Despite mixed global signals, Indian markets opened higher on August 6. The Nifty began trading near 24,200, while the Sensex started around 79,000. Major gainers on the Nifty included Maruti Suzuki, Adani Ports, NTPC, M&M, and Hindalco. On the downside, Apollo Hospitals, SBI Life Insurance, Nestle, and Cipla were among the early losers.
Tuesday's market action will be heavily influenced by the overnight performance of the US markets. Additionally, a slew of quarterly results from prominent companies will keep traders on their toes. Stocks like Bharti Airtel, ONGC, Bharti Hexacom, Deepak Nitrite, BEML, HCC, Brigade Enterprises, and BLS International, which reported their earnings after market hours on Monday, will be watched.
Investors will also keep an eye on the earnings reports from Cummins India, Gujarat Gas, Gland Pharma, Tata Power, PI Industries, Lupin, TVS Motor, JM Financial, and IIFL Finance, all slated to release their results on Tuesday.
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Aug 06, 2024, 3:43 pm IST
Market Ends Lower For The 2nd Straight Day
Indian benchmark indices closed slightly lower after a highly volatile session on August 6, with the Nifty finishing below the 24,000 mark. At the end of the day, the Sensex dropped 125.84 points, or 0.16%, to settle at 78,633.56, while the Nifty decreased by 63.05 points, or 0.26%, closing at 23,992.55.
Aug 06, 2024, 3:21 pm IST
Top 5 Unicorns In India: Leading Unicorns That Captivated The World In 2024
The world of startups often attracts and inspires many. There have been scores of successful startups in India as the nation offers thriving startup ecosystem as it prepares to celebrate the 78th Independence Day in few days. The country witnessed surge of several unicorn startups over the years that helped in reshaping the markets, revolutionised the markets, and put the country on global map. According to a report published in forbesindia.com, as of May 2024, the Indian Startup Ecosystem, ranking third globally in terms of unicorn count, collectively valued at 9.67 billion. In today's fast-paced and dynamic economy, Indian Unicorns are thriving. These startups are not only creating groundbreaking solutions and technologies but also fueling significant job growth.
Shree Cement today announced its financial results for the quarter ended on 30 June, 2024. The Company reported ₹4,835 crore of revenue and ₹ 916 crore of EBITDA. Q1’FY25 net revenue marginally declined by 3% from ₹ 4,971 crore to ₹ 4,835 crore and the total sale volume increased by 8% from 8.92 million tonnes to 9.64 million tonnes. Additionally, EBITDA reduced by 2% from ₹ 933 crore to ₹ 916 crore whereas Sale of premium products stood at 7.6% of total trade sale volume.
Aug 06, 2024, 2:21 pm IST
Inox Wind Bags 201 Megawatt Order From Integrum Energy
Inox Wind Limited (IWL), India’s leading wind energy solutions provider, has bagged an order for 201 MW from Integrum Energy Infrastructure Ltd, a leading C&I player. This is an equipment supply order for IWL’s latest 3 MW Wind Turbine Generators (WTGs). Additionally, Inox Wind will provide post commissioning multi-year operations & maintenance (O&M) services. The project will be executed across four states, namely Madhya Pradesh, Rajasthan, Karnataka and Maharashtra. Mr. Kailash Tarachandani, CEO of Inox Wind, said, "Integrum has been a longstanding partner for us and we are delighted that they have reaffirmed their faith in our product and solutions with this large equipment supply order for 201 MW. Inox Wind’s state-of-the-art 3 MW WTG continues to be a preferred product for project developers, being one of the most efficient turbines in its class. We continue to be a key contributor in India’s growth journey and transition to renewables."
Aug 06, 2024, 2:04 pm IST
Symphony Limited Launches New Products Air Cooler & Storage Water Heater Products
The company Symphony Ltd. will launch a record breaking 17 new air cooler models, setting new standards in aesthetics, performance, and functionality in the air coolers categor. This innovative lineup includes Symphony “Silenzo”, “MaxWind”, “Arctic Circle”, and “Air Force” series, each meticulously designed to meet diverse cooling needs of the consumers with cutting‐edge technology and user‐friendly features. All Symphony water heaters are available in 10, 15, and 25‐liter capacities, catering to various household needs. The highly successful “Sumo Series”, now gets an added member viz. the Sumo 60 which blends powerful cooling with unmatched convenience. Four new models have been upgraded/introduced in the existing “Winter” and “Touch” Series viz. Winter 100XL, Touch 115, Touch 50 and Touch 40.
Aug 06, 2024, 1:36 pm IST
Nuvama Private To Serve Global Indians (NRIs) through New DIFC Office
Nuvama Private, the Private Banking arm of Nuvama Group - one of India’s largest, listed Institutionally backed Wealth Management firm, announced the launch of its operations to serve the middle east through its office in the Dubai International Financial Centre (DIFC). The company is a leading & listed Indian Wealth Management firm, with market capitalisation of over US $ 2.5 bn (as of close of Indian markets. Traditionally, Global HNW and UHNW clients have been served by banks or local External Asset Manager’s (EAM’s) in the region and have had limited access to participate in the Indian public and private market opportunities, that have evolved over the last few years.
Axiscades Technolohies Ltd., a leading end to end technology and engineering solutions provider, catering to Aerospace, Defence, Heavy Engineering, Automotive, Energy, and Semiconductor industries serving Global OEMs, today announced results for the quarter ended June 30th. The company posted vevenue from Operations of ₹223 crores for the quarter; which grew by 4.5% YoY. The revenue in $ terms for the quarter stood at $ 26.9 Mn; growing 2.5% YoY. Total order book for the company stood at .2 Mn and the EBITDA for the quarter at ₹31 crores; as compared to Q1’24 at ₹33 crores. While the EBITDA Margins higher at 13.9%; as against 12.6% in Q4 FY24, the PAT stood at ₹17 crores with PAT margin of 7.2% for the quarter, as against ₹6 crores or 2.6% in Q1 FY24.
Aug 06, 2024, 12:27 pm IST
Indowind Energy Limited Issue Over-Subscribed By 1.59 Times Upon Closure
Indowind Energy Limited, involved wind energy-based renewable power generation and distribution focused on owning, operating and maintaining windmills announced today, the successful closure of the issue of 2,14,66, fully paid−up Equity Shares on rights basis to the eligible equity shareholders which was launched on July 26, 2024. The company offers fully paid-up Equity Shares of face value of Rs. 10 each for cash at a price Rs. 22.50 per Equity Share (including a premium of Rs. 12.50 per Equity Share) aggregating to Rs. 4,830.06 lakhs. The funds would be diverted towards investment for developing the 6 MW (DC) Solar Power Project at Tamil Nadu. Appropriation of a part of the Net Proceeds to issue Rights Shares to Loyal Credit & Investments Limited and General Corporate Purpose.
Aug 06, 2024, 12:01 pm IST
Result Update: Motherson Sumi Wiring India (MSUMI IN) | Profitability To Improve With Capacity Ramp-Up; Strong Growth Intact
Ronak Mehta of JM Financial Institutional Securities said, “Motherson Sumi Wiring India’s (MSUMI) continued to outperform the underlying LV industry with healthy revenue growth of +18% YoY. This was driven by strong content and volume growth. EBITDA margin, however, missed our estimate largely owing to start-up costs related to two new plants. Rising features led premiumisation and gradual shift towards EVs (incl. Hybrids) continue to be the key lever for higher content per vehicle over medium-to-longer term. Going ahead, favourable mix and higher operating leverage is expected to drive margin performance. New capacity addition, in-line with customer order wins, is expected to support medium-term growth and we expect MSUMI to continue its growth outperformance led by new business wins (incl. EVs) across segments. We have marginally reduced our EPS estimates (by c.4%) for FY25/26E to factor-in impact of gradual ramp-up of new plants. Overall, we expect MSUMI to post revenue/EPS CAGR 14% / 18% over FY24-27E. We maintain our target 35x PE to arrive at Sept’25 TP of INR 77. Maintain BUY.”
Aug 06, 2024, 11:42 am IST
Silver Prices India, Aug 6: Sharp Decline In Silver Prices
Silver prices India too recorded strong fall on Tuesday as 1kg silver prices today fell by Rs 3200 to Rs 82,500. 100 grams silver prices today in India fell by Rs 320 to Rs 8,250.
Aug 06, 2024, 11:41 am IST
Chennai Gold Price, Aug 6: Gold Prices Witness Sharp Fall
Chennai witnessed sharp dip in gold prices on August 6 as 1 gram gold prices today slipped by Rs 70 to Rs 6400
Aug 06, 2024, 11:33 am IST
Sharp Drop In Gold Price India: 24K/100 Grams Gold Slips By Rs 8,700
Gold prices in India on August 6 witnessed sharp drop on August 6 amid wider market sell off triggered by soaring economic worries. 1 gram gold prices in India today declined by Rs 80 to Rs 6390/gram.
Aug 06, 2024, 11:31 am IST
Result Update: LIC Housing Finance | 1QFY25: Muted Quarter
Sameer Bhise of JM Financial Institutional Securities said, “LIC Housing Finance (LICHF) reported an inline PAT of INR 13bn (+19% QoQ, -2% YoY) led by lower provisions of 0.2% (-39bps QoQ). NII de-grew -11% QoQ, -10% YoY to INR 19.9bn as NIMs contracted -39bps QoQ. This was largely led by additional one-off interest recoveries of INR c.900mn from NPA accounts (project loans) which were received in 4Q24. Yields were down -6bps QoQ while CoFs remained flat QoQ. Opex normalized to INR 2.6bn (+8.1% YoY, -31.5% QoQ) which was elevated in previous quarter due to revision in wage and gratuity provisions. This led to a PPoP of INR 17.7bn (-12% YoY, -6.6% QoQ). Disbursements during the quarter was healthy at INR 129bn (+19%YoY, -29% QoQ); however seasoning of the book with c.5% usual quarterly repayment rate led to slightly subdued loan growth of (+0.6% QoQ/ +4.4% YoY) at INR 2.9trn. Post continued rundown in project loans since last 3 years, company started showing growth in this segment at (+0.8% QoQ, -28% YoY). Mgmt. maintained its double digit AUM growth guidance for FY25 backed by higher traction observed in project loans and shift in focus towards non-individual loans (LAP, developer loans, project loans, etc) and self-employed book, which would also aid in margins to gradually expand from here. Gross stage-3/ Net stage-3 remained largely steady -1bp/ +9bps QoQ at 3.3%/1.66%. We expect LICHF to deliver return ratios of 1.7%+/15%+ RoA/RoE by FY26E on the back of: a) pick up in loan growth (largely from non-housing book), b) steady margins on the back of higher floating rate borrowings, c) lower credit costs and d) controlled opex. We maintain BUY on the stock with a TP of INR 750 valuing at 1x FY26E P/B.”
Aug 06, 2024, 11:07 am IST
Result Update: Marico Ltd (MRCO IN) | 1QFY25: Inline Performance, FY25 Outlook Remains Positive
Mehul Desai of JM Financial Institutional Securities said, “Marico’s 1Q earnings print was inline with expectations. Volume trajectory (+4%) was inline and better than trend (c.2-3%) seen in recent quarters, with uptick in secondary offtakes seen across core portfolio. Newer businesses also reported strong performance with healthy organic growth in Foods. GM delivery surprised positively led by benign RM & strategic sourcing. Going ahead, mgmt. remains confident of uptick in volumes – led by market share gains (visible from secondary offtakes in Parachute), improvement in Saffola volumes with stability in pricing, gradual recovery in VAHO and continued strength in newer businesses. Pricing growth is also expected to turn positive (c.6% hike in Parachute, anniversarisation in Saffola edible oil) which should aid overall revenue growth. With copra prices inching up, GMs could see some moderation; however, EBITDA margins are likely to remain steady around peak levels seen in FY24. We continue to like Marico within our HPC coverage; with outlook on core portfolio improving and increased thrust on portfolio diversification (which is encouraging), we expect premium valuations to sustain. Any sharp corrections should be used as opportunity to add in the name.”
Aug 06, 2024, 10:36 am IST
Result Update; Britannia Industries (BRIT IN) | 1QFY25: Volume Growth Encouraging, Margin Delivery Disappoints
Mehul Desai of JM Financial Institutional Securities said, “Britannia’s Jun-Q earnings print was a mixed bag – revenue performance was inline while operating performance was c.5% below our forecast. Volume growth in high single digit (with double-digit growth on exit basis) is encouraging; however, impact of price cuts, higher A&P and scale deleverage led to c.5% miss on EBITDA. Going ahead, management reiterated that focus will be on gaining market share, driving volume growth and expects improving trajectory in coming quarters. On the input costs front, situation is largely manageable right now. Management expects c.4-5% inflation led by agri-commodities (sugar, flour) in coming months which might entail some price hike. While price corrections are largely done, the carry forward impact will be there which will keep value growth lower than volume growth in near term and same should largely fade away from 3QFY25 onwards. Hence, pricing element will likely be bit subdued vs earlier expectations, in our view. With raw material prices inching up & high margin in base, gross margin expansion is unlikely; however, higher subsidy benefit (from facilities in Ranjangaon, UP, Bihar) should provide headroom to invest behind brand as well as sustain EBITDA margins. Stock has seen healthy run-up, hence acceleration in volume growth & sustaining high teen margin will be key monitorable.”
Aug 06, 2024, 10:01 am IST
Patel Engineering Shares Surge 3% As JV Secures Water Project
Patel Engineering Limited (PEL), in collaboration with its JV partner, has been awarded a Rs 317.60 crore contract by the Office of the Executive Engineer, Government of Maharashtra. The contract involves constructing a water lifting arrangement for the first stage from the submergence of the Jigaon project, encompassing civil, mechanical, electrical components, and allied works. The project is slated for completion within 24 months.
Aug 06, 2024, 9:55 am IST
Best Agrolife Secures Patent for Innovative Fungicidal Composition
Seedlings India, a wholly owned subsidiary of Best Agrolife, has been awarded a patent by the Indian Patent Office-Government of India for its invention titled "Synergistic Fungicidal Composition." This patent is valid for a term of 20 years, starting from August 9, 2021, in compliance with the provisions of the Patents Act, 1970.
Aug 06, 2024, 9:23 am IST
Market Opens With Gains
Despite mixed global signals, Indian markets opened higher on August 6. The Nifty began trading near 24,200, while the Sensex started around 79,000.
Aug 06, 2024, 9:12 am IST
Rupee Opens Slightly Lower
The Indian Rupee started Tuesday's trading session steady at 83.85 per US Dollar, compared to Monday's close of 83.84.
Aug 06, 2024, 8:34 am IST
Oil Prices Surge Over Amid Middle East Conflict Concerns
Oil prices rose more than on Tuesday, recovering from the previous day's losses. Concerns over escalating conflict in the Middle East potentially impacting supply outweighed fears of a possible US recession affecting demand. Brent crude futures increased by .25, or 1.6%, to .55 per barrel, while US West Texas Intermediate crude futures rose by .35, or 1.9%, to .29 per barrel.
Aug 06, 2024, 8:34 am IST
Asian Markets Surge; Nikkei Rallies 8%, Kospi Climbs 3%
Japanese stocks rebounded sharply on Tuesday, with the Nikkei 225 and Topix indices recovering 8% after plunging more than 12% in the previous session. Other Asia-Pacific markets also opened higher, contributing to the positive momentum.
Aug 06, 2024, 8:34 am IST
GIFT Nifty Signals Positive Opening for Indian Markets
Trends on GIFT Nifty suggest a strong start for the broader index in India, indicating a rise of 163.5 points or 0.68%. Nifty futures were trading around the 24,306.5 level, pointing towards a positive opening.
Aug 06, 2024, 8:05 am IST
US Recession Fears Trigger Major Sell-Off; Nasdaq and S&P 500 Drop 3% Each
US stocks ended Monday with steep losses, driven by fears of a looming recession and a sharp decline in Apple shares after a major investor reduced its stake. The Nasdaq and S&P 500 each fell over 3%, marking their lowest levels since early May and extending last week's sell-off.
All three major US indexes recorded their largest three-day percentage declines since June 2022. The Dow Jones Industrial Average plummeted 1,033.99 points, or 2.6%, to 38,703.27. The S&P 500 shed 160.23 points, or 3%, to 5,186.33, and the Nasdaq Composite dropped 576.08 points, or 3.43%, to 16,200.08.
These losses were spurred by weak economic data last week, including Friday's disappointing US payrolls report, which intensified concerns about an impending recession and led investors to flee from risky assets.
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