Closing Bell :– Buying was noted in the metal, capital goods, and power names, while selling was seen in the car, IT, and oil & gas names. The BSE Midcap and Smallcap indices finished mostly flat.
Indian Market
FII AND DII
| FII Sold | 1,712.33 Cr |
| DII Purchased | 1,512.14 Cr |
Stock Market News
- The BSE Metal Index climbed roughly 1%, led by NMDC, Vedanta, and Jindal Steel:
- Antony Waste Handling Cell, CarTrade Tech, and Centrum Capital led the BSE Smallcap index higher by 0.3 percent.
- Bloomberg reported that Canara Bank is in talks to raise a $500 million offshore loan.
- Shilpa Medicare’s Telangana unit receives ten FDA observations.
- Gross direct tax collections in India increased by 17.6% to Rs12.4 trillion.
- Honasa falls further 15%; mcap falls Rs1,300 crore since listing
- Aditya Birla Fashion & Retail posts a net loss in the second quarter due to slow demand; shares decline 3%.
- BEML’s Q2 earnings increased 218% year on year to Rs 51.8 crore.
- NCC’s Q2 earnings falls 37% year on year at Rs 86.5 crore.
- Ramco Cements stock falls 5% as investors profit from solid second-quarter results.
- Aptus Value Large Trade | According to CNBC-TV18, 74 lakh shares (1.5 percent equity) worth Rs 213.4 crore change hands in a block deal window.
- Switch Mobility would receive a Rs 1,200 crore investment from Ashok Leyland.
- Smallcap World Fund Inc sells a 5% investment in Aegis Logistics.
- Hindustan Aeronautics and Safran Helicopter Engines form a joint venture.
- Piramal Enterprises provides information. Profit in the second quarter was Rs 48 crore, but net interest income fell by 9%.
- On the back of strong Q2 earnings, Force Motors shares reached the 5% upper circuit.
- Torrent Power’s second-quarter profit increased by 9% year on year to Rs 526 crore.
| SENSEX | 72.48 | +0.11% |
64,904.68 |
| NIFTY50 | 30.05 | +0.15% | 19,425.35 |
| BANK NIFTY | 136.50 | +0.31% | 43,820.10 |
INDIAN MARKET MOVERS
| NTPC | 4.80 2.02% | Hero Motocorp | -68.70 -2.16% |
| ONGC | 3.20 1.66% | M&M | -27.95 -1.80% |
| Tech Mahindra | 14.20 1.26% | HCL Tech | -12.05 -0.95% |
| TATA Cons. Prod | 9.85 1.09% | Titan Company | -27.40 -0.83% |
| UltraTechCement | 83.80 0.97% | Hindalco | -3.15 -0.65% |
News Updates
Equity mutual funds get close to Rs 20,000 crore net inflow in October: AMFI
In October, equity mutual funds in India saw a net inflow of nearly Rs 20,000 crore, according to data from the Association of Mutual Funds of India (AMFI). Small cap mutual fund schemes also saw an increase in inflows, with inflows worth Rs 4,495 crore, up from Rs 2,678 crore a month earlier. Overall, equity funds received inflows worth Rs 19,957 crore, up from Rs 14,091 crore in September. October saw the third highest monthly inflow into equity funds in 2023 and the fourth month where all equity fund categories had positive net inflows. Retail investors may believe there is still potential in small-cap funds, but some mutual fund houses have stopped or limited inflows due to difficulties in responding to additional market flows.
Tata Technologies in talks with Morgan Stanley, US funds for IPO investments
Tata Technologies, part of India’s Tata Group, is in discussions with Morgan Stanley Investment Management, Blackrock, and some US hedge funds to invest in its initial public offering at a valuation of $2.5 billion. The company provides engineering services for companies in the auto and aerospace sectors. The IPO will be the first in two decades for a Tata Group company, which has many listed businesses including in the auto and steel sectors. Before the planned $350-375 million IPO, Tata Technologies is holding talks with US asset managers Ghisallo Capital, Oaktree Capital, and Key Square Capital, as well as Blackrock and Morgan Stanley for possible participation in the deal.
Howard Marks predicts Fed Fund Rate range of 2-4% for the upcoming decade
Howard Marks, Co-Chairman of Oaktree Capital Management, predicts that the Federal Fund Rate will rise from zero to two percent over the next decade. Marks shared his outlook on the financial landscape at the HKMA Global Financial Leaders’ Investment Summit and discussed various topics. The Federal Funds Rate is a key metric that influences various financial aspects. Marks acknowledged uncertainty in the economic climate, as the world is currently enduring two wars, the Russia-Ukraine war and the Israel Hamas war, which could have long-term ramifications on global geopolitics. He remains cautious but pragmatic about interest rates, stating that he is confident that rates may go a little higher, but not significantly higher, as substantial progress is being made against inflation.
ICICI Bank gets RBI nod to make ICICI Securities wholly-owned subsidiary
ICICI Bank has received RBI approval to make ICICI Securities its wholly-owned subsidiary, subject to certain conditions. The bank announced on June 26 that it will consider a proposal for the delisting of ICICI Securities, a subsidiary of the bank. The rationale behind the decision was that ICICI Securities is a low capital-consuming business with sufficient internal accruals to fund business growth, and ICICI Bank is not expected to need to make additional capital infusion into the company. The bank’s decision follows a proposal for the delisting of ICICI Securities.
Moody’s upgrades Tata Motors’, JLR ratings to Ba3; outlook remains positive
Moody’s has upgraded Tata Motors’ and Jaguar Land Rover’s ratings to Ba3 from B1, indicating a positive outlook on the company’s financial health. Tata Motors’ CFR was upgraded to Ba3, while Tata Motors senior unsecured instruments ratings were also upgraded to Ba3. Moody’s also upgraded Jaguar Land Rover’s CFR to Ba3 and probability of default rating to Ba3-PD. The company’s backed senior unsecured global notes were also upgraded to Ba3. The upgrade reflects the company’s strong operating performance over the past 12 months, which has improved credit metrics.
Apple suffers setback in EU clash over $14 billion tax bill
Apple and Ireland have faced a setback in their EU clash with the European Union’s antitrust watchdog over a €13 billion ($14 billion) Irish tax bill. The EU’s antitrust watchdog, the EU Court of Justice, has called for a re-examination of Apple’s win in a lower EU court. The top EU tribunal is set to issue its binding ruling in the coming months. EU antitrust chief Margrethe Vestager, who is on temporary leave to pursue a bid for the European Investment Bank presidency, has been targeted in this case, targeting companies like Amazon and Stellantis NV’s Fiat. Apple won an initial bid to topple the EU’s decision in 2020 after judges found the European Commission had made several errors. The defeat was a crushing blow for Vestager, who has suffered several losses in other tax cases.
Strong pharma Q2 profits drive Nifty Pharma index up 6% in seven straight days
The Nifty Pharma index surged nearly 6% on November 9, thanks to strong quarterly earnings from most drugmakers. This performance contrasts with the benchmark Nifty 50’s less than two percent rise. Major pharma players like Sun Pharma, Dr Reddy’s Labs, Cipla, Alkem Labs, Lupin, and Torrent Pharma reported better-than-expected results for the July-September quarter. Despite weak acute sales in Q2, companies like Cipla and Torrent Pharma benefited from their resilient chronic portfolios. Dr Reddy’s saw its US sales offset sluggish India revenue. The upbeat performance from most pharma companies came despite weak domestic market performance in Q2.
Ashok Leyland Q2 results: Net profit soars multi-fold to Rs 561 crore; shares tumble drastically
Commercial vehicles producer Ashok Leyland on November 9 announced an 181 percent (YoY) jump in overall net profit at Rs 561 crore for the September quarter 2023-24 riding on higher sales. The business had incurred a net profit of Rs 199 crore in the same time prior fiscal year.
Sequentially, the net profit decreased three percent from Rs 576 crore in the preceding quarter. Revenue from operations climbed 16.6 percent to Rs 9,638 crore in the quarter from Rs 8,266 crore in same period last year.
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) for the quarter was Rs 1,080 crore (11.2 percent) vis-a-vis Rs 537 crore (6.5 percent) in Q2 FY’23. Net Debt at the end of the quarter amounted at Rs 1,139 crore with a debt equity at 0.1 time.
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Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell latest news fClosing Bell tyClosing Bell above 19,700, Sensex up 385 points; gains in capital goods, real estate, and banks
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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