KEY HIGHLIGHTS
Reliance 1:1 Bonus Share Issue — Check Who Is Eligible
Reliance Industries Ltd. has set Monday, Oct. 28, 2024, as the record date for shareholders eligible to receive its much-anticipated 1:1 bonus shares. This move will benefit approximately 35 lakh shareholders, allowing them to double their holdings at no additional cost.
Nestle SA Cuts Full-Year Guidance Weeks After Naming New CEO
Nestle SA has cut its sales and profit guidance for the year as it struggles to rebuild market share after higher prices turned consumers off branded products, Bloomberg reported.
Nestle India Ltd. is will announce its Sept. quarter results on Thursday.
Why Noel Tata Can't Become Chairman Of Tata Trusts And Tata Sons Together?
Noel Tata can not hold the Chairman seat at Tata Trusts and Tata Sons together. The story starts in 2017. Tata Sons was converted into a private limited company in that year after Cyrus Mistry was removed from the board of Tata Sons board.
Read more here.
Traders Gear Up For Infosys, Wipro, Nestle, Axis Bank Earnings
Information technology majors Infosys Ltd. and Wipro Ltd. will be among the top names to watch out for as they will report their second-quarter earnings on Thursday.
Axis Bank Ltd., Nestle India Ltd., Tata Communications Ltd. and LTIMindtree Ltd. are among the other big names that will announce their results for the second quarter of the current financial year.
Nifty Realty Falls 3% As All Constituents Down
The Nifty Realty index snapped its three day gaining streak and fell the most among sectoral indices as shares of Oberoi Realty and Macrotech Developers were the top losers.
| NAME | LASTPRICE | CLOSE | CHANGE | %CHANGE | OPEN | HIGH | LOW | 52WKHG | 52WKLW |
|---|---|---|---|---|---|---|---|---|---|
| Brigade Ent | 1320.3 | 1322.75 | -2.45 | -0.19% | 1322.75 | 1332 | 1305 | 1453.1 | 581.15 |
| DLF� | 863 | 884.75 | -21.75 | -2.46% | 888 | 888.1 | 855.25 | 967.6 | 513.5 |
| Godrej Prop | 3152.35 | 3227.85 | -75.5 | -2.34% | 3239.65 | 3239.65 | 3103.55 | 3402.7 | 1548.8 |
| Macrotech | 1184.95 | 1223.1 | -38.15 | -3.12% | 1210.2 | 1217.95 | 1177.25 | 1649.95 | 701.7 |
| Mahindra Life | 524.9 | 531.25 | -6.35 | -1.20% | 531 | 531 | 523 | 678.8 | 475 |
| Oberoi Realty | 1947.85 | 2030.6 | -82.75 | -4.08% | 2065 | 2065.2 | 1940.3 | 2065.2 | 1051.1 |
| Phoenix Mill | 1629.9 | 1677.95 | -48.05 | -2.86% | 1677.95 | 1682.75 | 1620.7 | 2068.5 | 864.02 |
| Prestige | 1800 | 1864.6 | -64.6 | -3.46% | 1836 | 1847.9 | 1778.55 | 2074.8 | 711 |
| Sobha� | 1790.2 | 1819.1 | -28.9 | -1.59% | 1820 | 1825 | 1776.95 | 2220 | 676.3 |
| Sunteck Real | 593.45 | 596.05 | -2.6 | -0.44% | 600 | 600 | 586.65 | 699 | 380.05 |
Mphasis Shares Rise After Q2 Results
Mphasis Ltd. on Thursday reported a 4.6% sequential rise in net profit in the quarter ending September. The company's net profit stood at Rs 423 crore, compared to Rs 404 crore in the first quarter, according to an exchange filing.
L&T's Hydrocarbon Business Gets Significant Order
Larsen & Toubro's hydrocarbon business has received significant order. The project involves the license, engineering, procurement, and construction of a 1,200 MTPD (DAP basis) NPK fertilizer plant along with associated utilities and off-site facilities for Rashtriya Chemicals and Fertilizers Limited at their Thal unit in Raigad district, an exchange filing said. The company classifies orders of Rs 1,000 to 2,500 crore as significant.
Tata Power Gets Letter Of Intent From REC Power Arm
Tata Power Co. has received letter of intent from REC Power arm to acquire project SPV ERES-XXXIX for broad consideration of Rs 290 crore, an exchange filing said
Infosys Share Price Up Ahead Of Earnings Announcement
On a quarter-on-quarter basis, Infosys' revenue is projected to increase by 3.5% to Rs 40,707 crore, while profit may rise by 7% to reach Rs 6,815 crore. The company guided for revenue growth of 3–4% for the fiscal and in April-June, it raised its revenue forecast, citing significant large deals during the April–June period.
CNG Prices Could Get Hiked By Rs 5 — Here's Why
Indians could be facing a CNG price hike of Rs 5 per kg or more, as reduced allocation of domestic Administered Price Mechanism or APM gas for city gas distributors is expected to increase CNG firms' costs.
Nifty Auto Hits One-Month Low As All Constituents Fall: Stock Market Updates
Nifty Auto hit its lowest in a month with all its constituents trading in the red as of 9:44 a.m.
| NAME | LASTPRICE | CLOSE | %CHANGE | OPEN | HIGH | LOW | 52WKHG | 52WKLW |
|---|---|---|---|---|---|---|---|---|
| Apollo Tyre | 510 | 518.8 | -1.70% | 521.9 | 521.9 | 510 | 584.9 | 368.1 |
| Ashok Leyland | 222.38 | 224.36 | -0.88% | 223.89 | 225 | 222.35 | 264.65 | 157.55 |
| Bajaj Auto | 10614 | 11616.95 | -8.63% | 11222.2 | 11287.35 | 10601 | 12774 | 5125.65 |
| Balkrishna Ind | 2987.05 | 3027.4 | -1.33% | 3027.3 | 3027.3 | 2986 | 3375 | 2193.8 |
| Bharat Forge� | 1456.45 | 1475 | -1.26% | 1472.5 | 1477.95 | 1456.45 | 1804.5 | 1002.3 |
| Bosch� | 37350.4 | 38261.55 | -2.38% | 38261.55 | 38413.45 | 37300.05 | 39088.8 | 19300 |
| Eicher | 4550.75 | 4678.25 | -2.73% | 4645 | 4645 | 4550.1 | 5105 | 3275 |
| Exide | 506 | 512.3 | -1.23% | 515 | 515.7 | 505.75 | 620.35 | 241.7 |
| Hero Moto | 5163.15 | 5398.2 | -4.35% | 5363.05 | 5363.05 | 5151 | 6246.25 | 3041.5 |
| M&M | 3005.35 | 3068 | -2.04% | 3055 | 3065.3 | 2982.8 | 3222.1 | 1450 |
| Maruti Suzuki | 12160 | 12383.9 | -1.81% | 12400 | 12420.1 | 12110 | 13680 | 9737.65 |
| Samvardhana� | 202.3 | 206.63 | -2.10% | 205.99 | 206.63 | 202.3 | 216.99 | 86.8 |
| MRF� | 130176.2 | 130493.8 | -0.24% | 130421 | 130949.9 | 130100 | 151445 | 107008.05 |
| Tata Motors | 902.4 | 907.45 | -0.56% | 914.95 | 914.95 | 902 | 1179 | 621.85 |
| TVS Motor� | 2659 | 2774.15 | -4.15% | 2744 | 2749.85 | 2645 | 2958 | 1548.5 |
SRF Share Price Hits Lowest In Over Four Months
SRF share price fell to four month low of Rs 2,206.30 after UBS downgraded its rating to 'sell' from the previous 'buy', owing to prolonged growth difficulties in the company’s key segments. The brokerage has also slashed the target price to Rs 2,100 per share from Rs 2,700 apiece. This implies a downside of 8.77% from the previous closing price.
Bajaj Auto Share Price Falls The Most Since March 2020 After Q2 Results
Bajaj Auto share price fell the most since March 2020 after it announced earnings for the quarter ended September as analysts flagged high valuations remain a concern.
Nifty, Sensex Open Higher As Infosys, RIL Share Price Lead Gains: Stock Market Update At Open
Benchmark equity indices opened higher tracking gains in most global markets as shares of Infosys and Reliance led gains. Infosys shares gained ahead of its second quarter results and those of Reliance rose as the company announced record date of bonus issue.
At pre-open, the Nifty was at 25027.40, up 0.22% or 56.10 points and Sensex was at 81759.70, up 0.32% or 258.34 points. Vikas Jain, head of research at Reliance Securities said Nifty 50 has made a lower top on the daily charts and witnessing selling pressure from the higher range and breakdown below 24,900 levels would witness sharp profit booking.
"On the higher side crossover of 25,300 will trigger positive up move crossing its last week highs and a breakout to test 25,550 levels," he said.
Shares of Infosys Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., and Sun Pharmaceutical Industries Ltd. contributed the most to the gains.
While those of Bajaj Auto, HDFC Bank Ltd., Mahindra & Mahindra Ltd., Nestle India Ltd., and Axis Bank Ltd. capped the upside.
Sectoral indices were mixed at open. Nifty Metal rose the most and Nifty Auto was top loser.
Nifty, Sensex Higher At Pre-Open
At pre-open, the Nifty was at 25027.40, up 0.22% or 56.10 points and Sensex was at 81759.70, up 0.32% or 258.34 points. Aditya Gaggar, director of Progressive Shares said Nifty continued to oscillate in the well-maintained range of 24,920-25,200 and a directional breakout is now necessary for a clear trend.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.77% after it closed at 6.77% on Wednesday, according to Bloomberg.
Rupee Weakens Against US Dollar
Rupee weakened by 2 paise to open at 84.02 against the US dollar as it closed at 84.00 on Wednesday, according to Bloomberg.
Jefferies On KEI Industries
Jefferies has maintained 'buy' on KEI Industries with target of Rs 5,365, implying 22% upside. It said 2QFY25 EBITDA growth muted at 8% YoY, 15% below estimate and extra High Voltage cable sales declined 51% YoY, expect deliveries to pick up. The brokerage expects positive surprise in 12-18 months on Power T&D orders.
Mphasis Q2 Earnings (Consolidated, QoQ)
Net Profit rose 4.6% on quarter to Rs 423 crore on a revenue growth of 3.3% to Rs 3,536 crore. EBIT was up 6% sequentially at Rs 544 crore and EBIT margin was at 15.4%, slightly higher than 15% in previous quarter.
Mahanagar Gas, Indraprastha Gas, Gujarat Gas Likely To Fall As Govt Cuts Domestic APM Gas Allocation
Government cut in domestic APM gas allocation to city gas distributers is a big negative for gas stocks including Mahanagar Gas, Indraprastha Gas, and Gujarat Gas, according to Citi Research. The brokerage estimates cut in allocation at 4 million metric standard cubic meter of gas per day and APM gas allocation cut by around 20%.
Lower APM gas allocation is negative for gas companies and no reversal in move to lead to gas cos sourcing gas from international markets.
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Asia Market Update: China's CSI 300 Erases Early Gains
At 8:10 a.m., China's CSI 300 had erased all its gains and traded flat at 3,829.55 tracking housing minister Ni Hong press briefing. However, Hang Seng traded 1% higher after Hong Kong eased its mortgage rules to allow homebuyers to fork out lower downpayment, aiming to address a prolonged property slump in the city.
Emkay Downgrades Bajaj Auto After Earnings
Emkay has downgraded Bajaj Auto to 'sell' from 'reduce' with a lower target price of Rs 9,500 vs Rs 8,300 earlier, implying downside of 18%. It said that Q2 results were marginally weak on lower ASPs while 2 wheeler retail growth has been muted in FY25YTD at 6.7% and Sep-Oct at 5.7%
The brokerage also noted that the company has lost market share in the fast-growing 125cc category.
Bajaj Auto's management expects FY25 industry growth to be closer to 5% than 8% due to ongoing below-par festive performance persisting but exports are recovering, albeit with key Nigeria market still 50% below its earlier peak. It said it prefers Hero on better risk reward and TVS on improved growth prospects.
China Housing Minister In Press Briefing
Ni Hong, China's housing minister in a press briefing said that China vows to stabilize property market from declining further and aims to renovate 1 million houses in urban villages'. He said that 'Urban Village' renovation will help reduce unsold homes.
Oil Price Update: Crude Oil Futures Trade Higher
The November futures contract of WTI Crude traded 0.4% higher at $70.87 a barrel as of 7:36 a.m. and December contract of ICE Brent Crude rose 0.3% to $74.51 a barrel.
Asia Markets Open: Most Indices Up; Japan's Nikkei Falls
While most Asian indices tracked Wall Street and were higher in the early trade, Japan's Nikkei traded 0.6% down at 38,945.53 as of 7:15 a.m. after exports in September fell 1.7% against Reuters poll of 0.5% growth rate.
Investors will look for Australia's job data. Australia's ASX S&P 200 traded 0.8% higher at 8348.80, CSI 300 was up 0.7% to 3,859.73, and South Korea's Kospi was flat at 2,611.59. Hong Kong's Hang Seng climbed more than 1% to 20,592.13.
US Market Close: Dow Jones Records New Closing High
Indices in the US closed higher Wednesday amid earnings announcements. The Dow Jones Industrial Average recorded its highest close as it ended 0.79% higher at 43,077.70. The S&P 500 and Nasdaq Composite ended 0.47% and 0.28% higher at 5,842.47 and 18,367.08, respectively.
On Thursday, Traveler, Blackstone, Elevance Health, KeyCorp, and M&T Bank will announce their results.
GIFT Nifty Trades Near 25,000; Bajaj Auto, RIL, Axis Bank, RVNL Share Prices In Focus
The GIFT Nifty was trading at 25,020.00, down 0.2% or 50 points as of 6:47 a.m. Among other stocks, share price of Bajaj Auto Ltd. will react to its results, those of Axis Bank Ltd. will trade ahead of its earnings and RVNL's share price is expected to rise on order win.
On Wednesday, the NSE Nifty 50 and the S&P BSE Sensex extended their two-day losing streak on Wednesday, reflecting a broader sell-off across global markets. Most indices in the Asia-Pacific region and Europe fell sharply, influenced by overnight trading on Wall Street.
The Nifty 50 closed down 86.05 points, or 0.34%, at 24,971.30, while the Sensex fell by 318.76 points, or 0.39%, to settle at 81,501.36.
Foreign portfolio investors continued their selling streak in Indian equities for the 13th consecutive session on Wednesday, offloading stocks worth Rs 3,435.9 crore. In contrast, domestic institutional investors purchased stocks valued at Rs 2,256.3 crore, according to provisional data from the National Stock Exchange.
The Indian rupee strengthened by 4 paise, closing at 84.00 against the US dollar.
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