The stock market opened on a downbeat note on July 22, 2024 with the BSE Sensex dropping over 400 points and the Nifty 50 falling below 24,400. As of the latest update the Nifty 50 is trading at 24,503.55 down 0.11% or 27.35 points with a day range of 24,362.30 to 24,595.20.
Nifty 50 Index: TradingView
The BSE Sensex stands at 80,490.35 down 0.14% or 114.30 points ranging between 80,100.65 and 80,800.92 for the day. The Q1 FY24-25 earnings season is in full swing with 231 out of 4,400 results reported so far showing an 11.02% year-on-year revenue growth and a slight 0.14% increase in net profit. Today 41 companies are set to release their earnings following 31 releases on July 20th.
Dodla Dairy reported strong Q1 FY24-25 results today with revenue up 8% to Rs 828 crore and net profit doubling to Rs 54 crore. The company gross profit saw a significant jump of 131% to Rs 67 crore.
HDFC Bank which released its earnings on July 20 posted impressive growth with a 59% increase in revenue to Rs 81,546 crore and a 38% rise in net profit to Rs 17,188 crore. The bank’s gross profit also grew by 30% to Rs 25,870 crore.
J.K. Cement reported modest revenue growth of 1% to Rs 2,808 crore but saw a substantial 63% increase in net profit to Rs 185 crore. The company gross profit rose by 24% to Rs 339 crore.
Gravita India experienced strong growth across the board with revenue up 29% to Rs 908 crore, gross profit increasing 58% to Rs 81 crore and net profit rising 28% to Rs 68 crore.
Shakti Pumps posted exceptional results with revenue surging 402% to Rs 568 crore and net profit surging by 9,200% to Rs 93 crore. The company gross profit also saw a massive 4,266% increase to Rs 131 crore.
Seshasayee Paper experienced a challenging quarter with revenue declining 1% to Rs 422 crore and net profit dropping 47% to Rs 37 crore. The company gross profit also fell by 57% to Rs 36 crore.
Sportking India reported solid growth with revenue up 17% to Rs 634 crore and net profit increasing 77% to Rs 32 crore. The company gross profit rose by 73% to Rs 52 crore.
Reliance Industries saw an 11% increase in revenue to Rs 231,784 crore but experienced a 4% decline in both gross profit and net profit which stood at Rs 25,169 crore and Rs 17,448 crore respectively.
Wipro reported a 3% decrease in revenue to Rs 21,964 crore but managed to increase its gross profit by 4% to Rs 3,625 crore and net profit by 5% to Rs 3,041 crore.
JSW Steel faced challenges with a slight 1% revenue growth to Rs 42,943 crore while gross profit fell 35% to Rs 3,301 crore and net profit declined 64% to Rs 879 crore.
