India Movers: Rail Stocks, Shipping Stocks, Suzlon, Wipro

Arun Goswami
23 Jul, 2024
Mumbai

Investors are looking forward to the government's plans to increase infrastructure spending, modernize the rail network, and meet annual deficit targets. 

The Sensex index increased by 0.1% to 80,899.43, and the Nifty index rose by 0.2% to 24,656.65. 

On the Mumbai stock exchange, 63 stocks traded at their 52-week highs, and 9 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds inched lower to 6.96%, and the Indian rupee edged higher to ₹83.62 against the U.S. dollar.

Suzlon Energy increased 4.7% to ₹57.69 after the wind turbine company reported a sharp jump in its June quarter. 

Revenue jumped 50% to ₹2,016 crore from ₹1,348 crore, and net income soared threefold to ₹302 crore from ₹101 crore a year ago, respectively. 

The company delivered turbines generating 274 MW, compared to 135 MW a year ago. 

Wipro declined 0.8% to ₹502.05, and the tech services exporter declined for the second day in a row after the company reported mixed quarterly results. 

Revenue in the June quarter declined 3.8% to $2.6 billion, and net income rose 4.6% to $360.4 million.

In rupee terms, revenue decreased 3.8% to ₹21,960 crore and net income fell 4.6% to ₹3,000 crore from a year ago, respectively. 

Earnings per share dropped 10% from a year earlier to ₹5.75, or 7 cents. 

The company estimated revenue in the fiscal second quarter to range between $2.6 billion and $2.652 billion, between a 1% decline and a 1% increase from the previous quarter in constant currency terms. 

Shipping sector stocks were in focus on the expectation that the central government is likely to allocate as much as ₹20,000 crore for the development of several ports. 

Adani Ports added 0.4% to ₹1,473.0, Shipping Corporation of India decreased 0.2% to ₹318.25, Garden Reach Shipbuilders rose 0.8% to ₹2,588.0, and Cochin Shipyard rose 1.8% to ₹2,717.0. 

Rail sector stocks also traded volatile ahead of the release of the Unio Budget. 

Rail Vikas Nigam decreased 0.3% to ₹622.0, IRCTC increased 0.2% to ₹1,007.90, and Ircon International fell 0.3% to ₹318.65.