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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Thursday following weak cues from global markets.
Gift Nifty was trading around the 23,715 level, a discount of nearly 66 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.
The US stock market ended mixed on Wednesday as investors reacted to the key jobs data. The Dow Jones Industrial Average rose 106.84 points, or 0.25%, to 42,635.20, while the S&P 500 gained 9.20 points, or 0.16%, to 5,918.23. The Nasdaq Composite ended 10.80 points, or 0.06%, lower at 19,478.88.
Asian markets traded lower on Thursday following an overnight choppy session on Wall Street, and investors are awaiting China’s inflation data. Japan’s benchmark Nikkei 225 fell 0.14% and the Topix declined 0.29%. South Korea’s Kospi index eased 0.1%, while the Kosdaq dropped 0.38%. Hong Kong’s Hang Seng index futures indicated a lower opening.
STOCKS TODAY
Tata Motors: Jaguar Land Rover (JLR), a subsidiary of Tata Motors, showcased a mixed performance in Q3 FY25. Wholesale volumes rose by 3 percent year-on-year (YoY) to 1,04,427 units, recovering from earlier supply chain disruptions. However, retail sales saw a 3 percent YoY decline, standing at 1,06,334 units. Sequentially, wholesales surged by 20 percent from Q2 FY25, driven by strong demand for flagship models like Range Rover (+22 percent), Range Rover Sport (+17 percent), and Defender (+13 percent). Notably, high-margin models accounted for 70 percent of total wholesale volumes.
Lupin: Pharmaceutical company Lupin received an Establishment Inspection Report (EIR) from the US FDA for its Pithampur Unit-1 facility, which manufactures APIs and finished products. The EIR, following an inspection conducted from September 16-27, 2024, classified the facility under “Voluntary Action Indicated” (VAI).
PN Gadgil Jewellers: PN Gadgil Jewellers reported robust Q3 FY25 performance, with consolidated revenue growing 24 percent YoY, driven by festive demand and strong same-store sales. Retail revenue surged by 42 percent, franchise operations posted an 87 percent growth, and the e-commerce segment outperformed with a 98 percent revenue increase. The diamond category recorded a 40 percent YoY growth.
BHEL: Bharat Heavy Electricals Ltd (BHEL) commissioned the first two units of the Punatsangchhu-II hydroelectric project in Bhutan. This 6×170 MW greenfield project, located in Wangdue district, is part of a bilateral agreement between India and Bhutan.
PI Industries: PI Industries received a customs demand notice totaling ₹82.83 crore for input material classification issues from July 2018 to November 2022. The agrochemical firm stated that the demand would not materially impact its financials and intends to seek legal remedies.
Hindalco: Hindalco’s US subsidiary Novelis Inc. announced plans to issue $500 million in senior unsecured notes due in 2030. The proceeds will primarily repay $491 million in outstanding borrowings under its revolving credit facility.