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Indian stock market reached new heights today July 19th before retreating, with the NIFTY 50 and BSE SENSEX hitting fresh highs. The NIFTY 50 is currently trading at 24,527.10 down 1.08% or 272 points. It reached a day high of 24,854.80 which is also its 52-week high. The BSE SENSEX is at 80,556.34, down 0.97% or 793.12 points after touching a day and 52-week high of 81,587.76
Despite the current consolidation analysts suggest the NIFTY's near-term uptrend remains intact, with potential to reach the psychological 2,5000 level in the near future.
Yesterday July 18, 2024 was an important day for the Indian stock market as several major companies announced their quarterly results and still some are set to.
So far in Q1 FY24-25, 160 out of 4,414 companies have reported their results showing an average revenue growth of 8.28% year-over-year (YoY) and net profit growth of 10.26% YoY.
Tata Consultancy Services which reported its earnings on July 11, 2024 showed mixed results. The company revenue grew by 5% YoY to Rs. 62,613 crore while net profit increased by 8% to Rs. 12,105 crore. However TCS stock is currently trading at Rs. 4,302.00 down 0.31% so far today.
Bajaj Auto reporting on July 16, 2024 demonstrated strong performance with a 15% YoY revenue growth to Rs. 11,932 crore and an 18% increase in net profit to Rs. 1,942 crore. Despite these positive results the stock is currently down 2.29% at Rs. 9,405.30 today as of the press.
Inventure Grow a smaller company reported impressive growth on July 18, 2024. With a 5% increase in revenue to Rs. 18 crore, the company saw a remarkable 900% jump in gross profit and a 500% surge in net profit. The stock is currently up 9.82% at Rs. 3.13
Infosys reporting July 18, 2024 showed moderate growth with a 3% increase in revenue to Rs. 39,315 crore and a 7% rise in net profit to Rs. 6,374 crore. The stock is currently trading at Rs. 1,797.45 up 2.24%
Tata Communications reported an 18% YoY revenue growth to Rs. 5,633 crore but experienced an 11% decline in net profit to Rs. 330 crore. The stock is down 3.98% at Rs. 1,795.95
L&T Technology Services reported a 7% revenue growth to Rs. 2,462 crore but saw a slight 2% decrease in gross profit. Net profit remained nearly flat with a 0.64% increase. The stock is up 0.83% at Rs. 4,890
Tata Technologies showed strong growth with an 11% increase in revenue to Rs. 721 crore and an impressive 500% jump in net profit to Rs. 480 crore. However the stock is down 1.10% at Rs. 998.05
Century Textiles reported 2% revenue growth to Rs. 1,149 crore but saw a turnaround in net profit moving from a loss to a profit of Rs. 25 crore. The stock is down 2.25% at Rs. 2,208.80
RS Software reporting on July 9 showed substantial growth across all metrics with a 72% increase in revenue and a 400% rise in both gross and net profit. The stock is up 3.78% at Rs. 241.30
Lancor Holdings reporting on July 10 also demonstrated strong performance with a 25% revenue growth and a 200% increase in net profit. The stock is slightly up by 0.21% at Rs. 42.90
More are yet to be released as we await to see on the overall trend of the stock market in the next few days. Expect market shifts and volatility in respect to the quarterly earnings.
