BSE Sensex ended the day with marginal gain of 51 points to 80,716 and Nifty 50 soared 26 points to end at 24,613 on July 16, 2024. Nifty Bank declined 59 points to 52,384 and Nifty Midcap ended at 57,664 on Tuesday. Shares of Coal India zoomed over 3% in trade today to Rs 512.35 per share. Chennai Petroleum Corporation Ltd shares today zoomed 13% to 1207.20 per share as shares are set to trade ex-dividend for Rs 55/share on July 19.
Earleir, tracking mixed global cues, Indian benchmark indices opened higher after the majority of the Asian markets were trading mixed and US markets on Monday closed higher with the S&P 500 gaining 0.3% and Nasdaq 100 up 1%. On Tuesday, Nifty opened at 24,615.90 level while Sensex held above 80,700-mark. BHARTIARTL, COALINDIA, ONGC, ADANIENT and BPCL were the top gainers while HCLTECH, LT, TCS, SUNPHARMA and ITC were the top losers on the Nifty 50 index during the opening bell.
Asia is off to a sluggish start in the global market today. Today's Q1 results announcements from Bajaj Auto, L&T Finance, CRISIL, Century Textiles and Industries, Himadri Speciality Chemical, Alok Industries, and Jubilant Ingrevia might influence market sentiment after India's WPI inflation climbed minimal in June, reaching a peak of 3.36%. Following their quarterly results, investors will monitor the price movements of Jio Financial Services, HDFC Life Insurance Company, HDFC Asset Management Company, Bank of Maharashtra, and Angel One.
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Jul 16, 2024, 2:47 pm IST
Windfall Tax Hike: Government Raises Tax On Crude Petroleum To Rs 7,000/MT From Today
The Government of India has announced a hike in the windfall tax on petroleum crude, increasing it by 16.66% to Rs 7,000 per metric tonne from the previous Rs 6,000 per metric tonne. This change, detailed in a government notification on Monday, will take effect starting Tuesday, July 16, 2024.
The windfall tax is imposed as a Special Additional Excise Duty (SAED), and while the tax on crude has seen an increase, the export rates for diesel, petrol, and aviation turbine fuel (ATF) remain unchanged.
Jul 16, 2024, 2:29 pm IST
MM Forgings Shares Hit 52-Week High On Ex-Bonus Day
Small cap company MM Forgings Ltd shares today hit 52-week high as shares traded ex-bonus in the ratio of 1:1. Current market price of MM Forgings share on BSE is Rs 667.25 per share with decline of 2.57%. MM Forgings on July 8 fixed July 16, 2024 as the record date for 1:1 bonus issue. MM Forgings shares offered shareholders return of over 46% in last 3-months and 210% in last 5-years. Its market capitalisation stood at Rs 3,221.59 crore.
Jul 16, 2024, 2:28 pm IST
Gold Prices Rise In India: 24k/100 Grams Yellow Metal Price Surges By Rs 3800
Gold prices in India on Tuesday witnessed rally yet again after giving brief relief to buyers when prices declined mildly on July 15, 2024.
Meanwhile, US Gold prices stayed unchanged on Tuesday amid prospects that Federal Reserve will slash interest rates this year. On the other, focus has already been shifted to US economic data due later in the day for further monetary policy clues. 22k gold prices today in India surged by Rs 350 to Rs 67,850/10 grams and 100 grams of 22 carat yellow metal prices today jumped by Rs 3500 to Rs 6,78,500 on July 16, 2024. 24k gold prices today in the country surged by Rs 380 to Rs 74,020/10 grams and 100 grams of 24 carat yellow metal prices on Tuesday rallied by Rs 3,800 to Rs 7,40,200.
18k gold prices today surged by Rs 290 to Rs 55,520/10 grams and 100 grams of 18 carat precious metal prices today rose by Rs 2900 to Rs 5,55,200.
Jul 16, 2024, 1:54 pm IST
Bajaj Auto Reports Q1 Results
Bajaj Auto Ltd, a leading two-wheeler manufacturer, has announced its first-quarter results, revealing a net profit of Rs 1,988 crore. This marks a 19.4% increase in net profit compared to the same period last year. The company also reported growth in revenue, which rose by 16% year-on-year to Rs 11,928 crore for the quarter.
Jul 16, 2024, 1:11 pm IST
Chennai Petro Shares Soar Ahead Of Dividend Payout
Shares of Chennai Petroleum Corporation Ltd. (CPCL), a subsidiary of Indian Oil Corporation Ltd, surged as much as 14% on Tuesday, reaching a record high of Rs 1,235. This follows a 3.6% gain on Monday.
The stock is climbing in anticipation of the record date for its dividend payout. In April this year, Chennai Petro declared a final dividend of Rs 55 per share, double the Rs 27 announced in the financial year 2023.
Jul 16, 2024, 12:45 pm IST
DB Corp Reports Q1 Results
DB Corp reported an increase in its Q1 net profit, which rose by 49% to Rs 118 crore compared to Rs 79 crore in the same period last year. The company's revenue also saw an uplift, growing by 6.5% to Rs 590 crore from Rs 554 crore the previous year. Furthermore, EBITDA surged by 42%, reaching Rs 165 crore, up from Rs 116 crore last year. The EBITDA margin improved, coming in at 29%, compared to 21% in the previous year.
Jul 16, 2024, 11:54 am IST
SENSEX and NIFTY Update
Stock Market Live Updates
Jul 16, 2024, 11:20 am IST
India Gold Prices Today On 16th July 2024 Jumps Back Near All-time High Range With Global Demand
Today India gold rate for 10 grams of 24-carat are Rs. 74,020/- and Rs. 67,850/- for 10 grams of 22-carat yellow metal. Gold prices in India today have jumped by Rs. 380/- and Rs. 350/- for 10 grams of pure gold and standard gold respectively. Likewise, today, 18-carat gold rates in India have increased by Rs. 290/- to reach Rs. 55,520/- per 10 grams.
OnMobile Global Appoints Bikram Sherawat As President & Chief Operations Officer
OnMobile Global Limited, the leader in cutting-edge mobile gaming & entertainment, announced the appointment of Bikram Sherawat as its President and Chief Operations Officer, effective July 16, 2024. Bikram Sherawat is a distinguished technology business leader known for his strategic acumen and relentless drive in propelling sales and revenue growth. With a remarkable career spanning over two decade,his extensive expertise in international sales and adeptness in forging strategic alliances with C-suite executives across diverse markets iterate his invaluable contribution to the business world.
Jul 16, 2024, 10:27 am IST
Hahnair Selects RateGain To Power Pricing For Over 350+ Airlines Globally
RateGain Travel Technologies Limited (RateGain), a global provider of SaaS solutions for travel and hospitality, today announced a partnership between its airline pricing solution, AirGain, and Hahnair, a renowned German airline known for its comprehensive ticketing solutions and distribution services. This collaboration is set to power Hahnair's airline distribution landscape by integrating AirGain’s cutting-edge pricing intelligence technology with 100 Hahnair partners using the products H1-Air and X1-Air. Alexander Proschka, Executive Vice President Commercial at Hahnair said, “Collaborating with AirGain enables us to harness the power of real-time, data-driven insights to enhance our service delivery. This partnership is not merely an upgrade; it’s about pioneering new standards in the airline distribution ecosystem.”
Jul 16, 2024, 10:20 am IST
Gold Price Update
The Precious Metal Prices in India Surges High.
Jul 16, 2024, 9:53 am IST
Sector Update: Utilities | 1QFY25 Preview: Rising with ‘powerful’ tide
Sudhanshu Bansal of JM Financial Institutional Securities said, “We expect utilities under our coverage to report 3% YoY increase in revenue and 2% YoY growth in EBITDA driven by 9%/11.6% YoY growth in energy/peak demand and moderation in fuel prices. Key monitorables going forward are continuation in momentum of power demand, trend in international coal prices, and the pace of capacity additions (RE, thermal). Overall, we remain positive on the utilities space with increasing power demand and more policy focus on capacity additions.”
Jul 16, 2024, 9:30 am IST
Sector Update: IT Services | ISG 2QCY24 KTAs: Hopes and fears
Abhishek Kumar of JM Financial Institutional Securities Ltd said, “ISG, a technology advisory firm, in its 2QCY24 conference call, confirmed recent demand trends while raising few concerns. Overall contracting activity (measured in ACV terms) ticked up (+7% YoY). Although the internals were not as encouraging. Cloud spend (IaaS up 15% YoY), led by Hyperscalers, drove overall ACV. Managed Services ACV – more relevant for India IT – was however flattish, dragged by BFSI. Standalone ADM declined, underlining sustained pressure on discretionary spend. USD 500mn decline in mega deals value (same count) could signal rising pricing pressure. HCL’s recent comment around players’ irrational pricing behaviour and TCS’ remark around sporadic instances of pricing aberration point in that direction. ISG expects genAI to drive up to 30% cost reduction in ADM/IMS service delivery. HCL, in its latest earnings call, indicated potential 10-50% cost reduction across service lines. If realised, this could prove significantly deflationary for GSI’s revenues. While genAI led volume deflation is here and now, incremental work (cloud migration, data readiness) is still at an exploratory stage. That could be a concern. Reduction in managed services’ growth expectation (from 3% to 2%) indicate a still soft demand environment.”
Jul 16, 2024, 9:03 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
Rangebound trade ended higher at 24,587. The Index has formed a DOJI candlestick pattern at a record level indicating a reversal but considering a strong uptrend such correction if any, will be considered a buying opportunity. The downside seems to be protected at 24,400 while on the higher side level of 24,740 will serve as an immediate hurdle. BankNifty is oscillating in a broad range where the downside is protected at the support zone of 51,920-52,100 while on the higher side, 53,150-53,350 is considered a strong hurdle and a breakout will provide a clear picture. A sudden spike was seen in the Tyre stocks, some of which have given a firm breakout with a considerable volume (JK Tyre and Pix Transmission). For the past couple of weeks, we have been recommending ONGC from the Energy sector and it is performing as per our expectations as well which boosted our confidence to remain bullish on the same, one can adopt buy on dips strategy as well. Gas stocks are gaining buying traction and we have technical coverage on IGL and Petronet. The general tendency after a vertical rally is profit booking and this is what we are witnessing in the IT segment but the undertone will remain bullish only. At the lower end of the consolidation, the Metal segment has made a DOJI candlestick pattern suggesting a trend reversal. A much-awaited Flag and Pole formation breakout was observed in the PSU Banking segment but for confirmation, we will wait for a follow-up buying.
Jul 16, 2024, 8:26 am IST
Result Update: Avenue Supermarts (DMART IN) | 1QFY25: Stable performance
Mehul Desai of JM Financial Institutional Securities said, “Dmart’s Jun-Q earnings print was tad better than our expectations on profitability front. Growth in sales per sq. ft. (+4.4% yoy), is broadly tracking the trajectory (4-6%) seen in recent quarters. Operating performance was tad better than expectation – a function of improved mix. We reckon that base quarter had weaker mix as General Merchandise was recovering while Apparels category was under pressure. However, the trajectory for the discretionary portfolio started to see improving trends from 2HFY24 and same has continued in 1QFY25, resulting in better than expected gross margins for the quarter. Management commentary also alludes to the same. However, sales per sq. ft. and gross margins are still below pre-pandemic levels. With gradual recovery in consumer sentiments/demand trends especially in lower income cohort, one should see uptick in salience of discretionary categories to continue in coming quarters, which we believe will aid gross margins and also bring scale-efficiencies back into the business. Pace of store expansion and discretionary contribution to sales will be key monitorables. We continue to like DMart - businesses with such long growth runways are rare, any weakness in the name should be looked as an opportunity to add.”
Jul 16, 2024, 7:54 am IST
Edelweiss Financial Services Shares In Focus
Secured Redeemable Non-Convertible Debentures (NCDs) with a face value of Rs 1,000 each will be made available to the public for a maximum of Rs 1,000 million, with an additional Rs 1,000 million available for a green shoe option. The total amount available for purchase will be up to Rs 2,000 million. This announcement was made on Monday by Edelweiss Financial Services Limited. 12 series of NCDs with fixed coupons and periods of 24, 36, 60, and 120 months each are available in the issue. There are also choices for yearly, monthly, and cumulative interest. The NCDs have an effective annual interest yield that varies from 9.50% to 11.00%. The Issue is scheduled to open on July 08, 2024 and close on July 22, 2024.
Jul 16, 2024, 7:48 am IST
Nifty Outlook Today By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Nifty hit a new all-time high of 24,635 on 15th July. All Strikes from 24,200 until 24,400 saw call writers exiting (bears exit) and put writing (bulls’ entry). Strong put writing was observed at the 24,600 Strike in the Index. The put writers (2.56 lakh contracts) lead the call writers (1.43 lakh contracts) by a fair margin at the 24,500 Strike and the option activity at this strike will provide cues about Nifty’s future direction.
Jul 16, 2024, 7:41 am IST
South Indian Bank Shares In Focus
With effect from July 15, 2024, the South Indian Bank Limited is pleased to announce the appointment of Mr. Dolphy Jose as a Whole-time Director (Executive Director) of the bank. Commenting on the appointment, Mr. P R Seshadri, Managing Director & CEO of South Indian Bank, said, "We are thrilled to welcome Mr. Dolphy Jose to our leadership team. His extensive experience and deep understanding of the banking industry will be invaluable as we continue to drive our strategic initiatives and enhance our service offerings. We are confident that his leadership will significantly contribute to the growth and success of South Indian Bank."
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