Sensex Today Trades Lower | Nifty Below 24,500 | Suzlon Energy Jumps 5%

Tue, 23 Jul 10:30 am

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Most Asian stocks rose on Tuesday as heavyweight technology stocks rebounded from a recent rout, although Chinese markets lagged as sentiment towards the country showed little improvement.

Japan's Nikkei 225 index rose 0.2%, while the broader TOPIX added 0.5% on strength in technology stocks

US stock indices edged higher on Monday as investors assessed Donald Trump's odds of winning the US election after President Joe Biden withdrew from the presidential race and endorsed Kamala Harris's candidature.

Here's a table showing how US stocks performed on Monday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	183.35	3.96	2.21%	184.3	181.9	193.31	121.38
Apple	223.96	-0.35	-0.16%	227.78	223.09	237.23	164.08
Meta	487.4	10.61	2.23%	492.06	483.9	542.81	274.38
Tesla	251.51	12.31	5.15%	253.21	243.75	278.98	138.8
Netflix	647.5	14.16	2.24%	656.29	632.6	697.49	344.73
Amazon	182.55	-0.58	-0.32%	185.06	182.48	201.2	118.35
Microsoft	442.94	5.83	1.33%	444.6	438.91	468.35	309.45
Dow Jones	40415.44	127.91	0.32%	40472.53	40222.77	41376	32327.2
Nasdaq	19822.87	300.25	1.54%	19861.72	19638.37	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 70 points lower and NSE Nifty is trading 32 points lower.

Eicher Motors, ITC and NTPC among the top gainers today.

Hindalco, Wipro and BPCL the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on positive note. The BSE Midcap index and the BSE Smallcap index is trading flat.

Sectoral indices are trading mixed today, with stocks in auto sector, realty sector and power sector witnessing most buying. Meanwhile stocks in metal sector and IT sector witnessing selling pressure.

The rupee is trading at Rs 83.63 against the US dollar.

In commodity markets, gold prices are trading 0.2% lower at Rs 72,605 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Speaking of the stock market, Marcellus' star fund manager has hit a rough patch.

But is his new bet on fast-growing "challenger" companies the answer?

Rahul Shah, co-head of research at Equitymaster in his latest video analyses his strategy and see if it holds water.

Tune into below video for more details.

Uco Bank Q1 Results

Public sector lender Uco Bank on 22 July reported a net profit of Rs 5.5 bn in the April-June quarter of fiscal year 2024, jumping by 147% on a year-on-year basis from Rs 2.2 bn.

The gross non-performing asset of the bank stood at 3.3% from 4.5%. The net NPA of the lender stood at 0.8%, improving from 1.2% in the period.

Total deposits of the bank grew 7.4% to Rs 2.7 trillion (tn), and advances grew 17.6% and stood at Rs 1.9 tn.

The bank's net interest income (NII) for the quarter stood at Rs 22.5 bn, registering a growth of 12% compared to Rs 20 bn.

Advances in retail, agriculture and MSME segments reached Rs 1 tn, a YoY growth of 19%.

Suzlon Energy Profit Jumps 200%

Suzlon Energy on Monday reported stellar growth in its consolidated net profit for the June 2024 quarter, at Rs 3 bn, a 200% increase year-on-year versus Rs 1 bn posted in the corresponding quarter of the previous financial year.

The company's revenue from operations in the reported quarter stood at Rs 20.2 bn versus Rs 13.5 bn reported in the year-ago period, an uptick of 50%.

The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) were reported at Rs 3.7 bn in Q1FY25, up from Rs 19.9 bn posted by the renewable energy company in Q1FY24. The increase in EBITDA was 86%.

Meanwhile, the EBITDA margin for the reported quarter stood at 18.4%, up from 14.8% in the year-ago period.

Among major milestones hit by the company in the April-June quarter were the highest Q1 deliveries in 7 years at 274 MW and the highest quarterly EBITDA in 7 years, the company filing claimed. The company also reported its largest-ever order book of 3.8 GW since inception (29 years).

The net cash position of Suzlon stood at Rs 11.9 bn as of 30 June 2024.

The Suzlon Group is one of the leading renewable energy solutions providers in the world, with 20.8 GW of wind energy capacity installed across 17 countries.

Headquartered in Pune, Suzlon Energy is a vertically integrated organisation with in-house research and development (R&D) centres in Germany, the Netherlands, Denmark and India.

RailTel's New Order Win

Railway PSU RailTel Corporation of India Ltd said on Monday that it had secured a major order from the Ministry of Railways (Railway Board).

The contract, valued at Rs 1.9 bn (including tax), involves the design, development, implementation, operations, and maintenance of the hospital management information system (HMIS) and an integrated empanelled hospital referral portal for Indian Railways.

The Ministry of Railways, a domestic entity and a promoter of RailTel with a 72.8% shareholding, awarded this contract.

The project aims to augment the existing HMIS application to meet new requirements set forth by the Railways. This contract will span four years, it added.

RailTel Corporation of India reported a 3% rise in profit after tax to Rs 775.3 m for the January-March quarter of 2023-24 compared to Rs 752.4 m in the same period of the previous year.

The mini ratna company reported a total income of Rs 8.5 bn for the last quarter of 2023-24 against Rs 7.1 bn in the year-ago period, according to an exchange filing.

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