Stock Market Highlights 30 October 2024: Sensex closes 426 points lower at 79,942, Nifty declines to 24,340; sustained FII selling hits sentiment

Benchmark equity indices Sensex and Nifty declined on Wednesday, dragged down by banking and financial stocks amid weak trends in global markets.

Besides, weak earnings numbers and persistent foreign fund outflows impacted market sentiments, traders said 

he BSE Sensex tumbled 426.85 points or 0.53 per cent to settle at 79,942.18. The NSE Nifty dropped 126 points or 0.51 per cent to 24,340.85.

From the 30-share Sensex pack, Infosys, ICICI Bank, Kotak Mahindra Bank, Mahindra & Mahindra, State Bank of India, HCL Technologies, Axis Bank, NTPC and HDFC Bank were among the laggards.

In contrast, Maruti, IndusInd Bank, Adani Ports, ITC and UltraTech Cement defied broader market trends and ended in positive territory.

Major gainers: Adani Enterprises (3.74%), Hero Motocorp (3.18%), Tata Consumer (3.04%), Britannia (2.25%), Maruti (1.98%) 

Major losers: Cipla (-4.03%), Shriram Finance (-2.35%), HDFC Life (-2.34%), Trent (-2.27%), Infosys (-2.20%)

Dabur recorded consolidated net profit at ₹417.52 crore in the quarter ended September 2024, as against ₹507.04 crore in the corresponding quarter last year.

Dabur India Ltd has entered into an implementation agreement with shareholders of Sesa Care Private Ltd and the Target Company for the merger of Target Company with Dabur.

As part of the transaction, Dabur will acquire 51 per cent of the paid-up cummulative redeemable preference shares (CRPS) of Sesa from its existing shareholder True North (a private equity fund), for Rs 12.59 crore at face vatue.

The enterprise value is estimated to be in the range of Rs 315-325 crore, including debt of Rs 289 crore, which will be backed by the corporate guarantee of Dabur.

Sesa is a leading brand in the Ayurvedic hair care market, with a strong brand equity.

“Dabur is a market leader in the hair oil’s category. The proposed merger of Sesa will bring to Dabur a premium brand with strong credentials around Ayurveda that will complement our existing portfolio and strengthen our presence in the hair care category. We look forward to the exciting opportunities this deal brings,” Dabur India Limited chairman Mohit Burman said.

Shares were up 1.89% on the NSE, to close at ₹546.

Major gainers:

Adani Enterprises (4.74%), Tata Consumer (2.99%), Hero Motocorp (2.84%), Adani Ports (2.13%), Britannia (2.09%) 

Major losers: 

Cipla (-3.80%), SBI Life (-2.41%), Shriram Finance (-2.41%), Trent (-2.20%), Infosys (-1.98%)

Stocks advanced on BSE at 3 pm on October 30, 2024, were 2,887 against 995 stocks that declined, and 96 remained unchanged. Total stocks traded were 3,978. The number of stocks that recorded a 52-week high was 127, and those that hit a 52-week low was 49. A total of 403 stocks traded in the upper circuit, and 167 in the lower circuit.

Reliance Industries stock trades flat on the NSE at ₹1,342.60. Its subsidiary Reliance New Energy holds a full 100% equity stake in Faradion after acquiring the remaining shares from existing shareholders on October 28.

Aditya Birla Capital recorded its consolidated net profit for the quarter ended September 2024 at ₹1,015.18 crore as against ₹715.63 crore in the corresponding quarter last year.

Shares rose 2.88% on the NSE to ₹210.40.

TTK Prestige recorded its standalone net profit for the quarter ended Sept 2024 at ₹57.59 crore as against ₹62.17 crore in the corresponding quarter last year.

Shares slip 0.51% on the NSE to ₹865.25.

Engineering giant Larsen & Toubro (L&T) said on Wednesday that its Power Transmission & Distribution (PT&D) vertical has won new orders in the Middle East and Africa worth up to ₹10,000 crore for expanding and strengthening electricity grids at high-voltage levels.

Grindwell Norton recorded its standalone net profit for the quarter ended Sept 2024 at ₹94.04 crore as against ₹98.03 crore in the corresponding quarter last year.

Shares trade at ₹2,146.50 on the NSE.

India’s largest carmaker Maruti Suzuki’s shares rose over 4 per cent to ₹11,404.05 on the BSE today, despite reporting a 17 per cent decline in its standalone net profit for the September 2024 quarter at ₹3,069 crore.

​​AIA Engineering​​ recorded its consolidated net profit for the quarter ended September 2024 at ₹256.42 crore as against ₹324.08 crore in the corresponding quarter last year. 

Shares declined 1.25% on the NSE to ₹3,851.70.

Info Edge (India) has agreed to invest ₹17 Crore in Zwayam Digital Private Limited, ₹2 Crore in Allcheckdeals India Pvt. Ltd., (wholly-owned subsidiaries).

Shares trade flat on the NSE at ₹7,682.70.

1. Kotyark Industries:

For the half year ending Sep-24, Sales up 55% YoY from INR 127 Cr in Sep-23 to INR 197 Cr in Sep-24. Similarly, Net Profit up 66% from INR 10.8 Cr to INR 17.9 Cr. On a HoH basis, Sales up 37% and Net Profit up 57%.

2. AVP Infracon

For the half year ending Sep-24, Sales up 63% YoY from INR 67 Cr in Sep-23 to INR 109 Cr in Sep-24. Similarly, Net Profit up 86% from INR 7 Cr to INR 13 Cr. On a HoH basis, Sales up 16% and Net Profit up 18%.

3. BCL Industries⁠:

For the quarter ending Sep-24, Sales up 50% YoY from INR 481 Cr in Sep-23 to INR 721 Cr in Sep-24. Similarly, Net Profit up 50% from INR 20 Cr to INR 30 Cr. On a QoQ basis, Sales up 13% and Net Profit up 20%.

4. Genus Power

For the quarter ending Sep-24, Sales up 88% YoY from INR 259 Cr in Sep-23 to INR 487 Cr in Sep-24. Similarly, Net Profit up 69% from INR 49 Cr to INR 83 Cr. On a QoQ basis, Sales up 18% and Net Profit up 73%.

5. CFF Fluid:

For the half year ending Sep-24, Sales up 34% YoY from INR 59.5 Cr in Sep-23 to INR 80 Cr in Sep-24. Similarly, Net Profit up 39% from INR 10.1 Cr to INR 14 Cr. On a HoH basis, Sales up 69% and Net Profit up 2x.

6. Websol Energy:

For the half year ending Sep-24, Sales up 480x YoY from INR 0.3 Cr in Sep-23 to INR 144 Cr in Sep-24. Similarly, Net Profit up from loss of INR 4 Cr to profit of INR 42 Cr. On a HoH basis, Sales up 29% and Net Profit up 83%.

7. Five Star Business

For the quarter ending Sep-24, Sales up 35% YoY from INR 519 Cr in Sep-23 to INR 702 Cr in Sep-24. Similarly, Net Profit up 35% from INR 199 Cr to INR 268 Cr. On a QoQ basis, Sales up 5% and Net Profit up 6%.

8. Cosmic CRF

For the half year ending Sep-24, Sales up 29% YoY from INR 123 Cr in Sep-23 to INR 159 Cr in Sep-24. Similarly, Net Profit up 81% from INR 6.8 Cr to INR 12.3 Cr. On a HoH basis, Sales up 22% and Net Profit up 2.1x.

Capri Global Capital stock jumped 13.87% on the NSE to ₹210.08. 

Company recorded its standalone net profit for the quarter ended September 2024 at ₹86.26 crore as against ₹47.71 crore in the corresponding quarter last year.

​Fortis Healthcare​ stock surges 2.09% on the NSE to trade at ₹612.90. CCI approved Fortis Healthcare’s proposal to acquire an additional 31.52 per cent stake in Agilus Diagnostics.

Hind Rectifiers recorded its net profit for the quarter ended September 2024 at ₹10.18 crore as against ₹3.97 crore in the corresponding quarter last year.

Shares hit upper circuit on the NSE at ₹1,105.35.

The National Stock Exchange of India celebrated yet another significant milestone in October 2024, as the total number of client codes at the exchange (accounts) surpassed 20 crore (200 million), an impressive growth in eight months, having been 16.9 crore (169 million) just eight months earlier. Among states, Maharashtra leads with the highest number of accounts at 3.6 crore, followed by Uttar Pradesh (2.2 crore), Gujarat (1.8 crore), Rajasthan and West Bengal at ~1.2 crore each. Together, these states account for nearly 50% of total client accounts, while the top ten states account for approximately three-fourths of the total. 

Additionally, the unique registered investor base now stands at 10.5 crore, having crossed the 10 crore (100 million) mark on August 8th, 2024. 

Shri Sriram Krishnan, Chief Business Development Officer, NSE said: “We have achieved another remarkable milestone in our investor base, with the exchange witnessing an increase of around three crore total accounts in just over eight months following February’s count of almost 17 crore. This exceptional growth reflects strong investor confidence in India’s growth story, driven by digital transformation and technological innovation. The widespread adoption of mobile trading applications and increasing investor awareness, supported by the government’s digital initiatives, has effectively democratized market access, particularly benefiting investors from tier 2, 3, and 4 cities. This expansion is supported by streamlined KYC processes, enhanced financial literacy programs, and sustained positive market sentiments, as demonstrated by robust participation across diverse investment instruments including equities, ETFs, REITs, InvITs, and various bonds. This milestone underscores India’s evolving financial landscape and the successful fusion of technology with retail investment accessibility.”

Datawrkz UK Ltd. (“Datawrkz UK”), a wholly owned subsidiary of Datawrkz Business Solutions Private Limited and a step-down subsidiary of Nazara Technologies, has entered into Loan Agreements with Nazara Technologies UK Limited, a wholly-owned subsidiary of the Company, to avail an unsecured loan for an aggregate amount not exceeding GBP 3,844,081 (approximately ₹42 crore), in one or more tranches, subject to compliance with the applicable laws. 

Shares up 2.57% on the NSE trading at ₹941.60.

Amit Jain, Chairman & Managing Director Arkade Developers on home sales registrations for October 2024

“Mumbai has sold more than 11944 homes in the festive season of October alone - A five-year high number and 12% more than October 2023. There is a visible shift to affluent living, where luxury homes are preferred over their counterparts. Key locations like Vile Parle, Andheri, Santacruz, Goregaon, Thane, Mulund, and Bhandup are witnessing exponential sales. We are extremely optimistic that the Diwali season will boost sales further. We’ve had a fantastic October month with the launch of Arkade Rare and our sales figures are a testament to the increasing popularity of our projects”

The National Stock Exchange of India (NSE) has surpassed 20 crore total client accounts, adding approximately 3 crore new accounts in just eight months, the exchange announced on Wednesday.

Maharashtra leads the state-wise distribution with 3.6 crore accounts, followed by Uttar Pradesh with 2.2 crore and Gujarat with 1.8 crore. Rajasthan and West Bengal have approximately 1.2 crore accounts each. These top five states represent nearly 50 per cent of all client accounts.

RCCPL Private Limited, wholly owned material subsidiary of 

Birla Corporation, has entered into a Share Purchase Agreement and Power Purchase Agreement for acquisition of 3.12% equity shares of Continuum MP Windfarm Development Private Limited consisting of 1,39,15,200 equity shares aggregating to `₹13.91 crore.

Stock traded at ₹1,153.85 on the NSE, up 1.39%.

Gold demand in the September quarter increased 18 per cent to 248 tonnes, up from the 210 tonnes logged in the same period last year. This was due to a sharp fall in prices after the government halved the import duty.

In value terms, it jumped 54 per cent to ₹1.65 lakh crore (₹1.07 lakh crore).

Indian equity benchmarks traded marginally lower in afternoon trading on Wednesday, recovering from early morning losses, as gains in auto and consumer goods stocks helped offset declines in pharmaceutical and banking sectors.

The BSE Sensex traded at 80,240.88, down 128.15 points or 0.16 per cent from its previous close, while the NSE Nifty declined 28.60 points or 0.12 per cent to 24,438.25 at 12:30 PM. Market breadth remained positive, with 2,891 stocks advancing compared to 842 declines on the BSE.

Adani Enterprises emerged as the top gainer on the Nifty, surging 4.58 per cent, followed by automaker Maruti Suzuki, which rose 3.80 per cent. Tata Consumer Products advanced 2.82 per cent, while Adani Ports and Wipro gained 2.73 per cent and 2.21 per cent, respectively.

Shalby recorded its standalone net profit for the quarter ended September 2024 at ₹17.33 crore as against ₹30.39 crore in the corresponding quarter last year.

Stock slumped 6.36% on the NSE trading at ₹245.

Phoenix Mills (4.89%), Prestige (3.41%), Sobha (2.53%), Raymond (1.51%)

Zinc futures on the Multi Commodity Exchange (MCX) has maintained a lateral trend since early October. The November contract has largely been moving in the range of ₹275-292.

That said, towards the end of September it broke out of ₹275, which led to the confirmation of a bull flag pattern. So, even though the contract is now moving in a horizontal direction, we expect the contract to eventually rally from the current level.

Trade done on 31.10.24 and on 01.11.2024 (Muhurat trading session) pay in and payout is on 04th Nov 2024. 

Do not sell shares on 01st NOV 2024 which were bought on 31st OCT 2024.

Major gainers on the NSE as at 12 noon:

Adani Enterprises (4.80%), Tata Consumer (2.93%), Maruti (2.84%), Adani Ports (2.67%), BEL (2.64%)

Major losers:

Cipla (-3.58%), Dr Reddy’s Lab (-1.90%), SBI Life (-1.78%), ICICI Bank (-1.67%), Shriram Finance (-1.66%)

Stocks advanced on BSE at 12 noon on October 30, 2024, were 2,873 against 829 stocks that declined, and 121 remained unchanged. Total stocks traded were 3,823. The number of stocks that recorded a 52-week high was 110, and those that hit a 52-week low was 44. A total of 327 stocks traded in the upper circuit, and 156 in the lower circuit.

Insolation Energy Ltd has been awarded single largest contract value of ₹500.50 crore by Rajasthan Renewable Energy Corporation Ltd (RREC) for Design, Supply, Erection, Testing and Commissioning including comprehensive Operation and Maintenance (O&M) for 25 (Twenty-Five) years from the date of commissioning of Rooftop Solar (RTS) photovoltaic power Projects on State Government buildings/State Government undertakings buildings in Rajasthan under Hybrid Annuity Mode (HAM) for Ajmer, Jaipur and Kota Circle/Districts.

Insolation Energy stock jumped 8.67% on the BSE to ₹3,606.

Larsen & Toubro’s Power Transmission & Distribution (PT&D) vertical has won major orders (worth ₹5,000-10,000 crore) in the Middle East and Africa for expanding and strengthening the electricity grids at high-voltage levels.

L&T shares rise 1.52% on the NSE to ₹3,432.35.

Genesys International announced partnership with SatSure, a leading Indian company in satellite remote sensing funded by the Indian Private sector banks. 

Genesys stock jumped 7.43% on the NSE to trade at ₹813.55.

Indoco Remedies receives final ANDA approval from USFDA forVarenicline Tablets, 0.5 mg and 1 mg

Indoco stock surged 3.71% on the NSE to ₹312.95.

Suzuki and Toyota to deepen collaboration in the field of Electrified Vehicles

Maruti Suzuki shares rose 2.34% on the NSE to ₹11,304.95.

EFC (I) Limited has secured SEBI registration for EMBERSTONE SM REIT, India’s first Small & Medium Real Estate Investment Trust operated by a managed office space provider. The company plans to launch an initial public offer worth ₹500 crore through its wholly-owned step-down subsidiary, EFC REIT Private Limited.

SEBI granted the registration on October 29, 2024, allowing EMBERSTONE SM REIT to proceed with its first scheme offering. EFC REIT Private Limited will serve as the investment manager, overseeing the funds raised and managing commercial real estate asset operations.

Top gainers of Nifty PSU Bank stocks:

Bank of India (4.26%), PSB (2.68%), Indian Bank (2.63%), UCO Bank (2.36%), Central Bank (2.32%)

Bank Nifty opened today’s session with a gap-down at 51,989 versus yesterday’s close of 52,321. The index is now hovering around 51,900, up 0.8 per cent.

The advance/decline ratio stands at 3/8, showing that the index possesses a bearish inclination. IDFC First Bank, up 1.5 per cent, is the top gainer whereas AU Small Finance Bank, down 2.2 per cent, is the top loser.

Shriram Properties Limited (SPL), a real estate developer company, announced yesterday its entry into the Pune market through a Joint Development Agreement for a 6-acre prime land parcel in Undri. The project is expected to generate revenue of ₹700-750 crore.

TCS partners with Insper in Brazil, Invests R$ 50Mn to Accelerate Innovation Across South America

Shares trade flat on the NSE at ₹4,089.75.

Led by growth in the energy and infrastructure sectors, Larsen & Toubro is expected to register double-digit revenue growth in Q2.

Analysts have projected that even as the domestic order inflow slowed down during the quarter, orders from the Middle East in the infrastructure segment continued to grow.

Yasho Industries informed that the BSE has rejected waiver application pertaining to a fine of ₹34,220 (including GST) by both BSE Limited and the National Stock Exchange of India Limited was imposed for alleged noncompliance with Regulation 6(1) of the SEBI Listing Regulations. The Company filed a waiver application which has been rejected by BSE Limited and was notified to us on October 28, 2024.

Shares trade at ₹1,890 on the NSE, up 2.76%.

The shares of Cipla Limited were trading at ₹1,420.20 down by ₹57.35 or 3.88 per cent on the NSE today at 10.20 am.

Pharmaceutical major Cipla Limited reported its highest-ever quarterly EBITDA margin of 26.7 per cent for Q2 FY25, despite slower growth in its domestic market. The company announced on Tuesday that its consolidated revenue grew 9 per cent year-on-year to ₹7,051 crore for the quarter ended September 30, 2024.

Nifty 50 is managing to stay afloat. The index has been getting good support around 24,150 since the beginning of this week. It is now important to see if it is getting a strong follow-through rise in the coming days. Nifty is currently trading at 24,405, down 0.25 per cent. The advances/declines ratio is 26:24. This indicates that the market sentiment is slightly mixed.

Tara Chand InfraLogistic Solutions Limited has been awarded a new specialised services contract by Lasren & Tubro Ltd for development of Casting Yard for their ongoing Mira-Bhayander Dahisar Link Road in Mumbai. The total contract value for this order is ₹29.49 Crore (incl taxes) and the same is to to be executed within FY2024-25.

Tara Chand shares surge 3.47% on the NSE to ₹449.95.

Muthoot Capital Services board approved NCDs up to ₹100 Crore on Private Placement basis.

Shares surged 6.90% on the NSE to ₹349.50.

Sky Gold shares trade flat on the NSE at ₹3,390. Company had announced a ₹270 crore capital raise from Kotak Mahindra Life Insurance, Motilal Oswal MF and Bank of India Mutual Fund.

Tata Motors Share Price Live Updates: Tata Motors stock in focus

Shriram Properties Limited entered a Joint Development Agreement for a 6-acres prime land, nestled in the upcoming micro markets of Undri in Pune. 

Stock surged 4.24% on the NSE to ₹108.46.

The rupee opened on a flat note and depreciated 2 paise to 84.07 against the US dollar in initial deals on Wednesday, weighed down by persistent foreign fund outflows and muted domestic equities.

Forex traders said the strength of the American currency in overseas markets dented investor sentiments, while easing crude oil prices and any intervention by the Reserve Bank of India (RBI) may support the local currency at lower levels.

Adani Enterprises shares up 3.02% on the NSE to trade at ₹2,934.70. Adani Wilmar shares rise 1.52% to ₹340.40. Adani Enterprises withdrew the demerger scheme of its food FMCG business into Adani Wilmar, a move that would have brought Adani Wilmar under the control of the promoters of the Adani Group.

NTPC shares trade flat on the NSE at ₹412.35. Company commenced commercial operations of a 32.90 MW solar plant in Rajasthan.

RITES stock rose 2.05% on the NSE to trade at ₹300.60. The company entered MoU with SAIL-Bokaro Steel Plant (SAIL-BSL), part of the Ministry of Steel, to collaborate on project management consultancy for rail connectivity works.

Shares of Maruti Suzuki rose 1.01% on the NSE to ₹11,157.95 as at 10.05 am.

Maruti Suzuki board approved the amalgamation of Suzuki Motor Gujarar Private Ltd, a private Ltd, (which is a wholly-owned subsidiary), into the Company.

While the Centre’s fiscal consolidation path is set to continue in FY25, Indian states’ fiscal consolidation path post-Covid looks like it’s being interrupted, according to Emkay Global Financial Services Ltd (EGFSL)

“There are some risks emerging in the convergence path of Centre and States’ fiscal consolidation. The states’ fiscal situation is at a risk of further divergence in FY25.”

MEP Infrastructure Pvt Ltd, a subsidiary of the company, has received from the Maharashtra State Road Development Corporation issued by Government of Maharashtra vis a vis to exempt the Light Motor Vehicles and School Buses and Buses of Maharashtra State Road Transport Corporation at all Toll Plazas of Five Mumbai Entry Points viz. Airoli, Mulund-EEH and Mulund-LBS Toll, Vashi and Dahisar Toll Plazas from levy of toll witheffect from 15.10.2024, till further orders. 

MEP Infra shares trade at ₹3.76 on the NSE.

Paras Defence and Space Technologies Limited has received an order from Opto Electronics Factory, a Unit of India Optel Ltd., Govt. of India Enterprise, Ministry of Defence, Dehradun, valued at approximately Rs. 42.05 Crores (plus taxes) for supply of 5 types of Electronic Control Sub-Systems used in Thermal Imaging Fire Control System (TIFCS) delivered by OLF to Indian Armed Forces.

Shares trade at ₹1,007.90 on the NSE, higher by 5%.

Top gainers on the NSE as at 9.30 am:

BEL (2.52%), Maruti (2.29%), Bajaj Auto (1.09%), Coal India (0.83%), IndusInd (0.76%)

Top losers:

Cipla (-3.97%), Dr Reddy’s Lab (-3.21%), Sun Pharma (-2.73%), Shriram Finance (-1.58%), SBI Life (-1.50%)

Buy, TP raised to Rs 1850

Delivered another strong performance for India business, Africa core performance remains healthy

Net debt increased modestly to INR1.4tn; capex moderated to INR77bn

Bharti best-placed to benefit from rising ARPUs

Buy, TP Rs 760

2Q: In-line with pre-quarterly update; demand improves

No impact from weakness in urban as it caters to premium and mass; sharp price hikes improve growth outlook

Buy, TP Rs 60800

Q2 Rev of Rs 10.2bn, down 7% y-y (-8% vs. est)

EBITDA at Rs 1.3bn, down 7% y-y (-20% vs. est)

EBITDA margin at 12.6%, flat y-y (vs est of 14.5%)

Believe margin disappointment largely due to inferior mix 

Expect margin recovery in 2HFY25

HSBC on SBI Cards

Reduce, TP cut to Rs 580

2Q: Muted new card issuance, low share of earnings assets, NIM contraction, high credit costs impacted earnings

With no clear view/guidance on recovery in asset quality, timing of an earnings recovery remains difficult to predict

Jefferies on SBI Cards

Hold, TP cut to Rs 760

2Q PAT of Rs4bn (-32 YoY) well below Rs6bn est due to higher opex

Receivables growth was healthy at 23%YoY.

NIM (-32bps QoQ) disappointed, but should inch up in 2H due to easing short term rates

Cut FY25-27E EPS by 4-8%

GS on SBI Cards

Buy, TP Rs 960

Downcycle nearing bottom per mgmt.; Improving earnings visibility to support re-rating

Reported credit costs of 9.1%, better than GSe of 9.4%

See PPOP-ROA bottoming 

CLSA on Maruti

O-P, TP cut to Rs 12631

2Q Ebitda margin (11.9%) below est., led by an increase in discounting and higher commodity costs.

Ebitda margin declined by 104bps YoY/80bps QoQ, led by gross margin declining by 128bps YoY/172bps QoQ

Lower FY25-27 volume est by c.4-9%

Nomura on Maruti

Neutral, TP Rs 12455

Concerns about weaker demand remain 2Q margins miss

High discounts may continue in near term; improving CNG mix & rising ASPs are positives

Management commentary: Demand – expects festive season sales of 300k+14% y-y

HSBC on Maruti

Hold, TP Rs 14000

2Q margins weak due to weak demand environment and high discounting; 3Q is likely to be worse

However, expect business to normalize in 2025/FY26 due to improvement in demand & new product launches

Val look reasonable; hybrid tax cut upside risk

MS on Adani Ports

OW, TP Raised to Rs 1648

Port revenue & EBITDA grew 10% (MSe: 11%) and 13% (MSe: 11%), respectively.

Logistics revenue and EBITDA grew +22% (MSe: -5%) and 7% (MSe: -37%).

Net debt/EBITDA improved to 2x (F24: 2.3x)

B/S & cash flows remain strong 

CLSA on Adani Ports

O-P, TP Rs 1764

1HFY25: Mundra traffic +18% vs all ports +9% YoY

2QFY25: diversified mix helps; resurgence of Mundra, rec PAT +11% YoY

Many strategic moves; delivered on deleveraging

ADSEZ: Ebitda likely to be at higher-end of FY25 guidance

UBS on Adani Ports

Neutral, TP Rs 1700

Sequentially flattish results

Colombo/Vizhinjam can be key surprises

Container volumes driving growth, Gangavaram still below trend in 2QFY25

Flattish coal volumes, logistics growth

Indian benchmark indices, Sensex and Nifty, opened lower on Wednesday despite a strong showing by US technology stocks, with pharmaceutical companies leading the decline in early trade. The BSE Sensex opened at 80,237.85 and was trading at 80,152.36, down 216.67 points or 0.27 per cent at 9.40 AM. The NSE Nifty started at 24,371.45 and traded at 24,414.50, declining 52.35 points or 0.21 per cent from its previous close.

Crude oil futures traded higher on Wednesday morning as industry data showed a decrease in crude oil inventories in the US. At 9.18 am on Wednesday, January Brent oil futures were at $71.11, up by 0.54 per cent, and December crude oil futures on WTI (West Texas Intermediate) were at $67.61, up by 0.60 per cent. November crude oil futures were trading at ₹5700 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5668, up by 0.56 per cent, and December futures were trading at ₹5684 against the previous close of ₹5653, up by 0.55 per cent.

Yatharth Group of Hospitals has announced its successful acquisition of a super-specialty hospital in Model Town, Delhi. This established hospital offers high-end medical services with a 300+ bed capacity.

This milestone solidifies Yatharth’s Delhi presence

HSBC on Bharti Airtel: Maintain Buy on Company, raise target price at Rs 1940/Sh (Positive) 

Citi on Bharti Airtel: Maintain Buy on Company, target price at Rs 1900/Sh (Positive) 

Nomura on Bharti Airtel: Maintain Buy on Company, target price at Rs 1850/Sh (Positive) 

Jefferies on KFintech: Maintain Buy on Company, raise target price at Rs 1125/Sh (Positive) 

Nomura on Marico: Maintain Buy on Company, raise target price at Rs 800/Sh (Positive) 

Nomura on Honeywell: Maintain Buy on Company, target price at Rs 60800/Sh (Positive) 

GS on SBI Cards: Maintains Buy on Company, target price at Rs 960/Sh (Positive) 

CLSA on Adani Ports: Maintains Outperform on Company, target price at Rs 1764/Sh (Positive) 

Nuvama on Hitachi Energy: Maintains Buy on Company, raise target price at Rs 16500/Sh (Positive) 

Nuvama on Somany: Maintains Buy on Company, target price at Rs 918/Sh (Positive) 

BofA India Strategy: Risks playing out as expected; weak markets as deserved (Neutral) 

Nomura on Marico: Maintains Buy on Company, cut target price at Rs 760/Sh (Neutral) 

Investec on Maruti: Maintains Hold on Company, cut target price at Rs 12385/Sh (Neutral) 

Nomura on Maruti: Maintains Neutral on Company, cut target price at Rs 12455/Sh (Neutral) 

UBS on Maruti: Maintains Buy on Company, cut target price at Rs 14800/Sh (Neutral) 

Investec on Cipla: Maintains Buy on Company, cut target price at Rs 1800/Sh (Neutral) 

UBS on Cipla: Maintains Buy on Company, cut target price at Rs 1960/Sh (Neutral) 

BofA on Cipla: Maintains Underperform on Company, cut target price at Rs 1400/Sh (Neutral) 

Nomura on Cipla: Maintains Neutral on Company, cut target price at Rs 1568/Sh (Neutral) 

JP Morgan on Concor: Maintains Neutral on Company, target price at Rs 1000/Sh (Neutral) 

Investec on Star Health: Maintains Sell on Company, target price at Rs 625/Sh (Neutral) 

Nomura on SBI Cards: Maintains Reduce on Company, cut target price at Rs 625/Sh (Neutral) 

Jefferies on SBI Cards: Maintains Hold on Company, cut target price at Rs 760/Sh (Neutral) 

UBS on Adani Ports: Maintains Neutral on Company, target price at Rs 1700/Sh (Neutral) 

MS on Adani Ports: Maintains Overweight on Company, target price at Rs 1648/Sh (Neutral) 

Citi on ABSL MAC: Maintain Sell on Company, target price at Rs 610/Sh (Neutral) 

Citi on CAMS: Maintain Sell on Company, cut target price at Rs 3080/Sh (Negative) 

HSBC on SBI Cards: Maintains Reduce on Company, cut target price at Rs 580/Sh (Negative)

U.S. stocks finished mostly higher on Tuesday, with the Nasdaq Composite scoring its 28th record close of the year, as investors prepared for quarterly earnings from Google parent Alphabet Inc. after the closing bell. Gold hit a fresh record early on Wednesday as Bitcoin traded near its all-time high.

Just about a week away from the Federal Reserve decision, data showed US job openings fell to the lowest since early 2021. The Labor Department’s JOLTS survey showed job openings were at 7.44 million in September, compared with estimates of 8 million, a Reuters poll of economists showed. A separate report showed consumer confidence at 108.7 in October, above the estimated 99.5.

The U.S. Federal Reserve will cut its key interest rate by 25 basis points on Nov. 7, according to all 111 economists in a Reuters poll, with more than a 90% majority predicting another quarter-percentage-point move in December.

Asia-Pacific markets were mixed Wednesday after key Wall Street benchmarks rose, with the Nasdaq Composite closing at a new record high as tech stocks gained.

Nifty extended its recovery for a second consecutive session on October 29 rebounding well from morning lows. Banks (including PSU Banks) did well for the second consecutive session. Nifty formed a bullish candle on October 29 after forming a triple bottom in the 24073-24140 band and closed at its highest in 5 sessions. Its indicators are giving positive signals. The short term trend of Nifty seems to have turned bullish. Nifty could take support from the above band while on upmoves it can face resistance in the 24567-24694 band in the near term.

Tuesday’s reversal higher in the nifty after an opening slump has the potential to further the near-term recovery.

There are two reasons why this may occur. One, Monday’s rally created a Japanese “bullish harami” candlestick pattern, which got validated as yesterday’s recovery broke through the Friday high of 24,440. Two, historically, whenever the Nifty has fallen at least 0.5% below its previous close and recovered to settle a minimum of 1% above the same day’s low, the next few days have seen the market extend its advance. From the March ‘23 lows, this signal has been seen 11 other times, and in 8 of those instances, the nifty was higher by an average of 1.2% over the next 5 days.

That said, any break below the Friday low of 24,074 will negate this potential rally.

In yesterday’s session, Nifty and banking stocks made a solid comeback, with the advance-decline ratio favouring the bulls at 3:2. As we head towards the Diwali Muhurat session on Friday, November 1, 2024, market sentiment is expected to remain positive, buoyed by key drivers such as short covering ahead of the October F&O expiry, value buying, easing geopolitical tensions in the Middle East, a sharp drop in oil prices below $67.50, and strong Q2 results from PSU banks like SBI, ICICI Bank, and Bandhan Bank. With this improving risk-on sentiment, a ‘buy on dips’ strategy is recommended for Nifty and Bank Nifty, while Siemens stands out as our top pick for a bullish move.

Route – Tender 

Buyback Price: 1,025/-

Current Market Price: 789.00/-

Market Cap: Rs 1,756 Crores 

Buyback Size: Rs 72 Crores ((Representing 24.85% and 24.98% of the total paid up equity share capital and free reserves) 

Buyback Size: 7,02,439 shares (Representing 3.15% of O/s. shares) 

Retail Quota: 1,05,366 Shares

Entitlement:

General Category - 15 Equity Share for every 253 Equity Shares held on the Record Date

Retail Category - 15 Equity Shares for every 101 Equity Shares held on the Record Date

Buyback Record Date: 25 Oct 2024

Tender Period:

Start Date - 30 Oct 2024

Close Date - 16 Nov 2024

Obligation Date - 11 Nov 2024 

Settlement Date - 12 Nov 2024

Sellwin Traders Ltd.

Bonus issue 1:8

Previous day Closing Price – Rs. 27

Ex-Bonus 31 Oct 2024 (Tomorrow)

Last date for Cum-Bonus Today

Sellwin Traders Ltd

Stock Split From Rs.10/- to Rs.2/-

Previous day Closing Price – Rs. 27

Ex-Split 31 Oct 2024 (Tomorrow)

Last date for Cum-Split Today

Last date for Cum-Dividend Today 

Balkrishna Industries Ltd. 

Dividend Per Share Rs.4 

Previous day Closing Price – Rs. 2898.2 

Bhansali Engineering Polymers Ltd.

Dividend Per Share Rs.1 

Previous day Closing Price – Rs. 131.15 

Birlasoft Ltd 

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 583 

Ceenik Exports (India) Ltd. 

Dividend Per Share Rs.15 

Previous day Closing Price – Rs. 1432.45 

Dodla Dairy Ltd 

Dividend Per Share Rs.3 

Previous day Closing Price – Rs. 1191.35 

Godrej Consumer Products Ltd. 

Dividend Per Share Rs.5 

Previous day Closing Price – Rs. 1277.6 

Julien Agro Infratech Ltd 

Dividend Per Share Rs.0.05 

Previous day Closing Price – Rs. 26.03 

NTPC Ltd. 

Dividend Per Share Rs.2.5 

Previous day Closing Price – Rs. 412.25 

Ramkrishna Forgings Ltd. 

Dividend Per Share Rs.1 

Previous day Closing Price – Rs. 884 

R R Kabel Ltd 

Dividend Per Share Rs.2.5 

Previous day Closing Price – Rs. 1454.55 

Supreme Petrochem Ltd. 

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 749.75 

Transport Corporation Of India Ltd. 

Dividend Per Share Rs.3.5 

Previous day Closing Price – Rs. 1052.4 

Tech Mahindra Ltd. 

Dividend Per Share Rs.15

Previous day Closing Price – Rs. 1695.8

Tata Technologies’ Q2-FY25 earnings call aptly summarises the concerns highlighted in our ‘Know the cycle’ thematic report on automotive ER&D. Management believes the strategic consideration between electric vehicles (EVs) and hybrids led by polarised policy positioning ahead of the US presidential elections, and regulatory concerns related to Chinese OEMs and associated tariff in the Europe is leading to decision-making delay, tapering of demand, and smaller deal sizes as customers are cautious to committing larger, long-term projects.

Nuvama Wealth Management’s overall AUM growth was robust with it totaling ₹4.4 lakh crore at end Q2FY25. The PAT number of ₹260 crore was up 77 per cent y-o-y and it beat our estimates. Capital markets stole the show with a 90 per cent and 98 per cent y-o-y growth in AUM and revenues, respectively.

The decision by the oil marketing companies (OMCs) to rationalise inter-State freight will aid in reducing the prices of diesel and petrol in several parts of the country, Oil Minister Hardeep Singh Puri said on Tuesday.

The Minister also welcomed the decision by the OMCs to enhance dealer commission, a move he feels will ultimately lead to better services for consumers at petrol pumps.

However, the decision in poll-bound States and constituencies will be implemented later.

India with 300 days of sunshine each year, possesses vast solar energy potential. The National Institute of Energy estimated the country’s solar potential at 748 GW, assuming solar PV modules cover 3% of the geographical surface. Solar energy is expected to be the main driver pushing India closer to its renewable energy targets. Diving deep into the state-wise push towards solar energy. 

With Nifty futures trading near Tuesday’s close, and key open interest levels indicating resistance around 24,500–25,000 and support at 24,000–24,400, the market may remain range-bound

The Competition Commission of India has approved Fortis Healthcare’s proposal to acquire an additional 31.52 per cent stake in Agilus Diagnostics Limited (Agilus).

After the proposed combination, Fortis Healthcare Limited (FHL)‘s shareholding in Agilus will increase from 57.68 per cent to 89.2 per cent.

FHL primarily provides integrated healthcare delivery services such as medicare, healthcare, and diagnostics. Its businesses include managing and operating a network of multi-speciality hospitals and providing preventive healthcare and diagnostics services.

Adani Enterprises, Adani Wilmar, HPCL, BPCL, IOC, Sky Gold, PNB Housing, NTPC, Reliance Industries, Torrent Pharma, RITES, L&T, Dabur, Biocon, IRB Infra, New India Assurance, Sterlite tech 

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Marico : (replay)

Maruti Suzuki : (replay)

Rashi Peripherals : (replay)

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SMC GLOBAL SECU : (replay)

Shaily Engg : (replay)

Deep Industries : (replay)

Results today …

Recent interviews …

Replays available at www.researchbytes.com

Actual: 108.7 

Expected: 99.5 

Previous: 98.7

Actual: 7.44M 

Expected: 7.98M 

Previous: 8.04M

For Samvat 2081, analysts adopt a cautious approach, citing geopolitical tensions, rising interest rates, and Q2 performance misses. Limited to select stock picks, Gravita India, National Aluminium Company, Jyothy Labs, NCC, and SBI emerge as top choices from brokerages like Axis Securities and Kotak Securities. Gravita India stands out with growth potential in battery recycling, while Nalco’s wind power and alumina expansions drive optimism. Jyothy Labs benefits from robust revenue growth, and NCC’s infrastructure projects show strong earnings potential. SBI’s tech innovations and consumer lending strength also make it a favored pick. Experts also highlight SIPs in small-cap and mid-cap mutual funds as prudent long-term investments.

Nuvama Wealth Management’s overall AUM growth was robust with it totaling ₹4.4 lakh crore at end Q2F-Y25. The PAT number of ₹260 crore was up 77 per cent y-o-y and it beat our estimates. Capital markets stole the show with a 90 per cent and 98 per cent y-o-y growth in AUM and revenues, respectively. 

The recent equity market rule changes or even a equity market slowdown should still lead to elevated levels in the division’s performance. The wealth businesses saw hiring of RMs (relationship managers) leading to elevated C/I ratios but we believe the ratio to taper down in the medium term. Management is confident to bring cost to income ratio to below 60 per cent in the next 2-3 years.

Tata Technologies’ Q2-FY25 earnings call aptly summarises the concerns highlighted in our ‘Know the cycle’ thematic report on automotive ER&D. Management believes the strategic consideration between electric vehicles (EVs) and hybrids led by polarised policy positioning ahead of the US presidential elections, and regulatory concerns related to Chinese OEMs and associated tariff in the Europe is leading to decision-making delay, tapering of demand, and smaller deal sizes as customers are cautious to committing larger, long-term projects.

GODREJ AGROVET: Q2 CONS NET PROFIT 958M RUPEES VS 1.1B (YOY): 1.3B (QOQ)

GODREJ AGROVET: Q2 REVENUE 24.5B RUPEES VS 25.71B (YOY)

GODREJ AGROVET: Q2 EBITDA 2.2B RUPEES VS 2B (YOY) || Q2 EBITDA MARGIN 9.12% VS 7.84% (YOY)

KAYNES TECHNOLOGY INDIA: Q2 CONS NET PROFIT 602M RUPEES VS 323.1M (YOY); 507.7M (QOQ)

KAYNES TECHNOLOGY INDIA: Q2 REVENUE 5.7B RUPEES VS 3.61B (YOY)

KAYNES TECHNOLOGY INDIA: Q2 EBITDA 821M RUPEES VS 488M (YOY) || Q2 EBITDA MARGIN 14.35% VS 13.52% (YOY)

VOLTAS Q2 :CONS NET PROFIT UP 265 % AT 134 CR (YOY), DOWN 60 % (QOQ)

REVENUE UP 15 % AT 2601 CR (YOY) ,DOWN 47 % (QOQ)

EBITDA UP 215 % AT 145 CR (YOY),DOWN 64 %(QOQ) 

MARGINS AT 5.57 % V 2.03 % (YOY), 8.3 % (QOQ)

#Marico reports #Q2Results 👇

👉Net profit up 20.3% at ₹433 cr vs ₹360 cr (YoY)

👉Revenue up 7.6% at ₹2,664 cr vs ₹2,476 cr (YoY)

👉EBITDA up 5% at ₹522 cr vs ₹497 cr (YoY)

👉Margin at 19.6% vs 20.1% (YoY)

T D POWER SYSTEMS: Q2 CONS NET PROFIT 412.7M RUPEES VS 328M (YOY); 353M (QOQ)

T D POWER SYSTEMS: Q2 REVENUE 3B RUPEES VS 2.7B (YOY)

T D POWER SYSTEMS: Q2 EBITDA 556M RUPEES VS 472M (YOY) || Q2 EBITDA MARGIN 18.15% VS 17.24% (YOY)

KCP SUGAR & INDUSTRIES CORP: Q2 CONS NET PROFIT 202M RUPEES VS 279M (YOY); 541M (QOQ)

KCP SUGAR & INDUSTRIES CORP: Q2 REVENUE 737M RUPEES VS 935M (YOY)

KCP SUGAR & INDUSTRIES CORP: Q2 EBITDA LOSS 13.7M RUPEES VS PROFIT 115M (YOY) 

KCP SUGAR & INDUSTRIES CORP: CO HAS AN…

PATEL INTEGRATED Q2 :CONS NET PROFIT UP 51 % AT 2.03 CR (YOY),UP 33 % (QOQ)

REVENUE UP 26 % AT 84.2 CR (YOY) ,UP 3 % (QOQ)

EBITDA DOWN 4 % AT 2.19 CR (YOY),UP 3 %(QOQ) 

MARGINS AT 2.6 % V 3.43 % (YOY),2.59 % (QOQ)

ALLIED BLENDERS Q2 :CONS NET PROFIT UP 319% AT 47.56CR (YOY), 325% (QOQ)

REVENUE UP 2% AT 868 CR (YOY) ,UP 15% (QOQ)

EBITDA UP 44% AT 104CR (YOY),UP 40%(QOQ) 

MARGINS 12% V 8.48% (YOY), 9.8% (QOQ)

PRADEEP METALS Q2 :CONS NET PROFIT UP 17% AT 7.58 CR (YOY), DOWN 58% (QOQ)

REVENUE UP 6% AT 74.83 CR (YOY) ,UP 1% (QOQ)

EBITDA DOWN 7% AT 12.43CR (YOY),DOWN 9%(QOQ) 

MARGINS 16.6% V 18.85% (YOY), 18.36% (QOQ)

LINC LTD Q2 :CONS NET PROFIT DOWN 49% AT 8.78 CR (YOY), UP 4% (QOQ)

REVENUE DOWN 49% AT 137.28CR (YOY) ,UP 6% (QOQ)

EBITDA DOWN 47% AT 16.3CR (YOY),UP 15%(QOQ) 

MARGINS 11.87% V 11.4% (YOY), 10.87% (QOQ)

MUTHOOT CAPITAL SERVICE Q2 :CONS NET PROFIT DOWN 81% AT 16 CR (YOY), UP 48% (QOQ)

NII UP 5% AT 51.3 CR (YOY) ,UP 2% (QOQ)

CAPRI GLOBAL Q2 :SL NET PROFIT UP 81% AT 86.2 CR (YOY), UP 39% (QOQ)

NII UP 24% AT 253.8CR (YOY) ,UP 1% (QOQ)

PrestigeEstates reports Q2Results👇

👉Net profit down 77.4% at ₹192.2 cr vs ₹851 cr (YoY)

👉Revenue up 3% at ₹2,304.4 cr vs ₹2,236.4 cr (YoY)

👉EBITDA up 6.5% at ₹631.3 cr vs ₹592.5 cr (YoY)

👉Margin at 27.4% vs 26.5% (YoY)

CONS NET PROFIT UP 184% AT 28.1CR (YOY), UP 11% (QOQ)

REVENUE UP 13% AT 679.9CR (YOY) ,UP 4% (QOQ)

EBITDA UP 67% AT 43.6CR (YOY),UP 7%(QOQ) 

MARGINS 6.4% V 4.35% (YOY), 6.25% (QOQ)

👉Net profit down 3.5% at ₹293 cr vs ₹303.5 cr (YoY)

👉Revenue up 12% at ₹24,895.6 cr vs ₹22,220 cr (YoY)

👉EBITDA down 6.6% at ₹409.3 cr vs ₹438.1 cr (YoY)

👉Margin at 1.6% vs 2% (YoY)

MOTISONS JEWELLERS: Q2 SL NET PROFIT 104M RUPEES VS 52M (YOY); 63M (QOQ)

MOTISONS JEWELLERS: Q2 REVENUE 1.1B RUPEES VS 901M (YOY)

MOTISONS JEWELLERS: Q2 EBITDA 174M RUPEES VS 131M (YOY) || Q2 EBITDA MARGIN 15.95% VS 14.56% (YOY)

ABCAPITAL, AEROFLEX, AIAENG, BIOCON, CARBORUNIV, CENTRUM, DABUR, DCMSHRIRAM, DLINKINDIA, ELECTCAST, GRINDWELL, IRB, KIOCL, LT, NIACL, PGHH, ROSSELLIND, SHALBY, TATAPOWER, TTKPRESTIG, VTL, WPIL

BIOCON 

* Revenue expected at Rs 3621 crore versus Rs 3462 crore

* EBITDA expected to be seen at Rs 718 crore versus Rs 899 crore

* EBITDA margin expected to be seen at 19.83% versus 25.98%

* Net profit expected to be seen at Rs 45 crore versus Rs 149 crore

DABUR 

* Revenue expected at Rs 3053 crore versus Rs 3203 crore

* EBITDA expected to be seen at Rs 557 crore versus Rs 661 crore

* EBITDA margin expected to be seen at 18.24% versus 20.64%

* Net profit expected to be seen at Rs 420 crore versus Rs 515 crore

LT 

* Revenue expected at Rs 58364 crore versus Rs 51024 crore

* EBITDA expected to be seen at Rs 14919 crore versus Rs 6176 crore

* EBITDA margin expected to be seen at 25.56% versus 12.10%

* Net profit expected to be seen at Rs 7562 crore versus Rs 3222 crore

TATAPOWER 

* Revenue expected at Rs 16381 crore versus Rs 15738 crore

* EBITDA expected to be seen at Rs 3024 crore versus Rs 3091 crore

* EBITDA margin expected to be seen at 18.46% versus 19.64%

* Net profit expected to be seen at Rs 921 crore versus Rs 875 crore

Q2FY25 EARNING CALENDAR 31.10.2024

BFUTILITIE, LASTMILE, NH, TATAINVEST

MNCL Research on SJS Enterprises Ltd.: Outperformance mastery prevails: Company Update

~ We revise our TP upwards to Rs1,270 (previously Rs1,190), on back of upward revision to estimates albeit move to ACCUMULATE (led by sharp run up in the stock). 

~ In Q2FY25, SJS exceeded industry growth by achieving a substantial yoy revenue growth of 18% while maintaining solid margins of 25.9%, which are expected to sustain. 

~ The export outlook has improved significantly due to new order wins (including a large contract for a global OEM) and the ramp up of supplies to Visteon and Continental. SJS is positioned to grow faster than the industry, supported by the premiumization trend, the addition of new customers, and the maximization of cross-selling opportunities. 

~ We anticipate that SJS will maintain a net cash balance sheet, exhibit healthy margins, generate strong free cash flow, and achieve substantial growth, even without considering the potential impact of an overseas acquisition, which is currently an optionality.

Detailed report: https://bit.ly/sjs2qfy25

(Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 103952.51 + 6061.55 Total: 110014.06

F&O Volume: 800309.03 + 596405.42 Total: 1396714.45

Provisional Cash

FII/FPI: NET SELL: -548.69 

(15508.5 - 16057.19) 

DII: NET BUY: +730.13 

(12823.77 - 12093.64)

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

- Adj EPS: $2.71 (est $2.58)

- Net Revenue: $9.62B (est $9.49B)

- Total Visa Processed Transactions: $61.5B (est $61.5B)

(Stock jumped by 2 per cent after market hours)

- Adj EPS: $0.92 (est $0.92)

- Revenue: $6.8B (est $6.71B)

- Adj Op. Income: $1.72B (est $1.71B)

- Adj Op. Margin: 25% (est 25.4%)

- R&D Expenses: $1.64B (est $1.61B)

- CapEx: $132M (est $147.7M)

- Sees Q4 Revenue Between $7.2B To $7.8B (est $7.55B)

- Sees Q4 Adj Gross Margin About 54% (est 54.2%)

- See Significant Growth Opportunities

(Stock down by 7.6 percent after market hours)

Eli Lilly (Pre market) (Sector- Healthcare)

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TENT U.K. Autumn Forecast Statement

17:45 U.S. ADP Non-Farm Employment Change (Expected: 110K versus Previous: 143K)

18:00 U.S. Advance GDP q/q (Expected: 3.0% versus Previous: 3.0%)

19:30 U.S. Pending Home Sales m/m (Expected: 1.9% versus Previous: 0.6%)

Silver has been the best-performing asset class in 2024, touching $35 (~Rs 100,000) mark respectively this month. As Silver prices are trading at record high levels, it is advised to buy precious metal as an auspicious small token amount and not huge lumpsum this Dhanteras/Diwali in the form of physical silver coin, a few units of Silver ETF or some token amount in Digital Silver. One should wait for the Silver prices to correct and retrace to about $31 (~Rs 88500) in November/December and then accumulate precious metal at those levels. The best way to increase allocation into precious metal is to start the SIP or increase the amount of your Silver systematic purchases every month. Silver prices are expected to continue their uptrend in the next few months for the target of $38(~Rs 115,000) . So the strategy should be buying on dips at the mentioned levels for a 20% upside target in the next few months. 

-- Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL)

The stock idea that we have for you today is ICICI Securities. The stock has started to move up now after forming a strong base over the last two weeks. The rise on Tuesday has taken the share price well above a key resistance. That leaves the outlook bullish now. Check out the latest episode of bl.Today’s Pick to learn more.