Analysis Financial News

Mercedes-Benz and Valeo and appliances-maker Electrolux dented investor sentiment. The pan-European STOXX 600 closed flat for the second straight day and logged its first weekly loss in three, with real estate stocks among the worst-hit sectors for the week.

IndusInd Bank's shares for Rs 421 crore through an open market transaction. According to the bulk deal data available on the National Stock Exchange (NSE), Paris-headquartered Societe Generale offloaded 39.30 lakh shares or 0.50 per cent stake in IndusInd Bank. The shares were disposed of at an average price of Rs 1,070.61 apiece, taking the transaction value to Rs 420.80 crore.

Angel One on Friday settled a case related to an alleged violation of regulatory norms with the capital markets regulator Sebi after paying Rs 5.74 crore towards settlement charges. The settlement order came after the applicant (Angel One Ltd) proposed to settle the instant proceedings initiated against them, «without admitting or denying the findings of facts and conclusions of law». «The instant adjudication proceedings initiated against the applicant (Angel One) vide show cause notice (SCN) dated March 12, 2024, and enquiry proceedings initiated against the applicant vide SCN dated March 12, 2024, is disposed of in terms of the settlement regulations,» Sebi's Adjudicating Officer Barnali Mukherjee said in the order.

The company reported a loss of Rs 471 crore in the September 2024 quarter from a profit of Rs 860 crore a year ago because of 32 times increase in provision to Rs 910 crore from Rs 28 crore a year ago.

quarter on weak refining margins. Revenue from operations increased 1% to Rs 1,17,952 crore. Shares in BPCL fell nearly 5% to Rs 305.95 apiece on Friday when the benchmark BSE Sensex ended 0.8% lower.

Revenues for the quarter rose 5% year-on-year to Rs 1,08,216 crore in the July-September quarter.

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Bandhan Bank has reported a 30% rise in net profit for the second quarter at Rs 937 crore against Rs 721 crore in the year ago period, on account of year-on-year improvement in asset quality and higher earnings. The loan-loss provision was at Rs 606 crore compared with Rs 636 crore in the corresponding period last year. Operating profit was Rs 1,855 crore, up 17% year-on-year, backed by 21% higher net interest income at Rs 2948 crore.

JSW Steel, the country’s largest producer of steel, saw its profit plunge 85% on year in the September quarter weighed down by weaker realisations, and a one-time loss. The steel-maker clocked in a consolidated net profit of Rs 404 crore in the Jul-Sep period as against Rs 2,773 crore a year ago. Revenue from operations were down by more than 11% on year at Rs 39,684 crore.

Nifty formed a long bearish candle on the weekly chart on Friday. Technically, this suggests that the markets are likely to remain under pressure in the near term. However, there is a possibility of a minor pull-back rally or sideways consolidation in the next 1 or 2 days after a sharp fall, which was witnessed in Friday’s trading session.

Asset Management Ltd, its CEO Radhika Gupta and fund manager Trideep Bhattacharya for violating mutual fund rules. Individually, penalty of Rs 8 lakh was levied on Edelweiss Asset Management and Rs 4 lakh each on Gupta and Bhattacharya, according to an order passed by Sebi. Also, they have been directed to pay the amount within 45 days.

Bank of Baroda (BOB) on Friday reported a 23.2% jump in its standalone net profit to Rs 5,238 crore for the quarter ended September 2024 as against a profit of Rs 4,253 crore in Q2FY24. The net interest income (NII) grew by 7.3% YoY to Rs 11,622 crore in Q2FY25.

Cryptocurrency prices showed a mixed performance on October 25, mirroring trends from the previous day. Major tokens such as Bitcoin, Ethereum, BNB, Dogecoin, Tron, Shiba Inu, and Chainlink experienced gains of up to 4.7%. In contrast, Solana, XRP, Toncoin, Avalanche, Polkadot, and Uniswap recorded losses of up to 3%. The global cryptocurrency market capitalization rose by 0.74%, reaching approximately $2.31 trillion over the past 24 hours. As of 3:08 p.m. IST, Bitcoin was trading at $67,492, reflecting a 0.97% increase, while Ethereum saw a slight rise of 0.1%, trading at $2,522.

NMDC Ltd.(up 0.92%) stood among the top gainers.

Revenue from operations, meanwhile, jumped 14% year-on-year ( YoY) to Rs 16,970 crore in the reporting quarter.

Benchmark NSE Nifty closed 218.61 points down at 24180.8 amid selling in frontline bluechip counters.

IDBI Bank reported a 39% jump in net profit for the second quarter of the fiscal at Rs 1836.5 crore against Rs 1323.3 crore in the year ago period, riding on steady business expansion and improvement in asset quality. Its net interest margin for the quarter improved by 54 basis points to 4.87% as compared with 4.33% in the corresponding period last year.

BPCL on Friday reported a standalone net profit of Rs 2,397 crore for the second quarter ended September 2024. This is a fall of 72% from Rs 8501 crore reported in the previous year quarter. Revenue from operations rose by marginal 1% to Rs 1.17 lakh crore in the reporting period as against Rs 1.16 lakh crore in the corresponding period of the previous year.

Market veteran Madhusudan Kela says that within one market, a severe bear market and a severe bull market are going on simultaneously. The question is, do we have the ability to identify and spot real good sectors and real good companies? Also we have to recognise that in all of this allocation, expectation has to be moderate. From my perspective, return of capital is the first priority. Return on capital is the second priority. If you are intoxicated believing the bull market is going on and you can do anything, that phase is over. It is good to see you laughing and everybody in the last 12 months has been laughing. If you bought real estate, you have made money. If you had gold and silver, you would have been happy. And if you were in the equity market, you have every reason to smile. It has been a year of full all-round prosperity. Madhusudan Kela: It is not only one year. I would say from the COVID bottom, the last three-four years have been very good. If you look at the CAGR compounding of a small cap index or mid cap index, it is above 40%. Even Nifty from the low has compounded reasonably well. And stock pickers have had a phenomenal run in the last three-four years. It is in this context we are chatting today.

«So, it is a mix of both large as well as mid and smallcap stocks where we see that the valuation are reasonable or the growth should pick up,» says Abhijeet Bora, JM Financial Services Ltd. This Diwali has become a bit sombre with the kind of cuts we have seen in the market. It looks like 6% at the index level in this month but if you look at the smallcap, midcap and portfolio level, the cuts are much larger. Given all of that and given we have got a healthy correction, do you have a shopping list ready of some of the stocks that people can look at buying? Abhijeet Bora: Yes, we have recently released our Diwali picks where we have around 10 stocks. It is a mix of both large and midcap and across various sectors. So, starting with largecap space, we like Reliance Industries, we like Power Grid, we like Jindal Steel, we like Bajaj Finance in the largecap space. And there are a few midcap companies like Gravita is there, Ashoka Buildcon is there. So, it is a mix of both large as well as mid and smallcap stocks where we see that the valuation are reasonable or the growth should pick up.