Sensex gains 570 points, Stock Market News July 17th

Sensex gains, closed at 66,634 level: While Nifty at 19,720 level

 Indian Market 

FII AND DII 

 Indian Market News 

1.  Sensex up 570 points, Nifty above  19,700  financials leading the way
2. Indices are at all-time highs; the Nifty crosses 19,700 and the Sensex is at 66,600
3. The S&P 500 indices achieve weekly increases while banks experience the largest declines.
4. China’s Q2 GDP growth slows to 0.8% q/q, slightly higher than anticipated.
5.  Asian markets are trading lower, with Shanghai down 1% and Straits Times down 0.5%. 
6. GIFT Nifty increase suggests a flat start for the broader index
7. Gold declines due to a modest dollar increase.
8. India’s foreign exchange holdings increased by $1.23 billion to $596.28 billion.
9. Final day of Utkarsh Small Finance Bank’s initial public offering | Issue purchased 101.91 times, retail portion booked 72.1 times
10. JSW Energy states. Q1 net profit fell by 47.66%.
11. The promoter of Steel Strips Wheels releases the promise on the 2.92% equity shares.
12. Orders for L&T Construction range from Rs 2,500 to Rs 5,000 crore. 
13. SBI raises lending rates by 5 basis points across all tenures as of July 15.
14. Bandhan Bank Q1 profits decline 18.7% year over year to Rs 721 crore, below forecasts.
15. The IPO papers for the pen manufacturer Flair Writing Industries total Rs. 745 billion.
16.  Metropolis Healthcare reports 12% YoY growth in core business revenue in the first quarter.
17.  Kesoram Industries Q1 loss shrinks to Rs 32.4 crore while revenue increases 12.1% year over year.
18. Due to poor operating results, VST Industries’ first-quarter earnings fell by 4% to Rs 83.7 crore. 
19. Integrated Tunnel Communication Systems would be used in a project worth Rs. 144 crore that Ircon International secures.
20. Board clearance for a fund-raising effort by Jammu & Kashmir Bank of up to Rs. 1,750 billion
21. Results for HDFC Bank’s first quarter show a 30% increase in net profit and stable asset quality.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• HDFC Bank Q1 Results: Net profit jumps 30% to Rs 11,951 cr, maintains healthy asset

HDFC Bank’s April-June quarter FY24 net profit rose to Rs 11,951 crore from Rs 9,196 crore in the quarter ended June 30, 2022. Net profit somewhat above market forecasts. Four brokerages projected a net profit of Rs 11,581 crores, but HDFC Bank reported Rs 11,951 crore.
For the quarter ended June 30, 2022, the largest private sector bank’s net interest income (NII) rose 21.1 percent to Rs 23,599 crore from Rs 19,481 crore. Total net interest margin was 4.1 percent, while interest earning assets were 4.3 percent.

The lender’s gross non-performing assets (GNPA) ratio improved to 1.17 percent from 1.28 percent a year earlier.
From 0.35 percent last year, its net NPA (NNPA) was 0.30 percent. Net profit rose from Rs 9,196 crores to Rs 11,951 crores.

• India’s foreign reserves jump $1.23 billion to $596.28 billion.

  On Friday, India’s foreign exchange reserves rose $1.229 billion to $596.28 billion. Forex reserves rose $1.85 billion to $595.05 billion last week. Forex reserves rose $1.85 billion to $595.05 billion last week.

  The country’s forex kitty hit $645 billion in October 2021. The central bank uses its reserves to defend the currency against global pressures, reducing them. Foreign currency assets, a major part of the reserves, rose $989 million to $528.968 billion in the RBI’s Weekly Statistical Supplement for July 7. Foreign currency assets, a major part of the reserves, rose $989 million to $528.968 billion in the RBI’s Weekly Statistical Supplement for July 7.

• DMart Q1: Net profit up 2% to Rs 659 crore; revenue up 18%, below forecasts.

  On July 15, Avenue Supermarts, which owns DMart, announced a combined net profit of Rs 6,58.71 crore for the first quarter of the financial year 2023-24, up 2% from Rs 642.89 crore.

  Consolidated net profit grew 43% from Rs 460.10 crore in the preceding quarter.

  In Q1FY24, standalone net profit rose 2.2 percent to Rs.695 crore from Rs. 680 crore.

  Consolidated revenue from operations rose 18.2% to Rs 11,865.44 crore from Rs 10,038.07 crore. Revenue climbed 12% from Rs 10,594.11 crore.

Global Market Update

• Gift Nifty

The GIFT Nifty starts flat with a 14.5 point loss, with futures at 19,543.50.

•  US market

  After quarterly reports started off earnings season on July 14, bank and financial equities were largely lower on the S&P 500, but all three major US stock indexes achieved good weekly gains.UnitedHealth Group’s stock rose after better-than-expected results.

  JPMorgan Chase rose 0.6 percent, Wells Fargo declined 0.3 percent, and the S&P 500 banks index fell 0.9 percent. Both major banks reported increased quarterly earnings but set aside more money for projected commercial real estate loan losses. The benchmark index was dragged down by energy (2.8%) and financials (0.7%).

  The Dow Jones Industrial Average increased 113.89 points, or 0.33 percent, to 34,509.03, the S&P 500 fell 4.62 points, or 0.10 percent, to 4,505.42, and the Nasdaq Composite fell 24.87 points, or 0.18 percent, to 14,113.70.

  The Dow, S&P 500, and Nasdaq gained 2.3, 2.4, and 3.3 percent, respectively, for the week. S&P 500 has gained 17% year-to-date.Sensex gains

• ASIA Markets

As investors await second-quarter Chinese GDP and June industrial output statistics, Asia-Pacific markets dipped on Monday.

“[Recovery] momentum is rapidly faltering, raising expectations Beijing will have to roll out more stimulus measures soon,” a Reuters poll concluded last week. GDP is forecast to expand 7.3% year over year, but from a low base.

After a five-day gaining streak last week, Hong Kong’s Hang Seng index futures were at 19,319, down from 19,413.78.

Typhoon Talim’s warning will delay Hong Kong’s markets. If the typhoon warning lasts through 12pm Hong Kong time, the exchange will cancel trade.

Before June trade numbers, South Korea’s Kospi fell 0.43 percent.

Singapore and Indonesia will report trade data while Japan’s markets are closed for a holiday.

•  Eu Markets 

After five solid days, European stocks fell Friday.

The regional Stoxx 600 index closed 0.1 percent down after fluctuating all day. Tech stocks rose 1.2 percent, but telecom companies slumped 1.3 percent after Nokia lowered its sales and profit projection and Ericsson disappointed. Mining equities fell 1% and oil and gas 2.1 percent.

STOCK IN NEWS

• JSW Energy: The utilities firm reported a consolidated profit of Rs 290 crore for the June quarter of FY24, down 48.3% year-on-year due to higher finance cost and a high base due to a Rs 120 crore gain in Q1FY23. Mytrah and renewable capacity increases balance reduced thermal asset realisation due to coal price declines, lowering revenue from operations 3.25 percent YoY to Rs 2,928 crore.
• Bandhan Bank: The Kolkata-based private sector lender reported June quarter profit of Rs 721 crore, down 18.7% year-on-year on lower net interest revenue and pre-provision operating profit. Provisions and contingencies fell 6.3% YoY. During the quarter, net interest income fell 0.9 percent to Rs 2,491 crore and net interest margin fell 70 basis points (bps) to 7.3 percent.
• Suzlon Energy; Everrenew Energy ordered a 100.8 MW wind power project from Suzlon Energy. Suzlon will deploy 48 S120 2.1 MW wind turbine generators (WTGs) using hybrid lattice tubular towers at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy in Tamil Nadu. Commissioning is scheduled in March 2024.
• State Bank of India: India’s largest lender raised the marginal cost of funds-based lending rate (MCLR) by 5 bps on July 15.
• Mahindra and Mahindra: The automaker inked an MoU with NXP Semiconductors, a leader in secure embedded connectivity solutions. They will investigate electric and linked vehicles, including utility vehicles, light commercial vehicles, farm equipment, and tractors.
• Just Dial: India’s local search engine company posted a profit of Rs 83.4 crore in the June quarter of FY24, compared to a loss of Rs 48.4 crore last year, due to strong operating performance and topline. Revenue from operations rose 33.1 percent YoY to Rs 247 crore during the quarter, with traffic climbing 15.9 percent to 171.4 million users and mobile traffic at 17.5 percent.
• Avenue Supermarts: The D-Mart shops operator’s June quarter standalone profit rose 2.3 percent to Rs 695.4 crore, hit by lower operating margin. Quarterly revenue rose 18.1 percent to Rs 11,584.4 crore.
• CCL Products (India): For the quarter ended June FY24, the roasted coffee company’s consolidated profit increased by 15.1% year over year to Rs 60.7 crore, helped by lower tax costs and higher topline, but constrained by a lower operating margin. The quarter’s operating revenue increased by 28.6% over the same period last year to Rs 655 crore. Operating-wise, EBITDA increased by 20% year over year to Rs 106.3 crore, but margin fell by 115 basis points to 16.23% from the prior-year period.
• VST Industries: Due to subpar operating results, the manufacturer of cigarettes reported a 3.94% year-over-year decline in profit at Rs 83.7 crore for the June FY24 quarter. The cost of input increased during the quarter. Operational revenue increased by 9.7% to Rs 440.85 crore from the same period last year.
• GTPL Hathway: Lower operating numbers and other income contributed to a 17% decline in profit for the quarter ended June FY24 at GTPL Hathway, a provider of digital cable TV and wireline broadband services. The quarter’s revenue increased by 22.7% YoY to Rs 774.4 crore, with broadband revenue growing by 13% to Rs 129.2 crore and digital cable TV revenue increasing by 9% YoY to Rs 298.1 crore during the same period.
• Kesoram Industries: The BK Birla Group company reduced its consolidated loss from Rs 61.25 crore in the same period last year to Rs 32.4 crore for the quarter ended June FY24. In comparison to the same period in the previous fiscal, operating revenue increased by 12.07% to Rs 998.9 crore.
• Tata Steel Long Products: Thanks to a sharp drop in input costs, the company’s loss for the quarter ending in June FY24 was significantly reduced from Rs 331.1 crore to Rs 36.5 crore. In Q1FY24, revenue decreased 4.2% year over year to Rs 1,909.6 crore.
• Metropolis Healthcare: Due to covid and B2G contracts, the pathology labs and diagnostic centres chain’s core business revenue increased by about 12% in the first quarter of FY24 compared to the same period in FY23. However, the total revenue from operations for the quarter was marginally lower than it was in the first quarter of FY23. Core business did not include revenue from PPP contracts or tests related to COVID. During the quarter, core business volume growth was around 13%. As of June 2023, total debt was Rs 67 crore.

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