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Both <keyword id="19896381" type="General" weightage="100" keywordseo="nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> got off to a slow start, with <keyword id="19896381" type="General" weightage="100" keywordseo="nifty" source="keywords">Nifty</keyword> trading at 23,864.35 points, down by 0.02% and <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> trading at 78,749.51 points, up by 0.096 % as of 9:57 am. As for sectoral indices, Nifty bank, auto, IT, financial services, FMCG, PSU, private bank and oil and gas opened the day in red, while media, realty, pharma and metal managed to gain early ground. <cmsannotation type="cmsannotation" annotationid="Stocks in Action" comment="subhead" text="Stocks in Action">Stocks in Action</cmsannotation> <keyword id="19963567" type="General" weightage="20" keywordseo="ultratech-cement" source="keywords" meta.keywordsubtype="org" meta.entityname="ultratech cement" meta.hostid="261" meta.entityid="ultratech cement">UltraTech cement</keyword> informed the exchange that it has purchased 7.06 crore equity shares, or about 23% of <keyword id="22197392" type="General" weightage="20" keywordseo="india-cement-limited" source="keywords" meta.keywordsubtype="org" meta.entityname="india cement limited" meta.hostid="261" meta.entityid="india cement limited">India Cement Limited</keyword>'s equity share capital. The deal was finalised at Rs 267 per share. Stocks of <keyword id="19963567" type="General" weightage="20" keywordseo="ultratech-cement" source="keywords" meta.keywordsubtype="org" meta.entityname="ultratech cement" meta.hostid="261" meta.entityid="ultratech cement">UltraTech Cement</keyword> were trading at Rs 11,830, up by 6.16% during early morning trade. After JSW Steel announced yesterday that it will be spending around $110 million on upgrading its Texas-based manufacturing facility to produce specialised steel products required by the US government to meet its offshore wind energy targets, the stock was trading at Rs 936.55, up by 1.89% Grasim, Dr. Reddy's, JSW Steel and Tata Steel were amongst the other stocks that were trading in green this morning. On the other hand, <keyword id="19967472" type="General" weightage="20" keywordseo="mahindra" source="keywords">Mahindra</keyword> and <keyword id="19967472" type="General" weightage="20" keywordseo="mahindra" source="keywords">Mahindra</keyword>, HCLTech, Wipro and Apollo hospitals were trading in red during early morning trade. <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords" meta.keywordsubtype="org" meta.entityname="tata motors" meta.hostid="261" meta.entityid="tata motors">Tata Motors</keyword> announced that it is partnering with <keyword id="19955371" type="General" weightage="20" keywordseo="bajaj-finance" source="keywords" meta.keywordsubtype="org" meta.entityname="bajaj finance" meta.hostid="261" meta.entityid="bajaj finance">Bajaj Finance</keyword> to enter the commercial vehicle financing space. Reports suggest that the company is looking to introduce a host of consumer finance products and embedded insurance by the end of this year. During early trade today, <keyword id="19955371" type="General" weightage="20" keywordseo="bajaj-finance" source="keywords" meta.keywordsubtype="org" meta.entityname="bajaj finance" meta.hostid="261" meta.entityid="bajaj finance">Bajaj Finance</keyword>'s stock was trading at Rs 7,193.75, up by 0.5%. According to Mr. Aditya Gaggar, director of Progressive Shares, "select buying in heavyweight counters helped the index end the session at yet another record level of 23,869. With an extremely overbought reading in the Auto sector, we continue to hold our stance of correction in the form of profit booking (2W &amp;3W); however, buying interest can be seen in the Ancillary stocks. Reliance-led rally pushed the energy sector higher; the sustainability of the momentum will depend on follow-up buying. Britannia and GodrejCP look strong in the FMCG segment. Some more downside is still left in the metal and real estate sectors. Agro/specialty chemicals and textile stocks are gaining momentum, so one should keep an eye on the same." Sameet Chavan, Head of Research, Technical and Derivatives at Angel One, asks traders to stay agile and regularly shift focus between themes. "for the last two sessions, heavyweight counters have driven the market higher, with <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords" meta.keywordsubtype="org" meta.entityname="reliance" meta.hostid="261" meta.entityid="reliance">Reliance</keyword> up more than 4% in yesterday's session, significantly contributing to the benchmark's rise. In this scenario, midcaps have taken a back seat, with no major traction seen from their end. We believe the shift in momentum and sector rotation will continue.".

Market Morning: JSW Steel, UltraTech Cement in action

<keyword id="85462" type="General" weightage="100" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> Ltd, the holding company for the Bajaj group's financial services companies -- on Friday said it had logged an after tax profit of Rs 754.34 crore for the quarter ended September 30. The company's net profit has jumped 24% year-on-year. In a regulatory filing, the company said for the second quarter that ended September 30, it has earned a total income of Rs 1,019.07 crore (Q2FY23: Rs 689.42 crore) and a net profit of Rs 754.34 crore (Q2FY23: Rs 485.08 crore). The company's consolidated total income of the company rose 25% on-year to Rs 26,023 crore, from Rs 20,803 crore in a year ago period. During the period under review, Bajaj Finserv has booked a dividend income of Rs 953.45 crore up from Rs 635.64 crore booked during the previous year corresponding period. <h2 style="margin-bottom: 35px; font-style: italic; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-weight: 400; font-stretch: normal; font-size: 20px; line-height: 28px; font-family: Lora, sans-serif; color: rgb(47, 47, 47); background-color: rgb(255, 255, 255);"> </h2>The company is the holding company for Bajaj Finance Ltd, Bajaj Allianz General Insurance Company Ltd, Bajaj Allianz Life Insurance Company Ltd and others. Bajaj Finserv's scrip after opening at Rs 1,570 on Friday touched a high of Rs 1,593.55 and is changing hands for about Rs 1,583.

Bajaj Finserv Q2 net profit rises 24%, revenue up 25%

<keyword id="85462" type="General" weightage="80" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword> on Monday posted a 42 per cent growth in its profit to ₹1,782 crore for the quarter ended 2022, against ₹1,256 crore in the year-ago period. The company's total income was ₹21,755 crore for the reviewed quarter, against ₹17,620 crore in the corresponding period the previous year, which is a surge of 23.46 per cent. According to the statement shared with the exchanges, finance costs of the company went up to ₹3,240.78 crore from ₹2,444.53 crore. Total expenses of the firm surged 17.10 per cent to ₹17,336.45 crore from ₹14,370.55 crore in the year-ago period. The company also said profit after tax of its subsidiary - <keyword id="111876" type="General" weightage="50" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> - for the third quarter increased 40 per cent to ₹2,973 crore, against ₹2,125 crore in the year-ago period, mainly led by robust assets under management (AUM) growth. higher net interest income and better asset performance. <keyword id="6358511" type="General" weightage="100" keywordseo="bajaj" source="Orion">Bajaj</keyword> Finance (<keyword id="144840" type="General" weightage="50" keywordseo="bfl" source="Orion">BFL</keyword>)'s gross non-performing asset (NPA) and Net NPA as on December 31, 2022, stood at 1.14 per cent and 0.41 per cent, respectively, as against 1.73 per cent and 0.78 per cent as on December 31, 2021. BFL holds a management and macro-economic overlay in provisions of ₹1,000 crore as on December 31, 2022. Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. Bajaj Finserv participates in the financing business through its 52.49 per cent holding in Bajaj Finance (BFL) and in the life, general and health insurance businesses through its 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and <keyword id="625416" type="General" weightage="50" keywordseo="bajaj-allianz-life-insurance-company-limited" source="Orion">Bajaj Allianz Life Insurance Company Limited</keyword> (BALIC). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cpp-investments-commits-205-mn-to-indospaces-new-fund-for-building-industrial-logistic-parks-in-india/articleshow/97438270.cms">CPP Investments commits $205 mn to Indospace's new fund for building industrial, logistic parks in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscribed-just-2-amid-allegations-by-hindenburg-research/articleshow/97437900.cms">Adani Enterprises FPO subscribed just 2% amid allegations by Hindenburg Research</a>

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Market Morning: JSW Steel, UltraTech Cement in action

Ira Alok Puranik

Bajaj Finserv Q2 net profit rises 24%, revenue up 25%

IANS

Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore

ANI

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