On Monday, Indian share markets continued their momentum and extended gains as the session progressed.
Indian share markets ended on a strong note, as softening crude prices helped ease inflation worries.
The rally was further heightened by stocks in the IT sector, auto sector and banking sector as all sectoral indices ended in the green.
Metal stocks remained somewhat under pressure in today’s session but still managed to gain.
At the closing bell on Monday, the BSE Sensex stood higher by 787 points (up 1.3%).
Meanwhile, the NSE Nifty closed higher by 225 points (up 1.3%).
HDFC, Mahindra & Mahindra, and Eicher Motors were among the top gainers.
Apollo Hospital, DR Reddys Laboratories, and NTPC, on the other hand, were among the top losers.
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Shares of Maruti Suzuki, Eicher Motors, and Titan hit their 52-week high on Monday.
Gold prices for the latest contract on MCX were trading lower by 0.3% at Rs 50,360 per 10 grams at the time of Indian market closing hours on Monday.
At 7:50 AM today, the SGX Nifty was trading up by 120 points, or 0.7% higher at 18,180 levels.
Indian share markets are headed for a firm opening today following the trend on SGX Nifty.
Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about a green energy stock that trumped Voltas and Siemens, in her latest video.
Top Buzzing Stocks Today
L&T will be among the top buzzing stocks today.
Larsen & Toubro’s Power Transmission & Distribution company has received numerous engineering, procurement, and construction (EPC) orders. The order is worth around Rs 10-25 bn in the current quarter to develop transmission lines and substations in Saudi Arabia.
Minda Corporation will also be in focus today.
Minda Corporation has partnered with Daesung Eltec of South Korea to provide next-generation sophisticated driver assistance system solutions to India.
Through this partnership, the partners will provide advanced driver assistance systems (ADAS) for the passenger, commercial, and off-road vehicle segments
Tata Steel Q2 Profit Plummets 87%
Tata Steel on Monday reported an 87% YoY decline in profit after tax to Rs 15.1 bn for the September quarter.
The revenue of the company declined by 6% YoY to Rs 598.8 bn.
The realizations decreased as commodity prices crashed globally. Although a loss in volumes in Europe was offset by a rise in local volumes.
The margin and profitability were substantially impacted by an increase in input costs.
Despite these challenges, Tata Steel recorded its best domestic sales in India, helped by a solid product lineup and a vast distribution network that meets all needs in specific markets.
Consolidated production for the quarter was 7.56 million tons (MT), a 3% decrease from the prior year.
Deliveries in India increased by 7% year over year, mostly owing to record domestic supplies while deliveries in Europe decreased sequentially, because of seasonal reasons and weak demand there.
Gross debt for Tata Steel was Rs 875.1 bn for the quarter that ended on September 30, 2022, as opposed to Rs 825.9 bn in the June quarter, an increase of 49.2%.
Trading below the industry average PE, Tata Steel is among the top 6 undervalued stocks in India.
Bikaji Foods Sets IPO Price Band
IPO-bound Confectionary and savories company Bikaji Foods sets a price band at Rs 285-300 per share. The issue of Bikaji Foods will open for public subscription on 3 November.
The company hopes to raise a total of up to Rs 8.8 bn through the offer at the top end of the price range. A total of 29,373,984 equity shares will be made available.
The issuance will accept bids for a minimum of 50 equity shares from retail investors.
The finalization of the issue allotment is expected on November 11, while the shares of the company will debut on November 16.
To know more about IPOs, check out the upcoming IPO section on our website.
Core Sectors’ Output Grows
According to official data issued on Monday, the output of eight key infrastructure industries increased by 7.9% in September 2022 compared to the same month a year earlier.
The Index of Eight Core Sectors (ICI) assesses the production performance in a subset of eight core industries, including coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and power.
In comparison to 16.9% a year before, the production growth of eight infrastructure sectors was 9.6% from April through September of this fiscal year.
Nearly 40% of the Index of Industrial Production (IIP), or industrial output, is made up of the production of infrastructure. Eight main infrastructure sectors’ output increased by 4.1% in August.
Bharti Airtel Q2 Profit Rises 34%
Bharti Airtel, India’s second-largest telecom operator, reported an 89% year-on-year jump in consolidated profit after tax (PAT) at Rs 21.5 bn in the September quarter.
In the same fiscal quarter last year, the company reported a net income of Rs 11.3 bn. It was backed by strong and consistent performance delivery across the portfolio and crossing 500 m customers globally.
The consolidated revenue from operations increased by 22% to Rs 345.3 bn from Rs 283.3 bn in the same quarter last year.
Consolidated statistics, which consider data from its activities in 16 countries, show that voice traffic increased by 5.1% while data traffic increased by 20.9%. In 16 countries, the customer base totaled 501 m, an increase of 4.8% year over year.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose by 26.4% YoY to Rs 177.2 bn in the quarter.
The company’s average revenue per user increased to Rs 190 in the September quarter, up from Rs 183 in the previous quarter.
For the September quarter, the company launched 5G services in 8 cities. At present, 5G models of Apple, Samsung, Xiaomi, Vivo, Oppo, Realme and OnePlus are compatible with Airtel 5G Plus service.
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( With inputs from equitymaster)