Market this week 5-8-2022

Market this week 5-8-2022

Adani Enterprises is the fourth company in the Adani Group to surpass Rs 3 trillion in MCap.

Adani Enterprises Ltd (AEL), whose stock has increased by more than 57 percent so far this year, has crossed the Rs 3 trillion barriers in market capitalization, becoming the fourth group company to do so.

On the BSE, the stock reached a record high of Rs 2,705.90. The stock price on the BSE was Rs 2688 at 1.50 p.m., up 0.3% from its previous close. In this time, the stock increased by 15% and had gains in 13 of the 15 trading sessions. The stock is ranked 18th among all Indian listed companies. In the Adani Group company, it is fourth. With a market capitalization of Rs 3.77 trillion, Adani Transmission is the most valuable company in the group, followed by Adani Green Energy and Adani Total Gas.

The stock started to rise after Edelweiss Research research predicted that it would likely replace Shree Cement and join the Nifty 50 index. The brokerage company anticipates international investor inflows of about $213 million.

Following earnings, Godrej Properties’ stock declines as opinion from international brokerages is negative.

On August 3, a day after the business reported its profits, Godrej Properties’ stock was trading more than three percent lower intraday.

The Mumbai-based real estate developer announced on August 2 that its consolidated earnings for the quarter ending in June increased by 154 percent year over year to Rs 43.3 crore, mostly on the back of a low base because the second Covid wave had already hit the previous quarter. In the reviewed quarter, revenue increased 184 percent to Rs 244.67 crore.

Sequentially, the results were poor as profit dropped 83% as a result of poor top line and operating performance, and revenue from operations plummeted 82%. For the June quarter under review, core earnings increased 41% year over year to Rs 116 crore but decreased 71% sequentially.

Escorts Kubota decreases when the stock is downgraded by CLSA to “sell”

After the company’s tractor sales dipped in July, the share price of Escorts Kubota decreased by more than 5% during one trading session on August 2.

According to Escorts Kubota, the agricultural machinery division sold 5,360 tractors in July 2022, a decrease of 18.3% from the 6,564 units sold in July 2021. Exports increased by 28.9% to 656 units over July 2021, while domestic tractor sales fell 22.3 percent to 4,704 in July 2022.

Escorts Kubota reported a 15.7 percent decrease in revenue from operations to Rs 1,878.51 crore in Q4 FY22 compared to Q4 FY21, which resulted in a 28.1 percent loss in consolidated net profit to Rs 190.92 crore. Lower operating profit, the company claimed in a regulatory statement, had an influence on the quarter’s profit. Operating profit was negatively impacted by rising commodity prices and the industry’s transition to lower horsepower categories.

As Russia’s Gazprom declares force majeure for its LNG cargo, GAIL drops.

The morning of August 2 saw pressure on GAIL India’s stock as news sources said that Russia’s Gazprom had declared force majeure on its long-term LNG contracts with the firm.

The force majeure clause was triggered after Gazprom failed to deliver several LNG cargoes to GAIL from Singapore as scheduled, instead choosing to transfer those cargoes to Europe, where the Russian corporation could sell its gas at a better spot price.

GAIL is now forced to source alternative supplies from the global spot market, where prices are nearly three times those of long-term contracts, as a result of Gazprom’s lack of natural gas supply.

Shares of Yes Bank close 2 percent higher.

Following the news that private equity firms Carlyle and Advent International will invest USD 1.115 billion in the lender, Yes Bank’s shares ended the day with a 2% gain.

On the BSE, the stock increased 5.75 percent during the day to Rs 15.80. Later, it rose 1.67 percent to settle at Rs 15.19 per piece. The stock increased 2% to Rs 15.25 per share on the NSE.

Yes Bank announced on Friday that Carlyle and Advent International will invest USD 1.115 billion, capping off more than three years of fundraising difficulties (around Rs 8,900 crore). The private sector lender had to be bailed out in an RBI and government-led reconstruction scheme due to a lack of capital buffers and because the previous management had failed to convince investors of the bank’s compelling narrative. Each of the two international PE funds will be buying a 10% stake in the lender.

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