Closing Bell: Nifty around 19,400, Sensex down 143 pts; FMCG, IT drag, autos gain

Benchmark indices ended on a negative note in the volatile session on November 9 with Nifty at 19,400. The Sensex was down 143.41 points or 0.22 percent at 64,832.20, and the Nifty was down 48.20 points or 0.25 percent at 19,395.30.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.

The Nifty experienced a volatile session, ultimately closing at 19,395.30, indicative of mixed global sentiment. The daily chart reveals a bearish candlestick pattern. The Indian market seems to be in a range-bound trend, with a potential breakout contingent on the Nifty index successfully surpassing the critical level of 19,500.

Examining Open Interest (OI) data, the call side shows the highest OI at 19,500, followed by the 19,600 strike prices, with 19,500 acting as strong resistance for Nifty. Conversely, the highest OI on the put side is at the 19,400 strike price. This data indicates a sideways movement for Nifty.

Meanwhile, Bank Nifty is trading within the range of 43,900-43,550, suggesting a potential sideways trend. Notably, the price finds support from the 20 and 200-day Exponential Moving Averages (EMA). Bank Nifty's support levels are identified at 43,500-43,400, while resistance is anticipated at 43,800-44,000 levels. This analysis points toward a possible consolidation phase in Bank Nifty.

Markets remained range bound for the third day in a row and ended marginally lower. After the flat start, Nifty remained in a narrow range till the end and finally settled around the day’s low. A mixed trend continued on the sectoral front wherein realty and auto posted decent gains while FMCG and oil&gas ended in the red. Amid all, resilience continued on the broader front and both midcap and smallcap index closed unchanged.

The recent pause is the index is largely in sync with the global markets, especially the US, and needs a decisive break from the 19,200-19,500 zone for the next move. Meanwhile, stay focused on identifying the sectors and themes that are performing well and utilize intermediate dips to add quality stocks.

The Nifty has slipped a bit lower as it found resistance at the critical moving average on the daily timeframe, suggesting a weakening bullish sentiment. Moreover, the index slipped back below 21EMA after a brief stay above the critical near-term moving average, which indicates a failed bullish reversal. The sentiment now favors a bearish bet as long as the Nifty remains below 19,500. All rallies till 19,500 are likely to be sold into. On the lower end, support is placed at 19,300, below which a serious correction may happen in the market.

The Nifty Bank index has remained sideways during the day as it sustained above the support at 43,500 while it failed to reach the crucial resistance of 44,000. Going forward, the trend is likely to remain sideways to positive as long as it sustains above 43,500. The index has been lacking momentum at the higher levels. A fall below 43,500 might signal a failure of the current trend; below 43,500, the index might fall towards 43,000-42,800.

In the month of October, the equity markets continued to experience a risk-off sentiment, with the Index falling below 19,000 levels. Despite this fall, equity mutual funds continued to exhibit resilience, recording a significant net inflow of Rs 19,957 crores v/s 14,091 crores observed in September.

We continue to witness major flows in small caps to the tune of 4,495 crores followed by thematic/sectoral funds of 3,895 crores. Hybrid funds continued to experience healthy net inflows on led by arbitrage funds and multi-asset funds. This trend reflects the prevalent risk-off sentiment in the market, with investors seeking to diversify their investments while maintaining a focus on capital protection. Domestic flows continue to prove structural. Interestingly, SIPs now account for a larger part of inflows (vs one-time investment) and are more structural. This provides the market with a lot of strength.

Reflecting the mixed global sentiments, the Indian market is mired to a range bound trend with the Nifty index not able to breach above the key level of 19,500. Cues from the Fed Chair's speech have reduced the likelihood of a rate hike in the near term, leading to an ease in US treasury yields and calming the market. FIIs selling has moderated but inflows continue to be muted on concerns of an elevated interest rate and a global slowdown. Mid- and small caps are back in favour after the recent fall, led by retail activities & good corporate results.

The resistance level of 19,450 played its part very well and after a rangebound session (negative bias), the Index finally settled at 19,395.30 with a loss of 48.20 points. The Realty sector continued to soar higher and ended the day at a fresh 52-week high. Buying in frontline Auto stocks lifts the sector higher; on the flip side, the FMCG segment was the major underperformer while the IT sector remained a laggard.

For the past two trading sessions, the Index has been finding it difficult to breach its immediate hurdle of 19,450, a strong compelling close above the mentioned level is a must for continuing its uptrend while the immediate support is placed at 19,330.

Indian rupee ended flat at 83.28 per dollar versus previous close of 83.27.

Benchmark indices ended on a negative note in the volatile session on November 9 with Nifty at 19,400.

At close, the Sensex was down 143.41 points or 0.22 percent at 64,832.20, and the Nifty was down 48.20 points or 0.25 percent at 19,395.30. About 1588 shares advanced, 1979 shares declined, and 123 shares unchanged.

Adani Enterprises, HUL, Tata Consumer Products, Adani Ports and ONGC were among the top losers on the Nifty, while gainers were M&M, Apollo Hospitals, Coal India, Hero MotoCorp and Power Grid Corporation.

Mixed trend seen on the sectoral front with realty and auto indices up 1 percent each, while Oil & Gas, FMCG, Information Technology indices down 0.5 percent each.

BSE Midcap index ended on a flat note, while Smallcap index down 0.25 percent.

-Overweight call, target Rs 524 per share
-Strong Q2 performance
-H1 sales booking is 55 percent of the revised FY24 guidance
-FY24 guidance was Rs 16,000 crore previously
-Q2 adjusted net profit was up 55 percent YoY but down 24 percent QoQ, implies trailing P/E Of 42x

Yesterday, the USDINR pair closed with a loss of 2 Paise at Rs 83.21 as the ten-year US yields extended their slide. The ten-year US yields closed with a loss of 1.57% at 4.5060%, while the two-year yields were up 2 bps.

The US Federal Reserve Chair Powell did not comment on the course of the Fed's monetary policy in his yesterday's speech. He said that the central bank must be willing to think beyond the complex mathematical simulations it traditionally uses to forecast the economy. Today, he will participate in a panel discussion on monetary policy challenges. Markets will look for clues to the Fed's monetary policy course. Today's US data include weekly Jobless and continuing Claims.

Israeli Prime Minister Benjamin Netanyahu yet again rejected the possibility of a ceasefire in Gaza on Wednesday, amid reports of negotiations for a temporary ceasefire with Hamas. One of the Israeli ministers said that there is no length to Israel's offensive as it aims to destroy Hamas.

The pair is expected to continue to range trade between Rs 82.80 and Rs 83.50 in the near term.

-Underweight call, target Rs 574 per share
-Volume growth guidance is at 12-15 percent (unchanged)
-LLF would be Rs 4.5-4.8 billion in FY24 (7 percent escalation per annum)
-Rail increasing share as DFC connectivity improves till Dadri
-New business is being explored in FMCG

Net profit declined 1.3% at Rs 439.6 crore versus Rs 445.4 crore and revenue at Rs 878.4 crore against Rs 878.5 crore, YoY.

-Buy call, target raised to Rs 1,680 per share
-Q2FY24 EBITDA was 8 percent above estimates despite 2 percent revenue miss
-Revenue miss due to superior gross margins and lower opex
-India sales grew 11 percent YoY led by 18 percent YoY growth in chronic sales
-Strong India & CDMO outlook coupled with gradual margin improvement
-Improving chronic mix & field force productivity keep us positive
-Raise FY24-26e EPS by 4-7 percent

Net profit up 83.7 percent at Rs 363 crore versus Rs 197.6 crore and revenue up 30.6 percent at Rs 2,769.2 crore vs Rs 2,119 crore, YoY.

Net profit up 31.8 percent at Rs 149.1 crore vs Rs 113.1 crore and revenue up 3.5 percent at Rs 3,706.6 crore vs Rs 3,581.9 crore, YoY.

-Underweight call, target Rs 1,535 per share
-Underlying PBT was in-line; both revenue & expenses beat estimates slightly
-Call will focus on annual amortization charges of software cost
-Call will focus on scale-up after TCS software implementation

Net profit at RS 999 crore (Included one-time gain at Rs 785 crore) versus Rs 372 crore and revenue up 13% at Rs 4,130 crore versus Rs 3,662 crore, YoY.

Net profit at Rs 561 crore versus Rs 199.3 crore and revenue up 16.6% at Rs 9,638 crore versus Rs 8,266 crore, YoY.

-Sell call, target Rs 205 per share
-Collapse in Indo coal profits drive 4 percent YoY fall in PBT
-Q2 PAT improved on lower deferred taxes
-Renewables IPP business gets a rates jolt; EPC margin remain volatile
-Odisha discoms & expansion into pump storage remain key long-term positives
-Weak coal prices are a key negative catalyst leading to risk to its EPS

Net profit up 43.9% at Rs 250.7 crore versus Rs 174.2 crore and revenue up 33.4% at Rs 2,986.8 crore versus Rs 2,238.8 crore, YoY.

Net profit down 16.8% at Rs 44.6 crore versus Rs 53.6 crore and revenue down 0.8% at Rs 205.2 crore versus Rs 206.8 crore, QoQ.

Net profit up 14.2% at Rs 233 crore against Rs 204 crore and revenue up 14% at Rs 4,846.9 crore vs Rs 4,251.1 crore, YoY.

Finolex Cables recorded a net income of Rs154 crore in Q2, a significant increase from Rs55.37 crore YoY. The revenue stood at Rs1190 crore, reflecting a 9.2% YoY growth, while total costs increased by 5% YoY to reach Rs1050 crore.

NALCO's Q2 net income of Rs206 crore, a 21% YoY increase, fell short of the Bloomberg estimate of Rs326 crore. Revenue was Rs3040 crore, a 13% YoY decrease from the estimated Rs3143 crore. Total costs decreased 14% YoY to Rs2840 crore. Other income saw a 2.1% YoY increase to Rs68.60 crore.

- Net profit up 4.2% at Rs1,747.8 cr vs Rs1,677.5 cr (YoY)

- Revenue up 27.6% at Rs6,646.4 cr vs Rs5,210.8 cr (YoY)

- EBITDA up 35% at Rs4,053.9 cr vs Rs3,005.5 cr (YoY)

- Margin at 61% vs 57.7% (YoY)

Net profit fell 18.2% at Rs 201.5 crore against Rs 246.4 crore and revenue up 28% at Rs 23,474 crore versus Rs 18,303 crore, YoY.

Net profit up at Rs 174.6 crore against Rs 53 crore and revenue up 15% at Rs 1,919.3 crore versus Rs 1,784 crore, YoY.

Sensex Today | Market at 2 PM

The Sensex was down 74.51 points or 0.11 percent at 64,901.10, and the Nifty was down 15.70 points or 0.08 percent at 19,427.80. About 1505 shares advanced, 1663 shares declined, and 96 shares unchanged. 

-Sell call, target Rs 215 per share
-Reported 8 percent YoY growth in adjusted PAT & beat estimate, despite decline in coal mine profits
-Imposition of section 11 of the electricity act until Jun’24 should support earnings
-Section 11 should support despite YoY earnings impact of coal price decline in H2
-Revise FY24E/25E/26E EPS estimate by +16 percent/+14 percent/+15 percent

Net profit down 28.1% at Rs 153.3 crore versus Rs 213.1 crore and revenue down 8% at Rs 1,213.4 crore versus Rs 1,319.4 crore, YoY.

Net profit up 18% at Rs 313 crore against Rs 266 crore and revenue up 8% at Rs 1,494 crore versus Rs 1,379 crore, YoY.

-Underperform call, target cut to Rs 1,470 per share
-Q2 EBITDA was below estimate as Q1 pre-buying led to subdued demand in Q2
-Management maintained Q1 commentary that export markets are weak
-Domestic CPCB 4+ engine pricing has seen acceptance in metros like NCR
-Believe clarity will emerge only after Q3 on demand at higher price point
-30-50 percent price hikes needed to offset costs on new engines & is reason for margin concern

Net profit at Rs 101.3 crore against Rs 11.5 crore and revenue rose 30% at Rs 2,329.3 crore versus Rs 1,784 crore, YoY.

Net equity inflow at Rs 19,932 crore versus Rs 13,857 crore inflows and Hybrid fund inflow at Rs 9,907 crore vs Rs 18,650 crore inflows, MoM.

Liquid fund inflow at Rs 32,964 crore vs Rs 74,177 crore outflows and ETF inflow at Rs 4,769 crore vs Rs 3,243 crore inflow, MoM.

-Initiate hold, target Rs 190 per share
-Recent rally limits upside
-Potential catalysts are volume ramp-up, new projects
-Recent IPO gives JSW firepower to fuel its organic & inorganic growth
-Has several projects in pipeline
-Forecast a 20 percent EBITDA CAGR over FY23-26e versus a 38 percent CAGR in prior 3 years

Net profit down 30% at Rs 102 crore against Rs 145 crore and revenue up 3.3% at Rs 1,189 crore versus Rs 1,151 crore, YoY.

Sensex Today | BSE Oil & Gas index slipped 0.5 percent dragged by Adani Total Gas, Reliance Industries, Indraprastha Gas:

Net profit down 7.2% at Rs 150.3 crore versus Rs 162 crore and revenue down 10.4% at Rs 1,125.1 crore versus Rs 1,255 crore, YoY.

-Buy call, target Rs 28,700 per share
-Just like old days, reports the highest EBITDA/t
-Gets aggressive with its capacity expansion target, >80 mt by 2028
-Believe adjusted for merchant power sales, cement EBITDA should be around Rs 1,030/t

Gujarat Alkalies & Chemicals has posted a consolidated net loss at Rs 18.4 crore for quarter ended September FY24, against profit of Rs 60.5 crore in year-ago period, impacted by weak topline and operating numbers. Consolidated revenue from operations plunged 13.8% YoY to Rs 971.3 crore in Q2FY24.

Net profit up 6% at Rs 28 crore versus Rs 27 crore and revenue up 6% at Rs 325 crore versus Rs 306 crore, YoY.

Net profit at Rs 23.3 crore versus Rs 2.4 crore and revenue down 6% at Rs 1,377 crore versus Rs 1,462 crore, YoY.

Sensex Today | Market at 1 PM

The Sensex was down 21.93 points or 0.03 percent at 64,953.68, and the Nifty was down 6.20 points or 0.03 percent at 19,437.30. About 1525 shares advanced, 1598 shares declined, and 104 shares unchanged. 

Net loss at Rs 123.1 crore versus loss of Rs 162.4 crore and revenue down 14.4% at Rs 1,133.3 crore versus Rs 1,323.4 crore, YoY.

-Underweight call, target Rs 207 per share
-Core business improved, reflecting better performance in Odisha discoms
-See improving wind PLF & execution, improved margin in the solar EPC business
-Mundra & Coal's combined profitability declined 50 percent in H1
-Net debt decreased marginally in 2Q
-Capex is set to pick-up pace in H2

Net profit gained 25% at Rs 115 crore versus Rs 92 crore and revenue up 14% at Rs 410 crore versus Rs 359 crore, YoY.

Endurance Technologies has registered a 17.5% on-year growth in consolidated profit at Rs 154.55 crore for July-September period of FY24, driven by healthy operating performance. Revenue from operations grew by 7.8% YoY to Rs 2,545 crore in Q2FY24.

Bharat Heavy Electricals (BHEL) has posted consolidated net loss at Rs 238.1 crore for quarter ended September FY24, against profit of Rs 12.1 crore in corresponding period last fiscal, impacted by weak operating performance and lower topline. Revenue from operations declined 1.5% YoY to Rs 5,125.3 crore in Q2FY24.

Net profit up 8.0 percent at Rs 148 crore versus Rs 137 crore and revenue up 24 percent at Rs 922 crore versus Rs 742 crore, YoY.

Net profit up 46.0 percent at Rs 125 crore versus Rs 86 crore and revenue up 24 percent at Rs 844 crore versus Rs 679 crore, YoY.

Net profit up 9.0 percent at Rs 19.7 crore versus Rs 18 crore and revenue down 24.0 percent at Rs 126 crore versus Rs 165 crore, YoY.

The company's focus on business restructuring and high-growth RE business and entry into power transmission would play a crucial role for sustained earnings growth (management targets for 4x rise in its PAT by FY2027E over FY2022) and improved earnings quality.

In addition, management’s business restructuring plans to increase the share of high-growth RE business would drive sustained improvement in ESG scores. Hence, maintain Buy on the stock with a revised price target (PT) of Rs 285.

-Buy call, target Rs 2,055 per share
-Demand & market’s absorption of price hikes taken with CPCB 4+ rollout
-Medium-term domestic demand prospects were encouraging

Power Finance Corporation has recorded a 22.8% on-year jump in consolidated net profit at Rs 4,833 crore for quarter ended September FY24. Revenue from operations during the same period grew by 15.8% to Rs 22,391 crore, from Rs 19,336 crore.

Sensex Today | Nifty Information Technology index fell 0.3 percent dragged by Cressanda Solution, Tata Elxsi, Cigniti Technologies:

PI Industries has reported net profit at Rs 480.5 crore for July-September period of FY24, growing sharply by 44% over a year-ago period, with revenue from operations rising 20% YoY to Rs 2,117 crore and EBITDA growing 28% to Rs 553.4 crore in Q2FY24.

Net profit up 67.5% at Rs 115.6 crore versus Rs 69 crore and revenue down 11.6% at Rs 1,578 crore versus Rs 1,786 crore, YoY.

HEGhas reported consolidated net profit at Rs 96 crore for July-September period of FY24, falling sharply by 43.2% compared to year-ago period. Revenue from operations grew by 2.6% to Rs 614.2 crore during the same period. HEG has completed its expansion project taking the capacity from 80,000 tons to 1,00,000 tons per annum and the expansion costed Rs 1,200 crore and took 3 years to complete.

Fitch Ratings has affirmed India-based Bharti Airtel Limited's (Bharti) Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at 'BBB-'.

The outlook on the IDR is stable.

Fitch also affirmed Bharti Airtel International (Netherlands) B.V.'s senior unsecured guaranteed bonds at 'BBB-' and Network i2i Limited's subordinated perpetual notes at 'BB'.

The stable outlook reflects Fitch's expectations that Bharti's EBITDA net leverage will continue to improve on cash flow growth, which will be sufficient to fund high 5G-related capex and shareholder returns. Rating headroom remains high, supported by a strong, growing position in the fast-consolidating Indian wireless market and African markets.

Stock Market LIVE Updates | Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has registered a 23.5% on-year decline in consolidated profit at Rs 182 crore for quarter ended September FY24, impacted by lower topline. Revenue from operations fell by 19.6% YoY to Rs 2,080 crore during the quarter. The company has received approval from the board members for its proposal to buy back 5.46% shares at Rs 770 per share, amounting to Rs 652 crore.

The USFDA has issued an Establishment Inspection Report (EIR) for Piramal Pharma Limited’s manufacturing facility located at Bethlehem, USA and the inspection has now been successfully closed by the USFDA.

Bajaj Consumer Care posted a net profit of Rs 37 crore for the July-September quarter, up 18 percent from Rs 31.6 crore recorded in the year ago period.

However, revenue growth was muted at just 1 percent to Rs 235 crore in Q2, as against Rs 232 crore in the base period. The muted revenue growth was on account of a slower recovery in rural demand which has been plaguing the entire consumer segment.

Nonetheless, easing raw material costs helped the company improve its operational performance as EBITDA margin expanded to 15.6 percent in Q2 as against 13 percent in the base period.

Shares of PI Industries surged 4.3 percent to day’s high of Rs 3,735 per share on November 9 after the company registered robust July-September quarter (Q2FY24) performance. The company’s revenue rose 20 percent year-on-year (YoY) to Rs 2,116 crore in Q2FY24 driven by agro-chemical exports. Net profit, too, jumped 44 percent YoY to Rs 480 crore in the September-ended quarter.

Agro-chemical exports grew 22 percent YoY in Q2FY24 driven by higher volumes and favourable product mix. Domestic revenues, however, were subdued due to the delayed and erratic spread of monsoon that resulted in lower sales of insecticides and herbicides across key geographies.

Going ahead, the management is confident of achieving 18-20 YoY revenue growth with continued improvement in margins in FY24. With 4 new products already launched in H1FY24, the company plans to launch 2 more products in the domestic market in H2FY24.

Shares of Shree Renuka Sugars tanked 3 percent in the early trade on November 9 after the sweetener company reported a net loss of Rs 205.6 crore for the September quarter.

Shree Renuka Sugars' net loss widened from Rs 141.6 crore in the year-ago quarter partly due to higher input costs. Consolidated revenue grew 16.8 percent YoY to Rs 2,554.7 crore .

The second quarter is usually off-season for cane crushing, noted the company in a regulatory filing. Shree Renuka Sugars still posted its highest revenue in seven years.

Shares of Vodafone Idea rose 2.5 percent in the early trade on November 9 after the Bombay High Court directed the income-tax department to refund Rs 1,128 crore paid by the telecom operator in dues in 2016-17.

The court deemed the assessment order against the telecom major as “unsustainable and time-barred". This is in relation to an assessment order passed to by an income tax officer on August 31 to Vodafone Idea, two years after a dispute resolution panel issued directions to the telecom major.

Shares of Lupin rose around 2 percent and hit a 52-week high of Rs 1,232.10 in the opening trade on November 9, a day after the pharma company reported a stellar set of earnings for the July-September quarter, impressing investors on all three fronts of revenue, net profit and profitability.

The drugmaker's net profit surged manifold to Rs 489.67 crore, sharply up from Rs 129.73 crore in the year-ago period. The jump in profit was aided by strong revenue, which grew over 20 percent on year to Rs 4,939.20 crore. The revenue growth was driven by strong US sales following the launch of the blockbuster respiratory drug Spiriva during the quarter.

"We delivered growth across all our target geographies, while managing costs and achieving operating leverage, thereby driving strong topline and bottomline growth," Nilesh Gupta, Managing Director, Lupin Limited, said in an exchange filing. Read More

Sensex Today | Market at 11 AM

The Sensex was down 44.47 points or 0.07 percent at 64,931.14, and the Nifty was down 14.20 points or 0.07 percent at 19,429.30. About 1518 shares advanced, 1502 shares declined, and 98 shares unchanged.

SJS Enterprises was trading 1.21 percent lower in the opening trade on November 9, a day after ace investor Ashish Kacholia sold 1.6 lakh equity shares in the aesthetics products manufacturing company.

According to exchange data, Kacholia has sold 1.6 lakh equity shares, or 0.51 percent stake, in SJS Enterprises via open market transaction, at an average price of Rs 653.22 a share amounting to over Rs 10 crore. As of September 2023, Kacholia held a 3.23 percent stake in the company. Read More

Shares of Gujarat Alkalies and Chemicals slumped nearly 6 percent in early trade on November 9 after the company reported dismal earnings for Q2, largely bogged down by the weak demand environment plaguing the chemical sector.

The company posted a net loss of Rs 18.40 crore in the July-September period as against a net profit of Rs 60.50 crore in the year-ago period.

The net loss came on the back of a weak operational performance, and a fall in revenue due to aggressive competition from Chinese counterparts and volatile market conditions prevailing during the quarter.

Revenue fell 13.8 percent on year to Rs 971.30 crore as compared to Rs 1,127.30 crore reported in the base quarter. Read More

Shares of Endurance Technologies was down over 3 percent on November 9 morning even automotive component manufacturer posted strong July-September quarter (Q2FY24) results.

The company’s consolidated total income rose 8 percent on-year in Q2FY24 led by Indian as well as European operations. Consolidated profit-after-tax (PAT), too, jumped 17.5 percent on-year to Rs 154 crore in the September-ended quarter.

Segment-wise, revenues from the Indian business grew 4 percent year-on-year (YoY), driven by higher demand from three-wheelers, while European Union (EU) revenues were up by 10 percent YoY in Q2FY24.

Analysts at Motilal Oswal shared a “buy” rating for the stock post results, underlining that the stock trades at 33.1 times (x)/27.5x FY24/25E consolidated earnings per share (EPS). Read More

-Outperform call, target Rs 222 per share
-Winning in market place plus large prospects coming up for bids
-Q2 commissioning picking-up, 4 Of 5 TBCB bids won in H1
-Q2 PAT up 10 percent YoY & raised interim dividend to Rs 4 per share vs Rs 3.75 per share last year

Birla Corporation has recorded consolidated profit at Rs 58.4 crore for July-September period of FY24, against loss of Rs 56.5 crore in corresponding period last fiscal, on Mukutban ramp-up, cost-initiatives, premiumisation and optimisation of power and fuel mix and aided by softening fuel prices. Revenue from operations increased by 14.3% YoY to Rs 2,286 crore in Q2FY24.

Brigade Enterprises shares jumped over 7 percent on November 9, a day after the company reported healthy earnings for the fiscal second quarter. The Bengaluru-based listed real estate developer's net profit jumped 72 percent on-year due to strong demand for housing projects. Revenue from real estate, its largest unit, rose 70 percent YoY.

All business verticals contributed to the growth in Q2 FY24. The residential segment continued to outperform with strong absorption across key markets, heightened end-user interest, stable registration processes, steady home loan rates, and excellent response to new launches. Read More

Sensex Today | BSE FMCG index shed 0.4 percent dragged by Ugar Sugar Works, Bajaj Hindusthan Sugar, Tasty Bite Eatables:

Welspun Corp has reported consolidated profit at Rs 384.7 crore for quarter ended September FY24, against loss of Rs 56.6 crore in year-ago period, driven by strong topline and operating numbers. Revenue from operations grew by 107% YoY to Rs 4,059.5 crore in Q2FY24.