Stock Market Today: Key insights you need before trading on July 31

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July 31, 2024
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Stock Market Today: Most stock indices in the Asia-Pacific region were trading higher on Wednesday ahead of significant rate decisions from the Bank of Japan and the US Federal Reserve, both of which were scheduled to be released later in the day.

Asian Market Movements:

The Nikkei 225 index was down 308.16 points or 0.80%, settling at 38,217.79.

The S&P ASX 200 rose by 50.30 points or 0.63%, reaching 8,003.50.

The Kospi gained 11.95 points or 0.44%, closing at 2,750.14.

The US stock markets experienced a decline due to a selloff in major global companies, as traders awaited key earnings reports from tech giants and upcoming central bank decisions. Despite most S&P 500 shares rising, the tech sector showed weakness, with Nvidia Corp. experiencing a notable drop of 7.04%, impacting the index.

The S&P 500 fell by 0.50%, while the Nasdaq Composite ended 1.28% lower on Tuesday. In contrast, the Dow Jones Industrial Average was up by 0.50%.

In commodities, Brent crude was trading 0.50% higher at $79.02 per barrel, while gold fell by 0.11% to $2,408.16 per ounce.

In the Indian market, the GIFT Nifty was slightly up by 0.05% or 12.50 points, trading at 24,923.50 as of 06:58 a.m.

Indian Market Performance:

India’s benchmark stock indices continued their upward trend for the third consecutive session, reaching fresh record closing highs on Tuesday. This surge was led by gains in companies such as HDFC Bank Ltd., Tata Motors Ltd., and NTPC Ltd..

The NSE Nifty 50 closed at its highest level of 24,857.30, up 0.09% or 21.20 points.

The S&P BSE Sensex also reached a new high, closing at 81,455.40, up 0.12% or 99.56 points.

On the investment front, overseas investors remained net sellers of Indian equities for the second consecutive day, offloading stocks worth Rs 5,598.6 crore. Meanwhile, domestic institutional investors were net buyers for the sixth straight session, purchasing equities worth Rs 5,565.1 crore, as per provisional data from the National Stock Exchange.

Additionally, the Indian currency hit a record low of 83.74 during the day.

Earnings Post Market Hours

Tata Consumer Products Q1 FY25 (Consolidated, YoY)

• Revenue up 16.3% at Rs 4,352 crore versus Rs 3,741 crore (Bloomberg estimate Rs 4,309 crore).

• Ebitda up 22.4% at Rs 667 crore versus Rs 545 crore (Bloomberg estimate Rs 649 crore).

• Margin at 15.3% versus 14.6% (Bloomberg estimate Rs 15.1%).

• Net profit down 12.4% at Rs 314 crore versus Rs 359 crore (Bloomberg estimate Rs 351 crore).

Torrent Power Q1 FY25 (Consolidated, YoY)

• Revenue up 23.3% at Rs 9,034 crore versus Rs 7,328 crore (Bloomberg estimate Rs 7,827 crore).

• Ebitda up 56.8% at Rs 1,858 crore versus Rs 1,185 crore (Bloomberg estimate Rs 1,396 crore).

• Ebitda margin at 20.6% versus 16.1% (Bloomberg estimate 17.8%).

• Net profit up 87.2% at Rs 996 crore versus Rs 532 crore (Bloomberg estimate Rs 632 crore).

Navin Fluorine International Q1 FY25 (Consolidated, YoY)

• Revenue up 6.6% at Rs 524 crore versus Rs 491 crore (Bloomberg estimate Rs 569 crore).

• Ebitda down 12.1% at Rs 100 crore versus Rs 114 crore (Bloomberg estimate Rs 107 crore).

• Margin at 19.2% versus 23.3% (Bloomberg estimate 18.9%).

• Net profit down 16.8% at Rs 51 crore versus Rs 62 crore (Bloomberg estimate Rs 59.47 crore).

Macrotech Developers Q1 FY25 (Consolidated, YoY)

• Revenue up 76% at Rs 2,847 crore versus Rs 1,617 crore (Bloomberg estimate Rs 3,045 crore).

• Ebitda at Rs 757 crore versus Rs 330 crore (Bloomberg estimate Rs 852 crore).

• Margin at 26.6% versus 20.4% (Bloomberg estimate 28%).

• Net profit at Rs 476 crore versus Rs 179 crore (Bloomberg estimate Rs 509 crore).

Indus Tower Q1 FY25 (Consolidated, YoY)

• Revenue up 2.6% at Rs 7,383 crore versus Rs 7,193 crore (Bloomberg estimate Rs 7,523 crore).

• Ebitda up 10.8% at Rs 4,545 crore versus Rs 4,102 crore (Bloomberg estimate Rs 4,005 crore).

• Margin at 61.6% versus 57% (Bloomberg estimate 53.2%).

• Net profit up 3.9% at Rs 1,926 crore versus Rs 1,853 crore (Bloomberg estimate Rs 1,572 crore).

• Board approved proposal to buy back up to 5.7 crore equity at Rs 465 per share.

Johnson Controls-Hitachi Q1 FY25 (YoY)

• Revenue up 75.6% at Rs 996 crore versus Rs 567 crore.

• Ebitda at Rs 57 crore versus Ebitda loss of Rs 36 crore.

• Ebitda margin at 5.7%.

• Net profit at Rs 36 crore versus loss of Rs 41 crore.

Rajratan Global Wire Q1 FY25 (Consolidated, YoY)

• Revenue up 8% at Rs 220 crore versus Rs 204 crore.

• Ebitda up 17.4% at Rs 29.5 crore versus Rs 25.12 crore.

• Margin at 13.4% versus 12.3%.

• Net profit up 22.6% at Rs 15 crore versus Rs 12 crore.

Zaggle Prepaid Q1 FY25 (Consolidated, YoY)

• Revenue up at Rs 252 crore versus Rs 118 crore.

• Ebitda up at Rs 22 crore versus Rs 8 crore.

• Margin at 8.9% versus 6.7%.

• Net profit up at Rs 17 crore versus Rs 2 crore.

RR Kabel Q1 FY25 (Consolidated, YoY)

• Revenue up 13.2% at Rs 1,808 crore versus Rs 1,597 crore (Bloomberg estimate Rs 1,818 crore).

• Ebitda down 15.9% at Rs 95 crore versus Rs 113 crore (Bloomberg estimate Rs 129 crore).

• Margin at 5.3% versus 7.1% (Bloomberg estimate 7.1%).

• Net profit down 13.4% at Rs 64 crore versus Rs 74 crore (Bloomberg estimate Rs 86.58 crore).

Greenpanel Industries Q1 FY25 (Consolidated, YoY)

• Revenue down 5.5% at Rs 365 crore versus Rs 386 crore (Bloomberg estimate Rs 382 crore).

• Ebitda down 45.2% at Rs 36 crore versus Rs 66 crore (Bloomberg estimate Rs 50.57 crore).

• Margin at 9.9% versus 17% (Bloomberg estimate 13%).

• Net profit down 57.6% at Rs 16 crore versus Rs 37 crore (Bloomberg estimate Rs 27 crore).

Aegis Logistics Q1 FY25 (Consolidated, YoY)

• Revenue down 23.8% at Rs 1,601 crore versus Rs 2,101 crore (Bloomberg estimate Rs 2,225 crore).

• Ebitda up 18.6% at Rs 232 crore versus Rs 196 crore (Bloomberg estimate Rs 259 crore).

• Margin at 14.5% versus 9.3% (Bloomberg estimate Rs 11.6%).

• Net profit up 19.1% at Rs 158 crore versus Rs 133 crore (Bloomberg estimate Rs 150 crore).

GAIL (India) Q1 FY25 (Consolidated, YoY)

• Revenue up 6% at Rs 34,738 crore versus Rs 32,789 crore (Bloomberg estimate Rs 32,892 crore).

• Ebitda up 80% at Rs 4,790 crore versus Rs 2,660 crore.

• Margin at 13.8% versus 8.1%.

• Net profit up 77.5% at Rs 3,183 crore versus Rs 1,793 crore (Bloomberg estimate Rs 2,148 crore).

Titagarh Rail Systems Q1 FY25 (Consolidated, YoY)

• Revenue down 0.9% at Rs 903 crore versus Rs 911 crore (Bloomberg estimate Rs 1,222 crore).

• Ebitda down 4% at Rs 102 crore versus Rs 106 crore (Bloomberg estimate Rs 119.1 crore).

• Margin at 11.3% versus 11.6% (Bloomberg estimate Rs 9.7%).

• Net profit up 8.4% at Rs 67 crore versus Rs 62 crore (Bloomberg estimate Rs 81.5 crore).

360 0NE WAM Q1 FY25 (Consolidated, YoY)

• Total revenue up 60.6% at Rs 697 crore versus Rs 434 crore.

• Net profit up 34.3% at Rs 243 crore versus Rs 181 crore (Bloomberg estimate Rs 220 crore).

Waaree Renewable Technologies Q1 FY25 (Consolidated, YoY)

• Revenue up 83.3% at Rs 236 crore versus Rs 129 crore.

• Ebitda at Rs 41 crore versus Rs 13 crore.

• Ebitda margin at 17.4% versus 10.4%.

• Net profit up at Rs 28 crore versus Rs 9 crore.

Star Health and Allied Insurance Company Q1FY25- (YoY)

• Total income up 15.7% at Rs 3,692 crore versus Rs 3,190 crore.

• Net profit up 10.8% at Rs 319 crore versus Rs 288 crore (Bloomberg estimate Rs 330.04 crore).

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Stocks To Watch

• Hindustan Zinc: For the fiscal year 2021, the company was required to pay income taxes of Rs 1,170 crore. This demand is founded on the same additions and disallowances that were applied in prior years, and the business has previously obtained favorable rulings on these matters from the Income Tax Appellate Tribunal.

• Mahindra & Mahindra Finance: The board authorized the issuance of bonds of up to Rs 1,500 crore. With a green shoe option up to Rs 1,250 crore, the issuance is worth Rs 250 crore.

• Adani Energy: At a floor price of Rs 1,027.1 per share, the company launched QIP.

• Vedanta: The company’s proposed split into six separate listed companies was approved by 75% of its secured creditors. The National Faceless Assessment Center has sent the corporation a tax demand for the assessment year 2021 totaling Rs 1,289.1 crore.

• Power Grid: The business stated that the agreement for an undersea connection for Rs 40,000 crore with the Middle East is false. There have been no such conversations, and the corporation has not made any claims.

• Lloyds Engineering has declared that it has acquired a majority 77% share in Techno Industries Private.

• Samvardhana Motherson International: On August 2, the business plans to explore raising money.

• Dhanuka Agritech: On August 2, the business will think about raising money.

• Marico: Due to a number of transfer pricing modifications, the company was hit with an income tax demand of 142 crore for AY 21. The business intends to submit a rectification request.

• South India Bank: Through QIP or other channels, the board approved raising up to Rs 750 crore.

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