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Market Opening - An Overview
GIFT Nifty on the NSE IX were trading 0.08% higher at 19,556, signalling that Dalal Street was headed for positive start on Friday.
Asain shares were mixed with Japan’s Nikkei 225 index trading 0.84% higher and the Topix gaining 0.92%, while China’s CSI 300 index tumbling 1.05% and the Hang Seng index falling 0.74%.
The Indian rupee gained 14 paise to close at 82.69against the US dollar on Thursday.
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Stocks in News Today
Hero MotoCorp: India’s largest two-wheeler maker posted a standalone profit at Rs 824.72 crore for the quarter ended June FY24, rising 32% over a year-ago period despite expenses towards VRS of Rs 160 crore. Standalone revenue grew by 4.5% to Rs 8,767.3 crore in Q1FY24 from Rs 8392.5 crore in Q1FY23. Sales volume dropped 2.6% to 13.53 lakh units during the same period.
Life Insurance Corporation of India (LIC): The state-owned company posted a profit of Rs 9,543.7 crore for the quarter ended June FY24 including Rs 7,491.53 crore pertaining to the accretion on the available solvency margin, as against a net profit of Rs 683 in Q1FY23. Net premium was flat at Rs 98,362.8 crore against Rs 98,351.8 crore during the same period. Revenue was up 12% YoY to Rs 1.89 lakh crore in Q1FY24 as against Rs 1.69 lakh crore in the year-ago period. VNB fell 7% to Rs 1,302 crore in Q1FY24 as against Rs 1,397 crore in Q1FY23.
Steel Authority of India (SAIL): The state-owned steel company has recorded consolidated profit at Rs 212.5 crore for the quarter ended June FY24, falling 73.6% compared to the year-ago period, impacted by lower topline growth. It had posted a net profit of Rs 804.5 crore in the eyar-ago period. Revenue from operations for the quarter stood at Rs 24,359 crore in Q1FY24, up 1.4% YoY from RS 24,028.62 in the year-ago period. Ebitda fell 28% to Rs 1,648.82 crore in Q1FY24 from Rs 2,301.55 crore in Q1FY23.
HCLTech: The IT major company has bagged a $2.1-billion contract from US-based Verizon Communications to manage the networks for the business customers of the telecom operator. The contract is for a period of six years and it entails Verizon Business taking care of sales and development, while HCLTech will providing post-sale network rollout and support.
Biocon: The company’s consolidated revenues was up 60% at Rs 3,423 crore in Q1FY24 as against Rs 2,140 crore in Q1FY23. Consolidated net profit was down 30% at Rs 101 crore in Q1FY24 as against Rs 144 crore in Q1FY23. Consolidated Ebitda jumped 79% to Rs 714 crore in Q1FY24 from Rs 399 crore in Q1FY23.
Apollo Tyres: The tyre maker has registered a consolidated profit of Rs 396.9 crore for the quarter ended June FY24, rising sharply by 124% over a year-ago period as lower input costs boosted operating performance. Higher other income also supported profitability. Revenue grew by 5% YoY to Rs 6,244.6 crore during the same period.
Suryoday Small Finance Bank: The bank has reported a profit of Rs 47.6 crore for the quarter ended June FY24, growing sharply by 6-fold over Rs 7.8 crore in the year-ago period driven by strong other income and operating income. Lower provisions also aided profitability. Net interest income grew by 26.9% to Rs 224.7 crore during the same period.
Torrent Power: The Torrent Group company has recorded a consolidated profit at Rs 532.3 crore for the quarter ended June FY24, rising 6% over a year-ago period. Revenue increased by 12.6% YoY to Rs 7,327.6 crore in Q1FY24 from Rs 6510.31 crore in the year-ago period. Ebitda was up 11.7% at Rs 1,184.78 crore in Q1FY24 as against Rs 1,060.42 crore in Q1FY23.
Mazagon Dock Shipbuilders: The state-owned shipbuilding company has registered a 40% year-on-year growth in consolidated profit at Rs 314.3 crore for the quarter ended June FY24. It had posted a net profit of Rs 224.78 crore in the year-ago period. Consolidated revenue from operations fell by 2.6% YoY to Rs 2,172.8 crore for the quarter ended June 2023 from Rs 2230.32 crore in the year-ago period. Ebitda slipped 1.14% to Rs 171.69 crore in Q1FY24 from Rs 173.68 crore in Q1FY23.
MTAR Technologies: The precision-engineered systems manufacturer has reported 25.4% YoY growth in profit at Rs 20.3 crore for the quarter ended June FY24, driven by strong topline and operating income. It had posted a net profit of Rs 16.22 crore in the year-ago period. Consolidated revenue grew by 67.6% YoY to Rs 152.6 crore for the quarter ended June 2023. Ebitda was up 38.3% at Rs 34.52 crore in Q1FY24 as against Rs 24.95 crore in Q1FY23.
NBCC India: The company awarded an order for redevelopment of GPRA Colony at Sarojini Nagar, New Delhi to Varindera Constructions for a total contract value of Rs 955.8 crore.
DLF and Medanta: DLF and Medanta have entered into a 50:50 joint venture to form a special purpose vehicle for setting up a 400-bed multi-specialty hospital hospital in Delhi.
SJVN: The company’s subsidiary SJVN Green Energy has bagged the 90 MW floating solar project at the Omkareshwar reservoir, Madhya Pradesh. The project cost is Rs 610 crore. It also signed an MoU with ONGC for joint development of renewable energy projects and with Sambhar Salts for development of solar project/park in phases.
Zee Entertainment Enterprises: The company’s unit Zee Studios has entered into a share purchase agreement with Elitecast Media to sell Zee Unimedi for Rs 2.4 crore.
Carysil: The company has acquired 43,379 square meters of land in Bhavnagar, Gujarat, at a cost of Rs 9.07 crore for its future expansion plans and new projects.
Container Corp: The company’s consolidated revenue fell 3.5% to Rs 1,923 crore in Q1FY24 as against Rs 1,994 crore in Q1FY23. Ebitda fell 17% to Rs 395.82 crore in the reported quarter as against Rs 478.81 crore in the year-ago period. Consoldiated net profit dropped 17% to Rs 245.19 crore in Q1FY24 from Rs 296.83 crore in Q1FY23.
Sanofi India: The pharma company said its consolidated revenue was down 51.05% to Rs 706 crore in Q2CY23 as against Rs 1,442.6 crore in the corresponding period last year. Ebitda was down 56.33% at Rs 178.2 crore in the quarter under review as against Rs 408.1 crore in the year-ago period. Consolidated net profit fell 60.77% to Rs 122.9 crore in the reported quarter from Rs 313.3 crore in the same period last year.
NCC: The company’s consolidated revenues was up 32% at Rs 4,380.39 crore in Q1FY24 from Rs 3,321.35 crore in Q1FY23. Ebitda was up 32.91% at Rs 409.21 crore in Q1FY24 as against Rs 307.87 crore in Q1FY23. Consolidated net profit rose 33.57% to Rs 174.36 crore in Q1FY24 from Rs 130.54 crore in Q1FY23.
Kirloskar Oil Engines: The company’s Q1FY2024 consolidated revenue was up 29.5% at Rs 1,543.37 crore from Rs 1,191.41 crore in the year-ago period. Consoldiated Ebitda was up 52.7% at Rs 264.18 crore in Q1FY24 from Rs 173.03 crore in Q1FY23. Consolidated net profit was up 53% at Rs 125.53 crore in Q1FY24 from Rs 82.06 crore in QFY23.
NBCC India: The company’s consolidated revenue revenue was up 6.6% at Rs 1,917.87 crore in Q1FY24 from Rs 1,799 crore in Q1FY23. Consolidated Ebitda was up 9.1% at Rs 57.16 crore in Q1FY24 from Rs 52.37 crore in Q1FY23. Consolidated net profit stood at Rs 77.41 crore in the reported quarter as against a net loss of Rs 4.85 crore in the eyar-ago period.