India Movers: Dixon Technologies, GAIL, Indus Towers, Macrotech Developers, Torrent Power

Arun Goswami
31 Jul, 2024
Mumbai

Stocks in Mumbai traded higher amid positive earnings from leading corporations. 

Crude oil prices dropped to a seven-month low, and the Indian rupee held steady near a record low.   

The Sensex index increased by 0.2% to 81,607.96, and the Nifty index rose by 0.2% to 24,911.0. 

On the Mumbai stock exchange, 181 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 7.04%, and the Indian rupee edged lower to ₹83.71 against the U.S. dollar.

Torrent Power increased 5.6% to ₹1,694.10, and the electric power producer reported a surge in profit in the June quarter. 

Revenue increased 23.3% to ₹9,033.7 crore, and net income soared 87.2% to ₹996.3 crore from a year ago, respectively. 

The company said higher wholesale power sales from gas-power-based plants led to higher sales to commercial clients. 

Indus Towers decreased 0.8% to ₹443.70, and the company reported a slight increase in profit in the June quarter. 

Consolidated revenue advanced 4% to ₹7,439.4 crore from ₹7,132.4 crore, and net income rose 42% to ₹1,925.9 crore from ₹1,347.9 crore a year ago. 

Dixon Technologies jumped 2.2% to ₹12,249.95, and the electronics manufacturing services provider reported a surge in revenue and earnings in the June quarter. 

Consolidated revenue more than doubled to ₹6,579.80 crore from ₹3,271.50 crore, and net income advanced 94.3% to ₹133.7 crore from ₹68.8 crore a year ago.

GAIL India increased 4.3% to ₹244.73, and the natural gas transmission company said profit in the June quarter advanced. 

Consolidated net revenue advanced to ₹34,821.9 crore from ₹32,848.8 crore, and net profit soared 77.5% to ₹3,183 crore from ₹1,793 crore a year earlier. 

The company said the increase in net profit was supported by higher transmission and domestic marketing volumes and an improved gas marketing margin. 

Macrotech Developers increased 0.4% to ₹1,333.0, and the residential real estate developer reported sharp gains in revenue and earnings in the June quarter. 

Revenue increased 76% to ₹2,850 crore, and net income soared 166% to ₹476 crore from a year ago, respectively.