- The SGX Nifty was up 0.47% at 7:50 am, indicating a higher start for Nifty50.
- Here’s a list of stocks to watch for in trade today.
- Check out the latest news and updates on Business Insider.
The Hang Seng Index was trading at 0.64% higher at 7:50; even markets in Australia were trading in the green.
These are the stocks to watch out for during the trading session on November 2:
Reliance Industries (RIL)
Mukesh Ambani-owned Reliance Industries (RIL) reported a 32.5% year-on-year decline in its standalone net profit to ₹6,546 crore. Refining and petrochemicals, which together make for over three-fourth of the company’s revenue, took a major hit during the quarter. Jio and Reliance Retail continue to be the shining star in RIL’s portfolio — Jio recorded a 32% y-o-y growth, and Retail was up 42%.
The shares of RIL ended 2% higher on Friday.
Future Retail
More developments in the ongoing legal tussle between Reliance, Future Retail against Amazon. Future Retail has informed Indian stock exchanges BSE and NSE that Amazon’ entirely misconceived’ the agreement between Amazon and Kishore Biyani (CEO of Future Group) same as between Future Retail and its promoters. The filing said that the stock exchanges must not take into cognisance the order of a Singapore arbitration court.
RIL has also set aside ₹1500 crore for future group arbitration, it said in the quarterly filing to stock exchanges.
The shares of Future Retail ended flat on Friday.
ICICI Bank
ICICI Bank reported an over six-fold jump in its standalone net profit at ₹4,251 crore for the second quarter ended September 30. The bank had posted a net profit of ₹655 crore during the same quarter last year. The company’s total standalone income stood at ₹23,650.77 crore, it said in a regulatory filing.
The shares of ICICI Bank ended 1.60% lower on Friday.
IndusInd Bank
IndusInd Bank reported over 53% decline in its standalone net profit at ₹647.04 crore in the quarter ended September 30. The bank’ ’s gross Non-Performing Assets (NPAs) slightly increased to 2.21% of the gross advances as of September 30 from 2.19% in the year-ago period.
The shares of IndusInd Bank ended 0.59% lower on Friday.
Axis Bank
Axis Bank on Friday said that it had revised the agreement with Max Financial, the promoter of Max Life after the Reserve Bank did not allow it to acquire 17% stake in Max Life Insurance directly. The lender said it will now acquire a 19% stake in the insurance firm along with its subsidiaries.
The shares of Axis Bank ended 0.58% lower on Friday.
Maruti, Tata Motors, M&M, Hero and other auto stocks
The automakers post strong sales numbers on the back of festive season uptick. India’s biggest automaker Maruti Suzuki said it sold 182,448 vehicles in October, an increase of nearly 19% compared to the same period last year.
Hero MotoCorp also registered its highest-ever monthly sales in October. The two-wheeler maker reported a 35% rise in its domestic wholesales at 7.91 lakh units. Tata Motors sales were highest in at least 99 months. The company sold 80% more vehicles compared to last year.
Although, Mahindra & Mahindra (M&M) was down 14.52% (YoY) as the commercial vehicle segment continued to bear the brunt.
The shares of Maruti and Hero ended 3% lower on Friday, whereas Tata Motors was up 1%, M&M was up 0.47%.
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