KEY HIGHLIGHTS
Nifty Snaps Longest Stretch Of Weekly Gaining Streak In Over Six Years: Market Wrap
India's benchmark equity indices snapped eight-week rally to end to at their lowest closing since July 25.
On Friday the benchmark reversed their five consecutive sessions of gains as the global sentiment was weaken by the poor results of the US tech giants and the country's economic data.
The Nifty closed at 24,704, down 1.22% or 306 points, and the Sensex closed at 80,981, up 1.08% or 885.60 points.
Shares of HDFC Bank Ltd., Sun Pharmaceutical Industries Ltd. and Dr. Reddy's Laboratories Ltd. led the gains.
While those of Larsen and Toubro Ltd., Reliance Industries Ltd. and Infosys Ltd. minimized the gains.
Broader markets ended lower on BSE. The S&P BSE Midcap and Smallcap indices ended 1.19% and 0.58% lower, respectively.
On BSE, all sectors ended lower except the BSE Healthcare. The BSE Realty declined the most to become the worst performing sector.
The market breadth was skewed in favour of sellers. Around 2,189 stocks declined, 1,726 stocks advanced, and 118 stocks remained unchanged on BSE.
Weekly Performance
On a weekly basis, the Nifty fell 0.37% and the Sensex closed 0.43% lower.
On NSE, six sectors ended lower and other six ended higher this week. The Nifty Realty declined the most to become the worst performing sector.
Markets At Close
The benchmark NSE Nifty 50 and BSE Sensex snapped a five-day winning streak on Friday
The benchmarks logged the biggest intraday fall since July 23
Nifty and Sensex reversed a eight-week winning streak on Friday's decline
Larsen & Toubro Ltd., Infosys Ltd., and Tata Consultancy Services Ltd. were top Nifty losers; HDFC Bank Ltd. Sun Pharmaceutical Industries Ltd. were top gainers
Tata Motors Ltd. declined nearly 5% after posting earning for April-June
Maruti Suzuki India Ltd. has reversed a six-day gaining streak as sales in July declined
Zomato Ltd. jumped over 19% to a record high as net profit in April-June rose
The NSE Nifty Pharma index hit a life time high of 22,005.10
The NSE Nifty Auto index fell to one-week low of 25,688.95
This week, the NSE Nifty Realty and Nifty declined the most, while the NSE Nifty Energy rose the most
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Kothari Industrial Enters Into Pact With Kickers
Kothari Industrial Corp has entered into a 30-year pact with Kickers for India and 8 other countries.
Source: Exchange filing
UPL Q1 Earnings Key Highlights (Consolidated, YoY)
Net loss of Rs 527 crore vs profit of Rs 102 crore
Revenue rose 1.1% at Rs 9,067 crore vs Rs 8,963 crore
Ebitda fell 13.5% at Rs 1,101 crore vs Rs 1,273 crore
Margin at 12.1% vs 14.2%
Dhanuka Agritech Q1 Earnings Highlights (Consolidated, YoY)
Revenue rose 33.7% at Rs 494 crore vs Rs 369 crore
Ebitda rose 64.4% at Rs 72 crore vs Rs 44 crore
Margin at 14.5% vs 11.8%
Net profit rose 50.9% at Rs 49 crore vs Rs 32 crore
Approves Rs 100 crore buyback of 1.1% stake at Rs 2,000 per share
Hindustan Zinc Q1 Earnings Highlights (Consolidated, YoY)
Net profit rose 19.4% at Rs 2,345 crore vs Rs 1,964 crore
Revenue rose 11.6% at Rs 8,130 crore vs Rs 7,282 crore
Ebitda rose 17.9% at Rs 3,946 crore vs Rs 3,347 crore
Margin at 48.5% vs 46%
Rupee Hits Fresh Low Against US Dollar
The currency weakened 4 paise to 83.76 against the US dollar.
The rupee settled at 83.72 a dollar on Thursday.
Source: Bloomberg
Eris Lifesciences Q1 Earnings Highlights (Consolidated, YoY)
Revenue rose 54.2% at Rs 720 crore vs Rs 467 crore
Net profit fell 4.5% at Rs 89.4 crore vs Rs 93.7 crore
Margin at 34.73% vs 36.37%
Ebitda rose 47.3% at Rs 250 crore vs Rs 170 crore
Mold-Tek Technologies Q1 Earnings Highlights (YoY)
Net profit fell 10.5% at Rs 17 crore vs Rs 19 crore
Revenue rose 5.9% at Rs 197 crore vs Rs 186 crore
Ebitda rose 7.2% at Rs 37 crore vs Rs 34.5 crore
Margin at 18.8% vs 18.5%
European Markets Decline
Computer Age Management Services Q1 Earning Highlights (Consolidated, QoQ)
Net profit rose 3.9% at Rs 107 crore vs Rs 103 crore
Revenue rose 6.8% at Rs 331 crore vs Rs 310 crore
Ebitda rose 4.2% at Rs 149 crore vs Rs 143 crore
Margin at 45.% vs 46.2%
Eicher Motors Gets Rs 27 Crore Tax Demand
Eicher Motors Ltd. tax demand from Tamil Nadu GST authority cut to Rs 27 crore from earlier demand of Rs 130 crore.
Source: Exchange filing
NTPC Plans Green Unit IPO In Nov
NTPC plans green unit IPO in Nov, said official
NTPC to offer 10% shares in green unit via IPO, the official said
NTPC -NPCIL JV plans to build 2.8 GW nuclear plant, the official said.
Source: Bloomberg
Kirloskar Brothers Q1 Earnings Highlights (Consolidated YoY)
Revenue up 15% at Rs 1,031 crore vs Rs 900 crore
Ebitda up 1.4% at Rs 112 crore vs Rs 111 crore
Ebitda margin at 10.9% vs 12.3%
Net profit up 3% at Rs 66 crore vs Rs 64 crore
PSP Projects Re-Appoints Sagar Patel As ED
PSP Projects Ltd. has r-appointed Sagar Patel as Executive Director for 5 years effective November 1.
Source: Exchange filing
Ola Electric IPO: Subscription As Of 1:15 PM
Ola Electric IPO sees 24% subscription
Retail portion fully subscribed at 1.12 times
Employees portion subscribed 3.77 times
NII, QIB portion largely unsubscribed as of now
46.51 crore shares on offer after anchors get 36.35 crore shares
A total of 82.86 crore shares are on offer at Rs 72-76 apiece
IPO aims to raise Rs 6,146 crore at $4 billion valuation
Bansal Wire To Buy 23.85% Stake In Bansal Steel & Power
To acquire 23.85% stake in Bansal Steel & Power
Bansal Steel & Power to become wholly owned subsidiary of co. post-acquisition
Source: Exchange filing
KPI Green's Unit Get order For Solar Power Project
KPI Green Energy Ltd.'s unit received a Letter of Intent for executing solar power projects with 28.40 MW cumulative capacity.
Source: Exchange filing
Infibeam Avenues To Invest In Rediff
Infibeam Avenues Ltd. is to invest in Rediff.com
Rediff.com to become subsidiary of company.
Source: Exchange filing
Zydus Wellness Q1 Earnings Key Highlights (Consolidated YoY)
Revenue rose 19.8% at Rs 841 crore vs Rs 702 crore
Ebitda rose 33.4% at Rs 155 crore vs Rs 116 crore
Margin at 18.5% vs 16.6%
Net profit rose 33.8%at Rs 148 crore vs Rs 110 crore
Muthoot Microfin To Raise Rs 66.4 Crore
Muthoot Microfin is to raise Rs 66.4 crore via NCDs on private placement basis.
Source: Exchange filing
PSP Projects Earnings Key Highlights (Consolidated YoY)
Net profit fell 8.4% at Rs 34.7 crore vs Rs 37.8 crore
Revenue rose 21% at Rs 623 crore vs Rs 514 crore
Ebitda rose 11.7% at Rs 74 crore vs Rs 66 crore
Margin at 11.9% vs 12.9%
INDIA VIX Surges Nearly 10%
India VIX, the index which gauges volatility in the Indian stock markets, jumped 9.73% to 14.19, the highest level since July 23. It was trading 6.46% higher at 13.77 as of 12:25 p.m.
Saregama Q1 Earnings Key Highlights (Consolidated YoY)
Net profit fell 14% at Rs 37 crore vs Rs 43 crore
Revenue rose 25.7% at Rs 205 crore vs Rs 163 crore
Ebitda rose 2.8% at Rs 51.5 crore vs Rs 50 crore
Margin at 25% vs 30.6%
Marksans Pharma's Arm Gets Market Authorisation From UK Authority For A Contraceptive Drug
Marksans Pharma Ltd.'s arm Relonchem received a marketing authorization for Levonorgestrel 1.5 miligram tablets from UK MHRA.
Source: Exchange filing
Shakti Pumps Gets Order Worth Rs 558 Crore
Shakti Pumps (India) Ltd. received an order worth Rs 558 crore for 12,537 pumps for entire state of Uttar Pradesh.
Order for supply, Installation and commissioning of solar water pumping systems.
Source: Exchange filing
TTK Prestige Jumps To Near Two-Year High As Board Approves Share Buyback
TTK Prestige Ltd.'s board approved buyback of shares worth up to Rs 200 crore, the company said in an exchange filing on Friday. The stock rose to nearly two-year high.
The company will buyback upto 17 lakh shares at Rs 1,200 per share, the exchange filing said.
Alembic Pharma Gets US FDA Approval For Drug To Treat Leukemia
Alembic Pharmaceuticals Ltd. received the US Food and Drug Administration's final approval for Nelarabine injection.
Source: Exchange filing
Combo Products Of Right Issues, Preferential Allotment Coming, SEBI Chairperson Says
SEBI are hoping to bring down the approval time further.
SEBI is creating a demystified IPO document. The document will say that you fill the given blanks.
If there are any Ifs and Buts, there will be a separate column there to explain.
To bring combination of Rights issue & Preferential Allotment in a faster process
The process will reduce the timeline from 42 days to 23 days combo product of rights issue and preferential allotment
Introduced to avoid system blockages from problematic applications
Important part of capital market is capital formation.
India ranks on top on total number of IPOs and issuances. From the jurisdiction point of view, we are third.
From growth rate point of view, we are on top.
Source: Madhabi Puri Buch, chairperson, SEBI speaking at the Annual Capital Markets Conference by FICCI
Gains In Sun Pharma, Dr. Reddy's Labs Push Nifty Pharma To Life High
The NSE Nifty Pharma index rose 0.43% to 21,884.60, the highest level since its incorporation as Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd. led. It was trading 0.36% higher at 21,869.60 as of 10:44 a.m., as compared to 0.86% decline in the NSE Nifty 50 index.
Nifty Auto Falls To One-Week Low As Tata Motors, Maruti Suzuki Drags
The NSE Nifty Auto index declined 2.54% to 25,815.50, the lowest level since July 26, tracking losses in shares of Tata Motors Ltd., Maruti Suzuki India Ltd. The index was trading 2.03% lower at 25,953.45 as of 10:38 a.m., as compared to 0.85% decline in the NSE Nifty 50 index.
Triveni Engineering Falls To Nearly Two-Month Low As Net Profit Misses Estimates
Shares of Triveni Engineering & Industries Ltd. fell the most since June 4 after the company reported a 54% fall in its June quarter net profit, which missed expectations.
The scrip fell as much as 5.47% to Rs 393 apiece, the lowest level since July 24. It pared losses to trade 3.7% lower at Rs 400.45 apiece, as of 10:29 a.m. This compares to a 1.03% decline in the NSE Nifty 50 Index.
It has risen 16.19% on a year-to-date basis and 27.43% in the last 12 months. Total traded volume so far in the day stood at 0.64 times its 30-day average. The relative strength index was at 48.84.
Out of the six analysts tracking the company, five maintain a 'buy' rating, none recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.1%.
Ola Electric’s Sales More Than Doubled
Ola Electric’s sales more than doubled year-on-year to nearly 42,000 units in July 2024.
In July, 41,597 Ola scooters registered, up 114% YoY
VAHAN market share stood at nearly 40% as on July 31
Note: Ola Electric IPO opens for subscription today.
Source: VAHAN/Ola Electric
Equinox India's Board Approves Fundraise
Equinox India Developments Ltd.'s board approved fundraise of up to Rs 120 crore via NCDs.
Source: Exchange filing
Maruti Suzuki Reverse Six-Day Winning Streak As Sales Decline
Shares of Maruti Suzuki India Ltd. were down nearly 4% on Friday after an annual sales decline in July.
Maruti Suzuki stock fell as much as 3.96% during the day to Rs 12,830 apiece on the NSE. It was trading 3.12% lower at Rs 12942 apiece, compared to an 0.92% decline in the benchmark Nifty 50 as of 10:15 a.m.
It has risen 34% in the last 12 months and 25.56% on a year-to-date basis. The total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 57.18.
Thirty-one out of the 46 analysts tracking Maruti Suzuki have a 'buy' rating on the stock, 11 recommend a 'hold' and four suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 10.5%.
ITC Shares Decline After Q1 Profit Misses Estimates
Shares of ITC Ltd. fell during early trade on Friday after its profit missed analysts' estimates.
Shares of ITC fell as much as 1.80% during the day to Rs 484.80 apiece on the NSE. It was trading 0.03% higher at Rs 493.85 apiece, compared to an 0.79% decline in the benchmark Nifty 50 as of 09:35 a.m.
The stock has risen 8.07% in the last 12 months and 7.77% on a year-to-date basis. The total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 69.40.
Thirty five out of the 39 analysts tracking ITC Ltd. have a 'buy' rating on the stock, two recommend a 'hold', and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 8.8%.
G R Infraprojects Falls To Nearly Two-Month After Net Profit Declines
G R Infraprojects Ltd. fell to the lowest level in nearly two months on Friday after the company reported a decline in net profit for the quarter ended in June.
Shares of G R Infraprojects Ltd. declined 7.54% to Rs 1,637.05, the lowest level June 11. It pared losses to trade 5.83% lower at Rs 1,667.00 as of 10:11 a.m., as compared to 0.97% decline in the NSE Nifty 50 index.
The scrip gained 30.7% in 12 months, and 44.71% on year to date basis. Total traded volume on NSE so far in the day stood at 1.39 times its 30-day average. The relative strength index was at 43.17.
Out of 14 analysts tracking the company, six maintain a 'buy' rating, two recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 8.0%
Zomato Jumped To Record High After Q1 Net Profit Rises
Shares of Zomato Ltd. jumped 11.50% to Rs 261.00, the highest level since its listing on July 23, 2001. It pared gains to trade 8.35% higher at Rs 253.63 as of 09:41 a.m., as compared to 0.83% decline in the NSE Nifty 50 index.
Tata Motors Falls To One-Week Low
Shares of Tata Motors Ltd. fell 4.75% to Rs 1,090.05, the lowest level since July 26. It was trading 3.16% lower at Rs 1,108.25 as of 09:36 a.m., as compared to 0.80% decline in the NSE Nifty 50 index.
Nifty, Sensex Snap Five-Day Winning Streak At Open; ICICI Bank, L&T Drag
Indian benchmarks reversed five-day winning streak at open tracking losses in shares of ICICI Bank Ltd., Larsen & Toubro Ltd. Slump in Asian share indices also weighed on the benchmarks.
As of 09:17 a.m., the NSE Nifty 50 was 208.15 points or 0.83% lower at 24,802.75, and the S&P BSE Sensex was 645.16 points or 0.79% down at 81,222.39.
The index was anticipated to commence trading on a negative note, influenced by weak global cues. However, it is crucial to underscore the importance of safeguarding the average line above its 10 daily moving average on a closing basis to bolster bullish momentum, said Avdhut Bagkar, technical and derivatives analyst, StoxBox.
ICICI Bank Ltd., Larsen & Toubro Ltd., Tata Motors Ltd., Maruti Suzuki India Ltd., and Reliance Industries Ltd. weighed on the index.
ITC Ltd., Hindustan Unilever Ltd., Infosys Ltd., Apollo Hospitals Enterprise Ltd., and Nestle India Ltd. limited losses in the index.
On NSE, 11 sectors were trading in a negative note, and one was trading in a positive note out of 12. The NSE Nifty Nifty Auto declined the most, while the NSE Nifty FMCG emerged as the best performing sector.
Broader markets fell in line with the benchmark indices. The S&P BSE Midcap and Smallcap indices declined 0.87% and 0.93%, respectively.
On BSE, 19 sectors declined, and one advanced out of 20.The S&P BSE Auto fell the most. The S&P BSE FMCG emerged as the best performing sector.
Market breadth was skewed in favour of sellers. Around 1,849 stocks declined, 651 stocks rose, and 149 stocks remained unchanged on BSE.
Nifty, Sensex Down Nearly 1% At Pre-Open
At pre-open, the NSE Nifty 50 was 221.90 points or 0.89% down at 24,789.00, and the S&P BSE Sensex was 0.86% 0r 707.29 points lower at 81,158.99.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.90%.
It closed at 6.91% on Thursday.
Source: Bloomberg
Rupee Opens Flat Against US Dollar
Rupee opened flat at 83.73 against the US dollar.
It closed at 83.72 on Thursday.
Source: Bloomberg
Citi Research On ITC
Maintains Buy with TP of Rs. 515, which implied an upside of 4%
ITC reported a mixed performance in Q1 with headline margin missing estimates
Gradual volume recovery in cigarettes (led by innovation, strong on-ground execution, stable taxation environment)
Growth acceleration in other FMCG expected
Rural demand trends improving given moderating inflation
Better terms of trade for farmers and expectations of normal monsoon to aid growth
Peg ITC at 20-25% premium to the stock’s last 5-year historical trading averages
Believes the reasonable low double-digit earnings growth, similar to peers, justifies the valuations.
Motilal Oswal Retains 'Buy' On Adani Ports & SEZ
Motilal Oswal Financial Services kept a 'Buy' on Adani Ports & Special Economic Zone Ltd. with target price Rs 1,850, which implied a 16% upside.
Revenue growth of 11% YoY in-line
Volumes at Gangavaram port were affected by a worker strike
Ebitda margin came in at 61% (est. 58.7%)
Retain our estimates for FY25/FY26, Reiterate Buy
Brokerages On Dabur
Emkay Global Research
Maintains Buy with a target price of Rs. 750, which implied a 17% upside.
Expects better mix to help enhance margins
Sees 10% sales/15% earnings CAGR over FY24-27E
Rural continues to grow faster than urban
Innovation is likely to focus on expanding the addressable market
Preferred picks in the sector, given its diversified portfolio and better execution
Continues to report better growth given distribution expansion
Nuvama
Retains 'Buy' with a target price of Rs. 760, which implied 18% upside.
Increased the target PE to 55x (from 50x)
Beneficiary of rural recovery
Likely strong winter/healthcare performance in Q3FY25 due to La Nina
Good performance overall; heatwaves drag beverage segment
Margins in Quick commerce are better than e-commerce
Namaste legal cost in Q1FY25 was Rs. 18 crore and is expected to be Rs. 80 crore in FY25.
Nomura
Nomura keeps a Buy on Dabur India Ltd., with a target price Rs 750 (VS 680 earlier, which implied a 16% upside.
Sales growth inches ahead, with further improvement on cards
Margins to largely be stable to marginal improvement
Investments in rural distribution and portfolio aiding better-than-peers rural growth
Increasing media spending in rural by 50%, which should drive better volumes
Expanding distribution in rural areas and curating a rural portfolio at affordable prices
Key beneficiary of rural recovery given its saliency
in rural is highest at 45%
Marginally tweak FY25-FY27F EPS by <1% to factor in 1Q results
Value Dabur at a 51x P/E multiple (from 49x) in line with its five-year trading average
Citi Research Keeps 'Buy' On Sun Pharmaceutical Industries
Citi Research maintained a 'Buy' on Sun Pharmaceuticals Industries Ltd. with target price of Rs 1,640, which implied a downside of 4.2%.
Lower R&D and SG&A spend helped in EBITDA margins improvement by c300bps
R&D spend expected to inch up in FY25
Tax rate (16% in 1Q) expected to increase in FY25E
In-Line 1Q;Strong Trends in Branded Segments Offset Subdued Generics
Co sounded upbeat on the specialty products outlook
Positive commentary on US generics as launches not linked to facilities under OAI
More resilient earnings; don’t have major contribution of non-recurring generic product
Nomura Keeps 'Buy' On Tata Motors
Nomura retained 'Buy' Tata Motors Ltd. with a target price Rs 1,303, which implied a 14% upside.
Consolidated EBITDA at Rs 15,780 crore was head of Rs 15,000 crore estimate
CV margin was ahead at 11.6% vs 10.5% estimated
PV margin was lower at 5.7% (Nomura: 6.5%), EV margin at -7.3% (vs -5.8% in Q4)
Maintain that JLR's transition to luxury will support ASP and margin
Estimate EBIT margins at 8.5%/8.5%/10% for FY25/26/27F
Net debt of Rs 18,600 crore (Rs 50 per share) in 1Q increased QoQ from Rs 16,000 crore
Expect Co to turn to net cash of Rs 145 per share by FY27F
IRDAI Levies Rs 2 Crore Penalty On HDFC Life
Insurance Regulatory And Development Authority has levied Rs 2 crore penalty on HDFC Life Insurance Co. Ltd. for violation of provisions.
Source: Exchange filing
M&M Shareholders Approves Re-Appointment Of Anish Shah
Mahindra & Mahindra Ltd.'s shareholders approved re-appointment of Anish Shah as MD & CEO w.e.f. April 1, 2025.
Shareholders approve re-appointment of Rajesh Jejurikar as whole-time director with effect from April 1, 2025.
Source: Exchange filing
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Global Cues
U.S. Dollar Index at 104.38
U.S. 10-year bond yield at 3.96%
Brent crude up 0.50% at $79.92 per barrel
Nymex crude up 0.55% at $76.73 per barrel
Bitcoin was up 0.72% at $64,256.50
The GIFT Nifty was trading 0.37% or 91.50 points lower at 24,806.00 as of 08:37 a.m.
Money Market Update
The Indian rupee closed flat against the US dollar on Thursday, amid rising oil prices. The local currency opened stronger against the US currency after the Federal Reserve hinted at a potential interest rate cut in September.
The Indian currency closed flat at Rs 83.72, after opening at Rs 83.68 against the greenback, according to Bloomberg. It closed at Rs 83.73 on Wednesday.
F&O Cues
Nifty August futures up by 0.09% to 25,032 at a premium of 22 points.
Nifty August futures open interest up by 1.72%.
Nifty Bank August futures down by 0.08% to 51,753 at a premium of 189 points.
Nifty Bank August futures open interest up by 3.46%.
Nifty Options August 8 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 24,000.
Bank Nifty Options August 7 Expiry: Maximum call open interest at 52,000 and maximum put open interest at 50,000.
Securities in ban period: Birlasoft, GNFC, Granules, India Cements
Trading Tweaks
Price band changes from 20% to 5%: Ajmera Realty & Infra India
Ex/record Dividend: Allied Digital Services, Cholamandalam Financial Holdings, Jayshree Tea & Industries, Matrimony.com, Monarch Networth Capital, Share India Securities, TVS Electronics, Vedanta, Ajmera Realty & Infra India, Cello World, Cipla, Divi's Laboratories, Everest Industries, GMM Pfaudler, Coforge, Indigo Paints, Jupiter Lifeline Hospitals, Jubilant Ingrevia, Jubilant Pharmova, C.E. Info Systems, Narayana Hrudayalaya, Sharda Cropchem.
Ex/record AGM: Allied Digital Services, Cholamandalam Financial Holdings, Sharda Cropchem, Maruti Suzuki India, Indigo Paints, Jupiter Lifeline Hospitals, CE Info Systems, Jain Irrigation Systems.
Ex/record demerger: Ajmera Realty & Infra.
Moved out short-term framework: Tata Teleservices (Maharashtra).
IPO Offering
Ola Electric Mobility: The company will offer its shares for bidding on Friday. The price band is set from Rs 72 to Rs 76 per share. The Rs 6,145-crore IPO is a combination of a fresh issue of Rs 5,500 crore and the rest of the offer for sale. The company has raised Rs 2,763 crore from anchor investors.
Ceigall India: The public issue was subscribed to 0.61 times on day 1. The bids were led by non-institutional investors (0.9 times), retail investors (0.8 times) and reserved for employees (2.96 times).
Akums Drugs and Pharmaceuticals: The public issue was subscribed 63.56 times on day 3. The bids were led by institutional investors (90.09 times), non-institutional investors (42.21 times), retail investors (21.3 times) and reserved for employees (4.27 times).
Bulk Deals
Restaurant Brands Asia: Plutus Wealth Management LLP sold 1.44 crore shares (2.89%) at Rs 113 apiece, and HDFC Mutual Fund bought 1.24 crore shares (2.49%) at Rs 113 apiece.
AMI Organics: SBI Mutual Fund bought 11.62 lakh shares (2.84%) at Rs 1,350 apiece, and Plutus Wealth Management LLP sold 10 lakh shares (2.44%) at Rs 1,350 apiece.
V2 Retail: MIV Investment Services bought 1.97 lakh shares (0.56%) at Rs 983.25 apiece.
TCPL Packaging: MNCL Capital Compounder Fund 2 bought 0.46 lakh shares (0.5%) at Rs 3,099.38 apiece.
Mishtann Foods: Hiteshkumar Gaurishankar Patel sold 60 lakh shares (0.56%) at Rs 16.4 apiece, and Antara India Evergreen Fund Ltd bought 56 lakh shares (0.52%) at Rs 16.4 apiece.
Rama Steel Tubes: Ashokkumar Ramlal Bansal sold 74 lakh shares (0.47%) at Rs 11.12 apiece, and Shashi Bansal sold 74.5 lakh shares (0.47%) at Rs 11.1 apiece.
TCPL Packaging: MNCL Capital Compounder Fund 2 bought 0.49 lakh shares (0.53%) at Rs 3,098.32 apiece.
Zaggle Prepaid Ocean Services: Rohan Manoj Shah bought 7 lakh shares (0.57%) at Rs 358.3 apiece, and Societe Generale sold 8.55 lakh shares (0.69%) at Rs 356.43 apiece.
Stocks To Watch
Maruti Suzuki: The company reported total sales down 4% year-on-year at 1.75 lakh units and domestic sales down by 5% year-on-year at 1.51 lakh units for the month of July.
Eicher Motors: The company registered VE Commercial Vehicle sales up 13% year-on-year at 6,622 units, motorcycle sales down 8% year-on-year at 67,265 units, and international motorcycle sales down 14% year-on-year at 6,057 units for the month of July.
Morepen Laboratories: The company has launched the QIP at a floor price of Rs 57.23 per share, which indicates a 9.2% discount to the stock's previous close.
Infosys: The company received communication from Karnataka State authorities withdrawing the pre-show cause notice. The state has asked the company to submit a further response to the DGGI central authority.
Hero MotoCorp: The company reported total sales down year-on-year 5.4% at 3.7 lakh units, domestic sales down 6.4% year-on-year at 3.47 lakh units, and exports up 13% at 22,739 units.
Godrej Agrovet: The company is to acquire the remaining 49% stake in Godrej Tyson Foods for Rs 323 crore and set up a new feed plant in Maharashtra at an initial investment of up to Rs 110 crore.
SML Isuzu: The company reported total sales down 4% year-on-year at 1,203 units.
Atul Auto: The company reported total sales up 22% year-on-year at 2,572 units.
CreditAccess Grameen: S. Balakrishna Kamath resigned as CFO effective Jan. 2, 2025.
Nestle India: The company subscribed to a 49% stake in Dr Reddy's JV for Rs 706 crore and sold its existing medical nutrition and nutraceuticals business to the JV company for Rs 219 crore.
Dr. Reddy's Laboratories: The company has also invested Rs 734 crore in a joint venture with Nestle India to undertake its nutraceutical business in India and Nepal.
Aurobindo Pharma: The company buyback worth Rs 750 crore will open on August 5 and close on August 9.
Earnings in Focus
Archean Chemical Industries, CAMS, Delhivery, Dhanuka Agritech, Glaxosmithkline Pharmaceuticals, Hindustan Zinc, Kirloskar Brothers, LIC Housing Finance, Medplus Health Services, Mold-Tek Packaging, PSP Projects, Saregama India, Sheela Foam, Sudarshan Chemical Industries, Titan Co., UPL, and Zydus Wellness.
Earnings Post Market Hours
Tata Motors Q1 FY25 (Consolidated, YoY)
Revenue up 5.7% at Rs 1,08,048 crore versus Rs 1,02,236 crore (Bloomberg estimate: Rs 1,09,228 crore).
Ebitda up 14.4% at Rs 15,509 crore versus Rs 13,559 crore (Bloomberg estimate: Rs 15,266 crore).
Margin up 109 basis points at 14.35% versus 13.26(Bloomberg estimate: Rs 14%).
Net profit up 72.43% at Rs 5,692 crore versus loss of Rs 3,301 crore (Bloomberg estimate: Rs 5,310 crore).
ITC Q1 FY25 (Standalone, YoY)
Revenue up 7.2% to Rs 17,000 crore versus Rs 15,828 crore (Bloomberg estimate: Rs 17,158 crore).
Ebitda up 0.2% to Rs 6,296 crore versus Rs 6,248 crore (Bloomberg estimate: Rs 6,497 crore).
Margin at 37% versus 39.5% (Bloomberg estimate: 38%).
Net Profit up 0.3% at Rs 4,917 crore versus Rs 4,903 crore (Bloomberg estimate: 5,160 crore).
Kalyan Jewellers Q1 FY25 (Consolidated, YoY)
Revenue up 26.5% at Rs 5,535 crore vs Rs 4,376 crore (Bloomberg estimate Rs 5,558 crore).
Ebitda up 16% at Rs 376 crore vs Rs 323 crore (Bloomberg estimate Rs 377 crore).
Ebitda margin at 6.8% vs 7.4% (Bloomberg estimate 6.8%).
Net profit up 24% at Rs 178 crore vs Rs 144 crore (Bloomberg estimate Rs 186 crore).
Godrej Agrovet Q1 FY25 (Consolidated, YoY)
Revenue down 6.4% at Rs 2,351 crore versus Rs 2,510 crore (Bloomberg estimate Rs 2,621 crore).
Ebitda up 17.2% at Rs 226 crore versus Rs 193 crore (Bloomberg estimate Rs 227 crore).
Margin at 9.61% versus 7.68% (Bloomberg estimate 8.7%).
Net profit up 22.9% at Rs 132 crore versus Rs 107 crore (Bloomberg estimate Rs 130 crore).
Somany Ceramics Q1 Highlights (Consolidated, YoY)
Revenue up 2.6% to Rs 848 crore versus Rs 826 crore. (Bloomberg estimate: Rs 618.28 crore).
Ebitda up 9.7% to Rs 318 crore versus Rs 290 crore. (Bloomberg estimate: Rs 60.62 crore).
Margin expanded at 37.5% versus 35% (Bloomberg estimate: 9.80%)
Net Profit down 2.5% to Rs 12.3 crore versus Rs 12.6 crore. (Bloomberg estimate: 22.88 crore).
Thermax Q1 FY25 (Consolidated, YoY)
Revenue up 13% at Rs 2,184 crore versus Rs 1,933 crore (Bloomberg estimate Rs 2,243.5 crore)
Ebitda up 7% at Rs 141 crore versus Rs 132 crore (Bloomberg estimate Rs 192 crore)
Margin at 6.5% versus 6.8% (Bloomberg estimate 8.6%)
Net profit up 82% at Rs 109 crore versus Rs 60 crore (Bloomberg estimate 135 crore)
Triveni Engineering Q1 FY25 (Consolidated, YoY)
Revenue up 7% at Rs 1,534 crore versus Rs 1,432 crore (Bloomberg estimate: Rs 1360.95 crore).
Ebitda down 31% at Rs 86 crore versus Rs 125 crore (Bloomberg estimate: Rs 127.45 crore).
Ebitda margin at 5.6% versus 8.7% (Bloomberg estimate: 9.4%).
Net profit down 54% at Rs 31 crore versus Rs 68 crore (Bloomberg estimate: Rs 72 crore).
RattanIndia Power Q1 FY25 (Consolidated, YoY)
Revenue up 10% at Rs 932 crore versus Rs 847 crore.
Ebitda up 20.3% at Rs 189 crore versus Rs 157 crore.
Margin at 20.2% versus 18.5%.
Net profit at Rs 93 crore versus loss of Rs 549 crore.
RailTel Corp Q1 FY25 -(YoY)
Revenue up 19.4% at Rs 558 crore versus Rs 468 crore.
Ebitda up 14.5% at Rs 103 crore versus Rs 90.3 crore.
Ebitda margin at 18.5% versus 19.3%.
Net profit up 26.8% at Rs 48.7 crore versus Rs 38.4 crore.
Repco Home Finance Q1 FY25 (Standalone, YoY)
Total income up 14% at Rs 416 crore versus Rs 367 crore.
Net profit up 18% at Rs 105 crore versus Rs 89 crore (Bloomberg estimate Rs 96 crore).
GR Infraprojects Q1 FY25 (Consolidated, YoY)
Revenue down 18.1% at Rs 2,030 crore versus Rs 2,478 crore.
Ebitda down 39.4% at Rs 368 crore versus Rs 607 crore.
Margin at 18.1% versus 24.5%.
Net profit down 49.7% at Rs 156 crore versus Rs 310 crore.
Paradeep Phosphates Q1 FY25 (Consolidated, YoY)
Revenue down 22.2% at Rs 2,377 crore versus Rs 3,054 crore.
Ebitda at Rs 147 crore versus loss of Rs 38.6 crore.
Margin at 6.18%.
Net profit at Rs 5.4 crore versus loss of Rs 120 crore.
Indegene Q1 FY 25 (Consolidated, YoY)
Revenue up 11.4% at Rs 676 crore versus Rs 607 crore.
Ebitda up 33.2% at Rs 129 crore versus Rs 96.8 crore.
Margin at 19.1% versus 15.9%.
Net profit up 28.2% at Rs 88 crore versus Rs 68 crore.
GIFT Nifty Trades Near 24,800
Japan's benchmark Nikkei 225 slumped over 5% on Friday as investors feared more rate hikes from the Bank of Japan in near future. The index was trading 1,962.43 points or 5.15% lower at 36,163.90 as of 06:47 a.m.
Share indices in Asia-Pacific region were trading in negative in early trade as stocks on Wall Street stumbled on signs of week US economy.
The yield on 10-year Treasury notes fell below 4%, with swap traders now fully expecting three rate cuts this year.
The S&P 500 and Nasdaq Composite fell 1.37% and 2.30%, respectively, as of Thursday. The Dow Jones Industrial Average was down 1.21%.
Brent crude was trading 0.24% higher at $79.71 a barrel. Gold fell 0.23% to $2,438.52 an ounce.
The GIFT Nifty was trading 0.37% or 92 points lower at 24,805.50 as of 06:51 a.m.
India's benchmark equity indices continued their record run for the fourth consecutive session on Thursday, with the Nifty 50 crossing the key psychological level of 25,000 for the first time as sentiments brightened after US Federal Reserve Chair Jerome Powell hinted of a possible rate cut in September.
Both indices closed at their highest levels. Sensex closed 0.15%, or 126.21 points, higher to end at a fresh record high of 81,867.55, and Nifty added 59.75 points, or 0.24%, to end at a fresh lifetime high of 25,010.90.
Overseas investors turned net buyers of Indian equities on Thursday after three days of selling. Foreign portfolio investors mopped up stocks worth Rs 2,089.3 crore, while domestic institutional investors turned net sellers after seven sessions of buying and offloading equities worth Rs 337 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 83.72 against the US dollar.
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