Indian equity benchmark indices closed higher for the second consecutive session on Monday after buying in index majors Reliance Industries, HDFC Bank and ICICI Bank helped the indices recover from early lows amid mixed cues from global markets
In addition, falling Brent crude oil prices also lifted investor confidence amid escalating tensions in the Middle East.
The BSE Sensex jumped 329.85 points or 0.52 per cent to close at 64,112.65. The NSE Nifty gained 93.65 points or 0.49 per cent to settle at 19,140.90.
“Short covering continued for the second trading session as buoyancy in European and US indices aided a relief rally in local markets as gains in banking, oil & gas and realty stocks led the recovery. While markets witnessed early volatility, key benchmark indices soon bounced back and stayed in positive territory thereafter. Despite the recovery, there is a lot of pessimism amongst the investors due to slew of negative factors such as Israel-Hamas conflict, FII fund outflows, higher inflation, and strengthening US bond yields,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Top stocks to watch on October 31:
Adani Green Energy
The renewable energy company of Adani group reported a 149 per cent year-on-year (Yoy) jump in consolidated net profit to Rs 372 crore in September quarter. The consolidated total income increased 53.7 per cent YoY to Rs 2,589 crore from Rs 1,684 crore in the July-September quarter. The company recorded an 87 per cent increase in energy sales from year-ago period to 5,737 million units on the back of strong capacity addition and improved CUF across solar, wind and hybrid portfolios.
The FMCG major reported a consolidated net profit of Rs 360 crore in the July-September quarter of fiscal 2023-24, a growth of 17.3 per cent compared to Rs 307 crore reported in the year-ago period. The revenue from operation declined marginally to Rs 2,476 crore, 0.8 per cent down from Rs 2,496 crore recorded in the corresponding quarter. EBITDA came in at Rs 497 crore in reported quarter, up by 14.8 percent from Rs 433 crore in Q2FY23. The EBITDA margin widened by 280 basis points to 20.1 per cent in September quarter.
The Tata Group company has won an arbitral award of Rs 766 crore plus interest to compensate for its investment in the now-scraped Singur plant. The pending arbitration proceedings between Tata Motors and the West Bengal Industrial Development Corporation (WBIDC) before a three-member arbitral tribunal have now been finally settled by a unanimous award in favour of Tata Motors. The automobile manufacturer has been held to be entitled to receive an amount of Rs 765.78 crore with interest thereon at 11 per cent per annum from September 1, 2016 till actual recovery thereof from WBIDC. With the final arbitral award, the arbitral proceedings with respect to the Singur unit have come to an end.
Procter & Gamble Hygiene & Health Care
The FMCG company reported a 36 per cent YoY jump in net profit at Rs 211 crore for the July-September quarter, on the back of high volume growth along with product price mix and productivity. Revenue from operations increased 9 per cent YoY to Rs 1,138 crore.
The two-and-three wheeler maker has reported a standalone profit of Rs 536.55 crore for the July-September quarter of ongoing financial year, rising 31.7 per cent over a year-ago quarter. Revenue from operations jumped 12.8 per cent YoY to Rs 8,145 crore during the quarter. The sales volume surged 5 per cent YoY to 10.74 lakh units. EBITDA jumped 22 per cent YoY to Rs 900 crore. EBITDA margin widended 80 basis points to 11 per cent during the quarter.