Gift Nifty Up 286 Points | Canara Bank to Replace Bandhan Bank in Bank Nifty | Coforge Hit with Data Breach Notice | Top Buzzing Stocks Today

Fri, 9 Aug Pre-Open

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   10:30 am   

   Closing   

Indian benchmark indices continued the fall as the session progressed but ended the day lower.

Equity benchmark indices, the BSE Sensex and NSE Nifty50, settled in negative territory on Thursday after the Reserve Bank of India's Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, decided to keep the repo rate unchanged at 6.5 per cent for the ninth consecutive time.

At the closing bell on Thursday, the BSE Sensex stood lower by 581 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 197 point (down 0.8%).

Tata Motors, Cipla and HDFC Bank were among the top gainers.

Infosys, Asian Paints and Grasim Industries 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.

The BSE MidCap index ended 0.4% lower and BSE SmallCap index ended 0.2% lower.

Barring healthcare sector all other sectoral indices were trading negative, with socks in metal sector, energy sector and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading marginally higher at Rs 68,986 at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the Gift Nifty was trading 286 points lower at 24,386 levels.

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

Speaking of the stock market, Indian Pharma companies have been at the receiving end of increased enquiries from the US pharma companies that could potentially be a big business opportunity.

Richa Shah, Research Analyst at Equitymaster in her latest video talks about why biosecurity Act could be a potential shot in the arm for pharma stocks

Tune into below video for more details.

Top buzzing stocks today

MRF share price will be in focus today.

Tyre maker MRF's net profit fell to Rs 5.7 billion (bn) in the June 2024 quarter, down 6% from the corresponding quarter a year ago, while revenue from operations rose by 11.7% to Rs 71.9 bn compared to a year ago.

The company's June quarter net profit was dragged lower as expenses rose faster than revenue growth, results filed with the stock exchanges revealed.

Metro will also be a top buzzing stock.

A partnership with renowned American headwear brand New Era Cap sent shares of Metro Brands sharply higher on 8 August, marking the shoe brand's foray into the athleisure segment.

New Era Cap makes caps for major US sports leagues and is backed by the National Football League, Major League Baseball and the National Basketball Association.

Canara Bank to Replace Bandhan Bank in Bank Nifty

PSU banking major Canara Bank is likely to be included in the Bank Nifty index in the September reshuffle, according to Nuvama Institutional Equities.

Tata Group's retail firm Trent Limited and state-owned defence giant Bharat Electronics Limited are also potential entrants to the Nifty 50 index in the September adjustment while replacing LTIMindtree and Divi's Laboratories, as per the broking house.

Trent Limited shares have surged 89% year to date compared to a 9% gain in the Sensex, while Bharat Electronics Limited has rallied 62% during the same period.

The average marketcap until the end of July will be considered as the cut-off, with the official announcement expected in the latter half of August. The adjustments will take place on 30 September.

These inclusions and exclusions are subject to changes in the Nifty 50, with possible additions of Divi's Laboratories Limited, LTIMindtree Limited, and Bharat Petroleum Corporation Limited, and potential removals of Zomato, Jio Financial Services Limited, Trent Limited, and Bharat Electronics Limited.

Bharat Forge Approves Fundraising

Bharat Forge's board has approved a plan to raise up to Rs 20 bn through issuing shares and debt. The decision comes as the company reported a mixed performance for the first quarter.

For Q1, Bharat Forge saw a 13.5% decline in net profit, amounting to Rs 2.7 bn compared to Rs 3.1 bn in the same period last year. Despite this drop, the company's revenue increased by 10%, reaching Rs 23.8 bn, up from Rs 21.3 bn year-on-year.

The company's EBITDA fell by 18.7% to Rs 651.3 crore from Rs 5.5 bn a year ago. However, its margin improved to 28% from 26% over the same period. The firm also faced a one-time loss of Rs 1.5 bn during the quarter.

Following the announcement of its Rs 20 bn fundraising plan, Bharat Forge's shares surged 4% on the NSE, trading at Rs 1,619.65 each.

Bharat Forge is a key manufacturer of critical components for various defence platforms. The company produces essential parts for military aircraft, including airframe components, structural elements, and engine parts.

Additionally, it supplies key components for tanks, armoured personnel carriers (APCs), and other combat vehicles.

Coforge Hit with Data Breach Notice

Coforge received a US$ 11-million notice from a client in the North American region for an alleged data breach, the information technology company said on 8 August.

The company said it is not yet a party to any litigation or arbitration proceeding and there is no tribunal, court, or agency where any litigation or arbitration proceeding has been filed against the company.

Irrespective of the notice, Coforge continues to provide services to the said client on a regular basis with no meaningful impact on the revenues received from such client.

For the period ended 30 June 2024, the company's net sales increased by 6% to Rs 12.1 bn from Rs 11.4 bn. Net profit was down over 61% to Rs 810 m from the year-ago period.

Coforge is a global digital services and business solutions provider with in-depth domain expertise that specialises in selected industry verticals.

The company delivers services around the world directly and through its network of subsidiaries and overseas branches.

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