Stock Market Live Updates 24 July 2024: Nifty 50 recovery hinges on breaking 24,650 level

To ensure India meets its RE goals by 2030, the Union Budget prioritised Energy security, placing emphasis on nuclear and thermal energy projects and duty cuts for solar energy sector

The Budget allocation for roads at almost the same level as the previous fiscal year. The pace of road construction is also slowing. 

AAVAS, ADANIGREEN, ASHOKLEY, AUBANK, CANBK, CHALET, CHENNPETRO, CYIENT, DLF, FOSECOIND, GLS, GODIGIT, HOMEFIRST, JWL, JYOTHYLAB, LAURUSLABS, LTFOODS, MGL, MHRIL, MPHASIS, NESTLEIND, PNBHOUSING, PRAJIND, RAMCOCEM, TECHM, THANGAMAYL, UBL, UJJIVANSFB, VENUSPIPES, VESUVIUS, VSSL, VSTIND, WESTLIFE

ASHOKLEY

* Revenue expected at Rs 8816 crore versus Rs 8189 crore

* EBITDA expected to be seen at Rs 989 crore versus Rs 820 crore

* EBITDA margin expected to be seen at 11.2 % versus 10.01 %

* Net profit expected to be seen at Rs 569 crore versus Rs 577 crore

AUBANK

* NII expected at Rs 1869 crore versus Rs 1246 crore

* EBIT expected to be seen at Rs 849 crore versus Rs 513 crore

* EBIT margin expected to be seen at 44.2 % versus 41.1 %

* Net profit expected to be seen at Rs 485 crore versus Rs 386 crore

CANBK

* NII expected at Rs 9597 crore versus Rs 8665 crore

* EBIT expected to be seen at Rs 7685 crore versus Rs 7604 crore

* EBIT margin expected to be seen at 52.6 % versus 56.3 %

* Net profit expected to be seen at Rs 3935 crore versus Rs 3534 crore

LAURUSLABS

* Revenue expected at Rs 1337 crore versus Rs 1181 crore

* EBITDA expected to be seen at Rs 241 crore versus Rs 166 crore

* EBITDA margin expected to be seen at 18.02 % versus 14.05 %

* Net profit expected to be seen at Rs 84 crore versus Rs 24 crore

MGL

* Revenue expected at Rs 1550 crore versus Rs 1612 crore

* EBITDA expected to be seen at Rs 380 crore versus Rs 395 crore

* EBITDA margin expected to be seen at 24.51 % versus 24.50 %

* Net profit expected to be seen at Rs 255 crore versus Rs 252 crore

MPHASIS

* Rupee Revenue expected at Rs 3461 crore versus Rs 3412 crore

* EBIT expected to be seen at Rs 525 crore versus Rs 508 crore

* EBIT margin expected to be seen at 15.1 % versus 14.8 %

* Net profit expected to be seen at Rs 402 crore versus Rs 393 crore

TECHM 

* Rupee Revenue expected at Rs 12,946 crore versus Rs 12,871 crore

* EBIT expected to be seen at Rs 1054 crore versus Rs 637 crore

* EBIT margin expected to be seen at 8.14 % versus 4.94 %

* Net profit expected to be seen at Rs 871 crore versus Rs 661 crore

UBL 

* Revenue expected at Rs 2585 crore versus Rs 2274 crore

* EBITDA expected to be seen at Rs 256 crore versus Rs 223 crore

* EBITDA margin expected to be seen at 9.9 % versus 9.8 %

* Net profit expected to be seen at Rs 168 crore versus Rs 136 crore

ABSLAMC, AURIONPRO, AXISBANK, BAJAJFINSV, BAJAJHLDNG, BIKAJI, CGPOWER, CMSINFO, CRAFTSMAN, DCBBANK, EPACK, EPIGRAL, FEDERALBNK, GOCOLORS, HFCL, IEX, IGL,JINDALSTEL, JKPAPER, JSWHL, KPITTECH, KTKBANK, L&T, MAHLIFE, MASFIN, OFSS, PDSL, PETRONET, PGEL, PNBGILTS, POWERINDIA, RKFORGE, SBILIFE, SIS, SONACOMS, SYNGENE, TATVA, TIPSINDLTD, TIRUMALCHM, TRIDENT, TTML, VGUARD

AXISBANK

* Revenue expected at Rs 13368 crore versus Rs 11958 crore

* EBIT expected to be seen at Rs 9665 crore versus Rs 7779 crore

* EBIT margin expected to be seen at 72.2% versus 65%

* Net profit expected to be seen at Rs 6448 crore versus Rs 5797 crore

CGPOWER

* Revenue expected at Rs 2154 crore versus Rs 1874 crore

* EBITDA expected to be seen at Rs 291 crore versus Rs 265 crore

* EBITDA margin expected to be seen at 13.5% versus 14.1%

* Net profit expected to be seen at Rs 217 crore versus Rs 203 crore

FEDERALBNK

* Revenue expected at Rs 2346 crore versus Rs 1918 crore

* EBIT expected to be seen at Rs 1377 crore versus Rs 1302 crore

* EBIT margin expected to be seen at 58.6% versus 67.8%

* Net profit expected to be seen at Rs 936 crore versus Rs 853 crore

IGL

* Revenue expected at Rs 3575 crore versus Rs 3964 crore

* EBITDA expected to be seen at Rs 521 crore versus Rs 521 crore

* EBITDA margin expected to be seen at 14.5% versus 13.1%

* Net profit expected to be seen at Rs 374 crore versus Rs 433 crore

JINDALSTEL

* Revenue expected at Rs 12966 crore versus Rs 12588 crore

* EBITDA expected to be seen at Rs 2575 crore versus Rs 2886 crore

* EBITDA margin expected to be seen at 19.8% versus 22.9%

* Net profit expected to be seen at Rs 1142 crore versus Rs 1691 crore

L&T

* Revenue expected at Rs 53931 crore versus Rs 47882 crore

* EBITDA expected to be seen at Rs 5503 crore versus Rs 4868 crore

* EBITDA margin expected to be seen at 10.2% versus 10.1%

* Net profit expected to be seen at Rs 2740 crore versus Rs 2493 crore

PETRONET

* Revenue expected at Rs 14273 crore versus Rs 13793 crore

* EBITDA expected to be seen at Rs 1300 crore versus Rs 1104 crore

* EBITDA margin expected to be seen at 9.10% versus 17.0%

* Net profit expected to be seen at Rs 906 crore versus Rs 737 crore

POWERINDIA

* Revenue expected at Rs 1351 crore versus Rs 1040 crore

* EBITDA expected to be seen at Rs 101 crore versus Rs 36 crore

* EBITDA margin expected to be seen at 7.4 % versus 3.5 %

* Net profit expected to be seen at Rs 52 crore versus Rs 2.4 crore

SBILIFE

* Revenue expected at Rs 14,867 crore versus Rs 13,104 crore

* EBIT expected to be seen at Rs 597 crore versus Rs 604 crore

* EBIT margin expected to be seen at 4.01 % versus 4.61 %

* Net profit expected to be seen at Rs 410 crore versus Rs 381 crore

SONACOM

* Revenue expected at Rs 877 crore versus Rs 732 crore

* EBITDA expected to be seen at Rs 247 crore versus Rs 203 crore

* EBITDA margin expected to be seen at 28.1 % versus 27.7 %

* Net profit expected to be seen at Rs 143 crore versus Rs 114 crore

Thermo Fisher Scientific Inc (Pre market)(Sector-Healthcare)

Fomento Economico Mexicano S.A.B. de C.V. (Pre market) (Sector-FMCG)

NextEra (Energy), Inc. (Pre market) (Sector-Energy)

AT&T Inc. (Pre market) (Sector-Technology)

Boston Scientific Corporation (Pre market) (Sector-Healthcare)

Fiserv, Inc. (Pre market) (Sector-Finance)

General Dynamics Corporation (Pre market) (Sector-Defense)

Amphenol Corporation (Pre market) (Sector-Technology)

Banco Santander, S.A. (Pre market) (Sector-Finance)

CME Group Inc. (Pre market) (Sector-Finance)

Roper Technologies, Inc. (Pre market) (Sector-Technology)

TE Connectivity Ltd. (Pre market) (Sector-Capital Goods)

GE Vernova Inc.(Pre market) (Sector-Energy)

Old Dominion Freight Line, Inc. (Pre market) (Sector-Transportation)

Otis Worldwide Corporation (Pre market) (Sector-Capital Goods)

Banco Santander Brasil SA (Pre market) (Sector-Finance)

Vertiv Holdings, LLC (Pre market) (Sector-Capital Goods)

Westinghouse Air Brake Technologies Corporation (Pre market) (Sector-Capital Goods)

Fortive Corporation (Pre market) (Sector-Capital Goods)

Teck Resources Ltd (Pre market) (Sector-Metals)

Rogers Communication, Inc. (Pre market) (Sector-Technology)

Lennox International, Inc. (Pre market) (Sector-Capital Goods)

Check Point Software Technologies Ltd. (Pre market) (Sector-Technology)

Teledyne Technologies Incorporated (Pre market) (Sector-Technology)

International Paper Company (Pre market) (Sector-Manufacturing)

Tenet Healthcare Corporation (Pre market) (Sector-Healthcare)

Flex Ltd. (Pre market) (Sector-Technology)

Lamb Weston Holdings, Inc. (Pre market) (Sector-FMCG)

Interpublic Group of Companies, Inc. (The) (Pre market) (Sector-Media)

Allegion plc (Pre market) (Sector-Technology)

Deutsche Bank AG (Tent) (Sector-Finance)

eBay Inc. (Tent) (Sector-Technology)

United Microelectronics Corporation (Tent) (Sector-Technology)

Dr. Reddy’s Laboratories Ltd (Tent) (Sector-Healthcare)

Comfort Systems USA, Inc. (Tent) (Sector-Engineering)

Penske Automotive Group, Inc. (Tent) (Sector-Transportation)

International Business Machines Corporation (Post market) (Sector-Technology)

ServiceNow, Inc. (Post market) (Sector-Technology)

KLA Corporation (Post market) (Sector-Technology)

Waste Management, Inc. (Post market) (Sector-Miscellaneous)

Equinor ASA (Post market) (Sector-Energy)

Chipotle Mexican Grill, Inc. (Post market) (Sector-Hotels)

Republic Services, Inc. (Post market) (Sector-Miscellaneous)

O’Reilly Automotive, Inc. (Post market) (Sector-Retail)

Ford Motor Company (Post market) (Sector-Automobile)

Newmont Corporation (Post market) (Sector-Metals)

Edwards Lifesciences Corporation (Post market) (Sector-Healthcare)

United Rentals, Inc. (Post market) (Sector-Capital Goods)

Waste Connections, Inc. (Post market) (Sector-Miscellaneous)

AMERIPRISE FINANCIAL SERVICES, LLC (Post market) (Sector-Finance)

ICON plc (Post market) (Sector-Healthcare)

Rollins, Inc. (Post market) (Sector-Miscellaneous)

Teradyne, Inc. (Post market) (Sector-Technology)

Raymond James Financial, Inc. (Post market) (Sector-Finance)

Tyler Technologies, Inc. (Post market) (Sector-Technology)

Invitation Homes Inc. (Post market) (Sector-Real Estate)

Carlisle Companies Incorporated (Post market) (Sector-Manufacturing)

Align (Technology), Inc. (Post market) (Sector-Technology)

Molina (Healthcare) Inc (Post market) (Sector-Healthcare)

Graco Inc. (Post market) (Sector-Manufacturing)

Morningstar, Inc. (Post market) (Sector-Finance)

Universal Health Services, Inc. (Post market)(Sector-Healthcare)

RenaissanceRe Holdings Ltd. (Post market) (Sector-Finance)

Churchill Downs, Incorporated (Post market) (Sector-Hotels)

Annaly Capital Management Inc. (Post market) (Sector-Real Estate)

Tesla Inc fell 7.7% in afterhours following the report. For Q2, the company reported adjusted earnings per share of $0.52 on revenue of $25.5 billion, compared with with Wall Street estimates of $0.61 a share and $24.33B, respectively.

Visa third-quarter revenue growth fell short of Wall Street targets in a rare miss for the world’s largest payments processor as steep borrowing costs limited consumer spending, sending its shares down 4.0% in extended trading.

Google stock was down 2.2% in after-hours trade Tuesday. The company’s adjusted earnings per share (EPS) came in at $1.89, slightly higher than the consensus estimate of $1.83. Revenue for the quarter was $84.74 billion, also above the average analyst projection of $84.16 billion.

Q1 SL NET PROFIT 2.99B RUPEES VS 2.38B (YOY)

Q1 REVENUE 58.3B RUPEES VS 53.12B (YOY)

Q1 EBITDA 4.6B RUPEES VS 3.85B (YOY) 

Q1 EBITDA MARGIN 7.86% VS 7.25% (YOY)

(NUMBERS SEEN MUTED YOY BASIS)

Turnover: (NSE + BSE)

Cash Volume: 169336.37 + 12456.34 Total: 181792.71

F&O Volume: 992640.87 + 239783.7 Total: 1232424.57

Provisional Cash

FII/FPI: NET SELL: -2975.31 

(14330.77 - 17306.08) 

DII: NET BUY: +1418.82 

(17799.44 - 16380.62)

Buzzing stocks: Bajel Projects, Titagarh Rail, Dr Reddy’s Lab, Krsnaa Diagnostics, Suven Pharma, Piramal Pharma, Infosys, ONGC, IOL Chem, Tata Consumer, Elgi Equipments

The Finance Minister presented a solid Union Budget, with policy continuity as the keystone. The fiscal consolidation path was maintained and the focus on capex over revex continued. The small hike in capital gains tax is not material, in our view. Direct incentives for employment is a big measure, though it is difficult to scope the impact so early. We maintain our overall stance: the market is vulnerable at these valuations and could correct in the short term. Our favored sectors are FMCG/IT/Durables, and we are negative on Industrials/Financials.

Policy Continuity was maintained with i) the fiscal deficit ending lower than the interim budget estimates (4.9% of GDP vs 5.1%), ii) continued focus on capex (17% YoY growth). Fears that the electoral setback in June would drive a pivot to consumption stimulus were largely belied. We believe that overall financial stability has been a major driver of the current growth phase and bull-run, so we see this as a major positive.

Positive for consumption. The two (minor) changes in approach are both positive. One, that the direct stimulus to employment, especially the one to employers, should help stimulate hiring at the margin. Retail, NBFCs, and MFIs in growth mode could see some benefits too. The other is that half the windfall gain from the RBI dividend was diverted to revex, with transfers to states the most prominent expenditure head. We see both as positive, and address the K-shaped post-Covid recovery. Our positive stance on FMCG and two-wheelers is reinforced by these moves.

Capital gains tax. The increase in CG tax has been marginal and we do not see it as a major worry. The tax on buyback could adversely affect payouts and, at the margin, hurt return ratios and valuations of some high-cash generators; many companies, however, may not change their behavior. The increase in STT on derivatives is also relatively minor. Overall, the increase in taxes on capital markets has not been severe and is unlikely to affect market valuations materially.

Key winners and losers. The incremental impact of the budget has been marginal in most cases. The two clear positives are for i) the jewelry sector, which benefits from the cut in gold import duties, and ii) battery players, who gain from lower import duties on critical metals. There are marginal positives for cement and building material players, due to continued stimulus to housing from PMAY Urban 2.0 and a focus on highways and city development. Capital market participants were hit by the CGT and STT, but the impact is negligible. There was a relief rally in some stocks, as there were expectations of more severe measures, especially on derivatives trading.

Stance unchanged. We remain cautious on the markets. A good budget is in the price and unlikely to move the needle significantly. On the other hand, we are looking at a tepid earnings season, as topline growth remains moderate and margin tailwinds are petering out. Also, rate cuts are at least 1-2 quarters away. On the other hand, valuations are stretched at 21.4 (1YF P/E of Nifty), with no imminent upgrades. We maintain our preference for IT/FMCG/Durables over Industrials/Financials. There are no changes to our model portfolio, top SMID picks, or key avoids

The honourable Finance Minister Nirmala Sitharaman, in her seventh consecutive budget presentation, outlined PM Modi-led government’s clear objectives for its third straight term: a roadmap for fiscal consolidation and a framework for medium-term economic interventions, focusing on employment, skilling, MSMEs, and the middle class. 

This budget, the first since the BJP-led NDA was re-elected in June, highlights a commitment to fiscal consolidation with a fiscal deficit target of 4.9% for 2024-25 and a projected decrease in the debt-to-GDP ratio. It balances fiscal discipline with increased spending on essential developmental expenditures, addresses inequality through tax reforms, and emphasizes agriculture, infrastructure, and job creation. Special attention is given to women-led development and support for MSMEs

Q1 CONS NET PROFIT 4.6B RUPEES VS 3.78B (YOY)

Q1 REVENUE 28.6B RUPEES VS 25.91B (YOY)

Q1 EBITDA 9B RUPEES VS 7.91B (YOY) || Q1 EBITDA MARGIN 31.62% VS 30.53% (YOY)

TITAGARH RAIL SYSTEMS: CO BEGINS EXPO OF TRACTION CONVEERS WITH FIRST SHIPMENT TO ITALY || INAUGURAL DISPATCH FROM INDIA PASSENGER ROLLING STOCK FACILITY AS PA OF EUR 7.18M (INR 65 CRORE APPROX.) DEAL WITH TITAGARH FIREMA S.P.A

SCHAEFFLER INDIA:

Q1 SL NET PROFIT 2.5B RUPEES VS 2.37B (YOY)

Q1 REVENUE 20.7B RUPEES VS 18.29B (YOY)

Q1 EBITDA 3.79B RUPEES VS 3.42B (YOY) || Q1 EBITDA MARGIN 18.32% VS 18.69% (YOY)

DCM SHRIRAM:

Q1 CONS NET PROFIT 1B RUPEES VS 566M (YOY)

Q1 REVENUE 30.7B RUPEES VS 29.4B (YOY)

Q1 EBITDA 2.5B RUPEES VS 1.66B (YOY) || Q1 EBITDA MARGIN 8.04% VS 5.65% (YOY)

👉Net Profit up 13.8% At ₹3,912 Cr Vs ₹3,436.9 Cr (YoY)

👉Gross NPA at 0.86% vs 0.85% (QoQ)

👉Net NPA at 0.38% vs 0.37% (QoQ)

👉Provision coverage ratio at 56% vs 57% (QoQ)

SRF: Q1 CONS NET PROFIT 2.52B RUPEES VS 3.6B (YOY)

SRF: Q1 EBITDA 6.03B RUPEES VS 6.96B (YOY) || Q1 EBITDA MARGIN 17.42% VS 20.86% (YOY)

POOR EBITDA AND MARGINS

The budget strikes a decent and balanced approach, especially given the current coalition government dynamics. Allocations to Bihar and Andhra Pradesh are strategic investments that will likely generate significant revenue in the future. Increased FDI is expected to boost investment in India, while changes in the Insolvency and Bankruptcy Code (IBC) and the establishment of new tribunals will strengthen the banking sector.

The digitization of land records is a forward-thinking initiative that holds great promise.

The removal of indexation benefits might negatively impact investor returns, leading to a short-term bearish outlook for the sector.

The 25% increase in the Long-Term Capital Gains (LTCG) tax is manageable and not likely to deter investors significantly.

However, the increase in Short-Term Capital Gains (STCG) tax from 15% to 20% could have a more pronounced negative impact in the medium term.

“Union Budget 2024-25 was better than expectations for bond markets. The market was surprised by drop in estimated fiscal deficit to 4.9% of GDP (from 5.1% of GDP in the interim budget). However, there was only marginal drop in gross / net borrowing numbers, which dented market sentiments. Overall the budget was positive as it stuck to fiscal consolidation and further projected to achieve 4.5% fiscal deficit in FY2026. With continuing passive inflows, post inclusion in JP Morgan EM Bond Index, and a tight fiscal budget, market yields should continue to soften, as long term investors get confidence from the continuing fiscal prudence.”

i

“Continuing her reformist agenda from previous tenure, the finance minister’s announcements on land digitisations,employment and skill development, taxes, and manufacturing are going to further strengthen the economy. The declining fiscal deficit highlights the fiscal discipline and prudence of the government. On this front, it is a good budget. Any continuity of policy in budget announcement is good.

One big negative is increased taxes on long-term capital gains, which is discouraging. Given the low penetration of financial assets, consistency of taxes always helps in the long run. The intention of change in slabs in the new tax regime is to spur consumption. Thegovernment is also making a clear indication that the new tax regime would be the preferred one going forward. 

One good news for mutual fund investors is that Fund of Fund making investments of more than 65% in domestic equities will be treated at par with other mutual fund schemes as far tax treatment is concerned. This has removed an anomaly.”

“The Union Budget has put comprehensive focus on housing and rural development alongside the economic growth narrative. The allocation of ₹2.66 lakh crore for rural infrastructure and the construction of 3 crore additional houses under the PM Awas Yojana in both rural and urban areas are complementary and would significantly boost housing demand. Rental housing has received the attention and will improve the housing stock. Other positives are digitization of land records, PM Surya Ghar Muft Bijli Yojana, encouraging states on moderation of high stamp duty rates and considering lower stamp duty on properties purchased by women. These measures will stimulate the housing market, driving demand and fostering socio-economic growth.”

Today, July 23,2024, the budget day, was one of the busiest days ever for @nseindia with more than 2044 crores orders (world record for any exchange in the world) were received today in a single day by NSE resulting in 25.97 crore trades today.

Instl. Investors EQUITY Cash Trades PROV. - 23/07/2024 : Rs. CRS.

FIIS : SELL -2,975 (14,331-17,306)

DIIS : BUY +1,419 (17,799-16,380)

Supreme Industries: BUY | TP 6830 | Strong momentum continues

Oberoi Realty: BUY | TP 2107 | Strong cash flow visibility; all levers in place for a shift in gear

Patanjali Foods: BUY | TP 2144 | Edible oil profitability improves; FMCG miss expectations

J.K. Cement: BUY | TP 5000 | Timely capex, better market mix, and cost efficiencies to drive

outperformance

Gravita India: BUY | TP 1710 | Strong execution; long term guidance maintained

Kirloskar Pneumatic Company: BUY | TP 1725 | Margin-led operational outperformance

Solara Active Pharma Sciences: SELL | TP 485 | Focus on regulated markets reduce losses

The Union Budget for 2024-25 was announced by the Hon’ble Union Finance Minister , Smt. Nirmala Sitharaman on July 23, 2024

Welcoming the Budget, Shri Bhadresh Dodhia, Chairman, MATEXIL ( Man-Made and Technical Textiles Export Promotion Council ) - ( Formerly SRTEPC) said “the Union Budget for 2024-25 is growth oriented , pragmatic and progressive as it focus on crucially important areas such as Employment generation , Skill development and Investments”. The Budget propose to introduce Employment linked incentives and Skilling programmes which will certainly lead to job creation in manufacturing in the Textiles and clothing Sector, according to Shri Dodhia. 

The Budget has proposed a Credit Guarantee Scheme to the MSMEs to enable them to get term loans for purchase of machinery and equipment without collateral or third party guarantee. Shri Bhadresh Dodhia pointed out that getting credit facilities from the banks for business operations have always been a challenge for the MSMEs and the Credit Guarantee Scheme announced in the Budget will encourage the growth and development of the MSMEs . 

The Chairman MATEXIL appreciated the Budget proposal to provide internship opportunities for youths in top Companies to 1cr youth in 5 years . The budget has reduced Customs duties on Methylene Dipheaye isocyanate (MDI) -used in the manufacture of Spandex Yarn from 7.5 to 5%. Spandex yarn is used widely in the production of textile garments and technical textiles and this duty reduction will reduce production cost , pointed out Shri Dodhia . 

The budget outlay for RoDTEP and RoSCTL Schemes has been increased. Shri Bhadresh Dodhia urged the Government to increase the rates under these schemes for textiles & clothing . 

The Chairman, MATEXTIL appealed to the Government to rectify the inverted duty structure in GST in the case of manmade fibre textiles and to reduce the rate of GST rate on plastic bottles from 18% to 5% . 

Shri Bhadresh Dodhia expressed his confidence that the announcements in the Union Budget for 2023-24 will lead to improvement in business sentiments and overall development of the Country including employment generation. 

👉Net profit up 27.6% at ₹27.3 cr vs ₹21.4 cr (YoY)

👉Revenue up 1.1% at ₹757.9 cr vs ₹749.6 cr (YoY)

👉EBITDA up 31.9% at ₹55.8 cr vs ₹42.3 cr (YoY)

👉Margin at 7.4% vs 5.6% (YoY)

NET PROFIT 25.38B RUPEES VS 24.72B (YOY); EST 24.81B

REVENUE 151.7B RUPEES VS 149.31B (YOY); EST 151B 

EBITDA 36.1B RUPEES VS 35.21B (YOY); EST 35.40B

EBITDA MARGIN 23.78% VS 23.58% (YOY); EST 23.4%

Q1 CONS NET PROFIT 1B RUPEES VS 566M (YOY)

Q1 REVENUE 30.7B RUPEES VS 29.4B (YOY)

Q1 EBITDA 2.5B RUPEES VS 1.66B (YOY) || Q1 EBITDA MARGIN 8.04% VS 5.65% (YOY)

Q1 SL NET PROFIT 2.25B RUPEES VS 2.08B (YOY)

Q1 NET PREMIUM INCOME 78.7B RUPEES VS 70.2B (YOY)

Q1 VNB SEEN AT RUPEES 4.72B GREW BY 7.8% YEAR-ON-YEAR BASIS

Q1 APE SEEN AT 19.63B FOR Q1-FY2025

Q1 SL NET PROFIT 2.5B RUPEES VS 2.37B (YOY)

Q1 REVENUE 20.7B RUPEES VS 18.29B (YOY)

Q1 EBITDA 3.79B RUPEES VS 3.42B (YOY) || Q1 EBITDA MARGIN 18.32% VS 18.69% (YOY)

Stocks of fertiliser makers tumbled in trade on Tuesday. While there was no specific reason behind the fall, the negative sentiment market-wide had a rub-off effect on fertiliser stocks too. Fertiliser stocks saw their prices fall between 3 and 7 per cent, with urea maker National Fertiliser Limited (7 per cent) losing the most, followed by Paradeep Phosphates (4.2 per cent), GSFC (4.2 per cent), Chambal (4 per cent) and GNFC (3.3 per cent). Also, several of them have had a strong rally in the past year and profit booking may have also resulted in the sharp correction. 

The latest Budget on an overall basis is broadly positive despite the higher tax on capital gains and higher STT. The negative sentimental effect of the higher taxes may be over in a couple of days.

The provision for boosting spends in the agri sector, increase in spend on affordable housing, new schemes to provide incentives for employment generation may lay the foundation for medium-term inclusive growth.

Transaction of shares under offers for sale have been brought under the capital gains tax net with the Budget amending the tax provisions with retrospective effect from assessment year FY19.

The Budget memorandum noted that taxpayers in some cases were not paying capital gains tax on transfer of shares acquired through the offer for sale (OFS) route, citing the absence of an express provision for determination of the fair market value of such equity shares since they were still unlisted on the date of transfer even though securities transaction tax has been paid on transfer and thus, cost of acquisition is indeterminable, and capital gains is not chargeable.

Shares of gold and jewellery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the Government will reduce the basic customs duty on the yellow metal and silver to 6 per cent.

The Indian benchmark indices retained trend of closing the July Budget Day in red for the fifth consecutive time. Sensex and Nifty 50 were down about 0.1 per cent each. The Nifty Bank index was down about a per cent. Indeed, all three indices witnessed an intraday fall of over 1.5 per cent before recovering some of the loss in the second half of the day.

Increase in short-term and long-term capital gains tax and rising the security transaction tax (STT) for the Futures & Options (F&O) segment were the major triggers for the intraday fall.