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Market Opening - An Overview
GIFT Nifty on the NSE IX traded 0.17% higher at 19,622.5, signalling that Dalal Street was headed for a positive start on Monday.
Most Asian shares were trading lower after investors treaded cautiously after the US markets closed lower on Friday. The Nikkei 225 index slipped 0.01%, while the Topix rose 0.3%. The Hang Seng index was down 0.15% and the CSI 300 index fell 0.63%.
The Indian rupee fell 10 paise to 82.84 against the US dollar on Friday.
FII/DII Trading Data
In cash segment, Foreign institutional investors (FII) were net sellers for Rs 556.32 crore, while domestic institutional investors (DII) bought shares worth Rs 366.61 crore on August 4.
Upcoming Results
Tata Chemicals, Paras Defence and Space Technologies, Sun Pharma Advanced Research Company, Sobha, Godrej Consumer Products, RateGain Travel Technologies, Emami, PB Fintech, Barbeque-Nation Hospitality, Gland Pharma, Torrent Pharmaceuticals, India Cements, Krishna Institute of Medical Sciences, Olectra Greentech, Ramco Systems, and Ujjivan Financial Services
Stocks in News Today
Britannia Industries: The biscuit manufacturer reported a consolidated net profit of Rs 455.45 crore for the quarter ended June FY24, up 35.65% over a year-ago period driven by strong operating performance. Revenue from operations grew 8.4% year-on-year to Rs 4,010.7 crore for the quarter. The company’s EBITDA grew 38% to Rs 688.88 crore in Q1FY24 from Rs 500.74 crore in Q1FY23.
Bank of Baroda (BoB): The public sector lender registered a 87.7% year-on-year growth in standalone net profit at Rs 4,070.1 crore for quarter ended June FY24 despite higher provisions, supported by strong operating income growth of 42.9% YoY. The net profit stood at Rs 2,168 crore in the same period last fiscal. Net interest income during the quarter increased by 24% to Rs 10,997 crore compared to year-ago period. The global net interest margin (NIM) for the said quarter stood at 3.27%, up 25 bps YoY. The net NPA ratio was at a record low of 0.78% in Q1FY24 as compared with 1.58% in Q1FY23. The bank achieved a total business of Rs 21,90,896 crore as of the June 2023 quarter, registering a growth of 17% YoY.
Delhivery: The logistics company narrowed its net loss to Rs 89.5 crore for the quarter ended June FY24, from a net loss of Rs 399.3 crore in year-ago period. The company’s consolidated revenue from operations jumped 10.5% year-on-year to Rs 1,930 crore during the quarter. The board appointed Anindya Ghose as a independent director for a term of five years.
ICICI Bank: The private sector lender has received an approval from India’s central bank to increase its shareholding in ICICI Lombard General Insurance Company, in multiple tranches up to 4%.
Shipping Corporation Of India: The company’s consolidated revenue was down 17.92% to Rs 1,200.11 crore in Q1FY24 as against Rs 1,462.2 crore in Q1FY23. Consolidated net profit rose 57.12% to Rs 171.61 crore in Q1FY24 as against Rs 109.23 crore in Q1FY23. EBITDA rose 21.43% YoY to Rs 362.95 crore in Q1FY24 as against Rs 298.89 crore in Q1FY23.
Adani Enterprises: The company’s subsidiary — Adani Digital Labs — has acquired 70.19% stake in Stark Enterprises, for Rs 6.8 crore. The company had earlier bought 29.81% stake in July.
IDFC: The company said its consolidated net profit surged 61% to Rs 765 crore in Q1FY24 from 474 crore in Q1FY23. Consolidated net interest income jumped 36% to Rs 3,745 crore in Q1FY24 as against Rs 2,751 crore in Q1FY23. Consolidated net NPA at 0.70% in Q1FY24 as against 1.30% in Q1FY23. Its loans and advances was up 25% at Rs 1,71,578 crore in Q1FY24 as against 1,37,663 crore in the year-ago period.
Biocon: The biotech company’s subsidiary — Biocon Biologics — has announced Rhonda Duffy has been appointed as Chief Operating Officer, while Sandeep Athalye has been elevated to the position of Chief Development Officer to head CMC, Clinical Development and Medical and Regulatory Affairs. Athalye was working with Biocon Biologics as its Chief Medical Officer.
Delta Corp: The casino gaming company said Hardik Dhebar has resigned as Chief Financial Officer with effect from August 4, to take on new professional challenges. The board of directors and the management team will be identifying a suitable replacement for the vacant position.
Oil India: The Government of India elevated Oil India to Maharatna category. It is now the 13th Maharatna CPSE in the country.
CE Info Systems (MapmyIndia): The provider of digital maps and geospatial software reported a profit of Rs 32 crore for June FY24 quarter, up 32.2% over corresponding period last fiscal. PAT margin fell 120 bps YoY to 32.7%. Revenue from operations surged 37.5% YoY to Rs 89.4 crore in Q1FY24. The board has re-appointed and paid remuneration to Rohan Verma as whole-time director for a period of five years with effect from April 1, 2024.
NDTV: The company has received the government’s permission to uplink and downlink four news channels—NDTV Rajasthan, NDTV Madhya Pradesh/ Chhattisgarh, NDTV Gujarati and NDTV Marathi.
AIA Engineering: The company will acquire 30% stake in Australia’s MPS for A$7.86 million via share purchase agreement and shareholders’ agreement. The acquisition will happen via UAE-based Vega Industries, the company’s wholly owned subsidiary. The unit has the option to acquire 40% stake in Vega MPS, a new company created by MPS promoters, over three years.
Brookfield India REIT: The company will garner Rs 400 crore by issuing units to sponsor group entity Project Diamond Holdings on preferential basis and also plans to raise up to Rs 750 crore through issue of commercial papers to finance acquisition of two commercial assets in Gurugram and Mumbai.
Divgi TorqTransfer Systems: The company has secured an order of Rs 180 crore from an overseas customer to supply components for their OE Program. The production will commence from the fourth quarter of FY24.
Ami Organics: The board has approved issuance of up to 4,43,500 equity shares by way of preferential issue on private placement basis to raise Rs 51.84 crore. The issue price fixed at Rs 1169.
Dr. Reddy’s Laboratories: The USFDA gave Establishment Inspection Report after inspecting its Hyderabad plant. The inspection result was classified as Voluntary Action Indicated.
Aurobindo Pharma: The drugmaker got zero observation and a classification of No Action Indicated from USFDA inspection at Telangana plant.
Kotak Mahindra Bank: The bank was fined Rs 10 lakh by NSE Clearing for failure to upload the securities pay-in details of clients within prescribed timeline. The bank said it faced operational delay due to heavy rains in Mumbai as reason for lapse.
Rain Industries: The cement manufacturer said its consolidated revenue fell 16.48% to Rs 4,627.2 crore in Q1FY24 as against Rs 5,540.5 crore in Q1FY23. Consolidated net profit tumbled 70.81% to Rs 206.5 crore in Q1FY24 from Rs 707.6 crore in Q1FY23. EBITDA fell 46.34% to Rs 645.2 crore in Q1FY24 from Rs 1,202.4 crore in the corresponding quarter last fiscal.
Fortis Healthcare: The hospital chain operator said its consolidated revenue was up 11% at Rs 1,657.41 crore in Q1FY24 from Rs 1,487.85 crore in Q1FY23. Consolidated net profit was down 8% at Rs 123.95 crore in Q1FY24 as against Rs 134.31 crore in Q1FY23.
EBITDA rose 9% to Rs 272.46 crore in Q1FY24 as against Rs 251.10 crore in Q1FY23.
Tatva Chintan Pharma: The company said its consolidated revenues was up 29.3% at Rs 114.3 crore in Q1FY24 as against Rs 88.4 crore in Q1FY23. Consolidated net profit was down 2.1% at Rs 9.5 crore in Q1FY24 from Rs 9.7 crore in Q1FY23. EBITDA jumped 40.13% to Rs 21.3 crore in Q1FY24 from Rs 15.2 crore in Q1FY23.
Mold-Tek Packaging: The company’s consolidated revenues was down 10.55% at Rs 185.91 crore in Q1FY24 as against Rs 207.84 crore in Q1FY23. Consolidated net profit fell 13.73% at Rs 18.73 crore in Q1FY24 as against Rs 21.71 crore in Q1FY23. EBITDA was down 5.73% at Rs 35.04 crore in Q1FY24 as against Rs 37.17 crore in Q1FY23.