Gift Nifty Up 40 Points | Adani Ports & Hindalco Q1 Results | TCS to Revamp Government's e-Marketplace | Top Buzzing Stocks Today

Wed, 9 Aug Pre-Open

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Indian share markets remained subdued throughout the session and ended the day lower.

Benchmark indices gyrated in a narrow trading band on Tuesday, amid alternate bouts of buying and selling.

At the closing bell on Tuesday, the BSE Sensex stood lower by 107 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 27 points (down 0.1%).

Cipla and Wipro were among the top gainers.

Hindalco and M&M on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index and the BSE SmallCap index rose 0.2%.

Sectoral indices ended on a mixed note with stocks in the banking sector and finance sector witnessing most of the buying.

On the other hand, stocks from the metal sector and telecom sector witnessed selling pressure.

Shares of Grasim and Lupin hit their 52-week high on Tuesday.

The rupee was trading at 82.85 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 59,435 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:55 AM today, the Gift Nifty was trading 41 points or 0.2% higher at 19,602 levels.

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

Speaking of the stock markets, the Indian stock market has been in a bullish trend for the last few months. And one sector has been at the forefront of the gains.

Public sector stocks have been on fire. There are many fundamental reasons for this but what do the technical charts say about these stocks?

In the below video, Chartist, Brijesh Bhatia talks about the technical outlook for these stocks.

Top buzzing stocks today

BEL share price will be in focus today.

State-run Bharat Electronics has set a target of Rs 203 bn for the financial year 2023-24 as demand for indigenous products is driving growth for the company.

The order book of the Navratna PSU under the Ministry of Defence stands at around Rs 648 bn as on 1 August 2023 this year.

HPL Electric & Power will also be a top buzzing stock.

The company entered into a deal with the West Bengal State Electricity Distribution Company Limited (WBSEDCL) for the deployment of an advanced metering infrastructure (AMI) project.

The AMI project will be funded by the World Bank and will be executed in coordination with WBSEDCL.

Hindalco Q1 net profit slumps 40%

Aditya Birla Group flagship Hindalco Industries reported a 40.4% decline in its consolidated net profit to Rs 24.5 bn for the first quarter ended June 2023 from Rs 41.2 bn recorded a year ago.

Consolidated revenue for the company fell 8.3% on year to Rs 533.8 bn, as against Rs 582.3 bn a year ago, and 5% from Rs 562.1 bn recorded in the previous quarter.

Revenue from operations fell 8.6% to Rs 529.9 bn Rs 580.2 bn, registered last year.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter at Rs 61.1 bn declined 29.2% on-year from Rs 86.4 bn.

Novelis, the aluminium subsidiary of Aditya Birla Group's Hindalco Industries, recorded a 19.6% decline in revenue to US$ 4.1 bn from US$ 5.1 bn due to lower average aluminium prices and shipments.

FY24 has started on a promising note. The focus on expanding our value-added portfolio and operational efficiencies has enabled it to deliver a sustained performance in the face of continued macroeconomic pressures. An enhanced product mix saw the aluminium India downstream

business generating higher value.

Hindalco Industries is an Indian aluminium and copper manufacturing company. The company is a subsidiary of the Aditya Birla Group.

With a huge cash balance of Rs 116.3 bn, it is among the 5 Indian Companies with insane cash reserves to watch out for big dividends.

TCS to revamp Government's e-Marketplace

The government has appointed Tata Consultancy Services (TCS) as a strategic partner to revamp the Government e-Marketplace (GeM), the IT firm said.

The objective is to transform GeM into a state-of-the-art public procurement platform and enhance transparency, efficiency, and inclusivity.

At present, GeM boasts a gross merchandise value (GMV) of over Rs 2 tn, facilitating transactions between more than 70,000 buyer organisations and an excess of 6.5 m sellers and service providers. These include 800,000 medium and small enterprises.

GeM serves as an end-to-end online marketplace for central and state government bodies, including public sector undertakings. It streamlines the procurement of common use goods and services.

While the current platform has seen success, there are architectural challenges that need to be addressed. The partnership with TCS aims to overcome these challenges and meet the evolving requirements of both buyers and sellers.

The new GeM platform will embrace e-commerce and e-marketplace principles, featuring a multi-tenant, multi-rule, multilingual, open-source, and open-API-based architecture.

The aim is to make the platform scalable and designed to accommodate the anticipated six-fold growth in GMV over the next six years.

Tata Consultancy Services (TCS) is a bright shining star in the galaxy of Tata Group companies.

TCS has been one of the favourite stocks of investors because of the performance it has delivered since its listing.

If you had invested Rs 1 lakh in TCS shares at the issue price of Rs 850 in the IPO in 2004, the value of that investment today would be around Rs 3,176,000, a return of almost 3,000% by August 2022.

With strong fundamentals, it stands among the 5 best long-term companies of 2023.

Adani Ports Q1 profit zooms 83%

Adani Ports and Special Economic Zone on 8 August 2023 reported a 82.6% rise in consolidated net profit to Rs 21.1 bn for the June 2023 quarter from Rs 11.6 bn reported last year.

The company's revenue from operations climbed 23.5% to Rs 62.5 bn from Rs 50.6 bn a year back. The company's topline saw a positive impact from additional revenue generated by fresh acquisitions.

Earlier in the year, Adani Ports paid US$ 1.2 bn to acquire the Haifa port in Israel.

The Port of Haifa is the second largest port in the country in terms of shipping containers and the biggest in shipping tourist cruise ships.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter increased by 80% YoY to Rs 37.7 bn.

Cargo volume grew 12% YoY to over 101 MMT, supported by containers growth of 15%. Adani Ports' market share in India jumped around 2% to 26%.

APSEZ's domestic cargo volumes recorded 8% YoY increase, which is 3x India's cargo volume growth rate in the same period. Mundra handled 1.72 Mn TEUs (twenty-foot equivalent unit) in Q1 FY24, which is 12% higher than its closest competitor.

Krishnapatnam Port recorded strong volumes by handling 5 MMT cargo volumes in all the three months of the quarter.

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.

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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