Shares of Power Finance Corporation fell more than 5% to an intraday low of Rs 471.35 from its previous close of Rs 498.05. The company’s lower circuit is placed at Rs 448.25. Power Finance Corp touched its 52-week high of Rs 580 on July 12, 2024.

The stock of Raymond rose 4% to an intraday high of Rs 1,988.75 after the company’s net profit jumped more than 41% on year to Rs 92 crore in Q1 of FY25. The stock has a 52-week high of Rs 3,496, which it touched on July 08, 2024.

“We expect Rupee to trade with a negative bias on risk aversion in the global markets, amid geopolitical tensions in the Middle East and rising risk of recession in the US which may lead to outflows by foreign investors. However, overall weakness in the US Dollar and declining crude oil prices may support the Rupee at lower levels. Any further intervention by RBI may also support the Rupee. Traders may take cues from trade balance data from the US. Investors may watch out for RBI’s monetary policy decision this week. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Vedanta’s shares rose more than 2% to an intraday high of Rs 421.95 after the company’s net profit for the period grew by 37% on year to Rs 3,606 crore in Q1 of FY25, against Rs 2,640 crore it reported in the same period a year ago.

Courtesy: NSE

Kalyani Steels reported a standalone net profit of Rs 51.57 crore for the quarter ending June 2024, down from Rs 61.25 crore in the same period last year. Despite the profit decline, the stock inched up 0.70% on the NSE, trading at Rs 837.35.

Shree Cement’s stock is trading lower at Rs 26,834.10 on the NSE following the announcement of its consolidated net profit for the quarter ending June 2024. The company reported a profit of Rs 278.45 crore, down from Rs 571.94 crore in the same quarter last year.

Graphite India’s stock jumped 7.80% on the NSE, trading at Rs 524.60, following the company’s report of a consolidated net profit of Rs 236 crore for the quarter ending June 2024. This marks a significant turnaround from a loss of Rs 30 crore in the same quarter last year

Symphony the manufacturer of consumer durables, announced a buyback of equity shares alongside its June quarter results on Tuesday. The company has approved the repurchase of 2.85 lakh equity shares, representing 0.41% of the total equity. Symphony’s shares, with a face value of Rs 2 each, will be repurchased at Rs 2,500 per share—a premium of over 100% from Monday’s closing price. The Rs 71.4 crore buyback will be conducted via the “tender offer” route, allowing the company to repurchase shares at a fixed price.

Nuvama Wealth Management’s stock is up 1.13% on the NSE, trading at Rs 5,975, following the announcement that Nuvama Private, the private banking arm of Nuvama Group, has launched operations in the Middle East. The new office will be located in the Dubai International Financial Centre (DIFC).

NCC stock is trading flat at Rs 322.80 on the NSE. For the quarter ending June 2024, the company reported a consolidated net profit of Rs 222.53 crore, compared to Rs 184.22 crore in the same period last year.

Havells India has received a tax demand order from the Deputy Commissioner (ST) STU-2 (FAC), Begumpet Division, Hyderabad. The total demand amounts to Rs 28,942, comprising Rs 8,942 in tax and Rs 20,000 in penalties. The company’s stock is trading flat at Rs 1,799.90 on the NSE.

Bharti Airtel shares are currently trading 0.5% lower. The company reported a net profit of Rs 4,159.9 crore, surpassing the street estimate of Rs 3,620 crore. Revenue of Rs 38,506 crore was in line with expectations, while EBITDA stood at Rs 19,944 crore, slightly below the poll estimate of Rs 20,096 crore. The EBITDA margin was 51.8%, just shy of the anticipated 52.2%.

The India business revenue grew by 10.1% year-over-year, and Mobile Average Revenue Per User increased to Rs 211 from Rs 200. The company’s net debt-to-EBITDA ratio is currently 2.54x. Bharti Airtel also prepaid Rs 7,904 crore in June 2024 for all deferred liabilities related to spectrum acquired in 2012 and 2015, which were incurring the highest interest costs.

Commenting on the Akums Drugs listing Prashanth Tapse, Senior VP (Research), Mehta Equities said that Even though Akums Drugs listing was below street expectation, we continue to believe and hold our long term positive outlook in the India’s largest CDMO player by revenue, production capacity and client base. We think the company’s comprehensive product offerings and extensive manufacturing capabilities, along with its strategic presence across the pharmaceutical value chain, provide a solid foundation for sustained growth.

Tapse also added that on a valuation parse post listing is still in comfortable zone to “HOLD” Akums Drugs and Pharmaceuticals ltd IPO for a long term perspective. We believe the market can give Akums a premium multiple towards its leadership position which may result in delivering healthy post listing gains on its issue price.

Nazara Technologies’ stock rose 1.70% on the NSE, trading at Rs 925, following news that its subsidiary, Absolute Sports, has signed an asset purchase agreement to acquire all assets of DeltiasGaming.com. DeltiasGaming.com is a leading provider of gaming and esports content in the US.

Shares of Gokaldas Exports soared by as much as 14% on Tuesday, reaching a record high of Rs 1,049.7 and ending a five-day losing streak. The surge comes amid speculation that the company could benefit from the political crisis in Bangladesh, which led to the ouster of former Prime Minister Sheikh Hasina.

The Indian government is considering not relaxing the Rs 32,000 crore tax demand issued to Infosys, Reuters reported citing sources. The stock of Infosys fell 0.22% to an intraday low of Rs 1,748.

The allotment of shares for Ceigall India’s initial public offering (IPO) will be finalized on Tuesday, August 6, following robust investor interest. The infrastructure construction company is set to list its shares on both the BSE and NSE, with a tentative listing date of August 8.

Read More: Ceigall India allotment to be finalised on August 6; Here are 8 things to know ahead of listing

Shares of Mazagon Dock Shipbuilders rose by over 1% on Tuesday, ending a four-day losing streak. The stock had fallen more than 6% on Monday. In contrast, shares of Mazagon Dock’s peers, Cochin Shipyard and Garden Reach Shipbuilders Ltd., continued their downward trend, declining for the fifth consecutive session with losses ranging between 3% and 4%.

Indowind Energy Limited has announced the closure of its rights issue, involving 2,14,66,956 fully paid-up equity shares offered to eligible shareholders. Following the announcement, Indowind Energy’s stock rose by 2.38% on the NSE, trading at Rs 30.60

As of noon on August 6, 2024, a total of 2,546 stocks advanced on the BSE, while 1,195 declined and 136 remained unchanged. Out of the 3,877 stocks traded, 170 reached a 52-week high, and 26 hit a 52-week low. Additionally, 230 stocks were trading at their upper circuit limits, and 218 stocks were at their lower circuit limits.

At noon on the NSE, the top gainers were Britannia (up 2.90%), JSW Steel (up 2.78%), Adani Enterprises (up 2.63%), HCL Tech (up 2.45%), and Grasim (up 2.28%). On the downside, the top losers included HDFC Life (down 1.98%), SBI Life (down 1.85%), Shriram Finance (down 1.53%), Bharti Airtel (down 1.05%), and Kotak Mahindra (down 0.10%).

Shares of Allcargo surged to an intra-day high of Rs 62.76 this morning after the Allcargo Group appointed Ketan Kulkarni as Deputy Managing Director of Gati Express and Supply Chain Pvt. Limited (GESCPL). GESCPL is a material subsidiary of Allcargo Gati Limited (formerly Gati Limited), a leading player in India’s Express Distribution and Supply Chain Management sector. The appointment aims to strengthen the company’s expanding business.

The NSE Nifty 50 was up 177 points or 0.74% at 24,233, while the BSE Sensex was up 571 points or 0.73% at 79,330.

Shares of BLS International Services jumped 9.5% to an intraday high of Rs 383 on healthy Q1 results. The company that provides Visa services reported a growth of 70% in its net profit to Rs 120.8 crore in the Q1 of FY25. The company’s revenue from operations stood at Rs 492.7 crore in Q1 FY25, up 28.5% on year against Rs 383.5 crore posted in the same period of the last fiscal.

Shares of the realty firm DLF rose 4.2% to an intraday high of Rs 844.30 from its previous close of Rs 810.15. The company touched its 52-week high of Rs 967.60 on April 01, 2024. The company’s upper band is placed at Rs 891.15.

The stock of Patanjali Foods rose as much as 6.6% to hit a fresh 52-week high of Rs 1,797.30, a day after it conducted a shareholders meeting, from its previous close of Rs 1,685.75. The stock’s upper band is placed at Rs 2,022.90.

Bharti Airtel, ICICI Bank, HDFC Bank, and Kotak Mahindra Bank slips to red territory, paring early morning gains.

Courtesy: BSE

Akums Drugs and Pharmaceuticals had a strong stock market debut on Tuesday, August 6, with shares listing at a premium of 6.77%, opening at Rs 725 on both the NSE and BSE.