Gift Nifty Trades Flat | Bharat Forge & Kalyan Jewellers Q1 Results | Gensol Engineering's EV Order Win | Top Buzzing Stocks Today

Thu, 10 Aug Pre-Open

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Indian share markets continued the downtrend as the session progressed and ended the day lower.

Benchmark indices ended flat after data from China fuelled deflation concerns and Moody's U.S. banking downgrade triggered a sell-off in Wall Street, ahead of the Reserve Bank of India's (RBI) policy decision this week.

At the closing bell on Wednesday, the BSE Sensex stood lower by 149 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 61 points (up 0.3%).

Hindalco and Tata Motors were among the top gainers.

Maruti Suzuki and ICICI Bank on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.4% higher and the BSE SmallCap index rose 0.6%.

Sectoral indices ended on a mixed note with stocks in the oil and gas sector and energy sector witnessing most of the buying.

On the other hand, stocks from the realty sector and banking sector witnessed selling pressure.

Shares of Trent and Coforge hit their 52-week high on Wednesday.

The rupee was trading at 82.85 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 59,241 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:50 AM today, the Gift Nifty was trading 11 points lower at 19,602 levels.

Indian share markets are headed for a muted 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

Delhivery share price will be in focus today.

The company yesterday won a contract from Havells India.

The contract to design, build, and operate the factory-to-customer supply chain for Havells in western India.

Data Patterns will also be a top buzzing stock.

The defence and aerospace electronics solutions provider has recorded consolidated profit at Rs 258.3 m for the quarter ended June FY24, rising 81.4% over a year-ago period, driven by higher other income and top-line numbers.

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Bharat Forge Q1 net profit up 34%

Bharat Forge yesterday, reported a 34% YoY increase in the consolidated net profit at Rs 2.1 bn in the June quarter of the financial year 2023.

The company, which makes an array of critical and safety components for several sectors, including automobiles, posted a 36% jump in revenue at Rs 28.5 bn. The company's revenue in the year-ago quarter was Rs 38.8 bn.

The jump in revenue was largely aided by robust growth in the export and domestic segment. As far as exports are concerned, the Americas remain the top customer, followed by Europe and Asia.

Earnings before interest tax, depreciation, and amortisation increased by 0.5%. EBITDA margin is a measure of a company's operating profit as a percentage of its revenue. Bharat Forge's EBITDA increased 41% to Rs 6.2 bn, driven by capacity utilisation.

In the Indian business, the automotive vertical remained resilient on a year-on-year basis as domestic demand continued to be in good shape.

The outlook remains promising, and the management is confident that the segment will morron industry growth in the coming quarters.

Bharat Forge is among the top Indian drone companies to watch out for in 2023.

Speaking of the defence sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasised the need for self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD) has set a target of doubling defence production to US$ 25 bn by 2025.

To boost this, the Indian government is likely to spend a massive US$130 bn over the next 7-8 years on the modernization of the armed forces.

That is why we believe that the defence sector could produce the next set of multibagger stocks over the long run.

Kalyan Jewellers Q1 Net profit jumps 33%

The company for the financial year 2023 clocked a 31% year-on-year (YoY) jump in consolidated revenue from operations to Rs 43.9 bn in the April-June quarter for fiscal year 2023-24 (Q1FY24).

In the recently concluded quarter, the jewellery maker's consolidated profit-after-tax (PAT) rose 33% YoY to Rs 1.4 bn from Rs 1.1 bn in the year-ago period. India operations, too, recorded 35% growth in PAT to Rs 1.3 bn.

The company's total revenue from Middle-East operations increased 22% YoY to Rs 7 bn in the June 2023 quarter, while PAT jumped 24% to Rs 170 m. The Middle East region contributed 16% to the overall consolidated revenue of the company.

The e-Commerce division, Candere, recorded a revenue of Rs 340 m for the quarter versus Rs 440 m in the corresponding quarter of the previous year.

Total expenses, meanwhile, climbed 31% YoY to Rs 41.9 bn in Q1FY24.

Moreover, the company will launch their 200th showroom in Jammu in August. Apart, the upcoming showroom launches for August include Patna, Nawada, Sitamarhi and many more.

India has a rich tradition of jewellery making and is home to some of the most trusted jewellery brands in the world. Kalyan Jewellers stands tall amongst them.

For more, check out the top jewellery companies in India.

Gensol Engineering's EV Deal

Gensol Engineering yesterday secured a letter of intent (LoI) to provide 300 electric vehicles on operational lease.

Gensol Engineering received a LoI in July from Odisha Renewable Energy Development Agency (OREDA) to provide 300 electric vehicles with fleet management service on an operating lease for five years.

The company participated in this tender on behalf of its subsidiary Gensol EV Lease Private and was declared a successful bidder as a part of the tendering process. The cumulative billing value of this tender is Rs 1.2 bn, excluding taxes.

A meeting of the board of directors of the company will be held on 14 August to consider and approve the quarterly unaudited financial results for the first quarter of the financial year 2023-24.

Gensol Engineering offers engineering, procurement, and construction (EPC) services for the development of solar power plants.

Expanding its operations, the company also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune for the development and production of electric three-wheelers and four-wheelers.

Note that the electric vehicle (EV) megatrend is a once in a century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.

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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