Adani Ports’ Q2 profit stays flat, realty stocks surge and more

NIFTY50: 19,395 ▼ 48 (-0.2%)
SENSEX:  64,832 ▼ 143 (-0.2%)

• Benchmark indices ended lower after a volatile trading session
• Among the NIFTY50 stocks, 28 closed in the red
• In October, China saw a 0.2% YoY drop in consumer prices, mainly due to a decline in food costs and factory gate prices

Among the NIFTY sectoral indices, Realty (+1.2%) and Auto (+0.8%) surged the most while NIFTY FMCG (-0.9%)  and Oil & Gas (-0.8%) were the top losers.

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⭐ Adani Ports Q2 profit stays flat

Adani Ports posted a Q2 net profit of ₹1,762 crore, a 1.4% increase from last year, while revenue stood at ₹6,646 crore, up 27% year-on-year (YoY). The profit was impacted by a ₹455 crore write-off of MAT (minimum alternate tax) credit due to switching to the new tax regime. The company's shares closed 1.5% lower today.

⭐ Realty stock surge amid strong sales 

The NIFTY realty index surged 1.2% today, with major players like Sobha, Godrej Properties, Brigade Group and Prestige Group hitting 52-week highs. This rally was driven by increased sales, supported by growing end-user pre-sales, India's economic recovery, stable interest rates and home prices. Additionally, the growing shift of buyers from the unorganised sector to  organised players is also benefiting top developers.

⭐ Mazagon Dock's dividend boost

Mazagon Dock's shares rose after the company reported strong Q2 results. The shipbuilder's profits increased by 56% YoY to ₹333 crore, while revenue was up 7% at ₹1,828 crore. Additionally, the company approved an interim dividend of ₹15.3 per share for its shareholders.

⭐ MTAR tech tumbles on weak Q2 results 

MTAR Technologies shares slumped by around 11% due to weak Q2 results. For the September quarter, the precision engineering company reported a 17% YoY decline in profit to ₹20.5 crore. However, revenue for the quarter stood at ₹167 crore, a 32.2% YoY increase. The company also lowered its FY24 revenue guidance to ₹670–₹700 crore from ₹830–₹860 crore, citing deferred shipment plans in the clean-energy sector.

⭐ Welspun Corp hits 52-week high after Q2 result 

Welspun Corp shares surged 5% following robust September quarter results. The Q2 consolidated revenue reached ₹4,059 crore, a 107% YoY increase, with a net profit of ₹385 crore, compared to a ₹57 crore loss in a year-ago period

IPO Corner

⭐ On the last day of bidding, the IPO of ASK Automotive was subscribed over 51 times. The listing date for the auto component maker is likely to be 20 November 2023.

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