Sensex gains 365 points, Stock Market News July 31

Sensex gains, closed at 66,527 level: While Nifty at 19,740 level

 Indian Market 

FII AND DII 

 Indian Market News 

1. Sensex up 340 points, Nifty above 19,740,  all sectors except FMCG in the green
2. China’s factory activity continues to drop, strengthening the need for stimulus. 
3. Oil is on course to have its best month in almost a year.
4. Wall Street finishes the week higher on the back of US soft landing optimism.
5. Asian markets are trading higher, with the Hang Seng and Nikkei both up 2%.
6. The GIFT Nifty indicates a flat opening for India’s broader market.
7. Spandana Sphoorty Financial Large Trade | Block deal exchange of 10 lakh shares (1.6% equity) for Rs 83.6 core.
8. Considering selling its petrochemical segment, Oricon Enterprises
9. Chalet Hotel shares skyrocket after Q1 net profits increase 207%.
10. Indiabulls Housing would raise up to Rs 35,000 crore, sending its stock up 8%.
11. Bank of India is up 3% on a threefold increase in net profit in the first quarter and improved asset quality.
12. United Breweries is up 2% after reporting disappointing profit and sales figures.
13. SBI Cards falls 2% as pre-Covid pain bites hard; brokerages provide conflicting opinions
14. Equitas Small Finance Banks first-quarter profit increased 97% year on year to Rs 191 crore. 
15. IDFC First Bank’s first-quarter profit increased 61% year on year to Rs 765 crore, while net interest income increased 36%.
16. Maruti Suzuki Q1 Preview: Net profit to jump 142% due to volume increase and sales mix
17. UPL Prediction: Weak demand and high-cost inventory destocking will weigh on Q1 earnings. 
18. Laxmi Organic approves Rs 710 crore in capital expenditure to establish a manufacturing facility in Dahej, Gujarat. 
19. NTPC’s first-quarter profit rises 9.4% year on year to Rs 4,066 crore, but revenue dips 2.3%.
20. The US FDA completes its investigation of Gland Pharma’s Visakhapatnam facility with 483 observations.
21. Piramal Enterprises provides information. Profit for the first quarter fell to Rs 509 crore, but the board approved a share purchase.
22. Power Mech Projects has been awarded a deal for Rs 30,438 crore.
23. Five years after the company’s exit, the government will acquire a major interest in HPCL through a preference issue.
24. Five public issues will be listed on D-Street this week, with two stocks making their debut.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• ITC, HDFC Bank lead 7 India Inc Top 10 in Rs 77,434.98-crore market valuation fall.

  Last week, the aggregate market worth of seven of the top-10 most valued corporations declined by Rs 77,434.98 crore, with ITC and HDFC Bank suffering the most. Equities were flat.

  Last week, the BSE benchmark slid 524.06 points, 0.78 percent. Infosys, State Bank of India, and Bharti Airtel increased their market capitalization (mcap) whereas Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, ITC, and Bajaj Finance Limited declined.

  ITC dropped Rs 26,192.05 crore to Rs 5,83,732.19 crore. HDFC Bank lost Rs 22,747.89 crore to Rs 12,40,322.63 crore, while Bajaj Finance lost Rs 12,127.47 crore to Rs 4,47,298.52 crore.

• NTPC Q1 net profit climbs 9.4% to Rs 4,066 crore.

  The first quarter of financial year 2023-24 saw NTPC’s standalone net profit rise 9.4% to Rs 4,066 crore from Rs 3,717 crore.

  According to the company’s July 29 reports, the June 2023 quarter’s revenue from operations was Rs 39,122 crore, down 2.3 percent from the previous fiscal year’s Rs 40,026 crore.

• FPIs continue buying; invest Rs 45,365 cr in stocks in July.

  In July, foreign portfolio investors (FPIs) invested Rs 45,365 crore in Indian equities markets on stable macroeconomic fundamentals and earnings growth. However, FPIs turned sellers in the two trading days before the US Federal Reserve meeting on July 26 as buying momentum weakened.

  “The US Fed suggested more hikes and ruled out rate cuts.” “The potential impact of rate hikes on global liquidity would have led foreign investors to re-evaluate their investment decisions,” said Himanshu Srivastava, Associate Director – Manager Research, Morningstar India.

Global Market Update

• Gift Nifty

The broader index started Monday with a 0.01 percent fall in the GIFT Nifty. Futures were 19,788.

•  US market

Stock futures rose modestly overnight Sunday as the market prepares for significant July gains. Dow Jones Industrial Average, S&P 500, and Nasdaq 100 futures rose 34, 0.2, and 0.4 percent, respectively.

For the first time since August 2021, the S&P rose 3% in July. The tech-heavy Nasdaq Composite is on course for its sixth straight winning month, up 3.8 percent.

July’s Dow gained 3.1 percent. The 30-stock average’s 13-day increase last week tied its 1987 record.

This bull market is no longer mega-cap-only. “A new chapter of broadening participation has developed,” said LPL chief technical strategist Adam Turnquist.Since early June, market breadth has expanded due to strong U.S. economic statistics, declining inflation pressures, and anticipation that the Federal Reserve will halt its rate-hiking campaign.

• ASIA Markets

Asia-Pacific markets rose before regional business activity and inflation data this week. Hong Kong’s Hang Seng index futures were 20,160, indicating a better open than the HSI’s 19,916.56 close. The HSI had not crossed 20,000 in over a month.

The Topix rose 1.27 percent and the Nikkei 225 1.11 percent at the outset. The Kospi rose 0.65% and the Kosdaq 1.21 percent in South Korea.

As investors brace for Tuesday’s Reserve Bank of Australia rate announcement, the S&P/ASX 200 climbed 0.22 percent. Reuters economists predict a 25 basis point boost to 4.35 percent.

• European  Markets 

European equities fell Friday after a week of earnings and central bank announcements. Most sectors lost 0.2 percent on the Stoxx 600 index. Media stocks fell 1.3%.

On Friday, the Bank of Japan maintained its negative interest rate but indicated “greater flexibility” in its target range for 10-year Japanese government bond yields, which some analysts saw as an indication of an eventual policy adjustment, but how significant. FTSE rose 0.02 percent to 7694 points. DAX rose 0.39 percent to 16469 points on Friday.

STOCK IN NEWS

• Power Grid Corporation of India; has been named the successful bidder for two inter-state transmission system projects that will be built, owned, operated, and transferred (BOOT).

   

• Gland Pharma: The US Food and Drug Administration (US FDA) completed its inspection of the company’s Visakhapatnam facility with zero 483 observations and no action taken. The FDA inspected the oncology facility for good manufacturing practices from July 20 to July 28.

• Godrej Properties‘ board of directors will meet on August 2 to discuss a plan to raise cash through debt instruments via private placement.

• Piramal Enterprises: The diversified non-banking finance company recorded a consolidated profit of Rs 509 crore for the first quarter of fiscal year 2023-24, topped by an 855 crore gain on the sale of a stake in Shriram Finance. Profit in Q1FY23 was Rs 8,155 crore, boosted by a one-time gain of Rs 7,614 crore from the pharma demerger. In comparison to the previous year, net interest income declined 17 percent to Rs 891 million.

• Bank of India: For the June quarter of FY24, the public sector lender reported a standalone profit of Rs 1,551 crore, a 176 percent year-on-year increase, with net interest income growing 45 percent year on year to Rs 5,915 crore. Operating profit increased by 72% to Rs 3,752 crore, while non-interest revenue increased by 27% to Rs 1,462 crore.

   

• SBI Cards and Payment Services: The credit card issuing company’s profit fell 5% year on year to Rs 593 crore in Q1FY24. Revenue from operations increased 26 percent to Rs 3,912 crore from the previous quarter, while net accounts increased 22 percent to 10.97 lakh.

   

• Marico: The FMCG company posted a consolidated profit of Rs 436 crore in the June quarter, up 15.6 percent year on year, thanks to strong operating performance. Revenue from operations declined 3.2 percent year on year to Rs 2,477 crore, owing to weak India business and moderate increase in overseas business, with domestic volume growth of 3%.

• MMTC: The public sector corporation got $11.50 million in default letters addressed to its subsidiary MTPL Singapore from foreign offices of Indian foreign Bank, Bank of India, and UCO Bank.

• UCO Bank: Operating profit rose 80.8% to Rs 223 crore in the June FY24 quarter, despite higher provisions. Net interest income rose 21.8% to Rs 2,009 crore, with advances up 25% and deposits up 10.8%. Asset quality improved with gross NPA down 30 bps sequentially to 4.48% and net NPA down 11 bps QoQ to 1.18% for the quarter.

   

• DCB Bank: Q1FY24 profit was Rs 127 crore, up 31% YoY, while operating profit was Rs 209 crore, up 26%. Advances rose 19% and deposits 23%, boosting net interest revenue 26% to Rs 471 crore. Asset quality deteriorated as gross NPA rose 7 bps QoQ to 3.26% and net NPA rose 15 bps to 1.19%.

   

• United Breweries: Profit fell 15.8% to Rs 136.2 crore in the June FY24 quarter due to decreased topline and operating performance. Revenue from operations (net-of-excise duty) fell 6.7% to Rs 2,273 crore during the quarter, with volumes down 12% due to RTM (root to market) adjustments, supply issues, and fewer inter-state sales.

   

• NLC India: The state-owned coal mining company’s consolidated earnings fell 28% to Rs 404.7 crore for the first quarter ending June FY24 due to disappointing topline and operating metrics. Revenue fell 14.1% to Rs 3,316 crore compared to last fiscal.

• Multi Commodity Exchange of India: The commodity derivatives exchange’s consolidated profit fell 52.6% to Rs 19.6 crore in June FY24 due to poor operating performance. Operations revenue rose 34% to Rs 145.7 crore. Profit rose 261% and revenue 9% sequentially.

• IDFC First Bank: Despite increased provisions, the private sector lender’s June FY24 profit rose 61% to Rs 765 crore due to strong core operating income growth. Net interest income grew 36% to Rs 3,745 crore, and net interest margin rose to 6.33% from 5.77%. Gross NPA fell 34 bps sequentially to 2.17% and net NPA fell 16 QoQ to 0.7%.

   

• Equitas Small Finance Bank: Lower provisions drove a 97% increase in June FY24 quarter profit to Rs 191 crore. Advances, deposits, and net interest income all climbed 36% YoY to Rs 743 crore. Gross NPAs down 1 bps QoQ to 2.75% while net NPAs fell 3 bps to 1.18%.

   

• RITES: The state-owned transport infrastructure consultancy and engineering firm’s consolidated earnings fell 17.4% to Rs 119.6 crore for the quarter ended June FY24 due to decreased topline. Exports and quality assurance revenue drove a 10% drop in operations revenue to Rs 544 crore.

   

• Nazara Technologies: The gaming and sports media platform saw its June FY24 quarter profit rise 72.7% to Rs 19.5 crore on increasing other income and topline. Revenue from operations rose 14% to Rs 254.4 crore, EBITDA up 10% to Rs 33 crore, and margin declined 43 bps to 13% during the quarter.

   

• Chalet Hotels: Tax write-back boosted consolidated profit by 210% to Rs 88.66 crore for the quarter ended June FY24. Q1FY24 revenue rose 23% to Rs 310.77 crore.

   

• Star Health and Allied Insurance Company: Quarter-ended FY24 profit rose 35% to Rs 287.9 crore. Gross written premium rose 19.7% to Rs 2,948.6 crore. Q1FY24 combined ratio was 97.81% versus 98.24% in Q1FY23.

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