Nov 08, 2024, 2:54 pm IST
MRF Announces Rs 3 Interim Dividend For FY 2025 Amidst Profit Decline
MRF's Board of Directors recently declared an interim dividend of Rs 3 per share for the fiscal year ending March 31, 2025. This announcement came as the company presented its financial results for the quarter ending September 30, 2024. They have designated November 19, 2024, as the critical date to identify the shareholders eligible for this dividend, with the payout scheduled to be completed by November 29.
Nov 08, 2024, 2:34 pm IST
Zinka Logistics To Raise Rs 550 Crore Through Initial Public Offering On November 13
Zinka Logistics Solutions Limited is set to launch its IPO on November 13, 2024, with a pricing range of Rs 259 to Rs 273. The company aims to raise Rs 550 crore for growth initiatives, reporting significant revenue growth of 69% in Fiscal 2024.
Nov 08, 2024, 2:12 pm IST
SBI Reports Impressive 28% YoY Net Profit Growth in Q2!
On Friday, the State Bank of India (SBI), a leading public sector bank, announced an impressive 28% increase in its standalone net profit for the quarter ending on September 30, 2024. The bank's profit soared to ₹18,331.44 crore in the second quarter of the financial year 2024-2025, from ₹14,330.02 crore in the same quarter of the previous year. This significant growth underscores the bank's robust financial performance and its ability to generate higher profitability.
Nov 08, 2024, 2:04 pm IST
Tata Asset Management's CIO Predicts Rangebound Markets—Are You Prepared?
Rahul Singh, the CIO-Equities at Tata Asset Management, has expressed that the future of alpha generation in the market will pivot more on the selection of individual stocks rather than on choosing sectors. This shift comes after a period of 18-24 months where the market dynamics were heavily influenced by narrative-driven trends. According to Singh, factors such as enhanced visibility of earnings, a decrease in the activity of Initial Public Offerings (IPOs), and favorable macroeconomic developments are crucial in drawing in foreign investments.
Nov 08, 2024, 1:29 pm IST
Anil Ambani Stock Hits Lower Circuit
Anil Ambani-backed Reliance Power touched its 5% lower circuit on Friday, November 8. The stock price is trading at Rs 41.47 apiece. Lower circuits mean there were several sellers but no buyers in the stock. This comes after Solar Energy Corporation of India Limited (SECI) directed the Company including its subsidiaries stand debarred from participating in all future tenders issued by SECI.
Nov 08, 2024, 1:13 pm IST
Haldiram Bhujiawala Secures Rs 235 Crore Investment from Pantomath's Bharat Value Fund
In a recent development, Haldiram Bhujiawala, the well-known snack company from Kolkata, has secured an investment of Rs 235 crore from Pantomath's Bharat Value Fund (BVF). This capital injection, confirmed by the entities in a joint announcement, grants BVF a minority ownership in the company. Haldiram, operating under the "Prabhuji" brand, aims to deploy this significant investment towards the enhancement and expansion of its production facilities and to broaden its market outreach beyond its current stronghold in eastern and northeastern India.
With the financial backing from BVF, Haldiram is set to embark on a strategy to widen its geographical footprint and upgrade its manufacturing capabilities. This move is anticipated to not only strengthen Haldiram's position in the snack industry but also to provide a boost to its operational efficiencies and product offerings across new markets.
Nov 08, 2024, 12:59 pm IST
Neelam Linens and Garments IPO: A Strong Start with Full Subscription on Day One!
Neelam Linens and Garments' IPO is off to a strong start! The fact that the Rs 13 crore issue was fully subscribed by noon on the first day of the subscription (November 8) suggests solid investor interest. When an IPO is oversubscribed early, it often indicates confidence in the company's prospects and can lead to higher demand once the shares are listed on the stock exchange.
Nov 08, 2024, 12:36 pm IST
Shyam Metalics Share Price Plummets 14%: What Investors Need to Know!
Following the publication of its second-quarter earnings, Shyam Metalics, a stock known for offering significant returns, saw its share value decrease for two days in a row. This downturn occurred after the company's announcement of a net profit of ₹216 crore for the quarter ending in September 2024, which represents a 55% fall. This happened despite the company experiencing strong revenue growth during the same period.
The sharp decrease in net profits, in stark contrast to the revenue upsurge, has naturally led to investor wariness, contributing to the consecutive days of share price drops. The financial outcomes highlighted a challenging quarter for Shyam Metalics, reflecting broader sectoral pressures or possibly internal operational challenges that significantly impacted its profitability.
Nov 08, 2024, 12:24 pm IST
Swiggy IPO Day 3: Issue Subscribed 85% Till Now; QIB Portion Completely Booked
The Bengaluru-based online food and grocery delivery giant, Swiggy, launched its initial public offering (IPO) on November 6, aiming to gather Rs 11,327 crore. The share price for this public issue has been pegged between Rs 371 and Rs 390. Today marks the final day of the IPO, which has seen a lukewarm reception from the investing community thus far. The fundraising effort is split between a fresh issuance of shares worth Rs 4,499 crore and an offer for sale (OFS) amounting to Rs 6,828 crore.
Investor enthusiasm has been somewhat subdued for the Swiggy IPO, despite its ambitious financial goals. This muted reception is notable given the company's significant presence in the online food delivery sector. As the subscription period draws to a close today, stakeholders are closely monitoring the overall investment uptake.
Nov 08, 2024, 12:08 pm IST
ACME Solar IPO Sees 77% Subscription in Just 3 Days!
On the final day of its offering, ACME Solar Holdings observed that its Initial Public Offering (IPO) attracted bids for approximately 4.5 crore shares. This figure fell short of the 5.8 crore shares made available, marking the subscription rate at 77 percent, as per the data reported by the exchanges. This outcome reflects the investor interest and market response to the solar energy company's public debut.
Nov 08, 2024, 11:49 am IST
SBI Q2 Results Preview: PAT Likely To Grow 5.2% YoY, NIM To Be Flat; Asset Quality To Remain Stable
The financial results for the quarter that ended on September 30, 2024, are being released by the largest PSU lender in India. Analysts and investors will be eagerly observing the announcement, which is slated for November 8, 2024, to get details on SBI's plans to boost asset quality, loans, deposits, net profit, and interest income. According to the analysts' forecasts of several brokerages listed below, a number of important indicators are anticipated to represent the State Bank of India's (SBI) performance for the July-September 2024 period as the bank gets ready to release its Q2 FY25 results.
Nov 08, 2024, 11:36 am IST
Page Industries Stock At New High
Page Industries stock price touched a new 52-week high on November 8, after the company's Q2 results. The company's revenue returned back to double digit growths, while its margins came in stronger.
Nov 08, 2024, 11:31 am IST
Market Outlook Today By Aamar Deo Singh, Sr. Vice President of Research, Angel One Ltd
As the market anticipated, the US Fed lowered interest rates by 25 basis points in response to a slowdown in inflation. This was also consistent with the expectations of the incoming Trump 2.0 administration, which is expected to take office in January 2025. Apart from the policy changes in the new US administration, which will determine the direction of the US markets, the frequency and pace of rate cuts will also have a significant impact on the markets in the future. In the upcoming months, investors should brace themselves for heightened volatility.
Nov 08, 2024, 10:26 am IST
Nifty Trends Today By Akshay Chinchalkar, Head of Research at Axis Securities
The Nifty traced a bearish engulfing formation yesterday, as it fell 1.2%. Breadth was negatively skewed with nine stocks falling for every that rose. The price action over the last couple of weeks has clearly shown the significance of near-term technical resistance in the 24,541 - 24,560 area, so unless the nifty is able to climb past that hurdle with 23,800 holding on the downside, the churn in this broad range is expected to continue. Derivatives activity in nifty options suggests the mood remains bearish for now.
Nov 08, 2024, 9:59 am IST
How will Indian stock React to the US Fed rate cut?
“The US Fed has cut rates for two straight meetings as the inflation print has been comfortable. The Fed has acted as per the incoming data, and guided the market that the future actions and December meeting outcome will depend on incoming data, labor market. Back home, the RBI will be meeting next month to unveil their monetary policy meeting. While the central bank has committed to support the economy, the retail inflation saw an uptick. Extended monsoon's impact on crop and supply side constraints has led to an negative impact on inflation. We expect the central bank to act on economic data and high frequency indicators. They are likely to maintain status quo in December, with chances of a rate cut on Q1CY25. Expect Indian market to trade sideways till clarity emerges on corporate earnings, pick up in consumption and FII flows,” said Rakesh Pujara, smallcase Manager and Founder at Compounding Wealth Advisors LLP.
Nov 08, 2024, 9:40 am IST
Indian Stock Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Two divergent trends are evident in the market now: one, strength in the global market led by the US and two, weakness in the Indian market. The record setting uptrend in the US market is being driven now by the ‘Trump trade’, expectations of implementation of the promised corporate tax cuts and its positive impact on US corporate earnings. The weakness in the Indian market can be attributed largely to the relentless selling by FIIs which continues this month, too. After the massive FII selling of Rs 113858 crores in October, FIIs have so far, in November, sold equity for Rs 16445 crores in the cash market. The rationale for the FII selling is, the elevated valuations in India which appear conspicuous in the context of the earnings deceleration evident in the Q2 numbers. If the Q3 numbers and leading indicators reflect recovery in earnings, the scenario can change with FIIs reducing selling and even turning buyers. Investors will have to wait and watch for the data. Meanwhile, investors can consider shifting some money from the overvalued mid and smallcaps to quality largecaps. This strategy will turn profitable in the medium to long run.
Nov 08, 2024, 9:30 am IST
Opening Bell
During Friday's opening session, the Indian equity markets diverged from the upward trends observed in the US markets. While the Sensex dropped more than 300 points, the Nifty started below 24,150. Shares of SBI and Life Insurance Corporation of India (LIC) are anticipated to be the focus of attention today as the companies will release their Q2 results today.
Nov 08, 2024, 9:17 am IST
Nifty Derivative outlook by Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 26900 for Calls and 22250 for Puts while monthly contracts have highest open interest at 26000 for Calls and 23000 for Puts. Highest new OI addition was seen at 26900 for Calls and 22250 for Puts in weekly and at 26000 for Calls and 24300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 0.61%, increased future index shorts by 8.05% and in index options, 32.47% decrease in Call longs, 28.01% decrease in Call short, 24.32% decrease in Put longs and 32.11% decrease in Put shorts.
Nov 08, 2024, 9:17 am IST
Nifty outlook today by Anand James, Chief Market Strategist, Geojit Financial Services
While the inability to float above 24360 has tilted the bias in favour of the bears, bulls appear to have regrouped, encouraging us to keep the upside hopes alive. We would however need a push above 24250 to confirm the same, in which case, 24600 may be played for. Alternatively, in the event of rejection trades from 24250 deflating upside hopes, expect a gradual slippage towards 24000, rather than an outright collapse.
Nov 08, 2024, 9:12 am IST
INR Vs Dollar
After closing at 84.37 on Thursday, the Indian rupee began unchanged at 84.36 per dollar on Friday.
Nov 08, 2024, 9:12 am IST
Nifty Bank daily RSI remains neutral and is positioned above 50, indicating stable momentum
Despite the downturn, Nifty Bank maintained its position above 9 and 20 EMAs. The daily RSI remains neutral and is positioned above 50, indicating stable momentum. The support is observed at 51,500 followed by 51,350 said Om Mehra, Technical Analyst, SAMCO Securities.
Nov 08, 2024, 9:11 am IST
Nifty is likely to oscillate between 24,000 and 24,550
On the hourly chart, Nifty hovers around the middle Bollinger Band, suggesting limited momentum. Nifty is likely to oscillate between 24,000 and 24,550, with a breakout in either direction likely to dictate the next trend, said Om Mehra, Technical Analyst, SAMCO Securities.
Nov 08, 2024, 9:11 am IST
Nifty Bank Prediction Today By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
The outlook for Nifty Bank remains cautiously neutral as the index confronts persistent resistance in the 52,300–52,500 range—a zone that has limited recent advances. Options data supports this view, with aggressive call writing at these upper levels. Nonetheless, the immediate support range around 51,700 to 52,000, bolstered by major put writing, could attract buying interest. Traders may consider a "range trading" strategy or wait for a decisive breakout. If the index manages a breakout above 52,500, short covering could drive it toward the next resistance at 53,000–53,100. Conversely, if the index fails to hold above the 51,700-support level, it may face further selling pressure, with additional support anticipated in the 51,000–50,800 range.
Nov 08, 2024, 8:18 am IST
Nifty Bank Options Market Insights By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
Options data continues to indicate a bearish sentiment, with call writing activity noticeably outweighing put activity, hinting a defensive stance among traders. Key open interest clusters are seen at the 53,000-strike call (21.11 lakh contracts) and the 52,000-strike put (14.86 lakh contracts), marking significant interest at these levels. Most of the activity is concentrated in the 52,100–52,500 call range and the 51,500–52,000 put range, indicating resistance near 52,300–52,500 and support around 51,700–52,000. The increase in call writing between 52,300 and 52,500 suggests that sellers are positioning to reinforce resistance at higher levels, while some unwinding of put positions hints at a budding bearish sentiment. The Put-Call Ratio (PCR) held steady at 0.72, indicating a cautious outlook as call writers continue to maintain a stronghold. The "max pain" level at 52,100 is expected to play a key role in guiding the index’s near-term direction.
Nov 08, 2024, 8:18 am IST
Bank Nifty Outlook Today
“Nifty Bank is now nearing an immediate support area between 51,900 and 51,800, a level that has consistently provided an intraday base over the past month. This support is reinforced by significant put writing in this range, coupled with the index trading above its 20-day EMA, which has served as another area of support,” said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Nov 08, 2024, 8:13 am IST
Q2 Results Today
State Bank of India, Life Insurance Corporation of India, Tata Motors, Vedanta, Power Finance Corporation, Info Edge India, Ashok Leyland, MRF, Premier Energies, Fortis Healthcare, GE Vernova T&D India, Ola Electric Mobility, Cholamandalam Financial Holdings, Motherson Sumi Wiring India, ZF Commercial Vehicle Control Systems India, Whirlpool of India, Jupiter Wagons, Welspun Corp, SignatureGlobal India, Relaxo Footwears, Aarti Industries, Fine Organics Industries, Action Construction Equipment, C. E. Info Systems (MapmyIndia), India Cements, Mrs. Bectors Food Specialities, Safari Industries (India), Metropolis Healthcare, Puravankara, Shipping Corporation of India, Inox India, Esab India, Rategain Travel Technologies, Latent View Analytics, Jupiter Life Line Hospitals , Archean Chemical Industries, Star Cement, Equitas Small Finance Bank, Ethos, Orient Cement, Piccadilly Agro Industries, R Systems International, Bharat Bijlee
Nov 08, 2024, 8:06 am IST
Persistent Selling Holds Nifty Under 24,500 Barrier
On the daily chart, the index continues to face formidable resistance from the 20-day exponential moving average (20 DEMA) and sustained call writing around the 24,500 level and above. This area has seen heightened selling activity and is expected to act as a critical resistance level in the near term. Currently, the index is trading close to its immediate support at 24,180–24,200, with the RSI steady around the 40 mark, indicating a unidirectional bearish trend, said Mr. Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Nov 08, 2024, 8:05 am IST
Nifty Options Market Insights By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
Options data reflects a cautious stance among traders, with dominant call writing signalling a largely bearish outlook. The highest open interest is seen at the 24,200-strike call (2.95 crore contracts) and the 24,200-strike put (2.67 crore contracts). Call writing is notably concentrated in the 24,250-24,500 range, suggesting resistance near 24,500, while put activity is focused between 23,900 and 24,150, highlighting support around 24,000. An uptick in call positions from 24,300 to 24,500 signals that sellers are strengthening their positions, while decreased put activity hints at emerging bearish momentum. The put-call ratio (PCR) has slipped marginally from 0.67 to 0.65, reflecting an increasingly cautious sentiment as call writers (Bears) maintain control. Additionally, the "max pain" level at 24,200 is likely to serve as a key inflection point.
Nov 08, 2024, 8:05 am IST
Nifty Outlook Today
“The Nifty index's outlook has shifted to a bearish-to-sideways bias, with stiff resistance near 24,500 due to active call writing and the 20 DEMA. Attempts to rally have been short-lived, with sellers consistently exerting pressure at higher levels. Immediate support is visible around 24,180, underpinned by steady RSI levels around 40, signalling buyers’ resilience at this level. Should the index manage to close above 24,550, short-covering could propel it toward the 25,000 mark. Conversely, a break below the 24,200–24,180 support range could lead to further selling, with the next key support around 23,700–23,800. A decisive move in either direction will likely set the tone for the index’s next trend,” said Mr. Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
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