Analysis Financial News

The rupee closed at 84.0375 to the U.S. dollar against its close at 84.06 in the previous session. The currency had slipped to an all-time low of 84.0750 on Monday.

Sensex and Nifty50, gave up early gains and ended in the red on Tuesday, dragged down by index heavyweights Reliance Industries, financial, and IT stocks. A drop in metals and automakers also helped the downturn. The chances of a delayed domestic rate cut after a hotter-than-expected September inflation print dampened investor sentiments. The BSE Sensex fell 153 points, or 0.19%, to close at 81,820, while the NSE Nifty dropped 70 points, or 0.28%, to end at 25,057.

Transformers & Rectifiers(India)Ltd.(up 5.00%), Indo Tech Transformers Ltd.(up 5.00%), Jyoti Structures Ltd.(up 4.92%), Voltamp Transformers Ltd.(up 4.48%), Inox Wind Ltd.(up 4.22%), GE T&D India Ltd.(up 3.83%), CESC Ltd.(up 3.59%), Adani Energy Solutions Ltd.(up 2.27%), GE Power India Ltd.(up 1.96%) and Reliance Power Ltd.(up 1.93%) stood among the top gainers.

Shares of Reliance Industries (RIL) tumbled 2.3% in Monday’s trading session to Rs 2,681.25 on the BSE after six brokerages reduced the target price of the stock to as low as Rs 2,990 after weak Q2 results posted by the company. RIL on Monday reported a 5% decline in its consolidated net profit to Rs 16,563 crore for the quarter ended September 2024. The same stood at Rs 17,394 crore in the year-ago period.

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Marico Ltd. traded 0.47 per cent down at Rs 685.75 at 01:17PM (IST) on Tuesday, even as BSE benchmark Sensex dropped 256.91 points to 81716.14. The stock had settled at Rs 689.0 in the previous session. The stock quoted a 52-week high price of Rs 719.8 and 52-week low of Rs 486.75, respectively. As per BSE data, total traded volume on the counter till 01:17PM (IST) stood at 4462 shares with a turnover of Rs 0.31 crore.

IPO has opened for subscription, but investors might have to brace for losses on debut, going by the grey market trends. The GMP is on a continuous slide and is currently trading at just 1.6% premium over the issue price. It would not surprise anyone if the GMP falls to negative before the listing, given the sharp fall over the past few days.

RBI policy might have surprised the market with its dovish tone and stance change to neutral, but the change in RBI policy was already visible in its liquidity management. Indeed, since July 2024, interbank liquidity surplus has averaged ~INR1.2tn (0.5% of NDTL or deposits). The last time similar levels of surplus liquidity were seen was in June to August last year and the RBI responded by imposing incremental ICRR of 10%. In contrast during the current phase of liquidity surplus, RBI has refrained from any strong liquidity absorbing measures. Persisting with VRRRs and VRRs to keep the weighted average call rate near the repo rate. The TREPS rate where maximum volume of transactions take place, has been averaging below the repo rate over the last few months.

Bharat Forge Ltd. rose 0.09 per cent to Rs 1492.35 in Tuesday's trade as of 12:27PM (IST) even as the benchmark Nifty ruled at 25066.45, down 61.5 points. The scrip had closed at Rs 1490.95 in the previous session. The stock quoted a 52-week low of Rs 1002.7 and a high of Rs 1826.2. The company quoted a market-cap of Rs 69540.32 crore on the BSE.

A federal appeals court revived a lawsuit filed by one Native American tribe over another’s construction of a casino on what they said is sacred land

SRF Ltd. slipped 0.09 per cent to Rs 2339.2 in Tuesday's trade as of 11:41AM (IST). It hit a high of Rs 2355.1 and low of Rs 2338.65 during the session. The stock quoted a 52-week high price of Rs 2697.45 and a low of Rs 2081.25. The return on equity for the stock stood at 11.63 per cent. About 1,385 shares have changed hands on the counter so far.

Indian Hotels Company Ltd. gained 0.58 per cent to Rs 709.0 at 11:51AM (IST) in Tuesday's trade. The scrip has hit a high of Rs 712.3 and low of Rs 702.9 so far during the session. The stock had closed at Rs 704.9 in the previous session. The counter has had a total traded volume of 15810 shares so far with a value of Rs 1.11 crore on the NSE. It traded at a price-to-earnings multiple of 78.39 and a price-to-book ratio of 8.9.

Avenue Supermarts Ltd. traded 0.31 per cent up at Rs 4197.6 at around 11:46AM (IST) on Tuesday. The stock had closed at Rs 4184.45 in the previous session. Equity benchmark Sensex traded 242.17 points lower at 81730.88 around the same time.

This order includes the engineering procurement (EP) scope, covering design, engineering, supply, installation, testing, and commissioning of the 100 MLD desalination plant.

InterGlobe Aviation Ltd. rose 1.71 per cent to Rs 4757.6 in Tuesday's trade as of 10:44AM (IST) even as the benchmark Nifty ruled at 25092.05, down 35.91 points. The scrip had closed at Rs 4677.5 in the previous session. The stock quoted a 52-week low of Rs 2389.35 and a high of Rs 5033.2. The company quoted a market-cap of Rs 183435.45 crore on the BSE.

Globe Civil Projects Ltd on Tuesday said it has filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering. The initial public offering (IPO) is entirely a fresh issue of 1.9 crore equity shares with no offer-for-sale component, according to the DRHP filed with Sebi. The company plans to list the shares on BSE and NSE.

rupee witnessed range-bound trade and depreciated 2 paise to 84.07 against the US dollar in initial deals on Tuesday, weighed down by significant foreign fund outflows, elevated crude oil prices and the strength of the American currency in the overseas market. Forex traders said the rupee is trading in a narrow range as the support from positive domestic equities is being negated by foreign fund outflows. Moreover, crude oil prices have also surged by 10 per cent, ballooning India's already worrisome trade deficit. At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and traded in a tight range. In the initial trade, it touched 84.07, registering a fall of 7 paise over its previous close.

oil marketing companies (OMCs) Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL), and Indian Oil Corporation (IOC) on Tuesday jumped up to 5% on the BSE as Brent crude prices fell to $75 per barrel, falling 3% today. Shares of HPCL gained 5% to their day’s high of Rs 426.30 while BPCL shares went up 3.3% to Rs 351.45. Meanwhile, the shares of IOC jumped 2.5% to Rs 169.60.

Lexus Granito(India)Ltd.(up 2.64%), 20 Microns Ltd.(up 0.51%), The Orissa Minerals Development Company Ltd.(up 0.44%) and Aro Granite Industries Ltd.(up 0.08%) were among the top gainers.

J B Chemicals & Pharmaceuticals Ltd.(up 1.96 per cent), Lupin Ltd.(up 0.64 per cent), Abbott India Ltd.(up 0.61 per cent), Biocon Ltd.(up 0.58 per cent) and Ipca Laboratories Ltd.(up 0.42 per cent) were among the top gainers.

Lupin Ltd. traded 0.66 per cent up at Rs 2258.05 at 10:39AM (IST) on Tuesday, even as BSE benchmark Sensex dropped 128.57 points to 81844.48. The stock had settled at Rs 2243.15 in the previous session. The stock quoted a 52-week high price of Rs 2312.0 and 52-week low of Rs 1113.0, respectively. As per BSE data, total traded volume on the counter till 10:39AM (IST) stood at 7564 shares with a turnover of Rs 1.71 crore.