Gift Nifty Up 30 Points | Adani Wilmar & IndiGo Q1 Results | Aeroflex Industries IPO Approved | Top Buzzing Stocks Today

Thu, 3 Aug Pre-Open

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On Wednesday, Indian share markets extended losses as the session progressed and ended the day on a weak note.

Benchmark indices fell on Wednesday, dragged by broad sectoral slide, tracking global peers after weak economic data from the United States, euro zone and China triggered caution and weighed on risk sentiment.

At the closing bell on Wednesday, the BSE Sensex stood lower by 702.9 points (down 1%).

Meanwhile, the NSE Nifty closed down by 219 points (down 1.1%).

Nestle and HUL were among the top gainers.

Tata Steel and NTPC, on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index and the BSE SmallCap index fell 1.3%.

Sectoral indices ended on a negative note with stocks in the metal sector, power sector, and telecom sector witnessed heavy selling.

Shares of Procter & Gamble Health and BEML hit their 52-week high on Wednesday.

The rupee was trading at 82.59 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 59,666 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading 30 points or 0.2% higher at 19,530 levels.

Indian share markets are headed for a positive 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

Suzlon Energy share price will be in focus today.

The company is planning to hit the public market this month to raise Rs 15- Rs 18 bn by selling shares to institutional investors, as the wind turbine maker looks to substantially reduce debt amid its ongoing efforts to turn around the business.

The turbine maker, founded by the late Tulsi Tanti, has gone through two rounds of debt restructuring in its lifetime, the latest one in 2020 when its lenders agreed to convert Rs 3,000 crore of debt into equity.

SpiceJet will also be a top buzzing stock.

The company zoomed 6% yesterday as the beleaguered airline seeks shareholders' approval to offer a 5.91% stake to Carlyle Aviation Partners, which is the aircraft financing unit of the Carlyle Group.

The lessors have valued the low-cost carrier's share at Rs 48 a piece, which is almost a 55% premium to the current market price.

IndiGo Q1 results

InterGlobe Aviation, the operator of low-cost airline IndiGo, on 2 August 2023, posted a profit of Rs 30.9 bn for the quarter ended June 2023, as compared to a net loss of Rs 10.6 bn in the same period a year ago.

Revenue from operations for IndiGo, the largest airline in the country, rose 29.8% to Rs 166.8 bn, from the year-ago period when the airline had reported a topline of Rs 128.6 bn.

The surge in revenue was led by a sharp rise in domestic travel during the quarter, as demand for domestic travel in India has continued to surge for the past two quarters.

Sequentially, IndiGo reported a profit of Rs 9.2 bn on sales of Rs 141.6 bn in Q4 FY22-23.

IndiGo managed to surpass market expectations with its Q1FY2024 results, analysts had expected the airline to report a bottom line of Rs 17.7 bn on a top line of Rs 158.9 bn.

Available seat kilometres rose 19% on a year-on-year basis to 32.7 bn, while revenue passenger kilometres surged 32% on-year to 29 bn.

The load factor for the no-frill airline stood at 88.6% at the end of the June quarter against 79.6% in the year-ago period.

To know whether it is wise to time to invest in airline stocks, check out Airlines Stocks: time to Deplane.

Aeroflex Industries IPO Approved

Aeroflex Industries has received capital markets regulator Securities and Exchange Board of India (SEBI) approval to raise funds through an initial public offer (IPO).

In April, Aeroflex Industries, which is a subsidiary of Sat Industries filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise about Rs 3.5 bn through an Initial Public Offering (IPO).

A fresh issue of equity shares up to the value of Rs 1.6 bn and an offer-for-sale (OFS) of up to 17.5 m equity shares by the promoter's selling shareholders and promoter group make up the offer, which has a face value of Rs 2 per equity share.

In consultation with the book running lead manager (BRLM), the company may provide a discount to the eligible shareholders of Sat Industries, which is its promoter.

According to the DRHP, the fresh issue's proceeds will be used to pay up debt, meet working capital needs, and set aside a portion for general corporate uses and acquisitions for inorganic development.

Pantomath Capital Advisors Private is the sole BRLM for the offer, and Link Intime India Private is the registrar. The company's shares will be listed on the BSE and NSE.

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

Adani Wilmar Q1 revenue falls 12%

Edible oil major Adani Wilmar, on Wednesday, reported a net loss of Rs 790 m in the June quarter due to lower income amid a fall in prices of cooking oils.

The company posted a net profit of Rs 1.9 bn in the year-ago period.

Total income fell 12% to Rs 129.3 bn during the April-June period of this fiscal from Rs 147.2 bn in the corresponding period of the previous financial year.

Adani Wilmar sells edible oils and other food items under Fortune Brand. To capture the opportunity in the value-added blended oils under the Xpert brand.

Its quarter got impacted by high-cost inventory in a falling edible oil price environment and dis-aligned hedges compared to spot prices of physical commodities.

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.

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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