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At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 520.91 points or 0.65% to 79,646.55. The Nifty 50 index shed 24.80 points or 0.16% to 24,439.30.
In the broader market, the S&P BSE Mid-Cap index shed 0.62% and the S&P BSE Small-Cap index rose 0.02%.
The market breadth was negative. On the BSE, 1,286 shares rose and 1,551 shares fell. A total of 116 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,130.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,137.30 crore in the Indian equity market on 24 July 2024, provisional data showed.
Stocks in Spotlight:
Axis Bank declined 5.75%. The bank reported 4.1% rise in standalone net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.
Larsen & Toubro added 1.47% after the company’s consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 1.68% to 7.081 as compared with previous close 7.086.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.7100, compared with its close of 83.7175 during the previous trading session.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 104.22.
The United States 10-year bond yield fell 0.66% to 4.259.
In the commodities market, Brent crude for September 2024 settlement lost 62 cents or 0.76% to $81.09 a barrel.
Global Markets:
Asian markets tumbled on Thursday as investors took a breather from the AI-fueled rally that has propelled stocks higher this year. Japan and South Korea both saw declines of over 2%, with chipmaker SK Hynix Inc. leading the downturn despite strong earnings.
The US market suffered a significant setback, with the S&P 500 plunging 2.3% — its worst day since December 2022. This marked the end of the longest period without a 2% drop since the 2008 financial crisis. The tech-heavy Nasdaq 100 plummeted 3.64%, dragged down by its largest components. Alphabet Inc. fell 5% after revealing higher-than-expected spending on its AI initiatives. Tesla Inc.'s stock plunged 12% following a disappointing profit report and delay of its robotaxi service. Nvidia Corp. also dropped 6.8%. The slump in the 'Magnificent Seven' tech giants triggered a broad market sell-off. The Dow Jones Industrial Average also declined 1.25%.
Upcoming results: Tech Mahindra, Nestle India, Motilal Oswal Financial Services, Aavas Financiers, Adani Green Energy, Ashok Leyland, AU Small Finance Bank, Canara Bank, Chalet Hotels, Chennai Petrochem Corp, Cyient, DLF, Glenmark Life Sciences, Go Digital General Insurance, Home First Finance Company India, Jupiter Wagons, Jyothy Labs, Laurus Labs, MGL, Mphasis, PNB Housing Finance, Praj Industries, The Ramco Cements.
Axis Bank reported 4.1% rise in standalone net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.
Larsen & Toubro’s consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24.
SBI Life Insurance Company’s standalone net profit jumped 36.5% to Rs 520 crore in Q1 FY25 as against Rs 381 crore in Q1 FY24. Net premium income increased 15.3% YoY to Rs 15,106 crore in Q1 FY25.
JK Paper consolidated reported revenue of Rs 1,714 crore in Q1 FY25, up 8.2% YoY. Net profit declined 54.9% to Rs 141 crore from Rs 313 crore posted in corresponding quarter last year.
Hitachi Energy’s consolidated net profit surged to Rs 10.4 crore in Q1 FY25 as compared with Rs 2.4 crore in Q1 FY24. Revenue increased 28% YoY to Rs 1,327 crore in Q1 FY25.
Bikaji Foods’ consolidated revenue increased 18.7% YoY to Rs 572 crore in Q1 FY25. Net profit rose 40.3% to Rs 58 crore in Q1 FY25 from 41 crore in Q1 FY24.
Oracle Financial Services Software reported consolidated net profit of Rs 617 crore in Q1 FY25, up 10.17% as compared with Rs 560 crore in Q4 FY24. Revenue up 6.02% QoQ to Rs 1,741 crore in Q1 FY25.
Karnataka Bank’s standalone net profit jumped 10.8% YoY to Rs 400 crore in Q1 FY25. Net interest income stood at Rs 903 crore in Q1 FY25, up 11% as compared with Rs 815 crore in Q1 FY24.
CMS Info Systems’ consolidated revenue increased 17% to Rs 599 crore in Q1 FY25 as compared with Rs 512 crore in Q1 FY24. Net profit rose 8% YoY to Rs 91 crore in Q1 FY25.
The bank reported 4.1% rise in net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.
Net interest income (NII) grew 12% YoY to Rs 13,448 crore during the quarter. Net interest margin (NIM) stood at 4.05% in Q1 FY25 compared with 4.10% posted in same quarter last year.
Profit before tax in June 2024 quarter stood at Rs 8,066.96 crore, registering an increase of 3.7% YoY.
Operating profit before provisions & contingencies increased 14.66% YoY to Rs 10,106.24 crore for the quarter. The bank's provisions and contingencies zoomed 97.05% to Rs 2,039.28 crore from Rs 1,034.88 crore posted in same quarter last year.
The bank holds cumulative provisions (standard + additional other than NPA) of Rs 11,732 crore at the end of Q1 FY25, over and above the NPA provisioning included in PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.20% as on 30 June 2024. On an aggregated basis, provision coverage ratio (including specific + standard and other provisions) stood at 150% of GNPA as on June 2024.
Credit cost for the quarter ended 30 June 2024 stood at 0.97% as against 0.50% posted in June 2023 quarter.
The ratio of gross NPAs reduced to 1.54% as on 30 June 2024 as against 1.96% as on 30 June 2023.
The ratio of net NPAs declined to 0.34% as on 30 June 2024 as against 0.41% as on 30 June 2023.
As on 30 June, 2024, the bank’s provision coverage, as a proportion of gross NPAs stood at 78%, as compared to 80% as at 30 June 2023.
The fund based outstanding of standard restructured loans implemented under resolution framework for COVID-19 related stress (Covid 1.0 and Covid 2.0) declined during the quarter and as at June 2024 stood at Rs 1,409 crore that translates to 0.13% of the gross customer assets. The bank carries a provision of around 20% on restructured loans, which is in excess of regulatory limits.
Gross slippages during the quarter were Rs 4,793 crore, compared to Rs 3,471 crore in Q1 FY24.
The bank's net advances grew 14% YoY to Rs 9,80,092 crore and total deposits jumped 13% YoY to Rs 10,62,484 crore as on June 2024.
As on 30 June 2024, CASA deposits rose 4% YoY to Rs 4,44,479 crore while CASA deposits as % of total deposits stood at 42% as on June 2024 as against 46% as on June 2023.
As on June 2024, capital adequacy ratio (basel III) stood at 16.65%. Tier I was at 14.52% and Tier II at 2.13%.
The bank's return on average assets (ROA) and Return on equity (ROE) stood at 1.65% and 16.26%, respectively in the quarter ended 30 June 2024.
Axis Bank is the third-largest private sector bank in India. During the quarter, the bank added 50 branches taking its overall distribution network to 5,427 domestic branches and extension counters situated across 2,987 centres and 15,014 ATMs and cash recyclers spread across the country. The bank's Axis Virtual Centre is present across six centres with over 1,600 virtual relationship managers as on June 2024.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 364.25 points or 0.43% to 79,802.63. The Nifty 50 index shed 81.50 points or 0.33% to 24,332.45.
In the broader market, the S&P BSE Mid-Cap index shed 0.27% and the S&P BSE Small-Cap index rose 0.02%.
The market breadth was positive. On the BSE, 1,936 shares rose and 1,754 shares fell. A total of 138 shares were unchanged.
Buzzing Index:
The Nifty Bank index fell 1.15% to 50,724.95. The index declined 2.97% in the three trading sessions.
Axis Bank (down 6.36%), ICICI Bank (down 2.29%), AU Small Finance Bank (down 2.03%), IDFC First Bank (down 0.89%), State Bank of India (down 0.85%), Bank of Baroda (down 0.78%), IndusInd Bank (down 0.55%), Federal Bank (down 0.16%) edged lower.
On the other hand, Kotak Mahindra Bank (up 0.81%) ,Punjab National Bank (up 0.71%) and HDFC Bank (up 0.46%) added.
Axis Bank tumbled 6.36%. The bank reported 4.1% rise in standalone net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.
Craftsman Automation slipped 2.68%. The company reported 28.6% fall in consolidated net profit to Rs 53.19 crore in Q1 FY25 from Rs 74.48 crore in Q1 FY24. Net sales increased by 10.9% year-over-year (YoY) to Rs 1,151.19 crore in the first quarter of 2024-25.
JK Paper fell 6.99% after the company’s consolidated net profit tumbled 54.73% to Rs 139.72 crore in Q1 FY25 as against Rs 308.67 crore posted in same quarter last year. Revenue from operations rose 8.16% year on year (YoY) to Rs 1,713.65 crore in the quarter ended 30 June 2024.
Larsen & Toubro (L&T) added 1.44% after the EPC major's consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24.
Asian markets declined on Thursday as investors took a breather from the AI-fueled rally that has propelled stocks higher this year. Japan and South Korea both saw declines of over 2%, with chipmaker SK Hynix Inc. leading the downturn despite strong earnings.
At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 110.37 points or 0.14% to 80,038.51. The Nifty 50 index shed 19.65 points or 0.08% to 24,393.85.
In the broader market, the S&P BSE Mid-Cap index fell 0.19% and the S&P BSE Small-Cap index added 0.06%.
The market breadth was positive. On the BSE, 2,085 shares rose and 1,738 shares fell. A total of 118 shares were unchanged.
Gainers & Losers:
Tata Motors (up 5.27%), Oil & Natural Gas Corporation (up 3.19%), SBI Life Insurance Company (up 2.84%), Larsen & Toubro (up 2.77%) and Bharat Petroleum Corporation (up 2.73%) were major Nifty gainers.
Axis Bank (down 6.48%), Nestle India (down 3%), Titan Company (down 2.49%), Shriram Finance (down 1.97%) and Hindalco Industries (down 1.89%) were major Nifty losers.
Larsen & Toubro (L&T) advanced 2.77% after the EPC major's consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24.
Axis Bank tumbled 6.48%. The bank reported 4.1% rise in standalone net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.
SBI Life Insurance Company added 2.77% after the company reported 36.34% surge in net profit to Rs 519.52 crore in Q1 FY25 from Rs 381.04 crore posted in Q1 FY24. Total income was at Rs 34,392.05 crore in the quarter ended 30 June 2024, registering a growth of 24.2% year on year (YoY).
JK Paper dropped 7.79% after its consolidated net profit tumbled 54.73% to Rs 139.72 crore in Q1 FY25 as against Rs 308.67 crore posted in same quarter last year. Revenue from operations rose 8.16% year on year (YoY) to Rs 1,713.65 crore in the quarter ended 30 June 2024.
Craftsman Automation slipped 2.11% after the company reported 28.6% fall in consolidated net profit to Rs 53.19 crore in Q1 FY25 from Rs 74.48 crore in Q1 FY24. Net sales increased by 10.9% year-over-year (YoY) to Rs 1,151.19 crore in the first quarter of 2024-25.
Rail Vikas Nigam (RVNL) declined 2.05%. The company said that it has received letter of acceptance from the Electrical Division of the South Eastern Railway for a project worth Rs 191.53 crore.
European stocks tumbled and most Asian stocks traded lower on Thursday as investors took a breather from the AI-fueled rally that has propelled stocks higher this year. Japan and South Korea both saw declines of over 2%, with chipmaker SK Hynix Inc. leading the downturn despite strong earnings.
As per provisional closing, the barometer index, the S&P BSE Sensex, was down 109.98 points or 0.14% to 80,039.80. The Nifty 50 index shed 7.40 points or 0.03% to 24,406.10.
In the broader market, the S&P BSE Mid-Cap index fell 0.22% and the S&P BSE Small-Cap index shed 0.14%.
The market breadth was positive. On the BSE, 2,118 shares rose and 1,795 shares fell. A total of 110 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 7.26% to 12.62.
The Nifty Metal index declined 1.29% to 9,148. The index shed 0.06% in the past consecutive trading session.
Welspun Corp (down 4.73%), Hindustan Zinc (down 3.85%), Jindal Steel & Power (down 3.03%), Steel Authority of India (down 2.57%), Ratnamani Metals & Tubes (down 1.96%), APL Apollo Tubes (down 1.86%), Tata Steel (down 1.81%), National Aluminium Company (down 1.12%), NMDC (down 0.84%) and JSW Steel (down 0.8%) declined.
Larsen & Toubro (L&T) advanced 2.94% after the EPC major's consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24.
Axis Bank tumbled 5.18%. The bank reported 4.1% rise in standalone net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.
Nestle India declined 2.63%. The FMCG major's net profit rose 6.91% to Rs 746.6 crore on 3.34% increase in revenue from operations to Rs 4,813.95 crore in Q1 FY25 over Q1 FY24.
SBI Life Insurance Company gained 3.54% after the company reported 36.34% surge in net profit to Rs 519.52 crore in Q1 FY25 from Rs 381.04 crore posted in Q1 FY24. Total income was at Rs 34,392.05 crore in the quarter ended 30 June 2024, registering a growth of 24.2% year on year (YoY).
Ashok Leyland shed 0.32% after the company reported 6.39% fall in consolidated net profit to Rs 509.15 crore in Q1 FY25 as compared with Rs 543.89 crore in Q1 FY24. Revenue from operations rose 10.66% year on year (YoY) to Rs 10,724.49 crore in the quarter ended June 2024.
Karnataka Bank added 1.14% after the private lender's net profit increased 7.99% to Rs 400.33 crore in Q1 FY25 as against Rs 370.70 crore recorded in Q1 FY24. Total income advanced 12.02% to Rs 2,557 crore in the quarter ended 30 June 2024.
Jyothy Labs rallied 7.72% after the household products maker reported 5.65% rise in consolidated net profit to Rs 101.73 crore on 7.96% increase in revenue from operations to Rs 741.81 crore in Q1 FY25 over in Q1 FY24.
Craftsman Automation slipped 2.20% after the company reported 28.6% fall in consolidated net profit to Rs 53.19 crore in Q1 FY25 from Rs 74.48 crore in Q1 FY24. Net sales increased by 10.9% year-over-year (YoY) to Rs 1,151.19 crore in the first quarter of 2024-25.
European and Asian stocks tumbled on Thursday as investors took a breather from the AI-fueled rally that has propelled stocks higher this year. Japan and South Korea both saw declines of over 2%, with chipmaker SK Hynix Inc. leading the downturn despite strong earnings.
Axis Bank Ltd, Garden Reach Shipbuilders & Engineers Ltd, DCB Bank Ltd and Welspun Corp Ltd are among the other losers in the BSE's 'A' group today, 25 July 2024.
JK Paper Ltd tumbled 7.32% to Rs 522.6 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 84509 shares were traded on the counter so far as against the average daily volumes of 1.55 lakh shares in the past one month.
Axis Bank Ltd crashed 5.78% to Rs 1168.1. The stock was the second biggest loser in 'A' group.On the BSE, 5.57 lakh shares were traded on the counter so far as against the average daily volumes of 2.98 lakh shares in the past one month.
Garden Reach Shipbuilders & Engineers Ltd lost 4.66% to Rs 2267.25. The stock was the third biggest loser in 'A' group.On the BSE, 70315 shares were traded on the counter so far as against the average daily volumes of 4.05 lakh shares in the past one month.
DCB Bank Ltd slipped 4.57% to Rs 127.25. The stock was the fourth biggest loser in 'A' group.On the BSE, 4.36 lakh shares were traded on the counter so far as against the average daily volumes of 1.48 lakh shares in the past one month.
Welspun Corp Ltd corrected 4.51% to Rs 638.15. The stock was the fifth biggest loser in 'A' group.On the BSE, 37435 shares were traded on the counter so far as against the average daily volumes of 91995 shares in the past one month.
Axis Bank Ltd dropped for a fifth straight session today. The stock is quoting at Rs 1158.8, down 6.49% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.09% on the day, quoting at 24392.1. The Sensex is at 80039.95, down 0.14%.Axis Bank Ltd has lost around 9.85% in last one month.Meanwhile, Nifty Bank index of which Axis Bank Ltd is a constituent, has eased around 3.86% in last one month and is currently quoting at 51317, down 0.95% on the day. The volume in the stock stood at 231.79 lakh shares today, compared to the daily average of 90.57 lakh shares in last one month.
The benchmark July futures contract for the stock is quoting at Rs 1157.55, down 6.51% on the day. Axis Bank Ltd jumped 18.63% in last one year as compared to a 23.33% rally in NIFTY and a 10.35% spurt in the Nifty Bank index.
The PE of the stock is 15.41 based on TTM earnings ending March 24.