India Movers: Infosys, Rallis India, Shoppers Stop, Tata Technologies

Arun Goswami
19 Jul, 2024
Mumbai

Market indexes in Mumbai struggled to advance as investors reviewed the latest batch of quarterly earnings. 

Investors stayed on the sidelines due to inflation and rate path worries ahead of the release of the Union Budget next week. 

The Sensex index decreased by 0.3% to 81,122.60, and the Nifty index fell by 0.4% to 24,714.15. 

On the Mumbai stock exchange, 100 stocks traded at their 52-week highs, and 7 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched higher to 6.97%, and the Indian rupee edged higher to ₹83.62 against the U.S. dollar.

Infosys increased 4.8% to ₹1,844.0, despite the company reporting a decline in profit in the June quarter. 

Revenue increased 3.7% to ₹39,315 crore and net income dropped 20% to ₹6,368 crore from a year ago, respectively. 

The company also raised its current-year revenue growth forecast to between 3% and 4%. 

Shoppers Stop decreased 3.4% to ₹787.55 after the retailer reported weaker than expected quarterly results. 

Revenue increased 7.6% to ₹1,069.3 crore, and net income swung to a loss of ₹22.7 crore from a profit of ₹14.5 crore a year ago.

The company blamed the weakness on the heat wave, elections, fewer weddings, and elevated prices. 

Rallis India decreased 5.2% to ₹323.0 after the fertilizer and crop protection company reported sharply weaker quarterly results. 

Revenue increased 0.1% to ₹783 crore and net income dropped 23.8% to ₹48 crore from a year ago, respectively. 

Tata Technologies declined 0.9% to ₹1,000.0 after the subsidiary of Tata Motors reported weak quarterly results. 

Revenue in the June quarter increased by 0.9% to ₹1,269 crore, and net income decreased by 15.4% to ₹162 crore from a year ago, respectively. 

Consolidated gross margin was nearly unchanged at 28.2% compared to the previous quarter, and the service business gross margin edged slightly lower to 31.1% from 31.4%. 

The company reiterated its positive annual outlook, citing strong order flow and rising activities in key core accounts in aviation, automotive, and industrial heavy machinery. 

Tata Technologies stock is well below its peak price of ₹1,400 reached on the first day of trading after the company listed its stock last year, but ahead of its initial public offering price of ₹500.