Markets will remain closed on 20^th November, 2024 on account of Assembly Elections in Maharashtra.

Kalyan Jewellers & Eicher Motors Q2 Results | Swiggy Crosses Rs 1 Trillion Mark | Top Buzzing Stocks Today

Thu, 14 Nov Pre-Open

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After opening the day on negative note, Indian share markets continued the momentum as the session progressed and ended the day weak.

Benchmark equity indices, BSE Sensex and NSE Nifty50, lost steam and ended lower by over 1 per cent each on Wednesday.

At the closing bell on Wednesday, the BSE Sensex stood lower by 984 points (down 1.3%).

Meanwhile, the NSE Nifty closed lower by 283 points (down 1.2%).

NTPC, HUL and Tata Motors were among the top gainers.

Hindalco, M&M and Eicher Motors on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day on negative. The BSE Mid Cap ended 2.6% lower and the BSE Small Cap index ended 3.1% lower.

Sectoral indices are trading negative with stocks in realty sector, power sector and metal sector witnessing selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 75,077 per 10 grams at the time of Indian market closing hours on Wednesday.

Speaking of the stock market, 32 auditors had resigned between January and May 2018. The number may seem miniscule given the quantum of listed stocks.

However, what was alarming was the rationale of the resignations, which weren't in the normal course of audit contracts.

The role of auditors truly came under the spotlight when a big 4 audit firm (PwC) was found guilty of shadowing the massive corporate governance lapse at Satyam Computers in 2008.

Tanushree Banerjee, research Analyst at Equitymatser in her latest video talks about how story repeated itself in 2018. While auditors were to play a crucial role in pointing red flags, they chose to turn a blind eye to some frauds. And when matters get worse, typically, the auditors resigned.

The story does not change in 2024

Watch now.

Top buzzing stocks today

Nazara Tech share price will be in focus today.

Shares of Nazara Technologies gained over 3% in trade on November 13 on tying up with Open Network for Digital Commerce (ONDC).

Nazara Tech and ONDC will launch an in-game monetisation platform designed to help game developers boost their monetisation efforts.

Cello World will also be a top buzzing stock.

Shares of Cello World dropped nearly 6% on November 13 as the company posted flat earnings for Q2FY25, amidst challenges in export demand.

Although Cello World has gained just over 2% year-to-date, it has underperformed compared to the Nifty 50, which has risen 9% in the same period. Today marks the fourth consecutive day of decline for Cello World.

Kalyan Jewellers Q2 Results

Kalyan Jewellers on Wednesday reported a net profit of Rs 1.30 bn for the September 2024 quarter. The company had posted a net profit of Rs 1.34 bn in the July-September period of the preceding 2023-24 fiscal.

Revenue from operations of the company witnessed a 37.4% growth during the quarter under review at Rs 60.7 bn compared to Rs 44.1 bn in the same period of the previous year.

The company said there was a one-time loss of Rs 690 m due to a reduction in customs duty in India during the second quarter of FY25.

Meanwhile, it recorded consolidated revenue of Rs 116 bn in H1 FY25 as against Rs 87.9 bn in the corresponding period of the previous year, a growth of 32%.

The consolidated profit after tax (PAT) for H1 FY25 was Rs 3.1 bn as against a PAT of Rs 278 crore for the corresponding period in the previous year.

The standalone revenue for the company (India) in H1 FY25, was Rs 99.1 bn, as against Rs 73.9 bn in H1 of the previous financial year, a growth of over 34%. The India operations recorded a PAT of Rs 2.9 bn for the first half compared to a PAT of Rs 2.5 bn for the corresponding period in the previous year.

Swiggy Crosses Rs 1 Trillion Mark

Shares of leading food delivery player Swiggy surged 9% to Rs 449 on BSE in Wednesday's trade after making its Dalal Street debut at Rs 412.

Meanwhile, the company's market capitalization crossed the Rs 1 trillion (tn) mark.

Swiggy's muted debut on Dalal Street was marked by a small premium of 8% over its issue price.

Investors are refraining from making bold bets on the stock since the company is currently loss-making at the consolidated level and is believed to be at least 2-3 years away from PAT level break-even.

Eicher Motors Q2 Results

Eicher Motors Ltd on Wednesday reported 8% growth in its standalone net profit at Rs 10.1 bn in the quarter ended September 2024. The same stood at Rs 9.4 bn in the last year quarter.

Revenue from operations in the reporting period rose 7% year-on-year (YoY) to Rs 42.1 bn.

On a consolidated basis, the company reported a PAT growth of 8% YoY at Rs 11 bn, while revenues were up 4% YoY to Rs 42.6 bn.

Consolidated EBITDA during the second quarter stood at Rs 10.9 bn, which was flat compared with the previous year. Margins, meanwhile, declined to 25.5%.

During the quarter, Royal Enfield recorded sales of 2.25 lakh motorcycles as compared to 2.29 lakh units sold during the same period in FY24.

The company said the iconic Royal Enfield marked its foray into electric mobility with a new EV brand - the Flying Flea. The debut featured two models: the Classic-styled Flying Flea C6 and the Scrambler-styled Flying Flea S6.

For the second quarter, VECV's (VE Commercial Vehicles) revenue from operations rose 8% to Rs 55.4 bn and EBITDA came in at Rs 3.9 bn. Profit after tax for the business stood at Rs 2.1 bn.

VECV recorded sales of 20,774 vehicles in the second quarter over 19,551 vehicles last year.

The VECV segment attained leadership in the Light and Medium Duty (LMD) segment during the quarter. This growth was against a drop in CV industry volumes of 10.8% in the same period.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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