Nifty futures on the Singapore Exchange traded 124.5 points, or 0.72 per cent lower at 17,439.5, signaling that Dalal Street was headed for a positive start on Tuesday.
The market extended gains for yet another session and closed near the day’s high on October 17, tracking positive mood in global counterparts. Banking and financial services, auto and select IT stocks led the rally.
The BSE Sensex jumped 491 points to 58,411, while the Nifty50 rose 126 points to 17,312.
Results on October 18
Gujarat Fluorochemicals, Gujarat Mineral Development Corporation, Heritage Foods, HFCL, ICICI Lombard General Insurance Company, JSW Ispat Special Products, KPIT Technologies, L&T Technology Services, Mahindra CIE Automotive, Network18 Media & Investments, Newgen Software Technologies, Polycab India, Schaeffler India, Tata Communications, Tinplate Company of India, and TV18 Broadcast will be in focus ahead of quarterly earnings on October 18.
Stocks in News
Tata Coffee: The company recorded a 172 percent year-on-year growth in consolidated profit at Rs 147 crore for the quarter ended September FY23 driven by improved performance of plantation and instant coffee businesses and one-time exceptional income on disposal of a non-core property. Consolidated revenue increased by 31 percent YoY to Rs 718.3 crore during the quarter led by higher realisations in all businesses.
Zee Entertainment Enterprise: Invesco Developing Markets Fund will sell a 5.51 per cent stake in the media major in a block trade on Tuesday that will fetch the investor as much as $169.5 million, according to deal terms. The stake will be offloaded at a price range of Rs 250-Rs 263.7 per share.
ACC: The cement maker reported a consolidated net loss of Rs 87.32 crore for September quarter on account of a steep rise in fuel cost. The company had posted a profit of Rs 450.21 crore for the same quarter a year ago.
Aster DM Healthcare: Subsidiary Aster Pharmacies Group LLC entered into a joint venture agreement with Abdulmohsen Al Hokair Holding Group to establish, manage and operate a pharmacy chain across the Kingdom of Saudi Arabia to market and commercialise pharmaceutical products under the ‘Aster Pharmacy’ brand.
SJVN: Subsidiary SJVN Green Energy and Assam Power Distribution Company (APDCL) has signed a Memorandum of Understanding (MoU) to develop 1,000 MW floating solar power projects in Assam.
Star Housing Finance: The company said the board of directors approved the sub-division of one share (face value Rs 10) into two fully paid-up shares (face value Rs 5), and the issue of one bonus equity share for every fully paid-up equity share.
Indowind Energy: The company reported consolidated profit at Rs 3.91 crore for the quarter ended September FY23, up 587 percent on strong topline. Revenue during the quarter grew by 65 percent to Rs 14.7 crore compared to the corresponding period last fiscal. In the half year ended September FY23, consolidated profit increased by 249 percent to Rs 5.61 crore and revenue rose by 48 percent to Rs 22.5 crore compared to the same period last year.
Maharashtra Seamless: The company has appointed Sarat Kumar Mohanty as Chief Financial Officer and recommended the issue of bonus shares in the ratio of one bonus equity share against one existing share, subject to the approval of shareholders. Its consolidated profit for the quarter ended September FY23 grew by 86 percent to Rs 176.6 crore compared to the year-ago period and revenue increased by 49 percent to Rs 1,414.2 crore during the same period.
Spandana Sphoorty Financial: The non-banking finance company has turned profitable with Q2FY23 net at Rs 49.5 crore against a loss of Rs 222.68 crore in the previous quarter and a loss of Rs 58.87 crore in Q2FY22. Revenue fell 24.5 percent year-on-year to Rs 281 crore, but grew by 21 percent sequentially.
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