Big movers on D-Street: What should investors do with ITC, ACC and Adani Wilmar?
Benchmark indices Sensex and Nifty extend losses for the fourth consecutive day amid disappointing earnings and continuous FII outflows. Key stocks in focus include ITC, which has broken crucial support levels; ACC, nearing critical support after disappointing earnings; and Adani Wilmar, showing positive momentum post-Q2 earnings.
Zomato gives a clarification to BSE on platform fee hike
Zomato clarified that the Rs 10 platform fee hike is not a rumor and is a routine business adjustment. Both Zomato and Swiggy have increased platform fees in some cities to cover operational costs during the festive season. Zomato mentioned that this hike is temporary, while Swiggy has not provided any such clarification.
Costs a drag on ITC’s Q2, D-Street show may stay muted
Raw material cost inflation was the single biggest factor that hurt the margins. The raw material cost surged 29% year-on-year led by the rise in prices of leaf tobacco and wood. The raw material cost as a proportion of sales rose from 40.2% in the same quarter last year to 44.6% this year.
HUL worries trigger selloff in FMCG companies
The Nifty FMCG Index plunged nearly 3%, its steepest single-day drop in 28 months after HUL’s second-quarter results missed expectations, disappointing investors. Analysts anticipate continued margin pressure for consumer companies in the near term due to rising raw material costs and weak urban demand.
IndusInd provides more for loan losses, Q2 net profit falls 39%
The lender posted a 5% growth in its net interest income to ₹5,347 crore. Meanwhile, the net interest margin for the quarter under review stood at 4.08%, down by 21 bps from 4.29% reported in the quarter last year.
RBI’s playing aggressively in currency market in FY25
Latest data published by the RBI showed that in April and May, the central bank purchased dollars worth $8 billion and $23.6 billion, respectively, in the currency market, while making sales worth $11.7 billion and $19.4 billion.
Multi-asset funds have multiple points of appeal, inflows rise over two-fold
A section of wealth managers points out that there has been rapid growth in the mutual fund industry, with 9.7 million new investors coming in the last 12 months. As valuations in equities are no longer cheap and with many first-time investors moving from bank deposits, the need for low-volatility products has multiplied.
Blow for cash-strapped telco: PFC-REC cuts Vodafone Idea’s borrowing call, wants extra cover
Both infra-focused government lenders, which specialise in power-related projects, have told the company that for any loan proposal to be considered, Vodafone Idea (Vi) will have to furnish an extra cover through corporate guarantees to shield these proposed commitments from any future default, top financial industry sources involved in the discussions told ET.
NTPC Q2 Results: Net profit grows 14% to Rs 5,380 crore
The Board of Directors also approved the first interim dividend of Rs 2.50 on the face value of paid-up equity shares of Rs 10 each for the financial year 2024-25. The date of payment/dispatch of the dividend will be 18 November 2024.
JSW Steel Q2 results preview: PAT may decline by 71-80% YoY, revenue fall likely by up to 8.5%
JSW Steel’s net sales and profit after tax (PAT) for Q2FY25 are expected to decline significantly. Various brokerages predict revenue to decrease by up to 8.5% and PAT to drop by 71-80% year-on-year. The company will report its earnings on October 25, 2023. Estimates show a challenging quarter ahead for the steel giant.