October turned out to be the market's worst month since the 2020 COVID crash, with high valuations and declining corporate earnings dampening the festive mood. The situation was further complicated by significant foreign institutional investor (FII) outflows, which have exceeded Rs1 lakh crore in the secondary market. After a sharp fall last week, Indian benchmark indices remained flat this week. Nifty was up only 0.1% even after four weeks of decline and Bank Nifty was up 1.35%. The trends of the major indices in the course of the week's trading are given in the table below:
News
The U.S Food and Drug Administration (USFDA) has concluded inspection at Shilpa Medicare’s Unit VI, Dabaspet, Bengaluru, India, with the issuance of Form 483 with four observations. All observations are procedural in nature. The company shall respond to the observations within the time frame.
Dixon Technologies (India) entered into memorandum of understanding (MoU) with Cellecor Gadgets for washing machines and its related components.
Dr Reddy's Laboratories launched a first-in-class drug to treat chronic constipation. The company will market the drug under the brand name BixiBat in India. The launch follows approval granted to the company by the Central Drugs Standard Control Organisation (CDSCO). Dr Reddy's is the first company to receive approval for and launch such a drug (Elobixibat) in India.
JSW Energy’s stepdown subsidiary -- JSW Renewable Technologies entered into technology licensing agreement with SANY Renewable Energy Co for manufacturing of wind turbine blades in India for captive usage.
Atul completed its increase in capacity of liquid epoxy resin to meet the requirements of business by 50,000 TPA (tonnes per annum) at a cost of Rs200 crore.
IndusInd Bank entered into a strategic alliance with Trustmore (Escrowpay), a digital escrow platform, to offer seamless and secure digital Escrow services across India. Through this collaboration, IndusInd Bank will extend its full suite of banking products and services to customers utilizing escrow services, enhancing transaction security and convenience.
Indoco Remedies received final Abbreviated New Drug Application (ANDA) approval from United States Food and Drug Administration (USFDA) for Varenicline Tablets, 0.5 mg and 1 mg, to market a generic equivalent to the reference listed drug (RLD), Chantix Tablets, 0.5 mg and 1 mg, of PF Prism C.V. (PF).
Tata Consultancy Services (TCS) signed a 10-year strategic partnership with Insper, one of Brazil’s leading higher education and research institutions. This collaboration aims to advance industry innovation for TCS customers in South America by leveraging technologies like AI, GenAI, IoT, and spatial computing.
Poonawalla Fincorp and TIH at IIT Bombay signed a memorandum of understanding (MoU) to collaborate and drive cutting-edge innovations in the organization. The initial areas of application will be AI-driven risk management in credit processes and transformation in HR processes. The company aims to further leverage the partnership to drive various transformation initiatives across the functions in the organization.
Tata Power Company’s board of directors approved investment for 1000 MW Pumped Storage Hydro Project in Bhivpuri. The Company's overall existing capacity stands at 15.2 GW. The investment required for said capacity addition is Rs5,666 crore.
Orders
NBCC (India) bagged work orders worth Rs1,726.00 crore from Government of Goa for redevelopment of Junta House, 18th June Road, Panjim; redevelopment of Govt. Garage, MG Road, Panjim; Construction of Administrative Building at Porvarim; redevelopment of Circuit House, Panjim; redevelopment of Govt. Quarters, St. Inez and for redevelopment of Mini Convention Centre at Tiswadi, patto.
Knowledge Marine & Engineering Works (KMEW) received the letter of award (LoA) from the Inland Waterways Authority of India (IWAI) for the procurement for ‘Fairway Maintenance of Sultanganj-Mahendrapur (74 Km) and Mahendrapur-Barh (71 Km) stretches of National Waterway-1 (River Ganga). The contract is for a period of three years and is valued at Rs147.43 crore including taxes.
Larsen & Toubro’s (L&T) Power Transmission & Distribution (PT&D) vertical won new orders in the Middle East and Africa for expanding and strengthening the electricity grids at high-voltage levels. The orders include implementation of an energy management system for country-wide electricity network.
Tata Consultancy Services (TCS) secured a 15-year contract with Ireland’s Department of Social Protection (DSP) to implement and support the country’s new Auto Enrolment Retirement Savings Scheme, known as the ‘My Future Fund.’ This initiative will provide a comprehensive, end-to-end digital solution for automatic enrolment of nearly 8,00,000 workers in Ireland.
Dynacons Systems & Solutions (Dynacons) secured follow-up contract valued at Rs108 crore from the National Bank for Agriculture and Rural Development (NABARD).
Garden Reach Shipbuilders and Engineers (GRSE) (+3.66%) signed a contract with the Naval Physical and Oceanographic Laboratory, for construction of an acoustic research ship. NPOL is a laboratory under the Defence Research and Development Organisation.
Investment/ Acquisition / Stake Stale
Bajaj Finance raised Rs1,384.17 crore through the allotment of 6,020 Non-Convertible Debentures (NCDs) at face value of Rs10 lakh each and 75,000 NCDs at face value of Rs1 lakh each, on private placement basis.
Cyient acquired a 27.3% stake in Azimuth AI, a fabless custom ASIC company known for its expertise in intelligent energy and power solutions. This strategic investment marks a significant milestone in Cyient’s semiconductor journey and demonstrates the continued focus to drive accelerated growth in this industry. This strategic investment marks another significant step in Cyient’s ongoing efforts to expand its capabilities and drive innovation across the semiconductor industry.
Bikaji Foods International’s (-1.28%) wholly owned subsidiary -- Bikaji Foods Retail (BFRL) completed the first tranche for acquisition of 40.40% of total issued and paid-up equity share capital in Hazelnut Factory Food Products (THF).
Jupiter Wagons’ (JWL) subsidiary -- Jupiter Electric Mobility (JEM) completed the acquisition of Log9’s technology and business assets for its Railway Battery and Electric Truck Battery Divisions. This acquisition marks a significant advancement in JEM’s mission to revolutionize the electric mobility landscape in India by expanding its portfolio with cutting-edge battery solutions tailored for both the electric truck segment and Indian Railways.
Earnings
Larsen & Toubro (L&T) reported 6.67% rise in net profit at Rs4,112.81 crore for Q2FY25 as compared to Rs3,855.55 crore for the same quarter in the previous year. Total income of the company increased by 20.13% at Rs62,655.85 crore for Q2FY25 as compared to Rs52,157.02 crore for the corresponding quarter previous year.
Dabur India reported 17.66% fall in net profit at Rs417.52 crore for Q2FY25 as compared to Rs507.04 crore for the same quarter in the previous year. Total income of the company decreased by 4.22% at Rs3,180.11 crore for Q2FY25 as compared to Rs3,320.25 crore for the corresponding quarter previous year.
Maruti Suzuki India reported 18.06% fall in its net profit at Rs3,102.50 crore for the quarter ended September 30, 2024 as compared to Rs3,786.20 crore for the same quarter in the previous year. However, total income increased by 1.92% at Rs38,972.40 crore for Q2FY25 as compared to Rs38,239.20 crore for the corresponding quarter previous year.
Cipla reported 13% rise in net profit at Rs1,306.02 crore for Q2FY25 as compared to Rs1,155.82 crore for the same quarter in the previous year. Total income increased by 5.65% at Rs7,241.63 crore for Q2FY25 as compared to Rs6,854.47 crore for the corresponding quarter previous year.
ICICI Bank reported 18.83% rise in net profit at Rs12947.77 crore for Q2FY25 as compared to Rs10896.13 crore for the same quarter in the previous year. Total income of the bank increased by 27.32% at Rs72942.55 crore for Q2FY25 as compared to Rs57292.26 crore for the corresponding quarter previous year.
Canara Bank reported 11.50% rise in net profit at Rs4,100.32 crore for Q2FY25 as compared to Rs3,677.39 crore for the same quarter in the previous year. Total income of the Bank increased by 12.14% at Rs38,006.05 crore for Q2FY25 as compared to Rs33,891.21 crore for the corresponding quarter previous year.
Voltas reported over 3-fold jump in net profit at Rs132.83 crore for Q2FY25 as compared to Rs35.65 crore for the same quarter in the previous year. Total income of the company increased by 15.27% at Rs2,724.58 crore for Q2FY25 as compared to Rs2,363.73 crore for the corresponding quarter previous year.
Force Motors reported 43.84% rise in net profit at Rs 135.05 crore for Q2FY25 as compared to Rs93.89 crore for the same quarter in the previous year. Total income of the company increased by 7.69% at Rs1,949.90 crore for Q2FY25 as compared to Rs1,810.74 crore for the corresponding quarter previous year.
Coal India reported 22.04% fall in its net profit at Rs6,274.80 crore for the quarter ended September 30, 2024 as compared to Rs8,048.64 crore for the same quarter in the previous year. Total income of the company decreased by 7.43% at Rs32,177.92 crore for Q2FY25 as compared to Rs34,760.30 crore for the corresponding quarter previous year.
Bharat Electronics (-0.84%) reported 38.38% rise in net profit at Rs1,092.78 crore for Q2FY25 as compared to Rs789.71 crore for the same quarter in the previous year. Total income of the company increased by 14.87% at Rs4,762.66 crore for Q2FY25 as compared to Rs4,146.12 crore for the corresponding quarter previous year.
Aurobindo Pharma completed acquisition of balance 49% of equity shares of GLS Pharma. Earlier, the company had entered into a binding agreement with GLS Pharma, a subsidiary of the Company and its promoters for acquisition of balance 5,90,361 equity shares of Rs10 each (49% of GLS Pharma) for a purchase consideration of Rs22.5 crore.
Biocon reported 84.31% fall in net profit at Rs27.10 crore for Q2FY25 as compared to Rs172.70 crore for the same quarter in the previous year. However, total income of the company increased by 0.07% at Rs3622.90 crore for Q2FY25 as compared to Rs3620.20 crore for the corresponding quarter previous year.
Bandhan Bank reported 29.99% rise in its net profit at Rs937.45 crore for the quarter ended September 30, 2024 as compared to Rs721.17 crore for the same quarter in the previous year. Total income of the bank increased by 21.11% at Rs6,094.53 crore for Q2FY25 as compared to Rs5,032.19 crore for the corresponding quarter previous year.
Railtel Corporation reported 6.59% rise in its net profit at Rs72.64 crore for the quarter ended September 30, 2024 as compared to Rs68.15 crore for the same quarter in the previous year. Total income of the company increased by 40.74% at Rs862.51 crore for Q2FY25 as compared to Rs612.82 crore for the corresponding quarter previous year.
Suzlon Energy reported 96.11% rise in net profit at Rs200.60 crore for Q2FY25 as compared to Rs102.29 crore for the same quarter in the previous year. Total income of the company increased by 48.47% at Rs2,121.23 crore for Q2FY25 as compared to Rs1,428.69 crore for the corresponding quarter previous year.
JSW Infrastructure reported 46.06% rise in net profit at Rs373.73 crore for Q2FY25 as compared to Rs255.87 crore for the same quarter in the previous year. Total income of the company increased by 21.52% at Rs1088.19 crore for Q2FY25 as compared to Rs895.48 crore for the corresponding quarter previous year.
Adani Power reported 49.99% fall in its net profit at Rs3297.52 crore for the quarter ended September 30, 2024 as compared to Rs6594.17 crore for the same quarter in the previous year. Total income of the company decreased by 5.84% at Rs14062.84 crore for Q2FY25 as compared to Rs14,935.68 crore for the corresponding quarter previous year.
Cams Services: In Q2FY24-25, sales decreased by 34% year-on-year (y-o-y) to Rs342 crore. Net profit was up 42% y-o-y to reach Rs115 crore.
Motilal Oswal Financial Services: In Q2FY24-25, sales increased by 71% year-on-year (y-o-y) to Rs2,838 crore. Net profit was up 111% y-o-y to reach Rs1,122 crore.
Arrow Greentech: In Q2FY24-25, sales increased by 123% year-on-year (y-o-y) to Rs64.8 crore. Net profit was up 268% y-o-y to reach Rs18.6 crore.
Genus Power: In Q2FY24-25, sales increased by 88% year-on-year (y-o y) to Rs487 crore. Net profit was up 69% y-o-y to reach Rs83.1 crore.
PCBL: In Q2FY24-25, sales increased by 46% year-on-year (y-o y) to Rs2,163 crore. Net profit was up 1% y-o-y to reach Rs123 crore.
Vedant Fashions: In Q2FY24-25, sales increased by 22% year-on-year (y-o y) to Rs268 crore. Net profit was up 37% y-o-y to reach Rs67 crore.
Gujarat Fluorochemicals: In Q2FY24-25, sales increased by 25% year-on-year (y-o y) to Rs947 crore. Net profit was up 128% y-o-y to reach Rs128 crore.
BCL Industries: In Q2FY24-25, sales increased by 50% year-on-year (y-o y) to Rs721crore. Net profit was up 54% y-o-y to reach Rs30 crore.
Paisalo Digital: In Q2FY24-25, sales increased by 29% year-on-year (y-o y) to Rs187 crore. Net profit was up 5% y-o-y to reach Rs49.9 crore.
PDS: In Q2FY24-25, sales increased by 34% year-on-year (y-o y) to Rs3,306 crore. Net profit was up 10% y-o-y to reach Rs93.2 crore.
Top gainers and losers of the major indices for the week are given in the table below:
