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

Nifty 50, Sensex extend slide to 2nd day; mid and smallcaps face heavy selling pressure.

At the closing bell, the BSE Sensex stood lower by 55 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 51 points (down 0.2%).

Infosys, Nestle, and M&M are among the top gainers today.

Trent, Tata Steel, and Asian Paints, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,198 down by 80 points at the time of writing.

The BSE MidCap index ended 1.2% lower and the BSE SmallCap index ended 1.5% lower.

Sectoral indices were trading mixed today with socks in the auto sector and IT sector witnessing buying. Meanwhile, stocks in the power sector and oil & gas sector witnessing selling pressure.

Coforge, Nalco, and Page Industries hit their respective 52-week highs today.

The rupee is trading at 84.37 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 77,230 per 10 grams.

Meanwhile, silver prices were trading 0.7% lower at Rs 91,675 per 1 kg.
 

SBI Q2 Results

In news from the banking sector, State Bank of India on 8 November reported a 28% jump in net profit at Rs 183.3 bn for the quarter ended 30 September 2024. The PSU lender had reported a net profit of Rs 143.3 bn in the year-ago period.

In the July-September quarter, interest income of the bank increased 12.3% on-year to Rs 1.1 tn, as per a press release. While, the net interest income of the lender grew 5.4% on-year to Rs 416.2 bn in Q2FY25, from Rs 395 bn in a year ago period.

Net interest margins (NIM) of the bank reduced by 15 basis points (Bps) on a year and 0.08% on a quarterly basis.

According to the investor presentation, NIM stood at 3.1% in the reporting quarter, as compared to 3.2% in a quarter ago period and 3.3% in a year-ago period.

Domestic NIMs of SBI reduced to 3.3% in the July-September quarter, as compared to 3.4% in the April-June quarter, and 3.4% in the July-September quarter FY24, presentation showed.

The bank said its board has given approval for raising long-term bonds worth up to Rs 200 bn through a public issue or private placement during FY25.

State Bank of India's Chairman CS Setty during the post-earning press conference said that the deposits for the system to grow by 11- 13% and credit by 13 -14%.

GMM Pfaudler Drops 7%. Here's Why

Moving on to news from the engineering sector, shares of GMM Pfaudler declined over 7% following a year-on-year dip in consolidated net profit and revenue for the September quarter.

In Q2FY25, the company's net profit plunged 75% year-on-year to Rs 173 m, marking a 32% quarter-on-quarter decline. Revenue also dropped 14% on-year to Rs 805.4 crore, though it inched up 3% sequentially.

GMM Pfaudler saw revenues from its India operations fall to Rs 1.9 bn from Rs 2.4 bn in the previous year, while overseas revenue slid to Rs 6.1 bn from Rs 7 bn.

The company's EBITDA for Q2FY25 stood at Rs 930 m, with an EBITDA margin of 11.6%. Order intake remained steady at Rs 762 crore for Q2. The H1 FY25's order intake was at Rs 1,644 crore, an 18% increase from H1 FY24. Order backlog rose 4% from September 30, 2023, reaching Rs 17.7 bn.

GMM Pfaudler specializes in corrosion-resistant, glass-lined equipment and serves as a key supplier to the pharmaceutical and chemical industries. The company has diversified its offerings to include mixing systems, filtration & drying equipment, engineered systems, and heavy engineering equipment.
 

Swiggy IPO Fully Subscribed

Swiggy IPO was fully subscribed on the last day of its bidding on 8 November after a tepid response to the Rs 113.3 bn offer in the previous two days of its issue.

The maiden share sale by the food delivery and quick-commerce major Swiggy received bids for 380.7 m shares against 160 m shares on offer, according to data available with the NSE till 2 pm.

The portion for Retail Individual Investors (RIIs) got fully subscribed at 1.01 times, while the category for Qualified Institutional Buyers (QIBs) was booked at 3.90x.

The non-institutional investors part received a 26% subscription. The employees' book was subscribed 1.44 times.

The company's shares are open for public subscription in the price range of Rs 371 to Rs 390 until today.

At the upper price band, Swiggy's valuation is estimated at around Rs 950 bn. In comparison, rival Zomato, which went public in July 2021, currently holds a market valuation of Rs 2.3 tn.

Swiggy IPO GMP is indicating a tepid listing gain for the shares of the company on the exchanges on 13 November.

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