Closing Bell :- Among the top Nifty losers are Divis Laboratories, Nestle India, TCS, IndusInd Bank, and Asian Paints, while top gainers include Hero MotoCorp, JSW Steel, Tata Steel, Coal India, and UPL.
Closing Bell: Sensex falls, closed at 66,166 level : While Nifty at 19,750 level
Indian Market
FII AND DII
| FII Purchased | 317.01 Cr |
| DII Sold | 102.88 Cr |
- Asian markets are trading lower, with the Nikkei down 1.69% and the Kospi down 0.55%.
- India’s foreign reserves have fallen for the fifth week in a row, reaching a five-month low.
- FPIs withdraw Rs 9,800 crore in October due to rising US bond yields and geopolitical risks.
- Fed officials are preparing to extend the rate pause without announcing the end of rate hikes.
- Oil prices are falling as investors assess the implications of the Israel-Hamas conflict.
- The S&P 500 and Nasdaq are down due to data, while geopolitics offsets solid performance.
- Paytm gains ground as Goldman Sachs doubles its target price; the stock is up 76% this year.
- Bank of Maharashtra Q2 earnings | Net profit increased 72% year on year to Rs 919.8 crore from Rs 535 crore.
- Skipper gains 3% after receiving orders worth Rs 588 crore.
- An Indian bank declares NPAs totaling Rs 24.76 crore to be fraudulent.
- Godrej Properties subsidiary receives GST demand and penalty notice for Mumbai project of Rs 96.62 crore
- Union Bank of India has been fined Rs 1 crore by the Reserve Bank of India.
- RBL Bank faces a Rs 64 lakh fine from the RBI.
- Bajaj Finance faces a Rs 8.50 lakh fine from the RBI.
- The NHPC predicts a loss/damage of Rs 788 crore as a result of flash floods in Sikkim’s Teesta Basin.
- The MCX has risen more than 3.5% to a new high as trading on the new platform begins.
- Texmaco Rail and Engineering gains 13% on strong second-quarter performance.
- Ashok Leyland soars on a 1,666-bus order from Tamil Nadu.
- Easy Trip Planners is up 5% following a massive block sale.
- PowerGrid trades flat following a massive block deal.
- Delta Corp has fallen to a 52-week low due to GST issues, with the stock down 22% in a month.
- Som Distilleries’ shares rises 2% after profit increased by 80% year on year in Q2FY24.
- Kalpataru Projects International has received new orders totaling Rs 2,217 crore.
- Mahindra & Mahindra reported an 18.1% year-on-year increase in total sales to 73,185 units in September.
- Despite a decline in revenue, Tata Steel Long Products reduces its net loss to Rs 135.8 crore in Q2FY24.
- NBCC receives a work order of Rs 80 crore from the Visakhapatnam Port Authority
- Dalmia Bharat’s Q2 profit increases 121% year on year to Rs 124 crore.
- Power Grid Corporation awards Bajaj Electricals a service contract of Rs 564.2 crore.
- Tata Motors will sell a 9.9% interest in Tata Technologies, which is preparing to go public, for Rs 1,613.7 crore.
- Sunteck Realty reaches a 52-week high as pre-sales increase 17% in Q2.
- HDFC Life’s net profit in the second quarter increased by 15% to Rs 376 crore.
- DMart’s Q2 net profit falls 9% to Rs 623.35 crore, as revenue increases 18.6% but falls short of expectations.
Indian Market Action
| SENSEX | -115.81 | -0.17% |
66,166.93 |
| NIFTY50 | -19.30 | -0.10% | 19,731.75 |
| BANK NIFTY | -62.05 | -0.14% | 44,225.90 |
INDIAN MARKET MOVERS
Hero Motocorp |
62.55 2.02% | Divis Labs | -80.15 -2.15% |
| JSW Steel | 13.45 1.73% | Nestle | -445.80 -1.89 % |
| Tata Steel | 1.95 1.56% | TCS | -46.80 -1.31% |
| Coal India | 4.05 1.32% | IndusInd Bank | -17.30 -1.18% |
| LTIMindtree | 67.30 1.32% | Asian Paints | -36.75 -1.17% |
News Updates
DMart Q2 net profit drops 9% to Rs 623.35 cr, as revenue increased 18.6% but fell short of expectations.
On October 14, Avenue Supermarts, the company that owns the DMart retail chain, declared a consolidated net profit of Rs. 623.35 crore for the second quarter of the fiscal year 2023–2024, a 9.09 percent decrease from Rs. 685.71 crore in the same time the previous year.
The company’s combined net profit decreased from Rs 658.71 crore in the prior quarter by 5.36 percent.Standalone net profit for the first quarter of FY24 was Rs. 658.54 crore, down 10.91 percent from Rs. 730.4 crore in the same quarter of FY23.
Consolidated income from operations increased by 18.66 percent YoY (year over year) to Rs 12,624.37 crore from Rs 10.638.33 crore in the prior year, according to the company. In comparison to the prior quarter’s Rs 11,865.44 crore, revenue increased by 6.39 percent.
Tata Technologies’ 9.9% interest would be sold by Tata Motors for Rs 1,614 billion.
On October 13, Tata Motors announced that it had reached an agreement to sell a 9.9% share in Tata Technologies, which is set to go public, for Rs 1,613.7 crore to Ratan Tata Endowment Foundation and TPG Rise Climate SF Pte. Ltd., a private equity firm that focuses on climate change, for an equity valuation of Rs 16,300 crore.
TPG, which also made an investment in the electric car division of Tata Motors, will acquire 9% of Tata Technologies, with Ratan Tata Endowment Fund (RTEF) acquiring the remaining 0.9%.According to the firm, RTEF would pay Rs 146.7 crore and Tata Motors will earn Rs 1,467 crore in exchange for selling its interest to TPG. It stated that the transaction must be finished by October 27, 2023.
India’s foreign exchange reserves decline for the fifth week in a row and reach an all-time low.
The Reserve Bank of India (RBI) said on Friday that India’s foreign exchange reserves fell for a fifth consecutive week and were at $584.74 billion as of October 6, the lowest level in more than five months.That was a $2.17 billion decline from the prior week. Over the previous four weeks, reserves had decreased by a total of roughly $12 billion.
Rate worries and safe-haven bids support the dollar.
As Middle East tensions rose on Monday, the dollar gained ground in cautious trading as investors awaited Federal Reserve Chair Jerome Powell’s speech later this week for further information on the US central bank’s rate stance.
Early trade in Asia saw the Israeli shekel drop to more than an eight-year low of 3.9900 to the dollar after Prime Minister Benjamin Netanyahu of the nation promised on Sunday to “demolish Hamas” as his troops prepared to enter the Gaza Strip in search of Hamas fighters.
Fed officials are preparing to extend the rate hold without declaring that rises are complete.
Next month, Federal Reserve officials appear prepared to leave interest rates constant for the second consecutive month, but they’re not yet ready to declare their tightening campaign over.
Following a surge in bond yields that tightened financial conditions, policymakers across the hawk-dove spectrum have recently indicated that they are inclined to forgo a rate hike at their October 31-November 1 meeting.
The Federal Open Market Committee is unlikely to rule out more rate rises, though, given that data on the labour market and inflation show that the economy is still humming along.
Global Market Updates
Gift Nifty
Trends on the GIFT Nifty show that the wider Indian index is off to a flat to positive start, up 30 points or 0.15 percent. The Nifty futures were trading near the level of 19,734.50.
US Markets
The S&P 500 and the Nasdaq closed lower on Friday as deteriorating consumer sentiment data and the Middle East conflict soured investors on riskier bets and overshadowed upbeat quarterly earnings from some of the biggest U.S. banks.
Wall Street’s three major indexes started higher but lost ground after a preliminary reading on U.S. consumer sentiment showed a sharp fall in October. The Dow made a small gain.
The Dow Jones Industrial Average rose 39.15 points, or 0.12 percent, to 33,670.29, the S&P 500 lost 21.83 points, or 0.50 percent, at 4,327.78 and the Nasdaq Composite dropped 166.99 points, or 1.23 percent, to 13,407.23.
Asian Markets
Asian markets started the week on a weaker note with Nikkei down 1.69 percent, while Kospi lost 0.55 percent.Most notably, China will share its third-quarter gross domestic product numbers on Wednesday. Economists polled by Reuters expect a 4.4 percent year-on-year growth, down from 6.3 percent in the previous quarter.
The People’s Bank of China is also expected to announce the one-year medium-term lending facility rate Monday morning, with analysts estimating it will stay unchanged at 2.50 percent.
Japan’s September inflation data is expected on Friday, which will come ahead of the country’s central bank’s monetary policy meeting on October 30 and 31.
South Korea’s central bank will also announce its rate decision on Thursday. The Bank of Korea has held rates steady for five meetings in a row at 3.5 percent since February
Oil Prices
As investors watched to see if the Israel-Hamas confrontation involved additional nations, which may push up prices further and inflict a severe damage to the global economy, oil prices dropped in early Asia trade on Monday, reversing last Friday’s rise.
By 2215 GMT on Sunday, both Brent futures and U.S. West Texas Intermediate (WTI) crude were down 36 cents and 37 cents, respectively, to $90.53 per barrel.
As investors factored in the risk of a wider Middle East conflict, both benchmarks increased by about 6 percent on Friday, recording their largest daily percentage gains since April.
Stocks in news
Tata Motors: To sell a 9.9 percent stake in its subsidiary Tata Technologies for Rs 1,613.7 crore, the manufacturer of commercial vehicles has entered into share purchase agreements with a number of investors. A climate-focused private equity fund, TPG Rise Climate SF Pte Ltd, is purchasing a 9% interest in Tata Technologies from Tata Motors, while the Ratan Tata Endowment Foundation is purchasing a 0.90% stake.
Avenue Supermarts: The Mumbai-based business that owns and runs D-Mart stores reported a 9.2% year-over-year fall in its consolidated profit for the quarter ended September FY24, coming in at Rs 623 crore. This was due to a poor margin and a high base. The profit in Q2FY23 was bolstered by lower tax expenses. To Rs 12,624 crore, operating revenue increased by 18.67% year over year.
Adani Enterprises: The Ministry of Corporate Affairs in Hyderabad has started a probe into the financial records and other documents of Adani Enterprises’ step-down subsidiaries Navi Mumbai International Airport and Mumbai International Airport (MIAL). The Ministry of Corporate Affairs requested data and documentation for the previous time frame, which ran from 2017–2018 through 2021–2022. MIAL and NMIAL were acquired by Adani Enterprises during the fiscal year 2021–2022.
Bajaj Electricals: Power Grid Corporation of India has awarded Bajaj Electricals a supply of services contract worth Rs 564.2 crore for and on behalf of its SPV (special purpose vehicle), Ananthpuram Kurnool Transmission.
Tata Steel Long Products: Despite lower topline, lower input cost helped the Tata Group company’s net loss for the quarter ended September FY24 shrink to Rs 135.8 crore from Rs 333.4 crore in the year-ago period. During the quarter, operating revenue decreased 9.4% YoY to Rs 1,734 crore.
Dalmia Bharat: The cement manufacturing firm reported consolidated profit of Rs. 124 crore for the quarter ended September FY24, up 121.4 percent from the same quarter a year earlier. This growth was fueled by strong operating results and a decrease in power and fuel costs. The operating income for the quarter increased by 6% from the prior year to Rs 3,149 crore. To 6.2 million tonnes, the amount of cement climbed by 6.6% YoY, which was in line with expectations.
Delta Corp: The Directorate General of GST Intelligence, Kolkata, has notified Deltatech Gaming, a subsidiary of the casino gaming corporation, that it must pay deficiency tax under the CGST Act and the West Bengal GST Act. The alleged tax deficiency totals Rs 147.51 crore for the period from July 2017 to October 2022 and Rs 6,236.81 crore for the period from January 2018 to November 2022.
Mahindra & Mahindra: The manufacturer of utility and commercial vehicles reported overall output of 79,410 units in September, up 21.9 percent from the same month last year. Sales rose by 18.1 percent year over year to 73,185 units during the month, but exports fell by 4.7 percent to 2,419 units at the same time.
Reliance Industries: Reliance Retail Ventures distributed 4,11,81,006 equity shares to ADIA after receiving a subscription payment of Rs 4,966.80 crore from Platinum Owl C 2018 RSC Limited (acting in its role as the trustee of Platinum Jasmine A 2018 Trust). The Platinum Jasmine Trust’s sole beneficiary and settlor is ADIA. Moneycontrol is a member of the Network18 group, as disclosed.
NHPC: On October 4, a flash flood in the Teesta Basin had an impact on the company’s 510 MW Teesta-V power station in Sikkim. The projected amount of loss or damage brought on by the natural disaster is Rs 788 crore, of which Rs 297 crore would be for material damage and Rs 491 crore will be for commercial loss. The megainsurance coverage fully insures the power station’s assets and business interruption losses.
Godrej Properties: A demand for a GST demand of Rs 48.31 crore along with interest and a penalty of Rs 48.31 crore under the Central Goods and Services Tax Act has been issued to Godrej Properties’ subsidiary Godrej Redevelopers (Mumbai) Private Limited (GRMPL) in Navi Mumbai. With regard to one of the projects that GRMPL in Mumbai had built, they claimed that the GST had not been paid.
Indian Bank: The public sector lender has reported non-performing assets (NPAs) totalling Rs. 24.76 crore, including Rs. 16.20 crore from Maheswari Constructions & Engineering Works, Samsarapu Polaraju, and Samsarapu Narasimha Raju, who provided phoney documents and engaged in fund-diversion. Additionally, the bank disclosed NPAs from S V Exports of Rs. 8.56 crore as a result of money being diverted.
Mankind Pharma: As of October 13, regular business hours have been restored at the pharmaceutical company’s Sikkim manufacturing plant. The reported industrial facility’s operations were hampered by a disruption in the power supply brought on by flash floods.
Bajaj Finance: The Reserve Bank of India fined Bajaj Finance Rs. 8.50 lakh for failing to follow its instructions regarding the “monitoring of frauds in NBFCs.”
Union Bank of India: The Reserve Bank of India fined Union Bank of India Rs 1 crore for failing to follow instructions about loans and advances—statutory and other limitations.
NBCC (India): The Visakhapatnam Port Authority has given the construction firm a work order for Rs 80 crore. An office block at the Visakhapatnam Port Authority is among the tasks on the work order.
Super Spinning Mills: The business announced that Padmavathy P has been named as the organization’s chief financial officer, effective as of October 13. Padmavathy has worked for the organisation for 23 years and has held a variety of financial positions.
RBL Bank: The Reserve Bank of India fined RBL Bank 64 lakh rupees for failing to follow certain instructions.
Laurus Labs: The Central Drugs Standard Control Organisation (CDSCO) has granted NexCAR19 (Actalycabtagene autoleucel), the first CAR-T cell therapy to be approved in India, to Laurus Labs’ affiliate firm Immunoadoptive Cell Therapy (ImmunoACT). Leukaemia and r/r B-cell lymphomas are treated with NexCAR19.
Intellect Design Arena: With a Philippines-based universal bank, Intellect Design Arena, a financial technology company, has inked a digital transformation project. The transformation plan for the entire bank is the biggest in Asia.
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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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