Gift Nifty Trades Marginally Higher | Bajaj Electricals & Grasim Q1 Results | Zee-Sony Merger Approved | Top Buzzing Stocks Today

Fri, 11 Aug Pre-Open

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Indian share markets continued the downtrend on Thursday as the session progressed and ended the day lower.

Benchmark indices ended lower after the Reserve Bank of India (RBI) directed banks to maintain incremental cash reserve ratio (ICRR) at 10%, August 12 onwards, in order to reduce liquidity from the system.

At the closing bell on Thursday, the BSE Sensex stood lower by 308 points (down 0.5%).

Meanwhile, the NSE Nifty closed down by 89 points (down 0.5%).

Adani Enterprises, Adani ports and ONGC were among the top gainers.

Asian Paints, Kotak Mahindra Bank and Apollo Hospital on the other hand, were among the top losers.

Broader markets ended on a negative note. The BSE Midcap index ended marginally lower, and the BSE SmallCap index fell 0.2%.

Sectoral indices ended on a mixed note with stocks in the metal sector and power sector witnessing most of the buying.

On the other hand, stocks from the telecom sector, FMCG sector and banking sector witnessed selling pressure.

Shares of Abbott India, Cera Sanitary and Coforge hit their 52-week high on Thursday.

The rupee was trading at 82.86 against the US$.

Gold prices for the latest contract on MCX were trading flat at Rs 58,975 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the Gift Nifty was trading 16 points higher at 19,556 levels.

Indian share markets are headed for a positive opening today following the trend on trend on Gift Nifty.

Speaking of stock markets, Paint stocks are getting a lot of attention in the market these days.

Asian Paints dominates this sector but what about the other stocks?

Can any one of them become the next big multibagger paint stock?

And what do the charts say about these stocks?

In the below video chartist Brijesh Bhatia answers all these questions.

Top buzzing stocks today

Granules India share price will be in focus today.

The company reported a 62.4% year-on-year (YoY) decline in the June quarter net profit at Rs 479 m.

Granules India reported a 3.3% YoY decline in revenue from operations at Rs 9.9 bn.

Schneider Electric will also be a top buzzing stock.

The company reported strong earnings in its recent quarterly results. The company reported a 31.7% year-on-year (YoY) increase in net profit at Rs 349.2 m for the recently ended April-June quarter.

For the June 2023 quarter, the company reported a 33.3% YoY rise in its revenue from operations at Rs 4.9 bn.

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NCLT approves Zee-Sony merger

The National Company Law Tribunal (NCLT) has approved the merger of Zee Entertainment and Sony Pictures Networks India (SPNI) on 10 August 2023, paving the way to create a US $10-billion (bn)media giant in the country.

The tribunal has also dismissed all objections regarding the merger.

NCLT had initially reserved its verdict on the merger between Zee Entertainment Enterprises and Culver Max Entertainment.

In December 2021, Zee Entertainment and Sony Pictures reached an agreement to combine their businesses.

Subsequently, both media companies approached the tribunal to seek approval for the merger, having already obtained necessary permissions from the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and other regulatory bodies like the Competition Commission of India (CCI) and the Securities and Exchange Board of India (SEBI).

The Securities and Exchange Board of India (Sebi) had prohibited Subhash Chandra, chairman of Essel Group, and his son Punit Goenka from assuming directorial or major managerial positions due to alleged misuse of funds from Zee for personal gain.

The Securities Appellate Tribunal (SAT) upheld SEBI's interim order, imposing a one-year restraint on Zee Entertainment promoters Subhash Chandra and Punit Goenka from holding board positions in publicly listed companies, citing alleged fund diversion.

Zee Entertainment Enterprises is one of India's leading media and entertainment companies.

The share price of the company took a beating in January 2022, declining 12% in a month, and has been falling since then, down 28% in 2023. To know why, check out why Zee Entertainment's share price is falling.

Bajaj Electricals Q1 profit declines

Bajaj Electricals on Thursday reported a 9.9% decline in consolidated net profit at Rs 371.3 m in the June quarter. The company posted a net profit of Rs 411.9 m in the year-ago period.

Its net sales were down 1.5% to Rs 11.1 bn in the first quarter of the current fiscal as against Rs 11.2 bn in the year-ago period.

Bajaj Electricals' total expenses were almost flat at Rs 10.8 bn during the quarter, while total revenue maintained its level from the previous year at Rs 11.3 bn.

Its revenue from the consumer products segment was up 2% at Rs 8.7 bn in the quarter under review as against Rs 8.6 bn last year. However, revenue from its lighting solutions segment was down 12.5% to Rs 2.4 bn from Rs 2.7 bn in the June quarter last year.

Bajaj Electricals has demerged its engineering, procurement and construction (EPC) business after approval by NCLT Mumbai and accordingly, the segment has been shown as discontinued operations.

Since small-cap stocks like Bajaj Electricals interest you, here's a proven approach to investing in small-cap stocks.

Grasim Q1 results

India's Grasim Industries reported a 56% drop in quarterly profit on Thursday, its fourth straight quarterly fall, as the Aditya Birla Group-owned company was hit by weak chemicals prices and a slump in its textiles business.

Standalone net profit fell to Rs 3.6 bn ($42.9 million) in the June 2023 quarter, compared to Rs 8 bn a year earlier.

Prices of chemicals, including caustic soda, fell in the June quarter, leading to a 21.5% revenue drop in the company's second-largest business.

The company's international caustic soda average quarterly spot prices declined by 46% from last year in the first quarter to US$ 415 per tonne on over-supply and weak demand.

Its largest viscose staple fibre (VSF) business, a key material used in various kinds of clothes, was hit by weak demand amid flat prices for the material.

Revenue from the VSF segment declined 16.7% to Rs 35.8 bn. The drop marks the third straight quarterly decline for the business.

The company's revenue from operations fell 14% to Rs 62.4 bn.

Budgeted capital expenditure (capex) for fiscal 2024 is Rs 57.9 bn, with Rs 43.4 bn to be utilised in establishing its paints and business-to-business e-commerce businesses.

Last month, Grasim's unit Ultratech Cement beat its first-quarter profit view while its diversified financial services subsidiary Aditya Birla Capital reported a climb in profit.

As tailwinds to the Indian economy gain momentum, Grasim is one Stocks that You Could Bet on to Ride India's Decade.

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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