Gift Nifty Up 20 Points | M&M, SBI Q1 Results | the Latest on ITC Hotels Listing | Top Buzzing Stocks Today

Mon, 7 Aug Pre-Open

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Indian share markets witnessed positive trading activity through the trading session on Friday and ended on a strong note.

Benchmark indices advanced as pharma major Cipla's rally to record high aided sentiment among leading drugmaker stocks, while metal stocks gained on hopes that China would soon roll out measures to boost its economic recovery.

At the closing bell on Friday, the BSE Sensex stood higher by 481 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 135 points (up 0.7%).

IndusInd Bank, Tech Mahindra and Wipro were among the top gainers.

Maruti, NTPC and SBI, on the other hand, were among the top losers.

Both, the BSE MidCap index and the BSE SmallCap index gained 0.7%.

Sectoral indices ended on a mixed note with stocks in the IT sector, telecom sector and finance sector witnessing most of the buying.

While auto stocks and power stocks witnessed selling.

Shares of MRF, Info Edge and Astral hit their 52-week high on Friday.

The rupee was trading at 82.82 against the US$.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 59,490 per 10 grams at the time of Indian market closing hours on Friday.

At 7:45 AM today, the Gift Nifty was trading 20 points higher at 19,608 levels.

Indian share markets are headed for a positive 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

SBI share price will be in focus today.

India's largest lender State Bank of India (SBI) on Friday beat expectations by reporting a 178.2% year-on-year (YoY) jump in its net profit at Rs 168.8 bn.

This was the highest ever net profit for the fourth quarter in succession for SBI.

Indigo will also be a top buzzing stock.

Indigo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary.

The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on 19 June 2023 this year by bagging the largest order in aviation history of 500 A320 aircraft

Value Stocks: Stocks with Limited Downside but Good Upside Potential

ITC Hotels eyes IPO in the next nine months

According to the media reports, Indian conglomerate ITC is planning to list its hotel business ITC Hotels in the next six to nine months.

The report further stated that the next course of action is likely to be taken in a board meeting, which will be held on 14 August.

ITC however did not comment on its decision to list ITC hotels in the next six to nine months. The conglomerate cited an intimation to the stock exchanges from 24 July that states that the scheme of arrangement shall be placed for approval of the board at its next meeting to be convened on 14 August 2023.

The intimation to the bourse's states that appropriate announcements and public disclosures following the Securities and Exchange Board of India's listing regulations and other applicable laws will be made as necessary.

The Board of ITC Limited granted in-principal approval for the demerger of the hotel business under a scheme of arrangement.

The proposed restructuring would pave the way for the hotel business to operate as a separate entity in the rapidly expanding hospitality industry, focusing on its growth path with an optimal capital structure.

Market participants were hoping for a split mirroring the shareholding pattern. ITC has decided to withhold 40% of the newly-carved-out hotel company and distribute only 60% to shareholders.

For more information on IPOs, check out the list of upcoming IPO's.

M&M Q1 net profit jumps 98%

Mahindra & Mahindra's net profit surged 98% year-on-year (YOY) in the first quarter of FY24 on the back of a rich product mix and upbeat sales of sports utility vehicles.

Standalone profit climbed to Rs 27.7 bn in the three months ended June from Rs 14 bn a year earlier. Revenue from operations increased 23% to Rs 243.7 bn.

Other income rose to Rs 6.6 bn from Rs 1.4 bn in the year-ago quarter. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 46.5% to Rs 35.5 bn, while the EBITDA margin improved to 14.6% from 12.2%.

Automotive sales at the maker of the Thar, Bolero and XUV range of vehicles rose 21% to 186,000 units, the highest ever for the first quarter. The business recorded an increase in EBIT margin to 7.5% from 5.3%.

The company's electric three-wheeler business continued its market leadership with a 65.5% share.

The Indian automaker said that it invested to understand more of the financial services and banking business and not with any objective of foraying into the banking sector.

Going forward, the company is planning to invest Rs 120 m in its Information Technology facility located in Coimbatore.

This gains significance as the M&M EV business is likely to get another round of fund infusion.

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.

Britannia Industries Q1 results

Britannia Industries, on 4 August 2023, reported a consolidated net profit of Rs 4.6 bn for the June quarter of FY24, registering a growth of 35% from Rs 3.4 bn posted a year back.

The company's revenue increased 8.4% to Rs 40.1 bn from Rs 37 bn a year ago.

Earnings before interest, tax, depreciation and amortization (EBITDA) were at Rs 6.9 bn growing by 37.6%. EBITDA margin was at 17.2%, up 3.7%.

However, in this quarter, commodity prices marginally softened & hence, the local competition intensified. Given that situation, certain price corrections were initiated to remain competitive & continue to drive topline while maintaining profitability.

With a strong brand presence, it is among the top 4 FMCG stocks in India.

And 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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