Gift Nifty Up 32 Points | Real Estate Tax Shift Boosts PFC, REC | Aums Drugs & Pharmaceuticals IPO | Top Buzzing Stocks Today

Fri, 26 Jul Pre-Open

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

Indian stock markets witnessed another volatile session on Thursday as investors assessed and reacted to the Budget 2024 proposals.

At the closing bell on Thursday, the BSE Sensex stood lower by 109 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 7 points.

Tata Motors, ONGC and BPCL were among the top gainers.

Axis Bank, Titan and Tata Steel 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 0.2% lower and BSE SmallCap index ended 0.1% lower.

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

Gold prices for the latest contract on MCX were trading 1.8% lower at Rs 68,218 at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the Gift Nifty was trading 32 points higher at 24,488 levels.

Indian share markets are headed for a positive 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

Canara Bank share price will be in focus today.

Canara Bank on Thursday posted a net profit of Rs 39.1 bn in the first quarter, up about 10% from Rs 35.3 bn in the same quarter of last year.

Net interest income (NII) during the reporting quarter increased 6% year-on-year (YoY) to Rs 91.7 bn against Rs 86.7 bn in the last year period.

Axis Bank will also be a top buzzing stock.

Axis Bank shares took a 6 percent dive on 25 July, a day after the lender reported its April-June earnings which highlighted its worsening asset quality that soured investor sentiment.

The lender reported a sharp spike in its net profit, which came at Rs 60.4 bn for Q1 FY25, up from Rs 34.5 bn in the year ago period.

Aums Drugs & Pharmaceuticals IPO

The Rs 18.6 bn initial public offer (IPO) of Delhi-based Akums Drugs and Pharmaceuticals announced that its Rs 18.6 bn IPO, which will open on 30 July and close on 1 August, will have a price band of Rs 646-679.

The IPO consists of a fresh issue of shares worth Rs 6.8 bn and an offer for sale (OFS) of up to 17.3 m shares with a face value of Rs 2 per share. Each lot in the issue will consist of 22 shares.

At the upper price band of Rs 679, the OFS would be worth about Rs 11.8 bn.

Bids can be made for a maximum of 22 equity shares and in multiples of 55 shares thereafter. About 75% of the IPO has been kept reserved for QIB (qualified institutional buyers), 15% for non-institutional investors and the remaining 10% for retail investors.

The shares of Akums Drugs and Pharmaceuticals will be listed on the NSE and BSE platforms on 6 August.

Real Estate Tax Shift Boosts PFC, REC

The Indian government has recently reduced capital gains tax on real estate sales but has simultaneously eliminated indexation benefits. This change is expected to lead to an increase in tax outflow for real estate investment gains, depending on the sale price and inflation.

To mitigate this increased tax burden, investors have two primary options: reinvest the capital from the asset sale into another real estate property or invest in special government 54 EC bonds.

The 54 EC bonds, which can only be issued by specific government-backed entities such as Power Finance Corporation (PFC), REC Ltd, National Highways Authority of India (NHAI), and Indian Railway Finance Corporation (IRFC), currently offer a coupon rate of 5.3% with a five-year duration.

This rate is lower compared to the average cost of funds for PFC at 7.4% and REC at 7.1%. If demand for these bonds rises, it could potentially lower borrowing costs for these two lenders.

In its note, Bernstein highlighted that REC and PFC, long overlooked by investors, now boast market capitalisations between US$ 15 bn and US$ 20 bn, with trading volumes nearing US$ 125 m.

Ashok Leyland's Profit Drops 9%

Ashok Leyland on 25 July reported an 8.7% decline in net profit at Rs 5.3 bn in the first quarter of FY25, compared to Rs 5.8 bn in the corresponding period of the previous financial year.

The net profit for the quarter under review has declined significantly from the March quarter profit, which came in at Rs 9 bn.

Similarly, the earnings before interest, tax, depreciation, and amortization (EBITDA) is 11% higher on-year at Rs 9.1 bn but below the Street estimates of Rs 9.9 bn.

The firm's revenue stood at Rs 85.9 bn in the June quarter, growing 5% over Rs 81.9 bn in the year-ago period.

The operating margin rose 60 basis points on-year to 10.6% from 10%.

The Indian flagship of the Hinduja Group said its net debt-to-equity ratio stood at 0.1 at the end of the June quarter.

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

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