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POST-MARKET REPORT
The Indian equity indices erased some of the previous-session gains amid high volatility on August 8, as the RBI policy outcome was on expected lines with key rates unchanged while the Monetary Policy Committee continued with the withdrawal of accommodation stance.
At close, the Sensex was down 581.79 points or 0.73 percent at 78,886.22, and the Nifty was down 180.50 points or 0.74 percent at 24,117.
LTIMindtree, Grasim Industries, Asian Paints, Power Grid Corp, and Infosys were among the major losers on the Nifty. At the same time, gainers included HDFC Life, Tata Motors, SBI Life Insurance, HDFC Bank, and Cipla.
On the sectoral front, except pharma, healthcare, and media, all other indices ended in the red with metal, realty, oil & gas, and information technology down 1-2 percent.
The BSE Midcap index was down 0.4 percent and Smallcap index ended flat.
STOCKS TODAY
Dr Lal PathLabs: Shares fell nearly 3 percent as concerns over valuations outweighed the company’s positive quarterly earnings. Since the stock has risen over 40 percent in just three months, brokerages like Centrum Broking, ICICI Securities, and JM Financial chose to downgrade Dr. Lal PathLabs and cited limited upside potential due to lofty valuations.
Godrej Consumer Products: Shares fell over 3 percent after it delivered a mixed April-June quarter performance. Despite this, brokerages remain optimistic about the stock, especially after the company announced its entry into the pet food business with a Rs 500 crore investment plan.
Suzlon Energy: Shares hit a 5 percent upper circuit to scale a multi-year high of Rs 73.05 on NSE. The recent surge comes after the renewable energy player signed definitive agreements for the acquisition of a 76 percent stake in Renom Energy Services from the Sanjay Ghodawat Group (SGG).
ITD Cementation India: Shares zoomed over 11 percent after the company reported a 92 percent on-year surge in its net profit at Rs 100 crore for the quarter ended June 2024, beating analysts’ estimates. Its revenue grew by 30 percent YoY to Rs 2,381 crore.
Protean eGov Tech: Shares worth Rs 236 crore were sold in a block deal with Standard Chartered Bank being the likely seller. Around 12 lakh shares, representing a 3.2 percent stake in the information technology-enabled solutions provider changed hands in the block deal. The transaction was executed at a floor price of Rs 1,805 apiece, implying an over 3 percent discount from the previous close. The block deal sent shares of Protean eGov down over 1 percent.
BASF India: Shares surged over 9 percent, extending the previous session’s gains to hit a fresh record high as investors cheered the company’s fiscal first-quarter earnings. The Indian arm of the German chemical giant BASF (Badische Anilin- & Sodafabrik) reported a 36 percent on-year growth in net profit at Rs 22 crore in Q1 FY25. Its revenue jumped 18 percent YoY to Rs 399 crore during the quarter under review.