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Relative strength index (RSI) indicates that stocks like BSE, Angel One, Bajaj Auto and Multi Commodity Exchange of India are in the overbought zone.

Supriya Lifescience declines despite signing an agreement with Kalinga Institute of Technology to develop Quickblue, a novel oral cancer detection kit. The stock shows up in a screener for companies with inefficient use of shareholder funds.

Mahindra Holidays & Resorts India is falling as its Q2FY24 net profit declines by 47.8% YoY to Rs 21.3 crore due to higher employee expenses and finance costs. Its revenue rises 9.5% YoY to Rs 655.3 crore. The stock shows up in a screener for companies with declining net cash flows.

Hindustan Foods acquires a 100% stake in KNS Shoetech for a consideration of Rs 3.1 crore. This acquisition is part of the company's plans to invest Rs 100 crore to set up, acquire and invest in sports shoe manufacturing.

Aurobindo Pharma is rising as its subsidiary, Eugia Pharma Specialities, receives final approval from the US FDA to manufacture and market testosterone cypionate injection. The drug is equivalent to the reference listed drug (RLD), depo-testosterone injection, with estimated annual sales of $226.8 million, according to IQVIA.

PSU banks like Central Bank of India, Indian Overseas Bank, Bank of India, Bank of Maharashtra and UCO Bank are falling in trade. The broader sectoral index, Nifty PSU Bank, is also trading in the red.

Laurus Labsfalls as its Q2FY24 net profit plummets 84.1% YoY to Rs 37 crore and revenue drops 22.2% YoY. According to Trendlyne Forecaster, the company missed its profit and revenue estimates by 65% and 10.2%, respectively. It appears in a screenerfor stocks with declining annual net profit for the past two years.

Kotak Mahindra Bankfalls even after RBI approves Ashok Vaswani as the new CEO & MD. Its Q2FY24 net profit surges 23.6% YoY to Rs 4,461 crore, and revenue rises 23.1% YoY, driven by a strong retail banking sector. The stock appears in a screenerfor companies with increasing revenue for the past eight consecutive quarters.

Telecom stocks like MTNL, OnMobile Global, ITI and RailTel Corp of Indiafall more than 7% in trade. All constituents of the broader S&P BSE Telecomindex are also trading in the red.

The shipping industry faces scrutiny from GST authorities over the nonpayment of integrated GST on ocean freight. Foreign shipping companies operating through branches in India are under investigation for evading taxes on costs allocated to head offices. The sector's estimated total tax burden ranges between Rs 2-2.5 lakh crore, according to experts.

The shipping industry is under the lens of goods and services tax (GST) authorities for payment of past dues of integrated GST on ocean freight.https://t.co/K5TMxMioVB

— Business Today (@business_today) October 23, 2023

ICICI Securities downgrades its rating on Tata Communicationsto ‘Hold’ from ‘Buy’ and lowers the target price to Rs 1,740 from Rs 1,850. This implies an upside of 6.3%. The brokerage cites the rise in core connectivity costs, near-term macroeconomic challenges and high valuations for lowering its rating on the stock. It expects the company’s revenue to grow at a CAGR of 10.6% over FY23-25.

Power Grid Corp of India'sboard of directors approves an investment of Rs 119.9 crore for its eastern region expansion scheme. The expansion is expected to be completed in Q1FY26.

Genus Power Infrastructuresis rising as it bags an order worth Rs 3,121.4 crore for the supply, installation and commissioning of 36.3 lakh smart meters. Jitendra Kumar Agarwal, Joint MD of the firm, says, “The recent influx of orders serves to fortify our position as the leading provider of intelligent metering solutions in the Indian market, reaffirming our industry dominance.”

Arun Misra, CEO of Hindustan Zinc, says that zinc prices will range between $2,400 and $2,600 per tonne. He adds that by 2025, they aim to operate at a capacity of 1.2mt, up from 1mt. The company expects their offer for sale (OFS) to be completed in FY24 and the cost of production (COP) to be lower in H2FY24, compared to H1FY24.

Hindustan Zinc says
????Zinc prices will remain in the 2400-2600$/tn range
???? By 2025 will move to 1.2mt run rate vs 1 mt now
????COP will be lower in H2FY24 vs H1FY24
????Optimistic that Hind Zinc OFS will be done in FY24@Hindustan_Zinc#StockMarket#Niftyhttps://t.co/EJtSvV9QO6

— Nigel D'Souza (@Nigel__DSouza) October 23, 2023

BSE rises more than 7% as it announces a hike in transaction costs for equity derivatives. The new rates start at Rs 500 per crore for premium values less than Rs 3 crore, and go up to Rs 2,000 per crore for premium values exceeding Rs 2,000 crore.

Ashish Kacholiatrims his stakes in Bharat Bijlee and Venus Pipes & Tubes to below 1% in Q2FY24. He held 1.5% and 2% in them respectively in Q1.

Sunil Singhania sells a 2% stake in Rajshree Polypack in Q2FY24. He now holds a 4.3% stake in the company.

The government plans to spend Rs 30,000 crore in expanding the Pradhan Mantri Fasal Bima Yojana (PMFBY) portal into a complete platform which will include assets other than crops, such as ponds, tractors, animals, and palm trees. The AIDE app will lead the programme to assure door-to-door enrollment, making crop insurance more accessible and convenient for farmers.

Govt plans to earmark ?30,000 crore to expand the PMFBY portal into a comprehensive platform that will extend insurance coverage beyond crops to include assets such as ponds, tractors, livestock, & palm trees.

(@puja_das12 reports) https://t.co/IXSOCKE86u

— Mint (@livemint) October 23, 2023

Rakesh Jhunjhunwala's portfolio buys a 0.6% stake in D B Realty in Q2FY24. It now holds a 2% stake in the company.

KFIN Technologies is rising as its net profit grows by 28.1% YoY to Rs 61.4 crore in Q2FY24. Revenue improves by 16% YoY on the back of an increase in assets under management (AUM) and transaction volume. It shows up in a screener of stocks transitioning from negative to positive growth in sales and net profit, along with strong price momentum.

JSW Energy rises as its Q2FY24 net profit rises by 82.6% YoY to Rs 850.2 crore due to a decline in fuel cost. Its revenue also increases by 30.5% YoY. The stock shows up in a screener for companies with increasing revenue for the past three quarters.

CLSA maintains a "Buy" rating on One97 Communications (Paytm) and raises the target price to Rs 1,200. The brokerage notes strong growth in the company's gross merchandise value (GMV), leading it to revise EBITDA predictions to 12-13%. The company is also innovating with new sound box variations. Additionally, the brokerage highlights that Paytm has a new partner and that the take rate remains steady.

Brokerage Radar | #CLSA on #Paytm maintains buy, hikes target price.@CLSAInsights@Paytmpic.twitter.com/zlfLJjs0W2

— ET NOW (@ETNOWlive) October 23, 2023

CreditAccess Grameenis rising as its Q2FY24 net profit jumps 120% YoY to Rs 349.2 crore, while its revenue surges by 85.7% YoY. The company’s net interest income grows 49.6% YoY, driven by robust loan growth. The company shows up in a screener for stocks with consistently high returns over the past five years.

Media stocks like Network18 Media & Investments, Hathway Cable & Datacom, DB Corp, TV18 Broadcast and Nazara Technologies are falling in trade. All the constituents of the broader sectoral index, Nifty Media, are also trading in the red.

One97 Communications rises to its 52-week high of Rs 998.3 per share as its net loss contracts by 49.1% YoY to Rs 290.5 crore in Q2FY24. Revenue grows by 31.6% YoY, aided by an increase in the payment & financial and cloud services segments. It features in a screener of stocks with increasing revenue for the past eight quarters.

ICICI Bank’s Q2FY24 net profit rises by 35.8% YoY to Rs 10,261 crore, while its net interest margin expands by 22 bps YoY to 4.5%. The bank’s net interest income grows 23.8% YoY, led by strong demand in the retail and business banking loan sectors. The stock shows up in a screener for companies with net profits increasing sequentially for the past four quarters.

Mahanagar Gas sees a short buildup in its October 26 future series as its open interest rises 26.8% with a put-call ratio of 0.5.

Titagarh Rail Systems rises as it bags an order worth Rs 350 crore from Gujarat Metro Rail Corporation Limited (GMRC) for the design, manufacture, supply, testing, commissioning and training of 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project. The stock shows up in a screener for companies with strong annual EPS growth.

Welspun India, Sonata Software and Rallis India rise 9.1%, 2.6% and 1.2% respectively over the past week, ahead of their Q2FY24 results on October 25.

Hindustan Zinc declines as its Q2FY24 net profit drops by 35.5% YoY to Rs 1,729 crore, impacted by an increase in finance costs. Meanwhile, its revenue falls by 24.1% YoY. The stock appears in a screener for companies with declining net cash flow.

Kotak Mahindra Bank is rising as the Reserve Bank of India (RBI) approves its acquisition of Sonata Finance, a non-banking finance co (NBFC). The bank will be acquiring a 100% stake in Sonata Finance for Rs 537 crore. Post the acquisition, Sonata Finance will become a wholly owned subsidiary of the bank.

Glenmark Life Sciences is rising as its net profit grows by 11.1% YoY to Rs 118.7 crore in Q2FY24. Revenue expands by 16.9% YoY, aided by improvements in the generic API segment across the US, Latin America and Europe markets. It shows up in a screener of stocks with YoY growth in quarterly net profit and profit margin.

Century Textilesis falling as it posts a net loss of Rs 30.4 crore in Q2FY24, compared to a net profit of Rs 71.6 crore in Q2FY23. Its EBITDA margins plummet by 11.5 percentage points YoY to 3.1% and revenue dips by 10.6% YoY as its pulp and paper segment sees a strong decline.

Anurag Mantri, Executive Director and CFO of Jindal Stainless, says that the company targets 20% volume growth for FY24. He highlights that the EBITDA per tonne for H1 was around Rs 20,000 and will maintain their guidance of Rs 19,000-21,000. He adds that the company intends to reduce its debt to around Rs 4,700 in FY24.

JINDAL STAINLESS

Target 20% volume growth, 19-21000/Tn EBITDA

JUSL ebitda expected around 800 Cr

Will reduce debt to around 4700 Cr by year end

Will reduce promoter pledge by end CY23

https://t.co/HttH7yBpgj

— Mangalam Maloo (@blitzkreigm) October 20, 2023

IRM Energy's Rs 545.4 crore IPO gets bids for 27.1X the available 76.3 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 9.3X the available 37 lakh shares on offer.

Grasim Industriesis falling as it receives a demand notice for Rs 141 crore from the Rajasthan Stamps Collector. The demand relates to the non-payment of stamp duty for a scheme of arrangement between the company and Indian Rayon and Industries in FY1999.

United Breweriesrises despite its Q2FY24 net profit decreasing by 20.1% YoY to Rs 10,717 crore, owing to higher raw material and employee costs. Its revenue grows by 14.1% YoY to Rs 1,890.1 crore. The stock appears in a screenerfor companies with no debt.

Foreign institutional investors take out Rs 1,410.3 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 22,591.3 crore from foreign investors. Mutual Funds invest Rs 1,275.8 crore in the equity market over the same period.

Tata Communicationsfalls as its net profit declines 58.6% YoY to Rs 221.3 crore, due to higher network & transmission and employee benefit expenses. However, its revenue grows by around 10%, driven by the data services, transformation services and real estate segments.

Consumer durables stocks like Havells India, Aditya Birla Fashion and Retail and Crompton Greaves Consumer Products are falling in trade. All constituents of the broader BSE Consumer Durables index are trading in the red.

SoftBank's venture capital fund SVF Growth, Singapore, plans to sell a 1.1% stake in Zomato for Rs 1,024 crore ($123.24 million), suggest reports.

Jindal Stainless rises as its Q2FY24 net profit jumps 120.2% YoY to Rs 764 crore on the back of lower inventory costs. Its revenue also increases by 12% YoY, driven by healthy domestic sales. The stock shows up in a screener for companies with low debt.

Tanla Platforms rises over 5% as its net profit grows by 5.3% QoQ to Rs 142.5 crore in Q2FY24. Revenue increases by 10.7% QoQ, aided by improvement in the digital platform and enterprise communications segments. It appears in a screener of stocks with increasing revenue for the past two quarters.

Indraprastha Gas (IGL) falls sharply after Jefferies downgrades its rating to ‘Hold’ from 'Buy', with a target price of Rs 465. The brokerage says that the Delhi Government’s EV policy, which aims to boost EV adoption in the city, will impact around 30% of the company’s sales volumes starting from FY25.

Indraprastha Gas shares tank 10% as Jefferies sees Delhi EV policy impacting CNG sales https://t.co/6tkPlE2qfD

— Business Today (@business_today) October 20, 2023

Cyient is falling despite its Q2FY24 net profit rising by 6.1% QoQ to Rs 178.3 crore and revenue increasing by 5.5% QoQ on the back of the design, engineering & technology and digital-led manufacturing segments. However, the firm’s EBIT margin declines by 0.1 percentage points QoQ to 14.6%.

ITC is falling despite its Q2FY24 net profit rising 6.1% YoY to Rs 4,955.9 crore and revenue growing by 3.6% YoY, led by healthy growth in the FMCG segment. The company shows up in a screener for stocks with expensive valuations, according to Trendlyne’s valuation score.

Metal & mining stocks like NMDC, National Aluminium Co, JSW Steel, Jindal Steel & Power and Tata Steel are falling in trade. All the constituents of the broader sectoral index, BSE Metal, are also trading in the red.

Nomura maintains its 'Neutral' rating on Havells India with a target price of Rs 1,410. It says that the company's Q2FY24 EBITDA and EBITDA margin were below the consensus projections. According to the brokerage, this weak performance is due to the wires & cables division, followed by the electronic consumer durables (ECD) segment. The company's Q2FY24 net profit has risen by 33.3% YoY to Rs 249.1 crore, while its revenue grew 6.2% YoY.

Brokerage Radar | Nomura on Havells maintains neutral with target price of Rs.1,410.@Nomura@havellsindiapic.twitter.com/DeycqRRsn9

— ET NOW (@ETNOWlive) October 20, 2023

Porinju Veliyath trims his stake in Ansal Properties & Infrastructure to below 1% in Q2FY24. He held a 1.1% stake in Q1FY24.

Dolly Khanna sells a 0.6% stake in Pondy Oxides & Chemicals in Q2FY24. She now holds 3.1% of the company. She has also sold a 0.4% stake each in Monte Carlo Fashions and Simran Farms.

Vijay Kedia buys a 6% stake in Atul Auto in Q2FY24. He now holds a 20.9% stake in the company.

Hindustan Unilever’s Q2FY24 net profit falls by 0.3% YoY to Rs 2,656 crore, while its revenue rises by 3.6% YoY, driven by the home care and personal care segments. Its profitability is impacted by a 65.4% YoY increase in advertising expenses. The stock shows up in a screener for companies with zero promoter pledges.

Money flow index (MFI) indicates that stocks like Prestige Estates Projects, Vijaya Diagnostic Centre, The Fertilisers and Chemicals Travancore and Oil India are in the overbought zone.

NBCC (India) rises over 8% in trade to touch a new 52-week high of Rs 70.6 per share. The company ranks high on Trendlyne’s Checklist scoring 54.5%. It features in a screener of companies with zero promoter pledges.

Ultratech Cement is rising as its net profit surges by 69.6% YoY to Rs 1,281.5 crore in Q2FY24. Revenue improves by 15.3% YoY to Rs 16,012.1 crore during the same period. It features in a screener of stocks with increasing profits for the past three consecutive quarters.

ICICI Securities maintains its ‘Buy’ rating on IndusInd Bank and raises its target price to Rs 1,750 from Rs 1,700. This implies an upside of 20.9%. The brokerage expects the bank to see a healthy rate of loan growth with a steady net interest margin and anticipates slippages to gradually reduce in the coming quarters.

PVR INOX is falling despite being back in the black in Q2FY24 with a net profit of Rs 166.3 crore. Its revenue jumps by nearly 3X YoY to Rs 2,000 crore, driven by improving box office collections and a 64% YoY rise in admissions. The stock shows up in a screener for companies with improving net cash flows from operations over the past two years.

Bandhan Bank is falling despite its net profit growing by 3.4X YoY to Rs 721.2 crore in Q2FY24. Interest revenue increases by 20% YoY on the back of gains in the treasury, retail banking and wholesale banking segments. The bank's asset quality declines with net NPA rising by 45 bps YoY. The company appears in a screener of stocks with rising debt.

SJVN offers power to the beneficiaries of Northern Region from a 1,000 MW solar PV station under development at a village in Rajasthan, as part of the CPSU government scheme. Jammu & Kashmir Power Corp and Rajasthan Urja Vidyut Nigam have both agreed to purchase 600 MW and 500 MW of power, respectively, against the station's total capacity of 1000 MW.

IRM Energy's Rs 545.4 crore IPO gets bids for 4.4X the available 76.3 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 4.4X the available 37 lakh shares on offer.

Gandharv Tongia, Executive Director and CFO of Polycab India, says the company will continue to outpace the cables and wires market. He remains positive that it will attain the Rs 20,000 crore revenue objective before 2026. He adds that the cable and wires business margins will be around 12-14% and Polycab's exports have grown by 14%.

Polycab says

????Will continue to outgrow cables & wires market
????Optimistic that ?20k cr revenue target can be achieved earlier than 2026
????Cable & Wires biz margin range will be 12-14%
????Working capital will hover around 50-60 days#StockMarket#Niftyhttps://t.co/GPn5c9nLwt

— Nigel D'Souza (@Nigel__DSouza) October 19, 2023

Shyam Metalics and Energy is rising as its arm Shyam Sel and Power gets NCLT approval to acquire Mittal Corp for a consideration of Rs 351 crore. The company appears in a screener of stocks where foreign institutional investors have increased their shareholdings.

MTAR Technologies, Chambal Fertilisers & Chemicals, Sapphire Foods, and Zensar Technologieswitness a decrease in mutual fund holdings in the past month.

Persistent Systemsis rising as its Q2FY24 net profit increases by 15.1% QoQ to Rs 263.3 crore and EBIT margin expands by 88 bps QoQ to 13.7%. Its revenue also improves by 3.9% YoY, driven by healthy growth in the software, hi-tech and healthcare business verticals. The company also bags its highest-ever order in Q2, with a total contract value of $475 million.

Titagarh Rail Systemsis falling despite reporting a profit of Rs 24 crore in Q2FY24, as against a loss of Rs 11.7 crore in Q2FY23. Its revenue grows by 54% YoY. The profit uptick is due to a one-time impairment loss of investment in Q2FY23. The company features in a screener for stocks with strong annual EPS growth.

Jefferies initiates coverage on One 97 Communications (Paytm) with a ‘Buy’ rating and a target price of Rs 1,300. The brokerage is optimistic about the company's accelerated monetisation of its expansive ecosystem, driven by the growth of its credit business. It predicts that the company will be profitable within the next year, making it one of the few major profitable fintech companies worldwide with strong growth.

Jefferies has initiated its coverage on One 97 Communications, the parent company of #Paytm, with a ‘Buy’ rating & a target price of ?1,300 per share, implying an upside of over 37% from Wednesday’s closing price.https://t.co/NGTyvdoRy1

— Mint (@livemint) October 19, 2023

LTIMindtree is rising as its Q2FY24 net profit increases by 0.9% QoQ to Rs 1,161.8 crore. Its revenue improves by 2.4% QoQ, aided by better sales in the banking, financial services & insurance segment.

KFIN Technologies is rising as it signs a contract with LIC Pension Fund to provide investment management solutions.

Nestle India is rising as its Q2FY24 net profit rises 37.3% YoY to Rs 908.1 crore, driven by better sales, lower raw material costs, and the write-back of provisions from earlier quarters. Its revenue increases by 9.5% YoY, led by healthy growth in domestic sales. The board has approved a stock split in a 1:10 ratio and has declared a dividend of Rs 140 per share, payable on November 16.

Hiranand Savlani, CFO of Astral, says that the FY24 volume growth guidance has been increased to over 20% from the earlier 15%. He adds that the bathware business is expected to breakeven in FY25, instead of Q4FY24. He is confident that the company will attain new business revenues of Rs 1,500 crore within the next five years.

#OnCNBCTv18 | #FY24 volume #guidance increased to 20%+ from 15%. FY24 #volume growth will be atleast 20%. Investing more in branding which will lead to breakeven in #FY25, says Hiranand Savlani of Astral Poly#2QWithCNBCTV18#Q2Results#Q2FY24pic.twitter.com/k4aOpluYTV

— CNBC-TV18 (@CNBCTV18Live) October 19, 2023

Wisdomtree India Investment Portfolio buys a 0.5% stake in Gujarat Pipavav Port for approx Rs 34.2 crore in a bulk deal on Wednesday.

Metal stocks like APL Apollo Tubes, Coal India, Jindal Steel & Power and Tata Steel are falling in trade. All constituents of the broader BSE Metal index are trading in the red.

Bajaj Autorises to its all-time highof Rs 5,395 per share as its net profit grows by 17.5% YoY to Rs 2,020.1 crore in Q2FY24. Revenue increases by 6.2% YoY, aided by improved sales in the Indian and overseas markets. It appears in a screener of stocks where mutual funds have increased their shareholdings over the past month.

BofA maintains its 'Buy' rating on IndusInd Bank with an upgraded target price of Rs 1,750 citing that the company's Q2 results were positive. The brokerage says the bank has demonstrated solid loan growth momentum in various segments. It adds that NIMs have been stable, and anticipates credit costs to fall further in H2.

Brokerage Radar | BofA on IndusInd Bank: Maintain 'Buy'; Healthy loan growth momentum across most segments#IndusIndBank#StockMarketpic.twitter.com/dJcupg063Q

— ET NOW (@ETNOWlive) October 19, 2023

Shakti Pumpssurges more than 10% to touch its all-time highof Rs 1,066.6 per share as it bags an order worth Rs 1,603 crore from Maharashtra State Electricity Distribution. The order is for the supply of 50,000 pumps over the next two years.

Porinju Veliyathadds Arrow Greentechto his portfolio in Q2FY24. He buys a 1.1% stake in the company.

Ashish Kacholiaadds Dhabriya Polywood, NIIT Learning Systemsand Zaggle Prepaid Ocean Servicesto his portfolio in Q2FY24. He buys a 6.4%, 2.2% and 1.7% stake in the companies respectively.

Wipro is falling as its net profit declines by 7.8% QoQ to Rs 2,646.3 crore in Q2FY24. Revenue also decreases by 1.4% YoY due to the Americas, Europe and APMEA segments. It appears in a screener of stocks with dropping quarterly net profit and profit margin.

Relative strength index (RSI) indicates that stocks like ITI, The Fertilisers and Chemicals Travancore, Coal India and MMTC are in the overbought zone.

Polycab India is falling despite its net profit rising by 59% YoY to Rs 429.8 crore in Q2FY24. Revenue grows by 27% YoY, aided by better sales in the wires & cables and FMEG segments. It appears in a screener of stocks showing growth in quarterly net profit and profit margin.

NHPC is falling as the company estimates the losses caused by the Sikkim flash floods at nearly Rs 233.6 crore. However, the management states that all the assets are insured under the construction all-risk policy. It expects a delay of six months and a cost overturn for the project.

Syngene International plunges after it lowers its growth guidance for FY24, citing a slowdown in the US biotech segment. The company expects revenue growth in the mid-teens on a constant currency basis, compared to its earlier guidance of high-teen growth. Its Q2FY24 revenue grows by 18.5% to Rs 910.1 crore, while net profit rises by 14.2% to Rs 116.5 crore.

#Q2Results | #SyngeneInternational has cut its FY24 growth guidance to mid-teens on a constant currency basis compared to earlier guidance of high-teen growth due to US-based biotech segment showing signs of slowed growth

(@UjjvalJauhari reports)https://t.co/7lSJIE11aw

— Mint (@livemint) October 18, 2023

Power stocks like ABB India, Seimens, Bharat Heavy Electricals and JSW Energy are falling in trade. All constituents of the broader BSE Power index are trading in the red.

Happiest Minds Technologies falls as its Q2FY24 net profit drops by 5.1% QoQ to Rs 54.5 crore. However, its revenue rises by 5.7% QoQ, aided by its database system and professional engineering services segments. The company appears in a screener of stocks with declining net profit and margins.

IRM Energy's Rs 545.4 crore IPO gets bids for 1.7X the available 76.3 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 1.8X the available 37 lakh shares on offer.

KRChoksey downgrades its rating on Tata Consultancy Services (TCS) to ‘Add’ from ‘Buy’ but keeps the target price unchanged at Rs 3,888. This implies an upside of 11.2%. Despite the macroeconomic uncertainties, the brokerage says the company is poised for healthy growth in the medium term due to its robust order book and deal wins. It expects the firm’s net profit to grow at a CAGR of 12.4% over FY23-25.

Housing and Urban Development Corporation falls more than 9% in trade as it's promoter, the President of India acting through the Ministry of Housing and Urban Affairs, proposes to sell 7 crore shares (3.5% equity) through the stock exchange. It appears in a screener for stocks with low Piotroski score.

Tejas Networksrises to its all-time highof Rs 940 per share as it partners with FibreConnect, an Italian telecom infrastructure developer. As per the contract, Tejas Networks will aid the company in deploying an end-to-end optical network in Italy.

Sugar export restrictions will be extended again until October 31 next year, to enhance the availability of the product in the domestic market during the festive period. These restrictions, however, will not apply to sugar exported to the EU and the US under CXL and TRQ duty concession quotas.

India has extended its restriction on export of sugar, beyond October #India#sugar#Exportshttps://t.co/zFcJ00fMRT

— Business Standard (@bsindia) October 18, 2023

IIFL Securitiesrises to a new 52-week high of Rs 104.3 as its Q2FY24 net profit surges by 151.5% YoY to Rs 141.2 crore. Its revenue grows by 64.3% YoY, aided by growth in fees & commission and interest incomes. The company appears in a screenerof stocks with growing net profit and margins.

ITI touches a 52-week high as its Electromagnetic Compatibility Laboratory (EMC Lab) receives a Certificate of Accreditation from NABL. The lab has various industrial, medical and scientific applications. It appears in a screenerfor stocks with strong momentum.

Zensar Technologies rises as its Q2FY24 net profit increases by 11.3% QoQ to Rs 173.9 crore. Its revenue also improves by 1.7% QoQ, aided by growth in digital and application services. EBITDA margins improve by 40 basis points QoQ. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

Shailesh Chandra, MD of Tata Motors, says there is persistent demand for SUVs but at the expense of hatchbacks and sedans. He notes that the company's SUV sales share has jumped to 51%, indicating a growing consumer preference for SUVs. Tata Motors has also released facelift versions of its SUVs, Harrier and Safari. He adds that the company's rural demand has been consistent.

#OnCNBCTV18 | Seeing sustained demand towards #SUVs at the cost of hatchbacks and sedans. Decline in hatchback sales is structural and not temporary. Have not seen any drop in rural demand, says Shailesh Chandra of Tata Motors#TataMotorspic.twitter.com/ZGfZsniz3v

— CNBC-TV18 (@CNBCTV18Live) October 18, 2023

CIE Automotive India's net profit surges by 119.1% YoY to Rs 375.4 crore in Q2FY24. Its revenue increase is marginal at 2.2% YoY due to a dip in the European market. The firm's EBITDA margin expands by 220 bps YoY on the back of reduced raw material expenses. The company appears in a screener of stocks with high analyst rating and at least 20% target price upside.

The Supreme Court rules against Telecom giants like Bharti Airtel andVodafone Idea in a tax case. It orders these companies to classify license fees paid to the Department of Telecommunications as capital expenditure instead of revenue expenditure. This has significant tax implications as it may potentially lead to increased tax liabilities for telecom companies.

IRM Energy raises Rs 160.4 crore from anchor investors ahead of its IPO by allotting around 31.8 lakh shares at Rs 505 each. Investors include DSP Mutual Fund, Quant Mutual Fund, PNB Metlife India Insurance Co, ITI Mutual Fund and HDFC Life Insurance Co.

Govt cuts windfall tax on domestic crude, export of diesel, ATF#windfalltaxhttps://t.co/vPxN7Z3kacpic.twitter.com/hAcRemewjm

— Business Insider India???????? (@BiIndia) October 18, 2023

L&T Technology Services falls despite its Q2FY24 net profit rising 1.4% QoQ to Rs 315.4 crore. Its revenue grows by 3.3% YoY, aided by growth in the transportation and telecom & hitech segments. The company appears in a screener of stocks with increasing quarterly net profits.

Dolly Khanna adds Rajshree Sugars & Chemicals to her portfolio in Q2FY24. She buys a 1.1% stake in the company.

Porinju Veliyath sells a 1.4% stake in Ansal Buildwell in Q2FY24. He now holds a 2% stake in the company.

Morgan Stanley maintains its 'Buy' rating on Can Fin Homes with a target price of Rs 1,000. The brokerage says that the company's reported PAT beat its estimates by 7%, driven by a higher NIM and a reduced effective tax rate. The NIM increased by 29 bps QoQ to 3.9%.

Brokerage Radar | #MorganStanley on #CanFin maintains buy with target price of Rs.1000@MorganStanley@canfinhomesltdpic.twitter.com/JxEHJBXfG7

— ET NOW (@ETNOWlive) October 18, 2023

Sunil Singhania sells a 0.3% stake in Dreamfolks Services in Q2FY24. He now holds a 1.5% stake in the company.

Mazagon Dock Shipbuilders is rising as it bags a contract worth Rs 310 from the Ministry of Defence for the construction of a training ship for the Indian Coast Guard. The stock shows up in a screener for companies with book value per share improving over the past two years.

Tata Elxsi is rising as its Q2FY24 net profit rises 5.9% QoQ to Rs 200 crore, and revenue increases by 3.7% QoQ, driven by growth in the software development & services segment. The stock shows up in a screener for companies with improving cash flow from operations over the past two years.

Bajaj Finance’s Q2FY24 standalone net profit rises 25.6% YoY to Rs 3,105.8 crore and net interest income grows by 26% YoY, driven by strong demand for loans. The company’s assets under management also increase by 35% YoY, led by growth in the vehicle and consumer finance segments. The stock shows up in a screener for companies with high TTM EPS growth.

Dalmia Bharat sees a short buildup in its October 26 future series as its open interest rises 14.2% with a put-call ratio of 0.3.

UPL sees six analyst target price downgrades and two recommendation downgrades in the past three months. Bandhan Bank, Navin Fluorine International, and Infosys see five analyst target price downgrades over the same time period.

Tata Metaliks rises to a new 52-week high of Rs 1,006.7 as its Q2FY24 net profit surges by 209.1% YoY to Rs 44.2 crore, aided by lower raw material expenses. However, its revenue falls by 13.9% YoY due to lower realisation in the pig iron segment. The company appears in a screener of stocks with strong momentum.

#Jefferies has retained its ‘buy’ call on #KFinTechnologies and raised its target price to ?560 from ?500 earlier. The new target implies a potential upside of over 22%#StockMarkethttps://t.co/f5XfW1GKHx

— Mint (@livemint) October 17, 2023

PCBL is falling despite its net profit rising by 5.4% YoY to Rs 122.6 crore on the back of raw material expenses declining by 16.7% YoY. However, its revenue falls by 8.7% YoY due to a decline in its carbon black business segment. The stock shows up in a screener for companies with declining net cash flows.

Newgen Software Technologies surges to touch its all-time high of Rs 1,060 per share as its Q2FY24 net profit grows by 58.2% YoY to Rs 47.8 crore. Revenue also rises by 16.5% YoY, driven by gains in the India, EMEA, APAC and USA segments. It features in a screener of growth stocks with good technical scores.

Va Tech Wabag surges as it inks a partnership agreement with Pani Energy to implement applied AI solutions for treatment plants.

Ramesh Babu, the CEO & MD of Karur Vysya Bank, anticipates loan growth of over 15% for FY24. He expects NIMs to be around 3.8% by the end of FY24 and an RoA of 1.6%. He also states that NPAs would not exceed 1%, and sets the credit cost forecast at 0.75%.

KARUR VYSYA BANK

Reported highest every quarterly profit for the bank

Strong commentary from the management too

- Loan Growth seen >15%
- NIMs could be around 3.8%
- 1.6% RoA Target for FY24
- NPAs won't cross 1%, Credit Cost guidance at 0.75% https://t.co/jeNZ7RBmlL

— Mangalam Maloo (@blitzkreigm) October 17, 2023

ICICI Securitiesrises to touch its 52-week highof Rs 683 per share as its net profit grows by 41.5% YoY to Rs 423.8 crore in Q2FY24. Revenue increases by 45.5% YoY on the back of the equity, derivatives and distribution segments. It shows up in a screenerof stock with increasing net profit over the past two quarters.

Power stocks like Power Grid Corp of India, Adani Power, NHPC, NTPCand Tata Power Coare rising in trade. Barring Siemens, all the other constituents of the broader sectoral index, BSE Power, are trading in the green.

J Kumar Infraprojects rises to an all-time high of Rs 473 after receiving an order worth Rs 509 crore. The contract is for the engineering, procurement, and construction of the Command Hospital in Lucknow and is expected to be completed in 90 months. The company appears in a screener of stocks with growing net profits and margins.

Brokerage Radar | #Kotak on #FederalBank maintains buy; hikes target price@kotaksecurities@FederalBankLtdpic.twitter.com/mlZdeEJYEX

— ET NOW (@ETNOWlive) October 17, 2023

HDFC Securities maintains its ‘Sell’ rating on Avenue Supermarts (DMART) with a target price of Rs 3,200. This implies a downside of 17.1%. The brokerage expects margin pressures to persist for the firm over the short term due to intense competition leading to lower apparel sales, diminishing the share of merchandise and apparel from its total sales mix.

Telecommunications equipment, coaland consumer durablessectors rise more than 10% in the past month.

Ajmera Realty & Infra India rises over 4% upon securing a residential redevelopment project in Versova, Mumbai. The company expects this redevelopment project to generate sales of Rs 360 crore. It appears in a screener for stocks with strong momentum.

The Society of Indian Automobile Manufacturers (SIAM) reports a 4.7% YoY rise in passenger vehicle sales, reaching 10.7 lakh units in Q2FY24. According to Vinod Aggarwal, President of SIAM, "The growth in the PV segment is on the back of robust demand for multi-utility and sports utility vehicles." Meanwhile, two-wheeler sales have declined by 1.6% to around 46 lakh.

Increased demand and improved utility vehicle production contributed to record-high passenger vehicle wholesales in India during the July-September 2023 quarter, as reported by SIAM.@avishekb001 has all the details????https://t.co/ddou7KjPCH#SIAM#India@siamindia

— Moneycontrol (@moneycontrolcom) October 16, 2023

Ceat is rising as its Q2FY24 net profit surges to Rs 208 crore from Rs 7.8 crore on the back of a 13.6% YoY decrease in raw material costs. Revenue also increases by 5.5% YoY. Profitability improves due to the absence of any compensation for voluntary retirement, which cost Rs 23.7 crore in Q2FY23.

KEC International is rising as it bags multiple orders worth Rs 1,315 crore in the Indian and overseas markets. One such order includes providing a 765 kV transmission line and 765 kV AIS substation in India for Power Grid Corp. The other orders are for the supply of towers, hardware and poles in the Middle East, Australia and the Americas.

Bajaj Finance rises as it enters into a binding term sheet to acquire a 26% stake (9.9 lakh shares) of Pennant Technologies for Rs 267.5 crore. Pennant Tech is involved in software products for the banking and finance industry. The company appears in a screener of stocks with strong momentum.

Anthony Montalbano, CEO of Cyient DLM, expresses a positive outlook for the aerospace and defence sectors. He notes that, as of now, the supply chain in Israel is unaffected, but will be continually assessed. The company forecasts a 40% growth rate for FY24. 

#OnCNBCTV18 | The #outlook in the #aerospace & #defence space continues to be #strong. Currently, supply is not disrupted in #Israel but will continue to monitor it closely. Looking to see a #growth rate of 40% for #FY24, says Anthony Montalbano of Cyient DLM pic.twitter.com/0duDZlD1La

— CNBC-TV18 (@CNBCTV18Live) October 17, 2023

Ashish Kacholia sells a 0.4% stake in Xpro India in Q2FY24. He now holds a 3.9% stake in the company.

Porinju Veliyath sells a 1.3% stake in Shalimar Paints for approx Rs 18.8 crore in a bulk deal on Thursday.

Vijay Kedia adds Om Infrato his portfolio in Q2FY24. He buys a 2.6% stake in the company.

HDFC Bank's net profit grows by 50.1% YoY to Rs 15,796.1 crore in Q2FY24 post its merger with HDFC. Net interest income increases by 118.7% YoY on the back of improved revenue from the treasury, retail banking and wholesale banking segments. It appears in a screener of stocks with improving cash flow and high durability.

Money flow index (MFI) indicates that stocks like Prestige Estates Projects, MMTC, Vijaya Diagnostic Centre and Solar Industries India are in the overbought zone.

Karur Vysya Bank is rising as its Q2FY24 net profit grows by 51.2% YoY to Rs 378.4 crore. Its net interest income (NII) increases by 26.4% YoY, aided by improvement in revenue from the treasury, corporate banking and retail banking segments. Its asset quality also improves as its gross and net NPAs decline by 229 bps and 91 bps YoY, respectively. The company appears in a screener of stocks with increasing revenue for the past eight quarters.

Niranjan Gupta, CEO of Hero MotoCorp, says the company has experienced a 30% rise in bookings and a 20% increase in inquiries this festive season. He anticipates a double-digit growth during this period. He also adds that the company has 6-7 new product launches in the pipeline.

#OnCNBCTV18 | Seen 30% increase in #bookings this festive season and inquiries are higher by 20%. We are expecting double-digit #growth this festive season, says Niranjan Gupta of Hero MotoCorp pic.twitter.com/85hIWAxl1x

— CNBC-TV18 (@CNBCTV18Live) October 16, 2023

Oriental Hotels falls as its Q2FY24 net profit plunges by 45.7% YoY to Rs 43.7 crore due to increasing costs in employee benefits and raw materials. However, its revenue rises by 2.5% YoY, aided by an increase in the average room rate. The company appears in a screener of stocks with falling net profits and margins.

Cochin Shipyard is rising as it bags an order worth Rs 313.4 crore from the Ministry of Defence to upgrade and repower INS Beas. The project will be completed in 2026.

Bank of Maharashtra is rising as its Q2FY24 net profit surges by 71.9% YoY to Rs 919.8 crore and net interest income rises by 29% YoY. The stock shows up in a screener for companies with net profits rising sequentially for the past four quarters.

According to Nuvama Institutional Equities, agrochem-focused players are expected to face demand pressures. The brokerage highlights that inventory de-stocking is still in progress and might pick up pace in Q3FY24 as major global players are focusing on healthier year-end balance sheets.

Chemical sector growth projected for Galaxy & PI Industries; agrochem-focused players face demand pressure. Inventory destocking ongoing, may pick up speed in Q3FY24; India gaining market share in long run, says Nuvamahttps://t.co/wkezCwftRl

— Mint (@livemint) October 16, 2023

Federal Bank's Q2FY24 net profit rises 35.5% YoY to Rs 953.8 crore, while its total income increases 33.6% YoY. The bank's total deposits during the quarter also improve by 23.1% YoY and net advances grow 19.6% YoY. The bank features in a screener for stocks with increasing revenue for the past eight quarters.

Mphasis, Coforge, Tanla Platformsand PVR INOX's weekly average delivery volumes rise ahead of their Q2FY24 results on Thursday.

Zydus Lifesciencesappoints Punit Patel as its President and Chief Executive Officer to lead its business operations in the Americas. He will oversee the company's generics, injectables, and specialty businesses. He will also manage the rare and orphan disease portfolio, and lead future forays into novel therapeutics.

Texmaco Rail & Engineeringsurges more than 5% as its net profit grows by 59.7% YoY to Rs 24.6 crore in Q2FY24. Revenue increases by 66.2% YoY on the back of improvement in revenue from the heavy engineering and steel foundry segments. It features in a screenerof stocks with negative to positive growth in sales and net profit with strong price momentum.

According to reports, 1.03 crore shares (0.15% equity) of Power Grid Corp of India, amounting to around Rs 206.9 crore, change hands in two large trades.

#PowerGridCorp has 1.03 crore shares change hands in two large trades. #bqstocks

Read latest #stockmarket updates: https://t.co/X77WN7Xox4pic.twitter.com/cbrS33uHWh

— BQ Prime (@bqprime) October 16, 2023

HDFC Securities maintains its ‘Buy’ rating on State Bank of India and raises the target price to Rs 790 from Rs 750. This implies an upside of 36.8%. The brokerage remains positive about the bank’s prospects due to its robust lean distribution model, healthy profitability, stable NIMs and improving efficiencies. It expects the company’s net profit to grow at a CAGR of 12.4% over FY23-25.

Delta Corp plunges over 8% to touch its 52-week low of Rs 122.6 as its subsidiary, Deltatech Gaming, receives an intimation from the Directorate General of GST Intelligence. The intimation relates to the payment of Rs 6,384.3 crore in shortfall tax.

Gati rises over 9% as it records an 8% YoY increase in total volumes to 109kt (kilo tonnes) in September, including surface and air express. Its Q2FY24 volume improves by 18% YoY to 333kt, driven by strong pre-festive orders. The company's Bengaluru transhipment hub is now fully online. It appears in ascreener for stocks with strong momentum.

Metal & mining stocks like NMDC, Coal India, APL Apollo Tubes, JSW Steel and Tata Steel are rising in trade. Barring Hindalco Industries, all the other constituents of the broader sectoral index, BSE Metal, are trading in the green.

India’s WPI inflation contracts to around -0.3% in September, continuing its negative trend for the sixth consecutive month. This is due to a fall in prices of basic metals, mineral oil, chemical & chemical products, and textiles.

September WPI-based inflation comes at -0.26%.

The WPI inflation in negative for 6th straight month#Inflation#WPI#India#Indianeconomyhttps://t.co/VJu817EfYB

— Business Standard (@bsindia) October 16, 2023

Porinju Veliyath sells a 1.1% stake in Ashok Alco-Chem in Q2FY24. He now holds a 3% stake in the company.

Sunil Singhania sells 0.5% and 0.3% stakes in Hindware Home Innovation and AGI Greenpac, respectively, in Q2FY24. He now holds 4.4% and 1.4% stakes in the companies.

Ashish Kacholia sells a 1.1% stake in SJS Enterprises during Q2FY24, reducing his holding to 3.2%. He has also bought a 0.2% stake in Faze Three during the same quarter.

Bajaj Electricals is rising as it bags an order worth Rs 564.2 crore from Power Grid Corp of India for two 400 kV transmission lines in Andhra Pradesh. The project is expected to be completed in the next 21 months.

Goldman Sachs maintains its 'Buy' rating on One97 Communications (Paytm) with an upgraded target price of Rs 1,250. It says the company's operating metrics have been better than expected. According to the brokerage, Paytm turning net income positive in FY25 will boost the stock. Goldman Sachs raises its EBITDA estimates for the firm by 2-5%, for FY24-26E.

Brokerage Radar | #GoldmanSachs on #Paytm maintains buy; hikes target price to Rs.1,250 @GoldmanSachs@Paytmpic.twitter.com/UBifn4Be4S

— ET NOW (@ETNOWlive) October 16, 2023

Rakesh Jhunjhunwala's portfolio sells a 0.4% stake in Federal Bankin Q2FY24. It now holds a 3.1% stake in the company.

Kalpataru Projects Internationalrises as it bags orders worth Rs 2,217 crore. These include a power transmission and distribution order for Rs 1,993 crore in India and abroad and a building and factories order for Rs 224 crore in India. The company appears in a screenerof stocks with strong momentum.

Avenue Supermartsis falling as its net profit declines by 9.1% YoY to Rs 623.6 crore in Q2FY24. However, its revenue grows by 18.7% YoY, aided by improvements in the food and non-food segments. The firm's EBITDA margin drops by 42 bps YoY due to increased raw material and employee benefit expenses. It appears in a screenerof stocks where superstar shareholders have sold their stakes.

Nifty 50was trading at 19,704.60 (-46.5, -0.2%), BSE Sensexwas trading at 66,238.15 (-44.6, -0.1%) while the broader Nifty 500was trading at 17,367.60 (-22.8, -0.1%).

Market breadth is in the green. Of the 1,834 stocks traded today, 1,128 were on the uptrend, and 630 went down.