Latest Stock Market News

Sandip Sabharwal discussed recent performance trends in various sectors, noting disappointing outcomes for OMCs and the potential for continued undervaluation in M&M auto stocks. He expressed concerns about the chemical and real estate sectors facing challenges due to weak demand and tight liquidity. The article provides insights on potential movements within these industries.

Happiest Minds reported mixed performance for the quarter. It reported revenue of Rs 4.6bn( up 11.2% QoQ, up 18.7% YoY) with the sequential growth led by contribution from two acquisitions- 1) Puresoft Technologies 2) Aureus Tech.

Suprajit Engineering revealed a buyback of shares worth Rs 112.5 crore, setting August 27 as the record date and a buyback price of Rs 750, signaling a significant premium. This led to a stock surge of 10.35%, reaching a new high of Rs 595. The buyback will involve 15,00,000 equity shares at the given price.

We cut our EPS estimates by 11.2%/6.9% for FY25E/FY26E and downgrade the stock to a “HOLD” given near term growth challenges in publishing division and rising competitive intensity in domestic stationary market.

We expect SKF to report revenue/earning CAGR of 14%/19% over FY24-26 mainly driven by (1) Strong industry tailwinds both in auto and industrial, (2) significant focus on increasing localisation, (3) new product development, (4) revival in exports and (5) de-leveraging unprofitable segments/customers.

Ecom Express Ltd has filed draft papers with SEBI to raise Rs 2,600 crore through an IPO. The fresh issue will fund new processing centres, technology improvements, and debt repayment. The Indian e-commerce market is projected to grow at a CAGR of 21% over the next five years, with Tier 2+ regions playing a significant role.

Gold and silver futures experienced notable fluctuations as October gold futures opened at Rs 70,353 per 10 grams and September silver futures at Rs 82,000/kg. Price swings were influenced by U.S. retail sales data and jobless claims. Market volatility is expected to persist, with key support levels being closely monitored.

The Nifty Auto index was trading 0.75 per cent up at 25281.8.

Feroze Azeez, Deputy CEO of Anand Rathi Wealth, discussed the importance of patience in investments for financial freedom. He highlighted the need for higher equity investments to combat inflation and stressed focusing on wealth creation over quick profits. Azeez also spoke about understanding different types of risks, including market, inflation, and liquidity risks, for sustainable financial growth.