Performer Financial News

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Motilal Oswal Financial Services in its report on the interim review of the Q2FY24 earnings season. The brokerage firm pointed out that as of November 1, 36 Nifty 50 companies have announced their Q2FY24 results. These companies constitute (a) 75 per cent of the estimated PAT for the Nifty Universe, (b) 49 per cent of India's market capitalisation, and (c) 85 per cent of weightage in the Nifty, Motilal Oswal said.

InfraBuild, the steel distribution group that is one of British businessman Sanjeev Gupta’s key assets, has launched a last-ditch $US350 million ($544 million) bond in a bid to raise enough money to repay loans due next year, warning there were “material uncertainties” it could pay its debts.

Also Read: Gold price today: MCX Gold trades lacklustre; how to trade in bullion today? Q3 investment demand of 157 tonnes, although 56% higher YoY, was weak relative to its five-year average of 315 tonnes. Bar and coin investment declined 14% YoY to 296 tonnes, largely due to sharp falls in Europe, the report showed.

Dr Lal PathLabs Ltd gained more than 6% in morning trades on Friday. Dr Lal PathLabs impressed with its Q2 performance as volume growth rebounded and financial performance came better than many analyst expectations. Dr Lal PathLabs Q2 reported net profit at ₹111 crore was up 53% year-on-year.

Maruti Suzuki and Mahindra & Mahindra (M&M), which auto major is a better investment for the long term. In the last one year, both Maruti and M&M gave decent returns but underperformed the benchmark. While Maruti rose almost 12 percent in this period, M&M advanced over 10 percent.

Mint in an interview. “Clearly, from a growth perspective, I don't see there is going to be a problem. We will see a steady state of 8-12% top-line growth. We are hoping that the summer of 2024 will actually be much better than the summer of 2023.

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Investing.com-- Most Asian stocks rose sharply on Friday, encouraged by strength on Wall Street and increased bets that the Federal Reserve was done with its run of interest rate hikes, although focus still remained on key U.S. payrolls data due later in the day.

Investing.com-- Most Asian currencies advanced on Friday, while the dollar eased further as traders bet that the Federal Reserve was done with its interest rate hikes, although anticipation of key nonfarm payrolls data kept gains in check. 

Block shares surged 25 per cent on the ASX on Friday after Jack Dorsey’s payments company said it would cut global staff by 1500 to keep a lid on costs and announced a surprise $1 billion share buyback.

Macquarie’s chief executive Shemara Wikramanayake says the lean environment for asset sales, particularly in green investments, is behind the investment bank’s 38.7 per cent slump in first-half net profit.

Gurmeet Chadha, CIO & Managing Partner, Complete Circle Consultants, says “probably a large part of the PSU rally is already in the price. One has got to be more selective here, especially with banks, because you will see some pressure on NIMS. There is some concern on unsecured lending by RBI and in PSU banks you can have some negative surprises, which can rekindle the previous experience people have. If given a choice, I would prefer to be with SBI, Bank of Baroda, if I go a notch down, maybe Canara Bank.” A slew of earnings has attracted all the attention. Is there anything that has got your attention? If you remove IT and chemicals, it has been a pretty good earning season. In fact, even including them, the median earnings has been upwards of 18% as far as the larger universe we track is concerned which also points to a decent growth momentum in the economy. The RBI governor also highlighted that Q2 GDP could surprise positively. The domestic oriented consumption theme is clearly standing out. Among capital goods stocks, L&T was a standout result. What it tells us is that not only is the domestic investment cycle upticking, the Middle East is now meaningfully contributing as oil inches higher and the countries start investing in renewable energy.

BSE on Friday, November 3 ahead of the company's September quarter earnings. The company's board is to meet on Friday to consider and approve the unaudited financial results for the second quarter and half year ended September 30, 2023. Titan share price opened at ₹3,214 against the previous close of ₹3,201.30 and rose about 1.7 per cent to the level of ₹3,256 within the first 30 minutes of trade.

₹117 crore in FY23 and has a market share of 0.5% in the crowded Indian non-life insurance market. Exiting a business whose performance has been underwhelming for about a decade is sensible. In an industry with more than 30 players, of which about a dozen control 90% of the market, Kotak General Insurance Company has been a laggard.

JK Lakshmi Cement, part of JK Organization, witnessed a notable 6.77% surge in its stock price, hitting a four-month high of ₹719.90 per share during Friday's early trading session, propelled by its impressive Q2FY24 performance. At 10:00 AM, the stock was trading with a gain of 5.17% at ₹709. The company released its Q2FY24 numbers post-market hours on Thursday, with a 55% surge in its consolidated net profit at ₹96 crore.

Dabur India share price: Dabur share price rose over a per cent in early trade on NSE on Friday, November 3, extending its gains of the previous session after the FMCG company's Q2 earnings. Dabur share price rose 2.57 per cent to close at ₹530.40 in the previous session on Thursday after the company reported its September quarter earnings. On Friday, Dabur share price opened at ₹534.10 and soon rose 1.3 per cent to the level of ₹537.10 on the NSE.

Tata Motors share price rallied over 4% in early trade on Friday after the company reported September quarter earnings in line with Street estimates. Tata Motors shares jumped as much as 4.49% to ₹665.45 apiece on the BSE. Auto major Tata Motors on Thursday reported a consolidated net profit of ₹3,783 crore for the second quarter of FY24, driven by robust performance by Jaguar Land Rover.

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The BSE Sensex was trading 373 points or 0.58% higher at 64,454 while Nifty50 was at 19,254, up 120 points or 0.63%. In the Sensex pack, Tata Motors was the top gainer, rising nearly 3% as the firm reported a net profit of Rs 3,764 crore for the quarter ended September 2023, against a net loss of Rs 945 crore a year ago. Meanwhile, Tech Mahindra, Infosys, ICICI Bank, M&M, HCL Tech, and Wipro also opened higher. On the other hand, only Tata Steel, NTPC, and Bharti Airtel opened lower. All sectoral indices opened higher.

Prashant Tripathy, MD & CEO, Max Life Insurance, says: “We finished our year last year at a little over 31% margin and ever since this year began, I have been saying that this kind of margin for Max Life Insurance will be unsustainable and the guidance that we have given to the market for the full year is between 27% to 28%. Where we are right now is as per plan, it was supposed to be compressed. ” You have managed to grow your APE faster than your peers. Is this performance expected to continue and which products drove the growth for you? If you look at the quarter, the private industry average growth on collected premium basis, new sales is about 16%.