Sensex falls 500 points, Stock Market News Aug-03

Sensex falls, closed at 65,280 level: While Nifty at 19,391 level

 Indian Market 

FII AND DII 

 Indian Market News 

1. Sensex down 500 points, Nifty below 19,400, while Pharma defies the trend.
2. Wall Street closes down, as investors take a breather after Fitch downgrades the US rating.
3. Oil prices climb slightly as markets assess inventory data, but US credit ratings are downgraded.
4.  Bain Capital has reserved 7.9 crore shares of L&T Finance for block trade. 
5. Asia’s markets plummet as Wall Street sells off following the lowering of the United States’ credit rating. 
6. The GIFT Nifty indicates a positive start for India’s broader index.
7. In July, India’s services growth reached a 13-year high due to strong demand.
8. Following CCI approval, Ipca Laboratories acquired a 33.38% share in Unichem Labs.
9. According to CNBC-TV18, ONGC has signed a crude oil selling term agreement with BPCL.
10. Vedanta Block Deal | 16.5 crore shares (4.5% equity) are exchanged for Rs 4,270 crore. According to CNBC-TV18, promoter Twin Star Holdings is likely a seller in the Vedanta block deal.
11. Temasek will invest in Mahindra’s electric vehicle industry.
12. Despite a joint venture with Japan’s JFE Steel, JSW Steel fell 1%.
13. Except for personal and R&D usage, the government limits the import of laptops, tablets, and PCs. 
14. SBFC Finance raises Rs 304.42 crore through an anchor book ahead of its IPO.
15. Ambuja Cements acquired 56.74% ownership of Sanghi Industries for Rs 5,000 crore.
16. IndiGo made a profit of Rs 3,090 crore in the first quarter due to increased traffic and airfares.
17. HPCL’s first-quarter net profit is Rs 6,765 crore, while revenue falls somewhat.
18. VIP Industries’ first-quarter profit fell 16.4% year on year to Rs 57.8 crore, while revenue increased 7.7%.
19.  

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• Titan Q1 results: Net profit falls 4.3% to Rs 756 crore; revenue up 26%, misses estimates

  Titan Company Ltd. reported a consolidated net profit of Rs 756 crore for the June quarter of FY24, a 4.3 percent decline from the previous year’s Q3. The company also reported a 2.7% increase in profit from Rs 736 crore. Total consolidated revenue reached Rs 11,897 crore, a 25.97% increase from the previous quarter. The company’s managing director, CK Venkataraman, attributed the year’s success to double-digit revenue growth across business segments, with the jewellery business showing a 19% YOY growth.

   

• HPCL Q1 results: Net profit comes in Rs 6,765 crore; revenue dips marginally

  Hindustan Petroleum Corporation Limited (HPCL) reported a consolidated net profit of Rs 6,765.5 crore in Q1FY24, up from Rs 8,557 crore in Q1FY18 due to rising crude oil prices. The company’s net profit increased by 87.5% from Rs 3,608 crore in Q1FY23. However, revenue from product sales declined slightly to Rs 1.18 lakh crore in Q1FY24, while EBITDA stood at Rs 10,945 crore in Q1FY24.

   

• IndiGo Q1 results: Airline posts profit of Rs 3,090 crore in Q1 on higher traffic, airfares

  IndiGo’s operator, InterGlobe Aviation, reported a profit of Rs 3,090.6 crore for the quarter ended June 2023, a 29.8% increase from the previous year. Revenue from operations for IndiGo, the largest airline in India, rose by 29% to Rs 16,683.1 crore. This increase was attributed to a sharp increase in domestic travel, driven by the country’s strong domestic travel demand. IndiGo’s Q4 FY22-23 profit was Rs 919 crore on sales of Rs 14,160 crore

Global Market Update

• Gift Nifty

The GIFT Nifty shows a 12 point gain after closing 207 points lower on August 2, with futures at 19,513 points.

•  US market

US stock futures dipped Tuesday night after Fitch lowered the US’ long-term rating as traders assessed second-quarter earnings figures. Dow Jones Industrial Average futures fell 75 points (0.2%). S&P 500 and Nasdaq-100 futures fell 0.3 and 0.4 percent.

Tuesday night, Fitch Ratings downgraded the US’ long-term foreign currency issuer default rating to AA+ from AAA, citing “expected fiscal deterioration over the next three years.”

After better-than-expected quarterly results, Advanced Micro Devices climbed 2% in extended trade. After missing second-quarter revenue projections, SolarEdge Technologies fell 12%.

After a weak August S&P 500 start, those moves occurred. The overall market index lost 0.27 percent and the Nasdaq Composite 0.43 percent on Tuesday. The Dow Jones Industrial Average gained 71.15 points (0.2%). The Dow reached its highest level since February 2022.

• ASIA Markets

Asia-Pacific markets experienced losses on Thursday, following Wall Street’s sell-off after Fitch downgraded the US’s long-term credit rating from AAA to AA+.

Investors will be monitoring China’s service sector activity in July through the Caixin private survey.

Hong Kong’s Hang Seng index closed at 19,403, with weaker open compared to the HSI’s close of 19,517,38.

Japan’s Nikkei 225 and Topix fell 0.95 percent, while South Korea’s Kospi and Kosdaq fell 0.11 percent.

South Korean internet giant Kakao experienced a 44% fall in net profit, prompting a slide in shares.

The S&P/ASX 200 in Australia also experienced a 0.57 percent decline.

• European  Markets 

European stock markets experienced a 1.35 percent drop on Wednesday due to a US credit rating downgrade. The Stoxx 600 index closed 1.35% lower, with mining and retail stocks being the biggest downward pressures. Germany’s DAX and UK’s FTSE 100 also declined, while France’s CAC 40 dropped 1.26 percent.

• Oil Prices

Oil prices fell on August 2 following rapid gains, but maintained at their best levels since April as crude and fuel product inventory data revealed robust US demand and offset Chinese economy concerns.
Brent crude futures for October fell 79 cents, or 0.93 percent, to $84.12. September West Texas Intermediate crude slid 91 cents, or 1.12%, to $80.46 a barrel.

• Dollar Index

In futures, the Dollar index rose 0.27 percent to 102.57, while one dollar was worth Rs 82.72.

• Gold Prices

After Fitch downgraded the US government from AAA to AA+, spot gold fell 0.35 percent to $1,937.20 per ounce. U.S. gold futures fell 0.25 percent to $1,973.90.
Gold would suffer from higher interest rates. Dollar strength is increasing. RJO Futures senior market strategist Daniel Pavilonis said prices are stuck between $2,000 and $1,900.

STOCK IN NEWS

• Titan Company: Due to dismal operating results, the consumer lifestyle company’s standalone profit for the quarter ending June FY24 was Rs 777 crore, down 2% from the same quarter a year earlier. Compared to the same period last year, operating revenue increased by 24.4 percent to Rs 11,145 crore.

• InterGlobe Aviation: The low-cost airline IndiGo, which is based in Gurgaon, has just announced its highest-ever quarterly earnings and revenue. For the quarter that ended in June of FY24, there was a profit of Rs 3,090.6 crore as opposed to a deficit of Rs 1,064.3 crore during the same time last year. YoY, revenue increased 30% to Rs 16,683.1 crore.

• Hindustan Petroleum Corporation: The government-owned oil retailer has announced a standalone profit of Rs 6,203.9 crore for the quarter ended June FY24, up 92.5 percent from the prior quarter on the strength of outstanding operating results. In Q1FY24, operating revenue increased by 3.7 percent to Rs 1,11,960.6 crore from Rs 1,07,928 crore the previous quarter. Numbers exceeded analysts’ projections.

• Mankind Pharma: Supported by strong operating results, the pharmaceutical business reported a consolidated profit of Rs. 486.9 crore for the quarter ended June FY24, up 66.4 percent from the same period the previous year. Comparing the current quarter to the same period last year, revenue increased 18.3 percent to Rs 2,578.6 crore.

• Metropolis Healthcare: Due to weak operational and lower sales figures, the diagnostic service provider’s consolidated profit for the June FY24 quarter was Rs 28.8 crore, down 13.8 percent from the same quarter a year earlier. During the quarter, revenue from operations fell 1% YoY to Rs 277 crore, principally because of a sizable B2G contract that the government insourced and a sizable base of Covid and Allied tests.

• Gujarat Gas: Due to lower revenue and subpar operating results, the city gas distribution company’s consolidated profit for the quarter ending in June FY24 fell by 41.7 percent. In comparison to the prior quarter, revenue (net of excise tax) decreased by 3.7 percent to Rs 3,781.5 crore.

• VIP Industries: Due to weaker operating results, the manufacturer of luggage reported a consolidated profit of Rs 57.75 crore for the three months ended June FY24, a 16.4% YoY decline. Compared to the same period last year, operating revenue climbed 7.7 percent to Rs 636.1 crore.

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