Tag: Polycab India

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Nifty Misses 20,000 by an Inch! – Post-Market Analysis

White golf ball near the hole on the green grass

NIFTY started the day flat at 19,831. The index initially moved down to 19,760 levels (which was a major support zone). Then, Nifty started its upside rally and went up till 19991.7— hitting a fresh all-time high and missing the 20,000 mark by just 9 points! Nifty closed at 19,979, up by 146 points or 0.74%.

BANK NIFTY (BNF) started the day at 45,689 with a small gap-up of 19 points. The index initially consolidated within a small range above the resistance level of 45,700. Then, similar to Nifty, Bank Nifty just moved up throughout the day to hit an all-time high of 46,257. BNF closed at 46,186, up by 517 points or 1.13%.

All indices except Nifty IT (-0.66%) closed flat-to-green. Nifty Pharma (+1.46%) and Nifty FMCG (+1.35%) moved up the most.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

ITC (+2.7%) was NIFTY50’s top gainer. The stock hit a fresh 52-week high of ₹493.7 and its market cap crossed the ₹6 lakh crore mark. 

Polycab (+9.48%) extended gains for the second day after the company reported an 81% YoY increase in its net profit for Q1.

Hatsun Agro Products (+7.5%) jumped over 12% after posting its Q1 results.

Reliance (-7.8%) turned ex-date for demerger of its financial services business.

Infosys (-1.7%) posted an 11% year-on-year (YoY) growth in consolidated net profit to ₹5,945 crore in Q1; missing street estimates.

ABB India (-6.4%) fell after its parent company’s order inflows declined 2% to $8,667 million in CY2023.

Markets Ahead

As mentioned earlier, the Indian markets have turned bullish and both Nifty and Bank Nifty are at their all-time highs.

Nifty: Now, the important resistance for Nifty will be the bigger round level of 20,000 and support will be 19,840 levels. If Nifty crosses the 20,000 mark, it can move further higher to a target of 20,080 as per pivot levels. If the index crosses 19,930, which is the previous swing, a target of 19,888 and 19,840 levels can be achieved.

Bank Nifty: The important support zone now in Bank Nifty will be the round level of 46,000. The major resistance will be today’s high. If there’s a breakout on the upside, the index can move to 46,600 zones according to pivot levels. A breakdown from 46,000 can give us a target of 45,870 and 45,760 levels eventually.

Even though the markets kept moving higher and higher, it was an easy expiry for both option buyers and sellers. How did your expiry day go? Are you in net profit or loss? Let us know in the comment section of the marketfeed app!

Meanwhile, shares of de-merged Reliance Industries (RIL) were discovered at ₹2,580 on NSE and ₹2,589 on BSE after the special pre-opening session organised by the stock exchanges. RIL’s NBFC unit Jio Financial Services’ price came out to be ₹261.85 per share, beating estimates of up to ₹170.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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IndusInd Bank’s Net Profit Rises 32.5% YoY to Rs 2,123Cr in Q1- Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

IndusInd Bank Q1 Results: Net profit jumps 32.5% YoY to Rs 2,123 crore

IndusInd Bank reported a 32.5% YoY jump in net profit to ₹2,123.6 crore for the quarter ended June (Q1 FY24). The total income for the quarter increased 28% YoY to ₹12,939 crore. The net interest income (NII) rose 18% YoY to ₹4,867 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 1.94% against 2.35% in Q1 FY23. 

In other news, IndusInd Bank will consider fundraising via debt securities on July 20.

Read more here.

Infosys signs $2 billion AI deal with existing strategic client

Infosys entered into a framework agreement with one of its existing strategic clients to provide artificial intelligence and automation-led development. Infosys revealed that the agreement will also entail modernization and maintenance of services. It is expected to come with a total client spend target of around $2 billion in the next five years. Infosys announced a new platform in May called Infosys Topaz that offers a combination of data analytics and generative AI.

Read more here.

Rama Steel Tubes announces strategic tie-up with JSW Steel

Rama Steel Tubes Ltd (RTSL) announced a strategic partnership with JSW Steel. RSTL has entered into a strategic memorandum of understanding (MoU) with the JSW Steel Group. The MoU is for the procurement of hot rolled coils (HRC), distribution of HRC and production of a value-added product in the western region. Under the tie-up, RSTL will purchase 1,00,000 tonnes of HRC from JSW Steel on a pan-India basis.

Read more here.

LTTS Q1 Results: Net profit jumps 13% YoY to Rs 311 crore

L&T Technology Services reported a 13% YoY increase in net profit to ₹311 crore in Q1 FY24. Net profit stood at ₹275 crore last year. Its total revenue rose 15% YoY to ₹2,301 crore. The company was able to close a $50 million plus deal and 5 additional deals of $10 million plus each across segments in the first quarter. The company’s EBIT margin stood at 17.2% in Q1.

Read more here.

Happiest Minds Technologies raises Rs 500 crore via QIP

Happiest Minds Technologies has successfully raised ₹500 crore ($61 million) through a Qualified Institutions Placement (QIP) of equity shares. The issue attracted a robust response from institutional investors. This was the first-ever equity capital raised by the company after its initial public offering (IPO) in 2020. The company’s board had approved the allotment of 54.11 lakh equity shares of face value ₹2 to eligible investors at a price ₹924 per share.

Read more here.

Piramal Pharma gets SEBI’s approval to raise ₹1,050 crore

The Securities Exchange Board of India (SEBI) has approved Piramal Pharma to raise to ₹1,050 crore through the rights issue of shares. The pharma company submitted the draft papers in March and obtained an observation letter from SEBI on 12 July. The company will utilise the amount for the payment of debt and general corporate purposes.

Read more here.

Polycab India Q1 Results: Net Profit up 82% YoY to Rs 189 cr

Polycab India reported an 82% YoY increase in consolidated net profit to ₹399 crore in Q1 FY24. Its revenue stood at ₹3,889 crore, up 42% YoY in Q1. The company’s EBITDA also rose 76% YoY to ₹549 crore. The wires and cables segment revenues are 47% higher year on year at ₹3,534 crore, while the fast-moving electrical goods (FMEG) segment is marginally higher at ₹315 crore.

Read more here.

Godrej Agrovet receives an allotment of 47,000 acres of land in Telangana

Godrej Agrovet has been allotted a potential 47,000 acres in Telangana for its Oil Palm business. Telangana Government’s Department of Agriculture and Cooperation allotted the land. The land shall be used by Godrej Agrovet to expand its Oil Palm cultivation business. The company will also utilise the land for setting up Oil Palm processing units.

Read more here.

Federal Bank subsidiary FedFina revives IPO plans via fresh issue, OFS

Federal Bank’s subsidiary Fedbank Financial Services Ltd (FedFina) will consider a proposal for an Initial Public Offering (IPO) at its board meeting on Monday, July 17. FedFina’s IPO will be undertaken through a combination of a fresh issue and an Offer for Sale, subject to market conditions, receipt of applicable approvals. The company will intimate the size of the IPO, portion of the Offer for Sale, price, and other details in due course after finalisation of the same in consultation with the book-running lead managers.

Read more here.

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Nifty and Bank Nifty Hits Fresh Highs! – Post-Market Analysis

NIFTY started the day at 19,787 with a gap-up of 76 points— hitting a record all-time high again! Initially, a small profit booking was seen till 19,750 zones. From there, Nifty continued the rally to 19,820 levels and then saw a sharp fall to 19,700 round levels. The index consolidated with a positive bias for the rest of the day. Nifty closed at 19,749, up by 37 points or 0.19%.

BANK NIFTY (BNF) started the day at 45,754 with a gap-up of 305 points— hitting an all-time high. The index initially moved up to 45,900 levels and a small profit booking kicked in till 45,650 levels. Then, it moved back to the day’s high, made a double-top pattern, and came under selling pressure to 45,300 levels (which was also a previous resistance zone that now acted as support). The index immediately rebounded 300 points and another round of sell-off happened till the day’s low again. BNF closed at 45,410, down by 38 points or 0.09%.

All indices except Nifty IT (-1.06%) closed flat-to-red today. Nifty Media (-1.84%) and Nifty PSU Bank (-1.23%) fell the most. 

Major Asian markets closed mixed. European markets are currently trading flat.

Today’s Moves

Infosys (+3.67%) was NIFTY50’s top gainer. The IT major secured a five-year deal worth $2 billion from an existing client. The company will post its Q1 results today.

Godrej Agrovet (+5.6%) after the Telangana govt allotted 47,000 acres for its oil palm business.

Polycab India (+5.4%) after net profit in Q1 FY24 beat analysts’ estimates.

HDFC Life (-1.59%) was NIFTY50’s top loser.

CCL Products (-8.6%) crashed after the company’s operating margins for Q1 fell by 115 basis points to 16.23%.

Markets Ahead

Nifty and Bank Nifty are clearly bullish as we’ve been mentioning in the previous post-market reports. The targets of 19,800 in Nifty and the ATH of Bank Nifty were hit today and the indices moved according to our analysis.

Both indices have rallied without giving much of a retracement, and every dip is getting bought. But looking at the fall from their respective all-time highs, Nifty and Bank Nifty might come under some selling pressure if there’s a follow-up tomorrow.

Nifty: The major support for Nifty will now be 19,700 zones (which was today’s low) and the major resistance will be the 19,750-780 zones, where the index faced multiple rejections. The next major resistance will be the 19,820 zone. So a breakout from 19,750-780 with a re-test may give a first target of 19,820 and then 19,840 eventually (which is also a pivot level).

Bank Nifty: The index is now at a support zone near 45,300-350. If support is being taken from here, we can expect Bank Nifty to move up to 45,560 zones and then eventually to 45,850 zones (which is near an all-time high and that can act as a major resistance).

Fin Nifty was as volatile as Bank Nifty today! Every 5min candle movement was huge— causing trouble to both option buyers and option sellers. In this kind of choppy expiries, money management and following proper rules will be the biggest weapon for traders.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

How did FIN NIFTY expiry go? Let us know in the comments section of the marketfeed app.

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LTTS Posts 22% YoY Rise in Net Profit in Q2 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

LTTS Q2 Results: Net profit rises 22% YoY to ₹282 crore

L&T Technology Services (LTTS) reported a 22.7% YoY increase in consolidated net profit to ₹282.4 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 24% YoY to ₹1,995 crore during the same period. LTTS secured a ₹60 million-plus deal in the second quarter. The IT company’s board has declared an interim dividend of ₹15 per share.

Read more here.

Jio adds 32.8 lakh subscribers in August, Vi lost 19.6 lakh

Reliance Jio added 32.8 lakh wireless subscribers in August 2022, taking its user base to 41.92 crore. Bharti Airtel gained 3.26 lakh subscribers, while Vodafone Idea (Vi) lost 19.6 lakh subscribers in August. The data released by the Telecom Regulatory Authority of India (TRAI) shows that Bharti Airtel’s wireless customer base stood at 36.38 crore in August and Vi’s user base fell to 25.31 crore.

Read more here.

Polycab Q2 Results: Net profit rises 37% YoY to ₹270 crore

Polycab Ltd reported a 37% YoY increase in consolidated net profit to ₹268 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 10.8% YoY to ₹3,332.3 crore during the same period. EBITDA stood at ₹426.8 crore in Q2, up 45.81% YoY. Revenue from the company’s wires and cables business grew 13% YoY to ₹2,925.9 crore.

Read more here.

Apollo Hospitals partners with Bombay Hospital to boost liver transplants in Mumbai

Apollo Hospitals Enterprises Ltd entered into a Memorandum of Understanding with Bombay Hospital to boost liver transplants in Mumbai and Western India. The collaboration with Bombay Hospital will increase access to Apollo’s advanced liver transplant program for patients across the Mumbai Metropolitan Region.

Read more here.

Tata Communications Q2 Results: Net profit rises 25% YoY to ₹532 crore

Tata Communications Ltd reported a 25.13% YoY increase in consolidated net profit to ₹532.29 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 6.15% YoY (or 2.8% QoQ) to ₹4,430.74 crore during the same period. EBITDA stood at ₹1,130 crore in Q2, up 1.5% YoY (or 5% QoQ). The company’s data business revenues grew 11.2% YoY to ₹3,493 crore.

Read more here.

Suzlon secures order to supply wind turbines to Adani Green Energy

Suzlon Energy Ltd has secured an order to supply 23 wind turbines totalling 48.3 megawatts (MW) from Adani Green Energy Ltd. The company will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each. The project is located in Mandvi, Gujarat, and is expected to be commissioned in 2023.

Read more here.

GAIL wins bid for debt-laden JBF Petrochemicals

GAIL (India) Ltd emerged as the successful bidder to acquire debt-laden JBF Petrochemicals. The state-owned company’s resolution plan received a 100% vote from the committee of creditors of JBF. GAIL was among a host of major companies like ONGC, Reliance Industries, Indian Oil, and others that showed interest in JBF Petrochemicals, which has defaulted against a bank loan of nearly ₹5,000 crore. 

Read more here.

TV18 Broadcast Q2 Results: Net profit falls 95% YoY to ₹10.28 crore

TV18 Broadcast Ltd reported a 95.55% YoY decline in consolidated net profit to ₹10.28 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 12.65% YoY to ₹1,473.43 crore during the same period. The media company’s total expenses stood at ₹1,485.95 crore, up 34.59% YoY.

Its parent company, Network18 Media & Investments Ltd, reported a consolidated net loss of ₹28.84 crore in Q2 FY23. It had posted a net profit of ₹199.27 crore in the corresponding quarter last year (Q2 FY22). Revenue from operations rose 11.65% YoY to ₹1,548.89 crore in Q2 FY23.

Read more here.

USFDA issues four observations to Alembic Pharma’s Panelav plant

Alembic Pharmaceuticals has received a Form 483 with four procedural observations for an inspection conducted by the US Food & Drug Administration (USFDA) at its Panelav formulation facility. USFDA inspected the company’s oncology injectable formulation facility at Panelav from October 4-14. None of the observations are related to data integrity, and the pharma company’s management believes that they are addressable. 

Read more here.

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India’s Coal Output Rises 29% in April – Top Indian Market News

India’s coal output rises 29% in April

India’s coal output rose 29% YoY to 66.58 million tonnes (MT) in April. Dispatch of coal to power utilities grew 18.15% YoY to 61.81 MT last month. The Ministry of Coal has been observing a decline in the prices of imported coal since the end of October 2021. India is witnessing a power crisis as coal reserves in several states are running out amid high electricity demand. 

Read more here.

Asian Paints Q4 Results: Net profit at Rs 850 crore

Asian Paints Ltd reported a consolidated net profit of Rs 850.42 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 852.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 20.6% YoY to Rs 7,889.94 crore in Q4 FY22. Asian Paints faced an exceptional loss of Rs 115.70 crore towards its Sri Lanka business and expected delay in receivable subsidy from the govt. The paint manufacturer’s board has declared a dividend of Rs 15.5 per share.

Read more here.

Polycab India Q4 Results: Net profit rises 14% YoY to Rs 322 crore

Polycab India Ltd reported a 14.47% YoY increase in consolidated net profit to Rs 322.15 crore for the quarter ended March (Q4 FY22). Net profit rose 2.4% when compared to the previous quarter. Its revenue from operations rose 35% YoY to Rs 3,979 crore during the same period. Polycab India’s board has declared a dividend of Rs 14 per share.

Read more here.

ICICI Bank partners with Santander for India-UK business ease

ICICI Bank has announced a strategic partnership with Santander UK to facilitate the banking requirements of corporates operating across India and the UK. The private sector bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions, and retail banking to the UK corporates operating in India. Santander UK will support Indian corporates and new-age businesses with their banking requirements in the UK.

Read more here.

Ajanta Pharma Q4 Results: Net profit falls 5% YoY to Rs 151 crore

Ajanta Pharma Ltd reported a 5% YoY decline in consolidated net profit to Rs 151 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 870 crore during the same period. The pharma company’s board has approved the issue of bonus shares in the ratio 1:2. [One equity share (of the face value of Rs 2) will be issued for every 2 shares (of Rs 2 each) held in the firm.]

Read more here.

Cipla signs pact with Genes2Me to launch Covid-19 RT-PCR test kit

Cipla Ltd has launched a Covid-19 RT-PCR testing kit in partnership with diagnostics firm Genes2Me. The pharma company will be responsible for the distribution of ‘RT Direct’ kits in India and has commenced supply of the same. The test protocol does not require any RNA extraction process and delivers results in just 45 minutes. 

Read more here.

MRF Q4 Results: Net profit falls 50% YoY to Rs 165 crore

MRF Limited reported a 50.26% YoY increase in consolidated net profit to Rs 165.21 crore for the quarter ended March (Q4 FY22). Net profit rose 10.6% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 5,304.82 crore during the same period. The tyre manufacturer’s board has declared a final dividend of Rs 144 per share.

Read more here.

Wipro renews IT transformation deal with Crédit Agricole

Wipro Ltd has extended its strategic agreement with Crédit Agricole CIB to fuel the next stage of growth. The IT major will help Crédit Agricole CIB to adopt cloud technologies and agile practices to achieve faster speed-to-market on new products and services. Crédit Agricole CIB is the corporate and investment banking arm of France-based Crédit Agricole Group.

Read more here.

Vodafone Idea Q4 Results: Net loss at Rs 6,563 crore

Vodafone Idea reported a net loss of Rs 6,563.1 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 7,022.8 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 6.46% YoY to Rs 10,271.8 crore in Q4 FY22. The average revenue per user (ARPU) stood at Rs 124 in Q4 FY22, compared to Rs 115 in the previous quarter (Q3 FY22). Vi’s average daily revenue growth stood at 7.7% QoQ.

Read more here.

Mutual Funds see Rs 72,847 crore net inflows in April: AMFI

The Indian mutual fund industry witnessed net inflows of Rs 72,847 crore in April 2022, compared to a net withdrawal of Rs 69,883 crore in March. Equity mutual funds attracted net inflows of Rs 15,890 crore in April, compared to Rs 28,463 crore in March. The monthly Systematic Investment Plan (SIP) contribution dropped to Rs 11,863 crore in April compared to Rs 12,328 crore in March. The data was released by the Association of Mutual Funds in India (AMFI).

Read more here.

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Finance Ministry Issues Guidelines to Implement Interest Waiver – Top Indian Market News

Finance Ministry issues guidelines to implement interest waiver on loans

Last week, the Supreme Court had asked Central Government to issue guidelines on implementing the waiver of interest on interest. Today, The Finance Ministry has issued operational guidelines on how to implement the interest waiver scheme on loans up to Rs 2 crore. The scheme can be availed by the borrowers in specified loan accounts for a period from March 1 to August 31, 2020. The waiver will also be applicable to those who had not utilized the RBI moratorium plan, and had continued with the repayment of loans.

Read more here.

Covid-19 vaccine to be available in India by June 2021: Biocon MD

Biocon Limited’s Chairperson and Managing Director, Kiran Mazumdar-Shaw, has stated that the vaccine for Covid-19 will be available in India by June 2021. The MD said that the clinical trials for the vaccine may be completed within the next 2-3 months. She further stated that the delivery of the vaccine to all Indians will be challenging.

Read more here.

Income Tax Return filing deadline extended till December 31

The last date for Income Tax Return (ITR) filing by individual taxpayers of the previous financial year (FY ’19-’20), has been extended till 31 December 2020. For those taxpayers whose accounts are yet to be audited, the deadline has been extended to January 31, 2021. The government has also extended the due date for filing GST Annual Return and Reconciliation Statement for FY19 (’18-’19) to 31 December 2020.

Read more here

Polycab India reports 14% YoY increase in net profit

Polycab India Limited on Saturday reported a 14.32% year-on-year (YoY) increase in consolidated net profit to Rs 221.6 crore, for the quarter ended September (Q2). The company’s revenue saw a fall of 6% YoY to Rs 2,113.68 crore during the same period. However, Polycab India has registered a 116.43% increase in revenue during Q2, as compared to the revenue during the previous quarter (Q1).

Read more here.

Vedanta Ltd declares interim dividend of Rs 9.5 per share

The Board of Directors of Vedanta Limited on Saturday declared an interim dividend of Rs 9.5 per share. The record date for the dividend was set for October 31, 2020. The company has stated that the dividend payout will amount to Rs 3,500 crore. The voluntary delisting of Vedanta Ltd. from the stock exchanges had failed on 10th October.

Read more here.

Tata Motors gets order for 6,413 vehicles from Andhra Pradesh Government 

Tata Motors has announced that it has secured an order of 6,413 vehicles from Andhra Pradesh State Civil Supplies Corporation. The Tata Gold Ace mini trucks will be used as mobile-dispensing units for the doorstep delivery of essential commodities in Andhra Pradesh. Tata Motors has also crossed the 40 lakh cumulative production milestone of its passenger vehicles.

Read more here.

IL&FS misses debt resolution target by Rs 7,300 crore in September quarter

The Infrastructure Leasing and Financial Services (IL&FS) Group on Saturday said it has been able to address debt of only Rs 1,460 crore, during the July-September period (Q2). Due to the impact of Covid-19, the company has missed its target of addressing debt of Rs 8,800 crore. The group has stated that the shortfall of Rs 7,300 crore will be addressed in the third and fourth quarters of the current financial year.

Read more here.

Persistent Systems Q2 Results: 18.5% YoY increase in net profit

Persistent Systems Limited has reported an 18.5% year-on-year (YoY) increase in net profit at Rs 101.99 crore, for the quarter ended September (Q2). The company’s revenue from sales saw an increase of 13.92% at Rs 1,007.75 crore, during the same period. The operating profit was up by 54.68% at Rs 122.43 crore.

Read more here.

Nestle India reports 1.37% YoY fall in net profit

Nestle India reported a 1.37% year-on-year (YoY) fall in net profit at Rs 587.09 crore, for Q3 CY21 (same as Q2 FY21 in India). The revenue of the company increased by 10% YoY to Rs 3,541.70 crore, during the same period. Nestle India has declared an interim dividend of Rs 135 per share. The company has also announced plans to invest Rs 2,600 crore over the next 3-4 years, in order to improve its manufacturing capacity in India.

Read more here.

JK Cement inaugurates grey cement grinding unit in Gujarat

JK Cement on Saturday inaugurated its new grey cement grinding unit at Balasinor in Gujarat. The new unit has a manufacturing capacity of 0.7 Million Tonnes Per Annum (MTPA). The plant has been constructed over an area of 8 hectares, at a total cost of Rs 200 crore.

Read more here.