India Indexes Rebounds 1%, Waaree Energies and Honasa Consumer Plunge

Arun Goswami
19 Nov, 2024
Mumbai

Stock market indexes in Mumbai opened higher and rebounded from the previous session's losses.

The Sensex index increased 1.1% to 78,258.64, and the Nifty 50 index advanced 1.2% to 23,736.85.

Market indexes have been under pressure over the last six weeks amid a decline in quarterly earnings and a fall in operating margins. 

Moreover, foreign investors have been selling stocks in India amid high valuation and allocating to markets in China and Japan. 

Financial markets in Mumbai are closed on Wednesday as Maharashtra State conducts its general elections. 

Waaree Energies declined 4.4% to ₹2,976.30 after the solar PV module maker reported weak revenue growth. 

Revenue in the September quarter increased 1% to ₹2,916 crore, and net income rose 15% to ₹362 crore from a year ago, respectively. 

Total exports in the quarter were unchanged at ₹3,165 crore compared to the same period a year ago, and the company said it plans to set up a 3GW manufacturing facility in the U.S. 

NTPC Green Energy's public offering opened for subscription today as the company set the price band between ₹102 and ₹108 per share. 

The wholly owned subsidiary of NTPC plans to sell 92.59 crore shares and raise as much as ₹10,000 crore. 

The subscription period ends on November 22, and shares will be credited to the investor's account on November 26. 

Adani Green Energy increased 0.7% to ₹1,460.90, and the company is set to launch a $600 million bond offering later in the week. 

Bajaj Finance Ltd. increased 0.7% to ₹6,608.30, and the company said in a filing with exchanges that its fixed-deposit book increased 21% to 66,131 crore. 

Ashoka Buildcon advanced 2.4% to ₹237.40, and the company said it has been declared as the lowest bidder in projects worth ₹2,791 crore by the National Highways Authority of India. 

Honasa Consumer dropped 10% to ₹267.40 and extended two-day losses to over 32% after the company reported its first loss in five quarters. 

Consolidated revenue from operations in the fiscal second quarter declined 7% to ₹462 crore from ₹496 crore, and net income swung to a loss of ₹29 crore compared to a profit of ₹19 crore in the same period a year ago. 

The company blamed the decline in revenue and earnings on a one-time change in the inventory distribution model. 

The parent company of Mamaearth retailer said inventory-adjusted revenue in the quarter was ₹525 crore, a 5.7% increase from a year earlier.