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Indian headline indices closed in the red on Thursday, registering their second successive decline. They were dragged by IT, FMCG and bank stocks. While Nifty finished at 24,205.35, going down by 135.50 points or 0.56%, the 30-stock S&P BSE Sensex settled at 79,389.06, lower by 553.12 points or 0.69%. Nifty opened flat and traded within a narrow range, ending the day with a negative close at 24,205, Hrishikesh Yedve, Asit C. Mehta Investment Interrmediates said, highlighting that it was the Nifty Smallcap 100 index that outperformed the benchmarks, gaining about 1.15%.Fear index India VIX initially surged around 4% but settled up by 0.35% at 15.57, indicating a slight cooling of volatility.“Technically, Nifty formed a red candle on the daily chart, suggesting weakness, and has been consolidating between 24,000 and 24,500 for the past few sessions. A breakout on either side of this range could set the next direction for Nifty,” Yedve said.What should traders do? Here’s what analysts said:Rupak De, LKP SecuritiesThe Nifty index remained volatile before closing on a negative note. On the hourly chart, it encountered resistance around the 21 EMA, leading to a pullback toward 24,200. Sentiment may continue to remain weak as long as Nifty stays below 24,500, with any rise toward this level likely facing selling pressure. On the downside, support is placed at 24,000, while resistance levels are seen at 24,500 and 24,750.Jatin Gedia, Sharekhan by BNP ParibasNifty opened with a gap down on Thursday and witnessed volatile price action during the day. It closed down 126 points. On the daily charts we can observe that the Nifty has been trading in the range of 24,500–24,070 for the last five trading sessions. The range-bound action in the index is likely to continue on account of the monthly expiry of October series derivative contracts. Post that we are likely to witness trending moves. Crucial support levels are 24,200 – 24,180 while resistance is placed at 24,500 – 24,550.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Nicholas Pooran will join the Lucknow Super Giants (LSG) for the upcoming 2025 Indian Premier League (IPL) season, ahead of the mega auction of the coveted annual cricket league. The 29-year-old cricketer was officially confirmed as an LSG player during the IPL retentions 2025 on Thursday. Pooran will be the franchise's key retention, commanding a salary of Rs 21 crore, which marks him as the first official signing for the new season. His previous auction value was Rs 16 crore, when LSG acquired him in 2023 after his release from the Sunrisers Hyderabad, according to the Times of India. During the last IPL season, Pooran showcased his prowess by scoring 499 runs, which included three half-centuries, and he demonstrated his power-hitting ability with 35 fours and 36 sixes, establishing himself as a leading performer for the team.Besides Pooran, these players have been confirmed by the IPL franchise. LSG retentionsNicholas PooranRavi BishnoiMayank YadavAyush BadoniMohsin KhanThe Lucknow Super Giants have decided not to retain KL Rahul for the forthcoming season. With a remaining budget of Rs 69 crore, after allocating Rs 51 crore for retentions, LSG is well-positioned to strengthen their squad by recruiting at least 15 more players during the upcoming auction.

Matrimony.com’s Rs 72 crore share buyback, which was announced earlier in September, has opened for eligible shareholders on Wednesday, October 30 and will be available till November 6.“This is to inform you that Matrimony.com Limited (the “Company”) has dispatched the Letter of Offer for the Buyback to eligible shareholders holding Equity Shares on the record date i.e October 25, 2024,” said the company filing to the exchange.This means that the investors who were the shareholders of the company as on October 25 will be eligible for the buyback offer.The last date and time of receipt of completed tender forms is November 6 at 5 pm IST and the last date of settlement of the bids has been fixed as November 12.This is the second instance of the company proceeding with a buyback. Matrimony.com had carried out a share buyback once prior to this in July 2022.A share buyback usually occurs when a company uses its accumulated profits or reserves to purchase its own outstanding shares from the market. This reduces the number of shares available to the public and serves as a way to return cash to investors.Also read: Elcid Investments shares hit 5% upper circuit, continues record-breaking surgeFor the quarter ended June 2024, the company had reported a 1.4% YoY decline in its profit after tax (PAT) at Rs 14 crore while its revenue from operations were also down by 2.2% YoY to Rs 123 crore.In the last one year, the stock has surged by 37.8%, while in the current year so far, the shares have increased by 38.38%.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Brigade Hotel Ventures Limited, a wholly-owned subsidiary of Brigade Enterprises, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) with the objective of raising Rs 900 crore through an initial public offering (IPO).The company plans to allocate the Net Proceeds for several strategic purposes including to fully or partially repay certain outstanding debt incurred by both the Company and its Material Subsidiary, provide consideration for the acquisition of a proportionate share of land from our Promoter, BEL and pursue inorganic growth opportunities through acquisitions and other strategic initiatives, as well as for general corporate purposes.The proposed IPO offering involves a fresh issuance of equity shares at a face value of Rs 10 each, as detailed in the submission to the Bombay Stock Exchange (BSE). “The Promoter will continue to hold a significant equity stake in the hotel development arm after the Issue and their interests may differ from those of the other shareholders.As on the date of this DRHP the Promoter holds 100.00% of the pre-Issue issued, subscribed and paid-up Equity Share capital of the hotel development firm”, DRHP mentioned.Separately, the firm intends to develop five additional hotels under global hospitality companies and diversify the geographical footprint, to reduce our exposure to local, seasonal and cyclical fluctuations and to access a more diversified guest base across geographies. “We may consider acquiring new land parcels to expand our portfolio to newer geographies across India such as Goa and South India for developing new hotels,” the company said.Brigade hospitality plans to develop a luxury beach resort in Chennai and two upper midscale hotels in Bengaluru. “With respect to the luxury beach resort in Chennai We have entered into a non-binding term sheet or letter of intent with Hyatt in India to develop the resort under the ‘Grand Hyatt’ brand, however both the parties are yet to agree on the definitive management agreements for the same. Further, with respect to the two upper midscale hotels in Bengaluru, we have entered into a non-binding memorandum of understanding (“MoU”) with Marriott to develop these hotels under the ‘Fairfield by Marriott’ brand and the terms of such MoU are subject to the approval of Marriott’s board of directors and signing of the definitive agreement”, the company said in DRHP.The Bengaluru based company also intends to develop a luxury hotel under the InterContinental brand in Hyderabad for which the Promoter, BEL has entered into a definitive agreement with InterContinental Hotels Group. “We plan to develop a wellness resort on 14.70 acres in Vaikom, Kerala of which we own 7.08 acres and have entered into a memorandum of agreement dated October 21, 2024with Brigade Hospitality Services Limited to purchase the balance 7.62 acres”, it said.The company plans to complete the construction of the luxury beach resort in Chennai (Tamil Nadu) and the two upper midscale hotels in Bengaluru by Fiscal 2028 and the remaining two hotels including the wellness resort by Fiscal 2029.Separately, Brigade hotels has entered into hotel operator services agreements and other related agreements with Marriott, Accor and InterContinental Hotels Group to receive operating and marketing services for its hotels. Currently, a significant portion of the company’s revenues is derived from four hotels located in Bengaluru contributing 62.91% of revenue in fiscal 2024, while a portion of revenues from the hotels Sheraton Grand Bangalore at Brigade Gateway, Holiday Inn Chennai OMR IT Expressway and Holiday Inn Bengaluru Racecourse contributes 61.71% of the revenue from operationsAs the second-largest owner of chain-affiliated hotels in South India, Brigade Hotel Ventures commands a significant position among major private hotel asset owners in the region, which includes the states of Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, and the Union territories of Lakshadweep, Andaman and Nicobar Islands, and Puducherry.The company entered the hospitality sector in 2004 with the launch of its first property, Grand Mercure Bangalore, which commenced operations in 2009. Currently, Brigade Hotel Ventures boasts a diverse portfolio of nine operational hotels across key locations such as Bengaluru, Chennai, Kochi, Mysuru, and GIFT City, collectively offering a total of 1,604 rooms. These properties are managed in partnership with leading global hospitality brands, including Marriott, Accor, and InterContinental Hotels Group. For this IPO, JM Financial Limited and ICICI Securities Limited have been appointed as the Book Running Lead Managers.As per industry estimates, as of June 30, 2024, India boasts a total of 192,000 chain-affiliated hotel rooms across various segments. The luxury-upper upscale categories hold a 34.8% market share, the upscale and upper midscale segments constitute 38.6%, while the midscale and economy segments account for 26.7%. The representation of international chains has increased significantly, climbing from 21% in Fiscal 2001 to a consistent range of 45-48% over the past decade, with an expectation of stabilizing at approximately 47% by the conclusion of Fiscal 2029. According to announcements up until September 20, 2024, an additional 100,000 rooms are projected to be added between July 2024 and March 2029.