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Market Opening - An Overview
GIFT Nifty Futures on the NSE IX were trading higher by 0.41% at 18,989, signalling that Dalal Street was headed for positive start on Friday.
Asian shares were trading higher as investors shifted their focus to corporate earnings of Asian giants. The Nikkei 225 index advanced 1.54% and the Topix gained 1.42%. The Hang Seng jumped 1.53% and the CSI 300 index rose 0.5%.
The Indian rupee depreciated by 4 paise to close at 83.23 against the US dollar on Thursday.
FII/DII Trading Data
Foreign institutional investors were net sellers for Rs 7,702.53 crore, while domestic institutional investors were net buyers for Rs 6,558.45 crore worth of stocks on October 26, according to provisional data from the National Stock Exchange.
Stocks in News Today
Vodafone Idea: The telecom company said that its consolidated net loss widened to Rs 8,738 crore in Q2FY24 as against a loss of Rs 7,595 crore in Q2FY23. Revenue from operations inched up by 0.9% to Rs 10,716 crore in Q2FY24, compared with Rs 10,615 crore in the same quarter of last year. ARPU (average revenue per user) for the quarter under review was at Rs 142, compared with Rs 139 in the previous quarter. Its Ebitda for the quarter grew by 3% quarter-on-quarter (QoQ) to Rs 4,280 crore from Rs 4,160 crore in Q1FY24. As of September 30, 2023, the company’s total gross debt which includes interest accrued but not due stood at Rs 2.12 lakh crore.
Axis Bank: The private sector lender said the board of directors has approved the appointment of Munish Sharda as a Whole-time Director, designated as Executive Director of Axis Bank, for three years, with effect from November 1.
Colgate-Palmolive India (CPIL): The company reported a 22.31% increase in net profit at Rs 340.05 crore in Q2FY24 as against a net profit of Rs 278.02 crore Q2FY23. Its revenue rose 6.1% to Rs 1,462.38 crore during the quarter under review, from Rs 1,378.37 crore in Q2FY23. Its total expenses were at Rs 1,034.29 crore in the September quarter of FY24. Its board has declared an interim dividend of Rs 22 per equity share of face value of Re 1 each for FY24.
NLC India: The coal mining company registered a consolidated profit of Rs 1,085 crore for the quarter ended September FY24, rising 164% YoY due to a one-time gain of Rs 1,278.5 crore. Revenue from operations for the quarter at Rs 2,978 crore fell by 14.66% compared to the same period last year. Ebitda fell 29.24% to Rs 834.56 crore in Q2FY24 as against Rs 1179.27 crore in Q2FY23. The company’s Ebitda margin stood at 28.02% in Q2FY24 compared with 33.79% in the year-ago period.
Dixon Technologies: The electronics contract manufacturer said its consolidated revenue rose 27.83% at Rs 4,943.18 crore in Q2FY24 from Rs 3,866.77 crore in Q2FY23. Its Ebitda rose 37.01% to Rs 198.91 crore in Q2FY24 from Rs 145.17 crore in Q2FY23. Its profit after tax rose 46.99% to Rs 113.36 crore in Q2FY24 as against Rs 77.12 crore in Q2FY23.
CARE Ratings: The company said that CARE Ratings (Africa), a subsidiary of the company, has incorporated a step-down subsidiary, i.e., CARE Ratings South Africa on October 25 for providing credit rating services.
Karnataka Bank: The bank has approved allotment of equity share capital worth Rs 800 crore on a preferential basis to HDFC Life Insurance, Bajaj Allianz Life Insurance, Quant Mutual Fund, Bharti AXA Life Insurance and Bajaj Allianz General Insurance at a price of Rs 239.52 apiece.
McLeod Russel: The company’s wholly owned subsidiary, Borelli Tea Holdings, has sold 100% of the capital contribution in Phu Ben Tea Company, a step-down subsidiary of the company, to TLK Agriculture for a net consideration of $2.15 million on Oct. 25. The sale is expected to be completed by Dec. 24.
Aurionpro Solutions: The company announced the elevation of Ashish Rai to Chief Executive Officer. In his previous role, Ashish served as Vice Chairman and Director of the company, where he spearheaded the global expansion of Aurionpro Solutions’ IP-led products and solutions.
Lemon Tree Hotels: The company has signed a license agreement for a 50-room property in Visakhapatnam under the brand ‘Red Fox Hotels’. The hotel is expected to be operational by FY 2026.
Kamat Hotels: The company has completed the sale of its unit Hotel IRA by Orchid in Mumbai to Lateral Hospitality for Rs 125 crore. With this transaction , teh company total dbt ahs been reduced to Rs 172.50 crore. Further, it has taken on lease the same property from Lateral Hospitality for managing the operations of the hotel.
Railtel Corp: The company reported a revenue from operations of Rs 599.15 crore in Q2FY24 as against a revenue from operations of Rs 428.71 crore Q2FY23. Its profit after tax rose to Rs 68.15 crore in the quarter under review from Rs 55.24 crore in the same period last fiscal. Its total expense soared to Rs 522.36 crore in the reported quarter from Rs 366.05 crore in th eyear-ago period.
Agi Greenpac: The company’s consolidated revenue was up 20.09% at Rs 615.28 crore in Q2FY24 from Rs 512.31 crore in Q2FY23. Ebitda jumped 58.03% to Rs 134.16 crore in Q2FY24 from Rs 84.88 crore in Q2FY23. Ebitda margin rose to 21.8% in the quarter under review from 16.56% in the year-ago period. It profit after tax climbed 65.36% to Rs 56.14 crore in Q2FY24 from Rs 33.95 crore in Q2FY23.
Aditya Birla Sun Life AMC: The company recorded standalone profit of Rs 176.5 crore for the quarter ended September FY24, falling 7.1 percent compared to the year-ago period, impacted partly by lower other income. However, revenue from operations increased 7.7 percent year-on-year to Rs 329.2 crore in Q2 FY24.
Oberoi Realty: The Mumbai-based real estate company has divested its entire shareholding in a joint venture with Sangam City Township for Rs 3.6 crore. Oberoi Realty held a 31.67 percent stake in the joint venture.
Praveg: The company’s board has approved the scheme of amalgamation of Eulogia Inn Pvt. into the company. The Scheme is subject to the receipt of requisite approvals from the BSE Limited, the National Company Law Tribunal and other statutory and regulatory authorities, and the respective shareholders, under applicable laws, the company said in an exchange filing
Laxmi Organic Industries: The specialty chemicals manufacturing company has reported a 24.6% YoY growth in consolidated net profit at Rs 10.7 crore for the quarter ended September FY24. Revenue from operations grew by 0.01% YoY to Rs 652.3 crore for the quarter under review.