Gift Nifty Up 14 Points | Tech Mahindra & Axis Bank Q1 Results | BHEL Synchronises Maitree Thermal Power Unit | Top Buzzing Stocks Today

Thu, 27 Jul Pre-Open

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On Wednesday, Indian share markets pared some gains as the session progressed and ended the day higher.

Benchmark indices ended higher, boosted by gains in index heavyweights Reliance Industries, Larsen & Toubro (L&T) and Tata Motors, ahead of the US Federal Reserve's monetary policy decision.

At the closing bell on Wednesday, the BSE Sensex stood higher by 352 points (up 0.5%).

Meanwhile, the NSE Nifty edged higher by up by 97 points (up 0.5%).

L&T, ITC and Britannia were among the top gainers.

M&M, Tech Mahindra and Apollo Hospitals, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.3% higher and BSE SmallCap ended 0.2% higher.

Sectoral indices ended on a mixed note with stocks in the telecom sector and realty sector witnessing most of the buying.

On the other hand, stocks from the auto sector and consumer durables sector witnessed selling pressure.

Shares of MRF and Colgate hit their 52-week high on Wednesday.

The rupee was trading at 82 against the US$.

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 59,480 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading 14 points or 0.1% higher at 19,998 levels.

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

Speaking of the stock markets, India is undergoing a significant energy transition. In FY23 itself, electric category in 3-wheeler grew over 150% YoY. The EV industry as a whole grew 58% YoY.

In the recent months, with electric bus orders on rise, stocks in this space such as Olectra Greentech and JBM Auto have witnessed gains of over 180% in 5 months.

And it's not just mobility space.

Renewable energy theme seems to be in charge. Stocks like Suzlon, a well-known player for harnessing wind energy, despite its negative reserves, have doubled in a similar period.

However, Hidden Treasure, Richa Agarwal would not touch them with a 10-foot pole.

Reason: The underwhelming return ratios in these businesses, and skyrocketing valuations that don't make sense to me.

She believes that the green energy revolution has serious policy push and more legs this time. It's just that one has to find safer ways to play it...Both from a business and valuation perspective.

In the video below she talks about one such business that may not be a part of any thematic or screener related to clean energy yet and could benefit significantly from the investments in solar capacities and the rise of green energy.

Top buzzing stocks today

BHEL share price will be in focus today.

State-owned engineering firm Bharat Heavy Electricals on Wednesday announced the synchronisation of 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh.

Bajaj Finance will also be a top buzzing stock.

The company on Wednesday reported a 32.4% year-on-year (YoY) rise in consolidated net profit for the quarter ended June to Rs 34.4 bn.

Total revenue from operations grew nearly 35% on year to Rs 124.98 bn. Net interest income for the quarter increased by 26% on year to Rs 83.9 bn.

Axis Bank Q1 results

Axis Bank on 26 July reported a 40% rise in net profit at Rs 57.9 bn for the April-June FY24 quarter from Rs 41.3 bn last year.

The bank's net interest income (NII) grew 27% on a year-on-year (YOY) to Rs 119.6 bn. Net interest margin (NIM) for Q1FY24 stood at 4.10%, up 0.5%.

The gross non-performing asset (GNPA) of the bank declined to 1.96% compared with 2.76% last year.

Also, the net non-performing assets (NNPA) of the bank fell to 0.4% compared with 0.6% last year.

The total deposits grew 17% YoY, within which savings account deposits grew 22% and current account deposits grew 23% YoY. The lender's total term deposits grew 13% YY.

The share of current account and savings account (CASA) deposits in total deposits stood at 46%, up 1.8%.

The bank's advances grew 22% YoY to Rs 8.58 tn with domestic net loans growing by 26% YoY.

Retail loans of the lender grew by 21% YoY to Rs 4.97 tn and accounted for 58% of the net advances of the bank.

Axis Bank's share price took a beating on the bourses in January 2023, falling 3% in a week. To know why, check out why Axis Bank share price is falling.

Tech Mahindra Q1 net profit falls 38%

IT services company Tech Mahindra saw its revenue fall by 4% sequentially to US$ 1600.7 mn (Rs 131.6 bn).

However, Tech Mahindra's revenue has fallen 4.2% in constant currency terms, making this the steepest fall among its peers. Wipro and HCLTech also saw a decline in revenue this quarter.

This was evidenced by Chief Executive Officer CP Gurnani's statement that this is one of the toughest quarters he has seen in the last five years.

Tech Mahindra reported a 38% YoY decline in net profit, which stood at Rs 6.9 bn for the June 2023 quarter, compared to the same quarter in the last fiscal year, when it stood at Rs 11.5 bn.

The company's margins were a big miss and fell way more than what was estimated. EBIT margins came in at 6.8%, a fall of 4.4% from last quarter's 11.2%, making this also the weakest among its peers. Defending its margins is something that Tech Mahindra has continued to struggle, with as it has remained the lowest among its peers.

This comes even as the company's attrition has fallen to 13%, the lowest among its peers, and its utilisation is at 87%.

For more check out why Tata Group Stocks, Tech Mahindra to Benefit as European Markets Rise.

As you're interested in Tata group stocks, check out the new section in our Stock Screener where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks.

Natco Pharma files ANDA

NATCO Pharma announced the submission of an abbreviated new drug application (ANDA) to the US Food and Drug Administration (FDA) for the generic version of Erdafitinib tablets in 3 mg, 4 mg, and 5 mg strengths.

Erdafitinib is indicated for the treatment of adult patients with locally advanced or metastatic urothelial carcinoma (MUC). Erdafitinib Tablets are marketed in the United States (US) by Janssen Biotech under the brand Balversa®.

NATCO has been named as a defendant in a lawsuit filed in the US district court of New Jersey by Janssen Pharmaceutica NV, Janssen Biotech Inc. and Otsuka Holdings Co.'s Astex Therapeutics.

NATCO believes that the ANDA is possibly the sole first-to-file based on its filing date and may be eligible for 180 days of marketing exclusivity at the time of launch.

Balversa® has recorded sales of US$ 36.5 million (m) in the US market for the year ending December 2022, as per the IQVIA database.

The healthcare and pharma megatrend is unstoppable in India. Also, to know which are the best pharma and healthcare stocks in India right now, check out the best pharma companies in India.

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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