Adani Ports shares spike on strong results

The Markets Today in a nutshell

• Domestic benchmark indices ended with decent gains.
• Metals, pharma and healthcare stocks were in demand. However, banks and auto shares lagged. Positive global cues and encouraging domestic economic data supported buying. Strong buying by the FIIs also boosted sentiment.

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News you could use

? Axis Bank fell 3.76% on high volumes
The counter reported multiple block deals in initial trade today, 1 November 2022. The media reported that American private equity (PE) major Bain Capital is likely to offload 1.24% stake in private sector lender Axis Bank through a block deal on Tuesday (1 November 2022). The PE firm held 4.24% stake in Axis Bank as of 30 September 2022 through three entities – BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV.

? Adani Ports shares spike on strong results
The firm reported a strong set of quarterly numbers on a YoY basis. Its consolidated net profit for the September quarter jumped 68.5 percent YoY to Rs 1,677.48 crore. Consolidated revenue from operations grew 32.8 percent to Rs 5,210.80 crore on the back of cargo volume growth. Revenue from the company’s Port and SEZ activities rose to Rs 4,609.29 crore in the September quarter from Rs 3,530.68 crore last year.

? Tech Mahindra beats analyst estimates
The firm declared its September quarter earnings. The company reported a 4 percent year-on-year fall in consolidated net profit at Rs 1,285 crore for the quarter ended September 30, higher than analysts’ estimate of Rs 1,224 crore. Sequentially, net profit jumped 13.6 percent from Rs 1131.6 crore in the June quarter.

News from the IPO world?

• First Meridian Business Services gets SEBI’s nod to float Rs. 800 crore IPO
• Fusion Micro Finance IPO to open tomorrow
• DCX Systems IPO subscribed 3.7 times on day 2

Numbers? that matter