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

Blog | Market Recap

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.

What's Up

Top gainers Today's change
1,550 ▲ 63  (+4.2%)
Apollo Hospitals 5,300 ▲ 189 (+3.7%)
Coal India
323 ▲ 6.5  (+2.0%)

What's Down

Top losers Today's change
Adani Enterprises
2,219 ▼ 40  (-1.7%)
HUL 2,479 ▼ 39  (-1.5%)
Adani Ports
806 ▼ 13  (-1.5%)

Market Sentiment

India VIX 10.9 ▼ 0.05 (-0.5%)
NIFTY MIDCAP 100  40,538 ▲ 91 (+0.2%)
NIFTY SMALLCAP 100 13,303 ▼ 32 (-0.2%)
83.30 0.03 (+0.04%)

Stock Buzz

⭐ 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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