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Nifty 50 closed at 24,857.30 (21.2, 0.1%) , BSE Sensex closed at 81,455.40 (99.6, 0.1%) while the broader Nifty 500 closed at 23,440.90 (46.7, 0.2%). Market breadth is in the green. Of the 2,183 stocks traded today, 1,276 were on the uptick, and 888 were down.

Indian indices saw a volatile afternoon session but closed in the green. The volatility index, Nifty VIX, fell 0.5% and closed at around 12.9 points. Colgate-Palmolive touched an all-time high of Rs 3,408.9 as its Q1FY25 net profit grew 33% YoY to Rs 364 crore. Revenue rose by 13.6% YoY to Rs 1,520.1 crore during the quarter.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green. Nifty Realty and Nifty Metal closed higher. According to Trendlyne’s sector dashboard, Forest Materials emerged as the top-performing sector of the day, with a rise of 2.9%.

European indices traded higher, except the UK’s FTSE 100 and Portugal’s PSI, which traded in the red. Asian indices closed lower, except India’s Nifty 50 and Thailand’ SET index which closed in the green. US index futures traded mixed, indicating a cautious start to the trading session. The Federal Reserve will begin its two-day policy meeting later today, and investors will be looking for clues over the timing and number of rate cuts to expect this year.

• Relative strength index (RSI) indicates that stocks like Infosys, Deepak Fertilisers & Petrochemicals Corp, India Cements, and PI Industries are in the overbought zone.

• Nifty Oil & Gas hits an all-time high as BPCL and HPCL gain following the Petroleum and Natural Gas Regulatory Board's revision in pipeline tariffs for transporting petroleum products. The new rates are 75% of rail tariffs for petroleum products and 100% for liquefied petroleum gas.

• Data Patterns falls as its Q1FY25 net profit misses Forecaster estimates by 1.1%, despite rising 26.9% YoY to Rs 32.8 crore. Revenue grows 16% YoY to Rs 104.1 crore during the quarter. The company appears in a screener of stocks with no debt.

• Shyam Metalics & Energy rises as its net profit grows by 35.3% YoY to Rs 276.1 crore in Q1FY25, helped by inventory destocking. Revenue increases by 8.9% YoY to Rs 3,662.5 crore during the quarter. It features in a screener of stocks near their 52-week highs.

• Varun Beverages' Q1FY25 revenue rises 28.7% YoY to Rs 7,333.7 crore, beating estimates by 2.3%. Net profit grows 25.5% YoY to Rs 1,261.8 crore during the quarter. It appears in a screener of stocks where mutual funds increased their shareholding in the last quarter.

• SEBI approves the IPOs for PN Gadgil Jewellers, KRN Heat Exchanger, Ecos India Mobility, and Premier Energies. The funds raised through the initial offerings are allocated for corporate expansions and debt repayment. It also returns the draft prospectus documents of Vishal Mega Mart, NBFC Avanse Financial Services, Sai Life Sciences, and BMW Ventures.

  Sebi has returned the draft prospectus documents of Vishal Mega Mart, NBFC Avanse Financial Services, Sai Life Sciences and BMW Ventures.https://t.co/jVdOZdRdRg

  — ETMarkets (@ETMarkets) July 30, 2024

• Kalpataru Projects falls as its Q1FY25 net profit drops 19.1% YoY to Rs 93 crore due to higher erection, sub-contracting & other project expenses. However, revenue grows 8.1% YoY to Rs 4,587 crore during the quarter, driven by power transmission & distribution and buildings & factories business. The company appears in a screener of stocks where mutual funds increased their shareholding over the past two months.

• Akums Drugs and Pharmaceuticals' Rs 1,856.7 crore IPO gets bids for 0.8X the available 1.5 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 2.1X the available 27.1 lakh shares on offer.

• Axis Direct retains its 'Buy' call on ICICI Bank with a higher target price of Rs 1,425 per share. This indicates a potential upside of 16.2%. The brokerage expects increased revenue and profitability in the medium term, backed by strong credit and deposit growth and improving asset quality. It projects the company's net interest income (NII) to grow at a CAGR of 10.3% over FY25-27.

• Sumant Kathpalia, CEO of IndusInd Bank, highlights Q1FY25 as a stable quarter, despite being a typically weaker period for the bank. He projects a return on assets (ROA) of 1.8% by Q3 and around 1.9-2% by Q4FY25. The bank aims to maintain its liquidity coverage ratio (LCR) above 110%, noting that LCR guidelines will only have a minor impact, remaining in single digits.

  #OnCNBCTV18 | Liquidity Coverage Ratio guidelines impact for us will only be up to single-digits. Q1 saw weak flows in vehicle finance business leading to higher slippages
  
  Will do pricing adjustments due to project financing guidelines
  
  Sumant Kathpalia, #IndusIndBank to… pic.twitter.com/4fl97sNJaK

  — CNBC-TV18 (@CNBCTV18Live) July 30, 2024

• Maharashtra Seamless falls as its Q1FY25 net profit drops 37.4% YoY to Rs 129.3 crore due to lower sales and higher inventory. Revenue falls 5.8% YoY to Rs 1,151 crore during the quarter. The company features in a screener of stocks where mutual funds increased their shareholding over the past two months.

• Wonderla Holidays falls sharply as its net profit declines by 25.1% YoY to Rs 63.2 crore in Q1FY25 due to higher raw material and employee benefits expenses. Revenue decreases by 6.7% YoY to Rs 177.5 crore due to reduced footfall. It shows up in a screener of stocks with medium to low Trendlyne momentum scores.

• Quess Corp rises as its Q1FY25 net profit increases 117.1% YoY to Rs 103.8 crore due to lower material costs. Revenue grows 8.7% YoY to Rs 5,013.3 crore during the quarter. The company appears in a screener of stocks with new 52-week highs today.

• Company promoters take advantage of the booming markets with a selling spree in Q1FY25. The promoters of India’s top 500 companies have sold shares totaling Rs 61,840 crore, the highest in the past nine months.

  Promoters sold shares worth ?61,840 crore from India's top 500 companies in Q1 FY2025, marking the most aggressive equity offload in nine months.
  
  (@MayurBhalerao1 reports)https://t.co/gvJ2xzq7gS

  — Mint (@livemint) July 30, 2024

• IdeaForge Technology falls sharply as its net profit declines by 93.8% YoY to Rs 1.2 crore in Q1FY25 due to a sharp increase in raw material costs. Revenue decreases by 8.4% YoY to Rs 92.2 crore. It shows up in a screener of stocks with declining profits from the past two quarters.

• ACC is falling as its Q1FY25 net profit declines by 22.5% YoY to Rs 361.4 crore due to higher raw material costs. Revenue decreases by 1% YoY to Rs 5,226.6 crore, helped by increased clinker and cement sales. It features in a screener of stocks underperforming their industries in the past quarter.

• CESC surges as it acquires a 63.9% stake in Purvah Green Power, a wholly-owned subsidiary of Crescent Power, for Rs 205 crore. This acquisition aims to expand CESC's renewable energy business.

• Ashok Atluri, CMD of Zen Technologies, reiterates the company’s FY25 revenue guidance of Rs 900 crore and export target of Rs 300 crore. He highlights the strong traction of orders in the anti-drone segment, and expects orders to pick up in Q3 and Q4.

  Zen Technologies says
  
  FY25 Guidance
  ???? Revenue at Rs.900cr, Exports around Rs.300cr
  ???? Margins EBITDA around 35%-37%, PAT around 25%#StockMarket#Niftyhttps://t.co/H1AEqZNeA3

  — Nigel D'Souza (@Nigel__DSouza) July 30, 2024

• Jindal Saw surges to its all-time high of Rs 648 per share as its net profit grows by 66.7% YoY to Rs 441.1 crore in Q1FY25. Revenue rises by 12.1% YoY to Rs 4,984.8 crore, driven by increased sales of iron & steel pipes and pellets. It shows up in a screener of stocks with improving cash flow from operations in the past two years.

• ITD Cementation India receives a contract to construct a residential colony in New Delhi worth approx Rs 1,237 crore.

• Rail Vikas Nigam wins an order worth Rs 739 crore from the Himachal Pradesh State Electricity Board to develop a distribution infrastructure at the Central Zone of Himachal Pradesh.

• Nomura maintains its ‘Buy’ rating on KEC International with an upgraded target price of Rs 1,030. The brokerage notes the robust growth and the company’s focus on margins. It expects gross margins to recover starting in Q3FY25, driven by easing supply chain issues and increased contributions from new projects.

  Brokerage Radar | Nomura on KEC International maintains Buy; hikes target price to Rs 1,030 from Rs 880@Nomurapic.twitter.com/uVF0zxUBDS

  — ET NOW (@ETNOWlive) July 30, 2024

• Tata Steel approves infusing funds in T Steel Holdings by acquiring 557.3 crore shares for $875 million (Rs 7,324.4 crore).

• Colgate-Palmolive surges to its all-time high of Rs 3,408.9 per share as its net profit grows by 33% YoY to Rs 364 crore in Q1FY25, helped by inventory destocking and lower finance costs. Revenue rises by 13.6% YoY to Rs 1,520.1 crore, driven by improvements in the toothpaste, toothbrush, and personal care segments. It appears in a screener of stocks with negative to positive growth in sales and net profit with strong price momentum.

• Reports suggest that a 13.1% equity of PNB Housing Finance has changed hands for Rs 2,642 crore in block deals. Carlyle Group's Quality Investment Holdings is the likely seller.

• Hindustan Petroleum Corp's net profit plunges by 90.6% YoY to Rs 633.9 crore in Q1FY25 due to higher raw material, inventory, and finance costs. However, revenue grows by 1.4% YoY to Rs 1.2 lakh crore, helped by an improvement in the downstream petroleum segment. It features in a screener for stocks where mutual funds reduced their shareholding in the past quarter.

• Nifty 50 was trading at 24,840.60 (4.5, 0.0%), BSE Sensex was trading at 81,349.28 (-6.6, 0.0%) while the broader Nifty 500 was trading at 23,429.65 (35.5, 0.2%).

• Market breadth is overwhelmingly positive. Of the 1,954 stocks traded today, 1,432 were on the uptrend, and 489 went down.

Riding High:

Largecap and midcap gainers today include FSN E-Commerce Ventures Ltd. (200.03, 9.4%), Adani Energy Solutions Ltd. (1,124.90, 6.9%) and Suzlon Energy Ltd. (68.22, 5.0%).

Downers:

Largecap and midcap losers today include Varun Beverages Ltd. (1,577.40, -6.4%), Torrent Pharmaceuticals Ltd. (3,111.15, -2.7%) and Godrej Consumer Products Ltd. (1,439.80, -2.6%).

Volume Shockers

28 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included PCBL Ltd. (331.95, 10.8%), Computer Age Management Services Ltd. (4,695.05, 9.6%) and Fine Organic Industries Ltd. (5,872.65, 9.4%).

Top high volume losers on BSE were Varun Beverages Ltd. (1,577.40, -6.4%), CSB Bank Ltd. (330.25, -4.2%) and Vardhman Textiles Ltd. (556.65, -2.1%).

Kansai Nerolac Paints Ltd. (304.55, 8.1%) was trading at 20.3 times of weekly average. FSN E-Commerce Ventures Ltd. (200.03, 9.4%) and Trident Ltd. (40.78, 6.8%) were trading with volumes 13.8 and 9.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

55 stocks hit their 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Ajanta Pharma Ltd. (2,530.55, 4.6%), Apollo Tyres Ltd. (559.65, 1.4%) and Aurobindo Pharma Ltd. (1,396.10, -0.6%).

Stock making new 52 weeks lows included - Equitas Small Finance Bank Ltd. (81.81, -0.8%).

18 stocks climbed above their 200 day SMA including Kansai Nerolac Paints Ltd. (304.55, 8.1%) and Trident Ltd. (40.78, 6.8%). 4 stocks slipped below their 200 SMA including Westlife Foodworld Ltd. (828.20, -1.1%) and GMM Pfaudler Ltd. (1,461, -0.3%).

Nifty 50 closed at 24,836.10 (1.3, 0.0%) , BSE Sensex closed at 81,355.84 (23.1, 0.0%) while the broader Nifty 500 closed at 23,394.20 (102.2, 0.4%). Market breadth is in the green. Of the 2,222 stocks traded today, 1,244 were gainers and 948 were losers.

Market closed flat after paring gains in the afternoon session. The Indian volatility index, Nifty VIX, rose by 5.7% and closed at 12.9 points. UltraTech Cement's board approved the acquisition of India Cements by purchasing the promoter's stake, resulting in a majority ownership of 55.5%.

Nifty Midcap 100 and Nifty Smallcap 100 closed in green. Nifty High Beta 50 and BSE Cap Goods were among the top index gainers today. According to Trendlyne’s Sector dashboard, Media emerged as the best-performing sector of the day, with a jump of over 3.4%.

Asian indices closed in green while European indices are trading higher. US index futures traded higher, indicating a positive start to the trading session. This week will focus on central banks, as the Federal Reserve, Bank of England, and Bank of Japan are all set to hold policy meetings. Additionally, major tech earnings announcements will continue, with Microsoft scheduled to report on Tuesday and Meta on Wednesday.

• Money flow index (MFI) indicates that stocks like United Spirits, Just Dial, Alembic Pharmaceuticals, and Jyothy Labs are in the overbought zone.

• Cyient DLM rises sharply as it inks a contract with Boeing to produce battery diode modules (BDM) for the 787 Dreamliner.

• Filatex Fashions rises as its arm, Filatex Mines and Minerals, wins an export order worth $35 million (Rs 293 crore) from Bloom flora Ventures to supply white marble.

• JSW Energy's wholly owned subsidiary, JSW Neo Energy, secures a letter of intent (LoI) from Gujarat Urja Vikas Nigam to set up a 192 MW hybrid power plant, with an additional 96 MW under the green shoe option.

• Post-results commentary from several banks indicates most private lenders faced an increase in new bad loans due to seasonal factors worsened by general elections and heat waves, particularly in retail sectors like personal loans and credit cards. Some stress also came from agricultural loans. Despite this, the net profit of nine large private banks rose 26% YoY to Rs 44,308 crore in Q1FY25. However, analysts warn that the upcoming quarter may be challenging.

  India's non-state banks are likely entering a period of margin compression, deterioration in asset quality, rising provisions and high credit costs, the June-quarter results for most private sector lenders have signalled.https://t.co/J43WQDST2k

  — ETMarkets (@ETMarkets) July 29, 2024

• ICICI Bank rises as its net profit grows 10% YoY to Rs 11,695.8 crore in Q1FY25. Revenue increases by 29.2% YoY to Rs 67,270.1 crore, driven by improvements in the retail, treasury, and life insurance segments. Its net interest income rises by 7% YoY, and asset quality weakens as gross and net NPAs rise by 61 bps YoY and 5 bps YoY, respectively.

• Power Grid Corp of India falls as its net profit misses Forecaster estimates by 11.8%, despite growing by 3.5% YoY to Rs 3,723.9 crore in Q1FY25. However, revenue remains flat at Rs 11,279.6 crore due to a reduction in the transmission business. It shows up in a screener of stocks with declining return on equity (RoE) over the past two years.

• Larsen & Toubro rises as its power transmission & distribution (PT&D) business secures orders worth Rs 2,500-5,000 crore from India and abroad. The domestic order is for two 765kV transmission line packages in the Jaisalmer/Barmer Renewable Energy Zone, Rajasthan. The foreign orders are to set up substations in Saudi Arabia and the UAE.

• UltraTech Cement's board approves the acquisition of India Cements by purchasing the promoter's stake, resulting in a majority ownership of 55.5%. The company plans to acquire an additional 33% stake in India Cements from its promoters and associates for Rs 390 per share, totaling an enterprise value of Rs 1,900 crore, subject to regulatory approvals.

  CNBC-TV18 Stocks Board | UltraTech Cement (@UltraTechCement) to acquire India Cements by buying promoter stake, to own a majority stake of 55.5%. @Nigel__Dsouza with the key 6 takeaways from the deal pic.twitter.com/xejBB41Q8K

  — CNBC-TV18 (@CNBCTV18News) July 29, 2024

• Sanofi's Q1FY25 revenue falls 35.1% YoY to Rs 468.3 crore and misses Trendlyne's Forecaster estimates by 37.4%. Net profit declines by 16% YoY to Rs 103.2 crore during the quarter. It shows up in a screener of stocks underperforming their industry price change during the quarter.

• Punjab & Sind Bank rises as its net profit grows by 18.9% YoY to Rs 181.5 crore in Q1FY25, helped by a provision return of Rs 336.1 crore from NPAs. Revenue increases by 14.1% to Rs 2,846 crore on the back of an improvement in the treasury, retail and corporate banking segments. The bank's asset quality improves as its gross and net NPAs decline by 208 bps YoY and 36 bps YoY, respectively.

• Gensol Engineering rises as it secures an order worth Rs 463 crore for a solar plant at Gujarat's Khavda RE Power Park, involving engineering, design, procurement, installation, testing, and commissioning.

• Brainbees Solutions, the parent company of FirstCry is set to file a red herring prospectus (RHP) with SEBI this week, say reports. As per the DRHP, the offer includes a fresh issue of around Rs 1,1816 crore and an offer for sale of more than 5.4 crore shares. 

  ???????? Startup rush at D-Street!
  
  After Ola Electric, Brainbees Solutions — which runs #FirstCry — is expected to file its red herring prospectus (RHP) this week, for an #IPO valuing the baby and mother care products retailer at $3-3.5 billion.
  
  Details ????????

  — ETtech (@ETtech) July 29, 2024

• Nuvama Wealth Management surges to its all-time high of Rs 6,138 per share as its Q1 net profit grows by 79.6% YoY to Rs 221 crore. Revenue rises by 46.7% YoY to Rs 952.7 crore, attributed to improvements in the wealth management, asset management, and capital markets segments. It appears in a screener of stocks with increasing quarterly revenue for the past eight quarters.

• NBCC (India) rises as its arm, HSCC (India), wins an order worth Rs 411.5 crore from Medical Education & Ayush Government of Maharashtra to construct a new government medical college of 100 student capacity and 430 bedded Hospital at Buldhana.

• Bandhan Bank surges more than 10% as its net profit grows 47.5% YoY to Rs 1,063.5 crore in Q1FY25, helped by lower provisions. Revenue rises by 23.5% YoY to Rs 6,063.4 crore, driven by an increase in the retail and wholesale banking segments. The bank's asset quality improves as its gross and net NPAs decline by 253 bps YoY and 103 bps YoY, respectively.

• Rajan Venkatesan, CFO of Latent View Analytics, highlights the company didn't meet its Q1FY25 guidance due to a delay in finalising some large deals. He adds that margins were impacted due to wage hikes and visa-related expenses. However, he believes margins will improve as revenue grows. For FY25, he projects an organic growth rate of 16-18%, with EBITDA margins at 22-23%.

  #OnETNOW | "Guidance missed as some of large deals took more to sign" says Rajan Venkatesan of Latent View Analytics@venkatlv@latentviewpic.twitter.com/l7SATRXXEq

  — ET NOW (@ETNOWlive) July 29, 2024

• Bharat Heavy Electricals rises as it bags an engineering, procurement & construction (EPC) order worth Rs 10,000 crore from Damodar Valley Corp to set up two 800 MW thermal power stations in Jharkhand.

• Maruti Suzuki India gets a final assessment order with an income tax demand of Rs 779.2 crore and a show cause notice to initiate penalty proceedings.

• Cholamandalam Investment & Finance appoints Ravindra Kumar Kundu as the Managing Director, effective October 7, 2024.

• Ola Electric sets the price band for its IPO at Rs 72-76 per share. The issue, valued at Rs 6,146 crore, consists of a fresh issue worth Rs 5,500 crore and an offer for sale of approx Rs 646 crore. The issue opens on August 6.

  #OlaElectric on Monday announced the price band of Rs 72-76 for its upcoming IPO, which will open on August 2 and close on August 6.https://t.co/XD3pQ70Orn

  — ETMarkets (@ETMarkets) July 29, 2024

• KEC International is rising as its net profit surges by 106.9% YoY to Rs 87.6 crore in Q1FY25, helped by reduced erection & subcontracting and employee benefits expenses. Revenue grows by 7.3% YoY to Rs 4,555 crore, driven by an improvement in the engineering, procurement & construction (EPC) segment. The company's board also approves raising Rs 4,500 crore through a qualified institutional placement (QIP).

• City Union Bank's Q1FY25 net profit rises 16.4% YoY to Rs 264.5 crore, while its revenue increases by 8.9% YoY. The bank's board approves raising up to Rs 500 crore capital via a qualified institutional placement.

• Anamudi Real Estates sells a 4.7% stake in Sobha for approx Rs 857.7 crore in a bulk deal on Friday.

• InterGlobe Aviation's Q1FY25 net profit beats Forecaster estimates by 28.3%, despite falling by 11.7% YoY to Rs 2,728.8 crore due to higher fuel, aircraft rentals, employee benefits, and finance costs. Revenue grows by 18% YoY to Rs 20,248.9 crore, helped by increased capacity. It features in a screener of stocks with improving cash flow from operations in the past two years.

• Nifty 50 was trading at 24,941.05 (106.2, 0.4%), BSE Sensex was trading at 81,722.64 (389.9, 0.5%) while the broader Nifty 500 was trading at 23,425.65 (133.6, 0.6%).

• Market breadth is ticking up strongly. Of the 1,997 stocks traded today, 1,649 were in the positive territory and 315 were negative.

Riding High:

Largecap and midcap gainers today include Bandhan Bank Ltd. (218.87, 13.7%), Rail Vikas Nigam Ltd. (606.30, 9.8%) and Indian Railway Finance Corporation Ltd. (195.27, 6.5%).

Downers:

Largecap and midcap losers today include Jindal Stainless Ltd. (739.45, -3.3%), MphasiS Ltd. (2,931.60, -3.2%) and Macrotech Developers Ltd. (1,361, -3.0%).

Crowd Puller Stocks

30 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Rites Ltd. (759.15, 13.8%), Bandhan Bank Ltd. (218.87, 13.7%) and Kaynes Technology India Ltd. (4,594.15, 8.1%).

Top high volume losers on BSE were Equitas Small Finance Bank Ltd. (82.44, -5.2%), CSB Bank Ltd. (344.55, -3.8%) and Tube Investments of India Ltd. (4,158.55, -0.1%).

FDC Ltd. (529.20, 5.4%) was trading at 12.1 times of weekly average. Adani Wilmar Ltd. (344.60, 6.0%) and Eris Lifesciences Ltd. (1,096.10, 2.1%) were trading with volumes 9.8 and 9.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

64 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,239.05, 1.9%), Apollo Tyres Ltd. (551.75, 0.3%) and Ashok Leyland Ltd. (256.35, 4.1%).

17 stocks climbed above their 200 day SMA including Bandhan Bank Ltd. (218.87, 13.7%) and Adani Wilmar Ltd. (344.60, 6.0%). 2 stocks slipped below their 200 SMA including Laxmi Organic Industries Ltd. (257.45, -5.2%) and Mankind Pharma Ltd. (2,063, 0.4%).

Nifty 50 closed at 24,834.85 (428.8, 1.8%) , BSE Sensex closed at 81,332.72 (1,292.9, 1.6%) while the broader Nifty 500 closed at 23,292.05 (374.8, 1.6%). Market breadth is surging up. Of the 2,168 stocks traded today, 1,482 were on the uptrend, and 663 went down.

Markets closed higher after rising throughout the day. The Indian volatility index, Nifty VIX, fell 2.9% and closed at 12.2 points. SJVN secured a Rs 13,947.5 crore contract from the Government of Mizoram to build a 2,400 MW pumped storage project at Darzo Nallah.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, taking cues from the benchmark index. BSE Metal and S&P BSE Telecom were among the top index gainers today. According to Trendlyne’s Sector dashboard, Telecom Services emerged as the best-performing sector of the day, with a rise of 4.1%.

Asian indices closed in the green except Nikkei 225, CSE All-Share and KLCI. European indices are trading in the green except Portugal's PSI and Spain’s IBEX 25 which are trading in the red. US index futures are trading in the green, indicating a positive start to the trading session. Brent crude oil futures are trading lower.

• Relative strength index (RSI) indicates that stocks like Infosys, Tata Teleservices (Maharashtra), India Cements, and United Spirits are in the overbought zone.

• BL Kashyap surges to hit an all-time high of Rs 111 as it secures an order worth Rs 160 crore from Suruchi Properties for civil, structural and allied works of residential building at Kodihalli, Bengaluru, to be completed in 20 months.

• United Breweries' Q1FY25 revenue rises 8.6% YoY to Rs 2,482.5 crore, driven by strong performance in the beer segment. Net profit increases 27.4% YoY to Rs 173.6 crore. It appears in a screener of stocks where mutual funds increased their shareholding in the last quarter.

• Hardware technology & equipment, software & services, food beverages & tobacco, and pharmaceuticals & biotechnology sectors rise more than 10% in the past month.

• Foreign institutional investors invest Rs 5,114 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest inflow of Rs 74,981.3 crore from foreign investors. Meanwhile, mutual funds are net sellers in the equity market, pulling out Rs 1,050.6 crore during the same period.

• Brokerages predict InterGlobe Aviation's net profit to drop by 28-49% YoY in Q1FY25, owing to higher operating costs and slower revenue growth. Elara Securities forecasts a 28.2% decrease in adjusted net profit to Rs 2,135 crore, attributing this to higher employee expenses and lease costs.

  InterGlobe Aviation, which operates India's largest airline IndiGo, is expected to report a double-digit decline on a year-on-year basis in net profit for first quarter of FY2025 due to higher operating costs and slower revenue growth.https://t.co/xDseMMJ5MQ

  — businessline (@businessline) July 26, 2024

• Tata Power rises as its subsidiary, Tata Power Solar, partners with Bank of India to provide easy and affordable financing for the installation of rooftop solar and EV charging stations.

• Sun Pharmaceutical hits an all-time high of Rs 1,712 as it gets US FDA approval for LEQSELVI (deuruxolitinib), an oral JAK inhibitor used for the treatment of severe autoimmune disease alopecia areata in adults.

• Texmaco Rail & Engineering to acquire rail wagon manufacturer Jindal Rail Infrastructure for Rs 615 crore. This acquisition aims to establish leadership in specialized freight rolling stock, create new product opportunities, enhance the company’s presence in Western India, and boost exports.

• SEBI has instructed the National Stock Exchange (NSE) to review the related party transactions between Linde India and Praxair India Pvt (PIPL). This action follows shareholder complaints claiming that these transactions, including the transfer of the hydrogen carbon oxidation business to PIPL, occurred without proper approval.

  #Sebi has directed the National Stock Exchange (#NSE) to evaluate related party transactions (RPTs) between Linde India Ltd (LIL) and Praxair India Pvt Ltd (PIPL), as per an order passed.
  
  (@Neha_Jozie & @NehalChaliawala report)https://t.co/ncy1kFNXFd

  — Mint (@livemint) July 26, 2024

• Pharma stocks like Divi's Laboratories, Laurus Labs, Biocon, and Ipca Laboratories are rising in trade. The broader sectoral index, Nifty Pharma, hits all-time high of 21,519.8.

• Mahanagar Gas rises as its Q1FY25 net profit of Rs 288.8 crore beats Forecaster estimates by 13%, despite falling by 21.6% YoY. Revenue declines 9.9% YoY to Rs 1,665.8 crore during the same period. The company appears in a screener of stocks near their 52-week highs.

• SpiceJet rises as the Supreme Court rejects former promoter Kalanithi Maran's plea challenging the Delhi High Court's 2018 arbitral award of Rs 578 crore.

  Relief for #SpiceJet as #SupremeCourt rejects Maran’s plea challenging Delhi High Court’s ?578 cr arbitral award order
  
  Here's more pic.twitter.com/Q8bdAffq4M

  — CNBC-TV18 (@CNBCTV18Live) July 26, 2024

• Jupiter Wagons' Q1FY25 net profit surges by 46.2% YoY to Rs 91.9 crore, helped by inventory destocking. Revenue grows by 17.5% YoY to Rs 887.7 crore, driven by strong order wins. It appears in a screener of stocks with improving book value over the past two years.

• Sobha falls sharply after 47.4 lakh shares (5% stake), amounting to Rs 865 crore, reportedly change hands in a block deal. Anamudi Real Estate is the likely seller in the transaction.

• MphasiS surges to a new 52-week high of Rs 3,047.1 per share as its net profit grows by 2.9% QoQ to Rs 404.5 crore in Q1FY25, helped by a reduction in employee benefits and finance costs. Revenue rises marginally by 0.6% QoQ to Rs 3,496 crore, driven by an improvement in the banking & financial services, logistics & transportation, technology media & telecom, and insurance segments. It features in a screener of stocks outperforming their industries over the past quarter.

• Morgan Stanley downgrades Cyient to "Underweight" with a reduced target price of Rs 1,550, as it misses Q1FY25 earnings estimates. The brokerage expresses caution over the revised revenue guidance due to high ask rates and weak historical performance. It projects an EPS CAGR of 1.6% for FY24-26.

  Brokerage Radar | Morgan Stanley on Cyient downgrades to Underweight from Overweight; cuts target price to Rs 1,550 from Rs 2,250@MorganStanleypic.twitter.com/R1ZF1ugrGP

  — ET NOW (@ETNOWlive) July 26, 2024

• Chalet Hotels to acquire 11-acre land parcel in Goa for Rs 137 crore from Shiva Goa Palace to develop a five-star luxury hotel.

• Cyient plunges more than 7% as its net profit declines by 23.9% QoQ to Rs 143.9 crore in Q1FY25. Revenue falls by 9.9% QoQ to Rs 1,696.8 crore due to a decrease in the digital, engineering & technology (DET) and design led manufacturing (DEL) segments. It shows up in a screener of stocks underperforming their industries in the past quarter.

• Sanstar's shares debut on the bourses at a 14.7% premium to the issue price of Rs 95. The Rs 510.1 crore IPO received bids for 83 times the total shares on offer.

• Hero MotoCorp secures a favorable ruling from the Income Tax Appellate Tribunal (ITAT), which overturns an income tax demand of Rs 2,336.7 crore for AY12 related to Hero's joint venture with Honda, terminated in 2010. The company also received separate tax demand notices totaling approximately Rs 605 crore, including interest, for Assessment Years (AY) 2013-14 through AY 2017-18 and FY19-20 from the income tax department.

  Hero MotoCorp has got a favourable ruling from the Income Tax Appellate Tribunal (ITAT), setting aside an income tax demand of Rs 2,336.71 crore for AY12.
  
  More details here ????https://t.co/W8s0we8BxJ#HeroMotoCorp#IncomeTax#Tax

  — Moneycontrol (@moneycontrolcom) July 26, 2024

• Sterling and Wilson Renewable Energy wins two orders worth Rs 328 crore. The orders include development of standalone BESS plant in Rajasthan and a 20 MW floating solar project in Karnataka.

• Indus Towers rises as it considers a proposal for the buyback of fully paid-up equity shares. The board will meet on July 30 to discuss the proposal.

• SJVN surges as it bags an order worth Rs 13,947.5 crore from the Government of Mizoram to set up a 2,400 MW pumped storage project across the Darzo Nallah.

• Tech Mahindra falls sharply as its revenue in Q1FY25 declines by 0.7% QoQ to Rs 13,150.2 crore due to a decrease in the IT segment. However, net profit rises by 28.8% QoQ to Rs 851.5 crore, helped by a reduction in subcontracting expenses. The company appears in a screener of stocks with declining return on equity (RoE) over the past two years.

• Nifty 50 was trading at 24,467.45 (61.4, 0.3%), BSE Sensex was trading at 80,158.50 (118.7, 0.2%) while the broader Nifty 500 was trading at 23,003.60 (86.4, 0.4%)

• Of the 1,906 stocks traded today, 1,505 showed gains, and 371 showed losses.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (410.50, 10.3%), One97 Communications Ltd. (509.05, 10.0%) and Shriram Finance Ltd. (2,925, 9.2%).

Downers:

Largecap and midcap losers today include Mankind Pharma Ltd. (2,055.90, -4.1%), Rail Vikas Nigam Ltd. (552.35, -4.1%) and United Breweries Ltd. (2,037, -3.4%).

Volume Shockers

25 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included The New India Assurance Company Ltd. (291.73, 12.9%), General Insurance Corporation of India (410.50, 10.3%) and Infibeam Avenues Ltd. (31.36, 9.3%).

Top high volume losers on BSE were BASF India Ltd. (5,793.15, -6.2%), Cyient Ltd. (1,789.90, -5.5%) and Route Mobile Ltd. (1,642.30, -5.0%).

Home First Finance Company India Ltd. (1,061.50, 3.1%) was trading at 9.7 times of weekly average. Adani Energy Solutions Ltd. (1,051.95, 0.2%) and Equitas Small Finance Bank Ltd. (86.96, -1.9%) were trading with volumes 7.9 and 7.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

54 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,216.35, 1.3%), Apollo Tyres Ltd. (550.40, 2.5%) and Ashok Leyland Ltd. (246.38, 6%).

15 stocks climbed above their 200 day SMA including Infibeam Avenues Ltd. (31.36, 9.3%) and Network18 Media & Investments Ltd. (91.59, 8.6%). 7 stocks slipped below their 200 SMA including Mankind Pharma Ltd. (2,055.90, -4.1%) and SBI Cards and Payment Services Ltd. (721.70, -1.2%).

Nifty 50 closed at 24,406.10 (-7.4, 0.0%) , BSE Sensex closed at 80,039.80 (-109.1, -0.1%) while the broader Nifty 500 closed at 22,917.25 (-4.2, 0.0%). Market breadth is holding steady. Of the 2,167 stocks traded today, 1,103 were gainers and 1,048 were losers.

Indian indices pared losses in the afternoon session and closed flat. The volatility index, Nifty VIX, rose 7.3% and closed at 12.6 points. Jindal Steel & Power fell sharply as its net profit declined 20.6% YoY to Rs 1,340.2 crore in Q1FY25 due to higher raw material, employee benefits, and finance costs. However, revenue grew 8% YoY to Rs 13,652.3 crore, driven by higher crude steel sales.

Nifty Smallcap 100 and Nifty Midcap 100 closed lower. Nifty Oil & Gas and Nifty Energy closed in the green. According to Trendlyne’s Sector dashboard, Hardware Technology & Equipment emerged as the top-performing sector of the day, with a rise of 1.7%.

Fresh concerns about US GDP growth, and earnings misses this quarter have caused a selloff across global markets. Most Asian indices closed lower, except Sri Lanks’s CSE All-Share index, which closed in the green. European indices traded lower amid weak global cues. US index futures traded lower, indicating a cautious start to the trading session. Ford Motor fell in the pre-opening market as it posted an earnings per share of 47 cents in Q2, 30.9% lower than estimates. However, the company’s automotive revenue stands at $44.8 billion, beating estimates by 1.8%.

• Money flow index (MFI) indicates that stocks like Avanti Feeds, Just Dial, ITC, and Torrent Pharmaceuticals are in the overbought zone.

• Indraprastha Gas falls as its Q1FY25 net profit declines 7.8% YoY to Rs 481.2 crore due to higher stock purchases. Revenue grows 3.3% YoY to Rs 3,520.6 crore during the quarter. The company features in a screener of stocks where mutual funds increased their shareholding over the past two months.

• Canara Bank's Q1FY25 revenue increases by 14.1% YoY to Rs 34,020.2 crore, driven by growth in gross advances and global deposits. Net profit rises 10.5% YoY to Rs 3,905.3 crore, helped by lower provisions. The bank's asset quality also improves, with gross and net NPAs declining by 101 bps and 33 bps YoY, respectively.

• BOB Capital retains its 'Buy' call on Hindustan Unilever with a higher target price of Rs 3,349 per share. This indicates a potential upside of 24.1%. The brokerage anticipates revenue growth driven by a good monsoon, improved agricultural yield, and rural recovery. It expects the company's revenue to grow at a CAGR of 5.7% over FY25-26.

• ICICI Bank is set to announce its Q1FY25 results on Saturday. Analysts anticipate a 10-12% YoY growth in net profit for the quarter. However, concerns remain as they warn about potential margin pressures due to elevated credit costs, which could exceed the industry average.

  #MarketsWithBS | Analysts predict #ICICIBank could see a 10-12% YoY net profit growth for #Q1FY25, with a potential QoQ increase of up to 1.6% to Rs 10,875.7 crore. Results are set to be announced on July 27, 2024.
  
  Read more: https://t.co/oL1x7bU8No@nikita_vashisht#markets

  — Business Standard (@bsindia) July 25, 2024

• Indian Energy Exchange's Q1FY25 net profit increases 27.2% YoY to Rs 96.4 crore. Revenue grows 18.8% YoY to Rs 123.6 crore due to higher electricity demand and coal production. The company features in a screener of stocks with no debt.

• Rites wins an order worth Rs 321.3 crore from the Directorate of Medical Education & Research for project management consultancy on a turnkey basis to construct a new government medical college in Amravati, Maharashtra.

• JK Paper falls sharply as its Q1FY25 net profit plunges by 54.7% YoY to Rs 139.7 crore due to higher raw materials and employee benefits expenses. However, revenue grows by 6.3% YoY to Rs 1,742.7 crore, helped by an increase in the paper & packaging segment. It features in a screener of stocks with decreasing revenue, profits, and operating profit margin (QoQ).

• Akum Drugs sets the price band for its IPO at Rs 646-679 per share. The issue, valued at Rs 1,855 crore, consists of a fresh issue worth Rs 680 crore and an offer for sale of around Rs 1,175 crore. The issue opens on July 30.

  #AkumDrugs sets #IPO price band in the range of Rs 646-679/share.
  
  For the latest news and updates, visit: https://t.co/by4FF5o0Ewpic.twitter.com/nYR0dfCPGH

  — NDTV Profit (@NDTVProfitIndia) July 25, 2024

• CG Power and Industrial Solutions rises sharply as its Q1FY25 net profit increases 18.4% YoY to Rs 241.1 crore. Revenue grows 18.8% YoY to Rs 2,227.5 crore due to increased sales in the power systems and industrial systems segments. The company features in a screener of stocks with no debt.

• Infra Engineering wins an order worth Rs 763.1 crore from the Ministry of Road Transport and Highways for improving and upgrading a two-lane stretch with paved shoulders configuration of the Bahuvan Madar Majha to Jagarnathpur section.

• Nestle India is falling as its Q1FY25 revenue misses Forecaster estimates by 4.9%, despite growing 3.6% YoY to Rs 4,853.1 crore. Net profit rises by 6.9% YoY to Rs 746.6 crore during the quarter. It shows up in a screener of stocks where mutual funds decreased their shareholding in the last quarter.

• Nomura upgrades Tata Motors to 'Buy' with a higher target price of Rs 1,294. The brokerage sees significant upside potential from Jaguar Land Rover's (JLR) operational improvements and separation of commercial vehicles from passenger vehicles. It expects margins to rise from 7.8% in FY25 to 8.5% by FY27 and potentially reach 11-12% by FY30, driven by the transition from internal combustion engines (ICE) to new electric vehicles.

  #MarketsWithMC | ???? Shares of Tata Motors Limited surged over 5 percent to scale a fresh record high of Rs 1,084.
  
  Read ????https://t.co/eP3ZBsTwMG#StockMarket#TataMotors

  — Moneycontrol (@moneycontrolcom) July 25, 2024

• State Bank of India (SBI) signs a non-binding memorandum of understanding (MoU) with the Foreign, Commonwealth & Development Office (FCDO), UK for £750 million (approx. Rs 8,093 crore). Both FCDO and SBI will invest £375 million (approx. Rs 4,046 crore) each over an agreed timeline.

• Jyothy Labs surges more than 7% as its Q1FY25 net profit grows by 5.6% YoY to Rs 101.7 crore, helped by a reduction in inventory costs. Revenue rises 7.3% YoY to Rs 755.5 crore, driven by increased sales from the fabric care, dishwashing, household insecticides, and personal care segments. It appears in a screener of stocks with improving return on equity (RoE) over the past two years.

• Craftsman Automation falls sharply as its net profit declines by 28.6% YoY to Rs 53.2 crore in Q1FY25 due to higher inventory, employee benefits, finance, and sales & services costs. However, its revenue increases by 11% YoY to Rs 1,156 crore, driven by an increase in the powertrain, aluminium products, and industrial & engineering segments. The company shows up in a screener of stocks with declining net profit for the past three quarters.

• Sachin Tikekar, President and Joint MD of KPIT Technologies, expects growth to revive in the US in H2FY25. Post-recovery, he anticipates the US business to gradually reach $50 million per quarter. Tikekar highlights that most of its business in Asia comes from Japan, but the company has started to diversify into China as well.

  KPIT Technologies says
  
  Expect growth to revive in ???????? in H2FY25
  ???? Post recovery hope that US business gradually gets to $50mn/quarter
  
  Biggest biz from Asia comes from Japan ???????? but now focusing on China ???????? #StockMarkethttps://t.co/5Ozg9ZDtVy

  — Nigel D'Souza (@Nigel__DSouza) July 25, 2024

• Rail Vikas Nigam wins an order worth Rs 191.5 crore from South Eastern Railway to develop a 132 KV traction substation, sectioning post, and a sub-sectioning post on the Rajkhaswan-Nayagarh-Bolani section.

• PG Electroplast surges to its all-time high of Rs 464 per share as its Q1FY25 net profit grows by 147.6% YoY to Rs 83.7 crore. Revenue increases by 95.1% YoY to Rs1,324.6 crore, attributed to a rise in sales in the washing machines and TV & electronics segments. It features in a screener of stocks with improving cash flow from operations in the past two years.

• Axis Bank falls sharply as its Q1FY25 net profit misses Forecaster estimates by 0.4%, despite growing by 4.1% YoY to Rs 6,034.6 crore. Revenue rises by 17% YoY to Rs 35,844.2 crore, driven by an increase in the treasury, corporate, and retail banking segments. The bank's asset quality improves as its gross and net NPAs decline by 42 bps YoY and 7 bps YoY, respectively.

• Macquarie initiates an ‘Outperform’ rating on Polycab India with a target price of Rs 7,576. The brokerage notes strong demand in the cable & wire (C&W) business across domestic and overseas markets. It also believes the worst is over for the FMEG space and sees growth driven by a focus on premium products and branding, as well as in house manufacturing.

  Brokerage Radar | Macquarie on Polycab initiates Outperform with target price of Rs 7,576@Macquarie@PolycabIndiapic.twitter.com/nzLj26XzqU

  — ET NOW (@ETNOWlive) July 25, 2024

• Radhakishan Damani sells a 1.7% stake in VST Industries for approx Rs 107.8 crore in a bulk deal on Wednesday.

• Jindal Steel & Power falls sharply as its net profit declines 20.6% YoY to Rs 1,340.2 crore in Q1FY25 due to higher raw material, employee benefits, and finance costs. However, revenue grows 8% YoY to Rs 13,652.3 crore, driven by higher crude steel sales. It appears in a screener of stocks with high promoter pledges.

• RBL Bank is falling as Baring Private Equity Asia reportedly plans to divest its entire 7.9% stake worth Rs 1,081 crore.

• Larsen & Toubro's net profit rises 11.7% YoY to Rs 2,785.72 crore in Q1FY25. Revenue increases by 14.3% YoY during the quarter, driven by the infrastructure projects segment. The company appears in a screener for stocks with increasing mutual fund shareholding in the past month.

• Markets fell in early trading. Nifty 50 was trading at 24,235.85 (-177.7, -0.7%), BSE Sensex was trading at 79,641.96 (-506.9, -0.6%) while the broader Nifty 500 was trading at 22,783.45 (-138, -0.6%)

• Market breadth is in the red. Of the 1,926 stocks traded today, 735 were gainers and 1,150 were losers.

Riding High:

Largecap and midcap gainers today include Tata Motors Limited (DVR) (747.25, 6.4%), Tata Motors Ltd. (1,090.95, 6.2%) and Adani Green Energy Ltd. (1,820.50, 6.1%).

Downers:

Largecap and midcap losers today include Axis Bank Ltd. (1,175.90, -5.1%), Indian Railway Finance Corporation Ltd. (183.56, -4.5%) and Au Small Finance Bank Ltd. (631.65, -4.2%).

Crowd Puller Stocks

29 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included MMTC Ltd. (120.91, 17.9%), Data Patterns (India) Ltd. (3,393.95, 10.0%) and Jyothy Labs Ltd. (547.70, 7.8%).

Top high volume losers on BSE were Axis Bank Ltd. (1,175.90, -5.1%), RBL Bank Ltd. (230.20, -3.3%) and Nestle India Ltd. (2,480.65, -2.4%).

Mahindra Holidays & Resorts India Ltd. (477.15, 2.2%) was trading at 9.6 times of weekly average. Godfrey Phillips India Ltd. (4,294.45, 2.8%) and Vaibhav Global Ltd. (334.25, 4.4%) were trading with volumes 8.4 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

36 stocks hit their 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,200.95, 2.2%), BASF India Ltd. (6,172.95, 4.7%) and Zydus Lifesciences Ltd. (1,205.80, 2.2%).

14 stocks climbed above their 200 day SMA including Jai Balaji Industries Ltd. (903.05, 5%) and Kama Holdings Ltd. (2,793.20, 2.8%). 14 stocks slipped below their 200 SMA including Westlife Foodworld Ltd. (833, -2.8%) and Nestle India Ltd. (2,480.65, -2.4%).

Nifty 50 closed at 24,413.50 (-65.6, -0.3%) , BSE Sensex closed at 80,148.88 (-280.2, -0.4%) while the broader Nifty 500 closed at 22,921.45 (56.3, 0.3%). Market breadth is overwhelmingly positive. Of the 2,162 stocks traded today, 1,684 showed gains, and 459 showed losses.

Indian indices saw losses in the afternoon session and closed in the red. The volatility index, Nifty VIX, fell 7.8% and closed at 11.8 points. KEC International closed higher as it bagged two orders worth Rs 1,422 crore in the transmission & distribution (T&D) business from India and the USA. 

Nifty Smallcap 100 and Nifty Midcap 100 closed higher. Nifty IT and Nifty Realty closed in the green. According to Trendlyne’s Sector dashboard, Telecommunications Equipment emerged as the top-performing sector of the day, with a rise of 4.4%. 

Asian indices closed lower, except Sri Lanks’s CSE All-Share index, which closed in the green. European indices traded mixed amid mixed global cues. US index futures traded mixed, indicating a cautious start to the trading session. Tesla’s EV deliveries declined 5% YoY to 443K units in Q2.

• Relative strength index (RSI) indicates that stocks like Hindustan Unilever, Just Dial, ITC, and India Cements are in the overbought zone.

• Housing and Urban Development Corp (HUDCO) rises as it signs a memorandum of understanding (MoU) with the Government of Rajasthan. HUDCO will provide financial assistance of up to Rs 1 lakh crore for housing and urban infrastructure projects in Rajasthan over the next five years.

• Prabhudas Lilladher downgrades JSW Steel to 'Accumulate' with a lower target price of Rs 1,022 per share. This indicates a potential upside of 15.6%. The brokerage believes the company's revenue growth will accelerate by Q3FY25 after commissioning its Vijayanagar and BPSL brownfield projects. It expects revenue to grow at a CAGR of 11.1% over FY25-26.

• Alembic Pharmaceuticals hits an all-time high of Rs 1,193 after it gets US FDA approval for fluphenazine hydrochloride tablets, used to treat psychotic disorders.

• Virender Jeet, CEO of Newgen Software, highlights the company's margin target of 22-24% for FY25. He adds that Q1FY25 was seasonally the weakest for the firm. Jeet adds that the India & Middle East business will grow faster than the overall rate, and US deal wins will be key growth drivers.

  Newgen Software
  
  Q1 is seasonally the weakest for Co
  
  Will maintain historic growth rates this year
  
  Expect to hold margin target around 22-24%
  
  India & Middle East to grow faster than overall rate
  
  Key To Track: Deal Wins in US
  https://t.co/JmrZSbJEwE

  — Mangalam Maloo (@blitzkreigm) July 24, 2024

• Federal Bank is rising as its Q1FY25 revenue grows by 25.8% YoY to Rs 7,663.7 crore, driven by strong performance in the treasury and retail banking segments. Net profit increases by 16.7% YoY to Rs 1027.5 crore. The bank's asset quality also improves, with gross and net NPAs declining by 27 bps and 9 bps YoY, respectively.

• Go Fashion surges as its Q1FY25 net profit rises 9% YoY to Rs 28.6 crore, driven by lower inventory and raw material costs. Revenue rises 15.7% YoY to Rs 220 crore during the quarter. The company features in a screener of stocks with no debt.

• KEC International rises as it bags two orders worth Rs 1,422 crore in the transmission & distribution (T&D) business from India and the USA. The domestic order is from Power Grid Corp for 765 kV and 400 kV transmission lines, while the export order is for substation structures.

• India’s business activity accelerates to a 3-month high, with the HSBC flash manufacturing PMI rising to 58.5 in July. The flash services PMI stands at 61.1 during the same period.

  #India's private sector economy continues to expand in July.@PallaviNahata reports ??https://t.co/WFJp0qMDAT

  — NDTV Profit (@NDTVProfitIndia) July 24, 2024

• MIC Electronics' Chief Executive Officer (CEO) Kalidindi Satyanarayana Raju resigns. The company appoints Rakshit Mathur as his successor, effective August 1, 2024.

• M&M Financial Services is rising as its net profit grows 38.7% YoY to Rs 497.6 crore in Q1FY25. Revenue increases by 19.7% YoY to Rs 4,354.9 crore during the quarter, driven by strong performance in the core financing segment. It appears in a screener of stocks outperforming their industry price change during the quarter.

• Sharda Cropchem surges as it reports a net profit of Rs 27.3 crore in Q1FY25, compared to a loss of Rs 88.6 crore in Q1FY24. Revenue rises 23.1% YoY to Rs 804.4 crore during the quarter. The company features in a screener of stocks where mutual funds increased shareholding over the past two months.

• Himanshu Mody, CFO of Suzlon Energy, expects blended margins in the 17-18% range for FY25. He highlights the company focused on balance sheet consolidation in FY24 and targets execution this year. Mody adds that the energy sector has seen a policy push beyond the budget, and the emphasis on renewable energy has been evident.

  Suzlon says
  
  ???? FY24 focus was on balance sheet, FY25 focus is on execution
  ???? Guides for blended margins at 17% to 18%
  ???? Industry should add between 4.5 GW to 5 GW, Suzlon share has been approx 30%#StockMarkethttps://t.co/CT8fk8spiI

  — Nigel D'Souza (@Nigel__DSouza) July 24, 2024

• Adani Green rises as its subsidiary, Adani Renewable Energy, operationalises a 250 MW wind power project in Gujarat. The project features India's largest onshore wind turbines, each with a capacity of 5.2 MW.

• United Spirits' Q1FY25 profit rises 1.7% YoY to Rs 485 crore, while its revenue increases by 7.6% YoY. EBITDA margin grows 174 bps YoY to 19.5%. The company appears in a screener of stocks outperforming their respective industry over the past year.

• ICICI Prudential Life Insurance surges to its 52-week high of Rs 689 per share as its net profit grows 8.9% YoY to Rs 225.4 crore in Q1FY25, helped by lower advertisement and publicity expenses. Revenue increases by 8.1% YoY to Rs 25,458.4 crore during the quarter. It shows up in a screener of stocks with a decrease in provisions.

• ITC reaches a new 52-week high of Rs 510.6 after the Finance Minister keeps taxes unchanged for the tobacco industry in the 2024 Union Budget. Jefferies upgrades the company to a 'Buy' with a higher target price of Rs 585. The brokerage notes that the last tobacco tax hike was 2%, as of February 2023, and this stability will allow ITC firm to focus on volumes with minimal price hikes. It expects GST taxes to remain stable until March 2026.

  #MarketsWithBS | #ITC share price hit a record high of Rs 510.60 as it rallied 4% on the #BSE in Wednesday's intraday trade. ITC stock has gained 10% in two days in an otherwise subdued market.#stockmarketsindia#buzzingstocks#StockMarket#marketshttps://t.co/qCiKytgjBj

  — Business Standard (@bsindia) July 24, 2024

• Bajel Projects rises sharply as it secures a letter of award worth Rs 586.2 crore from PowerGrid Corp of India. The contract involves supplying goods and services for transmission line TL01, a 765 kilovolt (KV) line from Beawar to Mandsaur, part of Rajasthan's 5.5 gigawatt (GW) renewable energy project.

• Schaeffler India rises as its net profit rises 6.9% YoY to Rs 253.5 crore in Q1FY25. Revenue increases by 12.8% YoY during the quarter, driven by the automotive technologies and bearings & industrial solutions segments. The company appears in a screener for stocks with no debt.

• Thyrocare Technologies rises sharply as its net profit grows by 39.7% YoY to Rs 24.2 crore in Q1FY25. Revenue increases by 18.1% YoY to Rs 160.5 crore on the back of an improvement in the diagnostic testing services segment. It shows up in a screener of stocks where mutual funds increased their shareholding over the past two months.

• Investec re-initiates a ‘Fast Sell’ on Asian Paints and Berger Paints (India). The brokerage foresees no significant improvement in the demand environment. It believes rising competition, inferior product mix, and price cuts will restrict FY25 revenue growth to 2-4% YoY. Investec also sees risks due to higher raw material costs and employee benefit expenses and believes the current valuations do not account for these risks.

  Brokerage Radar | Investec on Paints says, "Do not anticipate material improvement in the demand environment"@Investecpic.twitter.com/cTgCH8Z3kA

  — ET NOW (@ETNOWlive) July 24, 2024

• Bajaj Finance's net profit rises 13.8% YoY to Rs 3,401.5 crore in Q1FY25, while revenue increases by 28.7% YoY. Net NPA stands at 0.5% as compared to 0.4% in Q1FY24. The company appears in a screener of stocks with increasing shareholding by mutual funds.

• Al Mehwar Commercial Investments sells a 0.7% stake in Elgi Equipments for approx Rs 154.6 crore in a bulk deal on Tuesday.

• Torrent Pharmaceuticals falls sharply as its Q1FY25 net profit misses Forecaster estimates by 3%, despite growing by 20.9% YoY to Rs 457 crore. Revenue increases by 9.8% YoY to Rs 2,883 crore, helped by the improvements in Indian, Germany, and Brazil markets. It features in a screener of stocks with increasing revenue for the past four quarters.

• Hindustan Unilever's net profit grows by 2.2% YoY to Rs 2,610 crore in Q1FY25, helped by a reduction in inventory and employee benefits expenses. Revenue increases 1.8% YoY to Rs 15,694 crore, driven by improvements in the home care, beauty & well-being, and foods & refreshment segments. It appears in a screener of stocks with rising net cash flow and cash from operating activity.

• Nifty 50 was trading at 24,452.20 (-26.9, -0.1%), BSE Sensex was trading at 80,217.21 (-211.8, -0.3%) while the broader Nifty 500 was trading at 22,880.75 (15.6, 0.1%)

• Of the 1,888 stocks traded today, 1,452 were on the uptrend, and 397 went down.

Riding High:

Largecap and midcap gainers today include IDBI Bank Ltd. (97.50, 12.8%), ICICI Prudential Life Insurance Company Ltd. (694.25, 8.8%) and Life Insurance Corporation of India (1,160.55, 6.8%).

Downers:

Largecap and midcap losers today include Godrej Consumer Products Ltd. (1,459.05, -3.8%), Bandhan Bank Ltd. (188.10, -3.8%) and Dabur India Ltd. (634.15, -2.8%).

Crowd Puller Stocks

23 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included MMTC Ltd. (102.60, 20%), IDBI Bank Ltd. (97.50, 12.8%) and Castrol India Ltd. (270.55, 9.7%).

Top high volume loser on BSE was Bandhan Bank Ltd. (188.10, -3.8%).

V-Guard Industries Ltd. (467.50, 2.8%) was trading at 7.0 times of weekly average. Quess Corp Ltd. (686.40, 6.3%) and United Spirits Ltd. (1,382.85, 3.8%) were trading with volumes 6.6 and 6.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

31 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,175.40, 8.3%), BASF India Ltd. (5,904.95, 4.2%) and Indus Towers Ltd. (426.15, -1.9%).

20 stocks climbed above their 200 day SMA including Sonata Software Ltd. (737.65, 7.9%) and Alok Industries Ltd. (27.07, 6.7%). 3 stocks slipped below their 200 SMA including Bajaj Finserv Ltd. (1,579.25, -2.5%) and Capri Global Capital Ltd. (210.75, -1.4%).

Nifty 50 closed at 24,479.05 (-30.2, -0.1%) , BSE Sensex closed at 80,429.04 (-73.0, -0.1%) while the broader Nifty 500 closed at 22,865.20 (-77.5, -0.3%). Market breadth is in the red. Of the 2,165 stocks traded today, 942 were on the uptrend, and 1,205 went down.

Indian indices extended the losses from the afternoon session and closed in the red. The Indian volatility index, Nifty VIX, fell by 18.4% and closed at 12.6 points. In the Union Budget 2024, the government raised tax on short-term capital gains to 20% from 15%. Tax on long-term capital gains increases to 12.5% from 10%. The Centre has also increased the exemption limit for capital gains to Rs 1.25 lakh per year.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red taking cues from the benchmark index. Nifty FMCG and BSE Consumer Durables were among the top index gainers today. According to Trendlyne’s Sector dashboard, Textiles Apparels & Accessories emerged as the best-performing sector of the day, with a jump of over 3.3%.

Asian indices closed in the red while European indices are trading mixed. US index futures traded lower, indicating a cautious start to the trading session. Brent crude oil futures are trading in the green. Morgan Stanley anticipates that by 2025, the increase in supply from both OPEC and non-OPEC producers, estimated at approximately 2.5 million barrels per day (bpd), will surpass the expected growth in demand.

• HDFC Asset Management sees a short buildup in its July 25 future series as its open interest rises 18% with a put-call ratio of 0.4.

• Gland Pharma gets US FDA approval for its latanoprostene bunod ophthalmic solution, used in reduing elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension. It has annual sales of $153 million.

• SpiceJet rises sharply as its board of directors approves a qualified institutional placement (QIP) of shares worth Rs 3,000 crore.

• Finance Minister Nirmala Sitharaman announces a significant allocation for PLI for Auto & Auto Components at Rs 73,500 crore, compared to the FY24 revised estimate of Rs 2,484 crore. However, the FAME India allocation stands at Rs 2,672 crore, down from the revised estimate of Rs 4,807 crore in FY24.

  #Budget2024 | PLI for auto & its components at ?3,500 cr vs FY24 RE of ?484 cr#CNBCTV18LIVE#BudgetWithCNBCTV18#GoForGrowthpic.twitter.com/g5Xe4HkHr2

  — CNBC-TV18 (@CNBCTV18Live) July 23, 2024

• Bata India's board approves the closure of the Southcan unit in Karnataka. The factory contributed around 6.3% of the company's total production capacity in FY24.

• Paytm rises as it partners with Axis Bank to provide point of sales (POS) solutions and electronic data capture (EDC) devices to the bank and its merchant network. This partnership will expand Paytm's market reach through Axis Bank's merchant base.

• Steel Strips Wheels falls as its Q1FY25 net profit decreases by 13.9% YoY to Rs 40.4 crore, while revenue drops by 2.1% YoY. The company's EBITDA margin rises 20 bps YoY to 11%. It appears in a screener for stocks with strong annual EPS growth.

• Finance Minister Nirmala Sitharaman proposes three schemes focused on employment-linked incentives and reveals a Rs 2 lakh crore allocation for job creation over the next five years.

  #UnionBudget2024: Three schemes announced under #Employment-linked #incentive; Rs 2 trillion announced for #job creation https://t.co/wtbE6g2Pg5

  — Economic Times (@EconomicTimes) July 23, 2024

• Plastic products stocks like Supreme Industries, Astral and Finolex Industries fall in trade after the government increases customs duty on PVC flex banners to 25% from 10%.

• Chemical stocks like SRF, PI Industries, UPL and Deepak Nitrite are falling in trade as Finance Minister, Nirmala Sitharaman, increases customs duty on ammonium nitrate to 10% from 7.5%.

• Sanstar's Rs 510.2 crore IPO gets bids for 32.1X the available 3.8 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 19.3X the available 1.9 crore shares on offer.

• Finance Minister Nirmala Sitharam proposes to increase the security transactions tax (STT) on futures and options of securities to 0.02% and 0.1%. She also proposes to tax income received on the buyback of shares.

  #Budget2024: In a significant blow to F&O traders, Finance Minister #NirmalaSitharaman declared raising the STT rate from 0.01% to 0.02%
  
  Read here: https://t.co/yKJ4LvIPDu#BudgetDay#UnionBudget2024pic.twitter.com/rZBkNTQrDJ

  — Mint (@livemint) July 23, 202

• Food stocks like HMA Agro, Zeal Aqua, and Sharat Industries are rising in trade after Finance Minister Nirmala Sitharaman announces plans to promote shrimp farming through NABARD financing and marketing initiatives. She also proposes a customs duty cut on brood stocks, shrimps, and fish feed to 5%.

• Stocks based in Andhra Pradesh, including NCC, Andhra Cements, and KCP rise after the FinMin announces the Centre will provide Rs 15,000 crore with additional amounts in the coming years. The allocation will also include support for the early completion and financing of the Polavaram irrigation project.

• The Finance Minister proposes increasing the standard deduction for salaried employees from Rs 50,000 to Rs 75,000 under the new tax regime.

  #Budget2024 | Finance Minister #NirmalaSitharaman in her seventh Budget speech on July 23 revised the tax slabs under the new regime. The Finance Minister further placed increasing the standard deduction for salaried employees from the current ?50,000 to ?75,000 under the new… pic.twitter.com/QgIlbVMpG0

  — The Hindu (@the_hindu) July 23, 2024

• Telecom equipment manufacturers like ITI, Avantel and Optiemus Infracom are falling in trade as the government increases customs duty on telecom equipment to 15% from 10%.

• Finance Minister Nirmala Sitharaman announces an allocation of Rs 1,000 crore for space technology development.

• Finance Minister Nirmala Sitharaman announces the reduction in corporate tax rate on foreign companies from 40% to 35%.

• The Finance Minister announces revised tax slabs under the new regime. The tax remains ‘Nil’ for income up to Rs 3 lakh, 5% for income between Rs 3-7 lakh, and 10% for income in the Rs 7-10 lakh range. The tax for Rs 10-12 lakh stands at 15%, 20% for Rs 12-15 lakh, and 30% for Rs 15 lakh and above.

  ????????#Modinomics 3.0 - #BudgetWithBT | TAX SLABS REVISED in NEW INCOME TAX REGIME.
  
  ????????Finance Minister #NirmalaSitharaman announces the revised #NewTaxRegime slabs:-
  
  Rs 0-3 lakh - NIL
  Rs 3-7 lakh - 5%
  Rs 7-10 lakh - 10%
  Rs 10-12 lakh - 15%
  Rs 12-15 lakh -20%
  Above Rs 15 lakh -… pic.twitter.com/X3X135pcV2

  — Business Today (@business_today) July 23, 2024

• Agriculture stocks like Kaveri Seed, Insecticides (India), and LT Foods are rising in trade as the government allocates a capex of Rs 1.5 lakh crore.

• The Finance Minister announces a scheme to facilitate term loans to Micro, Small & Medium Enterprises (MSME) for the purchase of machinery and equipment without collateral or third-party guarantee. She proposes a credit guarantee scheme of Rs 100 crore to the MSME sector.

• Finance Minister Nirmala Sitharaman proposes reducing customs duties on mobile phones and related components to 15%.

• The government raises tax on short-term capital gains to 20% from 15%. Tax on long-term capital gains increases to 12.5% from 10%. The Centre also increases the exemption limit for capital gains to Rs 1.3 lakh per year.

  ???? #BudgetSession2024:
  
  ????Short term capital gains increased from 15% to 20%
  
  ????Long term cap gains increased from 10% to 12.5%
  
  ????Limit of exemption for capital gains will be set at Rs 1.25 lakh per year. #Budget#Budget2024#BudgetSession#BudgetWithTNI#BudgetDaypic.twitter.com/FhPdIddFIB

  — TNI (@TNITweet) July 23, 2024

• Finance Minister Nirmala Sitharaman proposes to cut the customs duty on gold and silver to 6% during the Budget. She also proposes to reduce customs duty on platinum to 6.4%.

• Defence stocks like Mazagon Dock Shipbuilders, Data Patterns, and Hindustan Aeronautics fall in trade after the government allocation for the sector remains unchanged at Rs 4.6 lakh.

• Realty stocks like Puravankara, Oberoi Realty, and Unitech surge as the government assigns a Rs 10 lakh crore investment to meet the housing needs of 1 crore urban poor and middle-class families.

• The Finance Minister announces the fiscal deficit target for FY25 at 4.9%, down from 5.1% during the interim Budget.

  ???? #Breaking | "Fiscal deficit for FY25 further scaled down to 4.9% from 5.1% in interim Budget" announces Finance Minister Nirmala Sitharaman in the #Budget2024 in the Parliament.
  
  ???? Track #LIVE updates ????https://t.co/ri34ZD8RkD#Budget#Budget2024#NirmalaSitharaman |… pic.twitter.com/rqjjekb06k

  — Moneycontrol (@moneycontrolcom) July 23, 2024

• Cement & construction stocks like NCC, Alhluwalia Contracts, and Gensol Engineering surge more than 5% as the government assigns a capex of Rs 2.7 lakh crore for rural infrastructure development.

• Mangalore Refinery & Petrochemicals falls sharply as its net profit plunges 92.8% YoY to Rs 73.2 crore in Q1FY25, due to higher raw materials, excise duty, and employee benefits expenses. However, revenue grows by 9.9% YoY to Rs 27,334.1 crore during the quarter. It shows up in a screener of stocks underperforming their industries over the past quarter.

• Federal Bank rises as it gets the Reserve Bank of India's approval to appoint Krishnan Venkat Subramanian as the Managing Director and Chief Executive Officer, effective September 23, 2024.

• The Centre keeps the FY25 capex outlay at Rs 11.1 lakh crore, or 3.4% of the GDP. This is higher than the FY24 revised estimate of Rs 9.5 lakh crore.

  News Alert | Budget 2024: FY25 capex spend seen at Rs 11.11 lk cr, 3.4% of GDP#Budget2024pic.twitter.com/bpKd8aAphI

  — ET NOW (@ETNOWlive) July 23, 2024

• Suzlon Energy surges to its all-time high of Rs 57.8 per share as its net profit grows by 199.6% YoY to Rs 302.3 crore in Q1FY25, helped by lower finance costs and foreign exchange loss. Revenue increases by 50.1% YoY to Rs 2,044.4 crore, attributed to an improvement in the wind turbine generator segment. It appears in a screener of stocks with reducing debt.

• RailTel Corp of India rises as it wins an order worth Rs 186.8 crore from the Ministry of Railways to develop HMIS and an integrated empanelled hospital referral portal for Indian Railways.

• Gensol Engineering surges to its 5% upper circuit as it bags an engineering, procurement, and construction (EPC) order worth Rs 600 crore to set up 116 MW solar projects in Gujarat. The projects will be distributed in 2 locations across the state and are expected to be completed in the next 12 months.

• Finance Minister, Nirmala Sitharaman announces the provision of Rs 2.66 lakh crore for rural development including rural infrastructure during the Annual Budget.

  ????#Thread: Big Numbers
  
  Rs 2.66 lakh crore allocated for rural development including rural infrastructure. #BudgetWithNDTVProfit
  
  Read all #Budget2024 updates: https://t.co/iMFxegxhRI
  
  Watch live: https://t.co/sM7XHSUPeypic.twitter.com/GVk8hkoKdR

  — NDTV Profit (@NDTVProfitIndia) July 23, 2024

• SBI Life Insurance buys a 0.8% stake in Can Fin Homes for approx Rs 82.8 crore in a bulk deal on Monday.

• Ashish Kacholia sells a 0.8% stake in Sastasundar Ventures in Q1FY25. He now holds a 1.1% stake in the company.

• Coforge's Q1FY25 net profit plunges 40.5% QoQ to Rs 133.2 crore due to higher employee benefits expenses. However, revenue grows by 2.4% QoQ to Rs 2,426.2 crore, driven by an improvement in the Americas and Asia Pacific markets. It features in a screener of stocks with declining return on equity (RoE) over the past two years.

• Nifty 50 was trading at 24,547.75 (38.5, 0.2%), BSE Sensex was trading at 80,724.30 (222.2, 0.3%) while the broader Nifty 500 was trading at 22,994.90 (52.3, 0.2%).

• Market breadth is in the green. Of the 1,897 stocks traded today, 1,134 were on the uptrend, and 732 went down.

Riding High:

Largecap and midcap gainers today include Titan Company Ltd. (3,466.85, 6.5%), ITC Ltd. (492.20, 5.5%) and Suzlon Energy Ltd. (57.83, 5.0%).

Downers:

Largecap and midcap losers today include Rail Vikas Nigam Ltd. (590.30, -5.4%), Indian Railway Finance Corporation Ltd. (194.14, -5.1%) and Macrotech Developers Ltd. (1,369.90, -4.7%).

Volume Rockets

26 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included AstraZeneca Pharma India Ltd. (7,067.60, 13.1%), C.E. Info Systems Ltd. (2,456.70, 8.7%) and Asahi India Glass Ltd. (697, 8.3%).

Top high volume losers on BSE were Oberoi Realty Ltd. (1,687.10, -3.3%), Shriram Finance Ltd. (2,739.20, -3.1%) and Laurus Labs Ltd. (430.45, -2.5%).

Elgi Equipments Ltd. (669.80, -1.6%) was trading at 19.7 times of weekly average. Easy Trip Planners Ltd. (42.24, 5.6%) and NCC Ltd. (337.75, 6.7%) were trading with volumes 13.8 and 11.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

25 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Indus Towers Ltd. (434.55, 3.0%), Britannia Industries Ltd. (5,944.75, 1.0%) and Colgate-Palmolive (India) Ltd. (3,168.85, 1.0%).

13 stocks climbed above their 200 day SMA including Sonata Software Ltd. (683.50, 3.0%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,900, 2.3%). 22 stocks slipped below their 200 SMA including PNB Housing Finance Ltd. (757.40, -4.4%) and ITI Ltd. (295, -2.6%).

Nifty 50 closed at 24,509.25 (-21.7, -0.1%), BSE Sensex closed at 80,502.08 (-102.6, -0.1%) while the broader Nifty 500 closed at 22,942.65 (89.1, 0.4%). Market breadth is in the green. Of the 2,207 stocks traded today, 1,267 were in the positive territory and 916 were negative.

Indian indices closed flat after switching between losses and gains throughout the day.  The Indian volatility index, Nifty VIX, rose 4.1% and closed at 15.4 points. The Economic Survey 2024 projects FY25 real GDP growth to be between 6.5% and 7%. The RBI forecasts inflation rates of 4.5% for FY25 and 4.1% for FY26. Additionally, it expects the fiscal deficit to decrease to 4.5% of GDP or lower by FY26.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty Pharma and Nifty Auto were among the top index gainers today. According to Trendlyne’s Sector dashboard, Fertilizers emerged as the best-performing sector of the day, with a rise of 4.6%.

Asian indices closed in the red except China’s Hang Seng and FTSE China 50 indices and Indonesia’s IDX Composite. European indices are trading in the green. US index futures are trading in the green, indicating a positive start to the trading session. Brent crude oil futures are trading in the red.

• Money flow index (MFI) indicates that stocks like Hindustan Unilever, Tata Teleservices (Maharashtra), Just Dial, and ITC are in the overbought zone.

• Bharat Petroleum's Q1FY25 net profit plunges 73.3% YoY to Rs 2,841.6 crore due to higher raw material costs. Revenue remains flat at Rs 1.3 lakh crore, caused by a reduction in the downstream petroleum segment. It features in a screener of stocks with declining net cash flow.

• IDBI Bank is rising as its net profit grows by 40.4% YoY to Rs 1,719.3 crore in Q1FY25, helped by lower provisions and employee benefits expenses. However, revenue falls by 3.1% YoY to Rs 7,471.3 crore due to a decrease in the corporate banking segment. The bank's asset quality improves as its gross and net NPAs decline by 118 bps YoY and 21 bps YoY, respectively.

• HG Infra rises as it receives a letter of award (LoA) from East Central Railway for constructing a double-line track in the Deen Dayal Upadhyaya (DDU) division, Bihar. The project, valued at Rs 709.1 crore, is expected to be completed in three years.

• Sunil Chari, MD & Co-Founder of Rossari Biotech, anticipates institutional cleaning business revenue to reach Rs 250 crore, up from Rs 150 crore YoY, with further growth expected throughout FY25 following a strong Q1. He also highlights a Rs 100 crore capex plan, projected to yield revenues of Rs 400 crore. He adds that the company targets customers in existing and new geographies, and their exports will become key growth drivers.

  Rossari Biotech says
  
  Guidance in FY25
  ???? Growth in Q1FY25 to continue in FY25
  ????Institutional cleaning biz revenue expected at 250cr vs 150cr (yoy)
  
  ???? Capex spend lined up is 100cr, which will be able to generate revenues of 400cr#StockMarket#Niftyhttps://t.co/Ye10VzoRvI

  — Nigel D'Souza (@Nigel__DSouza) July 22, 2024

• Poly Medicure's revenue increases 20.3% YoY to Rs 401.7 crore in Q1FY25. Net profit rises by 18% YoY to Rs 74 crore during the quarter, helped by destocking of inventory. It shows up in a screener of stocks where mutual funds increased their shareholding in the last quarter.

• Sanstar's Rs 510.2 crore IPO gets bids for 9.6X the available 3.8 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 9.5X the available 1.9 crore shares on offer.

• Geojit BNP Paribas upgrades Asian Paints to 'Buy' with a higher target price of Rs 3,305 per share. This indicates a potential upside of 12.8%. The brokerage expects double-digit growth in Q2FY25, driven by growth in rural demand and deferred demand from the previous quarter. It expects the company's revenue to grow at a CAGR of 6.9% over FY25-26.

• Udaya Kumar Hebbar, Managing Director of CreditAccess Grameen, expects AUM growth of 22-24% for FY25. He also projects NIMs in the range of 12.6-12.9%, and credit costs around 2.2-2.4% for the year. Hebbar also highlights that the microfinance sector was impacted due to elections-led restrictions in Q1.

  #OnCNBCTV18 | Credit cost to be at 2.2-2.4% in #FY25
  
  AUM growth is expected at 22-24% & Net Interest Margin will be at 12.6-12.9% for FY25
  
  -Udaya Kumar Hebbar, #CreditAccessGrameenpic.twitter.com/n6D1koKmqe

  — CNBC-TV18 (@CNBCTV18Live) July 22, 2024

• Dodla Dairy surges to its all-time high of Rs 1,346.1 per share as its net profit grows by 85.9% YoY to Rs 65 crore in Q1FY25, helped by lower raw material costs. Revenue increases by 10.6% YoY to Rs 918.5 crore, driven by growth in milk procurement and sales of value-added products. It appears in a screener of stocks with negative to positive growth in sales and net profit, and strong price momentum.

• JK Cement rises sharply as its net profit grows 61.2% YoY to Rs 184.8 crore in Q1FY25, helped by lower power and fuel expenses. Revenue rises 1.6% YoY to Rs 2,807.6 crore during the quarter. The company appears in a screener of stocks near their 52-week highs.

• Indian Hotels rises sharply as its net profit grows by 11.7% YoY to Rs 248.4 crore in Q1FY25, helped by lower finance costs. Revenue increases by 5.3% YoY to Rs 1,596.3 crore during the quarter, attributed to an improvement in revenue per average room (RevPAR) in the Taj, Selections, Vivanta, and Ginger segments. It shows up in a screener of stocks with improving return on equity (RoE) over the past two years.

• Finance Minister Nirmala Sitharaman presented the 2024 Economic Survey today, stating that the fiscal deficit will likely decrease to 4.5% of GDP or below by FY26. The survey forecasts a real GDP growth of 6.5-7% for FY25, with risks balanced. It also highlights core inflation reached a four-year low and a significant decline in the global energy price index during FY24.

  #EconomicSurvey2024 | Finance Minister Nirmala Sitharaman tabled the Economic Survey 2024 in Parliament today.
  
  The survey projects the FY25 real GDP growth at 6.5-7%, with balanced risks.
  
  Here are the key figures giving an overview of the Indian economy????
  
  Track the live… pic.twitter.com/1OwKySaxaK

  — Moneycontrol (@moneycontrolcom) July 22, 2024

• Oberoi Realty rises sharply as its net profit grows 81.7% YoY to Rs 584.5 crore in Q1FY25. Revenue increases by 54.5% YoY to Rs 1,442 crore during the quarter, driven by strong performance in the real estate and hospitality segments. It shows up in a screener of stocks outperforming their industry price change during the quarter.

• JSW Energy's Q1FY25 net profit rises 80% YoY to Rs 521.8 crore due to lower expenses. However, revenue falls 1.6% YoY to Rs 2,879.5 crore during the quarter. Its subsidiary, JSW Neo Energy, receives a letter of award (LoA) from Solar Energy Corp of India (SECI) to set up a 500 MW solar power project and a 250 MW / 500 MWh energy storage system.

• Axis Securities upgrades Infosys to 'Buy' with a higher target price of Rs 1,950 per share. This indicates a potential upside of 7.3%. The brokerage has a positive outlook due to improving macroeconomic outlook, better client engagement, and upgraded guidance. It expects the company's revenue to grow at a CAGR of 8.2% over FY25-26.

• Morgan Stanley notes pressures in the current crude oil market but anticipates a shift towards surplus next year, with Brent prices in the mid-to-high $70s. The bank foresees tightness through most of Q3CY24, followed by an equilibrium in Q4. This shift is due to decreasing seasonal demand and an increase in OPEC & non-OPEC production.

  Oil market likely to be in surplus next year, Morgan Stanley says https://t.co/22XVyrKIf2pic.twitter.com/34kosY8Cv2

  — Reuters (@Reuters) July 22, 2024

• HDFC Bank is rising as its net profit grows by 35.3% YoY to Rs 16,174.8 crore in Q1FY25, helped by lower provisions. Revenue increases by 44.8% YoY to Rs 83,701.3 crore, attributable to improvements in the treasury, retail, and wholesale banking segments. However, the bank's asset quality declines as its gross and net NPAs increase by 16 bps YoY and 9 bps YoY, respectively.

• JSW Steel is falling as its net profit plunges by 63.9% YoY to Rs 845 core in Q1FY25 due to higher mining royalties, employee benefits, finance, and power & fuel expenses. However, revenue grows by 1.3% YoY to Rs 43,107 crore during the quarter. It shows up in a screener of stocks with declining net profit for the past three quarters.

• Porinju Veliyath buys a 0.4% stake in Aurum Proptech in Q1FY25. He now holds a 4.9% stake in the company.

• Puneet Chatwal, MD and CEO of Indian Hotels, expects a strong Q2, as wedding dates have moved to July. He affirms there are no signs of a slowdown in the business, and highlights the company’s target of opening 25 hotels and 40 homestays during the year. Chatwal also projects growth of new/reimagined businesses of more than 30% in the coming years.

  #OnETNOW | 'Believe an exceptional Q2 will be there' says Puneet Chatwal of IHCL @TajHotelspic.twitter.com/uDME1EBHYV

  — ET NOW (@ETNOWlive) July 22, 2024

• Mohnish Pabrai sells a 3.9% stake in Edelweiss Financial Services in Q1FY25. He now holds a 1.2% stake in the company.

• Ashish Kacholia adds Awfis Space Solutions to his portfolio in Q1FY25. He buys a 4.8% stake in the company.

• Wipro falls sharply as its revenue declines by 0.7% QoQ to Rs 22,693.5 crore in Q1FY25 due to a reduction in the Americas, Europe, and APMEA markets. However, net profit grows by 5.9% QoQ to Rs 3,003.2 crore, driven by lower raw materials and employee benefits expenses. It appears in a screener of stocks with an increasing trend in non-core income.

• Reliance Industries is falling as its net profit declines by 5.5% YoY to Rs 15,138 crore in Q1FY25 due to an increase in raw materials, excise duty, employee benefits, and finance costs. However, revenue grows by 11.9% YoY to Rs 2.4 lakh crore, driven by improvements in the oil to chemicals (O2C), oil & gas, retail, and digital services segments. It features in a screener of stocks with declining net cash flow.

• Nifty 50 was trading at 24,411.50 (-119.4, -0.5%), BSE Sensex was trading at 80,408.90 (-195.8, -0.2%) while the broader Nifty 500 was trading at 22,718.75 (-134.9, -0.6%).

• Market breadth is sharply down. Of the 1,966 stocks traded today, 427 were on the uptrend, and 1,496 went down.

Riding High:

Largecap and midcap gainers today include Indian Hotels Company Ltd. (620.35, 7.4%), PI Industries Ltd. (4,008.10, 4.5%) and Oberoi Realty Ltd. (1,744, 4.4%).

Downers:

Largecap and midcap losers today include Wipro Ltd. (505.80, -9.2%), Kotak Mahindra Bank Ltd. (1,757.55, -3.5%) and Reliance Industries Ltd. (3,001.35, -3.5%).

Crowd Puller Stocks

17 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Rashtriya Chemicals & Fertilizers Ltd. (235.03, 9.8%), Indian Hotels Company Ltd. (620.35, 7.4%) and Chemplast Sanmar Ltd. (528.85, 5.0%).

Top high volume losers on BSE were Wipro Ltd. (505.80, -9.2%) and Can Fin Homes Ltd. (845.25, -0.5%).

JK Cement Ltd. (4,480, 4.6%) was trading at 4.9 times of weekly average. Nippon Life India Asset Management Ltd. (638.75, 0.6%) and Lemon Tree Hotels Ltd. (145.08, 1.6%) were trading with volumes 4.6 and 4.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks hit their 52 week highs,

Stocks touching their year highs included - Alembic Pharmaceuticals Ltd. (1,119.10, 3.6%), Bajaj Holdings & Investment Ltd. (9,979, 2.7%) and Colgate-Palmolive (India) Ltd. (3,133.90, 0.4%).

12 stocks climbed above their 200 day SMA including Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (684.05, 3%) and DCM Shriram Ltd. (1,001.15, 2.7%). 14 stocks slipped below their 200 SMA including Kotak Mahindra Bank Ltd. (1,757.55, -3.5%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,524.55, -1.6%).