Sensex fall 100 points, Stock Market News July 28

Sensex fall, closed at 66,160 level: While Nifty at 19,646 level

 Indian Market 

FII AND DII 

 Indian Market News 

1. Nifty falls below 19,650, Sensex falls 107 points; power and real estate outperform
2.  India GDP will expand by 6-6.3% in FY24, as economic prospects improve, according to Deloitte India. 
3. Gold is set to fall for the week as US data and rate rises push it down.
4. The Bank of Japan keeps its policy balance rate at -0.1%. 
5. For $15 million, Indian Hotels will acquire 100% of Pamodzi Hotels.
6. BEL’s first-quarter net profit increased by 23% year on year to Rs 531 crore.
7. Postings on New Delhi Television Q1 net loss of Rs 8.1 crore, revenue decrease of 35% 
8. Vedant Fashion shares tumble amid an 8% drop in net profit, but brokerages remain upbeat.
9. Motilal Oswal gains 5% as its broking division is divested, resulting in a 17x increase in Q1 net earnings. 
10. Vedant Fashion shares tumble amid an 8% drop in net profit, but brokerages remain upbeat. 
11. Intellect Design Arena is up 17% after a stellar first quarter performance. 
12. Order of Rs 8 crore for Dhabriya Polywood bags
13. Blue Dart Express falls 5% as net profit plummets and margins contract.
14. Welspun Enterprises benefits from the board’s approval of a stock purchase in Michigan Engineers.
15. Lemon Tree profits after purchasing CCPS worth more than Rs 48 crore.
16. Advait Infra gained 8% after receiving a Rs 36 crore order. 
17. Lodha falls more than 2% as Q1 results disappoint Wall Street.
18. Societe Generale acquires 0.6% of Indiabulls Housing Finance. 
19. JK Lakshmi Cement’s first-quarter earnings fell 31% year on year to Rs 79.8 crore, while revenue increased 4.6%. 
20. Bharat Electronics’ first-quarter earnings rises 23% year on year to Rs 531 crore.
21. Yatharth Hospital’s initial public offering (IPO) ends today, having been subscribed 28.70 times.
22. Advait Infra gained 8% after receiving a Rs 36 crore order.
23. Rail Vikas Nigam receives a Rs 1088 crore order. 

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• NSE Q1 profit up 9% at Rs 1,844 crore, contributes Rs 7,889 crore to the exchequer

  The NSE reported a net profit of Rs 1,844 crore for Q1 FY24, up by 9% YoY. The exchange’s consolidated income from operations was Rs 2,987 crore, up by 13% YoY. Other revenue lines supported the revenue, including listing, index, data, and colocation services. The NSE contributed Rs 7,889 crore to the exchequer during the quarter, including STT, stamp duty, GST, income tax, and SEBI.

   

• Shriram Finance Q1 results: Net profit rises 25% YoY to Rs 1,675 crore

  Shriram Finance reported a 25.13% increase in its April-June quarter net profit to Rs 1,675.44 crore, up from Rs 1,338.95 crore in the previous year. Net Interest Income increased by 11.31% to Rs 4,435.27 crore. Total Assets under Management (AUM) reached Rs 1,93,214.66 crore, with personal loans increasing 81.31% and passenger vehicles segment rising 28.47%.

Global Market Update

• Gift Nifty

GIFT Nifty gains 50 points, indicating positive start for broader index; futures at 19,809 points.

•  US market

  Stock futures remained flat on Thursday night as Wall Street awaited new inflation data due Friday morning.

  S&P 500 futures ticked higher by 0.03 percent, while Nasdaq 100 futures advanced 0.07 percent.

  Intel and Roku experienced mixed earnings reports, with Intel jumping over 7% and Roku 8% after beating Wall Street expectations.

  Investors will watch June data for the personal consumption expenditures price index, a gauge of inflation closely followed by the Federal Reserve.

  Wall Street is coming off a losing session, with the Dow’s nearly 0.7 percent tumble ending a 13-day win streak.

• ASIA Markets

Asia-Pacific markets experienced a decline ahead of the Bank of Japan’s rate decision, with the central bank expected to maintain its benchmark policy rate at -0.1%.

Investors are closely monitoring any changes in Japan’s yield curve control policy.

The Nikkei 225 tumbled 1.35 percent in early trade, while the Topix saw a smaller loss of 1%.

The S&P/ASX 200 fell 0.76%, while South Korea’s markets were mixed, with the Kospi down 0.25 percent and the Kosdaq up 0.51 percent.

Hong Kong’s Hang Seng index’s futures indicate a lower open, compared to the HSI’s last close of 19,639.11.

• European  Markets 

European stock markets closed higher on Thursday due to the European Central Bank’s potential to pause interest rate hikes in September.

The Stoxx 600 closed up 1.4 percent, extending gains after the ECB’s latest monetary policy decision.

Media stocks surged 4.2%, tech climbed 4.1%, and U.S. Nasdaq-100 futures were buoyant.

STOCK IN NEWS

• Indus Towers: Thanks to strong operating results, the telecom infrastructure provider saw a tremendous 182 percent year-over-year increase in profit for the quarter ended in June FY24, reaching Rs 1,348 crore. In comparison to the same quarter last year, operating revenue increased by 3% to Rs 7,076 crore.

  Bharat Electronics: The state-owned military company recorded a 23 percent year-over-year increase in standalone profit for the June FY24 quarter at Rs 530.84 crore, backed by excellent topline and operating performance with a decline in input costs. In comparison to the same period previous year, operating revenue increased by 12.8% to Rs 3,510.8 crore

  JK Lakshmi Cement: The JK organization’s flagship company reported a 30.65 percent year-over-year decline in consolidated earnings at Rs 79.8 crore for the quarter ended June FY24, which was hurt by weak operating results. Compared to the same period last year, operating revenue increased by 4.6 percent to Rs 1,730.25 crore.

  Indian Hotels: The largest hospitality company in the nation began the year with a profit of Rs 222 crore for the June FY24 quarter, up 31% from the same period last year. Revenue increased by Rs 1,516 crore, or 17%, year over year.

  Trident: Lower topline and operational margin caused the textile company’s consolidated earnings to decrease by 27.8% year over year to Rs 93.4 crore for the quarter ended in June FY24. When compared to the same period last fiscal year, the operating revenue for the quarter fell by 11% to Rs 1,493.7 crore, with a decline in the yarn, paper, and chemicals sectors.

   

• Ajanta Pharma: The speciality pharmaceutical formulation firm reported a profit of Rs 208 crore for the three months ended June FY23, up 19% year over year on the strength of strong operating results. Operations’ revenue for the quarter climbed 7% year over year to Rs 1,021 crore, with US sales up 19%, India sales up 14%, and Asia reporting 6% sales growth. However, Africa sales down 5% year over year.

• Sona BLW Precision Forgings: A provider of automotive technologies, reported its highest-ever quarterly EBITDA at Rs 203 crore, up 43% year over year, and a profit increase of 48% for the June FY24 quarter. When compared to the same period in the previous year, revenue during the quarter increased by 24% to Rs 732 crore. As of June 2023, 78% of the net order book of Rs 22,000 crore came from EV (electric vehicle) programmes.

  Bharat Forge: J S Auto Cast Foundry India, a step-down subsidiary of the business, is intending to buy 26% of Ratnakar Energy’s equity shares in order to purchase solar energy through a captive group arrangement. The purchase price was Rs. 1.3 crore.

  Indiabulls Housing Finance: Generale, a financial services corporation based in Europe, purchased 27.84 lakh equity shares—or 0.59%—of Indiabulls Housing Finance through open market transactions for an average price of Rs 127.96 per share.

  MAS Financial Services: At an average price of Rs. 769.97 per share, Societe Generale purchased 5.94 lakh equity shares, representing 1.08% of the financial services firm. However, at an average price of Rs 770.08 per share, PGIM India Mutual Fund sold 6.8 lakh shares, or 1.24% of MAS. 7.98 lakh shares, or 1.46% of the company, were held by PGIM India Trustees via PGIM India Flexi Cap Fund as of June 2023

  Brookfield India Real Estate Trust: The REIT started its offer to sell units to institutional investors on a private placement basis in order to generate up to Rs 3,500 crore to pay for the purchase of two assets in Gurugram and Mumbai. The issue committee of the board of directors for Brookfield India REIT manager Brookprop Management Services approved the opening of the issue for receiving bids on July 27 as well as the floor price of Rs 265.79 per unit, according to a regulatory filing.

  Sundram Fasteners: The manufacturer of automotive components recorded consolidated profit of Rs 127.6 crore for the quarter ended June FY24, a 6.2% decrease from the corresponding quarter in the prior year, due to subdued topline growth. Operating income totaled Rs 1,410.76 crore for the quarter, up barely 0.04% from Rs 1,410.12 crore during the same time last fiscal year.

  NDTV: The media and entertainment company reported a combined net loss of Rs 8.1 crore for the quarter ended June FY24, compared to a profit of Rs 23.2 crore in the same period last fiscal year. Due to fewer advertising expenditures across broadcast and digital media, revenue from operations decreased 35% year over year to Rs 70 crore for the quarter.

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