Gift Nifty Up 18 Points | Infosys & Havells India Q1 Results | ACC-Ambuja Cement Merger Plans Scrapped | Top Buzzing Stocks Today

Fri, 21 Jul Pre-Open

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On Thursday, Indian share markets inched higher and picked up steam in the afternoon session to close at fresh record highs after banking and FMCG stocks witnessed buying.

Meanwhile, IT stocks fell following a sharp rally in the past few sessions.

IT stocks saw a decent comeback this week after data showed a moderation in US inflation. Indian IT companies earn a significant share of their revenue from the US and Europe markets.

At the closing bell on Wednesday, the BSE Sensex stood higher by 474 points (up 0.7%).

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

ITC, Kotak Bank and ICICI Bank were among the top gainers.

Infosys and HCL Tech, on the other hand, were among the top losers.

The BSE MidCap index ended flat while the BSE SmallCap index gained 0.2%.

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

While IT stocks and capital goods stocks witnessed selling.

Shares Polycab India, HDFC AMC and ICICI Bank hit their 52-week high on Wednesday.

The rupee was trading at 82.98 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 59,135 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:55 AM today, the Gift Nifty was trading 18 points higher at 19,876 levels.

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

Speaking of the stock markets, the Indian stock market is on a roll. New highs are being scaled every week.

The sentiment among traders and investors alike is extremely bullish. So bullish in fact that it brings back memories of 1991.

So, what do the charts say? Are we seeing a repeat of the Harshad Mehta rally?

Find out in the below video...

Top buzzing stocks today

Fino Payments Bank Share price will be in focus today.

Fino Payments Bank is considering options to become a small finance bank after having completed five years of operations, the bank's Managing Director Rishi Gupta said.

Persistent System will also be a top buzzing stock.

Persistent Systems on Thursday posted consolidated net profit of Rs 229 crore for the quarter ended June, up 8% from Rs 2.1 bn reported in the previous year quarter.Revenue from operations during the first quarter rose 23% year-on-year to Rs 23.2 bn. It was Rs 1,878 crore in the same quarter of last year.

Havells India Q1 results

Havells India, on 20 July, reported a 13.8% YoY rise in revenue to Rs 48.3 billion (bn) against Rs 42.4 bn in the same quarter last year.

The consolidated net profit for the quarter came in 18% YoY higher from Rs 2.4 bn in the year-ago period.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter stood at Rs 4 bn. EBITDA margin contracted 0.2% to 8.3% against 8.5% recorded in Q1FY23.

The disrupted summer impacted the sale of fans, along with some price erosion.

This was also due to the changes in consumer behaviour and preferences, reporting a deflationary trend in LED light. The company added that they had witnessed healthy growth in the demand for professional lighting.

Despite the drop in sales, Lloyd, a Havells brand, showed decent growth with a 20% YoY growth in revenue from Rs 10.8 bn in Q1FY23 to Rs 13.1 bn in the latest quarter.

Havells India is among the top 5 electronics manufacturing stocks in India.

ACC-Ambuja Cement merger plans scrapped

During the annual shareholder meeting, Ajay Kapur, the CEO of both Ambuja Cements and ACC, provided clarity on the plans of India's Adani Group regarding the two cement companies.

He stated that the Adani Group has no intentions to merge Ambuja Cements and ACC, and they will continue to operate as separate entities.

This clarification came amidst earlier media reports suggesting that the Adani Group was exploring the possibility of a merger between the two cement giants.

However, Kapur's statement quashes those rumours, reassuring stakeholders that there will be no disruption in the usage of the legacy brands of ACC and Ambuja.

The Adani Group's cement portfolio witnessed a significant expansion in 2022 when it acquired Ambuja Cements and ACC from Switzerland's Holcim in a substantial $10.5 billion deal. This acquisition propelled the Adani Group to become the second-largest cement producer in India, trailing only UltraTech Cement.

By retaining the individual brand identities of ACC and Ambuja Cements, Adani Group appears committed to leveraging the strong market presence and customer loyalty associated with these legacy brands. Both ACC and Ambuja have built strong reputations over the years and have a widespread market presence in different regions of India.

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

Dig deeper into Adani group stocks.

Infosys Q1 Results

Infosys on Thursday reported nearly 11% year-on-year (YoY) growth in consolidated net profit for the June quarter to Rs 59.5 bn. Consolidated revenue increased by 10% YoY to Rs 379.3 bn.

Taking note of the uncertain global environment, the software major sharply cut its FY24 revenue growth estimate. Infosys now sees revenue growing just 1-3.5% in constant currency terms, against 4-7% earlier.

India's second-largest software services exporter, however, retained its operating margin guidance of 20-22% for FY24.

Infosys' earnings remained muted on a sequential basis in the June quarter, given a significant slowdown in business amid global macroeconomic headwinds.

Consolidated sales grew a mere 1.3% sequentially, while the net profit dipped about 3%. In constant currency terms, the revenue rose just 1% quarter-on-quarter (QoQ).

The consolidated operating margin came in at 20.8%, down 0.2% sequentially.

For more, check our recent editorial, why Infosys and TCS are the best hedge against fancy AI stocks.

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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