Morning Alert..
*36% companies in Nifty 50 miss estimates in Sep quarter, shows data*
Almost 18 companies among the Nifty 50 entities have missed estimates for the quarter ended September this year while 15 have beaten them, according to the Bloomberg data. Based on the September-quarter results, analysts have upgraded 19 companies and downgraded 14, the statistics show. As there is no coverage on the revenue and profit parameters for Bajaj Finserv, it is not included in the chart. The results of the rest of the Nifty 50 have not been announced so far. The earnings of the 34 Nifty 50 companies that have reported results till October have remained flat year-on-year compared to an estimated positive growth rate of 2 per cent last year, according to a post-results analysis by brokerage firm, Motilal Oswal Financial Services. Stagnation was driven primarily by ICICI Bank, Axis Bank, Bharti Airtel, NTPC, and HDFC Bank. Bharat Petroleum Corporation Ltd (BPCL), JSW Steel, Coal India, IndusInd Bank, Reliance Industries, and Ultratech Cement negatively impacted Nifty earnings. Of the companies, nine have reported profits below expectations, 10 have exceeded forecasts, and for 15 the results were in line with estimates, the report said.
*India's EV market sees festive season boost, reversing recent slump*
The festival season has provided a much-needed boost to India’s electric vehicle (EV) market in October, reversing a decline that persisted for the previous two months. Registrations reached 217,716, representing a 35 per cent recovery from the 160,237 units sold in September. This also marks the highest monthly sales figure recorded to date. This new high even outpaced March’s 213,063 units — a number bolstered by the final days of the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme, showing just how much demand has been turbocharged this year. The latest tally marks the second time in 2024 that monthly EV sales surpassed the 200,000 mark, pushing the total EV registrations past the 1.6 million milestone, according to Vahan data from the Ministry of Road Transport and Highways. The electric two-wheelers remained the largest segment, posting sales of 954,241, or 59 per cent of the total EV pie. Hot on its heels were electric three-wheelers, which accounted for 568,419 units or 35 per cent. Electric cars followed far behind with 83,802 units, while buses, trucks, and construction vehicles made up the final 1 per cent.
* Global market action*
Dow Jones – Down by 0.23% or 97.91 points
FTSE – Up by 0.82% or 67.05 points
CAC – Up by 0.79% or 58.74 points
DAX – Up by 0.92% or 177.43 points
Gift Nifty – Up by 0.01% or 1.50 points
*FII/DII activities*
FII – Sold 211.93Cr worth of shares
DII – Sold 377.33Cr worth of shares.
*Stocks with high delivery percentage*
Supreme Petrochem Ltd – 84.1%
Valor Estate Ltd – 82%
Akums Drugs & Pharma Ltd – 79.9%
LMW Ltd – 77.1%
Punjab & Sind Bank – 76.4%
*Primary market activities*
Listing today
Afcons Infra Ltd (Main board) – Subscribed 2.77x
*Commodities updates*
Gold – Rs 78778/10gm, Silver – Rs 95460/kg, Brcrude – Rs 5981/barrel, Copper – Rs 848/kg.
*Corporate News*
DLF to invest Rs 8,000 crore to build super-luxury project in Gurugram.
Canara Bank aims Rs 6,000 cr recovery in H2 FY25, expect Rs 3,000 cr in Q3.
ONGC fails again to attract bids for stake in Deen Dayal gas field.
*36% companies in Nifty 50 miss estimates in Sep quarter, shows data*
Almost 18 companies among the Nifty 50 entities have missed estimates for the quarter ended September this year while 15 have beaten them, according to the Bloomberg data. Based on the September-quarter results, analysts have upgraded 19 companies and downgraded 14, the statistics show. As there is no coverage on the revenue and profit parameters for Bajaj Finserv, it is not included in the chart. The results of the rest of the Nifty 50 have not been announced so far. The earnings of the 34 Nifty 50 companies that have reported results till October have remained flat year-on-year compared to an estimated positive growth rate of 2 per cent last year, according to a post-results analysis by brokerage firm, Motilal Oswal Financial Services. Stagnation was driven primarily by ICICI Bank, Axis Bank, Bharti Airtel, NTPC, and HDFC Bank. Bharat Petroleum Corporation Ltd (BPCL), JSW Steel, Coal India, IndusInd Bank, Reliance Industries, and Ultratech Cement negatively impacted Nifty earnings. Of the companies, nine have reported profits below expectations, 10 have exceeded forecasts, and for 15 the results were in line with estimates, the report said.
*India's EV market sees festive season boost, reversing recent slump*
The festival season has provided a much-needed boost to India’s electric vehicle (EV) market in October, reversing a decline that persisted for the previous two months. Registrations reached 217,716, representing a 35 per cent recovery from the 160,237 units sold in September. This also marks the highest monthly sales figure recorded to date. This new high even outpaced March’s 213,063 units — a number bolstered by the final days of the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme, showing just how much demand has been turbocharged this year. The latest tally marks the second time in 2024 that monthly EV sales surpassed the 200,000 mark, pushing the total EV registrations past the 1.6 million milestone, according to Vahan data from the Ministry of Road Transport and Highways. The electric two-wheelers remained the largest segment, posting sales of 954,241, or 59 per cent of the total EV pie. Hot on its heels were electric three-wheelers, which accounted for 568,419 units or 35 per cent. Electric cars followed far behind with 83,802 units, while buses, trucks, and construction vehicles made up the final 1 per cent.
* Global market action*
Dow Jones – Down by 0.23% or 97.91 points
FTSE – Up by 0.82% or 67.05 points
CAC – Up by 0.79% or 58.74 points
DAX – Up by 0.92% or 177.43 points
Gift Nifty – Up by 0.01% or 1.50 points
*FII/DII activities*
FII – Sold 211.93Cr worth of shares
DII – Sold 377.33Cr worth of shares.
*Stocks with high delivery percentage*
Supreme Petrochem Ltd – 84.1%
Valor Estate Ltd – 82%
Akums Drugs & Pharma Ltd – 79.9%
LMW Ltd – 77.1%
Punjab & Sind Bank – 76.4%
*Primary market activities*
Listing today
Afcons Infra Ltd (Main board) – Subscribed 2.77x
*Commodities updates*
Gold – Rs 78778/10gm, Silver – Rs 95460/kg, Brcrude – Rs 5981/barrel, Copper – Rs 848/kg.
*Corporate News*
DLF to invest Rs 8,000 crore to build super-luxury project in Gurugram.
Canara Bank aims Rs 6,000 cr recovery in H2 FY25, expect Rs 3,000 cr in Q3.
ONGC fails again to attract bids for stake in Deen Dayal gas field.