India Movers: Adani Power, Adani Enterprises, Avenue Supermarts, Macrotech Developers, LIC, Oberoi Realty

Arun Goswami
14 Oct, 2024
Mumbai

Stocks in Mumbai advanced as the earning season kicked in. Inclement weather in August dragged down industrial production. 

The Sensex index decreased by 0.1% to 81,597.77, and the Nifty index rose by 0.05% to 25,000.82. 

On the Mumbai stock exchange, 104 stocks traded at their 52-week highs, and 17 stocks traded at their 52-week lows.

Avenue Supermarts dropped 8% after the parent company of DMart reported weaker-than-expected earnings growth. 

Revenue in the September quarter increased 14.4% from a year ago to 14,444.5 crore, and net income advanced 5.8% to 659.6 crore. 

Comparable sales increased 5.5%, driven primarily by quick commerce sales at online stores DMart Ready.

Adani Power increased 0.3% to ₹644.0, and the interim government in Bangladesh is expected to seek minor tariff revisions in the 25-year power purchase agreement initiated in 2017. 

Currently, Adani sells wholesale power to Bangladesh from its 1,600 MW power plant in Jharkhand. 

Oberoi Realty Ltd. increased 0.6% to ₹1,930.20, and the company is planning to raise as much as ₹6,000 crore through a secondary offering. 

The Mumbai-based residential real estate developer reported a 54.5% increase in its revenue in the June quarter, and the company estimated revenue growth of at least 35% in the current fiscal year. 

Godrej Properties edged down 0.3% to ₹3,005.60, and the Mumbai-based residential real estate developer acquired six land parcels valued at ₹9,650 crore.

The company reported new home sales jumped 3% to ₹5,200 crore in the fiscal second quarter ending in September. 

Adani Energy Solutions advanced 1.7% to ₹993.90, and the company said it signed a long-term power distribution agreement with Kenya-controlled Kenya Electricity Transmission Company. 

The company plans to invest $736 million (₹6,200 crore) in building and operating key transmission lines and substations for 30 years before transferring assets to Ketraco. 

Adani Enterprises increased 0.1% to ₹3,140.50, and the company completed its $500 million secondary offering, which was oversubscribed by four times. 

Macrotech Developers advanced 1% to ₹1,182.05, and the company said booking for new home sales in the September quarter increased 21% from a year ago to ₹4,290 crore. 

Total debt increased 11% to ₹4,920 crore, and the residential property developer estimated sales in the current fiscal year of ₹17,500 crore.

Life Insurance Corporation of India gained 1.1% to ₹958.65, and the company said new premium sales in September increased 14% to ₹35,020 crore from 30,716 crore a year ago.