Sensex gains 80 points, Stock Market News Aug-14

Sensex gains, closed at 65,400 level: While Nifty at 19,435 level

 Indian Market 

FII AND DII 

 Indian Market News 

1. Market closes flat amid turbulence; IT rises, metals decline
2. As US Treasury yields increase, big tech losses sink the Nasdaq and S&P.
3. In tumultuous trading, the yen breaks over the 145/$ barrier, while the dollar remains steady.
4.  Gold falls to a five-week low as the US dollar and rates remain high.
5. Oil prices fall due to a stronger dollar and fears about Chinese consumption.
6. The GIFT Nifty indicates a dismal start for India’s broader index.
7. The Hang Seng is down 2%, the Straits Times is down 1%, and Taiwan is down 1%.
8. The Indian government contracts ideaForge for 88 billion rupees.
9. On the last day, 1.84 times of the TVS Supply Chain Solutions IPO issue were subscribed.
10. Finolex Cables’ Q1 earnings increased by 34.1% year over year to Rs 160.4 crore. 
11. Revenue grows 20%, and Rail Vikas Nigam’s Q1 profit jumps 15.3% year over year to Rs 343 crore.
12. IRCTC and Delhi Metro sign an agreement to provide DMRC tickets with QR codes.
13.  Aurobindo Pharma Q1 profit increases 10% year over year to Rs 570.8 crore, while revenue increases 10%.
14. Indiabulls Real Estate’s first-quarter sale bookings fell 75% to Rs 74 crore.
15. Toll collections during the month of July 2023 increased 14% year on year to Rs 365 crore from Rs 320 crore.
16. SpiceJet postpones Q1FY24 and Q4FY23 earnings till August 14. 
17. ONGC’s first-quarter consolidated net profit jumps 102% to Rs 17,383 crore.

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• MCap of seven of top 10 firms falls by Rs 74,603 crore; HDFC Bank biggest laggard

Last week, the combined market valuation of seven top 10 firms declined by Rs 74,603.06 crore, with HDFC Bank emerging as the biggest laggard. The BSE benchmark also declined by 398.6 points or 0.60%. Other firms, including ICICI Bank, Hindustan Unilever, Infosys, and ITC, also experienced erosion. HDFC Bank’s valuation declined by Rs 25,011 crore to Rs 12,22,392.26 crore.

• Dalal Street Action | CPI inflation, FOMC minutes, FII Flow among 10 key factors to watch

The market corrected for the third consecutive week ending August 11, trading within the previous week’s long range. The RBI’s decision to raise its full-year inflation projection has increased the likelihood of additional momentum in the rate-cut trajectory extending into FY25. The announcement of a 10% incremental Cash Reserve Ratio for banks and lackluster global cues have exerted downward pressure on market sentiment. The market will react to industrial production numbers for June, with consolidation expected to continue with focus on monthly CPI and WPI inflation numbers and FOMC minutes. The BSE Sensex dropped 365 points to 65,322, while the Nifty50 declined 114 points to 19,428, dented by banking & financial services and FMCG stocks. Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services, expects the market to consolidate in the range, trading cautiously ahead of India’s inflation data.

• Primary market action: Four IPO launches, five listings to take place this week

This week’s primary market will see four IPOs opening for subscription and five new firms added. Pyramid Technoplast, a polymer-based molded products maker, is the only IPO on the mainboard, with bidding starting on August 18 at a price range of Rs 151-166 per share. The company plans to mobilize Rs 153.05 crore through its maiden public issue, consisting of a fresh issuance of shares worth Rs 91.3 crore and an offer for sale of Rs 61.75 crore by promoter Credence Financial Consultancy LLP.

• Amara Raja Batteries Q1 PAT up 45.55% at Rs 192.14 crore

Amara Raja Batteries Ltd reported a 45.55 per cent increase in consolidated profit after tax to Rs 192.14 crore in the first quarter ended June 30, 2023. The company’s revenue from operations reached Rs 2,795.51 crore, while total expenses were higher at Rs 2,560.69 crore. ABRL Chairman & Managing Director Jayadev Galla attributed the growth to customer trust in the product’s quality and reliability. The company is poised for a strong future in Li-ion initiatives.

Global Market Update

• GIFT Nifty

  The GIFT Nifty experienced a 42-point loss, closing 114 points lower at 19,428 points on August 11. GIFT Nifty futures were at 19,449 points.

• US Markets

  Stock futures on Wall Street gained slightly on Sunday evening, with the S&P 500 and Nasdaq 100 futures up 0.2% and 0.3%, respectively.

  This comes after stocks struggled to sustain their rally in late summer, with the S&P 500 and Nasdaq Composite falling 0.31 and 1.90% respectively.

  The Dow Jones Industrial Average gained 0.62 percent for its fourth positive week in five.

  The upcoming week could be driven by US consumer earnings reports from Home Depot, Target, and Walmart, as well as retail sales data from July.

  The earnings reports come after mixed inflation reports last week, showing price increases have eased from their post-pandemic peak but still above the Federal Reserve’s 2% target.

• European Markets

  European markets closed lower on Friday due to earnings and US inflation data.

  The Stoxx 600 index ended the session down 1.1 percent, with tech stocks leading losses, while autos and mining stocks fell 1.8 and 1.7 percent, respectively.

  FTSE closed 1.24 percent lower and DAX closed 1.03 percent lower.

•   Asian Markets

  Asia-Pacific markets experienced a decline on Monday due to key data from Japan and China.

  Japan’s GDP for the second quarter and inflation print are expected on Tuesday.

  Japan’s Nikkei 225 fell 0.1 percent, while the Topix was up 0.12%.

  South Korea’s Kospi was down 0.3%, and the Kosdaq saw a larger loss of 0.85%.

  Australia’s S&P/ASX 200 was 0.37 percent lower.

  China will release industrial production and retail sales for July and house prices on Tuesday.

  Hong Kong’s Hang Seng index closed at 18,857, marking a weaker open compared to the HSI’s close of 19.075.19.

  The combined market valuation of seven of the top 10 firms declined by Rs 74,603.06 crore last week, with HDFC Bank emerging as the biggest laggard.

  The BSE benchmark declined 398.6 points or 0.60% last week.

• Oil Prices

  Oil prices rose on Friday due to the International Energy Agency’s forecast of record global demand and tightening supplies. Brent crude futures rose 19 cents to settle at $86.59 a barrel, while US West Texas Intermediate crude futures gained 22 cents to settle at $83.05. The IEA estimated that global oil demand reached a record 103 million barrels per day in June and could reach another peak this month. Saudi Arabia and Russia’s output cuts set the stage for a sharp decline in inventories, which could drive oil prices even higher.

• Dollar Index

  Dollar index traded 0.15 percent higher in futures at 102.96, while one dollar’s value hovered near Rs 82.90.

• Gold Prices

  Gold prices experienced their worst week in seven on Friday, due to a stronger dollar and elevated bond yields. Spot gold rose by 0.05 percent to $1,912.9246 per ounce, while US gold futures fell by 0.18 percent to $1,945.4. Bullion has slid by 1.2% so far in the week, with the US dollar index and benchmark 10-year Treasury bond yields on track for their fourth consecutive weekly gain. Investors have been buying gold at low-1900s levels, but when it strengthens, they’ve been selling, limiting the range.

STOCK IN NEWS

• Reliance Industries: Jio Financial Services said that on August 10, its 635,32,84,188 equity shares were credited to the demat accounts of Reliance Industries’ stockholders. Until BSE, the approved stock exchange, grants approval for listing or trade, the aforementioned equity shares will remain frozen in the depository system. For the listing of these equity shares, Jio Financial has submitted applications to BSE and the National Stock Exchange of India. (Advertisement: MoneyControl is a member of the Network18 organisation. Independent Media Trust, whose only benefactor is Reliance Industries, controls Network18.)

• Aurobindo Pharma: The pharmaceutical company’s consolidated profit for the quarter ended in June FY24 was Rs 570.8 crore, up 9.7% from the same quarter a year earlier. This increase was primarily the result of increased other income and operational figures. Operations revenue increased by 9.9% to Rs 6,850.5 crore from the same quarter the previous fiscal, with growth markets revenue increasing by 12.9% to Rs 486 crore and the US formulations business expanding by 11.2% to Rs 3,304 crore. On the operational front, EBITDA increased 134 basis points over the same period to Rs 1,151.4 crore, a 19.3% increase in EBITDA.

• Voltas: The top air conditioning business reported consolidated profit of Rs. 129.4 crore for the June FY24 quarter, up 18.2% from the equivalent period the previous year. However, lower operating margin limited profitability. To reach Rs 3,360 crore for the quarter, operating revenue increased by 21.4% YoY, driven by increases in the electro-mechanical projects & services and unitary cooling products sectors of 16.3% and 49.3%, respectively. EBITDA grew by 4.8% to Rs 185.4 crore in Q1FY24, while margin fell by 90 basis points to 5.5% from the previous quarter.

• ABB India: Thanks to solid operating results and topline, the electrification and automation technology firm reported a 101% year-over-year increase in profit for the quarter ended in June 2023 (Q2CY23), coming in at Rs 296 crore. With a strong focus on execution, increased visibility due to a strong backlog, revenue mix, and capacity utilisation, revenue for the quarter increased by 22% YoY to Rs 2,509 crore. Orders for the quarter grew by 10% to Rs 3,044 crore. The special dividend of Rs. 5.5 per share has received board approval.

• Finolex Cables: The maker of electrical and communications cables posted a consolidated profit of Rs 160.4 crore for the quarter ended June FY24, up 34.1% year over year due to improved topline and operating results. The quarter’s revenue was Rs 1,204.3 crore, an 18.6% increase over the same period last year.

• Surya Roshni: BPCL and HPCL have placed orders with the lighting producer totaling Rs 171.16 crore. BPCL has allocated orders totaling Rs 163 crore for the CGD project throughout all of India, and HPCL has granted orders totaling Rs 8.16 crore for the provision of 3LPE coated line pipe for the West Bengal CGD project.

• JK Cement: For the quarter that ended in June of FY24, the cement producer’s consolidated profit fell by 29.5% from the prior year to Rs 114.66

• Oil and Natural Gas Corporation: For the June FY24 quarter, the state-owned oil and gas exploration business recorded a standalone profit of Rs. 10,015 crore, a 34.1 percent decrease from the same quarter in the prior year. When compared to the same quarter in the previous fiscal, the quarter’s gross revenue, which was Rs 33,814 crore, fell by 20.1 percent.

•  Sterling and Wilson Renewable Energy: For its proposed 600 MWac (or 750 MWdc) solar PV project in Khavda, Sterling & Wilson Renewable Energy has acquired a Letter of Intent (LoI) from Gujarat Industries Power Company (GIPCL). For a period of three years, operation and maintenance will be included in the overall bid amount of Rs. 1,130 crore.

• National Aluminium Company: Due to weaker topline and operating statistics, the state-owned aluminium company’s consolidated profit for the quarter ended in June FY24 fell by 40.2 percent to Rs 333.8 crore. During the quarter, revenue decreased 16.3 percent YoY to Rs 3,178.4 crore.

• FSN E-Commerce Ventures: With significant increase in topline and operating metrics, the beauty and personal care firm Nykaa operator reported consolidated profit of Rs. 5.4 crore for the quarter ended June FY24, up 8% from the same quarter a year earlier. The quarter’s operating revenue was Rs 1,421.8 crore, up 24 percent year over year.

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