Indian markets market continued to remain under pressure as Foreign Portfolio Investors (FPIs) remained continuous sellers. What has added to the uncertainty is the victory of Donal Trump as the US president; his pre-election promises include a raft of measures, including across-the-board tariffs that would be negative for emerging markets. The US Federal Reserve continued its rate-cutting cycle in an effort to stimulate the economy and is expected to deliver another 25-basis point rate cut in its December policy meeting amid moderating inflation. Meanwhile, the rupee has weakened to all-time low.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Nibe signed a letter of intent (LoI) with HBE, South Korea to set-up a joint venture for forging facilities in India to manufacture defence and aerospace products. In proposed JV Nibe and HBE will hold in the ratio of 51:49. The LoI is a non-binding subject to due diligence, various regulatory & legal permissions/approval and definitive agreement.
Cyient DLM entered into partnership with Honeywell Aerospace Technologies for the ground-breaking micro vapor cycle system (Micro VCS), aimed to revolutionize aircraft cooling technology. Cyient DLM has inked a 16-year program forecast to develop liquid cooling loops that will be used in select applications of Micro VCS.
Cairn Oil & Gas, part of Vedanta signed a memorandum of understanding (MoU) with United Nations Environment Programme’s (UNEP) flagship methane reporting and mitigation initiative - Oil & Gas Methane Partnership (OGMP) 2.0, making it the first oil & gas producer in India to commit to effective reduction of methane emissions, further accelerating its efforts to decarbonise its operations.
NTPC signed a joint venture (JV) agreement with Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL) for Chhabra Thermal Power Plant. The both parties have mutually agreed to form a 50:50 partnership JV Company, which will own and operate the Chhabra Thermal Power Plant and also explore opportunities for its capacity expansion.
Venus Remedies received good manufacturing practices (GMP) approval with Pharmaceutical Inspection Co-operation Scheme (PIC/S) accreditation from the National Pharmaceutical Regulatory Ageney (NPRA) of Malaysia for its state-of-the-art robotic pre-filled syringe (PFS) facility at its Baddi unit.
Sterling Tools through its wholly owned subsidiary Sterling Tech-Mobility entered into a partnership with Kunshan GLVAC Yuantong New Energy Technology Company (GLVAC YT), a wholly owned subsidiary of China's Kunshan GuoLi Electronic Technology Company (GLVAC), to manufacture advanced high voltage direct current (HVDC) contactors and relays in India. These components play a key role in controlling the flow of current in electric and hybrid vehicles.
EKI Energy Services (EKIESL) entered into a strategic representative agreement with the United States based FBO Resource Group, Inc., operating as Aviation Resource Group International (ARGI), to expand its operations in the US. This partnership aims to strengthen EKI's carbon credits trading and sustainability services across North America, further solidifying its presence in the global carbon market.
Rushil Decor incorporated a wholly owned subsidiary (WOS) in Singapore in the name of ‘Rushil Decor Pte.’ This move aims to strengthen company’s presence in the global market and expand its reach into Southeast Asia Region.
Tata Consultancy Services (TCS) signed a multi-year deal to help Air France-KLM, a Europe-based global aviation leader in passenger transport, cargo transport and aeronautical maintenance, become the most data-centric airline group in the world. Over the next three years, TCS will modernize the airline group's data by moving it to cloud, promoting the next generation of data-driven aviation.
Reliance Power’s subsidiary -- Rosa Power Supply Company (Rosa Power) has prepaid Rs485 crore loan to Singapore-based lender Varde Partners. By prepaying this loan, Rosa Power has achieved a zero-debt status, fully settling its outstanding debt by payment of Rs1,318 crore to Varde ahead of the original schedule. Earlier in September, Rosa Power had prepaid Rs833 crore to Varde Partners. Rosa Power operates a 1,200 MW coal-based thermal power plant in Rosa village near Shahjahanpur, Uttar Pradesh.
Orders
B.L. Kashyap and Sons secured new order aggregating to around Rs250 crore from Anant Raj for civil and structure works for construction of the estate residences group housing project. The total order book as on date stands at Rs3,796 crore.
Gensol Engineering Solar EPC order book crossed Rs5,400 crore. In addition, it has a strong bid pipeline that far surpasses the current orderbook. Apart from the solar order book, Gensol has secured orders for battery energy storage systems (BESS) under the BOO model thereby boosting its revenue potential and reinforcing its commitment to advancing renewable energy, addressing intermittent nature of renewable energy (RE) sector.
Premier Explosives received an order worth Rs89.20 crore from Singareni Collieries Company (a government company) for supply of SME explosives, LDC explosives (cap & non cap) and accessories (cast booster, detonating fuse, cord relay, nonel and electronic detonators - factory set) for use in OB blasting at different Opencast Projects of Singareni Collieries Company. The said order is expected to be delivered over a period of 2 years.
Polycab India emerged as lowest bidder (L1) from Bharat Sanchar Nigam (BSNL) for development (creation, upgradation and operation & maintenance) of middle mile network of Bharat Net on design build operate and maintain (DBOM) Model - package 4 (Karnataka, Goa and Puducherry). The size of contract is Rs4099.69 crore.
Rail Vikas Nigam’s joint venture (JV) -- RVNL-RPPL (JV) emerged as the lowest bidder (L1) from Rail Infrastructure Development Company (Karnataka) for works for Bengaluru Suburban Rail Project (BSRP). The project cost is Rs613 crore. The order is expected to be executed in 24 months.
NBCC (India) bagged work orders worth around Rs235.46 crore. Out of which, order worth around Rs44.00 crore received for construction of multipurpose examination hall cum innovation centre at Mahatma Gandhi Kashi Vidyapith University Varanasi. Further, the order worth around Rs186.46 crore was secured for renovation of Power Grid Corporation of India corporate office building at Gurugram, Haryana.
Escorts Kubota agri machinery business division in October 2024 sold 18,110 tractors, registering a growth of 19.8% as against 15,113 tractors sold in October 2023. During the month of October, the industry experienced a notable increase in demand due to concentration of various festivals and auspicious days in a single month, leading to record sales levels.
Welspun Corp received two large orders in the USA, cumulatively valued at around Rs1,300 crore for supply of coated HSAW Pipes for Natural Gas Pipeline Projects. Execution of these orders will be during FY25-26.
NCC received orders valuing Rs3,496 crore in the month of October 2024. Out of these orders Rs2,694 crore relates to building division, Rs538 crore relates to electrical division and Rs274 crore relates to water & other divisions. These orders are received from state and central government agencies and private limited company.
Premier Energies subsidiaries -- Premier Energies International and Premier Energies Photovoltaic have received multiple orders aggregating to Rs560 crore from two large independent power producer (IPP) and others. These orders include Rs513 crore for solar modules and Rs47 crore for solar cells. The supply of these modules is scheduled to commence from December 2024.
Gensol Engineering secured a large turnkey EPC order from a leading public sector utility in Maharashtra. The project involves the development of a 150 MWac ground-mounted solar PV power plant, with a total contract value of Rs780 crore, is set to be executed over a 15-month period.
Voltamp Transformers received letter of intent (LoI) from Gujarat Energy Transmission Corporation, for Rs263.33 crore for design, manufacture, test and supply of various ratings of power transformers as per tender specification. The order is expected to be completed within 12 months.
Rail Vikas Nigam’s joint venture (JV) -- RVNL- SCPL (JV) emerged as the lowest bidder (L1) from Eastern Railway for earthwork in cutting and filling, blanketing, construction of minor bridges, major bridges, rub, rob, retaining wall, level crossing, side drain, catch water drain and other ancillary works in connection with construction of multi tracking Railway BG line. The project cost is Rs837.67 crore. The order is expected to be completed in 36 months. Rail Vikas Nigam received Letter of Acceptance (LoA) from East Central Railway for a 2x25KV feeder line. The cost of work is Rs180 crore to be executed in 18 months.
Solar Industries India received an order worth Rs887 crore from Singareni Collieries Company for the supply of SME explosives, LDC explosives and initiating systems for blasting of overburden. The said order is to be delivered over a period of two years.
KP Energy received new orders aggregating to 1003.7 MW capacity for development of renewable energy projects from KPI Green Energy. The company will be responsible for providing a range of services, including engineering, procurement, construction, and commissioning (EPCC) for the projects. This inter-alia entails activities such as designing, supply, construction, erection, testing, commissioning and securing the necessary approvals and permits for the projects.
Investment/ Acquisition / Stake Stale
Power Grid Corporation of India received an approval for the proposal to sell, assign, transfer 26% residual equity shareholding in four associate companies viz. Power Grid Kala Amb Transmission, Power Grid Parli Transmission, Power Grid Warora Transmission and Power Grid Jabalpur Transmission, held by the Company to Power Grid Infrastructure Investment Trust (PGInvIT).
Kalpataru Projects International received approval for the issuance of Unsecured, Rated, Listed, Redeemable, Non-Convertible Debentures (NCDs) of Rs200 crore on private placement basis. The Executive Committee of the board of directors of the company at its meeting held on November 6, 2024 has approved the same.
Hindustan Unilever completed the sale and divestment of its water purification business carried under the brand ‘Pureit’. This move is in line with company’s strategic intent to focus sharply on core categories. Pureit provides essential water purification solutions to millions of loyal consumers.
Indian Hotels Company’s (IHCL) board approved the execution of a share subscription and purchase agreement, and shareholders’ agreement to acquire around 55% equity shares for an amount not exceeding Rs18 crore in Rajscape Hotels, a company that manages 16 boutique properties under the brand ‘Tree of Life Resorts & Hotels’ across India.
L&T will acquire a 21% equity stake in E2E Networks through a combination of primary and secondary transactions. E2E Networks entered into a strategic partnership with Larsen & Toubro (L&T), India’s premier tech-led conglomerate. The partnership is a significant step towards adoption of GenAI solutions in India to foster a fundamental shift in the way accelerated computing on Cloud is used by Indian organisations
KEC International received an approval for transfer of cable business of the company, as a going concern on slump sale basis, to KEC Asian Cables (KACL), a subsidiary of the company.
Godawari Power and Ispat received approval to acquire up to 60% equity stake in R. G. Pigments (RGP) for a consideration of Rs56.75 crore. RGP is engaged in business of recycling of non-ferrous metals industrial waste. The board of directors of the company at its meeting held has approved the same.
Dr. Reddy's Laboratories received an approval for the fund infusion by way of investment in equity shares of Dr. Reddy’s Laboratories LLC, Russia, a step-down wholly-owned subsidiary, up to an amount of Rs600 crore. The fund will be used for working capital requirements.
Earnings
State Bank of India (SBI) reported rise of 23.42% in net profit at Rs20219.62 crore for Q2FY25 as compared to Rs16383.18 crore for the same quarter in the previous year. Total income of the bank increased by 13.55% at Rs163802.38 crore for Q2FY25 as compared to Rs144256.12 crore for the corresponding quarter previous year.
Lupin reported rise of 73.52% in net profit at Rs859.48 crore for Q2FY25 as compared to Rs495.32 crore for the same quarter in the previous year. Total income of the company increased by 12.52% at Rs5715.02 crore for Q2FY25 as compared to Rs5078.96 crore for the corresponding quarter previous year
GAIL (India) reported 10.13% rise in net profit at Rs2,689.67 crore for Q2FY25 as compared to Rs2,442.18 crore for the same quarter in the previous year. Total income of the company increased by 3.02% at Rs34,258.00 crore for Q2FY25 as compared to Rs33,255.02 crore for the corresponding quarter previous year.
Dr. Reddy's Laboratories reported 9.47% fall in net profit at Rs1341.90 crore for Q2FY25 as compared to Rs1482.20 crore for the same quarter in the previous year. However, total income of the company increased by 15.63% at Rs8345.70 crore for Q2FY25 as compared to Rs7217.60 crore for the corresponding quarter previous year.
Escorts Kubota reported rise of 54.02% in net profit at Rs324.22 crore for Q2FY25 as compared to Rs210.51 crore for the same quarter in the previous year. Total income of the company increased by 1.29% at Rs2604.58 crore for Q2FY25 as compared to Rs2571.43 crore for the corresponding quarter previous year.
Oil India reported over 3-fold jump in net profit at Rs2,069.16 crore for Q2FY25 as compared to Rs 640.36 crore for the same quarter in the previous year. However, total income of the company decreased by 3.40% at Rs8,886.89 crore for Q2FY25 as compared to Rs9,200.11 crore for the corresponding quarter previous year.
KP Energy: In Q2FY24-25, sales increased by 183% year-on-year (y-o-y) to Rs197 crore. Net profit was up 165% y-o-y to reach Rs21.8 crore.
NDR Auto Components: In Q2FY24-25, sales increased by 11% year-on-year (y-o-y) to Rs174 crore. Net profit was up 16% y-o-y to reach Rs11.9 crore.
Dhanuka Agritech: In Q2FY24-25, sales increased by 6% year-on-year (y-o-y) to Rs654 crore. Net profit was up 15% y-o-y to reach Rs118 crore.
Gland Pharma reported 15.74% fall in net profit at Rs163.53 crore for Q2FY25 as compared to Rs94.08 crore for the same quarter in the previous year. However, total income of the company increased by 2.73% at Rs1,465.49 crore for Q2FY25 as compared to Rs1,426.58 crore for the corresponding quarter previous year.
Power Grid Corporation of India reported marginal rise of 0.31% in net profit at Rs3,793.02 crore for Q2FY25 as compared to Rs3,781.42 crore for the same quarter in the previous year. Total income of the company increased by 2.74% at Rs11,845.93 crore for Q2FY25 as compared to Rs11,530.43 crore for the corresponding quarter previous year.
Delta Corp reported 61.15% fall in net profit at Rs26.98 crore for Q2FY25 as compared to Rs69.44 crore for the same quarter in the previous year. Total income of the company decreased by 24.52% at Rs206.17 crore for Q2FY25 as compared to Rs273.14 crore for the corresponding quarter previous year.
Tata Steel reported net profit at Rs758.84 crore for Q2FY25 as compared to net loss of Rs 6511.16 crore for the same quarter in the previous year. However, total income of the company decreased by 2.52% at Rs54503.30 crore for Q2FY25 as compared to Rs55910.16 crore for the corresponding quarter previous year.
ABB India reported 21.38% rise in its net profit at Rs440.45 crore for the quarter ended September 30, 2024 as compared to Rs362.87 crore for the same quarter in the previous year. Total income of the company increased by 5.59% at Rs3,005.05 crore for Q2FY25 as compared to Rs2,846.01 crore for the corresponding quarter previous year.
Aptus Value Housing reported, sales increase of 26% year-on-year (y-o y) to Rs421 crore. Net profit was up 23% y-o-y to reach Rs182 crore.
Mazagon Dock reported sales increase of 51% year-on-year (y-o y) to Rs2,757 crore. Net profit was up 76% y-o-y to reach Rs585 crore.
Zen Technologies: In Q2FY24-25, sales increased by 264% year-on-year (y-o y) to Rs242 crore. Net profit was up 359% y-o-y to reach Rs63.4 crore.
TajGVK Hotels: In Q2FY24-25, sales increased by 18% year-on-year (y-o y) to Rs105 crore. Net profit was up 77% y-o-y to reach Rs19.6 crore.
Top gainers and losers of the major indices for the week are given in the table below:
