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With the said orders, The company has now accumulated orders totaling Rs 9,801 crore in the current financial year.
Navratna PSU BEL is a multi-product, multi-technology, multi-Unit conglomerate which designs, manufactures and supplies products and systems in a wide variety of fields including radars, missile systems, military communications, naval systems, electronic warfare & avionics, C4I systems, electro optics, tank electronics & gun/weapon system upgrades, and electronic fuzes in the defence segment. As on 31 September 2024, the Government of India held 51.14% stake in the company.
The company reported 35.22% growth in consolidated net profit to Rs 1,450.88 crore on 14.78% rise in net sales to Rs 4,583.41 crore in Q2 FY25 over Q2 FY24.
At 10:26 IST, the barometer index, the S&P BSE Sensex, advanced 92.57 points or 0.11% to 81,601.03. The Nifty 50 index added 26.80 points or 0.11% to 24,645.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.10% and the S&P BSE Small-Cap index added 0.05%.
The market breadth was positive. On the BSE, 1,989 shares rose and 1,635 shares fell. A total of 178 shares were unchanged.
Buzzing Index:
The Nifty IT index advanced 1.14% to 45,342.75. The index rallied 1.14% in two consecutive trading sessions.
Infosys (up 1.89%), LTIMindtree (up 1.66%), Mphasis (up 1.3%), Wipro (up 1.28%), HCL Technologies (up 1.2%), Tata Consultancy Services (up 0.71%), Persistent Systems (up 0.33%), L&T Technology Services (up 0.32%), Coforge (up 0.02%) advanced.
On the other hand, Tech Mahindra (down 0.64%) edged lower.
Stocks in Spotlight:
GE Vernova T&D India rose 0.42%. The company announced that it has received an order worth Rs 400 crore from Sterlite Power for supply of power transformer.
Datamatics Global Services (DGSL) added 0.81%. The company said that its material subsidiary, Lumina Datamatics has signed a definitive agreement to acquire a controlling stake in TNQTech, a Chennai-based publishing technology and services company.
Bharat Electronics (BEL) rose 0.08%. The company announced that it has received additional orders worth Rs 634 crore since the last disclosure on 8 November, 2024.
PVR Inox, RBL Bank, Granules India and Manappuram Finance shares are banned from F&O trading on 10 December 2024.
Stocks to Watch:
Metropolis Healthcare’s board approved the acquisition of 100% stake in Core Diagnostics for total consideration of Rs 246.8 crore. This strategic acquisition will enhance Metropolis’ capabilities in advanced cancer testing, while deepening its presence in Northern and Eastern India and driving market share expansion in the specialized segment across the country.
Bharat Electronics has received additional orders worth Rs 634 crore, including maintenance of the Aakash missile system, Telescopic sights for guns, communication equipment, jammers, electronic voting machines , test stations, spares and services. With these orders, the company has now accumulated a total of Rs 8,828 crore in orders for the current financial year.
NHPC‘s board will meet on 12 December 2024 to consider a revised borrowing plant for raising debt during FY25, including raising funds through issuance of bonds upto Rs 2,600 crore in one or more tranches via private placement as part of the borrowingplany for FY25.
JSW Steel has reported consolidated crude steel production for November at 23.23 lakh tonnes, up 5% compared to the year-ago period. India operations’ production was higher by7% YoY, with capacity utilization for November at 94% for India Operations.
GE Vernova T&D India has received an order worth Rs 400 crore from Sterlite Power fro the supply and supervision of 765KV power transmission and reactors for the khawda project.
Lemon Tree Hotel has signed a License Agreement for a Lemon Tree Resort in Mirik, West Bengal. The property will be managed by the company's subsidiary, Carnation Hotels, and is expected to open in FY28.
Isgec Heavy Engineering’s non material subsidiary, Isgec Investments Pte Singapore has entered into sale and purchase agreement with Triumph Excel to sell its entire shareholding in its wholly owned subsidiary, Bioeq Energy Holdings One, Cayman Islands, for $10 million (Rs 84.5 crore).
With these orders, the PSU has now accumulated orders totaling Rs 8,828 crore in the current financial year.
The scrip added 0.16% to currently trade at Rs 315 on the BSE.
At 13:25 IST, the barometer index, the S&P BSE Sensex, rallied 833.40 points or 1.05% to 79,951.69. The Nifty 50 index added 287.40 points or 1.20% to 24,195.50.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index advanced 1.79% and the S&P BSE Small-Cap index jumped 1.74%.
The market breadth was strong. On the BSE, 2,827 shares rose and 1,133 shares fell. A total of 189 shares were unchanged.
Economy:
India's foreign exchange reserves declined $17.761 billion, reaching $657.892 billion for the week ended November 15, as reported by the RBI on Friday. In the prior week ending November 8, the forex declined $6.477 billion to $675.653 billion.
The central bank also reported that gold reserves reduced by $2.068 billion to $65.746 billion during this period. It also indicated that Special Drawing Rights (SDRs) decreased by $94 million to $18.064 billion.
Additionally, India's reserve position with the IMF also declined by $51 million, reaching $4.247 billion in the reporting week.
Gainer & Losers:
Oil and Natural Gas Corporation (ONGC) (up 5.27%), Bharat Electronics Limited (BEL) (up 4.98%), Adani Enterprises (up 4.37%), Larsen & Toubro (up 3.84%) and Bharat Petroleum Corporation (BPCL) (up 3.78%) were major Nifty gainers.
JSW Steel (down 2.85%), Infosys (down 0.91%), HCL Technologies (down 0.82%), HDFC Life Insurance Company (down 0.71%), Tech Mahindra (down 0.45%) were major Nifty losers.
Central Bank of India jumped 7.13% after the Reserve Bank of India (RBI) approved the banks entry in the insurance business through a joint venture with Generali group under FGIICL and FGILICL.
UPL rose 1.19% after the company signed strategic partnership agreement with CH4 Global to bring the latter’s methane-reducing feed supplement, ‘Methane Tamer’ to millions of cattle per day.
Escorts Kubota gained 3.12% after its wholly owned subsidiary, Escorts Kubota Finance is intending to commence its business activities of non-banking financial institution from 26 November 2024.
Dhanuka Agritech gained 1.25% after the company signed an agreement with Bayer AG, Germany, for the acquisition of the crop protection active ingredients, Iprovalicarb and Triadimenol, along with the trademark Melody for Iprovalicarb.
Wardwizard Innovations & Mobility advanced 2.89% after the company signed a memorandum of understanding (MoU) with Ampvolts to develop advanced EV charging infrastructure in India and abroad.
Bliss GVS Pharma rose 0.95%. The company’s Maharashtra-based facilities received a GMP compliance certificate from the National Agency for Medicines and Medical Devices of Romania post an EU GMP inspection.
Global Markets:
The Dow Jones index futures were up 239 points, signaling a strong opening for U.S. stocks today.
European market advanced while Asian stocks traded mixed on Monday as investors awaited a slew of economic data this week, including China's industrial data and India's third-quarter GDP numbers.
On Monday, Singapore released its inflation figures for October. Singapore saw its headline inflation rate fall to 1.4%, the lowest rate of inflation since March 2021.
Looking ahead, October inflation readings from Australia are due Wednesday, and November inflation numbers from Japan's capital city of Tokyo will be released on Friday. Tokyo's inflation figures are widely considered a leading indicator of nationwide trends.
China on Monday kept its medium-term lending rate steady as the country’s central bank seeks to stabilize the Yuan, which has come under pressure following Donald Trump’s victory in the U.S. presidential election.
The People’s Bank of China kept the medium-term lending facility rate unchanged at 2.0% on 900 billion yuan ($124.26 billion) worth of one-year loans to some financial institutions, according to the bank’s official statement.
On Friday, US stocks moved higher as industries poised to benefit from the incoming administration’s pro-business and deregulation policies outperformed. The Dow Jones Industrial Average led major indices, gaining nearly 1% to close at 44,296.51 points. Meanwhile, the S&P 500 added 0.35% to finish at 5,969.30 points, and the NASDAQ Composite rose more modestly, inching up by 0.16% to 19,003.65 points.
Among individual stocks, Boeing Co. surged over 4%, boosting the broader industrials sector. The aircraft manufacturer’s gains came after it secured a $2.39 billion contract modification from the US Department of Defense.
Economic data released Friday pointed to steady momentum in the US economy. The S&P Global Manufacturing PMI for November rose slightly to 48.8 from October’s 48.5, signaling a slower contraction. Meanwhile, the more critical Services PMI jumped to 57.0 from October's 55.0, reflecting robust activity in the services sector. These figures, coupled with last week’s strong jobless claims data, reinforce the view of a relatively healthy US economy.
The Reserve Bank of New Zealand is expected to announce a rate cut on Wednesday, a move that could impact regional financial markets.