Gift Nifty Down 97 Points | Aditya Birla Capital Q2 Results | Maruti Suzuki Gujarat's First EV for Toyota | Top Buzzing Stocks Today

Thu, 31 Oct Pre-Open

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Indian benchmark indices continued the downtrend as the session progressed and ended the day on negative note.

Benchmark equity indices, BSE Sensex and NSE Nifty50, ended their two-day winning streak, settling in the red on Wednesday amid mixed global cues.

At the closing bell on Wednesday, the BSE Sensex stood lower by 426 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 125 points (down 0.5%).

Cipla, Trent and HDFC Life l were among the top gainers.

Tata Motors, Maruti Suzuki and IndusInd 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 flat and BSE SmallCap index ended 1.5% higher.

Sectoral indices were trading mixed today with socks in capital goods sector and telecom sector witnessing buying. Meanwhile stocks in power sector and finance sector witnessing selling pressure.

Gold prices for the latest contract on MCX were 0.5% higher at Rs 79,628 per 10 grams at the time of Indian market closing hours on wednesday.

At 8:00 AM today, the Gift Nifty was trading 97 points higher at 24,276 levels.

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

Speaking of the stock market, the market can stay irrational longer than you can stay solvent.

This oft-cited quote, or versions of it, is attributed to famous economist John Maynard Keynes.

However, its significance is often lost on investors who like to believe that market downsides always come with loud warnings. Or that a market index cannot correct 30% after having gained 50%.

Tanushree Banerjee, Research Analyst at Equitymaster talk about market correction in her latest video.

Watch now.

Top buzzing stocks today

Capri Global share price will be in focus today.

Shares of diversified NBFC Capri Global rose by more than 13% in early trade on 30 October on the back of a strong NII and profit growth.

The Net Profit rose 49% on the year to Rs 970 m, while the Net Interest Income rose by 27% on the year to Rs 3 bn.

Garden Reach Shipbuilder will also be a top buzzing stock.

Shares of Garden Reach Shipbuilders and Engineers rose over 4% after the company secured an order worth Rs 4.9 bn to design an Acoustic Research Ship for the Defence Research and Development Organisation (DRDO).

This rise on 30 October marked the third consecutive session of gains for the company, though it has experienced negative monthly returns from August to October.

Aditya Birla Capital Q2 Results

Aditya Birla Capital Ltd (ABCL) reported a strong 42% on-year gain in consolidated net profit for Q2 FY25, reaching Rs 10 bn, boosted by robust growth across its lending and insurance portfolios.

Revenue for the quarter grew 36% on-year to Rs 120 bn.

The company's consolidated lending portfolio, comprising its NBFC and housing finance segments, rose 27% on-year to Rs 1.38 lakh crore as of 30 September.

The firm's NBFC arm saw assets under management (AUM) expand to Rs 1.14 lakh crore, marking a 23% rise from a year ago. The housing finance AUM surged 51% to Rs 232.4 bn.

In asset management, ABCL's mutual fund quarterly average AUM increased by 23% on-year to Rs 3.8 tn. Across insurance segments, life insurance individual first-year premiums grew 33% year-on-year to Rs 15.8 bn in the first half of FY25, and health insurance gross written premiums surged 39% to Rs 21.7 bn over the same period.

ABCL's total AUM, which includes contributions from asset management, life, and health insurance, reached Rs 5.01 trillion as of the quarter's close, up 24% from the previous year.

Sequentially, Aditya Birla Capital's consolidated net profit rose by 32%, with gains from the recent sale of ABCL's entire 50% stake in Aditya Birla Insurance Brokers Ltd, which contributed Rs 1.7 bn.

Maruti Suzuki Gujarat's First EV for Toyota

Japanese automaker Suzuki Motor's Indian unit will supply its first-ever electric vehicle to Toyota Motor, the two companies said in a statement on 30 October, marking their first collaboration on green vehicles.

Maruti Suzuki, which is majority-owned by Suzuki Motor, will begin production of the EV from spring 2025 in its plant in Gujarat.

The EV was jointly developed by Suzuki, Toyota and Daihatsu Motor.

Suzuki and Toyota have previously collaborated on developing combustion fuel vehicles, but not EVs.

Maruti Suzuki, India's biggest carmaker by market share, does not sell any EVs in India or globally but sells hybrid vehicles manufactured by Toyota's Indian unit.

The EV, which will be a sport utility vehicle, will have a 60 kilowatt-hour battery pack. Its range has not been disclosed.

The new model will be one of 10 battery-powered vehicles the world's biggest automaker has said it will launch by 2026.

There are no plans to produce the EV anywhere else besides the Gujarat plant.

Toyota said earlier on Wednesday it sold just over 108,000 battery-powered electric vehicles worldwide during the first nine months of the year, accounting for 1.5% of its global sales, including that of its luxury Lexus brand, over that period.

Maruti Suzuki plans to add a fourth production line at the Gujarat facility with a capacity of 250,000 units per year, just for EVs.

Insolation Energy's New Solar Contract

The company on Wednesday received a Rs 500 crore order from Rajasthan Renewable Energy Corporation Ltd (RREC).

The contract, which is the largest single order in the company's history, is for the design, supply, erection, testing, and commissioning of rooftop solar power projects on state government buildings in Rajasthan's Ajmer, Jaipur, and Kota districts.

The project also includes a comprehensive 25-year operation and maintenance agreement.

Insolation Energy had recently secured a Rs 2.1 bn order from Zetwerk Manufacturing, bringing its total recent orders to over Rs 7.1 bn. This combined value already surpasses the company's total sales for the first half of FY25.

Insolation Energy is a solar energy company that manufactures and supplies solar products such as modules, batteries, power conditioning units, and charge controllers, while also offering solar solutions for homes, businesses, and industries. Its manufacturing facilities are located in Rajasthan and Jaipur.

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

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