Indian equity benchmark indices rallied for the third consecutive session on Monday, gaining nearly 1 per cent on buying in IT, private banks, and capital goods shares amid positive trends in global markets. Fitch’s optimistic upward revision of mid-term GDP growth forecasts also boosted the market sentiment.
The BSE Sensex jumped 594.91 points or 0.92 per cent to close at 64,958.69. The NSE Nifty climbed 181.15 points or 0.94 per cent to 19,411.75.
"Optimism continued as soft US payroll data and expectations of moderation in monetary tightening by the Fed supported the sentiment. Since most of the headwinds are global in nature, investor sentiment has shifted to domestic-oriented businesses, where festive demand is healthy,” said Vinod Nair, Head of Research at Geojit Financial Services.
“So far, the spread of earnings in Q2 has been decent and brings more attention to capital goods, financials, and auto stocks. We expect H2FY24 will also continue the momentum, however, the tailwinds on margins are likely to moderate due to the recent uptick in commodity prices," he added.
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The non-banking finance company (NBFC) has launched a Qualified Institutional Placement (QIP) to raise around Rs 8,800 crore. The floor price has been fixed at Rs 7,533.81 per share. The company said it may offer a discount of up to 5 per cent on the floor price. In October, the company board approved the plan to raise Rs 10,000 crore, including Rs 8,800 crore to be raised via QIP issue and Rs 1,200 crore through convertible warrants.
Adani Energy Solutions
The Adani group company reported a 46 per cent year-on-year (YoY) growth in consolidated net profit to Rs 284.09 crore in the July-September quarter compared to Rs 194 crore recorded in the year-ago period. The consolidated revenue stood at Rs 3,421 crore, up 13 per cent from Rs 3,032 crore reported in the corresponding quarter of the previous financial year. EBITDA margins came in at Rs 1,443 crore, up 6 per cent against Rs 1,362 crore in the comparable year-ago period.
The state-run oil marketing company reported a consolidated net profit of Rs 5,826.96 crore for the July-September quarter compared to a net loss of Rs 2,475.69 crore. The growth came on the back of low crude oil prices and higher gross refining margin (GRM). However, revenue during the reported quarter declined 10.15 per cent to Rs 1 lakh crore.
NSN E-Commerce Ventures, which operates Nykaa, reported a net profit of Rs 7.8 crore in the July-September quarter, 50 per cent up from Rs 5.2 crore in Q2FY23. Revenue from operations came in at Rs 1,507 crore, up 22 per cent from Rs 1,230.8 crore in the year-ago period. EBITDA margin improved to 5.4 per cent from 5 per cent in the year-ago period.
The pharma major reported a 19.56 per cent YoY increase in consolidated net profit to Rs 194 crore for the second quarter of FY24 compared to Rs 241.2 crore in the year-ago period. Revenue stood at Rs 1,373.4 crore, up 31.52 per cent from the year-ago quarter figure of Rs 1,044.4 crore. EBITDA came in at Rs 320.5 crore, up from Rs 297 crore in the year-ago period.