Stock Market Highlights, Aug 13: Sensex sheds 693 pts, Nifty below 24,150; HDFC Bank, SBI, TaMo drag

Stock Market Highlights on August 13, 2024: Broader indices also settled lower, with small-cap shares being the worst hit as the Nifty Smallcap 100 index fell 1.30 per cent

3:54 PM

Comment :: Why did markets fall today?

The domestic market plunged into red terrain in the latter half, amidst mixed global sentiments. Recent IIP data indicates a lacklustre growth in the major manufacturing sector. Persistent selling by FIIs and elevated valuations is further contributing to the decline. Despite having minimal impact on the recent adverse developments, the market currently shifts attention towards underlying earnings growth, which remains bleak this quarter and may lead to a downgrade if resilience isn’t shown in subsequent quarters. All sectors, especially banking, metals, telecom, and fertilizers were in red, while HDFC Bank declined due to lower-than-expected passive fund inflows in the recent MSCI index rejig.

Views by: Vinod Nair, Head of Research, Geojit Financial Services.

3:49 PM

Rupee Update :: Rupee ends flat vs US dollar

3:45 PM

Broader market check :: Mid, SmallCap indices fall around 1% each

3:40 PM

Sectoral trends :: All but IT settle lower

3:37 PM

Sensex Heatmap :: 24 of 30 index stocks slide; HDFC Bank, Tata Steel worst hit

3:35 PM

Stock Market Closing Bell :: Nifty ends below 24,150

3:34 PM

Stock Market Closing Bell :: Sensex tanks nearly 700 pts

3:24 PM

Oil India stock surges 21% in one week as brokerages remain upbeat

Shares of Oil India (OIL) hit a new high at Rs 691.60, gaining nearly 4 per cent on the BSE in Tuesday’s intra-day trade; thus extending its past two-day rally after brokerages maintained a ‘Buy’ rating on the stock with a target price by up to Rs 780. In comparison, the BSE Sensex was down 0.81 per cent at 79,006 at 02:41 pm. READ MORE

3:15 PM

Upcoming IPO Alert: Inventurus Knowledge Solutions files DRHP with Sebi

Technology-enabled healthcare solutions provider, Inventurus Knowledge Solutions, has filed its Draft Red Herring Prospectus (DRHP) with market regulator, the Securities and Exchange Board of India (Sebi), for its initial public offering (IPO). With the IPO, Inventurus Knowledge Solutions is offering an offer for sale of up to 28,184,060 equity shares of face value of Re 1 each. READ MORE

3:05 PM

Ethanol price hike buzz triggers rally in sugar stocks; soar up to 9%

A committee headed by a joint secretary from the petroleum ministry has already held one round of discussions on the proposal. The revision of ethanol prices will be based on the fair and remunerative price of sugarcane, PTI report said. READ MORE

2:57 PM

Patel Engineering stock tanks 5% as topline, Ebitda fall in Q1FY25

Patel Engineering reported its Q1FY25 results with a 25.8 per cent increase in net profit, rising to Rs 48.2 crore compared to Rs 38.3 crore in the same period last year. However, revenue decreased by 1.5 per cent year-on-year, totaling Rs 1,101.7 crore, down from Rs 1,118.6 crore. READ MORE

 

2:48 PM

ALERT:: Hindalco Q1 net rises 25%; stock down 0.6%

Hindalco in an exchange filing today reported 25 per cent YoY growth in consolidated net profit at Rs 3,074 crore; Revenue from operations, however, declined 5.3 per cent YoY to Rs 52,991 crore.

2:40 PM

Happiest Minds Technologies shares fall on Q1FY25 results, down 16% YTD

During Q1FY25, the company's net profit dropped 12.5 per cent Year-on-Year (Y-O-Y) to Rs 51.03 crore, compared to Rs 58.33 crore reported in the corresponding quarter of the previous fiscal year, according to the company's regulatory filings. READ MORE

2:31 PM

MSCI lifts freeze on Adani stocks, revises stance amid Hindenburg fallout

MSCI, which had earlier excluded Adani Energy and Adani Enterprises from the global standard index, stated it would now review the companies' fundraising activities. READ MORE

2:25 PM

Indian Railways cancels Rs 30,000 cr tender for 100 Vande Bharat trains

The cancellation comes after the railways found the price quoted by the lowest bidder, Alstom India, to be ‘too high’. According to the report, the French multinational company had quoted a price of Rs 150.9 crore per train. However, the railways wanted to seal the deal at Rs 140 crore per train. READ MORE

2:16 PM

Aarti Industries stock tanks 16% on heavy volumes on margin concerns

The management anticipates 20-30 per cent volume growth in FY25, although margins are expected to remain under pressure for at least next 1-2 quarters due to continued dumping from China. READ MORE

2:07 PM

ALERT:: Sensex at day's low, down 580 points

1:55 PM

Coffee Day shares tumble 29% in 2 days: What's brewing at CCD operator?

Coffee Day Enterprises share price were under pressure for a second day on Tuesday. At 1:20 PM, Coffee Day shares were down 15 per cent at Rs 33.89 per share as against 364 points, or 0.46 per cent, dip in the benchmark BSE Sensex. In two days, Coffee day Enterprises share price has tumbled 28.6 per cent after the company informed the exchanges that the National Company Law Tribunal (NCLT), Bengaluru bench, has admitted the company for insolvency proceedings. READ MORE

1:33 PM

Hindustan Copper shares jump 6% after profits grow two-fold in Q1 earnings

Hindustan Copper’s stock rose up to 5.6 per cent at Rs 319.65 a piece on the BSE in Tuesday’s intraday deals. The stock price soared after the company on Monday reported its April-June quarter of financial year 2024-25 (Q1FY25). State-owned Hindustan Copper Ltd reported a two-fold increase in consolidated net profit, reaching Rs 113.40 crore for the quarter ending June 30, 2024, which represents a 139.9 per cent increase from Rs 47.28 crore in the same period last year.  READ MORE

 

1:26 PM

Sectoral update :: Banking, Financial Services shares fall over 1%

1:19 PM

Marico resumes normal manufacturing ops at Bangladesh plants; stock up 3%

Marico share price today rose 3.1 per cent to Rs 665.55 per share on the BSE on Tuesday after the company shared an update regarding its operations in Bangladesh. At 12:55 PM, Marico share price was quoting at Rs 666, up 1.88 per cent, on the BSE. By comparison, the benchmark BSE Sensex was down 330 points, or 0.76 per cent, at 79,319 level. READ MORE

1:06 PM

Insurance stocks in focus :: GST Council to meet on Sept 9, to start discussion on rate rationalisation

After the previous Council meeting on June 23, Sitharaman had said the next meeting of the GST Council the Group of Ministers (GoM) on rate rationalisation under Bihar Deputy Chief Minister Sumant Chaudhary, will give a presentation on the status of the work and aspects covered by the panel and work pending before the panel. READ MORE

12:53 PM

Nifty Midcap 150 soars: Profit and market cap have doubled in 5 years

"The Nifty Midcap 150 index has seen a substantial 207% increase in profit after tax to Rs 2.05 lakh crore from June 2019 to June 2024, while its market capitalisation has grown at 360% to Rs 82.5 lakh crore. This period has also seen significant diversification with over 240 meaningful IPOs, collectively exceeding $1 billion in market capitalisation," noted Mirae Asset. READ MORE

12:41 PM

Balrampur Chini stock nears record high, gains 5% on stable Q1 performance

Shares of Balrampur Chini Mills hit an over two-year high at Rs 519.70, surging 5 per cent on the BSE in Tuesday’s intra-day deals after the company delivered a stable performance for the June 2024 quarter (Q1FY25).  The company reported improvement in volumes and realizations in the sugar segment that supported its overall performance. With adequate sugar stocks in India, analysts expect resumption of ethanol-blending program as was the case until Sugar Season (SS) 23.

READ MORE

12:38 PM

Stock Market Check :: Sensex at day's low

12:31 PM

Is HDFC Bank stock a good bet after MSCI August Review? What analysts say

Analysts, on their part, are of the view that long-term investors could continue to hold the stock, irrespective of the MSCI development, as the lender is one of the largest banks in India. In the near-term, however, investors should expect a sideways movement in the stock. READ MORE

12:19 PM

Indus Towers to buyback shares worth Rs 2,640 crore: Exchange filing

Indus tower in an exchange filing said that it is set buyback of up to 5,67,74,193 shares of the company representing approximately 2.107 per cent of equity of the company. The company will buyback shares at a Rs 465 per share, payable in cash for an aggregate amount up to Rs  2,640 crore on a proportionate basis.  The share buyback opens on August 14, and closes on August 21, the company said. 

12:01 PM

Senco Gold shares climb over 9% on healthy Q1FY25 results, growth outlook

Senco Gold shares rally: Shares of Senco Gold, a gems and jewellery maker, climbed 9.18 per cent to Rs 1,131.45 on the BSE during intra-day deals on Tuesday. This was just 4 per cent shy of its 52-week high of Rs 1,176, which it hit on June 28 on the BSE.

The northward rally in the stock came on the back of the company's strong financial results for the first quarter of the fiscal year 2023-24. During the quarter ended June 30, 2024, Senco Gold's consolidated net profit jumped 82 per cent year-on-year (YoY) to Rs 51 crore, compared to Rs 28 crore reported in the corresponding quarter of the previous fiscal year. Read more
 

11:47 AM

Reliance Retail gets Rs 14,839 cr debt from parent for strategic growth

According to the company’s recent financial statement, this funding – the largest from the parent company in the past decade – was provided as an inter-corporate deposit by Reliance Retail Ventures, the holding firm. Read more

11:33 AM

Inox Wind, Inox Wind Energy zoom up to 36% in 2 days on strong earnings

Shares of Inox Wind hit a new high at Rs 237, as they rallied 14 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes after the company bagged an order for 51 MW from Everrenew Energy Private Ltd, a leading commercial and industrial (C&I) player.

In the past two days, the stock of the wind energy solutions provider has zoomed 36 per cent after reporting a healthy operational performance in June 2024 quarter (Q1FY25). Read more