Gift Nifty Down 23 Points | IndusInd Bank Q1 Update | L&T's Big Order Win | Top Buzzing Stocks Today

Thu, 6 Jul Pre-Open

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On Wednesday, Indian share markets remained muted throughout the session and ended flat.

Benchmark indices ended flat as investors took note of weakness in other Asian markets and booked profits at higher levels. The pessimism also was because of concerns about a trade conflict between the United States and China.

At the closing bell on Wednesday, the BSE Sensex stood lower by 33 points.

Meanwhile, the NSE Nifty closed up by 10 points.

Bajaj Auto and Maruti Suzuki were among the top gainers.

HDFC Bank and HDFC on the other hand, were among the top losers.

Check out the NSE Nifty heatmap to get the complete list of gainers and losers.

Broader markets ended on a positive note. The BSE Midcap index and BSE SmallCap ended 0.6% higher.

Sectoral indices ended on a mixed note with stocks in the auto sector and FMCG sector witnessing most of the buying.

On the other hand, stocks from the telecom sector and banking sector witnessed selling pressure.

Shares of Maruti Suzuki and Britannia hit their 52-week highs.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee was trading at 82.23 against the US$.

Gold prices for the latest contract on MCX were trading 0.4% higher at Rs 58,617 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading lower by 23 points or 0.1% at 19,488 levels.

Indian share markets are headed for a negative opening today following the trend on trend on Gift Nifty.

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Top Buzzing Stocks Today

Maruti Suzuki will be among the top buzzing stocks today.

Maruti Suzuki India on Wednesday reaffirmed its commitment to the electric vehicle (EV) market by announcing plans to introduce six EV models in India by the fiscal year 2030-31.

Further, Maruti Suzuki launched its most expensive car Invicto at an event yesterday. The Invicto is Maruti Suzuki's premium offering in the hybrid segment.

Apart from this, driving the EV revolution, it is developing hybrid electric vehicles (HEV) with Toyota.

L&T will also be in focus today

Larsen & Toubro, on Wednesday, announced that its buildings and factories' fast business under the construction vertical has bagged a significant order for developing office space in Mumbai.

The company would develop a commercial office space with an approximate built-up area of 14.85 lakh square feet using composite steel construction technology.

The scope of the project involves EPC, including civil works, composite steel, facade, MEP and External Development Activities to construct basements, ground and 12 floors. The project is scheduled to be completed in 2026.

Godrej Consumer Products sees double-digit sales growth in Q1

India's Godrej Consumer Products, on Wednesday, estimated that its sales increased in the double-digit percentage range in the June quarter, led by strong demand for its home care and personal care products.

Its India home care business unit, which houses the Goodknight and HIT brands, recorded double-digit volume growth in the June 2023 quarter, while it logged a higher-than-mid-single-digit volume growth in its personal care division, home to Cinthol soaps.

The business made up nearly 57% of its total revenue in the immediate previous quarter. The company estimated its overall sales volumes, including those in overseas markets, rose in the high-single-digit percentage range.

Further, its quality of profits has seen sustained improvement, led by robust gross margin expansion.

With a diverse portfolio, Tata Consumer is among the top FMCG companies by growth.

GIC to buy stake in Genus Power Infrastructure's smart metering venture

Singapore's sovereign wealth fund GIC will acquire a 74% stake in Genus Power Infrastructure's new smart metering solutions venture for US $ 2 billion (bn) (about Rs 164.6 bn).

As part of the deal, Chiswick Investment, another affiliate of GIC, will invest up to Rs 5.2 bn by way of a preferential allotment of warrants which will constitute 15% of the paid-up share capital of the power company on a fully diluted/as converted basis.

Genus Power will be the exclusive supplier to the platform for smart meters and associated services.

To recall, the government is implementing the National Smart Metering Project, under the Revamped Distribution Sector Scheme (RDSS), with a plan to install 250,000,000 meters by 2025 with an estimated investment of US $ 30 bn.

With technical and commercial losses exceeding 15% for all major Indian utilities leading to high financial losses, smart metering projects under the RDSS scheme are conceptualised to reduce such losses, improve operational efficiency of DISCOMs and improve their financial sustainability by providing results linked financial assistance.

IndusInd Bank hits 52-week high on robust Q1 update

IndusInd Bank share price rallied more than 3% to hit a 52-week high of Rs 1,413.6 per share on Wednesday after the company reported strong business update for the first quarter of financial year 2024.

The bank's net advances grew 21% to Rs 3,010.4 bn in Q1FY24 from Rs 2,479.6 bn in the same period last year. On a sequential basis, advances growth was 4% as compared to Rs 2,899.2 bn in the March 2023 quarter.

The banking company's deposits as of June 2023 was Rs 3,473.6 bn, registering a rise of 15% from Rs 3,030.8 bn, YoY.

Retail deposits and deposits from small business customers amounted to Rs 1,506.9 bn as of 30 June 2023, as compared to Rs 1,430.2 bn as of 31 March 2023.

Current account and savings account (CASA) ratio for the quarter was 39.9%, down from 43.2% in the June quarter last year.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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