Updated – July 24, 2024 at 10:49 AM.
Sensex, Nifty, Share Prices LIVE: Indian benchmark indices trade rangebound with weak bias on Wednesday, influenced by a tax hike on equity trading. At 10.48 a.m., the BSE Sensex fell 168.22 points to 80,260.82, while the NSE Nifty dropped 35.80 points to 24,443.25. Despite recovering from intraday lows on Tuesday, the Nifty 50 needs a decisive break above 24,650 for a bullish outlook, and the Nifty Bank index faces significant resistance around 52,800-53,000. Realty stocks such as Sobha, Prestige Estate Projects, DLF, Brigade Enterprises, and Macrotech Developers are at critical levels. Emkay Global maintains a favourable stance on FMCG and two-wheelers, while Nuvama Asset Management’s Nikhil Ranka notes potential pressure on defense and railway stocks. Geojit’s VK Vijayakumar suggests focusing on FMCG stocks like ITC and United Spirits for superior returns amid tax hikes on capital gains. He highlights the Budget’s emphasis on growth and financial stability, viewing fiscal consolidation and discouraging excessive F&O speculation as positives. Meanwhile, Asian shares dropped, and foreign investors net sold shares worth ₹2,975 crore on Tuesday.
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tock Market Today | Share Market Live Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 24 July 2024.
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- July 24, 2024 10:45
Stock market live today: Budget reaction by Bharat Phatak, Director, Scripbox
The 2024 budget shows a positive continuation of macroeconomic policies. The government’s commitment to maintaining infrastructure spending at ₹11.11 lakh crore and fiscal deficit of 4.9% ensures manageable borrowing. Lower fiscal deficit will increase availability funds for both the corporate sector and retail consumers, supporting economic growth.
There has been an increase in Tax incidence for equity investors where short-term and long-term capital gains taxes are set to rise—from 15% to 20% and 10% to 12.5% respectively. This move came as a negative surprise. But there are encouraging changes like The tax rate for long-term capital gains on unlisted shares getting reduced from 20% to 12.5% and increase in exemption limit for long term capital gains on equity shares and Mutual funds from ₹1 lakh to ₹1.25 lakh. The standard deduction for salaried individuals also rises from ₹50,000 to ₹75,000 in the new tax regime.
Overall, the budget balances need for higher spendings with fiscal prudence and bolstering economic growth.
- July 24, 2024 10:44
Share market live news: Budget reaction by Virendra D. Mhaiskar, CMD, IRB Infrastructure Developers Limited
“The Budget 2024 looks to be the Government’s continued and focused commitment and support with robust Central investments for Infrastructure Sector, facilitating States Investments for the Sector and providing Viable Gap Funding for promoting Private Investments in the Sector for overall strengthening of the Nation’s infrastructure. Overall, the Budget is going to be a big booster to facilitate India’s economic growth; roads and highways sector, being the prominent infra sector is expected to get much needed impetus through adequate funds allocations.”
- July 24, 2024 10:41
Commodity market live news: Crude oil up as industry data shows decline in US inventories
Crude oil futures traded higher on Wednesday morning as the industry data showed increase in inventory level in the US.
At 9.52 am on Wednesday, September Brent oil futures were at $81.14, up by 0.16 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $77.11, up by 0.19 per cent.
- July 24, 2024 10:38
Stock market live today: Sensex falls over 200 pts, trades at 80,213.98, down by 215.06 pts or 0.27% as of 10.31 am
- July 24, 2024 10:37
Tata Consumer Products Share Price Today Live Updates: Tata Consumer Products board approves ₹3,000 crore rights issue; shares decline 3%
Tata Consumer Products stock declined about 3% in early trade on Wednesday. The company’s board has approved a rights issue for an amount not exceeding ₹3,000 crore by issuing 3,66,47,492 shares at ₹818 a share. The issue will open on August 5 and end on August 19 while the record date is July 27. Click here for more updates.
- July 24, 2024 10:18
Stock market live news: Pankaj Kumar, VP – Fundamental Research, Kotak Securities on Union Budget
“The Union Budget-FY25 has rationalized long-term capital gains tax on real estate transaction. It proposed to remove indexation benefits and reduce the long term capital gains tax rate from 20% to 12.5% with immediate effect (grandfathering for properties held before 2001). We find that the new capital gains tax structure for real estate favours investors, who have generated high IRRs, while investors with poor IRRs would be worse off in the new regime. On the other hand, it is expected to have limited impact on end users who purchase homes for personal consumption. The budget has also talked about encouraging states to lower the stamp duty and consider lower duties for women buyers. Lowering of stamp duties would reduce the overall acquisition cost in high stamp duty states/markets like Gurgaon, Chennai, Mumbai and Kolkata. Further, Rs10 lakh cr allocation for urban housing (including Central Government assistance of Rs2.2 lakh cr over the next 5 years) is expected provide thrust to government’s housing for all initiatives.”
- July 24, 2024 10:13
Stock market live news: Piramal Pharma To Enter Into Agreements With Clean Max Aero, Clean Max Enviro Energy Solutions and Deal For Rs 2.16 Cr
- July 24, 2024 10:13
Stock market live news: Tide Water Oil decides to change the name to Veedol Corporation.
- July 24, 2024 10:12
Stock market live today: Researchbytes Events Update As of 07:17 AM Wednesday 24 July 2024
10:30 AM Schaeffler Ind
Dial: +91 22 6280 1538
11:00 AM EKI Energy Serv
Dial: +91 22 6280 1144
Dial: +91 22 6280 1309
2:30 PM ZF Commercial Vehicle Control Systems
Dial: +91 22 6280 1222
2:30 PM Gopal Snacks
(Results, Investor/Analyst Presentation, Press Release )
Dial: +91 22 6280 1366
Dial: +91 22 6280 1222
Dial: +91 22 6280 1116
Dial: +91226280 1366
4:00 PM Epigral Ltd
Dial: +91 22 6280 1325
4:00 PM SBI Life Insurance
Dial: + 91 22 6280 1101
Dial: +91 22 6280 1250
Dial: +91 22 6280 1270
4:30 PM Sona BLW Precision Forgings
Dial: + 91 22 6280 1123
5:00 PM Tatva Chintan Pharma Chem
5:00 PM DCB Bank
Dial: +91 22 6280 1102
Dial: +91 22 6280 1259
5:00 PM Go Fashion (India)
Dial: +91 22 6280 1309
Dial: +91 22 6280 1304
Dial: +91 22 6280 1550
Dial: +91 22 6280 1259
Dial: +912262801579
Dial: +91 22 6280 1253
–
- July 24, 2024 10:00
Stock in Focus: MIC Electronics develops advanced GPS-based public address system for Railway coaches; stock declines 5% on NSE
MIC Electronics has developed GPS (Global Positioning System) Based Public Address System (PA), Passenger Information System (PIS) & LED Destination boards for New and existing LHB/ICF type AC and Non AC Coaches including Pantry Car and Power Car as per the Research Designs and Standards Organization (RDSO) and applied for Capacity Cum Capability Assessment (CCA).
MIC Electronics stock declined 5% on the NSE, trading at ₹85.65, also its lower circuit.
- July 24, 2024 09:53
Stock market live today: Daily Market Monitor at 8.50 am.
Global Index Performance
GIFT Nifty 24402 -61 Nifty F
Hang Sang 17400 -70
Dow Jones 40358 -57
NASDAQ 17997 -10
Nikkei 39509 -86
Shanghai 2901 -14
India Vix 12.75 -17.4%
Commodity Market
Brent 81.3 +0.40%
WTI 77.3 +0.39%
Gold 2413.3 +0.25%
Silver 29.1 +0.03%
Copper 9146.0 -0.25%
Aluminium 2297.0 +0.11%
Iron Ore (SGX) 106.0 +0.02%
Zinc 2686.0 -0.13%
Sugar 18.2 -0.60%
Sovereign Yield (10-year benchmark)
India 6.97 +0.01
US 4.26 +0.02
Currency Market
USD 83.7 -0.03%
EUR 91.0 +0.20%
GBP 108.1 +0.11%
- July 24, 2024 09:53
Stock market live news: Systematix PCG Research – Initiating Coverage – Mastek Ltd
Company Name: Mastek Ltd
Sector: IT
Ratings: BUY
Current Price: Rs.2,664
Target: Rs.3,279
Potential upside: 23%
Holding: 12 months
Mastek is a trusted digital engineering and cloud transformation partner, delivering innovative solutions for clients across Government/Public Sector, Healthcare, Retail, Manufacturing, and Financial Services. By unlocking data, modernizing applications to the cloud, and accelerating digital advantage, Mastek drives customer success and business transformation. Their strong engineering mindset and solutions-based approach enable rapid expansion and innovative capabilities. To enhance front-to[1]back office digital transformation, Mastek is focused on expanding partnerships with major technology companies like Oracle, Microsoft, and Salesforce. Their mission is to Decomplex Digital and makes businesses future-ready.
The key strengths of the Company are
a) MST Solutions acquisition which will bolsters Mastek’s growth across key sectors,
b) BizAnalytica to fuel Mastek’s account mining strategy,
c) Mastek’s strategic growth in UK Public Sector and Beyond,
d) Strategic Vision for AI-Driven growth and achieving USD 1 Billion Revenue,
e) Diversified revenue streams providing Mastek with a strategic edge.
Going ahead strategic partnerships and digital capabilities can propel revenue by 19% CAGR to Rs. 4,300 Crs by FY26E. Acquisitions of MST and BizAnalytica, and a favorable offshore-onshore ratio, can help EBITDA & PAT grow by 24%/21% CAGR respectively to Rs. 777 Cr / 440 Crs, by FY26E. EBITDA margin can increase from 17% in FY24 to 18% in FY26E. Given these growth prospects, we initiate coverage on Mastek with a “BUY” rating and a target price of Rs. 3,279, implying an upside of 23%
- July 24, 2024 09:52
Stock market live news: Q1FY25 Important Result Calendar
24 July 2024 (Today)
Derivative Segment
* Axis Bank Ltd.
* Bajaj Finserv Ltd.
* Indian Energy Exchange Ltd.
* Indraprastha Gas Ltd.
* Jindal Steel & Power Ltd.
* Larsen & Toubro Ltd.
* Oracle Fin Services Software
* Petronet LNG Ltd.
* SBI Life Insurance Company
* Syngene International Ltd.
* The Federal Bank Ltd.
Cash Segment
* Aditya Birla Sun Life AMC
* Bajaj Holdings & Inv
* Bikaji Foods International
* CG Power & Industrial Slns
* Craftsman Automation Ltd.
* HFCL Ltd.
* Hitachi Energy India Ltd.
* India Grid Trust
* JK Paper Ltd.
* KPIT Technologies Ltd.
* Mahindra Lifespace Dev
* MAS Financial Services
* Ramkrishna Forgings
* SIS Ltd.
* Sona BLW Precision Forgings
* Tata Teleservices Ltd.
* The Karnataka Bank Ltd.
* Trident Ltd.
* V-Guard Industries Ltd.
* Welspun Living Ltd.
25 July 2024
Derivative Segment
* Ashok Leyland Ltd.
* AU Small Finance Bank
* Canara Bank
* DLF Ltd.
* Laurus Labs Ltd.
* Mahanagar Gas Ltd.
* Mphasis Ltd.
* Nestle India Ltd.
* Tech Mahindra Ltd.
* The Ramco Cements Ltd.
* United Breweries Ltd.
Cash Segment
* Aavas Financiers Ltd.
* Adani Energy Solutions Ltd.
* Adani Green Energy Ltd.
* Chalet Hotels Ltd.
* Cyient Ltd.
* Embassy Office Parks REIT
* Home First Fin Co India
* Jupiter Wagons Ltd.
* Jyothy Labs Ltd.
* Mahindra Holidays & Resorts
* Motilal Oswal Fin Services
* PNB Housing Finance Ltd.
* Praj Industries Ltd.
* Ujjivan Small Finance Bank
* UTI AMC Ltd.
* VST Industries Ltd.
* Westlife Foodworld Ltd
26 July 2024
Derivative Segment
* Bandhan Bank Ltd.
* Cholamandalam Inv & Fin Co
* Cipla Ltd.
* City Union Bank Ltd.
* IndusInd Bank Ltd.
* Interglobe Aviation Ltd.
* Power Grid Corp Of India
* SBI Cards & Payment Services
* Shriram Finance Ltd.
Cash Segment
* Aarti Drugs Ltd.
* Amber Enterprises India Ltd.
* Equitas Small Finance Bank
* Intellect Design Arena Ltd.
* IRB InvIT Fund
* Kaynes Technology India Ltd.
* KEC International Ltd.
* Latent View Analytics Ltd.
* Laxmi Organic Industries Ltd.
* Piramal Pharma Ltd.
* POWERGRID InvIT
* Punjab & Sind Bank
* Sanofi India Ltd.
* TTK Prestige Ltd.
27 July 2024
Derivative Segment
* Dr. Reddy’s Laboratories Ltd.
* ICICI Bank Ltd.
* IDFC First Bank Ltd.
* MCX India Ltd.
* REC Ltd.
Cash Segment
* Finolex Industries Ltd.
* Sumitomo Chemical India Ltd.
* Jammu & Kashmir Bank Ltd.
29 July 2024
Derivative Segment
* ACC Ltd.
* Bharat Electronics Ltd.
* Colgate-Palmolive (India)
* Hindustan Petroleum Corp
Cash Segment
* Adani Total Gas Ltd.
* Adani Wilmar Ltd.
* CSB Bank Ltd.
* Data Patterns (India) Ltd.
* Indian Bank
* Jindal Saw Ltd.
* Kalpataru Projects Int Ltd.
* Kansai Nerolac Paints Ltd.
* KEI Industries Ltd.
* Pfizer Ltd.
* Privi Speciality Chemicals Ltd.
* Quess Corp Ltd.
* Restaurant Brands Asia Ltd.
* Vedant Fashions Ltd.
30 July 2024
Derivative Segment
* Exide Industries Ltd.
* Granules India Ltd.
* Indiamart Intermesh Ltd.
* Indian Oil Corporation Ltd.
* Indus Towers Ltd.
* Navin Fluorine International
Cash Segment
* 360 One Wam Ltd.
* Ajanta Pharma Ltd.
* Apar Industries Ltd.
* Carborundum Universal
* Castrol India Ltd.
* Fine Organic Industries
* Firstsource Solutions Ltd.
* Shyam Metalics & Energy
* Star Health & Allied Ins Co
* Sterlite Technologies Ltd.
31 July 2024
Derivative Segment
* Ambuja Cements Ltd.
* Birlasoft Ltd.
* Crompton Greaves Cons Ele
* Godrej Properties Ltd.
* Mahindra & Mahindra Ltd.
* Maruti Suzuki India Ltd.
Cash Segment
* Deepak Fert & Petrochem Corp
* Elgi Equipments Ltd.
* K.P.R. Mill Ltd.
* Lakshmi Machine Works Ltd.
* Mankind Pharma Ltd.
* Nuvoco Vistas Corp Ltd.
* Prestige Estates Projects Ltd.
* Tata Investment Corp Ltd.
01 August 2024
Derivative Segment
* Aditya Birla Capital Ltd.
* Dabur India Ltd.
* Escorts Kubota Ltd.
* ITC Ltd.
* Sun Pharma Industries
* Tata Motors Ltd.
Cash Segment
* Akzo Nobel India Ltd.
* Alkyl Amines Chemicals Ltd.
* Aptus Value Housing Fin India
* Clean Science & Tech Ltd.
* Emami Ltd.
* Kalyan Jewellers India Ltd.
* Orient Electric Ltd.
* Suryoday Small Finance Bank
* Tata Motors Ltd. – DVR
* The Great Eastern Shipping Co
* Triveni Engineering & Industries
* Tube Investments of India
* Vaibhav Global Ltd.
02 August 2024
Derivative Segment
* LIC Housing Finance Ltd.
* Titan Company Ltd.
Cash Segment
* Computer Age Mgmt Services
* Dalmia Bharat Sugar
* Glaxosmithkline Pharma
* Infibeam Avenues Ltd.
* Medplus Health Services Ltd.
* Tamilnad Mercantile Bank Ltd.
* Zydus Wellness Ltd.
03 August 2024
Derivative Segment
* State Bank Of India
Cash Segment
* Amara Raja Energy & Mobility
* Bank Of India
* Capri Global Capital Ltd.
05 August 2024
Derivative Segment
* Deepak Nitrite Ltd.
* Marico Ltd.
* Oil & Natural Gas Corp
* Tata Chemicals Ltd.
Cash Segment
* Avanti Feeds Ltd.
* Devyani International Ltd.
* Gujarat State Fert & Chem
* Honeywell Automation India
* Motherson Sumi Wiring India
* Orient Cement Ltd.
06 August 2024
Derivative Segment
* Bata India Ltd.
* Bosch Ltd.
* Cummins India Ltd.
* Gujarat Gas Ltd.
* Shree Cement Ltd.
* Tata Power Company Ltd.
* TVS Motor Company Ltd.
Cash Segment
* 3M India Ltd.
* Blue Star Ltd.
* Gland Pharma Ltd.
* Indigo Paints Ltd.
* PB Fintech Ltd.
* Rain Industries Ltd.
* Symphony Ltd.
07 August 2024
Derivative Segment
* Godrej Consumer Products
* Pidilite Industries Ltd.
Cash Segment
* BASF India Ltd.
* BSE Ltd.
* Esab India Ltd.
* Lemon Tree Hotels Ltd.
08 August 2024
Derivative Segment
* ABB India Ltd.
* Biocon Ltd.
* Container Corp Of India
* Page Industries Ltd.
Cash Segment
* Gujarat State Petronet Ltd.
* Timken India Ltd.
09 August 2024
Derivative Segment
* Berger Paints India Ltd.
* Info Edge (India) Ltd.
* Jubilant FoodWorks Ltd.
* Zydus Lifesciences Ltd.
Cash Segment
* Cholamandalam Fin Holdings
13 August 2024
Derivative Segment
* GNFC Ltd.
* Hindalco Industries Ltd.
* Max Financial Services Ltd.
* Samvardhana Motherson Int
Cash Segment
* Endurance Technologies
* HEG Ltd.
* TCI Express Ltd.
21 August 2024
Derivative Segment
Nil
Cash Segment
* P&G Health Ltd.
28 August 2024
Derivative Segment
Nil
Cash Segment
* P&G Hygiene & Health Care
29 August 2024
Derivative Segment
Nil
Cash Segment
* Gillette India Ltd.
- July 24, 2024 09:52
Stock market live news: Stock Split Dates
KSB Ltd.
Stock Split From Rs.10/- to Rs.2/-
Previous day Closing Price – Rs. 4786.75
Ex – Stock Split 25 July 2024 (Tomorrow)
Last day trade for before split Today
- July 24, 2024 09:51
Stock market live news: G E Shipping to sell 2005-built tanker Jag Pranav to third party
G E Shipping company has contracted to sell its 2005 built Medium Range Product Tanker, Jag Pranav of about 51,383 dwt on July 23, 2024 to an unaffiliated third party
- July 24, 2024 09:51
Stock market live today: CLSA on Avenue Supermart
O-P TP Rs 5535
Believe budget offers several incentives for urban working class consumers from lower tax rates, direct benefit transfers to 1st time employees & incentives for employers of new employees
Believe DMART beneficiary of each of these themes
- July 24, 2024 09:50
Stock market live today: Brokerages on Titan
CLSA on Titan
O-P, TP Rs 3948
Customs duty on gold & silver cut to 6% from 15%
Should lead to a reduction in gold prices, allaying investor concerns on gold prices.
Believe this is positive for Titan & reiterate O-PF rating
MS on Titan
EW, TP Rs 3526
The budget has proposed a 9ppt reduction in custom duty on gold (6-9% correction in gold price).
This should help boost jewellery consumption and also reduce competitive pressures on discounting (inventory loss for local players)
- July 24, 2024 09:50
Stock market live today: Brokerages on ITC
Jefferies on ITC
Upgrade to Buy, TP Rs 585
No News is Great News
A clear winner with gov’t leaving tobacco taxes unchanged
GST taxes are also likely to stay stable until Mar-26 until center settles state dues.
Demand outlook for staples improving & should benefit Co
MS on ITC
OW, TP Rs 506
Today’s budget allays one of key concerns of tobacco tax hikes.
In addition to relief from any near-term demand disruptions, this will be viewed as a reflection of future policy action
ITC well placed & a re-rating play
- July 24, 2024 09:50
Stock market live today: Stock Recommendations: MS on ICICI Pru Life
EW, TP Rs 610
VNB margin better than MSe
VNB margin progression in FY24 was quite volatile; hence, maintain forecasts for now
Stock has outperformed YTD & re-rated vs. peers despite sharper VNB downgrades both by us & consensus in recent qtrs
- July 24, 2024 09:49
Stock market live today: Brokerages on M&M Fin
Jefferies on M&M Fin
Hold, TP Rs 305
PAT grew 45% YoY to Rs5.1bn ahead of our Rs4.7bn est. due to lower provision.
Loan growth moderated.
Margins dipped QoQ due to lower yield.
Stage 2 & stage 3 assets rose QoQ.
CITI on M&M Fin
Neutral, TP Rs 310
Earnings growth of 45% yoy & RoA of 1.8% beat CitiE primarily led by lower-than-anticipated credit cost at 1.8%.
Despite 130bps rise in GS-3/2 & write-offs of Rs3.2bn, provisions lower by Rs1.1bn
Building in credit cost of 1.5% over FY25-27E
- July 24, 2024 09:49
Stock market live today: Brokerages on Coforge
Jefferies on Coforge
U-P, TP Rs 5180
1Q rev/margins were in line but normalized profits missed est
Deal ramp-ups supported growth in 1Q & will continue to do so in 2Q, as evident from pick-up in net hiring
Mgmt. focus on margin expansion has intensified & Cigniti is on track
MS on Coforge
Overweight Call, Target Raised To Rs 7,180
Q1 Results Show Signs Of Rev Growth Pickup With An Orderbook Upturn
Co Has Strong Headcount Addition
Constructive Demand Commentary, In-line With Peers
Co’s Focus Is On Margin Both In The Core Business As Well As Cigniti
Raise F25-F27 EPS Estimate By 5%
Think Earnings Est Downgrade Cycle May Be Behind
Expect Consensus Core Business Estimates To Inch Up
- July 24, 2024 09:48
Stock market live today: Stock recommendations: Jefferies on Torrent Pharma
Buy Call, Target Rs 3,540
Q1 Revenue Was In-line With Estimates
Q1 EBITDA/ PAT Were +3%/+5% Higher As Strong India Growth Led To Multi Yr High Gross Margin
Q1 Was Impacted By One Offs In Topline & Expenses Otherwise Beat Would Have Been Even Higher
Expect Co To Continue Strong Run & International Regions’ Growth To Pick Up Pace In Future
- July 24, 2024 09:47
Stock market live today: Stock recommendations: Brokerages on HUL
CLSA on HUL
Downgrade to U-P, TP cut to Rs 2161
Cut EPS est by 4-5%
Q1 sales slightly below est(-3%) while Ebitda in-line
Growth varied across segments with home care & beauty above co avg. but personal care & F&R lagged
Believe stk already pricing in improvement in rural demand
Nomura on HUL
Buy, TP Rs 3200
On an improving path
1Q25: Tad above estimates; volume growth at 4% y-y
Recovery seen in rural demand; market share to see improvement from hereon
Margins to remain range-bound in near term but to improve in medium term
MS on HUL
UW, TP Rs 1876
Vol growth improved to 4%, ahead of MSe, but management commentary did not signal confidence of a strong recovery in 2nd half of F25
Management expects price growth to be near-zero (-2% in 1Q) in near term if commodity prices remain at current levels
Jefferies on HUL
Buy, TP Rs 3130
Managed to beat est. in 1QFY25
Heartening part is 4% vol growth
Mgmt sounded fairly +ve on external environment as well as own initiatives to drive growth, some of which are already yielding results
- July 24, 2024 09:47
Stock market live today: Brokerages on Bajaj Finance
CITI on Bajaj Fin
Buy, TP cut to Rs 8275
Core earnings missed expectations as NIMs declined 23bps (30-40bps guided for H1) & credit cost was elevated at 2%(vs 1.75-1.85% guidance)
Mgmt cited muted CE due to heat wave/election disruption as reason for uptick in stress pool
CLSA on Bajaj Fin
O-P, TP Rs 9200
1Q total income & PPOP were 3%-5% ahead of est., while PAT was in line due to higher credit costs
Credit costs for qtr were 2% vs guided range of 1.75-1.85% & historical avg of 1.6%
Collections partly impacted by elections
MS on Bajaj Fin
OW, TP Rs 9000
Net credit costs came at higher end of guidance with higher gross credit costs
It indicated better collections in June/July; however, expect stock performance to be muted in near term & improve in 2HF25 as earnings growth inflects & AQ improves
Jefferies on Bajaj Fin
Buy, TP cut to Rs 7780 from Rs 9260
1QFY25, BAF’s profit rose by 14% YoY to Rs39bn & missed est.
Sharper rise in credit costs to 2.3% of avg AUM(adj. for utilisation of reserves) was key drag; per mgt, it was broad-based
Trim earnings by 3-5%
- July 24, 2024 09:47
Stock market live news: Fund Houses Recommendations
Jefferies on Kajaria: Maintain Buy on Company, raise target price at Rs 1590/Sh (Positive)
Jefferies on Torrent Pharma: Maintain Buy on Company, raise target price at Rs 3540/Sh (Positive)
Investec on Zensar Tech: Maintain Buy on Company, raise target price at Rs 885/Sh (Positive)
Investec on HUL: Maintain Buy on Company, raise target price at Rs 2797/Sh (Positive)
Citi on HUL: Maintain Buy on Company, raise target price at Rs 3150/Sh (Positive)
Nomura on HUL: Maintain Buy on Company, raise target price at Rs 3200/Sh (Positive)
ICICI on HUL: Upgrade to Buy on Company, target price at Rs 2950/Sh (Positive)
Investec on Keystone: Initiate Buy on Company, target price at Rs 875/Sh (Positive)
MS on Coforge: Maintain Buy on Company, raise target price at Rs 7180/Sh (Positive)
MS on Bajaj Finance: Maintain Overweight on Company, target price at Rs 9000/Sh (Positive)
Jefferies on ICICI Pru: Maintain Buy on Company, target price at Rs 750/Sh (Positive)
Goldman Sachs on India Budget: No increase in cigarette taxes in govt’s budget positive for ITC (Positive)
Jefferies on ITC: No news is great news; upgrades ITC to a buy call adding that it is a clear winner with government leaving tobacco taxes unchanged (Positive)
Morgan Stanley on Indian Budget: Reaffirms our view on continued macro stability and strong foundation for medium-term growth path (Positive)
CLSA On Real Estate: Negative for investments with shorter duration, moderate price growth. Markets like NCR and Mumbai are likely to adverse impacted while Pune, Bangalore and Hyderabad least impacted. Focus on affordable housing players like Sobha, Godrej Prop, Sunteck and Prestige (Neutral)
Jefferies on Real Estate: See low impact of the move on demand. (Neutral)
Jefferies on Indian Budget: FY25 final budget doesn’t deviate much from the Feb ‘24 budget, but several small things have changed (Neutral)
Bernstein on Indian Budget: Capital gains tax increase is also a non-event; Market and sector views remain unchanged (Neutral)
MS on Indian Budget: Increase in formal employment creates a path for sustained growth momentum (Neutral)
Macquarie on ICICI Pru: Maintain Neutral on Company, target price at Rs 580/Sh (Neutral)
MS on ICICI Pru: Maintain Equal-Weight on Company, target price at Rs 610/Sh (Neutral)
Bernstein on Bajaj Finance: Maintain Market perform on Company, target price at Rs 6800/Sh (Neutral)
Emkay on Bajaj Finance: Maintain Buy on Company, cut target price at Rs 9000/Sh (Neutral)
Jefferies on Bajaj Finance: Maintain Market perform on Company, cut target price at Rs 7180/Sh (Neutral)
Jefferies on M&M Fin: Maintain Hold on Company, target price at Rs 305/Sh (Neutral)
Emkay on M&M Fin: Maintain Reduce on Company, target price at Rs 270/Sh (Neutral)
MS on HUL: Maintain Underweight on Company, target price at Rs 1876/Sh (Negative)
- July 24, 2024 09:46
Stock market live today: IMPORTANT EX-DIVIDEND
AVADH SUGAR: Rs 10
FIEM INDUSTRIES: Rs 20
HATSUN AGRO: Rs 6
HONEYWELL AUTOMATION: Rs 100
LAKSHMI MACHINE WORKS: Rs 75
PIDILITE INDUSTRIES: Rs 16
VINYL CHEMICALS: Rs 6.75
- July 24, 2024 09:45
Stock market live today: Securities in F&O Ban For Trade Date 24-July-2024
* GNFC
* INDIACEM
* SAIL
- July 24, 2024 09:42
Stock market live news: Geojit’s Satish Menon on Budget 2024
“The budget was anticipated to build upon the progressive measures outlined in the interim budget. However, the overall government expenditure aligns with the interim budget’s goal and focus is to reduce the fiscal deficit to 4.9%, significantly lower than the 5.6% estimated for FY24. Key positives are new macro-initiative aimed at job creation, workforce skill development, improvements in agriculture, urban & rural housing, and higher funding the MSME sector, which should uplift the masses.
Increase in capital gain tax is a negative surprise, the 5% increase in STCG is likely to adversely affect short-term investors in the near term.”
- July 24, 2024 09:40
Stock in Focus: Hi-Tech Pipes announces decarbonisation efforts and generates green power, stock rises 2.33% on NSE
Hi-Tech Pipes Ltd. announced decarbonisation of its manufacturing facilities, additional 5 MW Green Power through Roof Top Solar & Open Access and Generation & captive consumption of Green Hydrogen Gas.
Hi-Tech Pipes stock rose 2.33% on the NSE, trading at ₹146.50.
- July 24, 2024 09:39
Stock in Focus: Adani Green Energy’s arm operationalises 250 MW wind project, stock up 0.95% on NSE
Adani Renewable Energy Forty One Limited, Wholly-owned stepdown subsidiary of Adani Green Energy Limited, has operationalised 250 MW of wind power project at Khavda, Kutchh, Gujarat.
Adani Green Energy stock is up 0.95% on the NSE, trading at ₹1,736.60.
- July 24, 2024 09:39
Stock market live news: MIC Electronics appoints Vivek Reddy Venumuddala as COO and Rakshit Mathur as CEO
MIC Electronics has appointed Vivek Reddy Venumuddala as Chief Operating Officer (COO) with immediate effect ; and Rakshit Mathur as Chief Executive Officer (CEO) of the Company with effect from August 01, 2024.
- July 24, 2024 09:38
Stock in Focus: Best Agrolife granted 20-year patent for insecticidal composition; stock up 1.77% at ₹625.50
Best Agrolife Limited has been assigned a patent by the Indian Patent Office-Government of India for an invention entitled “STABLE SYNERGISTIC INSECTICIDAL COMPOSITION” for the term of 20 years commencing from November 2, 2022.
Best Agrolife stock is up 1.77% on the NSE, trading at ₹625.50
- July 24, 2024 09:37
Stock in focus: Suzlon Energy faces ₹2.85 lakh GST penalty; stock hits upper circuit at ₹60.72
Suzlon Energy has been slashed with a penalty of ₹2,84,595 from Superintendent of Central GST Gujarat Audit Circle 3.
Trades at upper circuit ₹60.72, higher by 5% on the NSE.
- July 24, 2024 09:34
Nifty Today: Top gainers, losers at 9.30 a.m.
Top gainers on the NSE at 9.30 am:
ITC (3.18%), Titan (2.28%), HDFC Life (1.85%), Tata Motors (1.40%), NTPC (0.99%)
Top losers:
Tata Consumer Products (-2.91%), Hindustan Unilever (-2.26%), Bajaj Finance (-1.92%), Nestle India (-1.62%), Britannia (-1.60%)
- July 24, 2024 09:33
Stock market live news: BSE Sectoral trends at 9.40 a.m.
bse sectoral trends at 940 am.jpg
- July 24, 2024 09:20
Stock market live news: Opening bell: BSE Sensex open lower by 151.56 pts or 0.19% at 80,277.48, and Nifty 50 at 24,441.55, down by 37.50 pts or 0.15% as at 9.15 am.
- July 24, 2024 09:16
Commodities market updates: Crude oil futures trade higher; Brent at $81.39, WTI at $77.33
Crude oil futures traded higher on Wednesday morning as the industry data showed increase in inventory level in the US. At 9.12 am on Wednesday, September Brent oil futures were at $81.39, up by 0.47 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $77.33, up by 0.48 per cent. August crude oil futures were trading at ₹6484 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹6458, up by 0.40 per cent.
- July 24, 2024 09:09
Stock market live today: Vipul Bhowar, Senior Director, Listed Investments, Waterfield Advisors on STT and buyback income being taxed
“The decision to raise taxes comes amid a dramatic increase in derivative trading volumes, which have grown significantly since 2020. Retail investor participation in the derivatives market has surged from 2% in 2018 to 41% in 2023. Regulators have expressed concerns that this surge in trading is leading to speculative behaviour that could be detrimental to individual investors and the broader economy.
This change in tax policy should encourage Retail investors to shift their focus from speculative trading to long-term investments. This shift could potentially reshape the market dynamics in the near term, leading to a more stable and sustainable market environment.
The government’s tax adjustments demonstrate a proactive approach to managing the risks associated with the rapid growth of retail participation in the derivatives market. The aim is to foster a more stable trading environment. The increase in taxes may have a significant impact on trading volumes, potentially affecting market liquidity and dynamics. High-frequency trading firms, which operate on narrow margins, are particularly sensitive to changes in transaction costs, and this sensitivity could lead to significant changes in the market landscape.
For investors, taxation on share buybacks could potentially dampen enthusiasm, as the income will now be taxed at the same rate as dividends. The elimination of the buyback tax will increase corporate cash flow, but the new taxation of buyback income as dividends may decrease interest in share repurchase programs, particularly among cash-rich firms and high-tax bracket investors. In the future, companies might favour dividends over buybacks.”
- July 24, 2024 09:08
Stock market live today: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“Now that the steep increase in STCGs tax and the marginal increase in LTCGs tax on equity is a reality, investors should focus on investing in stocks which can deliver superior returns. In the present context FMCG stocks look attractive from the valuation perspective. Watch out for stocks like ITC and United Spirits. It is important to understand that the Budget strengthens the India Growth Story with focus on growth with financial stability. The fiscal consolidation being attempted through the Budget is a big positive that should not be missed amidst the concerns of increase in capital gains tax. Another important factor is that the removal of indexation benefits on gold and real estate will make equity a superior asset class, relatively.
The higher tax on F&O trading is intended to discourage the excessive speculation in this segment and, therefore, is a welcome move.”
- July 24, 2024 08:29
Stock market live news: Budget sidetracks Railways
In recent years, the government’s vision for the Indian Railways (IR), as reflected in the Budget speech, has been reduced to just a few lines. Therefore, expectations for railway-related announcements in the Finance Minister’s Budget speech were low. Some mention rail safety, which has been under considerable stress recently, and an update on the Interim Budget announcement of three economic corridors and the upgrade of 40,000 rail coaches was expected. As for the numbers, it was almost a foregone conclusion that the operating ratio would be kept just below 100 through the now-familiar accounting practice of severely curtailing the allotment for depreciation, and that the government would continue its rail infrastructure spending spree, financed almost entirely through General Budgetary Support (GBS).
- July 24, 2024 08:11
Stock market live news: Budget 2024: Powering a cleaner future
To ensure India meets its RE goals by 2030, the Union Budget prioritised Energy security, placing emphasis on nuclear and thermal energy projects and duty cuts for solar energy sector
- July 24, 2024 08:08
Stock market live news: Roads and highways: hitting a speed bump?
The Budget allocation for roads at almost the same level as the previous fiscal year. The pace of road construction is also slowing.
- July 24, 2024 07:38
Stock market live news: Q1FY25 EARNING CALENDAR 25.07.2024
AAVAS, ADANIGREEN, ASHOKLEY, AUBANK, CANBK, CHALET, CHENNPETRO, CYIENT, DLF, FOSECOIND, GLS, GODIGIT, HOMEFIRST, JWL, JYOTHYLAB, LAURUSLABS, LTFOODS, MGL, MHRIL, MPHASIS, NESTLEIND, PNBHOUSING, PRAJIND, RAMCOCEM, TECHM, THANGAMAYL, UBL, UJJIVANSFB, VENUSPIPES, VESUVIUS, VSSL, VSTIND, WESTLIFE
ASHOKLEY
* Revenue expected at Rs 8816 crore versus Rs 8189 crore
* EBITDA expected to be seen at Rs 989 crore versus Rs 820 crore
* EBITDA margin expected to be seen at 11.2 % versus 10.01 %
* Net profit expected to be seen at Rs 569 crore versus Rs 577 crore
AUBANK
* NII expected at Rs 1869 crore versus Rs 1246 crore
* EBIT expected to be seen at Rs 849 crore versus Rs 513 crore
* EBIT margin expected to be seen at 44.2 % versus 41.1 %
* Net profit expected to be seen at Rs 485 crore versus Rs 386 crore
CANBK
* NII expected at Rs 9597 crore versus Rs 8665 crore
* EBIT expected to be seen at Rs 7685 crore versus Rs 7604 crore
* EBIT margin expected to be seen at 52.6 % versus 56.3 %
* Net profit expected to be seen at Rs 3935 crore versus Rs 3534 crore
LAURUSLABS
* Revenue expected at Rs 1337 crore versus Rs 1181 crore
* EBITDA expected to be seen at Rs 241 crore versus Rs 166 crore
* EBITDA margin expected to be seen at 18.02 % versus 14.05 %
* Net profit expected to be seen at Rs 84 crore versus Rs 24 crore
MGL
* Revenue expected at Rs 1550 crore versus Rs 1612 crore
* EBITDA expected to be seen at Rs 380 crore versus Rs 395 crore
* EBITDA margin expected to be seen at 24.51 % versus 24.50 %
* Net profit expected to be seen at Rs 255 crore versus Rs 252 crore
MPHASIS
* Rupee Revenue expected at Rs 3461 crore versus Rs 3412 crore
* EBIT expected to be seen at Rs 525 crore versus Rs 508 crore
* EBIT margin expected to be seen at 15.1 % versus 14.8 %
* Net profit expected to be seen at Rs 402 crore versus Rs 393 crore
TECHM
* Rupee Revenue expected at Rs 12,946 crore versus Rs 12,871 crore
* EBIT expected to be seen at Rs 1054 crore versus Rs 637 crore
* EBIT margin expected to be seen at 8.14 % versus 4.94 %
* Net profit expected to be seen at Rs 871 crore versus Rs 661 crore
UBL
* Revenue expected at Rs 2585 crore versus Rs 2274 crore
* EBITDA expected to be seen at Rs 256 crore versus Rs 223 crore
* EBITDA margin expected to be seen at 9.9 % versus 9.8 %
* Net profit expected to be seen at Rs 168 crore versus Rs 136 crore
- July 24, 2024 07:38
Stock market live news: Q1FY25 EARNING CALENDAR 24.07.2024
ABSLAMC, AURIONPRO, AXISBANK, BAJAJFINSV, BAJAJHLDNG, BIKAJI, CGPOWER, CMSINFO, CRAFTSMAN, DCBBANK, EPACK, EPIGRAL, FEDERALBNK, GOCOLORS, HFCL, IEX, IGL,JINDALSTEL, JKPAPER, JSWHL, KPITTECH, KTKBANK, L&T, MAHLIFE, MASFIN, OFSS, PDSL, PETRONET, PGEL, PNBGILTS, POWERINDIA, RKFORGE, SBILIFE, SIS, SONACOMS, SYNGENE, TATVA, TIPSINDLTD, TIRUMALCHM, TRIDENT, TTML, VGUARD
AXISBANK
* Revenue expected at Rs 13368 crore versus Rs 11958 crore
* EBIT expected to be seen at Rs 9665 crore versus Rs 7779 crore
* EBIT margin expected to be seen at 72.2% versus 65%
* Net profit expected to be seen at Rs 6448 crore versus Rs 5797 crore
CGPOWER
* Revenue expected at Rs 2154 crore versus Rs 1874 crore
* EBITDA expected to be seen at Rs 291 crore versus Rs 265 crore
* EBITDA margin expected to be seen at 13.5% versus 14.1%
* Net profit expected to be seen at Rs 217 crore versus Rs 203 crore
FEDERALBNK
* Revenue expected at Rs 2346 crore versus Rs 1918 crore
* EBIT expected to be seen at Rs 1377 crore versus Rs 1302 crore
* EBIT margin expected to be seen at 58.6% versus 67.8%
* Net profit expected to be seen at Rs 936 crore versus Rs 853 crore
IGL
* Revenue expected at Rs 3575 crore versus Rs 3964 crore
* EBITDA expected to be seen at Rs 521 crore versus Rs 521 crore
* EBITDA margin expected to be seen at 14.5% versus 13.1%
* Net profit expected to be seen at Rs 374 crore versus Rs 433 crore
JINDALSTEL
* Revenue expected at Rs 12966 crore versus Rs 12588 crore
* EBITDA expected to be seen at Rs 2575 crore versus Rs 2886 crore
* EBITDA margin expected to be seen at 19.8% versus 22.9%
* Net profit expected to be seen at Rs 1142 crore versus Rs 1691 crore
L&T
* Revenue expected at Rs 53931 crore versus Rs 47882 crore
* EBITDA expected to be seen at Rs 5503 crore versus Rs 4868 crore
* EBITDA margin expected to be seen at 10.2% versus 10.1%
* Net profit expected to be seen at Rs 2740 crore versus Rs 2493 crore
PETRONET
* Revenue expected at Rs 14273 crore versus Rs 13793 crore
* EBITDA expected to be seen at Rs 1300 crore versus Rs 1104 crore
* EBITDA margin expected to be seen at 9.10% versus 17.0%
* Net profit expected to be seen at Rs 906 crore versus Rs 737 crore
POWERINDIA
* Revenue expected at Rs 1351 crore versus Rs 1040 crore
* EBITDA expected to be seen at Rs 101 crore versus Rs 36 crore
* EBITDA margin expected to be seen at 7.4 % versus 3.5 %
* Net profit expected to be seen at Rs 52 crore versus Rs 2.4 crore
SBILIFE
* Revenue expected at Rs 14,867 crore versus Rs 13,104 crore
* EBIT expected to be seen at Rs 597 crore versus Rs 604 crore
* EBIT margin expected to be seen at 4.01 % versus 4.61 %
* Net profit expected to be seen at Rs 410 crore versus Rs 381 crore
SONACOM
* Revenue expected at Rs 877 crore versus Rs 732 crore
* EBITDA expected to be seen at Rs 247 crore versus Rs 203 crore
* EBITDA margin expected to be seen at 28.1 % versus 27.7 %
* Net profit expected to be seen at Rs 143 crore versus Rs 114 crore
- July 24, 2024 07:36
Stock market live news: Major U.S. listed stocks result calendar 24.07.2024
Thermo Fisher Scientific Inc (Pre market)(Sector-Healthcare)
Fomento Economico Mexicano S.A.B. de C.V. (Pre market) (Sector-FMCG)
NextEra (Energy), Inc. (Pre market) (Sector-Energy)
AT&T Inc. (Pre market) (Sector-Technology)
Boston Scientific Corporation (Pre market) (Sector-Healthcare)
Fiserv, Inc. (Pre market) (Sector-Finance)
General Dynamics Corporation (Pre market) (Sector-Defense)
Amphenol Corporation (Pre market) (Sector-Technology)
Banco Santander, S.A. (Pre market) (Sector-Finance)
CME Group Inc. (Pre market) (Sector-Finance)
Roper Technologies, Inc. (Pre market) (Sector-Technology)
TE Connectivity Ltd. (Pre market) (Sector-Capital Goods)
GE Vernova Inc.(Pre market) (Sector-Energy)
Old Dominion Freight Line, Inc. (Pre market) (Sector-Transportation)
Otis Worldwide Corporation (Pre market) (Sector-Capital Goods)
Banco Santander Brasil SA (Pre market) (Sector-Finance)
Vertiv Holdings, LLC (Pre market) (Sector-Capital Goods)
Westinghouse Air Brake Technologies Corporation (Pre market) (Sector-Capital Goods)
Fortive Corporation (Pre market) (Sector-Capital Goods)
Teck Resources Ltd (Pre market) (Sector-Metals)
Rogers Communication, Inc. (Pre market) (Sector-Technology)
Lennox International, Inc. (Pre market) (Sector-Capital Goods)
Check Point Software Technologies Ltd. (Pre market) (Sector-Technology)
Teledyne Technologies Incorporated (Pre market) (Sector-Technology)
International Paper Company (Pre market) (Sector-Manufacturing)
Tenet Healthcare Corporation (Pre market) (Sector-Healthcare)
Flex Ltd. (Pre market) (Sector-Technology)
Lamb Weston Holdings, Inc. (Pre market) (Sector-FMCG)
Interpublic Group of Companies, Inc. (The) (Pre market) (Sector-Media)
Allegion plc (Pre market) (Sector-Technology)
Deutsche Bank AG (Tent) (Sector-Finance)
eBay Inc. (Tent) (Sector-Technology)
United Microelectronics Corporation (Tent) (Sector-Technology)
Dr. Reddy’s Laboratories Ltd (Tent) (Sector-Healthcare)
Comfort Systems USA, Inc. (Tent) (Sector-Engineering)
Penske Automotive Group, Inc. (Tent) (Sector-Transportation)
International Business Machines Corporation (Post market) (Sector-Technology)
ServiceNow, Inc. (Post market) (Sector-Technology)
KLA Corporation (Post market) (Sector-Technology)
Waste Management, Inc. (Post market) (Sector-Miscellaneous)
Equinor ASA (Post market) (Sector-Energy)
Chipotle Mexican Grill, Inc. (Post market) (Sector-Hotels)
Republic Services, Inc. (Post market) (Sector-Miscellaneous)
O’Reilly Automotive, Inc. (Post market) (Sector-Retail)
Ford Motor Company (Post market) (Sector-Automobile)
Newmont Corporation (Post market) (Sector-Metals)
Edwards Lifesciences Corporation (Post market) (Sector-Healthcare)
United Rentals, Inc. (Post market) (Sector-Capital Goods)
Waste Connections, Inc. (Post market) (Sector-Miscellaneous)
AMERIPRISE FINANCIAL SERVICES, LLC (Post market) (Sector-Finance)
ICON plc (Post market) (Sector-Healthcare)
Rollins, Inc. (Post market) (Sector-Miscellaneous)
Teradyne, Inc. (Post market) (Sector-Technology)
Raymond James Financial, Inc. (Post market) (Sector-Finance)
Tyler Technologies, Inc. (Post market) (Sector-Technology)
Invitation Homes Inc. (Post market) (Sector-Real Estate)
Carlisle Companies Incorporated (Post market) (Sector-Manufacturing)
Align (Technology), Inc. (Post market) (Sector-Technology)
Molina (Healthcare) Inc (Post market) (Sector-Healthcare)
Graco Inc. (Post market) (Sector-Manufacturing)
Morningstar, Inc. (Post market) (Sector-Finance)
Universal Health Services, Inc. (Post market)(Sector-Healthcare)
RenaissanceRe Holdings Ltd. (Post market) (Sector-Finance)
Churchill Downs, Incorporated (Post market) (Sector-Hotels)
Annaly Capital Management Inc. (Post market) (Sector-Real Estate)
- July 24, 2024 07:36
Stock market live today: Tesla, Visa, Google experience mixed after-hours trading reactions post quarterly earnings reports
Tesla Inc fell 7.7% in afterhours following the report. For Q2, the company reported adjusted earnings per share of $0.52 on revenue of $25.5 billion, compared with with Wall Street estimates of $0.61 a share and $24.33B, respectively.
Visa third-quarter revenue growth fell short of Wall Street targets in a rare miss for the world’s largest payments processor as steep borrowing costs limited consumer spending, sending its shares down 4.0% in extended trading.
Google stock was down 2.2% in after-hours trade Tuesday. The company’s adjusted earnings per share (EPS) came in at $1.89, slightly higher than the consensus estimate of $1.83. Revenue for the quarter was $84.74 billion, also above the average analyst projection of $84.16 billion.
- July 24, 2024 07:32
Stock market live news: UNITED SPIRITS Q1 results
Q1 SL NET PROFIT 2.99B RUPEES VS 2.38B (YOY)
Q1 REVENUE 58.3B RUPEES VS 53.12B (YOY)
Q1 EBITDA 4.6B RUPEES VS 3.85B (YOY)
Q1 EBITDA MARGIN 7.86% VS 7.25% (YOY)
(NUMBERS SEEN MUTED YOY BASIS)
- July 24, 2024 07:32
Stock market live news: Fund Flow Activity: 23 July 2024 (Rs. In Crs.)
Turnover: (NSE + BSE)
Cash Volume: 169336.37 + 12456.34 Total: 181792.71
F&O Volume: 992640.87 + 239783.7 Total: 1232424.57
Provisional Cash
FII/FPI: NET SELL: -2975.31
(14330.77 – 17306.08)
DII: NET BUY: +1418.82
(17799.44 – 16380.62)
- July 24, 2024 07:12
Stock market live today: Stocks that will see action today: July 24, 2024
Buzzing stocks: Bajel Projects, Titagarh Rail, Dr Reddy’s Lab, Krsnaa Diagnostics, Suven Pharma, Piramal Pharma, Infosys, ONGC, IOL Chem, Tata Consumer, Elgi Equipments
- July 24, 2024 07:08
Stock market live today: Market outlook post-Budget by Emkay Global
The Finance Minister presented a solid Union Budget, with policy continuity as the keystone. The fiscal consolidation path was maintained and the focus on capex over revex continued. The small hike in capital gains tax is not material, in our view. Direct incentives for employment is a big measure, though it is difficult to scope the impact so early. We maintain our overall stance: the market is vulnerable at these valuations and could correct in the short term. Our favored sectors are FMCG/IT/Durables, and we are negative on Industrials/Financials.
Policy Continuity was maintained with i) the fiscal deficit ending lower than the interim budget estimates (4.9% of GDP vs 5.1%), ii) continued focus on capex (17% YoY growth). Fears that the electoral setback in June would drive a pivot to consumption stimulus were largely belied. We believe that overall financial stability has been a major driver of the current growth phase and bull-run, so we see this as a major positive.
Positive for consumption. The two (minor) changes in approach are both positive. One, that the direct stimulus to employment, especially the one to employers, should help stimulate hiring at the margin. Retail, NBFCs, and MFIs in growth mode could see some benefits too. The other is that half the windfall gain from the RBI dividend was diverted to revex, with transfers to states the most prominent expenditure head. We see both as positive, and address the K-shaped post-Covid recovery. Our positive stance on FMCG and two-wheelers is reinforced by these moves.
Capital gains tax. The increase in CG tax has been marginal and we do not see it as a major worry. The tax on buyback could adversely affect payouts and, at the margin, hurt return ratios and valuations of some high-cash generators; many companies, however, may not change their behavior. The increase in STT on derivatives is also relatively minor. Overall, the increase in taxes on capital markets has not been severe and is unlikely to affect market valuations materially.
Key winners and losers. The incremental impact of the budget has been marginal in most cases. The two clear positives are for i) the jewelry sector, which benefits from the cut in gold import duties, and ii) battery players, who gain from lower import duties on critical metals. There are marginal positives for cement and building material players, due to continued stimulus to housing from PMAY Urban 2.0 and a focus on highways and city development. Capital market participants were hit by the CGT and STT, but the impact is negligible. There was a relief rally in some stocks, as there were expectations of more severe measures, especially on derivatives trading.
Stance unchanged. We remain cautious on the markets. A good budget is in the price and unlikely to move the needle significantly. On the other hand, we are looking at a tepid earnings season, as topline growth remains moderate and margin tailwinds are petering out. Also, rate cuts are at least 1-2 quarters away. On the other hand, valuations are stretched at 21.4 (1YF P/E of Nifty), with no imminent upgrades. We maintain our preference for IT/FMCG/Durables over Industrials/Financials. There are no changes to our model portfolio, top SMID picks, or key avoids
- July 24, 2024 07:07
Budget reactions: CareEdge Analysis on Budget
The honourable Finance Minister Nirmala Sitharaman, in her seventh consecutive budget presentation, outlined PM Modi-led government’s clear objectives for its third straight term: a roadmap for fiscal consolidation and a framework for medium-term economic interventions, focusing on employment, skilling, MSMEs, and the middle class.
This budget, the first since the BJP-led NDA was re-elected in June, highlights a commitment to fiscal consolidation with a fiscal deficit target of 4.9% for 2024-25 and a projected decrease in the debt-to-GDP ratio. It balances fiscal discipline with increased spending on essential developmental expenditures, addresses inequality through tax reforms, and emphasizes agriculture, infrastructure, and job creation. Special attention is given to women-led development and support for MSMEs
- July 24, 2024 07:06
Stock market live today: Q1 earnings of TORRENT PHARMACEUTICALS, SCHAEFFLER INDIA, DCM SHRIRAM
Q1 CONS NET PROFIT 4.6B RUPEES VS 3.78B (YOY)
Q1 REVENUE 28.6B RUPEES VS 25.91B (YOY)
Q1 EBITDA 9B RUPEES VS 7.91B (YOY) || Q1 EBITDA MARGIN 31.62% VS 30.53% (YOY)
TITAGARH RAIL SYSTEMS: CO BEGINS EXPO OF TRACTION CONVEERS WITH FIRST SHIPMENT TO ITALY || INAUGURAL DISPATCH FROM INDIA PASSENGER ROLLING STOCK FACILITY AS PA OF EUR 7.18M (INR 65 CRORE APPROX.) DEAL WITH TITAGARH FIREMA S.P.A
SCHAEFFLER INDIA:
Q1 SL NET PROFIT 2.5B RUPEES VS 2.37B (YOY)
Q1 REVENUE 20.7B RUPEES VS 18.29B (YOY)
Q1 EBITDA 3.79B RUPEES VS 3.42B (YOY) || Q1 EBITDA MARGIN 18.32% VS 18.69% (YOY)
DCM SHRIRAM:
Q1 CONS NET PROFIT 1B RUPEES VS 566M (YOY)
Q1 REVENUE 30.7B RUPEES VS 29.4B (YOY)
Q1 EBITDA 2.5B RUPEES VS 1.66B (YOY) || Q1 EBITDA MARGIN 8.04% VS 5.65% (YOY)
- July 24, 2024 07:05
Stock market live today: Bajaj Finance reports Q1 earnings
👉Net Profit up 13.8% At ₹3,912 Cr Vs ₹3,436.9 Cr (YoY)
👉Gross NPA at 0.86% vs 0.85% (QoQ)
👉Net NPA at 0.38% vs 0.37% (QoQ)
👉Provision coverage ratio at 56% vs 57% (QoQ)
- July 24, 2024 07:04
Stock market live today: SRF Q1 results
SRF: Q1 CONS NET PROFIT 2.52B RUPEES VS 3.6B (YOY)
SRF: Q1 EBITDA 6.03B RUPEES VS 6.96B (YOY) || Q1 EBITDA MARGIN 17.42% VS 20.86% (YOY)
POOR EBITDA AND MARGINS
- July 24, 2024 07:04
Budget and reactions: Palka Arora Chopra, Director, Master Capital Services Ltd.
The budget strikes a decent and balanced approach, especially given the current coalition government dynamics. Allocations to Bihar and Andhra Pradesh are strategic investments that will likely generate significant revenue in the future. Increased FDI is expected to boost investment in India, while changes in the Insolvency and Bankruptcy Code (IBC) and the establishment of new tribunals will strengthen the banking sector.
The digitization of land records is a forward-thinking initiative that holds great promise.
The removal of indexation benefits might negatively impact investor returns, leading to a short-term bearish outlook for the sector.
The 25% increase in the Long-Term Capital Gains (LTCG) tax is manageable and not likely to deter investors significantly.
However, the increase in Short-Term Capital Gains (STCG) tax from 15% to 20% could have a more pronounced negative impact in the medium term.
- July 24, 2024 07:04
Budget and reactions: Avnish Jain, Head Fixed Income, Canara Robeco Mutual Fund:
“Union Budget 2024-25 was better than expectations for bond markets. The market was surprised by drop in estimated fiscal deficit to 4.9% of GDP (from 5.1% of GDP in the interim budget). However, there was only marginal drop in gross / net borrowing numbers, which dented market sentiments. Overall the budget was positive as it stuck to fiscal consolidation and further projected to achieve 4.5% fiscal deficit in FY2026. With continuing passive inflows, post inclusion in JP Morgan EM Bond Index, and a tight fiscal budget, market yields should continue to soften, as long term investors get confidence from the continuing fiscal prudence.”
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- July 24, 2024 07:03
Budget and reactions: Swarup Anand Mohanty, Vice Chairman & CEO of Mirae Asset Investment Managers (India):
“Continuing her reformist agenda from previous tenure, the finance minister’s announcements on land digitisations,employment and skill development, taxes, and manufacturing are going to further strengthen the economy. The declining fiscal deficit highlights the fiscal discipline and prudence of the government. On this front, it is a good budget. Any continuity of policy in budget announcement is good.
One big negative is increased taxes on long-term capital gains, which is discouraging. Given the low penetration of financial assets, consistency of taxes always helps in the long run. The intention of change in slabs in the new tax regime is to spur consumption. Thegovernment is also making a clear indication that the new tax regime would be the preferred one going forward.
One good news for mutual fund investors is that Fund of Fund making investments of more than 65% in domestic equities will be treated at par with other mutual fund schemes as far tax treatment is concerned. This has removed an anomaly.”
- July 24, 2024 07:02
Budget and reactions: Tribhuwan Adhikari, MD & CEO of LIC Housing Finance
“The Union Budget has put comprehensive focus on housing and rural development alongside the economic growth narrative. The allocation of ₹2.66 lakh crore for rural infrastructure and the construction of 3 crore additional houses under the PM Awas Yojana in both rural and urban areas are complementary and would significantly boost housing demand. Rental housing has received the attention and will improve the housing stock. Other positives are digitization of land records, PM Surya Ghar Muft Bijli Yojana, encouraging states on moderation of high stamp duty rates and considering lower stamp duty on properties purchased by women. These measures will stimulate the housing market, driving demand and fostering socio-economic growth.”
- July 24, 2024 07:02
Budget and market reactions: NSE sets world record with 25.97 crore trades and 2044 crores in orders on Budget Day
Today, July 23,2024, the budget day, was one of the busiest days ever for @nseindia with more than 2044 crores orders (world record for any exchange in the world) were received today in a single day by NSE resulting in 25.97 crore trades today.
Instl. Investors EQUITY Cash Trades PROV. – 23/07/2024 : Rs. CRS.
FIIS : SELL -2,975 (14,331-17,306)
DIIS : BUY +1,419 (17,799-16,380)
- July 24, 2024 07:00
Stock market live today: Stock recommendations: Antique stock call
Supreme Industries: BUY | TP 6830 | Strong momentum continues
Oberoi Realty: BUY | TP 2107 | Strong cash flow visibility; all levers in place for a shift in gear
Patanjali Foods: BUY | TP 2144 | Edible oil profitability improves; FMCG miss expectations
J.K. Cement: BUY | TP 5000 | Timely capex, better market mix, and cost efficiencies to drive
outperformance
Gravita India: BUY | TP 1710 | Strong execution; long term guidance maintained
Kirloskar Pneumatic Company: BUY | TP 1725 | Margin-led operational outperformance
Solara Active Pharma Sciences: SELL | TP 485 | Focus on regulated markets reduce losses
- July 24, 2024 07:00
Budget and market reaction: Union Budget 2024-25- Growth Oriented and Futuristic, says Chairman , MATEXIL
The Union Budget for 2024-25 was announced by the Hon’ble Union Finance Minister , Smt. Nirmala Sitharaman on July 23, 2024
Welcoming the Budget, Shri Bhadresh Dodhia, Chairman, MATEXIL ( Man-Made and Technical Textiles Export Promotion Council ) – ( Formerly SRTEPC) said “the Union Budget for 2024-25 is growth oriented , pragmatic and progressive as it focus on crucially important areas such as Employment generation , Skill development and Investments”. The Budget propose to introduce Employment linked incentives and Skilling programmes which will certainly lead to job creation in manufacturing in the Textiles and clothing Sector, according to Shri Dodhia.
The Budget has proposed a Credit Guarantee Scheme to the MSMEs to enable them to get term loans for purchase of machinery and equipment without collateral or third party guarantee. Shri Bhadresh Dodhia pointed out that getting credit facilities from the banks for business operations have always been a challenge for the MSMEs and the Credit Guarantee Scheme announced in the Budget will encourage the growth and development of the MSMEs .
The Chairman MATEXIL appreciated the Budget proposal to provide internship opportunities for youths in top Companies to 1cr youth in 5 years . The budget has reduced Customs duties on Methylene Dipheaye isocyanate (MDI) -used in the manufacture of Spandex Yarn from 7.5 to 5%. Spandex yarn is used widely in the production of textile garments and technical textiles and this duty reduction will reduce production cost , pointed out Shri Dodhia .
The budget outlay for RoDTEP and RoSCTL Schemes has been increased. Shri Bhadresh Dodhia urged the Government to increase the rates under these schemes for textiles & clothing .
The Chairman, MATEXTIL appealed to the Government to rectify the inverted duty structure in GST in the case of manmade fibre textiles and to reduce the rate of GST rate on plastic bottles from 18% to 5% .
Shri Bhadresh Dodhia expressed his confidence that the announcements in the Union Budget for 2023-24 will lead to improvement in business sentiments and overall development of the Country including employment generation.
- July 24, 2024 06:59
Stock market live today: Parag Milk reports #Q1 earnings
👉Net profit up 27.6% at ₹27.3 cr vs ₹21.4 cr (YoY)
👉Revenue up 1.1% at ₹757.9 cr vs ₹749.6 cr (YoY)
👉EBITDA up 31.9% at ₹55.8 cr vs ₹42.3 cr (YoY)
👉Margin at 7.4% vs 5.6% (YoY)
- July 24, 2024 06:58
Stock market live today: HINDUSTAN UNILEVER Q1 Results update
NET PROFIT 25.38B RUPEES VS 24.72B (YOY); EST 24.81B
REVENUE 151.7B RUPEES VS 149.31B (YOY); EST 151B
EBITDA 36.1B RUPEES VS 35.21B (YOY); EST 35.40B
EBITDA MARGIN 23.78% VS 23.58% (YOY); EST 23.4%
- July 24, 2024 06:58
Stock market live today: DCM SHRIRAM: Q1 results update
Q1 CONS NET PROFIT 1B RUPEES VS 566M (YOY)
Q1 REVENUE 30.7B RUPEES VS 29.4B (YOY)
Q1 EBITDA 2.5B RUPEES VS 1.66B (YOY) || Q1 EBITDA MARGIN 8.04% VS 5.65% (YOY)
- July 24, 2024 06:58
Stock market live today: ICICI PRUDENTIAL LIFE INSURANCE: Q1 results update
Q1 SL NET PROFIT 2.25B RUPEES VS 2.08B (YOY)
Q1 NET PREMIUM INCOME 78.7B RUPEES VS 70.2B (YOY)
Q1 VNB SEEN AT RUPEES 4.72B GREW BY 7.8% YEAR-ON-YEAR BASIS
Q1 APE SEEN AT 19.63B FOR Q1-FY2025
- July 24, 2024 06:57
Stock market live today: SCHAEFFLER INDIA: Q1 results update
Q1 SL NET PROFIT 2.5B RUPEES VS 2.37B (YOY)
Q1 REVENUE 20.7B RUPEES VS 18.29B (YOY)
Q1 EBITDA 3.79B RUPEES VS 3.42B (YOY) || Q1 EBITDA MARGIN 18.32% VS 18.69% (YOY)
- July 24, 2024 06:53
Budget impact on fertiliser stocks: Unwarranted overreaction
Stocks of fertiliser makers tumbled in trade on Tuesday. While there was no specific reason behind the fall, the negative sentiment market-wide had a rub-off effect on fertiliser stocks too. Fertiliser stocks saw their prices fall between 3 and 7 per cent, with urea maker National Fertiliser Limited (7 per cent) losing the most, followed by Paradeep Phosphates (4.2 per cent), GSFC (4.2 per cent), Chambal (4 per cent) and GNFC (3.3 per cent). Also, several of them have had a strong rally in the past year and profit booking may have also resulted in the sharp correction.
- July 24, 2024 06:52
Stock market live news: Cautiously bullish on equities market, Says Dhiraj Relli of HDFC Securities
The latest Budget on an overall basis is broadly positive despite the higher tax on capital gains and higher STT. The negative sentimental effect of the higher taxes may be over in a couple of days.
The provision for boosting spends in the agri sector, increase in spend on affordable housing, new schemes to provide incentives for employment generation may lay the foundation for medium-term inclusive growth.
- July 24, 2024 06:50
Budget impact on markets: OFS transactions under capital gains tax net to hit promoters, anchor investors
Transaction of shares under offers for sale have been brought under the capital gains tax net with the Budget amending the tax provisions with retrospective effect from assessment year FY19.
The Budget memorandum noted that taxpayers in some cases were not paying capital gains tax on transfer of shares acquired through the offer for sale (OFS) route, citing the absence of an express provision for determination of the fair market value of such equity shares since they were still unlisted on the date of transfer even though securities transaction tax has been paid on transfer and thus, cost of acquisition is indeterminable, and capital gains is not chargeable.
- July 24, 2024 06:49
Budget impact on markets: Jewellery stocks shine as Govt slashes basic custom duty on gold, silver
Shares of gold and jewellery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the Government will reduce the basic customs duty on the yellow metal and silver to 6 per cent.
- July 24, 2024 06:45
Stock market live today: Budget impact on markets: What next for Nifty 50 and Nifty Bank index ?
The Indian benchmark indices retained trend of closing the July Budget Day in red for the fifth consecutive time. Sensex and Nifty 50 were down about 0.1 per cent each. The Nifty Bank index was down about a per cent. Indeed, all three indices witnessed an intraday fall of over 1.5 per cent before recovering some of the loss in the second half of the day.
Increase in short-term and long-term capital gains tax and rising the security transaction tax (STT) for the Futures & Options (F&O) segment were the major triggers for the intraday fall.
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