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Market Opening - An Overview
GIFT Nifty on the NSE IX were trading 0.09% at 19,518, signalling that Dalal Street was headed for positive start on Thursday.
Most Asian shares were trading lower as investors were worried that the Fed would continue their tight monetary policy after better-than-expected US labor-market data. The Nikkei 225 index fell 1.39% and the Topix was down 1.12%. The Hang Seng slipped 0.15% and the CSI 30 inched up 0.07%.
The Indian rupee fell 32 paise to 82.58 against the US dollar on Wednesday.
FII/DII Trading Data
Stocks in News Today
InterGlobe Aviation (IndiGo): The carrier has reported the highest-ever quarterly profit and revenue in Q1FY24. The airline’s profit stood at Rs 3,090.6 crore for the quarter ended June FY24, compared to a loss of Rs 1,064.3 crore in the year-ago period. Revenue surged 30% YoY to Rs 16,683.1 crore. Ebitdar is up 679% to Rs 5,169.49 crore in Q1FY24 as against Rs 663.89 crore in Q1FY23. Its board has approved the incorporation of a limited liability partnership for Rs 7 crore, which will be completed in three years.
Hindustan Petroleum Corporation (HPCL): The state-owned oil retailer has reported a standalone profit of Rs 6,203.9 crore for the quarter ended June FY24, rising 92.5% over the previous quarter driven by strong operating numbers. Revenue from operations stood at Rs 1,11,960.6 crore in Q1FY24, rising 3.7% over Rs 1,07,928 crore in the previous quarter. Numbers were above analysts’ estimates.
Titan: The Tata Group company has recorded a standalone profit of Rs 777 crore for the quarter ended June FY24, falling 2% compared to the year-ago period impacted by weak operating numbers. Revenue from operations grew by 24.4% to Rs 11,145 crore compared to the year-ago period.
Quess: The staffing company said its consolidated revenue was up 16% to Rs 4,600 crore in Q1FY24 as against Rs 3,979.32 crore in Q1FY23. Consolidated net profit was down 29% at Rs 48.12 crore in Q1FY24 as against Rs 67.70 crore in Q1FY23. Ebitda stooda at Rs 153.88 crore in Q1Fy24 as against Rs 153.34 crore in Q1FY23.
JSW Steel: The company signed a joint-venture deal with Japan’s JFE Steel to produce cold-rolled grain-oriented silicon steel. The project cost is Rs 5,500 crore and will be financed by a mix of equity and debt.
Gujarat Gas: The company said that its consolidated revenue was down 26% at Rs 3,923.7 crore in Q1FY24 as against Rs 5,303.23 crore in Q1FY23. Consolidated net profit declined 43.4% to Rs 215.95 crore in Q1FY24 as against Rs 381.9 crore in Q1FY23. Ebitda was down 36% at Rs 388 crore in Q1FY24 as against Rs 606.6 crore in Q1FY23.
Narayana Hrudalaya: The company’s consolidated revenue in Q1FY24 was up 19% at Rs 1,233 crore as against Rs 1,033 crore in Q1FY23. Consolidated net profit was up 66% at Rs 184 crore in Q1FY24 as against Rs 111 crore in Q1FY23. Ebitda was up 41% YoY to Rs 271 crore in the reported quarter from Rs 192 crore in the year-ago period.
Mankind Pharma: The company has registered consolidated profit of Rs 486.9 crore for the quarter ended June FY24, rising 66.4% over the corresponding period last fiscal, backed by healthy operating numbers. Revenue during the quarter jumped 18.3% to Rs 2,578.6 crore compared to the year-ago period.
Metropolis Healthcare: The diagnostic service provider has recorded a consolidated profit of Rs 28.8 crore for the June FY24 quarter, falling 13.8% compared to the year-ago period, impacted by weak operating and lower revenue numbers. Revenue from operations declined 1% YoY to Rs 277 crore during the quarter primarily due to large B2G contract insourced by the government and high base of Covid and Allied tests.
VIP Industries: The luggage manufacturing company has posted a consolidated profit of Rs 57.75 crore for the quarter ended June FY24, declining 16.4% YoY due to lower operating performance. Revenue from operations increased 7.7% to Rs 636.1 crore compared to the year-ago period.
UltraTech Cement: The company will acquire a 26% stake in VEH Radiant Energy for Rs 15.10 crore. It has signed a share subscription and shareholder agreement as well as an energy offtake agreement with VEH Radiant Energy.
Mining companies: The upper and lower houses of the Parliament have cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023. The bill allows the Centre to exclusively auction mining leases and composite licences for certain critical minerals of the country, with states also getting their revenue. The bill also seeks to allow increased private sector participation, with players now allowed to mine six out of 12 atomic minerals, including lithium, and deep-seated minerals such as gold and silver. Earlier, all 12 atomic minerals were reserved for mining and exploration by government entities.
Hindalco Industries: The company has won the bid to mine the Meenakshi West coal mine in Odisha.
NTPC: The state-owned company said its subsidiary, NTPC Mining, has won the bid to mine the North Dhadu coal mine in Jharkhand.
ReaRamkrishna Forgings: The company has formed a joint venture with Titagarh Rail Systems to form ‘Ramkrishna Titagarh Rail Wheels’ for the manufacturing and supply of forged wheels.
Torrent Power: The company has incorporated its unit, Torrent Green Energy, to carry on business in the electricity generation from renewable energy industries. It has yet to commence operations.
Central Bank of India: The company appointed Dr. Bhaskar Gorugantu as the Chief Risk Officer with effect on Aug. 3 after Ashwini Kumar Shukla departed.
Asian Energy Services: The company received a Letter Of Authorisation from Gail India for the hiring of services for the acquisition of seismic data in Block RJONHP20211 in Rajasthan. The value of the LOA is Rs 16.69 crore, and the contract duration is six months.
Paradeep Phosphates: The company said its consolidated revenue was up 25% at Rs 3,054.33 crore in Q1FY24 as against Rs 2,434.66 crore in Q1FY23. Net loss stood at Rs 119.94 crore in Q1FY24 as against a net profit of Rs 62.77 crore in Q1FY23. Ebitda loss stood at Rs 38.56 crore in Q1FY24 compared with an Ebitda of Rs 157.24 crore in the year-ago period.
Pricol: The auto components maker reported a 20% rise in revenue at Rs 522 crore in Q1FY24 compared with Rs 433.98 crore in the year-ago period. Its consolidated net profit soared 55% to Rs 31.94 crore in Q1FY24 as against Rs 20.59 crore in Q1FY23. Ebitda was up 17% at Rs 49.55 crore in Q1FY23 as against Rs 42.47 crore in the year-ago period.