Market & Finance Updates
The Indian stock market showed volatility, with the Sensex experiencing a drop of 466 points. Several companies released their financial results for the second
quarter, including Mahindra Holidays, whose profit jumped 47% to ₹17 crore, and Bank of Baroda, which reported an 8% decrease in profit, totaling ₹4,809 crore. Mahindra Lifespace and Tata Projects entered into a construction memorandum of understanding. Moreover, the fiscal deficit reached 36.5% of the target, according to data from the Controller General of Accounts (CGA). Bank credit growth slowed to 7.3% in September, based on data from the Reserve Bank of India (RBI). In the IPO market, Orkla India's IPO was subscribed 48.73 times, while Studds Accessories' IPO was subscribed 5 times on its second day. Aptus Value Housing saw its Q2 net profit rise by 24%.
Corporate Performance Insights
Several companies demonstrated noteworthy performance in the second quarter. BPCL experienced a substantial net profit jump of 169% due to refining margins. LT Foods saw its Q2 profit increase by nearly 9% to ₹163.85 crore, while Patanjali Foods' Q2 profit surged by 67% to ₹516.69 crore. Jubilant Pharmova's profit rose by 17% during the quarter. However, GCPL's PAT decreased, and the company acquired Muuchstac. Titagarh Rail secured a ₹2,481 crore Mumbai Metro order, and Airfloa Rail's order book exceeded ₹450 crore. BEML and Dredging Corp signed agreements. Additionally, the Marine Fisheries Census 2025 was launched by the Union Minister.
Policy and Regulatory News
Important regulatory changes and policy discussions are underway. The government is focusing on streamlining processes and improving the business environment. GST returns will have a 3-year time limit, starting from November. The GST cut is reviving small cars, prompting Maruti Suzuki to make plans. The UP RERA approved 15 new projects worth ₹2,434 crore. The Directorate General of Civil Aviation (DGCA) amended wheelchair norms for airports. The Central Board of Indirect Taxes and Customs (CBIC) busted GST fraud, uncovering ₹31.95 crore in tax evasion. The UIDAI formed an expert panel for the Aadhaar Vision 2032. Furthermore, the CII held a pre-budget discussion focusing on tax reforms and dispute resolution.
Trade & Investment Highlights
Investment and trade initiatives continue to drive the Indian economy. India is engaging in trade talks with the US, focusing on Free Trade Agreements (FTA) and export diversification. The Kolkata Port is set for a revamp, with an investment of ₹1,000 crore expected. Tuticorin Port is slated for an investment of ₹1.27 lakh crore. India is urging the WTO to discuss digital infrastructure for e-commerce. A Business Reform Plan for 2025 is in the works, granting more power to collectors. Additionally, India's exports are growing in non-US markets. Deep Tech startups are seeking tax incentives and clarity, indicating growth in this sector. The Industrial Transition Accelerator Report was also launched.
Other Market Observations
Several other developments are shaping the business landscape. Goa saw a 6% rise in tourist arrivals, with international inflow increasing. Basic Home Loan is eyeing a 3x revenue growth and plans to launch an IPO. The office market in India shows strong demand, as highlighted by a DLF official. India's foreign exchange reserves decreased to USD 695.35 billion. Pilots filed a contempt plea regarding flight duty norms. Air India is retrofitting A320s with premium economy. Furthermore, the RBI is conducting surveys to gather inputs for monetary policy.
