After opening the day lower, Indian benchmark indices turned positive as the session progressed and ended the day on a positive note.Benchmark equity indices, BSE Sensex and NSE Nifty 50, pared the early losses, to extend gains for the second consecutive session, settling in positive territory on Tuesday.At the closing bell, the BSE Sensex stood higher by 364 points (up 0.5%).Meanwhile, the NSE Nifty closed higher by 127 points (up 0.5%).SBI, ICICI Bank, and HDFC Life are among the top gainers today.Tata Motors, Maruti Suzuki, and IndusInd Bank on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,452 up by 119 points at the time of writing.The BSE MidCap index and BSE SmallCap index ended 0.7% higher.Sectoral indices were trading mixed today with stocks in the power sector and realty sector witnessing buying. Meanwhile, stocks in the auto sector and IT sector witnessing selling pressure.Gillette India, Indigo Paints, and Piramal Pharma hit their respective 52-week highs today.The rupee is trading at 84.09 against the US$.Gold prices for the latest contract on MCX are trading 0.3% higher at Rs 78,787 per 10 grams.Meanwhile, silver prices were trading 0.9% higher at Rs 98,264 per 1 kg.
Why Maruti Suzuki Share Price is FallingIn news from the auto sector, Maruti Suzuki India reported an 18% decline in net profit for the September 2024 quarter falling to Rs 31 bn.The company’s July-September revenue from operations rose marginally by 0.3% year-on-year to Rs 374.5 bn, exceeding the poll estimate of Rs 371.3 bn.India’s largest carmaker’s latest quarterly net profit was hit by a deferred tax liability of Rs 1,018 crore, which was partially driven by regulatory changes impacting indexation benefits and tax rates on capital gains from debt mutual funds. This impact had previously been announced by the company in August.However, Maruti Suzuki’s results were also muted most likely due to a decline in volumes and demand slowdown, compared to that a year ago.The weak earnings come amid a challenging domestic market, where volumes fell 3.9% to 4.64 lakh units in the September 2024 quarter.However, export volumes improved, rising 12.1% to 77,716 units, showing resilience in international demand.Profit before tax (PBT) rose by 6.3% on-year to Rs 51 bn, marking the company’s highest-ever PBT.In addition, Maruti Suzuki’s board provided an in-principle approval for the amalgamation of Suzuki Motor Gujarat Private Limited (SMG) with MSIL, effective from 1 April 2025, pending regulatory approvals. SMG, which became a 100% subsidiary last year, is expected to streamline operations under MSIL’s umbrella.
J Kumar Infra Shares Jumps 4%. Here’s Why
Moving on to news from the infrastructure sector, shares of J Kumar Infra rose 3.5% on 29 October following the company’s strong quarterly earnings for the September 2024 quarter.The consolidated net profit increased by 23% year-on-year to Rs 902 m, while revenue from operations rose 17% to Rs 12.9 bn.The company reported an 18% year-on-year increase in EBITDA to Rs 188 crore, with EBIT rising 26% to Rs 1.6 bn. J Kumar Infra’s debt-to-equity ratio remains manageable at 0.28x as of September 30.As of the end of Q2, J Kumar Infra’s total order book stood at Rs 187.2 bn, encompassing metro projects (both elevated and underground), elevated corridors, flyovers, roads, and road tunnels.Earlier in October the company had bagged a work order worth Rs 2.9 bn from Pune Municipal Corporation.
JSW Infra Rallies 10%Moving on to news from the infra sector, shares of JSW Infrastructure soared as much as 10% on 29 October after the company reported an impressive set of earnings for the July-September quarter.The company’s net profit surged 46% on year to Rs 3.7 bn in Q2, up from Rs 2.5 bn in the year-agogo period.Revenue from operations climbed 18% to Rs 10 bn, up from Rs 8.5 bn in Q2 of the previous fiscal. The operational performance also significantly improved as the EBITDA margin swelled up to 67.5% in the quarter gone by, as against 53.8% in the corresponding period of the previous fiscal.In this quarter, JSW Infrastructure managed cargo volumes of 27.5 million tonnes (MT), marking a 16% increase over last year.This growth was fueled by higher capacity utilisation at the coal terminals in Mangalore, Paradip, and Ennore, along with contributions from recent acquisitions, including PNP and a liquid storage terminal in the UAE.Meanwhile, third-party volume recorded even stronger growth, rising 48% year-on-year, with third-party cargo accounting for 46% of total volumes, up from 36% a year ago.
