In a bearish trend, India's leading stock market indices, Sensex and Nifty, ended lower for the third consecutive session on Monday. The slump was influenced by pharmaceutical, information technology (IT), realty, and fast-moving consumer goods (FMCG) stocks.
On the corporate front, several companies including Bajaj Finance, Can Fin Homes, Hathway Cable, Happiest Minds Technologies, Tata Elxsi, and L&T Technology are set to announce their Q2FY24 results on Tuesday, October 17.
In other market news, HDFC Bank reported a significant 51% year-on-year (YoY) rise in its Q3 net profit to Rs 16,811.4 crore. This comes after the bank's merger with erstwhile HDFC Ltd. According to InvestingPro, HDFC Bank has been experiencing accelerating revenue growth and has consistently increased its earnings per share. It has also raised its dividend for three consecutive years, establishing it as a prominent player in the banking industry. Despite these positive trends, the bank has been quickly burning through cash and two analysts have revised their earnings downwards for the upcoming period, indicating potential challenges ahead. For more insights, readers are encouraged to check out the full list of InvestingPro Tips here.
Meanwhile, Kirloskar Electric initiated a lockout at its Bhudihal unit in Nelamangala taluk, Bengaluru Rural District starting from Monday. Further details regarding the lockout were not immediately available.
ICICI Securities also reported positive earnings news. Following its Q2 results release, the company declared a 41% YoY increase in Q3 net profit and an interim dividend of Rs 12 per share. The financial firm's strong performance contributes to the ongoing narrative of resilience among India's banking and financial sector amidst market volatility. InvestingPro data shows that ICICI Securities has a market cap of 472.4M USD and a P/E ratio of 3.11. The company has also been trading near its 52-week high and has shown a strong return over the last five years. ICICI Securities has maintained dividend payments for six consecutive years, further solidifying its position as a prominent player in the Capital Markets industry.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.