Sensex falls 106 points, Stock Market News Aug-08

Sensex falls, closed at 65,846 level: While Nifty at 19,570 level

 Indian Market 

FII AND DII 

 Indian Market News 

1. Sensex, Nifty close down little; PSU Bank shines
2. Dollar rises ahead of US and Chinese GDP reports
   
3. Tano Investment Opportunities Fund divests 0.51% of its holdings in Balu Forge Industries.
   
4. A sovereign wealth fund based in Qatar has invested Rs 3,919.6 crore in Adani Green Energy.
   
5. Zydus Family Trust acquires another 1.01% interest in Zydus Wellness.
   
6. Plutus Wealth Management acquires a further 1.16% stake in Yatharth Hospital.
   
7. Godrej Consumer Products’ Q1 profit dips 7.6% year on year to Rs 319 crore, although revenue increases by more than 10%.
   
8. Genus Power Infrastructures has received an order worth Rs 2,209.84 crore.
   
9. Hero MotoCorp’s stock rises after more than 25,000 bookings for the Harley-Davidson X440 are made.
   
10. BEML has received an order for rolling stock worth Rs 3,177 crore from Bangalore Metro Rail Corporation.
    
11. RailTel Corporation of India has received a Rs 700 crore order from Pimpri Chinchwad Smart City.
    
12. QIA Unit invests $474 million in Adani’s green arm.
    
13. A Rs 500 crore Inox Wind Block deal is expected to close tomorrow: Sources
    
14. Tata Chemicals’ first-quarter profit fell 12% year on year to Rs 523 crore.
    
15. Torrent Pharma’s first-quarter earnings increased 6.8% year on year to Rs 378 crore, while revenue increased 10.4% to Rs 2,591 crore.
    
16. Equity Intelligence India, owned by Porinju Veliyath, acquires a 0.6% interest in Gati.
    
17. Societe Generale and BoFA Securities Europe SA acquire 3.38% of Shivalik Bimetal Controls.
    
18. Dilip Buildcon is the lowest bidder for a Rs 270 crore project.
    
19. HPL Electric signs deal with WBSEDCL for Rs 416.84 crore project
    
20. Gail India’s customs duty demand of Rs 934 crore has been dropped by the Pune Commissioner.
    
21. On the closing day, Concord Biotech subscribed 5.96 times, while the retail component was booked 2.9 times.
    
22. Max Healthcare Institute’s first-quarter profit increased 39% year on year to Rs 240 crore.
    
23. Olectra Greentech’s first-quarter profit increased 8.7% year on year to Rs 18 crore.
    
24. PB Fintech’s first-quarter deficit is reduced to Rs 12 crore, while revenue increases 32% year on year to Rs 666 crore.
    
25. M&M July production increased 26.7% year on year to 69,877 units from 55,139 units.
    
26. Krishna Institute of Medical Sciences’ Q1 profit grows 15.5% year on year to Rs 80.8 crore on the back of strong revenue.
    
27. ITD Cementation’s first-quarter profit increased 73% year on year to Rs 52 crore, while revenue increased 67%. 

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

FTSE to implement upweight of HDFC Bank in three tranches starting September

HDFC Bank’s revised free float will be implemented in three tranches starting from September 2023, FTSE Russell announced in a notification. The upweight will be implemented in conjunction with the September 2023, December 2023, and March 2024 index reviews. The December and March tranches will depend on the company’s foreign headroom meeting the minimum 10% headroom requirement. The issue shares amount to 308.2 crore with an investability weight of 95.9%, while the index shares amount to 295.8 crore. The first tranche of September will see the issue shares at 754.49 crore with an investability weight of 74%, and the index shares at 383.3 crore. The tranching factor at this stage will be 33%

PB Fintech sharply narrows loss to Rs 12 crore, operational income up 32% in June quarter

PB Fintech, the parent company of insurance aggregator Policybazaar, reported a significant contraction in its consolidated loss to Rs 12 crore for the quarter ended June 2023. The company managed to reduce losses by increasing its contribution margin to 45% from 42% earlier. The high renewal rate contributed to the reduction, with 85% margins. The loss rose marginally sequentially, as the company had posted a loss of Rs 9.4 crore in the March quarter. PB Fintech is confident of being “significantly profit after taxes (PAT) positive” for the year.

• Tata Chemicals net profit falls 9.67% to Rs 532 crore in Q1

Tata Chemicals reported a 9.67% decline in consolidated net profit during the April-June quarter of the current financial year, down from Rs 589 crore in the previous fiscal. However, revenue from operations grew by 5.58% to Rs 4,218 crore, compared to Rs 3,995 crores in the same period. Tata Chemicals Managing Director and CEO R Mukundan praised the company’s satisfactory performance despite a challenging environment, including adverse soda ash prices due to new supplies expected from inner Mongolia, China.

• Godrej Consumer Products Q1 Result: Net profit falls 7.6% to Rs 318.8 crore, revenue rises 10.3 %, misses estimates

Godrej Consumer Products reported a consolidated net profit of Rs 318.82 crore for the April-June quarter of FY24, a 7.6% decline from the previous year’s Q3. Total revenue was Rs 3,448.91 crore, a 10.36% increase from the year-ago quarter. However, revenue and net profit missed estimates, with a CNBC poll predicting net profit at Rs 428 crore and revenue at Rs 3600 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) were Rs 642.8 crore, growing by 23.4%, and the EBITDA margin was 18.6%, up 240 basis points from the year-ago quarter.

Global Market Update

• Gift Nifty

The GIFT Nifty experienced a 25-point loss after closing 80 points higher on August 7, while GIFT Nifty futures were at 19,656 points.

•  US market

Stock futures were mostly flat on Monday night, with the Dow Jones Industrial Average ticking higher by 0.02%.

The S&P 500 and Nasdaq 100 futures oscillated near the flat line.

The earnings season continued, with Palantir Technologies increasing by over 2% and Chegg gaining 24% after reporting second-quarter revenue of $183 million.

The Dow Jones Industrial Average surged over 400 points, or nearly 1.2%, for its best day since June 15.

The Nasdaq Composite added 0.6%, and the S&P 500 closed higher by 0.9%.The corporate earnings season has been better-than-expected, with 85% of S&P 500 stocks reporting quarterly results and nearly 80% beating Wall Street’s expectations.

Companies still set to report results this week include United Parcel Service, Under Armour, Rivian, Disney, and Wynn Resorts.

Certuity co-chief investment officer Dylan Kremer believes the earnings trough/recession is likely coming to an end, with earnings growth expected to accelerate over the coming quarters.

Economists polled by Dow Jones are calling for a monthly increase of 0.2% in July and a year-over-year rise of 3.3%.

• ASIA Markets

Asia-Pacific markets fell due to investors anticipating China’s inflation figures and trade balance.

China’s trade balance is expected on Tuesday, and inflation data on Wednesday will provide insight into the country’s recovery trajectory.

Hong Kong’s Hang Seng index climbed, but mainland Chinese markets were all negative.

The Shanghai Composite lost 0.59% to 3,268.83, while the Shenzhen Component was 0.83% down.

Japan’s Nikkei 225 was up 0.19%, while the Topix was up 0.41%.The Bank of Japan has a “significantly long way to go” before revising its negative interest rate policy.

The S&P/ASX 200 in Australia slid 0.22%, while South Korea’s Kospi closed 0.85% down, marking its fourth consecutive day of losses.

The Kosdaq experienced a larger loss and tumbled 2.2% to end at 898.22.

• European  Markets 

European stock markets closed slightly higher on Monday, with the last earnings season results and two key inflation prints ahead.

The Stoxx 600 index ended up 0.1%, with sectors and major bourses pointing in opposite directions.

Healthcare stocks advanced 0.6%, while mining stocks led losses.

The Stoxx fell 2.4% last week, mirroring a slide in U.S. stocks as investors took profits near earnings season.

FTSE closed 0.13% lower at 7,554 points and DAX closed 0.01% lower at 15,950 points.

• Oil Prices

Oil prices have slowed down from four-month highs due to a weakening of crude’s summer rally. Brent futures traded lower by 0.9% at $85.44 a barrel, while U.S. West Texas Intermediate futures dipped 1% to $82.02 per barrel. However, WTI is up 1% for August, marking its third consecutive monthly gain since July. Crude rose due to an attack on a Russian oil export hub and extended production cuts by Saudi Arabia and Russia. Ukraine launched a naval drone attack on Novorossiysk, a crucial port for Russian oil exports.

• Dollar Index

Dollar index traded 0.11 percent higher in futures at 102.13, with one dollar near Rs 82.78.

• Gold Prices

Gold prices fell 0.3% on Monday due to Federal Reserve Governor Michelle Bowman’s suggestion of interest rate hikes to curb inflation. Silver fell 1.2% to $23.32, platinum slipped 0.4% to $918.37, and palladium dropped 0.7% to $1,247.81. Intesa Sanpaolo economist Daniela Corsini warned that palladium prices may reach a temporary bottom due to supply risks and geopolitical

STOCK IN NEWS

• Godrej Consumer Products: For the quarter that ended in June of FY24, the FMCG company reported a combined profit of Rs 318.8 crore, a 7.6 percent decrease from the same quarter the previous year due to an exceptional loss of Rs 81.78 crore associated with the purchase of Raymond Consumer Care Business and other restructuring costs. In comparison to the same time last year, operating revenue increased by 10.4% to Rs 3,449 crore, driven by underlying volume growth of 10%.

   

• Torrent Pharmaceuticals: Driven by topline and operating results, the pharmaceutical business recorded consolidated profit of Rs 378 crore for the June FY24 quarter, up 6.8 percent from the same quarter last year. Operations revenue increased by 10.4% YoY during the quarter to Rs 2,591 crore, with India business increasing by 15% YoY to Rs 1,426 crore, while US business declining by 2% to Rs 293 crore during the same time.

   

• Tata Chemicals: The Tata Group company’s consolidated profit for the quarter ended in June FY24 was Rs 523 crore, down 11.8 percent from the same period the previous year as a result of a lower operating margin. To Rs 4,218 crore, operating revenue increased by 5.6 percent over the previous year.

   

• Gland Pharma: The pharmaceutical business that specialises in generic injectables posted a profit of Rs 194.1 crore for the first quarter of FY24, a 15 percent decrease from the same time last year due to a sharp decline in operating margin. During the same time, revenue increased by 41% year over year to Rs 1,208.7 crore, driven mostly by operations in Europe and the Rest of the World.

   

• RailTel Corporation of India: Pimpri Chinchwad Smart municipal (PCSCL) has given the state-owned railway operator RailTel Corporation of India a work order to provide end-to-end services for the revenue-sharing model of monetising PCSCL municipal network infrastructure. The deal would bring in an estimated Rs 70 crore in yearly revenue, and Rs 700 crore over the course of ten years.

   

• PB Fintech: Due to good topline and operating results, the Policybazaar operator recorded a loss of Rs 12 crore for the quarter ended June FY24, decreasing from a loss of Rs 204 crore in the same time last year. In comparison to the same quarter last year, operating revenue jumped by 32% to Rs 666 crore.

• ITD Cementation: The engineering and construction firm reported a consolidated profit of Rs. 52.3 crore for the quarter ended June FY23, a remarkable increase of 73.4% over the same period the previous year. This improvement was primarily attributable to strong topline and operating statistics. In comparison to the same time last year, revenue increased by 67% to Rs 1,832.6 crore.

   

• Gati: At an average price of Rs 151.54 per share, the business controlled by renowned investor Porinju Veliyath, Equity Intelligence India, purchased 8.27 lakh equity shares, or 0.6% of the logistics company.

   

• Zydus Wellness: At an average price of Rs 1,460 per share, promoter entity Zydus Family Trust purchased 6.43 lakh equity shares, representing 1.01% of the firm.

   

• Adani Green Energy: A subsidiary of the Qatar Investment Authority located in Qatar, INQ Holding LLC, purchased 4.26 crore equity shares in the Adani Group firm at an average price of Rs 920 per share, for a total of Rs 3,919.6 crore. However, the business’s promoter Infinite Trade and Investment sold 4.48 billion equity shares, or 2.8% of the company, for a total of Rs. 4,131.1 billion at an average price of Rs. 920.43 per share.

   

• BEML: The business has obtained Bangalore Metro Rail Corporation (BMRC)’s letter of acceptance for the delivery of rolling equipment under contract 5RS-DM, which is worth Rs 3,177 crore.

   

• Inox Wind: According to people with knowledge of the situation, the promoter entity of Inox Wind is set to execute a block sale of Rs 500 crore to lower its interest in the wind energy business. The offer price for the transaction will be at a maximum discount of 5% from the going rate.

   

• GIC Housing financing: For the quarter ended in June of FY24, the housing financing firm reported standalone profit of Rs 31.8 crore, a decrease of 18.8% from the corresponding period in FY23. The quarter’s net interest income dropped 17.5% year over year to Rs 85.4 crore, and operating revenue dropped 2% to Rs 268.4 crore. The company’s board of directors has given the go-ahead for it to issue redeemable non-convertible debentures on a private placement basis in an amount up to Rs 2,500 crore.

   

• Krishna Institute of Medical Sciences: Driven by a strong topline, KIMS Hospitals recorded a consolidated profit of Rs 80.8 crore for the June FY24 quarter, an increase of 15.5% over the comparable time previous year. In Q1FY24, operating revenue increased by 22.3% YoY to Rs 606 crore, however EBITDA margin decreased by 160 bps.

   

• Sobha: Despite a drop in operating performance, the South-based real estate developer reported a profit of Rs 12.05 crore for the quarter ended June FY24, up 165% over the same time last year. This gain was fueled by other income and top line growth. During the same year, total operating revenue increased by 60.8% to Rs 907.9 crore.

   

• Olectra Greentech: The maker of electric buses saw an 8.7% increase in consolidated profit over the prior-year period, to Rs 18.08 crore, driven by outstanding operational results. However, revenue from operations decreased dramatically over the same period, by 23.1% YoY, to Rs 216 crore, for the quarter ended June FY24.

   

• Shivalik Bimetal Controls:  Generale, a financial services business located in Europe, purchased 14.4 lakh equity shares in Shivalik Bimetal Controls through open market transactions for an average cost of Rs. 540 per share. At an average cost of Rs. 540 per share, BoFA Securities Europe SA also bought 5.1 lakh shares. Promoter sales totaled 9.3% of the firm, with Gurbir Sandhu selling his entire personal ownership of 3.67 lakh shares at an average price of Rs. 565.01 a share and TSL Holdings selling 50 lakh shares at an average price of Rs. 541.19.

• Max Healthcare Institute: The private sector provider of healthcare services reported consolidated profit of Rs 240 crore for the three months ended June FY24, up 39% year over year on the back of strong topline and operational performance. Operating revenue increased by 20.4% to Rs 1,285 crore over the same time last year.

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