KEY HIGHLIGHTS
Rupee Closes Flat Against US Dollar
The local currency closed flat at 83.59 against the US dollar.
It closed at 83.60 on Monday.
Source: Bloomberg
ICICI Bank, Infosys Help Sensex, Nifty Extend Record Run: Market Wrap
India's benchmark stock indices ended at a fresh closing high for a third day in a row on Tuesday, tracking sharp gains in the 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 0.10%, to close at 80,716.55. In the first half of the trade, the Nifty 50 hit a fresh high of 24,661.25, and the Sensex touched a fresh high of 80,898.30.
The domestic market failed to uphold the opening gains as investor concerns about current valuations and subdued expectations for the first quarter of fiscal 2025 earnings. With the earnings season set to fully commence this week, investors are likely to gain a broader sectoral perspective. Globally, the dovish comment from the Federal Reserve Chair Jerome Powell on inflation trajectory and a drop in US 10-year treasury yield ahead of US retail sales data increased the likelihood of a rate cut in September, said Vinod Nair, head of research, Geojit Financial Services.
Infosys Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Hindustan Unilever Ltd., and Coal India Ltd. contributed to the Nifty 50.
Reliance Industries Ltd., Kotak Mahindra Bank Ltd., NTPC Ltd., Shriram Finance Ltd., Dr. Reddy's Laboratories Ltd. weighed on the index.
On the NSE, four sectors ended higher and eight declined out of 12. The NSE Nifty Media declined the most, and the NSE Nifty Realty rose the most.
On BSE, broader markets ended on a mixed note. The S&P BSE Midcap ended 0.29% lower, and Smallcap settled 0.32% higher.
Twelve sectors ended higher, eight ended lower out of 20 sectors BSE compiles. The S&P BSE Realty rose the most, and the S&P BSE Capital Goods declined the most.
Market breadth was skewed slightly in favour of buyers. Around 2,020 stocks gained, 1,892 stocks declined, and 97 remained unchanged on BSE.
Vedanta Upsizes Share Placement To $1.02 Billion Says Bloomberg
Balu Forge To Raise Rs 496.8 Crore
Balu Forge is to raise Rs 496.8 crore via preferential issue of shares & warrants.
Source: Exchange filing
Nifty, Sensex Trade Near Record As Airtel, ICICI Bank Lead: Midday Market Update
The Indian benchmark indices were trading near record high through midday on Tuesday, tracking gains in shares of Bharti Airtel Ltd., ICICI Bank Ltd.
As of 12:15 p.m., the NSE Nifty 50 was trading 54.05 points or 0.22% higher at 24,640.75, and the S&P BSE Sensex was 153.47 points or 0.19% up at 80,818.33.
Intraday, the Nifty rose 0.30% to a fresh high of 24,661.25 and the Sensex rose 0.29% to an all-time high of 80,898.30.
The Nifty has been on a tearaway run and seeing a wait-and-watch kind of trade. The bias remains on the upside as any dip to 24,400, 24,000 can be used to take long positions, according to Amit Goel, research analyst at Amit Ventures.
The Nifty Bank has been a little weaker on account of HDFC Bank Ltd.'s underperformance. It has taken support at a lower level and is showing some positive traction, he said.
Bharti Airtel, ICICI Bank, Hindustan Unilever Ltd., Coal India Ltd. and Infosys Ltd. led the gains in the Nifty.
Reliance Industries Ltd., Kotak Mahindra Bank Ltd., UltraTech Cement Ltd., Dr. Reddy's Laboratories Ltd. and Axis Bank Ltd. weighed on the index.
Most sectors on the NSE advanced, with the Nifty Realty rising the most and Pharma declining the most. Earlier in the day, the Oil & Gas, Energy and FMCG indices scaled fresh highs.
The BSE MidCap was trading 0.18% up and the SmallCap was 0.81% higher.
Seventeen out of the 20 sectors on the BSE advanced, with Telecommunication rising the most and Bankex declining the most.
The market breadth was skewed in favour of the buyers as 2,315 stocks rose, 1,411 declined and 151 stocks remained unchanged on the BSE.
Himadri Specialty Q4 Earnings Key Highlights (Consolidated YoY)
Revenue up 26.2% to Rs 1,200 crore from Rs 951 crore
Ebitda up 43.2% at Rs 192 crore from Rs 134 crore
Margin up 190 basis points at 16% from 14.1%
Net profit up 42.6% to Rs 123 crore from Rs 86 crore
Century Textiles Q1 Earnings Key Highlights (Consolidated YoY)
Revenue up 28.5% to Rs 1,149 crore from Rs 894 crore
Ebitda down 24% at Rs 107 crore from Rs 141 crore
Margin down 640 basis points at 9.3% from 15.7%
Net profit was at Rs 17.4 crore compared to Rs 7.1 crore
Approves raising up to Rs 1,000 cr via bonds
European Markets Fall
Digikore Studios Gets Contract From CBS Studios
Digikore Studios Ltd. had a visual effects contract from CBS Studios for Star Trek film franchise.
Source: Exchange filing
Bajaj Auto Approves Sangita Reddy's Appointment
Bajaj Auto Ltd. has approved appointment of Sangita Reddy as an additional director for five years effective July 16.
Source: Exchange filing
Bajaj Auto Q1 Earnings (Standalone, YoY)
Revenue up 15.7% at Rs 11,928 crore vs Rs 10,310 crore
EBITDA up 23.6% at Rs 2,415 crore vs Rs 1,954 crore
Margin up 129 bps at 20.2% vs 19%
Net profit up 19.4% at Rs 1,988 crore vs Rs 1.665 crore
FAME III May Not Be On The Cards This Budget, Indicates Heavy Industries Minister
Fame III preparatory work is going on and all 7 ministries have recommended how to implement the program and in the future days we’ll see it implemented, says Minister Kumaraswamy
Decision on tax and cess reduction in hybrid cars, yet to be taken by PM and Fianance Ministry
Fame III scheme still in final stages, unlikely in the budget
Source: Media Byte on the Sidelines of the SIAM EV event
Cipla Gets Additional Tax Demand From IT Authority
Gets additional tax demand worth Rs 773 cr including interest from Income Tax Authority
Tax demand for annual year 2015-16 to annual year 2022-23
Source: Exchange filing
Crisil Q4 Earnings Key Highlights (Consolidated YoY)
Revenue up 3.4% to Rs 797 crore from Rs 771 crore
Ebitda up 1.2% at Rs 207 crore from Rs 204 crore
Margin down 60 basis points at 25.9% from 26.5%
Net profit down 0.4% at Rs 150 crore from Rs 151 crore
Board approves second interim dividend of Rs 8 per share
Eveready Industries Launches Siren Torch
Eveready Industries (India) Ltd. has launched Siren Torch, first-of-its-kind flashlight with safety alarm
New flashlight is equipped with a 100-decibel SOS alarm to prevent any abuse and alert passerby
New Flashlight priced at Rs. 225 per piece
Source: Press release
D.B. Corp Q1 Earnings Key Highlights (Consolidated, YoY)
Revenue up 6.4% to Rs 590 crore from Rs 554 crore
Ebitda up 41.2% at Rs 164 crore from Rs 117 crore
Margin up 690 basis points at 27.9% from 21%
Net profit up 49.6% at Rs 118 crore from Rs 79 crore
Board declares interim dividend of Rs 7 per share
Shriram Finance To Consider Raising Funds
Shriram Finance Co. Ltd. is to consider raising funds on July 26.
Source: Exchange filing
Kotak Bank Appoints ICICI Bank's Mishra As Head Of Distribution
Kotak Mahindra Bank has appointed Pranav Mishra from ICICI Bank Ltd. as Head of Distribution.
The bank has announces new distribution structure with physical branches, digital branch channel & voice channel.
Alert: RBI had barred the bank from onboarding new customers through digital channels on April 24.
Source: Company statement
Fischer Medical Partners With Nanyang Biologics
Fischer Medical Ventures Ltd. has partnered with Singapore's Nanyang Biologics' Transformative Nutraceuticals for India, Middle East and ASEAN region.
Source: Exchange filing
Century Textiles Jumps Over 8% As Unit Buys 5-Acre Land Parcel In Gurugram
Shares of Country Textiles & Industries Ltd. jumped 8.26% to Rs 2,275.00, the highest level since July 10. It pared gains to trade 5.08% higher at Rs 2,208.25 as of 11:11 a.m., as compared to 0.26% advance in the NSE Nifty 50 index.
Block Deals So Far
Suzlon Energy Ltd had 23.5 lakh shares changed hands in two large trades.
Bank of Maharashtra had 12.8 lakh shares changed hands in a large trade.
ICICI Bank Ltd. had 11.3 lakh shares traded in a large trade.
Sensex Scales Fresh High As Bharti Airtel, Tata Steel Lead
The S&P BSE Sensex rose to a fresh high of 80,895.63 as Bharti Airtel Ltd., Tata Steel Ltd. led gains. The index was trading 0.23% higher at 80,851.04 as of 10:48 a.m.
Here Are Stocks That Hit Life High On July 16
GAIL (India) Clarifies Report Of Co-Investing Rs 700 Crore
GAIL (India) Ltd. clarified on report of co investing Rs 700 crore in Yamuna City
Clarifies that co has approved setting up the R&D centre, but not accorded specific investment yet.
Source: Exchange filing
Jio Financial Services Snaps Three-Day Rally After Reporting Flat Growth In Q1 Profit, Revenue
Shares of Jio Financial Services Ltd. fell on Tuesday, snapping a three session rally in which it had gained 2.1% after reporting a flat sequential growth in its revenue and profit for the quarter ended June.
The scrip fell as much as 2.43% to Rs 346.75 apiece, the lowest level since July 10. It pared losses to trade 1.94% lower at Rs 348.50 apiece as of 10:23 a.m. This compares to a 0.2% advance in the NSE Nifty 50.
It has risen 49.6% on a year-to-date basis. Total traded volume so far on the NSE in the day stood at 0.56 times its 30-day average. The relative strength index was at 45.18.
One analyst tracking the company has a 'hold' rating for the stock, according to Bloomberg data and its target price implies a 12-month upside of 13.4%.
PC Jeweller Rises To Over One-Year High As IndusInd Nods For Dues
Shares of PC Jeweller Ltd. rose 3.52% to Rs 73.20, the highest level since Jan 19, 2023. It was trading 2.67% higher at Rs 72.60 as of 09:59 a.m. as compared to 0.10% advance in the NSE Nifty 50 index.
The scrip has been rising for past seven session. In 12 months, PC Jewellers has gained 148.74, and 56.06% on year to date basis. The relative strength index was at 86.22, which implied the stock is overbought
Bharti Hexacom Shares Soar As JP Morgan Initiates 'Overweight'
Shares of Bharti Hexacom Ltd surged after JP Morgan initiated coverage with an 'Overweight' rating citing strong tailwinds from subscriber growth and organic average revenue per user expansion.
Bharti Hexacom's stock rose as much as 8.42% in early trade to Rs 1,155 apiece on the NSE. It was trading 4.24% higher at Rs 1,111 apiece, compared to a 0.11% advance in the benchmark Nifty 50 as of 9:20 a.m.
The scrip has risen 37% since its listing on April 12, 2024. The relative strength index was at 54.
Seven out of the eight analysts tracking the company have a 'buy' rating on the stock, and one recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 17.4%.
SpiceJet Rises To Over One-Month High On Reporting Profit
Shares of SpiceJet Ltd. rose to the highest level in over one month as the flyer has posted profit on annualised basis despite decline in revenue.
SpiceJet Ltd.'s consolidated net profit came at Rs 127 crore during January-March compared to Rs 6 crore loss, the company said in an exchange filing on Monday.
Nifty Opens Just 30 Points Away From Fresh High; Airtel, ICICI Bank Rise: Opening Bell
Indian benchmarks opened higher on Tuesday defying clues from Asian peers as shares of Bharti Airtel Ltd., ICICI Bank Ltd. gained.
Right after open, the NSE Nifty 50 recorded a fresh high of 24,650.05.
The Nifty 50 was trading 34.50 points or 0.14% higher at 24,621.20, and S&P BSE Sensex was 86.22 points or 0.11% higher at 80,751.08.
The Federal Reserve Jerome Powell said that the central bank may not wait until the inflation moves to its 2% target to cut rates, which fuelled optimism.
The Nifty 50 has tested our higher range of 24,650 levels and closed in a doji candle near the top end of the range and we expect a either side breakout from current levels, said Vikas Jain, a senior research analyst at Reliance Securities.
The support is placed at 23,300 which will act as trend reversal point and on the higher side 24,850 will act as pivot resistance from current levels. 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. Highest call OI has moved higher to 24,700 strikes while the downside the highest put OI moved higher to 24,300 for the weekly expiry, Jain said.
Bharti Airtel Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., Mahindra & Mahindra Ltd., and State Bank of India added to the index.
Larsen & Toubro Ltd., Reliance Industries Ltd., HCL Technologies Ltd., Infosys Ltd., and ITC ltd. pressured the index.
On NSE, 10 sectors opened higher, and two declined out of 12. The NSE Nifty Realty rose the most, and the NSE Nifty IT declined the most.
On BSE, broader markets rose in line with the benchmark indices. The S&P BSE Midcap and Smallcap were trading 0.10%, and 0.46% higher, respectively.
Eighteen sectors were trading on a positive note, while two were trading on a negative note out of 20. The S&P BSE Realty was the top performing sector, and the S&P BSE Capital Goods was the worst performing sector.
Market breadth was skewed in favour of buyers. Around 2,082 stocks rose, 805 stocks declined, and 107 stocks remained unchanged on BSE.
Nifty, Sensex Higher At Pre-Open
The NSE Nifty 50 was trading 0.12% higher at 24,615.90, and the S&P BSE Sensex was trading 0.08% higher at 80,730.52.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.98% on Monday.
Source: Cogencis
Rupee Opens Flat Against US Dollar
The local currency opened flat at 83.59 against the US dollar.
It closed at 83.60 on Monday.
Source: Bloomberg
Morgan Stanley On Apollo Tyres
Maintain Equal Weight with TP Rs. 472, Downside 13%
Per media, MRF hiked its prices 2% on blended basis
Reports suggest MRF hiked prices 2% for its truck tyres
3-7% across products within passenger car and radial tyres
Price hikes show a focus on margins
See limited earnings upside in view of sharp rises in commodity and regulatory costs
Apollo hiked prices by 2-3% in May 2024 and 1,5% in July 2024
CEAT and JK Tyres have also implemented price hikes
Low-margin OEM segment is slowing down for tyre companies
Demand in higher-margin replacement segment is holding up
Believe industry needs more price hikes to offset all cost pressures
Expect Apollo's standalone EBITDA margin to decline around 210bps YoY to 15.5% in F25
The company's focus on sustainable and profitable growth helped improve FCF and RoCE profile
F26e P/E of 17x against 5-year median forward P/E of 15x keeps us on the sidelines
Reliance Infrastructure Gets Warning From SEBI
Reliance Infrastructure Ltd. has received an administrative warning from SEBI over disclosure.
Source: Exchange filing
Balrampur Chini's Asssociated Company To RaiseMore Funds
Balrampur Chini Mills Ltd.'s associated company Auxilo Finserve is to raise more funds.
Auxilo Finserve to issue 4.8 crore preference shares to raise Rs 279 crore.
Source: Exchange filing
JP Morgan Initiates Coverage On Bharti Hexacom
Initiate with Overweight with a target price Rs. 1,280 which implied an upside of 20%
Operates in two underpenetrated circles of Rajasthan and North East
Can enjoy stronger tailwinds from subscriber growth and organic ARPU expansion
Bets India market pure play
Tariff repair to drive 20% CAGR
Spectrum cost per population is lower than Bharti’s national average
98% of revenues is largely wireless
Capex should come off after 5G investments of last year
Tariff hikes should drive reduction in net debt to Ebitda, improve FCF and higher dividends
Brokerages On HDFC Life Insurance
Nuvama
Nuvama keeps the target price Rs 780 from 760 earlier, which implied a 22% upside.
Strong ULIP sales drove growth; 1% below estimates
VNB came in 0.7% below estimates
Shift in product mix towards linked products drove down margins
Continues to be focused on growth and willing to forego margins
Higher surrender values rules to have limited impact on margins
Revising FY25E/26E VNB by (0.5)%/(2.5)%
Valuations: FY25E Price to EV of 3x
Emkay Global Research
Emkay Global Research has reiterated a 'Buy' on HDFC Life Insurance Co. with a target price Rs 750, which implied a 18% upside.
APE came in 4% above estimates
APE growth offset margin miss leading to 2% beat in VNB
Management is confident of doubling the VNB over the next 4 years
Expect VNB & APE growth through HDFC Bank and the Agency channel firing up
Increase APE estimates, reduce margins, unchanged VNB
Valuations based on 2.5x FY26E Price to Embedded Value
Citi Research Keeps 'Buy'
Citi Research has maintained a 'Buy' on HDFC Life Insurance Co. with a target price Rs 735.
VNB margins 70 basis points lower than Citi's estimates
Higher than expected ULIP mix contributed to margin pressure
Capacity additions, revival in non-par and focus on volume augur well
Comfort on underlying surrender assumptions, distribution payout tweaks to alleviate margin pressure
Roll over the target price to June 26
Have a pair trade open: HDFC Life Insurance Co. as Overweight.
ICICI Prudential Life Insurance was rated Underweight
Motilal Oswal: Monthly Metals Update
Steel prices correct 2% MoM in Jun'24
Correction due to onset of monsoons, elevated imports, decline in global steel prices
Lower global steel prices impacted exports, down 32% YoY in June
Channel checks suggest subdued steel prices over next few months, with improvement from H2FY25
Alumina prices up 20% sequentially on supply constraints
Nuvama Maintains 'Buy' On HDFC AMC
Nuvama maintained a 'Buy' on HDFC Asset Management Co. with a target price Rs 4,910.
Reported a stellar operational performance
Quarterly avg AUM growth of 9.6% on the quarter
Equity AUM market share rose 80 basis points on the year to 12.9%
Hikes profit estimates by 2.4% and 0.7% for FY25 and FY26
Values the company at EV to profit of 51x FY25 and 43x FY26
Watch India Market Open At NDTV Profit
Global Cues
U.S. Dollar Index at 104.36
U.S. 10-year bond yield at 4.21%
Brent crude down 0.29% at $84.60 per barrel
Nymex crude up 0.32% at $81.65 per barrel
Bitcoin was up 1.30% at $64,607.01
The GIFT Nifty was trading 16 points or 0.1% higher at 24,636.00 as of 08:24 a.m.
Money Market Update
The Indian rupee closed 7 paise weaker at Rs 83.60, as the US dollar gained following the assassination attempt on former President Donald Trump.
F&O Cues
Nifty July futures up by 0.41% to 24,622 at a premium of 35 points.
Nifty July futures open interest up by 2.6%.
Nifty Bank July futures up by 0.54% to 52,630 at a premium of 174 points.
Nifty Bank July futures open interest up by 4.42%.
Nifty Options July 18 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,500.
Bank Nifty Options July 16 Expiry: Maximum call open interest at 54,000 and maximum put open interest at 52,000.
Securities in ban period: Aditya Birla Fashion, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers, GMR Infra, GNFC, IEX, India Cement, Indus Tower, Piramal Enterprises, and RBL Bank.
Trading Tweaks
Price band change from 20% to 5%: Atul Auto, DCX Systems, Dynemic Products, IFB Agro Industries, JNK India, TARC.
Price band change from 20% to 10%: Kellton Tech Solutions,
Price band change from 10% to 5%: Black Box, Essar Shipping, Exicom Tele-Systems, GE Power India, Paras Defence and Space Technologies, PTC Industries, Suraj Estate Developers, and Veranda Learning Solutions.
Ex/record Dividend: Poonawalla Fincorp, Rane Engine Valve, Thirumalai Chemicals, TTK Healthcare, CDSL, Mahindra & Mahindra Financial Services, Nestle India, Lupin, IDFC, Dr Reddy's Laboratories.
Ex/record AGM: Rane Engine Valve, Thirumalai Chemicals, TTK Healthcare, GE Power India, Mahindra & Mahindra Financial Services, Wipro, IDBI Bank, Dr Reddy's Laboratories.
Ex/record Bonus Issue: MM Forgings.
Moved out of short-term framework: GM Breweries, HPL Electric & Power, and IFB Agro Industries.
Block Deals
Godrej Consumer Products: RKN Enterprises sold 1.13 crore shares (1.11%). The buyers include Jamshyd Naoroji Godrej, who bought 28.48 lakh shares (0.27%), Navroze Jamshyd Godrej, who bought 28.48 lakh shares (0.27%), Smita Godrej Crishna bought 18.98 lakh shares (0.18%), Freyan Crishna Bieri bought 18.98 lakh shares (0.18%), and Nyrika Holkar bought 18.98 lakh shares (0.18%). The shares were traded at Rs 1,443.9 apiece.
Bulk Deals
Pearl Global Industries: HDFC Mutual Fund bought 4.47 lakh shares (1.02%) at Rs 731 apiece, and Shah Sanjiv Dhireshbhai sold 2.77 lakh shares (0.63%) at Rs 731.01 apiece.
SG Finserve: APL Infrastructure bought 5 lakh shares (0.89%) at Rs 379.86 apiece.
Cigniti Technologies: Ashika Credit Capital bought 1.57 lakh shares (0.57%) at Rs 1,359.45 apiece.
Eris Lifescience: Franklin Templeton Mutual Fund bought 10.94 lakh shares (0.8%) at Rs 1,000.04 apiece; Rakesh Shah sold 20 lakh shares (1.46%) at Rs 1,000.12 apiece.
Hi-tech Pipes: Rakesh Rajkrishan Agarwal bought 7.56 lakh shares (0.47%) at Rs 147.2 apiece.
Stocks To Watch
Hindustan Unilever: The company will divest its water purification business, Pureit, via a slump sale to AO Smith India at an enterprise value of Rs 601 crore. The FMCG giant said the sale is in line with its intent to focus sharply on core strategies.
Vedanta: The company opened its QIP and set the floor price at Rs 461.26 per share.
Zee Entertainment Enterprises: Shareholders have approved plans to raise up to Rs 2,000 crore through a share sale.
Century Textiles: Unit Birla Estates bought a five-acre land parcel in Gurugram with an estimated revenue potential of Rs 1,400 crore.
Lupin: The company divested its US commercial women's health specialty business to Evofem Biosciences for consideration of up to $84 million based on future contingent milestones.
Hatsun Agro: The company approved opening a foreign branch office in Delaware, USA.
Balkrishna Industries: The company completed the setting up of a mould manufacturing plant at its Bhuj unit with a capex of Rs 300 crore.
Ujaas Energy: The company approved a bonus issue of one for every four held. It will also raise up to Rs 500 crore via equity.
Equitas Small Finance Bank: The bank approved the appointment of Narayanan NR, KS Sampath and Ramkumar Krishnaswamy as independent directors for three years, effective July 16.
Aster DM Healthcare: The company received an anonymous complaint alleging the involvement of senior employees in unethical practices and professional misconduct. Allegations pertain to Aster hospitals located in Kannur and Calicut, Kerala.
Macrotech Developers: The developer clarified on news reports of being in a pact with Valor Estate for the Mumbai residential project, saying it is continuously evaluating land acquisition via different modes, including through JDA.
PC Jewellers: IndusInd Bank accepted a one-time settlement proposal from the company for unsettled dues in terms including cash, equity, release of securities, and mortgaged properties.
Lemon Tree Hotels: The company opened a 42-room hotel in Jamshedpur.
Earnings In Focus
Alok Industries, Bajaj Auto, Century Textiles, Crisil, DB Corp, Himadri Speciality Chemical, Jubilant Ingrevia, Just Dial and L&T Finance.
Earnings Post Market Hours
Hatsun Agro Q1 FY25 (YoY)
Revenue up 10% at Rs 2,375 crore versus Rs 2,151 crore (Bloomberg estimate Rs 2277.6 crore)
Ebitda up 39% at Rs 330 crore versus Rs 238 crore (Bloomberg estimate Rs 287 crore)
Ebitda margin at 13.9% versus 11.1% (Bloomberg estimate 12.6%)
Net profit up 63% at Rs 131 crore versus Rs 80 crore (Bloomberg estimate 91.5 crore)
Declared dividend of Rs 6 per share.
Jio Financial Services Q1 FY25 (Consolidated, QoQ)
Revenue flat at Rs 417.8 crore versus Rs 418.1 crore.
Net profit up 0.6% at Rs 312.6 crore versus Rs 310.6 crore.
SpiceJet Q4 FY24 (Consolidated, YoY)
Revenue down 19% at Rs 1,738 crore versus Rs 2,145 crore
Ebitdar down 83% at Rs 16.3 crore versus Rs 95 crore
Ebitdar margin at 0.9% versus 4.4%
Net profit at Rs 127 crore versus loss of Rs 6.2 crore
Angel One Q1 FY25 (Consolidated, YoY)
Total income up 74% at Rs 1,410 crore versus Rs 811 crore.
Net profit up 33% at Rs 293 crore versus Rs 221 crore.
GIFT Nifty Trades Above 24,600
Markets in the Asia-Pacific region were trading on a mixed note Tuesday as investors parse comments from Federal Reserve Chair Jerome Powell. The possibility of a return of Donald Trump as the US president after assassination attempt supported the benchmarks in emerging markets. Powell's comments reflected his confidence in recent inflation data and highlighting the economy's strong performance.
The Nikkei 225 was trading 290.57 points or 0.71% higher at 41,481.25, the Kospi was trading 0.09% or 2.34 points lower at 2,857.88 as of 06:47 a.m.
US stocks surged towards record highs amid expectations of diminished market volatility following Trump's successful recovery from an assassination attempt, which could strengthen his presidential prospects.
The S&P 500 and Dow Jones Industrial Average rose 0.28% and 0.53%, respectively as of Monday. The Nasdaq Composite was up 0.40%.
In commodities, the September contract of Brent crude declined 0.11% to $84.76 per barrel, while gold gained 0.12% in the spot market to trade at $2,425.07 an ounce.
The GIFT Nifty was trading 14.5 points or 0.1% higher at 24,634.50 as of 06:50 a.m.
India's benchmark stock indices ended at a fresh closing high on Monday, tracking sharp gains in the State Bank of India, Oil & Natural Gas Corp., and NTPC Ltd.
The NSE Nifty 50 settled 81.75 points, or 0.33%, higher at 24,583.90, and the S&P BSE Sensex gained 145.52 points, or 0.18%, to close at 80,664.86. The Nifty hit a fresh record high of 24,635.05, and the Sensex touched a fresh high of 80,862.54.
Overseas investors remained net buyers of Indian equities for the second consecutive session on Monday.
Foreign portfolio investors mopped up stocks worth Rs 2,865 crore, while domestic institutional investors stayed net sellers for the second session and sold equities worth Rs 331 crore, according to provisional data from the NSE.
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