Taj GVK slides 9% & more on Today’s Market

Taj GVK slides 9%

Taj GVK witnessed a significant decline in its stock price following the release of its Q1FY24 results, which revealed a 17.5 percent YoY decrease in net profit to Rs 13.2 crore. Despite a 7.1 percent YoY growth in revenue from operations, the luxury hotel operator exhibited poor performance across key financial indicators for the April-June quarter. By 3.20 pm, Taj GVK's stock had dropped by 9.06 percent, quoting at Rs 252.30. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw an 11.4 percent YoY dip to Rs 26.2 crore, leading to a 600 basis points reduction in EBITDA margins to 28.6 percent compared to the previous year.

Brigade Enterprises falls 4%

Brigade Enterprises experienced a decline of more than 4.18 percent in its shares, with the stock price reaching Rs 563.85 at 9.17 am on August 9, subsequent to the company's report of a 65 percent YoY drop in net profit during the April-to-June quarter, amounting to Rs 38.5 crore for Q1FY24. The company's consolidated revenue also dwindled by 21 percent YoY to Rs 685 crore in the same quarter. While net sales from commercial projects plummeted to Rs 4.3 crore from Rs 71 crore in Q1FY23, attributed to subdued leasing, residential project net sales saw a 33 percent YoY rise to Rs 991 crore in the mentioned period. Despite this, the hospitality sector encountered a 5 percent YoY decline in occupancy levels in Q1FY24, although Brigade Enterprises anticipates a rebound in occupancies through upcoming conferences and events.

Kalyan Jewellers hits 52-week high

On August 9, Kalyan Jewellers achieved a 52-week high of Rs 189, driven by its strong financial performance in the June quarter, which showcased a notable 33.3 percent YoY increase in net profit to Rs 144 crore. As of 1.44 pm, the company's stock price was at Rs 184.70 on the National Stock Exchange (NSE), reflecting a 3.97 percent rise. The company's revenue also demonstrated a substantial growth of 31.3 percent YoY, amounting to Rs 4,375.7 crore. While Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) saw a 22.2 percent uptick to Rs 322.8 crore, the EBITDA margin for the quarter experienced a slight dip of 50 basis points, settling at 7.4 percent. (Note: One basis point equals one-hundredth of a percentage point.)

Gensol Engineering to provide 300 electric vehicles

Gensol Engineering witnessed a 4 percent surge in its share price on August 9 following the acquisition of a letter of intent (LoI) to facilitate the operational lease of 300 electric vehicles. This LoI, obtained from Odisha Renewable Energy Development Agency (OREDA) in July, entails Gensol Engineering's provision of electric vehicles along with fleet management services for a span of five years. The successful bidding by Gensol Engineering's subsidiary, Gensol EV Lease Private Limited, resulted in an estimated cumulative value of Rs 115 crore (excluding taxes) for this tender. Moreover, the company's upcoming board meeting scheduled for August 14 will deliberate on and authorize the quarterly unaudited financial results for the first quarter of the fiscal year 2023-24.

Conclusion

In today's market update for August 9, 2023, the Sensex and Nifty closed marginally higher, influenced by mixed global cues. The Sensex gained 149.31 points (0.23%) to end at 65,995.81, while the Nifty rose by 61.70 points (0.32%) to reach 19,632.50. Despite the broader markets showing positivity, the Nifty Bank index dipped by 0.19% to 44,880.70, dragged down by banking stocks such as HDFC Bank, ICICI Bank, and Axis Bank. Notably, Taj GVK experienced a significant 9.06% slide in its stock price after reporting a YoY decrease in net profit and poor financial performance for Q1FY24. Brigade Enterprises also faced a 4.18% fall due to a considerable drop in net profit and revenue, while Kalyan Jewellers hit a 52-week high with strong financial results, including a 33.3% YoY rise in net profit. Gensol Engineering's share price surged 4% as it secured a letter of intent for an electric vehicle operational lease. The upcoming board meeting of Gensol Engineering on August 14 will discuss the unaudited financial results for the first quarter of the fiscal year 2023-24.

Source - Moneycontrol