After opening the day on a negative note, Indian share markets gained momentum as the session progressed and ended the day higher.Weak global sentiment kept markets in the negative zone for the better part of the day on Friday, but fag-end buying in HDFC Bank, NTPC, Axis Bank, ITC, Bajaj Finance, Reliance Industries, and L&T helped benchmark indices settle higher.The stock markets (NSE and BSE) will open for an hour for Diwali muhurat trading on 12 November 2023 (Sunday). As per the notice by BSE and NSE, the symbolic trading session will be held between 6 pm and 7.15 pm. This includes a 15-minute pre-market session.At the closing bell, the BSE Sensex stood up by 72 points (up 0.1%).Meanwhile, the NSE Nifty closed higher by 30 points (up 0.2%).NTPC, ONGC, and Tech Mahindra were among the top gainers today.Hero MotoCorp, HCL Tech, and Titan on the other hand, were among the top losers today.The GIFT Nifty was trading at 19,487, up by 65 points, at the time of writing.Broader markets ended on a positive note on Friday. The BSE MidCap index and BSE SmallCap index ended higher by 0.3%.Sectoral indices ended mixed with stocks in the power sector, finance sector, and metal sector witnessing most of the buying. Meanwhile stocks in the auto sector, IT sector, and oil and gas sector witness selling.Shares of Solar Industries, KPIT Technologies, Sonat Software hit their respective 52-week highs today.Now track the biggest movers of the stock market using the stocks to watch today section. This should help you keep updated with the latest developments…Asian share markets ended in positive territory. The Shanghai Composite ended 0.5% lower, while the Nikkei index ended 0.2% lower. Meanwhile, Hang Seng ended 1.8% lower.The rupee is trading at 83.4 against the US$.Gold prices for the latest contract on MCX are trading 0.4% lower at Rs 60,024 per 10 grams.Meanwhile, silver prices are trading 0.7% lower at Rs 70,695 per 1 kg.
Hindalco Q2 ResultsIn news from the steel sector, Aditya Birla Group flagship Hindalco Industries Limited reported consolidated net profit for Q2 FY24 at Rs 21.9 bn, missing street estimates. Hindalco’s Q2 net was almost flat compared to Rs 22.1 bn in the same quarter the previous year.Consolidated revenue from operations for the company fell 3.6% on-year to Rs 541.7 bn, as against Rs 561.8 bn a year ago; revenue increased 2% from Rs 529.9 bn recorded in the previous quarter.During the July-September quarter, the company benefited from falling coal prices, coupled with recovery in consumer durables as destocking activity subsided, cushioning the profits.The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was at Rs 60.9 bn, up 6%.The sustainable aluminum solutions provider saw sequential improvement in Adjusted EBITDA, driven by initial demand recovery in the unit’s core beverage packaging sheet end market.On November 7, the company reported an Adjusted EBITDA of US$ 484 million (m) for Q2FY24 compared with US$ 479 reported in the previous quarter.However, it dropped 4% YoY, primarily driven by lower shipments, less favorable metal benefits from recycling, and a prior year’s favorable impact from capitalizing high operating costs into inventory.Hindalco Industries is an Indian aluminum and copper manufacturing company. The company is a subsidiary of the Aditya Birla Group.With a huge cash balance of Rs 116.3 bn, it is among the 5 Indian Companies with insane cash reserves to watch out for big dividends.
HAL Q2 ResultsMoving on to news from the defense sector, public sector aerospace and defense company Hindustan Aeronautics (HAL) on Friday reported a marginal year-on-year (YoY) rise in consolidated net profit at Rs 12.4 bn for the July to September quarter. The same was Rs 12.2 bn in the corresponding quarter of last fiscal.Consolidated revenue from operations rose 9.5% on-year to Rs 56.4 bn in the quarter under review, compared to Rs 51.4 bn in September 2022.Total expenditure rose 18% on-year to Rs 44.6 bn during the period under review. It was Rs 37.8 bn in the year-ago quarter.EBITDA (Earnings Before Interest Tax Depreciation and Amortisation), also known as operating profit, fell 5.8% on-year to Rs 15.3 bn in the second quarter.HAL is engaged in carrying out the design, development, manufacture, repair, and overhaul of aircraft, helicopters, engines, and related systems like avionics, instruments, and accessories primarily serving the Indian defense program.As of 30 September 2023, the Government of India held a 71.64% stake in the company.HAL has paid two interim dividends of Rs 20 each for the financial year 2023, making it among the top defense stocks which pay good dividends.HAL is the perfect combination of dividend and growth.
Warren Buffett’s favorite type of businesses are the ones that have huge economic moats which are near-monopolies in the industries they operate in. HAL is one among them.More By This Author:Sensex Today Trades Lower; M&M, Titan Top LosersSensex Today Ends 143 Points LowerSensex Today Ends Flat; Pharma & Realty Stocks Shine
Sensex Today Ends 72 Points Higher; NTPC & ONGC Top Gainers
