KEY HIGHLIGHTS
Rupee Weakens Against US Dollar
The local currency closed 8 paise weaker against the US Dollar to 83.66.
It closed at 83.58 on Tuesday.
Alert: 83.66 a dollar is the rupee's lowest closing level against the greenback
Source: Congencis
Nifty, Sensex End The Choppy Session At Record Highs As Infosys, TCS Lead: Market Wrap
Indian benchmarks settled a fresh highs for four consecutive sessions on Thursday as Tata Consultancy Services Ltd., Infosys Ltd. led.
The NSE Nifty 50 rose 187.85 points or 0.76% higher at 24,800.85, and the S&P BSE Sensex rose 626.91 points or 0.78% higher at 81,343.46.
During the second half of the trade, the Nifty 50 index rose 0.91% to a fresh high of 24,837.75, and the Sensex 1.00% to a fresh high of 81,522.55.
"The benchmark indices continued positive momentum, the Nifty ends 188 points higher while the Sensex was up by 627 points. Among Sectors, IT index outperformed rallied over 2.20% whereas Media index corrected sharply shed 3.5%, said Shrikant Chouhan, head equity research, Kotak Securities.
Technically, after a weak open market successfully surpassed the short-term resistance of 24,700/81,000 and post breakout it intensified positive momentum. On daily charts it has formed bullish candle on intraday charts it is holding breakout continuation formation which is largely positive, Chouhan said.
For the trend following traders now, 24,700/81,000 would act as a sacrosanct support zone. Above 24,700/81,000, the market could continue the positive momentum till 24,900-24,950/81,600-81,800. On the flip side, below 24,700/81,000 traders may prefer to exit out from the trading long positions. Below which it could retest the level of 24,500-24,475/80,400-80,300, he said.
Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., ICICI Bank Ltd., and Mahindra & Mahindra Ltd. added to the benchmark.
HDFC Bank Ltd., Asian Paints Ltd., Coal India Ltd., Grasim Industries Ltd., and Hero MotoCorp Ltd. weighed on the index.
On NSE, five advanced, three declined, and four remained flat out of 12. The NSE Nifty Media declined the most, while the NSE Nifty IT rose the most. Earlier in the day the Nifty scaled a fresh high.
Broader markets underperformed benchmark indices. The S&P BSE Midcap and Smallcap ended 0.99% and 1.15% lower, respectively.
On BSE, 13 sectors advanced, seven declined out of 20. The S&P BSE Industrials was the worst performing sector, and the S&P BSE IT and TECK were the best performing sectors on Thursday.
Market breadth was skewed in favour of buyers. Around 2,497 stocks declined, 1,426 stocks rose, and 93 stocks remained unchanged on BSE.
Tata Communication Q1 Earnings Key Highlights (Consolidated QoQ)
Revenue down 1% at Rs 5,633 crore vs Rs 5,692 crore
EBITDA up 6.4% at Rs 1,124 crore vs Rs 1,056 crore
EBITDA margin at 19.9% vs 18.6%
Net profit up 3.4% at Rs 333 crore vs Rs 322 crore
Watch India Market Open At NDTV Profit
Polycab India Q1 Earnings Key Highlights (Consolidated, YoY)
Net profit fell 0.4% at Rs 402 crore vs Rs 403 crore
Revenue rose 21% at Rs 4,698 crore vs Rs 3,889 crore
Ebitda rose 6.34% at Rs 583.38 crore vs Rs 548.56 crore
Margin fell 168 bps at 12.41% vs 14.1%
Havells India Q4 Earnings Key Highlights (Consolidated YoY)
Revenue up 20% to Rs 5,806 crore from Rs 4,834 crore
Ebitda up 42% at Rs 572 crore from Rs 402 crore
Margin up 160 basis points at 9.9% from 8.3%
Net profit up 42% at Rs 408 crore from Rs 287 crore
M&M Finance & Tata AIG To Broaden Distribution Of Non-Life Insurance Products
Mahindra & Mahindra Financial Services Ltd. is in pact with Tata AIG to broaden distribution of non-life insurance products.
Source: Exchange filing
Grindwell Norton Q1 Earning Key Highlights (Consolidated, YoY)
Net profit fell 3.6% at Rs 93 crore vs Rs 96 crore
EBITDA fell 1.5% at Rs 133 crore vs Rs 135 crore
Margin18.9% vs 20.2%
Revenue rose 5.6% at Rs 706 crore vs Rs 668 crore
European Markets Mixed
Sensex Crosses 81,000 Tracking Rally In Tech Stocks
The S&P BSE Sensex rose 0.60% to a fresh high of 81,203.26 as Tata Consultancy Services Ltd. led gains. It was 0.56% higher at 81,182.02 as of 1:53 p.m.
Nifty IT Rises To Life High As TCS, Infosys Lead
The NSE Nifty IT rose 1.95% to a fresh high of 39,887.90. The index was trading 1.82% higher at 39,848.30 as of 1:48 p.m.
Karur Vysya Bank Q1 Earnings Key Highlights
Net NPA at 0.38% vs 0.40% (QoQ)
Gross NPA at 1.32% vs 1.40% (QoQ)
NII rose 14% at Rs 1,024 crore vs Rs 897 crore (YoY)
Net profit rose 28% at Rs 459 crore vs Rs 359 crore (YoY)
Mastek Q1 Earnings (Consolidated, QoQ)
EBIT margin 12.8% vs 12.5%
EBIT rose 6.4% at Rs 104 crore vs Rs 98 crore
Revenue rose 4.3% at Rs 813 crore vs Rs 779.73 crore
Net profit fell 24% at Rs 71.5 crore vs Rs 94.4 crore
Nifty, Sensex Little Changed After Hitting Fresh Record Highs: Midday Market Update
India's benchmark stock indices were trading little changed after hitting a fresh record high during morning trade on Thursday, as losses in heavyweights Reliance Industries Ltd. and HDFC Bank Ltd. weigh.
At 12:30 p.m., the NSE Nifty was trading 0.05% higher at 24,624.30, and the S&P BSE Sensex was trading 0.11% higher at 80,803.11. The Nifty hit a fresh record high of 24,678.90, and the Sensex touched a life high of 80,910.45 during morning trade.
Markets started on a cautious note, and after that, they saw a good recovery. The NSE Nifty 50 is in a 'buy on dip' mode, with buying emerging on dip towards 24,500, said Nilesh Jain, head of technical and derivative research at Centrum Broking. According to the derivative data from the Nifty 50's weekly expiry, the 24,500 level is providing crucial support, he said.
Tata Consultancy Services Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., State Bank of India, and ITC Ltd. were contributing to the Nifty 50.
HDFC Bank Ltd., Reliance Industries Ltd., Bajaj Auto Ltd., Asian Paints Ltd., and Coal India Ltd. were weighing on the index.
On NSE, seven sectors decline and five advanced. The NSE Nifty Media declined the most, and the NSE Nifty IT rose the most.
Broader markets underperformed their benchmark peers. The S&P BSE Midcap and Smallcap were trading 1.07% and 0.93% lower, respectively.
On BSE, 16 sectors declined and four rose. The S&P BSE Capital Goods declined the most, and the S&P BSE rose the most.
Market breadth was skewed in favour of sellers. Around 2,559 stocks declined, 1,193 stocks rose, and 144 stocks remained unchanged on BSE.
Sterling & Wilson Renewable Energy Q1 Earnings Key Highlights (Consolidated, YoY)
Net profit of Rs 5 crore vs loss of Rs 95 crore
Revenue rose 77.7% at Rs 915 crore vs Rs 515 crore
EBITDA of Rs 25 crore vs EBITDA loss of Rs 37 crore
Central Bank Q1 Earnings Key Highlights (Standalone, YoY)
NII up 12% at Rs 3,548 crore vs Rs 3,176 crore
Net profit at Rs 880 crore vs Rs 418 crore
Gross NPA at 4.54% vs 4.50% QoQ
Net NPA at 0.73% vs 1.23% QoQ
TCS Surges Life High
Tata Consultancy Services Ltd. rose 2.86% to Rs 4,298.00, the highest level since its listing on Aug 25, 2004. It was trading 2.69% higher at Rs 4,290.25 as of 12:53 p.m., as compared to 0.09% advance in the NSE Nifty 50 index.
Newgen Software Technology Q1 Earnings Key Highlights (Consolidated, QoQ)
Revenue down 16.2% to Rs 315 crore from Rs 376 crore
Ebitda down 65.3% at Rs 40 crore from Rs 115 crore
Margin down 1800 bps at 12.7% from 30.7%
Net profit down 54.8% at Rs 48 crore from Rs 105 crore
Here Are Top Gainers & Losers In Nifty IT Index
Infosys Hits Over Two-Year High Ahead Of Earning
The Infosys Ltd. rose 1.13% to Rs 1,745.50, the highest level since April 13, 2022. It was trading 0.8% higher at Rs. 1,741.60 as of 12:35 p.m., as compared to 0.05% advance in the NSE Nifty 50 index.
The stock surged as the street is expecting the software service provider to report revenue growth and margin expansion.
The scrip gained 28.47% in 12 months, and 12.85% on year to date basis. Total traded volume on NSE so far in the day stood at 0.52 times its 30-day average. The relative strength index was at 82.19, which implied the stock is overbought.
Out of 47 analysts tracking the company, 32 maintain a 'buy' rating, eight recommend a 'hold,' and seven suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.1%
CareEgde Ratings Budget 2024 Expectations
Welfare Schemes May Get Higher Allocation
Share of revenue expenditure in total expenditure down from pre-pandemic average of 88%
Expect FY25 revenue expenditure to grow by 6.8%
Govt expected to do higher allocation towards agriculture, welfare schemes, job creation and rural housing
Major schemes/ministries that can see higher allocation:
MNREGA
PM Awas Yojana
PM Gram Sadak Yojana
PM Kisan Samman Nidhi
Schemes related labour intensive MSME sectors
Key Budget Themes: Employment Generation
Textile: Introduction of PLI scheme for cotton-based apparel and garment manufacturing.
Hospitality and Tourism: Incentives like tax breaks or subsidies to promote investments
Real Estate Infra; Higher fund allocation to PMAY/schemes focused on affordable housing
Infra: Boost in construction activity via more project awards across PPP & EPC mode
PLI Allocation in Budget
Allocation under major PLI schemes have grown significantly in FY25
Large Scale Electronics, IT Hardware, Auto, Pharma dominate most of the allocation
Govt may increase allocation, include labor-intensive sectors like textiles, leather, footwear and toys
KEC International Jumps To Over Two-Week High On Bagging Orders Worth Rs 1,100 Crore
KEC International Ltd. jumped to the highest level in over two weeks after it has received multiple orders worth Rs 1,100 crore.
Shares of KEC International Ltd. rose 5.91% to Rs 940.00, the highest level since July 4. It was trading 1.99% higher at Rs 905.20 as of 11:23 a.m., as compared to 0.26% decline in the NSE Nifty 50 index.
The scrip gained 51.54% in 12 months, and 54.22% on year to date basis. Total traded volume on NSE so far in the day stood at 2.73 times its 30-day average. The relative strength index was at 60.62.
Out of 24 analysts tracking the company, 13 maintain a 'buy' rating, five recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.9%
BASF India To Sell Flocculants Business
BASF India is to sell flocculants business for mining applications to specialty chem producer, Solenis.
Source: Exchange filing
Lloyds Metals & Energy Q1 Business Update (YoY)
Lloyds Metals & Energy Ltd. has recorded the highest-ever quarterly iron ore production in April-June.
Lloyds Metals & Energy Ltd. recorded 6% increase in iron ore production in April-June at 4 ton.
The quarter one direct reduced iron rose 16% to 76,000 ton.
Source: Exchange filing
Tata Power Renewable Energy Signs MoU With NHCP Renewable Energy
Tata Power Renewable Energy signs MoU with NHPC Renewable Energy for solar initiatives
Arm's pact with NHPC Renewable Energy aims for 100% solarisation of govt buildings
Source: Exchange filing
Hi-Tech Pipes Q1 Business Update
Achieves highest sales volume in Q1
Q1 sales volume rose 45% on the year to 1.2 lakh ton
Source: Exchange filing
IREDA Falls To One-Week Low
Shares of Indian Renewable Energy Development Agency Ltd. fell 7.38% to Rs 252.00, the lowest level since July 11. It was trading 3.41% lower at Rs 262.79 as of 10:41 a.m., as compared to 0.06% advance in the NSE Nifty 50 index.
L&T Finance Rises To Over One-Week High After Net Profit Meets Estimates
Shares of L&T Finance Ltd. rose 3.04% to Rs 189.90, the highest level since July 8. It was trading 1.43% higher at Rs 186.70 as of 10:12 a.m., as compared to 0.15% advance in the S&P BSE Sensex index.
The scrip gained 41.26% in 12 months, and 12.89% on year to date basis. Total traded volume so far in the day stood at 1.38 times its 30-day average. The relative strength index was at 57.87.
Out of 20 analysts tracking the company, 17 maintain a 'buy' rating, and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.4%.
Indian Benchmarks Rise To New Highs
The S&P BSE Sensex scaled a fresh high of 80,910.45. The index was trading 0.15% higher at 80,836.85 as of 10:18 a.m.
The NSE Nifty 50 scaled a fresh high of 24,678.90. The index was trading 0.15% higher at 24,678.90 as of 10:19 a.m.,
Nifty FMCG Hits Record High For Fourth Day
The NSE Nifty FMCG rose 0.43% to a high of 60,906.75, the highest level since its inception. It was trading 0.23% higher at Rs 60,866.75 as of 10:06 a.m., as compared to 0.10% advance in the NSE Nifty 50 index.
Nomura Keeps 'Reduce' On Eicher Motors
Nomura retained 'Reduce' on Eicher Motors Ltd. with a target price Rs 4,119, which implied a 16% downside.
Royal Enfield (RE) Guerrilla 450 launched at a starting price of INR239k
Taking several cues from the Himalayan 450
Lower pricing, ~16% economical than the Himalayan 450
Focussed on increasing its reach with more focus on in-city usage
Price at 35% premium to RE 350cc bikes, and a ~3% premium to Triumph Speed 400
Do not expect much improvement in the overall growth for RE
Maintain our sales estimate for RE
Earnings growth could be the slowest amongst our 2W coverage universe
BJAUT remains our top pick in the 2W segment
Aurobindo Pharma To Buyback Shares At Rs 1,460 Per Share
Aurobindo Pharma Ltd. is to buy back shares at Rs 1,460 per share via tender offer.
Aurobindo Pharma Ltd. has approved buyback of 0.88% stake worth up to Rs 750 crore.
Source: Exchange filing
Asian Paints Shares Fall As Analysts Turn Bearish On Disappointing Q1
Asian Paints stock fell as much as 4.45% during the day to Rs 2,842 apiece on the NSE, the lowest since May 22. It was trading 2.01% lower at Rs 2,914.5 apiece, compared to a 0.33% advance in the benchmark Nifty 50 as of 9:40 a.m.
It has declined 17% in the last 12 months and has fallen 14% on a year-to-date basis. The relative strength index was at 49.
Eleven out of the 38 analysts tracking the company have a 'buy' rating on the stock, 11 recommend a 'hold' and 16 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.1%.
Just Dial At Nine-Year High After Net Profit Rises Over 22%
Shares of Just Dial Ltd. surged 15.54% to Rs 1,195.95, the highest level since July 10, 2015. It was trading 13.51% higher at Rs 1,174.00 as of 09:48 a.m., as compared to 0.05% decline in the NSE Nifty 50 index.
The scrip gained 52.76% in 12 months, and 46.6% on year to date basis. Total traded volume on NSE so far in the day stood at 13.49 times its 30-day average. The relative strength index was at 71.32.
LTIMindtree Jumps To Six-Month High; Management Sees Early Demand In AI Transformations
LTIMindtree Ltd. has noted 'green shoot' recovery in artificial intelligence foundation and high-priority transformation, analysts said.
The stock rose 3.37% to Rs 5,750.00, the highest level since Jan 18. It was trading 3.26% higher at Rs 5,743.70 as of 09:36 a.m., as compared to 0.36% declined in the NSE Nifty 50 index.
The scrip gained 14.85% in 12 months, and fell 8.95% on year to date basis. Total traded volume so far in the day stood at 1.18 times its 30-day average. The relative strength index was at 76.66, which implied the stock is overbought.
Out of 41 analysts tracking the company, 17 maintain a 'buy' rating, 11 recommend a 'hold,' and 13 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.5%
Nifty, Sensex Open Lower As HDFC Bank, Asian Paints Drag: Opening Bell
Indian benchmarks opened lower on Thursday tracking losses in heavyweight HDFC Bank Ltd., Asian Paints Ltd. Losses in Asian shares also weighed on the Indian markets.
As of 09:17 a.m., the NSE Nifty 50 was trading 38.90 points or 0.16% lower at 24,574.10, and the S&P BSE Sensex was trading 77.82 points or 0.1% down at 80,638.73.
"RSI is trending above its average line, and sustenance above these would move to the higher range of 82-84 levels over the next few days. The Highest call open interest has moved higher 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, Reliance Securities.
Infosys Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., LTIMindtree Ltd., and Bharti Airtel Ltd. added to the index.
HDFC Bank Ltd., Asian Paints Ltd., ICICI Bank Ltd., Bajaj Auto Ltd., and UltraTech Cement Ltd. weighed on the index.
On NSE, seven sectors opened lower, three opened higher, and two remained flat out of 12.
Broader markets declined in line with the benchmark indices. The S&P BSE Midcap and Smallcap indices were trading 0.52% and 0.25% lower, respectively.
On BSE, 17 sectors declined, and three advanced out of 20. The S&P BSE Consumer Durables and Capital Goods were the worst performing sector, and the S&P BSE IT rose the most.
Market breadth was skewed in favour of sellers. Around 1,607 stocks declined, 1,392 stocks advanced, and 139 stocks remained unchanged on BSE.
Brokerages On LTIMindtree
Jefferies
Maintain Underperform and revised the target price to Rs 4,920 from Rs 3,960. The current target price implied a downside 12%.
Management commentary on growth has improved
Recent run up has baked this in
Utilisation is at peak levels, limited scope to reduce subcontracting costs
Pick up in hiring to impact margins
Multiples are rich in context of inconsistency in execution
Citi Research
Maintain sell, with a target price Rs 4,780 against Rs 4,290 earlier.
The current target price implied a downside of 14.2%.
In line quarter earning, growth ahead of expectations
Commentary was positive, Citi Research said.
Growth momentum expected to continue
Estimates largely unchanged
Improved outlook may help the stock in the near term
Bernstein
Bernstein maintained a 'Market perform' on the stock with the an unchanged target price at Rs 4,800.
Modest TCV makes growth recovery difficult in FY25
Margins miss on estimates
Deal wins started to flow in revenue
Clients starting to scale up high priority programs
Utilisation improved above management’s band
Noted greenshoots in demand
Clients beginning to deploy savings towards high priority transformation programs
Nifty, Sensex Lower At Pre-Open
At pre-open, the NSE Nifty 50 was trading 0.28% lower at 24,543.80, and the S&P BSE Sensex was trading 0.25% lower at 80,514.25.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.96% on Tuesday.
Source: Cogencis
Rupee Opens Flat Against US Dollar
The local currency opened flat at 83.58 against the US dollar.
It closed at 83.59 on Tuesday.
Source: Bloomberg
LTIMindtree Conference Call Highlights
Broader macro environment has remained unchanged
Growth improvement was led by the resumption of paused projects
Many large clients restarted paused transformation projects
Wins in certain vendor consolidation should drive revival of demand
Expects demand to be led by cost-takeout, select high-priority transformation projects
Clients deploying savings towards high-priority transformation programs
Clients are also making foundational investments for AI
Ramp-up in deals reflecting in revenues
Expect wage hike in Q3FY25
Looking to take margins to pre merger levels of 18%
Emkay Global On Bajaj Auto
Maintain Reduce with a target price Rs. 8,300 from Rs. 7,900, which implied a downside of 14%.
Domestic 2W prospects are healthy
Though the company position has slipped
Response to newly-launched CNG motorcycle needs to be watched
Mgmt guided for exports recovery to be gradual
Raise FY26E EPS by 2.6% see 13% EPS CAGR FY24-27E
Watch India Market Open At NDTV Profit
Brokerages On Asian Paints
Goldman Sachs
Maintains neutral rating reduces tarrget price to Rs. 2,750, which implied a downside of 7%.
Second consecutive quarter for revenue decline
Employee cost increased 23%after one off cost reversal
Expects festive season to face intense competition
UBS Research On Asian Paints
Maintains Buy with a revised the target price of Rs. 3,650 from Rs. 3,550, which implied an upside of 23%.
Demand impacted by heatwave and elections
Gross margin impacted due to raw material inflation and weak product mix
Lower than anticipated margins in FY25 due to higher staff cost
Nomura
FY25 volumes impacted by subdued demand; 2Q25 to witness double-digit volumes
EBITDA / OPM were much lower than expected due to higher staff and other costs
FY25F to see low-single sales / EPS growth despite double-digit volume growth
Maintain Neutral with lower TP of INR2,850; APNT trades at 48.6x Mar-26F EPS
Jefferies
Retains underperform with a target price of Rs. 2,100
International revenue declined by 2%
International profitability saw sharp decline due to losses in Asia and south pacific
Infra demand subdued due to elections
Cuts EPS FY25-27 estimates by 1-7%
Valuations are 50 times expensive
JP Morgan
Rates neutral with a target price of Rs. 2,800 from earlier Rs. 2,870, which implied a downside of 6%.
The company's success in premium segments will be crucial
Expects negative share price reaction
Intensive competition to threaten margins
Money Market Update
The Indian rupee closed flat on Tuesday after a fall in Brent crude prices offset the rise in the US dollar index. The local currency closed at Rs 83.59 against the greenback.
F&O Cues
Nifty July futures up by 0.08% to 24,644 at a premium of 31 points.
Nifty July futures open interest up by 0.55%.
Nifty Bank July futures down by 0.19% to 52,529 at a premium of 133 points.
Nifty Bank July futures open interest down by 4.28%.
Nifty Options July 18 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,000.
Bank Nifty Options July 24 Expiry: Maximum call open interest at 52,500 and maximum put open interest at 52,500.
Securities in ban period: Balrampur Chini Mills, Chambal Fertilizers, GMR Infra, GNFC, Hindustan Copper, Piramal Enterprises, RBL Bank, Vedanta.
Trading Tweaks
Price Band change from 20% to 10%: Mukka Proteins.
Ex/record Dividend: Amara Raja Energy & Mobility, Can Fin Homes, Arvind Smart Spaces, Bliss GVS Pharma, Nelcast, Praj Industries, GPT Healthcare, Tanla Platforms, UTI Asset Management, Thangamayil Jewellery, Newgen Software Technologies.
Ex/record AGM: Tara Chand Infra Logistic Solutions, Amara Raja Energy & Mobility, Arvind SmartSpaces, Bliss GVS Pharma, Nelcast, Oracle Financial Services Software, Praj Industries, GPT Healthcare, Thangamayil Jewellery, Newgen Software Technologies.
Ex/record stock split: KPI Green Energy,
Moved out short-term Framework: AGI Greenpac, Cosmo First, Dredging Corporation of India.
Moved in short-term Framework: Artemis Medicare Services, Mukka Proteins.
Block Deals
Zomato: Motilal Oswal Mutual Fund sold 2.84 crore shares (0.32%), while Societe Generale bought 1.27 crore shares (0.14%) and Polar Capital Funds bought 63.5 lakh shares (0.07%), among others, at Rs 226.85 apiece.
Bulk Deals
SG Finserve: APL Infrastructure bought 2.75 lakh shares (0.49%) at Rs 399.81 apiece.
Vijaya Diagnostic Centre: Al Mehwar Commercial Investments sold 5.94 lakh shares (0.57%) at Rs 775.03 apiece.
Stocks To Watch
Bajaj Finance: The IRDAI imposed a penalty of Rs 1 crore on the company for violation of rules on reconciliation of commission and professional fees received and reported and a Rs 1-crore penalty for violation of regulations on maintenance of records of customer documentation.
ONGC: The company commenced production from a coal-bed methane block in Bokaro, Jharkhand. Initial production at 1.7 lakh SCMD is expected to be ramped up to 3 lakh SCMD by the end of FY25.
Tata Power: The company plans to invest Rs 20,000 crore in capital expenditure in fiscal 2025 to expedite its pivot to renewable energy and augment its transmission and distribution businesses, Chairman Natarajan Chandrasekaran said.
Adani Enterprises: A joint venture company of the Adani Group and Abu Dhabi-based Sirius International Holding will acquire a majority stake in AI and cloud platform startup Coredge.io to expand its offerings in the data centre and cloud offering space.
Indian Oil: The company raised Rs 2,500 crore via NCDs to refinance existing debt and capex.
Exide: The company made an investment of Rs 75 crore in the arm of Exide Energy Solutions via a rights issue.
KEC International: The company received new orders worth Rs 1,100 crore for transmission and distribution projects in India and overseas.
SpiceJet: Ashish Kumar resigned as CFO; Joyakesh Podder takes charge as head of finance and is designated as deputy CFO effective July 15.
Triveni Engineering: The company started commercial operations of its Indian-made foreign liquor business and launched two whisky products, Matsya and The Crafters Stamp.
IREDA: The company will invest Rs 290 crore through special-purpose vehicles in association with SJVN for a 900-megawatt hydropower project in Nepal.
Hindustan Oil Exploration: The company made a major gas discovery in an unexplored layer called Sand-9 in the Dirok-1 well. Initial tests show a flow rate exceeding 6 million standard cubic feet per day. If further tests are successful, this discovery could increase the company's proven reserves and boost revenue.
One 97 Communications: The company partnered with FlixBus to expand intercity bus services through its distribution network. Paytm will integrate FlixBus inventory on its platform.
Aditya Birla Money: The company named Ashok Suvarna as CEO effective Sept. 1.
GMR Airports: The company reported 8% growth in total passenger traffic year-on-year at 1.06 crore in the month of June and a 6% jump in total aircraft movements at 69,055.
Techno Electric & Engineering: The company opened a QIP at a floor price of Rs 1,506.58 per share.
Chennai Petroleum Corp: The government appointed MD Arvind Kumar as IOCL's Director of Refineries.
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Earnings In Focus
Ceat, Central Bank of India, CIE Automotive India, Dalmia Bharat, Grindwell Norton, Havells India, Infosys, JSW Infra, L&T Technology Services, Mastek, Newgen Software Technologies, Persistent Systems, Polycab India, Rallis India, Sagar Cements, Shoppers Stop, South Indian Bank, Sterling and Wilson Renewable Energy, Tanla Platforms, Tata Communications, and Tata Technologies.
Earnings Post Market Hours
L&T Finance Q1 FY25 (Consolidated, YoY)
Total income up 12% at Rs 3,785 crore versus Rs 3,377 crore
Net profit up 29% at Rs 685 crore versus Rs 531 crore (Bloomberg estimate Rs 677 crore)
Just Dial Q1 FY25 (Consolidated, QoQ)
Revenue up 3.8% at Rs 281 crore versus Rs 270.3 crore
Ebitda up 14.2% at Rs 81 crore versus Rs 71 crore
Ebitda margin at 28.7% versus 26.1%
Net profit up 22% at Rs 141 crore versus Rs 116 crore
Alok Industries Q1 FY25 (Consolidated, YoY)
Revenue down 29% at Rs 1,006 crore versus Rs 1,415 crore
Ebitda up 68% at Rs 21 crore versus Rs 12 crore
Ebitda margin at 2.1% versus 0.9%
Net loss at Rs 207 crore versus loss of Rs 226 crore
Asian Paints Q1 FY25 Highlights (Consolidated, YoY)
Revenue fell 2% to Rs 8,969 crore versus Rs 9,318.4 crore (Bloomberg estimate: Rs 9,318.4 crore)
Operating profit declined 20% to Rs 1,694 crore versus 1,965.4 crore (Bloomberg estimate: Rs 1,965.4 crore)
Margin shrank to 18.9% from 23.1% (Bloomberg estimate: 21.1%)
Net profit declined 24.6% to Rs 1,187 crore versus Rs 1,575 crore (Bloomberg estimate: Rs 1,407.3 crore)
LTIMindtree Q1 Results: Key Highlights (QoQ)
Revenue up 2.8% at Rs 9,142.6 crore versus Rs 9,074.6 crore
Ebit increased 4.8% to Rs 1,371 crore versus Rs 1,389 crore
Margin expanded 30 basis points to 15% versus 15.3%
Net profit up 3.1% Rs 1,135 crore versus Rs 1,161.2 crore
GIFT Nifty Trading Above 24,600
Asia-Pacific markets declined on early Thursday, tracking sharp overnight losses in their US peers as chip stocks stumbled on caution of a strict export restrictions on China.
The Nikkei 225 was trading 773.61 points or 1.88% lower at 40,324.08, and the S&P ASX 200 was trading 8 points or 0.1% down at 8,049.90 as of 06:51 a.m.
The Biden administration said it's mulling to put stricter curb on companies like Tokyo Electron and ASML, which continued to give access to China to advance semiconductor technology markets, Bloomberg reported.
The possibility of a greater US and China trade conflict pulled down the Nasdaq Composite index 2.8% lower on Wednesday as Nvidia Corp and Apple Inc led losses.
The S&P 500 settled 1.39% down, and Dow Jones Industrial Average ended 0.59% higher on Wednesday.
The September contract of Brent crude oil Intercontinental exchange was trading 0.52% higher at $85.52 per barrel as of 06:58 a.m. The spot Gold was trading 0.17% higher at $2,462.86.
The GIFT Nifty was trading 8 points or 0.03% higher at 24,672.50 as of 06:59 a.m.
India's benchmark stock indices ended at a fresh closing high for a third day in a row on Tuesday, tracking sharp gains in ICICI Bank Ltd., Infosys Ltd., and Bharti Airtel Ltd.
The NSE Nifty 50 settled 26.30 points, or 0.11% higher at 24.613.00, and the S&P BSE Sensex gained 75.71 points, or 0.06%, to close at 80,716.55.
Overseas investors remained net buyers of Indian equities for the third consecutive session. Foreign portfolio investors mopped up stocks worth Rs 1,272 crore, while domestic institutional investors stayed net sellers for the third session and sold equities worth Rs 530 crore, according to provisional data from the NSE.
The Indian rupee closed flat at Rs 83.59 against the US dollar.
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