Gift Nifty Down 18 Points | ITC Hotels Demerger | HDFC AMC Q1 Results | Top Buzzing Stocks Today

Tue, 25 Jul Pre-Open

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On Monday, Indian share markets continued the downtrend as the session progressed and ended the day lower.

Benchmark indices ended lower, extending losses to the second day in a row amid losses in index heavyweights Reliance Industries and bank stocks.

At the closing bell on Friday, the BSE Sensex stood lower by 308 points (down 0.5%).

Meanwhile, the NSE Nifty edged lower by 79 points (down 0.4%).

HDFC Bank and ICICI Bank were among the top gainers.

M&M and Bajaj Finserv, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.2% higher and the BSE SmallCap ended marginally higher.

Sectoral indices ended on a mixed note with stocks in the capital goods sector and the power sector witnessing buying.

While stocks in FMCG sector and energy sector witnessed selling.

Shares of MRF and Dr Reddy's Laboratories hit their 52-week high on Friday.

The rupee was trading at 82.83 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 59,253 per 10 grams at the time of Indian market closing hours on Monday.

At 7:50 AM today, the Gift Nifty was trading 18 points or 0.1% lower at 19,720 levels.

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

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Top buzzing stocks today

ITC share price will be in focus today.

Ending months of speculation, cigarette-to-hotels major ITC, on Monday, announced that its board approved the demerger of its hotels business.

The move is aimed at unlocking value for 30 lakh shareholders of the multibagger stock, which has been the best-performing Nifty counter in the last one year.

Canara Bank will also be a top buzzing stock.

Canara Bank on Monday reported a 74.8% year-on-year (YoY) rise in profit after tax at Rs 35.3 bn in the first quarter of the current financial year, boosted by an increase in net interest income and improvement in interest margins and asset quality.

TCS assists AIB Life's Irish launch

Tata Consultancy Services (TCS) has assisted AIB Life, a joint venture between Allied Irish banks and Great-West Lifeco, in launching its operations in Ireland with an advanced digital-first platform.

TCS was selected as the strategic partner to help build a digital-first, full-service life company for the Irish market.

TCS helped create a modern, cloud-based technology stack ground up, with its flagship insurance platform TCS BaNCS at the core that gives AIB's 3.2 million customers the ability to access financial advice.

In addition to designing and deploying the enabling technology stack, TCS will also provide IT, customer, and claims-handling services for AIB life in a managed insurance services model.

AIB Life has entered into a 10-year partnership with TCS to build and operate a future-ready digital infrastructure that enables customers to more effectively plan their finances and investments.

Tata Consultancy Services (TCS) is a bright shining star in the galaxy of Tata Group companies.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000% by August 2022.

With strong fundamentals, it stands among the 5 best long-term companies of 2023.

HDFC AMC Q1 net profit jumps 52%

HDFC Asset Management Company (AMC) on 24 July reported over 52% year-on-year (YoY) jump in its consolidated net profit at Rs 4.8 bn in the first quarter of the current financial year. Its net profit stood at Rs 3.1 bn in the year-ago period.

HDFC AMC's June quarter revenue grew 10.1% YoY to Rs 5.7 bn. Sequentially, it was up 6%.

The company's QAAUM stood at Rs 4.85 tn compared to Rs 4.15 tn in the year-ago period, commanding an 11.3% market share in QAAUM of the mutual fund industry.

QAAUM is short for Quarterly Average Assets Under Management. The ratio of equity-oriented Assets Under Management (AUM) and non-equity-oriented QAAUM was 54:46 against the industry ratio of 49:51.

Unique customers, as identified by permanent account numbers, were at 7 m compared to 38.3 m for the industry, a market share of 18%.

HDFC Bank is now the promoter of HDFC AMC, as its erstwhile promoter HDFC has now merged into the bank. Another promoter Abrdn sold its entire stake in the company, so HDFC Bank will be the only sponsor of HDFC Mutual Fund going ahead.

HDFC AMC share price soars to a five-month high. Is the good run here to stay or is this just a temporary relief, check out Why HDFC AMC share price is rising.

IDBI Bank Q1 results

IDBI Bank reported a jump of 62% in net profit at Rs 12.2 bn for the June 2023 quarter. The private-sector lender reported a net profit of Rs 756 crore in the corresponding quarter last year.

Net Interest Income (NII) of the bank stood at Rs 39.9 bn, growing by 61% on a year-on-year (YoY) basis from Rs 24.5 bn.

The lender's net interest margin (NIM) improved by 1.8% to 5.8% for Q1-2024 compared to 4% for Q1-2023.

The gross non-performing asset (GNPA) of the bank declined to 5% compared with 20% last year. The net non-performing assets (NNPA) of the bank also fell to 0.44% compared with 1.3% last year.

The current account and savings account (CASA) increased to Rs 1.28 tn, and the CASA ratio stood at 52.61% as on 30 June 2023.

The lender's net advances grew by 20% YoY to Rs 1.65 tn on 30 June 2023 against Rs 1.4 tn a year back.

The lender's corporate and wholesale segment reported a revenue of Rs 26.9 bn, jumping from Rs 12.6 tn in the corresponding quarter last year.

For more, check out the top banking companies in India.

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

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