On November 18, 2024, the Indian stock market extended its losing streak to the seventh consecutive session, marking the longest such streak since February 2023. The Nifty 50 and Sensex indices both experienced a volatile session, heavily impacted by sell-offs in the IT sector. The bears seemed to have a firm grip on the market, with limited opportunities for bullish momentum.

Both the Nifty 50 and Sensex faced pressure from weakness in heavyweight stocks like Reliance Industries and ICICI Bank, further intensifying the market decline. As a result, the Nifty 50 closed lower by 0.34%, settling at 23,453 points. Meanwhile, the S&P BSE Sensex ended the session down by 110 points, or 0.33%, at 77,327 points, marking a significant drop to levels not seen since late June.

The broader market displayed mixed results. The Nifty Midcap 100 index remained relatively flat at 54,044 points, while the Nifty Small Cap index fell by 0.53%, ending the day at 17,507 points. The day's sectoral performance was similarly varied.

Among the most notable movements, the Nifty IT index experienced a significant sell-off, falling by 2.36%. This decline was driven by concerns that the U.S. Federal Reserve may delay a rate cut in December, as rising inflation and robust retail sales in the U.S. fueled market unease. Meanwhile, the Nifty Oil & Gas index dropped by 1.53%, and the Nifty Media, Nifty Pharma, Nifty Energy, and Nifty CPSE indices also saw declines of over 1%.

On the flip side, the Nifty Metal index saw a positive shift, gaining 1.90%. This uptick was largely driven by strong performances from aluminium and copper manufacturers such as National Aluminium Company (NALCO), Hindalco Industries, and Vedanta. The rally came after China's finance ministry announced plans to reduce or eliminate export tax rebates on certain commodities, including copper and aluminium, starting December 1. This move is expected to limit the oversupply of these metals in the global market, which has been driving up their prices.

In terms of specific stock performances, HDFC Bank and select auto stocks helped provide some support to the market, but overall, the bearish trend prevailed. Reliance Industries and ICICI Bank were among the worst performers, contributing to the decline in the broader market indices.

The Indian stock market continued its trend of fluctuating movements, with several stocks making significant gains and losses on November 18, driven by updates from various sectors.

Ashoka Buildcon Secures Major NHAI Contracts

Ashoka Buildcon has been awarded two significant contracts by the National Highways Authority of India (NHAI) worth Rs 2,791 crore. The contracts involve developing 4-lane economic corridors in West Bengal under the hybrid annuity mode (HAM). These projects will cover sections of NH-116A from Kharagpur to Chandrakona and Bowaichandi to Guskara. The move is expected to contribute significantly to the company's revenue growth and bolster its order book.

Suraj Estate Developers Posts Strong Profit Growth

Suraj Estate Developers reported an impressive 87.7% year-on-year increase in its net profit, reaching Rs 31.8 crore for Q2FY25. This growth was attributed to a reduction in operating and project expenses, along with lower finance costs. The company also posted a 5.4% increase in revenue, which stood at Rs 109.1 crore for the quarter. However, the EBITDA margin declined by 260 basis points to 58.4%.

Rail Vikas Nigam Secures Rs 294.9 Crore Contract

Rail Vikas Nigam (RVNL) has been awarded a letter of acceptance for an EPC contract worth Rs 294.9 crore by South Central Railway. This project, expected to be completed within 24 months, involves track doubling, electrification, and signaling in Telangana. The order will expand RVNL’s infrastructure portfolio and contribute positively to its growth prospects.

Indian Tyre Manufacturers Show Promising Growth Prospects

Anuj Sethi, Senior Director at Crisil Ratings, has projected that Indian tyre manufacturers will achieve a revenue growth of 7-8% in FY25. This is expected to be driven by a 3-4% increase in prices and volumes. The gradual price hikes are intended to offset rising natural rubber costs, which account for half of the raw material requirements for tyre companies.

Ahluwalia Contracts: Revenue Growth Amid Declining Profits

Ahluwalia Contracts reported an 18.1% year-on-year growth in revenue, which amounted to Rs 1,011.5 crore in Q2FY25, supported by an improvement in its contract work segment. However, the company saw a decline of 29.8% in its net profit, which stood at Rs 38.67 crore. The decrease in profit was attributed to higher costs related to raw materials, construction, subcontract work, and employee benefits. The stock has been flagged in a screener for mutual funds reducing their stake in the last quarter.

Zinka Logistics IPO Receives Strong Subscription

Zinka Logistics Solutions’ IPO received overwhelming interest, with bids received for 1.2X the 2.3 crore shares offered on the final day of bidding. The retail investor quota saw bids for 1.4X the available shares, signaling strong demand for the company’s debut on the stock market.

Crompton Greaves Reports Strong Earnings

Crompton Greaves Consumer Electricals posted a solid 28.5% year-on-year increase in net profit, reaching Rs 124.9 crore for Q2FY25. This performance was bolstered by growth in its electric consumer durables and lighting products segments. Revenue for the quarter increased by 6.4% YoY to Rs 1,896 crore, surpassing market expectations.

Metal Stocks Surge as China Removes Export Tax Rebate

Metal stocks, including Hindalco, Vedanta, and Nalco, saw significant gains after China announced it would remove export tax rebates on aluminum and copper products starting December 1. This move is expected to tighten global supply and drive up prices, benefiting Indian metal producers.

Apar Industries Expands Production Capacity

Apar Industries plans to increase its production capacity from 7,350 MT to 20,490 MT by Q3FY26, with 5,160 MT expected to be operational by March 2025. The company will invest Rs 72.6 crore to add 7,980 MT to its capacity, strengthening its position in the sector.

Brainbees Solutions Narrows Losses

Brainbees Solutions reported a 47% year-on-year reduction in its net losses for Q2FY25, narrowing to Rs 62.9 crore. The company’s revenue increased by 26.4% YoY to Rs 1,905.2 crore, supported by growth in its India multi-channel, international, and Globalbees segments. The stock has gained attention as mutual funds increased their stake in the company over the last two months.

Muthoot Finance's Strong Quarterly Growth

Muthoot Finance saw a sharp rise in its revenue, which grew by 36.7% year-on-year to Rs 4,928.8 crore in Q2FY25. The company’s net profit also increased by 20%, reaching Rs 1,271 crore. Muthoot Finance’s consistent growth has been a major factor in its positive performance, with the company now appearing on a screener for stocks with increasing revenue every quarter for the past eight quarters.

Zomato Gets Upgraded by Morgan Stanley

Morgan Stanley has upgraded Zomato, maintaining its ‘Overweight’ rating and raising its target price to Rs 355. The brokerage cited strong growth in quick commerce and food delivery, a solid balance sheet, and a promising future profit pool by 2030 as key drivers for the upgrade.

Bharat Global Developers Hits Upper Circuit

Bharat Global Developers surged to its 5% upper circuit limit after the company’s board approved a bonus issue of shares in the ratio of 8:10. Additionally, a stock split has been approved, with each Rs 10 face value share being subdivided into ten shares of Rs 1 face value.

KPI Green Energy Considers Bonus Issue

KPI Green Energy also saw a sharp rise after its board of directors proposed a bonus issue in the ratio of 1:2, offering two fully paid-up equity shares for every share held by shareholders.

ACME Solar Holdings Secures Major Loan for Renewable Project

ACME Solar Holdings, through its subsidiary ACME Sun Power, has secured a Rs 3,753 crore term loan financing from REC for the development of a 320 MW firm and dispatchable renewable energy project in collaboration with SJVN. This move is in line with the company’s commitment to renewable energy expansion.

EID Parry Anticipates Growth in Distillery Volumes

EID Parry (India) CEO Muthu Murugappan is optimistic about the company’s growth prospects, forecasting distillery volumes exceeding 17 crore liters for FY25. The company also expects strong performance in its consumer products group segment and plans to ramp up operations at its Haliyal plant, valued at Rs 2,166.7 crore.

Honasa Consumer Hits 20% Lower Circuit

Honasa Consumer, the parent company of D2C brand Mamaearth, saw its shares fall to the 20% lower circuit limit after reporting a net loss of Rs 18.6 crore for Q2FY25. The company’s revenue declined by 6.9% YoY to Rs 461.8 crore during the quarter, missing market expectations.

IT Stocks See Decline Amid Global Economic Concerns

IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, Wipro, and LTIMindtree were among the worst performers, falling in trade as the Nifty IT index dropped by over 2.8%. This decline followed US Federal Reserve Chairman Jerome Powell’s comments suggesting no immediate need for rate cuts due to strong economic growth and ongoing inflation.

Swan Energy Reports Revenue Decline

Swan Energy’s revenue fell 15.6% YoY to Rs 1,032.2 crore in Q2FY25, with net profit declining by 39.4%. The fall in revenue was attributed to challenges faced in its textile, energy, construction, and distribution & development segments.

Jefferies Downgrades Gas Companies

Jefferies downgraded Indraprastha Gas and Mahanagar Gas to ‘Underperform,’ with lower target prices of Rs 295 and Rs 1,130, respectively. This downgrade followed the government’s cut in domestic gas allocations, expected to significantly impact these companies' profitability in the coming years.

Lemon Tree Hotels Misses Profit Estimates

Lemon Tree Hotels reported a 30.9% YoY growth in net profit for Q2FY25, reaching Rs 29.6 crore. However, the figure missed market expectations by 1.7%. Revenue grew by 24% YoY to Rs 284 crore during the quarter, but the company’s high debt levels continue to remain a concern.

Bharat Dynamics Reports Declining Revenue

Bharat Dynamics reported a 12.2% YoY decline in revenue, which amounted to Rs 535.5 crore in Q2FY25. Net profit also fell by 16.7%, amounting to Rs 122.5 crore, which missed market expectations by 6.4%.

Bharat Forge Misses Profit Expectations

Bharat Forge posted a 7.2% YoY increase in net profit, which stood at Rs 243.6 crore for Q2FY25. However, the company’s revenue declined by 2.3% YoY to Rs 3,688.5 crore, impacted by a drop in the forgings segment. The stock has been flagged in a screener for companies with declining revenue for the past two quarters.

Hero MotoCorp Reports Growth

Hero MotoCorp reported a 9.8% YoY increase in revenue, reaching Rs 10,482.9 crore for Q2FY25. Net profit also grew by 5.7%, amounting to Rs 1,063.7 crore during the quarter. The company’s improving book value per share over the past two years has drawn positive market attention.

These updates showcase a mixed performance across sectors, with some companies delivering strong growth while others face challenges. Investors will closely monitor these developments to assess future market trends.

The Upcoming IPOs in this week and coming weeks are NTPC Green, Lomosaic India, C2C Advanced System, Rajesh Power Services, Rosmerta Digital, Avanse Financial and Nisus Finance.

The Current active IPO are Zinka Logistics Solution (Black Buck), and Onyx Biotec.

For more insights into financial trends , visit our Top News Headlines. You can also explore investment opportunities in the market and apply for upcoming IPOs through our Best IPO to Apply Now section.