Benchmark indices were trading on a flat note in early deals today. The 30-share Sensex fell 12 points to 66,515 and Nifty lost 7 points to 19,746
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The resilience of the mother market US, where the rally is spreading to the broader market, is supporting global markets. But the rally is stretching valuations beyond comfort levels. Sensex is now trading at 25 times trailing one-year earnings. The Q1FY24 Results indicate that rural demand is yet to pick up in a meaningful manner. Even though Indian economy is in a sweet spot and it makes sense to remain invested, investors should be cautious in their fresh investment, particularly in chasing low grade small-caps.”
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Shares of Adani Green Energy gained 3.55% to Rs 1,132 in early deals after the Adani group firm reported a 50.93% YoY jump in net profit at Rs 323 crore for the June quarter compared with Rs 214 crore in the corresponding quarter last year. Market cap of the firm rose to Rs 1.74 lakh crore
JBM Auto shares rose 2.41% intraday to Rs 1,439 after the firm reported a net profit of Rs 30 crore for the quarter ended June 2023 against Rs 25.8 crore profit in the June quarter of previous fiscal. Revenue from operations during the quarter stood at Rs 946 crore. The board also cleared a plan for issuance of securities for an amount not exceeding Rs 500 crore subject to the approval of shareholders in the ensuing Annual General Meeting
Shares of KEI Industries Ltd fell over 5% after the firm reported a 17% rise in net profit for the June 2023 quarter. Net profit for Q1 came at Rs 121.38 crore against Rs 103.76 crore in the same period of fiscal year 2023. KEI Industries stock plunged 5.58% to Rs 2,294.50 against the previous close of Rs 2,429.65 on BSE. Market cap of the firm fell to Rs 21,014.84 crore
Shares of India's largest carmaker Maruti Suzuki India were trading flat at Rs 9826.85 today after the firm reported a 145.31% jump in its first quarter profit for financial year 2023-24 (Q1FY24). The company posted a net profit of Rs 2,485 crore for the that quarter ended on June 30, compared with Rs 1,013 crore last year. Market cap of the firm stood at Rs 2.96 lakh crore
Shares of Power Grid fell over 4% to Rs 253.75 on BSE after the firm's consolidated net profit declined 5% to Rs 3,597 crore in the first quarter against Rs 3,801 crore in the year-ago period. The company's board has also recommended issue of bonus shares in the ratio of 1:3. This means, for every three shares investors hold, they will get one additional share
Shares of Adani Energy Solutions (erstwhile Adani Transmission Ltd) were trading a percent lower at Rs 814.10 on BSE after the Adani group company reported a 5.88% YoY drop in its June quarter profit. The private transmission and distribution company said its consolidated profit came at Rs 175.06 crore for the quarter compared with Rs 185.99 crore in the same quarter last year. Market cap of the firm fell to Rs 90,856 crore
Shares of DLF dropped about 3% during the early trading session on Tuesday amid the reports of a block deal by the promoters of the Delhi-NCR based real estate major. The heavy volumes on both the exchanges hint towards the execution of the bulk deal. According to some media reports, promoters of DLF were looking to sell more than 2.15 crore shares of the real estate major to Rs 1,086.2 crore. Shares of DLF fell to Rs 504.05 on BSE
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