Stock market today: The domestic stocks turned positive in the afternoon deals on Friday, October 18. At 1:28 pm, the S&P BSE SENSEX was trading at 81,296.78 levels, up 290.17 points, or 0.36% while the NSE NIFTY50 index was ruling at 24,858.10 levels, up 108.25 points, or 0.44%.
Here is a list of stocks that are buzzing in today's trade.
IGL, MGL, Gujarat Gas: Shares of city gas distribution companies such as Indraprastha Gas (IGL) and Mahanagar Gas (MGL) and Gujarat Gas tumbled up to 15% on the BSE after news surfaced that the government has slashed by up to a fifth the supplies of cheaper gas to city gas entities that retail CNG to automobiles, increasing their dependence on costly imported fuel.
Global brokerage firm Jefferies notes that the government has reallocated 12-15% of the APM gas designated for city gas distribution companies.
This shortfall will need to be compensated by purchasing spot or short-term LNG, which may result in a reduction of ₹3, ₹3, and ₹2.3 per scm in EBITDA margins for IGL, MGL, and Gujarat Gas, respectively.
Polycab India: Shares of
Polycab India were trading over 1% lower at ₹7,006 apiece on the BSE after the company reported a smaller-than-expected second-quarter profit on Thursday as competition hurt its high-margin retail business, with a rise in expenses pressuring the bottomline further. Polycab said its consolidated net profit rose 3.4% to ₹440 crore for the three months ended September 30.
Revenue from operations rose 30.4% to ₹5,498 crore, beating analysts' estimate of ₹4,956 crore.
Havells India: The stock was up over 1% at ₹1,846.65 on the BSE. The company on Thursday reported an increase of 7.5% in its consolidated net profit to ₹267.77 crore in the September 2024 quarter, driven by improvements in consumer demand trends.
Its revenue from operations rose 16.38% to ₹4,539.31 crore in the September quarter. It was ₹3,900.33 crore in the corresponding period last fiscal.
Tata Chemicals: Shares of the company were trading 0.5% lower at ₹1,068.25 apiece on the BSE after the company on Thursday reported a 54.67% decline in its consolidated net profit at ₹194 crore during the second quarter ended September 2024.
Revenue from operations of the company was flat during the quarter under review at ₹3,999 crore compared to ₹3,998 crore during the same period of FY24.
Infosys: Shares of the IT services giant were trading 4.5% lower at ₹1,881.30 apiece on the BSE after the company's second-quarter earnings failed to cheer investors.
It reported a near 5% rise in its second-quarter net profit and raised revenue guidance for the year on broad-based recovery in demand, particularly from its key financial industry clients.
Axis Bank: Shares of
Axis Bank on Friday morning jumped over 4% after the firm's consolidated net profit for the September quarter rose by 19.29% to ₹7,401.26 crore, but the lender reported a pain in the unsecured lending segment.
Wipro: Shares of IT company Wipro climbed nearly 6% on Friday. Wipro on Thursday posted a 21.2% year-on-year rise in its consolidated net profit to ₹3,208.8 crore for Q2 FY25 on higher operating profit but gave weak revenue guidance for the next quarter.
Tejas Networks: Tejas Networks, a broadband, optical, and wireless networking company, is slated to announce its September quarter (Q2 FY25) results today (October 18). Shares of the company in the morning trade were trading 6.82% higher at ₹1,201.20 apiece on the BSE. The stock jumped as much as 8.12% to ₹1,215.85 in the trade.
Mazagon Dock Shipbuilders: Shares of the PSU jumped nearly 10% to ₹4,653 apiece on the BSE after the company said in its exchange filing on Thursday that its board of directors will meet on Tuesday, October 22, 2024, to consider two key proposals.
One is the declaration of the interim dividend for the fiscal year 2024-25, and the second is the sub-division/split of equity shares.
Manappuram Finance:
Manappuram Finance shares slumped 15% on Friday, October 18, after the Reserve Bank of India (RBI) barred its subsidiary Asirvad Micro Finance from sanctioning and disbursing loans.
Zomato: Shares of Zomato slipped 5% on the BSE on Friday, October 18, a day after the company said its board will consider fundraising through qualified institutional placement (QIP) on October 22.
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