The Indian stock market opened in positive territory on October 25, with the Nifty trading above 24,400 despite mixed global cues. The Sensex, however, dipped slightly, down by 18.40 points or 0.02% at 80,046.76, while the Nifty slipped by 10.50 points or 0.04% to 24,388.90.
In early trade, 1,211 shares advanced, 904 shares declined, and 160 remained unchanged. Major gainers on the Nifty included Axis Bank, ITC, Cipla, Sun Pharma, and Britannia, while key laggards were IndusInd Bank, NTPC, Hero MotoCorp, M&M, and Shriram Finance.
On the earnings front, KPIT Tech saw a 13% drop after revising growth projections, while Piramal Pharma surged 18% on strong financials. The final session of the week will see results from major companies like JSW Steel, Bank of Baroda, and Interglobe Aviation, likely adding further volatility to the market.
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Oct 25, 2024, 2:33 pm IST
PSP Projects Shares Fall After Q2
PSP Projects stock price fell by more than 2% after the company announced its Q2 results for FY25. The company's net profit dipped by 73.7% YoY to Rs 10 crore, while revenue also dived by 5.3% YoY to Rs 586 crore.
Oct 25, 2024, 1:59 pm IST
Result Update: Dixon Technologies India Ltd (DIXON IN) | Q2FY25 Result: Mobile drove growth + Diversifying towards IT and components
Deepak Agarwal of JM Financial Institutional Securities said Dixon Technologies’ 2QFY25 result vs. JMFe estimate witnessed a beat on revenue (+16%) and EBITDA (+12%). Revenue at INR 115bn up 133% YoY and 75% QoQ. Consumer Electronics rev at INR 14bn down 1.9% YoY and Margins at 3.7% vs 3.4% YoY. Lighting products rev at INR 2.3bn, up 29% YoY and margins at 7.3% vs 7.2% YoY. Home Appliances rev at INR 4.4bn, up 22% YoY and Margins at 11% vs 11.5% YoY. Mobile phones rev at INR 94.4bn, up 235% YoY and margins at 3.3% vs 3.3% YoY. Gross margin at 7.6% vs 9.6% YoY and 8.6% QoQ. EBITDA at INR 4.2bn up 114% YoY and 72% QoQ. OPM at 3.7% vs 4% YoY and 3.8% QoQ. PAT (incl. exceptional item of INR 2bn - related to sale of shares of AIL Dixon Technologies) of INR 4bn up 263% YoY and 194% QoQ.
Oct 25, 2024, 1:37 pm IST
Result Update: IndusInd Bank | 2QFY25 Result update: Weak quarter
Sameer Bhise of JM Financial Institutional Securities said IndusInd Bank reported a weak quarter on most fronts led by a) higher credit costs (which included contingent provision of INR 5bn, (0.15% of loans) b) NIM (calc.) decline of 15bps QoQ as MFI disbursements declined and c) slower fee momentum. Asset quality worsened led by consumer slippages at 1% of consumer loans (which included MFI slippages of INR 4bn) with GNPA inching up 9bps QoQ (to 2.11%) and NNPA increased to 0.64% (4bp QoQ). Management believes that while situation in microloan business continues to be challenging, it expects the same to improve swiftly towards end of FY25. Additionally, while non-MFI consumer slippages have inched up, mgmt. expects pull back in delinquencies in a seasonally stronger H2 of the FY. NIMs declined led by yield compression (primarily as disbursements in high yield products declined). While we appreciate IIB's proactive stance on creating contingent buffers, we believe slower growth and clouded asset quality outlook will impact return profile of the bank and is likely to keep stock multiples under pressure in the near-term. We reduce earnings by -29%/-20% for FY25E/26E to factor NIM compression and higher credit costs. We now forecast RoAs of 1.3%/1.5% and RoEs of 11.1%/13% for FY25E/26E, respectively for IndusInd Bank. Swifter than anticipated normalization of microfinance asset quality is an upside risk to earnings. Our revised target price of INR 1380 values IIB at 1.4x FY26E P/BV. Maintain BUY.
Oct 25, 2024, 1:16 pm IST
Result Update: JSW Energy | 2QFY25: Best play on RE execution; maintain BUY
Sudhanshu Bansal of JM Financial Institutional Securities said JSW Energy reported net revenue of INR 32.4bn (-1% YoY, -11% JMFe, -11% Cons) asimprovement in net generation (+14% YoY) from better hydrology, renewable capacityaddition and higher long term generation was offset by lower spreads in merchant sales andtariff revision. EBITDA/ Adj PAT came in at INR 16.8bn (-10% YoY, +4% JMFe, -35% Cons)/INR 8.8bn (+3% YoY, +43% JMFe, +16% Cons). The company has a locked-in capacity of19.2 GW of RE projects, and is set to achieve its target of 10GW/20GW in FY25/FY30. Withfirst-mover advantage in BESS, green hydrogen and, pumpedhydro projects, and, goodexecution capabilities supported by ambitious targets, we believe the company is poised forsignificant growth in future (2.2x growth in EBITDA during FY24-27). We maintain our BUYrating on the stock, with a SOTP-based TP of INR 791 (+17.9%, CMP INR 671).
Mehul Desai of JM Financial Institutional Securities said, ITC’s Sep-Q results were a mixed bag with revenue growth ahead of est. (led by sharp beat on Agri; Cigarette & FMCG sales were inline,) while EBIT performance was weaker (miss on Cigarette & FMCG margins) than our forecasts. Cigarette sales were stable with volume growth at 3% (inline with our est.), while EBIT growth was lower (c.5% vs est. of 7%) on account of high input costs & lack of commensurate price hikes. FMCG business sales growth saw some moderation, impacted by flooding in certain markets and high regional competition in certain categories. However, it was still better vs low single digit sales growth for peers like HUL, TCPL (organic) & Nestle. Margins were under pressure, owing to high input costs. Among the cyclical businesses – Hotels & Agri business did better both on sales & profitability while Paperboards division saw some recovery in sales. Factoring weak EBIT growth in 1H, we have cut our estimates by c.3%. Going ahead, price/mix trend (especially in challenging operating environment in terms of demand and RM) in Cigarettes will be key monitorable for acceleration in EBIT growth. Similarly pace of recovery in FMCG also needs to be watched especially due to heightened competitive scenario in Foods. Overall stability in taxation for Cigarettes, relatively better performance in FMCG sales and stable to improving trend in cyclical businesses is a positive. Maintain BUY.
Oct 25, 2024, 12:09 pm IST
IndusInd Bank Share Price Plunges 19% To Hit 52W-Low
On Friday, the shares of IndusInd Bank dropped over 19% in the morning trade touching 52-week-low after the bank reported weak Q2 results. The bank reported a 40% drop in its net profit to Rs 1,331 Cr in Q2FY25 compared to Rs 2,181 Cr in Q2FY24.
Oct 25, 2024, 11:58 am IST
Nifty Midcap Index Declines 10% from Record Highs
The Nifty Midcap Index plummeted by another 1,000 points during Friday’s trading session, marking the fourth time this October that the index has experienced a decline of over 1,000 points in a single day. This comes in addition to a significant drop of 985 points observed on October 17, reflecting a challenging period for midcap stocks.
Oct 25, 2024, 11:41 am IST
Cyient Shares Surge Following Impressive Q2 Profit Growth
Cyient shares experienced a notable increase as the company reported a remarkable 26.4% jump in profit, reaching Rs 186.6 crore compared to Rs 147.6 crore in the same quarter last year. Additionally, revenue rose by 10.3% to Rs 1,849.1 crore, up from Rs 1,675.7 crore. The earnings before interest and taxes (EBIT) also saw a significant boost, climbing 15.8% to Rs 230.7 crore from Rs 199.2 crore. Margins expanded by 60 basis points to 12.5%, compared to 11.9% previously. In a positive move for shareholders, Cyient declared an interim dividend of Rs 12 per share for FY25. Furthermore, the company has made strategic acquisitions, including Abu Dhabi & Gulf Computer Est, and a 27.3% stake in Azimuth AI, a fabless custom ASIC company.
Oct 25, 2024, 11:27 am IST
Indian Energy Exchange Shares Slip 4% Despite Strong Q2 Profit Growth
Shares of Indian Energy Exchange fell by 4% even after reporting a notable 28% increase in net profit, reaching Rs 106.1 crore compared to Rs 82.9 crore in the same quarter last year. The company's revenue also saw impressive growth, rising 28.3% to Rs 139.2 crore from Rs 108.5 crore year-on-year. Additionally, the EBITDA surged by 30.5% to Rs 120.3 crore, up from Rs 92.2 crore in the previous year. Furthermore, the company's margin improved by 140 basis points, increasing to 86.4% from 85% year-on-year.
Oct 25, 2024, 11:06 am IST
Adani Wilmar Reports Profit of Rs 311 Crore in Q2FY25
Adani Wilmar Ltd announced a significant turnaround in its financial performance, posting a consolidated profit of Rs 311.02 crore for the September 2024 quarter. This marks a recovery from a loss of Rs 130.73 crore in the same quarter of the previous fiscal year, according to the company's exchange filing. In comparison, the company had reported a net profit of Rs 313.20 crore in the June 2024 quarter.
The company’s revenue from operations surged by 18% to Rs 14,460.45 crore, up from Rs 12,267.15 crore year-on-year. Additionally, total income rose to Rs 14,565.30 crore, compared to Rs 12,331.20 crore a year earlier. However, total expenses also increased, reaching Rs 14,163.43 crore, up from Rs 12,439.45 crore during the same period last year.
Oct 25, 2024, 10:53 am IST
Dalmia Bharat Subsidiary to Acquire 5.39% Stake in Atria Wind Power
Dalmia Cement (Bharat), a wholly owned subsidiary of Dalmia Bharat, has signed a share purchase and shareholders agreement on October 24, 2024, to acquire a 5.39% equity stake in Atria Wind Power (Basavana Begawadi) Private Limited. This acquisition involves purchasing 180,000 equity shares for a total of Rs 3,47,90,400, to be executed in one or more tranches. The move aims to secure wind power as a captive consumer for a capacity of up to 6 MW in Karnataka.
Oct 25, 2024, 10:41 am IST
RBI Approves Amitabh Chaudhry's Reappointment as MD & CEO of Axis Bank
The Reserve Bank of India (RBI) has officially approved the re-appointment of Amitabh Chaudhry as the Managing Director and CEO of Axis Bank for an additional three-year term, starting January 1, 2025.
Oct 25, 2024, 10:07 am IST
ITC Shares Rise Following Strong Q2 Earnings Report
ITC's shares experienced a gain after the company reported a 3.07% increase in profit for the second quarter, reaching Rs 5,078.3 crore compared to Rs 4,927 crore year-on-year. Revenue saw a robust jump of 16.8%, climbing to Rs 19,327.7 crore from Rs 16,550 crore in the same period last year. Additionally, EBITDA rose by 4.9%, reaching Rs 6,335.2 crore, up from Rs 6,041.6 crore. However, the company's margin declined by 370 basis points, settling at 32.8% compared to 36.5% a year earlier.
Oct 25, 2024, 9:57 am IST
NTPC Shares Slip 2% Despite 20% Surge In Q2 Profit
NTPC's share price declined by 2% even as the company's profit for the second quarter rose significantly by 19.66%, reaching Rs 4,649 crore compared to Rs 3,885 crore in the same period last year. However, the company's revenue experienced a slight decline of 1.3%, totaling Rs 40,327.6 crore, down from Rs 40,875.3 crore year-on-year. Additionally, NTPC reported an 8.2% drop in EBITDA, which fell to Rs 9,676.3 crore from Rs 10,537.5 crore. The EBITDA margin also decreased by 180 basis points, settling at 24% compared to 25.8% in the previous year.
Oct 25, 2024, 9:39 am IST
Godrej Properties Gets Prime Residential Project on Gurugram’s Golf Course Road
Godrej Properties has emerged as the top bidder and received a Letter of Intent to develop a prestigious group housing project at Golf Course Road in Gurugram. The Haryana Shehri Vikas Pradhikaran (HSVP) awarded the project through an e-auction process.
Spanning 7.5 acres, this prime plot in the upscale Golf Course Road micro-market will feature luxury residential apartments of various configurations, offering a total development potential of over 1.7 million square feet. The project is estimated to generate revenue exceeding Rs 5,500 crore.
Oct 25, 2024, 9:21 am IST
Sensex, Nifty Edge Higher Despite Mixed Global Cues
The Indian stock market opened in positive territory on October 25, with the Nifty trading above 24,400 despite mixed global cues. The Sensex, however, dipped slightly, down by 18.40 points or 0.02% at 80,046.76, while the Nifty slipped by 10.50 points or 0.04% to 24,388.90.
Oct 25, 2024, 9:06 am IST
Rupee Remains Steady, Opens Flat at 84.07 Against the Dollar
The Indian Rupee opened unchanged at 84.07 per US Dollar on Friday, maintaining the same level as its previous close of 84.07.
Oct 25, 2024, 8:50 am IST
Oil Rebounds as Middle East Tensions Rise
After a two-day decline, oil prices saw a rebound as traders closely monitored geopolitical tensions in the Middle East and assessed the supply outlook. Global benchmark Brent crude inched closer to a barrel, recovering from a 2% drop over the previous sessions. West Texas Intermediate (WTI) hovered near . The renewed diplomatic talks between Israel and Hamas are expected in the coming days, with efforts to resolve the Gaza conflict. Meanwhile, traders remain vigilant over potential Israeli retaliation against Iran, which could further disrupt oil supplies.
Oct 25, 2024, 8:28 am IST
Muted Opening Expected as GIFT Nifty Signals Flat Start
GIFT Nifty trends suggest a subdued opening for the broader Indian market, with a slight dip of 17 points or 0.07%. Nifty futures were hovering around the 24,445 mark, indicating a flat to marginally negative start for the session.
Oct 25, 2024, 8:27 am IST
S&P 500 and Nasdaq Rise Amid Global Market Recovery
Global markets experienced a slight rebound on Thursday after three consecutive days of losses, with shares edging higher in volatile trading. US Treasury yields and strong corporate earnings helped ease concerns about the upcoming US elections and potential interest rate cuts. While the Dow Jones Industrial Average slipped 0.33% to 42,374.36, the S&P 500 gained 0.21% to 5,809.86, and the Nasdaq Composite surged 0.76% to close at 18,415.49.
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