In a remarkable financial performance, Bank of Baroda reported a staggering 36% rise in net profit for the second quarter, reaching ₹6,532 crore. This surge was propelled by significant non-interest income, recoveries from previously written-off accounts, and gains from the partial sale of its stake in the National Stock Exchange.
New India Assurance Company has revealed a concerning net loss of ₹1,267 crore for the September quarter, sharply contrasting with last year's profit of ₹63 crore. The sharp downturn is attributed to underwriting losses in key segments such as property, motor, and health insurance. Despite this, gross written premiums showed a modest increase of 5.14% year-on-year, totaling ₹11,083 crore.
LIC Housing Finance experienced a 12% year-on-year increase in consolidated net profit, reaching ₹1,507 crore. Total income for the quarter rose by 1.5% compared to the previous year. A notable improvement in asset quality contributed to the positive financial outcome and led to the reversal of impairment charges. Gross non-performing assets decreased significantly, highlighting better loan performance during the quarter.
Brent crude rose 13.6% in October to settle at a six-month high of $117.64 a barrel, as fears of fresh US strikes on Iran and threats to shipping through the Strait of Hormuz fuelled supply concerns. Analysts warn of further volatility, with Goldman Sachs flagging a possible rise to $120.
SBI Securities has picked 11 stocks for Samvat 2083, with up to 22% upside potential. The list spans steel, hospitality, jewellery, electronics and infrastructure.
Ratnadeep Retail has received Sebi approval to launch an IPO comprising a fresh issue of up to Rs 400 crore and an offer for sale of 1.49 crore shares. The Hyderabad-based retailer plans to use part of the proceeds to repay borrowings and expand its store network across India.
Nifty could extend its recovery towards 23,500 if it decisively breaks above the 23,150–23,200 resistance zone, says SBI Securities' Sudeep Shah. He also shares his outlook on IT, midcap and smallcap indices, sector trends and six stocks, including TVS Motor, Coforge and ICICI Bank, ahead of Diwali.
ICICI Prudential MF's S Naren warns investors against chasing assets after spectacular rallies, highlighting how silver's 216% surge drew record ETF inflows before a 27% correction. At the ET Wealth Expo, he explained why genuine asset allocation means buying unpopular assets and why gold still deserves a place in portfolios.
Eight BSE 500 stocks gained in each of the five sessions between October 26 and 30, delivering cumulative returns of 10% to 21%.