Stock Market LIVE Updates: Indices likely to open higher on positive global cues ahead of Budget; GIFT Nifty gains

Gold prices edged higher on Tuesday as the dollar remained subdued, while investors strapped in for U.S. economic data this week for clarity on the timeline for Federal Reserve’s interest rate cut.

Spot gold was up 0.2% at $2,401.22 per ounce. U.S. gold futures added 0.4% to $2,403.60

#1 Hindustan Unilever, Bajaj Finance, Torrent Pharmaceuticals to announce Q1 earnings today

#2 Zensar Technologies Q1: Profit falls 8.9% to Rs 157.9 crore Vs Rs 173.3 crore, QoQ

#3 Cyient DLM Q1 Profit jumps 97.7% to Rs 10.6 crore

#4 Jana Small Finance Bank Q1: Profit surges 90% to Rs 171 crore Vs Rs 90 crore, YoY

#5 RailTel Corporation of India bags order from Ministry of Railways

#6 RBI approves to appoint Krishnan Venkat Subramanian as MD & CEO of Federal Bank

The company has received a work order from the Ministry of Railways for the design, development, implementation, operations, and maintenance of HMIS and an integrated empanelled hospital referral portal for Indian Railways, amounting to Rs 186.81 crore.

#1 Profit jumps 97.7% to Rs 10.6 crore Vs Rs 5.4 crore, YoY

#2 Revenue rises 18.8% to Rs 257.9 crore Vs Rs 217.1 crore, YoY

#3 Other income climbs to Rs 8.89 crore Vs Rs 0.9 crore, YoY

Josh Foulger, President- Consumer Electronics Business, ZETWERK

As India approaches its annual budget, the Electronic System Design and Manufacturing (ESDM) sector presents a compelling case for targeted policies to accelerate domestic manufacturing and reduce import dependence. The government’s past decade of support has demonstrably propelled the industry forward. Now, a strategic focus within the upcoming budget can further solidify this progress. A key proposal centers on the Production Linked Incentive (PLI) scheme. By prioritizing value addition and backward integration, the PLI can incentivize domestic production of core ESDM components. This not only strengthens the domestic value chain but also fosters a more self-reliant India and paves the way for integration into the Global Value Chain, a key step towards achieving the vision of a ‘Viksit Bharat’ (Developed India).

Value addition across categories – mobile phones, accessories, white goods, and IT hardware – is crucial, and manufacturers are actively building factories nationwide to support this objective. The ESDM sector also advocates for a level playing field that fosters fair competition for all participants. Policies should ensure equal opportunities, regardless of size or origin, to enable value addition and backward integration across the entire ESDM landscape. Budgetary measures that incentivize local sourcing over imports are equally important. This approach strengthens the domestic supply chain, empowers local businesses, and contributes to a more sustainable and resilient ESDM ecosystem. These expectations extend beyond mere industry growth; they align with India’s vision of self-reliance. With the right budgetary support, the ESDM sector is poised to make significant contributions to India’s economic growth and technological advancement. The upcoming budget presents a strategic opportunity to unlock this sector’s full potential, propelling India’s ESDM engine forward.

India is scheduled to unveil its first budget under Prime Minister Narendra Modi’s third five-year term. The budget is largely expected to be growth-oriented, with some measures aimed at addressing the rural economy. This is largely discounted. Any measure that disturbs the fiscal consolidation path or cuts capex for increasing allocation to revex or strong measures to hurt the capital market taxation could result in a negative reaction.

Asian stocks bounced from one-month lows on Tuesday, with Taiwan’s semiconductor shares taking a lead from a Wall Street recovery.

Nifty closed lower for the second consecutive session on July 22 as traders reduced commitments ahead of the Union Budget on July 23 and investors parsed through corporate results. At close, Nifty was down 0.09% or 21.7 points at 24509.3. Nifty formed a doji like pattern on July 22 after recovering well from early morning weakness, though ending marginally in the negative. The Union Budget presentation on July 23 will likely create enough intra-day volatility on that day. Nifty could face resistance at 24661 and later at 24801 in the near term while 24141 could provide support on falls.

US stocks recovered after their worst week since April as investors looked beyond Joe Biden ending his reelection campaign to focus on the start of the tech earnings season. The Dow ended Monday higher by 128 points, or 0.3%. The S&P 500 closed up 1.1% and the Nasdaq gained 1.6%. Much of Monday’s gain came from a rebound in tech stocks.

Wind energy major Suzlon Energy reported a 200 percent surge in net profit for the quarter ended June 30, at Rs 302. Suzlon Energy’s net profit grew from Rs 101 crore reported in the same quarter of the previous year. The wind energy firm’s revenue from operations soared 50 percent, from Rs 1,348 crore in the first quarter of the earlier fiscal to Rs 2,016 crore in the first quarter of the current financial year.

“This is a good indication of our readiness to meet industry demand and leverage the tailwinds of the sector. Our largest‐ever order book of 3.8 GW gives us great visibility for the future. With significant deliveries of our flagship product series, 3.x MW S144 in Q1 FY25, we are in a strong position to service our current order book,” said Girish Tanti, Suzlon Group’s Vice Chairman.

Shares of JK Cement are likely to rise on July 23 as brokerages raised target prices on the stock after the company reported a 67 percent on-year increase in its consolidated net profit to Rs 184.82 crore for the fiscal first quarter (Q1FY25).

The cement maker’s revenue from operations edged up 1.62 percent to Rs 2,807.57 crore.

Citi has issued a sell call on JK Cement. However, the brokerage raised the target price to Rs 4,400 per share from Rs 3,550 earlier. The company’s Q1 EBITDA increased by 19 percent on-year, driven by higher sales volumes and lower costs, which contributed to an outperformance compared to estimates, according to Citi.

The company is on track to expand its capacity to 30 million tonnes per annum (mtpa) by FY26, up from the current 24 mtpa, with plans to reach 44 mtpa by FY30, the international brokerage said. Read More

#1 Q1 earnings data showed strong beat

#2 Deliveries of 274 MW versus estimate of 250 MW

#3 WTG segment contribution margin stood at 22.4 percent

#4 Balance sheet remains strong with net cash position of Rs 120 crore

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes JK Cement, Suzlon Energy, Oberoi Realty and Federal Bank….Read More

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