Asia’s benchmark equity index crept higher early Tuesday after US stocks rose for a fifth session. Bloomberg’s dollar index held near a one-year high as traders bet the currency will benefit from President-elect Donald Trump’s agenda.US stock indices surged to record high on Monday, following last week’s rally as optimism on proposed tax cuts and expectations of an easier regulatory environment after Donald Trump won the US presidency continued.Here’s a table showing how US stocks performed on Monday:
Data Source: EquitymasterAt present, the BSE Sensex is trading 65 points higher and NSE Nifty is trading 26 points higher.Trent, Hindalco, and BPCL are among the top gainers today.HDFC Bank, Nestle and Asian Paints other hand are among the top losers today.Broader markets are trading on a positive note. The BSE Midcap index and the BSE Smallcap index are trading 0.7% higher.Sectoral indices are trading mixed today with in capital goods sector and FMCG sector witnessing most witnessing selling pressure. Meanwhile stocks in telecom sector and realty sector witnessing buying.The rupee is trading at Rs 84.40 against the US dollar.In commodity markets, gold prices are trading marginally higher at Rs 75,450 per 10 grams today.
ONGC Q2 ResultsState-owned ONGC on Monday reported 17% growth in its standalone net profit for the September 2024 quarter to Rs 119.8 bn. The same stood at Rs 102.4 bn a year ago.Revenue from operations in the same period declined 4% year-on-year to Rs 338.8 bn as against Rs 351.6 bn in the corresponding period of last year.The board has declared a first interim dividend of Rs 6 per equity share of face value of Rs 5 for the financial year 2024-25. The company has fixed November 20 as the record date to determine the eligibility of shareholders for payment of said dividend.The company reported an EBITDA of Rs 18,236 crore in the quarter ended September 2024. Margins came in at 53.8% in the reporting period.Segment-wise, revenues from the offshore segment declined to Rs 230 bn in the second quarter as against Rs 234.7 bn in the same quarter last year.Onshore revenues during the July-September 2024 period also fell to Rs 108.7 bn. The same stood at Rs 116.9 bn in the corresponding quarter of the previous year.
Hindalco Profit Zooms 123%
Aditya Birla Group’s metal flagship Hindalco Industries on Monday reported a 123.3% YoY jump in net profit at Rs 18.9 bn for the second quarter driven by a strong operational performance by its Indian business, favourable macros and prudent cost management.In the corresponding quarter of the previous fiscal, Hindalco Industries posted a net profit of Rs 8.5 bn.The company’s revenue from operations increased 7.7% to Rs 222.6 bn against Rs 208.7 bn in the year-ago period.At the operating level, EBITDA jumped 56.5% to Rs 27.5 bn in the second quarter of this fiscal over Rs 17.6 bn in the same period last fiscal.The EBITDA margin stood at 12.4% in the reporting quarter compared to 8.5% in Q2 of FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation.In Q2, Hindalco’s aluminium upstream segment achieved an EBITDA per tonne of US$ 1,349, marking an 80% increase and industry-leading margins of 41%.The copper business set a record with EBITDA reaching Rs 8.3 bn, up 27% YoY.Hindalco maintained robust cash flow, keeping its net debt to EBITDA ratio below 1.2x.In aluminium (India), upstream revenue rose by 16% to Rs 91.3 bn , and EBITDA grew 79% to Rs 37.1 bn, supported by reduced input costs, maintaining a 41% margin.
L&T Tech Acquires AI Software FirmInformation technology firm L&T Technology Services (LTTS) announced the acquisition of California-based software and artificial intelligence (AI) firm Intelliswift on 11 November for US$ 110 million, to deepen its offerings across software product development, platform engineering, digital integration, data, and AI.The acquisition will also enhance LTTS’ AI and software capabilities in the digital engineering suite for global clients such as through Intelliswift’s AI-led automation framework.Intelliswift services four of the top five hyperscalers and caters to over 25 Fortune 500 companies, including five of the top 10 ER&D spenders in software and technology.Pat Patel, Founder and Executive Chairman, Intelliswift, said that it aims to become the leading technology partner for major hyperscalers and companies worldwide that depend on it for business critical products and platforms.More By This Author:Sensex Today Ends 9 Points Higher; Nifty Below 24,150Sensex Today Trades Lower; Nifty Below 24,100; Asian Paints Cracks 8%Sensex Today Ends 55 Points Lower; Nifty Below 24,150
