Gift Nifty Up 16 Points | Infosys Q2 Results & Interim Dividend | Why Metal Stocks are Rising| Top Buzzing Stocks Today

Fri, 13 Oct Pre-Open

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On Thursday, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Benchmark indices snapped their two-day winning streak as weak quarterly result by Tata Consultancy Services (TCS) in Q2-FY24 took investor fund away from IT pack.

At the closing bell on Thursday, the BSE Sensex stood lower by 65 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 27 points (down 0.1%).

Coal India and BPCL were among the top gainers.

HCL Tech and Tech Mahindra on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.3% higher and the BSE SmallCap index rose 0.6%.

Sectoral indices ended on mixed with stocks in the metal sector and oil & gas sector witnessing buying. Meanwhile stocks in It sector and realty sector witnessed selling pressure.

Shares of Angel Broking and Bosch hit their 52-week high on Thursday.

The rupee was trading at 83.24 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 58,156 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:45 AM today, the Gift Nifty was trading up by 16 points or 0.1% at 19,691 level.

Indian share markets are headed for a positive opening today following the trend on Gift Nifty.

Speaking of stock markets, , if someone had told me back in March 2020 that the Indian stock market could give rise to multiple 10-bagger stocks over the next 3-5 years, I would have had a hard time believing it.

Even harder to believe would have been the prediction that Gujarat Mineral Development Corporation or GMDC as it is popularly known as, would be one of the 10-baggers.

Yes, that's right. GMDC has had a stellar run since its March 2020 lows and is up a whopping 12x since then. So, it has gone one step ahead and has ended up being an impressive 12-bagger.

To be honest, the movement in the stock price has caught most investors by surprise. However, is the euphoria justified? Have the valuations run far ahead of fundamentals?

Cohead of Research, Rahul Shah answers this in the below video.

Top buzzing stocks today

MoIL share price will be in focus today.

Shares of MOIL hit over a decade high of Rs 256.9 as they surged 12% in Thursday's intraday trade after Quant Mutual Fund (MF) acquired 1.1 million equity shares of the company via the open market on Thursday.

PCBL will also be a top buzzing stock.

Shares of PCBL rallied 7% on 12 October 2023 to a 52-week high after the company was granted two patents for inventions related to speciality-grade and surface-modified carbon black.

HDFC AMC Q2 Results

HDFC Asset Management Company (AMC), on 12 October 2023, reported a consolidated net profit of Rs 436.52 crore, up 20% YoY from Rs 364.5 crore in Q2FY24. HDFC AMC's revenue from operation jumped to Rs 6.4 bn, up 18% YoY from Rs 5.7 bn in the corresponding quarter of the previous fiscal.

The company's Quarterly Average Assets Under Management (QAAUM) stood at Rs 5.24 tn compared to Rs 4.8 tn in Q1FY24, commanding a 12.4% market share in QAAUM of the mutual fund industry.

On a sequential basis, the leading asset management firm's net profit fell 8.6%, while revenue saw an 11.9% growth.

The ratio of equity-oriented QAAUM and non-equity-oriented QAAUM stook at 58:42, compared to the industry ratio of 51:49 for the quarter that ended 30 September 2023. 67.5% of the company's total monthly average AUM for August 2023 is contributed by individual investors as compared to 57.8% for the industry.

A total of 5.8 m Systematic transactions with a value of Rs 224 bn were processed during September. Total Live Accounts stood at 1.36 crore as of 30 September 2023. Unique customers as identified by PAN or PEKRN now stand at 7.9 bn compared to 40.4 bn for the industry, a share of 19.6%.

Further, with HDFC AMC being one of the most preferred mutual funds by investors, the long-term outlook for the HDFC group company looks bright.

For more, check out Why HDFC AMC Share Price is Rising.

Infosys Q2 Results

India's second-largest IT company Infosys reported a 3% year-on-year (YoY) rise in net profit at Rs 62.1 bn in the second quarter of FY24.

Infosys narrowed its revenue growth guidance for the full year at the upper end and has now guided for revenue growth of 1-2.5% for the full year. This comes after it sharply slashed the guidance last quarter to 1-3.5% from 4-7%.

Consolidated revenue for the quarter came in at Rs 389.9 bn, up 7%. Revenues for the quarter were above analysts' estimates of Rs 376.9 bn. The IT major revised its FY24 revenue guidance to 1% from 2.5%.

In constant currency terms, the revenue grew by 2.5% YoY, beating estimates. Infosys declared an interim dividend of Rs 18 per share for FY24.

Infosys stands among beaten down IT stocks and could potentially stage a comeback. For more details, check out Top 5 IT Stocks that are still Undervalued. Worth a Look?

Why Metal Stocks Are Rising

Metal stocks soared on October 12 with 13 out of 14 constituents of the Nifty Metal index posting strong gains. MOIL jumped more than 13% in early deals, while NMDC and Gujarat Mineral Development Corporation (GMDC) rallied up to 8%.

Other metal stocks such as Nalco, Hindustan Copper, SAIL, Hindalco, JSW Steel, Tata Steel, and Welspun Corporation jumped up to 5%.

Earlier on 11 October 2023, the Cabinet approved royalty rates for the mining of critical and strategic minerals like lithium, niobium and some rare earth elements (REEs). The government will impose reasonable royalty rates on lithium at 3% of the London Metal Exchange price, niobium at 3% of the average sale price and for REE, the rate will be 1% of the average sale price of rare earth oxide.

The decision came after the government removed six minerals, including lithium and niobium, from the list of specified atomic minerals, which could push participation of the private sector through the auctioning concessions for these minerals.

India's metal industry is a crucial component of its economy, and there are several companies involved in the production and distribution of metals in the country.

To know which are the best metal stocks, check out Equitymaster's screener for top metal stocks in India.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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