Stock market indices began the day on a weaker note. At the start of trading, the BSE Sensex fell by 167 points, or 0.21%, settling at 78,507.87, while the Nifty 50 dropped by 62 points, or 0.26%, to reach 23,820.
The GIFT Nifty is currently down by 44.5 points, or 0.05%, trading at 23,899, signaling a weak start for the Indian stock markets on Wednesday. This comes after a sharp sell-off in the previous session, where broader indices ended significantly lower amid a global risk-off sentiment and sector-wide selling pressure.
On Tuesday, the benchmark indices registered substantial losses. The Sensex tumbled by 820.97 points, or 1.03%, closing at 78,675.18, as investors reacted to global economic concerns and domestic market volatility. Similarly, the Nifty 50 index dropped by 257.80 points, or 1.07%, to settle at 23,883.50. The decline was driven by weakness across major sectors including banking, IT, and FMCG, contributing to the negative sentiment.
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Nov 13, 2024, 12:00 pm IST
Ashoka Buildcon Shares Surge on Strong Q2 Results
Ashoka Buildcon shares rose following the release of robust Q2 results, with net profit soaring by 334.1% year-on-year to Rs 462.5 crore, compared to Rs 106.5 crore in the same period last year. Revenue also saw a healthy increase of 15.5%, reaching Rs 2,488.9 crore against Rs 2,154.3 crore year-on-year.
Nov 13, 2024, 11:56 am IST
Nazara Tech Launches 'gCommerce' Platform to Boost In-Game Monetization
Nazara Technologies has integrated with the Open Network for Digital Commerce (ONDC) to introduce "gCommerce" in India, an innovative in-game monetization platform that seamlessly incorporates e-commerce within gaming environments. This strategic integration aims to tackle a major hurdle for Indian game developers—low in-app purchase conversion rates and limited revenue from traditional advertising.
Nov 13, 2024, 11:09 am IST
Hyundai Motor India Dips 5% as Q2 Profit Falls
Hyundai Motor India shares dropped by as much as 5% to Rs 1,714 in early trading on November 13, marking the third consecutive session of losses. The decline followed the company’s release of its first earnings report since listing, which revealed a weak financial performance in the second quarter. For Q2, ending September 30, 2024, Hyundai’s consolidated net profit fell 16% to Rs 1,375 crore, down from Rs 1,628 crore in the same period last year. The dip in profitability was attributed to lower domestic sales, reduced exports, and the impact of geopolitical challenges.
Nov 13, 2024, 10:41 am IST
ACME Solar Debuts With Double-Digit Discount on Listing Day
ACME Solar Holdings saw a lackluster stock market debut on November 13, listing at a significant discount on both the NSE and BSE, missing analyst forecasts. Shares opened at Rs 251 on the NSE, marking a 13.15% dip from the issue price of Rs 289, while on the BSE, the stock started at Rs 259 per share, down 10.38% from the IPO price.
Nov 13, 2024, 10:39 am IST
Swiggy's Lukewarm Market Debut Sees 7.7% Premium on NSE
Swiggy began trading on the National Stock Exchange (NSE) today, listing at Rs 420 per share, a 7.69% premium above its IPO price of Rs 390. On the Bombay Stock Exchange (BSE), the stock opened at Rs 412, reflecting a 5.6% premium. This highly anticipated IPO has spotlighted Swiggy as it leverages the rapid growth in India’s online food delivery and quick commerce markets.
Nov 13, 2024, 10:23 am IST
Aayush Wellness Half Yearly Revenue Increases By 3006% YoY
Aayush Wellness Limited, India’s smart nutrition company, reported its best ever financial performance in the second quarter of FY 25. The Company reported its best ever financial performance for the quarter and half year ended September 30, 2024. The total revenue for the July-September quarter stood at Rs. 1427.83 lakhs vs Rs. 64.38 lakhs in the corresponding quarter last year, an increase of 2118%. b. The Total revenue for April- September period (half yearly) stood at Rs. 2538.40 lakhs vs Rs. 81.73 lakhs in the corresponding 6 months last year, an increase of 3006%. The net profit for July-September Quarter stood at Rs. 92.28 lakhs vs Rs. 28.38 lakhs in the corresponding quarter last year, an increase of 225%. b. The net profit for April-September period (half yearly) stood at Rs. 117.78 lakhs vs Rs. 37.37 lakhs in the corresponding 6 months last year, an increase of 215.17%.
Nov 13, 2024, 10:15 am IST
STL Wins Rs.2600 Crore BharatNet Project in Jammu & Kashmir
STL, a leading Optical and Digital solutions company, proudly announced winning the strategically significant Jammu & Kashmir leg of the BharatNet III project in consortium with Dilip Buildcon Limited. This project, valued at ₹2600 crore (₹1,625 crore in capex and ₹975 crore for operations & maintenance), strongly aligns with STL’s fervour for nation-building and its purpose of Transforming Billions of lives by Connecting the World. What sets STL apart from its competition is its Automation-led Fibre deployment approach. By integrating cutting-edge technologies like drone surveys, GIS mapping, and AI-led network design, STL has demonstrated ~26% faster fibre deployment than conventional methods, with nearly 4x fewer fibre cuts. Specially tailored for mega-scale BharatNet rollouts, STL’s fibre automation solution will ensure a faster, more efficient rollout with exceptional quality, ultimately bringing reliable broadband connectivity to underserved areas of Jammu and Kashmir.
Nov 13, 2024, 10:00 am IST
Epack Durables Ltd Reports Q2 Results
EPACK Durable Limited, a room air conditioner and other small domestic appliances original design manufacturer announces its results for the quarter and half year ended September 30, 2024. Revenue increased by 112% YoY supported by strong industry demand, extended summer season, as well as addition of new customers. EBITDA increased by 25% YoY due to higher sales. The Product business contributed to 98% of the total revenues. The revenue from Room Air Conditioners contributed to 70% of the total product revenue, and grew by 187% on YoY basis.
Nov 13, 2024, 9:59 am IST
Benchmark Indices Trade Lower
Sensex and Nifty are currently trading in the red, with the Sensex down 256.12 points at 78,419 (0.33%) and the Nifty down 106.35 points at 23,777(0.45%).
Nov 13, 2024, 9:53 am IST
Rupee Vs Dollar
Rupee to all-time low of 84.40 against US dollar.
Nov 13, 2024, 9:26 am IST
EIH Ltd. Q2 FY25 Financial Performance
EIH Ltd., a leading hospitality company and a member of The Oberoi Group, has achieved record financial results for the second quarter of fiscal year 2024-25 (Q2 FY25), underscoring its robust growth and unwavering commitment to excellence in luxury hospitality. In Q2 FY25, EIH Ltd. delivered impressive financial results, with standalone revenue rising by 14% to ₹558 crore and consolidated revenue increasing by 13% to ₹623 crore. The company reported EBITDA of ₹189 crore (standalone) and ₹208 crore (consolidated), reflecting year-on-year growth of 27% and 26%, respectively. Profit After Tax (PAT) saw substantial growth, with standalone PAT climbing 34% to ₹114 crore, while consolidated PAT surged 41% to ₹133 crore. This strong performance underscores EIH Ltd.'s solid market position and operational efficiency in the luxury hospitality sector.
Nov 13, 2024, 9:25 am IST
Neogen Chemicals Limited Reports Q2 Earnings
Neogen Chemicals Limited (Neogen) reported a strong financial performance for the quarter ended 30th September, 2024. In Q2 FY25, revenue was higher by 20% to Rs. 193 crore fueled by increased volumes in the core business, coupled with incremental contribution from BuLi Chem. EBITDA stood at Rs. 35 crore, an increase of 33% Y-o-Y. This improvement was a function of higher plant throughput as well as better operational efficiencies. Focus now shifts to sustaining profitability. Margins remained healthy at 17.9% even in a weak pricing environment & start up related cost at Neogen Ionics Limited. Profit after Tax (PAT) grew by 38% to Rs. 11 crore. Strong operating performance drove robust PAT growth. Increased CAPEX intensity in Battery Chemicals going ahead is expected to drive higher depreciation and interest costs. Earnings per share (EPS) for Q2 FY25 stood at Rs. 4.15 per share (Rs. 3.17 per share in Q2 FY24).
Nov 13, 2024, 9:04 am IST
Asian Indices Trade Lower
Asian markets struggled on Wednesday. Japan's indices took a hit, with the Nikkei 225 sliding 1.12% and the Topix falling 1.01%. South Korea also faced declines, with the Kospi dropping 1.28% and the tech-heavy Kosdaq losing 1.72%. Over in Australia, the S&P/ASX 200 fell by 1.09%.
In Hong Kong, the Hang Seng Index was down 0.76%, and CSI 300 edged down by 0.09%. In contrast, the Shanghai Composite had a modest gain of 0.15%.
Nov 13, 2024, 8:54 am IST
US Markets Updates
On Tuesday, Wall Street ended its five-day winning streak, closing in the red. The S&P 500 slipped by 0.3%, while the Dow Jones Industrial Average dropped 0.9%. The Nasdaq Composite also dipped slightly, losing 0.1% by the session's end. The U.S. dollar continued its upward momentum, though the initial market boost following Donald Trump's election victory seemed to be fading. Investors are now turning their attention to the upcoming release of key U.S. inflation data, expected later in the day.
Nov 13, 2024, 8:41 am IST
Market in Previous close
The stock market witnessed sharp declines, with key indices suffering notable setbacks. The Sensex plunged 820.97 points, or 1.03%, closing at 78,675.18, as concerns over global economic conditions and local market fluctuations weighed heavily. Similarly, the Nifty 50 fell by 257.80 points, or 1.07%, ending the day at 23,883.50. The downturn was fueled by widespread losses across major sectors like banking, IT, and FMCG, exacerbating investor worries. Looking ahead, domestic attention will turn to CPI, IIP data, and Q2 earnings reports. As per the data released yesterday retail inflation in October stood at 6.2% due to escalating food prices reaching a 14 months high. The IIP September data turned out to be positive, rising by 3.1%.
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