Mumbai, Nov 5: The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) remained closed on Wednesday on account of Prakash Gurpurb Sri Guru Nanak Dev, also known as Guru Nanak Jayanti.

Trading across segments, including equities, derivatives, securities lending and borrowing (SLBs), currency derivatives, and interest rate derivatives, stayed shut for the day.

The commodity derivatives market was also closed in the morning session between 9 am and 5 pm but will open for the evening session from 5 pm to 11:30/11:55 pm.

Regular trading on both exchanges will resume on Thursday (November 6).

On Tuesday, Indian stock markets ended lower, with the Nifty slipping below the 25,600 mark amid broad-based selling pressure.

The Sensex fell 519.34 points, or 0.62 per cent, to close at 83,459.15, while the Nifty dropped 165.70 points, or 0.64 per cent, to end at 25,597.65.

The BSE Midcap index declined 0.2 per cent, and the Smallcap index fell 0.7 per cent.

Among major Nifty stocks, Power Grid Corp, Coal India, Tata Motors Passenger Vehicles, Bajaj Auto, and Eternal were the top losers.

On the other hand, Titan Company, Bharti Airtel, Bajaj Finance, HDFC Life, and M&M gained during the session.

Barring telecom and consumer durable sectors, all other indices ended in the red. IT, auto, FMCG, metal, power, realty, and PSU indices slipped between 0.5 to 1 per cent.

Market analysts said that the Nifty has retested its 20-day exponential moving average (EMA). A sustained move below this level could weaken the positive sentiment and extend the correction toward 25,400.

“On the higher side, 25,800 is likely to act as an immediate resistance level. Traders have been advised to remain cautious and focus on risk management until a clear market direction emerges,” experts said.

Mumbai, Nov 4: Tata Group’s hospitality arm, Indian Hotels Company Limited (IHCL), on Tuesday reported a 48.6 per cent year-on-year (YoY) drop in net profit to Rs 285 crore for the quarter ended September 2025 (Q2 FY26).

The company had posted a profit of Rs 555 crore in the same quarter last financial year (Q2 FY25), according to its stock exchange filing.

Despite the fall in profit, IHCL’s revenue from operations rose 11.8 per cent to Rs 2,040.8 crore, compared with Rs 1,826 crore in the corresponding period of the previous financial year.

The company’s EBITDA (earnings before interest, tax, depreciation, and amortisation) also showed improvement, rising 14.2 per cent year-on-year (YoY) to Rs 572 crore from Rs 501 crore a year ago.

The EBITDA margin improved slightly to 28 per cent, compared with 27.4 per cent in the same quarter last financial year.

On the market front, IHCL shares ended at Rs 743.75 on the BSE, down Rs 3.30 or 0.44 per cent on Tuesday.

Over the last five days, the stock gained Rs 2.35 or 0.32 per cent, while in the past month, it rose Rs 20.65 or 2.85 per cent.

However, over a longer period, the stock has faced some pressure. In the last six months, IHCL shares fell Rs 57.60 or 7.18 per cent, and on a year-to-date (YTD) basis, they are down Rs 129.40 or 14.81 per cent.

Still, over the past one year, the stock has gained Rs 77.65 or 11.65 per cent.

The Indian Hotels Company Limited (IHCL) is South Asia’s biggest hospitality group. It was founded in 1903 by Jamsetji Tata, who started it with the opening of The Taj Mahal Palace in Mumbai.

The company is best known for its Taj hotels and its unique culture called “Tajness,” which combines Indian tradition with modern hospitality.

Today, IHCL runs more than 550 hotels across four continents and focuses on being both innovative and sustainable.

New Delhi, Nov 4: The government was set to launch the third round of the production-linked incentive (PLI) scheme for Specialty Steel on Tuesday, which is one of the key initiatives under the Atmanirbhar Bharat vision.

The PLI 1.2 launch will be presided over by Union Minister H.D. Kumaraswamy, in the presence of senior officials, and other stakeholders from the sector, according to Ministry of Steel.

The ministry said that the PLI Scheme for Specialty Steel, approved by the Union Cabinet in July 2021 with an overall outlay of Rs 6,322 crore, aims to transform India into a global hub for production of high-value and advanced steel grades.

The PLI scheme has attracted a committed investment of Rs 43,874 crore so far, with Rs 22,973 crore already invested and over 13,000 jobs created under the first two rounds.

The scheme covers 22 product sub-categories including super alloys, CRGO, alloy forgings, stainless steel (long and flat), titanium alloys, and coated steels.

Incentive rates range from 4 per cent to 15 per cent, applicable for five years starting FY 2025–26, with disbursal beginning in FY 2026–27.

The base year for pricing has also been updated to FY 2024–25 to better reflect current trends.

The PLI scheme incentivises incremental production and investment in identified product categories, thereby enhancing value addition within the country and reducing import dependence in critical sectors such as defence, power, aerospace and infrastructure.

Meanwhile, the country aims to achieve 300 million tonnes of crude steel production capacity by 2030. Notably, India’s domestic steel demand is growing at an impressive 11-13 per cent, fuelled by large-scale infrastructure projects, while global demand faces a slowdown, according to Steel Ministry.

Steel production surged by a robust 14.1 per cent in September compared to the same month of the previous year on the back of increased demand from big-ticket infrastructure projects being carried out by the government.