Action-packed day for Indian markets tomorrow with Adani Wilmar, ACC, ITC, and Godrej Consumer Products set to release their quarterly results. Also, the HUL stock is likely to be in focus on the back of its quarterly earnings plus the decision to separate the ice cream business. Both the IPOs, Deepak Builders & Engineers and Waaree Energies, to finalise their allotment on October 24.
Meanwhile, Indian markets ended Wednesday’s trading session on a lower note. The Nifty 50 closed the session 0.15% lower at 24,435. The Sensex ended the session 139 points or 0.17% lower at 80,082. However, the Nifty Midcap 100 outperformed, closing the session 360 points or 0.64% higher at 56,534.
“Investor mindset turned gloomy with the tepid earnings and a knee-jerk reaction from FIIs, which dragged the market sentiment. However, mid and small-caps are experiencing bargain hunting following the recent decline, though the sustainability of this momentum-driven buying remains uncertain. The US 10-year yield inched higher, signalling a slower tempo of rate cuts by the FED, which is poised for a risk-off sentiment towards EMs,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks to watch for October 24
Hindustan Unilever
Hindustan Unilever (HUL) reported a 2.4% fall in consolidated net profit standing at Rs 2,591 crore in Q2 FY25, while its underlying volume growth was 3%. The FMCG major’s revenue rose by 1.9% year-on-year to Rs 15,926 crore. Also, the company’s board of directors decided to separate the ice cream business.
BEML
BEML has outlined a capital expenditure of Rs 900 crore till FY25 and re-entered the construction equipment market after a hiatus of nearly five years, aiming to capitalise on the Rs 45,000 crore market opportunity.
State Bank of India
State Bank of India (SBI) raised Rs 5,000 crore through the issuance of Additional Tier-I (AT-I) bonds at a coupon rate of 7.98% to bolster its capital base, marking the lender’s first such issuance in the current financial year.
GMR Airports Infrastructure
GMR Group has entered into an agreement with a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) for an investment of Rs 6,300 crore in the form of structured debt instruments. The Group said it would use the proceeds to refinance all external debt of GMR Enterprise, the promoter of GMR Airports Infrastructure.
Dalmia Bharat
Dalmia Cement is set to establish a cement plant in Madhya Pradesh at a cost of Rs 3,000 crore.
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