Gift Nifty Down 360 Points | Titan & Delhivery Q1 Results | Birlasoft Expects Prolonged Spending Tightness | Top Buzzing Stocks Today

Mon, 5 Aug Pre-Open

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Indian share markets Slipped further as the session progressed and ended the day weak.

Equity benchmark indices - the Nifty50 and Sensex opened lower on Friday, tracking weak global cues.

At the closing bell on Friday, the BSE Sensex stood lower by 886 points (down 1.1%).

Meanwhile, the NSE Nifty closed lower by 293 points (down 1.2%).

Titan, Nestle and ICICI Bank were among the top gainers.

HDFC Bank, Sun pharma and Britannia 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.

Broader markets ended the day negative. The BSE Mid Cap ended 2.3% lower and the BSE Small Cap index ended 2.2% lower.

Sectoral indices are trading on negative note with stocks in metal sector, auto sector, energy sector and oil & gas sector witnessing buying most selling pressure.

Gold prices for the latest contract on MCX were trading 0.9% higher at Rs 70,560 at the time of Indian market closing hours on Friday.

At 8:10 AM today, the Gift Nifty was trading 360 points lower er at 24,355 levels.

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

Speaking of the stock market, Marcellus' star fund manager has hit a rough patch.

But is his new bet on fast-growing "challenger" companies the answer?

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Top buzzing stocks today

Adani Wilmar share price will be in focus today.

shares of FMCG firm Adani Wilmar jumped 6.4% on BSE on Friday after Adani's flagship entity Adani Enterprises on Thursday approved the demerger of the company's food FMCG business to Adani Wilmar.

The demerger scheme also includes Adani Enterprises' strategic investment in Adani Commodities

Triveni Engineering will also be a top buzzing stock.

Shares of Triveni Engineering fell up to 5.5% after the company reported a 54% drop in its consolidated net profit for the June 2024 quarter.

Triveni Engineering reported a net profit of Rs 310 m for the quarter ending in June, down from Rs 680 m the previous year. The company attributed the lower profitability to decreased segment performance across most of its businesses.

Titan Q1 Results

Jeweller and watchmaker Titan Ltd on August 2 said its standalone net profit fell by 1% to Rs 7.7 bn in the June quarter as compared to Rs 7.8 bn in the year-ago period as higher gold prices deterred demand.

However, the firm's standalone revenue from operations rose 10% to Rs 111.1 bn in Q1FY25 compared to Rs 101 bn in Q1FY24.

The jewellery segment reported total standalone income for the quarter grew 9% over Q1FY24 at Rs 90.7 to Rs 98.8 bn. The Indian business grew 8% in the same period. EBIT at Rs 11 came at a margin of 11.2% for the quarter.

The first 6 weeks of the quarter including Akshaya Tritiya saw a 20% YoY retail growth.

In India, 11 new stores (net) were added in Tanishq, 19 stores in Mia and 3 stores in Zoya respectively. Zoya opened its first store in the cities of Chennai and Pune.

CaratLane added 3 new stores (net) in the quarter taking the total store count to 275 stores spread across 112 cities pan-India.

The international jewellery business recorded a growth of 92% YoY to Rs 3.5 bn.

Birlasoft Expects Prolonged Spending Tightness

Birlasoft chief executive officer Angan Guha has said discretionary spending is still tight and is likely to continue for a few quarters, signalling a prolonged rough patch for mid-tier firms even as large-cap information technology companies are seeing green shoots.

The challenge might continue for a couple of more quarters, with an added event of the US presidential election in November.

The banking, financial services, and insurance (BFSI) vertical, however, has performed well, in keeping with the large sectoral trend.

Guha said the company's performance in the June quarter was below the company's expectations, as tepid discretionary spending weighed on performance.

The company's first-quarter results should be seen in the backdrop of the fact that it has had six quarters of consistent sequential and YoY growth.

While the year-on-year results remained positive, the sequential performance did not meet expectations.

The BFSI sector showed positive signs. The vertical was up 8.4%, the energy and utilities vertical was up 3.7% sequentially, while the manufacturing and life sciences vertical registered a sequential decline.

Delhivery Swings to Black

Delhivery's revenue rose 13% to Rs 21.7 bn in the June quarter (Q1) and returned to black with Rs 540 m net profit, amid a broader slowdown in the e-commerce sector which the logistics company primarily caters to.

The company logged revenue of Rs 19.3 bn in the year-ago period, while net loss was Rs 890 m.

After posting a surprise net profit for the first time in the December quarter last year, which coincided with a seasonal spike in e-commerce sales due to festivities, Delhivery slipped back into the red in the March quarter this year.

The company also claimed that it continues to make strong inroads into the larger B2B transportation and supply chain services markets.

Express parcel shipments increased by 4% sequentially to 183 m in Q1 FY25, up from 176 m in Q4 FY24.

Revenue also saw a sequential rise of 5%, reaching Rs 12.7 bn in Q1 FY25 compared to Rs 12.2 bn in Q4 FY24. This represents a 6% year-over-year growth from Rs 12 bn in Q1 FY24.

Additionally, the EBITDA profitability for Express Parcel services improved sequentially to 18.2% in Q1 FY25.

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

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