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POST-MARKET REPORT
The Indian benchmark indices ended lower for the second consecutive session on July 22 amid selling in heavyweights as traders were cautious a day ahead of Union Budget announcements.
At close, the Sensex was down 79.43 points or 0.10 percent at 80,525.22, and the Nifty was down 21.60 points or 0.09 percent at 24,509.30.
The biggest Nifty losers included Wipro, Kotak Mahindra Bank, Reliance Industries, ITC and SBI Life Insurance, while gainers were Grasim Industries, HDFC Bank, Dr Reddy’s Labs, Tata Consumer and Infosys.
On the sectoral front, auto, capital goods, healthcare, metal, and power indices went up 1 percent each, while selling was seen in the media, bank, IT, realty, and FMCG.
The BSE midcap index added 1.3 percent and the smallcap index rose 0.8 percent.
STOCKS TODAY
IHCL: The stock jumped over 7 percent after the company reported healthy April-June quarter (Q1FY25) results. In Q1FY25, the company’s revenue increased by 5.7 percent on-year to Rs 1,550 crore, while net profit jumped 10 percent 10 percent YoY to Rs 260 crore.
Kotak Mahindra Bank: Investors booked profits in Kotak Mahindra Bank, causing its stock to drop over 3 percent after the lender reported strong Q1 FY25 results. Despite this, brokerages offered mixed opinions on the stock, citing uncertainty over the timeline for lifting the Reserve Bank of India’s (RBI) digital banking ban, keeping margin and loan growth outlook in check.
Paytm: Shares fell 2 percent after the fintech reported a weak result for the quarter ended June 2024. One 97 Communications reported that its net loss widened two-and-half times on-year to Rs 839 crore. Revenue from operations declined 36 percent on-year to Rs 1,502 crore in Q1FY25 as the company continues to cope with the impact of RBI curbs shutting the payments bank business.
Tejas Networks: Shares tanked over 6 percent even after the company reported strong earnings for the first quarter of the current financial year(Q1FY25). The company reported a net profit of Rs 77 crore as against a loss of Rs 26.29 crore in the year-ago period. Its revenue increased by 696 percent year-on-year to Rs 1,496 crore.
Oberoi Realty: Shares soared as much as 4.4 percent after the company’s solid earnings performance for the April-June quarter of FY25. The real estate major’s net profit surged close to 82 percent on year to Rs 584.50 crore in Q1 of FY25. This net profit was aided by robust revenue growth of 54.4 percent to Rs 1,405.20 crore in the quarter under review, as against Rs 910 crore in the year-ago period.
Anant Raj: Share price rose nearly 8 percent after the company entered into a Memorandum of Understanding (MoU) with Google LLC, an American global technology company. Anant Raj Cloud, a wholly-owned subsidiary of the company, has entered into a MoU with Google LLC to collaborate for providing Data Center Infrastructure, DC Managed Services, and Cloud Platforms to various Public & Private enterprises. The company will also develop innovative technological solutions for potential customers.