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PSU Bank, FMCG and consumer durables shares advanced while IT and pharma stocks advanced.
At 09:25 IST, the barometer index, the S&P BSE Sensex, declined 29.25 points or 0.03% to 85,109.02. The Nifty 50 index fell 49.05 points or 0.19% to 25,975.60.
In the broader market, the S&P BSE Mid-Cap index fell 0.19% and the S&P BSE Small-Cap index shed 0.04%.
The market breadth was negative. On the BSE, 1,337 shares rose and 1,574 shares fell. A total of 163 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,642.30 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 4,645.94 crore in the Indian equity market on 02 December 2025, provisional data showed.
Stocks in Spotlight:
Bikaji Foods International rose 0.37%. The company has subscribe additional 25,000 common stocks of $10 each, amounting to $ 2,50,000 in its wholly-owned subsidiary, Bikaji Foods International USA Corp (Bikaji USA).
Indian Railway Finance Corporation (IRFC) added 0.21%. The company has signed a loan agreement with Sumitomo Mitsun Banking corporation, GIFT city Branch at Gift city in Gandhinagar, Gujarat for raising external commercial borrowing loan of JPY equivalent $300 million.
CEAT advanced 1.12% after the company’s board said that it will meet on 5 December 2025 to explore a proposal for issuance of non-convertible debentures (NCDs) on private placement basis.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was unchanged at 6.503.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.0100 compared with its close of 89.9650 during the previous trading session. The currency slipped to a fresh record low after breaching the 90-mark.
MCX Gold futures for 5 December 2025 settlement rose 0.62% to Rs 128,120.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 99.23.
The United States 10-year bond yield fell 0.22% to 4.079.
In the commodities market, Brent crude for January 2025 settlement declined 2 cents or 0.03% to $63.43 a barrel.
Global Markets:
Asia-Pacific markets were mostly higher Wednesday, after Wall Street saw a tech-fueled recovery and a cryptocurrency rally.
Bitcoin climbed over 7% to cross the $90,000 mark in overnight trading after a sharp sell-off a day earlier.
South Korea’s revised third-quarter GDP numbers indicated that country’s economy grew at 1.8% year on year, compared to 1.7% in the initial estimate, data from the central bank showed Wednesday.
Australia’s GDP expanded 2.1% year on year, marking its strongest expansion since the third quarter of 2023, but fell short of the widely reported 2.2% expected growth rate.
U.S. stock futures were little changed during early Asia hours after major U.S. indexes recovered some losses from the previous session.
Overnight in the U.S., the Dow Jones Industrial Average gained 0.39%, while the S&P 500 climbed 0.25% and the Nasdaq Composite advanced 0.59%.
Shares of Samman Capital are banned from F&O on 3 December 2025.
Stocks to Watch:
Bikaji Foods International has subscribe additional 25,000 common stocks of $10 each, amounting to $ 2,50,000 in its wholly-owned subsidiary, Bikaji Foods International USA Corp (Bikaji USA).
Indian Railway Finance Corporation (IRFC) has signed a loan agreement with Sumitomo Mitsun Banking corporation, GIFT city Branch at Gift city in Gandhinagar, Gujarat for raising external commercial borrowing loan of JPY equivalent $300 million.
CEAT’s board will meet on 5 December 2025 to explore a proposal for issuance of non-convertible debentures (NCDs) on private placement basis.
Gujarat State Petronet appointed Lokesh Agarwal as chief financial officer (CFO) with effect from 2 December 2025.
Deep Industries has acquired 350,000 equity shares (comprising 70%) of Deep Natural Resources (DNRL) and pursuant to this acquisition of equity shares DNRL has become a subsidiary of the company
IT shares rebounded after declining in the past trading session.
At 10:25 IST, the barometer index, the S&P BSE Sensex declined 343.36 points or 0.40% to 84,8794.91. The Nifty 50 index fell 130.80 points or 0.50% to 25,901.55.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.16% and the S&P BSE Small-Cap index fell 0.79%.
The market breadth was weak. On the BSE, 1,182 shares rose and 2,583 shares fell. A total of 213 shares were unchanged.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.1800 compared with its close of 89.9650 during the previous trading session. The currency slipped to a fresh record low after breaching the 90-mark.
Economy:
The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 58.9 in October to 59.8 in November, indicating a historically strong expansion in output and a faster pace of growth than the previous month.
Meanwhile, the HSBC India Composite PMI Output Index stood at 59.7 in November, pointing to robust growth. However, the decline from October’s 60.4 reading signalled the slowest expansion since May
IPO Update:
Meesho received bids for 10,06,89,210 shares as against 27,79,38,446 shares on offer, according to stock exchange data at 11:18 IST on Wednesday (3 December 2025). The issue was subscribed 0.36 times. The issue opened for bidding on 3 December 2025 and it will close on 5 December 2025. The price band of the IPO is fixed between Rs 105 and 111 per share.
Aequs received bids for 3,63,87,480 shares as against 4,20,26,913 shares on offer, according to stock exchange data at 11:20 IST on Wednesday (3 December 2025). The issue was subscribed 0.87 times. The issue opened for bidding on 3 December 2025 and it will close on 5 December 2025. The price band of the IPO is fixed between Rs 118 and 124 per share.
Vidya Wires received bids for 3,50,48,448 shares as against 4,33,34,009 shares on offer, according to stock exchange data at 11:18 IST on Wednesday (3 December 2025). The issue was subscribed 0.81 times. The issue opened for bidding on 3 December 2025 and it will close on 5 December 2025. The price band of the IPO is fixed between Rs 48 and 52 per share.
Buzzing Index:
The Nifty IT index advanced 0.85% to 37,859.25. The index fell 0.02% in the past trading session.
Wipro (up 2.36%), Tata Consultancy Services (up 1.73%), Infosys (up 0.95%), Mphasis (up 0.75%) and Tech Mahindra (up 0.72%), LTIMindtree (up 0.24%), HCL Technologies (up 0.02%) advanced.
Stock in Spotlight:
Indian Railway Finance Corporation (IRFC) declined 1.29%. The company announced that it has signed a loan agreement with Sumitomo Mitsui Banking Corporation (SMBC) to raise an External Commercial Borrowing (ECB) loan valued at the Japanese Yen (JPY) equivalent of $300 million.
Global Market:
IRFC stated that this development marks its first entry into the ECB market under the IRFC 2.0 framework, following the company’s strategic diversification into infrastructure projects with backward and forward linkages.
The company added that proceeds from the loan will be used to finance projects connected to the railway sector or other approved initiatives, in line with the External Commercial Borrowing guidelines.
Manoj Kumar Dubey, Chairman and Managing Director & CEO, IRFC, said, 'At IRFC, our priority is to mobilise resources from various available avenues at the most competitive rates, thereby supporting projects that are closely integrated with Indian Railways and delivering enduring benefits. By tapping the external commercial borrowing market after more than 3 years, we are not only intending to reduce our weighted average borrowing cost but also reviving our presence in the international market, which shall play a crucial role in further strengthening of the railway infrastructure that is vital for nation building.'
Indian Railway Finance Corp.'s principal business is to borrow funds from the financial markets to finance. The Government of India held an 86.36% stake in the company as of 30 September 2025.
Indian Railway Finance Corporation (IRFC)’s standalone net profit jumped 10.19% to Rs 1,776.98 crore in Q2 FY26 as against Rs 1,612.65 crore posted in Q2 FY25. However, total revenue from operations declined 7.64% year-on-year (YoY) to Rs 6,371.89 crore in the quarter ended 30 September 2025.
The counter shed 0.52% to Rs 115 on the BSE.
However, total revenue from operations declined 7.64% year-on-year (YoY) to Rs 6,371.89 crore in the quarter ended 30 September 2025.
Profit before tax stood at Rs 1,776.98 crore in Q2 FY26, up 10.19% from Rs 1,612.65 crore recorded in the same period a year ago.
On a half year basis, the company’s standalone net profit jumped 10.44% to Rs 3,522.67 crore despite 2.62% to Rs 13,287.27 crore in H1 FY26 over H1 FY25.
The company’s strong performance highlights the success of its strategic diversification efforts, with newly developed business segments significantly contributing to improved margins and overall profitability.
Assets Under Management (AUM) have shown a continued upward trajectory, reaching Rs 4.62 lakh crore. Notably, this growth was achieved despite the absence of new mandates from Indian Railways and no existing project pipeline in recent years—underscoring the effectiveness of proactive business development initiatives executed during the first half of the year.
The corporation also reported its highest-ever net worth of Rs 56,193.85 crore and an annualised earnings per share (EPS) of Rs 5.39 per share marking key financial milestones and reinforcing the strength of its operational strategy.
During the first half of the year, IRFC sanctioned and executed new business agreements totaling Rs 3,45,382 crore across a range of railway-linked sectors, including power generation (with a strong emphasis on renewable energy), energy transmission, coal mining, and industrial infrastructure. This marks a ninefold increase compared to Rs 5,250 crore executed in the previous financial year—highlighting a significant scale-up in business development and diversification.
These transactions were concluded at competitive yet value-accretive spreads, resulting in a notable improvement in Net Interest Margins (NIMs), which now stand at 1.55% (annualized). This positive margin trend is already reflected in double-digit growth in Profit After Tax (PAT) and is expected to further strengthen in the coming quarters as the diversified asset portfolio continues to mature and yield returns.
The Board of Directors has declared the highest-ever interim dividend of Rs 1.05 per share, reaffirming the company’s commitment to delivering sustained value to its shareholders and reflecting strong financial performance and confidence in future growth.
The company stated that with strategic diversification gaining traction, IRFC is poised to expand its asset base in the second half of FY26. The newly added business lines are expected to drive sustained growth, improve Net interest margins (NIMS), and enhance profitability. As these segments mature, they are likely to strengthen IRFC’s position as a leading infrastructure financier in the country.
Indian Railway Finance Corp.'s principal business is to borrow funds from the financial markets to finance. The Government of India held an 86.36% stake in the company as of 30 June 2025.
The scrip rose 0.08% to Rs 124.60 on the BSE.