Sensex Today Trades Higher; Paytm Surges 7%

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Asian share markets declined on Monday as traders assessed mixed US jobs report for clues on the Federal Reserve's next decision. The intensifying Ukraine-Russia conflict also weighed on sentiment.

The Nikkei is trading 0.1% higher, and the Hang Seng index is trading flat. While Shanghai Index is trading 0.6% lower.

US stocks closed lower on Friday after a report on the slowing US labor market growth, and all major indexes posted weekly losses as investors braced for more possible downside surprises a day after disappointing earnings from Apple.

Dow Jones Industrial Average and the tech-heavy Nasdaq Composite ended 0.4% lower.

Here's a table showing how US stocks performed on Friday:

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 128.54 -0.23 -0.18% 131.93 128.32 134.07 83.45
Apple 181.99 -9.18 -4.80% 187.38 181.92 198.23 124.17
Meta 310.73 -2.46 -0.79% 318.41 310.20 326.20 88.09
Tesla 253.86 -5.46 -2.11% 264.77 253.11 314.67 101.81
Netflix 431.60 0.60 0.14% 436.50 426.27 485.00 211.73
Amazon 139.57 10.66 8.27% 143.63 139.32 146.57 81.43
Microsoft 327.78 1.12 0.34% 335.14 327.24 366.78 213.43
Dow Jones 35,065.60 -150.30 -0.43% 35,506.88 35,033.76 35,679.13 28,660.94
Nasdaq 13,909.20 -50.50 -0.36% 14,119.22 13,897.94 14,446.55 10,088.83

Source: Equitymaster

Back home, Indian share markets are trading on a positive note today.

At present, the BSE Sensex is trading higher by 106 points. Meanwhile, the NSE Nifty is trading up by 33 points.

Sun Pharma and Grasim are among the top gainers today.

ITC and Nestle the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index and the BSE Small Cap index are trading 0.3% higher.

Sectoral indices are trading on a mixed note with stocks in the metal sector and power sector witnessing the most selling pressure.

Meanwhile, the stocks in healthcare and telecom are witnessing buying.

Shares of Grasim and Info Edge hit their 52-week high today.

The rupee is trading at Rs 82.75 against the US dollar.

In commodity markets, gold prices are trading lower by 0.1% at Rs 59,453 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 72,225 per 1 kg.
 

ICICI Bank to raise stake in ICICI Lombard

ICICI Bank received approval from the Reserve Bank of India (RBI) to raise its stake in ICICI Lombard General Insurance Company by up to 4% in multiple tranches. The private lender currently holds a 48.01% share in ICICI Lombard.

The second-largest private bank received the RBI nod on Friday.

Earlier, the bank, in its disclosure filed with the stock exchanges on 28 May 2023, had communicated that its Board of Directors had approved an increase in the shareholding in ICICI Lombard in multiple tranches by up to 4%.

The banking behemoth will acquire at least a 2.5% stake in ICICI Lombard before 9 September 2024, out of the approved 4%.

As per the guidelines of the Reserve Bank of India (RBI), banks can own a shareholding of either less than 30% in insurance companies or more than a 50% stake.

ICICI Bank had informed back in March that RBI had granted it an extension in the timeline for divesting its shareholding in ICICI Lombard to less than 30% of the company's paid-up capital till 9 September 2024.
 

Bank of Baroda Q1 net profit grows 88%

Public sector lender Bank of Baroda on Friday reported an 87.7% rise in net profit to Rs 40.7 billion (bn) for the April-June FY24 quarter from Rs 21.7 bn last year.

The gross non-performing assets of the bank declined to 3.5% compared with 6.3% last year.

The Gross NPA of the Bank reduced by 33.8% YoY to Rs 348.3 bn in Q1FY24, and the Gross NPA Ratio improved to 3.5% in Q1FY24 from 6.3% in Q1FY23.

The Net NPA Ratio of the BOB stands at a record low of 0.8% in Q1FY24 compared with 1.6% in Q1FY23.

However, the Slippage ratio declined to 1.1%for Q1FY24 against 1.7% in Q1FY23.

Domestic CASA deposits registered a growth of 5.5% YoY and stood at Rs 4.2 tn.

Bank of Baroda has a domestic presence spanning 8,205 branches and 10,459 ATMs and Cash Recyclers supported by self-service channels and an international presence with a network of 93 overseas offices spanning 17 countries.

Between May 2022- May 2023, the Bank of Baroda delivered a return of 85.9%. Take a look.

The bank had a dream run in the financial year 2023. 
 

BHEL Q1 net loss widens

State-run Bharat Heavy Electricals Ltd (BHEL) on Friday, reported a net loss of Rs 3.4 bn for the June 2023 quarter. In the corresponding quarter last year, BHEL posted a net loss of Rs 1.9 bn.

In the quarter, total revenue stood at Rs 50 bn during the period under review, up 7.1% against Rs 46.7 bn in the corresponding period of the preceding financial year 2023.

At the operating level, EBITDA jumped 14.9% to Rs 10.4 bn in the first quarter of this fiscal over Rs 9 bn in the corresponding period in the previous fiscal.

EBITDA margin stood at 20.7% in the reporting quarter compared to 19.3% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization.


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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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