Key stocks are set to attract significant attention on November 5, 2024, including Reliance Industries, Bata India, Afcons Infrastructure, and Indian Railway Finance Corporation Ltd (IRFC).
IRFC Reports Strong Q2 Earnings
On November 4, IRFC announced a robust 4% increase in net profit, reaching ₹1,613 crore for Q2 of the current financial year. The non-banking financial company (NBFC), under the Ministry of Railways, reported total income rising to ₹6,900 crore from ₹6,762 crore year-over-year. Additionally, IRFC’s Assets Under Management (AUM) hit ₹4,62,283 crore by September 2024. The board also approved an interim dividend of ₹0.80 per share.
Raymond Faces Profit Decline
Raymond Ltd’s shares are expected to be in focus following a 63% drop in consolidated net profit, which fell to ₹59.01 crore in the July-September quarter, down from ₹161.16 crore during the same period last year. The company reported total income of ₹1,100.70 crore for Q2, up from ₹512.35 crore in the previous year. Chairman Gautam Hari Singhania highlighted strong performance in real estate and engineering sectors as the company launched the Park Avenue project in Thane.
Bata India Sees Profit Growth
Bata India Ltd reported a 53% increase in consolidated net profit to ₹51.97 crore for Q2, compared to ₹33.99 crore in the same quarter last year. Revenue from operations rose 2.2% to ₹837.14 crore. The company emphasized its operational efficiency, despite total expenses reaching ₹784.55 crore.
Reliance Industries Faces Market Setback
Reliance Industries, India’s largest company by market capitalization, saw a market value drop of ₹50,205.1 crore on November 4, 2024, with its share price declining nearly 3% to ₹1,302. The company’s market capitalization now stands at ₹17,61,914.95 crore.
Afcons Infrastructure’s Mixed Market Debut
Afcons Infrastructure, part of the Shapoorji Pallonji Group, had a subdued market debut on November 4 but managed to close over 2% higher than its issue price of ₹463. The stock initially opened at ₹430.05, a 7.11% discount, but later rose by 2.49% to finish at ₹474.55.
Investors will be closely monitoring these stocks as they navigate market fluctuations and corporate developments.
