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The Dow Jones Industrial futures was 0.08% higher at 43,378.00 as of 3:28 p.m. IST. The S&P 500 futures was 0.39% higher at 5,911.25, and the Nasdaq 100 Future was 0.69% higher at 20,489.25 as of 3:29 p.m. IST.
Europe: Main Refinancing Rate
Europe: Monetary Policy Statement
US: Month on Month Core Retail Sales
US: Month on Month Retail Sales
US: Unemployment Claims
Europe: ECB Press Conference
USD: Capacity Utilization Rate
US: Month on Month Industrial Production
US: Month on Month Business Inventories
US: Natural Gas Storage
US: Crude Oil Inventories
US: FOMC Member Goolsbee Speaks
Rupee weakened by 7 paise to close at 84.07 against the US dollar.
It closed at 84.00 on Wednesday.
Source: Bloomberg
Nifty and Sensex end lower for a third consecutive session
Nifty and Sensex recorded their lowest closing since August 20 and August 21 respectively
Nifty ends 0.89% or 221.45 points down at 24749.85
Sensex ends 0.6% or 494.75 points lower at 81006.61
Intraday, the Nifty fell as much as 0.97% and Sensex lost as much as 0.7%.
Broader indices underperformed; Nifty Midcap 100 ended 1.7% down and Nifty Smallcap 250 closed 1.4% lower
Except Nifty IT, all sectoral indices were lower at close
Infosys and Tech Mahindra were top Nifty gainers
Bajaj Auto and Shriram Finance fell the most
Revenue up 2% at Rs 5,767 crore vs Rs 5,633 crore
EBITDA down 0.6% at Rs 1,116 crore vs Rs 1,123 crore
EBITDA margin at 19.4% vs 19.9%
Net profit down 32% at Rs 227 crore vs Rs 333 crore
Bharat Forge Ltd. will acquire AAM India Manufacturing Corp Pvt. Ltd. to expand its operations. The company has entered into a share purchase agreement with AAM India to acquire 100% stake, Bharat Forge said in an exchange filing on Wednesday.
Net Profit up 25% at Rs 474 crore versus Rs 378 crore (YoY).
Net NPA at 0.28% versus 0.38% (QoQ).
Gross NPA at 1.10% versus 1.32% (QoQ).
NII up 16% at Rs 1,060 crore versus Rs 915 crore (YoY).
Most indices in the Asia Pacific region ended lower Thursday but Australia's ASX 200 bucked the trend to gain 0.9% and close at 8,355.90. CSI 300 ended at 3,788.22, down 1.13% and Hong Kong's Hang Seng was at 20,079.10, down 1.02%.
Losses in China were led by realty stocks which fell as country's housing minister's briefing failed to impress investors.
Japan's Nikkei closed at 38,911.19, down 0.69% and South Korea's was flat at 2,609.30.
NII rose 13% on the year to Rs 3,411 crore compared to Rs 3,023 crore (YoY)
Net Profit rose 51% to Rs 913 crore compared to Rs 605 crore (YoY)
Gross NPA at 4.59% vs 4.54% (QoQ)
Net NPA at 0.69% vs 0.73% (QoQ)
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Overall Subscription At 86%
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Retail Subscription At 43%
QIB Subscription At 1.99 times
Nestle Cuts Full-Year Guidance Weeks After Naming New CEO
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Mphasis Q2 Results: Net Profit Rises 4.6%, Revenue Up 3%
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 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
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.
SRF Gets Downgraded To 'Sell' By UBS On Prolonged Growth Challenges, Market Headwinds
Bajaj Auto Q2 Review: Analysts Remain Optimistic But Valuations Trigger Caution
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.
The yield on the 10-year bond opened flat at 6.77% after it closed at 6.77% on Wednesday, according to Bloomberg.
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 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.
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.
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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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 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.
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.
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.
Asian Stocks Advance As Small Caps And Banks Gain On Wall Street
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.
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