India Market Recap
Indian equity benchmarks staged a strong recovery on Thursday, supported by gains in Private Banks, IT and Auto stocks amid the weekly expiry of Sensex contracts. The BSE Sensex surged 1,533.72 points, or 2.11%, to close at 74,315.61, while the Nifty 50 advanced 374.65 points, or 1.66%, to settle at 22,997.35. The sharp rebound indicates improved buying interest following recent market volatility. On the technical front, Nifty support is placed around 22,875–22,800, while resistance is seen in the 23,150–23,200 range.
US Market Recap
US equities traded mixed on Thursday as concerns over heavy AI-related spending and hotter-than-expected inflation weighed on technology stocks. The Dow Jones Industrial Average gained 301.41 points, or 0.58%, to 51,922.89, supported by strength in non-technology shares. In contrast, the S&P 500 declined 0.47% to 7,682.93, while the Nasdaq Composite fell 1.18% to 26,376.86. Investors continued to assess the sustainability of AI investments alongside the potential impact of persistent inflation on interest rates and equity valuations.
Asian Market Update
Asian markets traded higher on Friday, recovering some ground following recent weakness in global technology stocks. Japan’s Nikkei 225 advanced more than 1%, while the broader Topix gained 1.14%. South Korea’s Kospi rose 1.22% at the open, and the small-cap Kosdaq advanced 1.28%. Australia’s S&P/ASX 200 gained 0.83%. Regional sentiment improved, although investors remained watchful of US inflation, AI-sector valuations and geopolitical developments in the Middle East.
Commodity Check
Crude oil prices remained volatile as traders assessed potential supply disruptions following attacks on vessels transiting the Strait of Hormuz. US West Texas Intermediate (WTI) crude futures for November rose approximately 3%, or $2.88, to close at $97.97 per barrel. In contrast, December Brent crude futures slipped $0.14 to settle at $105.92 per barrel. US crude prices received additional support from an 8 million-barrel drawdown in inventories during the week ended October 9, according to the Energy Information Administration. Meanwhile, reports that the US military had prepared plans for potential fresh strikes on Iran, including the possible use of a large non-nuclear explosive device, heightened geopolitical uncertainty. Although President Donald Trump had previously indicated that strikes would not resume before the November 3 US midterm elections, the risk of further escalation continues to support elevated oil prices and uncertainty over global energy supplies.
Stocks In News
- CSB Bank: Denies reports of merger talks with IDBI Bank. Says it is not aware of the report's factual correctness and confirms that no discussions or negotiations are ongoing regarding the matter.
- Akums Drugs: Receives Rs 53 crore demand notice from the Pharma Department.
- RVNL: Signs pact with Damodar Valley Corporation to develop railway infrastructure and connectivity to DVC power plants.
- Aditya Birla Capital: Allots 40,000 NCDs worth Rs 400 crore.
- Meesho: Surojit Chatterjee resigns as Non-Executive Independent Director, citing personal commitments.
- PFC: Incorporates Kadapa II REZ Transmission as an arm of PFC Consulting. Receives RBI no-objection certificate for the merger of REC with PFC.
- Yes Bank: In the process of obtaining the final copy of the Supreme Court judgment. To make further disclosures as may be required.
- The India Cements: To acquire a 3.62% stake in Zenataris Renewable Energy for Rs 20.9 crore.
- Moneyview: Invests Rs 250 crore in subsidiary Whizdm Finance.
- Afcons Infrastructure: Thane tax body confirms tax demand of Rs 39 crore.
- Jyoti Structures: Appoints Deepak Dinkar Salunke as CFO. Abdul Hameed Khan relinquishes the CFO position.
- Milky Mist: Expands high-protein portfolio with lactose-free milk.
- Fujiyama Power: To raise up to Rs 1,200 crore via QIP.
- NTPC: Signs pact with Africa50 to develop power projects in Africa.
- Baazar Style: Incorporates an arm for its renewable energy business. Allots 20 lakh shares on warrant conversion at Rs 328.25 per share, raising Rs 66 crore. Opens a new store in Patna, taking its total store count to 287.
- Subros: Establishes Subros Advanced Tech Innovation Centre in Noida.
- Rajesh Exports: Says it will continue cooperating with the SEBI investigation and provide all required documents to authorities. Says the company has done nothing wrong and expresses confidence that the matter will be cleared.
- Jindal Steel: Arm Jindal Paradip Port commences operations of Phase I capacity of 12.5 MTPA.
- Solar Industries: Enters pact to acquire Sivasakthi for Rs 115 crore.
- Premier Energies: Executes shareholder pact for battery joint venture covering a 12 GWh BESS project.
- Maruti Suzuki: Receives income tax appellate order covering eight years. Order cuts the interest component by Rs 6,300 crore.
- Mankind Pharma: To invest an additional €45 million in its Netherlands arm and acquire a 70% stake in Armed Cell Therapeutics.
- Aegis Logistics: Commissions specialised LPG bottling plant at Jawaharlal Nehru Port Authority, with a capacity of 35,000 MT per annum.
- IRCTC: Signs MoU with Quality Council of India covering food safety and hygiene audits.
- ICICI Prudential Life Insurance: Tax demand reduced to Rs 279 crore from Rs 328 crore following a rectification tax order from the Mumbai body.
- Glass Wall Systems: Receives order worth up to Rs 50 crore for facade work, with a project delivery schedule of 24 months.
- Sharda Motor: Receives factory licence for its new plant from the Uttarakhand Labour Department.
- Prestige Estates: CPPIB acquires a 10% stake in PHVL for Rs 950 crore. CPPIB also acquires a 5.79% stake via Series A CCPS for Rs 550 crore.
- HEG Advanced: GST body drops Rs 282 crore show-cause notice.
- Nuvoco Vistas: AEPL enters voluntary liquidation under the Insolvency and Bankruptcy Code. The liquidation will make VEGL a wholly owned subsidiary.
- Go Digit General Insurance: Fairfax to contribute Digit Insurance and IIFL Capital to IDBI Bank. Fairfax eyes an integrated banking, insurance and wealth platform through IDBI Bank.
Results
- Revenue at Rs 24,753 crore versus estimates of Rs 24,710 crore.
- EBIT at Rs 3,986 crore versus estimates of Rs 4,018 crore.
- EBIT margin at 16.1% versus estimates of 16.26%.
- Net profit at Rs 3,200 crore versus estimates of Rs 3,306 crore.
- Revenue up 1.1% to Rs 24,753 crore from Rs 24,479 crore QoQ.
- EBIT up 4.1% to Rs 3,986 crore from Rs 3,830 crore QoQ.
- Net profit down 4.5% to Rs 3,200 crore from Rs 3,352 crore QoQ.
- Net premium income up 15.8% to Rs 21,856 crore from Rs 18,871 crore YoY.
- Net profit up 16.5% to Rs 522 crore from Rs 448 crore YoY.
- Revenue up 8.4% to Rs 4,664 crore from Rs 4,303 crore QoQ.
- EBIT margin declined to 10% from 13.5% QoQ.
- EBIT down 19.6% to Rs 467 crore from Rs 581 crore QoQ.
- Net profit down 27.1% to Rs 352 crore from Rs 483 crore QoQ.
- Total income up 28.4% to Rs 4,248 crore from Rs 3,309 crore YoY.
- Net profit rose to Rs 766 crore from Rs 376 crore YoY.
- Total income down 1% to Rs 1,261 crore from Rs 1,273 crore QoQ.
- Net profit down 9.4% to Rs 300 crore from Rs 331 crore QoQ.
- To pay second interim dividend of Rs 7.5 per share.
- Revenue up 26.4% to Rs 393 crore from Rs 311 crore YoY.
- EBITDA up 9.9% to Rs 34.5 crore from Rs 31.4 crore YoY.
- EBITDA margin declined to 8.8% from 10.1% YoY.
- Net profit up 5.9% to Rs 34 crore from Rs 32.1 crore YoY.
- Revenue at Rs 16,180 crore versus estimates of Rs 15,975 crore.
- EBIT at Rs 2,386 crore versus estimates of Rs 2,319 crore.
- EBIT margin at 14.7% versus estimates of 14.5%.
- Net profit at Rs 1,586 crore versus estimates of Rs 1,677 crore.
- Revenue up 3% to Rs 16,180 crore from Rs 15,712 crore QoQ.
- EBIT up 5.4% to Rs 2,386 crore from Rs 2,264 crore QoQ.
- EBIT margin expanded to 14.7% from 14.4% QoQ.
- Net profit up 8.3% to Rs 1,586 crore from Rs 1,465 crore QoQ.
- Revenue down 0.2% to Rs 1,427 crore from Rs 1,430 crore QoQ.
- EBITDA up 31% to Rs 636 crore from Rs 485 crore QoQ.
- EBITDA margin expanded to 44.6% from 33.9% QoQ.
- Net profit up 45% to Rs 335 crore from Rs 231 crore QoQ.
- To pay interim dividend of Rs 1.40 per share.
- Revenue up 14.6% to Rs 1,078 crore from Rs 941 crore YoY.
- EBITDA rose to Rs 41 crore from Rs 4 crore YoY.
- EBITDA margin expanded to 3.8% from 0.4% YoY.
- Net loss widened to Rs 208 crore from Rs 162 crore YoY.
- One-time loss stood at Rs 36 crore versus a gain of Rs 5 crore YoY.
- Revenue down 12.7% to Rs 1,528 crore from Rs 1,749 crore YoY.
- EBITDA surged 1,342% to Rs 56.1 crore from Rs 3.9 crore YoY.
- EBITDA margin expanded to 3.7% from 0.2% YoY.
- Net profit stood at Rs 19.2 crore versus a loss of Rs 473.2 crore YoY.
- Revenue up 12.1% to Rs 730 crore from Rs 651 crore YoY.
- EBITDA up 15.3% to Rs 197 crore from Rs 171 crore YoY.
- EBITDA margin expanded to 27% from 26.2% YoY.
- Net profit up 12% to Rs 75.8 crore from Rs 67.7 crore YoY.
- Total income up 69.6% to Rs 1,699 crore from Rs 1,002 crore YoY.
- Net profit down 51.1% to Rs 340 crore from Rs 695 crore YoY.
- Revenue up 52.5% to Rs 268.6 crore from Rs 176.1 crore YoY.
- EBITDA rose to Rs 107.3 crore from Rs 50.5 crore YoY.
- EBITDA margin expanded to 40% from 28.7% YoY.
- Net profit up 77.7% to Rs 82.1 crore from Rs 46.2 crore YoY.
- Total income up 27% to Rs 5,484 crore from Rs 4,336 crore YoY.
- Net profit up 32.7% to Rs 975 crore from Rs 735 crore YoY.
- Revenue up 7.5% to Rs 1,211 crore from Rs 1,127 crore YoY.
- EBITDA up 7.6% to Rs 212.5 crore from Rs 197.5 crore YoY.
- EBITDA margin stood at 17.54% versus 17.52% YoY.
- Net profit up 28.9% to Rs 130 crore from Rs 101 crore YoY.