Sensex Today Live | Share Market Updates: Oil declines 1% ahead of U.S., China data
Oil prices slipped more than 1% on Monday as investors adopted caution ahead of a U.S. Federal Reserve policy meeting and China’s manufacturing data due this week, offsetting support from tension in the Middle East.
Brent crude futures dropped 1%, or 97 cents, to $89.51 a barrel by 0718 GMT, while U.S. West Texas Intermediate crude was down 1.3%, or $1.13, at $84.41 a barrel.
“Despite an escalation in the Hamas-Israel war, the ground invasion was widely expected,” said CMC Markets analyst Tina Teng.
Sensex Today: IIFL Finance share price may see 25% upside, says Jefferies; initiates coverage with ‘Buy’ rating
According to analysts, IIFL Finance, a diversified non-banking financial company (NBFC), is anticipated to witness robust net interest income (NII) growth, a stabilized asset quality, and substantial earnings expansion.
The company has bolstered its retail franchise by doubling its branches over the course of three years, leading to a projected 23% compound annual growth rate (CAGR) in asset under management (AUM) and a 26% CAGR in NII from FY23 to FY26, as highlighted by foreign brokerage Jefferies. (Read More)
Sensex Today Live: Finolex Cables Case: SC calls out 2 NCLAT members for flouting order, Deepak Chhabria slapped with ₹1 crore fine
NCLAT Judicial Member Rakesh Kumar has tendered his resignation following a summons from the Supreme Court for defying the court’s order in the Finolex case. In addition, Technical Member Alok Srivastava has submitted an unconditional apology for his defiance.
The Supreme Court arrived at this decision after reviewing the CCTV footage of the incident at the NCLAT, which revealed that both members were informed by the lawyers about the court order but proceeded to pass the order nonetheless. (Read More)
Sensex Today: Swan Energy share price jumps over 6%, hits 52-week high on Reliance Naval acquisition
Swan Energy’s share price surged over 6%, reaching a 52-week high during Monday’s trading session, marking the fourth consecutive session of gains. This rally follows the completion of the outstanding upfront payment of ₹231.42 crore for the acquisition of Reliance Naval and Engineering. The day’s trading began with Swan Energy’s share price at ₹380 apiece on BSE. Over the last four trading sessions, Swan Energy shares have accumulated gains of more than 26%. (Read More)
Sensex Today Live: Kama Jewelry on Outlook on gold demand for the festive season
Colin Shah, MD, Kama Jewelry on Outlook on gold demand for the festive season: Globally, gold prices are on the rise due to the uncertainty in the international market created by the Israel-Hamas conflict and its impact on global economic conditions, followed by the strengthening of the US Dollar. This price rise will further drive investors towards gold, owing to its credibility as one of the safest asset classes. With the Fed likely to maintain its stance in the upcoming meeting with the scope for one rate hike during the year, it is expected to keep the gold price within the range of USD 2000.
On the domestic front, gold rates are gradually but steadily on an upward trajectory. With the festive season and wedding season, we see the price dynamics to be of little to no hindrance for the Indian gold buyers owing to the rise in per-capita income and the sentimental value attached towards buying gold during the festive season and weddings, a tradition well-kept in the Indian culture..”
Sensex Today Live | Share Market Updates: Ratan Tata denies claims about announcing reward for Cricketers
Industrialist Ratan Tata has denied that he had made any announcement or offered any reward or gave any suggestions to the International Cricket Council or to any player.
“I have made no suggestions to the ICC or any cricket faculty about any cricket member regarding a fine or reward to any players. I have no connection to cricket whatsoever. Please do not believe WhatsApp forwards and videos of such nature unless they come from my official platforms,” Ratan Tata posted on X.
There were WhatsApp forwards and videos floating on social media that had fraudulently claimed that Ratan Tata had announced a ₹10 crore reward for Afghanistan cricketer Rashid Khan after their win over Pakistan but the renowned industrialist has denied any such claims. (ANI)
Sensex Today Live: AU Small Finance Bank board approves merger with Fincare SFB; stock falls 8%
AU Small Finance Bank encountered an intra-day decline of over 8 percent on Monday, following the announcement of its board’s approval of a merger with Fincare Small Finance Bank. The proposed all-stock transaction, valued at ₹4,411 crore, intends to broaden the bank’s presence in southern India and facilitate its entry into the microfinance sector. (Read More)
Sensex Today Live | Share Market Updates: Suzlon shares continue bulltrend despite 350% rally in FY24
Suzlon Energy Limited’s shares have been on an upward trajectory since the beginning of the new financial year 2023-24. Starting at ₹7.05 per share on NSE at the end of March 2023, the stock has been steadily climbing. Today, Suzlon’s share price exhibited an upward gap at the opening and reached an intraday high of ₹32.80 per share, marking a remarkable increase of over 350% in the current financial year. Market analysts remain optimistic, suggesting that the energy stock still has further potential for growth. (Read More)
Sensex Today Live: Tax authorities probing Raymond’s consumer care business sale to Godrej: GST in focus
The Directorate General of GST Intelligence (DGGI) is investigating the sale of Raymond’s consumer goods business to a Godrej unit, The Economic Times reported quoting sources.
Sensex Noon Update: RIL and Energy stocks lift Sensex and Nifty by 250 and 50 pts, respectively; Auto and Bank indices drag
Sensex Today Live | Share Market Updates: Tokyo shares fall agead of central bank meetings in US, Japan
Tokyo stocks dropped Monday as investors sat on their hands ahead of central bank meetings in Japan and the United States, and as the Middle East crisis weighed on the market.
The benchmark Nikkei 225 index fell 0.95 percent, or 294.73 points, to 30,696.96, while the broader Topix index lost 1.04 percent, or 23.41 points, at 2,231.24. (AFP)
Sensex Today: IMF projects global growth to slow to 2.9% in 2024 amid economic slowdown
The International Monetary Fund (IMF) has released its latest economic projections, stating that global growth is expected to remain at 3 percent in 2023 and further decline to 2.9 percent in 2024, as per an ANI report. This marks one of the lowest growth rates in decades. (Read More)
Sensex Today Live: SAT rules in favour of Punit Goenka
In a major relief to Punit Goenka of Zee Entertainment Enterprises, the Securities Appellate Tribunal in its verdict on Monday set aside Sebi’s 14 August order that barred Goenka from holding key directorship in a listed entity, in connection to an alleged fund diversion case. This paves the way for Goenka to remain at the helm of one of the largest merged entities in the media and entertainment sector.
The court has, however, allowed the regulator to continue its ongoing investigation.
Sensex Today Live | Share Market Updates: JM Financial views on NTPC | Strong growth momentum continues; maintain BUY
Sudhanshu Bansal of JM Financial views on NTPC: Strong growth momentum continues; maintain BUY INR 270
NTPC Ltd (NTPC) reported net sales of INR 450bn (+2% YoY, +4% QoQ), in-line with JMFe led by 6% higher generation YoY to 90BU. EBITDA for the quarter improved to INR 126.8bn (+16% YoY,-1% QoQ), +9% JMFe primarily driven by a lower share of imported coal (2%/10% in 2QFY24/ 2QFY23) in the fuel mix. Adj. PAT came in at INR 47bn (+37% YoY, +11% above JMFe). With visibility of 20GW RE generation capacity by FY26 and entry into pumped hydro storage with 14GW of the portfolio, the journey of NTPC continues with the transition to a balanced portfolio (45% renewables, 47% Thermal, 8% others) by FY32. Given the continued growth momentum, we revise our estimates upwards for FY25 and roll forward to FY26. We value the company’s thermal business at 1.8x Sep’25E Regulated Equity and assign 10x multiple to Sep’25E EBITDA of its RE business. We maintain our BUY rating with a revised TP of INR 270 (INR 240 earlier).
Sensex Today Live: Mahindra & Mahindra Financial Services shares slump 14.40% on weak Q2FY24 performance
Shares of Mahindra & Mahindra Financial Services (MMFS), a part of the Mahindra Group, experienced a significant decline of 14.40% to reach ₹237.35 apiece in early trading on Monday, a level not witnessed since April 2023. Investors responded unfavorably to the company’s Q2FY24 performance, which was released after market hours on Friday. At 10:45 AM, the stock was trading with a decrease of 9.45% at ₹251.30.
The company’s standalone net profit in Q2FY24 plummeted by 48% to ₹235 crore, primarily influenced by provision reversals. In contrast, during the same period in the previous year, the company had reported a profit after tax (PAT) of ₹448 crore, while in the preceding June quarter (Q1FY24), the PAT was at ₹362 crore.
Sensex Today: Gentari, GIC and Greenko founders join hands to produce, export green ammonia
Gentari, the clean-energy arm of Malaysia’s Petronas, and AM Green, set up by the founders of Greenko, on Monday announced the signing of definitive agreements with an affiliate of GIC to produce five million tons per annum (MTPA) of green ammonia by 2030.
A joint statement from Gentari and AM Green said the partnership will focus on the production of green ammonia in multiple locations across India, which is expected to accelerate efforts to achieve net-zero targets in India and OECD markets. Exports of green ammonia from this platform to key OECD markets such as Germany, Japan, South Korea, and Singapore are expected to begin in late 2025, it said. (Read More)
Sensex Today Live | Share Market Updates: NTPC shares fall over 2% despite brokerages raising target
NTPC’s share price underwent a decline of over 2% on Monday subsequent to the company’s Q2 results. NTPC shares witnessed a drop of 2.45%, reaching ₹230.75 per share on the BSE.
The state-owned power generator, NTPC, disclosed a 16.6% increase in its consolidated net profit for Q2FY24, totaling ₹3,885 crore compared to ₹3,331 crore in the corresponding period last year. However, the company’s revenue from operations experienced a marginal decrease to ₹40,875 crore from ₹41,015 crore in the year-ago period.
Furthermore, the NTPC board sanctioned the first interim dividend of ₹2.25 per share for FY 2023-24 on the face value of paid-up equity shares of ₹10 each, with the date of payment/dispatch of the dividend scheduled for November 23, 2023. (Read More)
PL Stock Report: Dr. Reddy’s Laboratories (DRRD IN) – Q2FY24 Result Update – In line EBITDA aided by gRevlimid and PLI incentives – REDUCE
Sensex Today: Param Desai – Research Analyst, Prabhudas Lilladher Pvt Ltd. views on Dr. Reddy’s Laboratories (DRRD IN): Rating: REDUCE | CMP: Rs5,397 | TP: Rs5,300
Q2FY24 Result Update – In line EBITDA aided by gRevlimid and PLI incentives
§ Margins came in at 26.6%; down 270 bps QoQ adjusted for PLI incentives.
§ India formulation grew in high single digit, adj for divestment and NLEM.
We increase our FY24/25E EPS estimates by 13.5%/7.6% aided by higher gRevlimid sales, however base business profitability continues to remain moderate. Dr. Reddy’s (DRRD) Q2FY24 EBITDA was largely in-line with our estimate, while base business margins ex of Revlimid and PLI incentives continued to remain muted below ~19-20%. Further thin US pipeline in near term remains a key risk. At CMP, DRRD is trading at expensive valuations of 24x P/E on FY25E adjusted for gRevlimid. We maintain our ‘Reduce’ rating with revised TP of Rs5,300/share (Rs5,150 earlier) as we roll forward; valuing at 23x Sept 2025E EPS for base business. Any big ticket ANDA approvals and sharp recovery in base business margins are key risks to our call.
Sensex Today Live: RIL stock surges almost 2% after a strong quarterly earning report
Sensex Today: HSBC Q3 pre-tax profit more than doubles but misses estimates
HSBC Holdings reported a 240 percent increase in third-quarter pre-tax profit on Monday as higher interest rates boosted profitability, although it missed market estimates.
Europe’s largest bank with a market value of $118.6 billion posted a pre-tax profit of $7.7 billion for the July to September quarter, versus $3.2 billion a year earlier, trailing the $8.1 billion mean average estimate of brokers compiled by HSBC. (Read More)
Sensex Today Live: PSU Bank trades in the red as it sheds almost a per cent with all stocks coming under pressure on Monday
Sensex Today Live | Share Market Updates: Maruti Suzuki shares flat after robust Q2 results
Maruti Suzuki’s share price displayed a neutral opening during Monday’s trading session, reflecting the company’s strong Q2 performance. Maruti Suzuki India disclosed a standalone net profit of ₹3,716.5 crore for the quarter ending September 2023, denoting an impressive 80.28% surge in comparison to ₹2,061.5 crore during the same quarter the previous year.
The opening price of Maruti Suzuki shares today stood at an intraday high of ₹10,741.30 on the BSE, with the stock touching an intraday low of ₹10,491.80. Technical analysts suggest a positive overall trend for the stock, with the 50-day exponential moving average (DEMA) serving as a support during declines, currently positioned around ₹10,300. (Read More)
Sensex Today: China Evergrande’s court hearing deferred to Dec 4; judge gives last chance for resolution plan
Hong Kong High Court judge Linda Chan has deferred today’s hearing of China Evergrande Group to December 4, Reuters reported. Justice Chan warned this is the “final” such opportunity for the troubled real estate company.
Evergande was scheduled for a hearing today on October 30 in regards to a possible winding-up of business. The adjournment now allows the developer to present its restructuring plan to avoid potential liquidation, it added. (Read More)
Sensex Today Live: SBI Card share price drops over 7% as brokerages cut target price after Q2 results
SBI Cards and Payments Services witnessed a sharp decline of over 7% in its share price during early trading on Monday, following the release of its financial results for the second quarter of FY24. SBI Cards shares dropped by 7.45% to ₹732.05 each on the BSE.
The company reported a 15% rise in net profit for Q2FY24, amounting to ₹603 crore compared to ₹526 crore in the corresponding quarter last year. Additionally, its revenues experienced a 22% surge, reaching ₹4,221 crore from ₹3,453 crore, year-on-year.
According to brokerage firm Motilal Oswal Financial Services, SBI Cards and Payments Services reported a muted quarter characterized by elevated provisions and further compression in margins. (Read More)
Sensex Today: Geojit Financial Services views on today’s market: Watch out for the Fed’s message on November 1st even while it holds the rate as the market expects
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The oversold position in the market facilitated the 190-point bounce back in the Nifty on Friday. But the conditions are not favourable for the continuation of this uptrend since the risk-off mood persists in the market. The risk of the Middle East geopolitical crisis spreading is high and since the ground war has begun in Gaza there can be lots of uncertainty and unexpected developments. The other major factor impacting the markets -the elevated US bond yields- also will remain a short-term concern since the Fed is likely to continue its hawkish stance in the light of the resilience of the US economy and inflation (3.7%) remaining above the Fed’s target. So watch out for the Fed’s message on November 1st even while it holds the rate as the market expects. Investors may remain cautious in this time of high uncertainty and risk. Nibbling at high-quality large caps will be a smart move.
Sensex Today Live: ESAF Small Finance Bank IPO worth ₹463 crore to open on November 3
ESAF Small Finance Bank, a Kerala-based lender, is scheduled to kick off its initial public offering (IPO) on November 3, with the IPO slated to conclude on November 7. The company aims to raise ₹463 crore through this offering, although the IPO price band has yet to be disclosed. The public issue is a combination of both a fresh issuance of equity shares, valued at ₹390.7 crore, and an offer-for-sale (OFS) of equity shares, amounting to ₹72.3 crore, by three shareholders. (Read More)
Sensex Today Live | Share Market Updates: Tata Motors comes under pressure in early trading as it sheds more than 1.5%