Share Market Highlights 20 October 2023: Sensex sheds 250 pts, Nifty below 19,600; Nestle India, TCS shine; ITC, HUL shed

Stock market live updates: Sensex, Nifty drop for third day on weak global cues, firm crude oil prices

The benchmark stock indices Sensex and Nifty fell for the third day running on Friday, due to weak trends in global markets and soaring crude oil prices.

Foreign fund outflows also weighed on investor sentiment amid strengthening US bond yields, which are nearing 5 per cent for the first time since 2007.

The 30-share BSE Sensex fell 231.62 points or 0.35 per cent to settle at 65,397.62. During the day, it plunged 320.63 points or 0.48 per cent to 65,308.61. Read more

Stock focus: Blue Dard Express announces Diwali Express promotion

Stock focus: Mazagon Dock Shipbuilders has delivered a third stealth destroyer of Project 15B Class Guided Missile Destroyer i.e. Yard 12706 (IMPHAL) to the Indian Navy

Stock market live updates: Alok Agarwal, Portfolio Manager at Alchemy Capital Management on rising rates

“Rising rates are intuitively not positive for equity markets. With US Govt bonds giving 5 per cent dollar returns, the ask rate for equities goes up significantly if one were to adjust for risk premium and currency hedging.

But India is in a special place. Finding another significant economy with a double-digit increase in corporate profits, double-digit nominal GDP growth, and double-digit ROEs is challenging. The force majeure continues. Higher rates imply that capital is not free or simple to obtain. However, in our view, it is never a barrier to something like what India provides, which is growth certainty. In summary, rising rates are not a sign of strong equity, but given its advantages, India is predicted to fare better.”

Stock market live updates: Titagarh Rail Systems inks contract with Gujarat Metro Rail Corporation for manufacture, supply of standard gauge cars for Ahmedabad Metro

Titagarh Rail Systems Ltd (TRSL), formerly Titagarh Wagons Ltd, has signed a contract with Gujarat Metro Rail Corporation (GMRC) for the design, manufacture, supply, testing, commissioning and training of 30 standard gauge cars valued at Rs 350 crore for Ahmedabad Metro Rail Phase-II Project.

Stock market live updates: The Samvardhana Motherson International board approves 100% stake buy in Samvardhana Motherson Adsys Tech Ltd from Motherson Auto Ltd

Stock market live updates: NCLT Hyderabad initiates insolvency proceedings against GVK Gautami Power Ltd

NCLT Hyderabad has initiated insolvency proceedings filed by the Edelweiss Asset Reconstruction Company (EARC) against GVK Gautami Power Ltd, a step-down subsidiary of the company. NCLT has appointed Anil Kohli as the lnterim Resolution Professional (lRP) nominated by Edelweiss.

The GVK Power & Infrastructure stock has risen by 4.94 per cent on the BSE, and is trading at ₹8.93.

Stock market live updates: Entertainment Network (India) inks Business Transfer Agreement with Gamma Gaana Ltd

Entertainment Network (India) has approved execution of a Business Transfer Agreement with Gamma Gaana Ltd (GGL) for acquisition of the latter’s licensing business for music audio content and hosting and streaming services under the name ‘Gaana’, on a going concern basis through a slump sale (not exceeding ₹25 lakh). The stock has declined by 1 per cent on the NSE, and is trading at ₹188.

Stock market live updates: Onward Technologies Q2 net at Rs 7.99 crore, stock drops nearly 7 per cent

Onward Technologies posted a standalone net profit of ₹7.99 crore for the quarter ended September 2023, as against ₹1.21 crore in the same quarter of the previous year. The stock has fallen by 6.96 per cent on the NSE, trading at ₹550

Stock market live updates: Hero MotoCorp has inaugurated its first premium dealership ‘Hero Premia’ in Kozhikode, Kerala

Stock Market Live Updates: JSW Steel stock declines by 1.63%

JSW Steel reported its standalone net profit for the quarter ended Sept. 2023 at ₹2,913 crore as against loss of ₹91 crore in the same quarter previous year. The stock declines by 1.63% on the NSE, trading at ₹767.75.

Stock Market Live Updates: Adani Cement has refinanced the loan of $3.5 billion availed from 10 international banks

Adani Cement has refinanced the loan of $3.5 billion availed from 10 international banks to acquire majority stake in Ambuja Cement and ACC from Holcim plc.

Post refinancing the term has been extended by 3 years, said the company.

Adani Cement, through Endeavour Trade and Investment had entered into definitive agreements for a fresh facility of $3.50 billion for refinancing the debt taken for acquisition of Ambuja and ACC.

The transaction marks the strong underlying performance of both the companies, it said.

Stock Market Live Updates: Laurus Labs stock declines by 1.64%

Laurus Labs reported its standalone net profit for the quarter ended September 2023 at ₹46.67 crore as against ₹227.44 crore in the same quarter previous year. The stock declines by 1.64% on the NSE, trading at ₹389.90.

Stock Market Live Updates: Major gainers and losers on the NSE at 3 pm

Major gainers: Kotak (1.79%); IndusInd (1.20%); SBI Life (1.19%); TCS (1.14%); Nestle India (0.80%)

Major losers: Divi’s Lab (-2.56%); ITC (-2.53%); Hindustan Unilever (-2.23%); BPCL (-2.21%); Tata Steel (-2.14%)

Stocks advanced on BSE at 3 pm

Stocks advanced on BSE at 3 pm on October 20, 2023, were 1,351 against 2,317 stocks that declined; 138 stocks remain unchanged. Total stocks traded were 3,806. The number of stocks that recorded a 52-week high was 246, and those that hit a 52-week low was 25.

Stock Market Live Updates: TVS Srichakra stock rises by 1.23%

TVS Srichakra has resolved to authorise overseas direct investment of $10 million for the establishment of a subsidiary in the state of Michigan, USA. The stock rises by 1.23% on the BSE, trading at ₹3,975.

Stock Market Live Updates: Rama Steel Tubes Ltd stock down by 0.96%

The board of Rama Steel Tubes Ltd has approved proposal for fund raising for an amount not exceeding ₹500 crore through a Rights Issue/QIP Placement etc. or such other permissible mode. The stock trades at ₹36.25 on the NSE, down by 0.96%.

Stock Market Live Updates: IRM Energy IPO has been subscribed 14.64 times

IRM Energy IPO has been subscribed 14.64 times as of 2:30 pm on October 20, 2023. The QIB portion has been subscribed 13.18 times, NII 34.80 times, retail 7.59 times, and those reserved for employees 1.75 times. The issue closes today.

Stock Market Live Updates: NMDC Steel stock tumbles down by 11.94% on the NSE, trading at ₹43.90

Stock Market Live Updates: Ideaforge stock surges by 5.56%

Ideaforge Technology has informed the exchange regarding allotment of 4,03,410 securities pursuant to ESOP/ESPS. The stock surges by 5.56% on the NSE, trading at ₹838.

Stock Market Live Updates: Hindustan Zinc stock declines by 2.24%

Hindustan Zinc reported standalone net profit for the quarter ended September 2023 at ₹17.37 crore as against ₹26.81 crore in the same quarter previous year. The stock declines by 2.24% on the NSE, trading at ₹307.35.

Venus Remedies secures REO certification, shares up

Venus Remedies Ltd.’s shares were up by 0.39 per cent after the company was certified with Responsible Export Organisation (REO) by the Confederation of Indian Industry (CII) for the second consecutive year. Read more

Stock Market Live Updates: Top losers of Nifty Pharma stocks

• Gland Pharma (-2.90%);
• Zydus Life Sciences (-2.75%);
• Granules India (-2.35%);
• Lupin (-2%);
• Glenmark (-2%)

Stock Market Live Updates: SBI Cards and Payment Services rolls out many offers for its cardholders for the festive season 2023

SBI Cards and Payment Services has rolled out many offers for its cardholders for the festive season 2023. The stock trades at ₹786.10 on the NSE, down by 0.58% on the NSE.

Stock Market Live Updates: Major stocks that hit 52-week high at this hour on the NSE

• Bombay Burmah Trading Corporation (20%)
• Dhunseri Investments (18.88%)
• Summit Securities (13.59%)
• GKW (13.50%)
• Murudeshwar Ceramics (10.67%)

Stock Market Live Updates: Carysil Ltd stock declines by 1.85%

Carysil Limited has announced that its wholly-owned subsidiary Acrysil USA Inc. has agreed to acquire a 100% membership interest in ‘United Granite LLC’ (UGL) in Virginia, USA. The stock declines by 1.85% on the NSE, trading at ₹660.85. Read more

Stock Market Live Updates: CG Power and Industrial stock trades at ₹381.05 on the BSE

CG Power and Industrial Solutions reported its standalone net profit for the quarter ended September 2023 at ₹355.24 crore as against ₹177.99 crore in the same quarter previous year. The stock trades at ₹381.05 on the BSE, up by 0.20%.

Stock Market Live Updates: Atul stock declines by 1.38%

Atul reported its standalone net profit for the quarter ended September 2023 at ₹103.33 crore as against ₹168.30 crore in the same quarter previous year. The stock declines by 1.38% on the NSE, trading at ₹6,678.85.

Interest rate to remain high for now: RBI Governor Shaktikanta Das

Interest rate will remain high for now, RBI Governor Shaktikanta Das said here on Friday. He also said monetary policy must remain actively disinflationary to ensure that the decline in inflation from its peak of 7.44 per cent in July continues smoothly.

Stock Market Live Updates: Clean Science and Technology stock down by 0.59%

Clean Fino-Chem Limited (CFCL), a wholly-owned subsidiary, has performed Bhoomi Poojan at Taluka Daund, Dist- Pune, for construction of its new Chemical Plant for manufacturing of Pharma/ Agro Intermediates. Clean Science and Technology stock trades at ₹1,362.50, down by 0.59% on the NSE.

Stock Market Live Updates: Mahanagar Gas stock falls by 8.26% on the NSE, trading at ₹1031

Stock Market Live Updates: IRM Energy IPO has been subscribed 10.78 times

IRM Energy IPO has been subscribed 10.78 times as of 1:18 pm on October 20, 2023. The QIB portion has been subscribed 6.60 times, NII 26.74 times, retail 6.87 times, and those reserved for employees 1.60 times. The issue closes today.

Stock Market Live Updates: CBS Bank stock declines by 1.08%

CBS Bank reported its net profit for the quarter ended September 2023 at ₹133.17 crore as against ₹120.55 crore in the same quarter previous year. The stock declines by 1.08% on the NSE, trading at ₹361.40.

Stock Market Live Updates: Glenmark Life Sciences stock down by 0.06%

Glenmark Life Sciences reported its net profit for the quarter ended September 2023 at ₹118.7 crore as against ₹106.8 crore in the same quarter previous year. GLS stock trades at ₹623, down by 0.06% on the NSE.

Stock market live updates: Mphasis stock falls by 4.82% on the NSE, trading at ₹2,151.65 after the company posted its financial results for the period ended September 30, 2023.

Stocks in news: Century Textiles & Industries

Century Textiles & Industries reported its standalone net profit for the quarter ended September 2023 at ₹15.28 crore as against ₹95.90 crore in the same quarter previous year. The stock declines by 7.91% on the NSE, trading at ₹1,066.15.

Stock Market Live Updates: Bharti Airtel stock down by 0.04%

Airtel Xstream Play has crossed the five million paid subscriber mark in October, Bharti Airtel revealed in a regulatory filing. The stock trades at ₹942.55, down by 0.04%.

Stock Market Live Updates: Crompton Greaves Consumer Electricals stock declines by 4.02%

Crompton Greaves Consumer Electricals has announced the launch of its product SPECTACLE under the category of flood light. The stock declines by 4.02% on the NSE, trading at ₹283.20

Stock Market Live Updates: Graphite India stock up by 0.33%

Graphite India’s board has approved acquisition of compulsory convertible preference shares of Godi India Private Limited at a consideration value of ₹50 crore, which amounts to the Company holding 31% of the equity/equity equivalent on a fully diluted basis in GIPL. The stock trades at ₹495.35, up by 0.33% on the NSE.

Stock Market Live Updates: Major losers of Nifty Realty stocks

• Lodha (-4.22%);
• Swan Energy (-3.84%);
• Oberoi Realty (-2.50%);
• Sobha (-1.78%)

Stock Market Live Updates: United Breweries stock rises by 3.12%

United Breweries stock rises by 3.12% on the NSE, trading at ₹1,615 after the company disclosed its financial results for the quarter ended September 2023.

Stock Market Live Updates: Indraprastha Gas stock falls by 10.11% on the NSE, trading at ₹411.40

Stock Market Live Updates: Lexus Granito stock rises by 1.70%

The board of Lexus Granito (India) has approved allotment of ten lakh securities pursuant to Preferential Issue at its meeting held on October 20, 2023. The stock rises by 1.70% on the NSE, trading at ₹41.90.

Elecon Engineering Company has declared interim dividend of ₹1 per equity share. The stock rises by 1.70% on the NSE, trading at ₹800.35.

Jindal Stainless stock surges by 4.09% on the NSE, trading at ₹468.40 after the company reported its financial results for the quarter ended Sept. 2023.

Major gainers and losers on the NSE at 12

Major gainers: TCS (1.11%); Nestle India (1.05%); Kotak Bank (1.01%); SBI Life (0.92%); IndusInd (0.89%)

Major losers: ITC (-2.65%); Hindustan Unilever (-1.97%); BPCL (-1.88%); JSW STeel (-1.76%); Cipla (-1.64%)

Stock Market Live Updates: Stocks advanced on BSE at 12 noon

Stocks advanced on BSE at 12 noon on October 20, 2023, were 1,627 against 1,892 stocks that declined; 155 stocks remain unchanged. Total stocks traded were 3,674. The number of stocks that recorded a 52-week high was 232, and those that hit a 52-week low was 21.

Stock Market Live Updates: Titagarh Rail Systems stock jumps 7.65%

Titagarh Rail Systems Limited has signed contract with Gujarat Metro Rail Corporation Limited (GMRC) for ₹350 crore for Ahmedabad Metro Rail Phase-II Project. The stock jumps 7.65% on the NSE, trading at ₹856. Read more

Stock Market Live Updates: Bharti Airtel stock declines by 1.18% on the NSE

Bharti Airtel has over 0.9 million 5G customers on its network in Jammu & Kashmir. The company also announced that Airtel 5G Plus service is available across all the districts in the state within just 12 months of the launch. The stock declines by 1.18% on the NSE, trading at ₹557.

U.S. Treasury Yield Update: U.S. 10-year Treasury bond yield breaches 5%, highest in 16 years. (Higher treasury yields remains resisitive for rate sensitive sectors)

Stock Market Live Updates: TVS Motor stock declines by 0.26%

TVS Motor company has announced its entry into the Venezuelan market with a host of 14 SKUs with their local distributor, Servisuministros Jpg. The stock declines by 0.26% on the NSE, trading at ₹1,594.90.’

Stock Market Live Updates: F&O Ban

• BALRAMCHIN
• DELTACORP
• GNFC
• IBULHSGFIN
• INDIACEM
• MANAPPURAM
• MCX

Stock Market Live Updates: Trading Tweaks

Price band revised from 10% to 5%: Nucleus Software Exports.

Price band revised from 20% to 10%: Jai Corp.

Move in to short term ASM framework: Polo Queen Industrial and Fintech.

Move out of short term ASM framework: Infibeam Avenues, NIIT, Sasken Technologies

Stock Market Live Updates: Bulk Deals

DCW: APMS Investment sold while Eriska Investment Fund bought 49.72 lakh shares (1.68%) for Rs 56.25 apiece.

Kiri Industries: APMS Investment sold, while Eriska Investment Fund bought 11.40 lakh shares (2.19%) for Rs 270.25 apiece.

Insider Trades

Som Distilleries: Promoter Deepak Arora purchased 20,000 shares on Oct. 19.

Pledge Share Details

Emami: Promoters Suraj Finvest and Diwakar Finvest revoked pledge of 8.22 lakh and 11 lakh respectively on Oct. 16 and 17.

Stock Market Live Updates: Voltas Q2 FY24 Consolidated YoY

Revenue up 29.65% at Rs 2,292.75 crore vs. Rs 1,768.36 crore.

Ebitda down 30.32% to Rs 70.26 crore vs. Rs 100.84 crore.

Margin at 3.06% vs. 5.7%

Net profit for the period was Rs 35.65 crore vs. a loss of Rs 6.04 crore.

Stock Market Live Updates: Agro Tech Foods Q2 FY24 (Consolidated, YoY)

Revenue down 14.97% at Rs 201.11 crore vs. Rs 236.5 crore.

Ebitda is down 18.12% at Rs 8.59 crore vs. Rs 10.49 crore.

Margin at 4.27% vs. 4.43%

Net profit for the period was down 37.87% to Rs 1.87 crore vs. Rs 3.01 crore.

Stock Market Live Updates: United Breweries (Consolidated, YoY)

Revenue up 14.13% at Rs 1,890.05 crore vs. Rs 1,682.31 crore.

Ebitda is down 16.02% at Rs 184.29 crore vs. Rs 219.42 crore.

Margin at 9.75% vs. 13.04%

Net profit is down 20.09% to Rs 107.17 crore vs. Rs 134.12 crore.

Stock Market Live Updates: Voltas stock down by 0.48%

Voltas stock trades at ₹834.85, down by 0.48% on the NSE. The company’s board had approved fund-raising of up to ₹500 crore via non-convertible debentures.

Bank Nifty Prediction Today—October 20, 2023: Stay out of the market

Bank Nifty Index is trading lower. The strong bounce above 43,900 failed to get a strong follow-through rise. This indicates that the sentiment is weak and the presence of sellers at higher levels. The advance/decline at 2:9 also signals the broader picture is weak.

Stock Market Live Updates: Udaipur Cement stock surges by 4.63%

Udaipur Cement Works Ltd informed about commissioning of 2nd Clinker Line of 1.50 million tonne per annum at integrated Cement Plant in Udaipur, Rajasthan. The stock surges by 4.63% on the BSE, trading at ₹37.25.

Stock Market Live Updates: Shyam Metalics and Energy Ltd announces acquisition of Mittal Corp Limited

Shyam Metalics and Energy Ltd (SMEL) has announced the successful completion of the acquisition of Mittal Corp Limited by its wholly-owned subsidiary, Shyam Sel and Power Limited at a consideration of ₹351 crore.

The stock declines by 0.91% on the NSE, trading at ₹466.

Stock Market Live Updates: Cyient stock declines by 3.02%

Cyient has signed an MoU today with the Centre of Excellence in Maritime and Shipbuilding (CEMS)to collaborate on skill enhancement training for the student community. The stock declines by 3.02% on the NSE, trading at ₹1,710.

Monsoon rains retreat from India

The monsoon has retreated from India, the national weather office said, after summer rains started withdrawing from the northwest of the country late last month, more than a week later than normal. Monsoon rains were 6% below average this year, according to the India Meteorological Department (IMD), the lowest rainfall since 2018. The IMD defines average, or normal, rainfall as ranging between 96% and 104% of the 50-year average of 87 cm (35 inches) for the season. With a weak start, monsoon rains were 9% below average in June before rebounding to 13% above average in July. The monsoon was patchy again in August, with the weather office registering 36% below average rains during the month – the driest on record. Rains revived again in September, when India received 13% above average rains, leading to a narrower rainfall deficit.

Major gainers and losers on the BSE at 11

Major gainers: BBTC (20%); Bombay Dyeing (9.15%); Hemisphere Properties (8.58%); PTC (8.10%); Tanla (7.18%)

Major losers: IGL (-9.50%); Jai Corp (-8.72%); MMTC (-8.45%); MGL (-7.34%); Chennai Petro (-6.28%)

Stock Market Live Updates: Tata Communications stock declines by 2.86%

Tata Communications stock declines by 2.86% on the NSE, trading at ₹1,726.15. The company reported its standalone net profit for the quarter ended September 2023 at ₹164.44 crore as against ₹235.36 crore in the same quarter previous year.

India’s exposure to external funding risks has decreased : Morgan Stanley

India’s exposure to external funding risks has decreased with improvement in macro stability indicators, according to Morgan Stanley research report.

US 10-year yields have risen 158 bps since May—their sharpest rise since 2013—and are tracking at 16-year highs. At the same time, Indian 10-year yields have risen only 32 bps, in sharp contrast to 2013.

Stock Market Live Updates: Equitas Small Finance Bank Q2 FY24

Net profit for the period was Rs 198.13 crore vs. Rs 116.42 crore, up 70% YoY.

NII at Rs 765.59 crore vs. Rs 609.69 crore, up 26% YoY.

Gross NPA at 2.27% vs. 2.75% QoQ

Net NPA at 0.97% vs. 1.18% QoQ

NIM drops 33 basis points to 8.43% QoQ.

Stock Market Live Updates: Metro Brands Q2 FY24 (Consolidated, YoY)

Revenue up 16.66% at Rs 555.7 crore vs. Rs 476.31 crore.

Ebitda is up 12.38% at Rs 165.37 crore vs. Rs 147.15 crore.

Margin at 29.75% vs. 30.89%

Net profit for the period was down 13.18% to Rs 67.62 crore vs. Rs 77.89 crore.

Stock Market Live Updates: Tata Communications Q2 FY24 (Consolidated, QoQ)

Revenue up 2.11% at Rs 4,872.5 crore vs Rs 4,771.36 crore.

EBIT is down 7.65% at Rs 410.33 crore vs. Rs 444.29 crore.

Margin at 8.42% vs. 9.31%

Net profit for the period was down 42.04% to Rs 221.26 crore vs. Rs 381.75 crore.

Stock Market Live Updates: Tata Coffee Q2 FY24 (Consolidated, YoY)

Revenue down 3.11% at Rs 695.95 crore vs. Rs 718.26 crore.

Ebitda is up 24.39% at Rs 102.09 crore vs. Rs 82.07 crore.

Margin at 14.66% vs. 11.42%

Net profit for the period was down 56.64% to Rs 63.7 crore vs. Rs 146.93 crore.

Note: PAT is down due to an exceptional gain of Rs 136.7 crore in Q2 FY23.

Stock Market Live Updates: Sagar Cements Q2 FY24 (Consolidated, YoY)

Revenue up 23.65% at Rs 586.82 crore vs. Rs 474.55 crore.

Ebitda at Rs 60.22 crore vs. Rs 2.41 crore

Margin at 10.26% vs. 0.5%

Net loss for the period at Rs 10.53 crore vs. loss of Rs 43.53 crore.

Stock Market Live Updates: Hatsun Agro Product Q2 FY24 (YoY)

Revenue up 9.02% at Rs 1,905.4 crore vs. Rs 1,747.72 crore.

Ebitda is up 23.81% at Rs 218.8 crore vs. Rs 176.71 crore.

Margin at 11.48% vs. 10.11%

Net profit is up 82.6% at Rs 77.57 crore vs. Rs 42.48 crore.

Stock Market Live Updates: Havells India Q2 FY24 (Consolidated, YoY)

Revenue up 6% at Rs 3,900.33 crore vs. Rs 3,679.49 crore.

Ebitda is up 30.15% at Rs 373.35 crore vs. Rs 286.85 crore.

Margin at 9.57% vs. 7.79%

Net profit is up 33.19% at Rs 249.08 crore vs. Rs 187.01 crore.

Nifty Prediction Today—October 20, 2023: Go short only on a break below 19,505

Nifty 50 and Sensex are trading lower. The weakness in the global equity markets is continuing to weigh on the Indian benchmark indices. Both the indices are down a little over 0.2 per cent. Sensex is trading at 65,460, while Nifty is at 19,566.

Nifty is getting support around 19,500. A break below 19,500 can drag the index down to 19,400 and even to 19,350. On the other hand, if Nifty manages to sustain above 19,500, it can be in a range of 19,500-19,750 for some time. Broadly, it is a wait and watch situation for now.

Stock Market Live Updates: Updater Services Q1 FY24 (Consolidated, QoQ)

Revenue up 0.83% at Rs 576.44 crore vs. Rs 571.68 crore.

EBIT is up 11.07% at Rs 19.25 crore vs. Rs 17.32 crore.

Margin at 3.33% vs. 3.02%

Net profit is up 28.26% at Rs 12.39 crore vs. Rs 9.66 crore

Stock Market Live Updates: Tanla Platform Q2 FY24 (Consolidated, QoQ)

Revenue up 10.69% at Rs 1,008.59 crore vs. Rs 911.11 crore.

EBIT is up 5.07% at Rs 174.19 crore vs. Rs 165.77 crore.

Margin at 17.27% vs. 18.19%

Net profit is up 5.27% at Rs 142.54 crore vs. Rs 135.4 crore.

Stock Market Live Updates: Accelya Solutions India (Consolidated, QoQ)

Revenue up 3.91% at Rs 127.29 crore vs. Rs 122.5 crore.

EBIT is down 0.3% at Rs 40.63 crore vs. Rs 40.75 crore.

Margin at 31.91% vs. 33.26%

Net profit is down 1.8% to Rs 31.53 crore vs. Rs 32.11 crore.

Stock Market Live Updates: Finolex Cables stock rises by 1.42% on the NSE, trading at ₹932.50

Stock Market Live Updates: Paras Defence and Space Technologies stock rises by 1.35%

Paras Defence and Space Technologies stock rises by 1.35% on the NSE, trading at ₹753.10. Its subsidiary Paras Aerospace Private Limited has received Second Type Certificate from DGCA (Directorate General of Civil Aviation), Drone Directorate, Govt. of India, for it’s Agri Drone – “Paras-Agricopter V2.1”.

Crude oil up as US plans to replenish strategic reserves

Crude oil futures traded higher on Friday morning as the US announced plans to replenish its strategic petroleum reserves.

At 9.53 am on Friday, December Brent oil futures were at $93.25, up by 0.94 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $89.31, up by 1.06 per cent.

November crude oil futures were trading at ₹7435 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹7330, up by 1.43 per cent; and December futures were trading at ₹7335 as against the previous close of ₹7246, up by 1.23 per cent.

Markets continue to fall on weak global trends, soaring crude oil prices

Equity benchmark indices fell in early trade on Friday due to weak trends in global markets and soaring crude oil prices.

Foreign fund outflows also weighed on investor sentiments.

Falling for the third day running, the 30-share BSE Sensex fell 320.63 points to 65,308.61. The Nifty declined 106 points to 19,518.70.

Stock Market Live Updates: IRM Energy IPO has been subscribed 4.65

IRM Energy IPO has been subscribed 4.65 times as of 10:12 am on October 20, 2023. The QIB portion has been subscribed 1.18 times, NII 9.84 times, retail 4.61 times, and those reserved for employees 1.01 times. The issue closes today.

Speedbumps imminent for domestic market, says Emkay Global

Emkay Global Financial expects Indian stock markets to move in a sideways with a negative bias for the rest of FY24.

“The longer-term top-down narrative remains attractive, with SMIDs (small- & mid-caps) leading the markets for the next 2-3 years. The shorter-term bottom-up story, however, is more challenged with valuations stretched for our favoured themes and macro negatives over the next two quarters,” the domestic brokerage said.

Stock Market Live Updates: PTC India stock surges by 8.23% on the NSE

PTC India stock surges by 8.23% on the NSE, trading at ₹149.85. The company had approved the bid submitted by ONGC Ltd. for acquisition of wholly owned subsidiary of PTC India Limited i.e. PTC Energy Limited (PEL) at an equity value of ₹925 crore subject to adjustments in bid value as per the bid format.

ONDC partners SellerApp and Delhivery drive up sales for local Kanjeevaram weavers

ONDC and its partners, SellerApp and Delhivery, help Kanjeevaram saree weavers tap into a broader audience base through the digital marketplace.

Delhivery Ltd., India’s largest fully integrated logistics services provider, along with SellerApp, both partners on ONDC, are enabling highly skilled local weavers from Kanchipuram to navigate the digital marketplace, bringing them greater visibility on a nationwide platform translating into increased sales. The company disclosed this in a regulatory filing on Thursday.

The ONDC onboarding facilitated by SellerApp has brought the weavers a significant increase in visibility across 200+ cities in India. Delhivery – with its pan-India reach of 18,500+ pin codes, is enabling SellerApp and these small businesses from the textile town of Kanchipuram with on-time order fulfillment across multiple locations in India over the last six months. ONDC (Open Network for Digital Commerce) is a government-led initiative to create an open, secure, and interoperable network for digital e-commerce in India.

Stock Market Live Updates: Rupee falls 5 paise to 83.18 against US dollar in early trade

The rupee depreciated by 5 paise to 83.18 against the US dollar in early trade on Friday due to unabated foreign fund outflow amid rising crude oil prices.

Negative equity market sentiment and a strong dollar also weighed on the Indian currency, forex traders said.

At the interbank foreign exchange, the domestic unit opened weak at 83.17 against the dollar and then touched the lowest level of 83.20 against the greenback. It later traded at 83.18 against dollar, registering a loss of 5 paise over its previous close.

Stock Market Live Updates: Venus Remedies tock rises by 1.44%

Venus Remedies has achieved the highly coveted Responsible Export Organisation (REO) certification from the Confederation of Indian Industry (Cll). The stock rises by 1.44% on the NSE, trading at ₹261.15.

Stock Market Live Updates: Elecon Engineering stock rises by 2.29%

Elecon Engineering stock rises by 2.29% on the NSE trading at ₹805 following the receipt of ₹51.41 crore from Arcelormittal Nippon Steel India Limited (AMNS), Hazira, Gujarat, India for supply and supervision of Pipe Conveyor System at its Hazira Plant, Gujarat.

Ganesh Housing Corp. Q2 FY24 (Consolidated, YoY)

Revenue down 50.15% to Rs 163.35 crore vs. Rs 327.67 crore.

Ebitda is up 54.23% at Rs 121.43 crore vs. Rs 78.73 crore.

Margin at 74.33% vs. 24.02%

Net profit is up 345.67% at Rs 86.01 crore vs. Rs 19.29 crore.

Stock Market Live Updates: HFCL Q2 FY24 (YoY)

Revenue down 10.51% at Rs 1,001.76 crore vs. Rs 1,119.35 crore.

Ebitda is down 24.71% at Rs 114.25 crore vs. Rs 151.74 crore.

Margin at 11.4% vs. 13.55%

Net profit is down 10.93% to Rs 67.55 crore vs. Rs 75.84 crore.

Stock Market Live Updates: Cyient Q2 FY24 (Consolidated, QoQ)

Revenue up 5.45% at Rs 1,778.5 crore vs. Rs 1,686.5 crore.

EBIT is up 4.83% at Rs 260 crore vs. Rs 248 crore.

Margin at 14.61% vs. 14.7%

Net profit is up 8.57% at Rs 183.6 crore vs. Rs 169.1 crore.

Stock Market Live Updates: Indoco Remedies stock declines by 2.74%

Indoco Remedies stock declines by 2.74% on the NSE, trading at ₹340.80. The company reported its standalone net profit at ₹33.14 crore as against ₹49.64 crore in the same quarter previous year.

Stocks to Watch: Piramal Enterprises

Company’s board will meet on Oct. 24 to consider and approve the issuance of non-convertible debentures on a private placement basis.

Stocks to Watch: Vakrangee

The company has partnered with Karnataka Bank Ltd. to provide BC Banking services from Vakrangee Kendra outlets across Pan India.

Deepak Chhabria steps down as Finolex Cables chief

Deepak Chhabria has stepped down as executive Chairman of Finolex Cables after the Supreme Court stuck down the NCLAT order upholding his position in the company.

The board of directors of the company has appointed the Board at its meeting held today, appointed Nikhil Naik, Non-Executive Director of the Company, as Chairman of the Board with immediate effect.

Stock Market Live Updates: Tata Steel stock declines by 0.56% on the NSE, trading at ₹125.30

Pre-market comment by Choice Broking for Friday October 20

On October 20, the Sensex and Nifty indices are poised to commence trading on a cautious note, as per indications from the GIFT Nifty trends, which point towards a negative opening for the broader index. Following suit with the previous session, Indian stock markets concluded lower for the second consecutive day on Thursday. The domestic markets initiated with a gap-down opening, mirroring the adverse cues from both Wall Street and Asian counterparts, subsequently trading below their equilibrium points. However, as the day progressed, indices managed to recuperate a significant portion of their early losses, ultimately closing marginally lower. Notably, the Nifty exhibited a decline of 46 points, forming a modest green candle with an upper shadow on the daily chart, thereby indicating a notable interest in buying at lower levels. It was observed that put-writers fortified their positions at the 19,500 strike.

In the event of a further weakening of the index, potential support is anticipated around the 19,450-19,400 levels. Conversely, any upward rebound from this juncture may encounter resistance around the 19,650-19,700 levels. A decisive breach beyond this obstacle could propel the Nifty towards another critical hurdle at the 19,800 levels. On a contrasting note, the Bank Nifty finds itself situated within a pivotal demand zone, spanning from 43,600 to 43,350. Should this zone be breached, it may lead to a breakdown in the Bank Nifty.

The market breadth remained neutral, with the advance-decline ratio indicating nearly equal proportions at the day’s conclusion. Foreign Institutional Investors (FIIs) assumed the role of net sellers, offloading shares valued at Rs 1,093.47 crore, while Domestic Institutional Investors (DIIs) took the opposite stance, acquiring shares worth Rs 736.15 crore on Thursday.

Stock Market Live Updates: Atishay Ltd receives an order from Office of Chief Electoral Officer, Maha

Atishay Ltd has received work order from Office of Chief Electoral Officer, Maharashtra, for preparation of Marathi Photo Electoral Rolls in PDF, Generate Deletion List in Marathi as per guidelines of ECI for 288 Assembly Constituencies, worth over ₹57 lakh.

Stock Market Live Updates: Major gainers and losers on the NSE at 9:30 am

Major gainers: Nestle India (1.09%); Tata Motors (0.90%); Adani Enterprises (0.82%); Adani Ports (0.78%); IndusInd (0.37%)

Major losers: Hindustan Unilever (-1.39%); Power Grid (-1.19%); Divi’s Lab (-1.16%); ITC (-1.15%); Dr Reddy (-0.90%)

Stock Market Live Updates: CEO of Kshitij Polyline resigns w.e.f. October 19, 2023

Kshitij Polyline Ltd informed the exchange about the resignation of Bharat Hemraj Gala as Managing Director & CEO of the company w.e.f. October 19, 2023.

Commodity Market Live Updates: Crude oil futures traded higher on Friday morning

Crude oil futures traded higher on Friday morning as the US announced plans to replenish its strategic petroleum reserves. At 9.12 am on Friday, December Brent oil futures were at $93.22, up by 0.91 per cent; and December crude oil futures on WTI (West Texas Intermediate) were at $89.33, up by 1.03 per cent. November crude oil futures were trading at ₹7436 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹7330, up by 1.45 per cent; and December futures were trading at ₹7325 as against the previous close of ₹7246, up by 1.09 per cent.

Pre-market views by Avdhut Bagkar Technical and Derivatives Analyst, StoxBox

US market indices fluctuated before closing in the red on Thursday. The volatility on Wall Street came as Federal Reserve Chair Jerome Powell delivered highly anticipated remarks and indicated that inflation is still too high and warned additional monetary policy tightening may be needed. This morning, Asian-Pacific markets were trading in negative territory, with benchmark indices in Australia, New Zealand and South Korea falling 1-2%. Indian markets are likely to open lower on Friday as risk aversion prevails due to escalating tensions in the Middle East, Fed Chair Jerome Powell’s cautious remarks on further rate hikes and a surge in oil prices over the $90-a-barrel mark. However, stock-specific action amid Q2FY24 results is likely to provide opportunities.

The Nifty 50 index posted a smart recovery on Thursday, its weekly expiry day; hinting a pause to the recent sell-off. However, the Gift Nifty is exhibiting another weak opening today, closer to 19500-level, and below previous close of 19624. The index may see revival if it manages to rebound in the early hour; else, bears may launch an attack, pushing index to 19450-19400 levels. The bias remains cautious until a definite trend is textured.

Nifty Bulls may attempt a recovery, with key support at 19507: Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

“Nifty faces vulnerability due to rising Middle-East tensions and soaring oil prices. Despite this, Nifty Bulls may attempt a recovery, with key support at 19507. The preferred Nifty trade is to buy on dips in the 19500-19525 range, with targets at 19707 and aggressive targets at 19889. Bank Nifty offers a similar strategy in the 43300-43350 range, with targets at 44100 and 44551. The Fed is expected to proceed cautiously regarding rate hikes. Nifty’s technical outlook suggests strength above 19757, while options data indicates a trading range of 19300-20000. FIIs have sold over Rs. 15,000 crore in October. Q2 results are expected from various companies today, including JSW Steel, JSW Energy, and Hindustan Zinc.”

The water level in the 150 reservoirs is below last 10 years average. The storage fell across the country this week. In South India, the storage is below 50% of the capacity.

Stock to Watch: Tejas Networks

The company received an order worth Rs 107.73 crore from TCS to supply equipment for BSNL’s Pan-India 4G and 5G networks.

Stock to Watch: Gulf Oil

The company and S-Oil Seven inked a pact to expand business in India. In this partnership, Gulf Oil will oversee the production, distribution, and promotion of OEMs like the KIA India dealer network. Gulf also has the exclusive rights to manufacture and distribute the S-OIL SEVEN range throughout its network.

Stock to Watch: RVNL

RVNL JV gets a Rs 174.27 crore contract from the Vadodara Division of Western Railway for civil engineering works in Gujarat. The project is to be executed in 24 months.

Stock to Watch: Grasim Industries

The company received a Rs 141 crore demand notice from the Rajasthan Stamps Collector for non-payment of stamp duty on a scheme of arrangement between Indian Rayon and the company from FY1999.

CCL Products: NCLT has sanctioned the scheme of arrangement between Continental Coffee Pvt. (the demerged company) and CCL Products (India) (the resulting company).

Indian reservoirs level dropped this week as the Monsoon was deficient over 60% of the reporting districts in the country.

Stock Market Live Updates: Elecon Engineering receives an order from Arcelormittal Nippon Steel India

Elecon Engineering has received an order for supply and supervision of a pipe conveyor system from Arcelormittal Nippon Steel India worth Rs 51.41 crore.

Gati informed the exchanges that the Registrar of Companies has approved the name change of the company to Allcargo Gati, effective October 19

Stock Market Live Updates: Board of Cyient approves merger of wholly-owned arms Citec Engineering and Cyient Insights

The board of Cyient has approved the merger of wholly-owned arms Citec Engineering and Cyient Insights. The board also approved an interim dividend of Rs 12 per share.

NCLT approves the merger of Tata Steel and Tata Steel Long Products. Tata Steel is also set to acquire a 26% stake in unit TP Vardhaman Surya for Rs 1.3 lakh.

Stock Market Live Updates: Open offer for Seven Pharma begins

Open offer from Berhyanda Ltd along with Berhyanda Midco Limited and Jusmiral Midco Limited to the public shareholders of Seven Pharmaceuticals at a price of Rs. 495 opens today. The acquirers plan to acquire up to 6,61,86,889 shares, representing 26 per cent of the voting share capital from the public shareholders fom October 20 to November 3.

Earlier, private equity fund Advent International in December last had entered into a definitive agreement to acquire a 50.1 per cent stake in Suven Pharmaceuticals from the Jasti family for Rs 6,313 crore paying Rs 495 per share,

Stock Market Live Updates: Indiabulls Housing Finance NCD issue opens today

Indiabulls Housing Finance’s Secured Redeemable Non-Convertible Debentures of face value of Rs 1,000 each, for an amount upto Rs 100 crores with an option to retain oversubscription up to Rs 100 crores, aggregating up to Rs 200 crore, which is within the shelf limit of Rs 2,000 crore.

Stock Market Live Updates: Today is the last day to subscribe into the issue of IRM Energy

The IPO of IRM Energy Limited, a city gas distribution (CGD) company, was subscribed 4.37 times at the end of Day 2, thanks to keen interest shown by retail and non-institution investors (NIIs). The company, which is in the business of laying, building, operating and expanding the city or local natural gas distribution network, has fixed the price band at ₹480 to ₹505 a share for its initial public offer and plans to raise ₹545 crore through the issue.

Investors can bid for a minimum of 29 shares and in multiples of 29 shares thereafter.

Economy watch: Renewed wave of private investments likely in 2025-26, says CRISIL MD&CEO Amish Mehta

Private sector capital expenditure is set to rebound and surge in 2025-26, driven by a global economic revival, expected post-election political stability, and rising demand, according to Amish Mehta, MD&CEO of CRISIL.

“If you are lucky, we might even see this (private investment surge) happening earlier. I do see the full blossoming of private capex in 2025, as elections would have been over by then. Also, capacity utilisation, now at 70 per cent, will start hitting 75-80 per cent-plus levels. We also expect a global recovery to play out in 2025. This will all start putting confidence in capex,” Mehta told businessline in an interview. Read more.

Stock market live updates: UltraTech Cement Q2 net up 69 per cent at Rs 1,280 crore on higher demand

UltraTech Cement, an Aditya Birla Group company, said net profit in the September quarter was up 69 per cent at Rs 1,280 crore, as against Rs 759 crore logged in the same period last year, on the back of a higher sales volume and lower cost.

Income was up 15 per cent at Rs 16,179 crore (Rs 14,039 crore). Expenses increased 12 per cent to Rs 14,493 crore (Rs 12,934 crore). Read more.

Stock market live updates: Gokaldas expects improved Q3 and Q4 performance as demand picks up

Textile manufacturer and exporter Gokaldas Exports, in which recently, NR Narayana Murthy-led VC firm Catamaran Ventures LLP picked up a small stake, anticipates improved financial performance in the upcoming Q3 and Q4 as brands, which have been purchasing 25 per cent less than the previous year due to excess inventory, are expected to rebound, a top company executive told businessline. Read more.

Stock market live updates: Kirloskar Pneumatic Q2 PBT up 14 per cent at Rs 26.8 crore

Kirloskar Pneumatic Company Ltd (KPCL) reported profit before tax (PBT) of Rs 26.8 crore in Q2 FY24 , 14 per cent growth over that in Q1 FY24 at Rs 23.5 crore. For H1 FY 24, profit before tax was at Rs 50.3 crore, compared to Rs 57.6 crore in the previous year, due to lower sales, particularly in the export market. Read more.

Stock market live updates: Granules gets USFDA’s nod for generic to treat heartburn

Granules India has received approval from the US Food & Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for Esomeprazole Magnesium Delayed-Release Capsules.

It is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nexium Delayed-Release Capsules, of AstraZeneca Pharmaceuticals LP. Read more.

Stock market live updates: Macro conditions expected to bottom out in Q3, says LTIMindtree CEO

LTIMindtree anticipates that the impact of macroeconomic conditions will bottom out in the third quarter, coinciding with companies formulating new budgets for the next calendar year. Subsequently, a gradual rise is expected to follow in the last quarter, said Debashis Chatterjee, CEO and MD, LTIMindtree.

“We are hoping the budgets will come back in January, as companies begin a new fiscal and we will possibly have more visibility on that by November-December,” Chatterjee told businessline. Read more.

Stock market live updates: Gift Nifty indicates below 19,500 open for Nifty50

Gift Nifty is ruling at 19,510 as against Nifty futures closing of 19,618, signalling a gap down opening of about 120 points. With the mid-cap and small-cap witnessing the sell-off, analysts expect the market to remain volatile with downward bias.

Stock market live updates: Here’s what Makarand M Joshi, Founder MMJC & Associates, a corporate compliance firm, said on SEBI’s revised framework for fund raising by issuance of debt securities

The frame-work released on Thursday has increased the applicability threshold for raising incremental borrowing from debt market to Rs 1,000 crore from the previous limit of Rs 100 crore as stipulated in the previous circular.

The move by the regulator, will not only deepen the bond market in Asia’s third largest economy, but elimination of penalty provision for non-compliance along with incentives or concession in listing fee of debt would aid in ease of doing business.

Further SEBI has stated that one time relaxation from penal provision will be given to listed entities who endeavoured but couldn’t raise incremental borrowing through the debt market till now.

Stock market live updates: Prices of essential food items likely to rule stable during festival season, says Govt

Prices of essential food items such as rice, wheat, sugar and edible oils are expected to rule stable during the festival season on the back of ample stocks in the country, Union Food Secretary Sanjeev Chopra said on Thursday.

Briefing the media on prices of essential commodities, Chopra said the Centre has no plans to relax curbs on export of rice and, if necessary, more wheat from the buffer stock could be sold in the open market. However, he ruled out any possibility of offering rice to any State for running its own scheme. Read more.

Stock market live updates: Jindal Stainless to exit Indonesia; mulls bringing back equipment

Jindal Stainless Ltd (JSL), the country’s largest stainless steel producer, will exit its Indonesia operations due to “unfavourable market conditions” caused primarily by Chinese dumping rendering operations there unviable and high tax on exports (from the Asian nation) into key geographies like the USA and Europe.

JSL repeated a strong set of numbers in Q2, with standalone PAT (profit after tax) rising by 75 per cent YoY to ₹ 609 crore (vs ₹ 349 crore). The earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 54 per cent to ₹ 1,070 crore. Net revenue for the quarter ending September 30 increased 14 per cent to ₹ 9,720 crore. Read more.

Stocks in news: Carysil Ltd

The board of Carysil, formerly Acrysil, has approved the acquisition of 100% Membership Interest of United Granite LLC based at Virginia (USA) by Acrysil USA Inc. (Wholly Owned Subsidiary) of Carysil Ltd for $7.9 million.

The deal is expected to completed with in 2 months.

Stock market live updates: Muted rural demand, price cuts deliver flat profits for Hindustan Unilever Limited

FMCG major Hindustan Unilever Ltd (HUL) posted a flat consolidated net profit for the quarter ended in September 2023. It clocked ₹2,657 crore net profit during the quarter against ₹2,670 crore in the same quarter last year. Sequentially, the net profit was up 4 per cent compared with the first quarter profit at ₹2,556 crore.

Along with its financial result, the company announced an interim dividend of ₹18 per equity share of face value of ₹1 each on Thursday. Read more.

Stocks in news: Atishay receives Election Commission of India contract

Atishay has won Rs 57.60 lakh order from the Election Commission of India for Preparation of Marathi Photo Electoral Rolls in PDF, Generate Deletion List in Marathi as per guidelines of ECI for 288 Assembly Constituencies.

Stocks in news: South Indian Bank Q2 PAT up 23% on lower NPAs, strong loan growth

South Indian Bank posted a net profit of ₹275 crore for Q2 FY24, a growth of 23.2 per cent y-o-y on the back strong loan growth and improved asset quality.

“One major factor is the very significant improvement in credit quality on the overall book, as a consequence of which the credit losses are significantly lower than they used to be in the past, which should translate into much higher profitability,” newly appointed MD and CEO PR Seshadri said. Read more.

Stocks in news: PVR INOX posts net profit of ₹166 crore in Q2

PVR Inox returned to profitability as it posted a consolidated net profit of ₹ 166.3 crore in the second quarter on the back of blockbuster hits such as Jawan and Gadar2. In the corresponding quarter in the previous fiscal, the company had posted net loss of 71.2 crore. Consolidated revenue from operations surged to ₹ 1999.9 crore in Q2 from ₹686 crore in the year-ago period.

The company said that “Q2 FY’24 was the best ever quarter of all time for PVR INOX Ltd in terms of Admissions, Average Ticket Price and SPH leading to highest ever Revenue, EBITDA and PAT.” Read more.

Stock market live updates: The board of Voltas has approves fund-raising of up to Rs 500 crore via non-convertible debentures.

Stock market live updates: USFDA has conducted a pre-approval inspection at the Indoco Remedies’ solid oral formulation facility in Goa between October 12-18.

The pre-approval inspection was conducted for two drug product applications (ANDAs) filed from this facility. The USFDA has issued four observations after the pre-approval inspection, Indoco Remedies said in a statement.

Stock market live updates: USFDA has conducted an inspection at Natco Pharma’s division in Hyderabad, during October 9-18.

At the end of the inspection, the company received eight observations. The company is working with USFDA to close them at the earliest, Natco Pharma said in a notice to the stock exchanges.

Stock market live updates: Tata Steel will acquire 26% stake in TP Vardhaman Surya

Tata Steel will acquire 26 per cent stake in TP Vardhaman Surya (TPVSL), a wholly-owned subsidiary of Tata Power Renewable Energy. It will also execute a fixed-tariff long-term agreement with TPVSL to source 379 MW of captive renewable power, which will save 50 million tonne of carbon emissions over the 25-year contract period. TPVSL will set up a 966-MW solar-wind hybrid renewable power facility, which would make it one of the biggest industrial power projects under group captive segment in the country. Read more.

Stocks in focus today: Zomato

Reports of Softbank is planning to sell part stake in Zomato through block deal will keep the stock in focus. According media repots, SVF Growth (Singapore) Pte Ltd, an entity of Softbank, will sell 1.1 per cent in Zomato for Rs 1,000 crore.

Stock market live updates: IL&FS Transportation to sell its stake in Jorabat Shillong Expressway

IL&FS Transportation Network has signed pact with Sekura Roads to sell its entire stake in Jorabat Shillong Expressway, wholly owned subsidiary, for Rs 1,343 crore. The sale is to settle liabilities of JSEL aggregating to Rs 1,621 crore. All the liabilities of JSEL have been adjusted against the EV of Rs. 1,343 crore, it said in a statement. The Consideration of Rs. 1,343 Crore is the Enterprise Value of the Company and basis the same, the equity value is negative. The consideration for transfer of 100% equity stake is, therefore, a nominal value of Re 1, it further said.

Stocks in focus today: Paras Defence and Space Technologies

Paras Defence and Space Technologies said that its subsidiary Paras Aerospace Private Limited has received Second Type Certificate from DGCA (Directorate General of Civil Aviation), Drone Directorate, Govt. of India, for it’s Agri Drone – “Paras-Agricopter V2.1”. This certification will enable execution of existing contracts of Paras Aerospace for “Paras-Agricopter V2.1” and will further unlock new prospects in the Agricultural Drone Industry.

Stock market live updates: PTC India to divest stake in subsidiary to ONGC

The board of PTC India Ltd has approved the bid submitted by ONGC Ltd. for acquisition of wholly owned subsidiary of PTC India Limited i.e. PTC Energy Limited (PEL) at an equity value of Rs 925 crore subject to adjustments in bid value as per the bid format.

Stocks to watch today: Tata Motors has acquired 26.79% stake in Freight Tiger for ₹150 crore

Tata Motors has entered into a share purchase agreement and other agreements to acquire a 26.79 per cent stake in logistics solutions company Freight Commerce Solutions (Freight Tiger) for Rs 150 crore.

The agreement also includes a provision enabling Tata Motors to further invest Rs 100 crore over the next two years. Read more.

Stock market live updates: Major US listed stocks– result calendar

• American Express Company (Pre market) (Sector-Financial) (EPS: EST.- 2.96 VS 2.88)
• Schlumberger N.V. (Pre market) (Sector-Energy)
• Regions Financial Corporation (Pre market) (Sector-Financial)
• Huntington Bancshares Incorporated (Pre market) (Sector-Financial)
• Interpublic Group of Companies, Inc. (Pre market) (Sector-Media)

Stock market live updates: Securities under f&o ban for trade–20 Oct, 2023

• BALRAMPUR CHINI
• DELTACORP
• GNFC
• IBULHSGFIN
• INDIACEM
• MANAPPURAM
• MCX

Stock market live updates: Airtel, Amdocs partner to drive 5G, IoT

Bharti Airtel (Airtel) on Thursday said that it has partnered with Amdocs, a leading provider of software and services to communications and media companies, to drive 5G and Internet of Things (IoT) monetisation and enhance its end-user customer experience.

Amdocs will create a digital platform to automate and digitise Airtel’s business operations and help the operator create a single-bundled plan and bill for all its services thereby enhancing customer satisfaction. Read more.

Stock market live updates: Butterfly Gandhimathi Appliances reports 45% decline in PAT in Q2

Butterfly Gandhimathi Appliances Ltd, South-India’s leading kitchen and small domestic appliances player, reported a 42 per cent decline in net profit to ₹15 crore as against a net profit of ₹25 crore for the same period last year.

Revenue was down by 16 per cent to ₹308 crore (₹368 crore) due to the festive period shift and one-off corporate sales in Q2 FY23, says a company release.

The company’s share price on the NSE closed at ₹1,200, down by 1.10 per cent.

Stock market live updates: Happiest Minds to pump investments for new GenAI business unit

Happiest Minds Technologies, with the introduction of a new business unit for Generative AI dubbed GBS, will invest in building proofs of concept, upskilling employees forging hyperscaler partnerships and collaborating with open source platforms, said company executives.

The company believes Generative AI will help them penetrate into new accounts and even expand the service ambit for existing customers. It is also in conversation to sign deals in the domain, given high customer interest. Read more.

Stocks in focus: ITC posts 10.32% y-o-y growth in standalone profit to ₹4,926.96 crore

ITC on Thursday reported a 10.32% year-on-year growth in its standalone net profit to ₹4,926.96 crore for the second quarter this fiscal, although its gross revenue witnessed a 3.40 per cent y-o-y growth during the period.

The diversified conglomerate’s net profit stood at ₹4,466.06 crore for the second quarter last fiscal. During the period under review, its gross revenue rose to ₹17,548.75 crore from ₹16,971.18 crore a year ago, according to the stock exchange filing. Read more.

Stock to buy today: IFB Industries

The short-term outlook is bullish for IFB Industries. The stock has been managing to hold higher this week amid the weak broader markets. Immediate support is around ₹900. Below that ₹880-870 is a very strong support zone as cluster of moving averages are poised in this region.

A fall below ₹870 looks unlikely at the moment. IFB Industries share price can rise to ₹1,000 over the next couple of weeks. Read more.

Stock market live updates: Asian stocks fall, oil advances on West Asia tensions

Asian stocks declined into a third day following falls on Wall Street as tensions escalated in West Asia, driving gold and oil to further advances. Meanwhile, traders weighed Federal Reserve chairman Jerome Powell’s remarks for any clues on the policy outlook.

Shares in Australia, Japan and South Korea all slipped sending a gauge for the region into its third straight loss. Contracts for US equities fell after the S&P 500 declined weighed by disappointing Tesla Inc. earnings. The dollar edged higher.

Oil traded over the $90-a-barrel mark and gold approached the $2,000-an-ounce level following a report US bases in Iraq and Syria were targeted in drone attacks. Investors were also on edge after an American destroyer in the Red Sea intercepted cruise missiles and drones fired toward Israel by Houthi rebels in Yemen.

Treasury 10-year yields hovered near 5% in Asian trading, while two-year rates held losses after Powell said the Federal Reserve will proceed carefully with rate hikes, while citing evidence that policy isn’t “too tight.” Swaps trimmed the implied odds of another Fed rate increase to under 50%, and priced a start to cuts in July, compared with September previously. (Bloomberg)

Day trading guide for October 20, 2023: Intraday supports, resistances for Nifty50 stocks

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