Analysis Financial News

Sebi has restrained Onelife Capital Advisors, its promoters — Pandoo Naig and Prabhakara Naig — from securities markets till further orders for alleged fund diversion and misrepresentation of the company's financials. The regulator also restrained Naigs from acting as a director or key managerial personnel of any listed company, which intends to raise money from the public or any Sebi-registered intermediary until further orders. In the interim order cum show cause notice passed on Monday, the markets watchdog directed Onelife Capital Advisors Ltd (OCAL) and Naigs to show cause as to why suitable directions/prohibitions should not be issued against them.

Shoppers Stop on Tuesday reported a consolidated net loss of Rs 20.59 crore in the second quarter ended September 30, 2024 on account of muted demand. The company had posted a net profit of Rs 2.73 crore in the July-September period a year ago, according to a regulatory filing from Shoppers Stop. However, its total income was up 7.13 per cent to Rs 1,124.62 crore during the quarter under review. It was Rs 1,049.70 crore a year ago.

Adani Group's power transmission arm Adani Energy Solutions Ltd (AESL) on Tuesday said it has received a notice from Securities and Exchange Board of India (Sebi) alleging wrongful categorisation of certain investors as public shareholders. The company in its filing to exchanges has said that it will respond to regulatory and statutory authorities by providing relevant information/clarifications. «During the current quarter, an SCN (show-cause notice) has been received alleging wrongful categorization of shareholding of certain entities as public shareholding and consequences therefrom,» AESL said. «The company will respond to the regulatory and statutory authorities by providing information, responses, documents and/or clarifications, as applicable, in the due course of time.»

Godavari Biorefineries Ltd on Tuesday said it has raised over Rs 166 crore from anchor investors, a day before its initial share-sale opening for public subscription. Marquee investors who participated in the anchor book included HDFC Mutual Fund, Whiteoak Capital Fund, Goldman Sachs (Singapore) Pte Ltd, Societe General and SBI General Insurance, according to a circular uploaded on BSE website. As per the circular, Godavari Biorefineries allocated 47.28 lakh equity shares to 19 funds at Rs 352 apiece, which is also the upper price band of the IPO. This translates into a transaction size of Rs 166.42 crore.

“This price rise will impact the demand for silver during the Dhanteras-Diwali period and volume-wise it may drop by 15-20 per cent,” said Surendra Mehta, national secretary of India Bullion & Jewellery Association (IBJA).

Indus Towers reported a 71.7% on-year jump in net profit to Rs 2,224 crore for its fiscal second quarter, on the back of strong tower additions and steady collection of past overdues from Vodafone Idea (Vi). Quarterly revenue grew 4.7% on year to Rs 7,465 crore in the July-September quarter.

Bajaj Finance on Tuesday reported a 13% jump in its net profit for the quarter ended September 2024 to Rs 4,000 crore versus Rs 3,551 crore posted in the year-ago period. The profit is attributable to the owners of the company. It was below ET Now poll estimates of Rs 4,070 crore.

General Insurance has reported a 591% growth in profit after tax at Rs 414 crore for the first half of the current financial year against Rs 60 crore in the corresponding period of the previous financial year. The overall business also showed strong growth with the company's gross written premium (GWP) growing at 16.1% against the industry growth at 7%.

Hindustan Unilever (HUL) is expected to report a 2-4% increase in its Q2FY25 revenue partly offset by pricing cuts undertaken by the company in the reporting quarter. The top-line is expected to be in the range between Rs 15,621 crore and Rs 15,728 crore, according to estimates given by four brokerages. The net profit for the reporting quarter is estimated at Rs 2,592 — Rs 2,714 crore.

Nifty is currently weakening after forming a new lower top around 25,230 levels. This is a negative indication and signals ongoing downward correction. Another crucial weekly cluster support around 24,500 (ascending trend line, 23.6% retracement and weekly 20 period EMA) is placed on the verge of a downside breakout.

Persistent Systems today announced its second quarter earnings, reporting a 23.4% jump in its profit after tax (PAT) at Rs 325 crore on a year-on-year (YoY) basis, while its revenue increased by 20% YoY. The company’s revenue for the second quarter ended September 2024 stands at Rs 2,897.15 crore.

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Tata Elxsi Ltd. traded 2.98 per cent down at Rs 7183.0 on Tuesday at around 01:49PM (IST), while the benchmark BSE Sensex declined 492.37 points to 80658.9. As many as 5,785 shares changed hands on the counter with a total value of Rs 4.21 crore.

GAIL (India) Ltd. traded 2.39 per cent down at Rs 214.3 at 01:44PM (IST) on Tuesday, even as BSE benchmark Sensex dropped 537.45 points to 80613.82. The scrip had closed at Rs 219.55 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 246.35 and Rs 116.2, respectively.

Bank of Baroda traded at Rs 236.3 on BSE at 01:33PM (IST) on Tuesday, down 3.82 per cent from previous close. The stock quoted a 52-week low price of Rs 187.95 and a high of Rs 298.45.

United Spirits Ltd. dropped 1.69 per cent to Rs 1471.0 at 01:39PM (IST) in Tuesday's trade. The counter has hit a high of Rs 1495.5 and low of Rs 1469.5 so far during the session. The stock had closed at Rs 1496.4 in the previous session. The counter has had a total traded volume of 19845 shares so far with a value of Rs 2.93 crore on the NSE. It traded at a price-to-earnings multiple of 75.62 and a price-to-book ratio of 11.55.

Chetan Ahya, Chief Asia Economist, Morgan Stanley, says it looks like the urban economy or the urban consumption which had led the initial recovery, is the one which is slowing. We are looking at the auto sales data on a daily basis from the government sources and it is indicating that there has been an improvement in the last few days in terms of auto sales. But urban consumption is the one which has raised some concern because there has been a broad-based slowdown. While there has been a slowdown over the past few months, all eyes are now on what the festive season could potentially bring. Could we see some sort of a shift or a pickup? Chetan Ahya: Yes, that is right. We are expecting things to improve over the next few weeks. The main reason why growth was slowing was the government expenditure slowdown and then parallelly we had the excess rainfall in August and at the same time there were some shifts in the calendar effects, particularly the festival and inauspicious time period.

The assets under management (AUM) of equity mutual funds has surged by 3.10% sequentially to Rs 26.43 lakh crore in September 2024 from Rs 25.64 lakh crore in August 2024 (excluding sectoral / thematic funds), according to latest study on mutual fund performance analysis by PL Wealth Management.

ACC Ltd. traded 1.51 per cent down in Tuesday's trade at 12:33PM (IST). Around 3,446 shares changed hands on the counter. The counter opened at Rs 2308.55 and touched an intraday high and low of Rs 2329.0 and Rs 2265.15, respectively, in the session so far. Shares of the company of ACC Ltd. quoted a 52-week high of Rs 2843.0 and a 52-week low of Rs 1803.8.

«And with this acquisition of India Cements by UltraTech and now Orient by Ambuja Cement, it is getting to the levels where the other regions are. So, very positive for the southern cement companies and also on India Cements,» says Rakesh Arora, Go India Stocks Just talking about now this value at 10,400 crores, given that it has now the third largest position in the South, what do you make of this further consolidation within the cement sector? Rakesh Arora: You have two large players who are trying to gain market share and consolidation has been going on pretty strongly. And I think this is the right step for the industry, especially South India has been highly fragmented. In other regions, the top five players have 80% capacity share. In South India, it was closer to 50%. And with this acquisition of India Cements by UltraTech and now Orient by Ambuja Cement, it is getting to the levels where the other regions are. So, very positive for the southern cement companies and also on India Cements.

Ashok Leyland Ltd. traded at Rs 217.25 on BSE at 11:15AM (IST) on Tuesday, down 0.25 per cent from previous close. The stock quoted a 52-week low price of Rs 157.65 and a high of Rs 264.7.