Gift Nifty Trades Down 38 Points | Tata Electronics Acquires 100% Stake in Wistron India | Adani Ports Q2 Results | Top Buzzing Stocks Today

Fri, 10 Nov Pre-Open

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On Thursday, Indian share markets turned volatile as the session progressed and ended the day lower.

Benchmark indices ended lower on Thursday, the day of weekly F&O expiry, amid fag-end selling. Further, concerns about supply are giving way to doubts about plunging refinery profits in China and Europe, lackluster physical cargo trading and an uncertain economic outlook for the US.

At the closing bell on Thursday, the BSE Sensex stood down by 143 points.(down 0.2%).

Meanwhile, the NSE Nifty closed lower by 48 points (down 0.3%).

M&M, Apollo Hospital and Power Grid Corporation were among the top gainers.

HUL, Adani Enterprises and ONGC, on the other hand, were among the top losers.

The BSE MidCap index ended marginally up while the BSE SmallCap index ended lower by 0.3%.

Sectoral indices ended mixed with stocks in the realty sector, auto sector and metal sector witnessing most of the buying. Meanwhile stocks in energy sector, IT sector and media sector witness selling.

Shares of TVS Motors, Patanjali Foods and Godrej Properties hit their 52-week high on Thursday.

The rupee was trading at 83.29 against the US$.

Gold prices for the latest contract on MCX were trading 0.3% lower at Rs 59,836 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the Gift Nifty was trading 38 points or 0.2% lower at 19,384 level.

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

Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about the possibility of Sensex at 50,000 in 2024, in her latest video.

With most of the positives priced in, any negative shocker, especially like the macro variables, could cause a huge dent in the index next year.

Watch the below video for more:

Top buzzing stocks today

Page Industries share price will be in focus today.

Page Industries, on 9 November 2023, reported a consolidated net profit of Rs 1.5 billion (bn) for the September quarter of FY24, declining 7.3% compared to Rs 162.12 in the year-ago period.

Total revenue of the company came in at Rs 11.3 bn, falling 8.4% from Rs 12.3 bn in the year-ago quarter.

Apollo Hospital will also be a top buzzing stock.

Hospital chain Apollo Hospitals, on 9 November reported a 14.2% year-on-year (YoY) increase in net profit at Rs 2.3 bn for the July-September quarter.

The company reported a net profit of Rs 2 bn in the same period a year ago.

Tata Electronics Acquires 100% Stake In Wistron India

The Tata Group has entered into a binding share purchase agreement with SMS InfoComm (Singapore) and Wistron Hong Kong Limited.

As part of the deal, the Tata Group will acquire the entire equity stake in Wistron Infocomm Manufacturing (India). This acquisition will enable the Tata Group to become an official iPhone assembler and join the Apple supply chain.

The Tata Group unveiled the plan to acquire Wistron India officially on 27 October, announcing it would pay US$ 125 million for a 100% equity stake in the company's assembly lines.

The deal is worth a total of US$ 750 million inclusive of a US$ 550 m inter-corporate loan given by the parent to Wistron India.

The Tata Group entered the iPhone supply chain with a casings facility in Hosur, Tamil Nadu, starting with making a semi-finished iPhone SE model in India.

With the acquisition of the Wistron unit, the Tata Group will be able to move into end-to-end assembling of iPhones in India, becoming the first Indian company to join the ranks of Foxconn, Pegatron, Luxshare and Wistron in making iPhones.

Wistron currently has four assembly lines for iPhone production. A facility in Peenya, Bengaluru, is out of commission, while a third is used for the repair of Apple products.

As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks.

Piramal Pharma Receives EIR Report

Piramal Pharma yesterday received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (US FDA) for its manufacturing facility in Bethlehem, USA.

The EIR report signifies the closure of the inspection and allows Piramal Pharma to go ahead and file for drugs the facility in focus.

The US FDA conducted a Good Manufacturing Practices (GMP) Inspection of Piramal Pharma Limited's Bethlehem facility from 18 September 2023 to 27 September 2023.

The company then received a Form-483 was issued with 2 observations. Both observations relate to system improvement only, and none are related to data integrity.

Piramal Pharma on 28 October reported an 11% YoY rise in its consolidated revenue from operations to Rs 19.1 bn from Rs 17.2 bn in Q2FY23. It reported consolidated profit after tax (PAT) of Rs 50 m in the quarter, as against a loss in the corresponding quarter last fiscal year.

Adani Ports Q2 Results

Adani Ports and Special Economic Zone, on 9 November, reported a consolidated net profit of Rs 17.5 bn for the September quarter, registering a growth of 4.2% from the year-ago period. Profits were lower as the company had to write off Rs 4.6 bn past MAT credit on the election of the new tax regime.

Its revenue from operations came in at Rs 66.5 bn, up 27.5% from the corresponding quarter of the previous fiscal.

The operating margin of the company during the quarter stood at 58%, down YoY from 63%. Net profit margin came in at 27%, falling from 33%.

For the first half of FY24, revenue increased by 26% YoY to Rs 128.9 bn, while EBITDA increased by 49% YoY to Rs 74.3 bn.

In a business update in October, the company said in the first half of FY24, Adani Ports handled 202.6 million metric tonnes (MMT), a 14% increase over the previous year. This annualises to 404 MMT, surpassing the FY23 guidance of 370-390 MMT.

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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