July Passenger Vehicle Sales, Results Review for IRCTC & BPCL, and Buzzing Stocks Today

Fri, 13 Aug Pre-Open

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On Thursday, Indian share markets witnessed positive trading activity throughout the day and ended near record high.

At the closing bell on Thursday, the BSE Sensex stood higher by 318 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 82 points (up 0.5%).

The BSE Sensex hit a new high of 54,874 levels while the NSE Nifty scaled new peak of 16,376.

Power Grid and Tech Mahindra were among the top gainers.

Dr Reddy's Lab and IndusInd Bank, on the other hand, were among the top losers.

The broader markets, too, stabilized after continuous sessions of decline as the BSE announced new framework.

The BSE Mid Cap index and the BSE Small Cap index ended higher by 1.1% and 2%, respectively.

Barring energy, all sectoral indices ended in green with stocks in the power sector and IT sector witnessing most of the buying interest.

Shares of Gland Pharma and Mphasis hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading on a flat note at Rs 46,360 per 10 grams at the time of market closing hours yesterday.

Speaking of stock markets, Brijesh Bhatia talks about where the Nifty is headed, in his latest video for Fast Profits Daily.

In his previous video, he discussed the possibility of the Nifty forming of a top and that 16,057 was the key level to watch out for.

Now, that level has been decisively taken out.

But what now? Where will the Nifty go from here?

Brijesh answers this question in the video below. Tune in to find out more:

Top buzzing stocks today

ITC will be among the top buzzing stocks today.

FMCG major ITC will invest US$2 bn (around Rs 150 bn) in the mid-term to expand capacity in FMCG, paper, packaging, agri-business and update technology, chairman and managing director Sanjiv Puri said.

Maruti Suzuki share price will also be in focus today.

India's biggest automaker has warned that strict European-style emissions rules due to start next year will force up car prices. This will mean another blow to an industry that was in a slump even before the pandemic hit.

Market participants will also track shares of Burger King, Eclerx Services, Glenmark Pharma and SpiceJet as these companies are scheduled to announce their results today.

Results corner

IRCTC

IRCTC, the tourism and catering arm of Indian Railways, reported a net profit of Rs 820 m for the June quarter.

The company had posted a loss of Rs 240 m in the year-ago period and a profit of Rs 1 bn in the March 2021 quarter.

IRCTC's revenue rose 85.4% to Rs 2.4 bn as compared to Rs 1.3 bn in the last year quarter.

Segment wise, revenue from the catering segment fell 37% to Rs 560 m from Rs 890 m in the year-ago period.

Internet ticketing revenues rose more than 300% to Rs 1.5 bn, while that from the tourism category more than doubled to Rs 70 m.

IRCTC's board approved the proposal for a split of 1 share at a face value of Rs 10 each into 5 equity shares at a face value of Rs 2 each.

Indoco Remedies

Indoco Remedies has reported strong results for the June 2021 quarter.

The company reported a 40.2% year on year (YoY) rise in revenue at Rs 3.9 bn on the back of a healthy growth in domestic markets due to traction for its Covid-19 portfolio during the second wave.

The company's revenue from export formulations grew 60.5% YoY to Rs 1.5 bn driven by strong growth in regulated and emerging markets, while domestic formulations grew 46.3% YoY to Rs 2.2 bn.

EBITDA (earnings before interest, taxes, depreciation, and amortization) margins also expanded 1.1% YoY to 22.5% on account of lower employee expenses.

As a result, the company's net profit more than doubled at Rs 396 m from Rs 172 m in the June 2020 quarter.

VIP Industries

VIP Industries has also posted turnaround numbers for the June 2021 quarter.

VIP Industries, which is the leading manufacturer of hard and soft luggage in Asia, reported a consolidated net profit of Rs 25.3 m compared to a net loss of Rs 513.2 m in the year ago period.

The company's consolidated revenue from operations, meanwhile, surged 411.4% year on year (YoY) to Rs 2.2 bn as against Rs 403.2 bn in the June 2020 quarter.

The overall expense skid 18% YoY due to a reduction in CSR spends, factory related costs and elimination of all discretionary spends.

Employee cost was almost in line with last year in the same period as well as a sequential quarter.

BPCL

Bharat Petroleum Corporation (BPCL) has reported 27.6% drop in June quarter net profit at Rs 15 bn.

The nation's second largest oil refiner and fuel marketing company had a net profit of Rs 20.8 bn in April-June 2020-21.

The profit was lower as a sharp movement in oil prices - from US$19-20 per barrel to US$40 in April-June quarter of 2020 led to a spike in marketing margins. This year, the movement has been range-bound.

Revenue from operations rose to Rs 896.9 bn in June quarter from Rs 506.2 bn last year.

Passenger vehicle sales up 45% in July

In news from the automobile sector, sales of passenger vehicles rose 45% to 264,442 units last month, albeit on a low base, driven by pent-up demand as more and more states eased restrictions imposed to check the spread of the second wave of the pandemic.

As per data available with industry body Society of Indian Automobile Manufacturers (SIAM), as many as 182,779 passenger vehicles were sold in the local market in the year-ago period.

The sales numbers do not include wholesale volumes of Tata Motors, which has stopped reporting data on a monthly basis to SIAM.

Sales of two-wheelers in the month under review declined 2% to 12,53,937 units compared to 12,81,354 units sold in the corresponding period of the last financial year.

While sales of scooters went up 9.6% to 366,292 units; those of motorcycles dipped 5.8% to 837,096 units.

Three-wheeler sales last month stood at 17,888 units, up from 12,728 units in July 2020.

SBI Mutual Fund waves red flag

India's largest mutual fund, SBI Mutual Fund, has raised concerns on the Indian stock market.

The asset manager, which manages assets worth more than Rs 5 lakh crore, is concerned over the prospects of returns from the Indian equities going ahead, because of the euphoria on display in the primary market and among retail investors.

Dinesh Balachandran, fund manager at SBI Mutual Fund said,

• Primary market activity is flashing warning signs. Such level of activity is normally associated with euphoria.

Balachandran, who will be managing the equity portion of SBI Balanced Advantage Fund, said if the current excitement in the market continues, then the fund will look to lower its equity allocation even further to ensure capital preservation.

We will keep you updated on the latest news from this space. Stay tuned.

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