Closing Bell :- Power index increased by 1%, while FMCG, bank, metal, and oil & gas increased by 0.5 percent apiece.
Nifty Canara Bank, Punjab & Sind Bank, and UCO Bank led the 0.6 percent increase in the PSU Bank index.
Closing Bell: Sensex gains, closed at 66,428 level : While Nifty at 19,811 level
Indian Market
FII AND DII
| FII Purchased | 593.66 Cr |
| DII Sold | 1,184 Cr |
- Nifty Canara Bank, Punjab & Sind Bank, and UCO Bank led the 0.6 percent increase in the PSU Bank index.
- Dr Reddy’s Laboratories, Torrent Pharma, and Biocon led the Nifty Pharma index higher by 0.4 percent.
- Dabur India receives a Rs 320.6 crore GST tax notice.
- Titan Company would raise Rs 2,500 crore through private offering of unsecured NCDs.
- IndusInd Bank’s Q2 profit could increase 19% year on year due to solid asset quality; subdued margin trends on cards
- Bajaj Finance’s Q2 profit could increase by 30% year on year, putting pressure on margins.
- Piramal Enterprises intends to sell up to Rs 1000 crore in public bonds.
- The Bajaj Finance debenture committee has approved the issuance of NCDs of Rs 2,236 crore.
- JK Paper would buy out 100% of Manipal Utility Packaging Solutions.
- J Kumar Infraprojects has received a Letter of Acceptance for a Rs 509 crore project.
- Grasim Industries advances as the market applauds its Rs 4,000-crore fund-raising plan.
- ICICI Securities shares rise to a 52-week high on strong Q2 sales and profit growth.
- Bajaj Finance will buy a 26% share in Pennant for Rs 267 crore; the stock is up more than 1%.
- KEC International receives fresh orders totaling Rs 1,315 crore.
- Oil prices have risen on expectations that the United States may lift sanctions against Venezuela.
- After securing back-to-back orders, MIC Electronics stock was locked at 5% above circuit.
- Ajmera Realty has been awarded a residential redevelopment project in Mumbai worth Rs 360 crore.
- The Maruti Suzuki board of directors has approved the issuance of 1.23 crore equity shares to Suzuki Motor.
- Tata Power gains as its green energy business signs an agreement for a 12.5-MW captive solar plant.
- Cyient DLM’s Q2 profit increased 106% year on year to Rs 14.6 crore, while revenue increased 71.5%.
- Jio Financial Services’ Q2 profit more than doubles to Rs 668.2 crore, while revenue increases by 47%. QoQ
- Bombay Dyeing obtains Rs 4,675 crore from the sale of Worli land.
- CEAT’s Q2 profit surges to Rs 208 crore due to solid operating results. Revenue increases by 5.5%.
- ICICI Securities’ Q2 profit rises 41% year on year to Rs 423.6 crore, owing to a robust topline and operating numbers.
Indian Market Action
| SENSEX | 261.16 | +0.39% |
66,428.09 |
| NIFTY50 | 79.75 | +0.40% | 19,811.75 |
| BANK NIFTY | 183.60 | +0.42% | 44,409.50 |
INDIAN MARKET MOVERS
| BPCL | 7.45 2.15 % | Tata Motors | -10.50 -1.58% |
| Power Grid Corp | 4.10 2.02% | Larsen | -35.60 -1.15% |
| SBI Life Insura | 26.15 1.98% | UPL | -6.05 -0.96% |
| HDFC Life | 11.75 1.86% | IndusInd Bank | -10.40 -0.72% |
| Coal India | 5.40 1.73% | TCS | -17.00 -0.48% |
News Updates
Jio Financial Services Q2 net profit climbs 101% QoQ at Rs 668 crore
Jio Financial Services on October 16 declared a net profit of Rs 668 crore for the July-September period in its first quarterly statement after it debuted on bourses in August, a surge of 101 percent from the previous quarter.
Spun out from Mukesh Ambani’s Reliance Industries, the non-banking financial company’s (NBFC) total income was at Rs 608 crore for the quarter. Whereas the lender’s interest income was at Rs 186 crore, falling from Rs 202 crore in the April-June FY24 quarter.
Bitcoin pares after BlackRock says ETF application under review
Bitcoin erased an earlier gain of as much as 10% after BlackRock announced that its application for an exchange-traded fund that invests directly in the cryptocurrency is still under investigation.
“The iShares Spot Bitcoin ETF application is still under review by the SEC,” a spokeswoman said. Bitcoin was up roughly 3 percent to $28,000 as of 10:12am in New York on Monday after briefly reaching to $30,000.
Speculation erupted on social media that BlackRock, which in June submitted an application for a spot-Bitcoin ETF, had a green-light from the US Securities and Exchange Commission to launch the first such product in the US. That prompted the increase in the largest coin, though Bitcoin swiftly reversed the majority of those gains after the myth was debunked.
Global Market Updates
Gift Nifty
Trends in GIFT Nifty predict a flat-to-positive start for the broader index in India, with a gain of 16 points or 0.07 percent. The Nifty futures were trading around the 19,827 mark.
US Markets
Major US market indices closed considerably higher on Monday as investors were bullish about the start of the earnings season, while transportation and small-cap companies also surged.
Market traders were monitoring the Israeli war in Gaza, but looked to be taking more of a risk-on approach on Monday, with safe-haven gold prices down.
The Dow Jones Industrial Average rose 314.25 points, or 0.93 percent, to 33,984.54, the S&P 500 gained 45.85 points, or 1.06 percent, to 4,373.63 and the Nasdaq Composite added 160.75 points, or 1.2 percent, to 13,567.98.
Asian Markets
The Nikkei increased by 1.5 percent, the Kospi up by 0.77 percent, and the Straits Times increased by 0.8 percent in Tuesday’s early trading on Asian markets.
Dollar Index
The US dollar suffered a setback on Tuesday as investors assessed Middle East developments and prepared for a flurry of talks by central bank officials this week, including Fed Chair Powell, to assess the future for monetary policy.
As long as the yen remained close to the crucial 150-to-1 dollar barrier, traders were on high alert for any indication that the Japanese government could intervene.
The yen’s exchange rate last stood at 149.62 to the dollar after falling as low as 150.17 on October 3—its lowest level in a year—before briefly strengthening.
Gold Prices
Despite a decline in price due to technical selling after a ferocious 3 percent surge in the previous session as the raging Israel-Hamas war led investors scrambling to the safe-haven bullion, gold managed to hold above the crucial $1,900 ceiling on Monday.
By 0748 GMT, spot gold had down 1.1 percent to $1,910.70 per ounce, and US gold futures had fallen 0.9 percent to $1,924.20.
Stocks in news
HDFC Bank: For the quarter that ended in September of FY24, HDFC Bank, the largest private sector lender in India, posted a standalone profit of Rs 15,976 crore, exceeding analysts’ expectations and increasing by 50.6 percent year over year. With a core net interest margin of 3.65% and a reported net interest margin of 3.4 percent for the quarter, net interest income increased by 30.3 percent to Rs 27,385 crore. Due to the merger, numbers on a YoY and QoQ basis are not comparable. To reach Rs 23.54 lakh crore and Rs 21.72 lakh crore, respectively, gross advances and total deposits both saw YoY increases of about Rs 1.1 lakh crore.
ICICI Securities: The company recorded strong results for the three months ended September FY24, with profit jumping 41% year over year to Rs 423.6 crore and sales rising 45.5% to Rs 1,249 crore. EBITDA (earnings before interest, tax, depreciation, and amortisation) increased by 54.8 percent YoY to Rs 810 crore on the operational front, with margin rising 390 bps to 64.9 percent for the quarter. A 12-rupee interim dividend per share has been approved by the company.
Jio Financial Services: The financial services provider experienced strong growth for the three months that ended in September FY24, with profit increasing by 101.3% on a quarterly basis to Rs. 668.18 crore and operating revenue increasing by 46.8% on a quarterly basis to Rs. 608.04 crore. With effect from October 16, the board has also nominated AR Ganesh as the organization’s group chief technology officer.
CEAT: The tyre company’s consolidated profit for the quarter ended in September FY24 was Rs 208 crore, up dramatically from Rs 7.8 crore in the same quarter last year, thanks to strong operating results and declining input costs. An extraordinary loss of Rs 23.7 crore also reduced profit in Q2FY23. For the quarter, operating revenue increased by 5.5 percent YoY to Rs 3,053.3 crore.
Cyient DLM: The provider of electronic manufacturing services and solutions recorded a tremendous 106.4 percent year-over-year increase in profit for the three months ended in September FY24, amounting to Rs 14.6 crore. Other income and topline were the main drivers of this rise. For the quarter, operating revenue increased 71.5 percent YoY to Rs 291.8 crore.
KEC International: The RPG Group company, encompassing transmission and distribution projects in India, the Middle East, Australia, and the Americas, has received fresh orders totaling Rs 1,315 crore across its various divisions.
Tata Power: Associated Through a special purpose vehicle (SPV) called TP Green Nature, Tata Power Renewable Energy and Endurance Technologies have signed a power delivery agreement (PDA) for the construction of a 12.5 MW AC captive solar facility. The plant would be built in Maharashtra’s Aachegaon and produce 27.5 million units (MUs) of electricity annually.
Aurobindo Pharma: The business has officially opened the Vishakhapatnam, India, green-field Eugia Steriles production facility. Eugia Steriles is a step-down company of Aurobindo and a 100 percent subsidiary of Eugia Pharma Specialities. This facility will produce general injectables, which will eventually be distributed globally. The factory has an estimated project cost of Rs 600 crore, and commercial production would start in stages beginning Q4 of FY24.
JK Paper: The purchase of Manipal Utility Packaging Solutions for Rs. 88.7 crore has been approved by the company’s board. After a share purchase agreement (SPA) has been signed between the buyer and the target company, the aforementioned acquisition is anticipated to be finished within six weeks.
Godrej Properties: The City and Industrial Development Corporation of Maharashtra (CIDCO) has ordered the cancellation of the allocation of two plots in Sanpada, Navi Mumbai, to Godrej Properties. For the aforementioned sites in Navi Mumbai, Godrej Properties won the highest bidder contest. The property developer considers the cancellation to be illegal and in violation of an order issued by the Bombay High Court on May 3, 2023. The cancellation of an order won’t significantly affect the business’s finances or day-to-day operations. The company has, however, appealed the cancellation decision by submitting a Writ Petition to the Bombay High Court.
Oil India: The charter hire of one (one) anchor moored drillship or semi-submersible drilling unit, along with related equipment and services, is expected to cost a total of Rs 1,282.55 crore, according to Oil India, the state-run oil and gas exploration corporation. The completion date for the building of the oil collecting station at Nadua and the petrol gathering station at East Khagorijan was also extended by the board to April 30, 2024.
Lemon Tree Hotels: Keys Prima by Lemon Tree Hotels, a 55-room hotel in Dehradun, Uttarakhand, has been acquired by the company under a contract struck with Lemon Tree Hotels. The hotel will be run by subsidiary Carnation Hotels and is anticipated to open in FY27.
Delta Corp: In open market transactions, BofA Securities Europe SA sold 30.08 lakh equity shares in the gaming company for an average price of Rs 127.97 per share and Societe Generale sold 13.58 lakh shares for an average price of Rs 128.48 per share, generating a total transaction value of Rs 55.9 crore.
Piramal Pharma: The company’s contract development and manufacturing organisation (CDMO), the pharma solutions (PPS) division, has opened a high-throughput screening laboratory to supplement the in-vitro biology capabilities at its drug discovery services location in Ahmedabad. For compounds manufactured at the Ahmedabad plant, this additional extension greatly increases primary and secondary screening capabilities.
Just Dial: Due to alleged violations of the lease deed’s terms, the Karnataka Industrial Areas Development Board has revoked the property allotment in the Bengaluru Urban District. The business is assessing the situation and will act as recommended by the law. The withdrawal of the land allocation is expected to have a financial impact of up to Rs 19 crore.
Som Distilleries and Breweries: For the production of IMFL (Indian-made Foreign Liquor), Som Distilleries and Breweries has inked a strategic contract manufacturing deal in Jammu & Kashmir. A quicker turnaround time for the supply of goods to the country’s northern and border regions will result from the company’s delivery of high-quality goods to the Canteen Stores Department (CSD).
Data Patterns (India): The defence and aerospace electronics solutions provider Data Patterns (India) has announced a licencing and technology transfer (ToT) partnership with IN-SPACe to advance the Indian space ecosystem. The data patterns with small SAR radar capability will be provided under this agreement.
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CClosing Bell Closing Bell Closing Bell Closing Bell Closing Bell Closing Bell 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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