Latest Stock Market News

Indian market closed slightly higher on Thursday, with PSU, industrials, power, and banks gaining. Realty, FMCG, IT, and healthcare stocks declined. Gujarat Fluorochemicals hit a new high, while HCL Technologies and Tech Mahindra failed to maintain momentum.

State-run Indian Renewable Energy Development Agency (IREDA) on Friday reported a net profit of Rs 388 crore for the quarter ended September 30, 2024 which was up 36% over Rs 285 crore reported by the company in the year ago period. Revenue from operations in Q2FY25 stood at Rs 1,629 crore which was up by 38% against Rs 1,177 crore reported by the company in Q2FY24.

VMS TMT filed draft prospectus for IPO to raise funds for solar power plant, working capital, debt repayment, and general corporate purposes. Proceeds will also be used for backward integration and diversification into MS pipes.

Nifty formed an inside day pattern, indicating sideways movement. Bears are in control, using pullback rallies to create short positions. Support at 24,950-25,000 and 24,750. Resistance at 25,100 and 25,250-275. Analysts suggest buying on dips, with a stop loss at 24,800.

Short covering happens when traders buy back shares they previously sold short, often due to a shift in market sentiment or new information. This usually results in a decrease in open interest.

Sensex closed with a 0.18% gain led by banking stocks amid optimism over potential U.S. rate cuts. Key gainers included Kotak Bank and HDFC Bank. Star Health dropped 2% following a cyberattack disclosure, while VA Tech Wabag rose 5% on securing orders from Reliance Industries.

Tata Consultancy Services (TCS) has declared a second interim dividend of Rs 10 per share, payable on November 5, 2024, with a record date of October 18, 2024. The announcement followed the release of Q2FY25 earnings, showing a 5% YoY increase in consolidated net profit to Rs 11,909 crore, falling short of analyst estimates.

Lower EV/EBITDA suggests a company is becoming more valuable. We analyzed top 3 Indian companies (over Rs 1000 crore market cap) with rising EV/EBITDA ratios. This could indicate rising profitability, efficiency, or an undervalued stock.

JM Financial initiated coverage on ICICI Lombard and Star Health with buy ratings. Target prices were set at Rs 2,400 and Rs 750, respectively. The brokerage firm expects strong growth potential and return ratios for both companies.