Gift Nifty Up 6 Points | Adani Enterprises Eyes Debt Issue | IOC Q1 Results | Top Buzzing Stocks Today

Wed, 31 Jul Pre-Open

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After opening the day on the flat note, Indian benchmark indices remain muted as the session progressed but ended the day marginally higher.

At the closing bell on Tuesday, the BSE Sensex stood higher by 99 points.

Meanwhile, the NSE Nifty closed higher by 21 point.

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

Cipla, Grasim Industries and Sun Pharma 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 0.3% higher and BSE SmallCap index ended 0.9% higher.

Sectoral indices are trading mixed, with socks in energy sector, power and telecom sector witnessing most buying. Meanwhile stocks in FMCG sector and IT sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.2% higher at Rs 68,741 at the time of Indian market closing hours on Tuesday.

At 7:45 AM today, the Gift Nifty was trading 6 points higher er at 24,936 levels.

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

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Top buzzing stocks today

Granules India share price will be in focus today.

Granules India reported an 181% jump in consolidated net profit for the quarter that ended June 2024.

For the June quarter, Granules India posted a net profit of Rs 13.5 bn, more than doubling from Rs 4.8 bn in the corresponding quarter last year.

Varun Beverages will also be a top buzzing stock.

PepsiCo's bottling franchise partner Varun Beverages on Tuesday announced a stock split in the ratio of 2:5 along with an interim dividend of Rs 1.25 per share for its shareholders while declaring its results for the June quarter.

The record date for the stock split will be announced by the company at a later date. Additionally, the company announced that it will be paying an interim dividend of Rs 1.25 per share to its eligible shareholders for the financial year 2024.

New India Assurance to Hike Premiums

According to media reports, New India Assurance is set to increase premiums by 10% on certain health insurance products.

This price increase is in the insurer's 25% of its health portfolio, said sources, adding that there is no hike in prices in its flagship health products. Notably, New India's health portfolio is 53% of its total book.

The move comes as a response to rising loss ratios and new IRDAI regulations, it added.

Following the report, shares of New India Assurance Limited were trading more than 3% at Rs 289.35 apiece on BSE

Adani Enterprises Eyes Debt Issue

Adani Enterprises, the flagship firm of Adani Group, plans to launch its first-ever public issue of bonds in the coming weeks to raise up to Rs 6 bn (US$ 71.7 m), two sources aware of the development said on Tuesday.

The company has already filed a draft prospectus with the market regulator. So the issue should open in mid-August after the final approval.

Adani Enterprises had decided not to proceed with a debut retail bond offering of up to Rs 10 bn last year after US-based short-seller Hindenburg Research accused the group of improper use of offshore tax havens and stock manipulation.

Adani Group denied Hindenburg's allegations, but shares of its group companies lost more than US$ 100 bn in value before recovering in late 2023.

Last week, the company informed the exchanges that it had filed a draft prospectus with the market regulator, and the public issue will have a base size and a greenshoe option of Rs 3 bn each.

Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management are the lead arrangers for the issue.

Since the Hindenburg report in January 2023, Adani Group companies have raised more than $670 million through listed rupee bonds and one-dollar bonds.

On Monday, Reuters reported that Adani Energy Solutions is likely to launch a share sale this week to raise more than US$ 600 m.

IOC Q1 Results

Indian Oil Corporation on 30 July reported a consolidated net profit of Rs 37.2 bn for the first quarter of the current financial year, a decline of 75% from the year-ago period.

The company posted a profit of Rs 147.4 bn in the year-ago period. The decline in profits comes amid low gross refining margins (GRMs).

Sequentially, net profit was down 32% as the company reported a net profit of Rs 5,487.92 crore in the quarter ended March 31.

Revenue declined almost 3% in Q1FY25 to Rs 2.19 lakh crore from the previous year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 55% from the last year to Rs 110.2 bn.

IOCL's average gross refining margin (GRM) fell to US$ 6.4 a barrel against US$ 8.3 in the year-ago period.

The company's board has accorded stage - 1 approval for the construction of a greenfield terminal at Bihta, Patna, Bihar on the Barauni-Kanpur product pipeline (BKPL) and Patna-Motihari-Baitalpur Pipeline (PMBPL) at an estimated cost of Rs 16.9 bn.

The company's refinery throughput was 18.168 million metric tonnes (MMT) against 18.752 MMT in the previous year.

Meanwhile, the company's pipeline throughput came in at 25.811 MMT from 24.951 MMT in the same period last year.

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

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