Indices continue to remain under pressure as Sensex loses 250 pts and Nifty 50 pts; Metal and Energy drag, while Bank and Auto climb marginally

Indian shares fell on Thursday, tracking a selloff in global stocks on worries over escalating tensions in the Middle East, which triggered volatility in oil prices. Earnings reports also contributed to individual stock performance.

The NSE Nifty 50 index closed 47 pts down at 19,674, and the S&P BSE Sensex fell 250 pts to end at 65,629. Ten of the 15 broad-based Nifty sectoral indices declined.

Auto, FMCG and Consumer Durable gained marginally in today’s trading. Metal and Energy were the biggest laggards with Bank and IT falling marginally.

Bajaj Auto, LTIM, and Nestle India jumped following strong earnings reports. On the other hand, Wipro shed around 3% after it declared its earnings yesterday evening. UPL, Airtel and TechM also dragged in today’s session.

Shares tumbled in Asia on Thursday following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks.

Japan’s Nikkei share average closed nearly 2% lower tracking a sell-off on Wall Street after robust U.S. economic data fuelled bets for a hawkish Federal Reserve, while mounting tensions in the Middle East also heightened risk aversion. The Nikkei finished the day 1.91% lower.

Chinese stocks hit a new low for the year on Thursday, dragged by consumer-related shares as investor confidence remained depressed despite signs that parts of the economy are stabilising. Hong Kong shares also fell.

China’s blue-chip CSI 300 Index closed down 2.1%, while the Shanghai Composite Index lost 1.7%, both touching their lowest levels this year. Hong Kong benchmark Hang Seng Index was down 2.5%.

European shares tumbled as a raft of dismal corporate earnings, including from packaged food giant Nestle, worsened an already risk-averse mood, driven by jitters around the Middle East war and uncertainty over interest rates.

The UK’s FTSE 100 fell as a rise in long-term government bond yields and uncertainty around the Middle East conflict kept investors risk-averse, while Rentokil Initial dropped on flagging weaker annual demand in North America.

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Sensex Today: IndiGo shares gain 44% in last one year but InCred Equities sees sharp downside from here; here’s why

Amidst GoAir’s bankruptcy proceedings, Jet Airways’ prolonged operational halt, and SpiceJet’s ongoing financial challenges, InterGlobe Aviation (IndiGo) experienced its peak in July 2023. However, the stock has since been stabilizing, partly due to Air India’s resurgent performance. Despite strong returns this year, brokerage firm InCred Equities has upheld its ‘reduce’ recommendation on the stock with a target price of ₹1,600, suggesting a potential decline of 38 percent. This assessment is primarily attributed to a decrease in the passenger load factor (PLF), as highlighted by the brokerage. (Read More)

Sensex Today Live: Tata Group Considers Topping Up Another $1 Billion for Super-App Arm

Tata Group is weighing putting in $1 billion of fresh capital into its super app venture as the salt-to-software conglomerate seeks to improve the digital business, according to people familiar with the matter.

The injection is on top of the $2 billion that Tata Group invested in the venture earlier this year, the people said, asking not to be identified discussing information that is private. Tata Digital Pvt. will receive the new funding in the coming year should a deal proceed, the people said. The conglomerate has asked the digital unit, which runs its flagship online platform Tata Neu, to streamline its operations and fix glitches in the app to make it more user-friendly, according to one of the people. (Bloomberg)

Sensex Today Live: ONGC-backed chemical stock logs 200% YoY jump in net profit in Q2

Vikas Lifecare Ltd, the chemical company backed by Oil and Natural Gas Corporation (ONGC), disclosed its Q2 results for 2023. The super specialty chemical manufacturer revealed an impressive near-200% surge in its net profit, amounting to ₹7.17 crore in Q2FY24. Additionally, the company’s total income in the second quarter of the current fiscal year reached ₹110.60 crore, up from ₹106.30 crore in the April to June 2023 quarter. This signifies a notable improvement in the company’s income in the recently concluded September 2023 quarter on a quarter-on-quarter (QoQ) basis. (Read More)

Sensex Today Live | Share Market Updates: Apollo Micro Systems gains 9% to hit all-time high, up 230% in a year; here’s why

In the fast-paced realm of investing, discovering a multi-bagger stock capable of delivering extraordinary returns within a short timeframe remains the aspiration of every investor. This aspiration transformed into reality for investors of Apollo Micro Systems, as the company’s shares yielded a remarkable return.

With shares trading at ₹22.85 each a year ago, the stock has witnessed an impressive surge of 230%, currently trading at the market price of ₹75.45. Remarkably, from its all-time low of ₹3.95 each in January 2020, the stock has skyrocketed by 1810% up to the present. What further accentuates this accomplishment is the stock’s consistent annual performance. (Read More)

Sensex Today Live: India’s UltraTech Cement post 70% rise in Q2 profit on strong domestic demand

India’s UltraTech Cement on Thursday reported a 69.5% rise in second-quarter profit, boosted by the growth in demand in the infrastructure and real estate segment.

The company reported a consolidated net profit of 12.81 billion rupees ($153.8 million) for the quarter ended Sept. 30 while revenue grew 15.3% to 160.12 billion rupees. (Reuters)

Sensex Today Live: IRM Energy IPO: Issue fully booked on day 2, check GMP

As of day 2, the IRM Energy IPO has garnered a subscription of 2.98 times. The IPO subscription commenced on Wednesday, October 18, and is scheduled to conclude on Friday, October 20. The price band for the IRM Energy IPO ranges from ₹480 to ₹505 per equity share, with a face value of ₹10.

In terms of the share allocation in the public issue, the IRM Energy IPO has reserved a maximum of 50% of the shares for Qualified Institutional Buyers (QIB), a minimum of 15% for Non-Institutional Investors (NII), and at least 35% for Retail Investors. Moreover, eligible employees participating in the employee reserve portion are being provided a discount of ₹48 per equity share. (Read More)

Sensex Today Live | Share Market Updates: Beijing weighs delaying approval of $69 billion Broadcom-VMware deal- FT

Beijing is weighing holding up US chipmaker Broadcom Inc’s $69 billion purchase of cloud computing company VMware Inc, the Financial Times reported on Thursday. China’s State Administration of Market Regulation has not signed off on the deal and is likely to delay approving the transaction after US President Joe Biden’s administration introduced tougher chip controls on Tuesday, the report added, citing people familiar with the matter. VMWare and Broadcom did not immediately respond to Reuters requests for comment. (Reuters)

Sensex Today Live: China stocks hit new low this year as investor confidence remains depressed

Chinese stocks hit a new low for the year on Thursday, dragged by consumer-related shares as investor confidence remained depressed despite signs that parts of the economy are stabilising. Hong Kong shares also fell.

** China’s blue-chip CSI 300 Index closed down 2.1%, while the Shanghai Composite Index lost 1.7%, both touching their lowest levels this year.

** Hong Kong benchmark Hang Seng Index was down 2.5%.

** Data on Wednesday suggested the economy is stabilising, but analysts and investors are still concerned if the economy has truly bottomed out, with the property sector mired in a deep contraction. (Reuters)

Sensex Today: Mint Explainer: Why the outcome of China’s latest BRI Forum should please India

Beijing played host to the third Belt and Road Forum for International Cooperation on October 18. The meeting, which attracted leaders and officials from 23 countries in Asia, Africa, Eastern Europe and South America, took place in the wake of trouble for China President Xi Jinping’s flagship infrastructure initiative. Mint explains why the outcome of the meeting may be good news for India. (Read More)

Sensex Today Live: Multibagger IPO: SME stock Nirman Agri Genetics gives 125% return to allottees in six months

Nirman Agri Genetics’ initial public offering (IPO) emerged as one of the standout public issues on the Indian stock market in 2023. The NSE SME issue, introduced in March 2023 at a fixed price of ₹99 per equity share, was listed on the NSE SME Emerge platform on 28th March 2023, showing an initial premium of ₹3 per equity share.

Investors who retained their positions in this SME share, based on their trust developed during the assessment of its financials in the primary market phase, would have witnessed their investment appreciate significantly by 125 percent. Presently, the SME stock is trading at approximately ₹225 per share on NSE. (Read More)

Sensex Today Live | Share Market Updates: US broadly eases Venezuela oil sanctions after election deal

The Biden administration on Wednesday broadly eased sanctions on Venezuela’s oil sector in response to a deal reached between the government and opposition parties for the 2024 election – the most extensive rollback of Trump-era restrictions on Caracas.

A new general license issued by the U.S. Treasury Department authorized OPEC member Venezuela, which had been under crushing sanctions since 2019, to produce and export oil to its chosen markets for the next six months without limitation.

U.S. Secretary of State Antony Blinken welcomed President Nicolas Maduro’s electoral concessions but said Washington has given him until the end of November to begin lifting bans on opposition presidential candidates and start releasing political prisoners and “wrongfully detained” Americans. (Reuters)

Sensex Today Live: TSMC Profit Beats Estimates With Boost From AI Chip Demand

Taiwan Semiconductor Manufacturing Co. posted better-than-expected net income in the third quarter after demand for artificial intelligence chips remained strong.

The Hsinchu-based company said profit was NT$211 billion ($6.5 billion), versus an average of analyst estimates of NT$190.4 billion. That was aided by the declining value of the Taiwanese dollar during the period, and a better-than-feared 11% slide in revenue as previously reported.

TSMC, the primary supplier of Nvidia Corp.’s AI accelerator chips, has been a major beneficiary of the frenzy sparked by the advent of ChatGPT late last year. Even with a sluggish global economy, companies are rushing to build their own artificial intelligence tools and TSMC’s capacity to produce and package the relevant chips will be constrained deep into 2024, the company has said. (BLoomberg)

Sensex Today Live | Share Market Updates: PVR Inox Q2 Results: Multiplex reports net profit of ₹166 crore; revenue jumps 53% QoQ

PVR Inox, a leading multiplex chain operator, disclosed a net profit of ₹166.3 crore for the second quarter of FY24, marking a significant improvement from the ₹82 crore loss in the first quarter of the fiscal year.

The company’s revenue in Q2FY24 experienced a notable surge of 53.3%, amounting to ₹1,999.9 crore compared to ₹1,305 crore in Q1FY24.

It’s important to note that the merger of PVR and INOX became effective from February 6, 2023. (Read More)

Sensex Today Live: Nestle India share price rises 4%, hits fresh record high after Q3 earnings

Nestle India’s share price experienced a nearly 4 percent surge, reaching a new all-time high during intraday trading on Thursday, October 19, following the release of the company’s September quarter (Q3CY23) performance report. Opening at ₹23,279.90 in comparison to the previous close of ₹23,269.65, the share price ascended approximately 3.8 percent, reaching a peak of ₹24,164.40 on the BSE. As of 12:50 pm, the stock was trading 3.28 percent higher at ₹24,033 on the BSE. (Read More)

Sensex Today Live | Share Market Updates: Arvind and Company Shipping Agencies IPO allotment today

Arvind and Company Shipping Agencies IPO allotment status: Arvind and Company IPO share allotment will be finalised today (Thursday, October 19). The investors who applied for the issue can check the Arvind and Company Shipping Agencies IPO in the registrar’s portal, which is Skyline Financial Services Private Ltd.

Investors can find out if and how many shares they have been given through the basis of allotment. The initiation of the refund process will start on Friday, October 20, for individuals not given shares. Those allotted will receive their shares in their demat accounts on Monday, October 23. (Read More)

Sensex Today: Auto index gains in today’s session with most stocks trading in the green

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Sensex Today Live: Rushil Decor rights issue: Small-cap stock hits 20% upper circuit after fund raise move

Rushil Decor’s shares have become a topic of interest on Dalal Street as the small-cap company, currently valued at approximately ₹928 crore, plans to deliberate and endorse a fund raise through a rights issue. In a recent disclosure to Indian stock market exchanges, the company announced that its board meeting is scheduled for October 26, 2023, to address and approve the proposed rights issue. (Read More)

Sensex Today Live | Share Market Updates: Multibagger stock Tiger Logistics hits life-ime high after agreement with ICICI Bank

The share price of Tiger Logistics has been on an upward trajectory subsequent to the company’s announcement on Tuesday regarding the signing of an agreement with ICICI Bank. This collaboration aims to enable integrated banking services and comprehensive logistics solutions for both exporters and importers.

Tiger Logistics (India) Ltd informed about the agreement with ICICI Bank citing, “This first-of-its-kind collaboration between ICICI Bank and an end-to-end global logistics company Tiger Logistics marks a significant milestone and synergy in the evolution of two distinct yet interlinked sectors – global logistics and banking, providing importers and exporters with a seamless and comprehensive shipping solution for their global trade requirements.” (Read More)

Sensex Today Live: InCred Capital views on LTIM: Better entry points may be closer

Abhishek SHINDADKAR and Tushar WAVHAL of InCred Capital Company Note: LTIMindtree Ltd

Better entry points may be closer

LTIM IN / LRTI.NS | HOLD – Maintained | INR5,155 tp:INR5,264

Mkt.Cap:US$18,321m | Avg.Daily Vol:US$28.4m | Free Float:31.3%

IT Services

■ Reiterates commentary of 2HFY24F revenue growth to be better than 1HFY24.

■ Expects a 17-18% EBIT margin by the end of FY24F.

■ Retain HOLD rating with a revised target price of Rs5,264 (vs. Rs4,680 earlier).

Sensex Noon Update: Sensex, Nifty pare most of morning losses and are down by around 120 and 30 pts, respectively. Bajaj Auto and LTIM shine, while Wipro drags

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Sensex Today: Persistent Systems share price jumps over 4% on positive Q2 results, robust order bookings

Persistent Systems witnessed a surge of over 4% in its share price following the announcement of encouraging Q2FY24 results, attributed to robust order bookings. The company reported that the total contract value (TCV) of their order bookings surpassed $475 million. On the BSE, Persistent Systems share price commenced trading at ₹5,784.65 per share. Notably, the shares of Persistent Systems were trading close to their 52-week high levels, with the stock price reaching an intraday high of ₹5,949 and a low of ₹5,705.55. (Read More)

Veer Mishra, Co-Founder of Plus on Gold and Festive Season Demand: Investors should carefully consider their own risk tolerance and investment goals 

Veer Mishra, Co-Founder of Plus quote on Gold Festive season demand: The upcoming festive season in India is a time when demand for gold and silver typically increases. This is because many people in India buy gold and silver jewelry as gifts during the festive season.

It is important to note that the price of gold and silver is volatile and can fluctuate significantly from day to day. Investors should carefully consider their own risk tolerance and investment goals before investing in gold and silver.

Sensex Today Live: Tata Steel drops more than a per cent and is among the biggest laggards in today’s session

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Sensex Today Live | Share Market Updates: India, China to account for half of global growth in 2023, 2024, says IMF

Neighbours India and China are expected to jointly account for half of the world’s growth in 2023 and 2024, with the Asia Pacific remaining the ‘most dynamic’ region this year, said the International Monetary Fund (IMF).

In a report titled Regional Economic Outlook for Asia and Pacific, the IMF said that growth in Asia Pacific is expected to rise from 3.9% in 2022 to 4.6% in 2023. IMF staff estimate that Asia’s growth will slow to 4.2% in 2024 and to 3.9% in the medium term – the lowest in the past two decades except for 2020. (Read More)

Sensex Today: Nestle India Q3 Results: Net profit rises 37% YoY; board approves ₹140 dividend; 1:10 stock split

In the quarter ending September 2023, Nestle India disclosed a net profit of ₹908 crore, displaying a notable growth of 37.27% from ₹661.46 crore in the corresponding quarter of the previous year.

It’s important to note that the net profit for the quarter incorporates a one-time gain of ₹106.4 crore.

Furthermore, Nestle India observed a 9.5% increase in revenue for Q3CY23, reaching ₹5,036.8 crore compared to ₹4,601.8 crore in the corresponding period last year. (Read More)

Sensex Today Live: DGGI detected GST evasion of ₹1.36 trillion this year: finance ministry

The Directorate General of GST Intelligence (DGGI) has detected ₹1.36 trillion of goods and services tax evasion this fiscal, including cases involving fake claims of input tax credit, the finance ministry said in a statement on Wednesday. Of this, a voluntary payment of ₹14,108 crore has been collected, the ministry added.

In the past three and a half years the probe agency has found instances of substantial tax evasion as part of a special drive. (Read More)

Sensex Today: Retail investors’ ever-lasting love for equity mutual funds continues to blossom

After registering an increase of 19.84 percent in one year’s time, assets managed by the Indian mutual fund industry spiked from ₹39.88 trillion in September 2022 to ₹47.79 trillion in Sept 2023.

Out of this, assets held by individual investors rose from ₹22.75 lakh crore in Sept 2022 to ₹28.10 lakh crore, registering an increase of 23.51 percent, shows industry trends data revealed by the Association of Mutual Funds in India (AMFI). (Read More)

Sensex Today Live | Share Market Updates: IndusInd Bank shares climb nearly 3 pc after September quarter earnings

Shares of IndusInd Bank climbed nearly 3 per cent in morning trade on Thursday after the company reported a 22 per cent growth in the September quarter net profit.

After a positive beginning, the stock further jumped 2.68 per cent to ₹1,459.75 on the BSE.

On the NSE, it climbed 2.74 per cent to ₹1,459.30 apiece.

The company’s September quarter earnings came in after trading hours on Wednesday.

IndusInd Bank on Wednesday reported a 22 per cent growth in the September quarter net profit at ₹2,202 crore on the back of a surge in core income and also dip in provisions.

The private sector lender had reported a net profit of ₹1,805 crore in the year-ago period. (PTI)

Sensex Today: JM Financial views on Bajaj Auto (BJAUT IN): Healthy operating performance; exports to witness gradual recovery

Vivek Kumar of JM FInancial Institution recommendations on Bajaj Auto (BJAUT IN): Healthy operating performance; exports to witness gradual recovery – Result Update BUY INR 5,450 

In 2QFY24, Bajaj Auto EBITDA margin stood at 19.8% (+260bps YoY, +80bps QoQ). Sequential improvement was driven by softening RM cost and favorable mix. Domestic 2W demand is being led by premium segment (125cc+). Festive period has started on a good note and the segment is expected to witness 12-15% YoY growth. Overall 2W industry is expected to grow by c.5-8% during FY24. Triumph 400 has been received well and the focus now is on expanding capacity and dealer network. Outlook for domestic 3W volume remains strong led by higher CNG demand. In EV segment, the company is gradually ramping up production and distribution network for both E2Ws and E3Ws. While domestic demand remains healthy, exports to witness gradual recovery owing to macro headwinds. Margins in the medium-term are likely to draw support from a) softening RM cost, b) favourable mix and higher operating leverage. Given the successful track record of product intervention by BJAUT in the last few years, we remain positive on the stock. We estimate revenue / EPS CAGR of c.14%/c.18% over FY23-26E. Maintain BUY with Sept’24 TP of INR 5,450 (18x PE). Delayed recovery in export markets remains key risk to our estimates.

Sensex Today Live: Paytm to enter league of large profitable fintechs in four quarters, says Jefferies; expects 37% upside

Global brokerage firm Jefferies predicts that Paytm, a prominent fintech player, is poised to join the ranks of major profitable global fintech companies within a year. Despite this positive outlook, the current share price of Paytm has not fully reflected the company’s transformed profile, as per Jefferies’ assessment.

In line with this assessment, Jefferies has commenced coverage on One 97 Communications, the parent company of Paytm, assigning a ‘Buy’ rating and setting a target price of ₹1,300 per share. This target suggests a potential increase of more than 37% from the closing price recorded on Wednesday. (Read More)

Sensex Today Live | Share Market Updates: Rupee trades flat at 83.25 against US dollar in early trade

The rupee traded in a narrow range and appreciated 1 paise to 83.25 against the US dollar in early trade on Thursday, amid a negative trend in domestic equities. The local unit opened flat at 83.26 a dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04% higher at 106.60. (Read More)

Sensex Today Live: Coforge Q2 Results: Net profit jumps 9.5% QoQ at ₹181 crore, revenue up 2.5%; declares dividend

Coforge, a leading technology solutions provider, announced its Q2 FY24 results on 19 October 2023, highlighting robust financial and operational performance driven by consistent growth, expanding margins, and sustained business momentum. The company experienced a 16.2% increase in the topline, while the profit witnessed a 10% year-on-year decline.

For the quarterly performance, Coforge achieved a 2.5% revenue growth, amounting to ₹2,276.2 crore, up from ₹2,221 crore in the preceding June quarter, and a 9.5% rise in profit, reaching ₹181 crore compared to ₹165.3 crore in the previous quarter that ended on June 30. (Read More)

Sensex Today: Q2 results today: HUL, ITC to Nestle India — 32 companies to declare earnings on Thursday

A total of 32 listed companies are going to announce their Q2 results 2023 today and those 32 listed companies include Hindustan Unilever Ltd (HUL), ITC, Nestle India, UltraTech Cement, Havells India, MphasiS, Metro Brands, Coforge, Voltas, Cyient, PVR INOX, Equitas Small Finance Bank, etc. (Read More)

Sensex Today Live: Indian central bank likely offering US dollars to defend rupee – traders

The Reserve Bank of India is likely selling U.S. dollars again to defend the rupee and keep it from sliding to a record low, three traders told Reuters on Thursday.

The rupee was at 83.2650 against the dollar, little changed from its close at 83.2575 in the previous session. The rupee, aided by the RBI, held its ground despite weakness in most Asian currencies and higher U.S. yields.

The RBI’s intervention “was expected”, a foreign exchange trader at a private bank said. (Reuters)

Sensex Today Live | Share Market Updates: Wipro share price falls over 4% post Q2 results

In early trading on Thursday, October 19, Wipro’s share price saw a decline of over 4 percent on the BSE following the release of its July-September quarter (Q2) earnings. Opening at ₹393 compared to the previous close of ₹407.40, the stock fell by 4.25 percent, hitting an intraday low of ₹390.10. As of 9:20 am, the stock was down 3.53 percent at ₹393 on the BSE.

It is worth noting that Wipro’s share price has notably lagged behind the equity benchmark Sensex over the past year. (Read More)

Sensex Today Live: Piramal Enterprises to raise ₹1,000 crore through NCD issuance

Piramal Enterprises Limited, a prominent diversified non-banking financial company (NBFC) in India, plans to generate ₹1,000 crore through the issuance of Non-Convertible Debentures (NCDs). The primary issue size is ₹200 crores, with an additional green shoe option of up to ₹800 crores, totaling up to ₹1,000 crores (“Tranche I Issue”).

The Tranche I Issue is set to commence on Thursday, October 19, 2023, and conclude on Thursday, November 2, 2023. Early closure or extension of the issuance will adhere to the guidelines outlined in the Securities and Exchange Board of India Issue and Listing of Non-Convertible Securities Regulations 2021. (Read More)

Sensex Today Live | Share Market Updates: Bajaj Auto jumps 4% in early trading after it reported a strong quarterly earning

Bajaj Auto on Wednesday reported a 5.6% rise in second-quarter revenue as price hikes offset weak demand for its motorcycles. The company’s total revenue from operations rose to 107.77 billion rupees ($1.29 billion) for the three months to Sept. 30 from 102.03 billion rupees a year earlier. Buoyant domestic business registers a new peak, on the back of six successive quarters of double-digit YoY growth

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Sensex Today Live: Geojit Financial Services views on today’s market: Sustained rise in US bond yields is becoming a major challenge for the mother market of the US

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The market responds to economic headwinds more than geopolitical tensions. From that perspective, the sustained rise in US bond yields is becoming a major challenge for the mother market of the US, and thereby, for global markets. The market had not positioned for the US 10-year bond yield at 4.95 % and, therefore, this unexpected spike in yields will take its toll on equity markets. It is important to understand that the spike in bond yields is not due to monetary factors alone. The fiscal situation characterised by high deficit in the US is also contributing to the rise in yields via increased supply of bonds. So, this combination of fiscal and monetary factors pushing bond yields up will pose a major challenge to equity markets. FPIs will continue to sell, impacting the markets. Financials, though fundamentally strong, are likely to face more selling pressure since the major part of FPI’s AUM is in financials, particularly leading banks.

Long-term investors can capitalise on the decline in banking stocks triggered by FPI selling, through a calibrated accumulation strategy. This segment is doing well and the valuations are fair, even attractive.”

Sensex Today: Sensex sheds 400 pts and Nifty more than 100 pts at open; Bajaj Auto jumps 4%, Wipro and Tata Steel drag

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Sensex Today Live | Share Market Updates: Nestle India poised to lead FMCG sector’s Q3 earnings

Fast-moving consumer goods (FMCG) companies—Hindustan Unilever Ltd (HUL), Nestle India Ltd and ITC Ltd—are set to kickstart the sector’s September quarter earnings on Thursday. Investors would do well to keep their expectations in check. Here, lower exposure to rural markets and decent pricing growth should help Nestle perform relatively better.

“Our FMCG pricing monitor (e-commerce) reveals that Nestle continued to take price increases on several products (especially baby food and coffee) during the quarter,” said a Kotak Institutional Equities report dated 4 October. The brokerage expects Nestle’s revenue to grow by 11.5% year-on-year in the September quarter. (Read More)

Sensex Today Live: Sensex preopens in the red amidst negative glboal cues; Wipro, Bajaj Auto to be in focus in today’s session.

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Sensex Today: TCS share price in focus as the IT stock turns ex-dividend today

TCS (Tata Consultancy Services) share price is expected to be of interest as it goes ex-dividend today, Thursday, October 19. The IT giant declared a second interim dividend of ₹9 per equity share of ₹1 each for the fiscal year 2023-24. The record date for this dividend is also set for October 19, 2023.

The second interim dividend is scheduled to be disbursed on Tuesday, November 7, 2023, to the company’s equity shareholders whose names are listed on the Register of Members of the company or in the records of the depositories as beneficial owners of the shares as of Thursday, October 19, 2023. (Read More)

Sensex Today Live: Stock to Watch: Dabur India in focus over cancer allegations in US, GST tax evasion notice

Shares of Dabur India Ltd are likely to be closely monitored as the company recently received communication from the Goods and Services Tax (GST) Intelligence regarding an identified tax payable. Dabur India informed the Indian stock market exchanges about this development, stating that it is currently examining the communication and considering the appropriate course of action in response.

The company also informed about the US litigation(s) pending against it subsidiary companies — Namaste Laboratories LLC, Dermoviva Skin Essentials Inc and Dabur International Ltd. The company is facing allgations of cancer spread from its drugs. (Read More)

Sensex Today Live | Share Market Updates: Oil Dips as Mideast Crisis Simmers and US Eases Venezuela Curbs

Oil fell from a two-week high as traders tracked tensions in the Middle East and the US eased some crude sanctions against Venezuela.

West Texas Intermediate dropped toward $88 a barrel after rallying 1.9% on Wednesday. Following a brief midweek visit to Israel to show his solidarity after the Hamas attack, US President Joe Biden plans an Oval Office address on the crisis on Thursday amid a drive to prevent the conflict from escalating.

Beyond the Middle East, the US suspended some sanctions on Venezuelan oil and other commodities in response to the signing of an electoral roadmap agreement between the government of President Nicolas Maduro and the opposition. Analysts estimate that the US shift may enable the country to pump about 200,000 more barrels a day, a roughly 25% jump in output. (Bloomberg)

Sensex Today Live: UTI AMC Q2FY24 earnings: Net profit drops 9% to ₹183 crore; AUM up 16.89%

UTI Asset Management Company released its Q2FY24 earnings, revealing a 9% decrease in consolidated net profit, amounting to ₹183 crore compared to ₹200 crore in the same period last year. Sequentially, the net profit saw a 22% decrease.

The company’s consolidated revenue from operations for Q2FY24 stood at ₹404.06 crore, down from ₹435 crore in Q2FY23 and ₹467.77 crore in the preceding June quarter. Consequently, revenue witnessed a decline of 13.6% year-on-year and 7% quarter-on-quarter. The core income of the company amounted to ₹292 crore, indicating a 3% increase on a quarter-on-quarter basis. (Read More)

Sensex Today: Titagarh Rail Systems Q2 Results: Net profit rises 46.4% to ₹70.5 crore, revenue up 54% YoY

Titagarh Rail Systems Ltd unveiled its financial performance for the July-September quarter of fiscal 2023-24 (Q2FY24), revealing a substantial 46.4% surge in consolidated net profit, reaching ₹70.59 crore as opposed to ₹48.2 crore during the corresponding period last year.

Formerly known as Titagarh Wagons Ltd, the company showcased a significant 54% increase in revenue from operations during the second quarter of the current fiscal year, amounting to ₹935.45 crore, compared to ₹607.11 crore in the corresponding year-ago period. It is notable that Titagarh Rail Systems Ltd operates as a prominent manufacturer of railway wagons and holds a significant position in the production of passenger coaches. (Read More)

Sensex Today Live | Share Market Updates: IndusInd Bank profit jumps 22% on strong retail loan demand

Indian private lender IndusInd Bank reported a 22.1% rise in second-quarter profit on Wednesday, helped by strong loan growth on the back of retail borrowing, with the upcoming festive season expected to further boost customer spending.

Net profit rose to 21.81 billion rupees ($262.00 million) in the three months ended Sept. 30 from 17.87 billion rupees a year earlier.

Net advances in the quarter jumped 21% year-on-year with retail loans growing by 25%. Deposits grew 14%.

Most Indian lenders have shored up their deposit base to keep up with healthy loan demand and tightened liquidity conditions. (Reuters)

Sensex Today Live: Stocks to Watch: Wipro, Bajaj Auto, LTIM, ICICI Lombard, IndusInd Bank, Coal India, UTI AMC, Titagarh Rail Systems, and Bandhan Bank

• Wipro: Reported a slight increase in Q2FY24 net profit and approved the merger of five subsidiaries into ‘Wipro Ltd’.
• Bajaj Auto: Notwithstanding weak demand, second-quarter revenue rose 5.6% due to price hikes, with strong domestic business performance.
• LTIMindtree: Experienced a drop in operating margin for the September quarter, aiming to meet the FY24 margin target.
• ICICI Lombard: Declared a 2.2% year-on-year dip in net profits for Q2FY24, along with an interim dividend of ₹5 per equity share, and a significant increase in Gross Direct Premium Income (GDPI).
• Bank of Baroda: Suspended employees following internal audit findings regarding onboarding lapses on its mobile banking app ‘bob World’.
• IndusInd Bank: Recorded a 22% year-on-year rise in net profit for the September quarter, primarily due to increased income and reduced provisions.
• Coal India: Scheduled a board meeting on November 10, 2023, to review and approve its Audited Financial Results for the second quarter and half-year ended September 30, 2023.
• UTI AMC: Reported a 9% decline in consolidated net profit for Q2FY24 compared to the same period last year, along with a decrease in consolidated revenue from operations.
• Titagarh Rail Systems: Observed a significant growth of 46.4% in consolidated net profit and a 54% increase in revenue from operations in the second quarter of the current fiscal year.
• Bandhan Bank: Noted a substantial rise in net profit year-on-year, but the net profit remained stagnant sequentially, indicating relatively weaker business performance. (Read More)

Sensex Today: ICICI Lombard Q2 results: Net profit dips 2.2% YoY to ₹577.3 crore, declares interim dividend

On Wednesday, ICICI Lombard General Insurance disclosed their financial results for the July-September quarter, indicating a 2.2% year-on-year decline in net profits. The net profits decreased from ₹590.5 crore during Q2FY23 to ₹577.3 crore in the quarter under review. The company also announced an interim dividend of ₹5 per equity share. Despite the dip in net profits, ICICI Lombard experienced a positive trend in Gross Direct Premium Income (GDPI), which witnessed a 17.4% year-on-year increase, reaching ₹6,086 crore in Q2FY24 compared to ₹5,185 crore during the corresponding quarter in the previous year. (Read More)