Sensex Today Ends 166 Points Lower | Nifty Below 24,000 | Marico Down 6%

Tue, 6 Aug Closing

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After opening the day on the higher, Indian benchmark indices reversed the trend as the session progressed but ended the day lower.

Equity benchmark indices, the BSE Sensex and the NSE Nifty50, pared early gains to settle in the red on Tuesday

At the closing bell, the BSE Sensex stood lower by 166 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 63 point (down 0.3%).

Britannia, JSW Steel and HUL among the top gainers today.

HDFC Life, BPCL and SBI on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,053, down by 90 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

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 0.7% lower and BSE SmallCap index ended 0.6% lower.

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

Shares of Cera Sanitary, Pfizer and Gland Pharma hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.98 against the US$.

Gold prices for the latest contract on MCX are trading 0.1% higher at Rs 69,413 per 10 grams.

Meanwhile, silver prices were trading 0.5% lower at Rs 79,233 per 1 kg.

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Rahul Shah, co-head of research at Equitymaster in his latest video talks about Suzlon and where did he go wrong.

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Shree Cement Q1 Results

Shree Cement on Tuesday reported a 51.3% year-on-year (YoY) decline in its consolidated net profit to Rs 2.8 bn for the quarter ended 30 June 2024. The company reported a net profit of Rs 5.7 bn for the corresponding quarter of the last financial year.

Meanwhile, the revenue from operations stood at Rs 51.2 bn in the June quarter of FY25, up by 1.8% from Rs 50.3 bn reported in the year-ago period.

The company's total expenses in the June quarter grew by 4.4% to Rs 46.2 bn, up from Rs 44.2 bn in Q1FY24. In the previous quarter, the total expenses were reported at Rs 44.4 bn.

The earnings were announced during market hours, and following the results, the company's stock traded marginally lower at Rs 26682, down by 0.2%.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) reduced by 2% YoY from Rs 9.3 bn to Rs 9.2 bn.

During the quarter, the company commissioned its integrated cement unit in the Guntur district of Andhra Pradesh with a cement production capacity of 3.0 million tonnes per annum (MTPA).

Why Marico Share Price Is Falling

Moving on to news from the FMCG sector, Marico shares tumbled 4% in trade on 6 August as a result of the ongoing political unrest in Bangladesh.

Bangladeshi Prime Minister Sheikh Hasina's 15-year rule of the country ended on 5 August as she fled after weeks of deadly protests and the military announced it would form an interim government.

Hasina had sought since early July to quell nationwide protests against her government, but she fled after a brutal day of unrest on 4 August in which nearly 100 people died.

Bangladesh makes up for around 44% of Marico's international business revenues, which in turn contributes to around a quarter of the consolidated topline. Therefore, the Bangladesh market makes up around 12% of Marico's total revenue.

In the quarter that ended in June, within the International business segment, Bangladesh registered 10% CCG (constant currency growth) as the business stayed resilient and sustained its momentum.

The FMCG player continues to reduce its reliance on the Bangladesh market over the long term, but as the quarter gone by, sales from the troubled country maintained double-digit momentum. However, Marico is diversifying its international exposure to slash its dependence on Bangladesh.

TVS Motor Q1 Results

TVS Motor Company on 6 August reported a 23% rise in consolidated net profit at Rs 5.8 bn for the quarter ended 30 June 2024. It reported a consolidated net profit of Rs 4.7 bn in the year-ago period.

Revenue for the quarter increased by 16% from last year to Rs 83.8 bn, which is also in line with the estimates of Rs 83.7 bn.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at Rs 9.6 bn, a growth of 21.7% from the year-ago period.

EBITDA margin during the quarter expanded by 50 basis points to 11.5%.

For the June quarter, the overall two and three-wheeler sales for TVS Motor, including exports, increased by 14% compared to the year-ago quarter. Overall sales stood at 10.87 lakh units compared to 9.53 lakh units last year.

Motorcycle sales grew by 11% year-on-year to 5.14 lakh units. Electric scooter sales for the quarter stood at 52,000 units compared to 39 lakh units in the year-ago quarter.

During the quarter, TVS Motor launched new variants to the TVS iQube portfolio. The TVS iQube is now available in three battery options to choose from, along with five variants.

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

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