Stock Market Weekly Recap - 21 Oct to 25 Oct

During the week, Nifty and Sensex continued to witness a bearish trend which was influenced by disappointing corporate earnings and selling of FII’s. Nifty opened the week at 24,956 and after a bearish movement, closed at 24,180, which represents a 3.11% decrease for the week. Similarly, Sensex started the week at 81,770 and finished at 79,402, reflecting a 2.90% weekly decline.

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Important Highlights between 07 Oct to 11 Oct

UltraTech Cement Q2 FY25: Net Profit Drops 36% 

UltraTech Cement's Q2 FY25 results, reported on October 21, 2024, showed a significant decline in both net profit and revenue. The consolidated net profit fell 36% year-on-year to Rs.825 crore, missing analysts' expectations of Rs.939 crore. Revenue from operations decreased by 2% to Rs.15,635 crore, slightly exceeding estimates of Rs.15,420 crore. This marks the company's first revenue decline since Q2 FY20. Key factors for the profit drop included rising input costs and a challenging demand environment, though management remains optimistic about future demand growth.

Bajaj Housing Finance Q2 FY25: Net Profit Soars 21%

Bajaj Housing Finance reported a 21% year-on-year increase in net profit for Q2 FY25, reaching Rs.546 crore, marking its first earnings report since its September 2024 equity listing. Total income rose 18% to Rs.897 crore, and net interest income increased 13% to Rs.713 crore, although the net interest margin fell to 4.1%. Expenses rose by 10% to Rs.184 crore, while provisions dropped 72% to Rs.5 crore. Disbursements hit a record Rs.12,014 crore, driven by strong commercial transactions. Despite a slight decline in asset quality, with gross non-performing assets rising to 0.29%, the capital adequacy ratio improved to 28.98%, and assets under management grew 26% to Rs.1.03 trillion.

Union Bank of India Q2 FY25: Net Profit Rises 34.43%

Union Bank of India reported a strong net profit of Rs.4,720 crore for Q2 FY25, marking a 34.43% year-on-year increase, largely driven by a substantial rise in non-interest income, which surged by 44.19% to Rs.5,328 crore. However, the bank's net interest income (NII) declined by 0.87% year-on-year to Rs.9,047 crore, with the net interest margin (NIM) decreasing to 2.90%. Provisions for non-performing assets (NPAs) rose to Rs.2,504.42 crore due to stressed loans, but gross NPAs improved to 4.36%, down from 6.38% a year earlier. The bank's advances grew by 9.63% year-on-year to Rs.9.28 trillion, while total deposits increased by 9.17% to Rs.12.41 trillion. As of September 2024, the capital adequacy ratio stood at 17.13%.