Gift Nifty Trades Flat | Infosys & Canara Bank Q1 Results | Why Railway Stocks are Falling | Top Buzzing Stocks Today

Fri, 19 Jul Pre-Open

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Indian share markets reversed the trend as the session progressed and ended on firm footing.

Indian stock markets firmed-up in the second half of the trading session on the back of fresh buying in IT, FMCG, banks and telecom stocks.

At the closing bell on Thursday, the BSE Sensex stood higher by 627 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 188 points (up 0.8%).

TCS, Wipro and ONGC were among the top gainers.

Asian Paints, Bajaj Auto 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 1% lower.

Sectoral indices are trading mixed with socks in IT sector, media sector and FMCG sector witnessing most buying. Meanwhile stocks in power sector, metal sector and capital goods witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 74,375 at the time of Indian market closing hours on Thursday.

At 8:10 AM today, the Gift Nifty was trading flat at 24,855 levels.

Indian share markets are headed for a muted 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

Bajaj Auto share price will be in focus today.

Shares of Bajaj Auto dipped by 3.7% to a low of Rs 9,295.5 on BSE after the company posted a consolidated net profit of Rs 19.4 bn, an 18% YoY increase, which led to brokerages hiking target prices to as high as Rs 12,000 for the stock.

Consolidated revenue from operations for the quarter stood at Rs 119.3 bn, reflecting a 16% rise compared to Rs 103.1 bn in the corresponding quarter of the previous financial year.

MTNL will also be a top buzzing stock.

shares of Mahanagar Telephone Nigam Limited (MTNL) skyrocketed 19% to hit a multi-year high at Rs 63.32 on NSE amid heavy volumes. The sharp rally comes after the government deposited Rs 92 crore to clear immediate bond interest dues of the state-owned telecom service provider.

Earlier this month on July 11, MTNL disclosed that it could not fund the escrow account for the payment of semi-annual interest on the series VIII-A bonds due to insufficient funds.

Infosys Q1 Results

In a surprise, Infosys raised its revenue growth guidance for the financial year 2024-25 on 18 July with the metric being raised in the range of 3% to 4%. Analysts had anticipated Infosys to maintain its FY25 revenue growth guidance at 1-3% in constant currency (CC) terms.

Net profit rose 7.1% on-year to Rs 6,368 crore, beating Street estimates. India's second-largest IT company's consolidated revenue from operations for the April-June quarter rose 3.6% on-year to Rs 393.1 bn, according to the stock exchange filing.

The company revised its annual revenue growth guidance five times in the previous five quarters.

The latest was in the March quarter when it slashed guidance to 1-3% as weakness continued in discretionary and digital projects. In January, it lowered the full-year guidance to 1.5-2% for FY25.

The EBIT (earnings before interest and tax) margin or the operating margin was up 30 basis points (bps) to 21.1%.

Infosys retained its operating margin at 20-22% for the financial year.

The company's utilisation level, excluding trainees, went up by 180 percentage points to 85.3% in Q1 from 83.5% in the previous quarter. Offshore, too, went up to 76.1% from 75.8%.

Both these factors may have helped improve the company's margins. Nonetheless, Infosys retained its operating margin guidance of 20-22% for the current financial year.

Infosys' large deal wins were highest-ever at 34 with TCV of $4.1 billion, with 57.6% being net new.

Canara Bank Q1 Results

Central Bank of India on 18 July reported a 110% on-year growth in its profit after tax to Rs 8.8 bn in the first quarter of the current financial year.

On a sequential basis, net profit rises around 9%.

The gross non-performing asset (NPA) ratio of the bank improved on a year basis to 4.5% as of 30 June as compared to 4.9% in a year ago period. However, on a quarterly basis, the gross NPA ratio rose marginally. In a quarter ago period, it stood at 4.5%.

The net NPA ratio of the bank improved to 0.7% as of June 30, as compared to 1.2% as of March 31, and 1.8% as of 30 June 2023.

The total business grew by 8.9% on-year to Rs 6.4 tn in the reporting quarter, from Rs 5.8 tn in a year ago period.

Why Railway Stocks are Falling

Shares of Indian Railways Finance Corporation Ltd. (IRFC), Rail Vikas Nigam (RVNL), IRCON International Ltd. and RailTel Corporation Ltd. fell as much as 6% on Thursday after the sell-off in railway stocks extended to the third day in a row. However, RVNL is an outlier in this case as that stock is down for the fourth day in a row.

nvestors are choosing to book profits in railway stocks after the stocks have had a stellar run over the last 12-18 months.

• IRFC shares have declined 9% from last Friday's high of ?224.
• Shares of RVNL, which are down for the fourth day in a row, are also down 9% from their recent record high of Rs 647.
• IRCON International shares have declined nearly 11.5% from Monday's high of Rs 351.
• Shares of Railtel, which had surged over 14% last Friday, has nearly given up all of those gains in the last three sessions. The stock is down 15% from last week's high of Rs 617.

Even after this drop, shares of IRCON International are trading at a current-year price-to-earnings multiple of 21 times, which is well above the five-year average of just 12.8 times.

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

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