KEY HIGHLIGHTS
Market At Close
The NSE Nifty 50 and BSE Sensex ended flat after trading in a narrow range throughout the day.
The Nifty moved in a 154.15 points range, while Sensex moved in 347.6 points range in Monday's session.
Tata Consultancy Servcies Ltd., Reliance Industries Ltd., and Tata Steel Ltd. were top gainers in the Nifty 50 index.
ICICI Bank Ltd., Mahindra & Mahindra Ltd., and Axis Bank Ltd. were top dragger in the Nifty 50 index.
The NSE Nifty Metal index was the lead gainer as Tata Steel Ltd., and Hindalco Industries Ltd. rose.
The NSE Nifty Auto declined the most tracking losses in Mahindra & Mahindra Ltd., and Tata Motors Ltd.
The NSE Nifty Midcap 150 ended 0.25% higher at 21,351.40.
The NSE Nifty Smallcap 250 settled 1.53% higher at 17,637.25.
Nifty, Sensex End With Little Change After Subdued Session; TCS, RIL Shares Lead: Market Wrap
Indian benchmarks settled little change on Monday, while shares of Tata Consultancy Services Ltd., and Reliance Industries Ltd. rose.
The NSE Nifty 50 ended 31.50 points or 0.13% higher at 24,572.65, and the BSE Sensex settled 12.16 points or 0.02% lower at 80,424.68.
Intraday, the Nifty 50 rose 0.40% to 24,638.80, and the Sensex rose 0.36% to 80,475.90.
Today, the benchmark indices witnessed lackluster activity. The Nifty 50 ends 31 points higher while the Sensex was down 12 points. Among Sectors, Metal and Oil and Gas indices outperformed, both the indices rallied over 1.5 percent whereas intraday profit booking were seen in selective Auto stocks, said Shrikant Chouhan, head equity research, Kotak Securities.
On the daily chart, the Index has made a small red candle but the overall uptrend is intact and as per the range breakout, the approximate target comes to 24,870 with the downside being protected at 24,420, said Aditya Gaggar, director, Progressive Shares
Tata Consultancy Services Ltd., Reliance Industries Ltd., Tata Steel Ltd., Hindalco Industries Ltd., and Shriram Finance Ltd. added to the benchmark index.
ICICI Bank Ltd., Mahindra & Mahindra Ltd., Axis Bank Ltd., Bharti Airtel Ltd., and Tata Motors Ltd. weighed on the benchmark index.
On NSE, nine sectors advanced, and three declined out of 12. The NSE Nifty Metal rose the most, and the NSE Nifty Auto declined the most.
Broader indices outperformed. BSE Midcap ended 0.53% higher and BSE Smallcap gained 1.3%.
Three out of 20 sectoral indices on the BSE ended lower and 17 advanced. BSE Auto fell the most and BSE Metal was the top gainer.
Market breadth was skewed in the favour of buyers. As many as 2,702 stocks advanced, 1,321 fell, and 136 remained unchanged on the BSE.
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DCM Shriram Commissions Hydrogen Peroxide Plant In Gujarat
Commissions 52,500 ton per annum Hydrogen Peroxide plant at its chemical complex in Gujarat.
Source: Exchange filing
Mishra Dhatu Nigam Gets Order Worth Rs 285 Crore
Mishra Dhatu Nigam Ltd. received orders worth Rs 285 crore.
Source: Exchange filing
Fitch Ratings On Steel & Mining Companies
Indian steel and and mining companies face margin risk after Supreme Court ruling.
Mining companies' operating costs likely to rise significantly if additional mining taxes imposed.
Caplin Point Laboratories Hits Record High
Shares of Caplin Point Laboratories Ltd. rose as much as 14.66% to Rs 1,818.00, the highest level since its listing. It was trading 12.52% higher at Rs 1,784.95 as of 2:31 p.m., as compared to 0.11% advance in the NSE Nifty 50 index.
CWD Gets Rs 1,000 Crore From PhonePe
CWD Ltd. received Rs 100 crore order from PhonePe for manufacturing soundboxes.
Source: Exchange filing
European Markets Trade Mixed
Bank of Baroda Plans To Raise Rs 5,000 Crore
Bank of Baroda plans to raise up to Rs 5,000 crore through 10-year infra bond issue
Base size is Rs 2,000 crore and green shoe option if Rs 3,000 crore
Likely to tap market next week
Source: Merchant bankers to NDTV Profit
July Aviation Data
IndiGo domestic passenger market share rises to 62%
Air India domestic passenger market share falls to 14.3%
Vistara domestic passenger market share rises to 10%
SpiceJet domestic passenger market share falls to 3.1%
Akasa Air domestic passenger market share falls to 4.7%
Source: Bloomberg
E2E Networks Approves Raising Rs 420 Crore
E2E Networks Ltd. has approved raising up to Rs 420 crore via preferential issue.
Source: Exchange filing
Trent Rises To Record High
Trent Ltd. rose 3.81% to Rs 6,750, the highest level since its listing. It pared gains to trade 1.85% higher at Rs 6,622.45 as of 1:06 p.m.
Mazagon Dock Shipbuilders Falls Over 5% As Analysts Keeps 'Sell' Rating
Shares of Mazagon Dock Shipbuilders Ltd. declined over 5% on Monday as analysts kept sell on the stock noting its recent rally and steep valuation compared to fundamentals.
ICICI Securities has kept a 'Sell' rating on the stock while it raised the target price to Rs 1,165 from Rs 900. The current price implied 327.03% downside from Friday's closing price.
Nirmal Bang Institutional Equities has downgraded the stock to 'Sell' and raised the target price to Rs 4,143.00. The target price implied a 20% downside from the stock price.
Bombay Dyeing Board Approves Appointment Of New CFO
Bombay Dyeing & Manufacturing Co.'s board approved appointment of Khiroda Jena as CFO effective today.
Source: Exchange filing
IPO Update: Interarch Building Products Fully Subscribed
The IPO has been subscribed 1.31 times as of 12:36 p.m. on Monday.
Qualified institutional buyers: nil.
Non-institutional investors: 2.90 times.
Retail investors: 1.32 times.
Employees reserved: 2.35 times.
Bulk Trades So Far On Monday
Coal India Ltd. had 41.6 lakh shares change hands in a block deal.
Tata Steel Ltd. had 17.5 lakh shares change hands in another block deal.
Samvardhana Motherson Internation Ltd. had 11 lakh shares traded in a bunch trade.
Source: Bloomberg
Jubilant Pharmova Rises To Three-Year High
Adani Portfolio – Q1 FY25 Performance
Delivered 33% EBITDA growth & 50% earnings growth, after adjusting for prior period income, one-offs
Trailing 12-month EBITDA at `79,180 cr, marking 45% increase over corresponding period last year
Growth rate remains exceptional in comparison to 5% earnings growth of Nifty 50 companies
Performance validates group’s strategy that focuses on expansive yet resilient growth
Performance validates group’s growth strategy that can be sustained despite external volatilities
Core infra contributed 86% to group's EBITDA, ensuring long-term stability & predictability
Core infra segment contribution grew 42% YoY
Growth-adjusted valuation continues to remain attractive compared to broader market index Nifty
Source: Internal Note
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
Zen Technologies Gets Patent For Mine Detection System
Zen Technologies Ltd. has received a patent for mine detection system.
Source: Exchange filing
CDSL Shares Hit Life High Post Bonus Share Issuance Approval
Shares of Central Depository Services (India) Ltd. hit an all-time high after the company announced approval for the issuance of bonus shares to the shareholders of the company in a 1:1 ratio, as per an exchange filing on Saturday.
Strides Pharma Gets Inspection Report From US FDA For Alathur Plant
Strides Pharma Science received Establishment Inspection Report from the US Food and Drug Administration on GMP status for Alathur plant.
US FDA determines inspection classification of Alathur plant as Voluntary Action Indicated
Alert: GMP stands for Good Manufacturing Practices
Source: Exchange filing
DCX Systems Hit 5% Upper Circuit After Bagging Orders Worth Rs 107.09 Crore
Shares of DCX Systems Ltd. was locked in 5% upper circuit as the company received multiple orders worth Rs 107.09 crore from domestic and overseas investors.
Techno Electric & Engineering Hits 5% Upper Circuit As It Teams Up With IndiGrid
Shares of Techno Electric & Engineering Ltd. hit a 5% upper circuit on Monday as the company entered into a pact with the IndiGrid Ltd. for inter state power transmission projects.
Veranda Learning Solutions Forays Into Middle East Markets
Veranda Learning Solutions Ltd. forayed into Middle East via popular brand JK Shah Classes.
The company is in pact with Jumeira University Connect for CA preparation course for UAE students.
Source: Exchange filing
Voltas Shows Strong Quarterly Growth; Jefferies And Nomura Positive, Kotak Cautious
Homegrown appliances company Voltas Ltd. posted a solid first-quarter performance for fiscal 2025, marked by notable growth in its unitary cooling products segment and a turnaround in the electro-mechanical projects division.
The scrip rose as much as 4.07% to Rs 1,597.65 apiece, the highest level since August 13, 2024. It pared gains to trade 2.57% higher at Rs 1,573.7 apiece, as of 10:00a.m. This compares to a 0.15% advance in the NSE Nifty 50 Index.
It has risen 60.99% on a year-to-date basis. Total traded volume so far in the day stood at 0.49 times its 30-day average. The relative strength index was at 59.87.
Out of 40 analysts tracking the company, 19 maintain a 'buy' rating, 12 recommend a 'hold,' and 9 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.4%.
Most Railway Stocks Advance On Monday
Adani Group Q1 FY25
Ebitda up 32.9% to Rs 22,570 crore
Adjusted Profit After Tax up 50.1% at Rs 10,279 crore
Net debt to Ebitda at 2.2 times as on March 2024
Emerging new businesses EBITDA up 70% to Rs 2,991 crore
Q1 EBITDA up 32.9% to Rs 22,570 crore
Q1 PAT up 50.1% at Rs 10,279 crore up 50.1% YoY
Trailing-twelve-month EBITDA up 44.9% at Rs 79,180 crore
Q1 EBITDA for Core infrastructure businesses accounted for 86% of total EBITDA
EBITDA for Emerging infra businesses (New Energy, airports, and roads) under Adani Enterprises Ltd. Up 70% at Rs 2,991 crore
Leverage (Net Debt to EBITDA) at 2.2x—multi-year low as on March 31st, 2024
Hindustan Zinc Slumps Over To Three-Month Low
Shares of Hindustan Zinc Ltd. extended their decline in Monday's session following the launch of an offer for sale by its parent company, Vedanta Ltd. The stock in the opening trade was down 6.13% trading at Rs 488.05.
Zomato Shares Hit Life High After 20% Target Price Upgrade From UBS
Shares of Zomato Ltd. surged over 6% after the company bagged a target price upgrade from UBS Global Research while it reiterated its Buy rating on the food aggregator platform.
IRCTC On Q1 Results
It's not only execellent results, but also highest ever result for first quarter both in revenue and margin.
All our segments have done well by growing in double digits.
Tourism could not do well due to modal code of conduct and election declaration.
Indian Railway Catering and Tourism Corp intends to recover performance in the tourism sector this (July–August) quickly.
Source: Sanjay Kumar Jain, chief managing director, IRCTC to NDTV Profit
Ola Electric Surges To Record High And Crosses Rs 60,000 Crore In Market Cap
Shares of Ola Electric Mobility Ltd. continued its rally and hit its upper circuit limit for the fourth session out after it got listed
JP Morgan on India Equity Strategy
Recommend Buy in dips for Infra, Industrial and Manufacturing
Limited government expenditure, demand fluctuations, rising competition were drag
Near term market to remain range bound due to rising domestic headwinds and global market volatility
Prefer long term capex story via Industrials, Real estate and financials
Companies in Communications, Financials and real estate had upward revision in earnings
Upgrade Consumer to overweight
MSCI India consumer continue to underperform despite reasonable valuations
Downgrade Autos to neutral
Seeing moderation of demand for Passenger vehicles
Two wheeler has positive demand outlook
Overweight on Financials, despite subdued performance
Financials are trading at significant discount
Underweight on IT and Materials
Nifty, Sensex Open Higher As RIL, ITC, ONGC Lead
Indian benchmarks opened higher for two days in a row on Monday tracking gains in shares of Reliance Industries Ltd., ITC Ltd., and Oil and Natural Gas Corp.
As of 09:16 a.m., the NSE Nifty 50 was 87.05 points or 0.35% higher at 24,628.20, and the BSE Sensex was 216.06 points or 0.27% higher at 80,652.91.
"On the higher side the gap levels of 24,800 will be the key resistance followed by the round number of 25,000 levels." said Vikas Jain, head, research at Reliance Securities.
To confirm a pullback in price action, it is imperative to observe sustained follow-through momentum while maintaining a closing position above the 50-day average line, which is trading near 24,100, said Avdhut Bagkar technical and derivatives analyst, StoxBox.
ICICI Bank Ltd., Reliance Industries Ltd., ITC Ltd., NTPC Ltd., Oil and Natural Gas Corp Ltd. added to the index.
Tata Consultancy Services Ltd., Mahindra & Mahindra Ltd., HDFC Bank Ltd., and Tech Mahindra Ltd. weighed on the index.
On NSE, 10 sectors advanced, one declined, and one remained flat out of 12. The NSE Nifty Oil & Gas rose the most, while the NSE Nifty IT emerged as the worst performing sector in early trade.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.53% and 1.03% higher, respectively.
On BSE, 18 sectors advanced, and two declined out of 20. The BSE Oil and Gas rose the most to become the best performing sector. The BSE Auto declined the most.
Market breadth was skewed in favour of buyers. Around 2,403 stocks advanced, 710 stocks declined, and 133 stocks remained unchanged on BSE.
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Nifty, Sensex Trade Higher At Pre-Open
At pre-open, the NSE Nifty 50 was 0.39% or 95.20 points higher at 24,636.35, and the BSE Sensex was 0.30% or 241.45 points higher at 80,678.25.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.87%.
It closed at 6.86% on Friday.
Source: Bloomberg
Rupee Strengthens Against US Dollar
Rupee strengthened by 6 paise to open at 83.89 against the US dollar.
It closed at 83.95 on Friday.
Source: Bloomberg
Brokerages On Voltas
Kotak Securities
Maintains sell with a target price of Rs. 1,100, which implied a downside of 28%)
Robust volume growth but UCP margins disappoint
UCP margins impacted on account of:
Discounted sales
Higher subvention costs
Rising input and A&P spends
Growth in UCP as expected but margins of 8.6% missed estimates of 10%
Limited margin expansion and unchanged guidance on margins signifies intense competition
Note: Unitary Cooling Products
Nomura
Nomura maintained a 'Buy' rating with a target price of Rs. 1,857, which implied a 20% upside.
Q1 beat led by projects
Margin tailwinds in place
Raises UCP revenue growth for Voltas to 30% year on year in FY25E
Voltas’ strategy to prioritize market share gain over margins is a step in the right direction
Catalysts which should support a margin recovery:
Price hikes, moderating commodity prices
logistics savings from the Chennai plant ramp-up
PLI incentives
Maintains EBIT margin at 9%/10.5% for UCP
Raises target P/E multiple to 50x (45x earlier)
Promoter Group Buys Additional Stake In Piramal Enterprises
Promoter group acquires 0.27% stake in Piramal Enterprises Ltd.
Promoter group's stake in company now stands at 46.30%.
Source: Exchange filing
Nomura On Impact Of Mineral Taxes On Indian Cement Industry
It has a 'Buy' rating on Shree Cement, Ambuja Cement, The Ramco Cements
The brokerage gave 'Neutral' rating on Nuvoco Vistas Corp, 'Reduce' on Dalmia Bharat
Revenue collection from limestone significantly lower v/s coal, iron ore
FY24 total duties collected on limestone less than Rs 5000 cr
UltraTech Cement Ltd. is to pay Rs 4,400 crore in mineral taxes
UltraTech Cement Ltd. is to pay Rs 370 crore annually for 12 years starting FY27
Cash outflow to be similar for other players
Tax imposition to increase raw material cost, lower Ebitda margins
Believe companies can pass on increased costs
Expect coal, iron ore mining firms to be impacted more than limestone miners
Tata Steel, NMDC, Coal India to be impacted the most
JSPL should have lower dues due to recent iron ore mine acquisition
Note: Retrospective taxation on minerals impact cement players since they mine limestone
Citi Research On India Equity
Citi sees little upside in nifty, Recommends buy on dips
NIFTY target at 25,000 vs earlier Jun’25 target of 24,400
Analyzed 1QFY25 for BSE100 (ex OMC)
Industrials and discretionary saw beats vs expectations on Ebitda and earnings
Materials, Healthcare and Utilities saw strong earnings growth
Staples, IT and Communication saw subdued growth.
Tariff hikes should aid 2Q onwards for Communications
Nifty earnings revision is now flattish vs. upwards revision earlier
Although still tracking ahead of the long-term trend
Note: OMC stands for Oil Marketing Companies
Global Cues
U.S. Dollar Index at 102.38
U.S. 10-year bond yield at 3.89%
Brent crude down 0.16% at $79.55 per barrel
Nymex crude down 0.23% at $76.47 per barrel
Bitcoin was down 1.87% at $58,708.91
The GIFT Nifty was 0.20% or 49 points higher at 24,678.50 as of 08:26 a.m.
Money Market Update
The Indian rupee closed little changed against the US dollar on Friday amid an easing oil price, even as a widening trade deficit weighed on the local currency. New economic data that alleviated recessionary fears in the US and led to a global market recovery may support the rupee.
The rupee closed at Rs 83.94 against the US dollar, according to Bloomberg. It had closed at Rs 83.95 on Wednesday.
F&O Cues
Nifty August futures up by 1.75% to 24,585 at a premium of 44 points.
Nifty August futures open interest down by 2%.
Nifty Bank August futures up by 1.34% to 50,624 at a premium of 108 points.
Nifty Bank August futures open interest down by 13%.
Nifty Options Aug. 22 Expiry: Maximum call open interest at 25,000 and Maximum put open interest at 23,000.
Bank Nifty Options Aug. 21 Expiry: Maximum call open Interest at 53,000 and maximum put open interest at 50,000.
Securities in ban period: Aaarti Industries, Aditya Birla Fashion, Bandhan Bank, Biocon, Chambal Fertilizers, Granules, India Cements, India Mart Intermesh, LIC Housing Finance, Manappuram, NMDC, PEL, PNB, RBL Bank, Sail, and Sun TV.
IPO offering
Interarch Building Products: The company will offer its shares for bidding on Monday. The price band is set from Rs 850 to Rs 900 per share. The Rs 600.29 crore IPO is a combination of a fresh issue of Rs 200 crore and the rest of the offer for sale.
Block Deals
Canara Bank: BNP Paribas Financial Markets bought 86.6 lakh shares (0.47%) at Rs 105.65 apiece, while Marshall Wace Investment Strategies: Eureka Fund sold 86.6 lakh shares (0.47%) at Rs 105.65 apiece.
Ashapura Minechem: Griffin Growth Fund VCC bought 34.67 lakh shares (3.79%) at Rs 340 apiece, while LTS Investment Fund sold 34.67 lakh shares (3.79%) at Rs 340 apiece.
Bulk Deals
Electronics Mart India: Karan Bajaj, Pavan Kumar Bajaj sold 1.50 crore shares (3.89%) each at Rs 229.77 apiece. On the other hand, Ftif - Templeton Asian Smaller Companies Fund bought 32.06 lakh shares (0.83%), Norges Bank - Government Pension Fund Global bought 67.35 lakh shares (1.75%) at Rs 230.75 apiece and SBI Mutual Fund bought 1.51 crore shares (3.92%) at Rs 229.75 apiece.
Trading Tweaks
Price band change from 10% to 5%: Akums Drugs and Pharmaceuticals.
Price band change from 20% to 10%: OLA Electric Mobility,
Ex/record dividend: Action Construction Equipment, Man Infraconstruction, Reliance Industries.
Ex/record AGM: Action Construction Equipment, Latent View Analytics.
Stocks to Watch
Escorts Kubota: The company has submitted an investment intent to the Uttar Pradesh government to acquire land in the state to set up a greenfield facility. The company intends to invest Rs 4,500 crore through direct and indirect investment in multiple phases. Annual production revenue is estimated at over Rs 10,000 crore at full capacity.
Hindustan Zinc, Vedanta: Vedanta will exercise the oversubscription option for an additional 0.29% stake in the ongoing Offer for Sale. Vedanta's total offer size now represents 1.51% of the company’s total stake.
SBI and Punjab National Bank: The Karnataka state government has put the circular ordering all departments to close their accounts with the State Bank of India and Punjab National Bank on hold for 15 days. The banks have written to the government, requesting a 15-day period to resolve the matter.
Jubilant Pharmova: The company’s unit, Jubilant Biosys, will add drug discovery and preclinical development capabilities. Capabilities to be added via a new company incorporated in France, which will acquire Pierre Fabre's R&D Centre in the country. The company is to invest up to €14.4 million over seven years, including €4.4 million for an 80% stake in the new company.
DCX Systems: The company gets Rs 107 crore orders from domestic and overseas customers.
KPI Green Energy: The company raised Rs 100 crore via QIP and allotted 1.06 crore shares to QIBs at Rs 935 per share.
Techno Electric & Engineering Company: The company partnered with IndiGrid to develop greenfield transmission projects.
URJA Global: The company announced the pre-launch of its new high-speed electric scooter, CHETNA.
Bata India: Anil Somani resigned as CFO effective Sept. 5.
Mphasis: Aravind Viswanathan to replace Manish Dugar as CFO, effective immediately.
Samvardhana Motherson International: The company incorporated a new unit in Abu Dhabi for auto component manufacturing.
Tamilnad Mercantile Bank: The RBI approved the appointment of Salee Sukumaran Nair as MD and CEO for three years.
GIFT Nifty Trades Near 24,700
Share indices in the Asia-Pacific region erased gains on Monday morning as market participants awaited the central banks' policy decisions from the region and the Jackson Hole event.
The US Federal Reserve Chair, Jerome Powell, will speak at the Kansas City Fed’s annual Jackson Hole symposium, Friday, which investors will monitor for clues on the policy outlook.
The Nikkei 225 was 5.89 points or 0.02% lower at 38,056.78, and the KOSPI index was 5.77 points or 0.21% down at 2,691.46 as of 06:39 a.m.
The S&P 500 and Dow Jones Industrial Average ended 0.20% and 0.24% higher, respectively, on Friday. The Nasdaq composite ended 0.21% higher at 17,631.72.
Brent crude was trading 0.40% lower at $79.36 a barrel. Gold fell 0.34% to $2,499.50 an ounce.
The GIFT Nifty was trading 0.33%, or 88 points, higher at 24711.50.
Indian benchmark equity indices ended with weekly gains after two consecutive weeks of losses. Both the Nifty and Sensex recorded their highest closing since Aug. 2 on Friday as shares of financial and technology companies led the gains.
Only three out of the 50 Nifty stocks ended with losses, and 47 ended higher. Both the Nifty and Sensex closed at their highest levels since Aug. 2.
The Nifty ended 1.64%, or 396.80 points, higher at 24540.55, while the Sensex rose 1.68%, or 1,330.96 points, to end at 80436.84. Intraday, the Nifty rose 1.74% and the Sensex rose 1.79%.
Overseas investors snapped a three-session selling streak as they turned net buyers on Friday. Foreign portfolio investors mopped up equities worth Rs 766.5 crore, while domestic investors remained net buyers for the 10th consecutive session and mopped up stocks worth Rs 2,606.2 crore, according to provisional data from the National Stock Exchange.
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