The domestic equity barometers ended with decent gains after a volatile session on Thursday. The Nifty ended tad above the 17,750 level. Metal, realty and oil & gas shares advanced while IT and FMCG stocks declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, gained 212.88 points or 0.36% to 59,756.84. The Nifty 50 index added 102.15 points or 0.58% to 17,758.50.
In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index advanced 0.41%.
The market breadth was positive. On the BSE, 1,835 shares rose and 1,584 shares fell. A total of 130 shares were unchanged.
Weak future revenue guidance from corporates across the globe fuelled fears of a worldwide economic slowdown. However, the Bank of Canada's lower-than-expected interest rate hike added hopes that the US Fed would go easy on the magnitude of rate hike at its upcoming policy meeting.
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Buzzing Index:
The Nifty Metal index added 2.83% to 5,977. The index has risen 3.98% in three sessions.
Steel Authority of India (up 4.03%), Jindal Steel & Power (up 3.96%), Hindalco Industries (up 3.53%) and Tata Steel (up 2.87%) were the top gainers.
Among the other gainers were Vedanta (up 2.86%), National Aluminium Company (up 2.51%), Hindustan Copper (up 1.79%), Jindal Stainless (up 1.62%) and Adani Enterprises (up 0.79%).
Stocks in Spotlight:
Dabur India rose 3.50%. The FMCG major announced that it has signed definitive transaction agreements to acquire 51% shareholding of Badshah Masala Private Limited, which is engaged in the business of manufacturing, marketing and export of ground spices, blended spices and seasonings. Dabur is acquiring 51% stake in Badshah for Rs 587.52 crore, less proportionate debt as on the closing date, with the Badshah enterprise being valued at Rs 1,152 crore.
Separately, Dabur reported consolidated net profit of Rs 490.86 crore for the second quarter ended September 30 from Rs 505.31 crore reported in Q2FY22. Total income rose to Rs 3109.77 crore during Q2FY23 against Rs 2930.02 crore recorded in Q2FY22.
Hero MotoCorp added 1.21%. The company is set to commence its operations in the Philippines. Terrafirma Motors Corporation (TMC), a part of the Columbian Group of Companies, one of the leading and most experienced automotive group is partnering with Hero MotoCorp in bringing its globally popular motorcycles to the country. As part of the partnership, TMC will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in Philippines.
JSW Steel jumped 5.90%. The company's subsidiary JSW Steel USA announced tying-up of long-term financing with two Italian banking institutions, Intesa Sanpaolo and Banco BPM, for plate mill modernisation project in Baytown, Texas. Out of the total financing that is required for JSW Steel USA's Baytown facility modernizing project, $70 million is covered under SACE guarantee and the balance $112 million is a term loan.
Gland Pharma slumped 14.63%. The pharma company's consolidated net profit tumbled 20.1% to Rs 241.24 crore on 3.3% decline in net sales to Rs 1,044.40 crore in Q2 FY23 over Q2 FY22.
Trident gained 1.27%. The company said it has completed a solar power project of 8.87 MWp at Budhni in Madhya Pradesh. The power generated from this new solar power project shall be consumed captively in manufacturing facilities located at Budhni resulting in considerable savings for the company.
IIFL Finance zoomed 11.48%. The NBFC reported a 36.2% jump in consolidated net profit to Rs 397.07 crore on a 19.7% rise in total income to Rs 2,051.44 crore in Q2 FY23 over Q2 FY22. The company had loan assets under management (AUM) of Rs 55,302 crore as at 30 September 2022, with the home loans segment constituting 36%, gold loans 32%, business loans 14% and microfinance loans 12% of the total AUM.
Chennai Petroleum Corporation tumbled 11.85%. The company's standalone net profit slumped 57.4% to Rs 27.88 crore in Q2 FY23 as against Rs 65.45 crore recorded in Q2 FY22. Net sales zoomed 120.3% to Rs 19,508.82 in quarter ended 30 September 2022 from Rs 8,856.06 crore posted in the corresponding quarter previous year.
The Government of India with effect from 1 July 2022, levied duties on export of petroleum products at the rates notified on fortnightly basis, which have been reduced in the Refinery Transfer Pricing. This has resulted in lower revenue and profitability for the quarter, the company said.
Glenmark Pharmaceuticals declined 1.43% to Rs 395.90 after the US FDA placed the company's Baddi facility under import alert 66-40 following the inspection conducted in June 2022. The pharma company said that it will engage with the United States Food and Drug Administration (US FDA) to resolve the import alert at the earliest.
Kaveri Seed Company jumped 5.81%. The company's board approved a proposal to buy back up to 17.95 lakh shares of the company at a price not exceeding Rs 700 per share. The maximum consideration payable in cash for the proposed buyback shall not exceed Rs 125,65,00,000, the company said.
Crompton Greaves Consumer Electricals slipped 2.96%. The company reported 27.2% decline in standalone net profit to Rs 124.05 crore on a 3.8% fall in revenue from operations to Rs 1331.61 crore in Q2 FY23 over Q2 FY22.
Global Markets:
Shares in Europe were trading mostly lower while Asian stocks were ended mixed on Thursday.
The Bank of Japan begins its two-day meeting on monetary policy Thursday.
South Korea's third-quarter GDP grew 0.3% from the previous quarter, according to official advance data the slowest growth since the third quarter of 2021. China's industrial profits for January to September fell 2.3% compared to a year ago, the National Bureau of Statistics reported.
U.S. stocks dropped on Wednesday as investors parsed fresh economic data and disappointing earnings while mulling the Federal Reserve's path after the Bank of Canada announced a smaller-than-expected rate hike of 50 basis points.
Meanwhile, the European Central Bank (ECB) is expected to roll out another super-size rate hike Thursday to combat runaway inflation, despite concerns higher borrowing costs could deepen the pain of a looming eurozone recession. The ECB's 25-member governing council is likely to lift its key interest rates by 75 basis points for the second consecutive time, as per reports.
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