Indian benchmark indices Sensex and Nifty started strong today but reversed course later in the day. The Nifty 50 fell by 300.95 points (1.25%), closing at 23,840.35. The BSE Sensex also declined, losing 864.84 points (1.09%) to finish at 78,631.31.
The stock market opened higher on Tuesday, with both the BSE Sensex and Nifty 50 gaining strength, following positive momentum in the US markets. Sensex opened at 79,746, up by 250 points or 0.31%, while the Nifty opened in green rising by 84.5 points or 0.35% and was at 24,225,. This positive movement came after a cautious start to the week on Monday, largely influenced by the activity of Foreign Institutional Investors (FII), which contributed to the market's strong opening.
In the previous trading session, the Indian stock market closed in negative territory.The Nifty 50 recorded a minor decline of 0.03%, finishing at 24,141 points, while the BSE Sensex slipped by 52.51 points, or 0.07%, settling at 79,433.
In early trading today, GIFT Nifty opened slightly higher by 0.1%, reaching 24,264, indicating a likely subdued start for the benchmark indices. Meanwhile, Asia's key equity index inched up in early Tuesday trade, following a positive momentum in U.S. markets, where stocks advanced for the fifth consecutive session suggesting cautious optimism in the global markets, which could influence the direction of Indian equities as the day progresses.
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Nov 12, 2024, 3:21 pm IST
Zee Media Raise Their Stake With Investment Worth Rs 200 Cr
Shares of Zee Media Corporation Ltd (ZMCL) on Tuesday, increased by a full five percent upper circuit limits owing to the news which revealed that Foreign Portfolio Investors FPIs such as the Mauritius-based UNICO Global Opportunities Fund bought stakes into the Company. The enabling offers to speak about the latest round of investment was with regards ZMCL's allotment of about 13.33 crore fully convertible warrants to three FPIs which are UNICO Global Opportunities Fund Limited, Ebisu Global Opportunities Fund Limited and AL Maha Investment Fund PCC - Onyx Strategy.
Hyundai Motor India Limited Q2 and H1 FY25 Financial Results
The Board of Directors of Hyundai Motor India Limited (The Company) today approved the financial results (Standalone and Consolidated) for the second quarter and first half year of FY 2024-25. The Company sold a total of 3,83,994 units of passenger vehicles during this period. This includes 2,99,094 units in the domestic market with a strong contribution from the SUV segment. The export volume stood at 84,900 units. During the period, the Company registered Revenue from operations of INR 3,46,046.18 million, a decrease of 1.92% against INR 3,52,832.02 million in the corresponding period of the previous year. The Profit Before Tax (PBT) for H1 of 2024-25 stands at INR 38,532.29 million compared to INR 40,205.15 million of H1 FY 2023-24. The Net Profit (PAT) for the period stands at INR 28,651.21 million compared to INR 29,576.50 million of H1 FY 2023-24. Despite reduction in volumes, the company was able to maintain a PAT of 8.2% during H1 of FY 2024-25.
Amey Chalke of JM Financial Institutional Securities Ltd said,”Aurobindo’s (ARBP) 2QFY25 results were broadly in-line with our expectations. Revenue/EBITDA/PAT grew 8%/12%/8% YoY, and margins expanded by 65 bps YoY. The US segment, which accounts for 45% of sales, grew by 4% YoY, marred by supply chain challenges – this should ease as production gets streamlined. Europe reported robust 19% YoY grow driven by strong performance across key markets. Growth markets grew 44% YoY and API segments reported muted growth at -1% YoY. ARBP is heavily investing in high ROIC areas (above 20%), such as PenG & its derivatives, biosimilars, biologic CDMO, specialty oncology and complex injectables. These investments are expected to drive Revenue/EBITDA/PAT CAGR of 9%/13%/15% respectively over FY24 to FY27, despite a sharp decline in Revlimid sales in FY27. With improving business fundamentals and structural growth drivers in place, ARBP’s currently trades at ~17x/15x on FY26/27 EPS, which appears attractive and represents a significant discount compared to peers. We maintain a BUY with a Dec’25 TP of INR 1,755.”
Centrum Broking said, “JUBI’s Q2FY25 print was in-line with our estimates; standalone revenue/EBITDA grew 9.1%/ 1.3%, yet PAT fell by 27.8%. Despite subdued consumption with strong execution of strategic priorities, JUBI delivered resilient LFL growth at 2.8%, better than industry. We note turnaround in Domino’s LFL growth was led by, (1) delivery channel sales/LFL grew by 15.9%/11.4% led by waiving off delivery fee, (2) brand campaign ‘IHOP’ driving strong new buyer footfall, (3) MAU at 12.8mn grew 18.5% with lower ticket size, and (4) app download grew 3% at 10.9mn. Further, 20-minute delivery and Rs99/- lunch menu helped to increase footfall in dine-in. Gross margin declined by 30bp to 76.1%. Higher employee cost (+6.0%) and SG&A (+14.1%) led to post-INDAS EBITDA margins at 19.4% (-150bp). JUBI remained confident on store expansion and improving trend in LFL led by strong menu innovation. Management remain upbeat as it saw strong momentum in last 40 days which would continue in H2 as per our view. With lower H1, we tweak earnings and retain BUY with a revised SOTP-based TP of Rs713 (implying EV/EBITDA of 27x Sep FY27E).”
Nov 12, 2024, 12:51 pm IST
Shree Cement – Results marginally lower than estimates; Capex on track (Add, TP: Rs25,562)
Centrum Broking said, “Shree Cements (SRCM) reported results which were only marginally lower than our expectations. Volumes de-grew 7.3% YoY while realizations fell 2.2% QoQ and as a result, revenue declined by 19% YoY. EBITDA at Rs5.9bn was down 32% YoY and 5% below our estimates. Management highlighted that its strategy of value over volumes and increased premium cement sales (15% of trade sales) resulted in minimizing the fall in realizations. Company’s capex plan is on track and is expected to be completed by 1QFY26 thereby inching closer to the long term vision of 80mn mt by FY28. We have rolled our valuation forward to Sep26 and revised TP now stands at Rs25,562 (earlier Rs26,300) based on 16x EV/EBITDA multiple.”
Nov 12, 2024, 11:43 am IST
Hindustan Copper Shares Gain Momentum After Strong Q2 Results
Hindustan Copper shares saw an uptick following the company's robust Q2 earnings report. The state-owned mining firm posted a remarkable 67.5% year-on-year increase in profit, reaching Rs 101.7 crore compared to Rs 60.7 crore in the same quarter last year. Additionally, revenue surged by 36%, climbing to Rs 518.2 crore from Rs 381.4 crore year-on-year.
Nov 12, 2024, 11:12 am IST
HG Infra Engineering Shares Dip 6% as Q2 Profit and Revenue Slide
HG Infra Engineering shares dropped by 6% following the release of its Q2 earnings, which revealed a 16% year-on-year decline in consolidated profit to Rs 80.7 crore, down from Rs 96.1 crore in the previous year. The company’s revenue also saw a dip of 5.5%, falling to Rs 902.4 crore from Rs 954.5 crore year-on-year, contributing to the negative market response.
Nov 12, 2024, 10:48 am IST
L&T Tech Shares Climb 3% Following Acquisition of AI Firm Intelliswift
L&T Technology Services (LTTS) shares gained over 3% after the company announced its acquisition of California-based AI software company Intelliswift for 0 million. The acquisition is set to strengthen LTTS’s capabilities in software product development, platform engineering, digital integration, data, and AI.
Nov 12, 2024, 10:44 am IST
Sagility India Shares Debut with Modest Premium Of 3%
Sagility India shares commenced trading on November 12 with a 3.53% premium over the IPO price of Rs 30. They debuted on both the NSE and BSE at Rs 31.06 per share, exceeding grey market expectations, which had predicted a 1% premium on listing day. The IPO, priced between Rs 28-30 per share, drew strong investor interest, achieving 3.2 times subscription during its November 5-7 offering period.
Nov 12, 2024, 9:57 am IST
Inox Wind bags a repeat order from Continuum Green Energy for 87 MW
Inox Wind Limited (IWL), India’s leading wind energy solutions provider, announced today that it has bagged an order for 87 MW from Continuum Green Energy Private Ltd. (Continuum), a leading renewables C&I player. This repeat order from Continuum is for IWL’s 3 MW Wind Turbine Generators (WTGs) and will be executed on an end-to-end turnkey basis. Additionally, IWL will provide post commissioning multi-year operations & maintenance (O&M) services. The project will be executed in the states of Gujarat and Rajasthan. The addition of this order takes the total cumulative orders from Continuum to 700 MW, and IWL’s orderbook to >3.4 GW, the highest ever in its history.
Nov 12, 2024, 9:56 am IST
Max Healthcare Institute Ltd. Acquires Jaypee Healthcare Ltd.
Max Healthcare Institute Limited completed the acquisition of 100% equity stake of JHL on November 11, 2024.Upon acquisition of remaining 15,53,90,769 equity shares constituting 36.35% equity stake for an aggregate consideration of ~₹227 Crore. Consequently, JHL has become a wholly-owned subsidiary of the Company.
Nov 12, 2024, 9:48 am IST
OnMobile Reports Second Quarter of Fiscal Year 2025 Results
OnMobile Global Limited (“OnMobile”), the global leader in mobile gaming & entertainment, today announced the financial results for the Second quarter of FY25 ended September 30, 2024. Q2FY25 revenue at INR 1,319Mn, up 4.7% QoQ .Q2FY25 EBITDA at INR 18 Mn at 1.4%. Mobile Gaming revenue increased by 27.3% QoQ to INR 322Mn during Q2FY25. 8.49Mn active subscriber base in mobile gaming in Q2 FY25; increase of 11.6% QoQ. OnMobile partnered with DeOSphere, to offer advanced gaming and network services by deploying the DeOS Operating system, including streaming and edge computing technologies over OnMobile’s current global network infrastructure. DeOSphere will be leasing a minimum of 30 points of presence (POPs) from OnMobile to deploy advanced Global Gaming & AI Edge Network
Nov 12, 2024, 9:44 am IST
Sensex and Nifty Update
Sensex opened at 79,746, up by 250 points or 0.31%, while the Nifty opened in green rising by 84.5 points or 0.35% and was at 24,225.
Nov 12, 2024, 9:42 am IST
Rupee Vs Dollar
Indian rupee at an all time low as the Dollar continues to surge.
Nov 12, 2024, 9:10 am IST
Bitcoin Hits Record Above ,000
Bitcoin soared to a new all-time high above ,000 on Monday, fueled by growing optimism around the notion that cryptocurrencies will flourish in a more lenient regulatory framework under Donald Trump's Government. Other U.S.-listed cryptocurrency stocks also registered significant gains in yesterday's session..
Nov 12, 2024, 8:53 am IST
U.S. Stock Market Overview
US Equity indices reached new record highs on Monday fuelled by investor optimism. The Dow Jones Industrial Average ended the session at 44,293, climbing 0.69%, driven by strong gains in financial and industrial stocks. The Nasdaq Composite also hit an all-time intraday high, closing at 19,298, as tech shares continued to rally. Meanwhile, the S&P 500 added to its upward momentum, posting gains of 0.06% and 0.1% throughout the day, showing positive sentiment across a broad range of sectors. Investors are betting on Trump's proposed tax cuts and infrastructure spending, which are expected to boost corporate earnings and stimulate economic growth.
Nov 12, 2024, 8:41 am IST
Asian Market Movement
Asian equity markets edged up on Tuesday morning, following a rally in U.S. stocks that marked five consecutive sessions of gains. Japan’s Nikkei 225 index advanced 0.58%, suggesting positive momentum in the region, while Australia’s ASX 200 and South Korea’s Kospi are currently trading in red. However, Hong Kong’s Hang Seng index dropped 1.13%, and the Shanghai Composite declined by 0.31% to 3,459.23 points. The pullback in Chinese equities comes amid investor disappointment over recent stimulus measures from Beijing, which fell short of market expectations, dampening sentiment in the broader Chinese market.
Nov 12, 2024, 8:36 am IST
GIFT Nifty Signals Flat Opening For Market
On Tuesday morning, GIFT Nifty pointed to a subdued opening for the Indian stock market, suggesting limited movement in the broader indices. It is currently trading at 24,254, showing a modest gain of 0.06%, or an increase of 14 points.
Nov 12, 2024, 8:29 am IST
Market In The Previous Close
The Indian stock market ended lower in the previous session, with the Nifty 50 dipping by 0.03% to settle at 24,141 points, while the BSE Sensex declined by 52.51 points (0.07%) to close at 79,433. Sector-wise, the banking index rose 0.6% and the IT index gained 1%, whereas the auto, FMCG, healthcare, metal, oil & gas, and media sectors saw declines. Notable gainers on the Nifty included Power Grid Corp, Trent, Infosys, HCL Tech, and Tech Mahindra. On the flip side, Asian Paints, Britannia, Apollo Hospitals, Cipla, and ONGC were among the top losers..
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