Latest Stock Market News

The expected pick-up in consumption in the coming quarters augurs well for ITC, on account of moderation in inflation, normal monsoon and proactive measures by the government and RBI, the research firm said.

The local unit managed to carve out an 0.25% advance on a weekly basis.The rupee, along with most other Asian currencies, had received a boost this week on bets that the Fed may not opt for another 75 basis points hike in its December policy review.

“We need to be very careful so that earnings are on our side. Even in the results that have come till now, the top line is holding pretty well but there are challenges on margins and profitability. I am positive on the market outlook but I do not think we can be completely cut off from the global markets. So, to that extent, one needs to be watchful.”

India’s largest auto manufacturer reported fourfold YoY rise in net profit for the September quarter to Rs 2,062 crore, with revenue increasing by nearly 46% to Rs 29,931 crore.The operational performance also saw a stark improvement, with margins expanding509 basis points to 9.25%.

FPIs have rolled over net long positions to the tune of about 2.3 million in index futures in the November series, against the net short positions of about 12 million added at the start of the October series.The pattern has been similar even in stock futures.

“Margin profile is probably slightly below expectation but Q3 and Q4 will be the more important quarters in terms of the overall margin profile because it is difficult to calibrate in terms of what kind of inventory they would have had in raw materials and things like that. I think the full impact of the benefit of raw material will come in Q3 and Q4,” says Naveen Kulkarni.

The Nifty Pharma index closed 1.36 per cent down at 13048.3.

“In the two-wheeler space overall, we have a buy recommendation because of attractive valuation but we believe that it would take some more time to give sizable return to investors. We prefer Maruti Suzuki over others and we like a few ancillary companies like Bharat Forge wherein traction is coming from domestic CV side as well as non auto space.”

The rupee appreciated 4 paise to 82.29 against the US dollar in early trade on Friday, supported by a weak greenback in the overseas market and positive domestic equities.In the international market, gold was trading in red at USD 1,653.25 per ounce while silver was flat at USD 19.34 per ounce.

Revenues from operations in the period under review rose 46% to Rs 29,930.80 crore , from Rs 20,538.90 crore in the year-ago period