Gift Nifty Trades Flat | Ashok Leyland Bags Defense Order | Central Bank Q1 Results | Top Buzzing Stocks Today

Tue, 18 Jul Pre-Open

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On Monday, Indian share markets continued the rally as session progressed and ended the day on a firm footing.

Both the benchmark indices continued their trend of setting new records, despite weak global indicators linked to worries of an economic deceleration in significant economies, notably after China announced its second-quarter growth data.

At the closing bell, the BSE Sensex stood higher by 529 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 146 points (up 0.7%).

SBI, Wipro and Grasim were among the top gainers.

ONGC, Tata Motors and JSW Steel on the other hand, were among the top losers.

The BSE MidCap index advanced 0.3% while the BSE SmallCap index ended higher by 0.9%.

Sectoral indices ended on a mixed note with stocks in the banking sector, energy sector and finance sector witnessing most of the buying.

While auto stocks and realty stocks witnessed selling.

Shares of MRF and Nestle hit their respective 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 82.07 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 59,250 per 10 grams at the time of Indian market closing hours on Monday.

At 7:50 AM today, the Gift Nifty was trading 10 points lower at 19,769 levels.

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

Speaking of stock markets, is the risk-reward of investing in Dixon Technologies still in favour of investors?

Is it possible to give a view on a stock without even looking at its fundamentals or the business model?

A lot of investors would consider this as ridiculous. Some may even call it blasphemy.

After all, one needs to have a thorough understanding of the business model and the financials before one can make a sound judgement on a stock.

However, Rahul Shah, co-head of research at Equitymaster has done this exercise for Dixon Technologies and he believes it is an effective way to approach stock analysis.

Check out in the below video the exact details of this approach.

Top buzzing stocks today

Ashok Leyland share price will be in focus today.

Yesterday Ashok Leyland bagged a significant order worth Rs 8 billion (bn) from the Indian armed forces. Ashok Leyland is the largest supplier of logistics vehicles to the Indian Army, the auto major mentioned in a release.

Among the many contracts awarded to Ashok Leyland, the contracts for making the Field Artillery Tractor (FAT 4x4) and the Gun Towing Vehicle (GTV 6x6) are notable because they are prominently featured in the initial positive indigenization list announced by the Government of India.

Ashok Leyland will deliver the GTV 6x6 and the FAT 4x4 vehicles to meet the requirements of the Indian Army over the next 12 months.

Dr Reddy's Laboratories will also be a top buzzing stock.

Dr Reddy's Laboratories signed a pact for buying a 26% stake in special purpose vehicle O2 Renewable Energy IX Private.

The pharma major has entered into an agreement with TEQ Green Power XI Pvt Ltd and O2 Power SG Pte Ltd for buying a stake in the renewable energy firm. The company will have a 26% stake in the SPV, and the rest will be held by TEQ Green Power XI.

Sheela Foam to acquire Kurlon

Sheela Foam, which was supposed to fully acquire rival Kurlon Enterprise, in two tranches for a cash consideration of 32.5 bn, will now be buying the competitor for Rs 21.5 bn in one go, according to the reports.

The deal values Kurlon Enterprise at 2.4 times its annual sales, compared to a price to sales valuation of 3.9 times for Sheela Foams.

It was reported earlier reported that acquiring Kurlon Enterprise, maker of the Kurl-on brand of mattresses, will help Sheela Foam, known for the Sleepwell brand, nearly double its market share.

If this deal materialises, Sheela Foam's market share in India's organised mattress segment could increase to 35-40% from 20-25%.

Sheela Foam's flagship brands include Sleepwell mattresses, Feather Foam, a pure PU Foam, and Lamiflex, a polyester foam for lamination.

Around Rs 9 bn crore is expected to be added to the listed company's topline at the consolidated level.

Moreover, as a result of this deal, Sheela Foam will be able to source more raw material - TDI (Toluene Di-Isocyanate) - at lower rates.

Central Bank Q1 results

Central Bank of India announced its April-June quarter results for fiscal 2023-24 yesterday, reporting a rise of 78% in net profit at Rs 4.2 bn, compared to Rs 2.3 bn in the year-ago period.

The PSU bank's rise in profit was on the back of a consistent decline in bad loans and increase in interest income.

The interest earned by the bank grew to Rs 72.3 bn over Rs 55.3 bn in the corresponding period last year. The bank's net interest income - the difference between interest earned and interest expended - increased 48 % to Rs 31.8 bn in the June quarter.

The bank's asset quality showed improvement during the June quarter as the gross non-performing assets (NPAs) declined to 4.9% of gross advances by the end of June 2023, from 14.9% as of June 2022.

Similarly, the bank's net NPAs or bad loans eased to 1.8%, compared to 3.9% in the year-ago period. The net interest margin (NIM) of the bank improved to 3.6%, registering a growth of 74 basis points.

Among other key metrics, the capital adequacy ratio of the bank improved to 14.4% from 13.3% in the same quarter of FY23. The return on Assets (ROA) improved to 0.43%, compared to 0.3% in the same quarter a year ago.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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