KEY HIGHLIGHTS
Rupee Weakens To End At Record Closing Low Against US Dollar
Rupee weakened by 2 paise to close at a record low of 83.71 against the US dollar.
Intraday, the local currency fell as low as 85.726
It closed at 83.69 on Tuesday.
Source: Bloomberg
Nifty, Sensex Log Worst Losing Streak In Over A Month As Financial Stocks Drag: Market Wrap
Benchmark equity indices fell for a fourth consecutive session on Wednesday logging their worst streak since five consecutive sessions of fall till May 30. Today's fall was due to losses in the shares of financial services stocks.
The Nifty closed at 24413.50, down by 0.27% or 65.55 points and the was Sensex at 80148.88, down 0.35% or 280.16 points. Intraday, the Nifty fell 0.70% and the Sensex fell 0.84%.
"On the daily chart, the Index has formed a spinning top candlestick pattern indicating indecisiveness between the bulls and bears," according to Aditya Gaggar, director of Progressive Shares. "The level of 24,200 will remains a crucial support while 24,560 is considered as an immediate resistance."
Shares of HDFC Bank Ltd., Axis Bank Ltd., State Bank Of India, Hindustan Unilever Ltd., and Kotak Mahindra Bank Ltd. pulled the Nifty lower.
While those of NTPC Ltd., Reliance Industries Ltd., Tata Motors Ltd., HDFC Life Insurance Co. Ltd., and Tech Mahindra Ltd cushioned the fall.
Most sectoral indices were higher with Nifty Media leading by adding 2.4%. Nifty Bank was the top loser.
Market breadth was skewed in favour of buyers. Around 2,810 stocks advanced, 1,088 stocks declined, and 110 stocks remained unchanged on BSE.
Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices ended 0.68% and 1.91% higher, respectively.
On BSE, 16 sectors advanced, and four declined out of 20. The S&P BSE Oil and Gas rose the most, while the S&P BSE Bankex declined the most.
Syngene International Q1 Earnings (Consolidated, YoY)
Net profit down 18.3% at Rs 76 crore vs Rs 93 crore
Revenue down 2% at Rs 790 crore vs Rs 808 crore
EBITDA down 23.7% at Rs 173 crore vs Rs 227 crore
EBITDA margin at 21.9% vs 28.1%
HUDCO Signs Rs 1 Lakh Crore MoU With Rajasthan Govt
Signs MoU of Rs 1 lakh crore with Rajasthan govt for 5 years
Source: Exchange filing
Petronet LNG Q1 Results (QoQ)
Revenue down 2.8% at Rs 13,415 crore vs Rs 13,793 crore
EBITDA up 41.6% at Rs 1,563 crore vs Rs 1,104 crore
EBITDA margin at 11.6% vs 8%
Net profit up 44.6% at Rs 1,105 crore vs Rs 764 crore
Mahindra Lifespace Q1 Earnings (Consolidated, YoY)
Revenue up 92% at Rs 188 crore vs Rs 98 crore
Net profit at Rs 12.7 crore vs loss of Rs 4.3 crore
EBITDA loss of Rs 42 crore vs loss of Rs 43 crore
Kotak Bank's Virat Diwanji To Superannuate As Group President
Virat Diwanji to superannuate as group president of consumer bank effective July 31
Source: Exchange filing
Welspun Living Q1 Earnings (Consolidated, YoY)
Net profit up 14% at Rs 186 crore vs Rs 163 crore
Revenue up 16% at Rs 2,536 crore vs Rs 2,184 crore
Ebitda up 9.94% at Rs 341.52 crore vs Rs 310.64 crore
Margin down at 13.46% vs 14.22%
KPIT Tech Q1 Earnings (Consolidated, QoQ)
Revenue up 4% at Rs 1,365 crore vs Rs 1,318 crore
EBIT up 7% at Rs 236 crore vs Rs 220 crore
Margin at 17.3% vs 16.7%
Net profit up 23% at Rs 204 crore vs Rs 166 crore
Borosil Renewables Extends Gains To A Third Day
The stock has gained more than 18% in three-day rally and hit its highest level since March 5.
CG Power Q1 Earnings (Consolidated, YoY)
Revenue up 19% at Rs 2,228 crore vs Rs 1,874 crore
Net profit up 18% at Rs 241 crore vs Rs 204 crore
EBITDA up 13% at Rs 300 crore vs Rs 265 crore
EBITDA margin at 13.5% vs 14.2%
Rupee Weakens To A Fresh Record Low Against US Dollar
The local currency weakened 3 paise to a record low of 83.72 against the US dollar.
It closed at 83.69 on Tuesday.
Source: Bloomberg
Nifty, Sensex Fall As Private Bank Stocks Drag: Midday Market Update
Indian stock benchmark indices continued to trade in negative through midday tracking decline in the shares of HDFC Bank Ltd. and ICICI Bank Ltd., while investors assess the impact of budget for financial year 2025, announced on Tuesday.
As of 12:00 p.m., the NSE Nifty 50 was trading 81.90 points, or 0.33% lower at 24,397.15, and the S&P BSE Sensex was trading down 340.31 points, or 0.42% at 80,088.73.
Intraday, Nifty declined 0.43% to 24,373.45, and Sensex fell 0.47% to 80,051.61.
The big event is behind us, but markets are still in the process of digesting how to go ahead, according to Akshay P. Bhagwat, senior vice president, JM Financial Ltd. Still, there's no clarity on how things will unfold. It's a mixed reaction going by yesterday's trading. The tilt is still on the negative side. For Nifty 50, 24,600 is a crucial resistance level, and 24,000 is a crucial support level, he said.
Also Read: 'No News Is Great News': ITC Soars To Record High As Jefferies Upgrades Stock After Budget 2024
Shares of Reliance Industries Ltd., Tata Motors Ltd., NTPC Ltd., Coal India Ltd., and Tech Mahindra Ltd. limited loss in the Nifty.
While those of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Bajaj Finance Ltd., and State Bank of India pressured the index.
On NSE, five out of 12 sectors declined, and seven advanced. The NSE Nifty Bank declined the most, and the NSE Nifty Media rose the most.
Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices were trading 0.45% and 1.48% higher, respectively.
On BSE, 16 out of 20 sectors advanced, and four declined. The S&P BSE Energy rose the most, and the S&P BSE Bankex declined the most.
Market breadth was skewed in the favour of buyers. Around 2,662 stocks advanced, 1,036 stocks declined, and 150 stocks remained unchanged.
Alembic Pharma Gets US FDA Approval For Prolixin Tablets
The tablets are indicated in the management of psychotic disorders.
Source: Exchange filing
KPIT Tech Board Approves Future Mobility Solutions Arm
Board approves merger of Future Mobility Solutions GmbH wholly-owned step-down arm
Board approves further acquisition of 13% stake in Switzerland-based N-Dream AG for €3 million
Source: Exchange Filing
Federal Bank Q1 Results
Net profit up 18.2% at Rs 1,010 crore vs Rs 854 crore (YoY)
Gross NPA 2.11% vs 2.13% (QoQ)
Net NPA flat at 0.6% (QoQ)
NII up 19% at Rs 2,292 crore vs Rs 1,919 crore (YoY)
KEC International Gets Orders Worth Rs 1,422 Crore
Gets new T&D orders worth Rs 1,422 crore in India and the US.
Source: Exchange Filing
Bajaj Finserv Q1 Earnings (Consolidated, YoY)
Net profit at Rs 2,138 crore vs Rs 1,943 crore
Total income up 35% at Rs 31,480 crore vs Rs 23,280 crore
Go Fashion Q1 Earnings (YoY)
Revenue up 16% at Rs 220 crore vs Rs 190 crore
EBITDA up 12.4% at Rs 72 crore vs Rs 64 crore
EBITDA margin at 32.7% vs 33.7%
Net profit up 9% at Rs 29 crore vs Rs 26 crore
Hiked Tax A Huge Drag For India, Says Julius Baer's Mark Matthews
The hike in capital gains tax by Finance Minister Nirmala Sitharaman in Budget 2024 is a huge drag for India as most emerging markets do not tax capital gains for non-residents, according to Mark Matthews, Managing Director of Julius Baer.
Read more here.
Tata Teleservices Q1 Earnings (QoQ)
Margin at 41.7% vs 43.6%
EBIT down 4.2% at Rs 135 crore vs Rs 141 crore
Net loss at Rs 323 crore vs loss of Rs 309 crore
Revenue up 0.1% at Rs 324 crore vs Rs 323 crore
NTPC Extends Gains To Day Three; Hits Record High
In a large trade, 10.2 lakh shares changed hands on the NSE at Rs 389.25, according to Cogencis.
Ministry of Coal Sets Coal Production Target Of 1,080 MT
Committed to ensure adequate and cheaper availability of coal
Coal production shows robust growth of 10.7% YoY
Source: PIB
MTNL Shares Jump To Over 14-Year High
Shares of Mahanagar Telephone Nigam Ltd. hit an upper circuit of 5% and rose to Rs 88.06 apiece, the highest level since Jan 21, 2010. It remained locked in the upper circuit as of 11:21 a.m., as compared to 0.18% decline in the NSE Nifty 50 index.
Nifty Bank Hits Lowest In A Month
All of the index constituents were trading lower. Bandhan Bank was the top loser and also hit its lowest since June 5.
KEC International To Consider Fund Raise
To consider fund raising on July 26
Source: Exchange Filing
How New Capital Gains Tax Affects Home Buyers Who Purchased Before 2001
An overhaul of the convoluted capital gains tax regime in Budget 2024 has resulted in a change in the taxation of gains from sale of residential real estate with effect from Tuesday. There was a reduction in the tax rate, but indexation benefits, which were calculated starting 2001, were done away with. What does this mean for property bought before 2001?
Click here to read.
Tata Consumer To Issue Right Shares Worth Rs 2,997 Crore, Stock Falls
Tata Consumer Products Ltd. will issue right shares worth Rs 2,997.77 crore in early August, the company said in an exchange filing. The stock declined over 3% on Wednesday.
Shares of Tata Consumer Products Ltd. fell 3.14% to Rs 1,217.40, the lowest level since July 23. It was trading 2.61% lower at Rs 1,224.15 apiece as of 10:28 a.m., as compared to 0.15% decline in the NSE Nifty 50 index.
The scrip gained 42.77% in 12 months, and 12.89% on year to date basis.Total traded volume so far in the day stood at 0.61 times its 30-day average. The relative strength index was at 65.55.
Out of 28 analysts tracking the company, 20 maintain a 'buy' rating, seven recommend a 'hold,' and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.1%
ICICI Prudential Hits Highest Since October 2021 After Q1 Results
Shares of ICICI Prudential Life Insurance Co. rose nearly 7% on Wednesday after it posted a 8.7% rise in profits in its June quarter earnings.
The insurance company reported a net profit of Rs 225 crore in the first quarter versus Rs 207 crore a year earlier, according to an exchange filing.
Dr Reddy's Labs Shares Fall After Hitting Life High
The stock rose as much as 1.08% to hit its lifetime high of Rs 6,938.90. It has risen 17.5% on year-to-date basis and 20.7% in the last 12 months.
Tax On Trading Is Like Warnings On Cigarette Packs, Says CK Narayan
The increase in the trading costs due to a hike in the capital gains tax and securities transaction tax in the Union Budget 2024-25 will not deter investor sentiments as trading is like cigarette addiction, according to market veteran CK Narayan.
Budget 2024 has brought in the "most-feared item", which is the increase in trading costs through change in short and long-term capital gains and change in the STT, the founder of NeoTrader told NDTV Profit in an interview on Wednesday. "Will traders withdraw or reduce trades because the costs have increased? My opinion there is formally no."
Click here to read more.
Budget 2024 Is Government's Move To Maintain Macro Stability, Says Ridham Desai
The Narendra Modi government is focusing on maintaining macroeconomic stability amid evolving economic dynamics, Morgan Stanley's Managing Director Ridham Desai said, analysing the 2024 Union Budget presented on Tuesday.
The budget's fiscal deficit target of 4.9% of GDP, lower than anticipated, signals a commitment to fiscal prudence while allowing room for growth-oriented expenditures, he said.
Read full story here.
Titagarh Rail Shares Rise After It Begins Exporting Traction Converters To Italy
Shares of Titagarh Rail Systems Ltd. gained on Wednesday after it started exporting traction converters for approximately Rs 65 crore to Italy. The first batch of eight converters was shipped to Titagarh Firema, Italy on July 19.
Shares of the company rose as much as 3.83% to Rs 1,649 apiece, the highest level since July 23. It pared gains to trade 2.80% lower at Rs 1,632.65 apiece as of 9:56 a.m. This compares to a 0.1% decline in the NSE Nifty 50 Index.
The stock has risen 157.35% in the last 12 months. Total traded volume so far in the day stood at 0.6 times its 30-day average and 56.56% year-to-date. The relative strength index was at 50.35.
Six out of eight analysts tracking the company maintain a 'buy' rating and two recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 11.2%.
ITC Hits Lifetime High As Jefferies Upgrades Rating
Shares of ITC Ltd. hit a fresh high on Wednesday after Jefferies upgraded the stock to 'buy' with a higher target price as the brokerage believes that "no news is great news" for the tobacco maker.
Also Read: 'No News Is Great News': ITC Soars To Record High As Jefferies Upgrades Stock After Budget 2024
ITC stock rose as much as 3.75% in early trade to a life high of Rs 510.6 apiece on the NSE. It was trading 3.13% higher at Rs 507.6 apiece, compared to a 0.06% advance in the benchmark Nifty 50 as of 09:36 a.m.
The scrip rose as much as 6.6% on Tuesday as there was no announcement made regarding the tax for cigarettes.
It has risen 7.3% in the last 12 months and 9.5% on a year-to-date basis. The total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 82.
Thirty-six out of the 39 analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold' and another two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 0.8%.
Thyrocare Hits Five-Month High As Q1 Net Profit Rises 39%
Shares of Thyrocare Technologies jumped to its highest level in five months after the company's first quarter net profit was 38.8% higher on year.
Thyrocare Technologies Q1 FY25 (Consolidated, YoY)
Revenue up 16.3% at Rs 157 crore versus Rs 135 crore (Bloomberg estimate Rs 155 crore)
Ebitda up 23.5% at Rs 43 crore versus Rs 35 crore (Bloomberg estimate Rs 41 crore)
Ebitda margin at 27.2% versus 25.6% (Bloomberg estimate 26.2%)
Net profit up 38.8% at Rs 24 crore versus Rs 17 crore (Bloomberg estimate Rs 22 crore)
Kalyan Jewellers Hits Lifetime High
Shares of Kalyan Jewellers continued Wednesday's rally after Sitharaman announced custom duty cuts on gold and silver in budget and hit its lifetime high.
Bajaj Finance Falls As Brokerages Concerned About Credit Costs
Bajaj Finance Ltd. dropped to the lowest level in nearly two months on Wednesday as most analysts cut net profit estimates on concern over higher credit costs going forward.
Nifty, Sensex Open Lower As RIL, HDFC Bank Drag
Benchmark equity indices extended their fall to another session as losses in heavyweights pulled them lower.
At pre-open, the Nifty was at 24,444.95, down by 0.14% or 34.10 points and the Sensex was at 80343.61, down 0.11% or 85.43 points.
The Index has formed a small red candle body with a big lower shadow on the daily chart and defended its strong support point of 24,200, said Aditya Gaggar, director of Progressive Shares. "The uptrend will remain intact as long as the Index holds 24,200."
On the higher side, 24,800 will continue as a strong hurdle, he said.
Shares of HDFC Bank Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., Hindustan Unilever Ltd., and ICICI Bank Ltd dragged the Nifty.
While those of ITC Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., Titan Co. Ltd., and NTPC Ltd. cushioned the fall.
Sectoral indices were mixed. Nifty Realty fell the most and Nifty Media was the top gainer.
The market breadth was skewed in the favour of buyers. As many as 2,093 stocks rose, 643 fell, and 102 remained unchanged on the BSE.
Nifty, Sensex Lower at Pre-Open
At pre-open, the Nifty was at 24,444.95, down by 0.14% or 34.10 points and the Sensex was at 80343.61, down 0.11% or 85.43 points.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.97% on Tuesday.
Source: Cogencis
Rupee Flat Against US Dollar
The local currency opened flat at 83.69 against the US dollar.
It closed at 83.69 on Tuesday.
Source: Bloomberg
Adani Green Arm Operationalises 250 MW Wind Project
Wholly-owned stepdown subsidiary operationalises 250 MW wind power project at Khavda, Gujarat
Source: Exchange Filing
Morgan Stanley On Bajaj Finance
Remains overweight; target Rs 9,000 (+34%)
Net credit costs came at the higher end of guidance
Co indicated better collections in June and July
PAT was in line with our estimate
Raise our credit cost forecast for F25 to 193bp from 185bp
Trim PAT forecasts 1.8% for F25, 1% for F26, and 0.7% for F27
Expect stock performance to be muted in the near term and improve in 2HF25
Bernstein Downgrades Bajaj Finance
Downgrades Bajaj Finance to 'underperform'; target Rs 5,700 (-15%)
Expect a slower system wide retail credit growth
Expect law of large numbers to catch up
BAF’s non-mortgage portfolio with yield >13% is ~40% the size of the entire banking
Very significant scale to limit outperformance vs. a slowing segment growth
Expect lower growth or profitability vs. the company’s targets
Increase in loan losses (~212 bps vs. 175-185 bps guidance) seen in this quarter’s results
Factor higher credit costs
Newer segments pose greater challenge
Premium valuation: room for significant multiple contraction
CLSA On India Property
Govt lowers LTCG tax rate to 12.5% vs 20% earlier
Believes unlikely impact on end-users selling existing house and reinvesting in new house
Sees impact on investors selling house and reinvesting in other asset classes
Negative for investors with holding period below 5 yrs and moderate price appreciation (less than 10%)
Markets like Bangalore, Hyderabad and Pune least impacted
Adverse impact expected in NCR and Mumbai markets
Focus on Urban Housing
Budget includes allocation of Rs 10tn for urban housing
PMAY urban allocation for FY25 stood at Rs301.7bn
Sobha, Prestige Estates, Sunteck Realty, Godrej Prop expected to benefit
Citi On HUL
Reiterates buy with a TP of Rs 3,150 (31% upside)
HUL reported a robust start to FY25 with 4% UVG in 1Q
Estimates low-single digit pricing growth by FY25-end
Medium-term growth outlook remains strong with management.
Focus on premiumization fast-growing subcategories in beauty and channels of the future
Believes that company’s self-help initiatives could drive a turnaround
Jefferies Raises ITC Target Price
Rates 'Buy' and raises target to Rs 585
ITC comes as a clear winner with govt leaving tobacco taxes unchanged
GST also to remain stable till March-26
Demand outlook improving
Modest price hike this year will set base for next year
ITC well placed to accelerate revenue growth through blen of volume, price hikes and better mix
Input cost inflation in the base in H2 to support margin expansion
Expects EBIT growth to accelerate from 4% YoY in H2FY24 to 7% in H2FY25
FMCG business to pick up with improving rural demand
Expects ITC to deliver 10% EPS CAGR
ITC trades 27x 1 year forward lower than pre covid
FMCG peers too discount at 50% is higher vs 40% pre covid
Relative to Nifty the stock trades at 29% premium vs 50% pre covid
Brokerages On Budget
Jefferies
Capex growth maintained and reductio of fiscal deficit is clear positive
Increase in capital gains tax and cut in gold import duties to affect domestic capital formation
Incremental job support to support consumption
Rotation into large cap laggards remains a positive
ITC is positive with no change in tobacco taxation
Gold financiers negatively impacted on reduction in gold prices due to mark down in asset value
Cut in mobile phone duty negative for Dixon
Defence, Road, Rail outlay is similar to interim budget
JP Morgan
Capital gains tax was a negative surprise, but the market dip was quickly bought
Tweaks in income tax slabs and deduction to support consumption
Big MSME push towards ‘Viksit Bharat’
Reduction in tax and removal of indexation benefits on properties will have a drag
However, tax benefits on reinvestment of gains still remain
Therefore, impact on market should not be high
Duty cut to support jewellery demand
Long put positioning indicates investors caution for potential volatility
Morgan Stanley
Increase in formal employment creates a path for sustained growth momentum in the near term
Pegged a faster-than expected reduction of the fiscal deficit in FY25
Increased fiscal headroom utilised to enhance job creation, skill enhancement, narrow the fiscal deficit, maintain capex growth
Announced simplification of tax codes
The lower-than-expected fiscal deficit, to aid crowding in of private capex, loans
Increase in capital gains tax for equities is against our expectation
Remains constructive on Indian equities, with a bias for large caps over small- and mid-caps
Overweight Financials, Consumer Discretionary, Industrials and Technology, and underweight other sectors.
Nomura
Do not expect effect on corporate earnings
Nifty Target in Dec ’24: 24860
Withdrawal of indexation benefits could affect Property demand
Employment scheme to have positive effect in the near term
Positive on: Financials, Infra, Cap goods, Cement, Telecom and Power
Cautious: Consumption and Metals
Neutral: IT and Healthcare
UBS
Narrowing fiscal deficit to 4.9% in FY25 remained on expected lines
Overall allocations on agri, rural, youth employment appeared small
Removal of indexation benefit may help make financial assets but hurt real estate
Budget remained silent on further expansion on PLI manufacturing schemes
Govt FY25 gross tax revenue growth estimate of 10.8% remained conservative
Overall infra-allocation remained in-line with past ten years infra spend
JTL Industries To Allot 1.42 Crore Shares To QIBs
Approves allotment of 1.42 crore shares to eligible QIBs at issue price of Rs 211/share aggregating to Rs 299 crore
Source: Exchange Filing
Adani Power Acquires Remaining Stake In Mirzapur Thermal Energy
Acquires remaining stake in Mirzapur Thermal Energy (UP) from Adani Infra (India)
Mirzapur Thermal Energy (UP) now wholly-owned subsidiary of company
Source: Exchange Filing
M&M Finance Appoints Vijay Kumar Sharma As Independent Director
Shareholders approve appointment of Vijay Kumar Sharma as independent director
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 104.45
U.S. 10-year bond yield at 4.25%
Brent crude up 0.43% at $81.36 per barrel
Nymex crude up 0.40% at $77.27 per barrel
GIFT Nifty was down 40 points or 0.16% at 24396.50 as of 7:41 a.m.
Bitcoin was down 0.39% at $65,597.
F&O Cues
Nifty July futures down by 0.23% to 24,452.95 at a discount of 26.1 points.
Nifty July futures open interest down by 5.4%.
Nifty Bank July futures down by 1% to 51,765 at a discount of 13.3 points.
Nifty Bank July futures open interest up by 1.22%.
Nifty Options July 25 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 53,000 and Maximum Put open interest at 50,000.
Securities in ban period: GNFC, India Cements, Sail.
Trading Tweaks
Price band change from 10% to 5%: Mahanagar Telephone Nigam,
Ex/record Dividend: Indo Count Industries, Honeywell Automation India, Hatsun Agro Product, Fortis Healthcare, Avadh Sugar & Energy, Pidilite Industries, IFGL Refractories, Dynamic Cables, Elgi Equipments, Fiem Industries, Vinyl Chemicals.
Ex/record AGM: Indo Count Industries, Honeywell Automation India, Camlin Fine Sciences, Pidilite Industries, Avadh Sugar & Energy, V-Mart Retail, IFGL Refractories, Dynamic Cables, Elgi Equipments, Fiem Industries, Balrampur Chini Mills, Vinyl Chemicals.
Moved out short-term Framework: Titagarh Rail Systems, PNB Gilts.
Bulk Deals
Elgi Equipment: Al Mehwar Commercial Investments L.L.C. sold 22.97 lakh shares (0.72%) at Rs 673 apiece.
IPO Offering
Sanstar Limited: The public issue was subscribed to 82.99 times on day 3. The bids were led by institutional investors (145.68 times), non-institutional investors (136.5 times), and retail investors (24.23 times).
Stocks To Watch
SpiceJet: The company will raise up to Rs 3,000 crore via rights issues at Rs 818 per share.
Suven Pharmaceuticals: The company received an observation letter with 'no adverse observations' from BSE and 'no observations' from NSE. Observations are for a scheme of amalgamation seeking the amalgamation of Cohance Lifesciences with the company.
IOL Chemicals And Pharmaceuticals: EDQM issued a certificate of suitability for Valsartan tablets. Valsartan is used to treat high blood pressure.
Titagarh Rail Systems: The company begins the export of traction converters with the first shipment to Italy.
Shilpa Medicare: The company’s unit manufacturing facility in Karnataka received GMP certification from COFEPRIS- Mexico. The inspection was conducted from Nov. 6 to Nov. 10, 2023.
Infosys: The company has signed a contract with UVC Partners to co-create next-generation solutions using AI and deep technology.
MIC Electronics: Kalidindi Satyanarayana Raju resigned as CEO effective July 10 and appointed Rakshit Mathur as CEO effective Aug 1. The company also appointed Vivek Reddy Venumuddala as COO with immediate effect.
South Indian Bank: The company is to consider fundraising on July 30.
Bajel Projects: The company received an order worth Rs 568 crore from PowerGrid Corp. for a period of 23 months. The project includes a transmission system for the evacuation of power from Rajasthan.
Tide Water Oil: The company has decided to change its name to Veedol Corporation.
Earnings in Focus
Aditya Birla Sun Life AMC, Axis Bank, Bajaj Finserv, Bajaj Holdings, Bikaji Foods, CG Power, CMS Info System, Craftsman Automation, DCB Bank, Federal Bank, Go Fashion, HFCL, Indian Energy Exchange, IGL, Jindal Steel and Power, JK Paper, KPIT Tech, Karnataka Bank, Larsen and Turbo, Mahindra Lifespace Developers, MAS Financial Services, Oracle Financial Services, Petronet, PG ELectroplast, Hitachi Energy, Ramkrishna Forgings, SBI Life Insurance, SIS, Sona BLW Precision Forging, and Syngene International.
Earnings Post Market Hours
Bajaj Finance Q1 FY25 (Consolidated, YoY)
Net profit up 13.82% at Rs 3,912 crore versus Rs 3,437 crore.
Total income up 28.8% at Rs 16,102 crore versus Rs 12,500 crore.
HUL Q1 FY 25 (Consolidated, YoY)
Revenue up 1.4% at Rs 15,707 crore versus Rs 15,496 crore (Bloomberg estimate Rs 15,587 crore)
Ebitda up 2.2% at Rs 3,744 crore versus Rs 3,665 crore (Bloomberg estimate Rs 3,690 crore)
Ebitda margin at 23.8% versus 23.7% (Bloomberg estimate 23.7%)
Net profit up 2.2% at Rs 2,612 crore versus Rs 2,556 crore (Bloomberg estimate Rs 2,601 crore)
Thyrocare Technologies Q1 FY25 (Consolidated, YoY)
Revenue up 16.3% at Rs 157 crore versus Rs 135 crore (Bloomberg estimate Rs 155 crore)
Ebitda up 23.5% at Rs 43 crore versus Rs 35 crore (Bloomberg estimate Rs 41 crore)
Ebitda margin at 27.2% versus 25.6% (Bloomberg estimate 26.2%)
Net profit up 38.8% at Rs 24 crore versus Rs 17 crore (Bloomberg estimate Rs 22 crore)
Torrent Pharma Q1 FY25 (Consolidated, YoY)
Revenue up 10.3% at Rs 2,859 crore versus Rs 2,591 crore (Bloomberg estimate Rs 2,878 crore)
Ebitda up 14.3% at Rs 904 crore versus Rs 791 crore (Bloomberg estimate Rs 909 crore)
Ebitda margin at 31.6% versus 30.5% (Bloomberg estimate Rs 31.6%)
Net profit up 20.9% at Rs 457 crore versus Rs 378 crore (Bloomberg estimate Rs 461 crore)
Schaeffler India Q2 FY 25 (Consolidated, YoY)
Revenue up 15.2% at Rs 2,107 crore versus Rs 1,829 crore (Bloomberg estimate Rs 1,971 crore)
Ebitda up 10.4% at Rs 377 crore versus Rs 342 crore (Bloomberg estimate Rs 358 crore)
Ebitda margin at 17.9% versus 18.7% (Bloomberg estimate 18.2%)
Net profit up 3.4% at Rs 245 crore versus Rs 237 crore (Bloomberg estimate Rs 244 crore)
ICICI Prudential Life Insurance Q1 FY25 (Consolidated, YoY)
Value of new business up 7.8% Rs 472 crore versus 438 crores
VNB Margin at 24% versus 30% YoY
APE up 34.4% at Rs 1,963 crore versus Rs 1,461 crore
VNB margin at 24% versus 30%
PAT up 8.7% by 225 crore versus 207 crores.
ICICI Securities Q1 FY25 (Consolidated, YoY)
Total income up 76% at Rs 1,644 crore versus Rs 934 crore
Net profit up 94.5% at Rs 527 crore versus Rs 271 crore
GIFT Nifty Trades Near 24,400
The July futures contract of the GIFT Nifty was trading 33 points or 0.14% lower at 24,403.50 as of 7:19 a.m.
Markets in the Asia-Pacific region fell Wednesday, taking cues from the overnight move on Wall Street as earnings from the Magnificent Seven technology companies disappointed.
The Nikkei 225 was 20.51 points or 0.1% lower at 39,573.88, and the S&P ASX 200 was 16.30 points or 0.20% lower at 7,954.80.
US stocks faced resistance in gaining momentum as traders sifted through a flood of corporate results to gauge the market's ability to sustain this year's historic rally.
The S&P 500 rose 0.26% and the Nasdaq Composite sank over 0.16% and 0.06% as of Tuesday. The Dow Jones Industrial Average ended 0.14% lower.
The Brent crude was trading 0.04% higher at $81.83 a barrel. Gold was flat at $2,409.83 an ounce.
India's benchmark stock indices extended losses for the third straight session on Tuesday as shares of HDFC Bank Ltd. and Larsen & Toubro Ltd. dragged after India received its final budget for financial year 2025.
The NSE Nifty 50 settled 30.20 points, or 0.12% lower at 24,479.05, and the S&P BSE Sensex ended down 73.04 points, or 0.1% at 80,429.04.
Overseas investors turned net sellers of Indian equities on Tuesday after six days. Foreign portfolio investors offloaded stocks worth Rs 2,975.3 crore on the budget day, while domestic institutional investors stayed net buyers for the second session and mopped up equities worth Rs 1,418.8 crore, according to provisional data from the National Stock Exchange.
The Indian currency weakened by 3 paise to close at 83.69 against the US dollar.
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