The trends of the major indices in the course of the week’s trading are given in the table below:
Indian stock markets concluded Friday's session on a strong note, with both benchmark indices posting significant gains. The Sensex surged 819.69 points or 1.04% to close at 79,705.91, while the Nifty rose 250.50 points or 1.03% to end at 24,367.50, comfortably above the 24,350 mark. After much drama over supposed global market crash due to Yen carry trade unwinding, Indian markets closed with a marginal losses.
News
The Cabinet Committee on Economic Affairs (CCEA) has approved the investment of Rs5,792.36 crore (Cost to Completion) for SJVN’s 669 MW Lower Arun Hydro Electric Project (LAHEP) in Nepal at a levelized tariff of Rs4.99 per unit.
Orient Cement reported 0.86% fall in net profit at Rs 36.71 crore for Q1FY25 as compared to Rs37.03 crore for the same quarter in the previous year. Total income of the company decreased by 15.33% at Rs702.39 crore for Q1FY25 as compared to Rs 829.60 crore for the corresponding quarter previous year.
Power Finance Corporation reported 20.06% rise in its net profit at Rs7,182.06 crore for the quarter ended June 30, 2024 as compared to Rs5,982.14 crore for the same quarter in the previous year. Total income of the company increased by 17.69% at Rs24,736.68 crore for Q1FY25 as compared to Rs1,017.81 crore for the corresponding quarter previous year.
Bharti Airtel reported over 3-fold jump in its net profit at Rs4,717.50 crore for the quarter ended June 30, 2024 as compared to Rs1,520.20 crore for the same quarter in the previous year. Total income of the company increased by 2.86% at Rs38,869.90 crore for Q1FY25 as compared to Rs 37,788.30 crore for the corresponding quarter previous year.
Cummins India reported 30.78% rise in its net profit at Rs462.61 crore for the quarter ended June 30, 2024 as compared to Rs353.72 crore for the same quarter in the previous year. Total income of the company increased by 4.86% at Rs2,419.29 crore for Q1FY25 as compared to Rs 2,307.23 crore for the corresponding quarter previous year.
MRF reported 3.01% fall in its net profit at Rs571.02 crore for the quarter ended June 30, 2024 as compared to Rs588.75 crore for the same quarter in the previous year. However, total income of the company increased by 11.75% at Rs7,280.49 crore for Q1FY25 as compared to Rs6,514.98 crore for the corresponding quarter previous year.
New Ventures/ Capacity Expansion
Manappuram Finance received approval for the issuance of Secured, Non-Cumulative, Redeemable, Listed, Rated, Non-Convertible Taxable Debentures of face value of Rs1 lakh for an aggregate amount of Rs600 crore on private placement basis.
Wardwizard Innovations & Mobility dispatched 1623 units of electric two-wheelers in July 2024. This marks a growth of over 60% compared to July 2023 when the company had dispatched 1012 units of electric two-wheelers.
Aurobindo Pharma received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Estradiol Vaginal Inserts USP, 10 mcg, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), VAGIFEM 10 mcg of Novo Nordisk Inc. The product will be launched in Q2FY25.
Rajratan Global Wire commenced commercial production at its newly established greenfield manufacturing facility in Sriperumbudur, Kancheepuram, Chennai. This unit has been set up for the production of tyre bead wire with a capacity of up to 60,000 MT per annum.
Alembic Pharmaceuticals received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acitretin Capsules USP, 10 mg, 17.5 mg, and 25 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Soriatane Capsules, 10 mg, 17.5 mg, and 25 mg, of Stiefel Laboratories, Inc. (Stiefel). Acitretin capsules are indicated for the treatment of severe psoriasis in adults.
Uno Minda received approval to incorporate a new wholly owned step-down subsidiary in Czech Republic, Europe, as a Subsidiary of CREAT GmbH, which is a wholly owned step-down subsidiary of the company situated at Europe.
Biocon received an Establishment Inspection Report (EIR) with Voluntary Action Indicated (VAI) from the U.S. Food and Drug Administration (USFDA), for its API facility (Site 5), located at Visakhapatnam, Andhra Pradesh. This is based on a GMP inspection conducted by the agency between June 17 and June 21, 2024. Biocon remains committed to Quality, Safety & Efficacy of the products manufactured.
Best Agrolife’s wholly owned subsidiary -- Seedlings India granted a patent by the Indian Patent Office-Government of India for an invention entitled ‘Synergistic Fungicidal Composition’ for the term of 20 years commencing from August 9, 2021 in accordance with the provisions of the Patents Act, 1970.
Muthoot Capital Services entered into partnership with UK based Development Financial Institution for raising long term debt funds to promote its electric vehicle portfolio. Facilitated by Axis Bank, the collaboration entails a deal size of Rs100 crore, highlighting the significance and commitment of Muthoot Capital in providing sustainable mobility solutions and its efforts in driving widespread adoption of electric vehicles in India especially among the lower middle-income segment.
GAIL (India) signed joint venture agreement with Coal India for setting up Coal to Synthetic Natural Gas (SNG) plant at Eastern Coalfield (ECL), Bardhaman, West Bengal.
Tata Steel and Welspun Corp (-3.45%) developed Hydrogen compliant API X65 grade pipes which successfully surpassed all necessary critical sour service and fracture qualification tests for transportation of 100% pure gaseous Hydrogen under high pressure (100 bar) at RINA, Italy. With this development, Tata Steel becomes the first Indian steel mill to produce hot-rolled steel for the transportation of gaseous hydrogen and Welspun Corp has become the first Indian pipe mill to produce Electric Resistance Welded (ERW) pipes.
Insolation Energy’s wholly owned subsidiary -- Insolation Green Energy has entered into a Memorandum of Understanding (MoU) with Ganesh Decor India for Solar Power Project Development in KUSUM C in Rajasthan (Awarded by Jodhpur Vidyut Vitran Nigam (JDVVNL). The total project size is 22.68 MW (AC)/ 29.484 MW (DC), which will be developed by the Company. The total value for developing these projects are estimated to be around Rs118 crore, including taxes.
Tech Mahindra entered into a strategic partnership with Horizon3.ai, a leader in autonomous security to elevate the cybersecurity landscape. The partnership will integrate Horizon3.ai's cutting-edge NodeZero platform, delivering integrated threat detection, AI-powered pentesting, and Governance, Risk, and Compliance (GRC) insights, with Tech Mahindra's comprehensive suite of cybersecurity services. Tech Mahindra signed a Memorandum of Understanding (MoU) with Northeastern University to accelerate innovation in Open Radio Access Networks (ORAN) and 6G connectivity. The collaboration will focus on the research, development, and testing of next-generation wireless networks for global customers.
Order Wins
JSW Energy’s wholly owned subsidiary -- JSW Neo Energy received Letter of Award (LoA) from Solar Energy Corporation of India, for supply of 230 MW ISTS connected firm and dispatchable renewable energy (FDRE). The capacity is awarded against the tariff based competitive bid invited for supply of 630 MW firm and dispatchable power from ISTS connected renewable energy projects (SECI-FDRE-IV).
Welspun Corp’s associate company -- East Pipes Integrated Company for Industry (EPIC) signed multi contracts with EPC contractors with value of around Rs525 crore for manufacturing, supply of steel pipes and coating. The duration of the contract is 24 months. The financial impact of the contract will be reflected in Q4 of financial year 2024/2025 till Q3 of financial year 2026/2027.
Jash Engineering received the consolidated orders worth Rs107 crore in the month of July 2024, which is the highest monthly order booking achieved by the company till date. Of the total orders worth Rs107 crore received in July, orders worth Rs38 crore are for Indian market and orders worth Rs69 crore are for markets outside India.
Goldiam International received new export order from a large retailer in USA for manufacturing and export of lab-grown diamond studded gold jewellery worth of Rs50 crore.
Investments/ Acquisitions/ Fund Raise/ Stake Sale
Spandana Sphoorty Financial raised Rs54.99 crore through the allotment of 5,000 Listed, Rated, Senior, Secured, Transferable, Redeemable, Non-Convertible Debentures (NCDs) having face value of Rs1,00,000 each at a premium of Rs9,984.25 per debenture, on private placement basis.
Rashtriya Chemicals and Fertilizers (RCF) raised Rs300 crore through the allotment of 30,000 7.99% Listed, Unsecured, Redeemable, Non-Cumulative, Taxable, Non-Convertible Bonds in the nature of Debentures (NCDs) of face value of Rs1,00,000 each, on private placement basis. The Debenture Allotment Committee of the Company in its meeting held on August 7,2024, approved and allotted of the same Uno Minda raised Rs150 crore through the allotment of 15,000 unsecured, listed, rated, redeemable, nonconvertible, non-cumulative, taxable bonds in the nature of Non-Convertible Debentures (NCDs) having face value of Rs \1,00,000 each on Private Placement basis to the identified investor in second tranche in two series i.e., of Rs50 crore (Series I) and Rs100 crore (Series II) respectively. The company is in the process of applying for the listing of these aforesaid Debentures at BSE, Designated Stock Exchange. The NCD Committee of the Board of the company at its meeting held on August 6, 2024, has considered and approved the same.
Absolute Sports, a Nazara Technologies subsidiary and the parent company of Sportskeeda.com, ProFootballNetwork.com and SoapCentral.com, signed an asset purchase agreement, subject to closing conditions, to acquire all the assets of DeltiasGaming.com, a premier source of gaming and esports content in the US. The transaction is for an all-cash consideration of $900000 (Rs7.5 crore) to be paid over one or more tranches and is expected to be closed in the next 45 days. Absolute Sports will use its cash reserves to fund the transaction.
Samvardhana Motherson International’s (SAMIL) 100% subsidiary -- Samvardhana Motherson Innovative Solutions (SMISL) received approval for acquisition of 34% stake of Motherson Auto Solutions (MASL) from Sojitz Corporation subject to satisfactory completion of conditions.
Tata Power Company received Letter of Intent (LoI) from PFC Consulting (a wholly owned subsidiary of Power Finance Corporation) to acquire Paradeep Transmission, a project special purpose vehicle (SPV). The Project SPV (Paradeep Transmission) would be developed on Build-Own-Operate Transfer basis, to provide transmission service for 35 years from the schedule date of commercial operation (SCOD) which is 24 months from the date of SPV acquisition.
Suzlon Group executed definitive agreements for the acquisition of a 76% stake in Renom Energy Services (Renom), in two tranches, from the Sanjay Ghodawat Group. Renom is the largest multibrand operations and maintenance service provider for renewable energy in the country with assets of 1,782 MW in Wind, 148 MW in solar, and 572 MW under maintenance.
Ambuja Cements planned to invest Rs1,600 crore in Bihar to set up cement grinding unit at Warisaliganj in Nawada district. The 6 MTPA Warisaliganj cement grinding unit is the company’s first venture in Bihar, which is aggressively expanding its capacity in the country.
Tata Power Company planned acquisition of 40% equity stake in Khorlochhu Hydro Power (KHPL) in one or more tranches.
Earnings:
Hariom Pipe: Net Sales was Rs343 crore in Q1FY25 up 43% YoY (Rs240 crore). Net Profit was Rs17.5 crore in Q1FY25 up 13% YoY (Rs15.4 crore)
Oriental Aromatics: Net Sales was Rs216 crore in Q1FY25 up 10% YoY (Rs196 crore). Net Profit was Rs11 crore in Q1FY25 up 217% YoY (Rs-6.05 crore)
Sanghvi Movers: Net Sales was Rs151 crore in Q1FY25 up 3% YoY (Rs146 crore). Net Profit was Rs41 crore in Q1FY25 down 3% YoY (Rs42 crore).
Talbros Automotives: Net Sales was Rs204 crore in Q1FY25 up 12% YoY (Rs183 crore). Net Profit was Rs21 crore in Q1FY25 up 18% YoY (Rs17 crore).
Caplin Point Laboratories: Net Sales was Rs459 crore in Q1FY25 up 16% YoY (Rs395 crore). Net Profit was Rs125 crore in Q1FY25 up 20% YoY (Rs104 crore).
Solar Industries: Net Sales was Rs1,695 crore in Q1FY25 up 1% YoY (Rs1,682 crore). Net Profit was Rs301 crore in Q1FY25 up 45% YoY (Rs202 crore).
Raymond: Net Sales was Rs938 crore in Q1FY25 up 98% YoY (Rs473crore). Net Profit was Rs7,367 crore in Q1FY25 up 590% YoY (Rs1067 crore).
Symphony: Net Sales was Rs531 crore in Q1FY25 up 76% YoY (Rs302 crore). Net Profit was Rs88 crore in Q1FY25 up 244% YoY (Rs24 crore).
Century Enka: Net Sales was Rs528 crore in Q1FY25 up 23% YoY (Rs428 crore). Net Profit was Rs24.3 crore in Q1FY25 up 77% YoY (Rs13.7 crore)
Vinyl Chemicals : Net Sales was Rs156 crore in Q1FY25 up 35% YoY (Rs115 crore). Net Profit was Rs4.92 crore in Q1FY25 up 41% YoY (Rs3.50 crore).
Dreamfolks Services: Net Sales was Rs321 crore in Q1FY25 up 20% YoY (Rs266 crore). Net Profit was Rs17.2 crore in Q1FY25 up 32% YoY (Rs13 crore)
Aptus Value Housing: Net Sales was Rs395 crore in Q1FY25 up 29% YoY (Rs306 crore). Net Profit was Rs172 crore in Q1FY25 up 21% YoY (Rs142 crore)
Eureka Forbes: Net Sales was Rs553 crore in Q1FY25 up 9% YoY (Rs505 crore). Net Profit was Rs31.0 crore in Q1FY25 up 41% YoY (Rs22.1crore)
Tega Industries: Net Sales was Rs340 crore in Q1FY25 up 27% YoY (Rs268 crore). Net Profit was Rs37 crore in Q1FY25 up 72% YoY (Rs21 crore)
Garware HiTech Films: Net Sales was Rs474 crore in Q1FY25 up 25% YoY (Rs380 crore). Net Profit was Rs88.4 crore in Q1FY25 up 102% YoY (Rs44 crore)
Top Gainers and Losers of the major indices for the week are given in the table below:
