Daily Stock Market News Wrap: NHPC, Ircon Shares Were in Focus

The Indian benchmark indices continued to fall on November 8, 2024, for the 2nd consecutive day despite positive global market cues such as a 25 bps rate cut by the US Fed for 2nd time in a row. The day was filled with numerous news such as earnings releases, IPOs and others. In this blog, let’s explore a few of them:

1. NHPC Shares Dropped ~3%

NHPC shares slides after the announcement of financial results. NHPC reported Q2FY25 results, wherein it recorded a 41.2% decrease in net profit. The company’s net profit stood at ₹909 crore, down from ₹1,546 crore.

2. Indian Hotel Company Share Rose Over 5%

Indian Hotel Company shares gained momentum after reporting a 28% year-on-year increase in revenue, reaching ₹1,890 crore during Q2 FY25. Indian Hotel Company’s EBITDA also surged, rising by 40% to ₹565 crore, reflecting strong operational efficiencies.

3. Ircon Shares Slipped Over 3%

Ircon International Limited, a Navratna public-sector enterprise reported Q2 FY25 results, wherein it reported a total income of ₹2,538.6 crore, a decrease from ₹3,136.3 crore in Q2 FY24. As a result, Ircon share price dragged during the session.

Also Read: Ircon International Released Q2 FY25 Results

4. Swiggy IPO Closed

Swiggy IPO closes on November 8, 2024. At 11:50 AM, Swiggy IPO subscribed 0.36 times. The public issue subscribed 0.46 times in the retail category, 0.46 times in QIB, and 0.08 times in the NII category.

5. Inox India Secured a New Contract

INOX India Limited secured a contract with Highview Power, UK, to supply liquid air energy storage tanks for their upcoming LAES project in Manchester. 

Read More: INOX India Bags Major Contract With Highview Power 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.