Infosys June Quarter Results, Gold Prices Ease, and Top Buzzing Stocks Today

Fri, 17 Jul Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices ended higher for the second consecutive day helped by gains seen in pharma, banking and IT stocks.

At the closing bell yesterday, the BSE Sensex stood higher by 419 points (up 1.2%).

The NSE Nifty closed higher by 121 points (up 1.2%).

The BSE Mid Cap index ended up by 0.7%.

The BSE Small Cap index ended down by 0.1%.

On the sectoral front, gains were largely seen in the IT sector and banking sector.

Telecom stocks, on the other hand, witnessed selling pressure.

Speaking of Indian stock markets, multiple investing philosophies are pointing that smallcaps are likely to perform well, going ahead.

In his latest video, Apurva Sheth explains why this is the best time to invest in smallcaps for better returns in 2020 and 2021.

He also shares a fundamental aspect that you may not have seen or heard before. This aspect indicates that this is the best time to invest in smallcap stocks in a decade.

Tune in to find out more:

Top Stocks in Focus Today

Minda Corporation will be among the top buzzing stocks today.

Shares of Minda Corporation, the auto components maker, witnessed selling pressure yesterday after it reported a consolidated loss after tax of Rs 3 billion in the fourth quarter ended March 31, on account of impairment charges of one of its arms that has filed for insolvency.

The company had posted a consolidated profit after tax of Rs 419.2 million in the corresponding period of the previous financial year.

Revenue from operations during the quarter stood at Rs 7 billion as against Rs 7.7 billion in the year-ago period.

The company said its board of directors on Wednesday decided to withdraw financial support to its wholly-owned subsidiary Minda KTSN Plastic Solutions GmbH Co & KG, Germany (MKTSN), pursuant to which MKTSN has filed for insolvency.

Vodafone Idea share price will also be in focus today. The stock of the company plunged 15% yesterday as reports suggested the company was up for a long legal battle over its premium plans after Reliance Jio appealed to the telecom tribunal to hear its side before passing an order.

Media reports said Mukesh Ambani-controlled Jio appealed to the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to hear its side before passing any order on Vodafone Idea's petition against the regulatory curbs on premium plans.

Earlier this month, Telecom Regulatory Authority of India (TRAI) blocked the lucrative premium plans of Vodafone Idea and Bharti Airtel after Jio complained to the regulator claiming premium plans were discriminatory.

Market participants will also be tracking Marico share price as the board of the company approved the Scheme of Amalgamation between Marico Consumer Care and Marico Limited and their respective shareholders and creditors.

Board appointed Pawan Agrawal as the Chief Financial Officer of the Company with effect from September 10, 2020.

Gold Prices Ease on Back of a Firm Dollar

Gold witnessed selling pressure yesterday on the back of a stronger dollar and rise in equities in the global markets.

However, concerns over rising coronavirus cases and simmering US-China tensions kept bullion close to a near nine-year high.

Gold prices in India fell slightly yesterday but held above Rs 49,000 levels.

On MCX, August gold futures fell 0.1% to Rs 49,211 per 10 grams after rising 0.2% in the previous session.

In global markets, gold prices edged higher as worries over surging coronavirus cases and renewed US-China tensions propped up demand for the safe-haven metal.

The yellow metal held above the key psychological US$1,800 level, rising 0.1% to US$1,808.6 per ounce.

Speaking of gold, note that the yellow metal is in focus lately.

Gold futures in the US had crossed the US $1,800-an ounce mark earlier, but for the first time in 8 years, even the spot price was above US$ 1,800.

The yellow metal is also in focus lately after US Federal Reserve Chairman Powell said that output and employment remain far below their pre-pandemic levels and cautioned that the outlook for the economy is "extraordinarily uncertain."

So how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

Gold Has Been a Shining Long-Term Investment

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

So, is this the right time to buy gold?

In his video on 11th of June 2020, Vijay Bhambwani, editor of Weekly Cash Alerts at Equitymaster, had said it would be institutions and large investors who would drive gold price higher.

And the recent data has justified his view.

In his latest video, Vijay now makes his case for why gold is likely to go higher.

You can check the same here: Gold: Bet on God's Own Currency

Infosys June Quarter Results

Infosys posted a stronger-than-expected 12.4% rise in the June quarter consolidated net profit.

The stock jumped 14.5% to its one-year high of Rs 952 on the BSE yesterday on the back of above news.

Infosys posted 12.4% rise in the first quarter consolidated net profit to Rs 42.7 billion, helped by large deals, and said its FY21 revenue is likely to grow by up to 2%.

The Bengaluru-based company, which logged large deal wins worth US$ 1.7 billion during the quarter, saw its digital revenues growing over 25% to US$ 1.38 billion (44.5% of total revenues).

The company had posted a net profit (before minority interest) of Rs 38 billion in the June 2019 quarter.

Revenue grew 8.5% to Rs 236.6 billion in the quarter under review from Rs 218 billion in year-ago period.

Infosys CEO and Managing Director Salil Parekh said that while COVID-19 pandemic still presents challenges, the company is reinstating its guidance for the full financial year at 0-2% in constant currency terms.

This announcement comes at the back of huge demand in areas of digital, strong deal pipeline and better growth visibility despite the coronavirus pandemic, the reports noted.

The company is seeing huge demand in the areas of digital such as cloud, automation, cybersecurity and vendor consolidation, which the company stated it benefitted from.

How this pans out remains to be seen. We will keep you updated on all the developments from this space.

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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