Aug 02, 2024, 3:36 pm IST
UPL Reported Financial Results For The First Quarter Ended June 30, 2024
UPL Ltd reported financial results for the first quarter ended June 30, 2024. The company posted a Revenue growth for the first quarter was flat at 1%, driven by 16% increase in volumes, 14% decline in price and a negative 1% Fx impact. Seeds business faced headwinds on account of weather challenges that impacted production, created inventory shortages and supply constraints, leading to a revenue drop of 7% and EBITDA drop of 30% YoY. Net Debt increased by 9 million in Q1FY25 vs year end March 24. The corresponding increase last year was ,136 million. Mike Frank, CEO, UPL Corporation Ltd., said: “We continue to see strong fundamentals in the global crop protection market, with farmgate demand for our products at or above last year levels in most regions of North America”
Aug 02, 2024, 2:40 pm IST
India Gold Rate Today Jumps Again Amidst Geopolitical Unrest In The Middle-East
Gold prices in India today for 10 grams of 24-carat are Rs. 70,690/- and Rs. 64,800/- for 10 grams of 22-carat gold. India yellow metal prices today have jumped a little by Rs. 330/- and Rs. 300/- per 10 grams since yesterday for both pure gold and standard gold. Likewise, 18-carat gold rate in India today reached Rs. 53,020/- per 10 grams, a climb of Rs. 240/- since the previous day. The MCX Gold Futures maturing next week are today floating at Rs. , while the international gold rates during mid-Asian session are at $ 2,461.4/- per ounce, a rise of 0.63% or $ 15.3/- since yesterday’s closing.
Aug 02, 2024, 2:00 pm IST
Quicktouch Technologies Announces Rs 50 Crore Fundraising Plan
Today, shares of Quicktouch Technologies Limited saw a 2.123% increase, reaching Rs 139.30 per share from the previous closing of Rs 136.40. The stock's 52-week high is Rs 274, while its low stands at Rs 105.
Quicktouch Technologies Limited has scheduled a Board of Directors meeting for August 6, 2024, to consider and approve several key matters. Among these is the approval of the company's unaudited standalone and consolidated results for the quarter ending June 30, 2024, accompanied by a Limited Review Report. Additionally, the board will seek shareholder approval to raise up to Rs 50 crore through various equity and debt instruments.
Aug 02, 2024, 1:42 pm IST
Mufin Green Finance Raises Rs 30 Crore By Issuing 300 NCDs
Today, shares of Mufin Green Finance Ltd surged 1.77% to Rs 113.55 per share, up from the previous closing of Rs 115.60. The stock's 52-week high is Rs 273.10, while its 52-week low is Rs 35 per share.
Mufin Green Finance Ltd successfully raised Rs 30 crore by issuing 300 non-convertible debentures (NCDs) worth Rs 1 crore each to two investors, AAV Sarl and Masala Investment Sarl. These secured, redeemable NCDs carry an annual interest rate of 11.75%, payable semi-annually, and will mature in instalments between 2027 and 2031. The company has secured the debentures by hypothecating its book debts.
Aug 02, 2024, 1:21 pm IST
MOS Utility Board Approves Foray Into Solar Business
MOS Utility Limited (NSE: MOS), a leading fintech company, offering different types of Fintech and Utility Payment Solutions services to businesses and individuals, has announced that its board has approved alteration of the object clause of the Memorandum of Association of the Company.
Company has added certain new business activities in the main objects of the company stating, "To manufacture, assemble, purchase, import, export, and otherwise deal in India or abroad in all types of solar PV modules, cells, batteries, energy storage devices, conversion and generation devices, appliances, gadgets, equipment, and products, including power packs, power supplies, generators, solar panels, chargers, and sub-assemblies, components, parts, and accessories thereof and to engage in all connected business related to solar."
Aug 02, 2024, 12:39 pm IST
Gold Prices Rise For 3rd Day In India, Aug 2: 22k/100 Grams Gold Dearer By Rs 3000
Gold prices in India on Friday witnessed rally for third consecutive day as amid expectations of September interest rate cuts and safe-haven demand. Meanwhile, focus has been shifted to US non-farm payrolls data scheduled to be declared on Friday. 22k gold price today in India surged by Rs 300 to Rs 64,800/10 grams and 100 grams of 22 carat yellow metal prices today rose by Rs 3000 to settle at Rs 6,48,000 on August 2, 2024. On the other hand, 24k yellow metal prices today gained by Rs 330 to Rs 70,690/10 grams and 100 grams of 24 carat gold price today gained by Rs 3300 to Rs 7,06,900.
18k gold prices today gained by Rs 240 to Rs 53,020/10 grams and 100 grams of 18 carat precious metal prices witnessed rally of 2400 to Rs 5,30,200.
Aug 02, 2024, 12:23 pm IST
Meesho Onboards Hari Bhartia, Kalpana Morparia, Rohit Bhagat As Independent Directors
Softbank-backed e-commerce firm Meesho on Friday said it has appointed Jubilant Bhartia Group founder Hari S Bhartia along with three other seasoned business leaders as independent directors. Along with Bhartia, Meesho has onboarded former JP Morgan Chairman Kalpana Morparia for South and South East Asia, PhonePe non-executive Chairman of the board Rohit Bhagat, and San Francisco-based AI company Ema's CEO Surojit Chatterjee. "As we embark on the next phase of growth, I am thrilled to announce the appointment of Surojit Chatterjee, Kalpana Morparia, Rohit Bhagat, and Hari S. Bhartia as independent directors to Meesho's board," Meesho, Founder and CEO Vidit Aatrey said in a statement. Bhartia is the Founder and Co-Chairman of Jubilant Bhartia Group.
Aug 02, 2024, 12:20 pm IST
Gold Price Updates
Gold Price Chennai, Aug 2: 22k/100 grams gold price rises by Rs 3000
Aug 02, 2024, 12:19 pm IST
Gold Price Updates
Gold Price India, Aug 2: 22k/100 grams gold price jumps by Rs 3000
Aug 02, 2024, 12:04 pm IST
Sensex, Nifty Down By 1.4% From All-Time Highs
Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services: The Indian benchmark indices opened significantly lower today, driven by weak global sentiments. Both the Nifty50 and Sensex declined by nearly 1.40% from their all-time highs, trading at 24,800 and 81,220, respectively.
Aug 02, 2024, 11:25 am IST
India VIX Jumps
India's volatility index jumped nearly 6% as Sensex and Nifty 50 correct by 1% each in first half of Friday's session. VIX index is ranging from 14.19 to 11.69 so far in the day.
Aug 02, 2024, 11:09 am IST
Cummins India Stock Nosedives
Cummins India share price witnessed a free fall, nosediving by nearly 8%. This comes after Cummins Inc U.S revenue in India, including its joint venture, fell by 10% YoY to 9 million in June 2024 quarter.
Aug 02, 2024, 10:45 am IST
HDFC Bank Share Price Rally
Amidst bearish market, India's largest bank in terms of market share, traded as the top bull on BSE and NSE. HDFC Bank share price is near its intraday high and trading up by 1.3%. The uptrend comes after the bank revised its credit card rules, effective from August 1.
Aug 02, 2024, 10:25 am IST
Tata Motors Q1 Results
This Tata auto stock nosedived nearly 4% after Q1 results. The share price is in red despite Tata Motors beating estimates in Q1 with net profit rising by a whopping 74% YoY to Rs 5,566 crore in the quarter.
Aug 02, 2024, 10:00 am IST
Sapphire Foods – Weak Consumption, Rising Competition Cuts SSSG (Reduce, TP: Rs1,630)
“Sapphire Foods’ Q1 print was in-line with our estimates; consol. revenue/EBITDA grew at 9.8%/1.5%, while PAT declined by 67.1%. With 23% increase in store, KFC revenue grew at 11%, yet SSSG cut by 6%. PH’s revenue grew 2.6% and SSSG declined by 7.0%. Sri Lanka revenues/SSSG grew by 19%/11% led by stable macros. In Q1 SF added 13/1 KFC/PH stores taking stores count to 886. SF committed to revive PH store metrics, yet pace of store expansion to be lower in FY25. Gross margins inched up to 68.6% (+9bp), with KFC at 68.2% (+10bp) and PH at 76.1% (+100bp). However higher employee cost (+11.7%) and other expenses (+13.1%) checked post-IndAS EBITDA margins to 17.3% (-141bp). To rejuvenate brands and SSSG management’s focus driven by, (1) building lunch occasion by expanding KFC portfolio, Chicken Rolls and new Krushers range by addressing critical price points of Rs99 & Rs149, (2) operational initiative with 7 minute express pickup, (3) building brand salience, (4) enhanced marketing investments, and (5) calibrated store expansion. With sequential improvement in PH/Sri Lanka business, we tweak our earnings and cut rating to REDUCE, with a revised DCF-based TP Rs1,630 (implying EV/EBITDA of 13.1x FY26E EPS),” Centrum Broking said.
Aug 02, 2024, 9:45 am IST
Relaxo Footwears – Subdued Demand And Heatwave Impacted Q1 Sales (Add, TP: Rs950)
“Relaxo Footwear’s Q1FY25 print was in line with our estimates; Revenue grew 1.3%, though EBITDA/PAT declined 8.1%/21.3% YoY. Challenging macro and intense heatwave in the north saw subdued demand with 2% cut in volume (50mn pcs), though realizations improved by 3.4%on back of improving product mix. Our channel check indicate sticky food inflation and rising local competition/discounting impacting growth in the price sensitive segment. Even though the company’s strategic initiatives such as, judicious price cuts and creating category-specific affordability to lift volumes, and with incremental contribution from ‘Sparx’ is expected to enhance ASP. Gross margin improved to 62.0% (+460bp). Higher staff cost (+12.5%) and other expenses (+16.6%), resulted in EBITDA margin to 13.2% (-135bp). With lower other income (-25.3%), PAT declined by 21.3%. We reckon Relaxo’s growth is driven by, (1) selling directly on market places and E-com, (2) improving relation with MBO’s by offering direct benefit to retailers, and (3) regaining market share from unorganized market. Though strong distribution reach and improving product mix through innovation we expect performance for Relaxo to improve. We maintain ADD rating, with TP of Rs950 (implying 65x FY26E EPS),” said Centrum Broking in a note.
Aug 02, 2024, 9:30 am IST
M&M Q1 Result Update
“The farm segment is witnessing favourable metrics like good monsoon, improving terms of trade for the farmer and higher rural spending by the Indian Government. Improving margin performance is a significant positive for this segment and we believe it to be maintained at this level on operating leverage stemming from higher demand. Destocking in this remains bit of a challenge to our demand estimate of 7% this year. The SUV segment continues to do well, with good demand continuing for its new product and variant launches. The e3W business continues to gain momentum, while we now also await further ePV launches by the company. We value the stock at Rs 3,257 on a SOTP basis, valuing the core business at 20x FY26EPS arriving at an intrinsic value of Rs 2,816 and value of subsidiaries at Rs 441. Maintain BUY,” said LKP Securities in a note.
Aug 02, 2024, 9:17 am IST
Bank Nifty Outlook By Hrishikesh Yedve, AVP Technical And Derivatives Research At Asit C. Mehta Investment Interrmediates Ltd.
Technically, the index is still consolidating in the band of around 51,000-52,300. Moreover, the Bank Nifty is facing rejection from a falling trend line at 52,300 levels. Thus, 52,000-52,300 will serve as a resistance zone for the Bank Nifty, while 51,000 will act as strong support.
Aug 02, 2024, 9:16 am IST
Rupee vs Dollar
Rupee opened lower against US Dollar on Friday at 83.73 level.
Aug 02, 2024, 9:00 am IST
Nifty Outlook By Hrishikesh Yedve, AVP Technical And Derivatives Research At Asit C. Mehta Investment Interrmediates Ltd.
Technically, the index formed a small red candle near the psychological threshold of 25,000 levels. If the index remains above 25,000 levels, the surge could extend to 25,200-25,300 levels. On the downside, 24,770 and 24,600 will provide significant support for the Nifty in the immediate term.
Aug 02, 2024, 8:45 am IST
Nifty Prediction
Despite closing higher, Nifty formed a Doji candlestick on the daily chart at its peak. On the hourly chart, it sustains above the 10-20 EMA, indicating continued bullish momentum. Closing above the 25,000 mark is a positive indicator for the index, said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Aug 02, 2024, 8:30 am IST
Market Outlook
Based on current data and market sentiment, the outlook for Bank Nifty remains bearish. The index faces resistance from its 20-day EMAs. Trading within a range of 52,000-51,200, a sustained breakout above 52,000 could drive the index up to 52,500-52,800. Conversely, a breakdown below 51,200 could trigger a downward move, with the next support level at 50,800. Until the index breaks out of this range, no major movements are expected, as per Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Aug 02, 2024, 8:16 am IST
Options Market Analysis
In the options market, significant open interest was noted at the 52,000 calls (29.01 lakh) and 51,500 puts (13.22 lakh). Notable trading activity was observed in the 51,700-51,800 calls and 51,500 puts. The Index Put-Call Ratio (PCR) decreased from 0.80 on Wednesday to 0.67 Thursday, reflecting persistent bearish sentiment as the index struggles to sustain above the psychological 52,000 level, said Dhupesh Dhameja, Technical Analyst, SAMCO Securities.
Aug 02, 2024, 8:01 am IST
Market Outlook By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
Given the current data and market sentiment, the bullish outlook for Nifty remains strong. Closing above 25,000 reinforces the "buy on dips" strategy. Sustaining above 24,850 suggests further upside potential. With the index breaking out of its Flag & Pole pattern, closing above 25,000 could propel it further to 25,200, with strong support at the 24,850 level.
Aug 02, 2024, 7:47 am IST
Options Market Insights By Dhupesh Dhameja, Technical Analyst, SAMCO Securities
Recent activity in the options market shows a slight uptick in bearish sentiment, with more call options being written compared to puts. Over the past four trading days, this sentiment change at all-time high levels is a cautionary sign. As the index hits new highs, call writers (Bears) are building aggressive positions. Significant open interest is seen at the 25,050 call (2.44 crore) and 25,000 put (2.24 crore) options, with notable trading interest in the 24,950 puts and 25,000 calls. The Nifty Put-Call Ratio (PCR) has decreased from 1.03 on Wednesday to 0.93 Thursday, indicating a sideways outlook. However, as long as the index holds above 24,850, buying interest is expected to emerge. The max pain (strike price with the most open options contracts level) is anchored at 25,000, guiding the index's movement.
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