Most Asian stocks advanced on Wednesday, tracking overnight strength in Wall Street, while Chinese markets were volatile as early vote counting showed Donald Trump leading in the 2024 presidential elections.On Tuesday, US stocks rallied as voters headed to the polls on the last day of the presidential election and as more data piled up showing the economy remains solid.The S&P 500 rose 1.2% to pull closer to its record set last month. The Dow Jones Industrial Average climbed 427 points, or 1%, while the Nasdaq composite gained 1.4%.Here’s a table showing how US stocks performed on Tuesday:
Source: EquitymasterAt present, the BSE Sensex is trading 266 points higher and NSE Nifty is trading 87 points higher.Apollo Hospital, HCL Tech, and Maruti Suzuki are among the top gainers today.Titan, Tata Steel, and Hindalco the other hand are among the top losers today.Broader markets are trading marginally higher. The BSE Midcap index and the BSE Smallcap index are trading 0.8% higher.Sectoral indices are trading negative today with in oil & Gas sector and FMCG sector witnessing the most selling pressure. Meanwhile, stocks in the metal sector and consumer durables sector witnessing buying.The rupee is trading at Rs 84.16 against the US dollar.In commodity markets, gold prices are trading 0.2% lower at Rs 78,338 per 10 grams today.
Titan Q2 ResultsTata Group-owned lifestyle products retailer Titan on Tuesday reported that its consolidated profit for the quarter ended September 2024 fell 23.1% to Rs 7 bn year-on-year (YoY) mainly due to the impact of customs duty reduction.During the quarter, Titan’s total income rose 26% YoY to Rs 136.6 bn.Titan’s mainstay jewelry business saw its total income for the quarter growing 26% over Q2FY24 to Rs 107.6 bn. Its EBIT of Rs 9.3 bn in the jewelry segment came at a margin of 8.7% for the quarter. Normalizing the custom duty impact, Q2FY25 EBIT came at Rs 12.2 bn, clocking 11.4% margin.During the quarter, in India, Tanishq opened 11 new stores, Mia added 12 and Zoya added 1 store respectively.Titan’s watches and wearables business saw 19% growth during the quarter. The wearables segment saw a 13% drop in their revenue compared to Q2FY24 primarily due to a reduction in average selling prices.The eyecare business grew 7% while the emerging businesses comprising Indian dress wear (‘Taneira’), fragrances, and fashion accessories recorded a total income of Rs 106 crore for Q2FY25 growing 14% over Q2FY24.
GAIL Q2 Profit Jumps 10%
State-run natural gas supplier Gail reported a 10.2% rise in consolidated net profit attributable to equity holders of the parent for the second quarter of 2024-25.Net profit rose to Rs 26.9 bn, up from Rs 24.4 bn in the year-ago period.Sequentially, Gail’s net profit fell 15.4% from Rs 31.8 bn.The growth was accompanied by a 2.8% rise in consolidated revenue from operations to Rs 339.8 bn in Q2, up from Rs 330.5 bn in Q2 FY24.The latest rise in net profits was driven by higher earnings from various segments, even as Gail’s largest revenue segment-domestic natural gas marketing-saw profits fall 27 percent to Rs 12.5 bn in Q2, down from Rs 17.2 bn in Q2 FY24.The second-largest revenue segment, natural gas transmission, saw profit rise 8 percent to Rs 14 bn, up from Rs 12.9 bn in the same quarter of the previous year.Meanwhile, profit from city gas distribution rose 1.2 times to Rs 2 bn, up from Rs 93.07 crore in Q2 FY24, and profit in the liquefied petroleum gas (LPG) and liquid hydrocarbon business rose to Rs 2.5 bn, compared to a loss of Rs 169 m earlier.Sandeep Kumar Gupta, chairman and managing director, Gail, said the segment is expected to be reasonably profitable in FY25.
Oil India Declares DividendState-owned Oil India Limited (OIL), on 5 November, reported a 25% rise in consolidated net profit on a quarterly basis, reaching Rs 18.3 bn for the July-September 2024 period, compared to Rs 14.7 bn in the previous quarter.Revenue from operations came in at Rs 52.5, down 1.6% from the Rs 53.3 bn reported last quarter.Additionally, EBITDA declined by 11.5% to Rs 21.8 bn from Rs 24.7 bn quarter-on-quarter, with margins shrinking from 46.3% to 41.6%.Oil India has also declared an interim dividend of 30%, equivalent to Rs 3 per share at a face value of Rs 10, with a record date set for 15 November.Meanwhile, the company announced two joint ventures to pursue Compressed Biogas (CBG) projects: one with Hindustan Waste Treatment and another with GPS Renewables and Bharat Petroleum Corporation Limited (BPCL).More By This Author:Sensex Today Rallies 694 points; Nifty Above 24,200 Sensex Today Trades Lower; Nifty Below 23,950Sensex Today Tanks 942 Points; Nifty Ends Below 24,000
