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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Indian Stock Market News October 21, 2024
Gift Nifty Up 49 Points | Hindustan Zinc & Zee Entertainment Q2 Results | Shriram Finance to Mull Stock Split | Top Buzzing Stocks Today Mon, 21 Oct Pre-Open
Image source: ismagilov/www.istockphoto.comIndian benchmark indices reversed the trend as the session progressed and ended the day on positive note.
Benchmark indices Sensex and Nifty 50 recover from early losses to trade in the green on Friday on value purchase after the recent fall. Bank stocks and index heavy-weight Reliance help Sensex recover over 700 points from day's low.
At the closing bell on Friday, the BSE Sensex stood higher by 218 points (up 0.3%).
Meanwhile, the NSE Nifty closed higher by 113 points (up 0.5%).
Wipro, ICICI Bank and Axis Bank were among the top gainers.
Infosys, HUL and Nestle 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 0.2% higher and BSE SmallCap index ended 0.2% lower.
Sectoral indices were trading mixed with socks in metal sector and banking sector witnessing buying. Meanwhile stocks in FMCG sector and energy sector witnessed selling pressure.
Gold prices for the latest contract on MCX were trading 0.6% higher at Rs 77,598 per 10 grams at the time of Indian market closing hours on Friday.
At 8:05 AM today, the Gift Nifty was trading 49 points higher at 24,940 levels.
Indian share markets are headed for a positive start today following the trend on Gift Nifty.
Speaking of the stock market, Tanushree Banerjee, Research Analyst in her latest video talks about how technological obsolescence has, in the past, made the biggest of the businesses redundant.
Kodak is of the most cited examples of a business losing relevance with changes in technology. But it is certainly not the only one.
Also, apart from technology, climate change and geopolitics also threaten to bring about certain dramatic shifts in traditional business models. These disruptions may not occur overnight. But they could certainly put several companies out of business unless they pivot.
Watch now.
Top buzzing stocks today
Ajmera Realty share price will be in focus today.
Ajmera Realty & Infra India shares advanced over 8% on 18 October after the company raised Rs 2.3 bn on preferential allotment of shares to marquee investors.
The board of directors of the company in their meeting held today approved the allotment of 3.1 m shares with a face value of Rs 10 per equity share to allottees on a preferential basis.
Tanla Platforms will also be a top buzzing stock.
shares of Tanla Platforms tanked close to 7% on 18 October as investors flew the stock after the company reported dismal earnings for the July-September period.
The company's net profit sank 9% on year to Rs 1.3 bn while revenue fell 1% to Rs 10 bn. Revenue from the company's digital platforms segment declined nearly 8% year-on-year to Rs 880 m.
Hindustan Zinc Q2 Results
Vedanta promoted Hindustan Zinc on Friday and reported a 35% jump in its September quarter consolidated net profit at Rs 23.3 bn versus Rs 17.3 bn posted by the company in the year-ago period.
The revenue from operations in the reported quarter stood at Rs 80 bn which was up 21% over Rs 66.2 bn posted by the company in the corresponding quarter of the previous financial year.
However, the profit after tax was marginally down 0.8% on a sequential basis versus Rs 23.5 bn posted by the metal major in Q1FY25.
The Board of Directors of the Company on 20 August 2024 declared an interim dividend of Rs 19 per equity share for the financial year 2024-25, aggregating to Rs 80.3 bn, and has set 28 August 2024 as the record date for the same.
The company also said that it will undertake an investment of a minimum of 26% of equity in Serentica Renewable India Private Limited (SRIPL) or its affiliates.
Hindustan Zinc has improved its operating margin to 40% in the reported quarter from 34% in the year-ago period.
Net profit margin also improved to 29% from 26% in the year-ago period.
Zee Entertainment Q2 Profit Jumps 70%
Zee Entertainment Enterprises (ZEE) on Friday reported 70% year-on-year (YoY) growth in its consolidated net profit at Rs 2.1 bn for the quarter ended September 2024.
It was Rs 1.3 bn a year ago.
Total income, meanwhile, fell 19% YoY to Rs 20.3 bn in the reporting period.
On a sequential basis, net profit after tax jumped 77% from Rs 1.1 bn posted in the preceding June quarter.
The company reported an EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 3.2 bn, which is down 4% YoY, while margins improved to 16%.
The company said prudent cost discipline and focused execution have enabled it to clock 6.3% improvement in EBITDA margins in a challenging macro environment.
Shriram Finance to Mull Stock Split
Shriram Finance's board will meet on October 25 to discuss a proposed split of its existing equity shares, the company announced on Friday.
In addition, the board is set to approve the financial results for the September quarter and declare an interim dividend.
The Nifty stock entered the prestigious club in March this year, replacing UPL.
It has rallied 80% in the past one year while its year-to-date returns stand at 63%.
The NBFC had reported a consolidated net profit of Rs 20.2 bn for the quarter ended 30 June 2024. It was up 19% over Rs 17.1 bn reported by the company in the year-ago period.
The company reported total revenue from operations at Rs 96.1 bn in the reported quarter, up from Rs 80 bn in Q1FY24. It was higher by 20% on a YoY basis.
The net interest income (NII) for the first quarter ended 30 June 2024, increased by 20.6% and stood at Rs 53.5 bn as against Rs 44.4 bn in the same period of the previous year.
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!
Read the latest Market Commentary
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