Top Buzzing Stocks Today | HPCL & BEL Q2 Results | NSE IPO Depends on Approval | Gift Nifty Up 106 Points
Indian stock exchanges slipped as the session went on and was feeble by the end of the day.
Due to poor Q2 results and ongoing foreign outflows, Indian benchmark equity indexes saw significant declines on Friday, with the Sensex falling more than 900 points and the Nifty falling below the 24,100 intraday barrier.
The BSE Sensex has dropped 663 points (0.8%) by Friday’s closing bell. In the meantime, the NSE Nifty ended the day down 219 points, or 0.9%. Among the biggest winners were ITC, Axis Bank, and HUL. Conversely, BPCL, M&M, and Adani Enterprises were among the biggest losers.
The day finished on a sour note for broader markets. The BSE Small Cap index finished 2.4% down, while the BSE Mid Cap index finished 1.5% worse.
All sectoral indexes, with the exception of the FMCG sector, are trading down, with the oil and gas, auto, and power sectors’ equities seeing the highest purchasing and selling pressure.
HPCL Q2 Results
Hindustan Petroleum Corporation (HPCL), a state-owned gasoline retailer, said on Friday that its consolidated net profit decreased 97.5% year over year (YoY) to Rs 1.4 billion from Rs 58.3 billion in the same quarter of the previous fiscal year.
However, its revenue for the quarter increased from Rs 1,026.2 bn in the same quarter last year to Rs 1,082.2 bn, a 5.4% YoY increase.
This quarter, the company’s standalone profit after tax (PAT) was Rs 6.3 billion, up from Rs 51.2 billion at the same time last year.
Operating at 103.7% of installed capacity, HPCL refineries reached a record-high crude throughput of 12.1 MMT from April to September 2024, an 8.2% increase over the 11.2 MMT produced during the same period in 2023.
Operating at about 107.7% of capacity, the refineries processed 6.30 MMT of crude in Q2 FY25, a 9.6% increase from 5.75 MMT in Q2 FY24. Additionally, HPCL added two additional grades of crude to its crude basket for the first time: Jubilee and Pazflor.
In Q2 of FY25, HPCL made an investment of Rs 37.7 billion to improve its marketing and refining facilities, which included funding for joint ventures and subsidiary businesses. This raises its overall investment to Rs 65.9 billion for the April–September 2024 period.
With a record-breaking ethanol blending rate of 15.6% during the quarter, HPCL reduced GHG emissions by 10.45 lakh MT by blending around 522.9 m liters of ethanol in motor spirit.
The Q2 Profit of Bharat Electronics Increases 34%
The government-owned company Bharat Electronics announced on Friday that its standalone net profit for the September 2024 quarter increased by 34% to Rs 10.9 billion from Rs 8.1 billion during the same period the previous year.
The profit (PAT) was higher than the Rs 8.4 billion street expectation.
Compared to the Rs 39.9 bn recorded in the same quarter of the previous fiscal year, the revenue from operations in Q2 increased by 15% to Rs 45.8 bn.
Consolidated, BEL’s PAT increased 38% to Rs 10.9 billion from Rs 7.9 billion in Q2FY24.
Consolidated revenue for the reporting quarter was Rs 4,605 crore, a 15% rise from Rs 40.1 bn during the same time last year.
In Q2FY25, the state-owned corporation recorded total standalone costs of Rs 32.9 billion, a 7% increase over the Rs 30.9 billion reported in the same time last year. In the April-June quarter, costs were Rs 33.6 bn, a 2% drop on a sequential basis.
Following an increase in its July-September PAT and sales growth figures, the shares rebounded after the earnings were announced during market hours.
IPO on the NSE Depends on Approval
In order to move on with its plans for public listing, the biggest stock market in India is seeking approval from the securities regulator.
The market regulator must give the National Stock Exchange of India Ltd. permission to reapply after its initial public offering was delayed since 2016.
Since the exchange was embroiled in many lawsuits over giving some high-speed traders unfair access to its co-location servers, Sebi originally put a stop to NSE’s ambitions for a listing.
Since then, the bourse has responded to the regulator’s concerns and was exonerated last month of charges of conspiracy and connivance in a case involving unfair market access that dates back ten years.
Due to a flurry of speculation about an IPO, the bourse’s stock has doubled in value in just four months on the private market for unlisted shares since the acquittal.
With a valuation of about US$36 billion, NSE is bigger than Singapore Exchange Ltd., Japan Exchange Group Inc., and CBOE Global Markets Inc.
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