Gift Nifty Trades Flat | Adani Power Q2 Profit Soars 8x | TCS Launches AI Security Platform | Top Buzzing Stocks Today

Fri, 3 Nov Pre-Open

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On Thursday, Indian share markets continued the momentum as the session progressed and ended the day on firm footing.

Equity benchmark indices traded higher fuelled by investor responses to the recent policy decisions and statements from the US Federal Reserve.

At the closing bell on Thursday, the BSE Sensex stood up by 490 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 144 points (up 0.8%).

Britannia and Hindalco were among the top gainers.

Bajaj Auto and Tech Mahindra, on the other hand, were among the top losers.

The BSE MidCap index rose 1.2% while the BSE SmallCap index ended 1% higher.

Sectoral indices ended on a positive note with stocks in the power sector, metal sector and realty sector witnessing buying.

Shares of Colgate and REC hit their 52-week high on Thursday.

The rupee was trading at 83.25 against the US$.

Gold prices for the latest contract on MCX were trading 0.3% lower at Rs 60,980 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the Gift Nifty was trading lower by 2 points at 19,358 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 Thursday'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

Berger Paints share price will be in focus today.

Berger Paints, on 2 November, reported a consolidated net profit of Rs 2.9 bn for the September quarter of the current financial year, up 33% from the year-ago period.

Consolidated revenue increased 3.6% YoY to Rs 27.7 bn in Q2FY24.

Ashok Leyland will also be a top buzzing stock.

Commercial vehicle maker Ashok Leyland on Thursday reported a 13% increase in total sales at 16,864 units in October as compared to 14,863 units in the same month last year.

Domestic sales were up 14% at 15,759 units, as against 13,860 units in October 2022.

Adani Power Q2 Profit Soars 8x

Adani Power on 2 November said its consolidated net profit for the September 2023 quarter was Rs 65.9 bn, up 848% from Rs 6.9 bn. This includes a time gain of Rs 13.7 bn as a tax credit.

Its revenue from operations came in at Rs 129.9 bn, up 84.4% from Rs 70.4 bn in the same quarter last year. The company said it includes one-time prior period items of Rs 11.3 bn on account of domestic coal shortfall.

This increase in revenue was a result of greater sales volumes, including the contribution of the Godda power plant and higher merchant sales. Lower import coal prices helped in higher offtake of power under import coal-based Power Purchase Agreements (PPAs) of Mundra and Udupi plants.

The firm also reported other income of Rs 19.5 bn for the quarter that includes one-time prior period items of Rs 16.6 bn in the form of carrying cost and late payment surcharge.

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

Dig deeper into Adani group stocks.

TCS Launches AI Security Platform

Tata Consultancy Services (TCS) has launched a new Cyber Insights Platform that leverages AI and Amazon Security Lake to help customers enhance their cyber security and compliance.

The Cyber Insights Platform leverages TCS' expertise in managed detection and response to help customers unify diverse security datasets residing across public and private clouds, on-premise environments and third party security providers into a central repository, powered by Amazon Security Lake.

It is enhanced with machine learning models to help continuously monitor anomalies and predict potential issues well in advance, helping clients to be proactive in addressing these potential threats.

These learning models are designed for proactive anomaly detection, granular user-entity behaviour analytics, dynamic risk quantification, and automated responses.

This ensures an adaptive and resilient cybersecurity environment primed to counteract the multifaceted and ever-evolving cyber threat landscape.

Tata Consultancy Services (TCS) is a bright shining star in the galaxy of Tata Group companies.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000% by August 2022.

With strong fundamentals, it stands among the 5 best long-term companies of 2023.

Zydus Lifesciences to Promote Biopsy Tests in India

Zydus Lifesciences Limited and Guardant Health have entered into a co-marketing agreement in which they will collaboratively promote the Guardant360 collection of liquid and tissue biopsy tests in the territories of India and Nepal.

This assortment of tests includes the Guardant360 and Guardant360 TissueNext assessments for comprehensive genomic profiling and the Guardant360 Response test for tracking treatment responses.

Cancer is a major public health problem in India and Nepal, with one out of nine Indians likely to develop cancer in his or her lifetime.

For doctors treating patients with advanced cancer, the Guardant360 test suite offers a holistic view of the tumour's genetic makeup throughout the treatment process.

This suite of tests equips them with valuable insights, enabling the prompt initiation of the most suitable treatment based on the patient's tumour genomic profile and facilitating the monitoring of treatment response.

In 2023 between 1 January 2023 and 10 March 2023, the stock has gained 13%, making it among the top-performing Largecap stock of 2023 so far.

Check out Equitymaster's stock screener for screening India's top pharma stocks.

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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