Gift Nifty Trades Flat | Bharti Airtel & Britannia Q2 Result | Bajaj Auto's Three-Wheeler Revival | Top Buzzing Stocks Today

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On Tuesday, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Equity benchmark indices took a breather on Tuesday as investors' sentiment remained sanguine amid aggressive bombing by Israel in Gaza region. Besides, mixed set of Q2FY24 results, back home, along with nervousness ahead of the US Federal Reserve's meeting kept investors on the sidelines.

At the closing bell on Tuesday, the BSE Sensex stood 238 points (down 0.4%).

Meanwhile, the NSE Nifty closed higher by 61 points (down 0.3%).

Titan and Asian Paints were among the top gainers.

Sun Pharma and ONGC on the other hand, were among the top losers.

The BSE MidCap index rose 0.3% while the BSE SmallCap index ended marginally higher.

Sectoral indices ended mixed with stocks in the FMCG sector and realty sector witnessing buying. Meanwhile, stocks in energy and metal witness selling pressure.

Shares of TVS Motors and Blue Star hit their 52-week high on Tuesday.

The rupee was trading at 83.27 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 61,263 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:50 AM today, the Gift Nifty was trading lower by 9 points at 19,131 level.

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

Speaking of stock markets, Co-head of Research at Equitymaster, Rahul Shah talks about should one take more exposure to stocks right now or wait for the?markets to correct further?

Moreover, was Tuesday's recovery a dead cat bounce or is the worse behind us and the market may make a new high in the coming months?

Find out more in the below video:

Top buzzing stocks today

IOC share price will be in focus today.

Indian Oil Corporation, India's largest downstream refining company has reported a 6% decline in its quarterly net profit on a sequential basis. The company reported a net profit of Rs 129.7 bn.

VIP Industries will also be a top buzzing stock.

The company reported a consolidated net profit of Rs 132.8 m for the September quarter of FY24, registering a decline of 69% from Rs 434 m in the same quarter of the previous financial year.

Bajaj Auto's Three-Wheeler Revival

The company's three-wheeler business had a record-breaking second quarter, with sales of 132,000 units in the three months ended September. That was a growth of 34% QoQ and 81 % YoY, capturing 80% market share in September.

Buoyed by low advertising expenses, cheaper batteries for electric three-wheelers, and a gradual yet steady expansion of the 3W segment, the Pune-based company believes this is the start of something promising.

All automobile sectors are recovering from losses suffered during the pandemic. The resumption of activity enables three-wheeler drivers to earn more, helping them to finance their vehicle purchases. Bajaj Auto financed 90% of the vehicles sold during the quarter.

For CNG three-wheelers, Bajaj Auto's market share stands at 90-93%, company figures showed. The three-wheeler segment contributed 12.5% to total revenue in the July-September quarter, more than doubling from the previous quarter's 6.1%.

According to the company, e-autos were restricted in large parts of the north and east of the country and this gave rise to a semi-organised industry of e-rickshaws. However, the need for intercity and intracity mobility in the smaller towns of these areas is strong.

Now, when Bajaj enters with e-autos, they don't require permits. So there is a strong possibility of converting the e-ricks to e-autos, provided the company delivers value performance.

Bajaj Auto is expected to benefit from improved sales of premium bikes and the upcoming launch of Scrambler 400X. For more, check out Bajaj Auto Shares Hit All-Time High on Strong Q2 Results. Will the Smooth Ride Continue?

Britannia Industries Q2 Result

Britannia Industries is likely to report an 11% YoY rise in Q2FY24 net profit, even on a marginal revenue expansion, led primarily by benign input prices.

Britannia Industries' fiscal second-quarter net profit is expected to touch Rs 5.5 bn, according to the average of four brokerage estimates. The dairy, biscuits and FMCG company is likely to report a July-September revenue of Rs 44.7 bn, rising by less than one per cent from the same quarter a year ago.

Sequentially, net profit is expected to increase 19.5%, while revenue will likely rise 10.1% quarter-on-quarter.

Britannia's Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) margin is expected to increase 1.4% on-year to 17.7% in the July-to-September quarter.

The company's gross margin is expected to expand 3% on-year, aided by a correction in input prices. However, the operating profit margin rise will be limited to 1.3% on-year due to higher employee expenses and other expenses.

Prices of key raw materials such as wheat and sugar have increased in the last year.

Britannia Industries had increased prices in its cheese portfolio by four per cent in June, on the back of rising milk prices. The biscuit category has not seen any significant price hikes over the last six months.

However, Britannia took a steep MRP hike of around 24%, along with grammage reduction, in the last six months for Milk Bikis, given the dairy inflation. On the contrary, Britannia took price cuts of around 13% in butter in July.

Earlier, in the April-June quarter, the company said that it was witnessing competition from unorganised players, leading to price cuts and grammage hikes, which resulted in a lower-than-expected improvement in margins.

Britannia stands among top FMCG Player in India.

Bharti Airtel Q2 Profit Plunges 38%

Its consolidated net profit for the quarter that ended September was Rs 13.4 bn, down 37.5% from Rs 21.5 bn in the same quarter last year.

The telecom services provider said its revenue from operations stood at Rs 370.4 bn against Rs 345.3 bn in the corresponding quarter last fiscal, registering a growth of 7.3%. The numbers missed the expectations.

EBITDA of the company came in at Rs 196.7 bn, rising 10.9% from Rs 177.2 bn, according to a company release. EBITDA margin contracted 0.2% to 53.1%. The EBITDA was expected to come in at Rs 199.6 bn, growing 13.4% YoY.

Share price of the telecom giant Bharti Airtel has been on roll recently. To know why, check out Why Bharti Airtel Share Price is Rising.

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!

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