Share Market Updates: Indices felt pressure in amidst mixed cues globally and ended flat as rate hike fears make a resurgence among investors.
Mamaearth's parent Honasa Consumer share price was listed on the bourses at a small premium of 2% on Tuesday.
Oil held a modest advance after Saudi Arabia and Russia’s announcements that they would prolong supply cuts through the end of the year was balanced by a worsening demand outlook.
Asian markets turned negative Tuesday after their latest rally as high hopes the US Federal Reserve has finished hiking rates gave way to profit-taking.
Indices bounced back in the final hour to end flat after struggling for the most part; Auto and Realty sector struggled, while Pharma sectors jumped
Indian shares ended flat after struggling for most of the session on Tuesday, dragged by realty and auto stocks, tracking a drop in Asian peers on mixed trade data from China.
The NSE Nifty 50 index shed 5 pts to close at 19,406, while the S&P BSE Sensex fell 15 pts to end at 64,942. Eleven of the 15 Nifty sectoral indices fell.
Realty, Auto and Consumer Durables were among the sectors that fell in today's session, while Pharma index gained more than a per cent. Finance sector made a come-back after struggling in the first half to end in the green
Hero MotoCorp, Bajaj Finance, RIL and JSW Steel dragged in today's session and bottomed the stock charts. Sun Pharma, BPCL, NTPC and Dr Reddy's topped the charts.
World shares lost steam on Tuesday as investor enthusiasm about a peak in global interest rates faded, while the Australian dollar dropped after investors bet central bank rate hikes were nearing their end.
Japan's Nikkei share average lost more than 1%, snapping a four-session gaining streak, as investors sold stocks to lock in profits after a sharp rally, with an overnight climb in U.S. Treasury yields turning sentiment. The Nikkei closed down 1.34%. The broader Topix ended 1.17% lower.
Chinese stocks closed down on Tuesday, as fresh trade data underscored an uneven economic recovery, and as global markets declined because investors reined in enthusiasm about a possible peak in global interest rates.
The blue-chip CSI 300 Index was down 0.4% and the Shanghai Composite Index was almost unchanged at market close. Hong Kong's Hang Seng Index dropped 1.7% and the Hang Seng China Enterprises Index lost 1.5%.
European shares were subdued as a drag in energy stocks offset gains in financials, while Watches of Switzerland jumped to a more than one-month high following a strong second-quarter update.
British equities edged higher on Tuesday lifted by a surge in the personal goods sector, while investors assessed economic data that shows a slowing UK economy.
Sensex Today: Dr Reddy's is among the biggest gainers and leads the pharma index rally
Sensex Today Live: Indian battery maker Eveready posts rise in Q2 profit on lower costs
Battery maker Eveready Industries India on Tuesday reported a more than 72% rise in second-quarter profit, helped by diminishing costs.
Consolidated net profit rose to 254.4 million rupees ($3.06 million) in the quarter ended Sept. 30 from 147.3 million rupees a year ago.
Quarterly expenses for the company, which also sells flashlights and lighting products like LED bulbs, fell 6% to 3.34 billion rupees, led by a nearly 15% decline in raw material costs.
Costs of lithium and cobalt, key raw materials for battery makers, fell globally during the quarter.
Operating EBITDA (earnings before interest, taxes, depreciation, and amortization) margin expanded to 12.7% in the quarter from 11.4% a year ago. (Reuters)
Sensex Today Live | Share Market Updates: Alkem Laboratories Q2 net profit up 76.83 pc at ₹614.89 crore
Alkem Laboratories Ltd on Tuesday reported a 76.83 per cent rise in consolidated net profit at ₹614.89 crore for the second quarter ended September 30, on the back of lower raw material cost and lower intensity of price erosion in the US market.
The company had posted a consolidated net profit of ₹347.72 crore in the second quarter of the last fiscal year, Alkem Laboratories said in a regulatory filing.
Consolidated revenue from operations stood at ₹3,440.17 crore, as compared to ₹3,079.37 crore in the year-ago period, it added.
Total expenses in the quarter were marginally higher at ₹2,797.66 crore, as against ₹2,727.71 crore in the same period a year ago, the company said. (PTI)
Sensex Today: Indo Count Industries shares hit fresh 52-week high on highest-ever quarterly revenue in Q2
Indo Count Industries' shares soared more than 8%, reaching a 52-week high of ₹302.80 per share on Tuesday, following the company's Q2FY24 earnings that surpassed market expectations. The company unveiled its Q2FY24 figures after market closure on Monday, revealing record-breaking quarterly revenue of ₹1,033 crore. This achievement marks the first time in the company's history that quarterly revenue has crossed the ₹1,000 crore threshold, driven by a significant increase in sales volume. In the corresponding period last year, the company recorded revenue of ₹849 crore, signifying a notable 22% growth in Q2FY24 revenue compared to the previous year. (Read More)
INDO COUNT INDUSTRIES
Sensex Today Live: SoftBank's WeWork, once most valuable US startup, succumbs to bankruptcy
WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday after its bets on companies using more of its office-sharing space soured.
The move represents an admission by SoftBank, the Japanese technology group that owns about 60% of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in bankruptcy.
A WeWork spokesperson said about 92% of the company's lenders had agreed to convert their secured debt into equity under a restructuring support agreement, wiping out about $3 billion of debt. (Reuters)
Sensex Today: UBS Sees Progress on Winning Back Clients Amid Quarterly Loss
UBS Group AG reported stronger-than-expected client inflows and progress in meeting cost-saving goals even as the ongoing absorption of Credit Suisse drags on the Swiss lender’s performance.
The wealth management unit saw $22 billion in net new money in the third quarter, compared with an estimate for $14 billion. UBS said it had stabilized Credit Suisse’s wealth-management business, with the first positive client flows in a year and a half.
Still, the Zurich-based bank posted a net loss of $785 million for the three months to September, its first quarterly loss in almost six years. Total integration-related expenses came in at $2 billion, with a further $1 billion expected to come in the fourth quarter. (Bloomberg)
Sensex Today Live: PLI disbursement for white goods expected to start from Q4: DPIIT Secretary
The government is expected to start disbursement of fiscal incentives under PLI for white goods in the last quarter of this financial year as certain selected beneficiary firms have started production, DPIIT Secretary Rajesh Kumar Singh said on Tuesday.
The production-linked incentive (PLI) scheme on white goods seeks to encourage domestic manufacturing of air conditioners and LED light components.
“In the last quarter (January-March), we are expecting some disbursements," Singh told reporters on the sidelines of the India-Korea Business Partnership Forum meeting here.
Of the 64 selected beneficiaries of the PLI scheme, 15 have started production. These 15 beneficiaries had opted for a gestation period of up to March 31, 2022. The rest of the beneficiaries who opted for a gestation period of up to March 31, 2023, are at different stages of implementation. (PTI)
Sensex Today Live | Share Market Updates: Tata may sell Voltas home appliance business
Tata Group is considering selling the home appliance operation of Voltas Ltd. as the Indian conglomerate foresees difficulties in scaling up the business in a competitive market, sources told Bloomberg.
Sensex Today Live: Mamaearth's parent Honasa Consumer share price dips after flat listing
fter flat listing on BSE and NSE, Mamaearth's parent Honasa Consumer share price further went down and touched an intraday low of ₹322 apiece on BSE.
According to stock market experts, Mamaearth IPO witnessed 'motivated investment' in the second half of the last day of subscription. Hence, there can be a sharp downside if no big investment comes into the stock after listing. They advised aggressive investors to keep an eye on bulk deals after listing. However, for those who have low-risk appetite, they should book profit and exit. (Read More)
Sensex Today: India will not accept unfair taxes on steel, aluminum industry: Goyal on EU's carbon tax
Expressing serious concerns over the European Union's move to impose carbon tax on imports from certain sectors like steel, Commerce and Industry Minister Piyush Goyal on Tuesday assured the domestic industry that India will not accept such unfair taxes and will fight to get a fair deal for producers and exporters.
He said India has already flagged its concerns over the carbon tax with the European Union (EU) and in the WTO (World Trade Organization).
The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026, but from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU.
"I will assure you that we are extremely concerned about CBAM...We are taking it up with the WTO very very seriously. We shall try to work and fight to get a fair deal for the Indian producers and exporters and nobody is complacent about CBAM," he said here at a function of the steel industry. (PTI)
Sensex Today Live: Bharat Atta sale kicks off ahead of Diwali, wheat flour to be sold at subsidised rate
Ahead of Diwali festival, the Centre has launched Bharat Atta scheme wherein wheat flour will be sold at a subsidised rate of ₹27.50 per kg. This scheme is launched across the country in order to provide relief to consumers from high prices. This subsidised rate is lower than the prevailing market rate of ₹36-70 per kg, depending on the quality and location. (Read More)
Sensex Today Live | Share Market Updates: India's Zydus Q2 profit jumps on strong domestic, US demand
Indian generic drugmaker Zydus Lifesciences Ltd reported a better-than-expected 53.3% jump in quarterly profit on Tuesday, led by the strong sales in the domestic market and the United States.
Consolidated net profit was 8.01 billion rupees ($96.2 million) in the quarter ended Sept 30, compared with 5.23 billion rupees a year earlier. Analysts, on an average, expected a profit of 7.58 billion rupees, per LSEG data.
Total revenue from operations rose 9.1% to 43.69 billion rupees, boosted by the strength in U.S. formulation segment, which constitutes 44% of the business.
India's generic drug makers, which draw a significant share of revenue from the crucial U.S. market, are recovering from the effects of eroding prices in the largest drug market in the world. (Reuters)
Sensex Today Live: Indian poultry firm Venky's swings to profit in Q2 on lower costs
Poultry firm Venky's (India) returned to a profit in the second quarter on Tuesday, helped by lower expenses and better earnings per poultry unit sale.
The Pune, Maharashtra-based company reported a standalone profit of 340.9 million rupees ($4.09 million) in the three months to Sept. 30, from a loss of 205.6 million rupees a year earlier.
Realisations, or earnings per sales-volume unit, were higher from sales of day-old chicks and adult broiler birds -- birds reared for consumption, the company said.
Raw material costs fell 12.3% from a year earlier in the quarter, shrinking total expenses 11.8% to 8.76 billion rupees. (Reuters)
Sensex Today Live | Share Market Updates: IMF raises China's 2023, 2024 GDP growth forecasts
The International Monetary Fund on Tuesday raised its gross domestic product growth forecasts for China to 5.4% in 2023 and 4.6% in 2024. In October, the Washington-based financial body downgraded the country's growth forecast to 5% and 4.2% in 2023 and 2024 respectively.
Sensex Today Live: InCred Equities on Crompton Greaves Consumer Electricals - Moving in line with management’s guidance (HOLD - Maintained)
Rahul AGARWAL and Harshit SARAWAGI of InCred Equiteis views on Crompton Greaves Consumer Electricals: Moving in line with management’s guidance
CROMPTON IN / CROP.NS | HOLD - Maintained | INR283 tp:INR286
Mkt.Cap:US$2,178m | Avg.Daily Vol:US$10.2m | Free Float:100.0%
■ 2QFY24 ECD revenue growth was good as fans/appliances sales grew 17-18% yoy. Pumps grew 10% yoy. Lighting & Butterfly sales fell by 11-17% yoy.
■ Management is focused on Crompton 2.0 tenets of premiumization, realigning products, focus on manufacturing/sales channel and launching new products.
■ We account for 1H and cut EPS by 7-10% for FY24-25F. Retain our HOLD rating with a lower target price of Rs286 based on a P/E of 30x FY25F EPS.
CROMPTON GREAVES CONSUMER ELECTRICALS
Sensex Today: Devyani International Q2 result: Profit falls 43% YoY; opens 68 net new stores in Q2FY24
Devyani International released its financial results for the second quarter of fiscal year 2023-24 (Q2FY24) on November 7. The company reported a consolidated profit of ₹33.35 crore for this quarter, which marks a 43% decline compared to the profit of ₹58.76 crore in the corresponding quarter of the previous year.
The revenue from operations in the same quarter reached ₹819.47 crore, showing a growth of 9.64% year-on-year (YoY) in comparison to ₹747.43 crore in Q2FY23.
Devyani International's reported EBITDA, post-IND-AS adjustments, closed at ₹158.8 crore, leading to an EBITDA margin of 19.4%. (Read More)
Sensex Today Live: Fibe (formerly EarlySalary) raises Rs. 30 crore via NCD issuance
Fibe’s NBFC entity EarlySalary Services Pvt. Ltd. has raised Rs. 30 crores via the issuance of Non-Convertible Debentures (NCD). The issue was fully subscribed through private placement on the first day of subscription. The company in a statement said that it also has a green shoe option of raising another ₹19 crore, which is also fully subscribed. AK Capital Services Ltd. was the sole arranger for the bond issuance. The issues elicited responses from HNIs, family offices, etc, the statement added.
Sensex Today Live | Share Market Updates: Oil prices under pressure as China trade data offsets supply cut concerns
Crude oil prices were under pressure on Tuesday as a mixed set of economic data out of the second-largest consumer China offset worries about supply cuts by major producers.
Around 1110 am, the January contract of Brent on the Intercontinental Exchange traded at $84.78 per barrel, down 0.47% from previous close. The December West Texas Intermediate (WTI) contract on the NYMEX was 0.40% at $80.50 a barrel.
China’s exports dropped 6.4% year-on-year in October, while imports rose 3.0% on the year last month. Investors are worried that falling exports emphasise the economic headwinds the country and the world, at large, face. (Read More)
Sensex Today Live: Why SOM Distilleries shares are nosediving today — explained
SOM Distilleries shares have been under sell off heat since early morning deals. SOM Distilleries share price today opened downside and went further down and hit intraday low of ₹304 apiece on NSE, logging near 7 per cent dip during Tuesday deals.
According to stock market experts, SOM Distilleries shares are nosediving today due to panic selling on corporate governance issue. Market experts said that the issue has come forward after income tax raids in its various offices in Madhya Pradesh. They advised long-term investors to maintian strict stop loss below ₹285 and hold the stock. (Read More)
SOM DISTILLERIES & BREWERIES
Sensex at Noon: Indices remain in the red as Sensex and Nifty drop 250 pts and 70 pts; Bank and Finance stocks drop
Sensex Today: India taking up carbon tax issue with EU and WTO, trade minister says
India is concerned by the imposition of a carbon tax by the European Union (EU) and is taking up the issue with the grouping and the World Trade Organization (WTO), trade minister Piyush Goyal said on Tuesday.
"We are taking it up with the EU and at the WTO very, very seriously," Goyal said at an industry event. (Reuters)
Sensex Today Live: Indian IPOs remain a mixed bag with Mamaearth listing
Shares of Honasa Consumer Ltd, the parent company of personal-care brand Mamaearth, debuted at ₹330 on the BSE on Tuesday, a premium of 1.85% to the issue price of ₹324. The company's ₹1,701-crore IPO, which concluded on 2 November, was subscribed 7.61 times over, indicating strong investor demand, but initial public offerings (IPOs) in India have seen mixed performances since last Diwali.
Companies such as Ideaforge Tech, Netweb Technology, Utkarsh Small Finance Bank, Cyient DLM, SBFC Finance, Cello World, and Mankind Pharma, recorded strong listing gains ranging from 20% to 93%. The broader market, as represented by the Nifty 50 index, has also shown resilience, rising by 10.44% since last Diwali. However, not all IPOs have been so fortunate. Yatra Online's shares fell by 10.2% when they were listed, while Inox Green's stock shed 7% on debut and Fusion Microfinance’s stock declined 2.3%. (Read More)
Sensex Today Live: ICICI Bank sheds around a per cent and is among the biggest laggards
Sensex Today Live | Share Market Updates: China's Oct exports to Russia continue to grow at double-digit pace
China's exports to Russia held up well in October, China's customs data showed on Tuesday, bucking the trend of weakening demand for Chinese manufactured goods elsewhere.
Chinese shipments to Russia rose 17% to $8.69 billion in October from a year earlier, Reuters calculations based on customs data showed. Although the pace of growth slowed from the 21% gain in September, it was in contrast to a 6.4% decline in China's overall exports last month.
Imports from Russia rose 9% to $11.11 billion last month after growing 8% in August.
The Chinese customs agency did not give a breakdown of imports and exports by both country and product in the data on Tuesday. (Reuters)
Sensex Today Live: Wipro asks employees to work from office thrice a week
Wipro, India's fourth-largest IT services provider, is mandating that all its employees globally work from office at least thrice a week from this month, according to a company-wide email seen by Reuters on Tuesday.
Companies have been reversing or modifying their "remote work" policies as COVID-19 pandemic-related restrictions wound down for reasons including better communication and collaboration among workers.
Last week, Infosys, India's No. 2 software services exporter, asked some employees to return to office 10 days a month, while industry leader TCS has asked employees to return to the office for five days a week.
Wipro has been encouraging employees to work from office thrice a week since May and about 55% of the workforce are currently working from office at that frequency, a company spokesperson said. Wipro had 244,707 employees as of Sept. 30.
The Bengaluru-based company confirmed the mandate will be effective Nov. 15, which was first reported by local media. (Reuters)
Sensex Today Live | Share Market Updates: India rupee down in line with Asian peers, premiums retreat
The Indian rupee fell slightly on Tuesday after the U.S. dollar recouped a small part of its recent losses, while far forward premiums dropped amid the soft overnight swap rate.
The rupee was at 83.2525 to the dollar at 10:40 a.m. IST, down from 83.2150 in the previous session.
The Korean won, the Malaysian ringgit and the Indonesian rupiah were down 0.4% to 0.7%, halting a rally prompted on bets that the U.S. Federal Reserve rate hike cycle is done.
The dollar index inched up to 105.36, having dropped to over a month's low on Monday, and the 10-year U.S. Treasury yield was at 4.64%, about seven basis points higher than Monday's low. (Reuters)
Sensex Today: PHarma index shines amidst an otherwise lacklustre trading with Gland PHarma leading the rally
Sensex Today Live: Maitreya Medicare lists at ₹162.55, premium of 98.23% to IPO price
Maitreya Medicare had a robust start on the stock market today, November 7, 2023. The stock was listed at ₹162.55 per share on NSE SME, indicating a significant premium of 98.23% over the issue price of ₹82.
During the IPO, which was open for subscription from October 27 to November 1, the price band for the shares was set between ₹78 and ₹82. The IPO exclusively featured a fresh issue of 18,16,000 equity shares, amounting to a total value of ₹14.89 crore.
The overwhelming response to the IPO was evident in the subscription numbers, with the issue being oversubscribed by a substantial 410 times. Specifically, retail investors demonstrated a remarkable interest, subscribing to 673 times their allocated portion, while non-institutional buyers showed a strong response as well, oversubscribing their portion by 1021 times, as reported by Trendlyne. (Read More)
Sensex Today Live | Share Market Updates: Mish Designs shares list at 31% premium on BSE SME platform
Today, amidst robust sentiments in the stock market, Mish Designs shares were listed on the BSE SME exchange at around ₹160 per share, reflecting a substantial 31% increase from the issue price. The initial issue price was set at ₹122 per share. Following the listing at ₹160 per share, the price of Mish Designs shares experienced further upward movement, reaching an intraday high of ₹165 per share within a few minutes of the stock's listing.
Despite the promising start, profit booking activities led to a reversal in the stock's trajectory, causing the price to decline. Ultimately, Mish Designs shares touched a low of ₹124 apiece during the day's trading session. (Read More)
Sensex Today: JM Financial views on Bharat Forge | Healthy performance; Improvement in int’l biz. profitability remains key
Vivek Kumar of JM Financial views on Bharat Forge: Healthy performance; Improvement in int’l biz. profitability remains key
Result Update BUY INR 1,150
In 2QFY24, Bharat Forge (BHFC) reported standalone EBITDAM of 27.0% (+270bps YoY, +120bps QoQ), 100bps above JMFe. Avg. realisation improved +2% QoQ (+5% YoY). Consol. EBITDA margin improved 110bps QoQ to 16.5% (+240bps YoY). Management highlighted that Class 8 demand remains steady in NA & EU. Order book remains healthy for BHFC across verticals. The company expects Defence business to grow in strong double-digits going ahead on the back of robust exports order book (INR 28bn). We see long-term growth triggers in BHFC intact, like the steady CV cycle in US and India and strong ramp-up of PV, Aerospace and Defence vertical. Cost-control initiatives and positive operating leverage are likely to support margins. We increase our consol. earnings estimate by 3-5% for FY25/26e. Maintain BUY with a Mar’25 TP of INR 1,150 (25x forward earnings). Weakness in global CV cycle remains a key risk.
Sensex Today Live: Honasa Consumer IPO listing: Mamaearth share price debuts at a mere 2% premium at ₹330 on NSE
Mamaearth IPO listing: Mamaearth's parent Honasa Consumer share price was listed on the bourses at a premium on Tuesday. On NSE, Mamaearth's share price was listed at ₹330 per share, 1.85% higher than the issue price of ₹324, and on the BSE, Mamaearth's share price today was listed at par with the issue price at ₹324.
“We are living a dream, which we never thought of until 2.5 years ago," said Mamaearth founder Ghazal Alagh, ahead of Mamaearth IPO's D-Steet debut, as reported by Moneycontrol. (Read More)
Sensex Today Live | Share Market Updates: Gland Pharma share price jumps over 6% after Q2 results
On Tuesday, November 7, Gland Pharma witnessed a substantial surge in its share price, with an increase of over 6% in early trading. The company had recently reported its September quarter earnings. The share price opened at ₹1,640, showing a significant jump from the previous close of ₹1,574.85. Within the first 10 minutes of trade on the BSE, the stock price further escalated by 6.3% to reach ₹1,674.60. As of 9:25 am, the stock was up by 5.09% at ₹1,655.05.
Over the past six months, Gland Pharma's share price has displayed notable traction, witnessing a remarkable surge of nearly 83% from its 52-week low of ₹861.50, which was recorded on May 22 of the current year. (Read More)
Sensex Today: ASK Automotive IPO opens today: GMP, review, other details
The initial public offering (IPO) of ASK Automotive Ltd has hit primary market today and the public issue will remain available for bidding till 9th November 2023. The company has fixed ASK Automotive IPO price band at ₹268 to ₹282 apiece levels. The auto company aims to raise ₹834 crore through issuance of 29,571,390 fresh shares. Meanwhile, shares of ASK Automotive Ltd have strated trading in grey market. According to market observers, shares of ASK Automotive Ltd are available at a premium of ₹35 in grey market today. (Read More)
Sensex Today Live: Bajaj Finserv shines in early trading as it jumps more than a per cent and is among the biggest gainers
Sensex Today: Geojit Financial Services views on today's market: Stable crude, steady dollar, down trending US bond yields and declining gold are indicators of stability in markets
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The market construct is favourable for consolidation around current levels and gradual up move. The 6-day winning streak in S&P 500 provides global stability to markets. Stable crude, steady dollar, down trending US bond yields and declining gold are indicators of stability in markets.
Investors have to appreciate the fact that the rally in small and midcaps is primarily driven by retail buying on every dip. The explosive growth in demat accounts which have touched 132 million now is playing a major role in the rally in the broader market while the large caps are under pressure from FII selling. But large caps particularly ICICI Bank, HDFC Bank, RIL, Tata Motors, Bajaj Auto, L&T and Bajaj Finance have fundamental strength reinforced by the Q2 results.
FIIs turning buyers in India is only a question of time. When that happens, large caps will outperform the broader market."
Sensex Today Live | Share Market Updates: Shein Targets Up to $90 Billion Valuation in US IPO, Sources Say
Shein is touting its hopes for a valuation of as much as $90 billion as it lays the groundwork for an eventual US initial public offering, a level that far exceeds how the fast-fashion giant is valued in private trades, according to people familiar with the matter.
The company has told prospective investors that it’s aiming to fetch a valuation of $80 billion to $90 billion in a listing, the people said. The timing of the share sale remains uncertain given the market volatility, according to the people.
In private trades, Shein’s valuation has dropped below the $66 billion it got in a funding round in May, the people said. Stakes that have recently changed hands in the secondary market valued the company at around $50 billion to $60 billion, the people said. (Bloomberg)
Sensex at Open: Indices are trading in the red within minutes of opening as Sensex is down 150 pts and Nifty around 50 pts; HDFC Bank and Powergrid drag
Sensex Today Live: Q2 Results today: IRCTC, Power Grid, Shree Cement, others to announce Q2 earnings
Today, a handful of major companies will be releasing their Q2 results, including Power Grid Corporation of India, Shree Cement, Alkem Laboratories, Anupam Rasayan India, Alembic Pharmaceuticals, Apollo Tyres, Balrampur Chini Mills, Cochin Shipyard, CRISIL, Cummins India, Dilip Buildcon, Devyani International, Ideaforge Technology, Indian Railway Catering and Tourism Corporation (IRCTC), Jyothy Labs, Info Edge (India), Updater Services, Zaggle Prepaid Ocean Services, and Zydus Lifesciences. (Read More)
Sensex at PreOpen: Sensex starts marginally higher at the preopen session; Mama Earth to debut at the bourses
Sensex Today: Pre-market comment by Choice Broking: Nifty may be taking support at 19,350, followed by 19,300 and 19,250
Deven Mehata, Research Analyst, Choice Broking: The benchmark Sensex and Nifty indices are likely to open lower on November 07 as trends in the GIFT Nifty indicate a negative start for the broader index with a loss of 25 points.
According to the charts, Nifty may be taking support at 19,350, followed by 19,300 and 19,250. On the higher side, 19,500 can be an immediate resistance, followed by 19,550 and 19,600.
The charts indicate that the Bank Nifty may get support at 43,500, followed by 43,350 and 43,200. If the index advances, 43,800 would be the initial key resistance level to watch out for, followed by 43,950 and 44,100.
Foreign institutional investors offloaded shares worth ₹549.37 crore, while domestic institutional investors bought ₹595.70 crore worth of stocks on November 6, provisional data from the National Stock Exchange showed.
Fitch Ratings on November 6 revised India's medium-term growth estimate upward by 70 basis points to 6.2 percent from 5.5 percent. The rising growth has helped markets to move higher. Investors holding long positions should keep trailing their stop loss. Traders are advised to buy the dips with a strict stop loss near 19200 levels.
Sensex Today Live | Share Market Updates: Oil prices ease as market awaits China data to gauge demand
Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world's second-largest oil consumer.
Brent crude futures fell 23 cents, or 0.3%, to $84.95 a barrel by 0127 GMT while U.S. West Texas Intermediate crude was at $80.59 a barrel, down 23 cents, or 0.3%.
Both benchmarks gained about 30 cents on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. (Reuters)
Sensex Today Live: Rupee to weigh pause in rally on Asian Fx, rebound in US yields
The Indian rupee is expected to have a quiet opening on Tuesday amid a pause in the rally in Asian peers and a rebound in U.S. Treasury yields.
Non-deliverable forwards indicate the rupee will open at around 83.22-83.24 to the U.S. dollar compared with 83.2150 in the previous session.
The rupee has not responded much to the increasing likelihood that the U.S. Federal Reserve is done hiking rates. The domestic currency for weeks now has been in an 83 to 83.30 range.
A forex trader said it is very evident that the rupee is currently in a place where it does not get impacted by the broader dollar moves or anything else. (Reuters)
Sensex Today Live | Share Market Updates: WeWork files for Chapter 11 bankruptcy in New Jersey
Co-working space firm WeWork has filed for Chapter 11 bankruptcy in New Jersey, as per a Bloomberg report.
On NOvember 1, the Wall StTroubled co-working company WeWork Inc. plans to file its Chapter 11 petition for bankruptcy in New Jersey next week, the Wall Street Journal has reported.
Sensex Today Live:: Stocks to Watch: Honasa Consumer, Wipro, HPCL, Bajaj Finance, Adani Energy, Emami, NHPC, Bata India, Nykaa, and Bajaj Electricals
- Honasa Consumer (Mamaearth): Analysts predict a flat to marginally positive listing for Honasa Consumer. Mamaearth's recent IPO faced market challenges, with QIB oversubscribing it by 11.5 times and retail investors showing caution.
- Wipro: Wipro has mandated its employees to work from the office three days a week, starting from 15 November. This move aligns with the trend in the IT industry to decrease remote work arrangements.
- HPCL: HPCL reported a consolidated net profit of ₹5,826.96 crore in the July-September quarter, compared to a net loss of ₹2,475.69 crore during the same period last year. The company's revenue declined by 10.15% to ₹1 lakh crore during the period under review.
- Bajaj Finance: Bajaj Finance launched a qualified institutional placement (QIP) to raise funds with the floor price set at ₹7,533.81 per share. The company may offer a discount of up to 5% on the floor price.
- Adani Energy: Adani Energy Solutions reported a consolidated net profit of ₹284 crore in the second quarter of fiscal year 2023-24, marking a 47% increase from the year-ago period. The company's consolidated revenue in Q2FY24 increased by 13% to ₹3,421 crore.
- Emami: Emami reported a flat profit after tax of ₹180 crore for the second quarter, with revenue from operations rising by 6.28% to ₹864.87 crore.
- NHPC: NHPC reported a net consolidated profit of ₹1,693 crore in the September quarter of FY 2023-24. The company's shares closed marginally higher at ₹50.39 per share on BSE.
- Bata India: Bata India signed a licensing and manufacturing deal with Authentic Brands Group to launch and sell lifestyle brand Nine West in India.
- Nykaa: FSN E-Commerce Ventures, the operator of Nykaa, reported a consolidated net profit of ₹7.8 crore in Q2FY24, a 50% increase from the year-ago period.
- Bajaj Electricals: Bajaj Electricals reported a 56% decline in consolidated net profit to ₹27.28 crore for the September quarter, with net sales declining 3.76% to ₹1,107.40 crore. (Read More)
Sensex Today: Nykaa Q2 results: Net profit jumps 50% to ₹7.8 crore, revenue up 22%
On November 6, FSN E-Commerce Ventures, the operating entity behind the popular online beauty and fashion retailer Nykaa, revealed its consolidated net profit for the second quarter of fiscal year 2023-24 (Q2FY24) to be ₹7.8 crore. This represents a significant 50% increase when compared to the net profit of ₹5.2 crore reported during the same period in the previous fiscal year. Moreover, in sequential terms, the net profit demonstrated a 44% growth from ₹5.4 crore in the first quarter of the current fiscal year.
The company's revenue from operations for Q2FY24 stood at ₹1,507 crore, reflecting a notable 22% increase from the ₹1,231 crore recorded in the corresponding quarter of the previous fiscal year. (Read More)
FSN E-COMMERCE VENTURES
Sensex Today Live: Bata grabs rights to manufacture, sell Nine West brand in India
Bata India, a notable footwear retailer and manufacturer, announced on Monday that it has entered into a licensing and manufacturing agreement with Authentic Brands Group to introduce and market the lifestyle brand Nine West in the Indian market.
Authentic Brands Group operates as a global brand development, marketing, and entertainment platform, boasting a diverse portfolio of over 40 renowned brands. The company serves as a vital link between brands, partners, and a network of operators, distributors, and retailers, and it has established a retail presence in more than 150 countries. Among its brand portfolio are names such as David Beckham, Reebok, Brooks Brothers, Barneys New York, Ted Baker, Hervé Léger, Hickey Nautica, Juicy Couture, Vince Camuto, Aéropostale, Forever 21, and Nine West, among others. (Read More)
Sensex Today Live | Share Market Updates: Emami Q2 results: Net profit flat at ₹180 crore
Emami Ltd, a prominent Indian FMCG company, announced a consistent profit after tax of ₹180 crore for the second quarter that concluded on September 30, 2023. This figure remains unchanged compared to the net profit of ₹180.13 crore reported in the corresponding quarter a year ago, as per the company's regulatory filing.
Despite the stable profit figures, Emami observed a positive trend in its revenue from operations, which rose by 6.28% to reach ₹864.87 crore during the quarter, as opposed to ₹813.75 crore in the same quarter of the previous year. (Read More)
Sensex Today: Adani Energy Solutions Q2 results: Net profit surges 47% to ₹284 crore, revenue up 13%
On Monday, Adani Energy Solutions reported a notable growth in its consolidated net profit for the second quarter of fiscal year 2023-24 (Q2FY24), amounting to ₹284 crore. This marked a 47% increase compared to the net profit of ₹194 crore recorded during the same period in the previous fiscal year.
Furthermore, the company's consolidated revenue for Q2FY24 stood at ₹3,421 crore, reflecting a 13% increase from the previous year's corresponding quarter, which reported revenue of ₹3,032 crore.
Adani Energy Solutions also witnessed a rise in its total earnings before interest, taxes, depreciation, and amortization (EBITDA) to ₹1,443 crore, indicating a 6% increase from the EBITDA of ₹1,362 crore recorded during the comparable year-ago period. (Read More)
Sensex Today Live:: Buy or sell: Vaishali Parekh recommends three stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends these stocks for day trading:
1] Cochin Shipyard: Buy at ₹1005, target ₹1060, stop loss ₹985;
2] SAIL: Buy at ₹86.85, target ₹92, stop loss ₹84.50; and
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