Small caps Rebound, Large Caps Weak – Wednesday Closing Report
Moneylife Digital Team 30 October 2024
On Wednesday, 2892 stocks advanced, 1040 declined and 79 remained unchanged, with an advance decline ratio of 2.78 on the Bombay Stock Exchange (BSE), indicating positive closing of stocks in broader markets. The trend of the major indices on Wednesday’s trading is given in the table below.
 
 
On NSE, 56 securities advanced and closed at a new 52-week high whereas 22 securities sank to close at their new 52-week lows.  In sectoral indices, Nifty PSU bank, Nifty Auto and Nifty Infrastructure were among the biggest losers. Nifty Media was the only gainer.
 
IndusInd Bank (+1.76%) 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 (+1.96%) 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).
 
Larsen & Toubro’s (L&T) (+0.81%) 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) (+0.23%) 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. 
 
Canara Bank (-0.39%) 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 (-4.11%) 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.
 
Poonawalla Fincorp (+10.73%) 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. 
 
Dynacons Systems & Solutions (Dynacons) (+7.15%) successfully 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.
 
Other Earnings
Paisalo Digital (+2.42%): 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 (+7.93%): 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.
 
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
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