It’s a new week and the excitement cannot be contained. As the market takes a new turn towards positive signals, it’s bound to excite traders for what’s in store for them.
The Indian indices after an eventful previous week are ready to kickstart the new week with upward moves, high volatility and so much more.
So what are we waiting for?
Let’s get started!!
Nifty kickstarts an upward rally!! What’s the next move?
BUY ABOVE – 19600 | STOP LOSS – 19500 | TARGET – 19700 |
Our analysts have been on the scene since morning, and their excitement could mean that traders should be excited as well.
The last session of Nifty opened the gap up and moved in an upward rally. It closed a small positive candle right after this. A bullish kicker candlestick pattern and traders can expect upward movements as well.
Will bank Nifty Hit new heights as it witnessed high volatility? All signs are leading to something unique!!
BUY AROUND – 45050 | STOP LOSS – 44750 | TARGET – 45350 |
The last session of Bank Nifty opened a gap up and seemed to be in high volatility. It has closed positively and has formed a spinning bottom candlestick pattern. Traders can expect upward movements as well.
Trending Equity News:
Results:
The 3-day losing streak was overturned on Friday speculating on reversal as well.
With that news in the air, a total of 77 companies are declaring their respective Q1 results 2023 on Monday. These listed companies include Godrej Consumer Products, Torrent Pharma, PB Fintech, Tata Chemical, Gland Pharma, Max Healthcare, Alkyl Amines Chemicals, Medplus Health Services, Indigo pains, India Cements, Ujjivan Small Finance Bank, Barbeque Nation Hospitality, etc.
Equity News:
Britannia industries:
The bakery foods company recorded a consolidated profit of Rs 455.45 crore for the quarter ended June FY24, up 35.65% year on year, driven by excellent operating figures. Revenue from operations grew by 8.4% year-on-year to Rs 4,010.7 crore for the quarter, while EBITDA surged 37.6% to Rs 688.9 crore with a margin expansion of 370 bps at 17.2% compared to the year-ago period.
Bank of Baroda:
The public sector lender has registered a massive 87.7% year-on-year growth in profit at Rs 4,070.1 crore for the quarter ended June FY24 despite higher provisions, supported by healthy operating income growth of 42.9% YoY. Net interest revenue increased by 24% year on year to Rs 10,997 crore, with a 25 basis point YoY increase in net interest margin to 3.27% for Q1FY24, while worldwide advances increased by 18% and deposits increased by 16.2%.
Punjab and Sind Bank:
The public sector lender posted a profit of Rs 153 crore in the first quarter of fiscal year FY24, down 25.4% from the same period last year, due to higher provisions (up 121% YoY) and lackluster growth in operational revenue. In Q1FY24, net interest income increased by 4% year on year to Rs 738 crore, with gross advances increasing by 10.4% and deposits increasing by 12.5%, while operating profit increased by 2% to Rs 257 crore. In terms of asset quality, gross non-performing assets declined 17 basis points QoQ to 6.80%, but net NPA jumped 11 basis points to 1.95% during the quarter.
Delhivery:
The logistics company has narrowed its net loss significantly to Rs 89.5 crore for the quarter ended June FY24, against a loss of Rs 399.3 crore in the year-ago period as operating loss also reduced sharply. During the quarter, consolidated revenue from operations increased 10.5% year on year to Rs 1,930 crore.
Adani Enterprises:
The Subsidiary Adani Digital Labs has further acquired a 70.19% stake in Stark Enterprises, for Rs 6.8 crore. Adani Digital Labs paid Rs 3.56 crore for a 29.81% interest in Stark Enterprises in July. The acquisition is strategic in nature and would assist Adani Group in expanding its tourism industry.
That’s all for today folks.
Until next time, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease