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Research Periodic Report Poonawalla Fincorp Growth, HDFC Bank Decline, RVNL’s MoU, and Ircon International’s New Project

Poonawalla Fincorp Growth, HDFC Bank Decline, RVNL’s MoU, and Ircon International’s New Project

Written by - Fisdom Research

July 5, 2024 3 minutes

Opening Bell:             

Gift Nifty is down by 72.5 points in the early morning trade, indicating a negative opening for Indian stock market                                  

Asian markets traded higher on Friday, with Japan’s key benchmark indices reaching new highs. Japan’s Nikkei 225 increased by 0.46%, while the Topix edged up 0.06% to a new record high. South Korea’s Kospi advanced 0.45%, and the Kosdaq rose 0.25%. Meanwhile, Hong Kong’s Hang Seng index futures suggested a lower opening.

US stock markets were closed on Thursday for the Independence Day holiday. US stock futures traded flat, with Nasdaq 100 futures falling 0.1% and S&P 500 futures being flat to slightly lower. Dow Jones Industrial Average futures edged up 0.05%.

Stocks News:

👉 Poonawalla Fincorp’s Q1 year-over-year results show promising growth. Disbursements increased by 5% to ₹7,400 crore, while assets under management surged by 52% to ₹26,970 crore. The company’s gross NPA and net NPA are expected to remain below 1% and 0.50%, respectively. Additionally, liquidity stands at around ₹5,200 crore.

👉 HDFC Bank’s latest figures indicate a slight decline in key metrics. Advances fell by 0.8% to ₹24,870 billion, while deposits decreased marginally by 0.03% to ₹23,790 billion. Additionally, CASA deposits dropped by 5% to ₹8,635 billion.

👉 RVNL has signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation (DMRC) to participate in upcoming projects both in India and abroad as a project service provider.

👉 Ircon International has received a Letter of Award (LOA) from Rail Vikas Nigam Limited (RVNL) for the design, supply, installation, testing, and commissioning of broad gauge ballastless track (BLT), the supply of ballast, and the installation of track (excluding the supply of rails and track sleepers) in Uttarakhand.

👉 The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 2575 crore on July 4, while domestic institutional investors extended their selling as they sold equities worth Rs 2375 crore.

Domestic and International Events

  • India’s services sector saw robust growth in June, driven by strong demand and record export orders, according to the HSBC India Services PMI by S&P Global. The index rose to 60.5, indicating expansion. Hiring reached its highest in nearly two years, while positive sentiment dipped slightly due to market uncertainty.
  • Gold prices traded higher on Friday and were on track for a weekly gain ahead of the US employment data. Spot gold increased by 0.1% to $2,358 and was up more than 1% for the week. However, US gold futures were trading 0.1% lower at $2,366.30.
  • Crude oil prices traded near a two-month high, with both benchmarks on track for a fourth consecutive weekly advance. Brent crude oil increased by 0.07% to $87.49 a barrel, while US West Texas Intermediate (WTI) crude futures rose 0.16% to $84.01.
Hang Seng18,0280.3 %
Shanghai Composite2,958(0.8) %
Dow Jones39,308(0.1) %
DAX18,4500.4 %
FTSE 1008,2410.9 %
Nikkei40,9140.8 %
Straits Times3,4400.7 %

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