The Indian stock market wrapped up on a negative note on Wednesday as a result of high bond yields, which forced FIIs to sell domestic equity shares net worth Rs 2,457.88 crore till October 31, 2023. While the Sensex ended 259.12 points, or (0.41%) down, at 63,615.81 level, the NIFTY 50 ended 87.65 points, or (0.46%) worse, at 18,991.95 ahead of the US Federal Reserve outcome of policy rates at today's scheduled meeting. The top 5 losers in the Nifty pack were Adani Enterprises, Coal India, Tata Steel, SBI Life, and Adani Ports, while the top 5 gainers were Sun Pharma, BPCL, HDFC Life, Hindalco, and Tata Consumer Products.
October has been a turbulent month for the Nifty 50 index, culminating in a 2.8% drop - its first negative October performance since 2018. As the market takes stock of the challenges it faces, the focus now shifts to the much-anticipated interest rate decision from the US Federal Reserve.
Investors have been on a rollercoaster ride throughout October, with the Nifty 50 index showing reluctance to break above the 19,250 mark while maintaining a foothold at 19,000. The month's uncertainty was compounded by Foreign Portfolio Investors pulling out nearly $2.5 billion from Indian equities.
The market's next moves will likely be influenced by the recently released earnings reports from key players like Larsen & Toubro, Bharti Airtel, Tata Consumer Products, Jindal Steel and Power, Britannia, Hero MotoCorp, Sun Pharma, and Tata Steel. These reports will provide valuable insights into the health and trajectory of these prominent companies.
On a global scale, Asian markets have opened on a positive note as they brace for the Federal Open Market Committee (FOMC) rate decision in the United States. Japan's Nikkei 225 started 2% higher, and the Topix followed suit. South Korea's Kospi saw an uptick of 0.8%, while the Kosdaq experienced a 1.3% rise in early trading.
Meanwhile, the United States saw its benchmark indices mark their third consecutive monthly loss. The Dow Jones advanced by 0.4%, the S&P 500 gained 0.65%, and the Nasdaq ended with a 0.5% increase.
The month of October may have been a challenging one, but as investors eagerly await the US Federal Reserve's decision, they hope for clearer signals and guidance that will set the tone for the days ahead.
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Nov 01, 2023, 3:10 pm IST
Mahindra Finance Enters Into A Strategic Co-Lending Partnership With SBI
The largest public sector bank in India, State Bank of India (SBI), and Mahindra Finance, a prominent non-banking finance company and member of the Mahindra Group, have established a strategic co-lending collaboration. In order to provide a wider outreach and higher interest rates for customers, the co-lending strategy is designed to use the distribution power of Non-Banking Financial Companies (NBFCs) and the cost-effective capital of banks. In the presence of Raul Rebello, MD & CEO-Designate, Mahindra Finance, and the CGM (SME) from SBI, the collaboration was introduced by Ramesh Iyer, VC & MD, Mahindra Finance, and the Dy Managing Director, SBI.
“Launched on a pan India level, this partnership is expected to offer affordable solutions to Mahindra Finance customers. The interest rates offered under this co-lending arrangement would be determined based on the customer's credit profile, ensuring a personalized and competitive financing experience,” said the company in a stock exchange filing on Wednesday. As a single point of contact for prospective customers, Mahindra Finance will handle loan servicing and lead facilitation under the terms of this agreement.
Nov 01, 2023, 3:05 pm IST
Saregama India Q2 Results: Net Profit Stood At Rs 47.99 Cr, Revenue Falls 6.82%
The RPSG Group firm Saregama said on Wednesday that its revenue from operations decreased by 6.82% to Rs 172.35 crore in Q2FY24 from Rs 184.98 crore in Q2FY23. In Q2, FY24, the company's net profit jumped by 2.96% to Rs 47.99 crore from Rs 46.61 crore in the same quarter the previous fiscal year. Saregama signs a deal to buy the bulk of the rapidly expanding digital entertainment startup Pocket Aces Pictures Pvt Ltd. With its 95 million+ social media followers, the deal will offer Saregama a significant competitive advantage in the emerging content acquisition market. Additionally, it will enable Saregama to expand its presence in the Youth segment, which is one of Pocket Aces' major advantages. Over a medium period, it is expected that the combined revenue of the two companies would rise at a rate of 27–28% thanks to the efficiencies generated by this transaction.
Nov 01, 2023, 2:52 pm IST
Adani Wilmar Records Net Loss of Rs 131 Cr On Poor Revenue In Q2
Compared to a net profit of Rs 48.76 crore in the same period of the previous fiscal year, Adani Wilmar, the Adani group company, recorded a net loss of Rs 130.73 crore in the second quarter of FY24 on Wednesday. At the end of June 2023, the firm reported a net loss of Rs 78.92 crore. From Rs 14,150.03 crore in Q2FY23 to Rs 12,267.15 crore in Q2FY24, revenue from operations went down by 13%. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) fell 43% to Rs 144 crore during the quarter under review from Rs 254 crore stood in Q2FY23.
Nov 01, 2023, 2:44 pm IST
Tata Motors Registered Total Sales of 82,954 Units In October 2023
Tata Motors Limited said on Wednesday that, in October 2023, it sold 82,954 units both domestically and internationally, up from 78,335 units in October 2022. October 2023 saw 15,211 MH&ICV units sold domestically (including trucks and buses), up from 13,251 units in October 2022. October 2023 saw a total of 16,048 units sold for MH&ICV Domestic & International Business, comprising trucks and buses, as opposed to 13,940 units in October 2022.
Nov 01, 2023, 2:37 pm IST
Maruti Suzuki India Records Highest Ever Monthly Sales Volume In October
On Wednesday, Maruti Suzuki India Limited said it sold a total of 199,217 units, which is its highest-ever monthly sales volume in October 2023 compared to 167,520 in October 2022. Additionally, the company's 171,941 unit monthly domestic sales were an all-time high. “Besides, sales to other OEM and exports stood at 5,325 units and 21,951 units respectively,” said Maruti Suzuki India in a stock exchange filing.
Nov 01, 2023, 2:16 pm IST
Ambuja Cements Q2 Results: PAT Up By 363% At Rs 644 Cr
Ambuja Cements released its Financial Results for the quarter ended 30th September 2023 on Wednesday. On a consolidated basis, the company reported revenue from operations of Rs 7,424 Cr in Q2FY24 compared to Rs 7,131 Cr posted in the year-ago quarter. Its consolidated net profit stood at Rs 987 Cr in Q2FY24 vs Rs 51 Cr in Q2FY23. On a standalone basis, its net sales reached Rs 3,970 Cr during the quarter under review as against Rs 3,676 Cr in the same quarter of FY23. Its standalone net profit stood at Rs 644 Cr in Q2FY24 up from Rs 139 Cr in Q2FY23.
Nov 01, 2023, 2:00 pm IST
Bank of Baroda Shares Rally After CRISIL Ratings Reaffirms Its Rating On Debt Instruments
Following the reaffirmation of CRISIL Ratings' CRISIL AAA/CRISIL AA+/Stable rating on Bank of Baroda's (BoB) current debt instruments in accordance with their rating rationale published on October 31, 2023, Bank of Baroda's shares saw trading in green during the afternoon session on Wednesday. CRISIL Ratings said in a stock exchange filing that it believes BoB will maintain its strong market position in the financial services sector in India and will continue to benefit from strong support from GoI.
Nov 01, 2023, 12:45 pm IST
Camlin Fine Sciences extends temporarily closure of Diphenol Plant
Camlin Fine Sciences informed that the temporarily closure of Diphenol Plant of its wholly owned subsidiary, CFS Europe SPA situated in Ravenna, Italy shall be extended on account of continuing difficult macro‐economic situation in Europe coupled with low pricing and weak demand across the industry. Such closure shall continue until the situation improves for the resumption of the operation of the plant.
Nov 01, 2023, 11:57 am IST
MRPL Q2 Profit Jumps Almost 4% Higher To Rs 1,059 Crore, Stock Up 2%
Mangalore Refinery & Petrochemicals reported a 4% sequential growth in consolidated profit at Rs 1,059 crore in its results for the quarter ended September FY24 announced on Tuesday. Today, MRPL shares were up 2.18% at Rs 106.10 per share at 11:54 am IST. During the quarter, the company's revenue from operations (barring excise duty) declined 9.2% QoQ to Rs 19,230 crore.
Nov 01, 2023, 11:05 am IST
India's Manufacturing PMI Slipped To Eight-Month Low Of 55.5 In October
India's manufacturing activity in October slipped to the lowest in eight months, revealed a survey by S&P Global. The Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, declined to an eight-month low of 55.5 in October compared to 57.5 in September.
Nov 01, 2023, 10:55 am IST
BSE Oil & Gas Index Up 0.61%, IOC, BPCL, HPCL Contribute To Gains
In today's intraday trading session, the BSE Oil & Gas Index was up 0.61% at 18,346.94 points. The rally in the index was led by Indian Oil Corporation, up 2.91%; BPCL, up 1.95%; and Hindustan Petroleum Corp Ltd, up 1.25%.
Nov 01, 2023, 10:11 am IST
Adani Enterprises, Adani Green Energy, Adani Total Gas: Adani Shares Trading In Green Today
Shares of Adani stocks including Adani Enterprises, Adani Green Energy, and Adani Total Gas traded in the green on Wednesday. The share price of Adani Total Gas was seen trading 0.59% higher at Rs 568.15 per token at 9:37 am IST today after the company reported 8% Year-on-Year (YoY) increase in its consolidated net profit at Rs 173 crore in its second quarter results announced on Tuesday.
In today's morning trade, Adani Enterprises shares gained 0.61% at Rs 2307.80 per share. The share price of Adani Green Energy was spotted trading 1.10% higher at Rs 919.35 per share at 9:39 am IST today.
L&T Stock Falls Sharply After Surging On Robust Earnings
L&T's shares staged a sharp fall from the highs after being on an upward trajectory for the last three consecutive days. The company's management has expressed confidence in surpassing its financial year 2024 order inflow guidance, aiming for a growth rate ranging between 10% and 12%. Furthermore, they are optimistic about achieving revenue growth within the range of 12% to 15%. In a positive sign, L&T secured orders amounting to Rs 89,153 crore for the quarter, with a notable 67% of these orders originating from international sources. The stock is currently trading with cuts of 1.5% at Rs 2,885 per share.
Nov 01, 2023, 9:53 am IST
JSPL Experiences Prolonged Decline
Jindal Steel and Power shares continue to suffer losses for the fifth consecutive day, with a decrease of over 6%. The stock has witnessed a significant drop of 15% over the past month. In its September quarter, the company reported revenue of Rs 12,250 crore. The standalone EBITDA per tonne stands at Rs 11,164, while the share of exports has seen a modest increase from 12% to 13%. However, the company's net debt has also grown, reaching Rs 7,313 crore, up from Rs 6,812 crore.
Nov 01, 2023, 9:21 am IST
Market Opens With Mild Cuts, Nifty Below 19,050, Sensex Down 150 Points
All frontline indices of the Indian market open with mild cuts on Wednesday. Nifty slides below the crucial 19,050 mark while Sensex falls more than 150 points. Nifty Bank remains under pressure with nine out of its 12 constituents falling.
Nov 01, 2023, 9:11 am IST
Market Likely To Open With Mild Cuts, Nifty Around 19,050
October has been a turbulent month for the Nifty 50 index, culminating in a 2.8% drop – its first negative October performance since 2018. As the market takes stock of the challenges it faces, the focus now shifts to the much-anticipated interest rate decision from the US Federal Reserve.
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