On July 24, Indian benchmark indices closed lower for the fourth straight session, with the Nifty dropping below 24,450. The Sensex declined by 280.16 points or 0.35% to settle at 80,148.88, while the Nifty fell by 65.50 points or 0.27% to 24,413.50. The market saw 2,474 shares advance, 927 decline, and 85 remain unchanged.
Among the top Nifty losers were Bajaj Finserv, Britannia Industries, Bajaj Finance, Tata Consumer, and Axis Bank. On the other hand, HDFC Life, Tech Mahindra, BPCL, NTPC, and Tata Motors emerged as the top gainers.
Sectorally, healthcare, oil & gas, media, telecom, and power sectors rose by 1-2%, while the FMCG and banking indices fell by 0.5-1%. The BSE Midcap index gained 0.7%, and the Smallcap index rose by 2%.
The Indian Rupee closed at a record low of 83.71 per US Dollar on Wednesday, down slightly from Tuesday's close of 83.69.
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Jul 24, 2024, 3:40 pm IST
Market Ends With Cuts
On July 24, Indian benchmark indices closed lower for the fourth straight session, with the Nifty dropping below 24,450. The Sensex declined by 280.16 points or 0.35% to settle at 80,148.88, while the Nifty fell by 65.50 points or 0.27% to 24,413.50. The market saw 2,474 shares advance, 927 decline, and 85 remain unchanged.
Jul 24, 2024, 3:16 pm IST
SpiceJet Stock Rises As Board Approves Rs 3,000 Crore Fundraising Plan
SpiceJet's stock surged after the board approved a plan to raise up to Rs 3,000 crore through the issuance of equity shares or other eligible securities to qualified institutional buyers via Qualified Institutional Placement (QIP).
Jul 24, 2024, 2:33 pm IST
Indus Tower Stock Gains Attention Ahead of MSCI Weight Adjustment
Indus Tower is in the spotlight today as MSCI prepares to adjust its weight in the index during the last 30 minutes of trading. MSCI Indices will be increasing Indus Tower's float by 15%. Nuvama Alternative predicts that this adjustment will result in inflows of approximately 0 to 5 million, equating to around 23 million shares. This impact is expected to be less than a day's trading volume.
Jul 24, 2024, 2:23 pm IST
Epigral Limited’s PAT Jumps 172% To ₹ 86 Cr In Q1FY25
Epigral Limited today announced its financial results for the quarter ended June 30, 2024. The company posted a robust growth in PAT for Q1FY25 at ₹ 86 Cr, a jump of 172% as compared to ₹ 32 Cr in Q1FY24. The company’s quarterly revenue from operations rose by 43% to ₹ 651 Cr as against ₹ 455 Cr recorded in Q1FY24. Mr Maulik Patel, Chairman and Managing Director of Epigral said: “Epigral witnessed highest ever quarterly revenue of Rs. 651 cr in the quarter under review. The company delivered volume growth of 29% YoY and 14% QoQ; this growth is primarily attributed to efficient utilization of capacities and also volume from new projects commissioned. Revenue contribution from Derivatives & Specialty business rose sharply and stood at 53% in Q1FY25 vs 37% in Q1FY24”.
Jul 24, 2024, 2:21 pm IST
India Yellow Metal Rates Today Stay Stable Despite Indian Government Declares Tax Deductions In The Interim Budget
Today gold prices in India for 10 grams of 24-carat are Rs. 70,860/- and Rs. 64,950/- for 10 grams of 22-carat gold. The yellow metal prices in India today stay the same as the previous day for both pure gold and standard gold respectively. Likewise, 18-carat gold rate in India today have remained constant at Rs. 53,140/- per 10 grams. The MCX Gold Futures maturing this month are today floating at Rs 68,826/-, a rise of 0.46% or Rs 316/- since yesterday’s closing while the US Spot gold prices today are trading at $ 2,412.2/- per ounce.
South Indian Bank Board Meeting Scheduled for July 30 For Fundraising
South Indian Bank has announced that its board members will convene on July 30 to deliberate on raising funds. The discussion will focus on the potential issuance of equity shares through various methods, including preferential issues, Qualified Institutions Placement (QIP), or other private placement methods, as well as the possibility of a Follow-on Public Offering (FPO).
Jul 24, 2024, 1:03 pm IST
Gujarat Toolroom Ltd Announces New Orders Amounting To Rs. 150 Crores
Gujarat Toolroom Limited announces the acquisition of a significant impex order valued at ₹1.5 Billions (₹150 Crores). This order, which will be executed in the current quarter, is anticipated to yield an operating profit margin ranging between 5% and 10%. In addition to this substantial international order, the company is actively pursuing further domestic impex opportunities and expects additional orders in the coming weeks.
Jul 24, 2024, 1:02 pm IST
India's Strategic Push for Recycling & Critical Mineral Management: A Path to Sustainable Development
The Finance Minister, Nirmala Sitharaman, in her budget speech on Tuesday emphasized the recycling bid and declared the necessity for conservation and recycling of “Critical Mineral Mission.” Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high‐tech electronics. The finance minister had proposed to exempt customs duties on 25 critical minerals and reduce BCD on two of them. She said in her speech that it would provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors. The success of the PLI Scheme is very essential to secure an uninterrupted supply of precious and rare metals. The most important and economically viable source is none other than recycled wastes like E‐waste and Li‐ion batteries.
Jul 24, 2024, 12:02 pm IST
Hindustan Unilever Shares Down 3% After Q1 Results
During the early trade on Wednesday, the shares of Hindustan Unilever dropped by over 3% intraday after Q1 EPS missed street estimates.
Jul 24, 2024, 11:29 am IST
Result Update: Hindustan Unilever (HUVR IN) | 1QFY25: A mixed bag
Mehul Desai of JM Financial Institutional Securities said, “HUL’s Jun-Q earnings print was tad better than expectation on profitability front. Volume growth at 4% was ahead of our estimate and step up vs trends seen in recent quarters – a function of volume uptick in Home-care (Fabric wash) and Skin Cleansing. F&R (subdued quarter for Tea & Horlicks) and Skincare (decline in mass skin care) performance was muted. Home-care portfolio remains relatively resilient in our view. Within BPC, premium portfolio continues to do well; recovery in mass-end (Soaps & Skincare) will be key monitorable and management is hopeful of the same led by initiatives around Soaps portfolio (new formulation & improved price value equation in mass-end) along with some signs of recovery in rural (which should aid recovery in mass skin care). On profitability front, with absence of pricing lever (expects low single digit growth in H2) & adjusting for one-off benefit in 2QFY24, EBITDA margin is likely to remain flattish on yoy basis for FY25E. However, over medium term, mgmt. expects modest improvement in EBITDA margin led by benefit of operating leverage, mix improvement and extracting synergies from Horlicks portfolio. Stock could remain range bound in near term post recent run-up (20%+ in last 3M) seen due to narrative around likely rural recovery/govt. initiatives to drive consumption. Further rerating will be contingent on better visibility on volume acceleration & double-digit earnings growth.”
Jul 24, 2024, 11:09 am IST
Economy Update: Union Budget FY25 | Focus on building human capital while being fiscally prudent
Hitesh Suvarna of JM Financial Institutional Securities said, “The budget announcements were broadly in-line with the interim budget, with major focus on improving productivity through skilling programs for the youth. The combination of unchanged capex allocation, steeper than expected fiscal consolidation and measured welfare spending, sends a clear message that fiscal prudence takes priority. The government indicated that it intends to target and reduce debt as % of GDP going forward. Divestments strategy seems to have been revamped to focus on value maximisation. Allocation towards Bihar (INR 589bn) and Andhra Pradesh (INR 150bn) were substantial. Expectation of lower collections through small savings schemes in FY25, shows the relative attractiveness of capital markets due to higher returns. The government made an attempt to balance the impact of hike in capital gains tax with increased exemption on long term capital gain and providing tax savings in new tax regime. Markets recovered but whether the tax savings would be sufficient to revive consumption demand needs to be seen. Consistent easing in India’s fiscal deficit will reflect in the bond yields, we see yields heading towards 6.95%.”
Jul 24, 2024, 10:37 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
V-shaped recovery across the board helped the Index to end the eventful 23rd July trade at 24,479. The Index has formed a small red candle body with a big lower shadow on the daily chart and defended its strong support point of 24,200. The uptrend will remain intact as long as the Index holds 24,200. On the higher side, 24,800 will continue as a strong hurdle. With a bearish engulfing pattern, BankNifty has violated its consolidation, indicating further weakness on the chart and now the immediate support is placed at 51,300 while the higher side seems to be capped at 52,125. Among the sectors, a strong rally was seen in the FMCG in yesterday's trade which helped us to remain bullish on the same. Many of its components have given a strong breakout which indicates a continuation of an uptrend, one should remain invested in the sector and for fresh entry, buying on dips would be an ideal strategy. By performing as per our expectations, dollar appreciation beneficiaries i.e. IT and Pharma were also seen strengthening their uptrend, we have technical coverage on specific stocks such as HCL Tech, Natco Pharma, and Tech Mahindra. The Metal sector is placed at its long-term trendline support, activity of today's trade will indicate a trend continuation or reversal. Both PSU Banks and Realty segments have formed a bearish engulfing pattern where Realty has already given a consolidation breakdown while PSU Banks is on the verge of a breakdown, overall the trend of both sectors is weak.
Jul 24, 2024, 10:10 am IST
Result Update: Cyient DLM
“Cyient DLM’s results for the quarter met expectations in terms of revenues, while margins and profitability were better than estimates. The order pipeline remains robust, with several large deals in advanced stages expected to materialize in the second half of FY24, consistent with earlier guidance from management. Although the year-on-year growth in the order book has been slow and has declined, there is optimism for improvement in the coming quarters as order inflows strengthen. During the quarter, Cyient DLM welcomed four new global clients in the semiconductor, defense, and Med-Tech sectors, which bodes well for long-term visibility and growth prospects. We maintain a positive outlook on Cyient DLM due to its strong parent company support, established client relationships complemented by new additions, a resilient order book, healthy order inflows, a robust pipeline, and specialized capabilities in high-growth areas. The stock has seen a correction from its peak levels and presents compelling value prospects at reasonable valuations. Our estimates remain unchanged, and we reiterate a Buy rating on the stock with an unchanged price target of Rs 851,” said LKP Securities in a note.
Jul 24, 2024, 9:57 am IST
Adani Green Energy Ltd Informs Operationalization Of A Wind Power Project at Khavda, Gujarat
Adani Renewable Energy Forty One Limited, a wholly-owned step-down subsidiary of Adani Green Energy Limited has operationalized a 250 MW of wind power project at Khavda, Kutchh, Gujarat. The plant has India’s largest and one of the world’s most powerful on-shore wind turbines of 5.2 MW capacity. With this development, the total operational capacity at Khavda is 2,250 MW.
Jul 24, 2024, 9:43 am IST
High-Tech Pipes Ltd. Adds 5 MW Green Power Through Roof Top Solar & Open Access
Hi-Tech Pipes Ltd., one of the leading steel tubes and pipes manufacturers in India, is proud to announce about Decarbonisation of its Manufacturing Facilities, Additional 5 MW Green Power through Roof Top Solar & Open Access and Generation & captive consumption of Green Hydrogen Gas. The Government of India has taken the mission for zero carbon emission by 2070 (30% to 35% by 2030). To achieve this mission, the Government is promoting generation of green power through solar & wind energy along with other environment friendly measures. In alignment with the government’s broader strategic climate goals for 2030 and 2070 set by honourable Prime Minister Narendra Modi, Hi-Tech Pipes has also taken the mission for decarbonisation of its manufacturing facilities by 2033 (60% by 2030).
Jul 24, 2024, 8:39 am IST
What Will Drive Market Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: Now that the steep increase in STCGs tax and the marginal increase in LTCGs tax on equity is a reality, investors should focus on investing in stocks which can deliver superior returns. In the present context FMCG stocks look attractive from the valuation perspective. Watch out for stocks like ITC and United Spirits. It is important to understand that the Budget strengthens the India Growth Story with focus on growth with financial stability. The fiscal consolidation being attempted through the Budget is a big positive that should not be missed amidst the concerns of increase in capital gains tax. Another important factor is that the removal of indexation benefits on gold and real estate will make equity a superior asset class, relatively. The higher tax on F&O trading is intended to discourage the excessive speculation in this segment and, therefore, is a welcome move.
Jul 24, 2024, 8:39 am IST
Market Previous Day
On Tuesday, the Nifty 50 index closed 30 points lower at 24,479 after a volatile trading session that saw the index swing over 500 points. The Sensex mirrored this volatility, with an intra-day swing of more than 1,500 points, before settling 73 points down at 80,429.
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