Sensex falls 300 points, Stock Market News July 24

Sensex falls, closed at 66,385 level: While Nifty at 19672 level

 Indian Market 

FII AND DII 

 Indian Market News 

1. Sensex declines 300 points as Nifty falls below 19,700; biggest drags are FMCG and metals
2. US stocks finish mixed; the Dow is up for the twelfth day in a row.
3. Following a delay, the US Federal Reserve is expected to raise interest rates to a 22-year high.
4.  The oil surge has paused ahead of Fed and ECB rate hikes.
5. Asian markets are divided, with the Nikkei up 1% and the Hang Seng down 1%. 
6. The GIFT Nifty indicates a dismal start for India’s broader index.
7. The ITC board of directors has given its approval in principle to the demerger of the hotel business.
8. Tejas Networks falls 8% as their net loss increases due to rising costs.
9. SVJN gains 12% after winning a Rs 7,000-crore solar power deal.
10. Quant Mutual Fund invests $23 million in Railtel Corporation of India.
11. BNP Paribas Arbitrage acquires 88.86 lakh Bandhan Bank equity shares.
12. RITES is the lowest bidder for a Rs 500 crore order.
13. Power Finance reaches a 52-week high on green energy deals of Rs 2.37 lakh crore.
14. ICICI Bank’s first-quarter profit rises 40% year on year to Rs 9,648 crore, with loan growth of 18%.
15. Reliance Industries’ first-quarter profit fell 6% to Rs 18,258 crore. 
16. Reliance Retail’s net profit increased by 18.8% to Rs 2,448 crore in the first quarter, while revenue increased by 19%.
17. Reliance Jio’s first-quarter net profit increased 12% year on year to Rs 4,863 crore.
18. Kotak Mahindra Bank’s first-quarter earnings increased 67% to Rs 3,452 crore, while net interest income increased 33%.
19. Paytm reduces its first-quarter loss to Rs 357 crore, as sales increases 39% year on year to Rs 2,342 crore.
20. RBL Bank’s first-quarter profit rises 43% year on year to Rs 288 crore.
21. AU Small Finance Bank’s first-quarter profit increased by 44% to Rs 387 crore. 
22. Yes Bank’s first-quarter profit rises 10.3% year on year to Rs 343 crore, while slippages increase to Rs 1,430 crore.
23. Indraprastha Gas’s first-quarter net profit increased by 4% year on year to Rs 438.5 crore.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• Five top-10 Indian companies increase Rs 4.23 lakh crore to market valuation.

  Last week, five of the top-10 most valued corporations added Rs 4,23,014.4 crore to their market valuations, led by HDFC Bank, which recently merged with its mortgage financier parent HDFC. HDFC Bank surpassed Tata Consultancy Services in market capitalization on July 20. The 30-share BSE Sensex rose 623.36 points (0.94%) last week.
  Last week, HDFC Bank, ICICI Bank, ITC, State Bank of India, Bajaj Finance, Reliance, Tata Consultancy Services (TCS), Hindustan Unilever, Infosys, and Bharti Airtel lost market value. HDFC Bank’s market valuation rose Rs 3,43,107.78 crore to Rs 12,63,070.52 crore. State Bank of India rose Rs 27,220.07 crore to Rs 5,48,819.01 crore, and ICICI Bank rose Rs 24,575.78 crore to Rs 6,97,413.50 crore.
  ITC added Rs 21,972.81 crore, valuing it at Rs 6,09,924.24 crore. Bajaj Finance rose from Rs 6,137.96 crore to Rs 4,59,425.99 crore. Reliance Industries’ market valuation declined by Rs 1,37,138.56 crore to Rs 17,15,895.17 crore.

   

• Indraprastha Gas Q1 Results: Net profit rises 4% to Rs 438.5 crore, below estimates

  On July 23, Indraprastha Gas Ltd. (IGL) announced a net profit of Rs 438.5 crore for the first quarter of fiscal year 2023-24, up 4% from Rs 421.2 crore. In the quarter ending March 31, 2023, net profit rose 32.9 percent to Rs 330 crore.
  IGL’s Q1FY24 net profit was Rs 438.5 crore, 5.3 percent below the CNBC TV-18 poll forecast of Rs 463 crore. Net revenue from operations rose 7% to Rs 3,406.98 crore in Q1FY23 from Rs 3,193.85 crore. Revenue fell 7.6% sequentially from Rs 3,685 crore in the fourth quarter of last year.

   

• Bain Capital acquires Adani Capital; Gaurav Gupta remains MD.

  Bain Capital will purchase 90% of Adani Capital and Adani Housing. The purchase will buy out all of the Adani family’s private investments in the company, with Gaurav Gupta remaining as Managing Director and CEO.
  Moneycontrol was the first to announce that Adani Capital had mandated Avendus, was in stake sale mode to raise about Rs 1,500 crore via main and secondary share issue, and had begun conversations with private equity buyers on May 26, 2023.

  .

Global Market Update

• Gift Nifty

GIFT Nifty starts flat with 21 points loss, futures at 19,745, reflecting broader index loss.

•  US market

  S&P 500 futures remained unchanged as investors awaited key earnings reports and a Federal Reserve policy decision.

  Dow Jones Industrial Average futures were lower by 37 points, while Nasdaq 100 futures gained 0.03 percent.

  The Dow eked out a 2.51-point gain for the 10th day in a row, marking its longest rally since 2017.

  The S&P 500 finished the week up by 0.7 percent at 4,536.34, while the Nasdaq Composite fell 0.6 percent to 14,032.81.

  The S&P 500 added 0.69 percent, while the Dow gained 2.08 percent, marking the second positive week in a row for the two indexes.

• ASIA Markets

  Asia-Pacific markets were mixed on Monday due to economic data from Malaysia and Singapore.

  Japan’s Nikkei 225 gained 0.95 percent, while Topix also gained 0.57 percent.

  Private surveys for Japan’s purchasing managers index will be released in July.

  Australia’s S&P/ASX 200 added 0.13 percent, while South Korea’s Kospi and Kosdaq experienced losses.

  Hong Kong’s Hang Seng index is expected to start the week lower, with futures at 18,953 compared to the HSI’s last close of 19,560.57.

•  Eu Markets 

The Stoxx 600 closed 0.3% higher in Europe, with most sectors in positive territory.

Household goods added 1.2% to lead gains, while mining stocks shed 1.5%.

Asia-Pacific shares were mixed on Friday due to Japanese inflation figures.

UK Prime Minister Rishi Sunak’s Conservative Party suffered a heavy blow in by-elections, losing two seats in Parliament to the Labour Party and centrist Liberal Democrats.

The results are ominous for Sunak’s ruling party as it prepares for a 2024 general election.

STOCK IN NEWS

• Vedanta: The subsidiary of Vedanta Resources reported consolidated profit of Rs 2,640 crore for the quarter ended June FY24, down 40% from the same quarter a year earlier due to weak operating results and lower topline. Due to a sharp decline in production commodity prices, which was largely offset by a favourable movement in the exchange rate, revenue decreased by 12.8% year over year to Rs 33,342 crore. Arun Misra is appointed as an Additional Director and designated as an Executive Director of the firm starting August 1 in place of Sunil Duggal, who will retire as WholeTime Director & CEO on July 31.
• DLF: Despite a dismal operating margin, the real estate giant reported a 12.2% year-over-year increase in consolidated profit at Rs 528 crore, driven by a decrease in financing costs and other expenses as well as an increase in other income. For the quarter, revenue fell 1.3% year over year to Rs 1,423.2 crore, with new sales bookings at Rs 2,040 crore.
• Power Finance Corporation: As part of its strategy to establish itself as the primary finance organisation for the energy transition, the state-owned PFC has inked several MoUs totaling Rs 2.37 lakh crore with 20 enterprises in the clean energy sector.
• Aarti Drugs: Thanks to strong operating results, the pharmaceutical company saw a 38% year-over-year increase in profit for the quarter ended in June FY24, coming in at Rs 48 crore. At Rs 661.7 crore, revenue for the quarter increased 6% over the same period last year. The speciality chemicals section recorded a YoY decline of 18%, while the API business saw a 9% increase and the formulation segment had a 6% increase. Operatingly, EBITDA increased by 26% year over year to Rs 84 crore, and the margin increased by 200 bps to 12.8% for the quarter.
• SJVN: According to the corporation, an MoU for the financing of projects by the company, its subsidiaries, and joint ventures of Rs 50,000 crore has been signed with REC. Additionally, it paid Rs 18.6 crore to buy an additional interest in Cross Border Power Transmission Company. The company has acquired a letter of intent from Punjab State Power Corporation for the purchase of 1200 MW of solar energy through its fully owned subsidiary SJVN Green Energy.
• Cyient DLM: The provider of services and solutions for electronic manufacturing has declared profit of Rs. 5.4 crore for the June FY24 quarter, down 15.2% from the same quarter last year due to reduced other income. For the quarter, revenue increased by 27.6% year over year to Rs 217.15 crore, with a backlog of orders of Rs 2,499.7 crore.
• CreditAccess Grameen: For the fiscal year (FY) 24 quarter that ended in June, the microfinance organisation reported a healthy increase in earnings, with profit rising 151.5% year over year to Rs 348 crore and net interest income rising 65.4% on-year to Rs 763.3 crore. Pre-provision operating profit improved by 87.7% on-year to Rs 544 crore in Q1, while the gross loan portfolio increased by 39.7% YoY to Rs 21,814 crore for the period.
• CMS Info Systems: The cash management firm recorded consolidated profit of Rs. 84.3 crore for the June FY24 quarter, up 22% from the corresponding quarter last year. Other income as well as improvements in topline and operating performance contributed to the increase. For the quarter, operating revenue increased by 12.85% year over year to Rs 511.6 million.
• Dodla Dairy: Due to lower raw material costs and other expenses, the dairy company’s profit increased by 40% year over year to Rs 35 crore for the quarter that ended in June FY24. EBITDA also increased by 33.9% year over year to Rs 60.3 crore. For the quarter, operating sales climbed by 14.8% YoY to Rs 823.4 crore, with domestic business revenues increasing by 16.1% YoY to Rs 762.8 crore.
• Railtel Corporation of India: Quant Mutual Fund has acquired 23 lakh equity shares, or 0.71% of the outstanding stock of Railtel Corporation of India, at an average cost of Rs 150.84 per share.
• Bandhan Bank: At an average price of Rs 211 per share, financial services company BNP Paribas Arbitrage purchased 88.86 lakh equity shares, or 0.55% of the equity stake in the Kolkata-based private sector lender.
• Reliance Industries: The Mukesh Ambani-led company posted a consolidated net profit of Rs 18,258 crore for the three months that ended in June 2023, down 5.9 percent from the same period in the previous year as muted performance in the oil-to-chemicals (O2C) sector somewhat offset the robust growth in consumer-facing sectors. Depreciation and higher borrowing costs both hurt the company’s bottom line. Total income decreased to Rs 2.31 lakh crore in the first quarter from Rs 2.42 lakh crore in the same period last year as O2C segment sales decreased in accordance with the reduction in oil prices.
• ICICI Bank: Despite higher provisions and contingencies, ICICI Bank, the second-largest private sector lender in the nation, announced a 39.7% year-over-year increase in standalone profit at Rs 9,648 crore for the quarter ended June FY24. With an increase in net interest margin of 77 basis points on-year to 4.78 percent, net interest income climbed by 38 percent on-year to Rs 18,227 crore.
• Kotak Mahindra Bank: Despite an increase in provisions and contingencies, the bank recorded a standalone profit of Rs 3,452.3 crore for the June quarter, up 66.7 percent from the same quarter last year. To Rs 6,233.7 crore, net interest income increased by 32.7% year over year.
• AU Small Finance Bank: In the June quarter, the small finance bank’s profit increased by 44% year over year to Rs 387 crore. Pre-provision operating profit for the bank increased by 39% to Rs 546 crore. With the net interest margin falling 20 basis points to 5.7 percent, net interest income increased by 28 percent year over year to Rs 1,246 crore.
• Yes Bank: Despite doubling its provisions and contingencies year over year, the private sector lender posted a profit of Rs 343 crore for the June quarter, with operating profit rising 38.8% YoY to Rs 818 crore. To Rs 2,000 crore, net interest income increased by 8.1% year over year.
• RBL Bank: Despite an increase in provisions and contingencies, the bank posted a profit of Rs 288 crore for the June quarter, up 43% from the same quarter last year. To Rs 1,246 crore, net interest income increased by 21% year over year.
• Biocon: From July 10 to 20, the FDA performed two GMP inspections at Biocon’s Malaysian production plant for insulin. The US health authorities released a Form 483 with two observations for the delivery devices unit, six observations for the drug substance, drug product units, and quality control laboratories.
• One 97 Communications: The Paytm operator’s net loss was reduced in the June quarter from Rs 644.4 crore to Rs 357 crore. A rise in GMV, merchant subscription income, and a surge in loans dispersed through its platform all contributed to revenue growing by 39% year over year to Rs 2,342 crore.

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