Broad Strokes, October 21, 2024
- 8sapience
- Market update , Multibagger , Stocks
- 21 Oct, 2024
📈 Bajaj Finance Q2 Results Preview Highlights Growth
Cause: Bajaj Housing Finance reported strong Q2 earnings with a 21% YoY net profit increase to ₹546 crore, while revenue rose by 26% to ₹2,410 crore. Analysts expect Bajaj Finance to post similar growth.
Effect: Bajaj Finance shares surged over 8% in Q2, reflecting market confidence in its upcoming results, projected to see a 33% profit increase driven by loan growth and favorable liquidity post-IPO.
🚢 Garden Reach Secures ₹491 Crore Contract, GRSE Shares Surge
Cause: Garden Reach Shipbuilders & Engineers secured a ₹491 crore defense contract for building an Acoustic Research Ship for the Ministry of Defence.
Effect: GRSE’s stock rose 5% to ₹1,847, supported by strong market performance, with the company seeing 102% growth in 2024 alone.
🏡 Oberoi Realty Posts ₹1,350 Crore Bookings in Q2
Cause: Oberoi Realty’s Q2 profits surged 29%, largely driven by the success of their Oberoi Garden City project in Thane, achieving ₹1,350 crore in bookings.
Effect: The company’s stock rose by over 3%, as investors reacted positively to strong demand and financial performance.
🏭 Commodities Stocks Reach 52-Week Highs
Cause: Several commodities stocks, including HCL Technologies and Nalco, hit fresh 52-week highs due to a post-earnings rally in key sectors.
Effect: While the broader market faced challenges, stocks in commodities and tech saw gains, showcasing sector-specific resilience amid market volatility.
💼 FIIs Record $10 Billion Outflow as DIIs Net Buy ₹3,225 Crore
Cause: October saw a record outflow of $10 billion by foreign institutional investors (FIIs), driven by market concerns. Domestic investors (DIIs), however, continued to support the market with net buys worth ₹3,225 crore.
Effect: While the Sensex and Nifty faced pressure from FII selling, the market found some stability through DII support, with hopes for a recovery in the coming months.
🚧 PNC Infratech Stock Drops 20% After Bribery Scandal
Cause: The Ministry of Road Transport disqualified PNC Infratech from participating in tenders for a year, following a bribery scandal.
Effect: Shares of PNC Infratech plummeted 20%, with concerns rising over future contracts and the company’s overall performance.
🔄 Tejas Networks Shares Surge on Q2 Results
Cause: Tejas Networks reported impressive Q2 results, with net profits of ₹275 crore, driven by strong demand in international markets and expansion of BSNL’s 4G network.
Effect: Tejas Networks’ stock surged 20%, as investors reacted positively to its 610% revenue growth YoY and a strong order backlog.
