Gift Nifty Trades Up 15 Points | HAL's JV For Helicopter Engines | Coal India Interim Dividend | Top Buzzing Stocks Today

Mon, 13 Nov Pre-Open

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Indian share markets started Samvat 2080 on a strong note as benchmark indices gained half a percent during the special Muhurat Trading session on Sunday.

At the closing bell on Sunday, the BSE Sensex ended the special one-hour session 355 points higher, while the NSE Nifty ended at 19,525, up by 100 points.

As many as 4 Nifty stocks scaled fresh 52-week highs including Coal India, Sun Pharma, Power Grid Corporation of India, and ONGC.

All sectoral indices ended in green with PSU stocks leading the charge. The BSE PSU and the CPSE index gained about 1% each.

The BSE Smallcap index gained 1.1% to settle at 38,816.

Shares of BSE surged as much as 8% and scaled a lifetime high as the exchange reported robust quarterly earnings. Its net profit surged multifold on the back of a healthy topline and operational performance.

Meanwhile, Coal India shares also shot up on the back of robust earnings.

At 8:00 AM today, the Gift Nifty was trading 15 points or 0.1% higher at 19,555 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, in his latest video

Moreover, was today's recovery a dead cat bounce or is the worse behind us and the market may make a new high in the coming months?

Tune in for more.

Top Buzzing Stocks Today

Hindalco share price will be in focus today.

Aditya Birla Group flagship Hindalco Industries Limited reported consolidated net profit for Q2 FY24 at Rs 21.9 billion (bn). Hindalco's Q2 net was almost flat compared to Rs 22.1 bn in the same quarter the previous year.

LIC will also be a top buzzing stock.

The country's largest insurer, Life Insurance Corporation (LIC) of India, on 10 November reported a 50% fall in net profit at Rs 79.3 bn for the quarter ended September 30, 2023. The insurance behemoth had reported a net profit of Rs 159.5 bn in the year-ago period.

M&M Q2 Results

Automobile major Mahindra & Mahindra (M&M) reported a 66.9% growth in its standalone net profit at Rs 34.5 bn during the second quarter of this financial year on 10 November. The company's Profit After Tax (PAT) during the same quarter last fiscal stood at 20.7 bn.

The sharp profit growth was on the back of higher volumes as Sports Utility Vehicles (SUV) despatches remained strong fueled by order book execution and improvement in supply chain situation.

The open bookings of SUVs stood at 2,86,000 units as of 1 November, reflecting sustained demand, as stated by the company.

At an operating level, the Mumbai-based automaker's Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) went up by 24% to Rs 43.9 bn during the quarter under review from Rs 35.4 bn in the same period last year. Furthermore, the company's EBITDA margin improved to 12.1% from 11.6% Year-on-Year (YoY).

M&M stated that its quarterly volumes were the highest ever at 2,12,000 units, up 18% on a year-on-year basis. Volumes in the electric three-wheelers segment increased by 74%. Tractor sales, however, were down by 4% to 90,061 units.

M&M revealed that the automotive segment witnessed a 22% Year-on-Year (YoY) growth in revenues at Rs 184.1 bn during the quarter under review.

On a consolidated basis, M&M's revenue increased 15% to Rs 344.4 bn, while net profit dropped 15% YoY to Rs 23.5 bn.

M&M is among India's top EV stock.

HAL's Helicopter Engines JV

Hindustan Aeronautics, on Friday, announced that it has incorporated a joint venture (JV) with France-based Safran Helicopter Engines under the name Safhal Helicopter Engines.

According to the company's statement, the JV will design, develop, certify, produce, sell, and support helicopter engines.

Last month, the two companies announced that they would partner to develop industrial cooperation in manufacturing ring forgings for commercial aircraft engines.

These products, which HAL and Safran will jointly produce in Bengaluru, will power the Airbus A320 Neo family and the Boeing 737 Max single-aisle airliners.

The joint development and manufacture of aircraft engines by Safran and HAL underscores the strategic cooperation that increasingly characterises the Indo-French security agenda.

The Shakti engine, co-developed and co-manufactured in Bengaluru by HAL and Safran, is one of the few power plants with the thrust required to propel HAL's family of indigenous helicopters to the challenging heights of Kargil and the Saltoro Ridge, where the Indian Army is deployed at altitudes exceeding 20,000 feet.

HAL has paid two interim dividends of Rs 20 each for the financial year 2023, making it among the top defence stocks which pay good dividends.

HAL is the perfect combination of dividend and growth. For more, check out the Top 5 High Dividend Yield PSU Stocks Growing at Amazing Speed.

Coal India Declares Interim Dividend

Coal India, on 10 November 2023, reported a 12.5% rise in consolidated net profit at Rs 68 bn for the September quarter. The government-owned company had reported a net profit of Rs 60.4 bn in the year-ago period.

The profit was driven by higher sales and larger profit contributions from CIL's joint ventures (JV). The contribution from the company's JV profits this quarter was Rs 897.5 m.

Revenue from operations increased nearly 4% to Rs 32.8 bn in the quarter under review.

Moreover, CIL's consolidated sales increased to Rs 299.8 bn in the July-September period from Rs 275.8 bn in the corresponding period of the previous fiscal.

The company's earnings before interest, tax, depreciation, and amortization (EBITDA) rose 12% to Rs 101.2 bn in the second quarter of this fiscal over Rs 90.4 bn in the year-ago period.

Coal India, stands among top monopoly stock.

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