Stocks in News on November 3: Hero MotoCorp, HDFC, Vodafone Idea, Rail Vikas Nigam
Stocks in News Today, on November 3: The benchmark 30-share BSE Sensex and the broader 50-share NSE Nifty50 may start sharply lower amid weak global.
Stocks in News Today, on November 3: Indian share markets are set to track weak global cues on the weekly expiry day. The SGX Nifty - an early indicator of sentiment on the NSE Nifty50 - was lower by 168 points, or 0.92 per cent. The benchmark 30-share BSE Sensex and the broader 50-share NSE Nifty50 may start sharply lower amid weak global cues following US Fed’s decision to hike rates by 75 bps again. Asian markets also fell in the morning trade. While South Korea’s Kospi was down 1.5 per cent, Hang Seng Index was down by 2.41 per cent.
In the US, Dow Jones fell 1.55 per cent, S&P 500 lost 2.5 per cent, and Nasdaq dropped 3.36 per cent overnight.
Earlier on Wednesday, the 30-share BSE Sensex failed to hold on to the gains and ended 215.26 points or 0.35 per cent lower at 60,906.09. During the day, it slipped 326.96 points or 0.53 per cent to 60,794.39.
Similarly, the broader NSE Nifty fell 62.55 points or 0.34 per cent to settle at 18,082.85.
Hero MotoCorp: The company is set to announce its second-quarter results. Hero MotoCorp, India's largest two-wheeler manufacturer, is likely to have a subdued September quarter performance. Meanwhile, the company has reported a strong uptick in sales during the recent festive season.
HDFC: Housing Development Finance Corporation Ltd. (HDFC) will announce its September quarter results today. In the April-June period, the company's Net Interest Margin of 3.4 per cent was the lowest in six quarters.
Vodafone Idea: The company is slated to report second-quarter results today. It is being speculated that the quarterly performance of the telecom major will be below par as the company continued to lose its subscribers.
Rail Vikas Nigam: Life Insurance Corporation of India (LIC) has offloaded 2.02 per cent equity stake in the company. This was done via open market transactions. With this, the shareholding of LIC in the company reduced to 6.7 per cent, down from 8.72 per cent earlier.
JK Paper: The paper manufacturer reported a more than two-fold increase in consolidated net profit at Rs 326.93 crore in the second quarter of FY23, helped by higher sales volume and enhanced sales realisation. The company had logged a net profit of Rs 118.38 crore in the July-September period a year ago, JK Paper said in a regulatory filing.
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