Stock Market News (Quick Updates)
23rd October 2024
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World Economy
GM Raises 2024 Earnings Guidance
- GM's Q3 earnings per share hit $2.96, surpassing expectations and prompting an upward revision for 2024.
- Full-year adjusted earnings forecast raised to $14-$15 billion, bolstered by strong North American performance.
Gold Hits Record High Amid Uncertainties
- Gold prices soared to an all-time high of $2,741.97 on safe-haven demand linked to U.S. election jitters.
- Analysts speculate prices may reach $3,000 if geopolitical tensions escalate further.
IMF: Global Inflation Nearly Conquered
- IMF reports global inflation projected to drop to 3.5% by end of 2025, emphasizing a need for policy adjustments.
- Despite inflation control, increasing geopolitical risks present a challenge to growth prospects.
Indian market
AICPDF Alleges Predatory Pricing by Quick Commerce Players
- Distributors body files complaint against Blinkit, Swiggy, and Zepto for alleged predatory pricing tactics.
- CCI has initiated an investigation; claims threaten small retailers' viability amid booming quick commerce.
IMF Maintains India's GDP Growth Forecast
- IMF keeps India's GDP growth forecast at 7% for FY25 and 6.5% for FY26, citing robust consumption.
- The Reserve Bank of India aligns with this outlook, highlighting strong economic fundamentals.
Route Mobile Reports Q2FY25 Results
- Route Mobile's net profit rose 14% to ₹101.27 crore, driven by record quarterly revenue.
- Despite seasonally weak Q2, optimism for Q3 remains high due to festive demand.
Stock-wise News
SRF Q2 Results Show Profit Decline
- SRF's net profit fell 33% to ₹201.42 crore amid higher expenses.
- Plans to invest ₹1,100 crore in new plants to manufacture fourth-generation refrigerants are underway.
Kajaria Ceramics Q2 Results
- Kajaria's net profit declined 22% to ₹84.27 crore, missing expectations amid sluggish demand.
- Revenue grew 5%, but construction sector challenges were evident.
ICICI Securities Q2FY25 Results
- ICICI Securities posted a 25% profit increase to ₹529 crore, supported by rising income in broking and distribution.
- Total income surged 37% to ₹1,707 crore.
Supreme Industries Revenue and Profit Decline
- Supreme Industries saw a 15% drop in PAT, pulling down shares by 10%.
- Revenue fell 1.55%, attributed to price volatility in the plumbing sector.
Ambuja Cements to Acquire Stake in Orient Cement
- Ambuja Cements plans to acquire a 46.8% stake in Orient Cement for ₹8,100 crore.
- The deal aims to expand operational capacity and strengthen market position.
Paytm Reports Q2FY25 Earnings
- Paytm's net profit surged to ₹930 crore, boosted by a one-time gain; however, revenue fell 34% to ₹1,659 crore.
- Expecting growth in GMV during the festive season, the company expands partnerships for new initiatives.
Bajaj Finance Q2 Results
• Net profit at ₹4,014 crore, missing estimates of ₹4,343 crore amid rising loan losses.
• Gross NPA ratio increased to 1.06%, reflecting stress in unsecured loans.
Hyundai Motor India Market Debut
• Shares dropped over 7% on debut after India’s largest IPO valued at ₹27,870 crore.
• Closing price was ₹1,820, down from the issue price of ₹1,960, raising concerns among investors.
Nestlé India's Profit Dip
• Nestlé reported a 1% decline in net profit as urban demand falters amidst food inflation.
• Chairman noted mega cities are becoming pressure points for the FMCG sector.
Zomato Q2 Results
• Profit surged fivefold to ₹176 crore, but revenue declined 30% from previous quarter.
• Company plans to raise up to ₹8,500 crore through a qualified institutional placement.
Varun Beverages Q3CY24 Growth
• Sales volume grew by 21.9%, totaling 26.75 crore cases, despite heavy rains.
• Ebitda surged by 30.5%, driven by improvement in operational efficiencies.
