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HomeNewsIndian NewsSensex gains 480 points, Stock Market News Aug-04

Sensex gains 480 points, Stock Market News Aug-04

Sensex gains, closed at 65,721 level: While Nifty at 19,517 level

 Indian Market 

FII AND DII 

FII Sold 317.46 Cr
DII Purchased  1,729.19 Cr

 Indian Market News 

  1. Sensex up 450 points, Nifty above 19,510 ; IT and pharma up, autos down
  2. Wall Street closes nearly flat as Treasury rates rise.
  3. The Bank of England raises the benchmark interest rate by 25 basis points to a 15-year high in order to combat inflation.
  4. Asia’s stock markets are mainly higher, with the Hang Seng up 2%.
  5. The GIFT Nifty indicates a positive start for India’s broader index. 
  6. Concord Biotech acquired Rs 465 crore from anchor investors ahead of its first public offering (IPO).
  7. CNBC-TV18 reported that July North America Class 8 Truck orders were down 2% year on year at 13,500 units. 
  8. Sterling and Wilson Renewable Energy received orders totaling Rs 826 crore between April and July 2023.
  9. KPI Green receives approval for a 200 MW grid-connected solar photovoltaic power project.
  10. KEC International receives orders totaling Rs 1,065 crores.
  11. State Bank of India’s first-quarter net profit could increase by 147.3% year on year to Rs 15,009 crore.
  12. Paytm merchant payment volumes increased 39% year on year in July to Rs 1.47 lakh crore.
  13.  GE Shipping sets a 52-week high on the back of solid first-quarter earnings and the appointment of Keki Mistry as director.
  14. LIC Housing Finance’s first-quarter profit increased 43% year on year to Rs 1,323.7 crore, while net interest income increased 38%.
  15. Eicher Motors’ first-quarter earnings increased by 50.4% year on year to Rs 918 crore. The operating margin grows by 110 basis points.
  16. Bharti Airtel’s Q1 profit falls 46% year on year to Rs 1,613 crore, while revenue grows 4%. 
  17. Lupin’s first-quarter net profit of Rs 453.33 crore, up from a loss the previous year, exceeds Wall Street expectations.

 Indian Market Today  

SENSEX 480.57 +0.74% 65,721.25
NIFTY50 135.35  +0.70% 19,517.00
BANK NIFTY 366.05  +0.82% 44,879.55

     INDIAN MARKET MOVERS 

Cipla                     43.90 3.77% SBI                -17.20 -2.91%
IndusInd Bank        45.10 3.31% Bajaj Auto              -114.30 -2.37%
Tech Mahindra                 32.40 2.84% BPCL           -7.60 -2.07% 
Wipro            9.20 2.30% NTPC                 -2.15 -0.98 %
Bharti Airtel  17.95 2.06% Maruti Suzuki    -73.30 -0.77%

MAJOR UPDATES

  • LIC Housing Finance Q1 results: Net profit up 43% to Rs 1,324 crore

    LIC Housing Finance Limited reported a 43% increase in standalone net profit to Rs 1,324 crore for the quarter ended June 30, 2023, driven by strong demand for housing loans. The company’s net interest income grew 38% to Rs 2,252 crore, while the stage 3 exposure at default decreased from 4.98% to 2.99%. Total expenses rose 23%, with finance costs rising 23% to Rs 4,494 crore and interest income rising 28% to Rs 6,704 crore.

  • India cynosure of all eyes as Morgan Stanley, S&P turn bullish on economy

    India’s future as a bright spot in an uncertain global economy is becoming increasingly brighter, according to S&P Global’s report ‘Look Forward: India’s Moment.’ The report predicts that India can sustain high growth, with a conditional ‘yes’ to the trillion-dollar question of whether it can sustain high growth. The report expects India to grow 6.7% per year from 2023-24 to 2030-31, bringing its GDP to $6.7 trillion and a per capita GDP of around $4,500.

  • Fitch re-rating US won’t impact India, says S&P Global’s Atul Arya

    Atul Arya, Senior Vice President and Chief Energy Strategist at S&P Global Commodity Insights, believes India may not face significant consequences from Fitch Ratings’ downgrading of US sovereign credit due to its ballooning fiscal deficit and erosion of governance. He stated that there is no impact on India in terms of longer-term trends and that there is no rethinking on big investments coming into India, at least from the US. Arya believes India is a growth story and that the challenge lies in tackling the bumps and continuing to grow.

     

Global Market Update

  • Gift Nifty

The GIFT Nifty gained 33 points after closing 144 points lower on August 3, while futures stood at 19,489 points.

  •  US market

Nasdaq 100 futures rose 0.2 percent on Thursday, while S&P 500 futures rose 0.07 percent.

The Dow Jones Industrial Average climbed 26 points.

Earnings reports released after the bell sent individual stocks moving.

Amazon jumped nearly 9% after trouncing expectations on profit and offering positive guidance, while Apple lost around 2% after revenue came in lower than the same quarter a year ago.

Beyond mega-cap tech, Airbnb slid after the company said nights and experiences booked grew at a slower rate than Wall Street anticipated.

DraftKings and Dropbox jumped around 13% and 4% on the back of reports that exceeded analysts’ expectations.

With just Friday’s session left in the trading week, the Nasdaq Composite and S&P 500 are poised to post their worst weekly performances since March.

The Dow has slid 0.7 percent on a week-to-date basis.

  • ASIA Markets

Asia-Pacific markets were mixed on Friday due to rising bond yields and the US credit downgrade.

Investors will focus on the Reserve Bank of Australia’s monetary policy statement, which details the central bank’s rationale after holding rates at 4.1%.

The S&P/ASX 200 fell marginally on its open.

Japan’s Nikkei 225 and Topix were also down, while South Korea’s Kospi rose 0.26 percent and the Kosdaq was up 0.19 percent.

Hong Kong’s Hang Seng index is expected to rebound and open stronger.

In the US, all major indexes lost ground, with the S&P 500 falling 0.25 percent, the Dow Jones Industrial Average losing 0.19 percent, and the Nasdaq Composite inching down 0.1%.

  • European  Markets 

European stock markets fell on Thursday due to the earnings season and the Bank of England’s rate hike.

The pan-European Stoxx 600 index closed 0.7 percent lower, with most sectors in decline.

Tech stocks experienced a 1.8% downturn, while the oil and gas sector climbed 0.7 percent after Saudi Arabia extended its voluntary crude oil output.

The BOE announced a 25-basis point hike, bringing its main rate to 5.25 percent.

Asia-Pacific markets also experienced losses, with Germany’s DAX dropping 0.79 percent and the UK’s FTSE declining 0.43 percent.

  • Oil Prices

Saudi Arabia and Russia halted shipments until September or later, raising oil prices by 2% on Thursday.
West Texas Intermediate crude rose $2.06, or 2.6 percent, to $81.55, while Brent futures rose $1.94, or 2.3 percent, to $85.14. Due to recent price stability, Brent’s 30-day close-to-close futures volatility has decreased to its lowest level since February 2022.

  • Dollar Index

One dollar traded at Rs 82.85, while the Dollar Index futures fell 0.02 percent to 102.55.
Gold Prices

  • Gold Prices

As investors remained cautious ahead of the July US nonfarm payrolls data, a strong currency and higher bond yields pulled gold prices down on Thursday.
Spot gold remained at $1,933.80 per ounce after sliding to its lowest level since July 11 at 2:34pm EDT (1834 GMT). Gold futures fell 0.3% to $1,968.80.

STOCK IN NEWS

  • Bharti Airtel: The telecom company reported a profit of Rs 1,612.5 crore for the three months ended in June FY24, a decrease of 46.4% from the same period last year due to a loss on foreign exchange of Rs 3,416 crore. EBITDA for the quarter increased by 5% to Rs 19,746.1 crore with margin expansion of 50 bps to 52.7% compared to March FY23 quarter. Revenue from operations climbed by 4% sequentially to Rs 37,440 crore, with average revenue per user up 3.6% QoQ to Rs 200.

  • Eicher Motors: The first quarter of FY24 saw Eicher Motors post its greatest quarterly revenue, EBITDA, and profit totals ever. For the quarter that ended in June of FY24, profit increased 50.4% year over year to Rs 918.3 crore, while revenue increased 17.3% to Rs 3,986.4 crore. In terms of operations, EBITDA increased by 22.8% to Rs 1,020.9 crore, with a margin increase of 110 bps to 25.6% as compared to the same time last year.

  • Torrent Power: To provide 132 MW of solar energy for its desalination plants in Gujarat, the business, through its subsidiary Torrent Urja 8, entered into a Power Transfer Agreement with SPCPL subsidiaries. The 132 MW project’s anticipated project cost is Rs 700 crore. 1.18 GW of installed renewable capacity and 4.2 GW of total power producing capacity are owned by Torrent Power.

  • Hindalco Industries: Novelis Inc, a subsidiary and a provider of aluminium solutions, reported net income attributable to common shareholders of $156 million for the quarter ended June FY24, a 49% decrease from the corresponding period in the prior year. Lower adjusted EBITDA, higher interest costs, and much bigger gains on unrealized derivatives in the prior year that did not repeat were the causes of the decline in net income. Lower shipments, cost inflation, and a less favourable metal gain from recycling were the main causes of the adjusted EBITDA’s 25% YoY decline to $403 million. Net sales dropped by 20% year over year to $4.1 billion during the quarter, which was somewhat offset by higher product pricing and a favourable product mix. This decline was caused by lower average aluminium prices and a 9% decline in total flat rolled product exports to 879 kilo tonnes.

  • Mahanagar Gas: The natural gas distribution firm declared profit of Rs. 368.4 crore for the three months ended June FY24, up 37% from the prior quarter and supported by decreased natural gas costs and sold goods. During the quarter, operating revenue decreased 4.5% sequentially to 1,537.8 crore.

  • Cummins India: The maker of diesel and natural gas engines reported a standalone profit of Rs 315.7 crore for the quarter ended June FY24, up 58.8% from the same time the previous year on the back of strong topline and operating results. During the same quarter, operating revenue increased by 31% YoY to Rs 2,208.7 crore.

  • LIC Housing Finance: The housing finance firm outperformed analysts’ expectations and saw a significant 43% year-over-year increase in profit for the three months ending in June FY24, coming in at Rs 1,323.7 crore. With respect to the same time last year, net interest income increased by 38.4% to Rs 2,252.3 crore.

  • KEC International: The leader in infrastructure EPC has landed new business of Rs 1,065 crore. For the quarter ended June FY24, consolidated profit improved by 35.5% on-year to Rs 42 crore, supported by strong topline and operating performance. In comparison to the same time previous year, revenue increased by 27.9% to Rs 4,244 crore, while EBITDA increased by 45.2% to Rs 244 crore and the margin increased by 70 bps to 5.8%.

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