Gift Nifty Trades Flat| Wipro & Federal Bank Q4 Results | Adani Green's Capacity Soars 43% | Top Buzzing Stocks Today

Fri, 14 Jul Pre-Open

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On Thursday, Indian share markets pared some gains towards the end of trading session owing to heavy selling pressure and ends the day higher.

Benchmark indices ended in green with the key benchmark indices scaling record peaks led by strong gains in IT shares post TCS Q1 results. Positive global cues following the dip in US retail inflation also aided the sentiment.

At the closing bell on Thursday, the BSE Sensex stood higher by 165 points (up 0.3%).

Meanwhile, the NSE Nifty edged up by 30 points (up 0.2%).

TCS and Hindalco were among the top gainers.

Coal India and UPL on the other hand, were among the top losers.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading 0.6% lower and the BSE Small Cap index is trading 0.5% lower.

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

On the other hand, stocks from the power sector and auto sector witnessed selling pressure.

Shares of Info edge and Polycab India hit their 52-week high on Thursday.

The rupee was trading at 82.10 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.1% at Rs 59,272 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:45 AM today, the Gift Nifty was trading lower by 10 points at 19,545 levels.

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

Speaking of stock markets, a few weeks ago, editor of Hidden Treasure, Richa Agarwal shared a potential arbitrage opportunity between Balaji Amines and Alkyl Amines.

Recently, she came across another anomaly in case of KDDL and its listed subsidiary Ethos.

Tune into the below video for more.

Top Buzzing Stocks Today

L&T will be among the top buzzing stocks today.

Larsen & Toubro (L&T), on Thursday, announced that it has supplied various components for India's moon mission Chandrayaan-3.

Components like middle segment and nozzle bucket flange were manufactured at its facility in Powai, while components like ground and flight umbilical plates were from the company's aerospace manufacturing facility at Coimbatore.

Godrej Properties will also be in focus today.

Realty firm Godrej Properties on Thursday won a bid to acquire two plots totalling 8 acres in Gurugram to develop luxury housing projects with a potential sales revenue of Rs 31 bn.

Federal Bank Q1 net profit jumps 42%

Private sector lender Federal Bank on Thursday reported a net profit of Rs 8.5 billion (bn), up 42% YoY from Rs 6 bn in the corresponding period last year.

The bank's gross non-performing asset (GNPA) also improved to 2.38% from 2.69% last year.

The lender's net NPA stood at 0.69%, improving from 0.94% in the corresponding quarter last year.

The bank's treasury revenue jumped to Rs 7.7 bn from Rs 5.5 bn in the corresponding quarter last year.

Other than treasury, the bank's corporate/wholesale banking recorded a revenue of Rs 16.4 bn from Rs 10.7 bn in June 2022.

Retail banking, forming the majority of the revenue of the bank, jumped to Rs 33.1 bn from Rs 24.3 bn.

The bank's digital banking (under retail banking) recorded a revenue of Rs 303 crores from Rs 1.7 bn last year.

Indian banks had a dream run in the financial year 2023, and Federal Bank was no exception. It was among the 5 Indian Banks that posted record-high profits in the financial year 2023.

Wipro Q1 Results

IT services firm Wipro on Thursday reported a 6% YoY jump in revenue at Rs 228.3 bn compared to Rs 215.3 bn.

Net profit from the June 2023 quarter came in at Rs 28.7 bn, up 11.9% YoY. The Bengaluru-based IT services major had posted a net profit of Rs 25.6 bn in the year-ago period.

The decline in revenue was expected primarily due to persistent weakness in the banking, financial services and insurance (BFSI) vertical as well as its higher exposure to consulting at a time when discretionary spending has fallen.

The company's Q1 guidance for CC revenue growth was at 3 to 1%, as it expected the macro environment to remain challenging. Wipro is the third company from the largecap IT pack to post its numbers and was expected to post the weakest growth amongst its largecap peers.

This comes at a time when IT companies have increasingly spoken about demand volatility and near-term challenges due to macroeconomic uncertainties coupled with companies reporting rampdowns in projects.

Among its peers, Tata Consultancy Services saw its numbers come in line with estimates due to a muted quarter, while HCL Tech saw a big miss on all fronts.

For the September 2023 quarter, Wipro has guided for revenue growth of 1-2% in constant currency terms.

The company also added that it received total bookings of US$ 3.7 bn for the quarter. The large deal bookings growth stood at 9% YoY; the highest in the last eight quarters.

Wipro's operating cash flows came at 130% of net income.

Moreover, Wipro's employee headcount stood at 249,758, with an attrition rate of 17.3%.

Wipro stands among the 5 Indian companies which have consistently declared bonus shares.

Adani Green's capex revival pays off big time

Adani Group, which has recently revived its capex plan after a brief lull post a damning report in January, has significantly augmented its renewable energy capacity during the April-June quarter as the group firms' stocks recover from their historic lows.

According to a regulatory filing, the conglomerate's renewables arm, Adani Green Energy, ramped up its operational capacity by 43% to 8,316 MW during the June 2023 quarter.

The company, on Thursday in a presentation said that it has added 1,750 MW of solar-wind hybrid capacity, 212 MW of solar capacity, and 554 MW of wind power plants in the April-June period of FY24.

Adani Green's total operational capacity now stands at 8,316 MW, making it the largest renewable energy company in India, one of the South Asian economies that have embarked on an ambitious journey to net zero by 2050.

Adani Green has a target of achieving 45 GW of renewable energy capacity by 2030.

The renewables firm said it recorded a 70% YoY jump in energy sales at 6,023 million units due to robust capacity addition.

Adani Green, with a market capitalization of Rs 1.51 tn, has grown its capacity utilization factor in the solar energy business by 0.4% year-on-year to 26.9% during the April-June 2023 period, backed by 99.7% plant availability.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

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