Gift Nifty Down 80 Points | Adani Group to Sell Dollar Green Bonds | PVR Inox Q2 Results | Top Buzzing Stocks Today

Wed, 16 Oct Pre-Open

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Indian benchmark indices gave up the gains as the session progressed and ended the day on negative note.

Benchmark equity indices BSE Sensex and NSE Nifty50 pared the early gains to settle in the negative territory on Tuesday.

At the closing bell on Monday, the BSE Sensex stood lower by 152 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 70 points (down 0.3%).

BPCL, ICICI Bank and Britannia were among the top gainers.

Wipro, Bajaj Auto and Hindalco on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.3% higher and BSE SmallCap index ended 1% higher.

Sectoral indices were trading mixed with socks in realty sector and FMCG sector witnessing buying. Meanwhile stocks in metal and auto sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 76,127 per 10 grams at the time of Indian market closing hours on Monday.

At 7:35 AM today, the Gift Nifty was trading 80 points lower at 25,032 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

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Top buzzing stocks today

BEML share price will be in focus today.

Shares of BEML edged higher after the state-run company bagged a major contract worth Rs 8.7 bn from the Integral Coach Factory for the design, manufacturing and commissioning of two high-speed trainsets, each comprising 8 cars.

HDFC Life will also be a top buzzing stock.

Leading insurer HDFC Life on Tuesday reported 15% growth in its standalone net profit at Rs 4.3 bn for the second quarter, compared with Rs 3.8 bn in the last year period.

Net premium income during the July-September 2024 period increased 12% year-on-year (YoY) to Rs 165.7 bn. It was Rs 147.6 bn in the corresponding period of the previous year.

Adani Group to Sell Dollar Green Bonds

Billionaire Gautam Adani's conglomerate is returning to the dollar bond market this year for a second time, underscoring the group's improved access to funding channels after being rocked by a short-seller barrage.

Units of the group's clean-energy business, Adani Green Energy Ltd. are marketing a green 20-year note in the US currency on Tuesday, as that business ramps up spending to boost capacity. Proceeds from the proposed bond will be used to repay foreign-currency loans, according to a person familiar with the matter who asked not to be identified.

The bond sale comes as the conglomerate's flagship firm Adani Enterprises Ltd. seeks to raise about US$ 500 million (m) in a share sale to institutions. The media-to-mining conglomerate has been refocusing on growth opportunities after rebounding from a short-seller report in 2023 by Hindenburg Research that sparked a more than US$ 150 bn rout in Adani Group stocks.

Since then, executives have attempted to rebuild investor confidence by trimming debt, advancing major projects and offering new details on the conglomerate's future, including tycoon Adani's retirement plans.

The Indian conglomerate has repeatedly denied the short-seller's allegations.

The Adani Group may sell $1.5 billion worth of bonds by the end of February, mainly through the Adani Green Energy and Adani Energy Solutions Ltd. units and special purpose vehicles, people familiar with the matter said last month.

The Adani Green subsidiaries are marketing the dollar bond on Tuesday with an initial price guidance of around 7%.

Why Paint & Tyre Stocks are Rising

Stocks of paint and tyre players gained in trade on October 15 as crude oil prices reversed their advance, falling over 3% after OPEC slashed its demand forecast.

Crude oil prices affect the decorative paint business more than any other because it is a raw material-intensive industry.

The manufacture of paint requires more than 300 items, most being petroleum-based. Raw material accounts for 55-60% of input costs and directly impacts gross margins.

Brent crude is also a major source of synthetic rubber and other petrochemical products used in tyre manufacturing. As crude prices fall, the cost of these raw materials decreases, reducing production costs for tyre companies. With lower raw material costs, tyre manufacturers can enjoy improved profit margins.

Tyre stocks also faced a similar fate. Shares of CEAT, Apollo Tyres, and Balkrishna Industries traded with gains of up to 1.5%.

Falling crude oil rates also slashes the cost of producing items such as titanium dioxide, a key ingredient for white paint.

A fall in crude prices will positively impact paint manufacturers as that reduces their input costs and gives them more leeway to generate higher margins.

However, on the flipside, the fall in crude prices will have a negative bearing on oil drilling stocks like ONGC and Oil India as it squeezes their profit margins.

PVR Inox Q2 Results

Multiplex chain PVR Inox on Tuesday reported a consolidated net loss of Rs 120 m for the quarter ended 30 September 2024, compared to a net profit of Rs 1.7 bn in the same period last year.

The company's revenue from operations for the reported quarter stood at Rs 16.2 bn, which is 19% lower than the Rs 20 bn reported in the corresponding quarter of the previous financial year.

However, the loss narrowed on a quarter-on-quarter basis compared to the Rs 1.8 bn posted in Q1 FY25. Revenue increased by 36% sequentially, up from Rs 11.9 bn reported in the three-month period ended 30 June 2024.

The earnings were announced during market hours, and while the stock was trading flat.

The company managed to reduce its expenses by 7% year-on-year (YoY) to Rs 16.8 bn, down from Rs 18 bn in Q2 FY24.

However, on a sequential basis, expenses increased by 15% compared to Rs 14.6 bn in Q1 FY25.

In contrast, revenue from movie production and distribution increased to Rs 1.1 bn in Q2 FY25, compared to Rs 610 m in the corresponding quarter of the previous financial year.

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

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