Stock Market Live Updates 23 July 2024: Sensex, Nifty poised for flat opening amid Budget anticipations

Foreign investments in Indian government bonds without investment limits surged recently, bolstered by optimism over fiscal consolidation, anticipated interest rate reductions, and favorable demand-supply conditions. Over the past 10 months since their inclusion in JPMorgan’s emerging market debt index, foreign investors have net purchased Rs 1.03 lakh crore of bonds under the Fully Accessible Route (FAR), as reported by Clearing Corp of India.

CreditAccess Gr: U K Hebbar, MD&CEO

AUM Growth Is Expected At 22-24% For FY25: CreditAccess Grameen

ICICIGI: Gopal Balachandran, CFO

Expect Net Earned Premium To Grow At 16-17% In FY25: ICICI Lombard

ICICIGI: Gopal Balachandran, CFO

ICICI Lombard Q1: Health, Travel Segments Lead, Product Innovation To Aid Growth In FY25?

JSW Steel: Jayant Acharya, Director

Historically Exports Have Been Approximately 10-15% & Will Hover In This Range: JSW Steel

JSW Energy: Sharad Mahendra, Jt MD & CEO

Will Cross 10 GW Of Operational Asset Addition In The Current Fiscal: JSW Energy

JSW Energy: Sharad Mahendra, Jt MD & CEO

JSW Energy Strong Q1 Earnings: How Company’s Growth Will Sustain In Future Ahead?

JSW Infrastructure Ltd: Arun Maheshwai, Jt MD & CEO

Natural Extension For Navkar Corp To Get Into Last Mile Connectivity: JSW Infrastructure

Netweb Technolo: Sanjay Lodha, CMD

Have Never Seen The Data Center Demand Grow As Fast As It Is Right Now: Netweb Technologies

Patanjali Foods: Sanjeev Asthana, CEO

Volume Marginally Declined YoY And Margin Tapered Off In Q1FY25: Patanjali Foods

Rossari: Sunil Chari, MD

Every Incremental ?1 Cr Spent In Capex, Generates 4x Revenue: Rossari Biotech

Events today…

Results today…

22-July: Prov Cash: Rs crs

FII’s: +3,444 (16,970-13,526)

DII’s: -1,652 (13,552-15,205)

FIIs YTD cumulative Flows as on today (INR Cr.): +35,796.40 (Primary + Secondary)

Todays’ Cash Vol: INR 1314Bn vs INR 1455Bn on previous trading day (-9%)

Large Blocks Reported in the Market today:

1.38mn Larsen & Toubro (501 cr), 2.23mn HDFC Bank (367 cr), 1.92mn Zydus Lifesciences (223 cr), 410k Avenue Supermarts (205 cr), 623k Reliance Industries (189 cr), 155k UltraTech Cement (180 cr), 876k Kotak Mahindra Bank (156 cr), 489k Cochin Shipyard (131 cr), 214k Thermax (108 cr), 1.05mn Jindal Steel & Power (101 cr), 1.90mn Wipro (99 cr), 592k Patanjali Foods (97 cr), 4.13mn Zomato (92 cr), 572k Tech Mahindra (86 cr), 1.36mn Rail Vikas Nigam (85 cr)

52 Weeks High/Low Prices Prices Hit Today for NSE 500

# High Price

ALPM IN 1165.30

BJHI IN 10075.00

CLGT IN 3171.45

DLPL IN 3090.00

GCPL IN 1478.2

GNP IN 1436.65

HMN IN 844.90

ICEM IN 358.7

JUST IN 1309.60

MPHL IN 2935.75

MTNL IN 76.25

NACO IN 143.45

NFL IN 165.25

ORCMNT IN 339.00

# Low Price

JETIN IN 39.11

Today is the last day to subscribe to Sanstar’s issue. The ₹510-crore initial public offering from a plant-based speciality products company saw an overwhelming response from retail and high net-worth individuals during the first two days of opening. The IPO, with a price band of ₹90 to ₹95 a share, was subscribed 13.48 times.

The Ahmedabad-based company’s IPO combines a fresh issue worth ₹397.10 crore and an offer for sale of 1.19 crore shares (worth ₹113.05 crore). Promoter shareholders and the promoter group shareholders will sell the shares through OFS. 

Buzzing stocks: Bajaj Finance, HUL, ICICI Prudential, Heritage Foods, SRF, United Spirits,Gensol Engineering, Oil India, RailTel Corp, Power Mech, Can Fin Homes

Turnover: (NSE + BSE)

Cash Volume: 122366.58 + 9074.18 Total: 131440.76

F&O Volume: 657019.28 + 12591362.93 Total: 13248382.2

Provisional Cash

FII/FPI: NET BUY: 3444.06 

(16970.11 - 13526.05) 

DII: NET SELL: -1652.34 

(13552.91 - 15205.25)

Trent: Westside launches its 230th store in Lucknow || Westside, a Tata enterprise under CO, has launched its new store at Ashiyana

Dial-in numbers: 022 6280 1144 / 022 7115 8045

Registration Link: https://tinyurl.com/27asvce3

Q1 FY25 Result Highlights

🔹 Highest ever Revenue: Rs. 912 Cr as against 823 Cr in Q1FY24

🔹 Highest ever EBITDA: Rs. 105 Cr with a margin of 11.5%

🔹 Highest ever PAT: Rs. 65 Cr with a margin of 7.1%

Call Invite Link: https://tinyurl.com/3hm6hutz

Result Link: https://tinyurl.com/2dhfea9z

Presentation Link: https://tinyurl.com/2jj8x6k8

8:15 AM Coforge

8:45 AM Zensar Tech

(Press Release )

Dial: +91 22 6280 1458

3:00 PM Ksolves India

3:00 PM Blue Dart

(Results)

Dial: +91 22 6280 1146

3:30 PM Allied Blenders

Dial: +91 22 6280 1144

3:30 PM Nitin Spinners

Dial: 022 6280 1474

4:00 PM Mahindra Logist

Dial: +91 22 6280 1309

4:30 PM InfoBeans Techn

5:00 PM Kajaria Ceramic

Dial: +91 22 6280 1224

5:45 PM M&M Fin

Dial: +91 22 6280 1149

6:00 PM Thyrocare Techn

Dial: +91 22 6280 1408

6:00 PM HUL

Dial: +91 22 6280 1416

6:30 PM Torrent Pharma

Dial: +91 22 6280 1439

*6:30 PM Bajaj Finance *

Dial: +91 22 7127 9571

7:00 PM ICICI Prudential

Dial: +91 22 7115 8305

Route Mobile :(replay)

IOB :(replay)

Cyient DLM Ltd :(replay)

Rossari :(replay)

Jana Small Fin :(replay)

Bajaj Electric :(replay)

Supreme Ind :(replay)

Kirloskar Pneum :(replay)

PVR :(replay)

Oberoi Realty :(replay)

Results today…

Recent interviews…

Pondy Oxides: Net profit at Rs 13.0 cr vs Rs 4.0 cr, Revenue at Rs 445 cr vs Rs 326 cr (YoY) (Positive) 

Jana SFB: Net profit at Rs 171 cr vs Rs 90 cr, NII at Rs 610 cr vs Rs 462 cr (YoY) (Positive) 

Cyient DLM: Net profit at Rs 10.5 cr vs Rs 5.3 cr, Revenue at Rs 257 cr vs Rs 217 cr (YoY) (Positive) 

Cochin Minerals: Net profit at Rs 5.9 cr vs Rs 2.2 cr, Revenue at Rs 88 cr vs Rs 66 cr (YoY) (Positive) 

Maharashtra Scooters: Net profit at Rs 8.3 cr vs Rs 0.5 cr, Revenue at Rs 7.7 cr vs Rs 5.3 cr (YoY) (Positive) 

Suzlon: Net profit at Rs 302 cr vs Rs 101 cr, Revenue at Rs 2022 cr vs Rs 1351 cr (YoY) (Positive) 

RailTel: Company bags order worth ₹186.81 crore from Ministry Of Railways (Positive) 

SRM Contractors: Company has signed the agreement for EPC Project of NHAI for aggregate quoted price of Rs 100.45 cr (Positive) 

Gensol Engineering: Company becomes preferred bidder for 116 MW solar projects with EPC revenue of Rs 600 crore in Gujarat (Positive) 

Can Fin homes: SBI Life buys 10 lakh shares of company at Rs. 827.94/share. (Positive) 

Power Stocks: Renewable energy industry officials calls for rationalization of GST for solar equipment. (Positive) 

Fineotex Chemical: Company raises Rs 342.55 crore through issue of equity shares and warrants on preferential basis. (Positive) 

PowerMech: Uttarakhand Government revises tender offer for hospital construction to Rs 594 crore from Rs 362 crore (Positive) 

Oil India: Company in pact with Norway’s Dolphin Drilling for hiring Dolphin’s drilling unit called Blackford. (Positive) 

Wardwizard: Company strengthens global footprint with focused Export strategy. (Positive) 

Crompton Greaves: Company says net debt positive after paring down acquisition related debt (Positive) 

Federal Bank: RBI approves appointment of KVS Manian as MD and CEO of Bank. (Positive) 

GE Power: Company’s JV with NTPC receives Rs 348 cr for renovation and modernisation of steam turbines. (Positive) 

Mahindra Logistics: Company approves re-appointment of Rampraveen Swaminathan as MD & CEO for 5 years. (Positive) 

Lemon Tree Hotels: Company signs licensing pacts for 57-room hotel in Goa and 44-room hotel in Punjab. (Positive) 

KPI Green Energy: Company receives letter of award from MAHAGENCO for development of a 100-megawatt solar power project. (Positive) 

Greenlam Industries: Net profit at Rs 19.9 cr vs Rs 33.0 cr, Revenue at Rs 604.7 cr vs Rs 515.2 cr (YoY) (Neutral) 

Kiran Vyapar: Net profit at Rs 34.7 cr vs Rs 24.7 cr, Revenue at Rs 28.6 cr vs Rs 27.3 cr (YoY) (Neutral) 

Allied Blenders: Net Loss at Rs 2.4 cr vs Rs 1.28 cr, Revenue at Rs 767.6 cr vs Rs 770.9 cr (YoY) (Neutral) 

Cigniti Technologies: Net Profit at Rs 10.5 cr vs Rs 27.1 cr, Revenue at Rs 470 cr vs Rs 456 cr (QoQ) (Neutral) 

Zensar Tech: Net profit at Rs 160 cr vs Rs 173 cr, Revenue at Rs 1290 cr vs Rs 1230 cr (YoY) (Neutral) 

Pfizer: Board Meeting on July 29 to Consider Q1 Results (Neutral) 

SBIN: Board Meeting on August 3 to Consider Q1 Results (Neutral) 

Tata Power: Board Meeting on August 6 to Consider Q1 Results (Neutral) 

Vedanta: Company regains Control of Konkola Copper Mines in Zambia (Neutral) 

TRENT: Westside launches its 230th Store in Lucknow (Neutral) 

Jet Airways: NCLT Likely To Next Hear Jet Airways Case Today (Neutral) 

Tata Consumer: Board Meet to consider Rights Issue Today (Neutral) 

Spice Jet: Board Meet to consider Raising Fresh Capital via QIP Today (Neutral) 

Apollo Micro: Board Meet to consider fund raising via Equity Shares or Convertible Securities including warrants on preferential basis Today (Neutral) 

Reliance Ind: Reliance New Energy acquires balance 12.7% stake in Reliance Lithium for €3.7 million. (Neutral) 

SAIL: Board Meeting to be held on 25-Jul-2024 to consider Fund raising. (Neutral) 

MRPL: Net profit at Rs 73.2 cr vs Rs 1014.8 cr, Revenue at Rs 27,289.4 cr vs Rs 24,825.1 cr (YoY) (Negative)

IDBI BANK: Q1 Total Income 7471 Cr vs Previous: 7712 Cr, Net PRofit 1719 Cr vs Previous: 1224 Cr, Net NPA 0.23% VS 0.34% QoQ

UCO BANK: Q1 Total Income 6859 Cr vs Previous: 5857 Cr, Net Profit 551 Cr vs Previous: 223 cr, Net NPA 0.78% VS 0.89% QoQ

INDIAN OVERSEAS BANK: Advances up 20.3% YoY, Deposits up 12.9% YoY

DATA PATTERNS: Rs 6.50

GOODYEAR: Rs 15

HCL TECH: Rs 12

HIL: Rs 22.50

NOVARTIS: Rs 25

SHREE CEMENT: Rs 55

SHRIRAM FINANCE: Rs 15

TCPL PACKAGING: Rs 22

* BANDHANBANK

* CHAMBAL

* GNFC

* HAL

* INDIACEM

* PEL

* SAIL

11:00 India Union Budget 2024-25

19:30 U.S. Existing Home Sales (Expected: 3.99M versus Previous: 4.11M)

Coca-Cola Company (The) (Pre market) (Sector- FMCG)

Danaher Corporation (Pre market) (Sector- Healthcare)

GE Aerospace (Pre market) (Sector- Defense)

Philip Morris International Inc (Pre market) (Sector- FMCG)

Comcast Corporation (Pre market) (Sector- Technology)

United Parcel Service, Inc. (Pre market) (Sector- Logistics)

Lockheed Martin Corporation (Pre market) (Sector- Defense)

HCA Healthcare, Inc. (Pre market) (Sector- Technology)

Moody’s Corporation (Pre market) (Sector- Finance)

Sherwin-Williams Company (The) (Pre market) (Sector- Chemicals)

Freeport-McMoran, Inc. (Pre market) (Sector- Metal)

Spotify Technology S.A. (Pre market) (Sector- Technology)

General Motors Company (Pre market) (Sector- Automobile)

PACCAR Inc. (Pre market) (Sector- Technology)

Kimberly-Clark Corporation (Pre market) (Sector- FMCG)

MSCI Inc. (Pre market) (Sector- Finance)

PulteGroup, Inc. (Pre market) (Sector- Construction)

Genuine Parts Company (Pre market) (Sector- Automobile)

Avery Dennison Corporation (Pre market) (Sector- Packaging)

Quest Diagnostics Incorporated (Pre market) (Sector- Healthcare)

Pentair plc. (Pre market) (Sector- Miscellaneous)

Albertsons Companies, Inc. (Pre market) (Sector- FMCG)

Alphabet Inc. (Post market) (Sector- Technology)

Tesla, Inc. (Post market) (Sector- Automobile)

Visa Inc. (Post market) (Sector- Finance)

Texas Instruments Incorporated (Post market) (Sector- Technology)

Chubb Limited (Post market) (Sector- Finance)

Canadian National Railway Company (Post market) (Sector- Railway)

Capital One Financial Corporation (Post market) (Sector- Finance)

CoStar Group, Inc. (Post market) (Sector- Technology)

Seagate Technology Holdings PLC (Post market) (Sector- Technology)

Packaging Corporation of America (Post market) (Sector- Miscellaneous)

EQT Corporation (Post market) (Sector- Energy)

Enphase Energy, Inc. (Post market) (Sector- Energy)

Manhattan Associates, Inc. (Post market) (Sector- Technology)

Avangrid, Inc. (Post market) (Sector- Energy)

East West Bancorp, Inc. (Post market) (Sector- Finance)

NVR, Inc. (Tent) (Sector- Construction)

KB Financial Group Inc (Tent) (Sector- Finance)

Thangamayil Jewellery Ltd, the Madurai-based listed jeweller, plans to spend nearly ₹400 crore this fiscal to open eight stores (mid and small) and one flagship in Chennai. The company’s board has approved this plan.

On its geographical expansion plan, the company continues to mine opportunities available within Tamil Nadu for some more years to become the ‘dominant’ regional player status, its Chairman, Balarama Govinda Das, said in the 2023-24 annual report.

India has transitioned from an arms importer and found a place in the list of the top 25 arms exporter nations due to tremendous effort from private sector and Defence Public Sector Undertakings (DPSUs), Finance Minister Nirmala Sitharaman said in the Economic Survey 2023-24 tabled in parliament on Monday.

The boost in defence export was possible, the Economic Survey outlined, because India’s defence production grew substantially from ₹74,054 crore in FY17 to ₹108,684 crore in FY23.

The outlook for the real estate sector is “encouraging”, the Economic Survey 2023-24 said. But a high number of stalled projects is “challenging”.

With increasing urbanisation, the housing industry is poised for a significant transformation, it noted.

As per the United Nations, by 2050, half of India’s population is projected to dwell in urban regions, compared to 31 per cent in 2011. This underscores the need to adapt strategies and policies to meet the rising demand for housing and offer viable, cost-effective, sustainable solutions.

In line with the concern raised by the capital market regulator SEBI, the Economic Survey noted the allure of quick profits in derivative trading can be misleading, as the majority of participants in derivatives markets end up facing losses.

With its potential for outsized gains, derivatives market often appeals to the human instinct for gambling. This dynamic has driven significant retail participation in derivatives trading. However, the reality of derivatives trading is starkly different from its promise. Globally, derivatives trading loses money for investors, for the most part, said the survey.

The conservative economic growth forecast for FY25, presented in the economic survey, has introduced some spikes in volatility ahead of the budget. Further, the below-estimated Q1 results from certain index heavyweights like RIL added to apprehensions of a slowdown in earnings growth in FY25. Although the budget is anticipated to be favourable, investors will closely monitor whether it continues to tickle traction, given high valuations and the risk of a downgrade in earnings

​Fedbank Financial Services’ (Fedfina) Q1-FY25 PAT of ₹70 crore​ grew by 30 per cent y-o-y and 3.8 per cent q-o-q. NIM expanded optically by 52bps q-o-q due to back-ended growth in Q4-FY24. Average daily yields were 16.1-16.2 per cent while average cost of borrowing was 8.6-8.8 per cent for the last 3 quarters.

Asian stocks bounced from one-month lows on Tuesday, with Taiwan’s market snapping a five-day losing streak as semiconductor shares took a lead from a Wall Street recovery, while sagging commodity prices weighed on the Aussie dollar. 

MSCI’s broadest index of Asia-Pacific shares outside Japan , which touched a one-month low on Monday, rose 0.55%.

Japan’s Nikkei steadied thanks to stabilising chip stocks and the share average gained 0.3%. Overnight, the S&P 500 rose 1.1% and the tech-heavy Nasdaq went up 1.6% as stocks sold heavily in the last few days rebounded.

Markets made little obvious reaction to the end of President Joe Biden’s reelection bid. Investors are looking ahead to earnings at Tesla and Alphabet due after the New York close and both stocks advanced sharply on Monday.

“Risk sentiments and Democrat support for Kamala Harris appear to be at least on the way to solid,” said Mizuho economist Vishnu Varathan in a note to clients.

“What remains to be seen is whether a bull rotation will see gains cascading down ... more broadly into smaller caps.”

In Taiwan, the benchmark index was up about 1.7% in early trade and shares in chipmaker TSMC jumped 2%.

China surprised markets with interest rate cuts on Monday and concern over the economic outlook following softer-than-expected growth figures last week have commodities under pressure. - Reuters

Economic Survey for 2023-24 has made a case for higher level of private sector financing and resource mobilisation from new sources for India to continue down the path of building quality infrastructure.

Facilitating this would not only require policy and institutional support from the Central Government, but State and Local Governments would have to play an equally important role, the Survey tabled in Parliament by Finance and Corporate Affairs Minister Nirmala Sitharaman on Monday said. 

JSW Energy reported flat revenue of ₹2,900 crore in Q1, led by lower fuel costs, which are generally pass-through in nature. EBITDA grew a robust 16 per cent y-o-y to ₹1,400 crore, led by incremental contribution from Ind Barath plant (350MW), new organic renewable capacities and improved generation from hydro plants.

India is net exporter of bulk drugs in FY24, but the country continues to be dependent on imports for many antibiotic active pharmaceutical ingredients (APIs) manufactured through fermentation, the Economic Survey 2023-24 notes.

India’s import dependency of APIs are largely due to a lack of cost-effective options in domestic API manufacturing compared with imports, the Survey noted.

Coromandel International aims to expand its drone spraying services, introduced in FY24, within the agriculture sector, recognising the transformative potential of drones in farming.

The Murugappa Group company covered more than 28,000 acres of drone-spraying in States like Andhra Pradesh and Telangana from its Gromor Drive and Retail store network in FY24, said the company’s latest annual report.

State-run lender UCO Bank on Monday reported around 2.5-fold year-on-year jump in its net profit to ₹550.96 crore for the first quarter this fiscal, backed by around 10 per cent y-o-y rise in its operating profit and around 46 per cent y-o-y fall in its provisions during the period.

The Kolkata-based bank had registered ₹223.48 crore net profit for the first quarter last fiscal.

Here’s an interesting stock idea: The stock that we have today is Ajanta Pharma. The price dropped after the stock hit a record high in May. But now, the chart shows formation of a base as the decline has been arrested. We could see a rally from here.

​Amidst booming markets, there are times when we forget that every segment ​goes through cycles of contraction and expansion.

Both the macroeconomy of a country as well as businesses have their own phases of boom and bust. Some segments are in sync with the events in the economy, while others have an independent trajectory.

Generally, the economic cycles come as full recession, early recovery, full recovery, and early recession. Individual businesses may fare differently with their own cycles and so defensives, cyclicals and growth stocks or sectors may be favoured at various points in time.

The Economic Survey has recommended keeping sensitive commodities such as rice, wheat and most pulses outside the ambit of the futures market until the markets are developed and the regulator has a higher degree of comfort in diversifying the portfolio. 

The agriculture futures market should focus on less sensitive commodities such as oilseed complex (oilseeds, meals, and oils), feed (maize), cotton, basmati rice and spices, it said.

The commodity futures market can effectively contribute to price discovery only when many consumers, producers, traders, and aggregators use these markets to hedge their risk. The interplay of these participants, speculators and arbitrageurs provides liquidity and helps price discovery for longer periods.

Indian Overseas Bank (IOB) has sustained its growth momentum in the first quarter of this fiscal year, achieving double-digit growth in net profit and improving its asset quality with the lowest quarterly slippages in recent quarters. The Chennai-headquartered public sector bank also announced that its plan to raise up to ₹5,000 crore capital through QIP, FPO, or other modes this fiscal year is on track, with approvals currently being obtained.

​Ajanta Pharma’s stock, which depreciated after marking a record high​ of ₹2,531.95 in May, has now formed a good base at ₹2,200. The price action indicates good buying around these levels and the broader trend is bullish. Therefore, the likelihood of a rally in the forthcoming sessions is high. In the short term, Ajanta Pharma’s price can rise to ₹2,500. 

​Here are the intraday supports and resistances​ for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI