RBI Ends FCNR(B) Swap Facility Early After $52.3 Billion Inflows

The Reserve Bank of India (RBI) has decided to close its special FCNR(B) deposit swap facility earlier than originally planned, following a sharp increase in foreign-currency inflows through the scheme.

The facility, which was initially scheduled to remain open until September 30, will now accept FCNR(B) deposits mobilised by banks only until August 31, 2026. Banks will be able to complete swaps with the RBI under the facility until September 11.

The early closure comes after banks mobilised $52.3 billion through FCNR(B) deposits by August 13, suggesting that the central bank has attracted foreign currency much faster than anticipated.

RBI Receives More Than $56 Billion Through the Facility

According to RBI data cited in the report, total foreign-currency inflows under the facility had reached $56.85 billion as of August 13.

The inflows consisted of:

• FCNR(B) deposits: $52.3 billion

• OFCBs: $2.81 billion

• ECBs: $1.74 billion

The scale of the inflows appears to have given the RBI sufficient foreign currency to meet its requirements, reducing the need to continue accepting additional funds under the swap arrangement.

Foreign Exchange Reserves Rise Sharply

The decision comes against the backdrop of a significant improvement in India's foreign-exchange reserves.

Foreign-exchange reserves increased by more than $40 billion from the week ended July 3.

In the week ended August 7, India's reserves rose by $14.14 billion to approximately $707 billion. The increase was largely driven by a $9.9 billion rise in foreign-currency assets.

The latest reserve level was described as the highest since the week ended March 13.

India's forex reserves had previously reached a record $728.49 billion in the week ended February 27 before declining as the RBI intervened in the currency market to manage excessive volatility in the rupee.

Why Did the RBI Close the Facility Early?

The early closure indicates that the RBI may have achieved its objective sooner than expected.

Economists quoted in the report suggested that the central bank had attracted foreign-currency deposits faster than anticipated. Continuing to raise additional funds could have resulted in the RBI taking on more liabilities than necessary.

Madhavi Arora, chief economist at Emkay Global Financial Services, said the RBI's assessment of its dollar requirements may have changed as inflows accelerated.

The central bank therefore appears to have decided that there was limited benefit in continuing to raise additional foreign currency once its requirements had been comfortably met.

How the FCNR(B) Swap Facility Worked

The special facility was announced on June 5 and operationalised on June 8.

Under the arrangement, banks could mobilise fresh FCNR(B) deposits with maturities of three to five years and swap the foreign-currency inflows with the RBI at the prevailing spot rate.

The RBI also absorbed the hedging cost under the scheme.

This allowed banks to offer more attractive interest rates to non-resident depositors while encouraging foreign-currency inflows into the Indian banking system.

The facility was introduced partly to strengthen India's foreign-exchange position and support the financial system through additional foreign-currency resources.

Strong Inflows Surprised the Market

When the scheme was announced, some market participants expected foreign-currency inflows to accelerate mainly during August and September.

The response, however, appears to have been much stronger and faster.

The RBI also clarified certain leverage-related issues toward the end of June. According to the report, this clarification helped encourage stronger deposit mobilisation from July onwards.

The result was a rapid accumulation of foreign currency through the scheme.

What About ECBs and OFCBs?

While the FCNR(B) swap window is being closed earlier than planned, the RBI's other related facilities will continue.

The scheme covering external commercial borrowings (ECBs) and overseas foreign-currency borrowings (OFCBs) will remain available until December 31, 2026, as previously announced.

This means the RBI's decision is specifically focused on the FCNR(B) component rather than ending all of the foreign-currency financing measures introduced during this period.

Surplus Liquidity Could Become the Next Issue

The large inflow of foreign currency is positive for India's external position, but it can also create another challenge for the banking system.

Economists have pointed out that large foreign-currency inflows can contribute to additional liquidity in the domestic financial system.

Madan Sabnavis, chief economist at Bank of Baroda, noted that the RBI appears to have received more dollars than it initially required and that the inflows could add to surplus liquidity.

The RBI will therefore need to balance its foreign-exchange reserves with domestic liquidity conditions.

RBI Continues to Rebuild Forex Reserves

The latest development also highlights the RBI's recent efforts to rebuild India's foreign-exchange reserves.

The central bank had previously sold dollars intermittently to reduce excessive volatility in the rupee. More recently, it has resumed dollar purchases amid sustained foreign-exchange inflows.

The result has been a significant recovery in India's reserve position.

What This Means for India

The early closure of the FCNR(B) swap facility sends a relatively clear signal: the RBI believes it has raised sufficient foreign currency through the programme and does not currently need to continue accepting deposits at the originally planned pace.

For the Indian banking system, the strong response demonstrates that non-resident investors and depositors were willing to bring significant foreign-currency funds into the country when the incentives were attractive.

For the RBI, the challenge now shifts toward managing the consequences of these large inflows, including their impact on reserves, liquidity and the rupee.

Key Takeaways

• RBI will close the FCNR(B) deposit mobilisation window on August 31, one month earlier than planned.

• Banks have already mobilised $52.3 billion through FCNR(B) deposits.

• Total inflows under the broader facility reached $56.85 billion by August 13.

• India's forex reserves rose to around $707 billion in the week ended August 7.

• ECB and OFCB facilities will continue until December 31, 2026.

• The strong inflows could increase surplus liquidity in India's banking system.

• The early closure suggests the RBI believes its foreign-currency requirements have been substantially met.

Disclaimer

This article is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell any security. Financial markets involve significant risks. Investors should conduct independent research and consider their financial objectives, risk tolerance and circumstances before making investment decisions..

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Jio Platforms Q2 Profit Surges 23% to ₹6,539 Crore, Revenue Up 18%: Digital Expansion Fuels Growth

Jio Platforms Ltd, the digital services arm of India's largest conglomerate, reported a significant increase in its quarterly profit for Q2 FY25. The company announced a 23.4% rise in net profit, reaching ₹6,539 crore, up from ₹5,298 crore in the same period last year. This growth was attributed to higher revenue, operational efficiency, and expanding digital services, showcasing the company's ability to maintain steady growth in a competitive market.

Revenue Boost From Expanding Services
The revenue from operations for Jio Platforms increased by 18%, amounting to ₹31,709 crore in the September quarter. This growth was primarily driven by the scale-up of its home and digital services, as well as the impact of recent tariff hikes. Last year, the company's revenue for the same period stood at ₹26,875 crore, reflecting its continued upward trajectory.

EBITDA Shows Positive Trend
Jio Platforms also posted robust growth in earnings before interest, taxes, depreciation, and amortization (EBITDA). For the September quarter, EBITDA rose by 17.8%, totaling ₹15,931 crore, compared to ₹13,528 crore a year ago. This improvement was led by consistent revenue growth and efficient cost management across its various digital service sectors.

Reliance Jio Infocomm Maintains Strong Position
Reliance Jio Infocomm, the telecom division under Jio Platforms, contributed significantly to the overall profit. It reported a net profit of ₹5,445 crore for the quarter, which is a 12% increase compared to ₹4,863 crore in the same quarter last year. As India's largest telecom operator by users, Reliance Jio Infocomm continues to strengthen its market position through expanded network coverage and enhanced service offerings.

Strategic Initiatives Driving Future Growth
Jio Platforms has been proactive in diversifying its portfolio. The company's strategic push into digital services, including cloud computing, entertainment, and digital payments, has positioned it as a leader in the digital ecosystem. The recent financial results underscore the success of these initiatives and hint at future growth potential, particularly as digital transformation accelerates across India.

Conclusion: Jio Platforms on a Steady Growth Path
The Q2 results reflect Jio Platforms' ability to leverage its strong market position and diversified service offerings to drive consistent growth. With increasing profits, robust revenue gains, and strategic expansion, Jio Platforms is well-poised to continue leading the digital services sector in India. As the company enhances its digital ecosystem, its sustained focus on innovation and customer experience is likely to drive long-term growth and profitability.

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JSW Cement Expands Vijayanagar Plant's Capacity by 2 MTPA with ₹461 Crore Investment

JSW Cement, a part of the JSW Group, announced on October 1, 2024, that it has successfully expanded the production capacity of its Vijayanagar plant in Karnataka. The company has commissioned an additional 2 million tonnes per annum (MTPA) grinding capacity at the plant with a total investment of ₹461 crore. This development brings the total capacity of the Vijayanagar plant to 6 MTPA and raises JSW Cement's overall installed grinding capacity to 20.6 MTPA.

Green Cement Production and Sustainability Focus

The newly added capacity aligns with JSW Cement's focus on producing green cementitious products. The company is committed to sustainable business practices and manufacturing processes, which emphasize minimal carbon footprints. This expansion is a step toward achieving its broader goal of increasing its grinding capacity to 40.85 MTPA in the near future through both brownfield and greenfield expansions across India.

Brownfield and Greenfield Expansion Strategy

JSW Cement is implementing its long-term strategy to develop brownfield and greenfield projects across northern and central India. Planned expansions include new units in key states such as Rajasthan, Punjab, Madhya Pradesh, and Uttar Pradesh, which will significantly increase the company's overall production capacity. These projects will help JSW Cement extend its presence across India, supporting its growth objectives and reinforcing its commitment to innovation and sustainable production.

CEO's Vision on Circular Economy and Innovation

Nilesh Narwekar, CEO of JSW Cement, reiterated the company's commitment to supporting global sustainability goals. "As we continue to expand, our focus will remain on innovative and sustainable manufacturing practices that support the global shift towards a circular economy," Narwekar stated. He further emphasized that JSW Cement's future growth would be driven by these principles, ensuring that the company remains at the forefront of the green cement industry.

JSW Cement's Journey Towards Growth

With this latest expansion at Vijayanagar, JSW Cement has strengthened its foothold in Karnataka. The company aims to become one of the top cement manufacturers in India by continuing to invest in infrastructure that promotes sustainable practices. As part of its growth trajectory, JSW Cement plans to meet increasing demand for eco-friendly building materials while contributing to the development of the country's construction sector.

JSW Cement's efforts to scale up its operations are part of the JSW Group's integrated approach to business, where sustainability, innovation, and growth go hand in hand. With the completion of this expansion project, the company is well on its way to achieving its vision of becoming a leader in the cement industry, powered by green initiatives and cutting-edge technologies.

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NTPC Green Energy to Launch Rs 10,000-Crore IPO in Early November, Plans Global Roadshows

NTPC Green Energy, a wholly-owned subsidiary of NTPC Ltd., is set to launch its much-anticipated Rs 10,000-crore initial public offering (IPO) in early November 2024. This IPO is poised to be one of the largest public issues of the year, attracting substantial attention from investors. As a part of the pre-IPO process, the company has planned roadshows in various major financial hubs, both domestically and internationally, to generate interest and secure investments. These roadshows are expected to take place in Mumbai, London, the United States, Singapore, and other prominent financial centers.

IPO Structure
The NTPC Green Energy IPO will consist entirely of a fresh equity issue. This means that there will be no offer-for-sale component from existing shareholders or promoters, ensuring that all proceeds from the IPO will go directly to the company. The raised funds will be utilized to finance NTPC Green Energy's ongoing and upcoming projects, including investments in solar energy, green hydrogen, and green ammonia.

Shareholder Quotas
Investors who are already shareholders of NTPC Ltd. at the time of the red herring prospectus (RHP) will be eligible for a reserved quota in the upcoming IPO. This quota is capped at 10 percent of the total issue size, offering an opportunity for existing investors to further benefit from NTPC's expanding renewable energy portfolio.

Renewable Energy Ambitions
NTPC Green Energy's IPO is an integral part of NTPC Ltd.'s broader strategy to significantly ramp up its renewable energy capacity. The company aims to achieve 60 gigawatts (GW) of renewable energy capacity by FY32. Currently, NTPC Green Energy has 24 GW of renewable energy projects in its pipeline, with a focus on solar energy and emerging green technologies such as green hydrogen and green ammonia. These projects are expected to play a crucial role in India's transition toward cleaner energy sources, in line with global sustainability goals.

Impact on NTPC Ltd.
The launch of NTPC Green Energy's IPO has already generated optimism in the stock market, with many analysts predicting a positive impact on the stock of its parent company, NTPC Ltd. The renewable energy business, which is growing at a rapid pace, is seen as a key driver of NTPC's future growth. Brokerage firms like Jefferies have maintained a 'buy' rating on NTPC Ltd., setting a target price of Rs 485 per share. Jefferies has cited NTPC's aggressive participation in renewable energy bids, which reached 37-39 GW in FY24, as a significant growth catalyst.

Investor Sentiment and Global Interest
The strong focus on renewable energy, combined with the scale of NTPC Green Energy's planned projects, has piqued investor interest both in India and internationally. Analysts believe that the listing of NTPC Green Energy could unlock substantial value for NTPC Ltd., potentially leading to a re-rating of NTPC's stock. The company's presence in the renewable energy sector aligns with the increasing global focus on sustainability and clean energy investments, making it a highly attractive proposition for investors.

Roadshows to Build Momentum
In the lead-up to the IPO, NTPC Green Energy will conduct roadshows to attract potential investors. These roadshows, scheduled in cities like Mumbai, London, and New York, will provide insights into the company's future projects and financials, aiming to secure interest from both domestic and international institutional investors. Given the company's strategic importance in India's renewable energy landscape, the IPO is expected to draw significant attention from global funds focused on environmental, social, and governance (ESG) investing.

Conclusion
NTPC Green Energy's Rs 10,000-crore IPO represents a major milestone in India's renewable energy journey. With ambitious expansion plans and strong backing from its parent company NTPC Ltd., the IPO is expected to be a key event for both retail and institutional investors. As the company continues to invest in cutting-edge green technologies, the success of this public issue could set the stage for further growth in India's renewable energy sector.

Key Takeaways

• NTPC Green Energy's Rs 10,000-crore IPO is scheduled for early November 2024.
• The IPO consists entirely of a fresh equity issue, with no offer for sale by existing shareholders.
• Proceeds will fund solar, green hydrogen, and green ammonia projects.
• NTPC Ltd. aims to achieve 60 GW of renewable energy capacity by FY32, with 24 GW currently in the pipeline.
• Roadshows are planned in key cities such as Mumbai, London, and New York to attract investors.
• Analysts expect the IPO to unlock value for NTPC Ltd., with a potential re-rating of its stock.

This IPO is poised to be a landmark event in India's renewable energy landscape, drawing significant interest from both domestic and international markets.

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Broader Indices Surge to New Highs: 30 Smallcap Stocks Gain Between 10-50%

The stock market experienced a robust rally last week, with the broader indices reaching fresh all-time highs. In a volatile week ending on September 20, 2024, the BSE Sensex surged by 1,653.37 points, a 1.99% gain, closing at 84,544.31. Similarly, the Nifty50 index added 434.5 points or 1.71%, ending at 25,791. On September 20, both indices reached new highs with the Sensex peaking at 84,694.46 and Nifty at 25,849.25.

Performance of Broader Indices

While the broader indices reached new heights, they slightly underperformed compared to the main indices. The BSE Mid and Smallcap indices ended the week relatively flat, while the Largecap index rose by 1.5%. Nevertheless, several smallcap stocks performed impressively, with 30 stocks gaining between 10-50%. Notable performers included Neogen Chemicals, Reliance Infrastructure, and Waaree Renewable Technologies.

Sectoral Movement: Realty and Bank Sectors Shine

Among sectors, the Nifty Realty index surged by 4.5%, leading the pack. The Nifty Bank index also showed significant strength, rising 3.5%, followed by the Nifty Auto index, which climbed 2%. On the other hand, the Nifty Information Technology index faced a decline of nearly 3%, weighed down by layoffs and a weaker US dollar. Similarly, the Nifty Media and Nifty Pharma indices fell by 2.6% and 2%, respectively.

Foreign Investments Fuel Rally

Foreign institutional investors (FIIs) were net buyers, infusing Rs 11,517.92 crore into the market. In contrast, domestic institutional investors (DIIs) sold equities worth Rs 633.67 crore, slightly balancing the foreign inflow. Analysts credit the market's positive momentum to the US Federal Reserve's unexpected 50 basis points rate cut, which eased fears of an economic slowdown. The lower-than-expected jobless claims from the US added to the optimism, suggesting a potential soft landing for the US economy as the rate-cut cycle begins.

Future Outlook: Nifty Targets 26,000

According to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediaries Ltd., the bullish momentum is expected to continue, with the Nifty likely to test the 25,900-26,000 range. Tejas Shah from JM Financial & BlinkX shares a similar outlook, indicating that Nifty's closing above the 25,500-550 resistance zone sets the stage for an upward move towards the psychological barrier of 26,000.

Amol Athawale, VP-Technical Research at Kotak Securities, adds that as long as the market trades above 25,500, the upward breakout trend will continue. He notes that if Nifty dips below this level, traders may opt to exit their long positions.

In conclusion, the Indian stock market remains in bullish territory, with several smallcap stocks delivering outstanding returns. The upcoming week will test whether Nifty can break through the 26,000 mark or face resistance.

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DIIs and FIIs Boost Market Momentum: Key Trends and Insights

DIIs Net Buy ₹874 Crore, FIIs Add ₹483 Crore in Market Surge

On September 17, 2024, Domestic Institutional Investors (DIIs) and Foreign Institutional Investors (FIIs) injected fresh capital into the stock market, leading to significant market activity. DIIs made net purchases of ₹874 crore, while FIIs added ₹483 crore worth of shares, as per provisional data from the NSE.

Key Market Movements:

• DIIs bought shares worth ₹10,960 crore and sold equities worth ₹10,086 crore.
• FIIs purchased stocks valued at ₹13,095 crore, while selling ₹12,613 crore during the same trading session.

Year-to-Date Overview:

• FIIs have been net sellers this year, offloading stocks worth ₹1.33 lakh crore.
• In contrast, DIIs have been consistent buyers, accumulating shares worth ₹3.30 lakh crore so far in 2024.

Market Performance: The trading day saw a slight uptick, with the Sensex closing 80 points higher at 83,068, a 0.1% increase, and the Nifty adding 34 points, settling at 25,418.50. Despite this, the overall market sentiment remained mixed, as 1,616 stocks advanced while 2,176 stocks declined.

Sectoral Gains and Losses: Sectors such as Nifty Realty, Consumer Durables, and Auto led the gains, while Media, PSU, and Metal sectors posted losses, reflecting the uneven market sentiment.

Expert View: Vikram Kasat, Head of Advisory at PL Capital, highlighted the cautious market outlook, citing global macroeconomic pressures and a weakened rupee as contributing factors. He emphasized that while some sectors showed strength, upcoming policy announcements are keeping investors on edge.

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Jubilant Ingrevia Shares Surge on Target Upgrade: 25% Upside Potential

Jubilant Ingrevia's shares experienced a notable increase of over 6% to Rs 717 apiece on September 4, following Equirus Capital's upgrade of its target price to Rs 900. This new target suggests a potential upside of 25% from current levels.

The upgrade from Equirus Capital was prompted by the recent shutdown of Pyridine production by global specialty chemicals maker Vertellus in the US. Pyridine, a solvent used in various industries including paint, rubber, and pharmaceuticals, has seen increased costs, which are expected to drive up prices of niacinamide. This price increase is anticipated to enhance profitability in both specialty chemicals and nutrition segments for Jubilant Ingrevia.

At 11:09 am, Jubilant Ingrevia's shares were trading at Rs 723.15, reflecting a 7.3% rise.

Equirus Capital noted that rising Pyridine costs could benefit Jubilant Ingrevia's near-term performance, particularly as the company explores opportunities in the semiconductor industry and aims to secure large contracts to meet its FY29E growth targets.

Despite a 4.7% decline in revenue and a 15.5% drop in profit-after-tax year-on-year for the June quarter, the company remains optimistic. Management expects improvements across all business segments in FY25.

Jubilant Ingrevia's shares have surged over 40% this year, significantly outperforming the benchmark Nifty 50, which has risen 16%.

*Disclaimer: Investment views expressed by experts are their own. Users are advised to consult certified experts before making investment decisions.*

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Mazagon Dock, GRSE Surge on Anticipation of New Naval Warship Orders

Shipping stocks, including Mazagon Dock and GRSE, experienced a significant rally on September 3, following reports that the Defence Acquisitions Council (DAC), chaired by the Defence Minister, is likely to approve defense deals worth Rs 1.3 lakh crore. This includes a substantial order for seven new naval warships, estimated to be around Rs 70,000 crore.

 

This expected approval has sparked optimism in defense-related stocks, signaling increased government spending and strategic investments that are anticipated to benefit key players in the shipbuilding sector. Shares of Mazagon Dock soared by 7%, while Garden Reach Shipbuilders & Engineers (GRSE) rose 6%, and Cochin Shipyard gained 3.84%, trading at Rs 1,922.40 on the NSE.

 

The broader interest in defense stocks has been further fueled by Hindustan Aeronautics (HAL) securing a Rs 26,000 crore order. Additionally, the Indian Navy is expected to receive a significant boost in the coming months, with the approval of indigenous construction for three more Kalvari-class submarines by the end of the year.

 

As the Indian Navy seeks to enhance its capabilities amid a deteriorating strategic environment in the Indo-Pacific, the DAC may soon be approached to build advanced Project 15-class destroyers, equipped with anti-ballistic missile systems and drone launch capabilities.

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IREDA IPO: GMP, what are the subscription status signals? Allotment Date, How to Check Status

The Indian Renewable Energy Development Authority (IREDA) IPO concluded its subscription period on Thursday, receiving robust interest from investors. The overall subscription status stood at 38.80 times, with the retail portion being subscribed 7.73 times. The tentative allotment date for the IREDA IPO is expected to be November 28, 2023, with the likely listing date set for November 29, 2023.

In the gray market, which operates as an informal trading platform, the premium for IREDA Ltd shares has risen to ₹13, reflecting the heightened interest in the public offering. Market observers noted a significant increase in the gray market premium (GMP) from ₹7 to ₹13 over the past week, underscoring the buzz surrounding the IREDA IPO in the primary market. Despite recent market fluctuations, the gray market has remained bullish, and analysts anticipate further upside if there is a reversal in the market trend when the Indian stock market reopens on Tuesday after the Monday holiday.

While the GMP serves as an indicator of market sentiment, experts caution that it does not necessarily determine the success or failure of an IPO. They emphasize the importance of considering fundamental factors and evaluating the company's balance sheet. It's noted that the gray market is speculative and unregulated, lacking a direct connection to the company's financials.

During the three-day bidding period from November 21 to November 23, 2023, the IREDA IPO garnered substantial interest across investor categories. Qualified Institutional Buyers (QIBs) led with a subscription of 104.57 times, followed by the non-institutional investor (NII) segment at 24.16 times, and the employee segment at 9.80 times.

Upon the announcement of share allotment, investors can check the IREDA IPO allotment status online through the BSE website or the official registrar's website, Link Intime Private Limited. The BSE direct link for checking allotment status is bseindia.com/investors/appli_check.aspx, and for Link Intime, investors can use the link linkintime.co.in/mipo/ipoallotment.html. The status can be accessed by entering the IREDA IPO application number and PAN details.

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US Indices end up sharply with tech after strong jobs, slower wage growth

US stocks saw a robust rally on Friday, led by the technology sector, as investors analyzed a jobs report indicating a broad increase in US hiring in September along with a slowdown in wage growth.

The S&P 500 and Nasdaq experienced their most significant daily percentage gains since late August, and the S&P 500 managed to end the week on a positive note, breaking a four-week losing streak.

The information technology sector saw the most significant gains among S&P 500 sectors, closely followed by communication services.

Initially, stocks dipped in response to the jobs data, which revealed the most substantial increase in US employment in eight months for September. However, they began to rebound later in the morning.

Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, noted, "You have an economy that's slowing, but not faltering, and you have a Federal Reserve on the sidelines." He also pointed out that the S&P 500 seemed to bounce back after nearing its 200-day moving average, currently around 4,208.

Market observers have been assessing whether the Fed might halt its interest rate hikes following a recent surge in long-term US Treasury yields. Benchmark 10-year US Treasury yields reached 16-year highs on Friday.

The day's data also revealed a moderation in wages, possibly due to the majority of jobs added last month being in lower-paying industries.

For the day, the Dow Jones Industrial Average rose by 288.01 points or 0.87% to reach 33,407.58, the S&P 500 gained 50.31 points or 1.18% to close at 4,308.5, and the Nasdaq Composite added 211.51 points or 1.6% to end at 13,431.34.

Over the week, the S&P 500 recorded a 0.5% increase, while the Dow declined by 0.3%, and the Nasdaq saw a 1.6% rise.

These recent gains followed significant losses in the stock market during September and the third quarter.

Investors are eagerly awaiting data on September consumer price inflation and producer price index readings due next week. Additionally, they are anticipating the upcoming quarterly earnings season, with major banks such as JPMorgan Chase (JPM.N) scheduled to report next week.

Exxon Mobil's shares experienced a 1.7% decrease after reports suggested that the US oil producer was in advanced talks to acquire Pioneer Natural Resources. Conversely, Pioneer's stock surged by 10.4%.

The volume of shares traded on US exchanges reached 10.58 billion, slightly lower than the 10.72 billion average for the full session over the last 20 trading days.

Advancing issues outpaced declining ones on the NYSE with a ratio of 1.96-to-1, while on Nasdaq, the ratio favored advancers at 1.73-to-1.

The S&P 500 recorded six new 52-week highs and 52 new lows, while the Nasdaq Composite marked 27 new highs and 260 new lows.

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Over 100 Small-Caps Record Impressive Gains as Broader Indices Reach New Highs

This week marked a notable performance in the Indian stock market, with both the BSE Sensex and Nifty50 indices displaying significant strength. The BSE Sensex surged by 0.77 percent, gaining 500.65 points to reach a closing level of 65,387.16. Simultaneously, the Nifty50 index also showed resilience, adding 0.87 percent and concluding the week at 19,435.30.

The positive momentum in the market was primarily driven by encouraging economic indicators. Strong GDP figures and robust manufacturing PMI data for the first quarter of the fiscal year provided a boost to investor confidence. These favorable economic signals helped the benchmark indices break a five-week losing streak, overshadowing concerns such as a weak monsoon, rising crude oil prices, and mixed global market trends.

What's noteworthy is that it wasn't just the large-cap indices that demonstrated resilience. The broader market segments outperformed expectations, with the BSE Mid-cap, BSE Small-cap, and BSE Large-cap indices recording gains of 2.3 percent, 3.8 percent, and 1 percent, respectively.

Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, commented on this week's market performance, emphasizing that "Indian equities posted healthy gains." Both the BSE-30 and the NSE-50, representing large indices, delivered weekly returns of close to 1 percent, showcasing the broad-based optimism in the market. Chouhan also noted that mid-cap and small-cap indices in India outperformed their large-cap counterparts, indicating a well-rounded market rally.

In terms of sectoral performance, the BSE Metals and BSE Realty indices took the spotlight, with weekly gains exceeding 5 percent. Additionally, sectors such as BSE Commodities, BSE Auto, BSE Capital Goods, and BSE Power posted robust weekly gains. However, the BSE FMCG index experienced a 0.5 percent decline during the week.

Chouhan added that "India's real GDP growth in Q1FY24 came in at 7.8 percent," further contributing to the positive sentiment in the market. He also highlighted that the market would closely monitor the impact of a weak monsoon in August and the rise in crude oil prices in the near term.

In terms of sector-wise performance, the BSE Metal index registered an impressive 6 percent jump, while the BSE Realty index surged by 5.7 percent. The BSE Telecom index climbed 4.5 percent, and both the BSE Power and Auto indices saw gains of 3.4 percent each. In contrast, the BSE FMCG index experienced a 0.5 percent decline.

The BSE Small-cap index emerged as a standout performer, surging by 3.8 percent. Several small-cap stocks made notable gains, including Railtel Corporation of India, India Pesticides, Optiemus Infracom, HLV, Take Solutions, RattanIndia Power, Atul Auto, Jai Balaji Industries, Gokaldas Exports, Cerebra Integrated Technologies, Pokarna, Uflex, Coffee Day Enterprises, Skipper, and Sharda Motor Industries, all recording gains ranging from 25 to 46 percent.

On the flip side, GNA Axles, Digispice Technologies, Kuantum Papers, Waaree Renewable Technologies, Newgen Software Technologies, and Electronics Mart India witnessed declines ranging from 10 to 46 percent.

Foreign institutional investors (FIIs) continued their selling trend for the sixth consecutive week, divesting equities worth Rs 4,311.58 crore. In contrast, domestic institutional investors (DIIs) exhibited a contrasting trend by purchasing equities worth Rs 9,570.03 crore. For the month of August, FIIs sold equities worth Rs 20,620.65 crore, while DIIs bought equities worth Rs 25,016.95 crore.

**Nifty50 Outlook**

Amol Athawale, Vice President - Technical Research at Kotak Securities, analyzed the daily and intraday charts of the Nifty and identified a double bottom formation, indicating a strong possibility of an upcoming rally. A long bullish candle on the daily charts further supported the case for a continued uptrend. Key support was expected at 19,350, while the index could potentially rally towards 19,575. However, a breach of support at 19,350 might expose the uptrend to potential declines towards 19,275-19,220.

For Bank Nifty traders, the crucial support level was identified at 44,200. A move above this support could lead to gains towards 44,700 and 45,000. Conversely, a breach of 44,200 could result in a retreat towards 43,900-43,700 levels.

Jatin Gedia, a Technical Research Analyst at Sharekhan by BNP Paribas, provided a technical perspective on the Nifty's performance. He noted a notable rebound from the 19,250 zone, where buying interest emerged. Daily and hourly momentum indicators signaled a positive crossover with divergence, indicating a bullish outlook in the short term. Additionally, on the weekly charts, the Nifty managed to close in positive territory after five consecutive weeks of decline, suggesting that it has reached a region where buying interest is evident.

In conclusion, the Indian stock market displayed remarkable strength during the week, fueled by positive economic data and robust sectoral performances. While there are potential challenges on the horizon, such as a weak monsoon and rising crude oil prices, the short-term outlook appears optimistic, with key support and resistance levels to monitor in the Nifty and Bank Nifty indices.

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Vishnu Prakash R Punglia IPO: Infrastructure Firm Sets August 24 Opening, Price Range at Rs 94-99 per Share

Infrastructure company Vishnu Prakash R Punglia is poised to launch its Initial Public Offering (IPO) on August 24, offering its equity shares in a price band of Rs 94-99 each. The public issue, consisting of 3.12 crore equity shares, is exclusively a fresh issue by the company.

The IPO also includes a reserved portion of 3 lakh equity shares for its employees, granting them shares at a discounted rate of Rs 9 per share from the final offer price. With plans to raise approximately Rs 308.88 crore through the public issue at the upper price band, the Rajasthan-based engineering, procurement, and construction company aims to channel these funds towards capital expenditure and working capital requirements.

The offering is set to conclude on August 28, while the anchor book will open for a single day on August 23. Prospective investors can bid for a minimum of 150 equity shares and in multiples of 150 shares thereafter. Qualified institutional buyers will have access to half of the issue size, while 15 percent is reserved for high-net-worth individuals (HNIs), and the remaining 35 percent is earmarked for retail investors.

Vishnu Prakash R Punglia, known for its experience in designing and constructing various infrastructure projects, is particularly focused on water supply projects (WSPs). The company has successfully executed over 75 WSPs to date, with 38 WSPs currently under execution. Boasting a strong clientele across different government departments, the company's robust order book includes over 85 projects completed and 51 ongoing projects spread across 9 States and 1 Union Territory.

While the fiscal year 2022-2023 witnessed the company doubling its net profit to Rs 90.64 crore, revenues from operations during the same period surged by 48.7 percent to Rs 1,168.4 crore. Notably, the company has managed to achieve a CAGR of 55.10 percent in its topline growth from FY21 to FY23. Despite the impressive performance, the company's debt has risen, reaching Rs 250.4 crore in FY23, compared to Rs 176.6 crore in FY22 and Rs 110.8 crore in FY21.

The IPO's merchant bankers include Choice Capital Advisors and Pantomath Capital Advisors, while Link Intime India will serve as the registrar.

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Market ends week with small gains; realty index climbs 4%, rupee appreciates

Indian equity market witnessed a rangebound movement to end almost flat in an eventful week ended June 2 amid better-than-expected GDP data, 31-month-high manufacturing PMI, higher GST collections, strong auto sales in May and closure of US debt ceiling discussions. In this week, the BSE Sensex gained 45.42 points to close at 62,547.11, and Nifty50 rose 34.75 points to end at 18,534.1.

The BSE Small-cap index surged 2.4 percent with Nucleus Software Exports, Force Motors, Centum Electronics, V2 Retail, Nureca, Brightcom Group, The Hi-Tech Gears and Kopran rising 26-40 percent, while losers included SEPC, Sunflag Iron and Steel Company, SVP Global Textiles, Sintex Plastics Technology, Campus Activewear, Technocraft Industries (India), Greaves Cotton and Precision Wires India.

BSE Mid-cap Index rose nearly 2 percent led by Power Finance Corporation, Nuvoco Vistas Corporation, 3M India, REC, Aurobindo Pharma and Apollo Hospitals Enterprises.The BSE Large-cap Index ended on a flat note. Gainers were ICICI Lombard General Insurance Company, FSN E-Commerce Ventures (Nykaa), HDFC Asset Management Company, Zomato and ICICI Prudential Life Insurance Company, while losers were Adani Total Gas, Adani Transmission, Vedanta, Oil and Natural Gas Corporation, Coal India and Adani Enterprises.

Foreign institutional investors (FIIs) were net buyers in equities this week as they bought equities worth Rs 6,519.73 crore, while domestic institutional investors (DIIs) sold equities worth Rs 1,043.1 crore.Among sectors, the Nifty Realty index gained nearly 4 percent, Media index added 3 percent and Healthcare index added 2.5 percent, however, Oil & Gas index shed 2.7 percent and Energy index fell nearly 2 percent.

In the BSE Sensex, Reliance Industries lost the most in terms of market cap, followed by ICICI Bank, Tata Consultancy Services and Infosys. On the other hand, Hindustan Unilever, Titan Company and Bharti Airtel added the most of their marketcap.During this week, the rupee gained 27 paise to end at 82.30 to a dollar on June 2 against its May 26 closing of 82.57.

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Top 10 Factors that affect the Stock Market on Monday

Bulls kept charging the markets throughout the truncated week that ended April 7, pushing the benchmark indices to sustain their rally. A host of reasons such as higher-than-expected PMI manufacturing data, monthly auto sales numbers, provisional Q4FY23 numbers from banks and NBFCs, FII inflow, and the RBI's surprise pause in interest rate hike with upward revision in growth forecast to 6.5 percent from 6.4 percent aided the surge.

The BSE Sensex climbed 841 points or 1.4 percent to 59,833, and the Nifty50 rose 239 points or 1.4 percent to 17,599, supported by banking and financial services, auto, pharma, and infrastructure stocks.

The broader markets also traded higher with the Nifty Midcap 100 and Smallcap 100 indices gaining 1 percent and 2 percent.

After yet another encouraging week, the momentum is expected to continue along with some volatility in the holiday-shortened week beginning April 10 with focus on corporate earnings, inflation data, global news flows, and FOMC minutes, experts said. 

1) Corporate Earnings

The corporate earnings season for the March FY23 quarter will be kicked off by index heavyweights Infosys on April 13, Tata Consultancy Services on April 12, and HDFC Bank on April 15.

2) CPI Inflation

The consumer price inflation, which measures the change in prices of a basket of goods and services, is likely to drop below the 6 percent mark in March on April 12, with moderation in food inflation, against 6.4 percent in the previous month, while core inflation is likely to be sticky around 5.9-6 percent.

3) US Inflation and FOMC Minutes

On the global front, investors will look for cues from US inflation numbers and FOMC minutes scheduled to be released on April 12. Overall, the inflation is expected to moderate further to around 5.3 percent in March against 6 percent in the previous month, while the core inflation is likely to be steady at around 5.5 percent, as per the forecast available on Trading Economics.

4) Global Economic Data Points

5) FII Flow

The consistent FII inflow due to the falling US dollar index and bond yields also aided the markets and experts believe the flow is expected to continue given the hope that Federal Reserve may consider a pause in interest rate hike cycle sooner than later.

6) Oil Prices

Crude oil prices reached to a month's high, with international benchmark Brent crude futures rising to over $85 a barrel, from $79.77 on a week-on-week basis and WTI crude climbing from $75.67 to $80.46 a barrel in the same period, after a surprise OPEC+ output cuts and more-than-expected draw in US oil stocks. But the gains were capped towards the end of week after the weak US economic data raised fears over demand outlook.

7) Technical View

The Nifty has formed bullish candlestick pattern on the weekly scale, with making higher top higher bottom for second consecutive week, and the momentum indicator RSI (relative strength index) giving a nice positive crossover. Also the index climbed back above the 50-week EMA (exponential moving average - 17,426), which is another positive sign.

8) F&O Cues

The weekly Option data indicated that the 17,600 is expected to be a crucial level for the next direction of Nifty50, where we have seen maximum Call as well as Put open interest. Further, the index may find strong resistance around 17,600-17,800 area, whereas 17,500 is expected to be near-term support followed by crucial support at 17,000 levels.

9) India VIX

The volatility cooled down considerably in the last couple of weeks, with the India VIX fell by 8.8 percent for the passing week to 11.79, the lowest weekly closing level since July 2021, from 12.93 levels last week.

10) Corporate Action

Schaeffler India, Britannia Industries, Varun Beverages, Visaka Industries, Edelweiss Financial Services, and Goodluck India will trade ex-dividend, while Emami will turn ex-buyback in the coming week.

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Top 5 stocks that moved the most on December 9

Benchmark indices saw a lot of pain on December 9. At one point, Sensex was down over 600 points and finally closed 0.62 percent lower at 62,181, down 389 points. Nifty shed 112.70 points to end at 18,496. About 1199 shares advanced, 2220 shares declined, and 113 shares were unchanged. Here are the top 10 stocks that moved the most

Yes Bank | CMP: Rs 19.85 | The stock gained over 11.8 percent after the private sector lender on December 9 said it has received two letters from the Reserve Bank of India pertaining to its deals with CA Basque Investments and Verventa Holdings Limited. Now, the bank plans to engage with the investors to complete its fund raising.

Digispice Technologies | CMP: Rs 26.10 | The stock closed 9.6 percent lower after the company's chief executive officer tendered his resignation. He will be serving his notice period till 31 January, 2023.

V-Guard | CMP: Rs 259.80| The stock gained over 4 percent after the company signed definitive agreements for acquiring 100 percent stake in Sunflame Enterprises for a consideration of Rs 660 crore, on a cash-free, debt-free basis.

IDBI Bank | CMP: Rs 54.75 | The stock shed 5.6 percent after sources said that the timeline for receiving EoIs (expression of interest) for the bank's privatisation may be extended up to early January.

Som Distilleries | CMP: Rs 145 | The stock gained 2.65 percent after the board approved fund raise of Rs 49 crore via rights issue of shares. The company is also executing an expansion plan of Rs 100 crore for setting up a new canning facility and other utilities at Bhopal Plant and expanding brewing facility in Hasan plant.

Sun Pharma | CMP: Rs 993 | The stock gained 1.24 percent after brokerages said that impact of 'import alert' on Halol plant will have insignificant impact on revenue and profit. "US generics story stopped being material for company since 2019-20," noted Bernstein. It has an Outperform call on the stock with target at Rs 1099 per share.

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Top 5 stocks that moved the most on November 29

Benchmark indices ended higher on November 29 with Nifty around 18600. At close, the Sensex was up 177.04 points or 0.28% at 62,681.84, and the Nifty was up 55.20 points or 0.30% at 18,618.

The scrip jumped over 4 percent after CLSA upgraded the outlook on the stock of the payment services company from 'sell' to 'buy'. The recent price correction makes risk-reward "favourable", CLSA said, adding that the company has more than $1 billion cash on the balance sheet. "While our interactions with several investors over the past four months suggest some discomfort or uncertainty on scaling up the lending business, we think that the stock warrants a look now," it said.

Bandhan Bank | CMP: Rs 234.10 | The share price jumped over 4 percent after global brokerage firm CLSA upgraded the stock to buy from outperform with the target at Rs 300 per share. It believes that the bank is likely to benefit from the cyclical recovery in MFI collections/growth.

SBI | CMP: Rs 608.10 | The scrip ended marginally in the red on November 29. State Bank of India (SBI) approved raising Rs 10,000 crore through infrastructure bonds during the financial year 2023, the lender said in an exchange filing. "Raising Infrastructure Bonds up to an amount of Rs. 10,000 crores (including a green shoe option of Rs. 5,000 crores) through a public issue or private placement, during FY23," the release said. On November 24, the SBI's Executive committee of the Central Board consider raising funds through the issuance of infrastructure bonds worth up to Rs 10,000 crore during FY23.

Lyka Labs | CMP: Rs 144 | The stock price ended in the green on November 29. The SEBI Appellate Tribunal (SAT) has lifted the ban imposed on pharmaceutical company Lyka Labs from accessing the capital markets, the pharma company told stock exchanges on November 29. Britannia IndustriesLyka Labs was debarred from buying, selling, or dealing in securities in June 2020 by the Securities and Exchange Board of India (SEBI) in a matter pertaining to the alleged manipulation in the issuance of global depository receipts (GDR).

Britannia Industries | CMP: Rs 4,275 | The scrip ended in the green on November 29. The FMCG major has entered into a Joint Venture Agreement with Bel SA, France, and Britannia Dairy Private Limited on 29th November 2022 to undertake the development, manufacturing, marketing, distribution, trading, and selling, etc., of cheese products in India and certain other countries. As a part of the JVA, Britannia shall sell and transfer 49% of its equity stake in its wholly-owned subsidiary, BDPL, to Bel.

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Top 5 stocks that moved the most on November 25

Benchmark indices ended on a flat note on the first day of the December series amid volatility. At close, the Sensex was up 20.96 points or 0.03% at 62,293.64, and the Nifty was up 28.70 points or 0.16% at 18,512.80.

Biocon | CMP: Rs 282.10 | The share price rose over 2 percent on November 25. Biocon Biologics allotted equity shares worth Rs 2,205.63 crore to parent company Biocon. Its stake in Biocon Biologics will be 88.85% post allotment of shares.

PB Fintech | CMP: Rs 458.50 | The stock jumped over 6 percent after hedge fund WF Asian Smaller Companies Fund bought 67.75 lakh shares in Policybazaar operator via open market transactions, which is 1.5 percent of total paid-up equity. The fund has purchased 34.21 lakh shares on the NSE and 33.53 lakh shares on the BSE, at an average price of Rs 400 per share. The stake buy was worth Rs 271 crore.

Hariom Pipe Industries | CMP: Rs 317.90 | The stock price surged over 11 percent after the company completed the setting up of its 15-tonne electric melting furnace and the commercial production from the same will commence from November 25, 2022. This will increase the company's production of MS billets from the current 95,832 MTPA to 1.04 lakh MTPA.

Keystone Realtors | CMP: Rs 566 | The stock ended in the green on November 25. Plutus Wealth Management LLP bought 17.1 lakh shares or 1.5% stake in the Rustomjee Group company Keystone Realtors at an average price of Rs 555.03 per share.

Engineers India | CMP: Rs 80.30 | The stock ended in the green after the firm said that it has been awarded the job by Mangalore Refinery & Petrochemicals Limited (MRPL) for preparation of BDEP, DFR and pre-project activities for the bio-ATF plant at MRPL. The bio-ATF plant, having non-edible oils and used in cooking oil as feedstock, shall be the first of its kind in India and based on technology developed by CSIR-IIP and EIL. Bio-ATF also known as Sustainable Aviation Fuel (SAF) fuels will contribute to India's net zero carbon emission target, the company said in its release.

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5 stocks that moved the most on November 11

Mahindra and Mahindra | CMP: Rs 1,289 | The share price ended in the red on November 11. The automobile major said it had closed Q2FY23 with a net profit of Rs 2,089.92 crore. The company said during the period under review, it had earned an operational revenue of Rs 20,839.27 crore (PY Q2 Rs 13,314.38 crore) and a net profit of Rs 2,089.92 crore (Rs 1,433.45 crore).

Zomato | CMP: Rs 72.65 | The stock price surged over 13 percent after the food aggregator posted a net loss of Rs 251 crore for the quarter ended September FY23, narrowing sharply from a loss of Rs 430 crore in the year-ago period with a strong top line and improved operating performance. Revenue from operations at Rs 1,661 crore was up 62% from the year-ago period and EBITDA loss narrowed to Rs 311 crore from Rs 536 crore in the same period. Global research firm Jefferies upgraded the stock to "buy" with the target at Rs 100 a share, an upside of 42 percent from the current market price.

Hindalco Industries | CMP: Rs 428.35 | The stock jumped over 3 percent despite the firm reporting a 36 percent drop in consolidated net profit at Rs 2,205 crore for the quarter ended September 30, 2022 from Rs 3,427 crore in the year-ago period following a decline in aluminium prices and rising input costs. On a sequential basis, the drop was 46 percent from Rs 4,119 crore, its highest-ever quarterly profit, in the April-June period. Consolidated revenue for the Aditya Birla Group flagship company rose 18 percent on-year to Rs 56,176 crore from Rs 47,665 crore in the year-ago quarter. Sequentially, the revenue was marginally down 3 percent from Rs 58,018 crore.

Hindustan Aeronautics | CMP: Rs 2,484 | The share price added 2 percent after the firm reported a  YoY 44.2% jump in net profit at Rs 1,221.2 crore against Rs 846.8 crore. Revenue was down 7.3% at Rs 5144.8 crore against Rs 5,552 crore (YoY).

Jindal Steel & Power | CMP: Rs 499 | The scrip jumped 5 percent after the firm recorded a 92.3% year-on-year decline in consolidated profit at Rs 200 crore for the quarter that ended September 30, 2022, impacted by dismal operating performance and a fall in the top line. Revenue from operations fell 0.7% YoY to Rs 13,521.4 crore in Q2FY23. EBITDA tanked 58% to Rs 1,931.4 crore and the margin contracted 1,950 bps to 14.3% from the year-ago period. JSPL has prepaid its entire overseas long-term debt.

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Top 5 stocks that moved the most on November 1

Benchmark indices closed higher for the fourth consecutive session on November 1 with the Nifty above 18,100. At close, the Sensex was up 374.76 points or 0.62 percent at 61,121.35, and the Nifty was up 133.20 points or 0.74 percent at 18,145.40.

Tata Steel | CMP: Rs 101.20 | The stock ended in the red on November 1. The steel major reported an 87 percent on-year decline in consolidated net profit at Rs 1,514 crore for the September quarter. Tata Steel's profit declined 80 percent sequentially. Consolidated revenue remained flat with a marginal decline of 1 percent year-on-year to Rs 59,878 crore. It was down 6 percent on-quarter. CLSA has downgraded the stock to 'sell' and cut the target price to Rs 90 from Rs 110 per share.

Adani Ports | CMP: Rs 840.90 | The share price was up over 2 percent after the firm reported a strong set of quarterly numbers on a YoY basis. Its consolidated net profit for the September quarter jumped 68.5 percent YoY to Rs 1,677.48 crore. Consolidated revenue from operations grew 32.8 percent to Rs 5,210.80 crore on the back of cargo volume growth. Revenue from the company's Port and SEZ activities rose to Rs 4,609.29 crore in the September quarter from Rs 3,530.68 crore last year.

Tech Mahindra | CMP: Rs 1,067.95 | The stock ended in the green after the firm declared its September quarter earnings. The company reported a 4 percent year-on-year fall in consolidated net profit at Rs 1,285 crore for the quarter ended September 30, higher than analysts' estimate of Rs 1,224 crore. Sequentially, net profit jumped 13.6 percent from Rs 1131.6 crore in the June quarter. Consolidated revenue from operations for the quarter came in at Rs 13,129.5 crore, higher by 3.3 percent sequentially and 20.6 percent year-on-year. Revenue stood at Rs 10,881.3 crore in the same quarter last fiscal. In dollar terms, the company's revenue stood at $1,638 million, up 0.3 percent QoQ and up 11.2 percent YoY, broadly in-line with analyst estimates. In constant currency terms, revenue growth came in at 2.9 percent QoQ.

Sun Pharmaceutical Industries | CMP: Rs 1,033 | The scrip ended in the green on November 1. The company reported an 8.2 percent year-on-year rise in consolidated net profit to Rs 2,260 crore for the quarter ended September, higher than analysts' estimate of Rs 1,968.4 crore. The drugmaker reported a 13.8 percent growth in consolidated revenue from operations to Rs 10,952.3 crore for the quarter, in line with analysts' estimates. During the quarter, the company booked foreign exchange-related losses of Rs 240 crore as against Rs 76 crore in the year-ago quarter, the company said.

UPL | CMP: Rs 718.30 | The stock ended in the red on November 1. The firm reported a 28.4 percent year-on-year rise in consolidated net profit at Rs 814 crore, slightly lower than analyst expectations of Rs 831 crore. Net profit stood at Rs 633 crore in the same quarter last fiscal. The company's Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) for Q2FY23 stands at Rs 2,768 crore and EBITDA margin at 22.1 percent as against 19.4 percent in the year-ago period. The company's gross debt as of September 30 stood at Rs 32,550 crore, an increase from Rs 30,123 crore at the end of the June quarter. Net debt also increased to Rs 28,512 crore from Rs 26,480 crore in the June quarter.

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Top 5 Shares that move most on 31st Oct

Life Insurance Corporation | CMP: Rs 603.85 | The scrip was up close to 2 percent on reports that the company plans to pay dividends or issue bonus shares to shareholders. The state-owned insurer is reportedly planning to transfer nearly $22 billion from policyholders' funds into a fund earmarked to pay dividends or issue bonus shares. The move is aimed at shoring up both its own net worth and investor confidence, according to a Reuters report.

Bharti Airtel | CMP: Rs 832 | The stock ended higher by almost 2 percent. Its consolidated net profit for the September quarter rose 89 percent to Rs 2,145.2 crore from Rs 1,134 crore a year back. The figure was in line with analysts' projections. Its total revenue came in at Rs 34,526.8 crore, up 22 percent from Rs 28,326.4 crore reported in the corresponding quarter last year. Analysts had estimated a 75 to 110 percent year-on-year (YoY) growth in net profit while revenue growth was pegged at around 20 percent.

Gland Pharma | CMP: Rs 1,787 | The stock price was down over 4 percent on fears of a likely distress sale of stake by its promoter entity Fosun Pharma Industrial Pte, dealers said. Fosun Pharma holds 57.86 percent of Gland Pharma, which has a strong presence in injectables export to regions like the US and Europe. Fosun International was recently downgraded deeper into 'junk' rating by credit rating agencies as the storm in the Chinese real estate market swept other sectors of the economy, according to a report by Forbes magazine.

Bandhan Bank | CMP: Rs 239.40 | The share price declined over 9 percent on October 31. The private sector lender posted a net profit of Rs 209 crore for the September quarter against a loss of Rs 3,008 crore a year ago, far below Street expectations. Net interest margin (NIM) slipped 100 basis points quarter-on-quarter to seven percent from eight percent. Asset quality showed very little improvement with gross net performing assets (NPA) at 7.2 percent versus 7.3 percent a quarter ago and net NPA flat at 1.9 percent. With slippages during the quarter in review at Rs 3,954 crore, analysts expect credit costs, which stood at 5.3 percent as against 2.7 percent in the June quarter, to remain high. Credit Suisse has trimmed the target price on the stock to Rs 330 from Rs 360. It expects credit costs to moderate in the second half of this fiscal but has cut FY23-25 EPS estimates by 9-19 percent.

Dr Reddy's Laboratories | CMP: Rs 4,427.45 | The scrip ended in the red on October 31. The company reported 12 percent growth in consolidated post-tax profit at Rs 1,113 crore during the September quarter defying analysts who had expected a drop in the bottom line. The drug firm reported a growth of 9 percent in consolidated revenues at Rs 6,306 crore in the September quarter. Sales from the North American market, nearly 50 percent of overall sales, grew 48 percent to Rs 2,800 crore during the quarter under review. With an outperform call on the stock, global brokerage Macquarie said, "Revlimid generic is living up to the expectations as September quarter numbers were better than expected. Management expects continued contribution from Revlimid in upcoming quarters." It has a target price of Rs 4,915 per share.

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