Top Stories | Nifty rebounds as PSU banks soar, Maruti Suzuki results, gold prices soar on Dhanteras, and more
Meanwhile, gold prices remain elevated on Dhanteras, prompting questions about buying decisions amid ongoing geopolitical tensions.
In corporate news, Maruti Suzuki’s recent quarterly results have disappointed investors, leading to a dip in its shares. Bharti Airtel is also facing leadership concerns that have affected its stock performance.
On a brighter note, the pharma and meditech industry is poised for impressive growth, with predictions suggesting it could nearly double in value by 2030, fuelled by an expanding CRDMO landscape.
On the economic front, the Department of Economic Affairs is optimistic about achieving a 7% growth target for FY25. In regulatory news, SEBI is probing the Axis-Max Life deal, requesting clarifications on its terms.
As we navigate these developments, the festive season is igniting a surge in real estate demand. Additionally, as the US Presidential Election approaches, immigration continues to be a hot topic, highlighting the contrasting visions of the candidates.
Here are the top 10 buzzing stories from markets, business, economy, and beyond.
Nifty 50 stages strong recovery from intraday lows; PSU Banks jump 3.6%
The Nifty 50 index staged a strong recovery from intra-day lows on Tuesday, gaining for a second consecutive session led largely by a rally in the financial sector, particularly the public sector banks.
The index ended the session up 128 points at 24,467. The Sensex rose by 364 points to reach 80,369.
The Nifty PSU Bank index gained over 3% for the second consecutive day, with State Bank of India (SBI) jumping more than 5%. The midcap index surged 514 points to 56,251, and the Nifty Bank climbed 1,061 points to 52,321.
Gold prices remain elevated on Dhanteras: Will high rates influence buying decisions?
Spot gold is trading near a record high of $2,758.37 per ounce on Dhanteras day (October 29), driven by geopolitical tensions and the looming US presidential election. In India, 24-carat gold prices slightly eased to ₹7,996.3 per gram, down by ₹490, and 22-carat gold to ₹7,331.3 per gram, a drop of ₹450.
Despite this dip, domestic gold prices remain up over 20% year-to-date, as market sentiment stays strong.
Silver is following a similar trend, priced near ₹1 lakh per kilogram in Delhi.
Maruti Suzuki Q2 Results: Shares end 4% lower after deferred tax hits profit, margin misses estimates
Shares of Maruti Suzuki India Ltd., India’s largest manufacturer of passenger cars, fell on Tuesday, October 29, after the company’s September quarter results missed expectations on the net profit and margin front.
Net profit for the quarter stood at ₹3,069 crore, well below the CNBC-TV18 poll of ₹3,779 crore. Maruti’s net profit is also impacted by a deferred tax expense of ₹1,017 crore during the current quarter. The same metric, during the base quarter, stood at ₹83 crore. On a year-on-year basis, Maruti’s net profit declined by 17.4%.
Maruti also attributed the fall in net profit to withdrawal of indexation benefits and the LTCG tax change.
India’s pharma and meditech sector poised to double by 2030, fueled by CRDMO growth
India’s pharmaceutical and meditech industry, valued at approximately $70 billion, is on track to nearly double by 2030, according to Arunish Chawla, Secretary of the Department of Pharmaceuticals.
In an interview to CNBC-TV18, Chawla highlighted that this growth is driven by India’s expanding CRDMO (Contract Research Development Manufacturing Organisation) ecosystem, which is developing rapidly and is set to contribute significantly to the country’s economic and employment landscape.
He noted, “The CRDMO industry in our country is now growing at 12-14%,” providing opportunities for graduates, engineers, and technicians as the industry scales up its research and manufacturing capabilities.
You can read the full interview here
India’s 7% growth target for FY25 ‘very much doable’, says DEA Secretary Ajay Seth
Ajay Seth, Secretary of the Department of Economic Affairs (DEA), says India’s 7% economic growth target for the current fiscal year is ‘very much doable’.
He expects the second quarter (July-September 2024) to look up with very strong growth in the third and fourth quarters, even as some states have seen a slower capex.
“These are the estimates and not just RBI’s estimates. Even if you look at what the IMF latest estimates are, they are also of the order of over 7% for the current financial year,” he noted in an exclusive conversation with CNBC-TV18.
Bharti Airtel shares fall to one-month low amid leadership concerns
Shares of Bharti Airtel Ltd. hit a one-month low on Tuesday, October 29, due to concerns surrounding leadership transition. Despite stable operational performance, the company is focused on ensuring a smooth transition.
Gopal Vittal will step down as MD and CEO, effective January 1, 2026. During this transition, he will take on additional responsibilities as Vice Chairman.
Vittal indicated that he will assume some of the roles currently held by Sunil Bharti Mittal and will dedicate time to scaling up the company’s incubation areas.
He remains fully committed to the Bharti Group and has no intention of pursuing opportunities outside the organisation. Vittal will also provide broad oversight of the company’s overseas business.
SEBI probes Axis-Max Life deal, demands five clarifications
According to sources speaking to CNBC-TV18, market regulator SEBI is examining the terms of the deal between Axis and Max Life Insurance. The regulator has requested five clarifications regarding the specifics of the agreement.
Watch the video below for complete details ????
Nagpur cops identify man behind series of hoax bomb threats to airlines
The Special Branch of Nagpur Police has identified a key suspect in a series of alarming hoax bomb threats targeting various Indian airlines. The individual, 35-year-old Jagdish Uikey, is on the run after police traced multiple threats back to him.
A police official told CNBC-TV18 that a special team has been formed to arrest Uikey.
He has authored a book on terrorism. He was arrested in a case in 2021.
“Uikey is currently on the run after these emails were traced back to him,” the senior police official told PTI.
US Presidential Election 2024: Immigration takes centre stage as Trump and Harris offer contrasting visions
With just days remaining until the US elects its next president, immigration has emerged as a critical issue, spotlighting the stark differences between candidates Donald Trump and Kamala Harris. Trump advocates a hardline approach, threatening mass deportations of refugees and immigrants, while Harris aims to continue the Biden administration’s policies, adding her own nuances.
To gain insights into how the electoral landscape is evolving ahead of this crucial election, CNBC-TV18 consulted experts, including Mitchell Brown, political science professor at Auburn University; Anil Trigunayat, former Indian ambassador and distinguished fellow at the Vivekananda International Foundation; and Washington Post journalist Azi Paybarah.
Discover their perspectives here
Festive season fuels real estate demand in India: Is it the right time to invest?
As the festive season rolls in, India’s real estate market sees a significant uptick in activity. Both residential and commercial real estate sectors experience heightened demand, driven by cultural significance and a suite of offers from developers and banks alike.
This period, traditionally viewed as auspicious, witnesses a surge in homebuyers and investors looking to make property purchases for new beginnings, prosperity, and stability.
But does the festive appeal make this the best time to invest in real estate?
That’s all folks! Keep yourself up to date with the latest news, views and ideas to make money only on cnbctv18.com.
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