KEY HIGHLIGHTS
Stock Market Live: Lupin Launches First Generic Version Of Pred Forte
Lupin Ltd. introduced first generic version of pred forte in the US. Pred Forte is used for treatment of steroid–responsive inflammation, it said in an exchange filing.
Pred Forte is an anti–inflammatory drug used in short–treatment of eye inflammation.
KPI Green Share Price Up On Gujarat Urja Vikas Nigam Pact
KPI Green share price surged after it signed power purchase pact for 620 MW renewable energy projects with Gujarat Urja Vikas Nigam, an exchange filing said.
Angel One Share Price Jumps After Q2 Profit, Income Rise
Angel One Ltd.'s share price rose over 10% on Tuesday after the company's second quarter net profit and income rose.
The online brokerage platform's total income rose 44% to Rs 1,514.71 crore in the July-September period. This compares to Rs 1,047.87 crore in the same quarter last fiscal.
TD Power Shares Jump On Getting Two Large Orders
TD Power Systems has received two large orders worth Rs 142 crore for the supply of gas engine generators, an exchange filing said.
Garuda Construction Lists At 10.5% Premium Over IPO Price
Shares of Garuda Construction and Engineering Ltd. listed at Rs 105 apiece on the NSE on Tuesday, a premium of 10.53% over the IPO price of Rs 95. The scrip debuted at Rs 103.2 on the BSE, representing a gain of 8.63%.
Sunteck Realty Share Price Jumps After Business Update
Sunteck Realty Ltd. share price jumped on Tuesday after it reported strong growth in business in the second quarter. Pre-sales saw an uptick of 32.7% uptick in the July–September quarter.
UltraTech Cement, Ambuja Among Morgan Stanley's Picks In Cement Industry: Share Market News
While weak demand and pricing has led to cement stocks underperforming over the past few months, Morgan Stanley now sees green shoots that could improve the overall environment for cement stocks going forward. UltraTech Cement Ltd. and Ambuja Cement Ltd. are the best ways to play this cycle, according to the brokerage.
Hyundai Motor India IPO Opens Today
Hyundai Motor India Ltd. is set to hit the bourses with its IPO on Oct. 15. The Creta-maker is looking to raise Rs 27,870 crore making it the biggest IPO in India, surpassing Life Insurance Corp. of India's Rs 21,000-crore IPO in 2022. This will be the largest IPO globally in 2024 so far and also make it the first automaker to list in India in over two decades.
Here's all you need to know.
HCLTech Hits Life High For Second Session: Quarterly Earnings Impact
HCLTech Ltd. share price rose to record high as the company upgraded its revenue growth guidance for financial year 2024–25 after its second quarter results beats estimates.
RIL Share Price Hits Lowest Since Jan 25 As Investors Assess Q2 Results: Stock Market News
Shares of Reliance hit lowest in eight months after the conglomerate reported its second-quarter results, with a net profit rise of 11% to Rs 19,323 crore for the quarter ended Sept. 30, 2024. This profit figure aligned with the consensus estimates of analysts polled by Bloomberg.
Nifty, Sensex Open Higher Tracking Global Cues; Infosys, HDFC Bank Lead Gains: Stock Market Update At Open
Benchmark equity indices saw a positive opening Tuesday tracking gains in global markets as well as falling oil prices. Heavyweights Infosys and HDFC Bank led the gains.
At pre-open, the Nifty 50 was at 25186.30, up 0.23% or 58.35 points and the Sensex rose 0.15% or 126.58 points to 82099.63.
According to Shrikant Chouhan, head of equity research at Kotak Securities, on the upside, the market could move towards 25250-25300/82250-82400. "Conversely, if the index falls below 25000/81500, the sentiment could change, potentially leading to a retest of 24900-24700/81200-80600 levels," he said.
However, he also noted that the real strength in the market would emerge after crossing the levels of 25300/82400. "Therefore, the strategy should be to reduce long positions at each resistance level and consider taking a trending long trade upon surpassing the 25300 level," he said.
Shares of Infosys Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd. contributed the most to the gains.
While those of Reliance Industries Ltd., Axis Bank Ltd., Nestle India Ltd., Oil & Natural Gas Corp. Ltd., and Tata Steel capped the upside.
Except Nifty Metal, Energy and Nifty Oil & Gas, all sectoral indices opened higher. Nifty Media rose the most.
Fund Houses Look For Small Caps With Sustainable Returns Amid Volatility
Small cap funds, known for their golden pairing of high risk and high reward, have been a favourite among investors with a risk appetite. The category saw inflows worth Rs 3,070.84 crore in September, showing that investors were not shying away from these funds. With the broader markets volatile, investors' approach to these funds may need to be modified.
Nifty, Sensex Higher At Pre-Open
At pre-open, the Nifty 50 was at 25186.30, up 0.23% or 58.35 points and the Sensex rose 0.15% or 126.58 points to 82099.63.
On the downside, the psychological level of 25,000 will work as immediate support and on the flip side, 25,160-25,200 will be considered a resistance zone, said Aditya Gaggar, director of Progressive Shares.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.79%.
It closed at 6.78% on Monday.
Source: Bloomberg
Rupee Opens Flat Against US Dollar
Rupee opened flat at 84.07 against the US dollar.
It closed at 84.06 on Monday.
Source: Bloomberg
Stock Market Live: Nuvama On JSW Infra
Initiates Buy with a target price Rs 390, which implied a 22.2% upside
Second-largest port operator with 170mtpa capacity
Targets 400 million tonn per annum capacity target by FY30E, 16% CAGR over FY24–30E
Co posted 68% CAGR in third-party cargo on organic/inorganic expansion
Expect revenue/EBITDA/PAT CAGR of 19/16/15% over FY24–27
Earnings in Focus On Tuesday
HDFC Life Insurance, HDFC AMC, KEI Industries, Bank of Maharashtra, Newgen Software Technologies, and PVR Inox.
Gold Price Update: Trades Flat After Falling On Dollar Rally Monday
The spot gold was trading 0.07% higher at $2,650.56 an ounce at 8:31 a.m. after falling on Monday amid Dollar's rally to a two month high, which rose as investors assessed China stimulus announcements.
Citi, Morgan Stanley, Nuvama, Jefferies On HCL Tech After Results
Morgan Stanley maintained its 'equal weight' rating with a higher target of Rs 1970 from Rs 1840, implying upside of 5.6%. It said that better-than-expected second quarter results and constructive comments on improving demand result in EPS upgrades and added that growth in Software business surprised positively, although HCL maintained its view on low to mid-single-digit growth in this business.
Citi Research also raised its target price to Rs 1,815 from Rs 1,715, implying 2.7% downside, while maintaining 'neutral'. The brokerage noted the company continues to deliver relatively well in a tough environment but it sees limited absolute upside post 27% return current year to date.
The company got a higher target price of Rs 2,125 as against Rs 2,020 from Nuvama as well. The brokerage has a 'buy' rating for the stock as it delivered strong broad-based growth across verticals. The brokerage maintains flattish revenue in BFSI despite divestment, resulting in an upward revision of the lower end of its revenue guidance.
Jefferies has maintain 'hold' but with a higher target of Rs 1,770 from Rs 1630 earlier, implying downside 5%. The brokerage said 2Q operating performance beat estimates, with both services and product business surprising positively and management sees discretionary spending environment improving at the margin.
Citi, Morgan Stanley, Nuvama On RIL After Sept. Quarter Results
Citi Research has reduced Reliance's target price to Rs 2900 from Rs 3200 earlier while maintaining 'neutral' . The new target price suggests 8.9% upside. The brokerage said that Q2FY25 performance was marked by continued weakness in O2C segment and Jio performance came in along expected lines due to tariff hike. It noted that net profit was 7% above estimates due to lower depreciation, higher other income and 18% QoQ rise in capex and flat net debt were some of the other disappointing data points.
However, Morgan Stanley maintains 'overweight' at Rs 3325 target implying 21% upside. It noted that lower Ebitda due to energy and retail. It also said digital vertical depreciation rose less expected despite 5G monetisation and sees growth recovery is two quarters away.
Nuvama maintains 'buy' at Rs 3650 target, implying 32% upside and O2C Ebitda was down 24% YoY on lower fuel cracks, petchem deltas. Nuvama sees company rapidly nearing its New Energy vision rollout, which it believes will unleash next leg of growth besides conventional business.
UBS Initiates Coverage On Ramkrishna Forging With 'Buy'
UBS has initiates coverage on Ramkrishna Forgings with a 'buy' and target price of Rs 1,500, implying 50% upside. The brokerage said that the company's revenue rose 10 times in FY14-24 vs domestic peers 2-5x growth. It expects to outperform peers as it evolves into complete assembly provider and sees capacity addition of 50% in next two years driving growth. UBS also noted that consensus has not priced in RKFL's execution track record and forecast EPS CAGR of 34% in FY24-27, sees moderate re-rating scope.
Oil Price Update: Crude Oil Futures Fall 3% On OPEC Demand Forecast; Israel Comments
December futures of Brent Crude fell nearly 3% To $75.19 a barrel and November futures of WTI Crude also fell 3% to $71.60 a barrel after OPEC's report said that it sees demand growing by 1.9 million barrels per day in 2024, lower from 2 million bpd in its previous forecast.
The commodity also tracked a news report from the middle east which said that Israel is willing to strike Iranian military and not nuclear or oil targets.
Asia Market Open: Asian Indices Rise Tracking Rally In US; China Index Falls
Indices in the Asia pacific region were higher in the early trade tracking record run in the US peers and South Korea's trade data. At 7:17 a.m., Japan's Nikkei was more than 1% higher at 40,010.19, Australia's ASX 200 rose 0.7% to 8,309.30, and South Korea's Kospi erased early gains to trade 0.2% down at 2,618.40.
Indices in Hong Kong and China fell. CSI 300 was down 0.5% and Hang Seng fell 0.7%.
US Market Close: Wall Street Log New Record As IT Stocks Rally
The S&P 500 and Dow Jones hit fresh record highs of 5,871.41 and 43,139 respectively in Monday's session. The S&P 500 settled 0.77% higher at 5,859.85. The Dow Jones Industrial Average and Nasdaq Composite ended 0.47% and 0.87% higher to end at 43,065.22 and 18,502.69
respectively.
The rally due to IT stocks driven by shares of Nvidia, which closed at its highest level.
Investors will now look forward to earnings of Goldman Sachs, Citigroup, Bank of America along with United Airlines, Walgreens Boost Alliance, and Johnson & Johnson.
GIFT Nifty Trades Near 25,200; RIL, HCL Tech, Angel One Share Price In Focus
At 6:43 a.m. GIFT Nifty was at 25,236.50 down by 34.5 points or 0.1%. Among others, shares of Reliance Industries Ltd., HCL Technologies Ltd., and Angel One Ltd. will remain in focus after declaring their September quarter results.
On Monday, India's benchmark stock indices, Nifty and Sensex, ended at over one-week highs on Monday, tracking the sharp gains in Infosys Ltd. and HDFC Bank Ltd.
The NSE Nifty 50 ended 0.66% higher at 25,127.95, and the BSE Sensex closed 0.73% higher at 81,973.05. Both the indices closed at their highest levels since Oct. 3.
Overseas investors, commonly known as foreign portfolio investors, remained net sellers of Indian equities for the 11th consecutive session on Monday. The investors mopped up stocks worth Rs 3,731.6 crore, while domestic institutional investors bought stocks worth Rs 2,278.09 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 84.06 against the US dollar.
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