Today’s Sensex: Stock Market Updates: While purchasing is observed in the oil & gas and real estate names, the IT, Metal, Power, and Bank sectors are trading in the red. On the Nifty, notable gainers included HCL Technologies.
Today’s Sensex
The Nifty fell 117.70 points or 0.59 percent to 19,676.30 while the Sensex down 422.37 points or 0.64 percent to 65,986.02. A total of 1513 shares increased, 1486 fell, and 110 remained constant.
Updates from the stock market: Servotech Power Systems and EMCOR Power strike an agreement for EV charging infrastructure
A memorandum of understanding was inked by Servotech Power Systems and EMCOR Power Solutions to revolutionize India’s EV charging infrastructure.
Updates on the stock market: SJVN subsidiary bags Rajasthan to invest Rs 600 crore in a 100 MW solar power plant; increase stock by 2%
Following the acquisition of a renewable energy project in Rajasthan for Rs 600 crore by a subsidiary of SJVN, the company’s shares increased by around 2% in early trading on October 13.
A Letter of Award (LOA) for the development of a 100 MW solar power project from Rajasthan Urja Vikas Nigam (RUVNL) has been obtained by SJVN subsidiary SJVN Green Energy at a rate of Rs 2.62 per unit. The construct, own, and operate (BOO) model will be used for the development of the solar project.
US FDA files Form 483 with nine observations for Panacea Biotec’s Baddi business, according to stock market updates
Panacea Biotec Pharma, a substantial wholly-owned subsidiary of Panacea Biotec, was subject to an examination by the US Food and Drug Administration (US FDA) between October 3 and October 12. Following the aforementioned inspection, the US FDA issued a Form 483 with nine specific findings linked to changes in current practices.
GMR Airports Infrastructure reports a 23% YoY increase in passenger volume for September in stock market Updates
In September, passenger traffic at GMR Airports Infrastructure increased by 23% YoY and decreased by 4% MoM to 94.16 lakh, while aircraft movements increased by 14% YoY and decreased by 4% MoM to 62,230.
Avdhut Bagkar is a technical analyst and derivatives trader at StoxBox.
The major indices started with a gap-down, following Gift Nifty’s lead and the underwhelming beginning of IT’s Q2 earnings.
Following immediate support is 19,450, then 19,600. The index has to decisively surpass 19,850 in order to reverse the trend of decline.
Mahindra Lifespace Developers purchases a 5.38-acre property tract in Pune, according to stock market updates
In Wagholi, Pune, Mahindra Lifespace Developers has purchased 5.38 acres of property. The land’s potential for development is thought to exceed 1.5 million square feet of marketable space.
Bernstein On HCL Technologies: Stock Market Updates
- Market performance; per-share target price of Rs. 1,135
- Delivered a mixed quarter, missing on revenues but beating profits by 90 basis points.
- Total revenue was USD 3,225 million, an increase of 1.0 percent quarterly and 3.4 percent annually.
- EBIT margin was 18.5% (+150 bps QoQ, +50 bps YoY)
- new deals, net TCV was strong at USD 3,969 million, up 65% year over year.
- Despite having a healthy order book, HCLTech lowered its forecast for overall growth.
- The overall growth forecast was decreased by 250 bps, from 6-8 percent YoY CC to 4-5 percent YoY CC.
- EBIT margin target range of 18 to 19 percent was maintained.
- Sharp guidance cuts reduce HCL Tech’s anticipated outperformance in comparison to rivals
