Closing Bell :– The BSE Midcap index fell 1%, while the Smallcap index fell 0.3 percent.

Closing Bell: Sensex Slips 900 pts , closed at 63,148 level : While Nifty closed at 18,857 level

 Indian Market 

FII AND DII 

Stock Market News

1. Asian indices are trading lower, with the Nikkei, Taiwan, and Kospi all down 1-2%:
2. The dollar strengthens, while the yen falls to intervention-wary levels.
3. Oil remains stable as the market watches Middle East tensions and increased US crude stockpile
4. The Nifty falls below 18,900, and the Sensex falls 820 points; Tech Mahindra is the biggest loser.
5. Zen Technologies bags Defence Ministry issues a 100-crore order; stock gains plummet
6. Jubilant Foodworks’ Q2 profit fell 39.5% year on year to Rs 72 crore due to a reduced EBITDA margin. Revenue increases by 4.5%.
7. Tech Mahindra’s Q2 profit falls 29% year on year to Rs 494 crore, while constant currency revenue falls 2.4%.
8. Despite higher provisions, Axis Bank’s Q2 net profit increased 10% year on year to Rs 5,864 crore.
9. Despite the market crash, the IPO of Paragon Fine and Specialty Chemicals was oversubscribed 5.57 times on Day 1.
10. Blue Jet Healthcare’s initial public offering (IPO) was completely subscribed on the second day of bidding.
11. Infosys signs a five-year agreement with clever Europe GmbH to provide clients with sustainable electric mobility.
12. The board of directors of Somany Ceramics has approved a share repurchase of up to Rs 125 crore.
13. IBM’s third-quarter profits exceeded expectations due to strong software demand.
14. Analysts predict that IRM Energy will be listed at an 8-10% premium.
15. Chennai Petroleum Corporation’s Q2 earnings increased 117% year on year to Rs 1,191 crore, thanks to robust EBITDA.
16. CMS Info Systems’ second-quarter earnings increased 16.3% year on year to Rs 84.4 crore.
17. Chalet Hotels fell 3% after Q2 profits fell short of expectations.
18. Rallis India’s Q2 profit rises 14% year on year to Rs 82 crore.
19. Sona BLW Precision Forgings’ Q2 profit increases 34% year on year to Rs 124 crore, with an orderbook of Rs 22,100 crore.
20. Gulf Oil Lubricants profits increase by 41% in the second quarter.
21. IRM Energy goes public at Rs 477, a 5% decrease to the IPO price.
22. Mamaearth’s price range is likely to be in the Rs 320-350 range.

     INDIAN MARKET MOVERS 

News Updates

Q2 net profit at Axis Bank soars 10% to Rs 5864 crore, as asset quality remains strong.

On October 25, private sector lender Axis Bank revealed a net profit for the July–September FY24 quarter of Rs 5864 crore, a 10% increase over the Rs 5330 crore recorded in the same period the previous year.With a net profit of Rs 5864 crore, the company has outperformed the Rs 5,698 crore market forecast.

With a 19% year-over-year growth, the net interest income (NII) of Rs 12315 crore beat market projections of Rs 11,908 crore. The Q2FY24 net interest margin (NIM) was 4.11 percent, up 15 basis points year over year.

The bank’s provisions and contingencies were Rs 815 crore, with particular loan loss provisions covering July through September of FY24.

Revenue declines by 2% as Tech Mahindra’s Q2 net profit falls 61.6% YoY to Rs 494 crore.

For the quarter ended September 30, Tech Mahindra, a leading provider of IT services, reported a 61.6 percent decline in net profit to Rs 494 crore year over year. This indicates a washout second quarter, caused by decreasing demand in the telecom and communications market and delays in transaction cycles.

Approximately forty percent of the company’s revenue is currently generated by communications, media, and entertainment (CME). Business at CME is down 11.5 percent YoY and 4.9 percent QoQ.

YoY net profit came in far lower than Moneycontrol had predicted, falling 37% YoY to Rs 822 crore. Additionally, it fell short of the 18% QoQ growth expectation.

Global Market check 

Gift Nifty

With a loss of 30 points, or 0.16 percent, the GIFT Nifty trends show that the wider index in India is off to a flat to negative start. Around 19,049.50 was the trading range for the Nifty futures.

US Markets

Wall Street saw a broad bounce and increased risk appetite among investors on Tuesday, thanks to a string of strong company earnings and optimistic projections.

All three of the major US stock indexes rose, with benchmark Treasury rates remaining comfortably below their recent jump to 5 percent, and interest rate-sensitive megacaps accounting for much of the gain push.

Almost one-third of the S&P 500 firms are set to report results this week as the third-quarter earnings season kicks into high gear.

The S&P 500 gained 30.64 points, or 0.73 percent, to 4,247.68, the Nasdaq Composite gained 121.55 points, or 0.93 percent, to 13,139.88, and the Dow Jones Industrial Average increased by 204.97 points, or 0.62 percent, to 33,141.38.

Asian Markets

South Korea stocks led declines among Asia-Pacific markets on Thursday, as investors parsed data that showed the economy grew at a slightly higher-than-expected pace in the third quarter.

Oil Prices

Worries about violence in the Middle East drove up oil prices by almost 2% on Wednesday, but gains were restrained by growing U.S. crude stocks and bleak economic outlooks in Europe.

The price of a barrel of Brent crude futures increased by $2.06, or 2.34%, to $90.13. The closing price of U.S. West Texas Intermediate (WTI) oil futures was $85.39 a barrel, up $1.65, or 1.97%.

Dollar Index

With investors’ enthusiasm for riskier currencies waning in the wake of disappointing corporate reports that heightened concerns about the state of the economy, the U.S. dollar strengthened to a near one-week high against a basket of currencies on Wednesday. Additionally, Treasury yields increased.

Gold Prices

The ongoing fighting in the Middle East helped safe-haven gold prices rise on Wednesday, and investors were anticipating important U.S. economic data as more clues about the Federal Reserve’s future course of action.

After falling in the previous two days and trading below a five-month high reached last week, spot gold was up 0.5% at $1,979.79 per ounce. Futures for US gold increased by 0.3% to $1,991.90.

Stock in news 

IRM Energy: On October 26, the Gujarat-based gas distribution company will make its market debut on the BSE and NSE. The price per share for the final issue has been fixed at Rs 505.

Axis Bank: Despite increased provisions, the private sector lender reported a standalone profit of Rs 5,864 crore for the quarter that ended in September of FY24, up 10% from the same time the previous year. During the quarter, net interest income increased by 19% YoY to Rs 12,315 crore, with advances up 23% and deposits up 18% YoY.

Tech Mahindra: The IT services provider reported a consolidated profit of Rs 494 crore for the July–September fiscal year, a decrease of roughly 29% on a quarterly basis due to a steep decline in EBIT and margin. At Rs 12,864 crore, the period’s total revenue decreased by 2.2% from the prior quarter.

Jubilant Foodworks: Due to a steep reduction in EBITDA margin, the food services company recorded a whopping 39.5 percent on-year decline in standalone profit at Rs 72.1 crore for the quarter ended September FY24. During the same period, standalone revenue from operations increased by 4.5% to Rs 1,344.8 crore.

Chennai Petroleum Corporation: Spurred by a surge in EBITDA, the Indian Oil Corporation’s subsidiary reported a profit of Rs 1,190.56 crore for the July-September period of FY24, a remarkable increase of 117 percent over the previous quarter. Operating revenue (excluding of excise duty) increased by 12.2 percent on a quarter-over-quarter basis to Rs 16,544.6 crore.

Chalet Hotels: The hotel chain has posted strong financial performance, with consolidated profit rising 131.4 percent year over year to Rs 36.4 crore. Topline and EBITDA margin were the main drivers of this increase. During that same period, operating revenue increased by 27% year over year to Rs 314.5 crore.

Sonata Software: Despite a decline in topline, the IT services provider reported consolidated profit of Rs 124.2 crore for the July–September fiscal year of FY24, up 3.4 percent from the prior quarter and supported by EBIT and margin. The quarter’s operating revenue of Rs 1,912.6 crore decreased 5.1% on a sequential basis.

GVK Power and Infrastructure: The English Court determined that $2.19 billion, including interest, is the total amount that the defendants, including GVK Power and Infrastructure, must pay. For the acquisition and pre-development costs of the Australian coal project, GVK Power had given a corporate guarantee to GVK Coal Developers Pte Limited, Singapore, for up to 49% of the total loan amount of $1.13 billion. In FY15–16, the aforementioned loan was categorised as non-performing. In November 2020, the lenders submitted a claim to the England Court of the High Court of Justice, Business and Property Courts of England and Wales, with the intention of retrieving the funds that were advanced to GVK Coal Developers.

Gulf Oil Lubricants India: During the July–September fiscal year of FY24, the Hinduja Group company reported a 41.2 percent year-over-year increase in profit, totaling Rs 73.63 crore. EBITDA increased by 25.2% year over year to Rs 100.48 crore over the same period, while operating revenue came in at Rs 802.30 crore, up 11.51 percent YoY.

Indus Towers: During the quarter ended in September of FY24, the passive telecom infrastructure provider had a 49% YoY increase in consolidated profit at Rs 1,295 crore. However, revenue increased by 10% YoY to Rs 7,133 crore during the same period. To Rs 3,456 crore, consolidated EBITDA increased by 23% year over year. In comparison to the same period last year, the company added 16,286 towers during the quarter, increasing the total to 2,04,212 towers.

Sona BLW Precision Forgings: For the quarter that concluded in September of FY24, the firm that manufactures automotive components reported a 34% year-over-year increase in consolidated profit, coming in at Rs 124.06 crore. Electrical vehicle programmes accounted for 78% of the net order book, which stood at Rs 22,100 crore as of September 2023, with revenue from operations rising by 20.6 percent year over year to Rs 787.5 crore during the same month.

Rallis India: Despite a decline in topline, the Tata Group company reported a net profit of Rs 82 crore for the July–September fiscal year of FY24, up 14% from the same period the previous year thanks to strong EBITDA and margin. During the quarter, revenue from operations decreased by 12.5% on an annual basis to Rs 832 crore.

CMS Info Systems: For the quarter that ended in September of FY24, the company—which offers banks technology and logistics solutions—reported a consolidated profit of Rs 84.4 crore, up 16.3 percent from the same time the previous year. Operational revenue increased 15.3% to Rs 543.7 crore in the quarter compared to Rs 471.7 crore in the same period of the previous fiscal year.

Must read book about investing – check here 

Read more Check

 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.

Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell 

sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains sensex gains