KEY HIGHLIGHTS
Rupee Ends At Record Closing Low Amid Unwinding Of Yen Carry Trades
Rupee weakened 9 paise to end a record closing low of 83.84 against the US dollar.
Rupee weakened to a record low of 83.85 during the day.
It closed at 83.75 on Friday.
Source: Bloomberg
Market At Close
The NSE Nifty 50 ended 662.10 points or 2.68% lower at 24,055.60, the lowest level since June 28.
The BSE Sensex ended 2.74% or 2,222.55 points lower at 78,759.40, the lowest level since June 26.
All 12 sectors ended in negative note on NSE, with the the NSE Nifty Metal emerging as the worst performing sector.
Intraday, both the benchmarks logged worst decline since June 4.
Reliance Indfoustries Ltd., HDFC Bank Ltd. were top losers in the Nifty 50 index.
Sensex Slumps Over 2,000 Points, Nifty Settles Nearly 3% Lower Amid Global Selloff: Market Wrap
Indian benchmarks ended at over one-month low on Monday as heavyweights Reliance Industries Ltd., HDFC Bank Ltd. declined. Selloff in global equities as traders unwound their carry-trade bets on the Japanese yen after it rose against the US dollar, pressured the benchmarks.
The NSE Nifty 50 ended 662.10 points or 2.68% lower at 24,055.60, the lowest level since June 28. The BSE Sensex ended 2.74% or 2,222.55 points lower at 78,759.40, the lowest level since June 26.
During the day, the Nifty 50 declined as much as 3.33% to 23,893.70, and the Sensex slumped 3.32% to 78295.86, the lowest levels since June 4.
Today's sell off is more of a short term volatility by way of profit booking, said Tanvi Kanchan, head, UAE Business & Strategy, Anand Rathi Shares and Stock Brokers. There is no indicator of any long term panic mode set in the Indian equities. For investors looking at entering the equity market, a staggered entry during volatile periods can be considered.
The India VIX, the index which gauges volatility in Indian equities, jumped 61.68% to 23.15 on Monday, touching the highest level since June 4. It ended 42.63% higher at 20.43
Reliance Indfoustries Ltd., HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd. weighed on the benchmark index.
Hindustan Unilever Ltd., Nestle India Ltd., Tata Consumer Products Ltd., and HDFC Life Insurance Co. Ltd.
On NSE, all 12 sectors ended lower with the NSE Nifty Metal led the losses. The NSE Nifty FMCG fell the least.
Broader indices underperformed. BSE Midcap ended 3.60% lower and BSE Smallcap closed 4.21% lower.
All 20 sectoral indices ended lower BSE Metal and BSE Services fell the most.
Market breadth was skewed in the favour of sellers. Around 3,408 stocks fell, 670 rose, and 111 remained unchanged on the BSE.
Som Distilleries Q1 Earnings Highlights (Consolidated, YoY)
Net profit rose 20.4% at Rs 40.5 crore vs Rs 33.7 crore
Revenue rose 33.5% at Rs 513 crore vs Rs 385 crore
Ebitda rose 32.3% at Rs 64.2 crore vs Rs 48.5 crore
Margin fell at 12.5% vs 12.6%
Honeywell Automation Q1 Earnings Highlights (YoY)
Revenue up 3% at Rs 960 crore vs Rs 932 crore
EBITDA up 27% at Rs 153 crore vs Rs 121 crore
EBITDA margin at 15.9% vs 12.9%
Net profit up 33% at Rs 137 crore vs Rs 103 crore
Paras Defence Q1 Earnings Highlights (Consolidated, YoY)
Revenue up 72.95% at Rs 83.57 crore vs Rs 48.32 crore
Ebitda up 122.71% at Rs 24.12 crore vs Rs 10.83 crore
Margin up 644 bps at 28.86% vs 22.41%
Net profit up 142.85% at Rs 14.11 crore vs Rs 5.81 crore
Vijaya Diagnostics Q1 Earning Highlights
Net profit rose 19.4% at Rs 31.5 crore vs Rs 26.4 crore
Revenue rose 28.9% at Rs 156 crore vs Rs 121 crore
Ebitda rose 26.9% at Rs 61 crore vs Rs 48 crore
Margin fell at 39.1% vs 39.7%
Century Ply Q1 Earnings Highlights (Consolidated, YoY)
Revenue rose 12.3% at Rs 1,014 crore vs Rs 903 crore
Ebitda fell 17.2% at Rs 120 crore vs Rs 145 crore
Margin at 11.8% vs 16.1%
Net profit fell 60.9% at Rs 34 crore vs Rs 87 crore
European Markets Decline
Marico Q1 Earnings Highlights (Consolidated, YoY)
Net profit rose 8.7% at Rs 474 crore vs Rs 436 crore
Revenue rose 6.7% at Rs 2,643 crore vs Rs 2,477 crore
Ebitda rose 9.1% at Rs 626 crore vs Rs 574 crore
Margin at 23.7% vs 23.2%
Avanti Feeds Q1 Earning Highlights (Consolidated, YoY)
Revenue down 3% at Rs 1,506 crore vs Rs 1,554 crore
Ebitda up 16% at Rs 160 crore vs Rs 138 crore
Ebitda margin at 10.6% vs 8.8%
Net profit up 20% at Rs 138 crore vs Rs 115 crore
Orient Cement Q1 Earnings Highlights (Consolidated, YoY)
Net profit fell 0.8% at Rs 36.7 crore vs Rs 37 crore
Revenue fell 15.6% at Rs 696 crore vs Rs 825 crore
Ebitda fell 3.2% at Rs 96 crore vs Rs 99 crore
Margin at 13.8% vs 12%
July Auto Sales - Tata Motors (YoY)
JLR UK sales up 11% at 6,121 units
Jaguar UK sales up 1% at 1,058 units
Land Rover UK sales up 13% at 5,063 units
Source: SMMT
Cera Sanitaryware's Board Approves Shareba
Cera Sanitaryware's board approved buyback of shares up to Rs 130 crore
The company is to buy back 0.83% equity at Rs 12,000 per share.
Source: Exchange filing
Sobha's IT Infrastructure Attacked By Ransomware
Sobha Ltd.'s IT infrastructure was targeted by ransomware attack yesterday.
The company's management initiated necessary precautions to mitigate impact of cyber security incident.
Technical team took necessary precautions to retrieve & restore the systems.
The company did not find any material impact on the operations due to cyber security incident.
Source: Exchange filing
Insolation Energy's Arm Teams Up With Ganesh Decor India
Insolation Energy Ltd.'s arm signed a memorandum of understanding with Ganesh Decor India for development of solar power project worth Rs 118 crore
The company received a Letter of Award worth Rs 24.4 crore by Jaipur Vidyut Vitaran Nigam for development of solar power project.
Source: Exchange filing
VRL Logistics Q1 Earnings Highlights (YoY)
Revenue rose 7.9% at Rs 727 crore vs Rs 674 crore
Ebitda fell 14.7% at Rs 86.9 crore vs Rs 102 crore
Margin at 11.9% vs 15.1%
Net profit fell 60.4% at Rs 13.4 crore vs Rs 33.9 crore
S&P 500 Futures Falls Over 3% In Asian trade
The S&P 500 Futures declined 3.26% to a low of 5,201.00 on Monday. It was trading 2.79% to 5,266.00 as of 12:09 p.m.
Source: Bloomberg
Devyani International Q1 Earnings Highlights (Consolidated, YoY)
Revenue rose 44.3% at Rs 1,222 crore vs Rs 847 crore
Ebitda rose 68.6% at Rs 292 crore vs Rs 173 crore
Margin at 23.9% vs 20.5%
Net profit of Rs 22.4 crore vs loss of Rs 1.6 crore
Orissa Bengal Carrier In Pact With Vedanta
Orissa Bengal Carrier is in pact with Vedanta for transportation of around 15,000 metric tons of materials.
Source: Exchange filing
Jash Engineering's July Consolidated Order
Jash Engineering Ltd.'s July consolidated order stands at Rs 107 crore.
Source: Exchange filing
Markets Reacting To Disappointing Earnings From Wall Street, Says Edelweiss AMC President
Equity markets are reacting to economic weakness, highlighted by disappointing earnings from a few U.S. consumer-focused companies. It's crucial to monitor these developments closely in the coming months.
Source: Trideep Bhattacharya, president and chief investment officer, Equities, Edelweiss Asset Management Limited
India VIX Surges To Over Two-Month High
The India VIX, which gauges volatility in the Indian markets, jumped 51.25% to 21.78, the highest level since June 4. It was trading 49.14% higher at 21.36 as of 11:09 a.m.
TIL Signs Pact With Snorkel Europe
TIL Ltd. has signed a pact with Snorkel Europe to become official sales and service partner for multiple locations.
Source: Exchange filing
Britannia Concall Highlights
Volume and value growth has been same around 6-6.5%
Rural demand picking up; 28.2 lakh direct distribution touch points
Expanded to 30,000 rural distribution points
Rural outperformed urban performance by 1.25 times
We are not interested in B2B business
Nepal business is doing well now closely at 170 crore
Continues to target 2% cost efficiencies every year
Zerodha App Faces Glitches
Amid high trading volumes, Zerodha users reported glitches on platform
This is the third time the app faced glitches in last 3 months
Many took to X, formerly known as Twitter, to express their concern
In response, Zerodha's official handle stated that their systems were functioning properly
They suggested that the issues might be related to users' connectivity.
They meanwhile asked the users to message them about the details of the issue
India Rupee Hits New Low Against US Dollar
The rupee weakened 7 paise to 83.82 against the US dollar on Monday.
It closed at 83.75 a dollar on Friday.
Source: Bloomberg
Titan Falls After Reporting Decline In Q1 Net Profit
Shares of Titan Co. fell over 4% on Monday after its first-quarter profit fell, missing analysts' estimates. The jewellery manufacturer's consolidated net profit fell 5% year-on-year to Rs 715 crore in the quarter ended June, according to an exchange filing on Friday. Analysts tracked by Bloomberg had estimated the profit at Rs 797.2 crore.
Indian Companies With Yen Borrowings May Take A hit, Say Traders
Companies borrowed in yen to take currency depreciation advantage and interest advantage
Advantage could be to the tune of 400-500 bps
Some of these loans were not hedged or hedges through partial options.
Unhedged positions could take significant hit
Impact could be worse off for companies with imports from Japan.
Source: Forex traders
Manappuram Finance To Consider Fundraise
Manappuram Finance Ltd. is to consider fund raising via non-convertible debentures on Aug 8.
Source: Exchange filing
India VIX Surges 20% To Two-Month High
The India VIX, which gauges volatility in the Indian markets, jumped 20.50% to 17.21, the highest level since June 5. It was trading 15.82% higher at 16.59 as of 09:48 a.m.
SBI Falls To The Lowest Level In Nearly Two Months As Credit Cost Worries Rise
Shares of State Bank of India declined 3.58% to Rs 817.50, the lowest level in nearly two months. It was trading 2.59% lower at Rs 825.85 as of 09:40 a.m., compared to 1.96% decline in the NSE Nifty 50.
The lender reported 0.48% increase in credit costs during April-June, which raised concern. It reported a 0.89% year-on-year rise in net profit to Rs 17,035 crore in the first quarter of fiscal 2025.
Nifty Falls Over 400 Points; Sensex Loses Over 1,000 Points: Opening Bell
Benchmark opened sharply lower on Monday as tracking losses in heavyweight Reliance Industries Ltd., and HDFC Bank Ltd. Sell-off in Asian peers in the wake of unwinding in yen-carry-trade also weighed on the indices.
Only three Nifty stocks traded higher, and out of 30 stocks in the Sensex only two traded higher.
As of 09:17 a.m., the NSE Nifty 50 was 1.72% or 424.20 points lower at 24,304.15. The BSE Sensex was 1,359.55 points or 1.68% down at 79,622.41.
The Nifty 50 has closed at 5 days low to close 0.5% down w-o-w with strong support at 24,560 being the 20-day f average on the downside followed by 24,100 levels. The Nifty 50 has broken on the downside from its doji candle and now the key resistance would continue near to 25,100 levels over the next few days. RSI is trending below the average line and could test the lower end of the range building some momentum form lower levels. Highest call OI has moved lower to 25,000 strikes while the downside the highest put OI moved higher to 24,500 for the weekly expiry, said Vikas Jain, head, research at Reliance Securities.
Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., and Larsen & Toubro were top draggers in the index.
Only Sun Pharmaceutical Industries Ltd., and Apollo Hospitals Enterprise Ltd. limited losses in the index.
All 12 sectors slumped on NSE, with the NSE Nifty Realty emerging as the top loser.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 2.91% and 3.45% lower, respectively.
On BSE, all 20 sectors fell sharply with the BSE Realty emerged as the worst performing sector.
Market breadth was skewed in favour of sellers. Around 2,872 stocks declined, 385 stocks advanced, and 132 stocks remained unchanged on BSE.
Watch India Market Open At NDTV Profit
Nifty Down Over 1%, Sensex Fall Nearly 3% At Pre-Open
The NSE Nifty 50 was trading 1.68% lower at 24,302.85, and the BSE Sensex fell 2.96% to 78,588.19.
Yield On The 10-Year Bond Declines
The yield on the 10-year bond declined 3 bps lower to 6.86%.
It closed at 6.89% on Friday.
Source: Bloomberg
Rupee Opens At Record Low Amid Unwinding Of Yen Carry Trades
Rupee weakened 4 paise to open a record low of 83.79 against the US dollar.
It closed at 83.75 on Friday.
Source: Bloomberg
Yen Carry Trade Impact
Gold falls 0.2% to $2,434/ounce
Brent falls below $77/barrel
Brent lowest since January 2024
Japan VIX surges surges 35%
Adani Ports Business Update
July total cargo up 9.5% at 37.3 MMT YoY
Source: Exchange Filing
Jefferies Greed & Fear
We have unambiguous evidence of a weakening in the US labour market
This is at a time when inflation is above the Federal Reserve’s 2% target
Money markets are discounting 116 bps of easing by the end of this year
Versus expectation of 86 bps before the payroll data
The headline increase of 114,000 in July was the second lowest since December 2020
Government and healthcare and social assistance sectors increased by 81,000 which accounted for 71%
The unemployment level is highest level since October 2021
Risk of US economic downturn has risen materially,
The excess savings from pandemic has been finally spent
Interest rate cuts are not necessarily positive for US equities
The Indian stock market is much more resilient in the face of a US downturn
Because India’s stock market has been driven by domestic money, whereas the opposite is in Japan
Nuvama On Hindustan Zinc
Maintains 'reduce' on Hindustan Zinc at Rs 339 target implying 47% downside
Growth in Q1FY25 EBITDA on higher zinc, lead and silver prices
Benefit from higher prices partially offset by lower volumes
Cut FY25/26 EBITDA by 4% to factor lower zinc prices in FY25
Expect FY25/26 zinc prices at Rs $2700/2750 per tonne
Expect approval to transfer general reserves to retained earnings to result in additional dividend by company
Expect total dividend per share of Rs 40 per share
IEX Achieves Highest Ever Monthly Traded Volume In July
July traded volume up 56% YoY at 13.3 bn units
July renewable energy certificates up 405% YoY at 3,150 mn units
July green electricity volume up 259% YoY at 1 bn units
Source: Exchange Filing
Nuvama On Divi's Laboratories
Upgrades to 'buy' from reduce with target price of Rs 5,740; upside 15.4%
Reported mixed Q1FY25 results with revenue beating consensus estimates
Multi-year levers of growth such a capex-led growth from Kakinada P-I, opportunity in FY27E due to Rs 700 crore project for undisclosed client, sustained opportunity in Sacubitril/Valsartan beyond FY26, and opportunity in contrast media and peptide/GLP1 fragments
Expect continued ramp-up in Sacubitril/ Valsartan and contrast media business.
Expects revenue/PAT CAGR Of 20%/31% over FY24–27E.
Brokerages On Titan
Citi Research
Maintains neutral with target of Rs. 3,510 (upside 1.7%)
Competition due to store expansion by existing players and entry of new player (Novel Jewels by Aditya Birla)
Slowdown in the pace of market share gain
Margins/earnings downgrade risk
Absolute valuations remain high
Nuvama
Upgrading Titan to BUY with target of Rs 3,955 (upside 15%)
Next levers of growth would come from the scale up of international segment, Mia, and CaratLane
Titan had outlined a 15% CAGR target for the jewellery segment till FY27
Building in a revenue CAGR of 16.6% in jewellery segment till FY27
Factoring in margins of 12% as guided by management in jewellery
Brokerages On SBI
Nuvama
Retains 'buy' with target of Rs 1026 implying 21% upside
Above-average loan growth
Strong deposit franchise with low LDR are key strengths
Positive: Core NIM improved 6 bps QoQ
Valuation based on 1.5 times BV FY26E
Bernstein
Retains market perform with target Rs 810, implying 4% downside
Deposit growth slightly below system
Marginal decline in NIM
Muted opex growth offset non interest income normalisation
Credit costs inch up
Maintaining ROA of 1% would be challenging
Emkay
Retains buy; target Rs 1,025 vs 950 earlier implying 21% upside
Broadly healthy and in-line PAT
Lower opex with the adhoc wage revision provisions largely behind
Expect the bank to deliver 1.1% RoA/17-19% RoE
Valuing standalone bank at 1.5x Jun-26E ABV and subsidiary/inv at Rs260/share
HDFC Life Gets GST Order Worth Rs 3.08 Crore
Gets GST order worth Rs 3.08 crore including interest & penalty from Gujarat State Tax Officer
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 103.05
U.S. 10-year bond yield at 3.8%
Brent crude down 0.52% at $77.21 per barrel
Nymex crude down 0.46% at $73.86 per barrel
GIFT Nifty down 1.17% at 24,339.50 as of 7:50 a.m.
Money Market Update
The Indian rupee ended at a record closing low against the US dollar on Friday after stock indices crashed over 1%, tracking their global peers amid rising geopolitical tensions and weak economic data from the US.
The Indian currency depreciated 3 paise to end at a record closing low of Rs 83.75 after opening at Rs 83.73 against the greenback, according to Bloomberg. It closed at Rs 83.72 on Thursday.
IPO Offering
Ceigall India: The public issue was subscribed to 1.23 times on day 2. The bids were led by qualified institutional investors (0.01 times), non-institutional investors (1.75 times), retail investors (1.65 times) and reserved for employees (5.47 times).
Ola Electric Mobility: The public issue was subscribed to 0.35 times on day 1. The bids were led retail investors (1.57 times) and reserved for employees (4.88 times), non-institutional investors (0.2 times).
Block Deals
Netweb Tech India: Navin Lodha sold 4.1 lakh shares (0.72%) at Rs 2,232.1 apiece, Niraj Lodha sold 4.1 lakh shares (0.72%) at Rs 2,232.1 apiece and Sanjay Lodha sold 8.21 lakh shares (1.45%) at Rs 2,232.1 apiece. Vivek Lodha also offloaded 4.1 lakh shares (0.72%) at Rs 2,232.1 apiece. On the other hand, ICICI Prudential Mutual Fund bought 10.75 lakh shares (1.9%) at Rs 2,232.1 apiece, Citigroup Global Markets Mauritius Pvt. - Odi bought 4.48 lakh shares (0.79%) at Rs 2,232.1 apiece and Societe Generale bought 2.73 lakh shares (0.48%) and among others at Rs 2,232.1 apiece.
Bulk Deals
Genus Power Infrastructures: Nomura India Investment Fund Mother Fund bought 59.7 lakh shares (1.96%) at Rs 346.5 apiece, Banwari Lal Todi sold 40 lakh shares (1.31%) at Rs 346.5 apiece, and Seema Todi sold 26 lakh shares (0.85%) at Rs 347.07 apiece. Anand Todi also sold 19 lakh shares (0.62%) at Rs 346.52 apiece.
Stocks To Watch On Aug. 5
SJVN: The Cabinet Committee on Economic Affairs has approved the investment of Rs 5,792.4 crore for the 669 MW Lower Arun Hydro Electric Project at a levelized tariff of Rs 4.99 per unit.
Mahindra & Mahindra Financial Services: The company reported overall disbursement at Rs 4,530 crore, up 3% year-on-year, business assets at Rs 1.07 lakh crore, up 22% year-on-year, and collection efficiency at 95% for the month of July.
Samvardhana Motherson International: The company will acquire Sojitz Corp's 34% stake in JV Motherson Auto Solutions for Rs 237 crore.
Mahindra & Mahindra: The company subsidiary Classic Legends executed a JV agreement with Tube Investments of India in the ratio of 50:50 to use the BSA Marks in India for motorcycles, their parts, and accessories to be manufactured and sold by the subsidiary.
Power Grid Corp.: The company emerged as a successful bidder for an inter-state transmission line in Rajasthan.
HEG: The board is to consider a stock split on Aug. 13.
Power Mech Projects: The company received an order worth Rs 142 crore for the revival of Phase II of Meenakshi Energy in Nellore district, Andhra Pradesh.
Gland Pharma: The US FDA conducted an unannounced inspection at the company’s facility for good manufacturing practices between July 25 and Aug. 2 and concluded with three 483 observations.
Jyothy Labs: Sanjay Agarwal resigned as CFO effective Aug. 21.
Aptech: Pawan Nawal was appointed as the group CFO effective Aug. 2.
Earnings In Focus On Monday
Avanti Feeds, BEML, Bharti Airtel, Bharti Hexacom, BLS International, Brigade Enterprises, Century Plyboards, Deepak Nitrite, Devani International, GSFC, HG Infra Engineering, Honeywell Automation, Marico, Motherson Sumi Wiring India, Oil & Natural Gas Corp, Orient Cement, Sandur Manganese and Iron Ores, Schneider Electric Infrastructure, Syrma SGS Technology, Tata Chemicals, Triveni Turbine, Vijaya Diagnostic Centre, V-Mart Retail, VRL Logistics.
Earnings Post Market Hours
Britannia Industries Q1 FY25 Highlights (Consolidated, YoY)
Revenue rose 6% to Rs 4,250.3 crore. (Bloomberg estimate: Rs 4,177.8 crore).
Ebitda rose 9% to Rs 753.66 crore. (Bloomberg estimate: Rs 774.1 crore).
Margin stood at 17.7% versus 17.2% (Bloomberg estimate: 18.5%).
Net profit up 11% at Rs 505 crore. (Bloomberg estimate: Rs 527 crore)
Titan Q1 FY25 (Consolidated, YoY)
Revenue up 11.5% to Rs 13,266 crore. (Bloomberg estimate: Rs. 12,642.7 crore).
Ebitda up 11% to Rs 1,247 crore. (Bloomberg estimate: Rs 1,242 crore).
Margin at 9.4% versus 9.5% (Bloomberg estimate: 9.8%).
Net Profit down 5% to Rs 715 crore. (Bloomberg estimate: Rs. 797.2 crore).
Delhivery Q1 FY 25 (Consolidated, QoQ)
Revenue up 5% at Rs 2,172 crore. (Bloomberg estimate: Rs 2,153 crore).
Ebitda up 112% at Rs 97 crore. (Bloomberg estimate: Rs 45 crore).
Ebitda margin at 4.5% versus 2.2% (Bloomberg estimate: 2.1%).
Net profit at Rs 54 crore versus loss of Rs 68 crore (Bloomberg estimate net loss of Rs 68 crore).
Medplus Health Services Q1 FY 25 (Consolidated, YoY)
Revenue up15.96% at Rs 1489 crore. (Bloomberg estimate: Rs 1,496 crore).
Ebitda up 32.76% at Rs 94 crore. (Bloomberg estimate: Rs 74 crore).
Ebitda margin up 79 bps at 6.31%. (Bloomberg estimate: 4.9%).
Net profit up 257.5% at Rs 14.3 crore. (Bloomberg estimate: Rs 11 crore).
Archean Chemical Industries Q1 FY25 (Consolidated, YoY)
Revenue down 37.9% at Rs 213 crore. (Bloomberg estimate: Rs 336 crore).
Ebitda down 47% at Rs 71 crore. (Bloomberg estimate: Rs 102 crore).
Margin at 33.5% versus 39.2% (Bloomberg estimate: 30.4%).
Net profit down 52.1% at Rs 45 crore. (Bloomberg estimate: Rs 71 crore).
Sheela Foam Q1 FY 25 (Consolidated, YoY)
Revenue up 26% at Rs 810 crore.
Ebitda down 23% at Rs 60 crore.
Ebitda margin at 7.4% versus 12.1%.
Net profit up 9 % at Rs 47 crore.
LIC Housing Finance Q1 FY25 (Standalone, YoY)
Total income up 0.5% at Rs 6,784 crore.
Net profit down 1.8% at `Rs 1,300 crore. (Bloomberg estimate Rs 1,235 crore).
GIFT Nifty Trades Near 24,300
Japan's benchmark indices extended decline on Monday amid bets on more rate hikes by the Bank of Japan going forward, strengthening the yen and bonds in the country.
The Nikkei 225 was trading 2,031.17 points or 5.66% lower at 33,878.53, and the Topix was trading 159.96 points or 6.30% down at 2,377.64 as of 06:53 a.m.
The Kospi and S&P ASX 200 were trading 3.95% and 2.86%, lower respectively as of 06:54 a.m.
US stocks ended lower on Friday after weak employment data stoked recession fears among market participants. The S&P 500 and Nasdaq Composite settled 1.84% and 2.43%, lower respectively. The Dow Jones Industrial Average ended 1.51% lower.
The October contract of the Brent crude on Intercontinental Exchange was trading 0.27% higher at $77.02 per barrel as of 06:58 a.m. Spot gold was trading 0.43% lower at $2,432.80 as of 06:59 a.m. The GIFT Nifty was trading 1.03% or 252.50 points lower at 24,375.50 as of 07:00 a.m.
The Indian markets on Monday will reflect on the previous week while anticipating the release of interesting data points throughout the week. While the first-quarter earnings season will start winding down, the Reserve Bank of India will announce its decision after the three-day Monetary Policy Committee meeting on Thursday.
India's benchmark equity indices reversed five consecutive sessions of gains to close lower on Friday. The indices also snapped a weekly gaining streak of eight weeks to end at their lowest closing since July 25.
The NSE Nifty 50 closed 293.20 points or 1.17% down at 24,717.70 and the S&P BSE Sensex was 885.60 points or 1.08% lower at 80,981.
Overseas investors turned net sellers of Indian equities on Friday.
Foreign portfolio investors offloaded equities worth Rs 3,310 crore and domestic investors turned net buyers after one session of selling and mopped up equities worth Rs 2,965.9 crore, according to provisional data from the National Stock Exchange.
The Indian currency depreciated 3 paise to end at a record closing low of Rs 83.75 against the US dollar.
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