Top Stories | Gold hits new highs, L&T and Dabur earnings, India-China LAC disengagement complete, and more
On the earnings front, L&T’s Q2 results outpaced market expectations, showcasing steady growth in a challenging environment. Meanwhile, Dabur reported a dip in profit but managed to meet revenue expectations. Tech giants are also making waves, with Alphabet’s Sundar Pichai highlighting AI’s pivotal role in driving innovation, as over a quarter of Google’s code is now AI-generated.
Geopolitics, too, took centre stage as India and China completed a crucial troop disengagement in eastern Ladakh, and OPEC’s production strategy signalled a continued easing of crude oil prices. Lastly, we look ahead to the US presidential race, where the outcome between Trump and Harris could redefine global alliances.
Read on for in-depth coverage and more updates, including links to our exclusive interviews and analysis.
Nifty 50 closes lower as financial sector rally halts; Midcaps outperform
The benchmark Nifty 50 index closed lower on Wednesday as the rally in the financial sector fizzled out due to renewed selling by foreign portfolio investors and some disappointing earnings reports from blue-chip Indian firms.
The Nifty 50 fell by 126 points to close at 24,341, while the Sensex dropped 427 points to 79,942.
The Nifty Bank index faced a significant slip, down 513 points to 51,808.
In India, gold prices mirrored the global trend. On October 30, 2024, 24-carat gold (10 grams) traded at ₹80,450, while 22-carat gold was priced at ₹73,750, with rates rising by ₹650 and ₹600, respectively, over the past 24 hours.
L&T Q2 numbers beat the Street; net profit up 5% at ₹3,395 crore, revenue spikes 21%
Engineering and construction conglomerate Larsen & Toubro (L&T) on Wednesday (October 30) reported a 5.4% year-on-year (YoY) increase in net profit at ₹3,395.3 crore for the second quarter that ended on September 30, 2024.
In the corresponding quarter of the previous fiscal, Larsen & Toubro posted a net profit of ₹3,223 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ₹3,200 crore for the quarter under review.
Dabur Q2 Results: Volumes decline 7.5%; Profit, revenue meet expectations
Dabur India reported a nearly 18% year-on-year (YoY) decline in consolidated net profit at ₹418 crore, compared to ₹507.04 crore in the year-ago period. The profit figure was higher than CNBC-TV18’s poll of ₹431 crore.
Dabur India’s topline stood at ₹3,029 crore, marginally higher than CNBC-TV18’s poll of ₹3,045 crore.
The company’s operating profit, also known as EBITDA, stood at ₹553 crore, while margins came in at 18.3% as against CNBC-TV18’s poll of 18%.
Swiggy fixes the price band for its ₹11,327 crore IPO — details here
SoftBank-backed Swiggy Ltd. has announced the price band for its Initial Public Offering (IPO), which opens for subscription on November 6, 2024.
The company has fixed the price band between ₹371 to ₹390 per equity share. Investors can bid for a minimum of 38 shares in one lot and then in multiples of 38 thereof.
Over 25% of new code is AI-generated, says Alphabet CEO Sundar Pichai
Alphabet’s third-quarter earnings reflect more than just rising revenue; they reveal a company deeply invested in artificial intelligence (AI) as the cornerstone of future growth.
Google, its leading subsidiary, is now generating over a quarter of its new code using AI — a move CEO Sundar Pichai says is part of a broader strategy to improve efficiency, accelerate innovation, and maximise returns across its divisions.
India-China complete troop disengagement in Depsang, Demchok, patrolling set to begin
In a significant development aimed at reducing tensions along the Line of Actual Control (LAC), disengagement between Indian and Chinese troops in the Depsang and Demchok regions of eastern Ladakh has been successfully completed. Sources from the Indian Army confirmed that both sides are set to begin coordinated patrolling in these areas soon.
The disengagement process marks a crucial step towards stabilising the situation in these sensitive regions, which have seen heightened military activity and skirmishes over the past few years. Sources confirmed that.
Crude Oil Prices Fall 6% In 2024 So Far On Easing West Asia War Premium
Crude oil prices have dropped by 6% so far in 2024. OPEC plans to raise production by 180,000 barrels per day starting in December. Watch Manisha Gupta for a quick update on the market impact.
US Presidential Election 2024 | Trump vs Harris: How the outcome will affect global ties
In recent years, the United States has been at the forefront of addressing complex global challenges, with its foreign policy playing a pivotal role in shaping international relations.
As the world grapples with issues ranging from regional conflicts to economic uncertainties, the US continues to navigate these turbulent waters, forging alliances and recalibrating its strategies to maintain global stability.
Next week’s pivotal presidential election is poised to have a significant impact on America’s foreign policy, with Donald Trump and Kamala Harris presenting contrasting views.
Conflict Over Seat-Sharing Even After Maha Nomination Filing Deadline Ends
The Bharatiya Janata Party (BJP) is contesting 148 assembly seats in Maharashtra, the highest among half a dozen major political parties in the ruling and opposition camps, followed by the Congress on 103 as the filing of nominations ended on Tuesday.
Australian High Commissioner Philip Green Discusses India-Australia Relations
CRICKET, TRADE & DIPLOMACY: Australian High Commissioner Philip Green speaks to CNBC-TV18’s Parikshit Luthra exclusively on Newscentre.
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