KEY HIGHLIGHTS
Rupee Flat Against US Dollar
The local currency closed flat at 83.94 against the US Dollar on Friday.
It closed at 83.95 a dollar on Wednesday.
Source: Cogencis
Nifty, Sensex Snap Two-Week Fall To End At Highest Level Since Aug 2: Closing Bell
Benchmark equity indices ended with weekly gains after two consecutive weeks of losses. Both the Nifty and Sensex recorded their highest closing since August 2 on Friday as shares financials and IT companies led the gains.
Only three out of the Nifty 50 stocks ended with losses and 47 ended higher. Both the Nifty and Sensex closed at their highest levels since August 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%.
"The market focus will now shift towards macro data, monetary policy action and geo-political events," said Shrikant Chouhan, head of equity research at Kotak Securities.
On similar lines, Vinod Nair, head of research at Geojit Financial Services said that domestically, the Indian CPI inflation rate has fallen below the estimate, signalling optimism. "However, challenges such as a drop in WPI inflation, weak IIP, and lukewarm Q1 corporate earnings suggest that market gains may be limited, which is reflected by FIIs maintaining a net seller position," he said.
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., Infosys Ltd., and Reliance Industries Ltd. contributed the most to the gains.
Meanwhile, those of Divi's Laboratories Ltd., SBI Life Insurance Ltd., and Dr Reddy's Laboratories Ltd. were the only stocks that limited the upside.
Market breadth was skewed in favour of buyers. Around 2,475 stocks advanced, 1,454 stocks declined, and 107 stocks remained unchanged on BSE.
Broader markets rose in line with the benchmark indices. The BSE Midcap and Smallcap indices ended 1.81% and 1.69% higher, respectively.
On BSE, all 20 sectors ended higher on Friday, with the BSE IT index logging the most gain to become the best performing sector.
Weekly Performance
This week, the Nifty added 0.71% and the Sensex rose 0.92%. Nifty IT gained the most by nearly 5% during the week and Nifty PSU Bank closed the week 2.15% lower.
ThMarket At Close
Nifty, Sensex end with weekly gains after falling for two weeks
Both the indices closed at their highest levels since August 2
Nifty ends 1.64% or 396.80 points higher at 24540.55
Sensex ends 1.68% or 1,330.96 points higher at 80436.84
Broader indices also ended higher; Nifty Midcap 100 ended 1.86% up and Nifty Smallcap 250 rose 1.69%
All sectoral indices closed higher; Nifty IT and Nifty Realty rose the most
Wipro, Tech Mahindra, and Grasim Industries were top Nifty gainers
Divi's Laboratories and SBI Life Insurance Co were top losers among Nifty stocks
Smartworks Coworking Files Draft Papers
Files draft papers for IPO having fresh issue of up to Rs 550 crore
IPO to also have OFS for up to 67.6 lakh shares
Source: DRHP
Ipca Labs Launches Diulcus
IPCA Laboratories launches drug Diulcus to treat diabetic foot ulcers
Diulcus gel tube to be launched both in Indian and overseas
Diulcus recieved approval from Drug Standard Control Organisation
Developed in partnership with NovaLead Pharma
Diulcus has 77.2% ulcer closure rate
Source: IPCA press release
Nifty, Sensex Trade Higher Led By ICICI Bank, HDFC Bank, TCS: Midday Market Update
India's key stock indices were trading higher through midday on Friday as global markets rallied after the latest economic data from the US allayed a 'growth scare' in the world's largest economy.
At 11:50 p.m., the NSE Nifty 50 was trading 0.92% higher at 24,365.70, and the BSE Sensex was up 0.97% at 79,873.06.
"The Nifty has closed in an inside range of the previous candle, and an either-side breakout could be expected over the next few days," said Vikas Jain, head of research at Reliance Securities.
"On the higher side, a crossover of 24,400 levels will witness broad based positive momentum and extend the up move to 24,700 levels," he said.
Shares of ICICI Bank Ltd., HDFC Bank Ltd. and Tata Consultancy Services Ltd. contributed the most to the gains in the Nifty 50.
While those of HDFC Life Ltd. and Sun Pharmaceutical Industries Ltd. weighed on the index.
On NSE, 11 sectors advanced and one declined. The NSE Nifty IT rose the most, while the NSE Nifty Pharma fell.
The broader indices were trading in the green, with the BSE Midcap and Smallcap gaining 0.83% and 0.93%, respectively, through midday on Friday.
All sectoral indices on the BSE were trading in the green, led by BSE Realty and BSE Information Technology.
The market breadth was skewed in the favour of the buyers. Around 2,337 stocks advanced, 1,404 declined, and 130 remained unchanged on the BSE.
Ambuja Cements Completes Penna Cement Acquisition
Completes 100% acquisition of Penna Cement Industries
Penna Cement Industries becomes wholly-owned subsidiary of company
Source: Exchange Filing
CDSL Hits Lifetime High
CDSL shares rose in the second consecutive session to hit their lifetime high of Rs 2,698.40.
Brigade Enterprises In Pact With abCoffee
Brigade Group in pact with abCoffee to establish outlets across commercial office spaces in Bengaluru
abCoffee to open 6 outlets within Brigade properties
Source: Exchange Filing
Strides Pharma Science Hits Nearly Nine-Year High After Dissolving US Unit
Strides Pharma Science Ltd. rose to nearly nine-year high on Friday as the company ceased operation of an US unit from last Tuesday.
Strides Pharma, as a part of its optimization exercises, dissolved Altima Innovations Inc., a step down wholly owned subsidiary of the company, it said in an exchange filing on Wednesday.
Adani Energy Poised For $250 Million Inflows Post MSCI Inclusion
Shares of Adani Energy Solutions Ltd. surged 2.18% on Friday, buoyed by expectations of substantial inflows following its inclusion in the MSCI Index. Brokerage houses estimate that the company could see inflows of around $250 million by the end of August.
Aurobindo Pharma Falls After Arm Gets Warning Letter
Arm Eugia Pharma Specialities got warning letter from US FDA for Unit III. It's formulation manufacturing facility gets 'Official Action Indicated' status by US FDA, an exchange filing said.
Nifty IT Jumps Nearly 2%; All Constituents Rise
The Nifty IT index was among the top sectoral index gainer in today's session. It gained nearly 2% and all its constituents were trading higher. Shares of Mphasis, L&T Technology Services, and LTI Mindtree were the top gainers.
Paras Defence Hits Upper Circuit After Order Win
Shares of Paras Defence And Space Technologies Ltd. hit the upper circuit of 5% on Friday after it announced an order win of Rs 305 crore from Larsen & Toubro Ltd.
The company on Wednesday received a contract for manufacturing and supply of 244 Sight – 25HD Electro-Optics system along with extended warranty charges and integrated logistics support package, for L&T's Close-In Weapon Systems (CIWS) program.
Ola Electric Surges As Company Forays Into E-Motorcycle Market
Shares of Ola Electric Mobility Solutions Ltd. continued its rally in the second consecutive session after the company marked its entry into the electric motorcycle segment by launching Roadster Series.
The stock has added around 35% from its closing price on its listing day.
Hindustan Zinc Falls After Vedanta Announces OFS
Shares of Hindustan Zinc Ltd. dropped to the lowest level in over three months as Vedanta Ltd. will sell 3.17% stake in the company through an offer for sale.
Nifty, Sensex Open Higher Tracking Global Markets As Banks, RIL Lead Gains: Opening Bell
Benchmark Indian equity indices extended their recovery after second consecutive session tracking their Asian and US peers after better than expected retail sales data and weekly jobless claims of US eased the fears of a recession in the country.
At pre-open, the Nifty 50 was at 24333.80, up 0.79% or 190.05 points and the Sensex was at 79751.90, higher by 0.82% or 646.02 points.
With 24000 on the lower side and 24350 on the upper side as critical hurdles, Sameet Chavan, Head Research, Technical and Derivative at Angel One advised traders to avoid complacent bets and be selective in stock choices.
"Additionally, it’s important to monitor global developments and focus on the mentioned levels, ideally trading in the direction of the breakout rather than wavering between trends," he said.
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. led the gains of the Nifty.
While those of HDFC Life Insurance Co. Ltd., Power Grid Corp. Of India Ltd., Sun Pharmaceutical Industries Ltd., Dr Reddy's Laboratories Ltd., and Hero MotoCorp Ltd were the top draggers.
All sectoral indices on the NSE gained with Nifty Media leading and Nifty Pharma rose the least.
Broader indices were also higher. BSE Midcap was 0.94% up and BSE Smallcap rose 1.04%.
All 20 sectoral indices on the BSE rose with BSE Auto leading the gains.
Market breadth was skewed in the favour of buyers. As many as 2,212 stocks advanced, 660 declined, and 110 remained unchanged on the BSE.
Sensex, Nifty Higher At Pre-Open
At pre-open, the Nifty 50 was at 24333.80, up 0.79% or 190.05 points and the Sensex was at 79751.90, higher by 0.82% or 646.02 points.
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 Wednesday.
Source: Cogencis
Rupee Flat Against US Dollar
The local currency opened flat at 83.94 against the US Dollar on Friday.
It closed at 83.95 a dollar on Wednesday.
Source: Cogencis
Karur Vysya Bank Cuts External Benchmark Rate
Cuts external benchmark rate to 9.9% from 10.05% effective August 19.
Source: Exchange Filing
Brokerages On M&M
Nomura
Maintains 'buy' with target Rs 3,417, upside 24%
Thar Roxx Launch has potential to redefine urban SUVs
Launched in price band of Rs 12.99 lakhs to Rs 20.49 lakhs
Company targeting the more than 12.5 Lakh SUV segment
This segment is around 45% of the Indian SUV industry
Believes it will appeal to customers from the >4m SUV segment
Sales could go up to 8-10 thousand units/month.
Expect 50,000 bookings to come in on the first day of booking
Could be high cannibalization with the Thar 3-Door variant currently selling 5-6 thousand units/p.m.
Built in sales of 10k/month for the Thar Family in FY26F, may have upside risks
M&M Thar targets of being No.1 may require it to sell around 15-18 thousand units/month
Maintains estimates that MM’s SUV can grow at 15% CAGR over FY24-27
Morgan Stanley
Remains 'overweight' with target Rs 3,304, upside 20%
Thar Roxx is priced Rs 1.6 lakh higher than 3 door variant
M&M market share of 27% in 12.5 Lakh SUV segment
Aiming to make Thar brand #1 in this segment
Expect both variants to clock in 8-9K units per month
Maintain M&M will be fastest growing PV company
HSBC Initiates Coverage On Ola Electric With 'Buy'
Initiates 'Buy' at Rs 140 target price, 26.2% upside
Believe company is worth investing in despite conservative view on electric vehicle penetration
Expect EV manufacturing costs to fall by Rs 30000-4000 by FY27/28 making them competitive
Expect barriers to switch to Electric two wheelers to fall
See Ola’s battery venture as an upside risk
Ola could manufacture batteries at global quality
HDFC Life Gets Tax Demand Worth Rs 112 Crore
Gets tax demand worth Rs 112 crore including interest & penalty from Chandigarh Tax Authority.
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 102.96
U.S. 10-year bond yield at 3.90%
Brent crude 0.15% lower at $80.92 per barrel
Nymex crude 0.27% lower at $77.95 per barrel
GIFT Nifty up 0.69% at 24,334.00 as of 7:27 a.m.
Bitcoin was up 1.08% at $57,294.62
F&O Cues
Nifty August futures up by 0.06% to 24,174 at a premium of 31 points.
Nifty August futures open interest down by 4%.
Nifty Bank August futures down by 0.19% to 49,955 at a premium of 228 points.
Nifty Bank August futures open interest up by 3%.
Nifty Options August 22 Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 23,000.
Bank Nifty Options August 21 Expiry: Maximum Call Open Interest at 60,000 and Maximum Put open interest at 50,000.
Securities in ban period: Aarti Industries, Aditya Birla Capital, Aditya Birla Fashion, Bandhan Bank, Biocon, Birlasoft, Chambal Fertilizers, Granules, India Cements, India Mart Intermesh, LIC Housing Finance, Manappuram, NMDC, PEL, PNB, RBL Bank, SAIL, Sun TV.
Trading Tweaks
Price band change from 10% to 5%: Inox Wind Energy.
Price band change from 20% to 5%: Aditya Birla Money.
Price band change from 20% to 10%: Focus Lighting and Fixtures.
Ex/record dividend: Macrotech Developers, Apollo Hospitals Enterprise, Thyrocare Technologies, Rossari Biotech, Power Grid Corporation of India, Page Industries, Bata India, Capital Small Finance Bank, Gland Pharma, Godrej Consumer Products, Apollo Hospitals Enterprise, Astral, Bharti Hexacom, Coal India, Container Corporation of India, Macrotech Developers.
Ex/record Buyback: Cera Sanitaryware, Dhanuka Agritech,
Ex/record AGM: Max Financial Services, Rossari Biotech, Power Grid Corporation of India, Page Industries, IOL Chemicals and Pharmaceuticals, Capital Small Finance Bank, CSB Bank, Delta Corp, Gland Pharma, Apollo Hospitals Enterprise.
Moved in short-term Framework: Goldiam International, Inox Wind, Triveni Turbine.
Bulk Deals
Ashapura Minechem: Griffin Growth Fund VCC bought 34.67 lakh shares (3.79%) at Rs 340 apiece, while Lts Investment Fund Ltd sold 34.67 lakh shares (3.79%) at Rs 340 apiece.
Marsons: Vab Ventures sold 42.46 lakh shares (2.46%) at Rs 76.24 apiece and Premier Fiscal Services sold 14.74 lakh shares (0.85%) at Rs 76.24 apiece. Great Family Commodities bought 10.35 lakh shares (0.6%), Kishan Gopal Mohta bought 10 lakh shares (0.58%) apiece and Ginni Finance Ltd. bought 10 lakh shares (0.58%) at Rs 76.24 apiece.
Shanti Educational Initiatives: LGOF Global Opportunities Limited sold 10 lakh shares (0.62%) at Rs 127.4 apiece, while Legends Global Opportunities (Singapore) bought 10 lakh shares (0.62%) at Rs 127.4 apiece.
IPO offering
Saraswati Saree Depot: The public issue was subscribed to 107.52 times on day 3. The bids were led by Qualified institutional investors (64.12 times), non-institutional investors (358.65 times), retail investors (61.88 times).
Stocks to Watch
SBI and Punjab National Bank: The Karnataka state government ordered all departments to close their accounts with the State Bank of India and Punjab National Bank, citing alleged financial irregularities. All state government departments, public undertakings, corporations, boards, local bodies, universities, and other institutions must withdraw their deposits and investments from these banks immediately.
Vedanta and Hindustan Zinc: Vedanta is to sell 3.31% stake in Hindustan Zinc through OFS via stock exchange mechanism. Hindustan Zinc opened its offer for sale for 13.37 crore shares and set floor share price at Rs 486 per share.
Max India: The company approved raising up to Rs 250 crore through multiple instruments.
Lupin: The company received US FDA tentative approval for ANDA for Brimonidine Tartrate.
Power Mech Projects: The company received Rs 114 crore order from Coastal Energen for operation and maintenance of 1,200 MW coal based thermal power plant namely Mutiara Thermal Power Plant, owned by Coastal Energen.
Strides Pharma Science: The company dissolved its US unit Altima Innovations as part of an optimisation exercise.
Tata Steel: The company acquired additional 115 crore shares in T Steel Holdings for Rs 1,528 crore.
Paras Defence and Space Technologies: The company received Rs 305 crore order from L&T for the electro-optics system.
Jindal Stainless: The company has announced the commissioning of its Nickel Pig Iron smelter facility located in an industrial park in Indonesia.
Earnings Post Market Hours
Glenmark Pharmaceuticals Q1 FY25 (Consolidated, YoY)
Revenue up 6.85% at Rs 3,244 crore. (Bloomberg estimate: Rs 3,295 crore).
Ebitda up 34.38% at Rs 588 crore. (Bloomberg estimate: Rs 599 crore).
Ebitda margin up 371 bps at 18.13%. (Bloomberg estimate: 18.2%).
Net profit up 96.53% at Rs 340 crore. (Bloomberg estimate: Rs 313 crore).
Reliance Power Q1 FY25 (Consolidated, YoY)
Revenue up 4.1% at Rs 1,992 crore.
Ebitda up 5.8% at Rs 651 crore.
Margin at 32.6% versus 32.1%.
Net loss at Rs 97.8 crore versus loss of Rs 296 crore.
Ola Electric Mobility Q1 FY25 (Consolidated, YoY)
Revenue up 32% at Rs 1,644 crore versus Rs 1,243 crore.
Ebitda loss at Rs 205 crore versus loss of Rs 218 crore.
Net loss of Rs 347 crore versus loss of Rs 267 crore.
Pitti Engineering Q1 FY25 (Consolidated, YoY)
Revenue up 32.06% at Rs 383 crore.
Ebitda up 32.11% at Rs 56.48 crore.
Ebitda margin unchanged at 14.74% versus 14.74%.
Net profit up 50% at Rs 21 crore.
Equinox India Developments Q1 FY25 (Consolidated, YoY)
Revenue up 98% at Rs 387 crore.
Ebitda loss of Rs 31 crore versus loss of Rs 58 crore.
Net loss at Rs 28 crore versus loss of Rs 679 crore.
KIOCL Q1 FY25 (Standalone, YoY)
Revenue down 71% at Rs 147 crore.
Ebitda loss at Rs 49 crore versus loss of Rs 64 crore.
Net loss of Rs 51 crore versus loss of Rs 58 crore.
Entero Healthcare Solutions Q1 FY25 (Consolidated, YoY)
Revenue up 22.02% at Rs 1,097 crore. (Bloomberg estimate: Rs 1,066 crore).
Ebitda up 24% at Rs 31 crore. (Bloomberg estimate: Rs 32 crore).
Ebitda margin at 2.8% versus 2.8% (Bloomberg estimate: 3%).
Net profit at Rs 20.5 crore. (Bloomberg estimate: Rs 13 crore).
Capacit'e Infraprojects Q1 FY25 (Consolidated, YoY)
Revenue up 32.55% at Rs 570 crore.
Ebitda up 53.21% at Rs 108 crore.
Ebitda margin up 255 bps at 18.94%.
Net profit up 179.87% at Rs 53.4 crore.
RHI Magnesita India Q1 FY25 (Consolidated, YoY)
Revenue down 5.34% at Rs 879 crore. (Bloomberg estimate: Rs 951 crore).
Ebitda up 15.22% at Rs 153 crore. (Bloomberg estimate: Rs 147 crore).
Ebitda margin up 311 bps at 17.44%. (Bloomberg estimate: 15.4%).
Net profit up 55.98% at Rs 73 crore. (Bloomberg estimate: Rs 70 crore).
Sunteck Realty Q1 FY25 (Consolidated, YoY)
Revenue at Rs 316 crore versus Rs 71 crore.
Ebitda at Rs 31 crore versus Ebitda loss of Rs 7 crore.
Ebitda margin at 9.9%.
Net profit at Rs 23 crore versus loss of Rs 7 crore.
KNR Constructions Q1 FY25 (Consolidated, YoY)
Revenue up 0.4% at Rs 985 crore.
Ebitda up 29.1% at Rs 279 crore.
Margin at 28.3% versus 22%.
Net profit up 24.6% at Rs 166 crore.
SpiceJet Q1 FY25 (Consolidated, YoY)
Revenue down 15% at Rs 1,708 crore.
Ebitdar down 25% at Rs 292 crore.
Ebitdar margin at 17.1% versus 19.4%.
Net profit down 19.8% at Rs 158 crore.
GIFT Nifty Trades Above 24,300
The August futures contract of the GIFT Nifty was 0.64% or 153.50 points higher at 24,321.50 as of 06:56 a.m.
Stock indices in Asia-Pacific gained on Friday, tracking an overnight rise in US stocks after jobless claims and retail sales data pacified worries about the recession in the world's largest economy.
The Nikkei 225 was 867.29 points or 2.36% higher at 37,593.93, and the KOSPI was 39.25 points or 1.48% higher at 2,683.75 as of 06:32 a.m.
On Thursday, the S&P 500 and Nasdaq Composite ended 1.61% and 2.34% higher, respectively. The Dow Jones Industrial Average settled 1.39% higher.
Brent crude was trading 0.19% lower at $80.89 a barrel as of 06:35 a.m. Gold rose 0.03% to $2,457.51 an ounce.
The Indian benchmark indices ended the lacklustre session flat on Wednesday. Tata Consultancy Services Ltd. and Infosys Ltd. supported the gains, while ICICI Bank Ltd. and Coal India Ltd. weighed.
The NSE Nifty 50 closed 4.75 points, or 0.02%, higher at 24,143.75, while the S&P BSE Sensex settled 149.85 points, or 0.19, up at 79,105.88.
Overseas investors remained net sellers for the third consecutive day on Wednesday. The foreign portfolio investors offloaded equities worth Rs 2,595.3 crore, while domestic investors remained net buyers for the ninth consecutive session and mopped up stocks worth Rs 2,236.2 crore, according to provisional data from the National Stock Exchange.
The Indian currency settled 2 paise higher at 83.95 against the US dollar on Wednesday.
The Indian markets were closed on Thursday on account of Independence Day.
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