Sensex Gains 150 points, Stock Market News Aug-09

Sensex gains, closed at 65,953 level: While Nifty at 19,597 level

 Indian Market 

FII AND DII 

 Indian Market News 

1.  Sensex increases 150 points, Nifty surpasses 19,630, while oil and gas prices are strong.
2. Wall Street closes lower after bank rating downgrades prompt a further sell-off.
3. Asian markets are trading uneven; the Nikkei is down 1%, while the Kospi is up 1%.
4. The GIFT Nifty indicates a positive start for India’s broader index.
5. India According to a Reuters survey, July inflation likely exceeded the RBI’s 6% upper tolerance range.
6. China’s consumer prices are falling as deflationary pressures mount.
7. Moody’s downgrades US banks and warns of probable downgrades for others.
8. Oil prices are falling due to pessimistic sentiment. China data adds to demand fears
9. Gold is steady as the US currency and rates retreat from recent highs.
10. The Directorate General of GST Intelligence issues a show cause notice to ICICI Lombard.
11. Concord Biotech’s IPO was subscribed to 24.87 times, with the retail part booked 3.78 times on the last day.
12. Inox Wind Energy sells shares worth Rs 304.68 crore in a block transaction.
13. Aarti Industries is down 3% on the back of poor first-quarter results.
14. Mishra Dhatu Nigam falls 6% as high input costs eat into profitability.
15. The appointment of Amit Jhingran as MD and CEO of SBI Life Insurance has been approved by the IRDAI.
16. PHI Capital Trust, an alternative investment vehicle, has exited Minda Corporation.
17. Adani Wilmar is down 4% on reports of an Adani Group exit.
18. Gensol Engineering has secured a letter of intent to lease 300 electric vehicles.
19. Taylormade Renewables receives an order of Rs 159.22 crore from the government of Andhra Pradesh.
20. In April-June, coal imports fell 1.82% to 68.30 MT: mjunction
21. Despite solid first-quarter results, Utkarsh Small Finance Bank’s share price decreases.
22. Prestige Estates Projects’ Q1 profit jumps 30% year on year to Rs 267 crore.
23. Oil India’s first-quarter profit fell 10% year on year to Rs 1,613.4 crore.
24. Coal India’s first-quarter earnings declines 10% year on year to Rs 7,941 crore.
25. Ideaforge Technology’s first-quarter earnings fell 54% year on year to Rs 18.9 crore, while revenue fell 2.2%.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• • At Rs 1.85 lakh crore, mutual funds see highest quarterly inflows in 4 years in April-June

  The first quarter of 2024 saw net inflows of Rs 1,84,789 crore in open-ended mutual funds, the highest in four years. The fixed-income segment accounted for the majority of inflows. Open-ended funds experienced strong flows in April, May, and June, with net inflows reaching Rs 1,23,613 crore. As of June end, the industry’s assets under management (AUM) stood at Rs 44.13 lakh crore, up 13% from the previous quarter.

  • Coal India Q1 results: Net profit declines 10% to Rs 7,941 crore, beats estimate

  Coal India Limited reported a consolidated net profit of Rs 7,941.4 crore for Q1FY24, down 10% from the previous year’s Q1FY18. However, the net profit exceeded analyst estimates, with revenue from operations at Rs 35,943.21 crore, a 2.5 percent increase from the previous quarter. Total income increased by 3.9% to Rs 37,521.03 crore, while total expenses increased 11.5% to Rs 26,745.68 crore. The company’s net profit for Q1FY24 exceeded analyst estimates.

  • EIH Q1 Results: PAT up 61% YoY at Rs 106 cr, consolidated revenue stands at Rs 522 cr

  EIH Limited, the Oberoi Group’s flagship hospitality chain, reported consolidated revenue of Rs 522.6 crore in the June quarter of 2024, up 26.7 percent YoY. The company’s profit after tax (PAT) was Rs 106 crore, up 61% YoY. CEO Vikram Oberoi expressed delight at the remarkable financial performance, highlighting the dedication of the team and the enduring trust of valued guests. EBITDA was Rs 180 crore, up 53.1% YoY.

Global Market Update

• • Gift Nifty

  The GIFT Nifty shows a 24-point gain after closing 26 points lower on August 8, with futures at 19,577 points.

  •  US market

  US stock futures experienced a selloff for major averages, with the Dow Jones Industrial Average falling by 27 points or 0.08 percent.

  The S&P 500 and Nasdaq 100 declined by 0.06 percent each.

  Penn Entertainment surged by 12 percent after launching an online sportsbook with ESPN and ESPN Bet.

  The Dow Jones Industrial Average closed 158.64 points lower, but this is better than its session lows of 465 points.

  The S&P 500 fell by 0.42 percent, and the Nasdaq Composite slid 0.79 percent.

  The selloff comes after Moody’s downgrade of several regional banks, dampening investor sentiment.

  Some market participants are concerned the signal could spell more trouble for markets, while others believe the pullback is expected due to the extraordinary rally in equities this year.

  • ASIA Markets

  Asia-Pacific markets experienced mixed results as investors analyzed China’s inflation figures for July.

  Reuters polls predicted a 0.4 percent drop in inflation and a 4.1% fall in the country’s producer price index.

  Hong Kong’s Hang Seng index closed at 19,084, indicating a stronger open compared to the HSI’s close of 19,184.17.

  Japan’s Nikkei 225 and Topix fell 0.4% and 0.3%, respectively.

  South Korea’s Kospi climbed 0.88% and the Kosdaq was up 1%.Australia’s S&P/ASX 200 was trading close to the flatline.

  In the US, Moody’s downgraded the credit ratings on regional banks, citing deposit risk, a potential recession, and struggling commercial real estate portfolios.

  • European  Markets 

  European markets experienced a decline on Tuesday due to investors anticipating inflation data and a shock banking tax announcement from Italy.

  The pan-European Stoxx 600 index ended 0.2% lower, with banks losing 2.7% to lead losses.

  Healthcare stocks added 3.2%, while Italian lenders suffered from a 40% windfall tax on banking profits.

  The positive session for healthcare came after a strong drug trial result from Danish pharmaceutical firm Novo Nordisk.

  The European blue-chip index closed Monday’s session up 0.1%, as markets entered suspended animation after last week’s global pullback.

  Consumer price index releases from China and the US are due on Wednesday and Thursday, with analysts expecting China to report disinflation of 0.5% year-on-year.

  • Oil Prices

  Oil prices fell on Tuesday due to China’s crude imports and exports falling more than expected in July, indicating a sluggish post-COVID rebound for the world’s largest oil importer. Brent crude futures fell by 48 cents to $84.93 a barrel, while U.S. West Texas Intermediate crude dropped 50 cents to $81.43. China’s July oil imports were down 18.8% from the previous month, but still up 17.1% from a year earlier. Overall, China’s imports contracted by 12.4% in July, far steeper than the expected 5% drop.

  Exports fell by 14.5%, compared to a 12.5% fall predicted by economists. India’s fuel consumption slipped to a 10-month low in July due to monsoon rains. Despite the gloomy data, some analysts remain optimistic about China’s fuel demand outlook for August to early October.

  • Dollar Index

  Dollar index traded 0.52 percent higher in futures at 102.57, while one dollar’s value hovered near Rs 82.88.

  • Gold Prices

  Gold reached a four-week low on Tuesday due to weaker-than-expected Chinese trade data and US inflation concerns. Spot gold fell 0.55 percent to $1,925.69, while US gold futures fell 0.5% to $1,960.10. China’s weak trade data has pushed the greenback as the preferred currency, putting pressure on the precious metal.

STOCK IN NEWS

• Inox Wind Energy: Through a block transaction, the wind energy producer sold institutional investors more than 1.46 crore equity shares of its subsidiary Inox Wind. The share sale brought in 304.68 crore rupees.

• Prestige Estates Projects: Despite reduced revenue and a high base, the south-based real estate developer declared consolidated profit of Rs 267 crore for the quarter ended June FY24, up 30.3 percent from the same period last year, helped by greater other income and a robust operating margin. To Rs 1,681 crore, revenue decreased 13.3 percent from the previous year.
• Data Patterns India: Due to improved other income and topline figures, the provider of defence and aerospace electronics solutions reported a consolidated profit of Rs. 25.83 crore for the quarter ended June FY24, up 81.4 percent from the same quarter a year earlier. The quarter’s revenue increased 31.2% year over year to Rs 89.7 crore.
• Coal India: The state-owned coal mining giant outperformed expectations in terms of profitability in the first quarter of FY24, but its consolidated profit decreased 10.1% year over year to Rs 7,941.4 crore, hurt by disappointing operational results but helped by higher other income. In the quarter ending June of FY24, operating revenue increased by 2.5 percent year over year to Rs 35,983 crore.
• Oil India: The government-owned oil and gas exploration firm reported a standalone profit of Rs. 1,613.4 crore for the quarter ended in June FY24, down 9.78% from the same time the previous year due to reduced topline and dismal operating results. The quarter’s operating revenue (net of excise tax) was Rs 4,531.2 crore, a 16 percent YoY decrease
• Siemens: Due to improved other income and operating results, the business recorded consolidated profit of Rs 455.5 crore for the quarter ended June FY23 (Q3FY23), up 51.5% from the same quarter last year. The company’s operating revenue increased by 14.4% year over year to Rs 4,873.2 crore, while its new orders were Rs 5,288 crore, a rise of 5.9% from the same time previous year.
• Aarti Industries: Due to poor topline and operating performance, the maker of specialty chemicals reported a 48.5% year-over-year fall in consolidated profit at Rs 70 crore for the quarter ended June FY24. With Rs 1,414 crore, the quarter’s operating revenue decreased 12.2% from the corresponding quarter in the prior fiscal.
• Bikaji Foods International: A Mumbai-based private equity investor’s Lighthouse India Fund III has sold 35 lakh equity shares, or 1.4% of the firm, through open market transactions at an average price of Rs 480 per share. Tata AIA Life Insurance firm, on the other hand, purchased 15.62 lakh equity shares, or 0.6% of the firm, at the same price.
• Minda Corporation: PHI Capital Trust, an alternative investment vehicle, sold its whole 1.18 crore shares, or 4.96% holding, in Minda Corporation for Rs 332.1 crore, effectively exiting the maker of automotive components. PHI sold 1.03 billion shares at an average price of Rs 280 and 15.38 million shares for an average price of Rs 280.68. However, at an average price of Rs 280 a share, the European financial services company Societe Generale and ICICI Prudential Mutual Fund each bought 13.07 lakh and 58 lakh shares, respectively, in Minda.
• Piramal Pharma: At an average price of Rs 14.6 per share, ICICI Prudential Mutual Fund acquired 2.58 lakh shares, or 2.16% of the pharmaceutical company, through its four schemes: ICICI Prudential Value Discovery Fund, ICICI Prudential Innovation Fund, ICICI Prudential Pharma Healthcare and Diaganostics PHD Fund, and ICICI Prudential Equity & Debt Fund. However, the seller of the 2.59 crore shares, or 2.17% ownership in the Piramal Enterprises subsidiary, was CA Alchemy Investments, a subsidiary of CAP V Mauritius Ltd, an investment vehicle managed and advised by associated businesses of The Carlyle Group Inc.
• Ideaforge Technology: The drone manufacturer reported consolidated profit of Rs 18.86 crore for the quarter ended June FY24, a dramatic decline of 54.3% from the corresponding quarter in the prior year, hurt by subpar operating results and reduced topline. During the same period, operating revenue fell 2.2% to Rs 97 crore.
• EIH: The hospitality firm reported outstanding profitability for the quarter that ended in June of fiscal year 24. Profit increased 65.2% year over year to Rs 103.76 crore on the back of solid operating and topline results. The total income from operations for the quarter was Rs 498.1 crore, up 26.3% from the same time last year.
• Utkarsh Small Finance Bank: Due to a decrease in provisions and contingencies, the banking and financial services firm saw a profit of Rs 107.5 crore for the June FY24 quarter, up 20.1% from the same quarter the previous fiscal. In comparison to the same period previous year, net interest income for the quarter jumped by 20.8% to Rs 422 crore.

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