Gift Nifty Up 25 Points | Ambuja Cements & Sun Pharma Q2 Results | SpiceJet Launches New Flights | Top Buzzing Stocks Today

Tue, 29 Oct Pre-Open

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Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.

Indian equity indices traded higher on Monday after five days of consecutive declines, despite ongoing foreign selling and lackluster corporate quarterly earnings.

At the closing bell on Monday, the BSE Sensex stood higher by 603 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 158 points (up 0.8%).

ICICI Bank, Wipro and JSW Steel were among the top gainers.

Bajaj Auto, Coal India and Axis bank 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 0.7% higher and BSE SmallCap index ended 1.1% higher.

Barring the energy sector and capital goods sector, all other sectoral indices were trading positive with socks in realty sector, IT sector and metal sector witnessing most buying speer.

Gold prices for the latest contract on MCX were 0.5% lower at Rs 78,140 per 10 grams at the time of Indian market closing hours on Monday.

At 7:46 AM today, the Gift Nifty was trading 25 points higher at 24,357 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

Ambuja Cements share price will be in focus today.

Adani group's Ambuja Cements reported a 42 percent on-year decline in its Q2 FY25 consolidated net profit to Rs 456 crore, primarily due to continued weak cement prices and sluggish demand. However, consolidated revenue from operations rose marginally by over 1 percent to Rs 75.2 bn.

Texmaco Rail will also be a top buzzing stock.

Shares of Texmaco Rail jumped 6% after the railway firm reported stellar earnings for the September 2024 quarter. The company's net profit surged nearly triple, rising 195% YoY to Rs 741 m.

Texmaco's revenue climbed 67% YoY to Rs 13.5 bn in Q2 FY25.

The railway firm's earnings before interest, taxes, depreciation, and amortisation (EBITDA), rose 74% to Rs 1.3 bn and the Ebitda margin expanded to 9.8% from 9.5% in the same period last year.

Sun Pharma Q2 Profit Jumps 28%

Sun Pharmaceutical Industries reported a strong September 2024 quarter performance with net profit surging 28% on year to Rs 30.4 bn.

India's largest drugmaker's consolidated revenue from operations too expanded 9% on-year to Rs 132.9 bn during July-September, fueled by double-digit growth across key markets, particularly the US. This was in line with the poll estimate of Rs 132.9 bn.

EBITDA for Q2 grew 23.9% to Rs 39.4 bn, yielding a margin of 29.6%, up from 26.1% in the prior year.

The margin expansion was due to a higher contribution from speciality products, particularly in the US; though, Sun Pharma said it continues to invest heavily in research and development (R&D) to support its speciality pipeline.

Domestic sales grew 11% to Rs 4,265 crore, accounting for 32% of total revenue. The company launched 14 new products this quarter, consolidating its position as the market leader with a share increase to 8.1%.

This includes the recent US FDA approval for Leqselvi, a treatment for severe alopecia areata. The company's agreement with Philogen to commercialise Fibromun also expands its dermatology portfolio, reflecting a commitment to invest in high-growth therapeutic areas.

PNB Q2 Profit Jumps 2.5x

Punjab National Bank (PNB) reported a substantial 2.5x year-on-year surge in its standalone net profit to Rs 43 bn for the quarter ending September 2024, compared with Rs 17.6 bn in the same period a year earlier.

The jump in profit was helped by an over Rs 31.5 bn fall in new provisions recorded during the quarter, while the interest income surged and asset quality improved.

The PSU bank's NII for the July-September quarter rose by 6% year-on-year to Rs 105.2 bn, up from Rs 99.2 bn last year.

PNB's share price jumped after the results announcement and was trading above Rs 100 on the NSE, up nearly 5% from the previous close.

The new provisions and contingencies recorded during the quarter fell sharply to just Rs 2.9 bn from Rs 34.4 bn, boosting the public sector lender's bottom line.

PNB's gross NPA ratio improved to Rs 4.5% at the end of September, from 4.9% at the end of June. Net NPA ratio too improved to 0.5% from 0.6% in the preceding quarter.

SpiceJet Launches New Flights

SpiceJet on 28 October 2024 announced that it has launched 32 new flights for the winter schedule aiming to enhance connectivity and provide the travellers with more options.

Out of these new flights, 30 will be operating in the domestic sector while the remaining 2 will be connecting Delhi to Phuket with daily non-stop service.

The winter schedule will feature exciting new routes, including four new flights from Mumbai to Patna, Gorakhpur, Varanasi, and Goa. The airline will connect Patna to Ahmedabad, Guwahati, Kolkata, and Bengaluru; Chennai to Port Blair and Pune; Delhi to Phuket, Amritsar, Gorakhpur and Kolkata to Port Blair.

The flights are being introduced for the winter schedule, which began on October 27, i.e, Sunday.

SpiceJet is an Indian budget airline headquartered in Gurgaon, Haryana.

The airline operates 630 daily flights to 64 destinations, including 54 Indian and 15 international destinations from its bases at Delhi and Hyderabad.

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

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