Stock Market Live: Markets stage bumper recovery; Sensex up 630 points

State-owned GAIL (India) Ltd on Tuesday reported a 10 per cent rise in the September quarter net profit after an increase in earnings from gas transmission business and a turnaround in the petrochemical business neutralised fall in marketing margin.

Consolidated net profit of Rs 2,689.67 crore in July-September FY25 compared with Rs 2,442.18 crore in the same period a year ago, according to a stock exchange filing by the company.

Research and advisory firm Gartner raised its full-year forecasts for revenue and profit on Tuesday, banking on its ability to retain clients as enterprise spending, especially in the core IT sector, picks up.

Growing economic and geopolitical uncertainties have exposed businesses to greater risks and volatility, driving up demand for research insights to help them make better decisions.

Dr Reddy’s Laboratories Ltd on Tuesday said its consolidated profit after tax for the quarter, ended September 30, was down by nine percent to Rs 1,342 crore (before non-controlling interest) compared to the same period last fiscal.

The drugmaker reported a profit after tax of Rs 1,480 crore in the second quarter of FY24.

India's rice production is likely to touch a record 119.93 million tonne (MT) in the 2024-25 kharif season on good monsoon, according to the agriculture ministry's first advance estimate released on Tuesday.

The record estimate comes amid surplus stocks in government godowns.

Union Minister Pralhad Joshi on Tuesday stressed increasing the efficiency of solar projects, reducing cost and developing energy storage solutions.

Addressing a conference of the International Solar Alliance, Joshi urged stakeholders to focus on integration with smart technologies and noted that the growth of the solar industry would boost economic development.

Ahead of its IPO, Swiggy's Food Marketplace CEO Rohit Kapoor said the company as a whole is "very well positioned" and is looking at an organic growth trajectory for its quick commerce business Instamart.

The Bengaluru-based company is aiming to garner Rs 11,327 crore from the IPO, which will open for public subscription on November 6 and conclude on November 8.

The domestic markets after continuing the decline in the early trading hours of the day have recovered substantially with BSE’s 30-share index Sensex surging as much as 712 points or nearly 1 per cent. 

On the other hand, the National Stock Exchange’s Nifty 50 has also moved up by 220 points or 0.91 per cent, breaking past the crucial level of 24,200. 

The $19 billion merger between Vodafone VOD.L and Hutchison's 0001.HK Three UK is likely to be given the regulatory green light as Britain's need for investment outweighs short-term competition concerns.

Britain's anti-trust regulator said on Tuesday it believed the combination of the country's third and fourth biggest mobile operators could be "pro-competitive" if certain measures and remedies are implemented.

The government on Tuesday launched phase-II retail sales of wheat flour and rice under the Bharat brand at subsidised rates to provide relief to consumers from high prices.

Wheat flour (atta) will be sold at Rs 30 per kg and rice at Rs 34 per kg in 5kg and 10kg packets through cooperatives NCCF, Nafed and Kendriya Bhandar and e-commerce platforms.

In a bid to achieve operational efficiency and cost rationalisation, the Finance Ministry has initiated the fourth round of consolidation for Regional Rural Banks (RRBs) and the number of such banks is likely to come down to 28 from 43 at present.

As per the roadmap prepared by the Finance Ministry, 15 RRBs operating in various states would be merged.

Crude oil futures on Tuesday decreased Rs 10 to Rs 6,014 per barrel in futures trade as participants trimmed their positions on low demand.

On the Multi Commodity Exchange, crude oil for November delivery traded lower Rs 10 or 0.17 per cent at Rs 6,014 per barrel in 13,224 lots.

The commerce ministry's investigation arm DGTR has recommended imposition of an anti-dumping duty of up to USD 339 per tonne on imports of PVC resins from seven countries, including China, the US and Korea, with a view to guard domestic producers.

In its preliminary findings, the Directorate General of Trade Remedies (DGTR) has concluded that 'PVC suspension resins' have been exported to India at a price below the normal value, resulting in dumping.

Apollo Green Energy Ltd (AGEL), part of Apollo International Group, on Tuesday said it is preparing for a public listing next year to support its expansion plans and secure new projects.

Also, the company is set to build a Rs 10,000-crore project portfolio by 2025.

"With over 200 professionals and an order book of Rs 3,500 crore, we are focused on delivering projects that meet the nation's energy needs and promote sustainability. Our upcoming IPO in 2025 will further strengthen our financial base, enabling us to scale our operations and invest in cutting-edge renewable technologies," Sanjay Gupta, CEO, Apollo Green Energy Ltd, said.

Infrastructure major Larsen & Toubro (L&T) on Tuesday said it will acquire 21 per cent stake in E2E Networks Ltd, a cloud services company, for Rs 1,407.02 crore.

The move assumes significance as it will increase L&T's reach in cloud and AI services -- the key growth areas in the technology sector.

Australia and India's foreign ministers said on Tuesday they were confident the Quad group of the U.S., India, Australia and Japan would continue to cooperate in the Indo-Pacific region regardless of the outcome of the U.S. presidential election.

Australia's Foreign Minister Penny Wong told reporters in Canberra she had met Mike Pompeo, who served as Secretary of State in the previous Trump Administration, ahead of the U.S. election and had "a very good discussion".

Indian Foreign Minister Subrahmanyam Jaishankar said the Quad was revived under the Trump presidency in 2017.

"When we look at the American election, we are very confident that whatever the verdict, our relationship with the United States will only grow," he said, on an official visit to Australia.

 Stock markets declined in early trade on Tuesday amid constant foreign fund outflows and cautious investors' sentiment ahead of the US presidential elections and the Federal Reserve interest rate decision.

The BSE Sensex declined 326.58 points to 78,455.66 in early trade. The NSE Nifty went down by 86.7 points to 23,908.65.

The rupee fell 2 paise to an all-time low of 84.13 against the US dollar in early trade on Tuesday, as persistent foreign fund outflows and a muted trend in domestic equities dented investor sentiments.

Forex traders said all eyes are on the US as it decides its next President. Markets are bracing for potential volatility over the coming days, especially with the Federal Reserve's monetary policy announcement also scheduled this week.