MEMBER'S LOGINX
| Invalid Username / Password | ||||||||
| Invalid Captcha | ||||||||
|
||||||||
| Sign Up | Forgot Password? | ||||||||
India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
- Home
- Todays Market
- Indian Stock Market News July 25, 2024
Gift Nifty Down 246 Points | Axis Bank Q1 Results | Reliance Industries Resume Crude Imports | Top Buzzing Stocks Today Thu, 25 Jul Pre-Open
Image source: StarLineArts/www.istockphoto.comBenchmark indices remained muted as session progressed on and ended the day lower.
Indian stock markets witnessed another volatile session on Wednesday as investors assessed and reacted to the Budget 2024 proposals.
At the closing bell on Wednesday, the BSE Sensex stood lower by 280 points (down 0.4%).
Meanwhile, the NSE Nifty closed lower by 66 points (down 0.3%).
Nestle, ICICI Bank and Titan were among the top gainers.
Tech Mahindra, NTPC and BPCL 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 0.7% higher and BSE SmallCap index ended 1.9% higher.
Sectoral indices are trading mixed, with socks in power sector, telecom and energy sector witnessing most buying. Meanwhile stocks in banking sector and finance sector witnessed selling pressure.
Gold prices for the latest contract on MCX were trading 0.4% higher at Rs 68,806 at the time of Indian market closing hours on Wednesday.
At 8:20 AM today, the Gift Nifty was trading 246 points lower at 24,168 levels.
Indian share markets are headed for a negative start today following the trend on Gift Nifty.
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.
Top buzzing stocks today
Titagarh Rail share price will be in focus today.
Shares of Titagarh Rail Systems gained over 3% on 24 July after the firm said it had started the export of traction converters. The first batch of 8 converters was shipped to Titagarh Firema SpA (Titagarh Firema), Italy earlier this month on the 19.
This export is part of a 7.18 m euros (Rs 65 crore) order received by Titagarh Rail from Titagarh Firema.
United Spirit will also be a top buzzing stock.
United Spirits shares soared 6.5% to hit a record high of Rs 1,417.30 on 24 July, a day after the liquor company reported positive earnings for the April-June period.
The company's net profit grew around 2% on year to Rs 4.9 bn in Q1 on FY25, up from Rs 4.8 bn. Revenue also rose 3.5% to Rs 27.6 bn against Rs 26.7 bn in the corresponding quarter of the preceding fiscal.
Axis Bank Q1 Results
Axis Bank on 24 July reported a net profit of Rs 60.4 bn for Q1 FY25, up from Rs 34.5 bn in the corresponding quarter previous year.
This beat street expectations.
The bank's asset quality worsened sequentially with gross non-performing assets up 11 basis points (bps) at 1.5% and net non-performing assets 3 bps up at 0.3%. On a year-on-year (YoY) basis, the bank's GNPA and NNPA improved by 0.4% and 7 bps respectively.
Axis Bank's net interest income (NII) for the April-June quarter rose to Rs 134.5 bn from Rs 119.6 bn in the same quarter a year ago. The brokerage estimates had expected an NII of Rs 133.6 bn. Net interest margin (NIM) for Q1FY25 stood at 4.1%.
The total deposits grew 13% YoY, of which current account deposits grew 12%, and total term deposits grew 20%. The share of current account and savings account (CASA) deposits in total deposits stood at 42%.
Advances of the bank grew 14% YoY and 2% QoQ to Rs 9.8 tn. Retail loans grew 18% YoY to Rs 5.85 lakh crore and accounted for 60% of the net advances of the bank.
SBI Life Q1 Results
Leading insurer SBI Life on Wednesday reported a standalone net profit of Rs 5.2 bn for the first quarter ended June 2024. This is a growth of 36% from Rs 3.8 bn posted in the same quarter last year.
The net premium income for the reporting quarter increased 15% YoY to Rs 151.1 bn, compared with Rs 131 bn in the corresponding quarter of last year.
The income from investments during the quarter increased 32% YoY to Rs 192.8 bn. It was Rs 145.8 bn in the year-ago quarter.
The first-year premium for the June quarter jumped 19% YoY to Rs 31.5 bn against Rs 26.4 bn in the same quarter last year.
The new business for the April-June 2024 period increased 13% YoY to Rs 70.3 bn, while the renewal premium was up 16% YoY to Rs 85.4 bn.
The protection new business premium for the first quarter came in at Rs 7.2 bn.
The gross written premium (GWP) grew by 15% YoY to Rs 155.7 bn in Q1FY25, mainly due to robust growth in new business regular premium and renewal premium.
The value of new business (VoNB) increased 12% YoY to Rs 9.7 bn, while margins dropped to 26.8%.
SBI Life saw strong growth in the 49th month and 61st month persistency in the first quarter by 259 bps and 229 bps, respectively due to the company's focus on improving the quality of business and customer retention.
Reliance to Resume Crude Imports
Reliance Industries Ltd. has secured US approval to resume importing oil from Venezuela despite White House sanctions on the country.
India's largest privately owned refiner plans to start purchasing Venezuelan crude soon.
Reliance accounted for around 90 per cent of India's crude imports from Venezuela after the sanctions were lifted last year, according to data intelligence firm Kpler.
Washington temporarily removed restrictions on the South American nation's gold and oil sectors last year, when President Nicolas Maduro and the opposition signed a deal to guarantee free and fair elections.
The sanctions were then reinstated in April after Venezuela failed to honor the agreement, and oil companies have been applying for permits from the US Treasury Department to keep doing business there.
Venezuela's crude exports climbed to 654,000 barrels a day in June, the highest since April 2020, according to shipping reports and data from Kpler, after the US granted a specific license for companies to continue to drill in the country despite the sanctions being in place.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
ABOUT EQUITYMASTER
Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.
PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
- Multibagger Penny Stocks
- Basics of Value Investing
- Benjamin Graham
- How to Invest in Gold
- How to Invest in Silver
- Best Stocks to Buy Today
- Best Small-cap Stocks to Buy
- Best Bluechip Stocks to Buy
- Guide to Penny Stocks
- How to Invest in the Share Market
- Warren Buffett - The Value Investor
- Pick the Best Multibagger Stocks
TRENDING TOPICS
Copyright © Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited).
Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap
Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited) (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.
103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407
Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com
LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.
Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited) (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.
Equitymaster requests your view! Post a comment on "Gift Nifty Down 246 Points | Axis Bank Q1 Results | Reliance Industries Resume Crude Imports | Top Buzzing Stocks Today". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!