Closing Bell: Nifty near 19,700, Sensex rises 567 pts; realty, metals best performer

Nifty advanced on October 10 after holding on to steady gains through the day aided by positive global cues. At close, Nifty was up 0.91% or 177.5 points at 19689.9. Volumes on the NSE recovered from the low levels of Monday but are still much below the recent average. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 3.3:1, the highest in more than a month.

Global stocks rose on Tuesday, after Federal Reserve officials signaled the recent yield surge could justify caution on interest rates, while optimism about China considering fresh stimulus helped equities recover as investors continue to assess geopolitical risks from the Israel-Hamas war.

The International Monetary Fund has raised India's growth forecast on higher consumption even as the global economy is estimated to slow down. The IMF projects India's GDP to grow 6.3% in FY24, 20 basis points higher than previously estimated, according to the World Economic Outlook published on Tuesday.

Nifty rose on October 10 forming a higher bottom and a possible bullish inverted H&S pattern on daily charts. It could now head towards 19766 and later 19878, while 19589 could provide support in the near term.

The Nifty opened a gap up today and continued to inch higher throughout the day to close with gains of ~177 points. On the daily charts, we can observe that the Nifty has witnessed a trend reversal today. It has started to form a higher bottom and also breached the previous swing high confirming the reversal.

The momentum indicator still has a negative crossover however it is likely to align with the price action soon. The pullback is likely to continue till 19778 which is the 20-day moving average (19770). Beyond that, it has the potential to stretch higher till 19883 which is the 61.82% Fibonacci retracement level of the entire fall from 20222 till 19333. On the downside, the swing low of 19480 is likely to act as a short-term support.

Bank Nifty opened up and continued to inch higher throughout the day to close with gains of ~470 points. The Index has held on to the support zone of 43800 – 43700 where the previous swing low supports were placed. We expect the pullback to continue in the case of Bank Nifty till 45000 over the next few trading sessions.

Markets rebounded sharply after Monday’s slide and gained nearly a percent amid mixed cues. After the gap-up start, Nifty inched gradually higher as the session progressed and finally settled around the day’s high at 19689.85 levels. The majority of sectors participated in the move wherein realty, metal and financials were among the top gainers. And, rebound in the broader indices further added to the positivity.

Nifty has finally crossed the immediate hurdle of short-term moving average (20 EMA) and we expect Nifty to test 19,800. However, the sustainability of the move would depend upon the performance of the heavyweights, especially from the banking and IT pack. Meanwhile, mixed global cues could keep the volatility high. Amid all, traders should avoid aggressive trades and prefer a hedged approach.

Markets made a strong comeback as the US Dollar and the US Treasury yields dived amidst dovish Fed bets. The positive takeaway was that benchmark Nifty recouped all of its last 2-days losses and, most importantly, ended at day’s high as bulls joined the positive global cues.

Focus however stayed on geopolitics after Israel Defense Forces said that dozens of fighter jets attacked more than 200 targets in Gaza overnight. Technically, Nifty’s biggest hurdles for Wednesday’s trading session is seen at the 19877 mark, while on the downside, the biggest support is seen at 19471 mark.

The bulls made a strong comeback, defending the support zone of 44000-43800, where fresh put writing is evident. The next immediate hurdle is positioned at 44500, and a break above this level is expected to trigger further short covering, potentially pushing the index towards the 45000 mark. Additionally, the momentum indicator RSI has provided a positive crossover, confirming a buy signal.

The Indian rupee, in line with Asian currencies, appreciated in today’s trade but the price action remained lacklustre. The weaker crude oil prices and recovery in the equities supported the local rupee to become a median performer among the Asian currencies. Short-term traders are eyeing Thursday’s inflation number which is expected to show some relief for central bankers.

In the short term, spot USDINR is expected to consolidate between 83 to 83.40.

Indian markets mirrored the sharp rebound in world equities as short covering propelled the benchmark Sensex to close above the psychological 66000 mark. Although the ongoing war between Israel and Hamas has already seen many casualties, investors, however, feel that it may not have a cascading effect on the world economy and the focus would again shift to global macro-economic concerns. While oil prices may stay volatile, crude prices are unlikely to remain high for long due to sluggish demand from key economies.

The Indian market completely recovered yesterday’s losses which was mainly due to the Hamas-Israel conflict. Moderation in crude prices and positive global cues on account of dovish remarks from Fed officials, which restrained US bond yields, aided the rebound. The domestic market's primary focus is currently on the approaching result season, with optimistic expectations on earnings.

Keeping the geopolitical risks aside, a complete reversal was seen in the global equities, and the same was witnessed in the Indian markets as well. Nifty50 began the day on a strong note at 19,600 and in the presence of a follow-through, the Index kept compounding its gains throughout the day to end the session at 19,689.85 with gains of 177.50 points.

All the sectors ended in green where Realty and Metal were the outperformers. Mid and Smallcaps gained over 1% to outperform the Frontline Index.

On the daily chart, the Index has formed a bullish candle which indicates a strong comeback of the bulls. A convincing close above the 19,740-19,780 zone will confirm a trend reversal and in that case, the Index is likely to extend its up-move to 20,000. The immediate support stands at 19,575.

Indian rupee ended flat at 83.25 per dollar versus previous close of 83.27.

Benchmark indices ended higher on October 10 with Nifty around 19,700 amid buying across the sectors.

At close, the Sensex was up 566.97 points or 0.87 percent at 66,079.36, and the Nifty was up 177.50 points or 0.91 percent at 19,689.80. About 2481 shares advanced, 1052 shares declined, and 135 shares unchanged.

Coal India, Bharti Airtel, Adani Ports, Hindalco Industries and Adani Enterprises are among the top gainers on the Nifty, while losers were IndusInd Bank, Cipla, Dr Reddy's Laboratories, TCS and Asian Paints.

All the sectoral indices ended in the green with realty index up 4 percent, while Information Technology, power, auto, metal and PSU Bank up 1-2 percent each.

BSE Midcap and smallcap indices up 1 percent each.

-In September 2023, individual APE grew at 10 percent YoY for industry
-In September 2023, individual APE grew 12 percent YoY for private insurers
-Within larger insurers, Bajaj Allianz, HDFC Life, Max Life and SBI Life reported robust growth
-Robust growth in individual APE
-For private insurers, number of policies grew by 7 percent YoY
-Ticket size remained largely stable

Shares of Coal India hit a fresh 52-week high at Rs 300.4 apiece. Brokerage house Nuvama Institutional Equities said that the coal player offered the triple benefits of volume growth, improved e-auction prices, and possible all-time high dividend in H2FY24.

“Despite the stock rallying ~25 percent since Sep-23, we expect further upside potential of 35 percent within a year, excluding the dividend of Rs 30 in H2FY24E and Rs 25 in FY25E,” said the brokerage. Read More

We expect TCS to post a low single-digit growth in revenue sequentially as slowdown in the IT sector due to adverse macroeconomic conditions in the last two quarters persists. Although the quarter saw huge deal wins, its reflection in the profitability of the company will be delayed. With its 800-million-pound deal with Jaguar Land Rover (JLR) and an 840-million-pound deal with NEST, UK's largest workplace pension scheme, the company’s total contract value is estimated to be around USD 12 billion.

The company’s EBITDA margins are expected to improve sequentially after a 120bps decline in the June quarter due to wage hikes. We will closely track the management commentary on the expected demand recovery in the second half of the financial year in the banking & telecom verticals and the North American operations that contributes more than 50% to the company’s top line.

In the post-pandemic quarters, particularly following Q3 2021, a consistent and concurrent increase in demand has been observed across both the residential and commercial sectors. India's economy has demonstrated resilience in the post-pandemic era, establishing itself as a stable economic entity characterised by robust domestic business activity, contributing to sustained GDP growth.

Most listed players are concentrated in the residential sector which has seen an unprecedented growth in the recent quarters. The residential sector notably benefited from reduced interest rates and favorable governmental initiatives introduced during the pandemic aimed at promoting homeownership. Despite a rise in home loan rates, consumer inflation, and price escalations in recent quarters, the persistence of long-term economic stability and income security has ensured the continuity of momentum. It is worth noting, that the high-end segment (homes costing INR 10+ mn) of the housing market has experienced significant growth, resulting in a larger share of the premium housing segment within the overall home sales landscape.

Similarly, the office segment has experienced positive effects stemming from economic stability, as evidenced by the increasing prominence of India-facing businesses and domestic enterprises. Notably, Global Capabilities Centres (GCC) have made significant contributions to the demand for office spaces, further underscoring the strength and reliability of India's growth narrative.

-SBI Life at 16 percent (versus 34 percent in August) and HDFC Life at 13 percent (versus 16 percent)
-SBI Life & HDFC Life outpaced private sector at 12 percent (vs. 21 percent)
-Outpaced private sector for a third month in a row
-SBI Life did better than MSE individual in total APE
-HDFC Life was better on individual APE
-ICICI Prudential Life lagged on both

Shares of Prakash Industries rallied over 11 percent to a 52-week high of Rs 164.85 on October 10 as renowned investors Mukul Agrawal and Dolly Khanna picked up over 1 percent stake each in the company.

The Prakash Industries stock has surged over 15 percent in two sessions since the company filed the data late on October 6.

Agrawal bought 1.4 percent stake in the company in the September 2023 quarter, taking his holding to 25 lakh equity shares. Khanna, on the other hand, picked up 1 percent stake or 17.98 lakh equity shares of the company. Read More

JSW Steel shares were trading 2 percent higher on October 10 after the company reported a 13 percent year-on-year (YoY) growth in consolidated crude steel production at 6.41 million tonnes for the recently ended July-September quarter.

The company with regards to the 3 percent quarterly decline in production said that this was due to ‘scheduled shutdowns undertaken at Indian operations and lower capacity utilisation at USA-Ohio due to market conditions.’ Read More

Shares of Escorts Kubota surged over 5 percent to a 52-week high of Rs 3,372.95 on October 10 after brokerage firm DAM Capital rolled out a bullish outlook for the company, raised its price target for the stock by 62 percent to Rs 5,100, and retained the 'buy' call.

The brokerage believes valuations for Escorts Kubota would expand closer to that of MNCs, at around 30 times their FY26 expected earnings. DAM Capital also attributed its bullishness on the company to its expectations of a healthy earnings CAGR, higher return ratios, and a huge potential of expanding global footprint. Read More

Indian Rupee strengthened on Tuesday on positive domestic markets and a soft US Dollar. However, rising crude oil prices and outflows by foreign investors capped sharp gains. US Dollar eased on dovish comments from Federal Reserve officials. Two officials hinted at less need to hike the rates as yields have increased. This led to a pullback in global equities and a decline in US treasury yields.

We expect the Rupee to trade with a slight positive bias on positive global equities on dovish Fedspeak and declining yields. However, geopolitical uncertainty due to the ongoing conflict Hamas and Israel may cap sharp upside. Rising crude oil prices and FII outflows may also weigh on Rupee at higher levels. Traders may remain cautious ahead of FOMC minutes tomorrow and inflation data from India and US later this week. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.70.

-Downgrade SBI Cards to hold from buy, target price cut to Rs 860 per share from Rs 990 per share
-Cut SBI Cards’ EPS on sticky revolver base
-Prolonged margin pressure & continuing uncertainty in SBI Cards’ asset quality
-Value SBI Card at 5.4x FY25 BVPS
-Downgrade LIC Housing Finance to reduce from hold, target price raised to Rs 400 per share from Rs 380 per share
-Raise LIC Housing Finance EPS by 5.8-14.3 percent for FY24-26
-Maintain LIC Housing Finance target multiple at 0.6x FY25 BVPS
-Downgrade Bank Of Baroda to hold from buy, target price Rs 220 per share
-Downgrade Ujjivan to hold from buy, target price raised to Rs 620 per share
-Expensive Bank Of Baroda valuations, few re-rating triggers
-Peaking Bank Of Baroda earnings are likely to weigh on stock returns

Sensex Today | Market at 3 PM

The Sensex was up 581.52 points or 0.89 percent at 66,093.91, and the Nifty was up 179.90 points or 0.92 percent at 19,692.20. About 2284 shares advanced, 875 shares declined, and 93 shares unchanged.

The Israel-Hamas conflict's ripple effect on oil prices may not be immediately felt by Indian consumers, thanks to the government's decision to shield them. However, the rise in ATF prices threatens to squeeze airline margins, especially during the festive season, where tickets were pre-booked with the expectation of falling crude prices. In such uncertain times, Indigo may face a sell-off if the conflict persists.

Furthermore, the Defense and Diamond industries, heavily reliant on Israeli exports, may experience disruptions, creating an opportunity for Indian exporters as demand outstrips supply. Consider short-term investments in Defense stocks as a strategic move.

-Buy call, target price raised to Rs 328 per share
-Long-term beneficiary of a higher gas consumption story
-Power sector is driving near-term growth
-Volume recovery underway
-Expect volumes to be higher than 30 mmscmd during the Q2 2023-24

Suzlon Energy share price fell 5 percent on October 10, extending previous session's losses. The stock hit lower circuit for the second straight day after it was put on Direct stage IV “ASM framework" with effect from October 9, 2023. ASM stands for Additional Surveillance measures. Suzlon Energy shares recovered slightly to trade at Rs 27, down 2.35 percent on NSE at 11:20 am.

Despite the correction recently, Suzlon Energy has delivered multibagger returns so far this year. The stock has rallied more than 150 percent YTD, outperforming benchmark Nifty 50 by a margin. In the last one year, the stock has surged 253 percent. Analysts have been positive on the company on improving fundamentals, debt reduction plans and strong order flows.

In an effort to safeguard the interest of investors and enhance market integrity, market regulator SEBI and Stock Exchanges introduced various enhanced pre-emptive surveillance measures. ASM IV is the final stage and the margin requirement rises to 100 percent for all clients while the price band narrows to 5 percent for the stock. According to experts, this is a mechanism to control the price movement to protect investors. However, the liquidity of stock gets impacted.

Indian property stocks surged to a 15-year high, driven by strong sales and optimism after the central bank's interest rate decision. The S&P BSE Realty Index jumped 4.8% to its highest level since September 2008, buoyed by robust Q2 sales from several developers, boosting expectations for the upcoming festive season. Notably, Puravankara Ltd. reported over a doubling of sales, Ajmera Realty and Infra India Ltd. saw a 52% growth, and Prestige Estates Projects Ltd. posted a 102% sales increase compared to the previous year.

Titagarh Rail Systems' board members has constituted a Board level Committee styled “Talent and Leadership Pipeline Development Committee”, which is chaired by KK Jalan.

Stock Market LIVE Updates | Maruti Suzuki India gets show cause notice from customs department for allegedly evading custom duty of Rs 16.27 lakh

Maruti Suzuki India has received a show cause notice from the customs department. The department has alleged the company for evading custom duty amounting Rs 16.27 lakh by wrong availment of basic customs duty concession based on the end use of the imported goods.

Oil prices eased on Tuesday after rallying more than 4% in the previous session, with traders cautious as they watched for potential supply disruptions amid military clashes between Israel and the Palestinian Islamist group Hamas.

Brent crude fell 36 cents to $87.79 a barrel by 0805 GMT, while U.S. West Texas Intermediate (WTI) crude eased 35 cents to $86.03 a barrel. Both benchmarks had fallen by more than $1 in earlier trading before recovering slightly.

Brent and WTI had surged more than $3.50 on Monday as the clashes raised fears that the conflict could spread beyond Gaza into the oil-rich region. Hamas launched the largest military assault on Israel in decades on Saturday, while fighting continued into the night on Monday as Israel retaliated with a wave of air strikes on Gaza.

Phoenix Mills said its total consumption grew by 20% YoY to Rs 2,637 crore, and on a like-to-like basis, the consumption increased by 10% YoY. Retail collections during the same period jumped 23% YoY to Rs 638 crore.

Sensex Today | Market at 3 PM

The Sensex was up 604.75 points or 0.92 percent at 66,117.14, and the Nifty was up 188.00 points or 0.96 percent at 19,700.30. About 2279 shares advanced, 854 shares declined, and 95 shares unchanged.

-Buy call, target price Rs 777 per share
-JLR volume momentum remains strong
-Strong profitability led by rich product mix
-Domestic passenger vehicle business likely to gain market share in FY25
-Tata Motors commercial vehicle business likely to report double-digit EBITDA margin

Sensex Today | BSE Bank index up 1 percent supported by ICICI Bank, Canara Bank, Kotak Mahindra Bank

IDFC First Bank has entered into agreement with National Securities Depository (NSDL) for sale of its premises at Naman Chambers, BKC, Mumbai, as a part of consolidation of its operation near its Corporate Office. The bank sold office premises for Rs 198 crore.

The Central Government has appointed Lal Singh as Executive Director of Bank of Baroda for three years, with effect from October 9. Lal Singh was the chief general manager at Union Bank of India.

The Central Government has appointed Vijaykumar Nivrutti Kamble as Executive Director of UCO Bank with effect from October 9. Vijaykumar Nivrutti Kamble was the general manager at Bank of Maharashtra.

Bani Varma has assumed charge as Director (Industrial Systems & Products) of Bharat Heavy Electricals Limited (BHEL).t

JSW Steel reported consolidated Crude Steel production for the second quarter of FY24 at 6.41 Million tonnes, a growth of 13% YoY. QoQ production is marginally lower by 3%, primarily due to scheduled shutdowns undertaken at Indian operations and lower capacity utilisation at USA-Ohio due to market conditions.

STL Digital, subsidiary of Sterlite Technologies, today announced the launch of ‘AInnovTM, a solutioning fabric of powerful Generative AI Services, frameworks, methodologies and solutions designed for enterprises to accelerate Generative AI-led innovation and adoption.

AInnov enables development of embedded AI applications for multi stakeholder experiences.

Power transmission solutions provider Sterlite Power bagged orders worth Rs 1,300 crore in June quarter of this fiscal year.

The new orders, won across the domestic and international markets, were built on the total order book of Rs 5,200 crore that the business garnered in the previous financial year, a company statement said.

The company bagged orders across its Global Products & Services business that caters to high performance, green products and specialized Engineering, Procurement and Construction (EPC) services, it stated. Read More

Ace investor Ashish Rameshchandra Kacholia has bought 6,22,800 lakh equity shares in Saakshi Medtech and Panels via open market transactions at an average price of Rs 167.01 per share, amounting to Rs 10.4 crore. However, Hem Finlease sold 6,20,400 shares in the company at an average price of Rs 167 per share.

Sensex Today | BSE Metal index up 1 percent supported by Coal India, NMDC, APL Apollo:

-Buy call, target price raised to Rs 3,900 per share
-Q2FY24 jewellery sales rose 19 percent YoY (25 percent 4-Year CAGR)
-Sales significantly ahead of consensus
-Strong performance by other divisions as well
-Strong performance especially watches & wearables
-Titan opened 12 new Tanishq stores (two in Doha)
-Strong and consistent results reinforce Titan’s structural attractiveness

Hindustan Zinc has received an order from Assistant Commissioner, CGST, Udaipur imposing a penalty of Rs 1.81 crore for the period July 2017 to March 2018. The order has been passed on the contention that the company had wrongly availed input tax credit.

The Israel-Hamas conflict, though intense, is limited to a very specific area and is unlikely to trigger an immediate market reaction. During geopolitical turmoil, investors tend to make safer choices and gravitate towards precious metals. At the same time, they do not abandon equities either, as they expect them to perform better once stability returns. Specifically, from an Indian market perspective, economic growth remains robust. Investors may view any market dip as an opportunity.

Net profit down 1.5% at Rs 22.4 crore versus Rs 22.7 crore and revenue up 6.8% at Rs 151.5 crore versus Rs 142 crore, YoY.

Sensex Today | BSE Midcap index rose 1 percent led by Oberoi Realty, Godrej Properties, Delhivery 

The Central Government has appointed Mahendra Dohare as Executive Director on the board of Central Bank of India, with effect from October 9. Mahendra Dohare was the Chief General Manager at Punjab National Bank.

Sensex Today | BSE Smallcap index up 1 percent supported by Prestige Estate, Avantel, Gujarat Mineral Development Corporation:

The Central Government has appointed Bibhu Prasad Mahapatra as Executive Director on the board of Punjab National Bank with effect from October 9. Bibhu Prasad Mahapatra was the chief general manager in the bank.

The Central Government has appointed Dhanaraj T as Executive Director in Indian Overseas Bank for three years with effect from March 10, 2024. Dhanaraj T is the chief general manager of Indian Bank.

Sensex Today | Market at 12 PM

The Sensex was up 366.07 points or 0.56 percent at 65,878.46, and the Nifty was up 110.50 points or 0.57 percent at 19,622.80. About 2347 shares advanced, 733 shares declined, and 77 shares unchanged.

Vodafone Idea shares gained 2.2 percent in trade on October 10. The telecommunications player filed a curative petition in the Supreme Court, regarding its Adjusted Gross Revenue (AGR), with the apex court agreeing to consider the matter. Both Bharti Airtel and VI have challenged the AGR levied, stating that there are calculation errors in the Supreme Court's 2019 judgment determining the dues. VI added that the dues and interest levied are so heavy that it challenges the existence of the company. Read More

Manappuram Finance India Ltd (MAFIL) has entered into a Memorandum of Understanding (MoU) with construction equipment manufacturer JCB India Ltd to finance the latter’s range of equipment and engineering products.

Shares of Indiabulls Housing Finance gained 3 percent in two days to Rs 177 per share on the BSE on October 10 after the company proposed to buyback bonds maturing up to March 2024.

So far this year, the stock of this home finance company has rallied 15 percent, as against 7 percent rise in the Sensex benchmark. On 31 August, 2023, the stock had touched its 52-week high of Rs 207 apiece. Read More

Lyka Labs has received the product permission from the Central Drugs Standard Control Organization of India to manufacture and market Tofacitinib Ointment 2% w/w.

The company has received this permission after successfully completing the Clinical Trial on 125 patients across 8 Clinical Trial Centers within India

Dr Reddy’s Laboratories share price declined 1.2 percent. The pharma major, along with several other pharmaceutical companies, was named as a defendant in a antitrust complaint regarding cancer drug Revlimid filed in the US.

City Crops Agro Limited shares listed at Rs 25.40 on the BSE SME platform on October 10, on par with the issue price of Rs 25 per share. The initial public offering of City Crops Agro was subscribed 3.47 times. At 10:30 am, the shares were trading at Rs 25.60, around 2 percent more than the issue price. READ MORE

Ajmera Realty clocks sales value of Rs 252 crore and collection of Rs 111 crore for the Second Quarter of FY24 with a growth of 52% and 8% respectively as compared to the second Quarter of FY23.

The Water & Effluent Treatment (WET) business of L&T Construction has secured an Engineering, Procurement and Construction order from the Public Health Engineering Department, Rajasthan to construct a Water Supply Project for 648 villages of the District of Chittorgarh from the Chambal River under the Jal Jeevan Mission (Package-I)

Star Health and Allied Insurance Company has received a show cause cum demand notice from the Directorate General of GST Intelligence, Mumbai, alleging a tax demand of Rs 39 crore. The alleged demand and the impugned show cause cum demand notice pertains to non-payment of GST liability on the premium received by the company as a follower Insurer under a coinsurance arrangement during the period July 2017 to March 2023.

Sensex Today | Market at 11 AM

The Sensex was up 339.36 points or 0.52 percent at 65,851.75, and the Nifty was up 99.00 points or 0.51 percent at 19,611.30. About 2329 shares advanced, 678 shares declined, and 86 shares unchanged.

Tata Steel shares edged higher on October 10, a day after Fitch Ratings upgraded the company's Issuer Default Rating (IDR) from "BB+" to "BBB-". The upgrade came after Tata Steel's standalone credit profile (SCP) was revised to ‘bb+’ from ‘bb’.

The revision followed the reduction in uncertainty and financial risk from Tata group company's UK operations. Fitch Ratings expects UK operations' cost competitiveness to improve in the coming months. Read More

Nomura maintained its 'Neutral' rating on Maruti Suzuki India (MSIL), after the auto major shared a presentation detailing how it plans to proceed with its proposed acquisition of Suzuki Motor Gujarat (SMG). Suzuki Motor Gujarat (SMG) is a 100-percent subsidiary of Suzuki Motor Corporation, which financed and implemented the creation of new production capacity in Gujarat. Read More

Shares of The Phoenix Mills opened nearly 2 percent higher at Rs 1,833.75 on the NSE on October 10, a day after the company reported a steady growth in consumption in Q2FY24.

According to a business update for the quarter, The Phoenix Mills reported a total consumption of Rs 5,211 crore for H1 FY24, a 19 percent on-year growth. On a like-to-like basis, consumption in H1 FY24 has grown by 10 percent over H1 FY23. Retail collections for the same half-yearly period stood at Rs 1,252 crore, a 20 percent increase over H1 FY23. Read More

Shares of KPI Green Energy surged 4 percent to Rs 940 per share on the BSE on October 10 after the company’s consolidated profit-after-tax (PAT) jumped 57 percent year-on-year (YoY) to Rs 34 crore for the July-September quarter of fiscal year 2023-24 (Q2FY24). Read More

The company has achieved highest-ever sales value of Rs 1,600 crore in any quarter and the second quarter of any financial year since inception, which were up by 102 percent compared to Rs 791 crore in Q2FY23.

Also, sales were up 109 percent at Rs 2,725 crore in H1FY24 against Rs 1,304 crore in H1FY24.

The customer collections from the real estate business increased to Rs 879 crore in Q2FY24 versus Rs 518 crore in Q2FY23, up 70 percent YoY.

The average price realisation increased by 7 percent to Rs 7,947/sft during Q2FY24 from Rs 7,419/sft in Q2FY23.

The Central government has appointed Bani Varma as Director (Industrial Systems & Products) of Bharat Heavy Electricals (BHEL), with effect from October 9. Before taking charge as director, she was spearheading BHEL's transportation business segment and electronics division manufacturing unit at Bangalore.

Divgi Torqtransfer Systems has appointed Dipak Vani as Chief Operating Officer with effect from November 1. Currently, Dipak is the Head of Purchase & Global Supply Management. In addition, the company has appointed Girish Ghatwade as Senior Manager- Strategic Sourcing and Global Supply Management, with effect from November 1.

The Central government has appointed Bhavendra Kumar as Chief General Manager of Canara Bank for three years with effect from October 9. He has taken charge as Executive Director of the bank.

Sensex Today | Nifty Auto index up 1 percent supported by TVS Motor Company, Tata Motors, Samvardhana Motherson International:

Indian Oil Corporation has appointed Anuj Jain as Director (Finance) with effect from October 9. Anuj Jain has over 27 years of rich and varied experience in the field of finance, taxation and commercial aspects of the oil & gas industry. Sanjay Kaushal has ceased to be CFO of the company.

Sensex Today | BSE Realty index up 2 percent led by Phoenix Mills, Godrej Properties, DLF:

-Buy call, target price Rs 878 per share
-Israel conflict causes 5 percent fall in stock for a 1.3 percent value for Haifa Port
-Haifa Port accounted for 3 percent to company’s H1FY24 volume
-Company expects a pay-back of 4/6 years under base case/worst case scenarios
-War fears present an even better buying opportunity
-Better buying opportunity for the strategic asset with long duration concessions
-The port is a profit-making area focused on bulk and containers
-There is scope for operating leverage by reducing employee costs
-Reducing employee costs per its retirement plan
-Reducing employee costs with long-term real estate development upside

Dr Reddy’s Laboratories' subsidiary Dr Reddy’s Laboratories, Inc, along with several other pharmaceutical companies, was named as a defendant in a complaint filed on October 6 in the United States District Court for the Northern District of California. The complaint, filed by Mayo Clinic and Lifepoint Corporate Services, asserts claims under federal and state antitrust laws and other state laws alleging that the defendants improperly restrained competition and maintained a shared monopoly in the sale of brand and generic Revlimid through their respective settlements of patent litigation. The complaint alleges that the challenged agreements improperly delayed generic entry entirely until 2022 and then improperly limited generic competition through 2026. The complaint seeks damages for purported overpayments and equitable relief. Dr Reddy’s maintains that the allegations against it lack merit and will vigorously defend the litigation.

Container Corporation of India reported a 26.13% year-on-year growth in domestic volumes at 2.61 TEUs (twenty feet equivalent) for the quarter ended September FY24 and EXIM volumes grew by 3.50% to 9.69 TEUs. Total volumes jumped 7.59% YoY to 12.3 TEUs during the quarter.