Latest Stock Market News

Tata Consultancy Services (TCS), reported a 5% growth in its consolidated net profit on Thursday, reaching Rs 11,909 crore for the second quarter ended September 2024, compared to Rs 11,342 crore in the year-ago period.

Indian stock indices Sensex and Nifty opened lower on Friday due to a profit miss by Tata Consultancy Services, impacting banking and financial stocks. Additionally, higher-than-expected U.S. inflation data for September raised concerns about the likelihood of further interest rate cuts this year.

DMart is expected to show a steady performance in Q2, driven by 14% YoY revenue growth and store additions. Several brokerages forecast net profit increases up to 19% YoY. Revenue growth is primarily attributed to higher inflation and store expansion, with anticipated EBITDA margin improvements.

Khyati Global Ventures is set to debut on the stock exchange this Friday. The company, an exporter of FMCG products, plans to use its IPO proceeds for working capital and corporate purposes. Though it had no grey market premium pre-listing, Khyati operates efficiently with an asset-light model and exports to over 40 countries.

​For example, companies that we like within the space, Cipla, Divi’s, they are likely to report strong numbers. On the domestic focused side, we have Ipca Labs, Mankind which will be reporting strong numbers and these are some of our preferred picks as well from the overall pharma space.

The Reserve Bank of India approved Partha Pratim Sengupta as MD and CEO of Bandhan Bank for three years. He is expected to take charge by November 10, 2024. Sengupta was previously with State Bank of India and Indian Overseas Bank. Bandhan Bank completed a forensic audit related to insurance claims and expects a payout of Rs 1,231.29 crore.

Mazagon Dock shares are in focus due to a Rs 121 crore order from MAHAGENCO for an AI-based project. Shares rose over 8% following defense deals worth Rs 80,000 crore approved by the CCS, including the purchase of Predator drones and construction of nuclear submarines.

A dozen stocks are under a futures and options trade ban on Friday due to exceeding market wide position limits. These include Bandhan Bank, Birlasoft, Chambal Fertilizers, GNFC, Granules India, Hindustan Copper, IDFC First Bank, Manappuram Finance, Punjab National Bank, RBL Bank, SAIL, and Tata Chemicals.

Represented by a long white (or green) candlestick with no upper shadow and a small or nonexistent lower shadow, it indicates strong buying pressure throughout the session.