SGX Nifty Up 87 Points | Titan Q2 Results | Why Rupee Rose Sharply on Friday | Top Buzzing Stocks Today

Mon, 7 Nov Pre-Open

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On Friday, Indian share market traded relatively flat throughout the session but witnessed buying interest during closing hours.Investors remained concerned about the central bankers' hawkish stance but found some hope with the news that China might be easing its Covid restrictions.

Among sectoral indices, metal index gained more than 4% and had an impressive day. While pharma, IT and FMCG stocks dragged in Friday's session.

At the closing bell on Friday, the BSE Sensex stood higher by 114 points (up 0.2%).

Meanwhile, the NSE Nifty higher by 64 points (up 0.4%).

Adani Enterprises, Hindalco, and Bajaj Finserv were among the top gainers.

Hero MotoCorp, Cipla, and BPCL, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap ended the day on a flat note and the BSE SmallCap index ended 0.4% higher.

Sectoral indices ended on a mixed note with stocks in the metal sector, energy sector, and oil & gas sector witnessing most of the buying.

On the other hand, stocks from the healthcare sector, IT sector, and FMCG sector witnessed selling pressure.

Shares of Raymond, SBI, and Karnataka Bank hit their 52-week high on Friday.

The rupee was trading at 82.4 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.4% at Rs 50,396 per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the SGX Nifty was trading up by 87 points or 0.5% higher at 18,290 levels.

Indian share markets are headed for a firm opening today following the trend on SGX Nifty.

Speaking of stock markets, Rahul Goel talks to Vijay Kedia about Kedia's journey...successes and failures in stock picking, in the latest episode of Investor Hour Podcast.

Vijay Kedia has a cult like following in the Indian stock markets, so this episode is a must watch. Tune in below:

Top Buzzing Stocks Today

Bharat Electronics will be among the top buzzing stocks today.

Navratna Defense PSU Bharat Electronics has inked an MoU with Motorola Solutions India Pvt Ltd to collaborate on broadband and push-to-talk services.

With the help of the collaboration, businesses will be able to meet the demands of professional mobile radio sector users to connect their teams more quickly and effectively using Motorola Wave PTX.

Gillette India will also be in focus today.

The company on Friday reported a 5.9% YoY rise in net profit to Rs 867.8 m. it reported a net profit of Rs 819.3 m a year earlier.

JMC Projects Secures an Rs 22.7 Bn Order

Leading civil engineering and EPC firm JMC Projects has bagged fresh orders worth Rs 22.7 bn.

The orders comprise B&F (building and factories) projects in India at Rs 7.80 bn and water projects worth Rs 14.9 bn.

Winning the water business order will aid the organization in enhancing its position of leadership and expertise in the water sector.

These orders, together with others that were previously announced earlier in the year, will help us move closer to our future growth goals.

JMC is divided into two business segments: engineering, procurement, construction, and development projects.

JMC has become the industry leader in the construction of Buildings & Factories (B&F), Water, and Urban Infrastructure because of its strong focus on quality and skilled project management and execution capabilities.

Rupee Climbs

The rupee reversed the previous session's losses to gain sharply on Friday against a retreating dollar. It was on the hopes for COVID-19 restrictions to be relaxed and boosted Asian currencies.

The rupee gained 43 paise from its previous closing of 82.89 after beginning at 82.60 to the dollar.

Due to the Federal Reserve's view that US interest rates may peak higher, Asian currencies strengthened, recovering this week's losses.

The Indian rupee was also strongly bid on Friday due to IPO inflows and appreciation.

The dollar index, which had risen sharply the previous evening, was down roughly 0.4% but was still on course to have its best week in over a month.

Meanwhile, Brent crude futures overnight fell to below US$95 a barrel due to worries about rising US interest rates.

The rupee was falling for quite some time now, depreciating below 83 per dollar.

If you're looking for investing ideas, we suggest watching this video - How to Profit from a Rising US Dollar.

Also, read our recent pieces on how IT stocks benefit from a falling rupee and the 5 stocks that can gain from a falling rupee.

Key Quarterly Results

GAIL: The energy sector stock  on Friday, reported a 46% decline in the net profit to Rs 15.4 bn for the quarter ended September 2022.

Revenues in the core natural gas marketing business more than doubled, but profitability fell 66%. It was as margins were affected by increased gas prices brought on by a global spike in energy costs after Russia invaded Ukraine.

GAIL, in Q2, transported 107.71 m standard cubic meters of natural gas daily. Additionally, the amount of gas sold fell by roughly 8%.

Titan: Titan, for the September quarter 2022, reported a 34% jump in the net profit to Rs 8.6 bn.

It reported a profit of Rs 6.4 bn a year back.

The revenue jumped 21.8% YoY to Rs 87.3 bn from Rs 71.7 bn in the same quarter last year.

Earnings before interest, taxes, depreciation, and amortization jumped 29.4% to Rs 12.3 bn, as against Rs 9.5 bn a year ago.

In the September quarter, the jewelry industry earned Rs 72 bn, up from Rs 61.1 bn in Q2, registering a rise of 18%.

The watches and wearables industry posted earnings of Rs 8.3 bn, a 21% increase over the same quarter the previous year.

The Eyecare industry reported a quarterly profit of Rs 1.7 bn, an increase of 4% YoY.

Cipla: The pharma major reported a 10.9% YoY rise in net profit to Rs 7.9 bn. The revenue also saw a rise of 5.6% to Rs 58.3 bn.

The company's top line was boosted by a better-than-expected performance in the North American business in the September quarter.

Cipla's North American operations had a 25% year-over-year increase in sales, reaching US$179 m.

The domestic market also did well, with revenues increasing by 6% annually to Rs 25.6 bn.

Domestic businesses benefitted from higher sales of drugs spiked by the Covid-19 virus.

Sales in the South African division fell 19.4% year over year to US$62 m, mostly due to the quarter's decline in the value of the South African rand relative to the US dollar.

Cipla reported its R&D investments accounted for 5.8% of sales in the September quarter, up 22% YoY, driven by clinical trials.

To know what's moving the Indian stock markets, 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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