Nifty could take support from the above band while on upmoves it can face resistance in the 24,567-24,694 band in the near term, said Deepak Jasani of HDFC Securities.
Stocks in news: L&T, Tata Power, Dabur, Marico, Torrent Pharma (30-10-2024)
Shares of Torrent Pharmaceuticals are expected to remain in focus on Wednesday as the company’s promoter could sell 2.9% stake worth Rs 3,000 crore via block deal.
Stock Market Live Updates 30 October 2024: Stock to buy today: ICICI Securities (₹882.30): BUY (30-10-2024)
Sensex, Nifty, Share Prices LIVE: The upmove in ICICI Securities is slowly gaining momentum. The 2.8 per cent rise on Tuesday has taken the share price well above the ₹855-₹860 resistance zone. Prior to this rise, the stock has formed a strong base above ₹820. The short-term outlook is bullish. The broad ₹865-₹855 region is likely to provide support going forward. ICICI Securities share price can rise to ₹930-₹950 in a week or two.
Asian stocks climb after mixed tech results (30-10-2024)
Treasury yields edged lower, while a Bloomberg gauge of the dollar’s strength snapped a three-day advance. Gold hit a fresh record early on Wednesday as Bitcoin traded near its all-time high.
Nippon Life AMC execs apply for settlement in Yes AT1 case (30-10-2024)
The probe, initiated by Sebi in 2022, focuses on Nippon Life India Asset Management (earlier Reliance Mutual Fund) over its ₹2,500 crore investment in Yes Bank’s Additional Tier 1 (AT1) bonds. The investigation probes whether the former promoter, Anil Ambani’s Reliance Capital, influenced the fund’s investment decision, potentially impacting the fiduciary responsibility of its executives.
It’s a DII Street This Oct: FIIs meet their match in local funds (30-10-2024)
To be sure, detailed ownership data for October-December will be published in January. Yet, by September end itself, the ownership gap between foreign institutional investors (FII) and DIIs had narrowed to a record low of 109 bps, underscoring the growing influence of domestic capital in Indian equities.
IDFC First Bank Limited (30-10-2024)
Because technically, it is an adjusting event based on subsequent events which confirm the state of affairs as of the reporting date. You can google subsequent events provision in google and understand it, pretty simple and important concept.
IMO accounting wise also and otherwise also it’s better they clear this out in Q2 itself so there is higher chances of good numbers in Q3 and Q4.
The way I have ben learning investing as a newbie, I believe in looking at the core banking performance and all the small things that eventually compound. Having said that, IDFC has been delivering on each of those compounding steps well (except for the CTI which slightly concerns me too). Further, only and only good processes yield great outcomes and VV has been communicating fervently the underwriting processes they follow etc.
Having said that, IMO the core business has been delivering good numbers. And as a Finance professional myself, I truly believe in over communicating and over provisioning (say SMA1 provisioning) than not do it (BTW over provisioning is conservative and not aggressive as someone mentioned above). Banking business is inherently always going to have credit risk and always some or the other sectors are always going to be hit, what matters is the credit cost expectations of the investors before they buy a bank stock, for me anything below 2% and 1% is great and at all times, in all scenarios as long as this number is being maintained, that’s good especially for small retail / MFI loans which are unsecured.
The only change in my expectations (again as someone else mentioned above) is that earlier everyone wanted a quick 3-5x in 3 years time frame and the reality is now that it may take 5 years or more to get there, so this is more about a long term game. As such, what needs to be tracked is long term processes, long term business matrices etc than worry about quarterly numbers. IMO great time to add if people have liquid cash and they are managing risk.
And yes, IDFC’s biggest risk (from a retail investor POV) would always be VV’s KMP risk as we are all betting on him (as any VC bets on the Founder more on the business).
PS: I am holding and biased!
66,92,534% gain in a trading day? Yes, that’s Elcid (30-10-2024)
So when Elcid Investments, a little-known sparsely traded micro-cap holding company made this eye-popping surge in Tuesday’s trade, Dalal Street participants took notice. The extraordinary surge in the stock was on account of a special call auction for price discovery in investment holding companies, organised by stock exchanges.
Large-caps likely to outperform mid- & small-caps in Samvat 2081 (30-10-2024)
Unique investors on the NSE rose by 2.14 crore since last Diwali, reaching a record high of 10.37 crore as of September 30, 2024. However, Indian markets may not be able to replicate the returns of the past year unless foreign investors come back strongly. Large-cap stocks may outperform mid-caps and small-caps.
Daiichi-Singh Brothers Dispute: Delhi HC orders auctioning of Fortis trademark (30-10-2024)
Justice Sachin Datta passed the order on an application filed by Daiichi Sankyo seeking the sale of the Fortis trademark, owned by RHC Healthcare Management Services which is one of the judgment debtors in the matter.