Infosys posts muted Q2 earnings, metal stocks shine & more

NIFTY50: 19,794 ▼ 17 (-0.09%)
SENSEX: 66,408 ▼ 64 (-0.1%)

• Benchmark indices snap two-day winning run 
• In all, 21 of the NIFTY50 stocks closed in the red
• India’s retail inflation eased to 5.02% in September from 6.83% in August 2023.

Among the NIFTY sectoral indices, Media (+3.0%) and Oil & Gas (+1.1%) were the top gainers, while IT (-1.6%) and Realty (-0.1%) were the top losers.

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⭐ Infosys report muted Q2 earnings 

The IT major posted a modest 2.8% QoQ rise in its consolidated revenue to ₹38,994 crore for the September quarter. Meanwhile, its net profit rose by 4.5% QoQ to ₹6,212 crore. The management has revised its FY24 revenue guidance to 1–2.5%. The company also announced an interim dividend of ₹18 per share. The record date is 25 October, while the payout date is 6 November 2023. The stock closed 2.8% lower today.

⭐ Metal stocks shine on royalty rate cut 

Metal stocks were in the spotlight today, with shares of MOIL Ltd, NMDC, GMDC and National Aluminium rising in the range of 4% to 7%. The Ministry of Mines has approved royalty rates for mining critical and strategic minerals like lithium, niobium and some rare earth elements (REEs). The effective royalty rates on these minerals has been brought down from 12% to 3% for Lithium and Niobium and 1% for REEs. These royalty rates are paid to the government in exchange for the right to extract mineral substances. Hence, a lower royalty rate is positive as it encourages more mining exploration and production activity. 

⭐ HDFC AMC sees double-digit rise in net profit 

HDFC AMC reported a nearly 20% YoY rise in its consolidated net profit to ₹436.5 crore during the September quarter. However, on a sequential basis, net profit has dropped 8.5% compared to the previous quarter. Meanwhile, its revenue from operations rose by over 18% YoY to ₹643 crore. 

⭐ Patanjali Foods shares mixed Q2 business update 

Patanjali Foods recorded single-digit year-on-year volume growth in its edible oil sales during the September quarter. The company said pricing pressure due to excessive imports could impact the revenue and margins of its edible oil business. Meanwhile, the company’s food and FMCG segment achieved double-digit sequential growth during the same period. After the announcement, the company's shares closed 1.5% higher.

⭐ Sula Vineyards rises on Q2FY24 sales  

Shares of the winemaker rose nearly 3% today after the company reported a 14% YoY rise in its Q2FY24 sales to ₹116.1 crore. The company’s continued focus on brand premiumisation, with elite and premium wines registering 18% YoY growth, supported the overall revenue growth. Meanwhile, its wine tourism business reported 26% YoY growth to ₹12.1 crore. 

IPO Corner

⭐ Plaza Wires listed at a premium of over 40% over the issue price. The cables and wire maker’s shares started trading at ₹76 per share on the NSE, well above the issue price of ₹54. 

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