BSE Sensex gained 165 points to 80,378 and Nifty surged 54 points to 24,526 in afternoon trade on October 23, 2024. Nifty Bank fell 25 points to 51,231 and Nifty Midcap gained 820 points to 56,994 on Wednesday. Shares of payment aggregator Paytm, owned and operated by One 97 Communications, jumped nearly 11.01% to hit an intraday high of Rs 763 per share on Wednesday. Deepak Fertilisers shares soared 15% to 1103.55 per share today.
Earlier, equity markets witnessed a strong rebound on Wednesday, as the Sensex and Nifty 50 surged after an initial dip. At 11:50 AM, the Sensex was up 367 points to 80,587, and the Nifty 50 had gained 108 points to 24,580. While most sectors, including Auto, Realty, Energy, Healthcare, and Pharma, traded in negative territory, the IT and Metal sectors outperformed, with gains of 3.31% and 0.96% respectively.
On October 23, the Indian stock indices opened lower, with Nifty dipping below 24,450, influenced by mixed global cues. The Sensex fell by 69.05 points, or 0.09%, settling at 80,151.67, while the Nifty declined by 34.40 points, or 0.14%, to reach 24,437.70.
Market breadth showed a slight negative trend, with 1,151 shares advancing, 1,271 shares declining, and 98 remaining unchanged. Among the major gainers on the Nifty were Bajaj Finance, Bajaj Finserv, Tata Steel, Bajaj Auto, and Wipro. Conversely, the top losers included Mahindra & Mahindra (M&M), Power Grid Corporation, Eicher Motors, NTPC, and Bharat Petroleum Corporation Limited (BPCL).
Wednesday's session, coinciding with the Nifty Bank weekly expiry, will be crucial as companies like Bajaj Finance, ICICI Prudential, and Zomato react to their quarterly results. Additionally, heavyweight stocks such as Hindustan Unilever, SBI Life Insurance, and United Spirits are set to announce earnings, which could dictate the market's direction.
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Oct 23, 2024, 2:17 pm IST
Bajaj Stocks Top Bulls
After sharp correction, heavyweight Bajaj stocks rallied significantly, emerging as top gainers of Nifty 50. Bajaj Finance surged by nearly 6%, while Bajaj Auto and Bajaj Finserv are up by over 2.4% each currently.
Oct 23, 2024, 2:17 pm IST
SRF Shares Rally
The share price of chemical company, SRF shot up by nearly 7% on BSE after its Q2 results. The stock is above Rs 2,320 apiece level currently. In the first half of FY25, the company's agrochemicals business has improved, while demand gradually picked up. Also, its product funnel business showed strong signs, coupled with launch of new intermediates and ramp-up of facilities are some of the key positives for the company.
Oct 23, 2024, 2:07 pm IST
Python Chemical Offers Rs 10.5 Bn Deal To Acquire Rajnish Wellness's DavaDiscount & PlayWin Brands
Rajnish Wellness Limited (BSE: 541601), a company in the healthcare and wellness space has received a breakthrough acquisition offer from the Thailand-based pharmaceutical behemoth Python Chemical Company. In consideration of negotiating with Rajnish Wellness, the company has offered 1,050 crores or 10.5 billion rupees in the Indian currency to acquire the DavaDiscount and PlayWin brands which are the flagship brands of Rajnish Wellness. The management of Rajnish Wellness has scheduled a board meeting to consider reviewing this offer on the 5th day of November 2022.
Oct 23, 2024, 1:38 pm IST
Dodla Dairy Ltd Posts 45.3% Jump In Q2 PAT
Dodla Dairy Ltd shares today witnessed decline of 2.84% despite declaring an interim dividend of Rs 3/share and highest every quarterly operating revenue for Q2 FY25. Current market price of Dodla Dairy Ltd shares on BSE is Rs 1234.85 per share. Dodla Dairy shares plummeted over 5% in last 1-week and gained over 85% in last 1-year. Dodla Dairy's consolidated operating revenues for Q2 FY25 jumped by 29.9% YoY to Rs 9,976 mn for Q2 FY25 as against Rs 7677.50 mn in the corresponding quarter of last year. The company declared its consolidated profit after tax for Q2 FY25 at Rs 634 mn, up 45.3% as compared to Rs 436.02 mn declared in the similar quarter of last year. PAT margin stood at 6.4% as against 5.7% in Q2 FY24.
Oct 23, 2024, 12:50 pm IST
Paytm Gets NPCI Nod To Resume Onboarding New UPI Users After RBI Sanctions In March
One97 Communications Limited, the parent company of Paytm, received approval from the National Payments Corporation of India (NPCI) to resume onboarding new users for its Unified Payments Interface (UPI) application. This comes after the Reserve Bank of India (RBI) imposed a temporary halt on new user registrations earlier in 2024.
Paytm, which is one of India's largest digital payment platforms, received the green light from the NPCI following a request made by Vijay Shekhar Sharma, Founder and CEO of One97 Communications, on August 1, 2024. The RBI had initially suspended new user registrations on Paytm's UPI service after issuing directives on January 31 and February 16, 2024, citing procedural and compliance concerns.
Oct 23, 2024, 12:30 pm IST
Gold Prices Soar Past 80k Mark: Gold Price Hits Fresh High Before Diwali, Buy?
Gold prices in India continue to witness sharp rally for last couple of days before Diwali amid Middle East conflict and uncertainty hovering around US election that pushed demand for safe-haven assets. 22K gold prices today jumped by Rs 400 to Rs 73,400/10 grams and 100 grams of 22 carat yellow metal prices today surged by Rs 4000 to Rs 7,34,000. It is worth mentioning that 24k gold prices today crossed 80k mark as prices jumped to Rs 80,070/10 gram after the gain of Rs 430. 100 grams of 24 carat precious metal prices today rose by Rs 4300 to Rs 8,00,700 today. As per Drik Panchang, Diwali festival in India will be observed on October 31, 2024.
It is important to note that gold prices witnessed sharp growth since October 24, 2023 as prices of 22k gold prices jumped by Rs 29.8%. 1 gram gold rate of 22k was Rs 5655 on October 24, 2023 and today the price is quoting Rs 7340, indicating a jump of 29.8%.
18 carat gold prices today gained Rs 330 to Rs 60,060/10 grams and 100 grams of 18k gold price today jumped by Rs 3300 to Rs 6,00600.
Meanwhile, 1 gram gold price today for 22k in India today is Rs 7,340 after the jump of Rs 40. 1 gram gold rate today for 24k is Rs 8007 after the surge of Rs 43. 1 gram gold rate today for 18 carat is Rs 6006 after the rally of Rs 33.
Oct 23, 2024, 11:45 am IST
Zydus Typhoid Vaccine Gets WHO Pre-Qualification
Zydus Lifesciences Limited has received in principle acceptability from the World Health Organisation (WHO) for ZyVac® TCV. ZyVac® TCV is now eligible for purchase by United Nations (UN) agencies. ZyVac® TCV is indigenously developed and manufactured at the Zydus Biotech Park, Ahmedabad. ZyVac® TCV is indicated for active immunization against Salmonella typhi infection in the age group of 6 months to 65 years. This prequalification for ZyVac® TCV makes it eligible to be part of UN agencies procurement programme. Annually over 150 million doses of the typhoid conjugate vaccine is procured by UN agencies to prevent this infectious disease in geographies where it is most prevalent, such as India, Africa and Southeast Asia.
Oct 23, 2024, 11:20 am IST
Dodla Dairy Ltd Reports Q2 FY25 Results
Dodla Dairy Ltd., one of India's leading integrated dairy companies, has announced its unaudited results for the quarter ended 30th September 2024. The company recorded the highest-ever Quarterly Operating Revenues at ₹ 9,976 Mn; up by 29.9% YoY. Value-Added Product sales at ₹ 3,779 Mn; up by 93.5% YoY . EBITDA margin stood at 9.6% . The board of directors declared an interim dividend of ₹ 3.00 per equity share. Completed the purchase of a land parcel in the state of Maharashtra.
Oct 23, 2024, 10:59 am IST
SBC Announces Q2 FY 2024-25 Earnings Update
SBC Exports Limited (SBC) is an established player in readymade garment industry manufacturing T-Shirts, Lowers, Capris, Bermudas, Athleisure-wears, lounge-wears, innerwear etc. under the brand name F-Route. SBC in its Board Meeting held on 22.10.2024 has inter-alia considered and approved the Unaudited Financial Results for Second Quarter (Q2) and half-year (H1) ended on 30th September, 2024 as one of its agenda. SBC has delivered a robust set of operating results for the Q2FY25 and also for H1FY25 ended on 30.09.2024 both on standalone basis as well as consolidated basis. Revenues from operations on a standalone basis for Q2FY25 increased by 56.54% to ₹ 4849.55 Lacs from ₹ 3097.92 Lacs in Q2FY24. Revenues on standalone basis for H1FY25 increased by 30.97 % to ₹ 10555.13 Lacs from ₹ 8059.01 Lacs in H1FY24.
Oct 23, 2024, 10:43 am IST
GFCL EV Raises Rs 1,000 Cr At An Equity Valuation Of Rs 25,000 crores
Gujarat Fluorochemicals Limited (GFL), India’s leading fluorochemicals company, announced today that the board of its subsidiary, GFCL EV Products Ltd., has approved the raise of Rs 1,000 cr at an equity valuation of Rs 25,000 crores. The promoters of the INOXGFL Group led the round in the fund raise along with several marquee investors, including the family offices of some of the largest business groups in India. The funds will be utilized for the capex requirements of the company as it scales up to capitalize on the large-scale global opportunities in the electric vehicles (EV) / energy storage systems (ESS) space. GFCL EV is well positioned to capture a sizable value share in the global battery materials industry and become a preferred partner to EV/ESS battery/cell manufacturers in their quest to secure a sustainable and reliable supply chain. GFCL EV has fully integrated manufacturing capabilities with backward integration into AHF, LiF and captive fluorspar. Its current product portfolio, catering to both EV & ESS ecosystem, includes: Battery chemicals, electrolyte salts LiPF6, electrolyte formulations, additives for enhanced performance ,Cathode active materials (LFP) and Binders (both PVDF and PTFE)
Oct 23, 2024, 10:18 am IST
24k, 22k Gold Prices Hit New High In India
1 gram gold rate today for 22k gold price gained by Rs 40 to Rs 7,340 and 1 gram gold price today for 24k yellow metal prices zoomed by Rs 43 to Rs 8007 on October 23, 2024.
Oct 23, 2024, 10:14 am IST
JSW Energy Signs PPA with SECI for 700 MW Solar Project
JSW Renew Energy Eleven Limited, a step-down subsidiary of JSW Energy Limited, has signed Power Purchase Agreement with Solar Energy Corporation of India Limited, for ISTS connected 700 MW solar capacity awarded under SECI Tranche XIII. The PPA is signed for supply of power for a period of 25 years with a tariff of ₹2.56/kWh. The aforesaid project is expected to be commissioned within 24 months. JSW Energy aims to achieve 10 GW operational capacity by FY 2025 and currently has 7.9 GW of operational capacity spread across thermal, hydro and RE. The company also has 16.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project. The Company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.
Oct 23, 2024, 10:01 am IST
RailTel Corp Shares Rise Following Order Win, Q2 Profit Declines 18%
RailTel Corp's shares experienced an uptick after the company secured a work order valued at Rs 36.8 crore from South Eastern Railway for the installation of an electronic interlocking system and related signaling arrangements. However, the company reported an 18.2% decline in net profit for the quarter, amounting to Rs 139.3 crore compared to the previous year. On a positive note, revenue saw a significant increase of 31.6%, reaching Rs 13,372.4 crore year-on-year. Additionally, the value of new business grew by 23% to Rs 513 crore, and the total annualized premium equivalent surged 31% to Rs 2,170 crore.
Oct 23, 2024, 9:49 am IST
Coforge Shares Jump 7% as Q2 Profit Soars to Rs 212 Crore with 34% Revenue Growth
Coforge saw its shares rise by 7% following a robust performance in the July-September quarter, reporting a nearly 17% increase in net profit to Rs 212 crore, up from Rs 181 crore a year earlier. Revenue from operations surged over 34% year-on-year, reaching Rs 3,062 crore compared to Rs 2,276 crore in the same quarter last year. The company secured a total order intake of 6 million in Q2, which includes three significant deals, marking the eleventh consecutive quarter of maintaining order intake above 0 million. Coforge's order book, set to be executable over the next 12 months, stands at .3 billion, reflecting a remarkable 40% increase from the previous year. Additionally, the company successfully added 13 new clients during the quarter under review.
Oct 23, 2024, 9:34 am IST
Bajaj Finance Shares Surge 3% Following Strong Q2 Earnings
Bajaj Finance's shares rose by 3% after the company reported a 13% year-on-year increase in profit, reaching Rs 4,014 crore compared to Rs 3,551 crore in the previous year. The net interest income also saw a significant boost of 23%, climbing to Rs 8,838 crore from Rs 7,196 crore year-on-year. However, loan losses and provisions increased notably, reaching Rs 1,909 crore, up from Rs 1,077 crore in the previous year. Additionally, the pre-provisioning operating profit surged by 25% to Rs 7,307 crore, compared to Rs 5,835 crore last year. On the downside, the gross non-performing assets (NPA) rose to 1.06%, up from 0.91% year-on-year, while the net NPA also increased to 0.46%, compared to 0.31% in the previous year.
Oct 23, 2024, 9:24 am IST
Sensex and Nifty Slide Amid Mixed Global Trends
On October 23, the Indian stock indices opened lower, with Nifty dipping below 24,450, influenced by mixed global cues. The Sensex fell by 69.05 points, or 0.09%, settling at 80,151.67, while the Nifty declined by 34.40 points, or 0.14%, to reach 24,437.70.
Oct 23, 2024, 9:13 am IST
Rupee Starts Unchanged at 84.07 Against the Dollar
The Indian Rupee opened steady at 84.07 per US Dollar on Wednesday, matching its previous close of 84.07 from Tuesday.
Oct 23, 2024, 8:52 am IST
Paytm Secures NPCI Nod to Onboard New UPI Users
On October 22, One97 Communications Ltd, the parent company of Paytm, announced that it has received approval from the National Payments Corporation of India (NPCI) to onboard new users for its Unified Payments Interface (UPI) service. This approval is contingent upon strict adherence to NPCI's comprehensive guidelines, which include risk management protocols, app branding, multi-bank partnerships, market share regulations for Third-Party Application Providers (TPAP), and customer data handling, among other requirements.
Oct 23, 2024, 8:34 am IST
Oil Prices Decline as US Crude Inventories Surge
Oil prices dipped on Wednesday following data revealing a larger-than-expected increase in US crude inventories. Meanwhile, the market remains focused on ongoing diplomatic efforts in the Middle East amid Israel's continued strikes on Gaza and Lebanon. Brent crude futures fell by 31 cents (0.4%) to .73 per barrel, while US West Texas Intermediate crude dropped 32 cents (0.5%) to .42 per barrel. This comes after crude futures had posted gains in the previous two sessions.
Oct 23, 2024, 8:28 am IST
Asian Markets Show Mixed Trends: Hang Seng Rises, Taiwan Weighted Slips
Asian markets opened on a mixed note, with the Hang Seng gaining while the Taiwan Weighted index dipped. Investor sentiment remained cautious as traders weighed the likelihood of the Federal Reserve adopting a more measured approach to interest rate cuts.
Oct 23, 2024, 8:24 am IST
GIFT Nifty Signals a Muted Opening for Indian Markets
Early trends on GIFT Nifty suggest a subdued start for the Indian markets, with a slight increase of 23 points or 0.09%. Nifty futures were hovering around the 24,548 level, indicating a flat beginning for the broader index.
Oct 23, 2024, 8:16 am IST
Wall Street Ends Flat as Investors Weigh Treasury Yields and Corporate Earnings
US stocks closed mostly unchanged on Tuesday, with the Nasdaq managing a small gain, as investors monitored Treasury yields and awaited upcoming earnings reports to gauge the financial health of American companies. The Dow Jones Industrial Average dipped by 6.71 points, or 0.02%, to 42,924.89, the S&P 500 edged down 2.78 points, or 0.05%, to 5,851.20, while the Nasdaq Composite rose by 33.12 points, or 0.18%, to 18,573.13.
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