Stock Market Live: GIFT Nifty Near 25,200; BSE, GAIL, Jio Finance, Godrej Properties Share Prices In Focus

• Mylan Pharma and Novo Nordisk Reach Settlement On Ozempic Patent

• Terms Of Settlement Are Confidential

Source: Exchange filing from Natco Pharma Ltd.

• Retain Hold with a target price Rs 4,540, which implied a downside of 13%.

• The company set to acquire Iskraemeco India, a smart meter solution provider

• Iskraemeco had FY24 Revenues of 65 crores up 63% yoy

• Iskraemeco has smart meter for electricity, water and gas, increasing Kaynes' reach

• Kaynes' present order book stands at 35 lakh meters

• Industry opportunity of 11 crore smart meters

• Estimate 48% EPS CAGR between FY24-27

• Maintain Hold on Valuations at 73x FY26 P/E

• Retain Buy with a target price Rs 5,969, which implied an upside of 14%

• The company inks pact to acquire 100% stake in Iskraemeco India for total sale consideration of Rs. 42 crore

• Iskraemeco are present across Middle East and Europe

• The company aims to generate 10% of consolidated FY25 revenue from smart meters

• Scale up to 15% of revenues later

• Maintain neutral with a target price Rs 1,720 which implied a 3.6% upside.

• Clocked healthy deposit growth at 5% QoQ

• Loan to deposit ratio down 400bps QoQ

• RoE improvement will be a gradual process

• RoE improvement to come at the cost of loan growth

• Outlook for loan growth over the medium term should stay soft

• Industry collection efficiency weakened given onset of new guardrails

• Asset quality sees deterioration on sequential basis

• UP, Odisha, Gujarat, Jharkhand and Rajasthan reported >50bps deterioration

• MFI customer's retail loans reported 32% Cagr over 1.5 years

• Personal loan category more than doubled over past 1.5 years

• 50% of loans are for gold, housing and agriculture

• Varun Beverages Ltd.'s board will consider fundraise on Oct 9 via qualified institutional placement.

• IRB Infrastructure Developers Ltd. will consider fundraise on Oct 9 via QIP.

Source: Exchange filings

• Macquarie's price target Rs 4,100 implied 11% Upside from Friday's close.

• Pre-Q2 sales beat estimates led by 26% growth in jewellery, which implied 20% in watches

• The Q2 standalone Ebitda growth expected at 9%

• Build 25% sales growth, 180 basis point jewellery margin decline on weaker product mix

• India Operations Registered Revenue Growth Of 39% YoY In Q2 FY25

• Registers Same-Store-Sales Growth Of 23% YoY In Q2 FY25

• Digital-First Jewellery Platform Candere Registers Revenue Growth Of ~30% YoY In Q2 FY25

• Registers Consolidated Revenue Growth Of Approximately 37% YoY In Q2 FY25

Source: Exchange Filing

Gold prices declined on Monday as after US non-farm payroll data rose more than expected to nearly six-month high, which prompted to investors to reduce their hopes for bigger rate cuts.

The Bloomberg spot gold was trading 0.21% lower at $2,647.98 as of 07:46 a.m.

After posting the best week in more than a year, the prices of crude oil cooled off in early trade Monday. US President Joe Biden discouraged attacks on Tehran's crude oil field after Israel unleashed missile attack at the country for retaliation.

The crude oil was trading 0.46% lower at $77.68 a barrel as of 07:19 a.m.

• India crude steel production stood at 5.27 million tons

• Deliveries at 5.10 million tons.

• Domestic deliveries up 5% YoY at 4.9 million tons, broadly in line with the production growth

• Crude steel production up 5% YoY on half year basis

• Indian steel capacity to hit 26.6 MTPA on ramp up of Kalinganagar facilities

Note: Figures are provisional

Japan's Nikkei 225 was leading the gains in Asia–Pacific with over 2% rise. Markets in Australia and South Korea also rose on tailwinds from Friday's rally on Wall Street as health of US economy improved sentiment. 

Market participants in the region await interest rate decisions from the Bank of Korea, Reserve Bank of New Zealand, and Reserve Bank of India this week.

The Nikkei 225 was trading 2.06% higher at 39,436.94 as of 06:58 a.m. The KOSPI and S&P ASX 200 were 0.74% and 0.40% higher, respectively as of 06:59 a.m.

US stocks closed higher Friday after data showed that the world's largest economy added most jobs in six months, Bloomberg reported. The US non-farm payroll, which indicates new jobs growth, increased to 254,000 in September, against 154,000 estimates by analysts. The unemployment rate declined to 4.1%.

The S&P 500 and Dow Jones Industrial Average ended 0.81% and 0.90% higher, respectively. The Nasdaq Composite ended 1.22% higher. 

The GIFT Nifty was trading near 25,200 in wee hours of Monday trade. BSE Ltd., GAIL (India) Ltd., Jio Financial Services Ltd., and Godrej Properties Ltd. share prices are expected to react because of the news flow over the weekend.

The GIFT Nifty was trading 51 points or 0.20% higher at 25,236.00 as of 06:36 a.m.

"A break below the support level will drag the Index lower to 24,500; while on the flip side, 25,750 can be expected if the resistance gets breached. BankNifty is replicating Nifty 50 with the addition of an inverted hammer candle and a convincing close above 52,400 will confirm a bullish pattern; while 51,150-51,350 will act as a support zone," said Aditya Gaggar, director, Progressive Shares.

On Friday, the Nifty 50 and Sensex recorded their worst week in over two years as worsening geopolitical situation in the West Asia spooked investors. The benchmarks declined more than 4%, the biggest intraday fall since June 13, 2022.

The Nifty 50 closed 0.79%, or 200.25 points, lower at 25049.85, and the Sensex fell 0.98%, or 808.65 points, to close at 81688.45.