Sensex Today Trades Lower; Hindalco & Hero MotoCorp Top Losers

Asian stocks sank on Friday, with Chinese shares leading losses on persistent concerns over the property market, while data showing a rise in US inflation did little to improve sentiment.

The Nikkei is trading 0.8% higher while the Hang Seng index is down 0.6%. The Shanghai Composite is trading down by 1.2%.

US stocks ended flat on Thursday following the July inflation data. The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite ended marginally higher.

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

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 130.21 0.06 0.05% 132.65 130.04 134.07 83.45
Apple 177.97 -0.22 -0.12% 180.75 177.6 198.23 124.17
Meta 305.74 0.53 0.17% 312.34 303.87 326.2 88.09
Tesla 245.34 3.15 1.30% 251.8 243 314.67 101.81
Netflix 429.98 1.08 0.25% 438.12 428.69 485 211.73
Amazon 138.56 0.71 0.52% 140.41 137.49 146.57 81.43
Microsoft 322.93 0.7 0.22% 328.26 321.18 366.78 213.43
Dow Jones 35,176.20 52.8 0.15% 35,578.58 35,107.60 35,679.13 28,660.94
Nasdaq 13,738.00 16 0.12% 13,947.16 13,686.52 14,446.55 10,088.83

Data Source: Equitymaster

Back home, Indian share markets are trading on a negative note following the trend on SGX Nifty.

At present, the BSE Sensex is trading lower by 250 points. Meanwhile, the NSE Nifty is trading down by 75 points.

Titan and Maruti Suzuki are among the top gainers today.

Hindalco and Hero MotoCorp on 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 higher by 0.2%.

Sectoral indices are trading on a mixed note with stocks in the realty sector and telecom sector witnessing most buying. While stocks in the FMCG sector and metal sector are witnessing selling pressure.

Shares of Coforge and Raymond hit their 52-week high today.

The rupee is trading at Rs 81.76 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 58,790 per 10 grams today.

Meanwhile, silver prices are trading marginally lower at Rs 69,876 per 1 kg.
 

Mazagon Dock's net profit surges 40%

State-run Mazagon Dock Shipbuilders (MDL), on Thursday, reported a 39.8% year-on-year (YoY) increase in net profit at Rs 314.3 bn for the June 2023 quarter.

In the corresponding quarter last year, Mazagon Dock Shipbuilders posted a net profit of Rs 2.2 bn.

The total revenue stood at Rs 21.7 bn during the period under review, which falls 2.6% against Rs 22.3 bn in the corresponding period of the preceding fiscal.

At the operating level, EBITDA declined 1.2% to Rs 1.7 bn in the first quarter of this fiscal over Rs 1.7 bn in the corresponding period in the previous fiscal.

EBITDA margin stood at 7.9% in the reporting quarter compared to 7.8% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortization.

So far in 2023, the defense shipbuilding company has logged gains of over 121.3%, here's Why Mazagon Dock's Share Price is Rising.

chart

Mazagon dock shipbuilders are one of the Top 5 Cash-Rich Midcap Stocks to Add to Your Watchlist.
 

Hero MotoCorp Q1 net profit up 32%

Aided by higher prices, improvement in operating performance, and reversal-of-incentivization benefits, Hero MotoCorp on Thursday reported a 32% year-on-year (YoY) rise in its first quarter standalone net profit at Rs 8.3 bn as compared to Rs 6.2 bn a year ago.

The company's revenue increased 4.5% to Rs 87.7 bn in Q1FY24, as against Rs 8,392.54 crore in the year-ago period.

Lower commodity costs, price hikes, positive operating leverage, and a richer product mix also helped the company boost its bottom line.

The country's largest two-wheeler maker posted robust financials despite a dip in volumes. The company's total sales, including exports, declined by 3% to 13.53 lakh units during the April to June period vis-a-vis 13.90 lakh units in the same period last year.

Domestic sales were marginally down by 0.8% on a YoY, while exports slumped by 43%.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q1FY24 stood at Rs 12.1 bn, up 28%.

Driven by softening of commodity costs, accelerated savings programs, and judicious price increases, the EBITDA margin for the quarter stood at 13.8%, reflecting an improvement of 2.5%.

The underlying EBITDA margin for the ICE business stands at 14.5%, excluding the impact of the EV business.

EBITDA margin is a measure of a company's operating profit as a percentage of its revenue. Profit before tax and exceptional items for the quarter were at Rs 12.6 bn, a growth of 52% over Rs 8.2 bn reported in the previous quarter.

Consolidated revenue from operations stood at Rs 88.5 bn, a growth of 5% over the previous year, and PAT at Rs 7 bn, a growth of 20% over the previous year.

Note that the electric vehicle (EV) megatrend is a once-in-a-century revolution happening right in front of us.

The revolution has taken the auto sector by storm. All segments of the sector are ripe for disruption, and India's top EV stocks are set to benefit from this shift.


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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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