PremiumSensex Today | Share Market Updates: Sensex and Nifty closed higher with IT and Pharma leading the market rally.
Investors will eye a host of stock market triggers this week including the ongoing first-quarter results of the current fiscal (Q1FY24), domestic and global macroeconomic data, foreign capital inflow, and the upcoming MPC meeting by the RBI from August 7 to 10.
Asian shares were trading mostly lower on Monday after U.S. employment data had Wall Street close out a losing week.
Investors are also closely watching earnings reports due later this week, including from Disney in the U.S., Alibaba Group in China and Sony and SoftBank in Japan.
Japan's benchmark Nikkei 225 gained, while Australia's S&P/ASX 200 shed on Monday. South Korea's Kospi fell. Hong Kong's Hang Seng lost, while the Shanghai Composite dropped.
Indian shares rose on Monday helped by pharma and IT stocks, amid caution in a data-heavy week that includes US inflation data and the Reserve Bank of India's monetary policy decision.
The Nifty 50 index gained 80 pts to end just below 19,600, at 19,597, while the S&P BSE Sensex rose 232 pts to close at 65,953.
M&M and Divi's Labs jumped more than 4%. Along with them, Adani Ports, LTIMindtree, Sun Pharma and SBI Life also were among the top gainers in Nifty 50. Britannia shed almost 3%. SBI, Tata Motors and Bajaj Auto featured among laggards.
Twelve out of 15 broad-based Nifty sectoral indices ended with gains as IT, Pharma and Healthcare more than a per cent each. PSU Bank shed in today's session and FMCG and Metal ended flat.
Asian equities swung Monday following a mixed US jobs report that left investors weighing the chances of another Federal Reserve interest rate hike.
Japan's Nikkei share average reversed course to end higher as investors took a fresh view on strong domestic corporate earnings, while drugmaker Astellas surged on the U.S. approval of Izervay. The Nikkei edged up 0.19%. The broader Topix also cut its early losses to end 0.41% higher.
China and Hong Kong stocks started the week on the back foot as the absence of forceful stimulus measures from Beijing sparked concerns that deflationary pressures will continue to sap the vigour of the flagging economy. China's bluechip CSI300 Index 0.8% on Monday, while the Shanghai Composite Index declined 0.6%. In Hong Kong, the Hang Seng Index dipped slightly.
European stocks slipped on Monday as investors assessed the likely impact of a mixed U.S. jobs report on the Federal Reserve's future policy moves, while awaiting key inflation figures from across the globe this week.
The UK's exporter-heavy FTSE 100 index dipped at open on Monday, weighed down by heavyweight miners, while shares of Unite Group fell to the bottom of the index after a rating downgrade.
Kumar Rakesh, Analyst - IT & Auto of BNP Paribas views on M&M: Strong visibility on sales growth and margin expansion; BUY
We raise our FY24-26E EPS by 1-8% to bake in 1QFY24 results and nudge our TP up by 0.5%. Maintain BUY
· New launches and capacity expansion give comfort on growth:
MM’s 1QFY24 revenue and margins beat BNPPe and Bloomberg consensus estimates (BBGe). MM’s commitment to capacity expansion for SUVs is on track, with semiconductor shortages no longer being a material headwind. MM is gaining market share in both SUVs and tractors and is confident of further gains in FY24 through product launches. MM’s new monthly SUV bookings (48k) remain way ahead of its billings (33k) but are in line with the target capacity (49k) by end-4QFY24.
· 1QFY24: Comfortable beat on revenue and EBITDA margin
Revenue (INR240b) beat BNPPe/BBGe by 11.5%/1.7% and EBITDA margin (13.4%, +105bp q-q, 14.6% post accounting change) beat by 81bp/30bp. PAT beat BNPPe/BBGe on higher other income.
· 1Q highlights: Profitability, share gains and new launches
Automotive: Open bookings were 281K (-4% q-q), with cancellations steady below 8% of bookings. Disruption in supplies of engine related parts and semiconductors hit 1Q volumes by 5k. BEV model launch plan: FY25: 1, FY26: 3, FY27: 1. Gained 4.7% q-q market share in LCVs. The Temasek investment in MEAL is more strategic than financial.
Indian Gas Exchange (IGX) on Monday said its platform traded 27,23,350 million British thermal unit (mBtu), or around 68 million metric standard cubic meters (mmscm), in gas volumes in July, an increase of 28% sequentially and 20% year-on-year (YoY).
“The volumes increased due to increase in spot buying interest from the buyers amid correction in gas prices globally," the company said in a statement.
It added that a total of 65 trades were executed during the month. The maximum number of trades executed in daily and weekly contracts, 20 each, followed by monthly and fortnightly contracts of 18 and 5 trades, respectively. (Read More)
Aditya Birla Fashion and Retail Ltd’s investors have many worries. To begin with, June quarter (Q1FY24) revenue performance is disappointing. Consolidated revenues increased by 11% year-on-year to almost Rs3200 crore. Here, the Pantaloons segment, which contributed 32% of the company’s consolidated revenue in Q1, put up a weak show with just 1% growth. This is despite Pantaloons’ retail network increasing by 17.5%. In comparison, the Madura segment fared better.
On a like-to-like basis, Pantaloons and Lifestyle brands (part of the Madura segment) growth fell by 8% and 3%, respectively. This implies that revenue growth was driven primarily by network expansion and new businesses (such as Reebok and TMRW), point out analysts from Kotak Institutional Equities. (Read More)
Skill tech startup, Expertrons, received funding from Hindustan Media Ventures Limited (HMVL). Notably, HMVL also owns a prominent player in the job market Shine.com.
The funding round was also joined companies like Echjay Family office, Amar Ujala, and existing investors like Ivycap Ventures, Iceland Venture Studio, Venture Catalysts, Ah Ventures, and others.
The recent funding will be used for product development, SEO initiatives, and overall growth, enabling Expertrons to reach more professionals globally. (Read More)
For the quarter ended June 2023, The Ramco Cements has reported a decline of 29.7% in its standalone net profit, amounting to ₹78.91 crore. This is in contrast to the net profit of ₹112.27 crore recorded during the same period the previous year.
On the other hand, the company's standalone revenue from operations in Q1FY24 experienced a significant increase of 26.4%, reaching ₹2,241.09 crore compared to ₹1,772.49 crore in Q1FY23.
Additionally, The Ramco Cements reported growth in its sales volume during the first quarter of FY24. The sales volume expanded by 29%, totaling 4.30 million tons as opposed to 3.34 million tons in Q1FY23. (Read More)
The stable NIM outlook stems from favourable credit demand in the market. In Q1, BoB’s loan growth stood at 20% year-on-year. Growth is above the company’s FY24 loan growth guidance of 14-15%. Here, the management expects to grow higher than the industry in the retail segment at 18-20%. Also, with the corporate segment slowly recovering, the bank is targeting a corporate and a non-corporate loan book of 35:65 (it is 43:57 in FY23). In FY24, it aims to grow its corporate book by 12-13%. These factors bode well for the company’s growth outlook. (Read More)
Waaree Energies Ltd., a manufacturer of solar panels, has raised ₹1,000 crore in a funding round led by investment firm ValueQuest, known for its strategic focus on sustainable and progressive ventures.
In an earlier round, Waaree Energies had raised around ₹1,040 crore from a clutch of investors including family offices and high net-worth individuals (HNIs), the company said in a statement.
The latest funds raised will be used for a 6 GW capacity expansion, adding to the existing capacity of 12 GW. (Read More)
India Cements, for the first quarter of FY24, has reported a standalone net loss of ₹75.27 crore. This is a notable contrast from the net profit of ₹76.09 crore recorded during the same period in the previous year.
The company's revenue from operations in Q1FY24 faced a decline of 3.7%, amounting to ₹1,393.04 crore in comparison to ₹1,446.23 crore in Q1FY23.
In terms of operating performance, the June quarter exhibited a weakening trend. The earnings before interest, taxes, depreciation, and amortization (EBITDA) plummeted by 83.7%, dropping to ₹5 crore from ₹30.9 crore in the corresponding period last year. Furthermore, the EBITDA margin contracted by 170 basis points (bps), decreasing to 0.4% from 2.1% year-on-year. (Read More)
The initial public offering (IPO) of Concord Biotech Limited has garnered strong interest from retail and non-institutional investors, leading to full subscription by the end of the second day.
As of August 7, which marked the second day of the IPO bidding process, the Concord Biotech IPO has been subscribed 1.48 times overall. Bids were placed for a total of 2.16 crore equity shares, surpassing the 1.46 crore shares that were available for subscription.
The retail category showed substantial interest with a subscription of 1.58 times, while the Non-Institutional Investors (NII) category saw an even higher subscription of 3.06 times. (Read More)
The Supreme Court of India on Monday rejected GoFirst’s plea challenging Delhi HC order granting lessors access to planes.
Mahanagar Gas Ltd - Q1FY24 Result Update - Centrum Broking
Supernormal margins in Q1, tepid volumes growth (Buy, TP: Rs1,234)
During Q1FY24, Mahanagar Gas (MGL) reported stronger operational performance than Q4FY23 with EBITDA/ PAT surging by 82.5%/ 98.9% YoY and 33.8%/ 37.0% QoQ led by robust EBITDA/ scm expansion. EBITDA/ scm in Q4 rose 30.7% QoQ at Rs16.8/ scm vs Rs12.8/ scm in Q4FY23 and jumped 84.5% YoY from Rs9.1/scm. Substantial reduction in gas sourcing costs by 20.9% QoQ and 15.0% YoY due to revision in APM gas price led to the supernormal performance. However, management guided for normalised EBITDA/ scm at Rs10/ scm and steady state volume growth of 5-6. In Q1, the company signed tow MOUs one for a Biogas project with BMC and another for setting up LNG dispensing stations in Maharashtra and outside Maharashtra. LNG is expected to be growth opportunity for the company. Management guided for over Rs6.0-8.0bn capex in FY24E. Based on Q1 numbers and management guidance, we have upped our FY24E EBITDA/ scm while lowering volume assumptions and raising EBITDA/ scm for FY25E. Based on our upward revision in estimates, we upgrade the stock to Buy from Add with a DCF-based revised TP of Rs1,234 (earlier Rs1,141).
Adani Energy Solutions on Monday announced the successful financial closure for its $1 billion Green HVDC link project, which will enable supply of more renewable power to the city and support its rising electricity demand.
The credit facility is part of the $700 million revolving project finance initiative tied up in October 2021 for AESL’s ongoing transmission assets portfolio. This unique platform infrastructure financing framework ensures consistent access to capital for future projects in AESL’s transmission portfolio by utilizing funds paid back by other projects within the portfolio. (Read More)
Indian Energy Exchange (IEX) reported a 19% year-on-year (YoY) growth in trading volumes for July at 8,522 million units (MU), hinting at the robustness of the Indian energy market.
“The overall volume traded during the month increased 19% on YoY basis. The price during July ‘23 was ₹4.55/unit, lower 16% YoY, due to improved sell side liquidity on the exchange platform," the company said in a press release.
Supplies continued to ease during the month due to robust coal production, reduction in prices of e-auctioned coal and imported fuel. In the coming months, higher liquidity is expected to result in more competitive prices on the exchanges, giving further optimisation opportunities to discoms and open access consumers, it added. (Read More)
Electronica Finance Limited (EFL), a Non-Banking Financial Company (NBFC) specialising in financing MSMEs with a focus on financial inclusion and energy-efficient machine financing, has signed a US$15 million deal from Global Climate Partnership Fund (GCPF), managed by responsAbility Investments AG.
According to the statement released by EFL, the finance provided under the deal will be for six years and the funding will be earmarked for financing energy-efficient machines and to promote rooftop solar installations.
GCPF focuses on mitigating climate change through direct or indirect investments in renewable energy and energy efficiency investments across the globe, added the statement.
State Bank of India (SBI) reported a significant surge in its net profit for Q1, registering a 178.25% year-on-year increase to ₹16,884 crore. The bank's net interest income (NII) for the April to June 2023 quarter also saw a rise of 24.71% compared to the same period in the previous year. Additionally, the domestic net interest margin (NIM) increased by 24 basis points (bps) year-on-year to 3.47%.
Several brokerages have upheld their positive outlook on SBI stock, projecting further potential upside for its share price, estimated to range from 24% to 32%. Here's a summary of what brokerages have commented on SBI's Q1 results and the potential trajectory of its share price. (Read More)
In its annual report for FY 23, Reliance Industries talked about its future goals for sustainability and its focus on Giga factories and production of green hydrogen.
One of India's largest m-cap companies, RIL is also expecting to move forward with the plan of the public listing of Jio Financial Services. Other than its expansion plans, the company also seeks the appointment of Mukesh ambani as chief executive for another 5 years at nil salary according to a company shareholder resolution.
Here are key highlights from Reliance Industries Limited's annual report for FY23 (Read More)
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd.
GOLD Outlook: We expect gold to trade lower towards 59200 levels, a break of which could prompt the price to move lower to 59040 levels.
CRUDE Outlook: We expect crude to trade higher towards 6970 levels, a break of which could prompt the price to move higher to 7050 levels.
BASE METALS Outlook: Uncertainties over the postponed stimulus plan are expected to put downward pressure on metal prices, limiting possible gains in metals.
According to Emkay Global Financial Services Ltd, average cement prices declined marginally by Rs1 per bag on a month-on-month basis at Rs374 in July 2023 versus average price decline of Rs5-7 in the past three-four years. One cement bag weighs 50 kilograms.
“Region-wise, prices have declined by Rs2-3/bag in west and south, Rs6/bag in east, and stood flat in the central region; but, prices improved by Rs6/bag in north on month-on-month basis. In Q2FY24-TD, panIndia average cement prices broadly stood flat on a quarter-on-quarter basis," added the Emkay report dated 4 August. (Read More)
InCred Equities on Bharat Dynamics
ADD | TP: Rs1,300
1QFY24 Results | Challenging quarter as supply chain issues persist
1. Revenue (Rs2.9bn), declined 57% yoy, a significant setback - 63% below InCred/Bloomberg estimates. BDL reported an EBITDA loss of Rs327m, primarily influenced by increased fixed expenses during the quarter with poor execution. However, the impact of the EBITDA loss was partially mitigated by higher interest income, resulting in a PAT of ₹418m.
2. Order book remains strong (Rs202bn, ~8.2x FY23 Sales), but BDL will need to improve its execution in order to meet its financial targets for FY24F.
3. Consensus estimates factored in strong performance in FY24F, the miss in execution could lead to downward revision of ~10-15% in Bloomberg consensus estimates. Delay and uncertainty in execution is a downside risk to our estimate.
In an effort to address its non-performing assets (NPAs) and improve its financial position, State Bank of India (SBI) is taking steps to cleanse its loan portfolio by selling distressed loan accounts valued at over ₹96,000 crore to asset reconstruction companies (ARCs). These loans involve a range of borrowers, including prominent entities like Videocon, Jaypee, and companies associated with Anil Ambani's group, as reported by The Economic Times.
SBI has shared a list of 331 accounts, comprising a total loan amount of ₹96,278 crore, with ARCs. The bank is in the process of gauging preliminary interest from these companies for the acquisition of these stressed assets. This strategic move forms part of SBI's broader efforts to manage its NPAs and reinforce its financial health. It's important to note that the details of this report from The Economic Times have not been independently verified by LiveMint. (Read More)
Khazanchi Jewellers, following its initial public offering (IPO), had a modest debut on the stock exchange on Monday. The shares of Khazanchi Jewellers were listed at ₹142.30 each on the BSE SME platform, representing a premium of 1.64% compared to the issue price of ₹140 per share.
During the subscription period from July 24 to July 28, 2023, the Khazanchi Jewellers IPO was subscribed 1.26 times. The offering garnered bids for 82.97 lakh equity shares in contrast to the issue size of 69.10 lakh shares.
The retail investors' segment witnessed a subscription of 78%, while the non-institutional investors' (NII) portion was oversubscribed by 1.74 times. Despite the lukewarm debut, the response to the IPO indicates moderate investor interest in the company's shares. (Read More)
Shares of automotive major Mahindra & Mahindra (M&M) experienced a surge of over 3% during early trading on Monday. This boost came after the company's Q1 financial results exceeded analysts' expectations, prompting most brokerages to maintain their positive outlook on the stock. The price of M&M shares rose by as much as 3.55% to reach ₹1,517.10 per share on the Bombay Stock Exchange (BSE).
In Q1 of the fiscal year 2023, M&M's net profit almost doubled, reaching ₹2,773.73 crore compared to ₹1,403.61 crore during the same period the previous year.
The company's standalone revenue from operations for Q1FY24 also exhibited a significant increase, surging by 23% to ₹24,368 crore from ₹19,813 crore in the same period last year. (Read More)
Yatharth Hospital shares listed on BSE and NSE during a pre-open session on Monday. Shares of Yatharth Hospital and Trauma Care Services Limited opened on BSE at ₹304, which is just ₹4 per share higher from upper price band of Yatharth Hospital IPO price of ₹300 per equity share. On NSE, Yatharth Hospital shares opened at ₹306.10 apiece levels, delivering ₹6.10 per share listing gain to its allottees. However, the stock price surged sharply after listing and went on to hit intraday high of ₹340.90 apiece on BSE and ₹341 per share on NSE. (Read More)
LKP Securities' views on Q1 FY24 Result Update: State Bank of India (SBIN) has delivered a stable result on the operating and assets quality front. It’s reported GNPA (2.76% v/s 2.78% in 4QFY23) and NNPA (0.71% v/s 0.67% in 4QFY23) holds steady with stable PCR (incl. AUCA) of 92%. Furthermore, SMA1/2 (33bps v/s 8bps) increased sequentially. The bank has witnessed better-than-expected advance growth (15% YoY & 1.1% QoQ) led by growth across segments and steady deposit base (12% YoY & 2.4% QoQ) sequentially with better liquidity position. Moreover, the bank has reported the highest ever quarterly PAT of ₹169bn (v/s ₹166bn in 4QFY23) on the back of stable NII (Domestic NIMs: 3.47%) and lower loan provision (credit cost: 32bps). The 1QFY24 calculated ROA and ROE stood at 1.22% and 19.6% respectively; surpassing the ROE target of 15%. The bank has established total standard asset and contingent provision of ~ ₹350bn (108bps of net advances) as on 1QFY24. With improving operating environment, ample contingent buffer (against ECL provisions) and strong growth outlook, we believe the annual ROE target of 15% is achievable in FY24E/25E. Therefore, we recommend BUY with target price of ₹743.
Reliance Industries (RIL) witnessed mild gains in early trade on Monday on the Bombay Stock Exchange (BSE) after a 1.42 percent rise in the previous session. The stock opened nearly flat at ₹2,515 compared to the previous close of ₹2,510.15. It then climbed more than half a percent to reach ₹2,528.35 in the initial minutes of trading. At around 9:30 am, the stock was trading 0.53 percent higher at ₹2,523.40.
RIL is scheduled to hold its 46th Annual General Meeting (AGM) on August 28, 2023, at 2:00 PM (IST) via video conferencing. Market experts anticipate that the company may make significant announcements during the AGM, possibly related to the listing of Jio Financial Services (JFS). (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: A significant trend from Q1 results released till now is that there is impressive growth in corporate earnings but bulk of this profit growth has come from a few companies in banking and finance, oil refining and automobiles. Going forward, banking and finance and automobiles will continue to do well but many other segments are struggling. Capital goods appear to be on strong wicket and has the potential to deliver market beating returns for many quarters more.
Cues from the mother market US are favourable; particularly the sharp 14bp dip in the US 10-year bond yield last Friday can once again favour renewed FPI buying. Latest data from the U S indicate a slight cooling of the economy but the labour market continues to be strong. Markets will be keenly watching the July CPI print for clues on the Fed decision in August.
Indian market valuation is likely to remain elevated compared to peers. In spite of this India has the potential to deliver superior returns in the long run.
The Indian rupee opened 11 paise higher against the US dollar on Monday amid a softer greenback and a pullback in US treasury yields after mixed jobs data. The local currency opened at 82.73 as against the Friday’s close of 82.84.
The dollar index retreated 0.4% on Friday, while Asian currencies began the week on a higher note. The 10-year US yields dropped 12 basis points on Friday, while the 2-year US yield declined, Reuters reported. (Read More)
Paytm founder, Vijay Shekhar Sharma, is set to acquire a 10.30% stake in the company from Antfin (Netherlands) Holding BV. As a result of this transaction, Antfin will no longer be the largest shareholder in Paytm.
According to the BSE filing, Paytm's parent company One97 Communications on Monday informed that, " Vijay Shekhar Sharma (Founder, Managing Director and CEO of the Company), and Antfin (Netherlands) Holding B.V. (“Antfin"), have entered into an agreement on 7 August 2023 whereby Antfin will transfer 65,335,101 shares of the Company to an entity 100% owned by Sharma – Resilient Asset Management B.V. (“Transaction"). This implies a transfer of 10.30% of the share capital of the Company (Company / Paytm)".
Cholamandalam Investment and Finance Co, backed by the Murugappa Group, is planning to raise up to ₹4,000 crore through a qualified institutional placement (QIP) in September. The non-banking financial company (NBFC) aims to utilize the funds for growth-related purposes, as reported by Moneycontrol. The company has selected three investment banks, namely Kotak Mahindra Capital, IIFL Capital, and HSBC Securities, to act as advisors for the QIP. The actual launch of the QIP will depend on the prevailing market conditions, and the process has already commenced, as per the news report. (Read More)
The Initial Public Offering (IPO) of Yatharth Hospital and Trauma Care Services Limited is set to be listed on August 7, 2023, which is today. The equity shares of Yatharth Hospital will be listed and traded on the Bombay Stock Exchange (BSE) in the 'B' group of securities, as per the BSE notice. The listing and trading will also take place on the National Stock Exchange (NSE).
Market experts predict that Yatharth Hospital's share price may have a 'decent' listing as it has been priced in line with its peers. This suggests that the IPO price is competitive and aligns with similar companies in the industry. The listing price will be determined during the special pre-open session at 10:00 AM on the day of listing. (Read More)
RIL seeks shareholders' nod to reappoint Mukesh Ambani as chairman for another 5 years. Bank of Baroda reports 87.72% YoY jump in net profit. ICICI Bank receives RBI approval to raise stake in ICICI Lombard. Britannia reports 35.7% rise in net profit for Q1FY24. BHEL reports net loss of ₹343.9 crore in Q1. TVS Electronics sees 91% decline in net profits for Q1. Punjab and Sind Bank reports 25% YoY decline in net profit for Q1. Balrampur Chini Mills posts 493% jump in net profit for Q1. L&T CEO denies involvement in Cognizant bribery case. Cholamandalam Investments to raise ₹4,000 crore through QIP in September. (Read More)
On Monday, the National Company Appellate Tribunal (NCLAT) is scheduled to hear a plea filed by Jet Airways' lenders, with State Bank of India (SBI) leading the group. The plea is against the winning bidder, Jalan Kalrock consortium, and aims to recover pending dues from the airline.
Previously, the lenders accused the Jalan Kalrock consortium of not injecting funds to repay the creditors. On the other hand, the consortium responded by stating that the banks resisted the transfer of ownership and hindered their efforts to restart operations at the airline. (Read More)
FMCG company Britannia released its financial results for the first quarter of FY24 on August 4. The firm reported a significant rise in net profit, increasing by 35.7 per cent to ₹455.5 crore in the June quarter compared to ₹335.74 crore in the corresponding period of FY23.
The net revenue also witnessed growth, rising by 8.4 per cent to ₹4,010 crore in Q1FY24, compared to ₹3,700.96 crore in Q1FY23, as stated in a regulatory filing made to the stock exchange.
Furthermore, the operating profit or earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a substantial increase of 37.6 per cent, reaching ₹639 crore in Q1FY24 from ₹500 crore in the previous year. Additionally, the EBITDA margin improved to 17.2 per cent from 13.5 percent, year-on-year. (Read More)
The trial outcome of two former executives of Cognizant Technology Solutions Corp. in a bribery case in India has significant implications for Larsen and Toubro (L&T) Ltd's CEO, S.N. Subrahmanyan. He has explicitly denied any involvement of India's largest construction company in the alleged illicit payments during an interview with officials from the US Department of Justice (DoJ) and Federal Bureau of Investigation (FBI) in Singapore on May 21, 2018. This information was disclosed in a court filing in New Jersey by the defence counsel of Gordon Coburn, the former COO of Cognizant. The developments in this case could be a pivotal moment for Subrahmanyan and his position as CEO of L&T. (Read More)
Bank of Baroda, a state-owned bank, has announced its financial results for the first quarter of the fiscal year 2023-24. During the period from April to June 2023, the bank recorded an impressive 87.72 per cent year-on-year increase in net profit. This significant growth in profitability was backed by a healthy growth of 42.9 per cent year-on-year in operating income for Q1FY24.
The bank stated that the combination of strong income growth and controlled operational expenses contributed to a robust operating profit growth of 73 per cent year-on-year for the first quarter of the current fiscal year (Q1FY24). (Read More)
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] IndusInd Bank: Buy at ₹1409, target ₹1450, stop loss ₹1385;
2] Chalet Hotels: Buy at ₹486.50, target ₹505, stop loss ₹480; and
3] BEL: Buy at ₹127.50, target ₹133, stop loss ₹125. (Read More)
The Reserve Bank of India (RBI) has granted approval to ICICI Bank for increasing its stake in one of its subsidiaries, ICICI Lombard General Insurance Company Limited. According to the approval, ICICI Bank can raise its stake in ICICI Lombard by up to 4 percent through multiple tranches. The private lender has disclosed this information to the Indian stock market exchanges. However, it is important to note that the approval is subject to specific regulatory clearances. (Read More)
Reliance Industries Ltd (RIL) has requested the approval of its shareholders to reappoint Mukesh Ambani as the chairman and managing director for an additional five-year term until 2029. Notably, during this period, Ambani has chosen not to receive any salary.
Given that Ambani, aged 66, will surpass the legally mandated age limit of 70 years for the company's chief executive, a special resolution by the shareholders is required to extend his appointment beyond that age restriction, as per a report by PTI. Specifically, Ambani will reach the age of 70 on April 19, 2027. (Read More)
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