Gift Nifty Trades Down 17 Points | ONGC Begins Deep-Water Oil Production | Manappuram Finance Q2 Results| Top Buzzing Stocks Today

Wed, 15 Nov Pre-Open

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On Monday, Indian share markets continued the downtrend as the session progressed and ended lower.

Equity benchmark indices fell on Monday as investor focus shifted to the October CPI inflation data, slated for release after market hours today.

At the closing bell on Monday, the BSE Sensex stood down by 326 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 82 points (down 0.4%).

Coal India, Hindalco and BPCL were among the top gainers.

Infosys, Tech Mahindra and Apollo Hospital, on the other hand, were among the top losers.

Broader markets ended on positive note. Both the BSE MidCap index and the BSE SmallCap index ended flat.

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

Shares of Solar Industries, Trent and DLF hit their 52-week high on Monday.

The rupee was trading at 83.3 against the US$.

Gold prices for the latest contract on MCX were trading 0.1% lower at Rs 59,689 per 10 grams at the time of Indian market closing hours on Monday.

At 7:50 AM today, the Gift Nifty was trading 17 points or 0.1% lower at 19,732 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 Rahul Shah talks about taking more exposure to stocks right now or waiting for the markets to correct, in his latest video.

Tune in for more.

Top buzzing stocks today

Power Mech Projects share price will be in focus today.

Power Mech Projects shares fell 2.6% in early trade on 13 November despite the infrastructure company reporting a 20% year-on-year jump in consolidated net profit.

Net profit clocked in at Rs 513 million (m) in the quarter ended September FY24, backed by operating and topline numbers.

Hindustan Copper will also be a top buzzing stock.

Shares of Hindustan Copper rallied 7% to Rs 160 on 13 November after the company's net profit more than doubled in the second quarter of fiscal 2023-24.

In Q2FY24, the company's consolidated income spurted 67% on-year to Rs 3.9 bn. The company's sales volume increased 49% over the last year in the September quarter.

ONGC Begins Deep-Water Production

State-controlled Oil and Natural Gas Corporation (ONGC) will kick off oil production from its much-delayed flagship deepsea project in the Krishna Godavari basin in the Bay of Bengal this month, helping reverse years of decline in output.

A floating production unit, called FPSO, which will be used to produce oil, is already in the block. After several missed deadlines, ONGC has told Shapoorji Pallonji Oil & Gas (SPOG) that its floating production, storage and offloading vessel (FPSO) Armada Sterling.

Oil production from Cluster-2 should have begun by November 2021 but was delayed because of the pandemic.

ONGC plans to start producing from 3 to 4 wells initially and slowly connect others. Initial production could be 8,000 to 9,000 barrels per day. KG deepsea is treacherous terrain, and ONGC is mindful of not repeating mistakes of neighbouring KG-D6 block of Reliance Industries.

While gas production is not so complex in the area, sand and water ingress in wells may happen if oil valves are opened too fast.

The five M field wells, identified for the initial oil flow, sit in water depths of about 400 meters. Flexible hoses will connect the M field wells to the FPSO. Later, the A and P1 oilfield wells will be connected.

ONGC is optimistic of a recovery in its oil production going forward, and would be able to reverse production constraints. For more, check out Rising Crude Oil Prices Drive OMC Stocks and ONGC. Is the Rally Sustainable?

Manappuram Finance Q2 Results

Manappuram Finance on 13 November reported over 36% on-year growth in its consolidated net profit to Rs 5.6 bn in the second quarter of the current financial year.

In the year-ago period, the company reported a consolidated net profit of Rs 4.1 bn.

In the reporting quarter, interest income of the gold financer company rose just over 27% on-year to Rs 20.4 bn. In a year ago period, it stood at Rs 16.1 bn.

Whereas, the net interest income of the company in the July-September quarter rose 25.6% on-year to Rs 14.7 bn, from Rs 13.8 bn in a year ago period.

The cost of funds for Manappuram Finance remained stable in July-September every quarter, but compared to a year ago period it saw a sharp increase.

In the reporting quarter, it stood at 8.9% compared to 8.1% in a year ago period.

In the July-September quarter, the company reported an improvement in the asset quality, with gross non-performing asset ratio falling to 1.6% as of 30 September, as against 2% in a year ago period and 1.4% in a quarter ago period.

RCF Share Price Dips 1.5%. Here's why.

Shares of Rashtriya Chemicals & Fertilizers (RCF) dropped 1.5% in trade on 13 November post registering dismal Q2 numbers.

Rashtriya Chemicals & Fertilizers, the state-owned fertilizer company, has registered an 80.5% on-year decline in consolidated profit at Rs 510 m for the quarter ended September FY24, impacted by a sharp decline in operating numbers and lower top line.

RCF's revenue from operations also took a hit, falling by 25.5% to Rs 41.6 bn compared to Rs 55.8 bn in the corresponding period of the previous fiscal.

At the operational level, the company's EBITDA experienced a staggering 73.9% decline, dropping to Rs 1.1 bn in the second quarter of this fiscal, down from Rs 4.1 bn in the same period in the previous fiscal.

The EBITDA margin, which measures profitability, saw a notable decrease as well, standing at 2.6% in the reporting quarter compared to 7.3% in the same period in the previous fiscal.

RCF stands among Top 5 PSU Companies in India by Growth.

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

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