Gift Nifty Up 31 Points | Indian Overseas Bank Q1 Results | JSW Infra's Logistics Play | Top Buzzing Stocks Today

Tue, 23 Jul Pre-Open

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Benchmark indices remained muted as session progressed on and ended the day lower.

Indian stock markets traded in a narrow range on Monday as investors chose to be fence-sitters ahead of the presentation of the Union Budget 2024 (FY25).

At the closing bell on Monday, the BSE Sensex stood lower by 102 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 22 points (up 0.1%).

NTPC, HDFC Bank and Grasim Industries were among the top gainers.

Wipro, ITC and Reliance Industries 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 1.3% higher and BSE SmallCap index ended 0.8% higher.

Sectoral indices are trading mixed, with socks in power sector, capital goods sector and auto sector witnessing most buying. Meanwhile stocks in realty sector and banking sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally lower at Rs 72,962 at the time of Indian market closing hours on Monday.

At 7:50 AM today, the Gift Nifty was trading 31 points higher at 24,552 levels.

Indian share markets are headed for a positive 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

Wipro share price will be in focus today.

Wipro shares fell as much as 8% on 22 July 2024 after the company delivered a weak Q1 FY25 performance, with a 1% quarter-on-quarter (QoQ) decline in its consolidated revenue.

This is particularly concerning when compared to its competitors, TCS and Infosys, which reported 2-3% QoQ growth.

IDBI Bank will also be a top buzzing stock.

Shares of IDBI Bank surged 3% after the lender on July 22 reported a 40% rise in net profit during the first quarter of FY25.

The company posted a profit of Rs 17.2 bn, higher by 40.4% compared to Rs 12.2 bn reported in the same period of last financial year, according to an exchange filing issued on Monday. The net profit also surged 6% over the March quarter's reading at Rs 16.3 bn

JSW Infra's Logistics Play

With a healthy ports business and near-double-digit growth in cargo, JSW Infrastructure, the ports arm of the JSW Group, is looking to become a key player in inland logistics with an aggressive foray into port connectivity projects.

On 27 June, the company announced that it acquired a majority stake in logistics firm Navkar Corporation for an enterprise value of Rs 16.4 bn. The deal is expected to materialise by the third quarter of 2024-25.

The acquisition will allow the port player to control several inland assets, such as three CFSs, two Gati-Shakti Cargo terminals, and one ICD.

This is where the hinterland and port connectivity play a crucial role.

JSW Infra also won a Gati-Shakti cargo terminal in Chennai earlier this quarter, which will entail a capital expenditure (capex) of Rs 1.5 bn.

The company recently announced its results for the first quarter of 2024-25. It reported a 15 per cent rise in revenue from operations to Rs 10.1 bn but saw a 9% drop in its net profit. The company, in its investor concall.

Third-party cargo handled in the first quarter was 50% of the company's total volumes and grew by 48%, as compared to the last financial year (2023-24).

Fertiliser Stocks Surge 13%. Here's Why

Moving on to news from the fertiliser sector, fertiliser stocks were buzzing in trade, surging as much as 13%, in the run-up to the Union Budget 2024 due to be tabled by Finance Minister Nirmala Sitharaman on July 23.

The spike in fertiliser stocks came as investors speculated about the quantum of subsidy that could be allotted to the sector in the upcoming budget. The interim budget had estimated the fertiliser subsidy requirement for FY25 at Rs 1.6 tn, which is lower than Rs 1.9 tn for FY24.

While the Street is not anticipating an increase in the subsidy bill, industry participants are expecting the finance minister may retain the previously estimated subsidy allocation.

Experts are anticipating greater emphasis on boosting rural consumption, primarily through higher spending on the government's flagship programmes. A rebound in rural consumption should benefit fertiliser companies, as it would likely lead to increased spending by farmers on crop protection.

Riding high on these expectations, shares of Deepak Fertilisers, Chambal Fertilisers and Chemicals, National Fertilizers, Gujarat State Fertilizers, Fertilisers and Chemicals Travancore (FACT),  and Coromandel International were trading 3-13% on the NSE.

Fertiliser companies faced disappointing earnings in FY24 due to weak prices, subdued demand, and an influx of low-cost Chinese supplies into the global market. This led to a significant decline in profitability, straining both net profit and revenue of major players.

Indian Overseas Bank Q1 Results

Public sector lender Indian Overseas Bank on July 22 reported a net profit of Rs 633 crore in the first quarter of fiscal 2024-25, 27 percent higher than Rs 500 crore reported in the corresponding quarter last year.

The gross NPA of the bank stood at 2.9% against 7.1% last year, a reduction of 4.2%. Net NPA stood at 0.5% compared to 1.4%t, with a reduction of 0.9%.

Total deposits of the bank jumped 13% to Rs 2.9 tn from Rs 2.6 tn last year. CASA improved 8% to Rs 1.3 tn from Rs 1.2 tn

Interest income of the bank grew by 20.5% on YoY basis to Rs 65.4 bn in Q1FY25 as against Rs 54.2 bn for Q1FY24.

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

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