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By Shailesh Yadav The Gas Authority of India Ltd (<keyword id="6358765" type="General" weightage="20" keywordseo="gail" source="Orion">GAIL</keyword>) on Thursday posted a 77.4 per cent slump year-on-year in standalone net profit for the fourth quarter due to the Ukraine-Russia War. The standalone net profit plunged 77.5 per cent year-on-year to Rs 603 crore in the fourth quarter (Q4) against the net profit of Rs 2,683 crore in the year-ago period. Talking to ANI, Sandeep Kumar Gupta, Chairman and Managing Director, GAIL, said that gas prices became very high due to the <keyword id="13010576" type="General" weightage="20" keywordseo="russia-ukraine-war" source="Orion">Russia-Ukraine war</keyword> which impacted the company's profit, despite its highest-ever annual revenue of Rs 1,44,302 crore, which was up 57 per cent, for FY23. Gupta said, "The petrochemical segment was affected, gas prices were not viable and because of it, we had to keep our plant shut and also keep it running at lower levels for a substantial period of the year because we were to service our customers which were tied up at long-term prices." He added, "However, we had to procure high-priced gas to supply to our customers and in transmission because some APM (administered price mechanism) allocation, which was there was taken away, so we had to consume the high-priced natural gas for our internal consumption, too." Now with the cooling of prices now, he said he hoped that all these adverse factors will not be there in the next fiscal and the company should come back to very robust numbers in the ongoing fiscal year. Talking about the current status of the supply-demand ration, the GAIL CMD said, "There was a supply disruption starting from May 22 after the Ukraine-Russia war last year and while this was a portfolio contract and the supplier should have supplied by cargo sourcing from other geographies if it was not possible from a particular territory, but then they did not supply." He also expressed hope, "However, it's good news that now the supplies have resumed from March this year." He said for the last two months, the company was getting the full allocation as per the contract, and hopefully that it would continue. "So, this is a big sort of reassurance on the supply front. And definitely, there is no cut as far as our downstream customers are concerned nowadays," the GAIL CMD said. Talking along the lines of Kirit Parikh Committee recommendation, the CMD said, "This is a very significant positive development that the government accepted the recommendation. This will definitely help." In fact, he said, "We have seen that with the implementation of this recommendation from the first of this year, there was a big drop in CNG (compressed natural gas) and PNG (piped natural gas) and definitely with such softening of prices, the consumption which was not happening in the last year especially will now come to normal levels." He said this would add more new customers, too. "So, definitely this will be a biggest step in taking natural gas to higher levels of consumption," he added. Gupta said, "We are having gas supplies from Qatar, the United States, and Russia from Australia. So, we have a very diverse portfolio of supplies. We are now scouting for new volumes and wherever those new volumes are there. We are talking to all such companies or countries. The new volumes are coming from primarily the Middle East and North America. These are the geographies where the discussions are going on." Talking about the hydrogen plant, Gupta said, "Our first green hydrogen electrolyzer is coming up at Vijaipur, Madhya Pradesh, this will be a capacity of 4.3 tonnes per day and this will be commissioned this year itself." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/small-and-mid-cap-stocks-start-to-outperform-large-cap-stocks/articleshow/100344464.cms">Small and mid cap stocks start to outperform large cap stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cheese-burst-quick-service-restaurants-see-muted-growth-ahead/articleshow/100332394.cms">Cheese burst: Quick service restaurants see muted growth ahead</a>

GAIL's net profit slumps 77 pc due to Russia-Ukraine war: CMD

After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<ul><li>Most PSU oil stocks gave over 60% returns in the last one year with the exception of ONGC and BPCL.</li><li>ONGC and OIL stock is trading at a discount to international peers in spite of its recent run-up.</li><li>Analysts are divided on GAIL as its petchem capex and losses are a cause of concern.</li><li>OMCs like Indian Oil, HPCL and BPCL have closed the valuation gap and a rally is unlikely from hereon, believe brokerages. </li></ul>Few stocks can claim to have juice left as markets hit staggering heights as 2023 bid goodbye. Public sector unit or PSU oil stocks like ONGC, OIL and GAIL are a rare few which still hold value. Thanks to production expansions, regulatory consistency and more the government owned companies are set to better days ahead. Most of the oil stocks have given over 60% returns in the last one year, with the exception of BPCL and ONGC. Yet, the upstream companies especially are trading at a discount, claim brokerages. Thus, going ahead, Antique Stock Broking believes that ONGC and Oil India remain among the cheapest upstream stocks globally despite a rally in the last six months. “We believe the current valuations do not fully reflect the jump in realization of both oil and gas over the last 6-18 months and the resultant cash flow,” it said. Both the companies are expected to see significant free cash flows starting FY24, after the gas prices increased via Administered Pricing Mechanism by the government. Not only will it improve margins, but improved price realization would lead to much more attractive returns on their annual capex. “We believe positive momentum in the upstream sector would be led by a shift towards companies with undemanding valuation, while we find fundamental support led by steady earnings and cash flows on the back of regulatory consistency, stable commodity prices, and margins and triggers in the core production outlook,” said a report by Emkay. The long-term fundamentals of the stocks are intact say analysts even as government's changes in windfall tax might cause shortt-term movements. ONGC &amp; OIL: The production rise Oil India’s production has already increased in the current financial year, while ONGC is expected to commission KG 98/2 gas fields soon. There are other production increases planned as well. ONGC targets to increase production to 50mmtoe by FY28 from 40mmtoe in FY23. It will be driven by 23 ongoing projects, with a total capex of ₹60,000 crore. Oil India’s production increase plans will commence sooner as it expects IndraDhanush Gas Grid (IGGL) to be completed by March 24. Apart from increased production, it also aims to secure a premium pricing for its gas, adding to the stock’s appeal. “The management expects to secure a 20% premium on the current gas pricing formula for gas produced through new wells. The company is confident that wells utilizing IOR/EOR techniques will also qualify for the 20% premium, provided the company meets the minimum threshold achieved in the last decade,” said a report by Motilal Oswal. Moreover, dividend yield of both these companies is also good – at around 5-6%, beating their PSU peers who average at around 4%. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year returns </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">76% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">72.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Oil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: BSE GAIL: Value unlocking in offing On GAIL, which too is an upstream company, analysts are divided. The stock has seen a good run-up with the rise in oil prices last year, but did not see a fall when these crude prices fell. That’s due to the company’s plan to achieve transmission volume of 130-132 mmscmd by FY25. “The stock has been even stronger due to optimism of higher transmission volumes. We believe that despite the recent strong gas consumption data, India’s medium-term gas demand outlook is weak and LT (low temperature) outlook is even weaker,” said a report by Kotak Institutional Securities. Added to that, its petchem business delivered losses for the fifth consecutive quarter in Q2. Its LPG business is expected to return to profitability in the second half of the current financial year but losses could also come back during the summers, worry analysts. “Despite weak profitability, GAIL’s further large capex in petchem has been a key worry,” says Kotak. Sharekhan however believes that GAIL can post a strong earnings recovery over FY23-26, across business segments supported by stabilising global LNG supplies and improving price environment for its commodity businesses. It identifies other triggers for the stock price too, like value unlocking. “GAIL is evaluating for monetization of city gas distribution CGD assets and the same helps to unlock value from its stake in GAIL Gas,” said Sharekhan. OMCs: Capacity expansions too far in the future Oil marketing companies like Indian Oil, HPCL and BPCL on other hand too are planning capacity expansions. But only HPCL’s is likely to see benefit of volume growth over FY24-FY26 due to the expansion of its Visakh refinery, and petchem expansion at subsidiary, HMEL Bhatinda. IOCL is implementing refinery and chemicals expansion projects, but its volume growth is likely to flow through after FY26. BPCL’s volume growth from petrochemical expansion at Bina and Kochi can be visible only after FY28. OMC stocks have been gaining momentum due to fall in crude oil prices, but most experts see prices inching up to $80/barrel on account of geopolitical tensions. Brokerages believe that a further rally from the current prices for these stocks is unlikely. “We acknowledge that a higher discount on Russian crude is not likely and that proximity to general elections will limit any near-term upside to marketing margins despite moderation in crude oil prices,” said a report by Bob Caps.

State-owned oil stocks have more juice left in the barrel

<ul><li>On Friday, the <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> was down 0.25% at 60,682 while the <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> was lower by 0.17% at 18,022.</li><li>Analysts said investors are likely to stay cautious post strong rate increases by central banks around the world.</li><li>On the domestic front, corporate earnings in Q2 have also not been great, which is weighing on the investor sentiment, say analysts.</li></ul>Indian benchmark indices on Friday were trading lower tracking global markets, which remained under pressure as the interest hikes by the US and the UK weighed on sentiments. At 10.58 am, the Sensex was down 0.25% at 60,682 while the Nifty50 was lower by 0.17% at 18,022. “Investors continue to remain cautious as central banks say the hawkish stance to combat inflation will not ease out soon with the Bank of England also increasing its benchmark rate by 75 basis points,” said analysts at ICICIdirect Research. On November 2, the <keyword id="6356435" type="General" weightage="20" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> raised its benchmark interest rate by 75 basis points and its Chairman Jerome Powell said it would continue to hike rates till inflation was brought under control. After the US, the Bank of England also announced a 75 basis points interest rate hike – its largest in three decades, to tackle inflation. On the domestic front, <a href="https://www.businessinsider.in/finance/news/september-earnings-on-track-but-its-time-to-tone-down-optimism-says-kotak-institutional-equities/articleshow/95272073.cms">corporate earnings in Q2</a> have also not been great, which is weighing on investor sentiments, analysts said. “2QFY23 earnings season has been disappointing until now, with aggregate net profits of the Nifty-50 Index coming in 4.6% below estimates and 7.7% excluding financials. We note that broad weakness across sectors, excluding financials, limits the chances of earnings upgrades,” said a report by Kotak Institutional Equities. Sectoral indices of IT, banks, FMCG and pharma were trading in the red. Heavyweights like RIL, Bajaj Finserv, and Bajaj Finance, ITC stalled the index from falling further. Hero MotoCorp was the biggest loser on the Sensex after the two-wheeler maker announced a 10% year-on-year fall in net profit at ₹716 crore for the quarter ended September. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.31% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.83% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.99% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.67% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ultratech Cement </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.86% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi’s Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.76% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.39% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.15% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddy’s Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.20% </td></tr></tbody></table>Further, shares of Britannia Industries, Titan, TVS Motor Company, Aditya Birla Fashion and Retail, Gail (India) and Cummins India will be in focus as these companies are expected to report their quarterly financial results on Friday. Today is also the last day to subscribe to the IPO of microfinance lender <a href="https://www.businessinsider.in/stock-market/news/four-ipos-to-raise-over-4600-crore-this-week/articleshow/95231537.cms">Fusion Micro Finance</a>. <a href="https://www.businessinsider.in/stock-market/news/bikaji-foods-international-ipo-subscribed-67-on-the-first-day/articleshow/95281730.cms">Bikaji Foods International </a>and <a href="https://www.businessinsider.in/stock-market/news/global-health-that-operates-medanta-hospitals-to-open-its-2205-cr-on-november-3/articleshow/95142371.cms">Global Health</a>, owner of Medanta Hospitals are the other two ongoing IPOs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-ideas-q2-loss-widens-to-7596-crore/articleshow/95282354.cms">Vodafone Idea’s Q2 loss widens to ₹7,596 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/dilwali-week-cash-circulation-declines-for-the-first-time-in-20-years-sbi-ecowrap/articleshow/95280473.cms">Diwali week cash circulation declines for the first time in 20 years: SBI Ecowrap</a>

Indian markets trend lower as global cues weigh on sentiments

<ul><li>Indian markets may open slightly higher as <keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of the market, is up 0.25%.</li><li>There is some rebound across global markets amid geopolitical tensions between the US and China following US House of Representatives Speaker Nancy Pelosi's visit to Taiwan.</li><li>L&amp;T, Adani Power, Vodafone Idea among stocks to watch out for on August 4.</li></ul>Indian markets are expected to open higher following its global peers. Asian stocks were trading higher as investors tracked a rally from the <keyword id="11990580" type="General" weightage="20" keywordseo="us-market" source="Orion">US market</keyword> due to better-than-expected economic data along with strong corporate earnings, and commentary that boosted investor confidence. Indian benchmark indices have been rising for the last six sessions. On Wednesday, <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> closed 214 points higher and <keyword id="66115" type="General" weightage="20" keywordseo="nifty-50" source="Orion">Nifty 50</keyword> gained 42 points. However, the markets have also been in a wait and watch mode even while trading slightly higher; ahead of the central bank’s outcome on interest rates tomorrow. Meanwhile, oil prices rose today, bouncing off multi-month lows in the previous session. There is some rebound across global markets amid geopolitical tensions between the US and China following US House of Representatives Speaker Nancy Pelosi's visit to Taiwan. Here are some of the stocks to watch in today’s session Larsen &amp; Toubro The conglomerate has signed a memorandum of understanding with the Gujarat government to set up an IT and IT-enabled Services (ITeS) Park in Vadodara with an investment of ₹7,000 crore. Adani Power The company posted a manifold jump in consolidated net profit to ₹4,779 crore in June quarter due to rise in income. Vodafone Idea The telecom operator reported a marginal fall in consolidated loss of ₹7,296 crore in June quarter as compared to ₹7,319 crore last year. InterGlobe Aviation Indigo airline narrowed its net loss at ₹1,064 crore in June quarter, from ₹3,174 crore loss last year. Revenue from operations jumped four-fold to ₹12,855 crore. INOX Leisure Its revenue stood at ₹589 crore in the April to June quarter, representing an astronomical 22-fold jump from ₹26 crore revenue reported a year earlier. The company also managed to turn its year-ago quarter’s net loss of ₹101 crore into a profit of ₹74 crore for Q1 of FY23. Earnings today Britannia Industries, Dabur India, Adani Enterprises, Adani Total Gas, Balkrishna Industries, Balrampur Chini Mills, Berger Paints India, Gail (India), LIC Housing Finance among companies to report their quarterly results. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pvr-manages-to-outperform-inox-in-q1-of-fy2023/articleshow/93326469.cms">PVR manages to outperform INOX in Q1 of FY2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-and-us-fed-policies-are-more-similar-than-you-think/articleshow/93329850.cms">RBI and US Fed policies are more similar than you think</a>

Markets expected to open higher after a 6-session gaining streak

Equity MF flows more than double in September as investors buy the dip – ICICI Bank is the MF darling

<ul><li>The 30-share BSE index Sensex surged 476.45 points, and the NSE Nifty gained over 1.15% at 10:01 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex and Nifty opened in green led by gains in IT stocks and the positive global cues. The 30-share BSE index Sensex surged 476.45 points, and the NSE Nifty gained over 1.15% at 10:01 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of October 8, 9:55 am These are the top stocks in news today. <keyword id="969673" type="PERSON" weightage="20" keywordseo="Wipro-shares">Wipro shares</keyword> touch a new high The shares of IT giant Wipro were trading 5% higher— hitting a fresh over 20-year high on the BSE after the company <a href="https://www.businessinsider.in/business/corporates/news/following-tcs-lead-wipro-announces-plans-to-buyback-shares/articleshow/78537250.cms">announced</a> that its board would consider a buyback plan on October 13. <keyword id="904136" type="PERSON" weightage="20" keywordseo="TCS-shares">TCS shares</keyword> gain over 5% The shares of Tata Consultancy Services (TCS) were trading 5% higher after the company posted robust second quarterly results – with 7% QoQ growth in its consolidated net profit to ₹7,475 crore for the quarter ended September 30. TCS also announced a ₹16,000 crore <a href="https://www.businessinsider.in/business/corporates/news/tcs-announces-16000-crore-buyback-strong-show-in-q2-with-over-20-rise-in-profit/articleshow/78536532.cms">buyback</a> plan at ₹3,000 per equity share. <keyword id="139414" type="PERSON" weightage="20" keywordseo="Infosys-shares">Infosys shares</keyword> trade 4% higher The shares of IT major Infosys were trading 4% higher after its US subsidiary Infosys Public Services in collaboration with Amazon Web Services (AWS), Couchbase, and Knowi developed the Infosys Health Insights Platform (IHIP). The company said IHIP is an automated data science platform for public health agencies, that will help agencies scale their analytics capabilities and turn massive amounts of data into valuable insights. Bandhan Bank shares gains over 3% The shares of the private lender Bandhan Bank were trading 3% higher after it reported stellar growth for the June-September quarter. The bank said its deposits grew 3% YoY and 5% QoQ in the second quarter ended September 30. IRCTC and BHEL trade over 1% higher The shares of IRCTC and BHEL were trading over 1% higher<a href="https://www.business-standard.com/article/companies/bhel-l-t-welspun-irctc-among-15-firms-in-fray-for-running-private-trains-120100701411_1.html"> after reports surfaced </a>that IRCTC and BHEL are among the 15 private companies that have participated in the bidding process for operating passenger trains in 12 clusters. Future Retail, Future Enterprises and other Future Group stocks trade in red The shares of Future Retail, Future Enterprises were trading 5% lower after the e-commerce giant Amazon sent a legal notice to Kishore Biyani-led Future Group for allegedly breaching a non-compete agreement over striking a deal with Reliance Industries (RIL). SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-announces-16000-crore-buyback-strong-show-in-q2-with-over-20-rise-in-profit/articleshow/78536532.cms">TCS announces ₹16,000 crore buyback — strong show in Q2 with 7% rise in profit, margins near two-year high</a> <a href="https://www.businessinsider.in/business/corporates/news/following-tcs-lead-wipro-announces-plans-to-buyback-shares/articleshow/78537250.cms">Following TCS’ lead, Wipro announces plans to buyback shares</a> <a href="https://www.businessinsider.in/finance/banks/news/sbi-new-chief-dinesh-khara-shares-his-stance-on-restructuring-capital-raising-hiring-and-more/articleshow/78534234.cms">SBI’s new chief Dinesh Khara shares his stance on restructuring, capital raising, hiring, and more</a>

Top stock movers — Wipro, TCS, Infosys, HCL Tech, Future Retail, IRCTC, BHEL and more

<ul><li>Sensex was trading 0.26% lower; while the Nifty slipped 25.80 points.</li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark stock index, Sensex dropped over 100 points in early trade on Monday tracking weak cues from global equities. Sensex was trading 0.26% lower; while the Nifty slipped 25.80 points. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infratel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td></tr></tbody></table>*as of September 7, 10:10 am These are the top stocks that are buzzing in trade today Tata Motors DVR shares gains 8% The shares of Tata Motors DVR gained 8% after the promoter Tata Sons bought nearly 5.3 million of its DVR 'A' ordinary shares for ₹30 crore on Friday. According to the NSE bulk deal data, Tata Sons acquired 1.04% of its total paid-up equity at an average price of ₹56.02 per share. Vodafone Idea shares gain 7% Vodafone Idea shares jumped 7% ahead of the company's strategic announcement. <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/vodafone-idea-may-relaunch-brand-identity-on-monday/articleshow/77965943.cms?from=mdr">Media reports </a>indicate that the company may announce a combined brand identity as presently; the organization has been advertising the two brands separately. Vodafone Idea’s board has also approved a fundraising plan on Friday to raise ₹25,000 crore. Bharti Infratel shares up over 4% Bharti Infratel shares gain for the third session in a row after the company received an approval from the board for Indus Tower merger. Repco Home Finance shares locked at 5% upper circuit The shares of Repco Home Finance locked in a 5% upper circuit post the robust Q1 earnings. The company reported a 3% jump in its net profit to ₹64 crore for the first quarter ended June 30. The company's overall loan book rose 6% to ₹11,979.5 crore as of June 2020. Future Retail shares locked in a 5% lower circuit The shares of Future Retail were locked in a 5% lower circuit post-fourth-quarter earnings. The company reported a consolidated net loss of ₹477.63 crore for the fourth quarter ended March 31. The revenue from operations plummeted 17.75% to ₹4,492.36 crore during the quarter. Maruti, Tata Motors, TVS, Hero MotoCorp and other auto stocks gain The announcement on the much-awaited vehicle scrappage policy by the road transport and highways minister Nitin Gadkari on Saturday has led to a rally in most auto stocks. The minister said the policy is in its final stages of approval and will be rolled out by the end of this month. M&amp;M shares lost 4% The shares of Mahindra and Mahindra lost 4% during the early trading hours on September 7 after the company entered into a share purchase agreement for further investment in Carnot Technologies. By this move, <a href="https://www.indiainfoline.com/article/news-sector-automobiles-ancillaries/m-m-enters-in-a-share-purchase-agreement-with-carnot-technologies-to-raise-holding-by-9-12-120090400789_1.html">M&amp;M plans to increase its stake by 9.12%</a> in Carnot with the transaction value being ₹12 crore. IndiGo and SpiceJet shares lost 2% The shares of India private airlines IndiGo and SpiceJet were trading 2% lower after the civil aviation regulator DGCA told the Supreme Court that the airlines should provide a full refund immediately for the tickets booked during the COVID-19 lockdown. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-technologies-ipo-opens-today-grey-market-offering-over-60-premium/articleshow/77970729.cms" data-type="tilCustomLink">Happiest Minds Technologies IPO opens today — grey market offering over 60% premium</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-ideas-big-strategic-announcement-how-to-watch-the-webcast/articleshow/77970433.cms" data-type="tilCustomLink">Vodafone Idea to make big strategic announcement today, share price jumps by 6%</a>

Top stock movers — Future Retail, Tata Motors DVR, Maruti, M&M, TVS, IndiGo, SpiceJet and more

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>A powerful winter storm caused mayhem across Europe on Thursday, with snow and winds reaching up to 140 kph (87 mph) in some areas of the Netherlands, according to the Royal Netherlands Meteorological Institute.The storm affected air and land transport across countries.Amsterdam's busy Schiphol airport <a href="https://twitter.com/Schiphol/status/953952162190675968">briefly suspended flights</a> and closed two of its three departure halls after its roof plates were blown away by strong winds over the departure terminal.It's flagship airline KLM suspended or canceled several flights to and from Amsterdam.Eight people, including two firefighters, were killed across Germany, Brussels, and the Netherlands as heavy winds caused trees to fall and traffic accidents to spike, the <a href="http://www.bbc.com/news/world-europe-42731505">BBC reported</a>.Videos showing the powerful storm were shared on social media.<h2>Trucks were overturned on highways:</h2><h2>Roofs were ripped off of buildings:</h2><h2>Metal structures were completely blown over:</h2><h2>Pedestrians and cyclists clung to traffic posts:</h2><h2>Gale-force winds made it difficult to walk:</h2>Business Insider Netherlands contributed to this report.<div></div><div></div><div></div><div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/tried-7-minute-workout-month-weight-loss-exercise-2017-6">I tried the 7-minute workout for a month - here's what happened</a></h3> <div> </div> </div>

Videos show a powerful winter storm that wreaked havoc across Europe

What is <keyword id="2546489" type="UNKNOWN" weightage="100" keywordseo="NiftyMRP">Nifty@MRP</keyword>? As investors, we constantly track <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> movements. To make investing more profitable and not a game of mere chance, we need a solution, a solution which could help us identify whether the market is grossly depressed or irrationally exuberant. This is exactly what Nifty @ MRP is for! 
 
Considering that the Nifty stocks are the top-traded stocks of the country, we expect them to be traded at their MRPs (fair value) but this may not always be true. Thus, Nifty @ MRP gives an indication whether the Nifty is fairly valued or irrationality is driving the markets. 
 
What is the latest value of Nifty@MRP? A lot of things have changed in the past six months, since we last sent out our Nifty@MRP report. Modi-led BJP won elections with a majority; current account deficit has been brought under control; huge FII funds inflow, the economy expanded by 5.7% in the first financial quarter – signalling bottoming out of economy after two years of falling <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> growth! 
 
With the new government better positioned to bring in the much required reforms for the economic growth, the markets saw a long rally post elections. But markets move faster than the economy. However, the fundamentals are yet to show signs of a turnaround. As a result, our valuations too reflect a cautious optimism. 
 
For June 14, Considering the free float market capitalization at the MRP of individual stocks and the share price data as of 30th September, the Nifty@MRP comes out to be 8003.77. On 30th September, NSE Nifty index closed at 7964.8, which is 0.5% or 39 points below the Nifty@MRP of 8003.77. It indicates that the index is fairly-valued. 
 
On similar lines, the Sensex@MRP comes out to 26341. On 30th September, the Sensex closed at 26630.5, which is about 1% or 290 points above Sensex@MRP of 26341. 
 
So, were we surprised with this valuation? Well, to be honest we were slightly surprised to see the Nifty fairly valued at 8003! But the valuations of the individual Nifty companies were done prior to arriving at a value for Nifty@MRP. Each company has been valued separately with rigour. The Nifty@MRP value is merely an outcome of these individual valuations. 
 
The sectors that have majorly contributed to this spurt in the Nifty@MRP value are Banking, Pharma, IT and Auto. The turnaround in banking sector was expected as in Dec 2013, the economy was still in doldrums and the threat of NPAs loomed large. With economy expected to grow and banks taking decisive steps towards curbing NPAs, our valuations too have started to reflect the growth potential in the sector. Recovery in industrial sector is expected to give a boost to Auto, while the US recovery will support growth in the IT sector. Our close analysis of data in the Pharma sector suggests huge growth potential in a few companies, which has been thereby reflected in our valuation. 
 
Analysis of the June 14 Quarter financial performance of the Nifty 50 companies 
 
Quarterly Performance 
While on a yearly basis, the companies seemed to have performed well, we can still see a degrowth on a Q-o-Q basis. In fact, net profits continue to decline for a third consecutive quarter. Sectors like FMCG, Pharma, IT, Banks and Auto have shown good performance in this quarter. While sectors like Cement, Metals, Energy and Capital Goods have not yet shown signs of improvement. 
 
With respect to financial performance leaders include Dr. Reddys Laboratories, HCL Technologies, Asian Paints, ITC, HUL, Bank of Baroda, Lupin, PNB, Tata motors Ltd. While the list of laggards includes companies like ACC, BHEL, Cairn India Ltd., DLF, GAIL, NTPC, Sesa Sterlite, Tata Steel. The quarterly results of all Nifty companies except ONGC, BPCL and Tata Motors were in line with our expectations. 
 
Overall, Q1FY14 results show the continued weakness in the economy, with deceleration in net sales, weak pricing power and high interest costs reflecting in the profit degrowth. With RBI seemingly on a path to continue high interest rates may further lead to deterioration in companies with stressed balance sheet. However, with China slowing down and US crude output increasing, we expect India to be a key beneficiary of falling global commodity prices. We believe this would aid the recovery in the Indian economy even though it would be a slow and gradual process as India kick starts its asset-creation program. 
 
Over all, out of 50 Nifty companies, around 18 companies are trading below their MRP (under-valued), 8 Companies are trading close to their MRP i.e. are fairly valued while 24 companies are trading above their MRP (over-valued). 
 
Future Outlook 
Slowdown in global demand, sluggish domestic economic activity, high inflation and interest rates have led to a sub 5% GDP growth in the last two years. This is expected to change as the new government, has initiated reforms process to attract investment and remove infrastructure bottlenecks that will boost growth. Unclogging of policy logjam will lead to rise in the domestic investment and consumption, which will further give a boost to growth. Sectors like auto, consumer durables will gain from this revival. Also, services sector which contributes 60% to real GDP, is expected to grow on the back of acceleration in trade, transport, and banking. 
 
However, this growth comes with a caveat, with both the government and central bank required to play their roles well. The growth forecasts assume that reforms are undertaken to ease supply-side constraints (particularly in energy and infrastructure) and to improve labour productivity, fiscal policy tightening continues, and a credible monetary policy stance is maintained. 
 Also, on a global economic front, things remain sketchy. The U.S. fed has signalled towards high interest rates and we think this may happen earlier than the markets expect. In fact, foreign markets have already started factoring in an interest rate of 3% as soon as Q1 FY16. Eurozone too continues to send warning signals. The Eurozone manufacturing <keyword id="104215" type="ORGANIZATION" weightage="60" keywordseo="PMI">PMI</keyword> fell to a 14-month low of 50.5 in September 14. In fact manufacturing PMI of Germany, one of the best performing economies of the Eurozone, has decined to 49.9 in Sept 14 signalling contraction. China too continues on its troubled path. Though the Chinese GDP has grown energy consumption has remained stagnant which forces us to remain circumspect about the Chinese data numbers. 
 
On the valuation front, markets seem to have factored in all the domestic positives after the long run witnessed post elections. Though our recent experience suggests, that attractive investment opportunities can be found in unconventional places. We would therefore urge investors to look hard at finding value buys in this market. The correction seen in the past 2-3 days if continued will only open up more doors for the value investor. Remember, to buy fundamentally strong companies at a sufficient margin of safety! 
This article is submitted by <a href="http://www.moneyworks4me.com/">www.moneyworks4me.com</a>

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