Gift Nifty Up 58 Points | HCL Tech & IREDA Q1 Results | Cyient to Expand Semiconductor Business | Top Buzzing Stocks Today

Mon, 15 Jul Pre-Open

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Indian share markets continued the momentum as the session progressed and ended on firm footing.

Benchmarks Sensex, and Nifty50 indices rose to record highs on Friday lifted by a solid rally in information technology (IT) stocks.

At the closing bell on Friday, the BSE Sensex stood higher by 622 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 186 points (up 0.8%).

TCS, Wipro and Infosys were among the top gainers.

Maruti Suzuki, BPCL and Coal India 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 and BSE SmallCap index ended 0.2% lower.

Sectoral indices are trading mixed with socks in power sector, banking sector and IT sector witnessing most buying. Meanwhile stocks in realty sector and power sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 73,120 at the time of Indian market closing hours on Friday.

At 7:35 AM today, the Gift Nifty was trading up 58 points at 24,603 levels.

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

Speaking of the stock market, pick any theme, be it infrastructure, green energy, defence, railways, digitisation... behind the chased after front runners, there is likely to be a group of companies that are critical for the big companies to play the cycle.

The big profits could be in the pick and shovel makers and suppliers in the smallcap space. In investing parlance, you could call it proxy investing.

Richa Agarwal, Research Analyst, in her latest video talks about such companies

Tune into below video for more details.

Top buzzing stocks today

RCF share price will be in focus today.

Shares of Rashtriya Chemicals and Fertilizers Ltd (RCFL) surged around 10% on 12 July to hit a fresh record high of Rs 244.9 on the National Stock Exchange (NSE) after the company announced a significant development.

The Board of Directors of the company approved a purchase order worth Rs 5.2 bn for Topsoe A/s to procure a Basic Engineering Design Package (BEDP) and supply proprietary equipment and catalysts.

Cyient will also be a top buzzing stock.

Shares of Cyient surged over 7% to Rs 1,905 in the afternoon on 12 July after the company announced a strategic expansion of its Semiconductor business with the establishment of a fully owned subsidiary.

Cyient is a Hyderabad-based multinational technology company is focused on engineering, manufacturing, data analytics, networks and operations.

HCL Tech Q1 Results

HCL Technologies (HCLTech) on 12 July reported its Q1FY25 consolidated net profit rose 20% to Rs 42.6 bn as against Rs 35.3 bn in the year-ago period.

The Noida-headquartered IT services firm's revenue from operations rose 6.7% to Rs 280.6 bn in Q1FY25, as compared to Rs 262.9 bn in Q1FY24.

The firm declared an interim dividend of Rs 12 per equity share of Rs 2 face value for FY25.

The record date of 23 July 2024, has been fixed for the payment of the interim dividend and the payment date shall be 1 August 2024.

On 12 July, HCLTech's shares closed trading 3.3% higher at Rs 1,561.75 apiece.

The company retained its constant currency revenue growth guidance for FY25 in the range of 3-5%. For FY24, the company's guidance was in the range of 5-5.5%.

Operating or EBIT margins guidance was also retained at 18-19% for FY25.

The company's headcount decreased by 8,080 employees in Q1 taking the total workforce to 2.19 lakh. HCLTech said the reduction in headcount was due to divestiture.

The company's attrition rate stood at 12.8% on the last twelve-month (LTM) basis, compared to 16.3% in the year-ago period.

IREDA Net Profit Jumps 30%

Indian Renewable Energy Development Agency (Ireda) on Friday reported over 30% growth in its net profit to Rs 3.8 bn for the June quarter, mainly on the back of higher revenues.

According to the statement, its net profit was Rs 2.9 bn in the quarter ended on June 30, 2023.

As the largest pure-play green financing NBFC in the country, it stated that Ireda achieved a new industry standard by publishing its audited financial results within only 12 days.

This milestone also marks Ireda as the first central public sector enterprise (CPSE) to promptly declare results and achieve the fastest publication of audited results in the banking and NBFC space.

The company has successfully reduced its net non-performing assets to 0.9% in the first quarter of FY 2024-25 from 1.6% in the same quarter of FY 2023-24, it stated.

During a meeting held today in Bhubaneswar, the Board of Directors of Ireda commended the company's exceptional performance and sustained growth, approving the audited financial results for the first quarter of FY 2024-25.

The company's net worth as of 30 June 2024, has reached Rs 91.1 bn from Rs 62.9 bn, reflecting a year-on-year growth of 44.8%.

The loan book also increased to Rs 632.1 bn from Rs 472.1 bn in the year-ago period.

All Four IPOs Get Fully Subscribed on Day One

All four SME IPOs, which opened earlier today, reached full subscription within hours of opening on the first day of the bidding process. All these issues of Three M Paper Boards, Prizor Viztech, Sati Poly Plast and Aelea Commodities close on 16 July 2024.

The Rs 173.6 m IPO of Sati Poly Plast received the highest subscription of over 10x among the four issues. The IPO is entirely a fresh equity issue of 1.3 m shares and through the issue, the company plans to raise Rs 1.7 m.

The company is offering its shares at Rs 123-130 apiece, and investors can bid for 1,000 shares in 1 lot.

In the unlisted market, the company's shares are trading with a GMP of Rs 50, which translates to a listing gain of around 39% if the trends are sustained.

Sati Poly Plast is engaged in the manufacturing of flexible packaging material which is multifunctional and caters to the packaging requirements of various industries. It provides end-to-end solutions for various flexible packaging needs.

The issue of Prizor Viztech was a close second with a subscription of 6.3x on the first day. The IPO is entirely a fresh equity issue of 28.91 lakh shares and through the issue, the company plans to raise Rs 250 m.

The issue of Three M Paper Boards and Aelea Commodities were booked 3.93 times and 2.49 times, respectively.

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