L&T bags new orders, Marico tanks on weak revenue outlook & more

NIFTY50: 19,545 ▲ 109 (+0.5%)
SENSEX: 65,631 ▲ 405 (+0.6%)

• Benchmark indices rebound, NIFTY50 holds 19,500 level 
• In all, 35 of the NIFTY50 stocks closed in the green
• Brent Crude oil futures are trading $85.5 per barrel, declining over 7% so far this week

Among the NIFTY sectoral indices, Media (+1.5%) and IT (+0.9%) were the top gainers, while PSU Bank (-0.5%) and Pharma (-0.3%) were the top losers.

What's Up

What's Down

Market Sentiment

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⭐ L&T rises after bagging multiple orders

The buildings and factories division of L&T has secured orders worth in the range of ₹2500 to ₹5,000 crore. These new orders come from different clients, including the construction of residential townships in Bengaluru. After the announcement, the company’s shares rose by over 2%.

⭐ Marico tanks on weak revenue outlook

Shares of the FMCG major cracked over 5%, after the company said it expects revenue to slow down in Q2. As per the company, its consolidated Q2 revenue will be marginally lower than the same period last year due to price corrections in its core domestic product range. Further, the currency depreciation in certain overseas markets could negatively impact its international business revenue.

⭐ Listed real estate firms report robust numbers 

Major real estate developers like Macrotech Developers and Sobha reported strong sales during the September quarter. Macrotech Developers, which operates under the Lodha brand, achieved quarterly pre-sales performance of ₹3,530 crore. Company’s share rose over 3% intraday before witnessing profit booking. Meanwhile, Bengaluru-based Sobha recorded the highest-ever quarterly sales worth ₹1,723 crore in Q2FY24. The company’s stock closed 6% higher today.

⭐ HAL delivers first LCA Tejas aircraft 

Hindustan Aeronautics (HAL) shares rose 1.4% after the company delivered its first LCA Tejas twin-seater aircraft to the Indian Air Force (IAF). In addition, the IAF will procure 97 additional LCA Tejas, offering the company big order win opportunities. LCA Tejas is a lightweight, all-weather multi-role aircraft used for training requirements of the IAF.

⭐ IEX shares surge on volume rise 

Shares of the energy exchange company closed 2.9% higher today after its platform achieved a 13% YoY growth in electricity volume to 9,147 million units in September. This volume growth comes from a surge in the country's electricity consumption, which grew by 10% as compared to the same period last year. 

IPO Corner

⭐The IPO of Plaza Wires, which manufactures wires and cables, witnessed a strong traction from investors. The public issue was subscribed over 160 times on its last day. The shares will be list on the exchanges on 13 October 2023.

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