Sensex Today Ends 283 Points Higher | Zomato Zooms 10% | Titan & Apollo Hospital Top Gainers

Fri, 3 Nov Closing

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After opening the day on the positive note, Indian share markets continued the momentum as the session progressed and ended the day higher

Equity benchmark indices advanced on Friday and were set to snap a two-week losing streak, supported by a rise in auto stocks on strong earnings and information technology (IT) stocks on US Federal Reserve's rate pause.

At the closing bell, the BSE Sensex stood up by 283 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 97 points (up 0.5%).

Adani Ports and Apollo Hospital were among the top gainers today.

Tata Steel and IndusInd Bank, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 19,264, down by 96 points, at the time of writing.

The BSE MidCap index rose 0.7% while the BSE SmallCap index ended 1% higher.

Sectoral indices ended on a positive note with stocks in the realty sector, energy sector and oil & gas sector witnessing buying.

Shares of DLF and Birlasoft hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended mixed. The Shanghai Composite ended 0.7% higher while the Nikkei index ended 1.1% higher. Meanwhile, Hang Seng ended 2.5% higher.

The rupee is trading at 83.28 against the US$.

Gold prices for the latest contract on MCX are trading 0.1% lower at Rs 60,993 per 10 grams.

Meanwhile, silver prices were trading 0.5% lower at Rs 71,076 per 1 kg.

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 Friday'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:

Why KPI Green Energy Share Price Is Rising

In news from the energy sector, KPI Green Energy gained 6% in the afternoon trade on 3 November after the company's subsidiary bagged orders for solar power projects.

Sun Drops Energia Private Limited, a wholly owned solar power subsidiary of the company, received orders for 5.7 MW solar power projects under the Captive Power Producer (CPP) segment.

With this addition, the cumulative orders for solar power projects under the CPP segment crossed 112 MW.

The projects are to be completed in the financial year 2023-24 in various tranches.

Earlier this month, the company along with Advait Infratech signed a memorandum of understanding with the Uttarakhand government for the development of a 500 MW solar park.

Sun Drops Energia bagged an order for executing a wind-solar hybrid power project from Life Sciences.

Following a lot of developments in the solar industry, many stocks are on the cusp of a breakout. KPI is one such company to keep an eye on.

For more, check out Solar Stocks on the Rise: 5 Lesser-Known Companies to Watch Out for.

Titan Q2 Results

Moving on to news from the retail sector, Titan company on 3 November 2023 reported a consolidated net profit of Rs 9.2 billion (bn) for the September quarter of FY24, registering an increase of 9.7% from Rs 8.4 bn in the same quarter of the previous financial year.

The company reported a 21.2% rise in profit from Rs 7.6 bn in the previous quarter.

The total consolidated revenue is Rs 125.3 bn, rising 36.7% from Rs 91.6 bn in the year-ago quarter, the company said in a regulatory filing. The revenue increased 5.3% from Rs 118.9 bn in the previous quarter.

Earnings before interest, tax, depreciation and amortization (EBITDA) were at Rs 13.6 bn, growing by 9.8%. The EBITDA margin was at 11.6% compared to 14.1% in the year-ago period.

Titan Company is expected to report strong on-year revenue growth in Q2 on the back of robust wedding purchases and high-value studded purchases. However, net profit growth is likely to be muted as margins take a hit on a high base.

The jewellery-to-watch company is expected to deliver a revenue growth of 18.8% year-on-year to Rs 104.5 bn in the July-to-September quarter.

Titan and International brands played a crucial role in analogue watches' success. Helios, Large Format Stores, and E-commerce saw healthy double-digit growth. Fastrack grew nearly fourfold in volumes and improved its share to 17% of the total Wearables and Wearable Watches portfolio.

The division expanded with 10 new Titan World stores, 5 Helios stores, and 5 Fastrack stores during the quarter.

Speaking of Titan, here's some interesting data even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002 would have led to mouthwatering returns.

Believe it or not, Titan was a Tata group penny stock two decades ago.

With the consistent expansion in the luxury segment, Titan stands among the top 5 jewellery stocks in India.

MRF Q2 Profit Surges Fivefold

Moving on to news from the tyre sector, MRF posted a fivefold-on-year surge in its Q2 net profit to Rs 5.7 bn on 3 November. The company's net profit in the base quarter came at Rs 1.2 bn.

The company's revenue also grew 6.5% on year to Rs 60.9 bn against Rs 57.2 bn in the same quarter of the previous fiscal.

The stark rise in net profit despite subdued revenue growth can be attributed to the sharp improvement in the company's operational performance during the quarter under review.

The operational performance improved significantly as the EBITDA margin expanded sharply to 18.5% in Q2, up from just 8.2% in the year-ago period.

The improvement in profitability was on account of a moderation in raw material costs, which make up a chunk of the tyre maker's expense bill. The cost of raw materials moderated by as much as 10% in the quarter gone by.

Aside from the quarterly earnings, the company also approved an interim dividend of Rs 3 per share and fixed its record date as 17 November.

The Indian tyre industry is expected to grow at a CAGR of 6.6% in the next five years. For more, check out the Top 5 Tyre Companies in India by Growth.

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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Indian Share Market Update: Top Gainers and Losers