Latest Stock Market News

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.

Dollar-rupee forward premiums have declined as a result of bets on shallower Fed rate cuts alongside the RBI changing its policy stance to "neutral," on Wednesday

Indian equity indices opened higher but closed near lows, impacted by pharma, IT, and healthcare stocks. Defence and Tata Group shares rose, while Cipla and Lupin declined significantly.