Share Market Updates: Indices remained in the green for most of the session with a sharp rise towards the end. Sensex and Nifty gained around 0.5% each. IT and Metal indices gained the most.
The market is brimming with various domestic and global macroeconomic indicators that are expected to sustain its momentum, according to analysts. The developments during the monsoon session of parliament will also be significant points of interest for investors and traders.
Investors will be busy analyzing corporate earnings in the coming week as several major Nifty 50 companies are going to announce their Q1FY24 results.
Globally, stocks have been rising recently on hopes high inflation is cooling enough to get the Federal Reserve to stop hiking interest rates. That in turn could allow the economy to continue growing and avoid a long-predicted recession.
Stock Market Close: Indices end with handsome gains as Sensex c loses above 66,500 and Nifty above 19,750 NTPC shines
Indian market started on a volatile note but steadied in the green as it approached the mid-point and ended with a gain of around 0.5%. Investor mood got a boost by Wall Street climbing following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy.
Sentiment also has been boosted by revived hopes for more stimulus from Beijing for the sluggish Chinese economy. Chinese factory activity contracted in July as export orders shrank, a survey showed, adding to pressure on the ruling Communist Party to reverse an economic slowdown.
The Nifty 50 index added 107 points to end at 19,753, while the S&P BSE Sensex gained 367 points to close at 66,527.
NTPC jumped more than 3%, while Powergrid and Tata Steel climbed more than 2% each with TechM and TCS also gaining around 2% each. Apollo Hospitals shed more than 3%. Kotal Bank, Britannia and Divi's Lab were among biggest droppers.
Almost all sectoral indices ended in the green with Metal, IT, Auto, Consumer Durables and Energy jumping more than a per cent. FMCG and Healthcare indices were the only sectors ending in the red.
Asian shares mostly ended the month on a firm note in a week littered with major economic releases, central bank meetings and earnings updates from mega caps Amazon and Apple, though rising Japanese bond yields posed a risk.
Japan's Nikkei share average reached a four-week high as a calm bond market following the Bank of Japan's surprise policy tweak and growing optimism from a slowing of U.S. inflation boosted investor sentiment. The Nikkei gained 1.26% and was up as much as 2% earlier in the session, while the broader Topix gained 1.39%.
Hong Kong and China stocks extended gains on Monday to close their best month since January, as a slew of supportive measures rolled out by the Chinese government boosted sentiment, particularly in the private sector.
Hang Seng Index rose 0.82% and Hang Seng China Enterprises Index jumped 1.33%. China's CSI 300 Index gained 0.55%, while the Shanghai Composite Index climbed 0.46%. Both benchmarks logged their best performance in six months, with Hang Seng surging 6% and China's CSI 300 jumping 4.5%, repetitively.
European shares were broadly flat ahead of data that is expected to show euro zone inflation eased in July, likely supporting the view that the European Central Bank will hold off from hiking interest rates again next month.
UK's FTSE 100 slipped as beverages-related stocks lost ground after Dutch firm Heineken's dour outlook, but the benchmark was set to post strong monthly gains as cooling domestic inflation swelled risk appetite.
Dhruva Advisors on Finance Minister Nirmala Sitharaman announcing that Indian companies can now directly list their shares on foreign exchanges
Vaibhav Gupta, Partner, Dhruva Advisors: This announcement has been much awaited for long. It will enable Indian companies to list on overseas stock exchanges without the need to list in India and hence will eliminate the need to externalise and flip holding structures. There are a number of important aspects that will require more thought and clarification. One aspect is that under FEMA, shares held by residents and even non-residents who had acquired shares using their Indian funds are non-repatriable. Hence, proceeds from sale of such shares need to be received in resident bank accounts in India. Clearly, this is not likely to be a move to make such shares repatriable and hence, clarity will be required on bringing the money back to India.
The other important issue is that in income tax, the provisions relating to beneficial 10% tax rate on long term capital gains and 15% tax rate on short term capital gains on listed shares require payment of securities transaction tax on the sale of shares. While an exemption has been provided to shares listed on stock exchanges in the IFSC, shares listed on overseas stock exchange are currently not covered in the exemption which would lead to a disparate tax treatment on the same shares if they were listed on an overseas stock exchange. Unless there is an amendment in the tax laws to cover overseas stock exchanges within the ambit of the exemption, this is likely to weigh in on the listing plans of companies and could act as a nudge towards listing in the IFSC. We have also seen in recent times an emerging trend towards reverse migration of holding structures for listing in India. While we await the notification, this is indeed quite a welcome announcement esp in current times when companies are facing a liquidity crunch
Share Market Updates Live: UPL Q1 Results: Net profit drops 81% YoY to ₹166 crore; cuts FY24 guidance sharply
In the quarter ended June 2023, UPL Ltd reported a net profit of ₹166 crore, marking a significant 81% decline from ₹877 crore in the same quarter of the previous year. The company's revenue from operations in Q1FY24 also experienced a sharp drop, falling 32% to ₹8,963 crore compared to ₹10,821 crore in the previous year.
Furthermore, the earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter decreased by 16.7% to ₹1,952 crore from ₹2,343 crore in the previous year. As a result, the EBITDA margin contracted by 380 basis points (bps), going down to 17.8% from 21.6% year-on-year. (Read More)
Sensex Today Live: Yatharth Hospital IPO Allotment: GMP, how to check allotment status
Yatharth Hospital share allotment date: Yatharth Hospital share allotment will take place on Wednesday, August 2. The investors who applied for the issue can check the Yatharth Hospital IPO allotment status in the registrar's portal, which is Link Intime India Private Ltd.
Investors can find out if and how many shares they have been given through the basis of allotment.
Yatharth Hospital share will get listed on the NSE and BSE on Monday, August 7. If you applied for the shares, here's how you can check allotment status of Yatharth Hospital IPO. (Read More)
Stock Market Live: Rays Power Infra signs 283-MW solar project deal with Serentica Renewables
Rays Power Infra, a solar power company, on Monday said it has signed an engineering, procurement, and construction (EPC) term sheet for a 283-MW solar project with Serentica Renewables, an end-to-end energy solutions company focusing on industrial decarbonisation.
Based on the agreement between the two companies, Rays Power Infra shall be responsible for the engineering, procurement, and construction of a 283MWdc solar PV project using single-axis trackers and bifacial modules, it added. (Read More)
Share Market Live: Mumbai registers over 10,200 properties in July 2023, generating INR 830 Cr revenue for the State Exchequer: Knight Frank India
- YTD (January to July) Mumbai has recorded registrations of 72,706 properties.
- Share of property registrations worth INR 1 cr and above stood at 57% in between Jan-July 2023 compared to 48% in Jan-July 2022
- On an average 9,814 properties got registered per month since July 2022
Sensex Today Live: FMCG index comes under pressure and remains the only sector to trade in the red in today's session
Share Market Updates Live: Essar Oil & Gas posts record ₹335 cr net profit in FY23
Essar Oil and Gas Exploration and Production Ltd (EOGEPL) on Monday reported a net profit of ₹335 crore in the financial year ended March against ₹212 crore net profit in the previous fiscal, helped by reduced operating costs and higher prices.
The company said it has reported its highest fiscal revenue of ₹900 crore in FY23, projecting a growth of about 1.8 times over the previous year.
The company’s Ebitda grew over 205% on a YoY basis to approximately ₹700 crore. Its Ebitda margin saw a significant improvement of around 3,100 basis points, reaching 77%, due to reduced operating costs and internal consumption. (Read More)
Stock Market Live: Walmart buys out $1.4 billion Tiger Global stake in India's Flipkart - WSJ
Walmart has paid $1.4 billion to buy out hedge fund Tiger Global's investment in its Indian e-commerce firm Flipkart and acquired private equity firm Accel's remaining 1% stake in the company as well, media reports said on Monday.
The Wall Street Journal said Walmart bought the shares from Tiger Global recently, valuing the Indian company at about $35 billion. This is down from a near-$38 billion valuation which Flipkart had attained in 2021.
The U.S. retailer bought a 77% stake in Flipkart for about $16 billion in 2018.
Accel's stake sale in Flipkart was reported by the Economic Times newspaper. The report did not say how much Walmart paid for the stake. (Reuters)
Sensex Today Live: Kotak Bank drags and is among the biggest laggards as it sheds more than a per cent
Share Market Live: Mint Explainer: Why the govt wants higher import duty on LPG, propane and butane
The government wants to increase import duties on certain products to reduce import bills, protect domestic industries, and generate employment. These measures, it hopes, will also give the domestic industry a competitive edge over imports. The government hopes the move will incentivise investments in domestic supply chains and manufacturing, which would increase employment and save foreign currency. (Read More)
Stock Market Live: Onest IPO: FMCG firm files draft papers with SEBI for issue
Onest Limited, an FMCG company headquartered in Mumbai, has submitted its Draft Red Herring prospectus (DRHP) to SEBI, the capital market regulator, in order to raise funds for its upcoming initial public offering (IPO).
The Onest Limited IPO is valued at Rs. 10 per share and comprises two components: a fresh issuance of Rs. 77 crore and an offer for sale (OFS) of up to 3.25 million shares by the promoter and other selling shareholders. (Read More)
Sensex Live Today: Power Mech secures ₹30000 crore project from SAIL
Power Mech Projects Ltd, an industrial services and construction company providing services in power and infrastructure sector, has secured a mine development and operation (MDO) project from the Steel Authority of India Ltd. (SAIL) for an estimated value of ₹30,438 crore over the contract period.
The company will develop the Tasra open cast project, located in Jharia Coal Fields in Dhanbad, Jharkhand. The concession period of the mine is 28 years, including two years of development period. (Read More)
Share Market Live Updates: Centrum Broking recommendation on Godfrey Phillips India: Cigarette volume grew at 8.1%; margin slipped - Buy, TP: Rs2,383
Godfrey Phillips (GP) reported Q1FY24 results beat our estimates; Revenue/EBITDA/PAT grew 26.2%/ 21.0%/ 115.5% respectively. Gross revenues in Tobacco grew 28.7%, backed by 8.1% volume growth in cigarettes and 120% growth in leaf tobacco exports to Rs3.1bn, whilst non-tobacco (TFS+Funda Goli) grew 8.1%. GP’s performance was driven by, (1) clear focus on cigarette business, (2) expanded distribution for Marlboro led to 30% contribution, (3) strong exports of leaf tobacco and (4) PMI (associate company) now wiped out losses and fuelled dividend income. Gross margin declined by 510bp to 46.5% due to higher RM inflation coupled with higher exports of leaf tobacco and cigarettes. EBITDA at Rs2.4bn grew by 21.0% despite higher other exp. (+23.9%) and employee cost (+11.8%) settling EBITDA margin at 23.2% (-100bp). GP has strong focus on RSFT segment, yet expanded footprint for TFS (146 stores) to reflect lowering losses. Checking better performance and higher other income, we increased our earnings and retain BUY, with a revised DCF-based TP Rs2,383 (implying 13.6x FY25E EPS).
Cigarette volumes dropped sequentially while crossed pre Covid with 8.1% growth
GODFREY PHILLIPS INDIA
Sensex Live Updates: Exide Industries share price trades lacklustre after Q1 results
Exide Industries' June-quarter earnings seem to have underwhelmed the markets, as the stock experienced a decline of over 1% in morning trade on Monday, July 31. This followed a 2% fall in the stock in the previous trading session.
In its financial report released during market hours on July 28, Exide Industries revealed a net profit of ₹224.1 crore for the quarter ending June 2023. This represents a growth of 10.7% compared to a profit of ₹202 crore in the corresponding quarter of the previous year. On the revenue front, the company's Q1FY24 revenue increased by 5.6% to ₹4,245.5 crore from ₹4,021.7 crore in the same period last year. (Read More)
Share Market Live: Kalanithi Maran’s plea seeking damages worth ₹1,323 crore from SpiceJet rejected by Delhi HC: Report
On July 31, the Delhi High Court delivered its verdict in the ongoing legal dispute between Kalanithi Maran and SpiceJet. The court rejected Maran's plea, which sought damages worth ₹1,323 crore from the budget carrier, SpiceJet. The Economic Times reported this development.
However, the court also dismissed SpiceJet and its current promoter, Ajay Singh's challenge to the arbitration award. The arbitration award directed Ajay Singh to refund ₹579 crore, along with interest, to Kalanithi Maran. The dispute between the parties arises from the non-issuance of convertible warrants and preference shares to Maran and Kal Airways, who were former owners of the airline. (Read More)
Stock Market Updates: Marico share price falls over 2% after Q1 results
Marico's share price experienced a decline of over 2% on Monday following the company's Q1 results announcement. The share price fell as much as 2.38% to reach ₹559.65 per share.
In its Q1 results, released on Friday, Marico Ltd reported a consolidated net profit of ₹436 crore, indicating a 15% increase compared to the net profit of ₹377 crore in the corresponding period of the previous year. Despite the rise in net profit, the market reaction led to a decrease in the company's share price on Monday. (Read More)
Sensex Live Noon Update: indices remain in the green as Sensex gains 180 pts and Nifty around 50 pts; IT and Metal sectors shine
Share Market Updates Live: Jana Small Finance Bank IPO: Lender files papers with SEBI for ₹575-crore issue
Jana Small Finance Bank Ltd has taken a step towards an Initial Public Offering (IPO) by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), the capital market regulator.
The proposed Jana Small Finance Bank IPO consists of a fresh issue of up to ₹575 crore, and it also includes an offer for sale of up to 4,051,516 equity shares by investor-sharing shareholders.
Out of the total equity shares offered for sale, 1,757,755 shares will be from Client Rosehill Ltd, 929,656 shares from CVCIGP II Employee Rosehill Limited, and 141,285 shares from Global Impact Funds, S.C.A., SICAR, Sub-Fund Global Financial Inclusion Fund. These shareholders are participating in the IPO by selling their respective shares. (Read More)
Stock Market Updates: Siemens shareholders reject sale of low-voltage biz, stock hits new high
The Siemens Ltd stock rose 4.5% on the National Stock Exchange in Monday’s early trade to touch a new 52-week high of ₹4,068.85. This positive reaction comes after most of its minority shareholders voted against selling its low-voltage motors and geared motors business to Siemens Large Drives India, a subsidiary of Siemens AG. Analysts point out that the proposal was not lucrative for minority shareholders.
According to a Jefferies India report, the proposed EV/sales was lower than the traded multiple of the India arm. EV is enterprise value. “Implied loss to shareholders was Rs189/share as the proposed sale value was at an EV/sales of 2.1 times versus company multiple of 8.4 times," it said on 30 July. (Read More)
Sensex Live Today: IOC share price falls over 2% after Q1 results;
Shares of Indian Oil Corporation (IOC), the state-run oil refiner, experienced a decline of over 2% on Monday following the company's Q1 results. The IOC share price dropped as much as 2.38% to reach ₹93.01 per share on the Bombay Stock Exchange (BSE).
In the quarter ending June 2023, IOC reported a standalone net profit of ₹13,750.44 crore, showing a significant rise of 36.7% from ₹10,058.69 crore in the previous quarter. Notably, the company had recorded a net loss of ₹1,992 crore in the same quarter last year.
However, despite the improved net profit, IOC's Q1FY24 revenue from operations experienced a decline of 2.36%, amounting to ₹2.21 lakh crore compared to ₹2.26 lakh crore in the previous quarter. (Read More)
INDIAN OIL CORP
Share Market Live: IT index zooms by a per cent and is driving the market rally with all stocks in the green
Stock Market Updates: Lodha share price hits 52-week highs
Macrotech Developers, also known as Lodha, witnessed a surge in its share price by over 2% to reach a fresh 52-week high of ₹763.40 on the Bombay Stock Exchange (BSE) on Monday, July 31. This increase in the stock's value came as investors continued to buy shares following the company's impressive pre-sales performance in the June quarter.
Lodha reported its best-ever first-quarter pre-sales performance, amounting to ₹3,350 crore, along with a robust business development of nearly ₹12,000 crore on Thursday, July 27. Consequently, the stock saw a rise of 2.75% in the subsequent session on July 28.
However, despite the impressive pre-sales performance, the company's consolidated net profit for Q1FY24 declined to ₹179.2 crore from ₹271.3 crore year-on-year (YoY). (Read More)
Sensex Live Today: Concord Biotech IPO: From key dates to price band, all you need to know
Concord Biotech Ltd's initial public offering (IPO) is set to open for subscription on Friday, August 4, and will close on Tuesday, August 8. Prior to that, on Thursday, August 3, the allocation to anchor investors for the IPO will take place.
The IPO price band for Concord Biotech has been fixed at ₹705 to ₹741 per equity share, with a face value of ₹1 each. The lot size for the IPO is 20 equity shares, and investors can apply for multiples of 20 equity shares thereafter.
Backed by renowned investor Rakesh Jhunjhunwala, the Concord Biotech IPO is entirely an offer-for-sale by Helix Investment Holdings Pte Ltd, which aims to sell up to 20.93 million shares. The IPO is priced at ₹1,550 crore on the upper band, and the company's total worth stands at ₹7,752 crore. (Read More)
Share Market Live: JM Financial views on Marico: Tracking well; larger M&A bet-sizes need closer monitoring - BUY INR 615
Richard Liu of JM Financial Institutional Securities on Marico Ltd (MRCO IN): 1QFY24 | Tracking well; larger M&A bet-sizes need closer monitoring
Result Update BUY INR 615
Marico’s Jun-Q report was on expected lines as weaker topline was offset by a much higher gross margin. The former was due in part to channel-related adjustments, and price-cuts, which were especially sharp in Saffola. Management cited better secondary sales that reflect a stronger growth picture than what primary numbers suggest. GPM progression was way better than we envisaged; Marico has now upped margin guidance by 50bps and expects GPM to expand 250-300bps, EBITDA expansion of >150bps in FY24. Emerging businesses are growing well and Marico has just made a strategic investment in ‘Plix’, a plant-based nutraceuticals brand. Bet-size in Digital M&A has increased (INR3.7bn for 58% stake; ARR of INR1.5bn) – signifies confidence on one hand but also warrants more careful monitoring, in our view, given low success rates in larger M&As in general. We expect Marico’s earnings to remain strong but recent run-up suggests that a lot has likely been priced-in already.
Stock Market Live: PL Stock Report - Greenpanel Industries (GREENP IN): Result below est. while maintain MDF realisation - BUY
Praveen Sahay - Research Analyst, Prabhudas Lilladher Pvt Ltd on Greenpanel Industries (GREENP IN) -
Rating: BUY | CMP: Rs341 | TP: Rs459
Q1FY24 Result Update - Result below est. while maintain MDF realisation
Greenpanel (GREENP) maintained its MDF volume growth guidance between 12-15% with MDF EBITDA margin between 23-25% for FY24, even after 7.4% decline in MDF volume in Q1FY24 (considering strong traction in volume in H2FY24). Plywood is also expected to deliver 10% volume growth in FY24 despite severe fall (-37.1% YoY on higher base) in Q1FY24. Consolidated EBITDA margin contracted to 17% with oneoff expenses like 1) maintenance shutdown of MDF plant, 2) increase in logistics exp. 3) higher adv. & promotion expenses, while excluding oneoff EBITDA margin was ~20% in Q1FY24. Higher timber prices continue to impact margins in coming quarters while management remains confident of compensating it with higher volume growth.
We are maintaining our positive view considering 12.7% MDF volume growth and 22.1% EBITDA margin in MDF segment (MDF contributes ~86% rev.) in FY24. We estimate FY23-25E Revenue/EBITDA/PAT CAGR of 8.9%/2.8%/0.7%, with MDF volume CAGR of 17.4% and EBITDA per CBM of around ₹6,060 in FY25. The company is well-positioned for growth and value creation given its 1) leading position in domestic MDF segment, 2) strong growth prospects in domestic MDF demand, 3) planned capacity increase of 35% over FY23-25 and 4) extensive distribution network. We have tweaked our FY24/FY25 earnings to adjust oneoff expenses in Q1FY24 and adoption of new tax regime by GREENP. We value the stock at 21x FY25 EPS and arrive at TP of Rs459 ( ₹455 earlier). Maintain ‘BUY’ rating.
Sensex Live Today: Metal index zooms by more than a per cent with all the stocks trading in the green
Share Market Live: SBI Cards and Payments share price falls 4% after Q1 results;
Shares of SBI Cards and Payment Services experienced a nearly 4% decline in early trading on the Bombay Stock Exchange (BSE) on Monday, July 31. The company's June-quarter earnings failed to impress investors, leading to a drop in the stock price. The shares opened at ₹842, down from the previous close of ₹856.50, and fell 3.6% to ₹825.30 soon after.
In its financial report released after market hours on Friday, July 28, SBI Card revealed a consolidated net profit of ₹593 crore for the quarter, showing a 5% decrease from ₹626.9 crore recorded in the corresponding period the previous year. However, the company's revenue from operations witnessed a significant growth of 24% to ₹4,046 crore in Q1FY24, compared to ₹3,263 crore in Q1FY23. Furthermore, the interest income increased by 30% to ₹1,804 crore in Q1FY24, as opposed to ₹1,387 crore in Q1FY23. (Read More)
SBI CARDS & PAYMENT SERVICES
Sensex Live Today: DGCA renews airport operator certificate of Jet Airways
DGCA renews airport operator certificate of Jet Airways, said Jalan kalrock consortium in an official statement.
Stock Market Live: Angel One Ltd Daily Commodity Outlook: Gold witnesses a marginal uptick; Crude continues to gain further.
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd Daily Commodity Outlook:
GOLD Outlook: We expect gold to trade higher towards 60060 levels, a break of which could prompt the price to move higher to 60170 levels.
CRUDE Outlook: The easing of recession fears and the possibility of the US Federal Reserve refraining from further rate hikes this year are expected to contribute to sustained higher levels of crude prices.
BASE METAL Outlook: We expect copper to trade higher towards 748 levels, a break of which could prompt the price to move higher to 751 levels.
Share Market Live: NTPC shines in early trading as it jumps 3% in today's trading after reporting a strong quarter
Sensex Live Today: Rupee opens flat at 82.22 against the US dollar
The Indian rupee started the trading session with a slight gain of 3 paise against the US dollar, following the positive performance of Asian currencies due to encouraging economic data from China. The rupee opened at 82.22 against the dollar, as compared to its previous closing rate of 82.25 on Friday.
Simultaneously, the dollar index increased to 101.72 against a basket of currencies, up from its last close at 101.62. Additionally, the offshore yuan strengthened to 7.14 against the dollar, driven by the China Purchasing Managers' Index (PMI) reading and the country's central bank's daily fix, both of which indicated support for the Chinese currency.
Share Market Live: Sensex and Nifty shed marginally at the start on Monday with Healthcare and FMCG dragging the market
Sensex Today Live: Pencil maker DOMS preps ₹1,200 cr IPO as mkt swells
DOMS Industries, India’s second-largest pencil maker, is set to file draft papers for a ₹1,200 crore initial public offering (IPO) with the Securities and Exchange Board of India (Sebi) in the second week of August, two investment bankers aware of the development said.
Italy’s F.I.L.A. Group, which owns a 51% stake in DOMS, plans to offer shares worth ₹800 crore in the issue. The company’s Indian promoters include the Raveshia and Rajani families. (Read More)
Share Market Updates: Sensex remains flat at start of proepen; TCS, NTPC, IDFC First Bank in focus in today's session
Stock Market Live Updates: IDFC First Bank Q1 Results: Net profit jumps 61% YoY to ₹765 crore; asset quality improves
IDFC First Bank released its financial results for Q1, reporting a net consolidated profit of ₹765 crore, which marked a remarkable 61% increase compared to ₹474 crore in the corresponding quarter of the previous fiscal year. The bank also experienced substantial growth in net interest income, with it rising by 36% from Rs. 2,751 crore in Q1FY23 to Rs. 3,745 crore in Q1FY24.
Additionally, during the April-June quarter, IDFC First Bank's core operating profit surged by 45% to ₹1,427 crore from ₹987 crore in Q1FY23. The net interest margin showed improvement year-on-year, increasing from 5.77% in Q1FY23 to 6.3% in Q1FY24, although it experienced a marginal decline from 6.4% recorded in the previous quarter. (Read More)
IDFC FIRST BANK
Sensex Today Live: Walmart buys $1.4 billion Tiger Global stake in Flipkart, report
According to a report by the Wall Street Journal on Sunday, Walmart has acquired a stake in the popular Indian e-commerce firm, Flipkart. The retail giant paid $1.4 billion to buy out hedge fund Tiger Global's investment in Flipkart. Following this transaction, Flipkart's value has surged to $35 billion, rising significantly from its previous valuation of nearly $38 billion.
Neither Walmart, Flipkart, nor Tiger Global responded immediately to Reuters' request for comments on the matter. Earlier this year, the Economic Times had reported that private equity firms Accel and Tiger Global, both early backers of Flipkart, were in discussions to sell their remaining stake in the company to Walmart. Tiger Global held around 4% of Flipkart, as per the ET report.
Share Market Live: Stocks to Watch: TCS, NTPC, Bank of India, IDFC First, Vedanta, Marico, SBI Cards and Payments, Piramal Enterprises, UCO Bank, and Powergrid
TCS announced a change in senior management positions, with K Ananth Krishnan retiring from his SMP role on July 31, 2023. Dr. Harrick Vin will take over as SMP from August 1, 2023.
NTPC reported a 23% rise in consolidated net profit to ₹4,907 crore for the April-June quarter in FY2023-23.
Bank of India's net profit doubled for the June quarter, showing significant growth in various financial metrics.
Vedanta plans to invest $5 billion in the first phase of setting up a semiconductor fab, packaging and testing unit, and display fab unit, with funding through a mix of debt and equity.
IDFC First Bank's consolidated net profit rose by 61% to ₹765 crore in Q1FY24.
Power Grid Corporation is set to raise up to ₹5,700 crore through bonds to finance its capex requirements.
UCO Bank reported an 80% jump in net profit to ₹223 crore in the April-June quarter, primarily due to a decline in bad loans.
Marico reported a 15% increase in consolidated net profit to ₹436 crore in Q1FY24.
SBI Cards and Payment Services saw a 5% rise in consolidated net profit to ₹593 crore in Q1FY24.
Piramal Enterprises plans to buy back up to 14 million equity shares for ₹1,750 crore as part of its capital distribution strategy to shareholders. (Read More)
Stock Market Live Updates: Vedanta to invest $5bn in first phase for semicon fab, comfortable in debt position: Anil Agarwal
Anil Agarwal, the chairman of Vedanta, recently revealed that the company has ambitious investment plans in the semiconductor industry. In the first phase of this project, Vedanta intends to invest a significant sum of $5 billion. The investment will be allocated towards setting up a semiconductor fabrication (fab) facility, a packaging testing unit, and a display fab unit.
“The first phase will be $5 billion. We will take will the structuring because it will be now the main company, and Vedanta has a good cash flow. We will make a capital allocation in the Vedanta. There is a queue of people to give us equity and debt," Agarwal said. (Read More)
Sensex Today Updates: Bank of India Q1 results: Net profit doubled to ₹1,551 crores, gross NPA of the bank declined by 263 bps YoY
State-owned Bank of India has reported its financial results for the first quarter of fiscal year 2022-23 (Q1FY23), showcasing remarkable growth in various key financial metrics. The net profit for the June quarter doubled compared to the same period in the previous year.
During Q1FY23, the bank achieved impressive growth in several important financial indicators. The net profit surged by a remarkable 176% year-on-year (YoY), reaching Rs. 1,551 Crores. The operating profit also exhibited substantial growth, rising by 72% YoY to Rs. 3,752 Crores. Additionally, the net interest income witnessed a substantial increase of 45% YoY, amounting to Rs. 5,915 Crores.
Furthermore, on a global scale, the net interest margin (NIM) demonstrated improvement, with a rise of 49 basis points (bps) YoY. The bank also made significant progress in reducing its Gross NPA ratio by 263 bps YoY and the Net NPA ratio by 56 bps YoY, indicating an enhanced asset quality. (Read More)
BANK OF INDIA
Share Market Updates: Piramal Ent to buy back 14 mn shares for ₹1,750 crore
On Friday, Piramal Enterprises Ltd, a diversified non-bank financier, announced its plan to conduct a share buyback. The company intends to repurchase up to 14 million equity shares, amounting to approximately ₹1,750 crore. This buyback initiative is part of Piramal's strategy to distribute excess capital to its shareholders.
“It is in line with our consistent focus on long-term value creation for stakeholders and effective utilization of capital," said Ajay Piramal, chairman, Piramal Group.
This represents 5.87% of the total paid-up equity share capital of the company.The price, at ₹1,250 per share, has been set at a premium of 25% over the closing price on 25 July, when the initial announcement was made on the stock exchanges. “I would like to say that the promoter and the promoter group shall not participate in the buyback." Over the last 12 months, the company has returned a total of ₹3,278 crore to shareholders, considering both the buyback, and dividends payment, he added. (Read More)
Stock Market Live: NTPC Q1 Results: Net profit rises 23% to ₹4,907 crore, revenue declines marginally; coal production up 52% YoY
NTPC, the state-owned power generator, released its financial results for the first quarter of fiscal year 2023-24 (Q1FY24) on July 29. The company reported a significant 23% increase in consolidated net profit, reaching ₹4,907 crore, as compared to ₹3,977.7 crore in the corresponding period of the previous year.
However, there was a marginal decrease in the company's revenue from operations during the first quarter of the current fiscal, which stood at ₹43,075.09 crore, compared to ₹43,177.14 crore in the year-ago period.
The total income of NTPC for the June quarter amounted to ₹43,390 crore, slightly lower than the ₹43,561 crore recorded in the year-ago period. Despite this, the company's operating margin saw improvement, rising to 20.72% during the June quarter, as opposed to 17.67% in the same period last year. (Read More)
Sensex Today Live: Marico Q1 Results: Consolidated PAT up 15% to ₹436 crore, revenue slips 3%
Marico Ltd, a leading FMCG company in India, reported a significant 15% rise in its consolidated net profit, reaching ₹436 crore for the first quarter ending on June 30, 2024. This marks a notable improvement compared to the ₹377 crore net profit posted in the same April-June quarter of the previous year, as stated in the regulatory filing by Marico.
However, the company experienced a decline in its revenue from operations, which decreased by 3.16% to ₹2,477 crore during the current quarter, compared to ₹2,558 crore recorded in the corresponding period a year ago.
Marico attributed the growth in its gross margin to surpassing internal expectations, expanding by 494 basis points (bps) year-on-year and 257 bps sequentially. This increase was primarily driven by softer input costs, resulting in improved profitability for the company. (Read More)
Share Market Live: TCS announces change in senior management under new CEO K Krithivasan
Tata Consultancy Services (TCS) has recently made changes to its senior management positions (SMP) and has formally communicated this to the Indian stock market. K Ananth Krishnan, the Executive Vice President of TCS, will be stepping down from his SMP role due to his planned retirement. According to the exchange filing, this transition will be effective from July 31, 2023, as his retirement is scheduled for October 2023.
In light of these changes, TCS has announced that Dr Harrick Vin, currently serving as the Chief Services Innovation Officer, will assume the role of SMP starting from August 1, 2023. Dr Harrick Vin holds the prestigious position of TCS fellow and possesses a wealth of experience spanning over three decades in both academia and industry. Prior to this appointment, he successfully led TCS Digitate. (Read More)
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Stock Market Today: Wall Street returns to rallying on Friday following reports on profits and inflation
Wall Street's rally got back on track Friday following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy.
The S&P 500 rose 1% to its highest close in more than 15 months. The Dow Jones Industrial Average climbed 176 points, or 0.5% after breaking a 13-day winning streak the day before. The Nasdaq composite jumped 1.9% as Big Tech stocks led the market.
Stocks have been rising recently on hopes high inflation is cooling enough to get the Federal Reserve to stop hiking interest rates. That in turn could allow the economy to continue growing and avoid a long-predicted recession. The S&P 500 closed out its third straight winning week and its ninth in the last 11.
A report on Friday bolstered those hopes, saying the inflation measure the Fed prefers to use slowed last month by a touch more than expected. Perhaps just as importantly, data also showed that total compensation for workers rose less than expected during the spring. While that’s discouraging for workers looking for bigger raises, investors see it adding less upward pressure on inflation.
The hope among traders is that the slowdown in inflation means the Federal Reserve’s hike to interest rates on Wednesday will be the final one of this cycle. (AP)
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