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ITC reported a 3% year-on-year increase in Q2 profit to ₹5,078 crore, although its operating margin fell short of estimates. In contrast, IndusInd Bank experienced a significant 39.2% decline in Q2 profit, dropping to ₹1,325.5 crore from ₹2,181.5 crore.
The Nifty 50 and Sensex have both slipped into negative territory, declining 1.8% and 1.4% this week, marking their fourth consecutive weekly loss. IndusInd Bank's shares plummeted 15% following a 40% drop in Q2FY25 net profit, while ITC's shares rose over 4% due to strong performance in cigarette volumes and hotels. Market sentiment remains cautious, with expectations of further declines amid ongoing foreign outflows.
On October 19, 2024, the Intelsat 33e satellite experienced a catastrophic malfunction in geostationary orbit, breaking into over 57 pieces and disrupting broadband services across Asia, Europe, and Africa. This incident particularly affected sectors reliant on high-throughput connectivity, including inflight Wi-Fi and maritime communications.Intelsat is currently assessing its fleet capacity and coordinating with third-party providers to restore services efficiently. The cause of the satellite's sudden breakdown is under investigation, following a history of technical difficulties since its launch in 2016.
NTPC shares fell over 3% on October 25, despite reporting a 14% year-on-year increase in consolidated net profit to Rs 5,380 crore for Q2FY25, surpassing market expectations. Revenue from operations slightly declined to Rs 44,696 crore, while the company approved an interim dividend of Rs 2.5 per share. Year-to-date, NTPC's stock has risen approximately 29%, outperforming the Nifty's 12% return.
Yes Bank, Tata Power, and Reliance Power experienced significant declines in shareholder numbers, with Tata Power losing over 64,000, Yes Bank 54,000, and Reliance Power more than 47,000. In contrast, Tata Steel gained nearly 800,000 new investors, followed by Tata Motors with 700,000 and Vodafone Idea with 600,000. Other notable increases included IRFC (390,000), NHPC (260,000), and Jio Financial Services (55,000).
The National Highways Authority of India (NHAI) plans to monetise INR 540 billion in road assets in FY2025, aiming to fund new projects amid budget constraints and rising debt. Increased FASTag collections are expected to enhance private sector participation, while asset monetisation will stimulate tendering for new road initiatives.
In 2023, China's domestic steel demand is projected to fall below half of global demand due to a downturn in the real estate sector, with significant production cuts among steelmakers. Exports are expected to peak this year before tariffs impact the industry in 2025, as anti-dumping measures from various countries intensify. The ongoing property crisis and weak manufacturing further strain China's steel market, prompting a shift in focus towards foreign markets amidst rising trade tensions.
India experienced average rainfall of 18.4 mm, 23% above normal, with significant excess in Central India and the South Peninsula, while northwest and northeast regions faced deficits. The Cotton Association of India forecasts a 7.1% drop in cotton production for 2024-25 to 30.2 million bales, with domestic demand steady at 31.3 million bales and exports revised down to 1.8 million bales.
Pharma giants are experiencing a slowdown in earnings growth, primarily due to their reliance on the US generics market and a lack of major drug launches. Companies like Cipla, Dr Reddy's, and Aurobindo Pharma face challenges from rising competition and impending patent expirations, while midcap firms focused on the domestic market continue to thrive without the same pressures.
The Indian equity market continues to struggle, with the Nifty index poised for its fourth consecutive week of losses, closing slightly below the 24,400 mark. Weak earnings reports and ongoing foreign institutional investor sell-offs have contributed to this downward trend. Key stocks to watch include ITC and IndusInd Bank following their Q2 earnings, along with Coal India, JSW Steel, Indigo, BPCL, BOB, HPCL, and Shriram Finance.
IND
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ITC profit rises while IndusInd Bank reports significant decline in earnings
06:17 25.10.2024
markets decline as indusind bank reports weak earnings and foreign outflows continue
06:07 25.10.2024
intelsat 33e satellite fragmentation disrupts global broadband services and raises debris concerns
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06:05 25.10.2024
ntpc shares decline despite strong q2 earnings and dividend announcement
06:03 25.10.2024
decline in shareholder numbers for yes bank and tata power
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05:58 25.10.2024
NHAI plans significant asset monetisation to boost road development funding
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China's steel exports to decline in 2025 amid rising tariffs and demand issues
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05:37 25.10.2024
India experiences varied rainfall patterns as cotton production forecasts decline
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05:36 25.10.2024
pharma sector faces growth slowdown while domestic market thrives
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05:31 25.10.2024
Nifty faces fourth consecutive week of losses amid weak earnings and selloff
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05:31 25.10.2024
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