Stock Market Today: Dalal Street was expected to have a slow start on Monday as GIFT Nifty on the NSE IX traded 8 points, or 0.04 percent, higher at 19,596.50. Nifty made a strong comeback with an increase of 135 points, forming a tiny positive candle with a faint upper and lower shadow on the daily chart. On the weekly chart, a red candle with an upper and extended lower wick was visible, though.
Tokyo stocks opened lower
After Wall Street fell on weaker-than-expected US job market statistics, Tokyo equities began lower on Monday.The broad Topix index dropped 0.57 percent, or 12.88 points, to 2,261.75, while the benchmark Nikkei 225 index dropped 0.97 percent, or 313.17 points, to 31,879.58 in early trade.
Rupees and Oil
Due to increased demand for safe-haven dollars and rising crude oil prices, the rupee dropped by 7 paise on Friday to end the day at a more than two-month low against the US dollar.
After major producers Saudi Arabia and Russia promised to limit supplies for another month to further constrict markets around the world and boost prices, oil prices increased on Monday to their highest levels since mid-April.By 00:23 GMT, Brent crude futures were up 25 cents, or 0.3%, to $86.49 per barrel, while U.S. West Texas Intermediate crude was up 23 cents, or 0.3%, to $83.05 per barrel.
Stock Market Today: Stocks in focus
Britannia Industries
For the quarter that ended in June of FY24, a bakery goods company recorded consolidated profit of Rs 455.45 crore, up 35.6 percent over the same quarter last year. Operating revenue increased by 8.4% year over year to Rs 4,010.7 crore for the quarter, while EBITDA increased by 37.6% to Rs 688.9 crore with a margin improvement of 370 basis points to 17.2%.
Shipping Corp of India
On the strength of strong operating results, the shipping company reported a consolidated profit of Rs 171.6 crore for the quarter ended June FY24, up 57.1% from the corresponding quarter last year. With lower cost of services provided, EBITDA increased by 21.4% YoY to Rs 363 crore and the margin increased by 980 basis points to 30.2% in Q1FY24, but revenue decreased by 18% to Rs 1,200.1 crore.
Bank of Baroda
Despite increased provisions, the public sector lender reported a tremendous 87.7% year-over-year increase in profit for the quarter ended June FY24, which was underpinned by strong operational income growth of 42.9% YoY. Comparing the current quarter to the same period last year, net interest income increased by 24% to Rs 10,997 crore, with a 25 basis point increase in net interest margin to 3.27% for Q1FY24. Meanwhile, worldwide advances increased by 18%, and deposits increased by 16.2%.
Delhivery
Due to a dramatic reduction in operational loss, the logistics company’s net loss for the quarter ending June FY24 was decreased significantly from Rs 399.3 crore to Rs 89.5 crore. During the quarter, total operating revenue increased by 10.5% year over year to Rs 1,930 crore.
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