KEY HIGHLIGHTS
Rupee Weakens To End At Record Closing Low Against US Dollar
The local currency weakened 3 paise to close at 83.69 against the US dollar.
It closed at 83.66 on Monday.
Source: Bloomberg
Sensex, Nifty Extend Decline For Third Day After Budget Announcement: Market Wrap
India's benchmark stock indices extended losses to third session Tuesday as HDFC Bank Ltd., Larsen & Toubro Ltd. dragged after India received its final budget for financial year 2025.
The NSE Nifty 50 settled 30.20 points or 0.12% lower at 24,479.05, and the S&P BSE Sensex ended 73.04 points or 0.1% lower at 80,429.04.
During the day, the Nifty 50 fell 1.78% to 24,074, and the S&P BSE Sensex declined 1.59% to 79,224.32. The indices witnessed sharp fall after Union Government proposed for higher taxation on short-term and long-term capital gains in the final budget for financial year 2025.
"From the markets perspective the raising of STCG to 20% and LTCG to 12.5% is a body blow," said Sanjay Sinha, founder, Citrus Advisors.
Investors need to brace themselves for a negative reaction in the short term. In the light of all the concerns raised about the hyper active interest in the Future & Options segment, it is not surprising that the securities transaction tax on F&O has been raised 5 times from 0.02% to 0.1%. Hopefully this will moderate the frenzy in this space, Sinha said.
"Mid and Smallcaps also recovered from the lower levels but not sufficiently to outshine the frontline Index. By forming a small red candle with a big lower shadow, the Index has tested and defended its strong support of 24,200. We believe that as long as the Index holds 24,200, the uptrend will remain intact. On the higher side, 24,800 will continue to act as a strong hurdle," said Aditya Gaggar, director, Progressive Shares
HDFC Bank Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., ICICI Bank Ltd., and Axis Bank Ltd. pressure the benchmark index.
ITC Ltd., Titan Co. Ltd., Infosys Ltd., NTPC Ltd., and Tata Consumer Products Ltd. added to the index.
ON NSE, seven sectors declined, five advanced out of 12. The NSE Nifty FMCG was the top performing sector as it scaled a fresh high during the session after Budget laid out plans to focus on strengthening agricultural production, storage, and marketing out oil seeds.
"The FMCG segment was the top performer of the day by advancing over 2.60% followed by Media and IT while Realty and PSU Banking were the major laggards," Gaggar said.
The NSE Nifty Realty declined the most to become the worst performing sector.
Broader markets ended lower. The S&P BSE Midcap and Smallcap ended 0.74% and 0.18% lower, respectively.
On BSE, 12 sectors declined, and eight advanced out of 20. The S&P BSE FMCG rose the most, while the S&P BSE Realty declined the most.
Market breadth was skewed in favour of sellers. Around 2,155 stocks declined, 1,743 stocks rose, and 118 stocks remained unchanged on BSE.
Gland Pharma Gets US FDA Approval For Drug To Treat Glucoma
Gland Pharma Ltd. has received a tentative approval from US Food and Drug Administration for Latanoprostene Bunod ophthalmic solution.
Source: Exchange filing
Bata Approves Southcan Unit Closure
Approves closure of Southcan unit in Karnataka post implementation of voluntary retirement scheme last FY
Factory produced ~6.28% of total production capacity of co last FY
Source: Exchange filing
Big Budget Movers
ITC, up 4.1%
Titan Co, up 6.75%
NCC, up 9%
AstraZeneca Pharma, up 12%
Amara Raja, up 2.5%
As of 2:35 p.m.
Heritage Foods Q1 Earnings (Consolidated, YoY)
Revenue up 11.8% at Rs 1,033 crore vs Rs 924 crore
EBITDA at Rs 94 crore vs Rs 40 crore
Margin at 9.1% vs 4.4%
Net profit at Rs 58 crore vs Rs 17 crore
SRF Q1 Earnings (Consolidated, YoY)
Revenue up 3.8% at Rs 3464 crore vs Rs 3338 crore
EBITDA [RD] 13.3% at Rs 603 crore vs Rs 696 crore
EBITDA margin at 17.4% vs 20.6%
Net profit down 29.8% at Rs 252 crore vs Rs 359 crore
[14:31, 7/23/2024] +91 73043 50790: Q1 EARNINGS - HERITAGE FOODS (Cons, YoY)
Kajaria Ceramics Q1 Earnings Key Highlights (Consolidated, YoY)
Revenue rose 4.6% at Rs 1,114 crore vs Rs 1,064 crore
Ebitda fell 1.3% at Rs 167 crore vs Rs 169 crore
Ebitda margin at 15% vs 15.9%
Net profit fell 15.4% at Rs 92.3 crore vs Rs 109 crore
M&M Financial Q1 Earnings Key Highlights (YoY)
Total income rose 20.3% at Rs 3,760 crore vs Rs 3,125 crore
Net profit rose 45.5% at Rs 513 crore vs Rs 353 crore
TCS Rises To Fresh High
Tata Consultancy Services Ltd. scaled a fresh high of Rs 4,361.70. It was trading 0.77% higher at Rs 4,361.70 as of 2:20 p.m., as compared to 0.33% decline in the NSE Nifty 50 index.
SpiceJet Board Approves Raising Rs 3,000 Crore
SpiceJet Ltd.'s board has approved raising up to Rs 3,000 crore via QIP.
Source: Exchange filing
Steel Strip Wheels Q1 Earnings (Consolidated, YoY)
Revenue down 1.9% at Rs 1025 crore vs Rs 1044 crore
EBITDA flat at Rs 113.01 crore
EBITDA margin at 11% vs 10.8%
Net profit down 13.9% at Rs 41 crore vs Rs 47 crore
Titan Company Up Over 5% On Government Proposal To Cut Gold Customs Duty
The stock rose as much as 11.5% to hit its one-month high of Rs 3,490.
Borosil Renewables Jumps Over 11%
The Union Budget 2024 presents Borosil Renewables Ltd., the sole opportunity in India's solar glass manufacturing sector to revitalize its business.
The company faced financial challenges in recent years due to the government's extension of the deadline for exempting basic customs duty on solar components from March 31 to September 30, 2024, enabling cheaper imports.
Nevertheless, Finance Minister Nirmala Sitharaman announced on Tuesday a proposal against extending this exemption. This led to the stock gain 11.43% intraday.
Britannia Rises To Fresh High
Shares of Britannia Industries Ltd. rose to the fresh high of Rs 5,984.95 on Tuesday. The scrip was trading 1.63% higher at Rs 5,978.00 as of 1:22 p.m., as compared to 0.53% decline in the NSE Nifty 50 index.
All Sectors Decline Except Nifty FMCG
Indian Benchmarks At Day's Low As L&T, RIL Drag
Indian benchmarks dropped over 1% on midday tracking losses in Larsen & Toubro Ltd., Reliance Industries Ltd. dragged. The benchmarks fell shortly after Finance Minister Nirmala Sitharaman proposed for higher rate of tax in short-term capital gain in its budget speech.
Short-term capital gains on some financial instrument is to attract 20% tax. Long-term capital gains on financial instrument is to attract 12.5% tax.
Rupee Weakens To Record Low Against US Dollar
The local currency weakened 2 paise to a record low of 83.68 against the US dollar.
It closed at 83.66 on Monday.
Source: Bloomberg
Most Railway Stocks Decline As Budget 2024 Proposes No Allocation
NTPC & BHEL Rise As India Plans Fiscal Support For JV
Shares of NTPC Ltd., and Bharat Heavy Electricals Ltd. rose on Tuesday as the union government of India is planning to set a joint venture between companies to set up 800 megawatt commercial plant AUSC technology, the Finance Minister said in the budget speech today.
Renewable Stocks Rise As India To Promote Renewable Energy Integration
Most renewable energy stocks advanced after India's 2024 budget said the Government is to promote renewable energy integration. The Union Government is to put out policy document for energy transition.
Most Metal & Mining Stocks Gain After Budget Plans For Critical Mineral Mission
Stocks Of Road Construction Companies Soar Gain As FM Announces New Road Projects In Bihar
Shares of companies associated with work on road connectivity gained on Tuesday as the budget allocated money to build Patna-Purna expressway, Buxar-Bagalpur expressway, and Bodhgaya-Rajgir-Vaishali-Darbanga spurs.
Fertilizer Stocks Rise After Sitharaman Say Government To Take View Of Research In Agriculture Sector
Fertilizer stocks gained on Tuesday after Finance Minister said in its budget speech that the government will take comprehensive view in agriculture research to develop climate resilient varieties.
Indoco Remedies Q1 Earnings Key Highlights (Consolidated, YoY)
Revenue rose 1.8% at Rs 424 crore vs Rs 417 crore
Ebitda fell 21.2% at Rs 41 crore vs Rs 52 crore
EBITDA margin at 9.6% vs 12.4%
Net loss fell 92.5% at Rs 2 crore vs Rs 24 crore
Nifty FMCG Hits Record High As Budget Plans For Agriculture Output
The NSE Nifty FMCG emerged as the top leading sectoral indices after Finance Minister said in its Budget speech, the centre will strengthen production, storage, and and marketing of oil seed.
Great Eastern Shipping To Sell Medium Range Products
Great Eastern Shipping Co. is to sell its Medium Range Product Tanker, Jag Pranav.
Source: Exchange filing
Finance Minister Nirmala Sitharaman Starts Budget Speech
Finance Minister Nirmal Sitharaman started Budget speech at Lok Sabha, New Delhi.
Get all real time updates on Budget 2024.
Rushil Decor Expands In North America
Rushil Decor Ltd. has expanded into North American market to strengthen global presence.
Source: Exchange filing
RateGain Travel Tech Teams Up With Hahnair Partners
Hahnair partnered with RateGain Travel Technologies Ltd. forairline pricing solution, AirGain to optimise revenue streams.
Source: Exchange filing
HUL Shares Hit 52-Week High Ahead Of First Quarter Earnings
Shares of Hindustan Unilever Ltd. hit a 52-week high on Tuesday ahead of the release of its first-quarter results.
HUL's stock rose as much as 0.79% during the day to Rs 2,756.95 apiece on the NSE. It was trading 0.06% higher at Rs 2,736.9 apiece, compared to a 0.23% decline in the benchmark Nifty 50 as of 10:25 a.m.
It has risen 6% in the last 12 months and 2.7% on a year-to-date basis. The relative strength index was at 77.
Twenty-five out of the 41 analysts tracking the company have a 'buy' rating on the stock, twelve recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6%.
Ajooni Biotech To Supply Pure Veg Cattle Feed
Ajooni Biotech entered Gujarat market for supply of pure veg cattle feed.
Source: Exchange filing
Power Mech Projects Hits Life High As Order Value Rises
Power Mech's stock rose as much as 2.98% during the day Rs 6,280 apiece on the NSE. It was trading 2.13% higher at Rs 6,233.45 per share, compared to a 0.25% decline in the benchmark Nifty at 10:13 a.m.
The share price has gained 34.88% in the last 12 months and 45.14% on a year-to-date basis. The total traded volume so far in the day stood at 0.50 times its 30-day average. The relative strength index was at 80.09, implying that the stock is overbought.
Two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 11.5%.
MRPL Loses Over 12% In Five Sessions After Q1 Net Profit Nearly Halves
Shares of Mangalore Refinery and Petrochemicals Ltd. fell for the fifth consecutive session today losing more than 12% after the company's first quarter net profit nearly halved year-on-year.
The scrip rose as much as 7.55% intraday to Rs 198.50 apiece, the lowest level since June 5, before paring losses to trade 3.7% lower at Rs 207.13 apiece, as of 10:06 a.m. This compares to a 0.19% decline in the NSE Nifty 50.
It has risen 56.31% on a year-to-date basis and 150.66% in the last 12 months. Total traded volume so far in the day stood at 0.59 times its 30-day average. The relative strength index was at 39.03.
Out of the six analysts tracking the company, one maintain a 'buy' rating, one recommend a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 10.7%.
Gensol Engineering Hits 5% Upper Circuit As It Wins Rs 600-Crore Solar Projects In Gujarat
Gensol Engineering Ltd. has emerged as the winning bidder for 116 megawatt solar projects in Gujarat for Rs 600 crore.
Earlier, the renewable energy provider also received a battery storage project from Gujarat Urja Vikas Nigam Ltd. for Rs 1,340 crore. The project will provide 250 MW of energy for two charge/discharge cycles per day.
Gensol Engineering is a major player in the renewable energy sector. It specialises in solar power engineering, procurement, and construction services, along with electric mobility solutions.
Federal Bank Hits Record After RBI Approves Appointing KVS Manian As CEO
Shares of Federal Bank Ltd. hit record highs on Tuesday after the Reserve Bank of India approved the appointment of Krishna Venkat Subramanian as managing director and chief executive officer of the bank.
Shares of Federal Bank rose as much as 5.45% to hit record high of Rs 203.4 apiece on the NSE. It was trading 2.66% higher at Rs 198.06 apiece, compared to a 0.04% advance in the benchmark Nifty 50 as of 09:35 a.m.
The stock has risen 47% in the last 12 months and 27% on a year-to-date basis. The total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 72.
Thirty-two out of the 41 analysts tracking the company have a 'buy' rating on the stock, six recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.5%.
Suzlon Energy Shares Hit Record As Q1 Profit Trebles
Shares of Suzlon Energy Ltd. extended its gains from Monday to its lifetime high after the company reported a threefold year-on-year increase in its net profit for the quarter ended June.
Suzlon's stock rose as much as 5% and hit its upper circuit limit briefly to Rs 57.83 apiece, the highest level. It pared gains to trade 4.7% higher at Rs 57.64 apiece, as of 9:26 a.m. This compares to a flatNSE Nifty 50 Index.
It has risen 50.68% on a year-to-date basis and 203.85% in the last 12 months. Total traded volume on the NSE so far in the day stood at 1.43 times its 30-day average. The relative strength index was at 69.4.
All five analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.9%.
Nifty, Sensex Snap Two-Day Loss At Open Before Budget 2024
Indian benchmarks recovered losses from past couple of session as Mahindra & Mahindra Ltd., and Larsen & Toubro Ltd. rose while investors keenly await Budget 2024, due to be published on Tuesday.
As of 09:16 a.m., the NSE Nifty 50 was 0.26% higher at 24,576.45, and the S&P BSE Sensex was 0.23% higher at 80,704.77.
On the higher side crossover of 24,650 will trigger a sharp up move and covering to retest the all-time high and expect volatility to increase from current levels. The sector wise rollover is lower than the three-month averages and we expect to move higher post the budget event gets through over the next 2 days Highest call OI is at 25,000 strikes while the downside the highest put OI moved lower to 24,000 for the monthly expiry, said Vikas Jain, head, research at Reliance Securities.
Larsen & Toubro Ltd., Mahindra & Mahindra Ltd., ICICI Bank Ltd., Axis Bank Ltd., and UltraTech Cement Ltd. added to the index.
HDFC Bank Ltd., Reliance Industries Ltd., HCL Technologies Ltd., Oil and Natural Gas Corp, and Tata Consultancy Services Ltd. limited gains in the index.
On NSE, six sectors advanced, and six declined out of 12. The NSE Nifty Realty was the top performing sector, and the NSE Nifty Metal was the worst performing sector.
Broader markets rose in line with the benchmarks. The S&P BSE Midcap and Smallcap indices were trading 0.30% and 0.35% higher respectively.
On BSE, 14 sectors advanced, and six declined out of 20. The S&P BSE Power rose the most, while the S&P BSE TECK declined the most.
Market breadth was skewed in favour of buyers. Around 1,720 stocks advanced, 1,067 stocks declined, and 122 stocks remained unchanged on BSE.
Nifty, Sensex Trade Higher At Pre-Open Ahead Of Budget 2024
At pre-open, the NSE Nifty 50 was 59.65 points or 0.24% higher at 24,568.90, and the S&P BSE Sensex was 0.29% or 235.80 points higher at 80,724.30, while investors look forward to Budget announcement from Finance Minister Nirmala Sitharaman.
Yield On The 10-Year Bond Opens Flat Ahead Of Budget Announcement
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.97% on Monday.
Source: Cogencis
RBL Bank Approves Chandan Sinha's Appointment
RBI Bank Ltd. has approved appointment of Chandan Sinha as Part-Time Chairman with effect from Aug 3.
Source: Exchange filing
Rupee Strengthens Against US Dollar Ahead Of Budget Announcement
The local currency strengthened by 2 paise to open at 83.64 against the US dollar.
It closed at 83.66 on Monday.
Source: Bloomberg
L&T Tech To Give AI-Based Services With SymphonyAI
L&T Technologies Ltd. is in pact with SymphonyAI to provide AI-based services.
Source: Exchange filing
Paytm To Provide EDC Devices To Merchant With Axis Bank
One 97 Communication Ltd. is in pact with Axis Bank to offer POS solutions and EDC devices to merchant network.
Alert: EDC device is electronic data captured device.
Source: Exchange filing
Citi Research Raises JK Cement's Target Price
Citi Research maintained a 'Sell' on JK Cement Ltd. and raised the target price to Rs 4,400 which implied a 10% downside
Q1 EBITDA rose 19% YoY on higher sales volumes, lower costs
Outperformance vs estimates largely on lower costs
Company on track to expand capacity to 30 MTPA by FY26
Marginally tweak FY25-27E EBITDA estimates by 0-3% on lower costs
Citi Research On Indus Towers
Maintain 'Buy' with a target price Rs 500 compared to Rs 450), upside 18.8%
market is not yet appreciating & fairly pricing in the return of growth and resumption of payouts
Expect 6% dividend yield on FY26-27E vs. nil payouts for the last 2Y
Ascribe a higher target multiple for Indus (9x to 10x)
Introduce a 90-day Positive Catalyst Watch
Catalysts: Recovery of past dues from VI
Improved growth outlook as VI revives capex
Positive developments in the AGR case
Potential purchase of 3% stake by Bharti.
Motilal Oswal On Cyient DLM
Retain Buy with TP Rs. 880, Upside 15%
Strong growth in aerospace and defense drives revenue
Margins declined 140bp YoY, mainly due to higher SG&A expenses
Company expects higher order inflows in 2QFY25
Margins expected to pick up in upcoming quarters led by op leverage
Momentum sustenance led by healthy order inflows and high customer stickiness
Estimate Co to report a CAGR of 33%/50%/69% in revenue/EBITDA/ Adj. PAT over FY24-26
Maintain EPS Estimates and retain 40x FY26 P/E
Brokerages On Oberoi Realty
Nuvama
Nuvama Retains 'Hold' Rating on Oberoi Realty
Price target of Rs 1,847, which implied 5.9% upside.
Net sales stood at Rs 1,070 crore, up 124% annually
Expects to launch new Borivali mall in FY25
Believes pace of launches and inventory liquidation to determine stock’s trajectory
Revises NAV premium to 50% from 40%
Motilal Oswal
Motilal Oswal Reiterates 'Neutral' Rating on Oberoi Realty Ltd.
Price target of Rs 1,560, which implied a 10% downside
Pre-sales doubled to Rs 1,070 cr driven by 360-West bookings
Started to witness an uptick in its rental portfolio
Expect 41% CAGR in pre-sales over FY24-26
Re-rating dependent on re-investment of strong cash flow generation
Nirmala Sitharaman To Present Union Budget
Finance Minister Nirmala Sitharaman will present union budget for fiscal year 2024-25 today.
Catch all live updates on Budget 2024 here.
Citi Research Raises Exide Industries's Target Price
Citi Research has maintained a 'Buy' with a target price Rs. 630 up from Rs. 560., which implied an upside of 15%.
Estimates tweaked to reflect stronger demand growth expectations
FY25-27E earnings estimates are thus increased by 2-10%
Raise target P/E for core business to 22 times from 20 times;reflecting better demand trends
Value core lead acid batteries at Rs.490 per share from Rs.420 earlier
Continue to value Li-ion cell business at Rs.140 per share
Based on Exide’s investment for the 1st phase at 2.5 times
Citi Research Raises GAIL's Target Price
Citi Research has maintained a 'Buy' on GAIL (India) Ltd., and raised its target to Rs 250, which implied a 12% upside.
Makes minor 0-1% changes to FY25-27E EBITDA estimates.
Changes made on slight increase in average gas transmission volume forecasts.
Increase target EV/EBITDA multiple for gas transmission segment from 10 times to 11 times.
Mahindra Logistics Approves Re-Appointment Current MD
Mahindra Logistics Ltd. has approved re-appointment of Rampraveen Swaminathan as MD & CEO for 5 years with effect from Feb 4, 2025.
Source: Exchange filing
GE Power Gets Order Worth Rs 348 Crore From NTPC GE Power Services
GE Power India Ltd. has received an order worth Rs 348 crore from NTPC GE Power Services Pvt. Ltd. for renovation and modernisation of steam turbines.
Source: Exchange filing
Coforge's Unit In Purchase Pact With OptML
Coforge Ltd.'s wholly-owned step-down arm Coforge DPA NA signs an asset purchase pact with OptML Inc.
Coforge DPA NA is in pact with OptML to acquire customer contracts, key managerial personnel, employees & sub-contractors, vendors.
Source: Exchange filing
Coforge Q1 Earnings Key Highlights (Consolidated, QoQ)
Revenue rose 1.79% at Rs 2,400.8 crore vs Rs 2,358.5 crore
EBIT fell 29.65% at Rs 211.8 crore vs Rs 301.1 crore
EBIT margin at 8.82% vs 12.76%
Net profit fell 39.22% at Rs 139.3 crore vs Rs 229.2 crore
Global Cues
U.S. Dollar Index at 104.29
U.S. 10-year bond yield at 4.24%
Brent crude up 0.17% at $82.54 per barrel
Nymex crude down 0.44% at $79.78 per barrel
Bitcoin was down 0.97% at $67,489.00
The GIFT Nifty was 0.04% or 9.50 points up at 24,552.50 as of 07:38 a.m.
Money Market Update
The Indian rupee hit a fresh record low on Monday, amid rising crude oil prices and a decline in the dollar index.
The local currency closed at Rs 83.665 against the greenback, according to Bloomberg. It had opened flat at Rs 83.66 during the day.
F&O Cues
Nifty July futures down by 0.05% to 24,509.1 at a premium of 0.15 points.
Nifty July futures open interest down by 0.66%.
Nifty Bank July futures up by 0.07 % to 52,286 at a premium of 6 points.
Nifty Bank July futures open interest down by 7.71%.
Nifty Options July 25 Expiry: Maximum call open interest at 25,500 and maximum put open interest at 24,000.
Bank Nifty Options July 24 Expiry: Maximum call open interest at 56,000 and maximum put open interest at 50,000.
Securities in ban period: Bandhan Bank, Chambal Fertilizers, GNFC, HAL, India Cements, PEL, Sail.
Trading Tweaks
Price band change from 20% to 5%: Alphageo (India)
Price band change from 5% to 2%: Usha Martin Education & Solutions
Ex/record Dividend: Shriram Finance, Tube Investments of India, TCPL Packaging, Shree Cement, Data Patterns (India), HCL Tech, Rainbow Children's Medicare.
Ex/record AGM: Shriram Finance: Tube Investments of India, TCPL Packaging, Hindustan Zinc, GPT Infraprojects, Firstsource Solutions, Astec LifeSciences, Colgate Palmolive (India), Data Patterns (India), Rainbow Children's Medicare.
Moved out short-term Framework: Gravita India, PC Jeweller, Vishnu Chemicals.
IPO Offering
Sanstar Limited: The public issue was subscribed to 13.48 times on day 2. The bids were led by institutional investors (1.29 times), non-institutional investors (32.85 times), and retail investors (12.15 times).
Bulk Deals
Can Fin Homes: SBI Life Insurance Company bought 10 lakh shares (0.75%) at Rs 827.94 apiece.
Pledge Share Details
India Cements: Promoter EWS Finance and Investments created a pledge for 2.02 crore shares on July 20.
Stocks To Watch
Oil India: The company signed a contract with Norway's Dolphin Drilling to hire Dolphin's drilling unit, Blackford.
MRPL: The company has appointed Yogish Nayak as CFO effective today.
Gensol Engineering: The company has become the preferred bidder for 116 MW solar projects, with an EPC revenue of Rs 600 crore in Gujarat.
Power Mech Projects: The Uttarakhand Government has revised the tender offer for hospital construction to Rs 594 crore from Rs 362 crore earlier.
Punjab And Sindh Bank: The company will be raising up to Rs 800 crore on July 26.
Lemon Tree Hotels: The company signed licensing pacts for a 57-room hotel in Goa and a 44-room hotel in Punjab.
Federal Bank: The RBI approved the appointment of Krishnan Venkat Subramanian as MD and CEO for three years, effective Sept. 23. KV Subramanian earlier served as joint MD of Kotak Mahindra Bank.
Reliance Industries: Reliance New Energy acquired the remaining 12.7% stake in Reliance Lithium for €3.7 million.
Earnings Post Market Hours
Cyient DLM Q1 FY25 (Consolidated, YoY)
Revenue up 19% at Rs 258 crore versus Rs 217 crore (Bloomberg estimate Rs 262 crore).
Ebitda up 1.5% at Rs 20.1 crore versus Rs 19.8 crore (Bloomberg estimate Rs 18.4 crore).
Ebitda margin at 7.8% versus 9.1% (Bloomberg estimate 7%).
Net profit up 96% at Rs 10.6 crore versus Rs 5.4 crore (Bloomberg estimate Rs 8.6 crore).
MRPL Q1 FY25 (Standalone, QoQ)
Revenue down6.52% at Rs 23,247 crore versus Rs 25,329 crore.
Ebitda down 74.1% at Rs 603 crore versus Rs 2,329 crore.
Ebitda margin down 660 bps at 2.59% versus 9.19%.
Net profit down 94.22% at Rs 65.57 crore versus Rs 1,136 crore.
Zensar Technologies Q1 FY25 (Consolidated, QoQ)
Revenue up 4.7% at Rs 1,288 crore versus Rs 1,230 crore (Bloomberg estimates Rs 1,257 crore).
EBIT down 4.4% at Rs 172 crore versus Rs 179 crore (Bloomberg estimates Rs 180.5 crore).
EBIT margin at 13.3% versus 14.6% (Bloomberg estimates Rs 14.4%)
Net profit down 8.9% at Rs 158 crore versus Rs 173 crore (Bloomberg estimates Rs 160 crore).
Greenlam Industries Q1 FY25 (Consolidated, YoY)
Revenue up 17% at Rs 605 crore versus Rs 515 crore (Bloomberg estimate Rs 594 crore).
Ebitda down 0.5% at Rs 64 crore versus Rs 64 crore (Bloomberg estimate Rs 80 crore).
Ebitda margin at 10.6% versus 12.5% (Bloomberg estimate 13.5%).
Net profit down 40% at Rs 20 crore versus Rs 33 crore (Bloomberg estimate Rs 34 crore).
Suzlon Energy Q1 FY25 (Consolidated, YoY)
Revenue up 50% at Rs 2,022 crore versus Rs 1,351 crore (Bloomberg estimate Rs 2,132 crore).
Ebitda up 78% at Rs 367 crore versus Rs 207 crore (Bloomberg estimate Rs 239 crore).
Ebitda margin at 18.2% versus 15.3% (Bloomberg estimate 11.2%).
Net profit up 200% at Rs 302 crore versus Rs 101 crore (Bloomberg estimate Rs 243.7 crore).
Earnings In Focus
Bajaj Finance, DCM Shriram, Heritage Foods, Hindustan Unilever, ICICI Prudential, ICRA, Indoco Remedies, ICICI Securities, Kajaria Ceramics, Mahindra and Mahindra Financial Services, Schaffler India, Sharda Cropchem, SRF, Steel Strips Wheels, Thyrocare Technologies, Torrent Pharmaceuticals, and United Spirits.
GIFT Nifty Trades Above 24,500
Stock indices in the Asia-Pacific region were trading higher on Tuesday, tracking overnight gains on Wall Street.
The Nikkei 225 was 0.27% higher, and the S&P ASX 200 was 0.56% higher as of 06:48 a.m.
US stocks bounced back following their worst week since April, shifting focus away from Joe Biden's decision to end his reelection campaign and turning attention to the kickoff of the tech earnings season.
Megacap stocks led the rally, propelling the S&P 500 and Nasdaq Composite to rise 1.08% and 1.58% on Tuesday. The Dow Jones Industrial Average was trading 0.32% higher.
Brent crude rose 0.18% to trade at $82.55 per barrel, while the gold spot declined 0.21% to $2,401.60 an ounce.
At 06:55 a.m., the GIFT Nifty was trading 5 points, or 0.02%, higher at 24,548.00.
The Indian benchmark equity indices closed lower for the second consecutive session on Monday as investors look forward to the Union Budget 2024–25 and more corporate earnings.
The NSE Nifty 50 ended 21.65 points, or 0.09%, down at 24,509.25, while the S&P BSE Sensex closed 102.57 points, or 0.13%, down at 80,502.08. Intraday, both indices rose over 0.2%.
Overseas investors remained net buyers of Indian equities for the sixth consecutive session on Monday. Foreign portfolio investors mopped up stocks worth Rs 3,444 crore, and domestic institutional investors stayed net sellers for the fifth session and sold equities worth Rs 1,652 crore, according to provisional data from the National Stock Exchange.
The Indian rupee closed at a record low of 83.665 against the US dollar.
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