Rising Gold Prices, June Quarter Results, and Top Stocks in Action Today

Fri, 24 Jul Pre-Open

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On Thursday, Indian share markets witnessed positive trading activity throughout the day and ended on a strong note.

Benchmark indices extended gains as the session progressed, driven by index heavyweight Reliance Industries and healthcare stocks.

At the closing bell on thursday, the BSE Sensex stood higher by 269 points. Meanwhile, the NSE Nifty closed higher by 83 points.

The BSE Mid Cap index ended the day up by 1%. The BSE Small Cap index ended up by 0.6%.

On the sectoral front, gains were largely seen in the energy sector and healthcare sector.

Top Stocks in Focus Today

Rossari Biotech will be among the top buzzing stocks today. Shares of the company made a solid debut on Thursday, as the scrip got listed at Rs 670 on BSE, a premium of 57.7% over its issue price of Rs 425.

Further, shares of the company surged as much as 80% to touch a high of Rs 804 on the BSE.

The initial public offering, sold in the price band of Rs 423-425 from July 13 to July 15, was subscribed over 79 times.

Before this, Neogen Chemicals was the last specialty chemicals IPO to hit the markets in April 2019.

Dilip Buildcon share price will also be in focus today as the company announced DBL-HCC (JV) has received the letter of acceptance from the Narmada, Water Resources, Water Supply and Kalpasar Department for an EPC project in the state of Gujarat.

Market participants will also track shares of Ambuja Cement, Asian Paints and ITC as these companies will announce their June quarter results later in the day.

June Quarter Results

Larsen & Toubro (L&T) reported a consolidated net profit of Rs 3 billion for the quarter ended June 2020, registering a 79% decline year-on-year (YoY).

The PAT was impacted mainly due to lower revenue, credit provisions in the financial services business and under-recovery of overheads.

The revenues of the company declined by 28% YoY, impacted by nation-wide lockdown, resulting in halting of manufacturing and construction activities, non-availability of labour and disruptions to the supply chain ecosystem.

The consolidated order book of the group stood at Rs 3,050.8 billion as of June 2020, with an international order book constituting 24% of the total order book.

Against the backdrop of this intractable business environment, it has been pursuing a multi-pronged strategy to weather the economic crisis and restoring normalcy in business operations.

Rallis India's consolidated net profit in the April-June quarter jumped 53% to Rs 920 million. During the same quarter last year, the company's PAT stood at Rs 600 million.

The Tata Group company's consolidated revenue grew 6% to Rs 6.6 billion for the quarter under review as against Rs 6.2 billion in the same quarter of FY20.

"We have registered a 13.5% revenue growth during Q1 for domestic crop care business on account of robust demand and a 3% revenue growth in seeds sales over the previous year despite the challenges faced," the company's Managing Director and CEO Sanjiv Lal said.

The company reported an EBITDA (earnings before interest, tax, depreciation, and amortisation) of Rs 1.3 billion compared with Rs 950 million, logged in Q1FY20.

HDFC Asset Management Company (AMC) posted a 3.62% year-on-year (YoY) rise in net profit at Rs 3,023.6 million for the quarter ended June 30.

It had posted a net profit of Rs 2,917.9 million in the corresponding quarter last year.

Reportedly, fall in total expenditure mainly supported the bottom line of mutual fund house during the quarter under review.

It posted a 43.52% YoY dip in total tax expenditure at Rs 780.1 million in Q1FY21 over Rs 1,381.3 million in the same period last year.

Total income of the company declined 11.1% YoY to Rs 4,913.1 million during the April-June period.

EBITDA decreased by 20% and stood at Rs 3,164.8 million in Q1FY21.

PNB Housing Finance reported a 10% decline in consolidated net profit to Rs 2.6 billion in the first quarter ended June 30, mainly due to lower disbursement amid COVID-19 pandemic.

The housing financier, promoted by Punjab National Bank, had reported net profit of Rs 2.8 billion in June quarter of 2019-20.

Gold Hits New Record High

Domestic gold and silver futures surged to new all-time highs on Thursday, extending gains to a second straight session, tracking global rates amid US-China tensions.

Gold futures on Multi Commodity Exchange (MCX) rose by Rs 629 or 1.3% to a record high of Rs 50,707, and silver futures climbed to Rs 62,400.

In the international market, gold steadied near a nine-year peak as an escalation in US-China tensions bolstered its safe-haven appeal, with investors also looking for a hedge against possible inflation as more stimulus is rolled out to support pandemic-hit economies.

Gold prices had surged 1% or about Rs 500 in the previous session. On the other hand, silver had jumped 6% or about Rs 3,400 per kg in the previous session, extending its Monday's Rs 1,150 gain.

So, is this the right time to buy gold or silver?

In his video on 15th of June 2020, Vijay Bhambwani, editor of Weekly Cash Alerts at Equitymaster, had said silver is likely to do well even in these testing times.

And the recent data has justified his view. The price has crossed Rs 60,000/kg. Sentiment has turned positive for the white metal.

In his latest video, Vijay now makes his case for why silver is in a sweet spot now and more gains lie ahead.

Tune in to find out more...

Meanwhile, if you also want to know, when and how to buy gold, just visit our Youtube Playlist on gold investing.

Get trading ideas on gold by India's #1 trader Vijay Bhambwani. Find out the right way to profitably trade gold now.

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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