Asian equities fell Thursday after US stocks and government bonds dropped as robust economic data blurred the picture for imminent Federal Reserve rate cuts. Shares in Australia and Japan opened lower, and a gauge of US-listed Chinese companies slipped in New York trading on Wednesday.

US markets ended lower in mid-week trading as traders digested a slew of economic data and ahead of results from megacap names like Microsoft and Meta Platforms, which reported after the bell.

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

Source: Equitymaster

At present, the BSE Sensex is trading 92 points lower and NSE Nifty is trading 38 points lower.

Cipla, L&T, and Axis Bank are among the top gainers today.

TCS, Trent, and Titan the other hand are among the top losers today.

Broader markets are trading mixed. The BSE Midcap index is trading 0.4% lower and the BSE Smallcap index are trading 0.3% higher.

Sectoral indices are trading mixed today with in capital goods sector and FMCG sector witnessing the most buying. Meanwhile, stocks in the media sector and IT sector witnessing selling pressure

The rupee is trading at Rs 84.08 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 79,627 per 10 grams today.
 

Tata Power Q2 Results

Tata Power Company Ltd on Wednesday (30 October) reported a 5.8% year-on-year (YoY) increase in net profit at Rs 9.3 billion (bn) for the second quarter that ended 30 September 2024. In the previous Q2, Tata Power Company posted a net profit of Rs 8.8 bn.

Revenue from operations dipped 0.3% to Rs 196.9 bn against Rs 157.4 bn in the corresponding period of the preceding fiscal.

At the operating level, EBITDA surged 21.2% to Rs 37.5 bn in the second quarter of this fiscal over Rs 30.9 bn in the year-ago period.

The EBITDA margin stood at 23.9% in the reporting quarter against 19.6% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization.

Tata Power reported a solar EPC order book of Rs 159 bn for Q2. The company's total installed generation capacity has surpassed 15 GW, encompassing both conventional and renewable sources.

Its clean energy portfolio now exceeds 12.9 GW, with 6.4 GW operational and an additional 6.5 GW under construction.

Tata Power's transmission network has expanded to 7,049 circuit kilometers (Ckm), comprising 4,633 Ckm commissioned and 2,416 Ckm under construction.

The company invested around Rs 52 bn in capex for Q2 FY25 to drive growth, bringing its H1 FY25 capex to Rs 91 bn, against a full-year target of approximately Rs 200 bn.
 

Biocon Q2 Results

Biocon Ltd on Wednesday (October 30) reported an 84.2% year-on-year (YoY) decline in net profit at Rs 271 m for the second quarter that ended on 30 September 2024. In the corresponding quarter last fiscal, Biocon posted a net profit of Rs 1.7 bn.

The company's revenue from operations increased 3.7% to Rs 35.9 bn against Rs 34.6 bn in Q2 of FY24.

At the operating level, EBITDA dipped 7.6% to Rs 6.9 bn in the second quarter of this fiscal over Rs 7.4 bn in the year-ago period.

The EBITDA margin stood at 19.1% in the reporting quarter compared to 21% in the corresponding period in FY24. EBITDA is earnings before interest, tax, depreciation, and amortization.

Biocon reported net R&D investments of Rs 2 bn for Q2, representing 7% of revenue, excluding Syngene.

The quarter's profit before tax and exceptional items stood at Rs 720 m, while a reported net loss of Rs 160 m was primarily due to a higher tax impact linked to the geographical split of profits and minority interests. Adjusted for exceptional items, the loss was Rs 130 m.

Biocon Biologics achieved Q2 revenue of Rs 21.8 bn, up 19% YoY on a like-for-like basis, with a core EBITDA of Rs 6.9 bn and a core EBITDA margin of 32%.

Total EBITDA was Rs 4.7 bn, reflecting a margin of 21%, which, after adjustments for forex impacts from the Japanese yen's appreciation against the US dollar, stood at Rs 5.5 bn with a 25% margin.

L&T Q2 Profit Jumps 5%

Larsen & Toubro reported a 5% jump in its net profit for the quarter ended September 2024 to Rs 33.9 bn versus Rs 3,223 crore posted in the year-ago period.

L&T achieved consolidated revenue of Rs 615.6 bn for the quarter ended 30 September 2024, registering a YoY growth of 21%, aided by accelerated progress in the various businesses in the Projects & Manufacturing (P&M) portfolio.

International revenues during the quarter were at Rs 32,057 crore. It constituted 52% of the total revenues, largely reflective of a robust international P&M order book.

For the half-year ended 30 September 2024, the consolidated revenues at Rs 1,166.7 bn recorded a YoY growth of 18% with international revenues at Rs 583.1 bn constituting 50% of the total revenues.

Q2 and H1 consolidated PAT of the previous year had the benefit of a non-recurring gain of Rs 512 crore from Transit Oriented Development (TOD) monetization in the Hyderabad Metro concession.

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