Gift Nifty Trades Flat | Adani Green Energy & GAIL Q1 Results | Onest Files for IPO | Top Buzzing Stocks Today

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On Monday, Indian share markets continued the momentum as the session progressed and ended the higher.

Benchmark indices  gained on Monday following all-round buying and an upbeat global mood. Meanwhile, the continued outperformance of the broader indices also helped the market breadth to end strongly.

At the closing bell on Friday, the BSE Sensex stood higher by 367 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 107 points (up 0.6%).

NTPC and ONGC were among the top gainers.

Apollo Hospital and Britannia, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.9% higher while the BSE SmallCap rose by 1.3%.

Sectoral indices ended the day on a mixed note with stocks in the metal sector and power sector witnessing buying.

Meanwhile, stocks in the FMCG sector and healthcare sector witness selling pressure.

Shares of Abbott India and MRF hit their 52-week high on Friday.

The rupee was trading at 82.24 against the US$.

Gold prices for the latest contract on MCX were trading 0.2% lower at Rs 59,680 per 10 grams at the time of Indian market closing hours on Monday.

At 7:55 AM today, the Gift Nifty was trading 7 points higher at 19,893 levels.

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

Speaking of the stock markets, Rahul Shah co-head of research at Equitymaster, talks about a simple rule to navigate this all-time high market.

The index has already gone up 16% from its March lows and there is nothing on the horizon for the time being that can stop the rally in its tracks.

This presents the classic dilemma for the average investor. Should we take advantage of this rally and exit a few stocks, or should he keep riding the bull to new highs?

Tune in to the below video to know how to navigate.

Top buzzing stocks today

UPL share price will be in focus today.

Agrochemicals major UPL disappointed Dalal Street investors with its June quarter figures, as the company on Monday reported a steeper-than-expected drop in earnings.

Its consolidated net profit nosedived 81% year-on-year (YoY) to Rs 1.7 bn.

Bharti Airtel will also be a top buzzing stock.

Telecom major Airtel has prepaid Rs 80.2 bn to the Department of Telecommunications (DoT) as part of its deferred liabilities for the spectrum acquired in the 2015 auction.

The Sunil Mittal-led telecom company informed that the said instalments were paid with an interest of 10%, leveraging a much lower cost of financing available to it.

GAIL Q1 net profit declines 45%

GAIL (India) yesterday reported a decline of 45% in consolidated net profit in the first quarter of financial year 2023-24.

The consolidated net profit of the country's largest gas distributor stood at Rs 17.9 bn in the reporting quarter, compared to Rs 32.5 bn in the same period last year.

This rise was on account of increased gas marketing and transmission volumes and increased transmission tariff realisation.

Improvement in the company's performance following two weak quarters comes amid softening in liquefied natural gas (LNG) prices and a resumption in gas supplies.

Last year, GAIL had to cut down supplies to its customers after supply disruptions from Russia's Gazprom and was forced to buy expensive LNG from the short-term market.

GAIL has said earlier that supply from Germany's SEFE (renamed by the German government after Russia relinquished ownership of Gazprom) was resumed in March 2023.

Revenue from operations was flat at Rs 328.5 bn in the June 2023 quarter, compared to Rs 379.4 bn from the year-ago period.

During the quarter, the company acquired a 100% stake in erstwhile JBF Petrochemicals Limited, now GAIL Mangalore Petrochemicals Limited, by infusing Rs 21 bn through the corporate insolvency resolution process.

The transition from grey to green hydrogen is happening at a faster pace than expected. GAIL is contributing to this transition, making itself among India's Top Green Hydrogen Stocks.

Adani Green Q1 results

Adani Green Energy on 31 July 2023, reported a consolidated net profit of Rs 3.2 bn for the June 2023 quarter, up 50.9% from Rs 2.1 bn last year.

The company's total revenue stood at Rs 24 bn, up 41.3% from Rs 17 bn reported last year.

The company said its revenue from power supply was up 55% on-year at Rs. 20.6 bn. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) from power supply increased by 53% YoY to Rs 19.4 bn with a high EBITDA margin of 92.5%.

Operational Capacity increased by 43% to 8,316 MW YoY with the addition of 1,750 MW solar-wind Hybrid, 212 MW solar and 554 MW wind power plants over the last one year.

Solar portfolio Capacity Utilisation Factor (CUF) at 26.9% with 0.4% improvement YoY. Wind portfolio CUF at 38.7% with an 8.3% reduction YoY.

The reduction is primarily due to relatively lower wind speed, which

was higher last year. Overall Hybrid portfolio CUF stands at a strong 47.2%. Sale of Energy increased by 70% YoY at 6,023 million units in Q1FY24 versus 3,550 million units in Q1 FY23.

For more details, check out Equitymaster's Indian stock screener, which shows all the Adani group companies' fundamental analysis on one screen.

Dig deeper into Adani group stocks.

FMCG company Onest files IPO papers

FMCG company Onest has filed a draft red herring prospectus (DRHP) with the capital market regulator Sebi for fundraising via an initial public offering (IPO).

The public offer comprises a fresh issuance of shares worth Rs 770 m and an offer for sale (OFS) of 32.5 lakh shares by promoter and investors.

Founder and promoter Pawan Kumar Gupta, who holds an 84.5% stake in the company, will be offloading 26.64 lakh shares via the OFS route and Glentrade DMCC will be selling 4.68 lakh shares via offer for sale.

Most fresh issue proceeds, excluding issue expenses, will be utilised for incremental working capital requirements, besides general corporate purposes.

Dubai-based Glentrade DMCC holds 7.4% shares in Onest, which provides home care and personal care products, food products and household products to B2B2C and B2B customers.

With a presence in Africa, the Middle East, LATIN, SAARC, ASEAN and CIS countries, the company exported to over 57 countries as of March 2023 and has recently entered the domestic market with its wide range of products through its subsidiary.

For more information on IPOs, check out the list of upcoming IPO's.

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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