BSE Sensex witnessed sharp jump of 923 points to 80,315 and Nifty gained 241 points to 24,422 in late afternoon trade on October 28, 2024. Nifty Bank gained 686 points to 51,468 and Nifty Midcap soared 618 points to 55,896 on Monday. Shares of DLF gained over 6% today as Q2 net profit more than doubled and brokerages appeared bullish on the stock. Waaree Energies declined nearly 9% today. Current market price of Waaree Energies shares on BSE is Rs 2365.00 per share.
Earlier, Indian equity indices, the Sensex and Nifty 50, after opening higher this morning and continued to climb throughout the session. By 11:50 AM, the Sensex had surged 879.33 points to 80,281, representing a 1.11% increase. Similarly, the Nifty 50 gained 250 points, or 1.03%, to reach 24,430.
All major sectoral indices participated in the rally, with the PSU bank index emerging as the top performer, up 3%. Other strong performers included bank, auto, metal, and media stocks, each gaining over 1%.
Earlier, the Indian markets opened on a positive note on October 28, with the Nifty trading above 24,250 despite mixed global signals. The Sensex gained 266.19 points, or 0.34%, to reach 79,668.48, while the Nifty rose by 60.00 points, or 0.25%, to 24,240.80.
Market breadth remained strong with 1,592 stocks advancing, 967 declining, and 176 unchanged. Leading gainers included Shriram Finance, ICICI Bank, BPCL, Bharat Electronics, and Nestle, while JSW Steel, Coal India, ONGC, L&T, and Bharti Airtel were among the early losers.
Looking ahead, Monday's session will see several major firms, including Coal India, ICICI Bank, and Bank of Baroda, react to their recently announced earnings. Additionally, a packed results day awaits investors, with quarterly reports due from Aditya Birla Sun Life AMC, Adani Power, Bharti Airtel, and many more, as the market gauges the impact of these earnings amid ongoing macroeconomic challenges.
Adani Group's Ambuja Cements posted a 42.5% year-on-year decline in consolidated net profit for Q2 FY2024, ending September, with profit attributable to shareholders dropping to Rs 455.96 crore from Rs 792.96 crore in the same period last year. The quarter reflected significant cost challenges, as net profit also slid 28.7% sequentially from the previous quarter.
Oct 28, 2024, 1:57 pm IST
India, Saudi To Discuss Ways To Boost Cooperation In Energy, Digital Infra, Manufacturing
Commerce and Industry Minister Piyush Goyal will discuss ways to increase cooperation with Saudi Arabia in areas like renewable energy, digital infrastructure, and manufacturing during his two-day visit, an official statement said on Monday. The visit to Riyadh will begin from Tuesday. The commerce and industry ministry said Goyal will participate in the Future Investment Initiative (FII) in Riyadh, a crucial platform that brings together global leaders, investors, and innovators. His participation will highlight India's rapid economic growth, its focus on sustainable development, AI, and the immense opportunities in sectors like renewable energy, digital infrastructure, and advanced manufacturing, it said. On the sidelines of the FII, the minister will engage with prominent global investors, according to a PTI report. "These interactions aim to strengthen investor confidence, facilitate investment flows, and promote India as a preferred global investment destination," it said.
Oct 28, 2024, 1:42 pm IST
Multibagger NBCC Wins 1726 Cr Order From Goa Govt
Navaratna PSU NBCC (India) Ltd shares today witnessed sharp rally of 5.17% in afternoon trade on BSE after the company won a new order worth Rs 1726 crore from the government of Goa. Current market price of NBCC (India) Ltd shares on BSE is Rs 92.50 per share. NBCC shares slipped over 9% in last 1-week and nosedived 18% in last 2-weeks. However, NBCC (India) shares delivered attractive returns of 116% in last 1-year. The company's market capitalisation is Rs 24,975.00 crore. NBCC has a ROE of 17.20 and PE of 43.04. The LIC stake in NBCC is 5.11% as the PSU insurer has 137,911,863 shares of the firm.
Oct 28, 2024, 1:38 pm IST
Paramount Communications Shares Zoom Over 4% After Q2 Results; Check Financials
On Monday, the shares of Paramount Communications opened higher on the NSE at Rs 68.56 apiece and surged to an intraday high of Rs 70.75 per share representing a surge of 4.09% from the previous close of Rs 67.95. The rally in the stock price of Paramount Communications was witnessed after the company declared financial results for the quarter ended on 30th September 2024.
In Q2FY25, Paramount Communications' net profit increased by 4.31% to Rs 20.33 crore, up from Rs 19.49 crore in Q2FY24. In the quarter that ended in September 2024, sales increased 40.98% to Rs 355.89 crore, up from Rs 252.44 crore in the quarter that ended in September 2023.
Oct 28, 2024, 1:07 pm IST
Mishtann Foods Q2 Results: Net Profit Rises 22% To Rs 106.56 Cr; Revenue Reached Rs 341.87 Cr
The top agro-food product firm in India, Mishtann Foods Ltd announced unaudited financial results for the quarter and a half-year ended on September 30, 2024, during its board meeting on October 25, 2024.
Consolidated, Mishtann Foods' net profit increased 21.89% to Rs 106.57 crore in the September 2024 quarter from Rs 87.43 crore in the September 2023 quarter. Compared to the year-ago quarter, which ended in September 2023, when sales were Rs 318.40 crore, sales in the quarter ending in September 2024 increased by 7.37% to Rs 341.87 crore. EBITDA climbed 20% year on year to Rs 108.36 Cr in Q2FY25 from Rs 90.54 Cr in Q2FY24.
Oct 28, 2024, 12:28 pm IST
Gold Prices Drop In India: 24K/100 Grams Yellow Metal Slips 4,900, Silver Steady
Gold prices in India witnessed decline today as US Dollar firmed and investors are looking forward to key US economic numbers for more cues on the Federal Reserve’s monetary policy path. 22k gold prices today edged lower by Rs 450 to Rs 73,150/10 grams and 100 grams of 22 carat precious metal prices today slipped by Rs 4500 to Rs 7,31,500 thus offering huge relief to buyers in India ahead of crucial Dhanteras and Diwali festivals in the country. 24k gold prices today declined by Rs 490 to Rs 79,800/10 grams and 100 grams of 22 carat precious metal prices today fell by Rs 4900 to Rs 7,98,000.
18k gold prices today in India lost shine by Rs 370 to Rs 59,850/10 grams and 100 grams of 18 carat yellow metal prices today dipped by Rs 3700 to Rs 5,98,500.
Oct 28, 2024, 12:28 pm IST
Inox Wind Ltd Shares Jump Over 4%
Inox Wind Ltd shares today witnessed sharp rally of 4.61% after the firm reported strongest Q2 financial performance in 8 years on October 25, 2024. Current market price of Inox Wind shares on BSE is Rs 212.35 per share. The company has a market capitalisation of Rs 27,686.07 crore. Inox Wind shares gained 62% so far in 2024 and surged 301% in last 1-year. IWL delivered another quarter of strong results in Q2FY25 and is on course to achieve its best ever full year profitability in FY25.
Oct 28, 2024, 12:05 pm IST
Waaree Energies Makes Stellar Debut On Exchanges, Lists At 66% Premium From IPO Price
The shares of Waaree Energies Limited made a sensational entry on the Indian stock exchanges on Monday, October 28, marking a stellar debut meeting expectations. The solar energy solutions provider opened at Rs 2,500 on the National Stock Exchange (NSE), a premium of 66.33% above its issue price of Rs 1,503. On the Bombay Stock Exchange (BSE), the stock soared even higher, listing at Rs 2,550, translating to a remarkable 69.66% gain over the IPO price.
Saboo Sodium Chloro Ltd Announced The Expansion Of Captive Solar Power Plant at Nawa Refinery
Saboo Sodium Chloro Limited announced a significant enhancement to the captive solar power plant at our Nawa refinery, located in Sambhar Lake, Rajasthan. This expansion includes an additional 150 kW of solar power, which complements the existing 500 kW solar facility. This brings the total captive solar power capacity at the refinery to 650 kW. The company appointed “EKAM GREEN VENTURES LLP” as the EPC contractor for this solar energy project. The new 150 kW solar energy plant will be operational within the next ten days and will enable the company to generate additional in-house solar energy, resulting in significant energy cost savings. This capacity expansion is expected to generate annual energy savings of approximately INR 40,00,000, enhancing the operational efficiency of the refinery.
Oct 28, 2024, 11:18 am IST
India Yellow Metal Prices Retreats Slightly After Gains Observed Previously
India gold rates today for 10 grams of 24-carat yellow metal are Rs. 79,800/-, while the price for 10 grams of 22-carat yellow metal is Rs. 73,150/-. After yesterday’s gains, India gold prices dropped again today by Rs. 490/-for pure gold as well as Rs. 450/-for standard gold per 10 grams.
Servotech Launches New Series of Solar Solutions In Line With PM Schemes
On Monday, the shares of Servotech Power Systems opened higher on NSE at Rs 163 compared to the previous close of Rs 160.17. Following a product launch event for its new line of high-tech and innovative solar on-grid inverters, solar hybrid inverters, solar micro inverters, battery energy storage systems, and solar pump controllers, Servotech Power Systems Ltd., a leading manufacturer of renewable energy solutions, sparked a stock rally. The products enable farmers to use solar energy and support sustainable agricultural methods, and they are aligned with central government programs like the PM Surya Ghar Muft Bijli Yojana and the PM-KUSUM Scheme for rooftops in residential and commercial properties.
Veranda IAS Signs MoU With M.O.P. Vaishnav College for Women
Veranda IAS, a Veranda Learning enterprise, announced its collaboration with M.O.P. Vaishnav College for Women (Autonomous), a premier educational institution in Chennai. Through a Memorandum of Understanding (MoU), both will jointly offer a Diploma in Governance and Policy Studies, providing students of M.O.P. Vaishnav College (Autonomous) with the knowledge and skills necessary to navigate the complex landscape of public policy and governance. The six-month diploma course will be offered alongside the students’ undergraduate degree programs, allowing them to pursue this diploma concurrently with their college studies. As the course is done along with graduation, students spend minimum time preparing for competitive exams.
Oct 28, 2024, 10:18 am IST
Max Estates Limited Reported Strong Operating Results
Max Estates Limited, the real estate arm of the Max Group announced its unaudited Q2 & H1 FY25 results. Max Estates has received NCLAT approval for the ‘Delhi One’ project in Sector 16B, Noida, spanning 34,697 sq. meters with 2.5 mn sqft of mixed-use development potential. This project, expected to be launched in FY26, has a Gross Development Value (“GDV”) potential of over INR 1,500 crores as well as annuity income potential of ~INR 120 crore from leased inventory of 1.2 mn sqft and receivables of ~INR 500 crores from sold inventory. Consolidated Revenue stood at INR 80.7 crores in H1 FY25. Consolidated EBITDA stood at INR 23.6 crores in H1 FY25. Consolidated PBT stood at INR (4.1) crores and PAT stood at INR (3.4) crores in H1 FY25. This is mainly due to higher advertisement and sales promotion expenses of INR 20.9 crores incurred related to the residential portfolio.
Oct 28, 2024, 9:59 am IST
Coal India Shares Slide 5% as Q2 Profit Drops by 22%
Coal India shares declined by 5% following a weak Q2 earnings report, showing a 22% year-on-year drop in consolidated profit to Rs 6,274.8 crore from Rs 8,048.6 crore. Revenue also fell by 6.4%, reaching Rs 30,673 crore compared to Rs 32,776.4 crore in the previous year. EBITDA saw a decline of 14.2% year-on-year, down to Rs 8,617.1 crore from Rs 10,038.2 crore, while margins narrowed by 250 basis points to 28.1% from 30.6%. Despite the weaker results, Coal India announced an interim dividend of Rs 15.75 per share for FY25.
Oct 28, 2024, 9:52 am IST
Shriram Finance Soars 4% Following Stock Split Approval and Strong Financial Results
Shriram Finance shares surged 4% as the company announced robust quarterly performance and a stock split in a 1:5 ratio. The company's profit rose by 18.3% year-on-year, reaching Rs 2,071.3 crore from Rs 1,750.8 crore. Net interest income also saw a significant boost of 16.4% year-on-year, standing at Rs 5,606.7 crore against Rs 4,818.2 crore. Alongside these gains, Shriram Finance declared an interim dividend of Rs 22 per share. However, gross Stage-3 provisions grew to Rs 12,764.2 crore from Rs 12,408 crore quarter-on-quarter, while the ECL provision for Stage-3 increased to Rs 6,598.6 crore, up from Rs 6,346 crore in the previous quarter.
Oct 28, 2024, 9:21 am IST
Sensex, Nifty Open Higher Amid Mixed Global Cues
The Indian markets opened on a positive note on October 28, with the Nifty trading above 24,250 despite mixed global signals. The Sensex gained 266.19 points, or 0.34%, to reach 79,668.48, while the Nifty rose by 60.00 points, or 0.25%, to 24,240.80.
Oct 28, 2024, 9:11 am IST
Rupee Opens Mildly Higher
Indian Rupee slightly firms, opens at 84.07 against the US Dollar from Friday's close of 84.08.
Oct 28, 2024, 8:52 am IST
Asian Markets Edge Higher; Nikkei Gains 1.5% After Japan’s Ruling Party Loses Majority
Japan's Nikkei 225 and Topix indexes rose on Monday, with the Nikkei up 1.5%, following the Liberal Democratic Party's loss of its majority in Japan's lower house elections on Sunday.
Oct 28, 2024, 8:52 am IST
Oil Dips on Middle East Calm
The yen dropped to a three-month low on Monday after Japan's ruling party lost its parliamentary majority, while oil prices fell as Israel’s weekend strikes on Iran avoided oil or nuclear sites. Japan's Nikkei index rebounded 1.6% after an initial decline, and the yen weakened by up to 0.5% to 153.3 per dollar, following the Liberal Democratic Party’s (LDP) weakest election outcome since 2009. Brent crude futures slipped 4.2%, trading as low as .80 per barrel, as Israel’s focus on missile factories near Tehran left energy supplies undisturbed.
Oct 28, 2024, 8:51 am IST
GIFT Nifty Hints at Steady to Slightly Positive Opening for Indian Markets
GIFT Nifty trends suggest a steady to slightly positive start for the Indian markets, with a modest gain of 21 points, or 0.09%. Nifty futures were trading near the 24,231 level.
Oct 28, 2024, 8:51 am IST
Nasdaq Climbs as Investors Gear Up for Big Earnings Week
On Friday, the Nasdaq Composite rose, supported by gains in megacap stocks, as investors looked ahead to next week's anticipated earnings reports from some of Wall Street's largest firms. The Dow Jones Industrial Average dropped 259.96 points, or 0.61%, to close at 42,114.40, while the S&P 500 edged down by 1.74 points, or 0.03%, to 5,808.12. Meanwhile, the Nasdaq gained 103.12 points, or 0.56%, to reach 18,518.61.
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