Get App
PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Monday following weakness in global markets.
Gift Nifty was trading around the 23,495 level, a discount of nearly 105 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.
The US stock market ended lower on Friday amid concerns about slower interest-rate cuts by the US Federal Reserve. The Dow Jones Industrial Average plunged 305.87 points, or 0.70%, to 43,444.99, while the S&P 500 declined 78.55 points, or 1.32%, to 5,870.62. The Nasdaq Composite ended 427.53 points, or 2.24%, lower at 18,680.12.
Asia markets traded mostly lower on Monday ahead of key economic data this week, including China’s loan prime rate and Japan’s inflation data.
Japan’s benchmark Nikkei 225 declined 1.16%, while the Topix fell 0.65%. South Korea’s Kospi rallied 1.06%, and the Kosdaq fell 0.62%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
STOCKS TODAY
Zomato: Global brokerage Morgan Stanley has expressed a bullish view on Zomato, increasing its target price to ₹355 from the previous ₹278. This revision implies a potential upside of 31.7% from the stock’s closing price. The firm maintained an ‘overweight’ rating, citing optimism in Zomato’s quick commerce (QC) segment, which it noted could exceed market expectations and drive future growth.
Hero MotoCorp: Hero MotoCorp reported a consolidated profit after tax of ₹1,066 crore for the quarter ending September 30, 2024, reflecting a 6% year-on-year increase. The growth was attributed to strong sales performance, as revenue from operations rose to ₹10,483 crore, compared to ₹9,533 crore in the same quarter last year. The company sold 15.2 lakh units of motorcycles and scooters during this period, surpassing the 14.16 lakh units sold in the previous year.
Godrej Properties: Godrej Properties has refuted allegations of fraud and money laundering, terming them “baseless” and attributing the claims to a dispute with a dissatisfied joint venture partner. The company’s statement came in response to the ongoing Enforcement Directorate (ED) investigation tied to a housing project.
Reliance Industries: RIL, Viacom 18 Media Private Limited, and The Walt Disney Company announced the completion of their anticipated merger. The resulting joint venture, valued at ₹70,352 crore, aims to strengthen its position as one of India’s largest media and entertainment entities. Reliance has invested ₹11,500 crore as growth capital. This merger is expected to support expansions in digital content, broadcasting, and distribution.
Grasim Industries: Grasim reported a 66% decline in consolidated net profit to ₹390 crore for Q2FY25, down from ₹1,164 crore in the same quarter last year. The drop was attributed to lower cement sales and ongoing investments in its paints business under the Birla Opus brand. Nonetheless, revenue rose by 11.1% year-on-year to ₹33,562.85 crore, bolstered by gains in financial services, cellulosic staple fiber, and specialty chemicals.
PTC Industries: PTC Industries posted a net profit of ₹17.31 crore for Q2FY25, more than doubling the ₹8.14 crore reported in the corresponding quarter of the previous fiscal year. The company’s revenue from operations also showed a substantial rise, reaching ₹72.36 crore compared to ₹57.51 crore in the same period last year.