Equity benchmark indices Sensex and Nifty continue to trade in red amid fall in HDFC Bank and new foreign fund outflows. Sensex declined 521 points to 79,092 and Nifty slipped 167 points to 24,179 in late afternoon trade on Tuesday (August 13, 2024) amid mixed trends prevailing global markets. Nifty Bank fell 552 points to 50,025 and Nifty Midcap fell 214 points to 57,116 on August 13. Shares of Inox Wind today jumped over 8% after it bagged 51 MW equipment supply order from Everrenew for its 3 MW class WTGs. Triveni Turbine shares gained over 18% after the company reported healthy quarterly earnings.
Earlier, in the opening bell, Sensex touched an intraday low of 79,514.65 and that of Nifty touched the day's low of 24,314.65.
MSCI has announced its latest rejig for Indian stocks. Accordingly, stocks like HDFC Bank, Adani stocks, RVNL and Vodafone among others are in focus.
Stocks such as ICICI Bank, Axis Bank, and Kotak Bank were top bulls, but stocks like HDFC Bank, Tata Motors, Asian Paint and Titan shares were top bears.
The domestic equity markets ended Monday's trading session on a mixed note, as the Sensex and Nifty 50 experienced slight declines while the Midcap Index and Nifty Bank posted gains. The Sensex fell by 57 points to close at 79,649, and the Nifty 50 was down by 21 points, ending at 24,347. In contrast, the Nifty Bank index gained 93 points, reaching 50,578, and the Midcap Index rose by 156 points to close at 57,331.
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Aug 13, 2024, 3:44 pm IST
Market Ends With Deep Cuts
Indian benchmark indices closed in the red on August 13, with the Nifty falling below 24,150 amid widespread sectoral declines. By the end of trading, the Sensex had dropped 692.89 points, or 0.87%, to settle at 78,956.03, while the Nifty fell 208 points, or 0.85%, to 24,139. The session saw 1,103 shares advance, 2,322 decline, and 74 remain unchanged.
Aug 13, 2024, 3:05 pm IST
Hindalco Reports Q1FY25 Results With 25% Surge In Net Profit
Hindalco Industries, the flagship entity of the Aditya Birla Group and a leading global player in aluminum and copper production, announced its Q1 FY25 results on Tuesday, August 13, showcasing a solid 25% year-on-year (YoY) increase in net profit, totaling Rs 3,074 crore.
Aug 13, 2024, 2:41 pm IST
GR Infraprojects Secures REC Power Contract For Karnataka Transmission Project
G R Infraprojects has secured a Letter of Intent from REC Power Development and Consultancy to establish a transmission scheme for the integration of the Tumkur-II Renewable Energy Zone (REZ) in Karnataka. The project is valued at Rs 53.77 crore.
Aug 13, 2024, 1:42 pm IST
Hazoor Multi Projects Declares Q1 Results; 1st Interim Dividend of Rs 2 Approved
Hazoor Multi Projects Ltd, a small-cap stock with a market capitalization of Rs 721 crore, is listed exclusively on the BSE. The stock has seen remarkable growth, with its price rising by 17.24% over the past month, 180% in the last year, and an astonishing 27,000% over the past five years. Currently trading at Rs 385.50, the stock's 52-week high is Rs 454, while its 52-week low is Rs 115.
Hazoor Multi Projects has declared financial results for the quarter ended 30th June 2024. The company said its net profit stood at Rs 0.08 crore in the quarter ended June 2024 while net revenue from operations reached Rs 34.16 crore.
The financial results for the quarter ended June 30, 2024 (Q1 FY25) were released by Gensol Engineering Limited, a well-known player in the renewable energy industry that specialises in solar engineering, procurement, and construction (EPC) services as well as electric mobility solutions.
The company's total revenue jumped by 105% to Rs 297 crore in Q1 FY25 from Rs 145 crore in Q1 FY24. The company's EBITDA climbed by 143% to Rs 89 crore in Q1 FY25 from Rs 37 crore in Q1 FY24. From 25.3% in Q1 FY24 to 30.0% in Q1 FY25, the EBITDA Margin grew by 470 basis points.
Aug 13, 2024, 12:56 pm IST
NPCI Incorporates NPCI BHIM Services Ltd As A Wholly-Owned Subsidiary
National Payments Corporation of India (NPCI) on Tuesday announced the incorporation of NPCI BHIM Services Ltd (NBSL) (earlier known as Bharat Interface for Money' BHIM) as a wholly owned subsidiary. This development aims to meet the growing demand for digital transactions and evolving market expectations while keeping pace with innovation and rapidly shifting customer preferences, NPCI said in a statement. Additionally, it aims to promote financial inclusion, it said. This development not only aims to strengthen India's own digital payment ecosystem but also reflects a sense of national pride and significance in developing a sovereign digital payments framework, it said. The incorporation of NBSL underscores NPCI's commitment to facilitate digital payments and financial inclusivity across the country and beyond, according to a PTI report.
Aug 13, 2024, 12:24 pm IST
Inox Wind Bags 51MW Order, Shares Rise
Inox Wind Ltd shares today hit fresh 52-week high and gained 7.10% at the time of writing story. Current market price of Inox Wind shares on BSE is Rs 223.30 per share. The company today informed via BSE filing about receiving 51 MW equipment supply order from Everrenew for its 3 MW class WTGs. Inox Wind shares soared 327% in last 1-year. The market capitalisation of Inox stood at Rs 29,191.95 crore. Yesterday, Inox Wind shares hit upper circuit after the company declared healthy quarterly results last week.
As per the regulatory filing of the company issued as on August 13, 2024, "Inox Wind Limited (IWL), India's leading wind energy solutions provider, has bagged an order for 51 MW from Everrenew Energy Private 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 in the state of Tamil Nadu."
Aug 13, 2024, 12:17 pm IST
Gold Prices Rise Sharply In India, Aug 13: 24K/100 Grams Gold Soars By Rs 10,400
Gold prices in India witnessed sharpest rally in August so far today as traders awaited crucial US inflation data that may shed more insight into Federal Reserve’s upcoming policy decision. 22k gold prices today in India jumped by Rs 950 to Rs 65,650/10 grams and 100 grams of 22 carat yellow metal prices today surged by Rs 9,500 to Rs 6,56,500. 24k gold prices today rallied by Rs 1040 to Rs 71,620/10 grams and 100 grams of 24 carat precious metal prices today rose by Rs 10,400 to Rs 7,16,200.
18k gold prices today witnessed sharp surge of Rs 780 to settle at Rs 53,720/10 grams and 100 grams of 18 carat yellow metal prices today gained by Rs 7,800 to Rs 5,37,200 on August 13, 2024.
Spot Gold, Spot Silver Prices Today: Spot gold jumped 1.5% to ,468.25 per ounce as of 1818 GMT. US gold futures surged 1.2% at ,504. Spot silver jumped 1.8% to .94 per ounce, platinum gained 2.2% to 2.20 and palladium jumped approximately 1.7% at 9.36., according to Reuters.
Aug 13, 2024, 12:12 pm IST
Silver Prices India, Aug 13: Silver Prices Gain
Silver price in India today witnessed rally. 1kg silver prices today rose by Rs 1000 to Rs 84,000. And, 100 grams silver price today soared by Rs 100 to Rs 8,350. Cost of 1 gram silver prices in the country today stood at Rs 83.50.
Aug 13, 2024, 12:11 pm IST
Gold Price Chennai, Aug 3: Gold Prices Jump
22k gold prices today in Chennai rose by Rs 950 to Rs 65,650/10 grams and 100 grams of 22 carat yellow metal prices today surged by Rs 9,500 to Rs 6,56,500. 24 carat gold prices today rallied by Rs 1040 to Rs 71,620/10 grams and 100 grams of 24 carat precious metal prices today rose by Rs 10,400 to Rs 7,16,200. 1 gram of 22 carat gold price in Chennai today stood at Rs 6565 and 1 gram of 24 carat gold price is retailing at Rs 7162.
Aug 13, 2024, 11:53 am IST
Gold Prices In India Soar On August 13th
Gold prices in India witnessed sharpest rally in August so far today as traders awaited crucial US inflation data that may shed more insight into Federal Reserve's upcoming policy decision.
Yatra Online Ltd Reports Consolidated Revenue Of INR 1,008 Mn
Yatra Online Limited., a corporate travel services provider and the third largest online travel company in India among key OTA players* announces its results for the first quarter of the financial year 2024-25. For Q1-FY25, Yatra reported revenue of INR 1,008 million, down 9% YoY largely due to the impact of reduced volumes in the B2C segment, as the company optimized discounts amid intensifying price competition in the market. Yatra continued to expand its corporate client base and closed 34 new corporate accounts during the quarter with billing potential of INR 2,028 million with average billing potential up 77% sequentially. Yatra made significant strides in its newly launched MICE business with a newly onboarded team that began ramping up operations during the quarter. While MICE contributions were muted for the June quarter, early indicators for the current quarter are positive, with meaningful business already secured.
Aug 13, 2024, 11:21 am IST
Post Listing View On Firstcry By Swastika Investmart Ltd.
Firstcry, India's leading online retailer for baby and child care products, made a strong debut on the stock market, listing at Rs. 651 per share. This translates to a significant 40% gain over its issue price of Rs. 465, surpassing even the optimistic pre-listing expectations reflected in the healthy grey market premium. The IPO was moderately subscribed at 12.22 times, indicating decent investor interest. However, the strong listing performance reflects a renewed confidence in the company's growth prospects, despite the ongoing profitability challenges.
Aug 13, 2024, 10:41 am IST
Inox Wind Bags 51 MW Order From Everrenew
Inox Wind Limited (IWL), India’s leading wind energy solutions provider, has bagged an order for 51 MW from Everrenew Energy Private 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 in the state of Tamil Nadu.
Mr. Kailash Tarachandani, CEO of Inox Wind, said, "We are pleased to receive a 51MW order from Everrenew, an esteemed customer with whom we aim to build a mutually fruitful partnership going ahead. We are glad to witness the strong preference for our turbines and services by project developers and we continue to make our contribution as India surges ahead to achieve its renewable capacity targets."
Aug 13, 2024, 10:21 am IST
Shell Signs New Framework Agreement With L&T Technology Services
L&T Technology Services Limited, a global leader in engineering , digital and R&D services, announced it has signed a long term framework agreement with Shell, one of the world's largest energy companies. The multi-year framework agreement will see LTTS providing Integrated Engineering and Procurement Services along with Digital Engineering Services, Data Governance for Capital Projects and Digital Project Management Consultancy for Shell’s global assets as necessary. With over two decades of experience in engineering, manufacturing services, digital transformation, and data services, LTTS is positioned well to support Shell on a global scale deploying their unique global delivery model to deliver projects.
Aug 13, 2024, 10:09 am IST
Veefin Group Of Companies Acquires Nityo Tech Pvt Ltd, the India arm of Nityo Singapore
The Veefin Group of Companies has announced its latest acquisition via one of its subsidiaries, acquiring 100% of Nityo Tech Pvt Ltd, which is the Nityo Infotech Singapore's India invested business. This marks the second acquisition by the Veefin group in the past two months. The parent company Nityo Infotech is a leading provider of Artificial Intelligence (AI) and Machine Learning (ML) solutions in the financial services sector with a presence in over 44 countries and more than 3,000 clients served globally. Nityo Infotech operates across 15+ verticals, including Banking, Insurance, Telecom, Computing Software, Automotive, Consumer Electronics, Energy, Healthcare, Media & Entertainment, Retail, and Manufacturing. This acquisition positions Veefin and its group of companies to spearhead the ongoing wave of rapid digital transformation in the banking sector.
Aug 13, 2024, 9:58 am IST
Crude Oil Price
Rahul Kalantri, VP Commodities, Mehta Equities said, Crude oil prices surged for the fifth consecutive session in international markets after the U.S. Defense Department announced over the weekend that it will deploy a guided missile submarine to the Middle East, as the region braces for potential attacks on Israel by Iran and its allies. The escalating tensions in the Middle East have overshadowed concerns about Chinese demand. Additionally, better-than-expected U.S. and German economic data released last week also provided support to crude oil prices. However, ongoing worries about Chinese demand and fears of a U.S. recession could potentially limit further gains. We anticipate that crude oil prices will remain volatile in today’s session. Crude oil has support at .30-76.60 and resistance at .70-79.20. In INR terms, crude oil has support at ₹ 6,610-6,550, with resistance at ₹ 6,755-6,810.
Aug 13, 2024, 9:32 am IST
Sensex, Nifty In Red
Despite CPI inflation reaching its lowest level in 5 years and cooling below RBI's, Indian stock market opened in red. Sensex is below 74,600 levels, and Nifty is struggling to hold over 24,300 mark. MSCI's latest rejig is likely to keep stocks like RVNL, Vodafone Idea, HDFC Bank, and Adani stocks in focus.
Aug 13, 2024, 9:24 am IST
Sensex, Nifty In Opening Bell
Indian stock market traded with a marginal drop with Sensex down by over 110 points and Nifty 50 dipped a little over 26 points.
Aug 13, 2024, 9:15 am IST
Rupee Stays Near Record Low
The Indian rupee opened at 84.013 against the US dollar, however, soon after witnessed slight relief. The local currency is trading at 83.95 per dollar, owing to consistent dollar demand from importers. Also, the rupee's performance at the interbank forex market will be influenced by the latest CPI inflation data that has come below RBI's target for the first time in 5 years.
Aug 13, 2024, 9:08 am IST
Nifty, Bank Nifty Today Outlook
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to find support and resistance around 24200 and 24500. While Bank Nifty is seen to have support and resistance at 50200 and 51000 respectively.
Aug 13, 2024, 8:46 am IST
Trading Strategy Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: Our call suggests a rally may be on the horizon, but Nifty bulls could hold off ahead of the crucial July US CPI report on August 15th. Yesterday's session saw Nifty struggle amidst Hindenburg-Sebi-induced volatility, yet the recovery hints at potential buying opportunities on intraday dips, with confirmation of strength above 24,630. The most positive news this morning is India's retail inflation cooling to a nearly five-year low in July, falling below the RBI's 4% target for the first time in years. Key Q1 results today include All Cargo, Apollo Hospital, and Hindalco, among others. Preferred trades include buying Nifty at current levels, targeting 24,500/24,630, and Bank Nifty between 50,100-50,300, with targets up to 51,967. We're also bullish on Bajaj Auto, Exide Industries, and TVS Motors, with TVS signalling a strong upside breakout.
Aug 13, 2024, 8:13 am IST
IIP Growth
The IIP growth rate for the month of June 2024 over the corresponding period of previous year is 4.2 percent. The IIP growth rate in June 2023 was 4.0 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of June 2024 over June 2023 are 10.3 percent, 2.6 percent and 8.6 percent respectively. Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of June 2024 are – “Manufacture of basic metals” (4.9%), “Manufacture of electrical equipment” (28.4%), and “Manufacture of motor vehicles, trailers and semi-trailers” (4.1%).
Aug 13, 2024, 8:12 am IST
CPI Inflation Below RBI Target
India's consumer price index (CPI) inflation has eased to 3.54% in July 2024, the lowest number in last 59 months. This also means that CPI inflation is now well-below RBI's medium term target of 4%, hence, hinting at a rate cut possibility sooner than expected.
Aug 13, 2024, 8:12 am IST
Market Previous Day
The Sensex fell by 57 points to close at 79,649, and the Nifty 50 was down by 21 points, ending at 24,347. In contrast, the Nifty Bank index gained 93 points, reaching 50,578, and the Midcap Index rose by 156 points to close at 57,331.
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