Sensex gains 350 points, Stock Market News July 26

Sensex gains, closed at 66,707 level: While Nifty at 19,778 level

 Indian Market 

FII AND DII 

 Indian Market News 

1.  Sensex up 350 points, Nifty above 19,770, capital goods, FMCG, and real estate leading the way
2. Asian markets are trading lower; the Kospi is down 0.7%.
3. The AI craze propels Wall Street to a higher closing ahead of earnings.
4. The IMF boosts global growth. forecast for US stability, but risks persist
5. Oil prices have fallen as petroleum stocks in the United States have increased.
6. The dollar is nearing a two-week high as the Fed announcement approaches; the Australian dollar dips.
7. Dixon Technologies trades mostly flat and reports a 48% increase in Q1 net earnings.
8. Can Fin Homes’ Rs 38-crore fraud will cut into FY24 profit, sending the stock down 7%.
9. Aurobindo Pharma reaches a 52-week high after receiving a clear chit from the FDA for its Telangana plant.
10. Cyient’s 46% increase in Q1 net earnings keeps brokerages optimistic. 
11. Bajaj Finance’s net profit in the first quarter could increase by 27% due to high loan growth.
12. Axis Bank’s first-quarter net profit could increase 42.7% to Rs 5,889.5 crore.
13. Suraj Estate Developers has refiled draft documents for a Rs 400-crore initial public offering (IPO).
14. Mahindra Group acquires approximately 4% of RBL Bank and plans to increase its stake: Sources
15. Asirvad MF, a subsidiary of Manappuram Finance, is preparing an IPO for Rs 1,500 crore.
16.  L&T would invest Rs 506 crore in its energy division and purchase Sapura Nautical 40% stake in LTSOPL.
17. Orient Electric has sold 23 acres of land parcels for Rs 35 crore.
18. Cipla Q1 earnings are likely to be stable, with robust India growth offsetting reduced US sales.
19. Tata Motors’ first-quarter profit of Rs 3,203 crore was boosted by JLR.
20. Tata Motors intends to convert DVR shares to common stock.
21. Tata Motors DVR Large Trade | 7.06 lakh shares (1.38% equity) worth Rs 31.7 crore changed hands in a pre-open block trade, according to CNBC-TV18.
22. L&T’s first-quarter profit increased 46.5% to Rs 2,493 crore, and the company received board approval for a Rs 10,000-crore share buyback.
23. United Breweries Large Deal | CNBC-TV18 reported that 46.3 lakh shares (1% equity) worth Rs 67 crore changed hands via block at pre-open.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• IMF raises India’s FY24 GDP growth forecast by 20 bps to 6.1%

  The IMF has raised India’s GDP growth forecast for 2023-24 to 6.1%, a 0.2 percentage point upward revision from the April projection. This is due to stronger-than-expected growth in the fourth quarter of 2022, driven by stronger domestic investment, according to the multilateral agency’s World Economic Outlook report.

• L&T gets board nod for Rs 10,000-crore share buyback at 17% premium

  Larsen and Toubro (L&T) plans to buy back up to Rs 10,000 crore worth of shares, marking its first-ever capital return to shareholders. The company’s board approved the proposal, which represents 2.4% of the total paid-up equity share capital, at a maximum price of Rs 3,000 per share. The buyback is subject to shareholders’ approval and the Securities Exchange Board of India (Sebi), marking L&T’s second attempt after its earlier buyback was denied in 2019.

• Tata Motors Q1 Results: Automaker swings back into profit of Rs 3,203 crore on JLR boost

  Tata Motors reported a consolidated net profit of Rs 3,203 crore for Q1 FY14, boosted by improved margins in its passenger vehicle business and strong sales at its luxury car unit, Jaguar Land Rover. The company had reported a net loss of Rs 5,006.60 crore in Q1 FY23, but revenue from operations increased 42% to Rs 1.02 lakh crore, and EBITDA for the quarter rose 177% to Rs 14,700 crore.

Global Market Update

• Gift Nifty

GIFT Nifty starts flat with 12 points gain, futures at 19,869 points.

•  US market

  S&P 500 futures remained unchanged, while Nasdaq 100 futures slid 0.2%.

  Dow Jones Industrial Average futures slipped 42 points, or 0.1%.

  Mega-cap tech stocks, including Google-parent Alphabet, rose by over 6% due to cloud revenue growth, while Microsoft slid by over 3%.

  Investors are eagerly anticipating the Federal Reserve’s latest interest rate policy decision and press conference with Chair Jerome Powell.

  The market is pricing in a 98% chance of the central bank raising interest rates, marking a return to hikes after not increasing interest rates at the June meeting.

• ASIA Markets

The Asia-Pacific markets were mixed as investors prepared for the US Federal Reserve’s rate decision tomorrow, which is expected to approve the 11th interest rate increase since March 2022.

The Fed is expected to approve a quarter percentage point hike, pushing its benchmark borrowing rate to a target range of 5.25-5.5%, pushing the federal funds rate’s upper boundary to its highest level since January 2001.

Japan’s Nikkei 225 was down 0.46 percent, while the Topix also sunk 0.42 percent.

South Korea’s Kospi dropped 0.52 percent in early trade, but the Kosdaq rose 0.62 percent, marking its 11th day of gains in 12 days.

Hong Kong’s Hang Seng index is set to retreat after recording gains of over 4% on Tuesday.

• European  Markets 

European markets closed higher on Tuesday, with investors assessing economic data and corporate earnings.

The Stoxx 600 index ended 0.47 percent higher, marking a sixth consecutive positive session.

Mining stocks jumped 4.46 percent due to new Chinese stimulus measures, while travel and leisure stocks fell 0.6%.

The UK’s FTSE 100 gained 0.17 percent, Germany’s DAX rose 0.13 percent, and France’s CAC 40 slipped 0.16 percent.

STOCK IN NEWS

• Tata Motors: The Tata Group company returned to profitability in the first quarter of fiscal year 2023–24 (Q1 FY14) with a consolidated net profit of Rs. 3,203 crore, helped by increased margins in its passenger vehicle (PV) business and strong sales at its luxury car division, Jaguar Land Rover (JLR). In the quarter under review, operating revenue grew by 42% to Rs 1.02 lakh crore.

• Tata Motors DVR: A Scheme of Arrangement for the Cancellation of ‘A’ Ordinary Shares and the Issue of Seven Ordinary Shares for Every Ten ‘A’ Ordinary Shares Held by Shareholders was authorised by the Board of Directors of Tata Motors, according to DVR. The ‘A’ Ordinary Shares have five percentage points more dividend rights and one-tenth the voting power of ordinary shares. On the BSE and NSE, they are listed as Tata Motors DVR. It will be taken off exchange delistings following conversion

• Larsen and Toubro: L&T reported a total net profit of Rs 2,493 crore for the three months ended in June 2023, up 46.5 percent from Rs 1,702.07 crore in the corresponding period last year. According to the company’s exchange statement, its revenue from operations for the quarter totaled Rs. 47,882 crore, up 33.6% from Rs. 35,853 crore a year earlier. It will buy back shares up to the value of Rs 10,000 crore, marking the first time it has ever returned capital to shareholders.

• UTI Asset Management Company: UTI AMC provided positive Q1 financial results. The increase in net profit to Rs 234 crore was 154 percent. Its operational revenue increased by 60% to Rs 468 crore.

• CEAT: The tyre manufacturer reported a 4.1 percent YoY increase in Q1 revenue to Rs 2935 crore. The company’s PAT increased many times to Rs 144 crore. It experienced “healthy” QoQ volume rise in replacement that was mostly fueled by a seasonal increase in passenger segments. Due to portfolio changes in PC/UV and high base impact, OEM volumes experienced a slight sequential fall, however blended realisations experienced a more significant decline driven by OEM price changes.

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