Tech Enhanced Investing

On Thursday, Indian markets closed nearly unchanged despite significant global market declines due to a shift from tech stocks to more economically sensitive sectors. Today, markets are anticipated to open with a flat-to-positive trend, influenced by gains in Asian markets. Support for the market comes from statements by Reserve Bank of India Deputy Governor M Rajeshwar Rao, who highlighted the strengthened state of the Indian financial system and the country's economic resilience amidst global challenges. 

Additionally, around 46 million income tax returns have been filed so far, with the tax department collaborating with technology vendors to handle the high volume of submissions as the July 31 deadline approaches. However, sentiment might be dampened by ongoing foreign fund outflows, with foreign institutional investors (FIIs) selling equities worth Rs 2,605 crore on July 25. Traders should note that the Reserve Bank of India (RBI) has proposed stricter norms for the liquidity coverage ratio (LCR) due to the increasing number of mobile and internet banking users. 

In the marine sector, stocks may react to the Marine Products Export Development Authority’s (MPEDA) statement that budget announcements, such as customs duties rationalization and financing facilities, will boost India's aquaculture and seafood exports, particularly focusing on shrimp production. Investors will also be closely monitoring earnings reports from companies like IndusInd Bank, Power Grid Corporation, Shriram Finance, Cipla, InterGlobe Aviation, Bandhan Bank, Aarti Drugs, and Amber Enterprises India. Meanwhile, shares of Sanstar, a leading Indian maize-based specialty products manufacturer, will debut on the NSE and BSE today.

### US and Asian Markets Update

In the US, markets mostly ended in the red on Thursday despite strong Q2 GDP data, which was overshadowed by tech sector weaknesses. In Asia, markets are trading mostly higher on Friday ahead of next week's Bank of Japan policy meeting.

### Domestic Market Recap

Back home, Indian equity benchmarks witnessed a sharp recovery on Thursday after a significant morning sell-off, ending flat with a negative bias due to the monthly F&O expiry for the July series. Both indices experienced heavy losses at the start of trading, influenced by global market sell-offs. Market sentiment was further impacted by significant foreign fund outflows following a hike in securities transaction tax and short-term capital gains tax. 

A private report indicated that foreign investors sold nearly $1 billion worth of Indian equities in the two days following the government's tax increases on derivatives trades and equity investment capital gains. However, the markets regained most of their losses by late afternoon, supported by Revenue Secretary Sanjay Malhotra's comments on the tax reliefs for the middle class announced in the Union Budget, which include Rs 17,500 savings and an increased rebate limit to Rs 7 lakh in the new tax regime.

Additional support came from global credit rating agencies' positive reception of the FY25 Budget, praising the government's commitment to deficit reduction. The Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal noted that about 66% of taxpayers have opted for the new income tax return (ITR) regime, with the government focusing on simplifying tax processes.

Ultimately, the BSE Sensex fell by 109.08 points, or 0.14%, to 80,039.80, and the CNX Nifty decreased by 7.40 points, or 0.03%, to 24,406.10.

Mphasis is trading at Rs. 2930.00, up by 86.25 points or 3.03% from its previous close of Rs. 2843.75 on the BSE.

The stock opened at Rs. 2779.65 and reached a high of Rs. 2941.20 and a low of Rs. 2779.65 during the session. A total of 1450 shares were traded.

The BSE group 'A' stock, with a face value of Rs. 10, hit a 52-week high of Rs. 2966.95 on July 23, 2024, and a 52-week low of Rs. 2068.45 on October 26, 2023.

The stock's high and low for the past week were Rs. 2966.95 and Rs. 2779.65, respectively. The company's current market capitalization stands at Rs. 53,773.17 crore.

Promoters hold 40.35% of the company, while institutions and non-institutions hold 54.15% and 5.50%, respectively.

Mphasis has introduced Mphasis NeoCrux, a pioneering tool aimed at enhancing software engineers' productivity by optimizing the Software Development Lifecycle with a Generative AI (Gen AI) powered Agent Orchestrator. Unlike other platforms, NeoCrux allows engineers to integrate various AI Agents suited to their needs. Additionally, Mphasis launched NeoZeta, the only Gen AI-based Enterprise Modernization Platform available, which offers transparency in the re-learning process, helping organizations confidently modernize their critical systems.

NeoCrux supports agile team resources to deliver accelerated Idea2Launch IT Value Streams. Its first release is an in-IDE assistant for software engineers, with an AI-powered requirement engineering workbench for product owners to follow. The enterprise edition of NeoCrux goes beyond basic agent orchestration by providing personalized AI assistance tailored to individual engineers' behaviors.

NeoZeta is an innovative platform for enterprise application modernization, uncovering enterprise knowledge hidden in code and documents. It ensures the longevity of software systems developed on it. Key features include transparency, avoiding black-box conversions, and using open standards and knowledge graph technologies to involve both humans and AI agents in the modernization process.

Mphasis is a global service provider, offering technology-based solutions across various sectors.

Sterling and Wilson Renewable Energy's stock is currently trading at Rs. 673.10, marking an increase of 16.30 points or 2.48% from its previous closing price of Rs. 656.80 on the BSE.

The stock opened at Rs. 655.05 and reached a high of Rs. 675.00 and a low of Rs. 655.05. A total of 54,942 shares have been traded so far.

This BSE group 'A' stock, with a face value of Rs. 1, hit a 52-week high of Rs. 828.00 on May 21, 2024, and a 52-week low of Rs. 253.45 on October 19, 2023. Over the past week, the stock has fluctuated between a high of Rs. 683.80 and a low of Rs. 624.80. The company's current market capitalization stands at Rs. 15,325.90 crore.

Promoters hold a 52.91% stake in the company, while institutions and non-institutions hold 19.15% and 27.94%, respectively.

Sterling and Wilson Renewable Energy (SWREL) has secured a significant order for the engineering, design, procurement, erection, testing, and commissioning of a 1,000 MWh standalone Battery Energy Storage System (BESS) in Rajasthan, India. This project is the largest BESS project in India to date and one of the few globally of such scale, expected to be completed by 2025. As of March 2024, India's total installed BESS capacity is around 219 MWh. According to the National Electricity Plan (NEP) 2023 by the Central Electricity Authority (CEA), the projected energy storage capacity requirement for 2026-27 is 82.37 GWh. With this order, SWREL will significantly strengthen its position in the rapidly growing BESS market in India.

Moreover, the company has also won a 20 MW floating solar project in Karnataka from the same client, making it the third floating solar project SWREL is executing in the country. The total order value for both projects, including operations and maintenance (O&M) and taxes, is approximately Rs 328 crore.

Sterling and Wilson Renewable Energy specializes in the construction and maintenance of power plants, offering a range of contract activities and operational services.

Exicom Tele-Systems is currently trading at Rs. 445.00, an increase of 13.20 points or 3.06% from its previous close of Rs. 431.80 on the BSE.

The stock opened at Rs. 439.00 and reached a high of Rs. 452.75 and a low of Rs. 435.00. A total of 6575 shares have been traded so far.

This BSE group 'B' stock, with a face value of Rs. 10, hit a 52-week high of Rs. 530.40 on July 2, 2024, and a 52-week low of Rs. 170.25 on March 13, 2024.

Over the past week, the stock's high and low were Rs. 452.75 and Rs. 414.00, respectively. The company's current market capitalization is Rs. 5217.20 crore.

The company's shareholding includes 69.57% held by promoters, 9.49% by institutions, and 20.94% by non-institutional investors.

On July 25, 2024, Exicom TeleSystems' wholly-owned subsidiary, Exicom Power Solutions B.V., established a new wholly-owned subsidiary, Tritium NexGen Solutions B.V., in the Netherlands. This new entity has become a step-down subsidiary of Exicom TeleSystems.

Tritium NexGen Solutions B.V. will focus on manufacturing, importing, exporting, and trading in electrical equipment, including electric vehicles, charging stations, and systems, spare parts, solar systems, and batteries. It will also provide repair and maintenance services for primary and storage batteries.

Exicom Tele-Systems specializes in power systems, electric vehicle (EV) charging, and related solutions.

KPI Green Energy is experiencing a significant rise in its stock price, currently trading at Rs. 959.95. This marks an increase of 40.95 points or 4.46% from its previous close of Rs. 919.00 on the BSE.

The stock opened at Rs. 960.35 and fluctuated between a high of Rs. 964.95 and a low of Rs. 959.80. So far, 41,087 shares have been exchanged on the market.

This BSE group 'T' stock, with a face value of Rs. 5, reached a 52-week high of Rs. 1,083.95 on July 19, 2024, and a 52-week low of Rs. 248.33 on August 2, 2023. Over the past week, the stock's high was Rs. 991.85, while the low was Rs. 905.00. The company's current market capitalization stands at Rs. 11,633.34 crore.

Promoters hold a 53.09% stake in the company, with Institutions and Non-Institutions holding 6.39% and 40.51% respectively.

On July 25, 2024, KPI Green Energy, along with its wholly-owned subsidiary KPark Sunbeat, acquired a significant stake in Miyani Power Infra LLP. KPI Green Energy now holds a 99% stake through direct capital contribution, while KPark Sunbeat holds the remaining 1% stake through capital contribution. The purpose of this acquisition is to facilitate the development of future renewable energy projects.

KPI Green Energy, previously known as K.P.I. Global Infrastructure, specializes in solar power generation. It operates as an Independent Power Producer (IPP) under the brand name 'Solarism' and also provides services to Captive Power Producer (CPP) customers.

CG Power and Industrial Solutions' shares are currently trading at Rs. 715.95, marking an increase of 19.65 points or 2.82% from the previous close of Rs. 696.30 on the BSE.

The stock opened at Rs. 700.75 and reached a high of Rs. 730.35 and a low of Rs. 699.00. A total of 110,672 shares have been traded so far.

This BSE 'A' group stock, with a face value of Rs. 2, hit a 52-week high of Rs. 783.60 on July 8, 2024, and a 52-week low of Rs. 359.40 on October 26, 2023. In the past week, the stock's high was Rs. 730.35 and the low was Rs. 644.90. The company's current market capitalization stands at Rs. 106,418.32 crore.

Promoters hold a 58.09% stake in the company, while institutional and non-institutional investors hold 25.72% and 16.19% respectively.

CG Power and Industrial Solutions has finalized agreements to acquire a 55% stake in G.G.Tronics India (GGT) for up to Rs. 319.38 crore. This acquisition aligns with CG’s strategy to broaden its Railway product range by entering related growth areas. The integration aims to harness synergies between the two companies.

CG Power's vast experience in manufacturing, engineering, and project management, coupled with GGT's expertise in Railway Transport Safety and embedded systems, particularly in the Train Collision Avoidance System 'KAVACH,' will enable CG to pursue 'KAVACH' and other rail safety projects in the electronic signalling sector.

CG Power and Industrial Solutions, formerly known as Crompton Greaves, is a global leader in electrical energy management and application.

Housing & Urban Development Corporation is currently trading at Rs. 321.80, up by 8.50 points or 2.71% from its previous closing of Rs. 313.30 on the BSE.

The scrip opened at Rs. 312.80 and has touched a high and low of Rs. 325.00 and Rs. 308.15 respectively. So far 1766547 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 353.95 on 12-Jul-2024 and a 52 week low of Rs. 60.80 on 04-Aug-2023.

Last one week high and low of the scrip stood at Rs. 329.55 and Rs. 271.15 respectively. The current market cap of the company is Rs. 64361.09 crore.

The promoters holding in the company stood at 75.00%, while Institutions and Non-Institutions held 14.34% and 10.66% respectively.

Housing and Urban Development Corporation (HUDCO) has signed a non-binding Memorandum of Understanding (MoU) with the Government of Rajasthan through its Department of Finance, on July 24, 2024 at Jaipur, Rajasthan. The MoU is an in-principle arrangement between the parties with the objective to provide financial assistance for housing and urban infrastructure projects in the State of Rajasthan to the extent of Rs 1,00,000.00 crore (for next 5 years), subject to mutually agreed terms and conditions. 

HUDCO finances social housing and residential real estate through primarily lending to State Governments and their agencies, which, in turn, extend the finance to or utilise the finance for the ultimate individual beneficiaries.

Emerald Finance has hit its upper circuit limit at Rs. 69.35, marking an increase of 3.30 points or 5.00% from its previous close of Rs. 66.05 on the BSE.

The stock opened at Rs. 69.35 and maintained this peak throughout the trading session. A total of 36,318 shares have exchanged hands so far.

The BSE group 'XT' stock, with a face value of Rs. 10, has achieved a 52-week high of Rs. 69.35 on July 25, 2024, and a 52-week low of Rs. 18.05 on October 4, 2023.

Over the past week, the stock's high and low were Rs. 69.35 and Rs. 47.26 respectively. The company’s current market capitalization stands at Rs. 209.05 crore.

The promoters hold 67.80% of the company's shares, while institutional and non-institutional investors own 1.31% and 30.90% respectively.

Emerald Finance has entered into a partnership with Cadchem Laboratories to implement an Early-Wage-Access program for the pharmaceutical company's employees. Cadchem Laboratories specializes in the development and production of niche Active Pharmaceutical Ingredients (APIs) and their intermediates.

This collaboration aims to provide employees with instant financial relief by enabling access to a portion of their salaries at any time during the month. Emerald Finance has been developing a salary advance solution to expand its services and better serve retail customers. This product involves offering short-term loans as salary advances, with the amount repaid through salary deductions.

As a Non-Banking Financial Company (NBFC), Emerald Finance focuses on providing financial services to small and medium enterprises (SMEs) in both corporate and non-corporate sectors.

Larsen & Toubro (L&T) shares are currently trading at Rs. 3580.00, reflecting an increase of 60.60 points or 1.72% from the previous closing price of Rs. 3519.40 on the BSE.

The stock opened at Rs. 3548.95, reaching a high of Rs. 3606.25 and a low of Rs. 3536.15 during the trading session. A total of 58,821 shares have been traded so far.

L&T, a BSE group 'A' stock with a face value of Rs. 2, reached a 52-week high of Rs. 3948.60 on June 3, 2024, and a 52-week low of Rs. 2586.75 on August 25, 2023. Over the past week, the stock's high and low have been Rs. 3714.00 and Rs. 3461.00 respectively. The company's current market capitalization stands at Rs. 492,165.67 crore.

Institutional and non-institutional investors hold 61.98% and 38.01% of the company’s shares respectively.

Larsen & Toubro reported a 65.22% increase in its net profit, amounting to Rs. 2,961.34 crore for the first quarter ending June 30, 2024 (Q1FY25), compared to Rs. 1,792.36 crore for the same quarter the previous year. The company's total income rose by 17.77% to Rs. 32,727.27 crore for Q1FY25, up from Rs. 27,788.77 crore for the corresponding quarter last year.

On a consolidated basis, L&T's net profit increased by 10.40% to Rs. 3,440.11 crore for Q1FY25, compared to Rs. 3,116.12 crore in the same quarter the previous year. The company's total income also saw a 14.30% increase, reaching Rs. 56,040.46 crore for Q1FY25, compared to Rs. 49,027.93 crore for the corresponding quarter last year.

Indian Energy Exchange is currently trading at Rs. 175.75, which is an increase of 1.30 points or 0.75% from its previous close of Rs. 174.45 on the BSE.

The stock opened at Rs. 174.45, reaching a high of Rs. 178.60 and a low of Rs. 171.70. A total of 694,004 shares have been traded so far.

This BSE group 'A' stock, with a face value of Rs. 1, hit a 52-week high of Rs. 191.30 on July 2, 2024, and a 52-week low of Rs. 119.00 on July 27, 2023.

Over the past week, the stock's high and low have been Rs. 178.60 and Rs. 159.10, respectively. The company's current market capitalization is Rs. 15,756.21 crore.

Institutional and non-institutional investors hold 42.91% and 57.10% of the company’s shares, respectively.

Indian Energy Exchange reported a 26.00% increase in net profit to Rs. 93.42 crore for the first quarter ended June 30, 2024 (Q1FY25), compared to Rs. 74.14 crore in the same quarter last year. The company’s total income for Q1FY25 rose by 21.27% to Rs. 154.35 crore, up from Rs. 127.28 crore in the corresponding quarter of the previous year.

On a consolidated basis, the net profit increased by 27.18% to Rs. 96.44 crore for Q1FY25, compared to Rs. 75.83 crore in the same quarter last year. Total income for Q1FY25 was Rs. 154.47 crore, an increase of 21.28% from Rs. 127.37 crore in the corresponding quarter of the previous year.