Sensex falls 65 points, Stock Market News Aug1

Sensex falls, closed at 66,460 level: While Nifty at 19,733 level

 Indian Market 

FII AND DII 

 Indian Market News 

1. Sensex and Nifty close lower due to volatility; IT and metals shine
2. GST collection for July 2023 is Rs 1.65 lakh crore, an increase of 11% year on year.     
3. Reliance Retail places an order for Rs 137.63 crore with HFCL.
4. Wall Street concludes the month strong thanks to positive corporate profits.
5. The yen falls to a three-week low as markets assess the BOJ’s change; attention shifts to the RBA.
6. Brookfield entered an agreement with Reliance Industries to manufacture onshore renewable energy and decarbonization equipment in Australia.
7. Soft orders dampen Japanese industrial activity: PMI
8. Oil is trading around three-month highs, indicating that supply is tightening.
9. Adani Group is in talks to raise $1.8 billion through bond sales in India.
10. The budget deficit of the Centre increased to Rs 4.51 lakh crore in April-June, representing 25.3% of the FY24 projection.
11. In June, core sector growth reached a 5-month high of 8.2%.
12. India increases the windfall tax on petroleum crude to Rs 4250 per metric ton.
13. Rates will remain at 6.50% until the first quarter of 2024, with a decrease in April-June, according to a Reuters poll.
14. NCC obtains fresh orders for Rs 1919 crore in July 2023.
15. Gold falls as the dollar strengthens ahead of a slew of economic data. 
16. Steel Strips Wheels Bags has received an export order for OTR wheels in the Oceania market.
17. J Kumar Infraprojects and JV receive orders totaling Rs 3,570 crore.
18. Tata Motors July Vehicle Sales | Total sales were down 1.4% year on year, at 80,633 units versus 81,790 units.
19. DLF Large Trade | According to CNBC-TV18, 2.3 lakh shares (0.93% equity) worth Rs 1,185 crore changed hands in a block sale.
20. The Directorate General of Civil Aviation (DGCA) has approved the import of aircraft by Air India and Interglobe Aviation, the operator of Indigo.
21. Power Grid Corporation’s first-quarter profit fell 6% year on year to Rs 3,543 crore, and the company announced a bonus issue.
22. GAIL’s first-quarter net profit falls 45% year on year to Rs 1,793 crore.
23. Petronet LNG’s net profit increased by 13% to Rs 819 crore in Q1FY24.
24. Maruti Suzuki’s first-quarter earnings increased 145% year on year to Rs 2,485 crore.
25. Bosch Q1 profit rises 22.4% to Rs 408.9 crore, revenue 17.3%.
26. Sumitomo Chemical India Q1 profit falls 55% YoY to Rs 62 crore, revenue falls 26.6%. 
27.  Petronet LNG Q1 profit rises 28.6% QoQ to Rs 790 crore, sales falls 16%.
28. Engineers India shares down over 2% despite getting ONGC business.
29. Steel Strips Wheels July turnover dropped to Rs 357.09 crore.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• Maruti Suzuki’s Q1 net profit doubles to Rs 2,485 crore on strong volumes and price rises; revenue up 22%.

  MSIL’s standalone net profit rose 145.5 percent YoY to Rs 2,485.1 crore in the first quarter of FY24. The company attributed the sharp gain in quarterly earnings to better sales volume, improved realisation, cost reduction, and non-operating income.

  The largest passenger vehicle maker’s quarterly revenue climbed 22% YoY at Rs 32,326.94 crore. Volume growth, pricing increases, and a better product mix boosted the company’s Q1 FY24 financials, according to analysts. MSIL’s Q1 FY23 PAT was Rs 1,012.80 crore and net income from operations was Rs 26,499.8 crore.

   

• Navin Fluorine Q1 net profit falls 17.3% to Rs 61.5 crore.

  Navin Fluorine International Ltd.’s April-June net profit was Rs 61.50 crore, down 17.3% from Rs 74 crore last year. CNBC-TV18 estimated the quarter’s net profit at Rs 110 crore.

  However, corporate revenue rose 23.5 percent to Rs 491.1 crore from Rs 397 crore. CNBC-TV18 polled brokerages and estimated Navin Fluorine revenue at Rs 625 crore. High-cost inventory destocking and low export demand hurt the company’s bottom line and operations.

  Operating profit margin fell to 23% from 24.9 percent in the same quarter last fiscal. Finance cost rose to Rs 19.4 crore in April-June from Rs 30 lakh in the base quarter, hurting the chemical maker’s operating performance.

   

• UPL Q1 Results: Net profit falls 81% to Rs 166 crore, fails estimates

  UPL Ltd.’s April-June net profit fell 81.1 percent to Rs 166 crore from Rs 877 crore in the previous fiscal. The net profit missed the Street’s Rs 262 crore estimate.

  Revenue fell 17.2% year-on-year to Rs 8,963 crore from Rs 10,821 crore in the base quarter. Brokerage polls anticipate UPL revenue at Rs 9,790 crore. The corporation blamed the quarterly results on an industry slowdown.

Global Market Update

• Gift Nifty

On Tuesday, the GIFT Nifty rose 0.03 percent, indicating a flat opening for the larger index. Futures were 19,892.

•  US market

Investors awaited a deluge of corporate earnings announcements on Monday, keeping US stock futures steady. Dow Jones Industrial Average futures declined 7 points, 0.02 percent. S&P 500 and Nasdaq 100 futures rose 0.04 percent.

All major indices concluded Monday’s main trading session marginally higher. The Dow, S&P 500, and Nasdaq Composite rose 0.28, 0.15, and 0.21 percent, respectively. The tech-heavy Nasdaq rose 4.1 percent in July, while the S&P 500 and Dow rose more than 3 percent.

• ASIA Markets

Monday’s Asia-Pacific markets gained as China’s July manufacturing activity contracted for the fourth month. The national bureau of statistics reported a 49.3 manufacturing purchasing managers index, up from 49.0 in June.

Non-manufacturing PMI fell to 51.5 from 53.2 in June. The Hang Seng index rose 0.83 percent in the final hour of trade, while the Hang Seng Tech index rose 1.87 percent. The HSI hasn’t broken 20,000 in over a month.

The Shanghai Composite finished at 3,291.04 and the Shenzhen Component at 11,183.91, up 0.46 percent and 0.75 percent, respectively. The Nikkei 225 rose 1.26 percent to 33,172, while the Topix rose 1.39 percent to 2,322.56, marking a new 33-year record. Industrial output for June was 2 percent, below economists’ expectations of 2.4 percent.

The Kospi rose 0.93 percent to 2,632.58 for a third straight day. The Kosdaq rose 2.25 percent to 935.97, approaching its 16-month high. As investors await Tuesday’s Reserve Bank of Australia rate announcement, Australia’s S&P/ASX 200 rose slightly to 7,410.4. Reuters polled economists expected a 25-basis-point raise to 4.35 percent.

• European  Markets 

European markets rose Monday as investors digested a eurozone inflation drop and anticipated a Bank of England policy announcement. The Stoxx 600 rose 0.2 percent after preliminary eurozone headline inflation figures indicated 5.3 percent in July. In the second quarter of this year, Euro Zone growth also increased.

Eikon data shows the benchmark index rose 1.9 percent in July. Healthcare gained 1.1 percent and oil and gas 1.3 percent on Monday. Food and beverage stocks fell 1.2%. FTSE rose 0.07 percent to 7,699 points. DAX fell 0.14 percent to 16,446.

STOCK IN NEWS

• Maruti Suzuki India: The country’s largest passenger vehicle maker’s standalone profit rose 145.4 percent to Rs 2,485.1 crore for the quarter ended June FY24, driven by higher sales volume, improved realisation, cost reduction, and higher non-operating income. Revenue rose 22% year-over-year to Rs 32,327 crore.

   

• Power Grid Corporation of India: The state-owned electric services business reported a nearly 6% year-on-year fall in standalone profit at Rs 3,542.65 crore for the quarter ended June FY24. A lower topline hurt the operating margin. Operations revenue declined 0.1 percent to Rs 10,436.1 crore.

   

• South Indian Bank: The private sector lender gets board clearance to issue equity shares to raise up to Rs 1,000 crore. The board approved debt instrument funding up to Rs 500 crore.

   

• Rail Vikas Nigam: Madhya Pradesh Poorv Kshetra Vidyut Vitran business awarded two projects to the state-owned railway business in Jabalpur Company Area. Project cost: Rs 331.6 crore.

   

• Mahindra & Mahindra: The utility vehicle producer is building a crash test center in Cheyyar, Tamil Nadu, and an electric vehicle battery testing facility at Mahindra Research Valley (MRV) in Chengalpattu. Battery testing will cost Rs 210 crore and crash test lab construction Rs 290 crore.

   

• Easy Trip Planners: The travel firm has board approval to acquire 51% of the aggregate paid-up share capital in Guideline Travels Holidays India, Dook Travels, and Tripshope Travel Technologies. The board approved preferential allotment of equity shares to raise funds.

   

• Blue Star: The manufacturer of air conditioners, air purifiers, and water coolers said the board of directors will meet on August 3 to discuss obtaining financing. Private placements of equity, debt, warrants, or preference shares will raise funds.

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