In a volatile trading session on August 12, Indian benchmark indices closed flat. The Sensex ended down by 56.99 points, or 0.07%, at 79,648.92, while the Nifty fell by 20.50 points, or 0.08%, to 24,347.00. Advancing shares numbered 1,760, while 1,801 shares declined and 87 remained unchanged.
Key gainers on the Nifty included Hero MotoCorp, Axis Bank, ONGC, Infosys, and JSW Steel. Conversely, NTPC, Britannia Industries, Adani Ports, SBI, and Dr Reddy's Labs were among the laggards.
The BSE Midcap index closed flat, whereas the Smallcap index rose by 0.5%. Sector-wise, FMCG, power, PSU banks, and media sectors declined by 0.5-2%, while sectors such as banking, telecom, IT, oil & gas, metal, and realty saw gains of 0.3-1%.
The Indian Rupee fell to a record low of 83.97 per US Dollar, compared to 83.95 on Friday.
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Aug 12, 2024, 3:46 pm IST
Market Ends With Mild Cuts Amid Volatility
In a volatile trading session on August 12, Indian benchmark indices closed flat. The Sensex ended down by 56.99 points, or 0.07%, at 79,648.92, while the Nifty fell by 20.50 points, or 0.08%, to 24,347.00. Advancing shares numbered 1,760, while 1,801 shares declined and 87 remained unchanged. Key gainers on the Nifty included Hero MotoCorp, Axis Bank, ONGC, Infosys, and JSW Steel. Conversely, NTPC, Britannia Industries, Adani Ports, SBI, and Dr. Reddy's Labs were among the laggards.
Aug 12, 2024, 3:22 pm IST
Natco Pharma Reports 59% YoY Surge In Q1 Net Profit To Rs 669 Crore
Natco Pharma posted a strong 59% year-on-year increase in Q1 net profit, reaching Rs 669 crore. The company's revenue rose by 19% to Rs 1,360 crore. However, sales of active pharmaceutical ingredients dropped by 48% to Rs 39.20 crore, and domestic formulations revenue declined by 23% to Rs 102 crore. The Crop Science unit also saw a significant drop in sales, down 65% to Rs 15.60 crore. Meanwhile, total costs decreased by 8% to Rs 607 crore.
Avadh Sugar reported a 60% year-on-year decline in its Q1 net profit, which fell to Rs 9 crore from Rs 22.2 crore. Despite this, the company's revenue increased by 3.8% to Rs 708 crore compared to Rs 682 crore last year. However, EBITDA saw a 21.6% drop, reaching Rs 57.3 crore against Rs 73.1 crore, with the EBITDA margin narrowing to 8.1% from 10.7%. Interestingly, the company's stock still managed to rise by 5%.
Aug 12, 2024, 3:09 pm IST
Man Industries Reports 21% Decline In Q1 Net Profit
Man Industries saw its Q1 net profit drop by 21% year-on-year, falling to Rs 19 crore from Rs 24 crore. The company's revenue decreased by 7.6%, totaling Rs 749 crore compared to Rs 811 crore in the same period last year. EBITDA also declined sharply, down 35.6% to Rs 38 crore from Rs 59 crore. Additionally, the EBITDA margin narrowed to 5.1% from 7.3% year-on-year.
Aug 12, 2024, 3:08 pm IST
Sensex, Nifty Fall From Highs As Early Gains Fizzle Out
The Sensex slipped by 63.75 points or 0.08% to settle at 79,642.16, while the Nifty dipped by 18.00 points or 0.07% to 24,349.50. The market saw 1,841 stocks advance, 1,707 decline, and 89 remain unchanged.
Aug 12, 2024, 1:33 pm IST
GE T&D India Sets Record Date For 100% Dividend
Mid cap company operating in power sector GE T&D India Ltd fixed August 28, 2024 as the record date for 100% dividend on August 12, 2024. Current market price of GE T&D India shares on BSE is Rs 1715.00 per share with decline of 2.73% in trade today. GE T&D India shares rallied 224% year-to-date and offered return of 1272% in last 2-years. The company’s market capitalisation stood at Rs 43,911.98 crore. The company reported healthy quarterly results on July 31, 2024. Check key details below:
GE T&D India Sets Record Date For Dividend: As per the BSE filing of GE T&D India dated August 12, 2024, the Company has fixed August 28 as the 'Record Date' for payment of final dividend. It recommended final dividend @ 100% i.e. Re.2/- per Equity Share of the Company for the year ended 31 st March 2024, if approved by the Shareholders of the Company in the ensuing Annual General Meeting.
Aug 12, 2024, 1:26 pm IST
Housing.com Parent Firm REA India Revenue Rises 31% To Rs 563 Cr In Fy24 Ended June
Revenue of REA India -- owner of Housing.com and PropTiger -- rose 31 per cent in the last fiscal ended June to Rs 563 crore helped by strong demand for residential properties, its CEO Dhruv Agarwala said. REA India, which is part of Australia's publicly listed firm REA, is a full-stack real estate technology firm and owns two online classified advertisement platforms Housing.com and Makaan.com as well as housing brokerage PropTiger, according to a PTI report. The company's revenue stood at around Rs 430 crore in the 2022-23 fiscal (July-June). Commenting on the performance, Agarwala said, "FY24 has been a year of significant growth and innovation for our company. The success of our online events, which achieved record collections, reflects our strong market presence and the effectiveness of our strategy."
Aug 12, 2024, 12:41 pm IST
Inox Wind Shares Hit 52-Week High
Inox Wind Ltd shares today zoomed 7.98% and hit fresh 52-week high after the company reported healthy Q1 earnings. Current market price of Inox Wind shares on BSE is Rs 198/05 per share. Inox Wind shares offered attractive return of 281% in last 1-year and 46% in last 3-months. Its market capitalisation stood at Rs 25,352.27 crore.
The company on Friday declared its profit after tax (PAT) for the quarter ended June 2024 at Rs 50 crore as against the loss of Rs 65 crore declared in the corresponding quarter of last year, as per the company’s BSE filing. It declared its total revenue at Rs 651 crore for June 2024 quarter, up 85% as against Rs 352 crore declared in the corresponding period of last year. Consolidated EBITDA witnessed sharp surge at Rs 157 crore for the quarter under review up from Rs 35 crore in the corresponding quarter last year.
Aug 12, 2024, 12:22 pm IST
Sensex Today: Gaurav Goel (Entrepreneur, SEBI registered Investment Advisor)
Hindenburg Research is back in the news and has yet again targeted diversified Indian conglomerate Adani group for wrong doing. However, this time the main person under attack is Securities and Exchange Board (SEBI) chairperson Madhabi Puri Buch and her husband Dhaval Buch. Hindenburg accused them of holding stakes in Mauritius and Bermuda Global Dynamic Opportunities Fund through complex structures. They have accused the fund to have links with Vinod Adani, brother of Gautam Adani (chairperson of Adani Group of companies). Sebi chairperson, in an official statement, denied any wrongdoing while Adani Group called the allegations as “recycling of discredited claims”.
We feel that this report from Hindenburg will have little impact on the stock markets in India unlike massive disruption it created in Adani stocks last time. Moreover, this time the allegations are directed more at Sebi Chairperson Madhabi Puri Buch and her husband. It would not be wrong to say that after the previous allegation levelled by Hindenburg and subsequent exoneration of the Adani group by the courts, they lost a bit of credibility in India. Investors will not take them very seriously till they come up with concrete evidence against the corporate group. It is also worth nothing that if the allegations for some reason are found to be true then it would the SEBI chairperson who would be in a soup rather than Adani’s.
Overall, we feel that allegations will turn out to be a damp squib. It may create political flutters for few days but any significant adverse stock market reaction is unlikely.
Aug 12, 2024, 12:19 pm IST
NBCC (India) Bags Rs 719 Cr Order
Mid cap Navratna company NBCC (India) Ltd shares gained 10.60% in last 1-week span only as the PSU bagged several work orders in the month of August only. Current market price of NBCC (India) share on BSE is Rs 184.75 per share. Today, NBCC received yet another order worth Rs 719.97 crore. Earlier, NBCC (India) on August 9 informed BSE about bagging an order worth Rs 15000 crore from Srinagar Development Authority. The company on August 1 received an order worth Rs 50 crore from Ministry of External Affairs and on July 30 received an order worth Rs 443 crore from Medical Education & Ayush Govt. of Maharashtra. NBCC shares offered attractive return of 452% in last 2-years. Life insurance corporation of India (LIC) has 5.96% stake in NBCC with 107,325,394 shares of the company.
Aug 12, 2024, 12:04 pm IST
Silver Prices Today In India, Aug 12: Silver prices fall
Silver price in India today witnessed marginal fall. 1kg silver prices today fell by Rs 100 to Rs 83,000. And, 100 grams silver price today declined by Rs 10 to Rs 8,300.
Aug 12, 2024, 12:03 pm IST
Gold Prices Jump In Chennai, Aug 12: 24K/100 Grams Yellow Metal Soars By Rs 2700
Gold prices in Chennai today rallied. 100 grams of 24k gold price today rose by Rs 2700 and 1 gram of 24 carat yellow metal rose by Rs 27
Aug 12, 2024, 12:01 pm IST
Gold Prices Jump In India, Aug 12: 24K/100 Grams Yellow Metal Soars By Rs 2700
Gold price in India witnessed rally. 100 grams of 24k gold prices today surged by Rs 270 and 1 grams of yellow metal prices rose by Rs 27
Aug 12, 2024, 11:55 am IST
Morepen Labs Q1 FY25 Profit Surges By 147 %, Revenue Grows By 14 %
Morepen Laboratories Limited, a leading player in the Medical Devices and Pharmaceutical business, announces its outstanding financial performance for Q1 FY2025. This announcement follows a week after the successful completion of a Rs. 200 crore fundraise through Qualified Institutional Placements (QIP) on August 5, 2024. The company successfully completed the subscription of a QIP for Rs. 200 crores on August 5, 2024. The issue was oversubscribed by 1.68 times, demonstrating strong confidence from institutional investors. Marquee global investors like Bank of America Securities Europe (BOFA), Samsung India, Citigroup, Societe Generale, Nomura, BNP Paribas, Morgan Stanley and Eminence are some of the select names that have partnered with Morepen, paving the way for a promising future.
Aug 12, 2024, 11:12 am IST
TCS OmniStore Enables 100% In-Store Mobile Checkout For Leading Electronics Retailer Croma
Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has enabled 100% in-store mobile checkout for all Croma stores, a first in the retail industry in India. TCS leveraged TCS OmniStoreTM, its award-winning artificial intelligence AI-powered, unified composable commerce platform, to deliver faster checkout and a best-in-class omnichannel shopping experience across touchpoints.This commerce transformation enables convenient mobile checkout anywhere in-store and facilitates a consistent shopping experience across the stores and online channels. It has resulted in increased sales and footfall for Croma, while reducing the checkout time for shoppers.
Aug 12, 2024, 10:54 am IST
Indian Gold Market Opens Strong With Price Increase
Gold prices in India climb by Rs.270 on 12th August, as demand intensifies
The Board of Directors of Voltas limited, the global air conditioning and engineering services provider of the Tata Group, announced the Consolidated Financial Results (including the Consolidated Segment Report) of the Company for the quarter ended 30th June, 2024. The Consolidated Total Income for the quarter ended 30th June, 2024 was higher by 46% at Rs.5,001 crores as compared to RS.3,430 crores in the corresponding quarter last year. Profit before tax was higher by 123% at Rs.452 crores, highest ever quarterly profit reported by the Company, as compared to RS.203 crores in the corresponding quarter last year. Net Profit (after tax) was at RS.335 crores as compared to RS.129 crores in the corresponding quarter last year.
Aug 12, 2024, 10:21 am IST
Godrej Properties Acquires 90 Acres Of Land In Khalapur, Maharashtra
Godrej Properties Ltd. (GPL), one of India’s leading real estate developers, today announced that it has acquired a 90-acre land parcel in Khalapur - Raigad, Maharashtra. The land is located near Karjat Khopoli Road and is estimated to have a development potential of approximately 1.7 million square feet of saleable area comprising primarily of residential plotted development. Gaurav Pandey, MD & CEO, Godrej Properties, said, “Residential plotted development has gained significant traction in recent years. Khalapur is a promising upcoming location. Hence following the excellent response to our last development, Godrej Hillview Estate, we aim to expand our presence in the region. We will aim to build an outstanding residential community that creates long-term value for its residents."
Aug 12, 2024, 9:53 am IST
What Is Influencing Market Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: Global as well as domestic factors are likely to influence the market this week. Globally stock markets will be keenly watching the US consumer data and the core CPI numbers which will indicate the strength/ weakness of the US economy. Stability in yen indicates that the fears surrounding the yen carry trade are behind us. Therefore, the likely trends in the US macros and the Fed rate cut expectations are likely to influence markets much more than any other factors. Domestically, there is the Hindenburg report and its likely fall out. It appears that this “revelation” is unlikely to impact the market meaningfully. The buy on dips strategy which has been working well in this bull run is likely to work again.
Aug 12, 2024, 9:45 am IST
Sensex, Nifty Down
Indian stock market kick started this week on a bearish note after Hindenburg’s latest report related to Adani Group. This time Hindenburg has made fresh claims against SEBI and its chief’s relation in Adani companies. Adani Enterprises and Adani Ports are top bears of Nifty
Aug 12, 2024, 9:21 am IST
Sensex, Nifty Opening Bell
Indian stock market opened in red with Sensex touching an intraday low of 79,330.12, while Nifty 50 hitting the day's low of 24,259.25. Top gainers on Nifty were Britannia, ONGC, Grasim, Tech Mahindra and Asian Paints. While top bears were Adani Enterprises, Adani Ports, NTPC, Power Grid, and SBI after Hindenburg report.
Aug 12, 2024, 9:14 am IST
Rupee Broadly Flat Against Dollar
The Indian rupee opened above 84 per dollar in the forex interbank market, however, recovered slightly to trade at 83.96 per dollar mark. Forex traders will be awaiting India's CPI inflation and US inflation data this week, which will give further clarity on upcoming early rate cuts by central banks.
Aug 12, 2024, 9:08 am IST
Trading Strategy Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: For trading strategy, Nifty (24368) presents buying opportunities around 24200-24250, with targets at 24500/24630 and aggressive targets up to 25100. Bank Nifty (50485) supports buying around 49900-50100, targeting 50750/51151, with aggressive targets at 51500-51967. Additionally, our chart highlights bullish prospects for Bajaj Auto, Tata Motors, Bharat Forge, and TVS Motors. As for individual stocks, TVS Motors (CMP 2581) is recommended for buying within 2530-2550, targeting 2613/2721, with aggressive targets at 2801, driven by a breakout in consolidation patterns.
Aug 12, 2024, 9:07 am IST
If Nifty Stays On 24,400...
Hardik Matalia, Research Analyst, Choice Broking said: On Friday, the Indian markets witnessed a bounce back and closed positive up by a percent. Today, the market is expected to open on a flat note. Traders holding long positions should hold with the strict stop loss of 24200 on a closing basis. If Nifty manages to hold above 24400 it can further lead towards 24550-24650 levels.
Aug 12, 2024, 8:31 am IST
Adani Stocks In Focus
Adani Stocks will be in focus this week. In its latest report, Hindenburg took a jibe at Sebi chief Madhabi Puri Buch and her husband Dhaval Buch and claimed their involvement as shareholders in Adani Group companies. Hindenburg report said, "despite the existence of thousands of mainstream, reputable onshore Indian mutual fund products, an industry she now is responsible for regulating, documents show SEBI Chairperson Madhabi Buch and her husband had stakes in a multi-layered offshore fund structure with miniscule assets, traversing known high-risk jurisdictions, overseen by a company with reported ties to the Wirecard scandal, in the same entity run by an Adani director and significantly used by Vinod Adani in the alleged Adani cash siphoning scandal."
Aug 12, 2024, 8:29 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommended three stocks to buy on August 12. These are: - BUY ASHOK LEY cmp 253.10 Stop Loss 247 Target 265 --- BUY MANAPPURAM FINANCE cmp 204.77 Stop Loss 200 Target 215 --- BUY MHRIL cmp 434.40 Stop Loss 424 Target 455
Aug 12, 2024, 8:28 am IST
Support And Resistance
For August 12, Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty 50 to have support and resistance around 24200 and respectively, while Bank Nifty is seen at 50000 and 51000 respectively.
Aug 12, 2024, 8:28 am IST
Market Analyst Reaction To Hindenburg
Vinit Bolinjkar of Ventura Securities via his LinkedIn post said, "They are gaslighting against Adani because he successfully concluded 3 fund raise in various companies and has been the Indian proxy to build a network of port assets across the globe and China does not like it." Bolinjkar added, "The attack on the Indian stock market is an act of financial terrorism and should be investigated accordingly."
Aug 12, 2024, 8:27 am IST
Market Last Week
Last week, on Friday, Sensex gained by 819.69 points or 1.04% to end at 79,705.91, while Nifty surged by 250.50 points or 1.04% to close at 24,367.50. The benchmark's weekly performance is mixed with Nifty up by 0.6% and Sensex marginally down.
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