BSE Sensex witnessed decline of 339 points to 80,029 and Nifty slipped 95 points to 24,371 in afternoon trade on October 30,2024. Nifty Bank fell 466 points to 51,853 and Nifty Midcap gained 287 points to 56,538 in afternoon trade on Wednesday. Shares of Force Motors hit 20% upper circuit in trade today after the company reported healthy Q2 FY25 results. Dabur India shares jumped 1.19% on BSE to Rs 542.20 ahead of quarterly results today.
Earlier, equity indices, the Sensex and Nifty, retreated on Wednesday, despite recovering from their intraday lows. As of 11:55 AM, the Sensex was down 0.16% at 80,238.72, while the Nifty 50 dipped 0.099% to 24,442.60. Sectorally, mixed performances can be seen as Pharma, Financial Services, and Bank Nifty indices were the top laggard, while Auto, FMCG, and IT sectors displayed small gains. The broader market indices, Nifty Midcap 100 and Nifty Smallcap 100, exhibited mixed trends. While the Nifty Midcap 100 saw a marginal increase of 0.01%, the Nifty Smallcap 100 surged by 0.30%.
The Nifty 50 index kicked off Wednesday's session in the red, opening at 24,371.45, down 95.4 points (-0.39%) from the previous close. By 9:30 AM, the Nifty remained at 24,371.45, trading within a narrow range.
Meanwhile, Nifty futures stood at 24,477.7 with no price change and an open interest drop of 21.49%, suggesting the recent price rise may be driven by short-sellers covering their positions, potentially indicating limited momentum in the near term.
As the monthly expiry for Nifty Bank approaches on Wednesday, analysts remain cautious. The index has previously dropped by 4,000 points from its record high of 54,467, leaving some investors skeptical about whether this uptick signals a sustained recovery.
Additionally, investors will keep a watch on stocks reacting to Tuesday's post-market results, including Marico, MTAR Tech, CONCOR, and Voltas. Key quarterly results from L&T, Biocon, Tata Power, and Dabur are also expected on Wednesday, adding to the high anticipation for mid-week market action.
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Oct 30, 2024, 3:18 pm IST
TTK Prestige Stock Falls
The stock price of TTK Prestige Dips over 1% after the company reported 11% decline YoY in net profit to Rs 52.8 crore in Q2FY25. While EBITDA dipped by 9.3% YoY, Revenue however surged by 3% YoY.
Oct 30, 2024, 1:51 pm IST
Paras Defence Awarded New Rs 42.05 Cr Order, Hits Upper Circuit
Paras Defence and Space Technologies Ltd shares today hit 5% upper circuit after the company received an order worth Rs 42.05 crore from Opto Electronics Factory (OLF). Current market price of Paras Defence and Space Technologies shares on BSE is Rs 1008.35 per share. The company’s market capitalisation stood at Rs 4063.01 crore. It operates in aerospace and defence industry. Paras Defence shares gained over 38% in last 6-months and slipped 22% in last 3-months.
Oct 30, 2024, 1:21 pm IST
Gold Prices Hit Record High In India: Check Latest 18K, 22K, 24K Gold Rates
Gold prices in India today witnessed rally for second consecutive day as the country is celebrating Choti Diwali. US gold prices touched record high on Tuesday amid ongoing uncertainties prevailing around the US presidential election and Middle East tension. Also, prospects of an interest rate cut by US Federal Reserve enhanced the yellow metal’s appeal.
24k gold prices today surged by Rs 710 to record high of Rs 80,160/10 grams and 100 grams of 24 carat precious metal prices today zoomed by Rs 7100 to Rs 8,11,600. Meanwhile, 22k gold rate today edged higher by Rs 650 to Rs 74,400/10 grams and 100 grams of 22 carat precious metal rate today jumped by Rs 6500 7,44,000 on Wednesday.
18k gold prices today rallied by Rs 530 to Rs 60,870/10 grams and 100 grams of 18 carat precious metal rates today recorded rally by Rs 5,300 to Rs 6,08,700 on October 30, 2024.
1 gram gold rate today for 22k in India turned dearer by Rs 65 to Rs 7,440 and 1 gram gold rate today for 24k zoomed by Rs 71 to Rs 8116. 1 gram gold price today for 18 carat precious metal gained by Rs 53 to Rs 6087.
Oct 30, 2024, 1:05 pm IST
Godavari Biorefineries Makes A Lacklustre Debut, Lists At 12% Discount From IPO Price
The shares of Godavari Biorefineries Limited made a disappointing debut on the stock exchanges on Wednesday, October 30, opening at Rs 308 on the NSE-a 12.5% discount compared to its IPO price of Rs 352 per share. On the BSE, the stock began trading at Rs 310.55, marking an 11.78% decrease from the IPO issue price.
The Godavari Biorefineries IPO, valued at Rs 554.75 crore, was open for subscription from October 23 to October 25. The price range for the public issue was set between Rs 334 and Rs 352 per share. The IPO witnessed robust interest from investors, receiving 1.76 times the number of bids over the shares offered. A total of 2.06 crore shares were bid for against an issue size of 1.10 crore shares.
Oct 30, 2024, 12:37 pm IST
Master Trust Announces Equity Share Sub-division To Enhance Liquidity
Master Trust Limited (BSE Scrip Code: 511768), a leading broking and investment platform, has announced a sub-division (stock split) of its existing equity shares. This initiative aims to enhance market liquidity and make shares more affordable, thereby attracting a wider range of investors. The Company's Board of Directors approved the move on August 7, 2024, and it was approved by shareholders during the Annual General Meeting on September 30, 2024. This step underscores Master Trust's commitment to increasing shareholder value and improving accessibility for individual investors.
Oct 30, 2024, 12:36 pm IST
BCL Industries Q2 Results: Net Profit Rises 50% To Rs 30 Cr; Revenue Surges 55% To Rs 746 Cr
Following the release of the company's strong financial results for the quarter ending September 30, 2024, BCL Industries' shares wrapped up 2.09% higher at Rs 56.67 per share on Tuesday. In the quarter under review, the firm declared a consolidated net profit of Rs 30 Cr, which was 50% higher year-on-year than the Rs 20 Cr in the year-ago quarter. In Q2FY25, its revenue from operations increased by 55% to Rs 746 Cr from Rs 481 Cr in Q2FY24.
The company's EBITDA reached Rs 57 Cr in the quarter under review up by 16% YoY from Rs 49 Cr in the same quarter of the previous fiscal year while the EBITDA margin dropped by 200 bps to 8% from 10% in Q2FY24.
Oct 30, 2024, 11:51 am IST
L&T Wins New Orders For Power Transmission & Distribution Business
The Power Transmission & Distribution (PT&D) vertical of Larsen & Toubro has won new orders in the Middle East and Africa for expanding and strengthening the electricity grids at high-voltage levels. The orders include implementation of an Energy Management System for the country-wide electricity network. One of the orders that the business vertical has won, is in consortium with a leading original equipment manufacturer to build the new National System Control Centre for Kenya. The transmission hub will manage the power flow in the country by integrating diverse generation sources and by despatching power based on merit order. The hub will be a crucial element in Kenya’s grid for ensuring stable, efficient and reliable operations in view of variable renewable energy sources getting added and the high-voltage regional interconnections being established. The scope also involves implementation of back-up energy management system at a distant location.
Oct 30, 2024, 11:51 am IST
Genesys International Partners With SatSure
Genesys International, an advanced mapping company at the forefront of creating the New India map stack, today announced a groundbreaking partnership with SatSure, a leading Indian company in satellite remote sensing funded by the Indian Private sector banks. Genesys is renowned for its high-accuracy 3D Digital Twin creations and LiDAR data integration, providing fully navigable maps and street imagery for close to 1,500 towns and cities across India. The collaboration aims to merge Genesys’ detailed 3D mapping and LiDAR expertise with SatSure’s satellite-based remote sensing and AI-driven platform capabilities, unlocking powerful, data-driven solutions across aviation, forestry, disaster management, and utilities. Through this unique partnership, both companies will leverage AI to enhance the resolution, coverage, and analytics capabilities available to customers, providing comprehensive, actionable insights that enable informed decision-making.
Oct 30, 2024, 11:45 am IST
TCS Partners with Insper in Brazil, Invests R$ 50Mn to Accelerate Innovation Across South America
Tata Consultancy Services (TCS), a leading global company in IT services, consultancy and business solutions, has signed a 10-year strategic partnership with Insper, one of Brazil’s leading higher education and research institutions. This collaboration aims to advance industry innovation for TCS customers in South America by leveraging technologies like AI, GenAI, IoT, and spatial computing. The collaboration between TCS and Insper will include academic research work, development of technology prototypes, and organization of seminars, hackathons and technology talks using the TCS PaceTM methodology for innovation at scale. TCS will offer its customers across the region exclusive access to its cutting-edge research and innovation capabilities, combined with Insper’s academic expertise, ecosystem, labs, and expert resources.
Oct 30, 2024, 11:09 am IST
Harshdeep Hortico Reports Strong H1 FY25 with 71% Net Profit Growth
Harsheep Hortico Limited (BSE: HARSHDEEP), specializing in the manufacture and export of pots, planters, garden accessories, and outdoor furniture; announced its Unaudited financials for H1 FY25. Commenting on the performance Mr. Harshit Shah, Director of Harshdeep Hortico Limited said, “Our performance in the first half of FY25 reflects Harshdeep Hortico’s resilience and strategic focus as we expand in the horticulture sector. Growth in net profit underscores our commitment to operational excellence and innovation, which have been pivotal in securing major contracts, including notable orders with Mumbai and Mangaluru airports.
Oct 30, 2024, 10:45 am IST
Gold Rates In India Reaches Record High This Festive Season
Today, India gold prices for 10 grams of 24-carat gold are Rs. 81,160/- and similarly, 22-carat gold rates in India today are Rs. 74,400/- for 10 grams. Yellow metal prices in India had an increase of Rs. 710/- and Rs. 650/- for both pure and standard gold respectively.
PDS Limited, the global fashion solutions and infrastructure company offering customized solutions to global brands and retailers across services like product development, sourcing, manufacturing, and brand management, has announced its financial results for Q2FY25. Achieved highest-ever quarterly GMV of ₹5,437crs 62% 211 152. The quarter with the highest sales till date, recorded a growth of 26% vs previous quarter. Normalised EBIDTA stood at ₹185crs, growth of 52% & margin of 6.0%. Normalised PAT grew by 62% reaching ₹131crs with a margin of 4.3% 39%. Growth momentum expected to continue with an order book of 0 million, up over 20% year-on-year.
Oct 30, 2024, 10:17 am IST
Voltas Shares Dip 4% Despite 272% Surge in Q2 Profit
Voltas shares fell by 4% even as the company reported a remarkable 272.6% year-on-year increase in Q2 consolidated profit, reaching Rs 132.8 crore compared to Rs 35.7 crore. Revenue also rose by 14.2% to Rs 2,619.1 crore from Rs 2,292.8 crore, while EBITDA soared 130.8% to Rs 162.2 crore, with margins expanding by 314 basis points to 6.2% from 3.06%. However, on a sequential basis, profit plunged 60.3% from Rs 335 crore, and revenue dropped by 46.8% from Rs 4,921 crore, contributing to the stock's decline despite the strong annual performance.
Oct 30, 2024, 9:34 am IST
Market Opens With Cuts
The Nifty 50 index kicked off Wednesday’s session in the red, opening at 24,371.45, down 95.4 points (-0.39%) from the previous close. By 9:30 AM, the Nifty remained at 24,371.45, trading within a narrow range.
Oct 30, 2024, 9:12 am IST
Rupee Starts Flat at 84.08 Against Dollar
The Indian Rupee opened steady at 84.08 per US Dollar on Wednesday, showing minimal change from Tuesday’s close of 84.07.
Oct 30, 2024, 8:37 am IST
Reliance Industries Gains Full Ownership of Faradion Following Final Stake Acquisition
Reliance New Energy, a subsidiary of Reliance Industries, has acquired the remaining equity stake in Faradion, raising its ownership from 92.01% to 100%. This purchase, completed on October 28, makes Faradion a fully-owned subsidiary of Reliance New Energy.
Oct 30, 2024, 8:37 am IST
Asian Markets Show Mixed Performance
Asian stock markets traded with mixed sentiments as investors reacted to varied earnings from Wall Street tech firms and braced for next week’s US election and Federal Reserve rate decision.
Oct 30, 2024, 8:36 am IST
GIFT Nifty Hints at Flat-to-Slightly-Negative Opening for Indian Markets
Current trends on GIFT Nifty suggest a subdued start for Indian markets, indicating a flat to mildly negative opening with a dip of 15.5 points, or 0.06%. Nifty futures were trading around the 24,434.5 mark.
Oct 30, 2024, 8:36 am IST
Oil Prices Stabilize as US Crude Inventories See Unexpected Decline
Oil prices steadied on Wednesday, buoyed by industry data revealing an unexpected drop in US crude and gasoline inventories. This stabilization follows two consecutive sessions of losses tied to hopes for easing tensions in the Middle East. Brent crude futures rose 21 cents, or 0.3%, to .33 per barrel, while US West Texas Intermediate crude futures increased by 22 cents, or 0.3%, to .43 per barrel. Sources noted a fall in U.S. crude and fuel stocks last week, citing American Petroleum Institute data.
Oct 30, 2024, 8:35 am IST
Nasdaq Soars to New Highs as Alphabet’s Earnings Beat Expectations
The Nasdaq Composite surged to a record close on Tuesday, while the S&P 500 also advanced, driven by positive earnings reports, including strong results from Alphabet, Google's parent company, after the market closed. The Nasdaq gained 145.56 points, or 0.78%, to end at 18,712.75, surpassing its previous July record. The S&P 500 rose by 9.45 points, or 0.16%, to 5,832.97. Meanwhile, the Dow Jones Industrial Average slipped, dropping 154.52 points, or 0.36%, to finish at 42,233.05, as investors weighed various earnings outcomes.
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