Morning Update :The Nifty is above 19,100, while the Sensex is up 400 points; the most active stocks are REC, CDSL, and RIL. Nov-02

Morning Update :- REC, CDSL, Reliance Industries, Tata Steel and Power Finance are among the most active shares on the NSE. BSE Midcap and smallcap indices gained 1 percent each. All the sectoral indices are trading in the green with bank, healthcare, oil & gas, realty up 1 percent each.

Sensex-  Gains    +417        Points at    64008

Nifty 50- Gains    +127        Points at   19116

 Indian Market 

FII AND DII 

 Indian Market News

1. The Kospi is up 2%, the Hang Seng is up 1%, and the Nikkei is up 1%.
2. Stocks maintain their gains following the Fed’s decision; the 10-year Treasury yield falls to a two-week low.
3. Gold rises as the dollar and yields fall following the Fed’s decision to leave interest rates unchanged.
4. As the Fed remains on pause, the dollar follows Treasury yields lower.
5. Worries about potential interest rate hikes cause oil to fall to a three-week low.
6. SBI raises Rs 10,000 crore with its first Basel III compliant Tier 2 bond for fiscal year 24.
7. LIC Housing Finance’s second-quarter earnings exceeded expectations. Profit nearly quadruples at Rs 1,188 crore.
8. Hero MotoCorp’s second-quarter profit increased 47% year on year to Rs 1,054 crore.
9. GMDC’s second-quarter earnings fell 50% year on year to Rs 76 crore, while revenue fell 29%.
10. Tata Steel reports a Rs 6,511 crore loss in the second quarter, with revenue falling 7%.
11. Britannia Industries’ second-quarter profit rises 19.6% year on year to Rs 586.5 crore.
12. Orient Green Power’s net profit more than doubles to Rs 75 crore in the second quarter.
13. Wheels India intends to establish wholly-owned subsidiaries in the United States and Europe to capitalize on growth opportunities.
14. JK Tyre’s net profit in the second quarter increased fivefold to Rs 249 crore.
15. Godrej Consumer’s net profit increased by 20.59% to Rs 432.77 crore in the second quarter, while revenue increased by 6.19%.
16. TVS Motor Co sales increased 21% in October to 4,34,714 units.
17. BPCL will provide propane to Gail’s planned Maharashtra petrochemical plant.
18. L&T hopes to sell its interest in Hyderabad Metro in 2.5 years, according to its CFO.
19. SpiceJet adds five leased Boeing 737s to its fleet ahead of the winter rush.
20. ASK Automotive is planning an IPO with a price range of Rs 268-282 per share in order to raise Rs 834 crore.

Global Market Check

Gift Nifty

With a gain of 35 points, the GIFT Nifty predicts a somewhat favourable start for the broader market. The GIFT Nifty futures contract closed at 19,220 points after reaching a high of 19,227 points.

US Markets

The S&P 500 futures edged up Wednesday night as investors switched their attention away from the Federal Reserve’s policy decision and towards the latest round of corporate earnings releases. The S&P 500 and Nasdaq 100 futures both climbed by about 0.2 percent. Dow Jones Industrial Average futures gained 30 points, or almost 0.1 percent.

SolarEdge fell more than 18% after reporting an unexpected loss and providing bleak revenue projections for the fourth quarter. DoorDash rose more than 7% on profits that exceeded Wall Street expectations, while Etsy slumped 5% as management warned of a difficult environment for consumer discretionary spending.

The moves come after a successful session on Wall Street, which also marked the start of a new trading month. The Dow rose by more than 200 points.

European Markets

Wednesday’s gains on European markets came as investors awaited the US Federal Reserve’s upcoming interest rate announcement. Even if it had only recovered from its worst monthly performance since September 2022, the Stoxx 600 index concluded the week on a provisional positive note, up 0.7 percent.

After U.K. clothes and homeware company Next raised its earnings outlook for the fourth time in six months, retail stocks increased by 1.8 percent. In the meantime, Aston Martin’s stock fell as much as 13% after the high-end automaker revealed a larger-than-expected quarterly loss and lowered its sales goal.

Asian Markets

The changes come after a successful Wall Street session that also signalled the beginning of a new trading month. On Wednesday, the Dow gained almost 200 points, and the S&P 500 and Nasdaq Composite both saw gains of over 1 percent.

Nikkei 225 in Japan began trading 1.22 percent higher. The Topix increased by 0.95 percent and reached new three-week highs. The Kosdaq increased 2.10 percent, and the Kospi gained 1.62 percent in South Korea. The Hong Kong Hang Seng index futures were trading at 17,157, indicating a higher open than the closing HSI of 17,101.78. The S&P/ASX 200 index increased 1.17 percent in Australia, getting closer to its highest level in almost two weeks.

Oil Prices

Ahead of this week’s major meetings of major international central banks, including the US Federal Reserve, oil prices slightly increased on Wednesday as the market kept a tight eye on the most recent developments in the Israel-Hamas conflict.

After dropping more than 1 percent on Tuesday, Brent January crude futures increased by 2.3 percent, or $1.97, to $86.99 a barrel. The contract expiration saw Brent December futures close 4 cents down at $87.41 a barrel on Tuesday. In the previous session, US West Texas Intermediate crude futures lost almost 1.6 percent; however, they recovered 2.6 percent, or $2.08, to $83.10 a barrel.

Dollar Index

The Dollar index traded 0.30 percent higher in futures at 106.96, whereas the value of one dollar hovered near Rs 83.27.

Gold Prices

Prior to the Federal Reserve’s policy announcement on Wednesday, gold prices were unchanged. However, all eyes will be on Chair Jerome Powell’s address later in the day for direction on the rate path. With an ounce of gold costing $1,986.19, spot gold barely moved. Gold futures in the US increased by 0.06 percent to $1,955.5.

Due to significant safe-haven inflows brought on by the escalating upheaval in the Middle East, gold prices surged to a record-breaking $2,000 last week. However, since then, they have retreated, marking the lowest monthly increase since March.

Ole Hansen, head of commodity strategy at Saxo Bank, stated that prices could fall to at least $1,952. This is simply a long-overdue consolidation after the extremely strong gain witnessed in the last three weeks.

News updates 

GST collections rise to second-highest ever at Rs 1.72 lakh crore in October, up 13% YoY

The Indian government’s Goods and Services Tax (GST) collections reached Rs 1.72 lakh crore in October, a 13% YoY increase. This marks the second-highest revenue collection ever, second only to April 2023. The average gross monthly GST collection in FY 2023-24 is now at Rs 1.66 lakh crore, an 11% YoY increase. The October GST collections are 5.71% higher than September, marking the eighth consecutive month that the monthly GST collection has surpassed the Rs 1.5 lakh crore mark. The finance ministry reported the increase in revenue from domestic transactions.

Rupee falls 9 paise to close at all-time low of 83.33 against US dollar

The rupee depreciated by 9 paise to close at an all-time low of 83.33 against the US dollar on Wednesday, following a strong greenback against major overseas rivals and unabated foreign capital outflows. A negative trend in domestic equities and elevated crude oil prices amid geopolitical uncertainty in the Middle East weighed on investor sentiments, according to forex traders. The rupee opened at 83.26 against the dollar and reached intra-day lows of 83.35 and 83.26 against the American currency. On Tuesday, it settled at 83.24 against the American currency. Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said traders may take cues from manufacturing PMI from India and ADP non-farm employment, JOLTS job opening, and ISM manufacturing PMI data from the US. Investors may remain cautious ahead of the FOMC meeting tonight. The USD/INR spot price is expected to trade in a range of Rs 83-83.60.

Indraprastha Gas Q2: Net profit increases 30% to Rs 553 crore

Indraprastha Gas Ltd reported a 30% increase in consolidated net profit to Rs 553 crore for the second quarter of fiscal year 2023-24. The city gas distribution company had a net profit of Rs 427 crore in the year-ago period. The quarterly profit marginally increased to Rs 522 crore in the quarter ending June 30, according to an exchange filing by Indraprastha Gas. However, the company’s revenue from operations fell from Rs 3,922 crore in the same period last year. The board of directors declared an interim dividend of Rs 4 per share.

Sun Pharma Q2 results: Net profit up 5% at Rs 2375 crore, beats estimate

Sun Pharma reported a 5% year-on-year increase in consolidated net profit to Rs 2,375.5 crore for the July-September quarter of the current financial year, beating estimates. The company’s profit was Rs 2,262.22 crore in the same period last year. Revenue rose to Rs 12,192 crore, a 11.3 percent increase from the year-ago quarter numbers of Rs 10,952.3 crore.

Ambuja Cements Q2 net profit jumps 9-fold to Rs 793 crore

Ambuja Cements reported a consolidated net profit of Rs 792.96 crore in Q2, a nearly nine-fold increase from the same quarter last year. The company’s revenue from operations reached Rs 7,423.95 crore, up 4.10 percent from the previous quarter. The company’s EBITDA stood at Rs 1,302 crore, up by Rs 975 crore, driven by operational excellence and cost-saving projects. The EBITDA margin expanded by 12.9 percentage points from 4.6% to 17.5%. Ambuja Cements’ business performance improved due to operational excellence, supply chain management, sales and marketing excellence, and adjacency benefits with Group companies. The company’s whole-time director and CEO, Ajay Kapur, attributed the growth to strong demand for its premium cement products.

Stock in News

Hero MotoCorp: Supported by strong operating performance, the largest two-wheeler manufacturer in the world reported a standalone profit of Rs 1,053.8 crore for the quarter that ended in September of FY24. This is a 47.2 percent increase over the same period last year. The quarter’s operating revenue climbed by 4% year over year to Rs 9,445.4 crore.

State Bank of India: The largest bank in the nation raised Rs 10,000 crore through its first Basel III compliant Tier 2 bond for the current fiscal year, with a coupon rate of 7.81 percent. The bonds have a ten-year tenor and a first call option that expires after ten.

JK Tyre & Industries: Propelled by robust operating performance, the tyre manufacturer reported a staggering 372 percent year-over-year gain in consolidated profit at Rs 242.1 crore for the July–September period of FY24. Compared to the same period last year, consolidated revenue from operations climbed by 3.75 percent to Rs 3,897.5 crore.

Eicher Motors: According to Eicher Motors, export sales of Royal Enfield motorbikes fell 39% year over year to 3,477 units in October, despite a 3% year over year gain in sales to 84,435 motorcycles.

Bajaj Finance: The non-banking finance firm announced that its board of directors has approved the issuance of 15.5 lakh warrants to the company’s promoter, Bajaj Finserv, for a total of Rs 1,188.85 crore, or Rs 7,670 per warrant.

Bondada Engineering: Has been awarded a work order worth Rs 381 crore from Bharat Sanchar Nigam for providing infrastructure as a service (IaaSP) for the supply and erection of GBT, installation of infrastructure items, and subsequent operation and maintenance.

LIC home Finance: With a sharp increase in net interest income, the home finance company declared a profit of Rs 1,188.1 crore for the quarter that ended in September of FY24, virtually quadrupling from Rs 305 crore during the same time the previous year. During the quarter, net interest income increased by 81.5 percent on an annual basis to Rs 2,153 crore.

Tata Steel: Compared to a profit of Rs 1,297 crore during the same period previous year, the Tata Group company reported a consolidated loss of Rs 6,511.2 crore for the July–September period of FY24. A one-time loss of Rs 6,899 crore relating to provisions for impairment and restructuring was included in the Q2FY24 financial results. EBITDA fell 31.2 percent while combined operating revenue fell 7% year over year to Rs 55,682 crore.

Britannia Industries: Better-than-expected operating results propelled the bakery goods company’s 19.55 percent year-over-year improvement in consolidated profit, which came in at Rs 586.5 crore for the quarter that concluded in September of FY24. Operating revenue increased to Rs 4,433 crore, or 1.2 percent, over the same time in the previous fiscal year.

GAIL (India): In order to guarantee the supply of feedstock for its petrochemical output, GAIL (India) has inked a 15-year propane supply contract with Bharat Petroleum Corporation for its planned petrochemical plant in Usar, Maharashtra. The projected value of the 15-year supply contract is more than Rs 63,000 crore. GAIL is set to acquire 600 KTPA of propane from the LPG import facility owned by BPCL located in Uran.

Godrej Consumer Products: Following a drop in input costs, the FMCG company’s strong operating performance resulted in a 20.6 percent year-over-year increase in consolidated profit, which came in at Rs 432.8 crore for the quarter that ended in September of FY24. In Q2 FY24, consolidated revenue from operations increased by 6.2 percent year over year to Rs 3,602 crore, driven by a 10 percent increase in volume. The annual rate of constant currency growth was 16 percent.

Kansai Nerolac Paints: The paint manufacturer reported a 56% year-over-year increase in consolidated profit for the July–September fiscal year of FY24, at Rs 177.2 crore, despite modest topline growth. This was fueled by robust operational performance and a decline in input costs. During the quarter, revenue from operations increased by 1.3% year over year to Rs 1,957 crore.

Gujarat Mineral Development Corporation (GMDC): The mining business reported earnings of Rs 76 crore for the July–September fiscal year, a 50% decrease from the same period in the previous fiscal year. Operating and topline performance were both bad. During the same period, operating revenue fell by 29% to Rs 383 crore.

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