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“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

“The feeling in India is that we have not really made much money on the equity markets for this year because on an absolute level, we are just where we are but on a relative scale, we have really outperformed. What does this now mean for the future? That is something which is a question which everyone is trying to grapple with. ”

A disappointing result season sent Facebook-owner Meta Platforms stock plummeting 25%. Investors are spooked by Facebook’s costly metaverse bets and the impact of soaring inflation on ad spending. On the other hand, Amazon shares fell 17% in extended trading after the retail and technology heavyweight projected a holiday slump that would leave current-quarter sales below Wall Street estimates.