Benchmark indices recovered from their two consecutive dips and closed higher following Thursday's wide decline in the dollar. Nifty gained 156.80 points, or 0.83%, to settle at 19,145.95, while Sensex rose 533.44 points, or 0.84%, to close at 64,124.77. Britannia Industries, Hindalco Industries, IndusInd Bank, Apollo Hospitals, and Eicher Motors were the top gainers on the Nifty, while Hero MotoCorp, HDFC Life, Bajaj Auto, ONGC, and Adani Enterprises were the top losers. All sectoral indices closed higher, with PSU Bank, real estate, oil & gas, metal, and real estate all up by up to 2.52%.
The Nifty 50 witnessed a surge of 280 points over Friday and Monday, only to reverse course and shed more than 150 points in the following two trading sessions. Thursday is shaping up to be a pivotal day with the weekly options expiry session, adding an extra layer of intrigue to the market's future.
The Nifty Bank faced its own decline, slipping below last Friday's closing level of 42,782, as it lost nearly 350 points over the past two sessions, contributing to a 1.2% decline for the year.
Today, big players like Adani Enterprises, Dabur, Godrej Properties, Gujarat Gas, Minda Corp, and Tata Motors are set to release their earnings reports for the July to September quarter. Meanwhile, companies like Hero MotoCorp, Britannia, Tata Steel, Sun Pharma, and Godrej Consumer Products are expected to react to their second-quarter earnings.
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Nov 02, 2023, 3:20 pm IST
Skipper Limited Wins New Order of Rs. 924 Cr
Skipper Limited is a well-known producer of polymer pipes and telecom structures, as well as one of the top producers of power transmission and distribution structures worldwide. The company announced today that it has secured new order wins/notification of awards (NOA) of Rs. 924 crores, which are made up of orders worth Rs. 136 crores for several other Domestic T&D projects, including Telecom, and orders worth Rs. 788 crores from Power Grid Corporation of India Ltd (PGCIL) in the Domestic T&D business.
Nov 02, 2023, 3:16 pm IST
Adani Enterprises Q2 Results: Net Profit Tanks Rs 228 Cr On Fall In Revenue of 41%
For the quarter ended in September 2023, Adani Enterprises Ltd reported a 51% YoY decline in its consolidated net profit, totalling Rs 227.82 crore as opposed to Rs 460.94 crore in the same quarter of the previous year. In the meantime, the company's consolidated sales fell by a notable 41% YoY to Rs 22,517.30 crore from Rs 38,175.23 crore in Q2FY23. However, compared to the first half of FY24, when it climbed by 43% to Rs 5,874 crore, the company's EBITDA jumped by 39% to Rs 2,979 crore during the quarter under review.
Nov 02, 2023, 3:09 pm IST
Coal India Posts 12% YoY Production Growth For Period Ending October FY 2024
On November 1st, Coal India Limited (CIL) celebrated the commencement of its 49th year of operation. By October of FY 2024, the company reported a robust 12% annual growth in production. Between April and October 2023, CIL produced 394 million tonnes (MTs) of coal, a 42 MT increase over the 352 MTs produced during the same period in the previous year. The rise in output exceeded the 11% annual asking growth rate. In October alone, production jumped by 8 MTs to 61 MTs, a 15% gain. Comparatively, 53 MTs were the same in October 2022.
In October alone, production jumped by 8 MTs to 61 MTs, a 15% gain. Comparatively, 53 MTs were the same in October 2022. During the first seven months of the current fiscal year, CIL boosted its shipments to the power sector by 15 MT, or 4.5%, to 346 MT, up from 331 MT during the same period last year. The power business received 4.7 MTs more in quantum supply than the 341.3 MTs of progressive commitments made through October. CIL is confident that it will surpass the 610 MT annual goal for supplies to the power industry.
Even while the need for electricity rises during the festive month of October, CIL's supply to thermal plants grew by 11% to 50.8 MTs, as opposed to 45.8 MTs in October 2022. Even though the first week of October saw storms batter the mines of CIL's subsidiaries located in the eastern half of the country—ECL, BCCL, CCL, and partially NCL—the increase in volume terms for the month was 5 MTs. For the progressive period ending in October of FY 2024, CIL's total coal off-take climbed by 9.5% to 422.3 MTs. When comparing the same period last year, the supply was 36.6 MTs higher and the off-take was 385.7 MTs.
The total amount of coal dispatched for the month of October 2023 was 61.6 MT, an increase of roughly 8 MT. Comparing October 2022's 53.7 MTs of supply to the month's total of 14.7%, a rise was seen. Coal production jumped by 16.1% year on year in September 2023, the fastest rate of any of the eight major economic sectors in the nation. CIL made a substantial contribution to this expansion. At the end of October, CIL's pitheads possessed 41 MT of coal stock, which was about 14 MT higher than at the same time last year and offered a healthy cushion to handle any potential demand spike.
Nov 02, 2023, 3:06 pm IST
Stock Market Statistics
Source:NSE
Nov 02, 2023, 3:05 pm IST
Top 5 Gainers and Losers Today
Source:NSE
Nov 02, 2023, 3:00 pm IST
Ramco Systems Recognized As A ‘Leader’ & a ‘Star Performer’ In Everest Group’s Multi-Country Payroll Solutions PEAK Matrix® Assessment 2023 for APAC
Leading worldwide payroll software supplier Ramco Systems said on Thursday that it has been identified as a "Star Performer" and placed as a "Leader" in the Multi-Country Payroll Solutions PEAK Matrix® Assessment 2023 for APAC by Everest Group. Ramco's notable standing as a Leader in the APAC PEAK Matrix® for the second consecutive year is a result of its well-established presence in the Asia-Pacific region and its commitment to developing distinctive value-enhancing features for its clients. Ramco has also been awarded the Star Performer distinction for exhibiting notable year-on-year gains in vision, capability, and market impact, with its advances falling inside the top quartile.
"Cost reduction and low manual intervention are top priorities for payroll buyers in the current economic scenario, and APAC-based buyers are no exception. Ramco's offering is well suited to cater to these priorities, and its strong focus on innovation is an added differentiator. Ramco has emerged as a Leader and a Star Performer on Everest Group’s APAC Multi-country Payroll (MCP) Solutions PEAK Matrix® Assessment, due to its vision and investments for building a touchless pay experience by leveraging cutting-edge technology" stated Priyanka Mitra, Vice President, Everest Group.
Rohit Mathur, Head – Ramco Global Payroll & HR Solution, Ramco Systems, said, “I’m elated that Ramco has been positioned as a Leader yet again, and has also been conferred with the Star Performer title, this year. This recognition validates our constant efforts to pursue disruptive ideas and deliver groundbreaking solutions. I’m confident that our investments in some disruptive concepts around lowcode framework, lightning-fast in-memory payroll, intuitive reporting tool, and enhanced user experience design will prove to be the game-changers. As a global player and an innovator, we envision to offer a touchless payroll experience by leveraging next-gen technology like AI, ML and RPA in driving employee experience.”
Nov 02, 2023, 2:56 pm IST
RIR Power Electronics Shares Rally 10% As Govt of Odisha Approves To Invest Rs. 510.80 Cr For Setting Up SiC Project
The government of Odisha has given RIR Power Electronics Ltd. permission to invest Rs. 510.80 crores to develop a manufacturing, fabrication, and packaging plant for SiC devices in Khordha, Odisha's Info Valley. Post the announcement the shares of RIR Power Electronics were trading 10% higher at Rs 660.80 during the afternoon deals on Thursday.
Nov 02, 2023, 2:49 pm IST
Angel One Acquires Dstreet Finance To Boost GenZ Focus
Angel One, the top fintech broking platform in India, acquires Dstreet Finance, a Bengaluru-based fintech firm, as part of a strategic move to work with Generation Z. This is the first tech startup team that Angel One has ever acquired. Through collaborations, inorganic acquisitions, and product investments, Angel One hopes to improve its product offerings for the younger demographic and solidify its market position.
To lead projects relating to content, user engagement, and learning, the Dstreet Finance team has joined Angel One. Angel One now has the opportunity to provide a wider range of consumer financial services thanks to this new development. With a strong Net Profit of Rs 8.9 billion for FY'23, Angel One is a significant participant in the financial services sector, providing services to more than 17 million customers.
Nov 02, 2023, 2:21 pm IST
Dr Lal PathLabs Q2 Results
Dr Lal PathLabs reported a revenue growth of 12.6% YoY from Rs 534 Cr in Q2FY23 to Rs 601 Cr in Q2FY24. On Thursday, the company said its EBITDA reached Rs 178 Cr during the quarter under review up by 23.6% YoY from Rs 144 Cr reported in the year-ago quarter. Dr Lal PathLabs said its net profit climbed 52.9% YoY from Rs 72 Cr in Q2FY23 to Rs 111 Cr during the quarter under review.
Godrej Consumer Products announced a growth of 20.6% on-year in its consolidated profit to Rs 432.8 crore for quarter ended September FY24, driven by healthy operating performance post decline in input cost. Consolidated revenue from operations grew by 6.2% year-on-year to Rs 3,602 crore in Q2FY24, led by volume growth of 10 percent. Constant currency growth stood at 16% year-on-year.
Nov 02, 2023, 12:57 pm IST
Lupin Obtains Tentative Approval From USFDA For Selexipag For Injection
Lupin has obtained tentative approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Selexipag for Injection, 1800 mcg/vial, Single-Dose Vial, to market a generic equivalent of Uptravi for Injection, 1800 mcg/vial, of Actelion Pharmaceuticals US, Inc. The product is expected to be manufactured at Lupin’s Nagpur facility in India.
Nov 02, 2023, 11:55 am IST
Adani Group Firm Ambuja Cement Shares Trade In Green, Stock Up 3.31% At Rs 420.20 A Piece
The share price of Ambuja Cement Ltd gained 3.31% at Rs 420.20 per share at 11:49 on Thursday. In Q2FY24, the company's revenue grew by 4.1% at Rs 7,424 Crore. During this period the company's EBITDA stood at Rs 1,302 Crore (up by Rs 975 Crore), driven by operational excellence and cost-saving projects.
Nov 02, 2023, 11:22 am IST
PSU Bank Index Surges 1.48%; Bank of India, Union Bank, Maharashtra Bank Top Gainers In The Pack
PSU Bank Index gained 1.48% at 11:13 am IST on Thursday. The top gainers in the PSU banking pack were Bank of India (up 3.37%), Union Bank (up 2.71%), Maharashtra Bank (up 2.30%), and Central Bank (up 2.20%).
Nov 02, 2023, 11:08 am IST
GMDC Shares Slump Over 8% On Weak Q2 Results
The share price of Gujarat Mineral Development Corporation (GMDC) fell 8.48% to Rs 321.20 per share at 10:56 am IST. The decline in the stock's share price was seen after the company reported dismal Q2 numbers. For the quarter ending September 30, 2023, the mining company saw a 50% decline in profit at Rs 76 crore compared to the corresponding period last fiscal.
Nov 02, 2023, 10:28 am IST
BSE Oil & Gas Surges 1.30%; IOC, Gail India, IGL Lead Gains
At 10:22 am IST today, BSE Oil & Gas was up 1.30% at 18,534.46 points. The top contributors to these gains were IOC (up 3.74%), GAIL (up 2.38%), IGL (up 2.17%), and HPCL (up 2.12%).
Nov 02, 2023, 9:47 am IST
GMDC Stock Dips 10% Following Disappointing Q2 Earnings
GMDC's stock plunged by as much as 10% to Rs 313 per share after the release of its Q2 earnings report. The company reported a 20% decrease in total lignite production, which amounted to 9.15 lakh MT. Additionally, revenue saw a 29% decline, and net profit was halved. Notably, the mining segment's EBIT also halved, and the power segment reported an EBIT loss.
Nov 02, 2023, 9:40 am IST
JK Tyre Surges 10% Following A Strong Set Of Q2 Earnings
JK Tyre witnessed a 10% surge in its stock value following the release of its September quarter earnings. The company reported a significant increase in EBITDA, nearly doubling to Rs 589 crore. Furthermore, the EBITDA margin expanded by 720 basis points compared to the previous year. JK Tyre also unveiled plans to expand its production capacity by 20% to 155.11 lakh tires per annum, involving an investment of Rs 1,025 crore. This news propelled the stock, which rose as much as 12% to Rs 351.25, marking an 82% increase for the year 2023.
Nov 02, 2023, 9:23 am IST
Market Opens With Healthy Gains, Nifty Surpasses 19,100 Mark
The Indian market kicked off Thursday's session on a positive note, with all major indices showing robust gains. Both the Sensex and Nifty surged by 0.7%, and an impressive 49 out of 50 index stocks traded higher. Notably, Nifty Bank recorded a notable 1% rise, with all its constituents in the green. Leading the charge, Britannia emerged as the top Nifty gainer, boosted by its strong second-quarter earnings.
Nov 02, 2023, 9:11 am IST
Indian Rupee Begins Thursday 7 Paise Stronger at 83.21 Per Dollar
On Thursday, the Indian Rupee exhibited strength, opening at a rate of 83.21 per US Dollar, marking a 7 Paise improvement compared to its Wednesday close at 83.28 against the US Dollar.
Nov 02, 2023, 9:08 am IST
VA Tech Wabag Consortium Secures Rs 555 Crore Order In Tunisia
VA Tech Wabag has clinched a Rs 555 crore order for a repeat drinking water treatment plant project in Tunisia. The project involves a 30-month execution phase, followed by a 12-month operation and maintenance period. VA Tech Wabag's share in the order value is set at half, marking another milestone for the company, which has seen its stock rise by 45% in 2023.
Nov 02, 2023, 8:49 am IST
Asian Stock Markets Start Strong, Nikkei Up 1.2%, Kospi Soars 1.6%
Asian stock markets commenced the day on a positive note, with the Nikkei 225 surging by 1.2%, and the Topix index showing gains of 1%. The Kospi, supported by an acceleration in consumer prices in South Korea, recorded a notable 1.6% increase, while the technology-focused Kosdaq index posted substantial gains of 2.1%.
Nov 02, 2023, 8:47 am IST
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Market on Thursday would react to US Fed’s interest rate decision and economic data to be release during the day. The comments from Chair Jerome Powell will take the spotlight as it will provide insights into Fed’s next move. Also, investors would watch out for BOE’s interest rate decision to be announced on Thursday.
Nov 02, 2023, 8:45 am IST
Nifty 50 Futures Show Resilience, GNFC Stays In F&O Ban List
In the realm of futures and options (F&O), the Nifty 50's November futures have shown strength, surging by 4.3% and accumulating an additional 4.73 lakh shares in open interest. Currently trading at a premium of 71.1 points, it marks a slight dip from the previous 78.6 points. Nifty Bank's November futures witnessed a more modest rise, gaining 1.1%, which equates to 26,955 shares in open interest. Additionally, the Put-Call Ratio for Nifty 50 declined from 0.91 to 0.82. GNFC continues to be the sole stock listed in the F&O ban, adding an extra layer of intricacy to the market dynamics.
Nov 02, 2023, 8:05 am IST
Market Sees Mid-Week Retreat, Nifty Likely To Open With Healthy Gains
The Nifty 50 index experienced a mid-week setback, erasing half of the gains it had made in the prior two trading days. Despite robust corporate earnings, the index struggled to keep its upward trajectory and ended the week below the 19,000 mark. The US Federal Reserve kept interest rates unchanged in its November meeting.
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