Gift Nifty Up 50 Points | JSW Steel & Laurus Lab Q2 Result | Adani Group Refinances loan| Top Buzzing Stocks Today

Mon, 23 Oct Pre-Open

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On Friday, Indian share markets witnessed selling pressure throughout the trading session and ended lower for the third straight day.

Benchmark indices continued the downtrend and fell on Friday due to weak trends in global markets and soaring crude oil prices.

The sentiment was weak also because the 10-year US Treasury bond yields hit the 5% threshold.

At the closing bell on Friday, the BSE Sensex stood lower by 232 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 82 points (down 0.4%).

Kotak Mahindra Bank, IndusInd Bank and TCS were among the top gainers.

ITC, Tata Steel and HUL on the other hand, were among the top losers.

The BSE MidCap index fell 1% while the BSE SmallCap index ended lower by 0.8%.

All sectoral indices ended in red with stocks in the FMCG sector, metal sector and power sector witnessing most of the selling.

Shares of Angel Broking, MCX and Bombay Burmah hit their 52-week high on Friday.

The rupee was trading at 83.09 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.7% at Rs 60,731 per 10 grams at the time of Indian market closing hours on Friday.

At 8:15 AM today, the Gift Nifty was trading higher by 50 points or 0.3% at 19,477 level.

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

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah talks about GMDC in his latest video.

GMDC has had a stellar run since its March 2020 lows and is up a whopping 12x since then.

To be honest, the movement in the stock price has caught most investors by surprise.

So, is the euphoria justified? Have the valuations run far ahead of fundamentals?

Find out everything and more in the below video:

Top buzzing stocks today

Titagarh Rail share price will be in focus today.

Titagarh Rail Systems has bagged a contract worth Rs 3.5 billion (bn) from Gujarat Metro Rail Corporation (GMRC).

Under the pact, the company will design and manufacture 30 standard gauge cars for Ahmedabad Metro Rail Phase-II Project.

Zomato will also be a top buzzing stock.

Shares of Zomato were in focus on Friday following a block deal by SoftBank.

Through its affiliate SVF Growth Singapore Pte, Softbank has reportedly sold 1.09% stake in Zomato in a bulk deal worth Rs 10.4 bn.

JSW Steel Q2 Results

JSW Steel reported a net profit of Rs 27.7 billion (bn) in the second quarter of 2023-24 as an uptick in government spending on infrastructure projects coupled with narrowing costs bolstered margins. The company had reported a net loss of Rs 9.3 bn in the same quarter a year ago.

Lower coking coal costs and higher sales volumes supported the profit growth even as there was a lower operating profit contribution from the overseas operations in the quarter.

The Sajjan Jindal-led steel giant reported quarterly consolidated total income of Rs 448.2 bn in the September quarter as against Rs 419.7 bn a year ago.

Consolidated crude steel production for the quarter stood at 6.34 million tons, lower by 1% quarter-on-quarter and higher by 12%year-on-year.

The company had taken certain maintenance shutdowns at Indian operations during the quarter that resulted in an average capacity utilisation of 89%.

Capacity utilisation was lower at the Ohio, USA operations due to adverse market conditions.

The company reported another gain of Rs 1.9 bn from the sale of property, plant and equipment and mineral rights held in West Virginia.

But the gains were partly offset as the company had to make a provision amounting to Rs 3.9 bn after its writ petition was dismissed by the High Court of Bombay, Goa Bench in the Goa Green Cess matter.

With domestic steel demand robust across sectors, driven by constructions and railways, JSW is all set to enjoy sectoral tailwinds. For more, check out Why JSW Steel Share Price is Rising.

Laurus Labs Profit Tanks 84%

Laurus Laboratories on 20 October 2023 reported an 84.1% year-on-year drop in consolidated net profit at Rs 371.2 m in the July-September quarter of the current financial year, way lower than analysts estimate of Rs 1.3 bn.

The pharma firm had reported a profit of Rs 2.3 bn in the year-ago period.

Revenue came in at Rs 1,224 crore, down 22.3% from the Rs 1,575.89 crore in the year-ago quarter.

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) were at Rs 1.9 bn, down from Rs 4.5 bn in the year-ago period. The EBITDA margin was at 15.3% against 28.5% in the year-ago period.

The company approved an interim dividend of Rs 0.4 a share.

The company said that core growth rebounded on a healthy demand environment in API (Active Pharmaceutical Ingredient) and FDF (Fixed Dosage Form) business.

The company reported an R&D expenditure of Rs 580 m, which is 4.7% of the revenue.

Its API business improved sequentially, driven by the resumption of shipments in the non-anti retro-viral (ARV) segment but was down from the year-ago period.

China plus one, government's PLI scheme, and growing consumption are driving the growth of Laurus Labs. For more, check out Top 5 Pharma Companies in India by Growth.

Adani Group Refinances loan

Billionaire Gautam Adani's Adani Group on 20 October said it completed its refinancing programme for the acquisition debt taken for Ambuja Cements and ACC through a US$ 3.5 billion financing package raised from 10 international banks.

Adani Cement emerged as the second biggest cement player in India after the US$ 6.6 bn acquisition of Ambuja and ACC, the largest in infrastructure and materials space, concluded in September 2022.

The transaction was financed by 10 international banks, including DBS Bank, First Abu Dhabi Bank, Barclays Bank PLC, BNP Paribas, Deutsche Bank AG, and Standard Chartered Bank, among others, which acted as mandated lead arrangers and bookrunners for the transaction.

Cyril Amarchand Mangaldas, Latham and Watkins acted as the borrower's counsel for the financing with Allen & Overy LLP and Talwar Thakore and Associates acting as legal counsels to the lenders.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

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

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