Nifty this week:
Firstly let us start with Nifty this week. Nifty started flat at around 25,000 levels and later fell to 24,500 levels. It must be due to FII selling and their interest in Chinese markets. But on Friday's session it rose by 0.46%. The FIIs who are now leaving Indian markets may return anytime. This is because, the China's business atmosphere looks good from a short term and not in long term.
For this week the market could be flat or even declining because the cash with the DIIs might have reduced significantly. Further, even the war scenario is a bit escalating. I still hope the Nifty can correct further. Even many investors are hoping that the Fed might not cut rates this time. But they feel the rates could cut by December. When it comes to India, as of now due to inflation we cannot expect rate cuts. So there hardly any momentum for Nifty to climb back to its normal position as of now.
So investors should consider buying value stocks as and when they decline.
Gold:
Gold rallied well this week. Now being festival season we expect gold prices to rise. Accumulating gold as coins or SGBs is considered as a good idea. But yet I request the readers to consult a financial advisor to take such investment decisions.
HCL Technologies q2 results:
HCL Technologies has reported its net profit rose by 10.5% on Y-o-Y basis to Rs 4,235 crores and revenue stood at at Rs 28,862 crores.
The company has announced an interim dividend of Rs 12 per share and has fixed October 22nd as the record date. The dividend would be paid to shareholders on October 30th.
Wipro q2 results & announcement of bonus:
Wipro reported its net profit rose by 21% on a Y-o-Y basis to Rs 3,209 crores and the revenue stood at Rs 22,302 crores.
Further, the company's board has approved 1:1 bonus issue of shares. The record date is yet to be fixed.
Infosys q2 results:
Infosys reported its profits rose by 4.73% Y-o-Y basis to Rs 6,506 crores [ net profit] and their sales revenue stood at Rs 40,986 crores. Further the company has announced an interim dividend of Rs 21 per share and has fixed October 29th as record date.
Tech Mahindra q2 results:
Tech Mahindra has reported its net profit rose by 158% to Rs 1,250 crores and its revenue stood at Rs 13,313 crores [consolidated].
The company has announced an interim dividend of Rs 15 per share and has fixed November 1 as the record date.
L&T tech q2 results:
L&T Technologies reported a marginal rise of 2% in its consolidated net profit to Rs 320 crores and the revenue stood at Rs 2,573 crores.
The company has announced an interim dividend of Rs 17 per share and has fixed October 25 as the record date.
Bajaj Auto q2 results :
Bajaj Auto has reported its net profit rose by 9.19% to Rs 2,005.04 crores and its revenue from operations stood at Rs 13,127.47 crores.
Ceat q2 results:
Ceat's net profit has declined by 42% to Rs 121 crores.
Kotak Mahindra Bank q2 results:
Kotak Bank's profit after tax [PAT] grows by 13.06% to Rs 5,044 crores. The net interest income [ NII] rose by 11% to Rs 7,020 crores and the net interest margin [NIM] stood at 4.91%
HDFC Bank q2 results:
HDFC Bank's PAT rose by 5% Y-o-Y to Rs. 16,281 crores. The bank's standalone total income stood at Rs 85,499 crores. The bank's NII rose by 10% to Rs 30,113 crores.
South Indian Bank q2 results:
The bank reported an 18% increase in profits at Rs 325 crores and the total income stood at Rs 2,804 crores. The bank's gross NPA declined to 4.4% Y-o-Y.
Himadri Speciality Chemicals q2 results:
Himadri has reported its profits rose by 35% to Rs 135 crores and the revenue stood at Rs 1,137 crores.
Avenue Super Mart q2 revenue up by 5.8%:
The company's net profit rose by 5.8% on Y-o-Y basis to Rs 659.6 crores, as reported by Money Control. But this revenue growth was below the analyst expectations. The company has said that the competition from e-commerce operators was the reason for this underperformance.
Recommended reading: Is it worth to buy DMart shares on dips?
Angel One q2 results :
The company's net profit rose by 39.1% to Rs 423.4 crores and revenue stood at Rs 1,1047.9 crores. The company's gross client acquisition for the quarter increased by 41% to 3 million.
Reliance Industries q2 results & bonus:
Reliance Industries reported a consolidated net profit of Rs 16,563 crores. This was lower than expected.
The company is about to issue bonus in 1:1 ratio and has fixed October 28th as the record date.
Cochin Shipyard:
The government has divested 5% of its stake in Cochin Shipyard. It attracted stting interest from retail investors as per the report.
HAL received Maharatna status:
Hindustan Aeronautics Ltd [HAL] is a Public Sector Enterprise with a market cap of Rs 3,02,196 crores and with annual profits after tax of Rs 7,595 crores. Recently the Ministry of Finance has granted 'Maharatna' status to the company. With this, HAL has become the 14th company to join elite group of 'Maharatna' companies. HAL is into the business and of manufacturing, repair and maintenance of aircraft and helicopter, mainly for defense.
JSW Energy :
JSW PSP Two Ltd. a stepdown subsidiary of JSW Energy Ltd. has signed an Energy Storage Facility Agreement [ESFA] with Maharashtra State Electricity Distribution Company Ltd [MSEDCL] for procurement of 1,500 MW/ 12,000 MWh of pumped hydro energy storage. The ESFA is for supply of energy storage capacity for 40 years where the company will be entitled to receive fixed capacity charge of Rs 84.66 lakhs per MW per annum.
Further, JSW Renew Energy Thirteen Ltd, which is also a subsidiary of JSW Energy, has signed a Power Purchase Agreement [PPA] for ISTS/STU-connected solar capacity of 700 MW with NTPC Ltd. The PPA is for 25 years with a tariff of Rs 2.59/ kWh.
Global EV sales up by 30.5%:
Global sales of fully electric and plug-in hybrid vehicles rose by an annual 30.5% in September because record sales growth in China and the growth in European Union.
It was reported that, the sales growth of EVs in September was 47.9% in China and 4.2% increase in Europe, and I'm US and Canada it was 4.2%.
It shows that the world is slowly shifting towards EV adoption. This can lead to fall in crude price in long run due to the reduction in demand for crude oil. Compared to India countries in Western region are adopting EVs faster than India. But anyways, we expect that by 2030 almost 35% of vehicles in India would be EVs and for Europe we expect that to be 50% by 2030.
India's wholesale inflation rose:
India's wholesale inflation rose to 1.84% in September from 1.31% in August driven by change in wholesale price index [WPI]. The increase in inflation was due to the rise in prices of food items, and other manufacturing items and equipments. This was reported by a Government Data.
Ola Electric pricing issue and notice from CCPA for quality issues:
The Automotive Research Association of India [ARAI] has asked for a clarification to Ola Electric regarding the price reduction for S1x 2kWh motorcycle.
The company has enjoyed subsidy under PM E-Drive Scheme by quoting the ex-factory price of Rs 75,001 and battery capacity of 2kWh, and based on this declaration by the company ARAI has provided the subsidy of Rs 10,000 for the model S1x 2kWh.
But the company has sold the model at Rs 49,999. The company has failed to notify the price reduction prior to BOSS sale which makes the model ineligible for the subsidy. Further the company may face legal actions for this.
Another issue the company face is the notice from CCPA. The National Consumer Helpline has been getting complaints for the past 1 year from around 10,000 customers against Ola Electric. All these complaints were for the deficiency in quality, service and after sales. It seems like the company is not showing interest in addressing the customer redress. So the Central Consumer Protection Authority [ CCPA] has sent the notice to the company for not answering customer grievances.
I have analyzed the company in my previous article. I request the readers to read it. That will help to identify the red flags with the company.
RBI ban on 4 nbfcs:
The RBI has issued a ban on Asirvad Micro Finance, Arohan Financial, DMI Finance pvt Ltd, and Navi Finserv, from sanctioning loan and issuing fresh loans. This action was taken by RBI due to concerns over excessive interest rates and non compliance with established financial regulations.
In these four, Asirvad is a subsidiary of Manappuram which I had analyzed in one of my previous articles. The share has now corrected.
I request the readers to be patient and I will make a post on the position of Manappuram and its future. I never said to buy it, but since the stock which I spoke corrected I will write the reason for this.
RBI has issued show cause notice to six p2p lending firms:
The RBI has issued a show cause notice to six peer to peer [p2p] lending firms following the query of Yash Roongta. The notice has been sent for non compliance of p2p guidelines.
Blinkit introduces new service:
Blinkit has introduced a new service that allows returns and exchanges for clothing and footwear within 10 minutes in select cities.
Tata Steel and Tenova partner for electric arc furnace at Port Talbot plant:
Tata Steel has entered into a contract with Tenova [ Italian company] for an electric arc furnace at Port Talbot plant. The main motive of this is decarbonisation.
Disclaimer:
All the news updates are taken from various media sources. Further the stocks discussed above are not recommendation, and we are not SEBI registered advisors. Do consult a SEBI registered advisor for investing in any stocks.
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