Sensex gains

Sensex closed at 65,395 level : While Nifty at 19,413 level

Indian Market 

FII AND DII 

Indian Market News 

1. Sensex up 165 points; Nifty exceeds 19,400;  IT gains; power losses
2. Wall Street stocks increase following a report on low inflation
3. US consumer prices increase modestly, as the economy transitions to a disinflationary mode.
4. Hopes that the Fed would soon stop raising interest rates push gold to a one-month high.
5. As US inflation slows, oil prices increase in the early going.
6. Dollar suffers as traders anticipate a peak in US interest rates
7. In May, IIP growth increased to 5.2%.
8. Retail inflation breaks its downward trend in June, rising to 4.81%.
9. Asian markets are trading higher, with 1-2% gains on the Nikkei, Kospi, and Hang Seng
10. On plans to sell land for Rs 595 crore, Hindalco Industries increases by 3%.
11. On Day 2, nine times  subscribed to the Utkarsh Small Finance Bank IPO.
12. Defense orders drive a 40% three-day increase in Zen Tech, and SBI Securities anticipates further gains.
13. Ramco Cements sells Bundl Tech all of its shares in Lynks Logistics. 
14. 5Paisa almost doubles net profit in the first quarter, shares up 4%
15. SpiceJet share price increases by 7% on promoter cash infusion
16. In Q1 FY24, Prestige Group reports revenues of Rs 3,914.7 crore, an increase of 30% yearly.
17. HCL Tech Q1 net profit grows 8% year over year to Rs 3,534 crore; revenue increases 12%
18. TCS’s first quarter net profit increased 16.8% to Rs 11,074 billion on higher revenue of Rs 59,381 billion.
19. Day 1 bookings for the Utkarsh Small Finance Bank IPO were 4.73 times higher than the retail part.
20. Sequential decline anticipated across key financial parameters according to Wipro Q1 preview
21. German automotive engineering company ASAP Group will be purchased by HCLTech for $279 million.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• TCS Q1 Results: Net profit up 16.8% at Rs 11,074 crore, revenue Rs 59,381 crore

  Despite a harsh business environment, Tata Consultancy Services (TCS) announced 16.8% YoY growth in net profit in the quarter ended June 30, 2023, powered by robust growth in total contract value (TCV) deal wins.

  Quarterly revenue rose 13% to Rs 59,381 crore. Revenue rose 7% YoY in constant currency.

  In dollar terms, revenue rose 4% to $7,226 million.

• HCLTech Q1 Results: Net profit up 8% to Rs 3,534 crore; revenue up 12%.

  On July 12, India’s third-largest IT services provider HCLTech reported 7.6% YoY net profit growth in the first quarter of fiscal 2024, which ended on June 30, 2023. Due to deal rampdowns and telecom and hi-tech verticals, net profit fell 11.2 percent sequentially.

  Q1FY24 net profit was Rs 3,534 crore, below analyst expectations of Rs 3,782 crore.

  Revenue rose 12 percent to Rs 26,296 crore from Rs 23,464 crore in Q1FY23.

  Revenue fell 1.3% Q0Q in constant currency (CC). Last quarter, HCLTech lowered its FY24 CC revenue growth projection to 6-8 percent from 12-14 percent in FY 22-23.

• Retail inflation snaps falling streak, rises to 4.81% in June

  India’s headline retail inflation rate snapped its four-month falling streak and rose to 4.81 percent in June from 4.31 percent in May, pushed up by a rise in vegetable prices and fading away of the favourable base effect, data released by the Ministry of Statistics and Programme Implementation on July 12 showed.

   At 4.81 percent, the Consumer Price Index (CPI) inflation print for June takes the average for the first quarter of 2023-24 to 4.6 percent – in line with the Reserve Bank of India’s (RBI) forecast.

  The latest inflation number is above economists’ expectations of 4.6 percent.

•  May IIP growth hits 5.2%.

  According to July 12 Ministry of Statistics and Programme Implementation figures, India’s industrial output rose 5.2 percent in May.

  The Index of Industrial Production (IIP) reported 5.2 percent industrial growth, above the consensus estimate of 5 percent. At a three-month high.

  Industrial growth was 4.2 percent in April (now 4.5 percent) and 19.7 percent in May 2022.

Global Market Update

• Gift Nifty

On Thursday, the GIFT Nifty lost 11.5 points, indicating a flat opening for the broader index. 19,553.5 futures.

•  US market

  Wall Street rose Wednesday after a shockingly low US inflation report increased hopes the Federal Reserve may cease its monetary tightening.

  Last month’s consumer price index, a key inflation barometer, climbed 3.0 percent from a year earlier, the weakest increase since March 2021 and down from May’s estimate.

  The Dow rose 0.3 percent to 34,347.43.

  The tech-heavy Nasdaq Composite Index rose 1.2 percent to 13,918.96, while the S&P 500 rose 0.7 percent to 4,472.16.

  Sensex gains

• ASIA Markets

After the June U.S. inflation rate was 3%, the lowest in two years, Asia-Pacific markets mainly climbed on Thursday.

Dow Jones economists predicted 3.1%.

Monthly inflation rose 0.2%, less than expected. Core CPI—which excludes volatile food and energy prices—also grew less than predicted.

As expected, South Korea’s Kospi and Kosdaq rose 0.81% and 1.27%, respectively, after the Bank of Korea kept its benchmark policy rate at 3.5%.

STOCK IN NEWS

• Tata Consultancy Services: (TCS)Despite a challenging business environment, TCS reported a high improvement in total contract value (TCV) deal wins, which contributed to a 16.8% year-over-year (YoY) increase in net profit for the quarter that ended on June 30, 2023. Consolidated revenue for the quarter were Rs 59,381 crore, up 13% year over year. In terms of constant currency, the revenue increased by 7% year over year
• HCL Technologies: During the first quarter of its fiscal 2024, which concluded on June 30, 2023, the business recorded an increase in net profit of 7.6% year over year (YoY). However, sequentially, net profit decreased by 11.2 percent as a result of ramp downs in transactions in industries like hi-tech and telecom. The net profit for the first quarter of FY24 was Rs 3,534 crore, falling short of the Rs 3,782 crore expert consensus.
• Pritika Auto: The company’s board of directors has given the go-ahead for a subsidiary, Pritika Engineering Components Limited (PECL), to raise capital through the preferential issuance of up to 82,00,000 equity shares. The company said that promoters and strategic investors will take part in the issue.
• Dev Information Technology: The business reported that early on July 12, 2023, a fire started on the first floor of one of its buildings (Block-12). No employees or other people within the building were hurt since the fire was quickly put out. It said, “Said office block has adequate insurance coverage, proper fire apparatus, and notification to Insurance Company has already been made.”
• Texmaco Rail: On July 17, 2023, the company’s board of directors will meet to discuss suggestions for fund-raising initiatives. Additionally, it was said that the money would be raised through issuing one or more instruments, such as equity shares or convertible securities.
• Anand Rathi Wealth: The business reported a consolidated net profit of Rs 53 crore for the first quarter of FY24, up 34% from the same period last year, and total revenue of Rs 178 crore, up 34%. The company continued to grow its clientele, gaining 395 new client families in the first quarter of FY24, it said.
• Patanjali Foods: Patanjali Ayurved Ltd will begin selling 25,339,640 equity shares of Patanjali Foods Ltd with a face value of Rs 2 apiece. This amount represents 7% of the company’s total paid-up equity share capital. On July 13, 2023, non-retail investors may make a bid, and on July 14, 2023, retail investors may. In the event of an oversubscription, the promoter will also sell an additional 2%. In comparison to the current price of Rs. 1228.05., the Floor Price of the Offer shall be Rs. 1000.
• Dreamfolks Services: Starting on July 24, 2023, the DreamFolks worldwide lounge network will feature more than 340 Plaza Premium Lounges located in more than 70 major international airports. The number of DreamFolks’ global touchpoints will rise to 1700+ with the addition of Plaza Premium Lounges.
• Deep Industries: The company has acquired 74% equity stake of Breitling Drilling Private Limited and consequently it becomes a subsidiary of Deep Industries Limited. It bought the stake for Rs 7400.
• Hindalco Industries: The largest aluminium producer in the nation, Hindalco Industries, has received board approval to sell land in Kalwa, Maharashtra. The land was purchased by Birla Estates for Rs 595 crore. In 15 months, all formalities will be finished.
• Deep Industries: Breitling Drilling is now a subsidiary of Deep Industries as a result of the firm purchasing a 74 percent equity investment in it.

Deals

1.  Primo Chemicals: The financial services company Societe Generale, based in Europe, has acquired 47.97 lakh equity shares, or 1.98 percent of the chemicals firm. The total stake buy cost Rs 28.83 per share, with shares purchased at an average price of Rs 60.1 per share.
2. Star Health and Allied Insurance Company: At an average price of Rs 612 per share, private equity fund Apis Growth 15 Limited sold 52.84 lakh equity shares, or 0.9 percent of the insurance company. The price per share for the stake sale was Rs 323.4.
3. Delta Corp:At an average price of Rs 185.13 per share, Equirus Wealth sold 25.32 lakh shares in Delta Corp., representing a 0.94 percent investment in the casino gaming company. Kalpraj Damji Dharamshi sold 19 lakh shares, representing a 0.7 percent stake, at an average price of Rs 187.61 per share.  

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