Gift Nifty Down 21 Points | Wipro & Polycab India Q2 Result | Mazagon Dock's New Order Win | Top Buzzing Stocks Today

Thu, 19 Oct Pre-Open

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On Wednesday, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Equity benchmark indices reeled under heavy selling pressure on Wednesday as geopolitical tensions in the Middle East, including Iran's call to impose sanction and the need to implement oil embargo against Israel, pushed up oil prices by 3%.

At the closing bell on Wednesday, the BSE Sensex stood lower by 552 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 140 points (down 0.7%).

Cipla and Sun Pharma were among the top gainers.

HDFC Bank and NTPC on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.9% lower and the BSE SmallCap index ended 0.3% lower.

Barring the auto sector and healthcare sector all other sectoral indices ended mixed with stocks in the financial sector and power sector witnessing selling pressure.

Shares of Tejas Networks and Coal India hit their 52-week high on Wednesday.

The rupee was trading at 83.27 against the US$.

Gold prices for the latest contract on MCX were trading up by 1% at Rs 59,804 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:55 AM today, the Gift Nifty was trading down by 21 points or 0.1% at 19,572 level.

Indian share markets are headed for a negative opening today following the trend on Gift Nifty.

Speaking of stock markets, Co-head of Research at Equitymaster Rahul Shah talks about GMDC in his latest video.

GMDC has had a stellar run since its March 2020 lows and is up a whopping 12x since then.

To be honest, the movement in the stock price has caught most investors by surprise.

So, is the euphoria justified? Have the valuations run far ahead of fundamentals?

Find out everything and more in the below video:

Top buzzing stocks today

Zensar Tech share price will be in focus today.

Zensar Technologies failed to cheer the Street with its second-quarter performance and shares tanked 5%.

In the quarter ended in September, the IT service company's revenue grew a modest 0.5% on-year to Rs 12.4 bn, impacted by weak hi-tech and manufacturing verticals.

Tejas Networks will also be a top buzzing stock.

The stock rallied 7.3% to touch a new high of Rs 939 on BSE today after it announced that its Italian partner, FibreConnect, rolled out broadband services in that country that was built using its telecom and networking products.

Wipro Q2 Results

Bengaluru-based IT major Wipro saw its revenue decline for the third consecutive quarter, coming in at US$ 2.7 billion (bn) for the second quarter of the 2024 fiscal year, a fall of 2.3% sequentially, and 2% in constant currency.

Value Stocks: For People Who Never Like Overpaying for Anything

Last quarter, Wipro's revenues declined 2.8 percent in constant currency terms, falling at the lower end of the company's guidance for the quarter.

The decline in revenue was expected primarily was due to the continued weakness in the banking, financial services, and insurance (BFSI) vertical, as well as the company's high exposure to consulting at a time when discretionary spending has plummeted.

Wipro, the fourth largecap IT company to report its results, had the weakest growth among its peers, who all reported their results last week.

For the upcoming quarter, the company expects a revenue decline ranging from -3.5% to -1.5%.

Operating margins, one of the company's pain points, was up 10 bps to 16.1% from last quarter's 16%. The company will also be rolling out wage increases in Q3, which is expected to impact margins further.

Deal win TCV for the quarter stood at US$ 3.8 bn up from last quarter's US$ 3.7 bn.

Wipro stands among the stocks offering decent return on Equity (ROE), sales growth and profit growth, making it top IT companies in India.

Polycab India Q2 Profit Surges 59%

Polycab India announced a consolidated net profit of Rs 4.4 bn in the quarter that ended in September 2023.

This is a 58.5% increase from the previous year. In September 2022, it reported a net profit of 2.8 bn.

Its revenue increased to Rs 42.5 bn, a 27.7% increase from the previous year. In September 2022, it saw a revenue of Rs 33.3 bn. Polycab attributed the revenue growth to volume growth in wires and cables business. Wires and cables revenue in the quarter grew by 28% YoY.

The company's EBITDA increased to Rs 6.1 bn, increasing by 43% YoY. EBITDA margin improved 1.6% YoY to 14.4%. The company reasoned favourable product mix and better operating leverage for the increase in margins.

Fast Moving Electrical Goods (FMEG) business grew by 8% YoY in the quarter. Switches business saw its sales growth doubling YoY due to the base effect.

Their FMEG portfolio includes electric fans, LED lighting and luminaries, switches and switch gears.

With several data points suggesting the end of the rising interest rates cycle, Polycab is among the top 5 multibagger stocks to watch out in 2024.

Mazagon Dock's New Order Win

The shipbuilder signed a deal with the defence ministry to build a training ship for the Indian Coast Guard (ICG) at a cost of Rs 3.1 bn.

The training ship will have advanced and modern high-tech surveillance and monitoring systems. This will provide insight and expertise to the ICG cadets on challenges at sea while ensuring the security of coastline and offshore assets.

For this project, the defence ministry said that the majority of equipment and systems will be sourced from indigenous manufacturers, including MSMEs, in an attempt to generate significant employment over a period of three years.

While meeting the objectives of Aatmanirbhar Bharat, the contract would also boost the indigenous shipbuilding capability and help in bolstering maritime economic capabilities.

Mazagon Dock Shipbuilders is a Mini-Ratna-I status public sector undertaking (PSU) under the Ministry of Defence, Government of India.

The company has delivered multibagger returns in the last year. With an increase of over 400%, the stock stands out as one of the top performers in the BSE 500 index.

In one month, the defence shipbuilding company has logged gains of over 60%. To know what stands next for the company, check out why Mazagon Dock's share price is rising.

Mazagon Dock Shipbuilder's cash and bank balance of Rs 114.8 bn stands at 42.9% of its current market capitalisation of Rs 267 bn, making it the top cash-rich midcap stock to add to your watchlist.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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