Gift Nifty Up 106 Points | HPCL & BEL Q2 Results | NSE IPO Hinges on Approval | Top Buzzing Stocks Today

Mon, 28 Oct Pre-Open

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Indian share markets Slipped as the session progressed and ended the day weak.

Indian benchmark equity indices fell sharply on Friday, with the Sensex dropping over 900 points and the Nifty slipping below the 24,100 mark intraday amid lackluster Q2 earnings and persistent foreign outflows.

At the closing bell on Friday, the BSE Sensex stood lower by 663 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 219 points (down 0.9%).

ITC, Axis Bank and HUL were among the top gainers.

BPCL, M&M and Adani Enterprises 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.

Broader markets ended the day negative. The BSE Mid Cap ended 1.5% lower and the BSE Small Cap index ended 2.4% lower.

Barring FMCG sector all other sectoral indices are trading on negative note with stocks in oil & gas sector, auto sector and power sector witnessing buying most selling pressure.

Gold prices for the latest contract on MCX were 0.5% lower at Rs 77,950 per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading 106 points higher at 24,255 levels.

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

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Top buzzing stocks today

Bikaji Foods share price will be in focus today.

shares of Bikaji Foods International surged up to nearly 10% after the company reported positive quarterly earnings for the September 2024 quarter.

The snacks manufacturer reported a net profit rise of 14.7% on-year at Rs 686 m during the quarter under review. The company's revenue surged by 19% YoY to Rs 7.2 bn during this period.

DCB Bank will also be a top buzzing stock.

Shares of DCB Bank surged 10% to Rs 121 apiece on 25 October after the lender reported healthy July-September quarter (Q2FY25) results.

The bank reported a 22.6% year-on-year (YoY) increase in net profit to Rs 1.6 bn for Q2FY25, while net interest income (NII) grew 7% YoY to Rs 5.1 bn.

HPCL Q2 Results

State-owned fuel retailer Hindustan Petroleum Corporation (HPCL) on Friday reported that its consolidated net profit fell 97.5% year-on-year (YoY) to Rs 1.4 bn as against Rs 58.3 bn reported in the corresponding quarter of the last fiscal year.

However, its revenue for the quarter rose 5.4% YoY to Rs 1,082.2 bn, up from Rs 1,026.2 bn in the corresponding quarter of the previous year.

The company's standalone profit after tax (PAT) for this quarter was Rs 6.3 bn, compared to Rs 51.2 bn in the same period last year.

From April to September 2024, HPCL refineries achieved a record-high crude throughput of 12.1 MMT, operating at 103.7% of installed capacity-an 8.2% increase from 11.2 MMT during the same period in 2023.

In Q2 FY25, the refineries processed 6.30 MMT of crude, operating near 107.7% of capacity and marking a 9.6% rise from 5.75 MMT in Q2 FY24. Expanding its crude basket, HPCL also procured two new grades of crude, Jubilee and Pazflor, for the first time.

HPCL invested Rs 37.7 bn in Q2 FY25 to enhance its refining and marketing infrastructure, including contributions to joint ventures and subsidiary companies. This brings its total investment for the April-September 2024 period to Rs 65.9 bn.

HPCL achieved a record-high ethanol blending rate of 15.6% during the quarter, blending approximately 522.9 m liters of ethanol in motor spirit, reducing GHG emissions by 10.45 lakh MT.

Bharat Electronics' Q2 Profit Jumps 34%

Government-owned Bharat Electronics on Friday reported a 34% increase in its standalone net profit for the September 2024 quarter, rising to Rs 10.9 bn compared to Rs 8.1 bn in the same period last year.

The profit after tax (PAT) exceeded Street estimates of Rs 8.4 bn.

The revenue from operations in Q2 stood at Rs 45.8 bn, a 15% increase compared to Rs 39.9 bn reported in the corresponding quarter of the previous financial year.

On a consolidated basis, BEL's PAT rose 38% to Rs 10.9 bn compared to Rs 7.9 bn in Q2FY24.

Meanwhile, consolidated revenue for the reported quarter stood at Rs 4,605 crore, up from Rs 40.1 bn in the year-ago period, reflecting a 15% increase.

The state-owned company reported total standalone expenses of Rs 32.9 bn in Q2FY25, up 7% from Rs 30.9 bn in the year-ago period. On a sequential basis, expenses decreased from Rs 33.6 bn in the April-June quarter, reflecting a 2% decline.

The earnings were reported during market hours, and the stock recovered following a rise in its July-September PAT and revenue growth numbers.

NSE IPO Hinges on Approval

India's largest stock exchange is awaiting clearance from the securities regulator to proceed with its public listing plans.

The National Stock Exchange of India Ltd., whose initial public offering has faced delays since it initial filing in 2016, needs approval from the market regulator to reapply.

Sebi initially halted NSE's plans for a listing as the exchange was mired in several cases relating to granting some high-speed traders unfair access to its co-location servers.

The bourse has since addressed the regulator's concerns and, last month was cleared of allegations of connivance and collusion in a decade-old case of unfair market access.

The acquittal has triggered a frenzy for the bourse's stock in the private market for unlisted shares, doubling its valuations in just four months on IPO hopes.

NSE's valuation exceeds US$ 36 bn, making it larger than CBOE Global Markets Inc., Japan Exchange Group Inc. and Singapore Exchange Ltd.

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