As per provisional closing data, the barometer index, the S&P BSE Sensex rose 33.21 points or 0.05% to 64,975.61. The Nifty 50 index added 36.80 points or 0.19% to 19,443.50.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index advanced 0.78% while the S&P BSE Small-Cap index rose 0.60%.

The market breadth was positive. On the BSE, 2,025 shares rose and 1,680 shares fell. A total of 123 shares were unchanged.

IPO Update:

The initial public offer (IPO) of ASK Automotive received bids for 2,32,96,097 shares as against 2,06,99,974 shares on offer, according to stock exchange data at 15:36 IST on Wednesday (8 November 2023). The issue was subscribed 1.13 times.

The issue opened for bidding on Tuesday (7 October 2023) and it will close on Thursday (9 November 2023). The price band of the IPO is fixed at Rs 268-282 per share. An investor can bid for a minimum of 53 equity shares and in multiples thereof.

The initial public offer (IPO) of Protean eGov Technologies received bids for 9,60,25,788 shares as against 43,78,700 shares on offer, according to stock exchange data at 15:36 IST on Wednesday (8 November 2023). The issue was subscribed 21.93 times.

The issue opened for bidding on Monday (6 October 2023) and it will close on Wednesday (8 November 2023). The price band of the IPO is fixed at Rs 752-792 per share. An investor can bid for a minimum of 18 equity shares and in multiples thereof.

Stocks in spotlight:

Power Grid Corporation of India shed 0.41%. The company reported consolidated net profit of Rs 3,781.42 crore in Q2 FY24 as compared to net profit of Rs 3,650.29 crore in Q2 FY23. Total income rose to Rs 11,530.43 crore in Q2 FY24 from Rs 11,349.44 crore in Q2 FY23.

Shree Cement fell 1.42%. The company reported consolidated net profit of Rs 446.62 crore in Q2 FY24 as compared to net profit of Rs 183.24 crore in Q2 FY23. Total income rose to Rs 4932.11 crore in Q2 FY24 from Rs 4197.37 crore in Q2 FY23.

Apollo Tyres jumped 6.27% after the company's consolidated net profit surged 164.37% to Rs 474.25 crore in Q2 FY24 as compared with Rs 179.39 crore posted in Q2 FY23. Revenue from operations increased 5.43% year on year to Rs 6,279.66 crore in the quarter ended 30 September 2023.

Indian Railway Catering and Tourism Corporation declined 0.21%. The firm has reported 30.4% rise in net profit to Rs 226.03 crore on a 23.5% increase in total revenue to Rs 995.31 crore in Q2 of FY 2023-24 in comparison to Q2 of FY 2022-23.

Arvind Fashions advanced 1.17% after the company?s consolidated net profit jumped 18.88% to Rs 21.66 in Q2 FY24 as compared with Rs 18.22 crore in Q2 FY23. Revenue from operations increased 7.20% to Rs 1,266.94 crore in Q2 FY24 as compared with Rs 1181.81 crore posted in Q2 FY23, despite slower consumer demand.

Godrej Industries added 1.01% after the company?s consolidated net profit tumbled 44.1% to Rs 87.30 crore in Q2 FY24 as against Rs 156.18 crore recorded in Q2 FY23. Revenue from operations stood at Rs 3,937.61 crore during the quarter, down 2.07% from 4,021.04 crore posted in Q2 FY23.

CRISIL fell 2.63%. The company reported 2.8% rise in consolidated net profit to Rs 151.99 crore on 7.7% increase in revenue from operations to Rs 735.87 crore in Q3 CY23 over Q2 CY22.

Hindalco Industries rose 0.92% after its wholly-owned subsidiary, Novelis Inc, reported a 14.21% decline in net income to $157 million in Q2 FY24 from $183 million in Q2 FY23. The net income on year on year basis was mainly impacted due to lower adjusted EBITDA.

Net sales decreased 14% as against the prior year period to $4.1 billion for the second quarter of FY24, primarily driven by lower average aluminum prices and a 5% decrease in total flat rolled product shipments to 933 kilotonnes, partially offset by increased product pricing and favorable product mix.

Prince Pipes & Fittings jumped 15.77% after the company reported net profit of Rs 70.63 crore in Q2 FY24 as against a net loss of Rs 24.11 crore recorded in Q2FY23. Revenue from operations rose 3.13% to Rs 656.45 crore in Q2 FY24 as against Rs 636.48 crore recorded in Q2 FY23.

Global markets:

Markets in Europe and Asia declined on Wednesday.

U.S. stocks rose on Tuesday, with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in U.S. Treasury yields buoyed megacap growth stocks while investors sought more clarity on interest rates from the Federal Reserve. Fed Chair Jerome Powell is set to speak on Wednesday and Thursday.

Powered by Capital Market - Live News