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PRE-MARKET REPORT
The domestic equity market indices Sensex and Nifty 50 are expected to open higher on Tuesday, following largely positive global market cues.
Gift Nifty was trading around the 24,390 level, a premium of nearly 40 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market ended higher ahead of a packed week of earnings from megacap companies. The Dow Jones Industrial Average gained 273.17 points, or 0.65%, to 42,387.57, while the S&P 500 rose 15.4 points, or 0.27%, to 5,823.52. The Nasdaq Composite ended 48.58 points, or 0.26%, higher at 18,567.19.
Asian markets traded mixed on Tuesday. Japan’s Nikkei 225 was flat, while the Topix gained 0.3%. South Korea’s Kospi fell 0.4%, and the Kosdaq declined 0.41%. Hong Kong’s Hang Seng index futures indicated a higher opening.
STOCKS TODAY
Tata Power: The company has executed a Share Purchase Agreement with Khorlochhu Hydro Power (KHPL) to acquire a 40% stake in KHPL for Rs 830 crore. The investment will be made in one or more tranches in the equity stake of KHPL.
Bharti Airtel: Bharti Airtel reported a remarkable 168 percent increase in its consolidated net profit for the quarter ended September 2024, reaching ₹3,593 crore, compared to ₹1,341 crore in the same quarter of the previous year. The average revenue per user (ARPU) for the quarter stood at ₹233, a rise from ₹203 in Q2 FY24, reflecting a 15 percent year-on-year increase. The company’s revenue from operations surged to ₹41,473 crore, marking a 12 percent growth from ₹37,044 crore reported in the corresponding quarter last year.
Adani Power: Adani Power reported a significant 50 percent decline in its consolidated net profit for the quarter ended September 2024, amounting to ₹3,298 crore, down from ₹6,594.17 crore in the previous year. However, revenue from operations rose by 3 percent to ₹13,339 crore, compared to ₹12,991 crore in the same quarter last year.
BHEL: Bharat Heavy Electricals Limited (BHEL) announced a consolidated net profit of ₹106 crore for the September quarter, rebounding from a loss of ₹63 crore in the same period last year. Revenue from operations soared by 28 percent to ₹6,584 crore, up from ₹5,125.29 crore reported a year earlier. Notably, BHEL returned to profitability after reporting a loss of ₹211.40 crore in Q1 FY25.
HDFC Bank: American multinational Citigroup sold HDFC Bank shares worth ₹275 crore through an open market transaction on Monday. Citigroup Global Markets Mauritius, acting on behalf of Citigroup, disposed of 1,579,953 shares of HDFC Bank at an average price of ₹1,742.60 each, amounting to ₹275.32 crore. Ghisallo Master Fund LP acquired these shares at the same price.
Sun Pharma: Sun Pharma achieved a 28 percent year-on-year increase in net profit, totaling ₹3,040 crore in Q2 FY25, driven by robust sales growth in its domestic formulation and global specialty portfolios. This compares to a net profit of ₹2,375.5 crore in the same quarter last year. Revenue rose by 10.5 percent year-on-year, reaching ₹13,264 crore in Q2 FY25.