Indian Stock Market News 18th October 2024
1. Mahindra & Mahindra has launched Scorpio Classic Boss Edition with cosmetic changes and feature enhancement for the festival season.
2. Western Carriers is appointed as Tata Steel Limited’s sole partner for its in-plant logistics & container rake transportation from Tata Steel to TSSIJ.
3. For the June quarter, net profit of Tanla Platforms dipped by 9% and EBITDA slipped to 11%, and this saw a steeper plunge of about 5% in shares.
4. 5Paisa Capital Q2 PAT up 15% YoY at Rs 21.9 cr, total income grows 4% to Rs 100.85 crore.
5. Emkay Global Financial maintains Buy on Karur Vysya Bank; new target of Rs 300. Rathi also retains Buy with target of Rs 290.
6. Tejas Networks expects to complete all BSNL 4G roll-out before fiscal-end and to have its 75,000 network sites on ground in partnership with TCS.
7. Buy call on L&T Technology Services with target at Rs 6,400. Motilal Oswal Financial Services maintains it.
8. Nuvama expects a weight increase of around $290 million for IndusInd Bank in the MSCI February 2025 due to which it will see the inflows.
9. Despite sustained topline pressures, downgrade Nestle India to REDUCE with a target of Rs 2,400 from Emkay Global Financial.
10. HDFC Bank is likely to see Q2 net profit rising by 2% YoY, net interest income is expected to jump 11% YoY, say brokerages.
11. ONGC could gain from the drastic cut of EPM gas allocation by as much as 20% and its EPS could rise by around 0.8 rupees per share annualized.
12. Nitco Ltd has reached a One-Time Settlement on its debt facilities with LIC. All pending dues up to October 16, 2024 are being settled under the settlement.
13. LTIMindtree declared an interim dividend of Rs 20 per equity share. Net profit for Q2 FY25 rose 7.75% YoY at Rs 1,251 crore.
14. Zee Entertainment Enterprises would declare Q2 results later today on cost management and enhancing profitability.
15. Adani Total Gas would face a 16% reduction in domestic gas allocation available from GAIL effective October 16, 2024. The impact can be seen here both on profitability as well as supply.
16. HDFC Securities has a buy call on Angel One, with a target price of Rs 3,860.
17. HDFC Securities maintains an ADD Nestle rating on Nestle India with a target price of Rs 2,600, despite cutting EPS estimates by 6-7% for FY25-26.
18. Nomura maintained Buy rating on Axis Bank and raises target price to Rs 1,380, citing steady quarter amid muted expectations.
19. JSW Energy finalizes Power Purchase Agreements for 1,200 MW Solar-Wind Hybrid projects with MSEDCL, to be decided for 25 years at 3.60/kWh.
20. Board of Mazagon Dock on Oct 22th to decide on stock split and interim dividend proposals.
21. MTNL plunges over 2% after Punjab and Sind Bank declares it a Non-Performing Asset (NPA) from October 8, 2024.
22. Net profit in Q2FY25 is expected at 2,200 crores, up 29% YoY, while revenues are likely to grow by 15% YoY.
23. Jio Financial Services Ltd. announces Q2 FY 2024-25 results on October 18.
24. Mixed Bag for Wipro: The company met Q2 expectations but disappointed analysts with Q3 guidance; there are several that maintain Sell ratings.
25. Profit before tax of Rs 141.5 billion had been made in Q1 FY25. As compared to YoY basis, a rise of 6.0% was seen by Coal India. Revenues were at Rs 364.7 billion.
26. Morgan Stanley and Jefferies have downgraded Manappuram Finance on account of RBI restrictions on Asirvad Microfinance, cutting target prices sharply.
27. Jefferies Has cut the target price for Havells India to Rs 1,870 from Rs 1,880 after missing Q2 margin despite healthy sales growth.
28. Indian Oil Corporation Ltd buys 4 million barrels of U.S. WTI crude for January delivery.
29. Nitco Ltd enters One-Time Settlement with LIC over debt facilities, paying entire outstanding dues on October 16
30. Aether Industries said it had commissioned an additional 5 MW solar power project, bringing total operational capacity to 10 MW out of a planned 15 MW.
31. ICICI Lombard General Insurance Company Ltd is expected to release Q2 numbers later in the day, which could see market sentiment.
32. Morgan Stanley has maintained Tata Chemicals rating ‘Underweight’ with a revised target price at Rs 880 as Q2 profit fell by 55% in Q2.
33. Tata Consumer Products is expected to record 15% revenue growth but 5% decline in net profit in Q2, as per the brokerage estimates.
34. Prestige Estates Projects Ltd reported that sales bookings declined 43% to Rs 4,022.6 crore in Q2 FY25 compared with Rs 7,092.6 crore a year ago.
35. CEAT Ltd reported an 8.23% revenue increase, though that wasn’t enough to save it from a 41.4% drop in Q2 FY25 profit to Rs 121.88 crore.
36. Prestige Estates Projects Ltd reported that sales bookings declined 43% to Rs 4,022.6 crore in Q2 FY25 versus Rs 7,092.6 crore a year ago.
37. CEAT Ltd reports a 41.4% decline in Q2 FY25 profit at Rs 121.88 crore despite an 8.23% revenue increase.
38. LTIMindtree reports Q2 FY24 net profit at Rs 1,251 crore, or up 10.3%, and announces interim dividend of Rs 20 per share.
39. Reliance Brands forms a joint venture with Mothercare Plc, holding a 51% stake to manage the brand across India and neighbouring countries.
40. Infosys posts net headcount increase for the first time in seven quarters; plans to hire 15,000 to 20,000 freshers in fiscal year 2025.
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