Mutual Fund SIP Trend in July, Titan June Quarter Results, and Top Buzzing Stocks Today

Wed, 12 Aug Pre-Open

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Extending gains to the fourth consecutive session, Indian share markets witnessed buying interest throughout the day yesterday and ended higher.

At the closing bell yesterday, the BSE Sensex stood higher by 225 points. Meanwhile, the NSE Nifty stood higher by 52 points.

Axis Bank and IndusInd Bank were among the top gainers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.2%.

Sectoral indices ended on a mixed note with stocks in the metal sector and banking sector witnessing buying interest.

Meanwhile, healthcare stocks witnessed selling pressure.

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Top Stocks in Focus Today

Dr Reddy's Laboratories will be among top buzzing stocks today as it announced the launch of a generic version of Ciprodex (ciprofloxacin 0.3% and dexamethasone 0.1%) Otic Suspension in the American market, following approval from the US Food and Drug Administration (USFDA). Ciprodex is used in adults and children 6 months of age or older to treat certain types of infections caused by certain germs called bacteria.

ICICI share price will be in focus today as the lender has launched an institutional share sale offering that will see the bank raise as much as Rs 150 billion (approximately US$ 2 billion). The bank said it has fixed a floor price of Rs 351.4 apiece for the so-called qualified institutional placement (QIP) offering. ICICI Bank's shares closed at Rs 363.6 per share on the BSE yesterday, up 1.6% from the previous close.

ICICI Bank's QIP follows the spate of share sales last week from HDFC Ltd, Axis Bank, Info Edge (India) Ltd and Alembic Pharma, which collectively raised over Rs 266 billion in the span of a week.

Market participants will also track KEC International share price as the company in its June quarter result announcement said it was confident of delivering a good performance in the financial year 2020-21 (FY21).

For the first quarter of the fiscal year 2020-21 (Q1FY21), the company reported an 8.4% year-on-year (YoY) drop in its revenue at Rs 22.1 billion against Rs 24.1 billion in Q1FY20.

To know more, you can read KEC International's latest result analysis on our website.

Investors Prefer Mutual Fund SIPs for Equity Exposure in July

In news from the mutual funds sector, investors continued to repose their faith in mutual funds and preferred to invest via the systematic investment plan (SIP) route to take exposure to the equity market.

However, the mutual fund SIP juggernaut seems to have slowed a tad.

According to data released by the Association of Mutual Funds in India (AMFI), monthly SIP contribution in July fell to Rs 78.3 billion from Rs 79.3 billion in June.

Subsequently, the number of SIPs discontinued also showed a marginal increase. The number of SIPs discontinued in July stood at 7 lakhs last month as against 6.5 lakhs in June.

Mutual fund managers attributed the fall in SIP inflows to deteriorating economic and jobs scenario, which may have forced investors to discontinue their SIPs.

However, a rise in the equity market during July also prompted a slew of investors to turn to SIPs as the industry added 11 lakh new SIP accounts last month. In comparison 9.13 lakh new investor accounts were opened in June.

Assets under management (AUM) of mutual fund companies that have come through the SIP route touched Rs 3.19 lakh crore in July, an increase of 19 lakh from a month ago.

Currently, mutual funds have about 3.27 crore SIP folios through which investors regularly invest in schemes.

Overall, total AUM of the 42-player mutual fund industry stood at Rs 27.1 lakh crore in July, higher than Rs 25.5 lakh crore in June.

How this trend pans out in coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space. Stay tuned.

Titan Posts Rs 2.7 Billion Loss in Q1 as Lockdown Dents Sales

Titan posted a net loss of Rs 2.7 billion in the April-June quarter.

India's largest branded jewellery maker reported a loss for the first time in almost two decades. The loss came against a profit of Rs 3.7 billion in the same quarter last year.

The watch and jewellery manufacturer posted a 74% drop in revenue from sales on-year basis to just Rs 12.5 billion against Rs 48.9 billion in the same period last year.

The fall in revenue and the net loss that Titan reported in the previous quarter was largely aided by store closures.

However, the company has reported better than expected recovery with sales surging in the months of June and July. During the quarter, jewellery segment revenue dipped 55.9% on-year basis and revenue from watches plunged 89.5% from the previous year.

The EBITDA loss came in at Rs 2.5 billion for the quarter as compared to an EBITDA of Rs 5.7 billion.

Titan said that all stores are not operating on all days in all the states due to intermittent lockdowns and local restrictions. The company expects revenue to be back to pre-coronavirus levels by the end of this fiscal year.

Ace investor Rakesh Jhunjhunwala held a 4.43% stake in the company at the end of June. The sharp decline in share price resulted in Rakesh Jhunjhunwala losing as much as Rs 2 billion of his investment in the stock.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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