Gift Nifty Up 24 Points | Hero MotoCorp's October Sales in Fast Lane | Sun Pharma & Ambuja Cement Q2 Results | Top Buzzing Stocks Today

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

Equity benchmark indices traded with a negative bias on Wednesday dragged by persistent selling pressure in metal and select IT stocks.

At the closing bell on Wednesday, the BSE Sensex stood lower by 283 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 90 points (down 0.5%)

Sun Pharma and BPCL were among the top gainers.

Coal Indian and Tata Steel,on the other hand, were among the top losers.

The BSE MidCap index fell 0.4% while the BSE SmallCap index ended marginally lower.

Sectoral indices ended mixed with stocks in the oil & gas sector and realty sector witnessing buying. Meanwhile, stocks in power and metal witness selling pressure.

Shares of DLF and Welspun India hit their 52-week high on Wednesday.

The rupee was trading at 83.32 against the US$.

Gold prices for the latest contract on MCX were trading 0.1% lower at Rs 60,884 per 10 grams at the time of Indian market closing hours on Wednesday.

At 8:00 AM today, the Gift Nifty was trading higher by 24 points or 0.1% at 19,209 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 should one take more exposure to stocks right now or wait for the?markets to correct further?

Moreover, was Wednesday'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

Safari Industries share price will be in focus today.

Safari Industries reported a consolidated net profit of Rs 398 m for the September quarter of FY24, registering a growth of 53.7% from Rs 260 m last year.

Total revenue of the company stood at Rs 3.7 bn in Q2FY24, rising 18% from Rs 3.1 bn in the year-ago quarter.

KEI Industries will also be a top buzzing stock.

Shares of KEI Industries jumped nearly 3% in early trade on 1 November, post registering solid profit growth of 31% in Q2 numbers.

KEI Industries, the electrical wires & cables manufacturer, has recorded a standalone profit of Rs 1.4 bn for the quarter ended September FY24, growing 31.2% over a year-ago period. Revenue from operations during the quarter grew by 21% to Rs 19.5 bn compared to the same period last fiscal.

Sun Pharma Q2 Results

Pharma major Sun Pharma on 1 November 2023 reported a 5% year-on-year (YoY) rise in consolidated net profit to Rs 23.8 bn for the July-September quarter of the current financial year.

The company reported a profit of Rs 22.6 bn in the same period last year.

Revenue came in at Rs 121.9 bn, up 11.3% from the year-ago quarter numbers of Rs 109.5 bn.

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 31.8 bn, up from Rs 29.6 bn in the year-ago period. The EBITDA margin was at 26.1% against 27% in the year-ago period.

Segment-wise, Sun Pharma's India formulation sales at Rs 38.4 bn, up 11.1% against Q2 last year.

US formulation sales clocked in at US$ 430 million (m), up 4.2% in the same period last year.

Global speciality sales at US$ 240 m, up 19.3% in the second quarter of FY 23. Global specialty sales accounted for 16.4% of Q2FY24 sales.

Further, the company added that it has spent Rs 7.7 bn on Research and Development (R&D) in the quarter, amounting to 6.4% of the sales, compared to Rs 57.1 m for Q2 last year. The company filed 3 Abbreviated New Drug Application (ANDAs) this quarter and received approvals for 8 ANDAs this quarter.

Sun Pharma has six products in its global speciality pipeline. This includes deuruxolitinib, currently filed with the US FDA for alopecia treatment and Nidlegy for skin cancer treatment.

Sun Pharma is top pharma company in India that have solid growth in sales and profits and a high Return on Equity (ROE).

Hero MotoCorp's October sales are up 26.5%

Two-wheeler maker Hero MotoCorp on Wednesday reported a 26.5% increase in total sales at 5,74,930 units in October 2023, compared to 4,54,582 units in the same month last year.

Motorcycle sales were at 5,29,341 units last month, as compared to 4,19,568 units in October 2022, up 26.2%.

Scooter sales stood at 45,589 units in the month under review, as compared to 35,014 units in the year-ago month, a growth of 30.2%.

Exports of two-wheelers grew 29% last month at 15,164 units, as against 11,757 units in the year-ago period.

Under a mega deliveries drive, 1,000 units were sold across 100 dealerships in India.

The company expects demand to remain optimistic on the back of the recent product launches in the premium segment and the ongoing festive season.

To know more, check out?Why Hero MotoCorp is Underperforming in the Market.

Hero MotoCorp one of?the top companies in the EV sector could be prime beneficiaries as Nifty heads towards 40,000.

Ambuja Cement Q2 Profit Soars 9-Fold

Driven by higher other income and lower expenses, Ambuja Cements reported its consolidated net profit at Rs 7.9 bn, registering a growth of 750.9% nearly ninefold compared to Rs 931.8 m in the same quarter last year.

Its revenue from operations stood at Rs 74.2 bn, up 4.1% from Rs 71.3 bn in the corresponding quarter last fiscal.

Its EBITDA stood at Rs 13 bn driven by operational excellence and cost-saving projects. EBITDA margin expanded by 12.9% from 4.6% to 17.5%.

The company management said operational efficiencies helped in the reduction in Kiln fuel cost from Rs 2.72 per 1000 kCal to Rs 1.79 per 1000 kCal and CPP (Clean Petroleum Products) fuel cost from Rs 2.27 per 1000 kCal to Rs 1.65 per 1000 kCal. Logistics efficiencies have resulted in Direct dispatch up from 48% to 58%.

Updating about new projects, the new facility of 4 MTPA at Bhatapara apart from equipment that has been ordered, civil execution work has started. The company expects completion by Q2FY26.

For its corresponding grinding unit at Sankrail and Farakka order has been placed on the EPC vendor and piling work has also started. Expected completion dates for these units are by Q3FY25.

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

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

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