Polycab India rises 6% & more market updates

Polycab India rises 6%

Polycab India Ltd witnessed a significant surge in its shares by nearly 6 percent on July 18, following the announcement of its June quarter results, which showcased an impressive 81-percent increase in net profit, surpassing analysts' expectations. During mid-day trading at 2.35 pm, the stock was valued at Rs 4,126 per share on the Bombay Stock Exchange (BSE), reflecting a 5.5 percent rise from the previous day's closing price. The company's net profit for the quarter stood at Rs 402.81 crore, a substantial rise from Rs 222.55 crore reported during the same period last year. Despite lower commodity prices, the company experienced a remarkable 42 percent year-on-year revenue growth, reaching Rs 3,889.38 crore, compared to Rs 2,736.56 crore previously. This exceptional performance was primarily driven by robust volume growth in the wires and cables business. The company outperformed Bloomberg's estimates, which projected a net profit of Rs 270 crore and net sales of Rs 3,139 crore for the quarter. Additionally, Polycab India Ltd's EBITDA margin witnessed a notable improvement of 280 basis points (bps) year-on-year, reaching 14.1 percent, attributed to prudent price revisions, enhanced operating leverage, and a favorable business mix.

ITR filing deadline extension unlikely

The Ministry of Finance has confirmed that there will be no extension to the July 31 deadline for filing income tax returns (ITR) this year. Revenue Secretary Sanjay Malhotra, in an interview with news agency PTI on July 16, emphasized that taxpayers should fulfill their filing obligations promptly and that no extensions are expected. It was noted that the ministry anticipates a higher number of tax-return filings in 2023 compared to the previous year. Last year, as of July 31, 2022, approximately 5.83 crore income tax returns were filed for Assessment Year 2022-23. Malhotra expressed appreciation for the faster pace of ITR filing this year and advised taxpayers not to wait until the last moment but to submit their returns at the earliest, as the approaching deadline of July 31 does not foresee any extensions.

Agri Picks Report July 18

Monday saw a positive sentiment in the spices complex on NCDEX, particularly with turmeric reaching multi-year highs due to strong export demand and concerns over this season's crop. Similarly, jeera futures surged, hitting fresh record highs, primarily driven by a decline in production. Coriander futures also edged higher due to export demand, although increased production limited the gains. Despite a decline in the overall export volume of spices in the year ended March, data from the Spices Board India revealed a rise of 4.7% in export value, reaching 317.6 billion rupees in 2022-23. Notably, turmeric, garlic, and coriander were among the spices that witnessed increased exports, while cumin, small cardamom, large cardamom, chilli, and pepper experienced declines. The Gujarat government's third advance estimates indicated a potential 9.3% decrease in jeera production, while coriander production is expected to rise by 81% compared to the previous year. Gujarat is a significant producer of these spices.

India's gems & jewellery exports may fall 10-15%

Gems and jewellery exports from India are anticipated to decline by 10 to 15 per cent during the current financial year due to weakened demand in key markets like the US and China, as stated by Vipul Shah, Chairman of the Gems and Jewellery Export Promotion Council (GJEPC). In the previous fiscal year, the sector experienced a modest growth of 2.48 per cent, reaching Rs 3,00,462.52 crore (over USD 36 billion) in exports. The Commerce Ministry has set a target of USD 42 billion for the gems and jewellery segment exports in 2023-24; however, challenges such as slowing demand in major markets, rising interest costs, inflation, and declining consumer confidence are expected to impact the industry's performance, resulting in the projected decline for the current fiscal year ending in March.

Conclusion

In conclusion, the Indian stock market closed on a positive note, with the Sensex and Nifty ending higher amid volatility. Polycab India Ltd witnessed a significant surge in shares due to impressive quarterly results, reporting an 81-percent increase in net profit. However, the Ministry of Finance has ruled out any extension to the July 31 deadline for filing income tax returns. Additionally, the gems and jewellery sector is expected to face a challenging year, with exports likely to decline by 10 to 15 percent due to slowing demand in key markets like the US and China. Despite the overall growth in the spices complex and higher export value, the industry also faces some declines in specific spice exports. These economic developments underscore the dynamic nature of the Indian financial landscape and the need for businesses and individuals to stay vigilant amidst the changing market conditions.

Source - Moneycontrol