Indian government's recent move to increase the windfall gains tax is set to impact Reliance Industries Ltd (RIL) and Oil and Natural Gas Corporation (ONGC). This development comes as traders anticipate a potentially lower start for Indian benchmark indices Sensex and Nifty today, awaiting the outcome of the US Federal Reserve's policy.
Blue Jet Healthcare is readying for its market debut, with shares priced at ₹346 each. Meanwhile, several companies including APL Apollo Tubes, Tata Motors (NYSE:TTM), and Lodha are considered potential additions to MSCI standard indices in November.
In other corporate news, Bank of Baroda's digital lending head, Akhil Handa, has resigned. Ethos initiated a Qualified Institutional Placement (QIP) issue, while Jindal Steel and Power's Q2 profit exceeded expectations. SBI Cards has launched the Reliance SBI Card.
Several companies have reported their Q2 results. Bharti Airtel witnessed a 37.5% year-over-year (YoY) fall in consolidated net profit due to a one-time charge. Conversely, Larsen & Toubro's consolidated net profit for Q2FY24 rose by 44.6% YoY. Mankind Pharma's Q2 net profit increased by 21% YoY. Tata Consumer reported flat YoY growth in Q2 profit, while Navine Fluorine's revenue grew by 12.5% YoY.
On the international front, Japan’s Nikkei rose 2% following adjustments to the Bank of Japan's yield curve control policy. All major US indices ended positively.
Amid these developments, Sun Pharma and Britannia Industries are among stocks to watch according to market analysts.
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