Gift Nifty Trades Flat | ICICI Bank Raises Infra Bond | ITC's FMCG Spending Surge | Top Buzzing Stocks Today

Mon, 1 Jul Pre-Open

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Indian share reversed the trend as the session progressed and ended the on negative note.

Benchmarks Sensex and Nifty settled lower despite hitting fresh record highs earlier in the day.

At the closing bell on Friday, the BSE Sensex stood lower by 210 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 34 points (down 0.1%).

ONGC, Reliance and Tata Motors were among the top gainers.

Axis Bank, ICICI Bank and Bharti Airtel on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.4% higher and BSE SmallCap index ended 0.6% higher.

Sectoral indices are trading mixed, with socks in metal sector, energy sector and oil & gas sector witnessing most buying. Meanwhile stocks in power sector, banking sector and capital goods sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 71,619 at the time of Indian market closing hours on Friday.

At 7:35 AM today, the Gift Nifty was trading up 6 points at 24,126 levels.

Indian share markets are headed for a muted start today following the trend on Gift Nifty.

Speaking of the stock market, in a recent video, Rahul Shah, Co-Head of Research at Equitymaster, discusses the essential quality for a successful investor aiming to outperform the market index by at least 5% annually.

Drawing inspiration from legendary investors like Warren Buffett, Shah emphasizes the importance of strategically adjusting one's investment style, shifting between aggressive and defensive approaches and selecting high-quality stocks at attractive valuation.

The author recommends using the Sensex PE ratio to determine when to be aggressive (PE < 20) or defensive (PE > 22) in the Indian stock market.

Tune into below video for more details.

Top buzzing stocks today

CDSL share price will be in focus today.

Central Depository Services (CDSL) shares surged 15.9% on the NSE today to reach a new 52-week high of Rs 2,324.8, following the board's announcement of a meeting on 2 July to consider issuing bonus shares to eligible shareholders.

The record date for this purpose has yet to be determined and will be communicated at a later date.

Godrej Properties will also be a top buzzing stock.

Shares of Godrej Properties surged over 2% to hit an all-time high of Rs 3,170 apiece on 28 June after it reported highest-ever pre-sales of Rs 225 bn in FY24.

With this, it has now become the largest developer in terms of bookings. Godrej Properties' pre-sales rose by 84% year-on-year (YoY) in FY24, 61% higher than its guidance.

ICICI Bank Raises Infra Bond

ICICI Bank raised Rs 30 bn through a 10-year bond sale on Friday, with the private sector lender garnering long-term funds for infrastructure financing at a time when credit growth is much higher than deposit growth.

The coupon rate - or interest rate paid to investors - for ICICI Bank's bonds was set at 7.53%.

Funds raised through infrastructure bonds, which have a minimum maturity of 7 years, are exempted from the maintenance of Statutory Liquidity Ratio and Cash Reserve Ratio, which are reserves that banks must maintain from their deposit base.

Banks have recently stepped up activity when it comes to infrastructure bond issuances, with the State Bank of India raising Rs 100 bn through 15-year securities earlier this week.

As of June 14, bank credit growth was at 15.6% year-on-year, while deposit growth was at 12.1% over the same period, the latest Reserve Bank of India data showed.

ITC's FMCG Spending Surge

Indian conglomerate ITC reported a 12% increase in consumer spending on its FMCG products, reaching nearly Rs 325 bn in FY24, with over 250 m households now accessing its various brands.

ITC calculates annual consumer spending by summing up the net sales turnover of its brands, including channel margins and taxes.

The company's FMCG portfolio, featuring over 25 top-tier Indian brands developed primarily through organic growth strategies, now represents an annual consumer spend of nearly Rs 325 bn and reaches over 250 million households in India, according to ITC's annual report for 2023-24.

This marks a 12% rise from the previous financial year, where the annual consumer spend was approximately Rs 290 bn. The company's reach has expanded from 230 m households to 25 crore over the past year.

ITC's FMCG segment, which includes branded packaged foods, personal care products, education and stationery items, incense sticks, and safety matches, has experienced significant growth over recent years.

The company highlighted leading brands in its portfolio, such as Aashirvaad in the branded atta segment, Bingo in snack foods, and Sunfeast in cream biscuits. In the notebooks segment, Classmate leads, while YiPPee, Fiama, and Mangaldeep are second in noodles, body wash, and agarbattis, respectively.

Despite overall consumption demand remaining "subdued" during the year, particularly in rural markets and value segments, due to a challenging macroeconomic environment and inflationary pressures, ITC noted that its FMCG businesses outpaced industry growth in both urban and rural markets.

This success was attributed to deep consumer insights, purposeful innovation, portfolio premiumisation, and strategic portfolio augmentation.

Bharat Electronics New Order Win

Bharat Electronics Limited (BEL) on 28 June inked a contract worth Rs 3,172 crore with Armoured Vehicles Nigam Limited (AVNL) at the latter's headquarters in Chennai.

Under the contract, the defence public sector undertaking will supply and install an indigenously designed and developed Sighting and Fire Control System (FCS) for the upgrade of BMP 2/2K tanks of the Indian Army, along with a comprehensive engineering support package.

In addition, the Navratna company has secured other orders valued at Rs 481 crore following the last disclosure on May 22, 2024, which comprises Doppler Weather Radar, Classroom jammers, spares and services etc. With these, BEL has received accumulated orders totalling Rs 4,803 crore in the current financial year.

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