Gift Nifty Down 63 Points | Asian Paints, L&T Finance Q1 Results | Gold Prices Hit Records High | Top Buzzing Stocks Today

Thu, 18 Jul Pre-Open

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Benchmark indices pared some losses as the session progressed on and ended the day higher.

Frontline indices of the Indian stock market- the Nifty 50 and the Sensex hit intraday highs, but later pared some of its gains towards end.

At the closing bell on Tuesday, the BSE Sensex stood higher by 52 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 26 points (up 0.1%).

Coal India, BPCL and HUL were among the top gainers.

NTPC, Reliance Industries and Kotak Mahindra 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 0.3% lower and BSE SmallCap index ended 0.3% higher.

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

Gold prices for the latest contract on MCX were trading 0.4% higher at Rs 73,732 at the time of Indian market closing hours on Tuesday.

At 8:10 AM today, the Gift Nifty was trading down 63 points at 24,642 levels.

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

Speaking of the stock market, there is set to be a wide demand supply gap in power availability over the next decade. So, most power producers are betting on an attractive increase in merchant power tariffs over next five years.

And therefore, there is an unwillingness to sign long term power purchase agreements (PPAs) at relatively lower prices.

So, what does it mean?

Tanushree Banerjee, Research Analyst in her latest video talks hidden opportunities for long term investors.

Tune into below video for more details.

Top buzzing stocks today

Vedanta share price will be in focus today.

Vedanta Ltd, which had launched a qualified institutional placement (QIP) on Monday of Rs 66.9 bn (US$ 800 million) has further increased its size of offering to Rs 85 bn (US$ 1.14 billion) on the back of strong demand from investors.

Paytm will also be a top buzzing stock.

Shares of One 97 Communications (Paytm) declined 2% to Rs 461.1 in Tuesday's trade on BSE after the company received an administrative warning letter from market regulator SEBI.

The Securities and Exchange Board of India (SEBI) stated that certain transactions in FY22 between Paytm and the now-defunct Paytm Payments Bank were conducted without approval from the company's audit committee or its shareholders.

L&T Finance Posts Record High Profit

L&T Finance Ltd on Tuesday (16 July) reported an all-time high net profit of Rs 6.9 bn for the first quarter that ended 30 June 2024, up 29% year-on-year (YoY).

In the corresponding quarter, L&T Finance posted a net profit of Rs 5.3 bn, the company said in a regulatory filing. The company's revenue from operations increased 17.4% to Rs 37.3 bn against Rs 32.2 in the corresponding period of the preceding fiscal.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 30.8%, coming at Rs 24.3 bn against Rs 18.6 bn in the corresponding quarter of FY24.

The net interest margin, along with fees and other income, increased to 11.1% from 9.6%, up 1.4% year-on-year.

L&T Finance reported a healthy all-round growth in quarterly retail disbursements, reaching Rs 148.4 bn in Q1 of FY25, compared to Rs 111.9 bn in the same period last year, marking a 33% YoY increase. The company's weighted average cost of borrowing (WACB) remained stable at 7.9% quarter-on-quarter (QoQ).

The consolidated book size of L&T Finance grew by 13% YoY, reaching Rs 887.2 bn in Q1 of FY25, up from Rs 785.7 bn.

Asian Paints Q1 Results

Asian Paints on Wednesday reported a consolidated net profit of Rs 11.7 bn for the June 2024 quarter, down by 24% from Rs 15.5 bn reported by the company in the year-ago period.

The consolidated revenue from operations stood at Rs 89.4 bn, down by 2.3% from Rs 91.5 bn reported by the paint maker in the corresponding quarter of the previous financial year.

The company's consolidated profit before depreciation, interest, tax, other income, and exceptional items (PBDIT) decreased by 20.2% to Rs 16.9 bn from Rs 21.2 bn. Meanwhile, PBDIT margin as a percentage of net sales was reported at 18.9%, down from 23.2% in the corresponding period of the previous year.

Globally, its sales decreased by 2.3% to Rs 6.8 bn from Rs 6.9 bn on the back of economic uncertainty, forex crisis and liquidity issues in key markets of Asia and Egypt.

In constant currency terms, sales increased by 1.8%. PBT before exceptional items was Rs 65 m as against Rs 265 m in the corresponding period of the previous year.

Unanticipated material price inflation coupled with supply chain challenges impacted the profitability of the decorative business for the quarter, he added.

Asian Paints' industrial business grew by 5.8% backed by good growth in the auto OEM and powder coatings segment while the economy segment saw a good offtake aided by the launch of latex paint NeoBharat, Syngle said as he emphasised that this product remains an important tool for the company to make further inroads in the bottom of the pyramid.

Gold Price Hits Records High

Gold prices jumped to an all-time peak on Wednesday, driven by mounting hopes of a US interest rate cut in September after recent comments from Federal Reserve officials.

Spot gold was up 0.5% at US$ 2,479.8 per ounce, as of 0158 GMT, after hitting a record peak of US$ 2,481.1 earlier in the session. US gold futures gained 0.6% to US$ 2,482.

Gold reached a new high watermark as investors position for the arrival of a lower interest rate environment.

The US$ 2,500 is the next immediate target, though if the current momentum can be sustained we could be looking at prices further north from here before year-end.

Markets are pricing in a rate cut of at least 25 basis points by the Fed at its September meeting, according to CME's FedWatch Tool. The allure of non-yielding bullion tends to be higher when interest rates are reduced.

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

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