Gift Nifty Up 117 Points | Indus Tower to Consider Buyback | Vedanta Announces Second Interim Dividend | Top Buzzing Stocks Today

Mon, 29 Jul Pre-Open

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Indian share markets continued the momentum as the session progressed and ended on firm footing.

The equity market bulls were back on Dalal Street. The S&P BSE Sensex soared mor than 1,000 points, while the Nifty 50 index rallied over 350 points.

At the closing bell on Friday, the BSE Sensex stood higher by 1,293 points (up 1.6%).

Meanwhile, the NSE Nifty closed higher by 428 points (up 1.8%).

Cipla, Bharti Airtel, and Apollo Hospital were among the top gainers.

ONGC, Nestle and Tata Consumer Products 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 2% higher and BSE SmallCap index ended 1% higher.

All Sectoral indices are trading on positive note with socks in telecom sector, metal sector and IT sector witnessing most buying.

Gold prices for the latest contract on MCX were trading 0.5% higher at Rs 67,818 at the time of Indian market closing hours on Friday.

At 7:45 AM today, the Gift Nifty was trading 117 points higher at 25,069 levels.

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

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Top buzzing stocks today

Cyient share price will be in focus today.

Cyient fell over 9% on 26 July as investors were left disappointed with the company's first quarter (Q1FY25) earnings for fiscal 2024-2025. The IT firm reported revenue and margin, which were far lower than analyst estimates.

Mphasis will also be a top buzzing stock.

Mphasis stock surged over 8% to a 52-week high of Rs 3,077.9 on 26 July, as investors cheered the management's upbeat commentary following its April-June quarter results.

The information services company's net profit grew 3% on quarter to Rs 404 in Q1 of FY25 while revenue was flattish at Rs 34.2 bn.

Indus Tower to Consider Buyback

Telecom infrastructure company Indus Towers said the board will consider and approve a proposal to buyback of fully paid-up equity shares, pushing its stock price up by 4.75% Friday.

If approved, this will be the first time in eight years that the company will be conducting a buyback of equity shares. It last happened in 2016, when it was called Bharti Infratel.

At the time, the company had allocated Rs 20 bn for buyback.

The 30 July board meeting will also consider and approve the unaudited financial results for the quarter ended June 2024.

Cipla Q1 Results

Pharma major Cipla on Friday posted 18% growth in its consolidated net profit at Rs 11.8 bn for the first quarter ended June 2024. The same stood at Rs 9.9 bn in the year-ago period.

Revenue from operations in the reporting period increased 6% year-on-year to Rs 66.9 bn.

EBITDA for the first quarter increased 14% year-on-year to Rs 17.2 bn, compared with Rs 15.1 bn in the same quarter of last year.

Segment wise, with the One India business, the branded prescription division reported growth at 10%, led by focused chronic therapies like respiratory, cardiac and urology, which continued to outpace the market growth.

The overall chronic mix in the portfolio has improved by 1.1% year-on-year to 61.5%.

The consumer health franchise posted growth of 3% year-on-year due to the high base of last year. Anchor brands of Nicotex, Omnigel and Cipladine grew to leadership positions in their respective segments.

The North American business yet again achieved an all-time high quarterly revenue of US$ 250 m by growing 13% over last year supported by positive traction in differentiated portfolios.

Albuterol market share has improved to 17% as per IQVIA week ending 21st June 2024.

To enhance this franchise, the generic version of Lanreotide was launched during the quarter, which is one of the biggest peptide launches for FY25.

The South African market recorded strong double-digit growth of 19% year-on-year in local currency terms, led by the private market. The secondary growth of the private market was at a healthy 7.8% versus the market growth of 1.7%, while the prescription business maintained its number 1 rank.

This growth was propelled by an uptick in key therapies, new launches as well as growth in OTC portfolio.

Vedanta Announces Second Interim Dividend

Metal major Vedanta's board of directors on Friday approved a second interim dividend of Rs 4 per share for the Financial Year 2024-25. The total payout will amount to Rs 15.6 bn.

The dividend was approved by its board in a meeting held today and the company announced about the development during market hours.

The company had intimated earlier about the record date for payment of dividends to be Saturday, 3 August 2024.

In its quarterly update earlier this month, Vedanta reported a 36% year-on-year (YoY) jump in alumina production at Lanjigarh refinery at 539 kt driven by new capacity, the company said today in a filing to the exchanges.

In Q1FY24, the company had produced 395 kt. It was up by 11% on the quarter-on-quarter (QoQ) basis versus 484 kt in the March quarter.

The cast metal aluminium production at its smelters was reported at 596 kt, up 3% YoY on account of better operational performance. The metal production was flat on the QoQ basis.

Its mined metal production in the first quarter stood at 263 kt, up 2% YoY with improved mined metal grades. In line with mine preparation activities being carried out every year in the first quarter, it was lower by 12% QoQ, the company filing said.

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

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