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Transrail Lighting's IPO, valued at Rs 839 crore, was fully subscribed by Day 2, with a listing set for December 27. Meanwhile, the stock market faced significant losses, with the SENSEX plunging over 900 points, driven by declines in IT stocks and profit booking in Mobikwik shares after a recent rally. Other IPOs, including Mamata Machinery and Concord Enviro Systems, showed strong subscription rates, reflecting robust investor interest.
US-focused Indian mutual funds have shown strong performance, delivering an average return of 24% year-to-date in 2024, following a successful 2023. The top performers include Mirae Asset NYSE FANG+ETF FoF at 38%, Mirae Asset S&P 500 Top 50 ETF FoF at 35%, and Bandhan US Equity FoF at 31%. In comparison, domestic large-, mid-, and small-cap funds yielded returns of 16%, 26%, and 25%, respectively.
Partha Pratim Sengupta has been appointed as the new Managing Director and CEO of Bandhan Bank, following approval from the Reserve Bank of India. He is set to assume his role by November 10 for a three-year term, bringing extensive experience from his previous positions, including Deputy Managing Director at State Bank of India and MD & CEO of Indian Overseas Bank from 2020 to 2022.
Indian markets continued their decline for the fifth consecutive session on October 25, with the Nifty dropping to 24,180.80, down 0.90%, and the Sensex falling 662.87 points to 79,402.29. All sectors, except FMCG, faced losses, with notable declines in auto, capital goods, and metal. For the week, both BSE Sensex and Nifty50 recorded losses exceeding 2%.
ICICI Bank, Waaree Energies, IndiGo, Inox Wind, DLF, Lodha, Bandhan Bank, Coal India, and ITD Cementation are set to be in focus on Monday. Additionally, Bharti Airtel, Sun Pharmaceutical, BHEL, Adani Power, Punjab National Bank, and several others will report their quarterly earnings on October 28.
Major companies including Coal India, JSW Steel, DLF, and Interglobe Aviation are set to release their Q2 earnings reports today, joining a wave of firms that have already reported results. Notable performances include Reliance Industries with a profit decline of 4.8%, while HCL Technologies and TCS reported profit increases of 10.5% and 5.0%, respectively. ICRA's profit rose by 15.6% to Rs 36.72 crore, and Oracle Financial Services Software saw a significant profit increase of 38.4% to Rs 577.70 crore.
Bandhan Bank reported a 30% year-on-year increase in net profit, reaching Rs 937 crore, while net interest income grew by 21% to Rs 2,948 crore in Q2FY25. Deposits surged 27% year-on-year to Rs 1.43 lakh crore, with a net interest margin of 7.4%. However, net NPAs worsened quarter-on-quarter to 1.29%, and gross NPAs rose to 4.68%.
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