Indian equity benchmark indices settled in red on Monday after witnessing selling pressure in IT, consumer durables, and financial stocks as investors remained cautious ahead of the release of inflation data. In addition, continuous foreign fund outflows and weakness in rupee impacted investor sentiments.
On Monday, the BSE Sensex fell 325.58 points or 0.50 per cent to close at 64,933.87. The Nifty declined 82 points or 0.42 per cent to 19,443.55.
The Consumer Price Index (CPI) based retail inflation slipped to a four-month low of 4.87 per cent in October on the back of easing food prices. Wholesale price index (WPI) based inflation remained in the negative territory for the seventh consecutive month in the row.
“Post-Diwali, Indian equities continued consolidation amid global uncertainty. The sharp deceleration in IIP growth, from 10.3% in August to 5.8% in September, and weakening Manufacturing PMI reflect global trends driven by rising interest rates and inflation. The Indian Rupee's weakness keeps FIIs cautious. However, the market's downside is limited by strong earnings, economic stability, and domestic institutional flows,” said Vinod Nair, Head of Research at Geojit Financial Services.
Top Stocks To Watch On 15 November:
Adani Energy Solutions
Adani Energy Solutions, previously known as Adani Transmission, is planning is raise 4360 million through issuing bonds on a private placement basis. The company is looking for a private placement of $360 million of transmission assets which were commissioned in the last three to four years, said Rohit Soni, Chief Financial Officer of Adani Energy Solutions. He added that the paperwork for the bond issue are underway.
The Aditya Birla Group company reported a 15.3 per cent growth in net profit at Rs 1,164 crore for the July-September quarter, driven by the performance in cement and financial services business. The company had posted a net profit of Rs 1,009 crore during the year-ago period. The consolidated revenue jumped by 10 per cent to Rs 30,220.68 crore.
Oil and Natural Gas Corporation
The state-controlled corporation will start oil production from its much-delayed flagship deep sea project in Krishna Godavari basin in Bay of Bengal this month, helping reverse years of decline in output. “We plan to start producing from the Cluster-2 project in KG-DWN-98/2 block this month and slowly ramp up,” ONGC Director (Production) Pankaj Kumar told PTI. After several missed deadlines, ONGC has told Shapoorji Pallonji Oil & Gas (SPOG) that its floating production, storage and offloading vessel (FPSO) Armada Sterling-V should prepare to receive the first oil this month.
Rail Vikas Nigam Limited (RVNL)
The state-run company has received a letter of acceptance (LOA) for a Rs 311 crore order from the Central Railway to build tunnels and bridges in Madhya Pradesh. The company will build four tunnels of a total length of 1.6 km, with ballastless track, earthwork in formation and 28 bridges, along with the supply o stone ballast, track linking, side drain retaining wall, in the Dharakoh Maramjhiri section in connection with a third line, according to an exchange filing. The project will be executed in 18 months.
The non-banking finance company (NBFC) reported that its consolidated net profit in the September quarter of FY24 surged nearly 37 per cent year-on-year to Rs 560.65 crore against Rs 409 in year-ago period. The company’s interest income grew 27 per cent to Rs 2044 crore. The revenue from gold loan business, which accounts for around three-fourth of its topline, soared 18.5 per cent to Rs 1537 crore.