Gift Nifty Down 36 Points | Ashok Leyland & Hindustan Zinc Q1 Results | L&T Bags Bullet Train Contract | Top Buzzing Stocks Today

Mon, 24 Jul Pre-Open

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On Friday, Indian share markets witnessed selling pressure throughout the trading session and ended deep in the red.

Benchmark indices witnessed a steep correction, dragged by IT stocks after Infosys slashed its revenue guidance, citing weakness in client spending.

At the closing bell on Friday, the BSE Sensex stood lower by 888 points (down 1.3%).

Meanwhile, the NSE Nifty edged lower by 234 points (down 1.2%).

L&T, NTPC and Tata Motors were among the top gainers.

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

The BSE MidCap index ended lower by 0.3% while the BSE SmallCap index gained 0.1%.

Sectoral indices ended on a mixed note with stocks in the IT sector, consumer durables sector and metal sector witnessing most of the selling pressure.

While capital goods stocks witnessed buying.

Shares of IndiaMart Intermesh, Tanla Platforms and Rites hit their 52-week high on Friday.

The rupee was trading at 82.96 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 59,320 per 10 grams at the time of Indian market closing hours on Friday.

At 7:50 AM today, the Gift Nifty was trading 36 points or 0.2% lower at 19,730 levels.

Indian share markets are headed for a negative 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

Ultratech Cement share price will be in focus today.

UltraTech Cement on Friday reported a consolidated net profit of Rs 16.9 billion (bn) for the quarter ended June 2023. The company posted a profit of Rs 15.8 bn in the same period last year.

Revenue during the quarter rose 17% YoY to Rs 177.4 bn.

HDFC Life will also be a top buzzing stock.

HDFC Life posted a net profit of Rs 21.2 bn for the first quarter ended June 2023, when compared with Rs 2.1 bn in the corresponding quarter a year ago. Net premium income rose by 16.6% YoY to Rs 114.8 bn.

Ashok Leyland Q1 results

Commercial vehicles (CV) maker Ashok Leyland on 21 July reported a 747% year-on-year (YoY) jump in its standalone net profit for the quarter ended June to Rs 5.8 bn, aided by a deferred tax credit, higher volumes, softening commodity prices, and cost cuts.

During the same period last year, the flagship company of the Hinduja group posted a net profit of Rs 680.5 m.

The company's revenue from operations grew 13.4% to Rs 81.9 bn, up from Rs.72.2 bn in Q1 FY 22-23. The company's other income went up to Rs 510 m from Rs 260 m in the year-ago period. Its total income grew to Rs 82.4 bn for the June quarter as against Rs 72.5 bn a year ago.

Ashok Leyland's operational performance also improved as its earnings before interest tax, depreciation, and amortisation (EBITDA) more than doubled to Rs 8.2 bn from Rs 3.2 bn in the year-ago quarter. The net debt-to-equity ratio stood at 0.2 at the end of Q1 FY23-24.

Ashok Leyland is among the top EV manufacturers in India.

L&T bags mega order

Infrastructure major Larsen and Toubro's arm L&T Construction has bagged a mega contract from the National High-Speed Rail Corporation Limited (NHSRCL) to construct the 135.45 km stretch MAHSR - C3 package, which is part of the prestigious Mumbai Ahmedabad High-Speed Rail Project.

The scope for the MAHSR - C3 package includes the construction of viaducts, stations, major river bridges, depots, tunnels, earth structures, stations, and other auxiliary works.

The approximately 508 km Mumbai-Ahmedabad High-Speed Rail project, also called the MAHSR Bullet Train project, will cover 155.76 km in the state of Maharashtra, 4.3 km in the Union Territory of Dadra & Nagar Haveli and 348.04 km in the State of Gujarat with 12 stations along the route.

L&T did not reveal the financial value of the contract but as per its classification, a mega order is worth more than Rs 70 bn.

Note that L&T has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.?

L&T has been an?investor's favourite stock?for a long time and also a stock that makes it to the?top 5 infrastructure stocks.

In line with its commitment to a sustainable future, L&T is poised to make significant strides in the green hydrogen landscape. For more details, check out?L&T's next big leap in the green hydrogen space.

Hindustan Zinc Q1 net profit drags

Hindustan Zinc on Friday reported a 36.5% fall in consolidated net profit to Rs 19.6 bn for the June 2023 quarter, mainly due to lower income. It had posted a consolidated net profit of Rs 30.9 bn in the first quarter of the previous fiscal.

The consolidated total income in the April-June period also fell to Rs 75.6 bn against Rs 96.9 bn in the year-ago period.

The company's business's operating margin also decreased from 48% in Q1FY23 to 35% in Q1FY24. The net profit margin for HZL also had a similar story, which went down from 33% to 27% YoY.

On 8 July 2023, the company's board of directors declared an interim dividend of Rs 7 per equity share, aggregating to about 29.6 bn, with a record date of 15 July 2023, for FY24.

Vedanta Group, led by its chairman Anil Agarwal, is under heavy debt as it plans to make investments of US$ 1.7 bn (roughly Rs 140 bn) in the ongoing financial year. Last financial year, in FY23, the company invested USD=$ 1.2 billion in the form of growth capex to augment its assets and production.

To know which metal stock is best to trade, check out - Hind Copper vs Hind Zinc: the best metal stock of 2023.

In the first six months of the financial year 2023, the company paid a total dividend of 1,825%, amounting to Rs 36.5 per equity share. It has an average 7-year dividend yield higher than 8%.

And 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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