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POST-MARKET REPORT
The market remained under pressure on Monday amid selling across the sectors barring auto.
At close, the Sensex was down 73.48 points or 0.09 percent at 81,151.27, and the Nifty was down 112.50 points or 0.45 percent at 24,741.50.
The Biggest Nifty losers were Tata Consumer Products, Kotak Mahindra Bank, BPCL, IndusInd Bank, and Bajaj Finserv, while gainers included HDFC Bank, Bajaj Auto, Asian Paints, M&M, and Eicher Motors.
Except for auto, all other sectoral indices ended in the red with FMCG, metal, capital goods, power, realty, IT, oil & gas and media down 1-3 percent.
Considering the Broader market indices, the BSE Midcap and smallcap indices shed 1.5 percent each.
STOCKS TODAY
HDFC Bank: Shares surged 3 percent after the Street praised its September quarter performance. Strong metrics were observed on all counts, with a slight deterioration in asset quality. Brokerages maintained their positive outlook on the stock, with price targets suggesting a potential upside of up to 28 percent from current levels.
Tejas Network: Shares surged over 11 percent after a robust seven-fold topline growth, powered by the expansion of 4G business. The management said it is very confident of the upcoming opportunities and shared details of projects for which it is aiming to bid or contracts are underway. On a QoQ basis, Tejas Networks’ net profit has grown by 250 percent, while revenue rose by 80 percent compared to the previous quarter.
Tata Consumer Products: Shares fell over 7 percent after the FMCG player reported a muted show for its July-September earnings scorecard. The owner of Ching’s Secret noodles brands said its net profit was unchanged at Rs 359 crore. Revenue increased 13 percent to Rs 4,20 crore in the three months ended September 30.
Kotak Mahindra Bank: Shares tumbled and fell nearly 5 percent following the release of the bank’s September quarter numbers (Q2FY25), which missed Street estimates and prompted some brokerage firms to lower their target prices on the stock. Kotak reported a Q2 profit growth of 5 percent year-on-year (YoY) to Rs 3,344 crore.
Oberoi Realty: Shares advanced 3 percent on October 21 after the company achieved Rs 1,350 crore gross bookings for new projects in the first three days. The real estate developer also posted a 29 percent rise in its consolidated net profit to Rs 589.44 crore for the second quarter of this fiscal year. Its net profit stood at Rs 456.76 crore in the year-ago period.
PNC Infratech: Shares were stuck in a 20 percent lower circuit after the company, along with its two subsidiaries were disqualified by the Ministry of Road Transport & Highways from participating in any tender process of the Ministry. In an exchange filing, PNC Infratech stated that it has been barred from tender processes for one year, effective October 18, 2024.