Indian Stock Market News 21st October 2024
1. Union Bank of India, Ultratech Cement, and Bajaj Housing Finance will report its Q2 results on today.
2. CG Power and Industrial Solutions Gboard to meet on October 21st to consider fundraising through equity shares, debentures, and other securities.
3. PNC Infratech disqualified from tender process for one year by MORTH on account of ongoing CBI investigation, impacting subsidiaries as well.
4. This stock has received an underweight rating from JPMorgan, with a target price of Rs 1,550, on account of capacity utilisation concerns.
5. Bajaj Housing Finance reported 26% year-on-year growth in its assets under management to Rs 1.02 lakh crore in Q2 FY25.
6. BEML and PFC sign agreement for financing and execution of critical infrastructure projects.
7. HDFC Bank: It reported a Q2FY25 net profit of Rs 16,821 crore. Goldman Sachs maintains a buy call on the stock with a target price of Rs 2,156.
8. JSW Energy subsidiary, JSW Neo Energy to acquire 3 SPVs, 125 MW of wind energy capacities from Hetero Group for Rs 630 crore.
9. JPMorgan initiated coverage on UltraTech Cement with an overweight rating and target price of Rs 13,750, indicating a potential upside of 24%.
10. Jefferies cut IndiaMART to Underperform from Buy, targeting 2,540 after soft growth in subscribers and collections moderated growth.
11 .CLSA upgraded Zee Entertainment Enterprises to Outperform, targeting ₹170 versus ₹150 following mixed Q2 results.
12. HDFC Bank’s Q2 net profit stood at ₹17,826 crore, up by 6%. Net interest income grew by 10% to ₹30,110 crore.
13. Tata Consultancy Services adds 5,726 net additions in Q2 FY25; headcount now at 612,724.
14. Tech Mahindra reports consolidated profit of Rs 1,250 crores with 153.1% YoY growth in Q2 FY2024, driven primarily by special income from asset sales.
15. Wipro reported the addition of 978 employees during Q2 FY23, which marked its second successive quarter of net headcount addition. Wipro ended September at 233,889.
16. Tata Consumer Products said its revenue clocked a growth of 13% to 4,214 crore driven by recent acquisition of Capital Foods and Organic India.
17. RBL Bank’s PAT stood at Rs 223 crore with a YoY decline of 24% while the fresh bad loans added stood at ₹1,026 crore, and gross NPA stood at 2.88%.
18. Multi Commodity Exchange reported Q2 net profit of Rs 153.6 crore as it rebounded from a loss of Rs 19.1 crore last year, with revenue up 73%.
19. Mangalore Refinery and Petrochemicals reported a net loss of 683.6 crore for Q2 FY2024 with revenue increasing by 29% at ₹24,967.9.
20. Kotak Mahindra Bank’s profit-after-tax, PAT, for Q2FY25 was up 5% as compared to YoY basis, at ₹3,344 crore; the Net Interest Income grew by 11% YoY to 7,020 crore.
21. Reliance Retail’s Q2 revenue declined 3.5% to Rs 66,502 crore but EBITDA up 1% at Rs 5,675 crore as compared to last year.
22. Wipro: The TCV for Q2FY25 at Wipro slipped to $6.84 billion in H1FY25, while large deal signings stood at $2.64 billion.
23. HDFC Bank reported net profit of 16,821 crore in the September quarter with the stable NIM at 3.5% and 15% year-on-year deposit growth.
24. The order book of TCS is down at $16.9 billion in H1FY25 and is standing at $21.4 billion in H1FY24 due to no mega deals.
25. Reliance Retail records a decrease in Q2 revenue to Rs 66,502 crore with 3.5% YoY contraction. Its EBITDA, however, saw a 1% jump to Rs 5,675 crore as against the previous year’s figure.
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