Image Source: Unsplash
 

Asian equities climbed Friday after stocks, bonds and commodities all rallied in the US as the Federal Reserve cut interest rates.

Australian and Japanese shares advanced along with Hong Kong futures, while the Golden Dragon index of US-listed Chinese companies jumped 3.5%.

The S&P 500 and Nasdaq rose Thursday, extending Wall Street's rally in the wake of President-elect Donald Trump's victory, as traders weighed the latest rate cut from the Federal Reserve.

Here's a table showing how US stocks performed on Thursday:

Source: Equitymaster

At present, the BSE Sensex is trading 24 points higher and NSE Nifty is trading 6 points lower.

Apollo Hospital, Infosys, and Wipro are among the top gainers today.

Coal India, Reliance Industries, and BPCL other hand are among the top losers today.

Broader markets are trading marginally higher. The BSE Midcap index in trading 0.4% lower and the BSE Smallcap index is trading flat.

Sectoral indices are trading mixed today with in oil & gas sector and energy sector witnessing most witnessing selling pressure. Meanwhile, stocks in the metal sector and IT sector witnessing buying.

The rupee is trading at Rs 84.37 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 77,352 per 10 grams today.
 

NHPC Q2 Results

NHPC Ltd on Friday reported a 41% decline in its consolidated net profit at Rs 9.1 bn in the second quarter ended September 2024. The same stood at Rs 15.5 bn in the last year quarter.

Revenue from operations in the July-September 2024 period increased 4% YoY to Rs 30.5 bn, compared with Rs 29.3 bn in the corresponding period of the previous year.

EBITDA during the quarter rose by a marginal 2% YoY to Rs 17.9 bn, while margins improved 138 basis points to 58.9% in the same period.

Total expenses increased to Rs 18.3 bn in the September quarter as against Rs 15.4 bn in the same quarter of last year.

Other income during the second quarter nearly doubled to Rs 3.5 bn. The same stood at Rs 1.8 bn in the Second quarter of the last financial year.

NHPC is an Indian state-owned enterprise primarily involved in hydroelectric power generation and development. It plays a key role in the country's renewable energy sector, focusing on harnessing hydropower potential across various regions.

The company operates numerous hydroelectric plants, contributing significantly to the nation's electricity supply, especially in mountainous and remote areas. NHPC is also expanding into solar and wind energy, aligning with India's green energy goals.
 

SAIL Q2 Profit Drops

Steel Authority of India Ltd (SAIL) reported a decline in second-quarter profit on Thursday (7 November) as a sharp fall in steel prices and tepid demand weighed on the public sector firm's quarterly performance.

SAIL's consolidated net profit dropped over 31% to Rs 8.9 bn in the three months ended 30 September 2024. A year ago in the same period, the PSU had posted a net profit of Rs 13.1 bn.

Second quarter revenue declined 17% to Rs 246.8 bn on a YoY basis from Rs 297.1 bn.

On the operational front, the EBITDA or earnings before interest, taxes, depreciation, and amortisation, also declined 24.8% to Rs 29.1 bn in Q2 of FY25 compared to Rs 38.8 bn in the year-ago period.

The margin contracted to 11.8% in the quarter under review from 13% in the same period a year ago.

Steelmakers in India have been struggling with rising cheap imports from China, South Korea and Vietnam, which has led to steel prices tanking to over a three-year low in the quarter.

However, a fall in costs of iron ore and coking coal helped limit the hit to earnings.
 

Lupin Q2 Profit Jumps 74%

Indian generic drugmaker Lupin reported a bigger-than-expected rise in second-quarter profit on Thursday, driven by strong demand for its respiratory and diabetes management drugs.

Consolidated net profit of the company, which makes biosimilars and active pharmaceutical ingredients, rose to Rs 8.5 bn (about US$ 101 m) for the September quarter up about 74% from a year earlier and higher than analysts' estimates of Rs 7.3 bn, as per data compiled by LSEG.

Revenue from operations grew 11.3 per cent to Rs 54.9 bn.

Indian generic drugmakers earn a significant share of their revenue from the US, which is the world's biggest pharmaceutical market.

Larger rivals Cipla and Sun Pharma beat their second-quarter profit estimates on strong demand in the US.

However, generic drugmakers have also been grappling with lower prices of their drugs amid stiff competition.

More By This Author: