Benchmark equity indices Sensex and Nifty closed with gains in volatile trade and hit record high levels on Tuesday, extending their third consecutive day of gains. In today’s trade, focus will be on stocks such as Maruti, M&M, Tata Consumer, Adani Energy, Vedanta as these companies announced their first quarter results.
GAIL: State-owned GAIL reported a 77.5 per cent rise in consolidated net profit at Rs 3,183.35 crore in Q1FY25 as against Rs 1,793 crore in the same period last year. GAIL’s net profit rose 28.6 per cent Q-o-Q from Rs 2,474 crore. The recent rise in net profit was driven by higher domestic natural gas marketing volumes and higher gas transmission volumes.
Tata Consumer Products: Tata Consumer Products’ net profit fell 8.3 per cent year-on-year to Rs 290.3 crore in Q1FY25 due to a rise in exceptional items and a drop in profit from associates and joint ventures. The company’s net profit fell to Rs 290.3 crore in the quarter under review from Rs 317 crore in Q1 FY24.
Dixon Technologies: The company’s net profit rose 94.25 per cent to Rs 133.68 crore in Q1FY25 from Rs 68.82 crore in the same quarter last year. The company’s sales grew 101.12 per cent to Rs 6579.80 crore in the quarter ended June 2024 from Rs 3271.50 crore in the same quarter last fiscal.
Indus Towers: The telecom infrastructure major’s consolidated profit grew 42 per cent to Rs 1,925.9 crore in the quarter ended June 30, 2024, from Rs 1,347.9 crore in the same quarter of the previous fiscal. The company’s total revenue from operations grew nearly 4 per cent to Rs 7,439.4 crore in the June 2024 quarter from Rs 7,132.4 crore in the same quarter of the previous year.
Torrent Power: The company reported an 87.2 per cent year-on-year rise in net profit in the June quarter. Torrent Power’s revenue grew 23.3 per cent year-on-year to Rs 9,033.7 crore in the quarter under review. The company’s EBITDA grew 56.8 per cent year-on-year to Rs 1,857.9 crore. Torrent Power witnessed growth in merchant power sales at gas-based power plants.
Jindal Stainless: The company reported a 13.11 per cent YoY decline in net profit in Q1FY25 to Rs 648.06 crore as against Rs 745.81 crore in the same quarter of the previous fiscal. The company’s consolidated operating revenue stood at Rs 9,429.76 crore in Q1FY25, down 7.4 per cent YoY. Jindal Stainless has received approval to raise ~Rs 5,000 crore through equity and/or debt instruments.
Titagarh Rail Systems: The company’s net profit grew 8.4 per cent YoY to Rs 67 crore in the June quarter.
Vedanta: Vedanta Limited, one of the world’s leading critical minerals, energy and technology companies, has announced that it has received approval of 75% of its secured lenders for its proposed split, following approval from the stock exchanges and subsequent filing of the split plan in the National Company Law Tribunal (NCLT).
Vodafone Idea: The company has received a penalty order of Rs 27,30,73,909/- from the Commercial Tax Officer, Chennai South, Tamil Nadu. “The order passed under section 74 of the Integrated Goods and Services Tax Act, 2017 prescribes a penalty of Rs 27,30,73,909/- along with applicable interest and demand,” Vodafone Idea said in a regulatory filing on the BSE.
Energy stocks surge
Energy stocks witnessed a surge on Tuesday. Stocks such as Jindal Drilling & Industries, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation (HPCL) and Gujarat State Petroleum Corporation (GSPL) were the top gainers in the space. The BSE energy index hit an all-time high of 13,926.19 during trade.
The Sensex and Nifty maintained their gains by closing at record high levels on Tuesday. The movement in energy stocks made it clear that investors are focused on the prospects of the sector. Jindal Drilling’s stellar performance and strong results from other companies gave momentum to the market. In the coming months, it will be important to see if this surge continues and how it impacts the Indian economy.
