After opening the day lower, Indian benchmark indices continued the downtrend as the session progressed and ended the day on a negative note.

Benchmark equity indices, BSE Sensex and NSE Nifty50, ended their two-day winning streak, settling in the red on Wednesday amid mixed global cues.

At the closing bell, the BSE Sensex stood lower by 426 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 125 points (down 0.5%).

Cipla, Trent, 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 24,366 down by 84 points at the time of writing.

The BSE MidCap index ended flat and the BSE SmallCap index ended 1.5% higher.

Sectoral indices were trading mixed today with stocks in the capital goods sector and the telecom sector witnessing buying. Meanwhile, stocks in the power sector and finance sector witnessing selling pressure.

Coforge, Crisil and Indigo Paints 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 0.5% higher at Rs 79,628 per 10 grams.

Meanwhile, silver prices were trading 0.1% lower at Rs 98,654 per 1 kg.
 

Why Garden Reach Shipbuilder's Share Price is Rising

In news from the shipbuilding sector, shares of Garden Reach Shipbuilders and Engineers rose over 4% after the company secured an order worth Rs 4.9 bn to design an Acoustic Research Ship for the Defence Research and Development Organisation (DRDO).

This rise on 30 October marked the third consecutive session of gains for the company, though it has experienced negative monthly returns from August to October.

On 29 October, Graden Reach announced that it received a Letter of Intent from the Naval Physical and Oceanographic Laboratory (NPOL), part of the Ministry of Defence in Kochi. This contract involves the design, development, construction, integration of equipment, testing, certification, commissioning, and supply of one Acoustic Research Ship (ARS).

The project is expected to be completed within 36 months from the signing of the contract and does not involve any related party transactions.

Garden Reach specializes in building warships for the Indian Navy and Coast Guard, producing a variety of vessels including frigates, corvettes, landing ship tanks, patrol vessels, and fleet tankers. The company also provides ship repair services for both the defense and commercial sectors.

Incorporated in 1934, Garden Reach became a public company in 2017 and operates under the administrative control of the Ministry of Defence.

Capri Global Shares Rally 13%. Here's Why

Moving on to news from the finance sector, shares of diversified NBFC Capri Global rose by more than 13% in early trade on 30 October on the back of a strong NII and profit growth.

The Net Profit rose 49% on the year to Rs 970 m, while the Net Interest Income rose by 27% on the year to Rs 3 bn.

The NBFC recorded a strong growth momentum with Q1FY25 AUM reaching Rs 174.6 bn, a growth of 56% on the year, driven by home loan and gold loan categories.

The retail AUM now makes up over 80% of Capri Global's portfolio, and the NBFC said it is on track to achieve Rs 300 bn AUM by FY27.

Capri credited branch expansions to the growth in the gold loan AUM, which has increased by 55% QoQ to cross Rs 54 bn. Capri's Gross NPA and Net NPAs have stayed flat at 2% and 1.1%, respectively.

The board also approved an enabling provision for a fund raise of Rs 20 bn by way of equity, debt, or convertible securities through rights issue or a preferential allotment, or QIP.

The NBFC said it has tempered down its branch expansion, and may add about 50 branches in this fiscal year to cater to the gold loan segment, which will not be as aggressive as seen earlier.
 

Honeywell Automation Tank 8%. Here's Why

Moving on to news from the auto sector, hares of Honeywell Automation dropped as much as 8% on 30 October after the company reported a decline in its Q2 net profit amid sluggish demand.

The engineering firm reported a 5.6 percent decline in its September quarter net profit to Rs 1.2 bn (US$ 13.7 m), down from Rs 122 crore in the same period last year, primarily impacted by slowing demand.

Honeywell Automation India specializes in providing building automation solutions to industrial clients, along with designing products aimed at emissions reduction and energy transition. A recent business survey indicated a slowing growth trend in India's manufacturing sector during August and September.

Honeywell Automation India's parent company- Honeywell, also projected annual sales below Wall Street expectations and missed quarterly revenue estimates last week.

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