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.
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.
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.
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.
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.
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%).