 level : While Nifty at 19,612 level
Indian Market
FII AND DII
| FII Sold | 1,831.84 Cr |
| DII Purchased | 1,469.50 Cr |
Stock Market News
- The BSE Auto index increased by 0.4 percent, driven by Bajaj Auto, Hero MotoCorp, and TVS Motor.
- Power Mech Projects will issue a QIP on October 18, with a floor price of Rs 4,085.44 per share.
- Despite robust sales growth, UltraTech Cement’s Q2 net income of Rs 1,280 crore falls short of expectations.
- ICICI Lombard’s second-quarter profit fell 2.2% year on year to Rs 577.3 crore.
- Titagarh Rail Systems’ Q2 profit increases 46.4% year on year to Rs 70.6 crore, with a robust topline.
- RPG Life Sciences’ Q2 profit jumps 29.5% year on year to Rs 25.9 crore, while sales rises 14%.
- Motilal Oswal sells 3.38% of Divgi Torqtransfer for Rs 112 crore; shares increase 4%
- According to JPMorgan’s James Sullivan, the Indian economy would be worth $7 trillion by 2030.
- Oil prices decrease as concerns about an Israeli embargo evaporate, and Venezuela sanctions are eased.
- The dollar remains near 150 yen ahead of Fed Chair Powell’s remarks.
- Wall Street is down more than 1%; rates are rising, and investors are evaluating results.
- Blue Jet Healthcare has set an IPO price range of Rs 329-346 and hopes to raise Rs 840 crore.
- Bandhan Bank’s Q2 earnings increased 245% year on year to Rs 721.2 million.
- Persistent Systems’ Q2 profit increased 15.1% year on year to Rs 263.3 crore, with constant currency revenue increasing by 3.2%.
- LTIMindtree Q2 profits exceeded expectations, with profit increasing 0.9% year on year to Rs 1,161.8 crore.
- IndusInd Bank’s second-quarter earnings exceeded expectations, with profit increasing 22% year on year to Rs 2,181.5 crore.
- Bajaj Auto’s Q2 profit rises 20% to Rs 1,836 crore, and quarterly EBITDA exceeds Rs 2,000 crore for the first time.
- Wipro’s Q2 IT services revenue fell 1.6% year on year to Rs 22,395.8 crore as the company merged 5 subsidiaries.
- IndusInd Bank’s net profit in the second quarter increased by 22% to Rs 2,202 crore.
- Persistent Systems’ net profit increased by 20% to Rs 263 crore in the second quarter, while revenue increased by 9%.
- Nestle’s third-quarter earnings growth will outperform peers; robust pricing and lower raw material costs will enhance profits.
- Coforge’s net profit increased 9.5% in the second quarter, while revenue increased 2.5% due to a $313 million order win.
| SENSEX | -274.87 | -0.42% |
65,602.15 |
| NIFTY50 | -58.95 | -0.24% | 19,612.15 |
| BANK NIFTY | -138.95 | -0.32% | 43,749.75 |
INDIAN MARKET MOVERS
| Bajaj Auto | 345.25 6.72% | Wipro |
-12.15 -2.98% |
| LTIMindtree | 302.60 5.87% | Tech Mahindra | 14.95 -1.26% |
| Nestle | 869.40 3.74% | UPL | -7.00 -1.13% |
| Hero Motocorp | 112.70 3.57% | Hindalco | -5.10 -1.05% |
| UltraTechCement | 240.25 2.90% | Bharti Airtel | -9.90 -1.04% |
News Updates
News updates
ITC Q2 net profit is expected to increase due to rise in sales of hotels, FMCG, and healthy cigarettes.
It is anticipated that ITC Ltd would report a solid 10.5 percent YoY increase in net profit in Q2 FY24, mostly due to increases in cigarette sales, price increases in FMCG products, and robust demand in the lodging sector. On October 19, the FMCG and tobacco company will release its Q2FY24 earnings.
Based on the average consensus of four brokerage estimates, ITC Ltd’s net profit for the July–September quarter is expected to be Rs 4,889 crore for Q2FY24. The expected standalone revenue for the quarter is Rs 17,216 crore, an increase of 4.6 percent YoY. It is projected that operating profit margins will increase somewhat, by 68 basis points year over year to 37 percent.
India’s GDP is expected to grow to be above $7 trillion by 2030, according to James Sullivan of JPMorgan.
By2027, India’s GDP might get to the third rank, according to James Sullivan, Managing Director of JPMorgan’s Asia Pacific Equity Research. According to his predictions, the Indian economy will grow to $7 trillion by 2030, a fourfold increase.
In an interview with CNBC-TV18, Sullivan stated, “We are seeing more than doubling of Indian exports from just under $500 billion to over $1 trillion.”
He said that manufacturing contributions would rise from 17% to almost 25% of GDP and that exports would double to more than $1 trillion, which would enable India’s GDP to grow significantly.
Q2 net profit for Bajaj Auto soars 20% YoY at Rs 1,836 crore.
On October 18, Bajaj Auto Limited reported a stand-alone net profit of Rs 1,836.14 crore for the quarter that concluded on September 30. This is a 20 percent YoY increase from Rs 1,530 crore. The amount exceeded the analysts’ projections.
Its standalone net profit was estimated by the average of five brokerages to increase by 14% to Rs 1,782 crore.
Operational income from July to September was Rs 10,777.27 crore, up 5.6% from Rs 10,203 crore during the same period last year. The corporation’s implementation of price hikes and a reduction in commodity costs contributed to the growth.
Revenue for Wipro in Q2FY24 falls to $2.7 billion.
The second quarter of the 2024 fiscal year saw a decline in revenues for Bengaluru-based Wipro, an IT business, for the third consecutive quarter. The company’s sales came in at $2.7 billion, down 2.3 percent sequentially and 2 percent in constant currency.
Wipro’s revenues for the previous quarter fell short of the company’s forecast by 2.8 percent in constant currency terms.
The company’s significant exposure to consulting at a time when discretionary expenditure has plunged, along with the ongoing challenges in the banking, financial services, and insurance (BFSI) vertical, were the main reasons for the predicted decline in revenue.
Ahead of the Fed Chair’s speech, the dollar remains at 150 yen.
As markets anticipated a speech by Fed Chair Powell, the dollar kept the yen close to a two-week low. This was due to growing anticipation that the US Federal Reserve will maintain rates higher for longer.
John Williams and Fed Governor Christopher Waller were two of the most recent US central bank officials to speak this week, as the Fed’s monetary policy meeting, which takes place between October 31 and November 1, draws near.
Oil drops as worries about the Israel embargo subside and sanctions against Venezuela loosen.
Oil prices fell on Thursday, reversing gains from the previous session, as the US was ready to lift sanctions against Venezuela in order to increase global oil supply and as OPEC showed no indications of endorsing Iran’s call for an oil embargo on Israel.
December Brent futures dropped 74 cents to $90.76 per barrel. The November contract for US West Texas Intermediate (WTI), which expires on Friday, dropped 57 cents to settle at $87.75 a barrel. At 00:47 GMT, the more volatile December WTI was down 51 cents to $86.76 per barrel.
Stock in News
Bajaj Auto: With better-than-expected operating results, the Pune-based automaker posted a standalone profit of Rs 1,836.1 crore for the quarter that ended in September of FY24, up 20% from the same time the previous year. With double-digit volume growth driving the 5.6 percent year-over-year increase in standalone revenue from operations to Rs 10,777.3 crore, the strong domestic performance was somewhat offset by improved export performance.
Wipro: For the quarter ended September FY24, the technology services and consulting company reported operating revenue of Rs 22,395.8 crore, a decrease of 1.6 percent on a sequential basis. Revenue in dollars fell by 2.3 percent on a quarter-over-quarter basis to $2,713.3 million, while revenue in constant currency fell by 2 percent over the same period. The organisation forecasts sales from the IT services business segment to fall between 3.5 and 1.5 percent in constant currency terms, or $2,617 to $2,672 million.
IndusInd Bank: With a decline in provisions and steady asset quality, the private sector lender reported a standalone profit of Rs 2,181.5 crore for the quarter that ended in September of FY24, up 22.09 percent YoY. During the same time, net interest income increased by 18% YoY to Rs 5,076.7 crore, while net interest margin increased by 5 bps YoY but stayed unchanged at 4.29 percent QoQ.
LTIMindtree: The IT services provider reported slightly higher-than-expected earnings for the July–September fiscal year of FY24. Revenue increased by 2.3 percent to Rs 8,905.4 crore, and profit increased by 0.9 percent on a QoQ basis to Rs 1,161.8 crore. Revenue increased by 1.7 percent in constant currency over the same period, while revenue in dollar terms increased by 1.6 percent on a quarter-over-quarter basis to $1,075.5 million. In Q2FY24, the EBIT margin fell 70 basis points in a sequential manner to 16 percent. The business has announced a Rs 20 interim dividend per share.
Persistent Systems: With sales increasing 3.9 percent to Rs 2,411.7 crore for the quarter, the Pune-based provider of technology services posted a profit of Rs 263.3 crore for the quarter that ended in September FY24, up 15.1% on a sequential basis. Better than expected by analysts, revenue expanded by 3.2 percent in constant currency terms and by 3.1 percent in dollar terms to $291.7 million.
Bandhan Bank: The private sector lender with headquarters in Kolkata reported earnings of Rs 721.2 crore for the July–September fiscal year of FY24, up 245 percent year over year because of a steep decline in provisions; nonetheless, asset quality declined. With loans growing by 12.3 percent and deposits increasing by 12.8 percent, net interest income for the quarter climbed by 11.4 percent year over year to Rs 2,443.4 crore.
Mastek: The UK’s Government Digital Service (GDS) has awarded a three-year contract to the digital engineering and cloud transformation company. The 8.5 million pound contract has three years left on it, and there are options to extend it to five years. The GOV.UK One Login Technical Service Desk (TSD) will be designed, constructed, and run by the company in association with UK GDS.
Results on October 19: Ahead of the quarterly earnings on October 19, attention will be focused on the following companies: Jindal Stainless, Mastek, Metro Brands, Mphasis, Ramkrishna Forgings, South Indian Bank, Tanla Platforms, Tata Coffee, Tata Communications, United Breweries, Aarti Drugs, Agro Tech Foods, Equitas Small Finance Bank, Havells India, HFCL, Indoco Remedies, and Updater Services.
Housing & Urban Development Corporation: Due to the strong response from non-retail investors on October 18 and the fact that the OFS was nearly twice as subscribed as the base size, the Government of India has decided to exercise the oversubscription option and will sell an additional 3.5 percent stake, or 7 crore equity shares, in the offer-for-sale on October 19. Retail investors can access the OFS starting on October 19.
Trident: As of October 17, the company’s locations and plants are being searched by the Income Tax Department. The Income Tax Department has control over and is able to examine all of the high officials’ IT assets, including the undersigned. The company’s representatives are answering the questions posed by the Income Tax Department and are completely collaborating with them.
Maruti Suzuki India: The largest automobile manufacturer in the nation has been granted a good ruling by the Chandigarh-based CESTAT (Customs, Excise and Service Tax Appellate Tribunal). The company’s appeals from April 2006 to March 2012 have been granted. The corporation submitted the aforementioned appeals in opposition to the August 3, 2012, Commissioner of Central Excise’s ruling. The CESTAT has removed the aforementioned demand, and the total tax and penalty sum involved is Rs 3.8 million.
RITES: To achieve the efficacy of synergy and cooperation over the long term, the state-run engineering services business signed a Memorandum of Understanding (MoU) with INTECSA-INARSA, S.A.U., a corporation formed in Spain. They will investigate economic interests regarding the creation and implementation of projects in the Republics of Colombia and Guyana.
Power Mech Projects: The firm announced that the launch of the QIP (qualified institutions placement) issue on October 18 for the purpose of obtaining funds through the issue of equity shares was approved by the board of directors. Additionally, the floor price of Rs 4,085.44 per share has been authorised. The aforementioned problem will expire on October 23.
Lemon Tree Hotels: A licence agreement has been reached by the hotel company for its 72-room Badrinath, Uttarakhand location. By FY25, the hotel should be open for business. This hotel will be run by its subsidiary hotels, Carnation Hotels.
Welspun Corp: Based in Anjar, India, the pipe solutions company has been awarded a contract to export LSAW pipes and bends to the Middle East. The work will be carried out from these facilities. Under the terms of the contract, 61,000 MT of bare pipes and bends will be supplied; these will be utilised for gas transportation and offshore production. With this deal, it has now secured orders totaling 1,91,000 MT for line pipes, which will be manufactured at facilities in the USA and India.
ICICI Lombard General Insurance Company: The general insurance provider reported earnings of Rs 577.3 crore for the fiscal quarter that concluded in September of last year, a 2.2% decrease from the same time the previous year. With the one-time impact of the tax provision reversal in Q2FY23 excluded, earnings increased by 24.8% in Q2FY24. The company’s gross direct premium income for the quarter was Rs 6,086 crore, rising 17.4% year over year. In Q2FY24, gross premium written increased by 18.3% YoY to Rs 6,272.32 crore. Operating profit climbed by 17% YoY to Rs 597.15 crore over the same period, while underwriting loss decreased to Rs 146 crore for the quarter from a loss of Rs 152.3 crore YoY. The business has declared a Rs 5 interim dividend per share.
Shoppers Stop: The retail chain’s consolidated profit for the July–September FY24 quarter was recorded at Rs 2.73 crore. This represents a sharp decline of 83.1% YoY as a result of lower operating margin, larger extraordinary loss, and lacklustre topline growth. To Rs 1,039.1 crore, the operating revenue for the quarter increased 2.6% year over year.
Astral: Driven by strong operating performance, the CPVC pipes and fittings manufacturing company reported a huge 90% year-over-year gain in consolidated profit at Rs 131.2 crore for the quarter ended September FY24. Operating revenue for the quarter increased to Rs 1,363 crore, a 16.3% year-over-year increase.
RPG Life Sciences: The manufacturer of pharmaceutical goods reported a 29.5% year-over-year increase in profit for the quarter that ended in September of FY24, totaling Rs 25.86 crore. The firm attributed this gain to strong topline and operational performance. With revenue of Rs 153.58 crore for the quarter, it was 14% more than a year earlier.
Titagarh Rail Systems: The company’s consolidated profit for the July–September fiscal year was Rs 70.6 crore, up 46.4% from the same period in the previous fiscal year. Operational revenue increased by 54% year over year to Rs 935.5 crore.
Bajaj Healthcare: An alkaloid extraction factory has been put into operation in Vadodara, Gujarat, by the maker of APIs, intermediates, and formulations. The 100 metric tonnes of alkaloid extraction from poppy gum per year capability was increased to 300 metric tonnes per year.
Gujarat Pipavav Port: At an average price of Rs 138.23 per share, Wisdomtree India Investment Portfolio Inc purchased 24.71 lakh shares, or 0.51% of the company’s paid-up equity.
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Force Motors announces August production of 3,032 automobiles.
Power Mech Projects climbs more than 2% after receiving a Rs 625 crore order.
Hitachi Energy India rises nearly 4% after receiving an order.
Quant Mutual Fund invests Rs 86 crore in JM Financial, while Valiant Mauritius Partners sells 0.8% of its holding.
Baring Private Equity sells Rs 34.7 crore in PG Electroplast shares.
Small Cap World Fund and New World Fund sell Rs 884.43 crore in Shriram Finance shares.
Nazara Technologies will offer 57.42 lakh preferential shares to SBI Funds at Rs 714 per share.
Cochin Shipyard Large Trade | According to CNBC-TV18, 8.6 lakh shares (0.7 percent e
Data from China | Exports were down 8.8% in August, while imports were down 7.3% year on year.
Indian Railways awards Responsive Industries a contract for the Garib Rath Initiative.
CNBC-TV18 reported that Bikaji Foods International Large Trade | 14.1 lakh shares (0.6 percent equity) worth Rs 71.3 crore change hands at Rs 507 per share.
PVR INOX stock rises as SRK’s ‘Jawan’ hits theaters, and the industry anticipates a blockbuster opening.
L&T rises on rumours of a possible order from Saudi Aramco for a gas project.
Varroc Engineering to acquire a 26% share in AMP Energy SPVs TCS forms strategic cooperation with JLR’s digital unit
Tata Motors August Auto Sales | JLR UK sales are down 23.6% year on year at 1,479 units versus 1,935 units.
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