After a flat opening, weighed down by weak global cues and a lack of fresh triggers, indices lost steam and ended in the red on October 16 amid a broad-based market decline. IT, auto, and FMCG stocks were the biggest laggards on Nifty 50. At close, the Sensex was down 318.76 points or 0.39 percent at 81,501.36, and the Nifty was down 86.00 points or 0.34 percent at 24,971.30.
Zydus Life | CMP: Rs 1,018 | Zydus Lifesciences shares fell nearly 4 percent after a US federal judge ruled in favor of Exelixis Inc. in a patent dispute over Cabometyx, a blockbuster cancer drug. MSN Laboratories, which had partnered with Zydus Lifesciences, conceded that its generic version of Cabometyx infringed on three of Exelixis’ patents.
Rallis India shares skyrocketed over 13 percent as investors rejoiced in the company's well-rounded performance in the July-September period. The firm delivered growth on all three key parameters of profit, revenue, and profitability in Q2.
Cochin Shipyard | CMP: Rs 1,588 | Cochin Shipyard fell 5 percent as the government's offer-for-sale to offload a 5 percent stake in the PSU company opened today. Through the OFS, the government intends to pare stake at a floor price of Rs 1,540 per share, implying a discount of 7 percent from the previous closing level.
Shipping stocks | The Centre may go ahead and approve a major decision for the shipping sector in the Cabinet meeting and clear the Coastal Shipping Bill 2024, according to reports. Shares of Shipping Corporation and GE Shipping gained up to 5 percent after the news report, which could pave the way for measures to improve traffic at major ports.
KEI Industries | CMP: Rs 4,358 | KEI Industries tanked as much as 7 percent after the firm's operating margins contracted in the July-September quarter. Despite recording growth in the bottom line as well as topline, the company's EBITDA margin still shrank 70 basis points on year to 9.7 percent in the September quarter.
HDFC AMC | CMP: Rs 4,815 | HDFC AMC shares jumped nearly 6 percent after strong Q2 FY25 results, with the market capitalization topping Rs 1 lakh crore for the first time. Improved yields, steady momentum in equity assets under management, and robust topline growth fueled bullish sentiment around the stock.
RailTel | CMP: Rs 435 | The Share of Railtel Corporation of India jumped 6.5 percent after the company secured a Rs 79.8 crore order from the Maharashtra Housing And Area Development Authority (MHADA). The telecom company announced that it will establish, migrate, and manage cloud-based data center and disaster recovery sites for MHADA under the new contract.
BSE | CMP: Rs 4,506 | International brokerage Jefferies has downgraded shares of Asia's oldest stock exchange BSE to 'underperform' as the near-tern risk-reward has turned unfavorable following the 100% run-up in the stock price. The brokerage downgraded BSE to 'underperform' from 'hold' which dragged the stock over 5 percent lower. The valuations are factoring large gains for BSE or a strong bounce-back in market volumes, the brokerage said.
Voltas | CMP: Rs 1,881 | Shares rose 4 percent after Morgan Stanley upgraded Voltas to 'overweight', up from 'equal-weight' earlier, penciling in the expectation of 21 percent earnings CAGR from FY25 to FY27. The firm's growth is likely to be driven by strong volume growth in the UCP (unitary cooling products) business, with moderate margin expansion.
South Indian Bank | CMP: Rs 25 | Shares surged over 6 percent after the lender reported its Q2 earnings. The lender posted an 18 percent increase in profit at Rs 325 crore in the second quarter ended September 2024. The private sector lender had posted a net profit of Rs 275 crore in the same quarter a year ago. Total income increased to Rs 2,804 crore during the quarter under review, as against Rs 2,485 crore in the same period last year.
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