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Business News/ Markets / Live Blog/  Market Highlights: Sensex, Nifty end marginally higher; Pharma, Realty shine; Finance, IT shed
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Market Highlights: Sensex, Nifty end marginally higher; Pharma, Realty shine; Finance, IT shed

Share Market Updates: The Indian stock market ended flat on Wednesday as NTPC, Infosys and ICICI Bank shed, while BPCL, Cipla and Asian Paints gained. Finance, IT and Bank stocks closed lower; Pharma, Metal, Auto and Energy indices climbed in today's session.  

Sensex Today | Share Market Updates: Global cues continue to dictate market sentiments (MINT_PRINT)Premium
Sensex Today | Share Market Updates: Global cues continue to dictate market sentiments (MINT_PRINT)

Share Market Updates: Sensex and Nifty had a cautious and subdued session with most sectors remaining range-bound. Finance, IT and Bank indices witnessed a marginal drop, while the Pharma, Metal, Auto and Energy indices gained. 

Stocks in Asia ticked lower on Wednesday as investors waited to hear more from Federal Reserve officials who are due to speak this week, including Chair Jerome Powell.

Oil fell to a three-month low as a forecast drop in US gasoline consumption added to a growing array of indicators suggesting the demand outlook is worsening.

Comments from key US Federal Reserve Chair Jerome Powell, particularly on its monetary policy outlook will also be a key monitorable for investors.

08 Nov 2023, 03:37:30 PM IST

Indices end with minor gains after trading mostly in the flat range; Asian Paints and Adani Ports shine; ICICI Bank and Infosys shed 

Indian stock indices traded largely flat on Wednesday and ended with marginal gains amidst overall negative global cues.. Nifty gained more than Sensex on the back of Adani Ports gaining after the US decided to invest in Colombo port.

Nifty 50 added 36 points or 0.19% to close at 19,443, while S&P Sensex 30 gained 48 points or 0.07% to close at 64,986. Eight out of 15 broad-based sectoral indices ended in the green.

Pharma, Realty, Metal, Auto and Energy were among major gainers, while heavy-weights like FInance, Bank and IT struggled in today's session

BPCL, Adani Ports, Asian Paints and Cipla topped the stock charts. ICICI Bank, Infosys, NTPC and Apollo Hospitals were among the biggest laggards.

Asian shares mostly declined in muted trading Wednesday as attention focused on prospects for improved China-U.S. relations from meetings next week on the sidelines of a Pacific Rim summit.

Japan's Nikkei share average closed lower giving up early gains as investors sold value stocks, although gains in growth stocks limited losses. The Nikkei closed down 0.33%.

China stocks closed down tracking weaker regional peers on concerns of global rates tightening, while property firms jumped after a Reuters report on China's latest measures to support the debt-laden sector.

The blue-chip CSI 300 Index and the Shanghai Composite Index both closed 0.2% down. Hong Kong's Hang Seng Index closed down 0.6% and the Hang Seng China Enterprises Index dropped 0.8%.

European shares dropped with insurance and financial stocks taking the biggest hit, as investors assessed economic data and corporate earnings ahead of the remarks from major central bank chiefs during the day.

UK shares opened lower, hurt by a slide in life insurers, while investors await comments from Bank of England Governor Andrew Bailey and Federal Reserve Chair Jerome Powell for more clues on the trajectory of interest rates.

Sensex at Close
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Sensex at Close
08 Nov 2023, 03:20:21 PM IST

Sensex Today: Gold demand to rise despite geopolitical uncertainties this festive season: Windmill Capital

The recent study by Windmill Capital highlights that in times of geopolitical uncertainty, gold is expected to trend higher in the immediate term. The study talks about the performance of gold over the last two decades to understand the long-term trend for the yellow metal. It shows that on an average, gold has returned ~11% CAGR in the last 20 years.

As per the study, Gold is an efficient asset class that provides safety. Historically, whenever there is turmoil in the market, investors’ natural tendency is to flee to safety. Gold as an asset class tends to do well during crises. For example, while Nifty returns have been negative during Covid crisis or Russia Ukraine war, Gold returns have been positive with <20% returns. Hence gold is an effective hedge against equities.

08 Nov 2023, 03:17:58 PM IST

Sensex Today Live | Share Market Updates: Prestige Estates Q2 profit jumps 6-fold to ₹850.9 crore

Realty firm Prestige Estates Projects Ltd has reported a six-fold jump in its consolidated net profit to 850.9 crore in the second quarter of this fiscal year on higher income.

Its net profit stood at 140.7 crore in the year-ago period.

Total income rose to 3,256 crore in the July-September period of 2023-24 from 1,474.7 crore in the corresponding period of the previous year, according to a regulatory filing on Tuesday.

During the April-September period of this fiscal, net profit increased to 1,117.8 crore from 345.6 crore in the year-ago period. (PTI)

08 Nov 2023, 03:07:29 PM IST

Sensex Today Live: NRI contributions to Indian real estate surge over five years, to reach 17% by 2025

The contribution of Non-Resident Indians (NRIs) to the Indian real estate sector has risen significantly, with their investments steadily rising over the past five years, 'The NRI Real Estate Report 2023', by NoBroker.com showed.

Between 2019 and 2020, NRIs constituted around 10% of the total real estate investments in India. However, this figure has consistently increased, reaching 15% today, as per the survey report. It further projects that by 2025, NRIs are expected to contribute to 17% of the Indian real estate market. (Read More)

08 Nov 2023, 02:57:46 PM IST

Sensex Today Live | Share Market Updates: El Nino to last until April 2024, pushing record temperatures

The ongoing El Nino weather pattern is set to last until at least April 2024, the World Meteorological Organization (WMO) said on Wednesday, pushing up temperatures in a year already on track to be the warmest on record.

The WMO said there was a 90% likelihood that the naturally-occurring event will continue through the northern hemisphere winter, following a similar projection last month from a U.S. government forecaster.

El Nino is a warming of ocean surface temperatures in the eastern and central Pacific, and it can provoke extreme weather phenomena from wildfires to tropical cyclones and prolonged droughts. The phenomenon is already spurring calamities across the globe, with the stakes expected to be higher for emerging markets more exposed to swings in food and energy prices. (Reuters)

08 Nov 2023, 02:46:49 PM IST

Sensex Today: Infosys struggles in today's session as it sheds more than a per cent and puts a drag on the IT index

Infosys
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Infosys
08 Nov 2023, 02:42:37 PM IST

Sensex Today Live | Share Market Updates: With ₹7,000 cr cash reserve, Dabur India scouting for acquisitions: PTI

Homegrown FMCG maker Dabur India, armed with a cash reserve of 7,000 crore, is scouting for acquisition opportunities in healthcare and home & personal care segments, according to its CEO Mohit Malhotra.

Besides, Dabur is looking for acquisition opportunities in the online space, and with several D2C (Direct to Consumer) brands operating in it, it finds the valuation "more reasonable" now and will pursue it if it finds a suitable one for growth, he said.

The company is scaling its presence in the online space, which includes e-commerce channels and D2C business, where it plans to introduce more innovations under existing brands and through inorganic opportunities.

"We are introducing innovations there. Those innovations are coming on the back of existing brands and these innovations will come on the back of some new brands that we might launch or we are looking at an acquisition for a new brand," Malhotra told PTI. 

08 Nov 2023, 02:28:42 PM IST

Sensex Today Live: China stocks fall amid global rate concerns; property jump on Reuters report

China stocks closed down on Wednesday, tracking weaker regional peers on concerns of global rates tightening, while property firms jumped after a Reuters report on China's latest measures to support the debt-laden sector.

** The blue-chip CSI 300 Index and the Shanghai Composite Index both closed 0.2% down.

** Hong Kong's Hang Seng Index closed down 0.6% and the Hang Seng China Enterprises Index dropped 0.8%.

** MSCI's broadest index of Asia-Pacific shares sank 0.6%, as investors grappled with the possibility of another U.S. interest rate hike while waiting on comments from Federal Reserve Chair Jerome Powell for a steer on the policy outlook. Powell speaks on Wednesday and Thursday.

** Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden, the nation's biggest private property developer, four people familiar with the plan told Reuters.

** Chinese property stocks rallied and Ping An Insurance Group shares hit a one-year low. A Ping An spokesperson said the company had not been approached by the government and denied the information reported by Reuters. (Reuters)

08 Nov 2023, 02:20:06 PM IST

Sensex Today: Adani Mulls $750 Million Investment in Sri Lankan Wind Projects

Adani Group, the Indian ports-to-power conglomerate, is considering a $750 million investment in Sri Lanka to set up wind projects that will generate 500 megawatts on the island.

Adani Green Energy Ltd., the renewable power arm of the sprawling business owned by billionaire Gautam Adani, submitted a proposal to Sri Lanka’s government to set up wind farm in the country’s north west, Karan Adani, the tycoon’s son, said in an interview on Wednesday. Funding for the projects will come from the company’s balance sheet, he added.

Karan Adani, the chief executive officer of Adani Ports and Special Economic Zone Ltd., was speaking on the sidelines of an event to announce $553 million funding from the US International Development Finance Corp. toward a port terminal in Sri Lanka’s capital being jointly developed by the conglomerate. (Bloomberg)

08 Nov 2023, 02:19:01 PM IST

Sensex Today Live: Godrej Industries Q2 Results: Net profit drops 44% YoY to ₹87 crore; board approves raising ₹1,500 crore

Godrej Industries registered a significant 44.1% year-on-year (YoY) decline in its net profit for the quarter ending in September 2023, amounting to 87.3 crore. In the corresponding quarter of the previous year, the company had reported a net profit of 156.2 crore.

During Q2FY24, the company's consolidated revenue from operations witnessed a 2.1% decrease, reaching 3,937.61 crore compared to 4,021.04 crore in the same period the previous year.

However, the operating performance of the company exhibited improvement in the second quarter of FY24, with the earnings before interest, tax, depreciation, and amortization (EBITDA) rising by 20.5% to 265.5 crore from 220.3 crore, leading to an expansion of the EBITDA margin to 6.7% from 5.5% YoY. (Read More)

08 Nov 2023, 01:59:56 PM IST

Sensex Today Live | Share Market Updates: India, US to review bilateral ties, key global issues at '2 2:' dialogue

India and the US will carry out a comprehensive review of their fast-expanding strategic ties at the next edition of the '2 2' foreign and defence ministerial dialogue here on Friday.

US Secretary of State Antony Blinken and Defence Secretary Lloyd Austin are visiting India for the dialogue.

The Indian delegation will be led by External Affairs Minister S Jaishankar and Defence Minister Rajnath Singh.

"Defence Minister Rajnath Singh and Minister of External Affairs S Jaishankar will welcome US Secretary of State Antony J Blinken and Secretary of Defence Lloyd J Austin III for the fifth India-US 2 2 Ministerial Dialogue in New Delhi on November 10," the External Affairs Ministry (MEA) said on Wednesday. (PTI)

08 Nov 2023, 01:59:13 PM IST

Sensex Today Live: Prince Pipes shares gain 15%, record 2nd largest single-day rise

Prince Pipes & Fittings, a leading integrated piping solutions provider and multi-polymer manufacturer in India, observed a notable upsurge in its stock price during Wednesday's trading session, propelled by the company's robust performance in Q2FY24.

In the second quarter ending in September (Q2FY24), the company announced a net profit of 71 crore, marking a significant improvement compared to the net loss of 24 crore in the same period last year. Notably, the company's Q2FY24 results included an extraordinary item of a net gain of 17.93 crore associated with the settlement of the registration of its corporate office at The Ruby, Dadar, Mumbai, in accordance with the company's earnings report. (Read More)

08 Nov 2023, 01:40:57 PM IST

Sensex Today Live | Share Market Updates: Elon Musk's Starlink could get India license soon

The government may soon approve voice and data communication services from Elon Musk's Starlink, officials told The Economic Times.

A source said that Starlink gave "satisfactory" answers with regard to the company's data storage and transfer norms. "The company will be given a global mobile personal communication by satellite services (GMPCS) license to offer services after the security check is completed," they added. (Read More)

08 Nov 2023, 01:24:28 PM IST

Sensex Today Live | Share Market Updates: HPCL share price jumps 24% in nine days; check out key reasons behind the rally

Hindustan Petroleum Corporation Limited (HPCL) experienced a notable 7.7% surge in share price during Wednesday's trading session, driven by the positive second-quarter results from the oil marketing company (OMC). This increase was further supported by various domestic brokerages either maintaining or raising their target prices for the stock, foreseeing potential upside. Notably, HPCL shares have been on a nine-day consecutive surge, resulting in a remarkable 24% increase. The share price of Hindustan Petroleum Corporation Limited opened at an intraday low of 281.50 apiece on the Bombay Stock Exchange (BSE) today.

Furthermore, the decline in crude oil prices has acted as an additional contributing factor to the upward trend observed in OMC companies. According to a report by Reuters, oil prices plunged by more than 4% on Tuesday, reaching their lowest levels since late July. This drop was attributed to the strengthening of the dollar and eased concerns about tight markets, influenced by mixed Chinese economic data and increased OPEC exports. (Read More)

08 Nov 2023, 01:17:43 PM IST

Sensex Today Live: Adani Ports share price rises almost 3% on US DFC investment boost

Adani Ports share price rose almost 3 per cent in intraday trade on BSE on Wednesday, November 8, after the company said US International Development Finance Corporation (DFC) will fund Adani’s joint venture (JV) in Sri Lanka, for $553 million.

"US International Development Finance Corporation (DFC) has announced that it will be funding Colombo West International Terminal Pvt. Ltd. (CWIT) – a consortium of Adani Ports and SEZ, Sri Lanka's leading enterprise John Keells Holdings (JKH) and the Sri Lanka Ports Authority – to the tune of $553 million," Adani Ports said in an exchange filing. (Read More)

08 Nov 2023, 01:16:45 PM IST

Sensex Today: Titan gains in today's session and is among the biggest gainers in S&P Sensex stock charts

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08 Nov 2023, 12:53:47 PM IST

Sensex Today Live: CIL gives extension to Debasish Nanda as Director, Business Development

State-owned CIL on Wednesday said it has given an extension to Debasish Nanda, who at present is the company's Director, Business Development.

The extension has been given to Nanda, who is at present the company's Director, Business Development, for a period of six months effective November 2, 2023 or till the appointment of a regular incumbent or until further orders, whichever is earliest, Coal India Ltd (CIL) said in a regulatory filing.

Nanda took over as CIL's first Director, Business Development last year.

Before joining CIL, Nanda was working as Executive Director (Gas) in Indian Oil. (PTI)

08 Nov 2023, 12:43:31 PM IST

Sensex Today Live | Share Market Updates: Yatharth Hospital shares surge over 10% on stellar Q2 performance

Yatharth Hospital & Trauma Care Services, a prominent private super specialty hospital in Delhi NCR, witnessed a significant 10.75% surge in its share price to reach 414.95 apiece during early trading on Wednesday. This impressive rise was a direct response to the company's exceptional performance in the second quarter of fiscal year 2023-24.

In its recent financial report, the company unveiled a remarkable 34% year-on-year (YoY) increase in revenues, totaling 171 crore. Additionally, it reported a 36% YoY growth in EBITDA, amounting to 45.6 crore, while the EBITDA margin experienced a 40 basis points YoY improvement, reaching 26.6%. (Read More)

08 Nov 2023, 12:42:01 PM IST

Sensex Today: India oil product demand rises in October amid festival boost: S&P Global

India’s oil product demand increased 1.6% on a month-on-month in October, driven by heightened mobility and consumption during the country's festive season starting mid-October, according to a report by S&P Global Commodity Insights.

The increase equates to an additional 80,000 barrels per day (b/d). "On a year-on-year basis, total demand was up by 197,000 b/d, or 4% as strong economic fundamentals continue, the report said.

S&P Global Commodity Insights has also revised higher its forecast for India's oil demand for 2023, projecting an expansion of 258,000 b/d, which is an increase of 9,000 b/d from its previous estimate. (Read More)

08 Nov 2023, 12:13:30 PM IST

Sensex Today Live: Kalyani Cast Tech IPO: Issue fully subscribed on first day

Kalyani Cast Tech, a cargo containers manufacturer, initiated its initial public offering (IPO) on November 8, with the intention of raising 30.11 crore. This SME IPO, which is a book-built issue, is scheduled to conclude on November 10.

The IPO has garnered significant investor interest and was fully subscribed within a few hours of opening. Kalyani Cast Tech specializes in the production of various types of cargo containers and offers a diverse range of castings, including finished components. (Read More)

08 Nov 2023, 12:08:19 PM IST

Sensex Today Live | Share Market Updates: Cochin Shipyard share price rises over 3%; Kotak upgrades the stock after Q2 result

Cochin Shipyard's share price surged over 3% during morning trading on the Bombay Stock Exchange (BSE) on Wednesday, November 8, indicating a potential extension of gains for the third consecutive session. This uptrend follows the company's recent announcement of its September quarter financial results.

In the disclosed report during market hours on Tuesday, November 7, Cochin Shipyard revealed a substantial 61% year-on-year (YoY) increase in Q2FY24 consolidated net profit, amounting to 181.53 crore, compared to 112.79 crore in the corresponding quarter last year. Additionally, the company's revenue from operations for the quarter exhibited a significant 48% YoY growth, reaching 1,011.72 crore, up from 683.18 crore in the same quarter of the previous year. (Read More)

08 Nov 2023, 12:02:28 PM IST

Sensex at Noon: Indices trade flat amidst volatility and negative global cues; Finance index struggles; Pharma and Energy shine 

Sensex at Noon
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Sensex at Noon
08 Nov 2023, 11:51:40 AM IST

Sensex Today: PL Stock Report: Zydus Lifesciences (ZYDUSLIF IN) - Q2FY24 Reuslt Update – Healthy margins despite lower gRevlimid sales - Accumulate

Param Desai - Research Analyst, Prabhudas Lilladher Pvt Ltd. views on Zydus Lifesciences (ZYDUSLIF IN) - Rating: ACCUMULATE | CMP: Rs599 | TP: Rs670

Q2FY24 Reuslt Update – Healthy margins despite lower gRevlimid sales

Quick Pointers:

§ US sales lower QoQ due to muted gRevlimid sales.

§ Aspires to achieve $100mn revenues from rare disease portfolio in 3-5yrs.

Zydus Lifesciences (ZYDUSLIF) Q2 EBITDA of Rs10.6bn (up 55% YoY) was largely in line with our estimate aided by healthy margins despite negligible gRevlimid sales. We believe that company’s steady domestic franchise, strong balance sheet and potential new launches in US will help negate pricing pressure and likely competition in some key products like gAsacol. Moreover, ZYDUSLIF is also working on robust pipeline of complex products including injectables, transdermals, NCE, biosimilars and vaccines which are expected to materialize over next 2–3 years. Our FY24/25E EPS stands increased by ~7%. We maintain our ‘Accumulate’ rating with revised TP of Rs670 (Rs650 earlier), valuing at 23x (unchanged) Sept 2025E earnings plus Rs25/share for gRevlimid.

08 Nov 2023, 11:40:04 AM IST

Sensex Today Live: Rupee rises 4 paise to 83.23 against US dollar in early trade

The rupee was trading in a narrow range against the US dollar in early trade on Wednesday amid a muted trend in domestic equities and strength of the American currency in the overseas market.

Forex traders said sustained foreign fund outflows also dented investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 83.25 against the dollar and then touched an early high of 83.23, registering a gain of 4 paise over its previous close.

On Tuesday, the rupee settled at 83.27 against the US dollar. (PTI)

08 Nov 2023, 11:33:52 AM IST

Sensex Today Live | Share Market Updates: Salasar Techno Engineering Q2 profit at ₹9 cr

Salasar Techno Engineering Ltd (STEL) has posted 20 per cent rise in consolidated net profit at 9 crore for September quarter 2023-24, aided by increased revenues.

It had clocked 7.51 crore net profit in the year-ago period, the company said in a regulatory filing on Tuesday.

Total income rose to 275.66 crore from 258.78 crore in the same quarter a year ago.

Expenses were at 263.32 crore as against 248.17 crore in the year-ago quarter.

As of September 30, 2023, STEL has a strong diversified order book worth 1,440 crore which includes both domestic and international contracts.

"This quarter has been particularly eventful and successful for us, marked by robust financial performance, significant international order win, and capacity augmentation," a company spokesperson said. (PTI)

08 Nov 2023, 11:26:00 AM IST

Sensex Today Live: LKP Securities views on BANK OF BARODA - Q2 FY24 Result Update - BUY

In 2QFY24, Bank of Baroda (BOB) has delivered an expected result on operating and assets quality front. The fresh slippages were at higher side at 43.3bn v/s 24.5bn in 1QFY24. Furthermore, the reduction (up-gradation & recovery) stood higher too at 56bn v/s 47bn in the previous quarter. It reported GNPA (3.32% v/s 3.51% in 1QFY24) and NNPA (0.76% v/s 0.78% in 1QFY24) declined moderately along with stable PCR (incl. TWO) of 93%. The bank has witnessed robust growth in net advances (19.3% YoY, 3.6% QoQ) and deposit growth (14.6% YoY, 4.1% sequentially) with better liquidity position (LCR of 132% +). Moreover the bank has reported net profit of 42.6bn on the back of higher loan loss provision ( 22.8bn v/s 16.9bn in the previous quarter) and squeezed NIM (Domestic NIMs: 3.19% v/s 3.41% in 1QFY24). SMA1/2 pool reduced sequentially to ~22bps. We believe the inexpensive valuation (P/ABVPS: 1.0x) makes BOB lucrative. Thus reiterate BUY with unchanged target price of 239.

08 Nov 2023, 11:14:12 AM IST

Sensex Today: India pigeon pea imports from top supplier Mozambique delayed, lifting prices

At least 150,000 metric tons of pigeon peas bound for India are held up at ports in Mozambique awaiting export permission from customs despite multiple requests from sellers over the past few weeks, five industry officials said on Wednesday.

India, the world's biggest producer and consumer of pigeon peas, relies on imports during the final quarter of the year before the new crop harvest in January. Over half of India's imports of pigeon peas are sourced from Mozambique.

The delay in shipments has pushed up prices of the protein-rich staple, known in India as arhar or tur, used to make daal curry in the peak-consumption festive season.

"Stocks are currently held in port-based warehouses and sellers are incurring huge storage and re-fumigation costs," said Suhas Chougule, managing director at MozGrain Lda, a local subsidiary of Ma'aden Saudi Arabia, based at Beira, Mozambique. (Reuters)

08 Nov 2023, 11:04:48 AM IST

Sensex Today Live: Expect further interest rate hike needed to bring inflation down: Fed Governor Bowman

Federal Reserve Governor Michelle Bowman reiterated her view that the central bank will need to increase the interest funds rate further to bring inflation down to its 2 per cent target.

"We have seen considerable progress on lowering inflation, but inflation remains high and recent readings have been uneven," Bowman said at the 2023 Ohio Bankers League "Main Event," Columbus, Ohio on Tuesday (local time), excerpts of which were made available on the Fed's website.

Consumer inflation in the US was 3.7 per cent year-on-year in September, quite above its central bank's 2 per cent aim. (ANI)

08 Nov 2023, 10:45:43 AM IST

Sensex Today Live | Share Market Updates: Protean eGov Technologies IPO bidding ends today

Protean eGov Technologies' IPO commenced on Monday, November 6, and is set to conclude today, Wednesday, November 8. The IPO saw robust participation from both retail and non-institutional investors, leading to full subscription on the first day itself. The retail segment continued to display substantial demand on the second day, November 07, with non-institutional investors also demonstrating keen interest. Notably, the issue was fully subscribed within the first fifteen minutes of opening on the third day, driven by strong demand from both retail and NII investors. (Read More)

08 Nov 2023, 10:39:49 AM IST

Sensex Today Live: Hindalco share price up about 2% on sequential improvement in volumes and profitability reported by Novelis Q2 result

Hindalco Industries Ltd observed a rise in share prices by as much as 1.81% during early trading on Wednesday. This increase was attributed to the encouraging performance of its US subsidiary, Novelis Inc., in the quarter ending in September. Notably, per tonne profitability showed improvement for the third consecutive quarter, and the volume recovery also served as a significant positive, bolstering confidence in Hindalco's future prospects. It is worth mentioning that Novelis contributes over half of Hindalco's operating profits (Read More).

08 Nov 2023, 10:30:51 AM IST

Sensex Today Live | Share Market Updates: Pharma index shines as it jumps a per cent with most stocks in the green

Pharma index
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Pharma index
08 Nov 2023, 10:25:20 AM IST

Sensex Today Live: JM Financial views on Devyani International Ltd (DEVYANI IN): 2QFY24 | Margin delivery surprises negatively

Mehul Desai of JM Financial views on Devyani International Ltd (DEVYANI IN): 2QFY24 | Margin delivery surprises negatively

BUY INR 210 

Devyani’s 2QFY24 performance was below expectations, with operating environment remaining challenging as seen in case of other QSR players too. On the topline front, sales growth was largely driven by store additions, as same store sales for KFC/PH declined by 4%/10%. KFC performance on sales & profitability appears weaker vs Sapphire Foods. PH performance saw further deterioration, as the category is seeing impact of downtrading to lower price point QSR categories and high competitive intensity. This, along with disruption in International business (Nigeria) & margin compression in Costa Coffee, drove earnings miss vs our expectation. While management remains confident of recovery in KFC profitability, PH margin recovery could take more time in current context. On the positive side, store additions remained robust and RM scenario in key brands is benign; however, SSSG recovery will be key in the near term for uptick in profitability. From long term perspective, we believe that opportunity size, execution capabilities, strong promoter backing of RJ Corp and optionality in other brands (Costa Coffee) provide assurance on the growth runway.

08 Nov 2023, 10:14:54 AM IST

Sensex Today: SAR Televenture share price lists at 90% premium at ₹105 on NSE SME

SAR Televenture IPO listing date: SAR Televenture share price made a stellar debut on NSE SME today. On NSE SME, SAR Televenture share price today was listed at 105 per share, 90.9% higher than the issue price of 55.

SAR Televenture IPO's price band is set in the range of 52 to 55. Investors bid for a minimum of 2,000 shares and in multiples thereof. (Read More)

08 Nov 2023, 10:14:06 AM IST

Sensex Today Live: Apollo Tyres stock soars 5.7% as net profit rises 164% in Q2

Apollo Tyres stock experienced a more than 5% rise in early trading on Wednesday, driven by its strong September quarter earnings that surpassed market projections. The company's consolidated net profit surged by 164.80% to 474 crore, significantly surpassing the 179 crore net profit reported in the same period last year, as well as the 397 crore net profit recorded in the preceding June quarter. (Read More)

08 Nov 2023, 09:59:43 AM IST

Sensex Today Live | Share Market Updates: Rupee opens little changed at 83.25 against the US dollar amid drop in oil prices, US Treasury yields

The Indian rupee opened little changed against the US dollar on Wednesday amid a sharp drop in crude oil prices overnight and a decline in US Treasury yields. The local unit opened at 83.25 a dollar as compared to previous close of 83.26.

The US dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.03% higher at 105.58. The 10-year US yield was down to 4.58% after several Federal Reserve officials struck a balanced tone in their comments on inflation and the likely path of interest rates, Reuters reported. (Read More)

08 Nov 2023, 09:51:32 AM IST

Sensex Today: US invests $553 million in Gautam Adani’s Sri Lanka port to counter China’s influence

The US will provide $553 million in financing for a port terminal in Sri Lanka’s capital being developed by Indian billionaire Gautam Adani, as New Delhi and Washington look to curtail China’s influence in South Asia.

The financing from International Development Finance Corp. for the deepwater West Container Terminal in Colombo is the US government agency’s largest infrastructure investment in Asia, and among its biggest globally. It will bolster Sri Lanka’s economic growth and “its regional economic integration, including with India, a key partner to both countries," DFC said in a statement. (Read More)

08 Nov 2023, 09:44:14 AM IST

Sensex Today Live: Asian Paints gains 1.5% in early trading and is among the biggest gainers

Asian Paints
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Asian Paints
08 Nov 2023, 09:34:02 AM IST

Sensex Today Live | Share Market Updates: ECB must keep rates at or near 4% through 2024 to get inflation down -IMF

Rapid wage growth in the euro zone could keep inflation elevated longer and the European Central Bank should hold interest rates at or near record highs through next year to extinguish price pressures, the International Monetary Fund said on Wednesday.

The ECB broke a streak of ten straight rate hikes last month, fuelling market expectations that its next move will be a cut, possibly as soon as April, with a total of 90 basis points of reductions priced in by the close of next year.

Pushing back on early rate cut bets, Alfred Kammer, the head of the IMF's European Department, argued that the ECB's deposit rate should stay close to its record high 4% level through all of next year. (Reuters)

08 Nov 2023, 09:27:40 AM IST

Sensex at Open: Sensex and Nifty remain flat at open as Finance index drags, while most other stay marginally in the green

Sensex at Open
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Sensex at Open
08 Nov 2023, 09:14:53 AM IST

Sensex Today: Geojit Financial Services views on today's market: The tug of war between the FIIs and DIIs continues with sustained selling by the FIIs and sustained buying by the DIIs 

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There are three significant trends in equity markets now: One, global markets are stable as indicated by the 7-day winning streak in Dow and S&P 500. Two, a risk on is evident in markets primarily driven by the sharp correction in the US 10-year bond yield from the recent high of 5% to 4.57% now. Three, the crash in Brent crude from around $94 to below $82 now indicates that the market doesn’t expect the Israel-Gaza conflict to aggravate into a wider regional conflict. In brief, the market construct is favourable for the continuation of the rally despite the geopolitical uncertainties.

The tug of war between the FIIs and DIIs continues with sustained selling by the FIIs and sustained buying by the DIIs. Since the buy on dips strategy is working, retail investors are buying in the broader market on every dip. There is no selling pressure in the broader market since FII selling is confined to large caps.

The best opportunity for long-term investors is in high quality large caps since these stocks will do well when FIIs eventually turn buyers.

08 Nov 2023, 09:13:07 AM IST

Sensex Today Live: Q2 Results today: Lupin, BHEL, MCX, Tata Power, others to announce Q2 earnings

Godrej Industries, BHEL, Oil India, Lupin, Raymond Mazagon Dock, Tata Power, Nazara Technologies, Bata India, and PFC will be among the stocks to watch on Wednesday as they will be declaring their quarterly earnings report. (Read More)

08 Nov 2023, 09:07:56 AM IST

Sensex at Preopen: Sensex opens higher at the preopen session; RIL, IRCTC, Shree Cements in focus in today's session

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08 Nov 2023, 08:56:05 AM IST

Sensex Today Live | Share Market Updates: Dividend stocks: Birlasoft, RITES, Oberoi Realty among 6 stocks to trade ex-dividend today

Birlasoft, RITES, Great Eastern Shipping Company and Oberoi Realty are among stocks that will be in focus on Wednesday as they will trade ex-dividend today. A total of six stocks will turn ex-dividend today, as per the data from BSE.

The board of directors of these companies have declared dividends for its eligible shareholders. The record date and the ex-dividend date for these stocks is November 8. (Read More)

08 Nov 2023, 08:36:12 AM IST

Sensex Today: SJVN receives nod from Uttarakhand Power Corporation for purchase of 200 MW solar power

State-owned SJVN Ltd on Tuesday said it has received a letter of intent from Uttarakhand Power Corporation Ltd (UPCL) for the purchase of 200 MW of green energy.

UPCL intends to purchase 200 MW of power at a tariff of 2.57 per unit from its 1,000 MW Bikaner Solar Project in Rajasthan, SJVN said in a statement.

"The company has received a Letter of Intent for the purchase of 200 MW of solar power from Uttarakhand Power Corporation Ltd. The solar project is being developed through SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of the company in Rajasthan under the CPSU Scheme, with viability gap funding support from Government of India," it said. (PTI)

08 Nov 2023, 08:32:01 AM IST

Sensex Today Live: FMCG growth up in Sep qtr, signs of rural recovery seen

Packaged consumer goods sales rose 9% in value in the September quarter, led by increased demand for savoury snacks and biscuits, along with stronger demand for personal care products in rural markets, according to market researcher NielsenIQ (NIQ).

In volume terms, sales gained 8.6% in the quarter after dropping 0.6% in the year-ago period, NIQ said on Tuesday. Rural markets reported a 6.4% jump in quarterly volumes after reporting a 3.6% decline in the year earlier. (Read More)

08 Nov 2023, 08:16:50 AM IST

Sensex Today Live: ASK Automotive IPO subscribed 38% on the first day of issue

ASK Automotive IPO opened for subscription on November 7 and was subscribed 38 per cent by the end of the first day of issue. The mainboard IPO will close on November 9. ASK Automotive IPO was subscribed 38 per cent on the first day of issue.

ASK Automotive IPO's retail individual investors' portion was subscribed 56 per cent on day one, the portion reserved for non-institutional investors (NII) portion was subscribed to 41 per cent, and the portion reserved for Qualified Institutional Buyers (QIB) was booked to 3 per cent. (Read More)

08 Nov 2023, 08:13:08 AM IST

Sensex Today Live | Share Market Updates: Aramco keeps $29 billion payout even as oil production falls

Aramco maintained its dividend to the Saudi government despite a drop in production and weaker oil prices as the kingdom tackles a widening budget deficit.

The total payout of $29.4 billion to the state and other investors, including a special component, held at the previous quarter’s level even as lower output helped push net income 23% down year-on-year to $32.6 billion in the third quarter.

The world’s biggest crude oil exporter provides much of the Saudi government’s income via generous dividends. (Read More)

08 Nov 2023, 08:05:56 AM IST

Sensex Today Live: Stocks to Watch: RIL, IRCTC, Power Grid, IndiGo, Shree Cement, SJVN, Apollo Tyres, Zydus Lifesciences, RITES, and Trent

  • Reliance Industries plans to raise 200 billion rupees through bonds.
  • IRCTC's net profit surged by 30.4% to 294.7 crore rupees. Revenue grew 23.5% to 995.3 crore rupees.
  • Powergrid's net profit rose to 3,781.4 crore rupees, up 3.6% from last year.
  • IndiGo expects to ground 35 planes in the March quarter due to engine issues.
  • Shree Cement's net profit soared 159% to 491 crore rupees, with sales volume up 10%.
  • Zydus Lifesciences' net profit increased by 53.2% to 800.7 crore rupees.
  • SJVN received a letter of intent to sell 200 MW green energy at 2.57 rupees per unit.
  • Apollo Tyres' net profit rose by 164% to 474 crore rupees, with revenue at 6,280 crore rupees.
  • RITES launched a new vertical for consultancy in green mobility and plans to expand its export revenue.
  • Trent's net profit nearly tripled to 228.06 crore rupees, with revenue at 2,982.42 crore rupees. (Read More)

08 Nov 2023, 08:00:56 AM IST

Sensex Today: IndiGo likely to ground 35 aircraft due to Pratt & Whitney engine issues in March quater

IndiGo, India's largest airline, anticipates grounding at least 35 planes in the upcoming March quarter due to powder metal issue with the Pratt & Whitney engines.

This adds to the nearly 40 aircraft already grounded for other engine-related issues. With a fleet of 334 planes at the end of September, the airline is expected to encounter capacity constraints in the March quarter, despite ongoing efforts to address the situation. (Read More)

08 Nov 2023, 07:57:34 AM IST

Sensex Today Live: Oil Falls to Three-Month Low as Bearish Demand Indicators Grow

Oil fell to a three-month low as a forecast drop in US gasoline consumption added to a growing array of indicators suggesting the demand outlook is worsening.

Global benchmark Brent fell toward $81 a barrel after plunging 4.2% on Tuesday, while West Texas Intermediate was near $77. American gasoline demand will drop to a 20-year low next year on a per-capita basis, according to a US government report, with prices at the pump and inflation likely causing a reduction in discretionary driving.

Oil has fallen sharply over the last three weeks as the Israel-Hamas war-risk premium evaporated and the demand outlook deteriorated. There are worries over the state of the economy in China, the world’s biggest importer, and fresh doubts on whether the Federal Reserve has finished tightening. On the supply front, Russian shipments are running near a four-month high, while industry data showed US crude stockpiles increased by almost 12 million barrels last week. (Bloomberg)

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