Mumbai: The BSE Sensex on Wednesday closed 426.85 points lower at 79,942.18, while the 50-share Nifty was down dropped 126 points to 24,340.85. Indian indices were dragged down by weaker than expected Q2 earnings, apart from weak trends in banking and financial sector stocks based on global cues. Infosys, ICICI Bank, and Kotak Mahindra Bank were the top drags on the 30-share Sensex, while Maruti Suzuki, IndusInd Bank, and Adani Ports were top gainers.
FIIs were net sellers as they offloaded shares worth Rs 548.69 crore on Tuesday, according to exchange data. Despite a temporary uptrend from domestic institutional investment as well as retail participation, the positive run is unlikely to be sustained owing to expectations of softer earnings in FY25, said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Here are stocks that are likely to remain in focus on October 31, 2024:
Adani Power: The comoany along with Adani Renewable Energy Fifty Five agreed to supply nearly 6,500 MW of power to the Maharashtra State Electricity Distribution Company. Adani Power will supply nearly 1,500 MW of power as part of the agreement.
Aditya Birla Capital: The company reported a 42 per cent jumped in Q2 net profit to Rs 1,001 crore from Rs 705 crore in the year ago period.
Biocon Biologics: The company drug substance factory in Bengaluru was classified as “voluntary action indicated” by the US Food and Drug Administration, according to an exchange filing.
Dabur: The FMCG major said it will acquire a 51 per cent stake in Ayurvedic personal care and wellness comoany Sesa Care for Rs 315-325 crore with an eye on expanding its presence in the Rs 900 crore market for ayurvedic hair oil, according to an exchange filing.
IRB Infra: The company reported a 4.3 per cent rise in Q2 net profit to Rs 99.8 crore from Rs 95.7 crore in the year-ago period. The company’s revenues were down 3.6 per cent to Rs 76.6 crore from Rs 79.5 crore in the year-ago period.
L&T: The infrastructure giant said it had received orders worth Rs 5,000-10,000 crore for the construction of electricity grids.
Maruti Suzuki: The Japanese carmaker will make the first electric vehicle for peer company Toyota in India. Production of the EV will begin in 2025 in Gujarat.
Ola Electric: The e-two-wheeler maker said it had ramped up its service centre capacity by 30 per cent across India, it according to people familiar with the matter.
TCS: The IT giant said in an exchange filing that it has invested 50 million Brazilian real (worth nearly Rs 72 crore) to speed up innovation in the South Americas region.
Telecom stocks: Stocks of Bharti Airtel, Reliance and Vodafone Idea will be in focus after the department of telecom reportedly floated a draft note seeking a waiver of bank guarantee for telecom companies.
Torrent Pharmaceuticals: Promoter Torrent Investments slashed its stake in the pharma company by 2.9 per cent stake for a consideration of Rs 3,086 crore via open market transactions. Torrent Investments sold 99.44 lakh shares of Torrent Pharmaceuticals.
Wipro: The IT giant said it is planning to collaborate with Microsoft and SAP to boost the rise with SAP migration at almost zero costs.
Zaggle Prepaid: The company’s board gave its nod for a fundraise plan worth Rs 950 crore through a qualified institutional placement.
Zydus Wellness: The company’s board gave its nod to acquire healthy snacks maker Naturell (India) for Rs 390 crore, it said in an exchange filing.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Stocks in New Today: From Biocon to Zaggle Prepaid, here are stocks that are likely to remain in focus on Thursday, October 31, 2024. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
