Nifty, Sensex Under Pressure - Weekly Closing Report
Moneylife Digital Team 19 July 2024
The trends of the major indices in the course of the week's trading are given in the table below:
 
 
On Friday, the Indian stock market fell, with major indices shedding nearly a percent due to a combination of domestic and global factors.
 
The day's trading was significantly impacted by a worldwide technological issue that caused devices to crash globally. This global IT outage due to Microsoft led to disruptions across various Indian industries, contributing to the negative sentiment in the market.
 
Adding to the market's woes was a wave of profit-taking by investors. This selling pressure was partly attributed to the approaching Budget announcement scheduled for July 23 2024. Market participants are growing increasingly concerned about the potential outcomes of the budget.
 
There are worries among investors that the government might redirect resources towards populist measures in the upcoming budget. This could include increased spending on welfare programs and subsidies, which might appeal to voters but could have implications for the financial markets.
 
New Ventures/ Capacity Expansion
LTIMindtree extended a multi-million dollar contract with Absa Bank, a leading African financial services group. This reinforces the company's position as Absa Bank's trusted strategic technology partner. The extended partnership builds upon a successful 17-year collaboration, where LTIMindtree has been instrumental in driving Absa Bank's digital transformation journey, fostering growth and efficiency.
 
Hatsun Agro Product received approval for the opening of a foreign branch office in the state of Delaware, US. It reported 38% increase in operating profit.
 
CESC's step-down subsidiary -- Purvah Green Power, has entered into a framework agreement with Suzlon Energy. The agreement is for supply, EPC and operations and maintenance of wind turbines to be commissioned over the next two to four years.
 
Larsen & Toubro's (L&T) fully owned subsidiary -- L&T Semiconductor Technologies (LTSCT) has signed a master collaboration agreement (MCA) with Aditya Infotech to develop and supply state-of-the-art systems-on-chip (SoC) and other system solutions for CCTV cameras. Aditya Infotech is the maker of the popular CP Plus branded CCTV cameras.
 
Zen Technologies launched four new products in collaboration with its subsidiary AI Turing Technologies based in Pune. These IP-owned innovations - Hawkeye, Barbarik-URCWS (ultralight remote control weapon station), Prahasta, and Sthir Stab 640 - cater to a wide range of defence requirements.
 
Coal India Ltd (CIL) took steps to ease norms in e-auctions, such as lowering the earnest money deposit (EMD) and increasing the quantities offered under the auction hammer. The company also planned to modify its auction and allocation methodology to encourage increased participation.
 
Airline pricing solution AirGain of RateGain Travel Technologies partnered with Hahnair, a renowned German airline known for its comprehensive ticketing solutions and distribution services. This collaboration is set to power Hahnair's airline distribution landscape by integrating AirGain's cutting-edge pricing intelligence technology with 100 Hahnair partners using the products H1-Air and X1-Air.
 
The US Food and Drug Administration (USFDA) conducted an inspection at the Goa formulation facility of Unichem Laboratories.
 
Century Textiles & Industries' wholly owned subsidiary, Birla Estates, plans to expand its footprint in the National Capital Region (NCR) with a strategic land acquisition in Sector 71, Gurugram. This five-acre parcel offers a development potential of around 10 lakh square feet and is expected to generate revenue of over Rs1,400 crore with aesthetically designed residences.
 
After the acquisition of an additional spectrum in the 900 Mhz band in Kolkata, Vodafone Idea (Vi) (-3.15%) expanded L900 technology to 3,000 sites across the city to enhance network infrastructure. L900 is an advanced technology that aims to provide a stronger 4G indoor coverage experience for users, with superior calling and faster data speeds. This is part of Vi's broader strategy to upgrade its network infrastructure following a successful Rs18,000 crore follow-on public offering (FPO).
 
Orders
Tata Power company's subsidiary -- Tata Power Renewable Energy (TPREL) has signed a memorandum of understanding (MoU) with NHPC Renewable Energy (NHPC-REL) to spearhead the installation of rooftop solar projects (RTS Projects) across government buildings. Under the ambitious PM Surya Ghar Yojna Scheme, this initiative aims for 100% solarisation of government-owned buildings by December 2025.
 
JNK India received an order from JNK Global, Korea for regeneration furnace for a refinery project in Oklahoma, US. The order is to be executed by 18 June 2025. With this order, the company creates a footprint in US.
 
Varun Beverages enhanced its portfolio with PepsiCo as the company's wholly-owned subsidiary -- Varun Foods (Zimbabwe), entered into an exclusive agreement with Premier Nutrition Trading LLC, Dubai (a subsidiary of PepsiCo Inc) to manufacture, distribute and sell snacks' Simba Munchiez' in the territory of Zimbabwe on or before 1 October 2025.
 
Waaree Renewable Technologies has received a letter of award (LoA) for the execution of engineering, procurement and construction (EPC) works for solar power project of 30 MW DC capacity on a turnkey basis. The order value is around Rs90.29 crore.
 
Ashok Leyland has received the single largest fully built bus order from the Maharashtra State Road Transport Corporation (MSRTC) for 2,104 units of Viking passenger buses.
 
SRM Contractors has signed the agreement for EPC project of the National Highway Authority of India (NHAI) for an aggregate quoted price of Rs278.48 crore. The project is for the upgradation and strengthening of the Nashri-Chenani section from Km. 0.00 to Km. 39.100 NH-244 via Patnitop in the UT of Jammu and Kashmir under NH(O) on EPC mode. The construction Period is 24 Months.  
 
UltraTech Cement has entered into a power purchase agreement and share subscription and shareholders agreement with the intention to acquire 26% equity shares of Amplus Omega Solar, a company engaged in the generation and transmission of renewable energy.
 
Investments/ Acquisitions/ Fund Raise/ Stake Sale
Ashok Leyland's subsidiary -- Hinduja Tech (HT), has signed a definitive agreement to acquire TECOSIM Group. This strategic acquisition broadens Hinduja Tech's presence in the European and international markets and solidifies its position as a leading provider of mobility engineering services worldwide. The company gains a strategic foothold in Europe, expanding its geographic reach and gaining access to key customer accounts.
 
Zensar Technologies acquired BridgeView Life Sciences LLC. The US based information technology and operations leader provides a comprehensive range of advisory, transformation, and managed services exclusively for life sciences customers endeavouring to launch products or new indications, assess and optimise their operations, or engage in merger or acquisition transactions. This strategic move strengthens Zensar's Healthcare and Life Sciences (HLS) vertical and expands its pharma commercial and product launch expertise.
 
Tata Power-led power distribution companies (Discoms) invested Rs4,245 crore in infrastructure expansion and network upgrades in Odisha over the past three to four years. The company operates four Discoms in joint ventures with the government of Odisha - TP Central Odisha Distribution (TPCODL), TP Western Odisha Distribution (TPWODL), TP Southern Odisha Distribution (TPSODL), and TP Northern Odisha Distribution (TPNODL), collectively serving a customer base of over 9mn (million).
 
Zee Entertainment Enterprises (ZEEL) received approval from shareholders to raise an amount not exceeding Rs2,000 crore from the market through various routes, including issuing equity shares and qualified institutions placements (QIPs).
 
Max estates received approval from shareholders to raise an amount not exceeding Rs800 crore from the market through various routes, including issuing equity shares and qualified institutions placements (QIPs).
VL E-Governance & IT Solutions entered into a binding term sheet with Edgewood Ventures LLC, US on 18 July 2024 for the acquisition of 26% equity stake in HAL-Edgewood Technologies (HETL).
 
Indian Oil Corporation (IOC) raised Rs2500 crore on a private placement basis and issued 2,50,000, 7.36% Unsecured, Listed, Rated, Taxable, Redeemable, Nonconvertible Debentures (Series - XXVI) of Rs 1lakh each.
 
Wipro's wholly-owned subsidiary -- Wipro Holdings (UK), has transferred its entire shareholding in Wipro Financial Outsourcing Services (step-down subsidiary) to Wipro IT Services UK Societas (wholly-owned subsidiary).
 
Earnings 
Fedbank Financial Services: Net Sales were Rs477 crore in Q1FY25, up 32% YoY (Rs361 crore). Net Profit was Rs70 crore in Q1FY25 up 30% YoY (Rs53.9 crore)
 
Geojit Financial Services: Net Sales were Rs181 crore in Q1FY25, up 65% YoY (Rs110 crore). Net Profit was Rs45.8 crore in Q1FY25 up 112% YoY (Rs22.1 crore)
 
Avenue Supermarts: Net Sales were Rs14,069 crore in Q1FY25, up 19% YoY (Rs11,865 crore). Net Profit was Rs774 crore in Q1FY25, up 17% YoY (Rs659 crore).
 
Himadri Special: Net Sales were Rs 1,200 crore in Q1FY25 up 26% YoY (Rs951 crore). Net Profit was Rs123 crore in Q1FY25 up 42% YoY (Rs86.1crore)
 
Angel One: Net Sales were Rs1,405 crore in Q1FY25, up 74% YoY (Rs808 crore). Net Profit was Rs293 crore in Q1FY25, up 33% YoY (Rs221 crore).
 
Kellton Tech: Net Sales were Rs262 crore in Q1FY25, up 5% YoY (Rs249 crore). Net Profit was Rs19.9 crore in Q1FY25, up 29% YoY (Rs15.4 crore).
 
Styrenix Performance Materials: Net Sales were Rs699 crore in Q1FY25, up 28% YoY (Rs544 crore). Net Profit was Rs61.2 crore in Q1FY25, up 89% YoY (Rs32.4 crore).
 
Hatsun Agro: Net Sales were Rs 2,375 crore in Q1FY25, up 10% YoY (Rs2,151 crore). Net Profit was Rs131 crore in Q1FY25, up 63% YoY (Rs80.1 crore).
 
Sterling & Wilson Renewable Energy: Net Sales were Rs915 crore in Q1FY25, up 78% YoY (Rs515 crore). Net Profit was Rs4.83 crore in Q1FY25 up 104% YoY (Rs95.3 crore)
 
Havells India: Net Sales were Rs5,806 crore in Q1FY25, up 20% YoY (Rs4,834 crore). Net Profit was Rs408 crore in Q1FY25 up 42% YoY (Rs287 crore)
 
Newgen Software: Net Sales were Rs283 crore in Q1FY25, up 26% YoY (Rs224 crore). Net Profit was Rs42.4 crore in Q1FY25 up 56% YoY (Rs27.2 crore)
 
Just Dial: Net Sales was Rs281 crore in Q1FY25, up 14% YoY (Rs247 crore). Net Profit was Rs141 crore in Q1FY25 up 61% YoY (Rs83.4crore)
 
 
Top Gainers and Losers of the major indices for the week are given in the table below:
 
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