Auto sales zoom in October, Sun Pharma posts strong Q2 numbers & more

NIFTY50: 18,989 ▼ 90 (-0.47%)
SENSEX: 63,591 ▼ 284 (-0.44%)

• Benchmark indices ended in negative territory for the second straight day
• In all, 36 of the NIFTY50 stocks closed in the red
• Weak Oct PMI and upcoming Fed rate decision keep markets on tenterhooks
• India’s Oct GST revenue soared to ₹1.72 lakh crore, second-highest ever

Among the NIFTY sectoral indices, Metal (-1.43%) and IT(-0.78%) were the top losers while NIFTY Realty (+1.5%) and Media (+0.88%) gained the most.

What's Up

What's Down

Market Sentiment

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⭐ Auto sales zoom in October 

Top automakers have reported healthy sales numbers in October. Shares of Mahindra & Mahindra rose 1% as its utility vehicle sales jumped 36% YoY to 43,708 units. Meanwhile, Tata Motors sold 82,954 vehicles in October, with a 7% rise in passenger vehicle sales and 4% rise in commercial vehicle sales. However, Tata Motors shares closed 0.17% lower. India’s biggest automaker, Maruti Suzuki, sold 1.99 lakh vehicles, up 20% YoY, but its shares slid 1.7%.

⭐ Sun Pharma reports strong Q2 numbers

Pharmaceutical giant Sun Pharma's Q2 results beat street estimates, both on revenue and profits fronts.The company’s consolidated net profit rose 6% YoY to ₹2,385 crore, with revenue up 11% YoY at ₹12,192 crore. Shares of the company ended 2.6% higher today. 

⭐ Ambuja Cement’s profit jumps

Ambuja Cement’s consolidated net profit soared from ₹51 crore in Q2FY23 to ₹987 crore, with a 4% YoY revenue growth to ₹7,424 crore. The company attributed the jump in profit to operational excellence and cost saving projects. Despite upbeat Q2 results, shares of the cement company closed 4.2% lower today. 

⭐ Safari’s double bonanza for shareholders

Shares of Safari Industries closed 2.4% higher today after the company reported a 36% YoY net profit rise to ₹34 crore and an 18% revenue growth to ₹370 crore in Q2. The board of the luggage manufacturer also approved a bonus issue in the proportion of 1:1. The company will issue one bonus share for every one share held. It will also issue an interim dividend of ₹2.5 per share for FY24. Record date for the bonus issue is 10 November 2023.

IPO Corner

⭐IPO of popular beauty brand Mamaearth’s parent company Honasa Consumer was subscribed 70% on the second day of the bidding. To know more and apply for this IPO, click here.

⭐ On the final day of subscription, the Cello World IPO saw strong response. The IPO was subscribed 38.9 times. Shares of the company will be listed on 9 November 2023.

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