Gift Nifty Down 148 Points | Reliance Industries & JSW Energy Q1 Results | UltraTech Cement's Expansion | Top Buzzing Stocks Today

Mon, 22 Jul Pre-Open

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Indian share markets Slipped further as the session progressed and ended the day weak.

At the closing bell on Friday, the BSE Sensex stood lower by 739 points (down 0.9%).

Meanwhile, the NSE Nifty closed lower by 275 points (down 1.1%).

Infosys, ITC and Asian Paints were among the top gainers.

Tata Steel, BPCL and ONGC 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.

Broader markets ended the day negative. The BSE Mid Cap ended 2.3% lower and the BSE Small Cap index ended 2.2% lower.

Sectoral indices are trading on negative note with stocks in metal sector, auto sector, energy sector and oil & gas sector witnessing buying most selling pressure.

Gold prices for the latest contract on MCX were trading 0.9% lower at Rs 73,429 at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading 148 points lower at 24,386 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

RVNL share price will be in focus today.

Shares of Rail Vikas Nigam Limited (RVNL) jumped nearly 9% to hit an intraday high of Rs 638 after the company announced a Memorandum of Understanding (MoU) with Israel's United Construction.

JSW Infrastructure will also be a top buzzing stock.

Shares of JSW Infrastructure fell nearly 7% after the company reported an annual decline in its consolidated net profit for the quarter that ended June, driven by higher expenses.

For the June quarter, JSW Infrastructure's net profit fell 9% year-on-year to Rs 2.9 bn, while total expenses surged 40% year-on-year to Rs 7.1 bn.

Reliance Industries Q1 Profit Drops

Oil-to-telecom conglomerate Reliance Industries Limited (RIL) reported a 5.5% year-on-year (Y-o-Y) decline in consolidated profit (attributable to the owners) to Rs 151.4 bn for the April-June period (Q1) of 2024-25.

This, the company said, was a result of weakness in its oil-to-chemicals (O2C) division and higher depreciation costs, offsetting gains in the consumer (retail and telecom) and oil & gas upstream businesses.

This marks the second consecutive quarter of profit decline, with net profit declining in three of the past five quarters.

Revenue for the quarter under review stood at Rs 2.3 trillion, up 11.7% year-on-year, driven by higher oil prices and growth in consumer businesses. Consolidated profit before interest, depreciation, and taxes (PBIDT) saw a 2% Y-o-Y growth, reaching Rs 427.5 bn.

Earnings from the O2C business were impacted by global volatility in energy markets. The O2C division, which includes refining, petrochemicals, and fuel retailing segments, reported quarterly Ebitda at Rs 130.9 bn, a 14.3% YoY decline.

The decline was due to weaker transportation fuel cracks, chemical margins, and polyester chain deltas.

The company's presentation noted that earnings in this segment were affected by subdued global demand in well-supplied markets, geopolitical factors, Red Sea transit disruptions, weather, outages, and new refining capacities.

UltraTech Cement's Expansion

UltraTech Cement is poised to reduce cost by Rs 300 per tonne over the next three quarters, thanks to an expanding network of plants, decreasing lead distance and other reductions.

In a post-earnings call on 19 July, India's largest cement manufacturer's management highlighted its strategic initiatives to enhance cost efficiency.

Ultratech Cement reported a significant reduction in lead distance from 400 kilometres to 385 kilometres, which has resulted in cost savings of approximately Rs 45 per ton of cement.

This improvement is crucial as logistics costs represent a major expenditure in cement production.

The management anticipates further reductions in the lead distance as they expand their network from 59 to over 70 plant locations, which will contribute to additional cost savings and operational efficiencies.

Regarding expansion, UltraTech Cement's management showcased its growth initiatives domestically and internationally. They completed an open offer to acquire a 54% stake in Black White Cement in the UAE, reinforcing their position in the white cement and putty markets.

The company also continues to lead in grey cement in the UAE. Domestically, UltraTech is ramping up its Waste Heat Recovery Systems (WHRS) capacity, with 23 megawatts commissioned this quarter, bringing the total to 301 megawatts.

The focus on increasing WHRS capacity and renewable energy usage aligns with their strategy to reduce power costs and enhance sustainability.

Looking ahead, UltraTech Cement's management expressed optimism about the business outlook.

JSW Energy Q1 Results

JSW Energy on Friday posted an 80% jump in its net profit at Rs 5.2 bn in the April-June quarter, mainly due to higher profitability in the thermal business and incremental contributions from renewables.

Revenue increased by 1% YoY to Rs 30.4 bn during the reporting quarter from Rs 30.1 bn in the corresponding period last year.

The incremental revenue from capacity additions was offset by lower realisation in thermal assets on account of the decline in coal prices (which are pass-through in nature).

EBITDA (earnings before interest, taxes, depreciation, and amortization) was higher by 21% YoY at Rs 15.8 bn in the quarter, primarily driven by higher energy generation at newly-added renewable capacities and contribution from Utkal Unit 1.

The finance cost for the quarter rose to Rs 5.1 bn from Rs 4.9 bn in Q1 FY24, with the weighted average cost of debt at 8.8%.

The consolidated net worth and net debt as of 30 June 2024 were Rs 269.3 bn and Rs 233.4 bn, respectively, resulting in a net debt-to-equity ratio of 0.9X.

Net generation for the quarter stood at 7,881 million units (MUs), an 18% YoY increase (over 6,699 MUs in Q1 FY24), driven by higher hydropower generation, renewable capacity additions, and Utkal Unit 1.

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

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