KEY HIGHLIGHTS
Rupee Ends Flat Against US Dollar
-The local currency closed flat at 83.72 against the US dollar.
-Rupee hit a record low of 83.756 during the day.
-It closed at 83.73 on Wednesday.
Source: Bloomberg
Nifty Ends Above 25,000 For The First Time As Heavyweights Lead Gains: Closing Bell
Benchmark equity indices continued their record run in fourth consecutive session with the Nifty crossing its psychologically crucial 25,000-mark for the first time.
The market sentiment was boosted as US Federal Reserve Chair Jerome Powell hinted towards a rate cut in September given the inflation cools.
Sensex closed 0.15% or 126.21 points higher to end at 81867.55 and Nifty added 59.75 points or 0.24% to end at 25010.90.
Intraday, both the indices gained as much as 0.5%. Nifty hit an intraday high of 25,078.30 and Sensex hit an intraday high of 82,129.49.
"Reaching the 25,000 mark is a significant milestone for Nifty, reflecting robust economic growth and positive investor sentiment," said Robin Arya, smallcase manager and founder at GoalFi.
"However, we remain cautiously bullish as sectors like financial services and IT in the Nifty50 might need more time to reach new highs to further push up the Nifty, and some consolidation is expected at the index level."
"The Index has formed a spinning top candlestick pattern which represents indecisiveness where the downside seems to be protected at 24,930 while the immediate resistance is placed at 25,100," said Aditya Gaggar Director of Progressive Shares.
Shares of HDFC Bank Ltd., Reliance Industries Ltd., Power Grid Corp. Ltd., Coal India Ltd., and NTPC Ltd. contributed the most to the gains.
While those of Mahindra & Mahindra Ltd., Infosys Ltd., Larsen & Toubro Ltd., ICICI Bank Ltd., and State Bank Of India dragged the index.
Sectoral indices ended on a mixed note. Nifty Energy rose the most
Market breadth was skewed in favour of sellers. Around 2,367 stocks declined, 1,586 stocks rose, and 95 stocks remained unchanged on BSE.
Broader markets underperformed benchmark indices. The S&P BSE Midcap and Smallcap indices were trading 0.80% and 0.70% lower, respectively.
On BSE, 13 sectors advanced, seven declined out of 20. The S&P BSE Utilities rose the most, and the S&P BSE Realty declined the most.
Markets At Close
Nifty records highest close in the fifth consecutive session
Nifty hit intraday high of 25,078.30
Sensex hit intraday high of 82,129.49
Broader indices end lower; Nifty Midcap 100 ended 0.84% lower and Nifty Smallcap 250 ended 0.58% down
Most sectoral indices ended lower; Nifty Energy was the top gainer and Nifty Media fell the most
Sensex rises 126.21 points to end at 81867.55 Nifty rises 59.75 points to end at 25010.90
PowerGrid and Coal India were top Nifty gainers; M&M and Hero MotoCorp were top losers
Zomato Q1 Earnings (Consolidated, YoY)
Net profit up 45% at Rs 253 crore vs Rs 175 crore
Revenue up 18% at Rs 4,206 crore vs Rs 3,562 crore
EBITDA at Rs 177 crore vs Rs 86 crore
EBITDA margin at 4.2% vs 2.4%
Adani Enterprises Q1 Earnings
Revenue up12.5% at Rs 25,472 crore vs Rs 22,644 crore
EBITDA up 36.9% at Rs 3,768 crore vs Rs 2,753 crore
Margin at 14.8% vs 12.2%
Net profit up 161.7% at Rs 1,772 crore vs Rs 677 crore
Board approves demerger of FMCG and Food business
Food and FMCG business to be listed on BSE & NSE
Max Health Falls Nearly 1% After Results
The stock fell as much as 1.4% to hit Rs 909.45 its lowest since July 23. It pared losses to trade 0.5% lower at Rs 918 apiece, as of 2:45 p.m. This compares to a 0.37% advance in the NSE Nifty 50 Index.
It has risen 33.78% on a year-to-date basis and 55.72% in the last 12 months. Total traded volume so far in the day stood at 0.37 times its 30-day average. The relative strength index was at 51.05.
Out of 19 analysts tracking the company, 13 maintain a 'buy' rating, three recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies downside of 6.2%..
Prince Pipes Q1 Earnings
Net profit up 25.8% at Rs 24.7 crore vs Rs 19.6 crore
Revenue up 9.2% at Rs 604 crore vs Rs 554 crore
EBITDA up 28.47% at Rs 58.2 crore vs Rs 45.3 crore
Margin at 9.6% vs 8.2%
Max Health Approves 250-Bed Hospital In Zirakpur
Approves setting up over 250-bedded hospital in Zirakpur, Punjab, at an investment of Rs 230 crore
Approves providing up to Rs 100 crore as loan to Muthoot Hospitals
Source: Exchange filing
Escorts Kubota Q1 Consolidated YoY
Revenue down 2% at Rs 2,310 crore vs Rs 2,355 crore
EBITDA down 2% at Rs 325 crore vs Rs 331 crore
EBITDA margin flat at 14.1%
Net profit up 1% at Rs 293 crore vs Rs 290 crore
Tube Investments Q1 Earnings (Consolidated, YoY)
Revenue up 17.7% at Rs 4,434 crore vs Rs 3,767 crore
Net profit up 10.3% at Rs 314 crore vs Rs 284 crore
Margin at 8.7% vs 8.9%
EBITDA up 14.1% at Rs 384 crore vs Rs 337 crore
Dabur India Q1 Earnings (Consolidated, YoY)
Q1 Revenue up 7% at Rs 3,349 crore vs Rs 3,130 crore
EBITDA up 8% at Rs 655 crore vs Rs 604 crore
EBITDA margin at 19.6% vs 19.3%
Net profit up 8% at Rs 494 crore vs Rs 457 crore
Sun Pharma Hits Lifetime High After Results
Sun Pharma Q1 Earnings (Consolidated, YoY)
Net profit up 40% at Rs 2,836 crore vs Rs 2,023 crore
EBITDA margin at 28.9% vs 27.9%
EBITDA up 10% at Rs 3,658 crore vs Rs 3,330 crore
Revenue up 6% at Rs 12,653 crore vs Rs 11,941 crore
Segment Wise Performance
India Formulation sales up 16.4% at Rs. 4,144 crore
US Formulation sales down 1% at $466 million
Global Specialty sales up 14.7% at US$ 266 million
Emerging Markets Formulation sales up 8.8% at $ 284 million
Rest of World Formulation sales down 2.9% at $190 million
AB Capital Q1 Results (Consolidated, YoY)
Total income up 26% at Rs 8,881 crore vs Rs 7,052 crore
Net profit up 17% at Rs 759 crore vs Rs 649 crore
Max Healthcare Q1 Highlights (Consolidated, YoY)
Net profit down 1.6% at Rs 236 crore versus Rs 240 crore.
Revenue up 20% at Rs 1,543 crore versus Rs 1,285 crore.
Ebitda up 14.8% at Rs 387 crore versus Rs 337 crore.
Margin at 25.1% versus 26.3%.
RVNL Opens Unit In Uzbekistan
Rail Vikas Nigam Ltd. has incorporated an Uzbekistan subsidiary called RVN LLC.
Source: Exchange filing
Sonata Software Drops Over 8% After Net Profit Falls
Shares of Sonata Software Ltd. declined 8.18% to Rs 676.60, the lowest level since July 23. It was trading 7.13% lower at Rs 683.00 as of 1:42 p.m., as compared to 0.14% advance in the NSE Nifty 50 index.
The scrip gained 30.04% in 12 months, and declined 8.35% on year to data basis. Total traded volume so far in the day stood at 4.0 times its 30-day average. The relative strength index was at 51.74.
Out of X seven analysts tracking the company, five maintain a 'buy' rating, two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.5%
Uno Minda In Pact With Japan's Aisin Corp
Uno Minda Ltd. is in technical license pact with Japan's Aisin Corp for manufacture and sale of sunroofs
Source: Exchange filing
NIIT Learning Q1 Earnings Highlights (Consolidated, YoY)
Revenue rose 6.5% at Rs 407 crore vs Rs 382 crore
Ebitda rose 12.62% at Rs 96 crore vs Rs 85.3 crore
Margin at 23.6% vs 22.3%
Net profit rose 8.8% at Rs 60 crore vs Rs 55.2 crore
Adani Ports & SEZ Q1 Earnings Highlights (Consolidated, YoY)
Revenue rose 11.34% at Rs 3,107.23 crore vs Rs 2,119.38 crore
Net profit rose 46.6% at Rs 3,107 crore vs Rs 2,119 crore
Ebitda rose 11.91% at Rs 4,244.48 crore vs Rs 3,754 crore
Margin up 93 basis points at 61.01% vs 60.1%
Clean Science Q1 Earnings Highlights (Consolidated, YoY)
Margin at 42.3% vs 40.4%
Ebitda rose 24.7% at Rs 94.7 crore vs Rs 75.9 crore
Revenue rose 19% at Rs 224 crore vs Rs 188 crore
Net profit rose 11.9% at Rs 66 crore vs Rs 59 crore
GHCL Q1 Earnings (Consolidated, YoY)
Revenue down 18.5% at Rs 830 crore versus Rs 1,019 crore.
Ebitda down 27.6% at Rs 217 crore versus Rs 299 crore.
Margins at 26.1% versus 29.4%.
Net profit down 64.7% at Rs 151 crore versus Rs 426 crore.
Steel Strips Wheels Business Update (YoY)
Monthly sales value in July up 2%
Monthly sales volume in July up 4%
Source: Exchange Filing
Akzo Nobel Q1 Earnings (Consolidated, YoY)
Revenue up 3.7% at Rs 1,036 crore vs Rs 999 crore
EBITDA up 4.2% at Rs 169 crore vs Rs 162 crore
Margin at 16.3% vs 16.2%
Net profit up 4.3% at Rs 115 crore vs Rs 110 crore
SRF Board Approves Setting Up New Facility At Dahej
Board approves to set up new facility to produce agrochemical intermediate at Dahej
Source: Exchange Filing
Kalpataru Projects Arm Gets Arbitration Award
Arm Wainganga Expressway Pvt. Ltd. gets arbitration award against NHAI
Source: Exchange Filing
Hero Fincorp looks to raise Rs 3,668 crore through IPO
Hero Fincorp to raise Rs 2,100 crore through fresh issue
Company to raise Rs 1,568 crore through OFS
Selling shareholders include Apollo Management, Otter Ltd, Apis Partners, etc.
Source: DRHP
Broader Indices That Hit Record High
Five Nifty 50 Stocks Hit Lifetime High
Zomato Hits Lifetime High
The stock jumped consecutively in the five sessions to hit its lifetime high of Rs 233.90.
Tata Motors July Auto Sales (YoY)
Total PV sales down 6% at 44,954 units
Total CV sales down 18% at 27,042 units
Total sales at 71,996 units vs 80,633 units
Total domestic sales down11% at 70,161 units
NPCI May Call For Forensic Audit In Ransomware Attack On C-Edge Technologies
Decision on forensic audit may take a few weeks
C-Edge Technologies provides technology services to cooperative banks
Technology providers are required to get regular certification of cyber security infrastructure
Source: People In The Know
Ransomware Issue Affected Cooperative Bank Tech May Get Resolved Today
The ransomware attack on C-Edge Technologies affected nearly 300 small banks
NPCI had isolated C-Edge Technologies from accessing retail payments on Wednesday
Retail payments completely blocked during period of isolation
Source: People In The Know
Aster DM Jumps Over 5% After Results
Shares of Aster DM Healthcare Ltd. rose above 5% after its first-quarter revenue rose by 19.1%.
The revenue of the healthcare service provider rose to Rs 1,002 crore for the quarter ended June as compared to Rs 841 crore for the same period last year, according to an exchange filings on Wednesday. Analyst tracking Bloomberg estimated revenue at Rs 980.55 crore.
Thomas Cook Falls Nearly 10% After Announcing Results
Shares of Thomas Cook India Ltd. fell nearly 10%, the most since June 4, after the company reported its results for the quarter ended June.
Thomas Cook Q1 FY25 (Consolidated, YoY)
Revenue up 10.9% at Rs 2,106 crore versus Rs 1,899 crore (Bloomberg estimate: Rs 2,297.8 crore).
Ebitda up 9.9% at Rs 136 crore versus Rs 124 crore (Bloomberg estimate: Rs 152.4 crore).
Margin flat at 6.5% (Bloomberg estimate: Rs 6.60%).
Net profit up 3.1% at Rs 73 crore versus Rs 71 crore (Bloomberg estimate: Rs 94.3 crore).
Infosys Falls As Co Under GST Authority Radar For Tax Evasion
Shares of Infosys Ltd. were down over 1% after it came under the radar of the Directorate General of GST Intelligence for an alleged invasion of Rs 32,403 crore.
Sectoral Indices That Hit Lifetime High
Three sectoral indices hit lifetime high including Nifty Auto, Nifty Pharma and Nifty Energy.
Coal India Hits Record High As Q1 Results Beats Estimates
Coal India Ltd. jumped to record high on Thursday after the company reported higher than expected growth in its net profit during April-June. The company reported Rs 10,943.5 crore consolidated net profit for the first quarter, which is 42.97% higher than Bloomberg's forecast of Rs 7,653.9.
Coal India Q1 Earnings (Consolidated, YoY)
Revenue up 1.33% at Rs 36,464 crore versus Rs 35,983 crore (Bloomberg estimate Rs 36,021 crore).
Ebitda up 5.62% at Rs 14,338 crore versus Rs 13,575 crore (Bloomberg estimate Rs 10,172 crore).
Ebitda margin up 159 bps at 39.32% versus 37.72% (Bloomberg estimate 28.2%).
Net profit up 5.69% at Rs 10,943.55 crore versus Rs 10,498.39 crore (Bloomberg estimate Rs 7,653 crore).
Nifty Takes 25 Sessions To Climb 1,000 points
Nifty takes 10 months to add 5,000 points
RIL, ICICI Bank, Bharti Airtel top contributors to Nifty's 5,000 point-rally
RIL, Bharti Airtel, ICICI Bank add over 1,100 points to Nifty's 5,000-point rally
Bajaj Auto, BPCL, Coal India top gainers in Nifty's 5,000-point rally
Nifty Crosses 25,000 For First Time; Sensex At Fresh Lifetime High: Opening Bell
Benchmark equity indices extended gains to a fourth consecutive session with the Nifty crossing its psychologically crucial hurdle of 25,000, tracking the Federal Reserve's signal of a rate cut in September if inflation cools.
This was the eighth consecutive meeting when the Federal Reserve kept the interest rates unchanged.
These levels beyond a point means nothing as its just a number, according to Vikas Khemani, Carnelian Asset Management. "Its been a good journey and I think India is in one of the most transformation phases and the next 10 is the best for wealth creation." The best way for long term investors is to stay put, he said.
Shares of Maruti Suzuki Ltd., HDFC Bank Ltd., Reliance Industries Ltd., Tata Motors Ltd., and Hindalco Industries Ltd. contributed the most to the gains.
While those of Infosys Ltd., Mahindra & Mahindra Ltd., Sun Pharmaceutical Industries Ltd., Hero MotoCorp Ltd., and UltraTech Cement Ltd. weighed on the index.
Most sectoral indices rose with Nifty Metal gaining the most. Nifty IT was the only sectoral index that fell.
Bajaj Auto July Sales Data
Total sales up 11% at 3.54 lakh units YoY
Total 2-wheeler sales up 11% at 2.98 lakh units YoY
Total CV sales up 11% at 56,628 units YoY
Total sales at 3.54 lakg units vs NDTV Profit estimate of 3.46 lakh units
Nifty Crosses 25,000 At Pre-Open
At pre-open, the Nifty traded at 25030.95, up by 0.32% or 79.80 points and the Sensex was at 81949.68, up 0.25% or 208.34 points.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.91%.
It closed at 6.92% on Wednesday.
Source: Cogencis
Rupee Strengthens Against US Dollar
Rupee strengthened by 5 paise to open at 83.68 against the US dollar.
It closed at 83.73 on Wednesday.
Source: Bloomberg
Amara Raja In Strategic Agreement With Ather Energy
Enters into Strategic Agreement with Ather Energy
Collaborate for development & supply of NMC & LFP lithium-ion cells for 2-wheeler battery packs
Source: Exchange Filing
Brokerages On M&M
Emkay
Maintains ADD with target Rs 3,000, upside 3%
Mixed bag; SUV demand beyond near term to be watched
Revenue below estimates on weak realizations down 4%/8% in Auto/Farm
Retained its mid-to-high-teen FY25 growth outlook on SUVs
Expects 5% tractor industry growth with upside risks
Believe upcoming Thar 5-door would aid mkt-share gains 12.3% in Q1FY25 vs. 10.9% in FY24
Feel tractors are entering an upcycle after 3 flattish years
Management sees 5% tractor industry growth with upside risk
Introduce FY27 estimates build-in ~8% core EPS CAGR in FY24-27E
Citi Research
Maintains 'Buy' with target Rs 3,340 from Rs 3,010, upside 15%
Strong margin expansion offset the lower auto segment revenue
Positive outlook for tractors segment; reiterated 5%YoY growth guidance for industry
Possible upside risks to this number
Billings were lower than bookings in UVs due to heatwave, elections
SUV volume growth guidance for FY25 is mid-to-high teens
Order book come down as mgmt. aims to service a higher proportion of bookings
Recent XUV700 price-cuts likely have minimal impact on profitability
Trim SUV volume estimates, but increase tractor estimates over FY25-27E
Pencil in higher margins, driven by better mix and cost reduction initiatives
Earnings estimates over FY25-27E increased by 5-11%
Value M&M’s core business at Rs 2,900/share based on 27x Sep’25E core EPS
Incorporate values for M&M’s listed subsidiaries at a total of Rs440/share
Citi On Zee
Maintains Sell, target Rs 137, downside 6.8%
Revenue driven by strong growth in subscription
Partially offset by weak advertising revenues
Viewership share declined 40 bps QoQ to 16.4%
This was impacted by cricket and general elections
Will monitor any material increase in ad revenue and extent of benefit to Zee
Remains concerned on the potential impact of the cost saving measures
Brokerages On Maruti Suzuki
Emkay
Maintains 'reduce' with target of Rs 12,000 up from 11,200, downside 8%
Logged a strong Q1, with margins at 12.7% vs 11.6% consensus estimates
Led by normalization of a one-off in Q4, favorable Fx and RM costs
Cost efficiencies partially offset by higher discounts
Muted industry growth guidance was maintained amid a high base
Rural is outperforming but small car recovery remains elusive for now
Co guides to Q1 margins being sustainable.
Remain cautious on PVs as underlying metrics are weakening
Moderating retails, higher inventory/discounts, and falling orderbook supports argument
Profitability has been resilient amid improved mix SUVs and CNG
This drives 4% upgrade to FY25E/26E EPS
FY27 estimates and build in 5%/12% volume/core EPS CAGR over FY24-27E
Bernstein
Maintains 'Outperform'; target Rs 14,400, upside 10%
Q1 Results had impressive margin gains
Benefits from SUV and CNG mix increase
Increasing CNG mix from 28% to 33% likely helped margins
Inventory leve.ls at 37 days, much lower than 62 days for industry
Countering slowdown in entry level cars with launch of Swift and Dream Series
Broad plan outlined presence in CNG, Hybrids, Ethanol and EVs eventually
Citi Research
Retains Buy with target Rs 15,500 up from 15,100, upside 15%
1QFY25 results were above our estimates
Driven by strong margin expansion despite escalated discounts
Pent-up demand translating into volume uptick after soft Q1
Cost reduction, favorable commodity prices, & FX trends have supported 1Q margin
Co making customer focused efforts to boost volume/market share
Rural demand is witnessing stronger growth compared to urban demand
Expect overall industry volumes to see modest YoY growth in FY25
Maintain Maruti as top sector pick, given strong profitability trends
Better mix and cost reduction initiatives result in slight increase in earnings estimates
See 2-4% increase in our EBIT estimates
Estimate 2-5% increase in earnings estimates over FY25-27E
Nomura
Maintains Neutral with target Rs 13,133 up from Rs 12,523
Higher ASPs drive EBITDA margin beat to 12.7% vs cons est. of 11.6%
Margin beat was mainly from RM/sales at 73.6%, down -80 bp qoq
Staff cost/sales and other expense/sales at 4.6%/13.4% were largely in line
Retail sales should see improvement on better monsoons and festive season
Over next 6-7 years, Co will add 10+ new models & 1 EV each year
SUV revenue mix is 50- 55% now ;should reach 55-60% by end-FY25
Discounts were at Rs. 21.7k in 1Q vs INR14.7k in 4Q
See tougher demand conditions with signs of rising inventory and discounts
Lower volume growth estimates to 4%/7%/5% over FY25-27
Estimate FY25-26 EBITDA margins at 12.6% /12.8% on slightly better ASPs
Maintain target multiple at 22x
Estimate an EPS CAGR of ~12% over FY24-26F
Jefferies
Maintain Buy with TP 15,200 up from 14750, Upside 15%
EBITDA Beat led by better expected asp and lower commodity costs
CNG Portfolio performing well helping margins, Co derives third of volumes from CNG
Tax cut on hybrids is an upside risk
Launch of 3 new SUVs in FY24 helped retains 41% MS
Expect margins to hold 13% range
Raise estimate by 1-3% factoring lower volumes but higher ASPs
Stock trades at 24x FY26 P/E in line with 10year average
Nuvama On Godrej Properties
Maintains 'Hold' on Godrej Properties
Revised target at Rs 3,416 (+6.1% upside)
Logged its best-ever Q1 pre-sales in Q1FY25 (bookings up 283% YoY)
Collections up 54%, aims to launch ~22msf of projects in FY25
Maintains new project additions guidance, GDV of ~Rs 20,000 cr
Reckon sales momentum shall stay
Cash flow generation key stock trigger
Citi On Infosys
Maintains Neutral, target Rs 1,850, downside 1.1%
Alleged tax evasion of more than Rs320b in IGST
Company believes that GST is not applicable on expenses incurred by overseas branch offices
Company has mentioned in its press release that it is all compliant with GST regulations
Citi Raises Coal India Target To Rs 540
Maintains 'Neutral'
Q1 Ebitda came in 3% ahead of estimates
Higher volumes, lower costs offset impact of weaker blended realizations
E-auction realizations were Rs 2440 per tonne, down 4% QoQ
E-auction coal accounted for 12% of volumes vs 11% in 4Q, 9% last year
Expect e-auction prices to correct as company plans to increase e-auction share to 35% in 2Q and 3Q
Bernstein Initiates Coverage On AMCs, Life Insurer
Financial sector seeing transition which will alter investment landscape
Early scale up for insurance and asset management products
Annual household savings to go from $650 billion to $1 trillion by 2030
Prefer private insurers over asset managers given cyclicality
More valuation comfort for life insurers
Like insurers with distribution strength, captive bank distribution
LIC is a share donor but has supportive valuations
Like insurance distributors with strong economics
PB Fintech has exposure to the best part of the value chain
AMCs have high exposure to market cycles
Nuvama Downgrades Ambuja Cement; Cuts Target
Nuvama downgrades Ambuja Cements to HOLD, cuts target to Rs 722 target
Q1FY25 Ebitda down 23% YoY, stood 14% below consensus estimates
Volumes impacted by elections, heatwaves and early rainfall in certain regions
Realisation down 7% YoY due to weak pricing environment
Board approved set up of 14 cement grinding units with combined capacity of 28 MTPA
FY25 capex at Rs 10000 crores
Upside on stock capped on weak pricing environment, uptick in stock
Nuvama Downgrades GAIL (India) Rating To 'Reduce'
Raises target by 22% to Rs 213 target 11.6% downside
Downgrade rating give stock's lofty valuations
Q1 EBITDA up 27% QoQ, beating brokerage estimate by 11%
Natural gas marketing Ebitda doubled on movement of cargoes to high-margin domestic market
Believe elevated natural gas marketing earnings are unsustainable
Valuations have outpaced expected growth, making risk-reward unattractive
Raise FY25/26 Ebitda estimates by 10%/1%
PC Jeweller's One Time Settlement Sanctioned By Indian Overseas Bank
Indian Overseas Bank sanctions ‘one time settlement’ proposed by co to settle outstanding dues
Source: Exchange Filing
Global Cues
U.S. Dollar Index at 104.02
U.S. 10-year bond yield at 4.04%
Brent crude up 2.66% at $80.72 per barrel
Nymex crude up 0.60% at $78.38 per barrel
GIFT Nifty traded flat at 25095.5 as of 7:49 a.m.
Bitcoin was down 0.9% at $64,006.77
Trading Tweaks
Ex/record Dividend: Greaves Cotton, Kirloskar Oil Engines, Hero MotoCorp, Karur Vysya Bank, MPS, Esab India, Tasty Bite Eatables, Oberoi Realty, Aditya Birla Sun Life AMC.
Ex/record AGM: Kirloskar Oil Engines, Hero MotoCorp, MPS, Bajaj Consumer Care, UGRO Capital, Esab India, Aditya Birla Sun Life AMC, Lyka Labs, Tips Industries.
Moved in short-term Framework: Ambika Cotton Mills, NRB Industrial Bearings, Nuvama Wealth Management, and PC Jeweller.
Moved out short-term Framework: Bhansali Engineering Polymers.
F&O Cues
Nifty August futures up by 0.42% to 25,013 at a premium of 62 points.
Nifty August futures open interest up by 5.48%.
Nifty Bank August futures up by 0.06% to 51,858 at a premium of 325 points.
Nifty Bank August futures open interest up by 25%.
Nifty Options August 1 Expiry: Maximum Call open interest at 25,500 and Maximum Put open interest at 24,500.
Bank Nifty Options August 7 Expiry: Maximum Call Open Interest at 51,500 and Maximum Put open interest at 51,500.
Securities in ban period: Granules, India Cements.
Pledge Share Details
Hatsun Agro Product: Promoter R. G. Chandramogan revoked a pledge for 63.73 lakh shares on July 30.
Sigachi Industries: Promoter Amit Raj Sinha created a pledge for 25 lakh shares on July 16.
Bulk Deals
SIS: Capital Group Affiliates sold 62.26 lakh shares (4.31%) at Rs 415.02 apiece, while 360 One Mutual Fund A/C-360 One Focused Equity Fund bought 29.84 lakh shares (2.07%) at Rs 415 apiece, and Abu Dhabi Investment Authority Stable bought 21.95 lakh shares (1.52%) at Rs 415 apiece.
Protean eGov Technologies: Citicorp Finance (India) sold 6.6 lakh shares (1.63%) at Rs 1833.32 apiece.
Graphite India: Quant Mutual Fund sold 14.56 lakh shares (0.74%) at Rs 520 apiece.
Tanla Platforms: Ponguleti Harsha Reddy sold 7.74 lakh shares (0.57%) at Rs 990.42 apiece.
IPO Offering
Akums Drugs and Pharmaceuticals: The public issue was subscribed to 1.37 times on day 1. The bids were led by institutional investors (0.43 times), non-institutional investors (1.96 times), retail investors (3.35 times) and reserved for employees (1.07 times).
Ceigall India: The company will offer its shares for bidding on Thursday. The price band is set from Rs 380 to Rs 401 per share. The Rs 1,252.66 crore IPO is a combination of a fresh issue of Rs 684.25 crore and the rest of the offer for sale. The company has raised Rs 375 crore from anchor investors.
Stocks To Watch
Infosys: The company is under a GST intelligence scanner for alleged evasion of over Rs 32,000 crore. Responding to the allegation, the company said it paid all its GST dues and is fully in compliance with the central and state regulations on this matter.
Tata Steel: The company will set aside Rs 17,347 crore as contingent liability in its financial statements, following a recent Supreme Court judgement that upheld the state government's power to levy cess on minerals. Besides, the steel maker's consolidated net profit rose 75% in the June quarter of fiscal 2025 but missed analysts' estimates as exceptional items weighed.
IT Stocks: IT stocks will be in focus at the back of the FOMC meeting.
Wipro: The company has secured a multi-year contract with global automotive supplier MAHLE to upgrade its IT infrastructure with hybrid cloud solutions.
IDBI Bank: Fairfax, NBD Emirates, and Kotak Mahindra Bank are said to be on the final list of bidders and have cleared RBI’s fit and proper checks, NDTV Profit reported.
Shriram Finance: The company executed a Master Agreement for loan co-lending to MSME borrowers under the co-lending scheme with the Central Bank.
Sansera Engineering: The company signed an MoU with Karnataka Udyog Mitra for the acquisition of 55 acres of industrial land in Bengaluru.
Barbeque-Nation Hospitality: The company has an has an additional 4.14% stake in Red Apple Kitchen.
Vedanta: The company received approval from BSE and the National Stock Exchange of India to split into six independent listed companies.
Bharat Forge: Subsidiary Kalyani Strategic Systems has received a defence license for the manufacture of various defence products at its Jejuri unit in Maharashtra. This will allow the company to participate in potential future defence programmes.
JK Lakshmi Cement: The board approved the composition of the scheme of amalgamation and arrangement amongst the company, Udaipur Cement Works, Hansdeep Industries & Trading Company, Hidrive Developers, and Industries.
Earnings in Focus
Aditya Birla Capital, Adani Enterprises, Adani Ports and Special Economic Zone, Akzo Nobel India, Alkyl Amines Chemicals, Aptus Value Housing Finance, Arvind Fashions, Cleans Science and Technology, Dabur India, Emami, Escorts Kubota, Great Eastern Shipping, GHCL, Godrej Agrovet, G R Infraprojects, Indegene, ITC, Kalyan Jewellers, KSB, Max Healthcare Institute, Neuland Laboratories, NIIT Learning Systems, Orient Electric, Paradeep Phosphates, Prince Pipes and Fittings, Repco Home Finance, RattanIndia Power, Somany Ceramics, Sun Pharma, Tata Motors, Thermax, Tube Investments, Triveni Engineering, and Zomato.
Earnings Post Market Hours
Coal India Q1 Earnings (Consolidated, YoY)
Revenue up 1.33% at Rs 36,464 crore versus Rs 35,983 crore (Bloomberg estimate Rs 36,021 crore).
Ebitda up 5.62% at Rs 14,338 crore versus Rs 13,575 crore (Bloomberg estimate Rs 10,172 crore).
Ebitda margin up 159 bps at 39.32% versus 37.72% (Bloomberg estimate 28.2%).
Net profit up 5.69% at Rs 10,943.55 crore versus Rs 10,498.39 crore (Bloomberg estimate Rs 7,653 crore).
Bank of Baroda Q1 FY25 (Standalone, YoY)
Net interest income up 5.48% to Rs 11,600.1 crore versus Rs 10,997 crore.
Net profit up 9.5% to Rs 4,458.1 crore versus Rs 4,070 crore (Bloomberg estimate Rs 4,546 crore)
Gross NPA at 2.88% versus 2.92% (QoQ).
NNPA at 0.69% versus 0.68% (QoQ).
GE T&D India Q1 Earnings (Consolidated, YoY)
Revenue up 33.56% at Rs 958 crore versus Rs 718 crore (Bloomberg estimate Rs 889 crore).
Ebitda up 259.94% at Rs 182 crore versus Rs 51 crore (Bloomberg estimate Rs 87.15 crore).
Ebitda margin up 1195 bps at 19% versus 7.05% (Bloomberg estimate Rs 9.8%).
Net profit up 376.95% at Rs 134.5 crore versus Rs 28 crore (Bloomberg estimate Rs 58.23 crore).
Tata Steel Q1 FY25 (Consolidated, YoY)
Revenue down 7.94% at Rs 54,771 crore versus Rs 59,490 crore (Bloomberg estimate Rs 56,340 crore).
Ebitda up 29.39% at Rs 6694 crore versus Rs 5174 crore (Bloomberg estimate Rs 6,380 crore).
Ebitda margin up 352 bps at 12.22% versus 8.69% (Bloomberg estimate 11.30%).
Net profit up 75.04% at Rs 919 crore versus Rs 525 crore (Bloomberg estimate Rs 1,216 crore).
Exceptional loss item of Rs 358 crore in current quarter.
UGRO Capital Q1 FY 25 (YoY)
Total income up 38.1% at Rs 302 crore versus Rs 218 crore.
Net profit up 20.3% at Rs 30 crore versus Rs 25 crore (Bloomberg estimate Rs 47.3 crore).
PRICOL Q1 Highlights (Consolidated, YoY)
Revenue up 15.5% at Rs 603 crore versus Rs 522 crore (Bloomberg estimate: Rs 617.8 crore).
Ebitda up 28.1% at Rs 63.5 crore versus Rs 49.6 crore (Bloomberg estimate: Rs 79.1 crore).
Margin expanded at 10.5% versus 9.5% (Bloomberg estimate: Rs 12.80%).
Net profit up 42.6% at Rs 46 crore versus Rs 32 crore (Bloomberg estimate: Rs 41.9 crore).
Relaxo Footwears Q1 Highlights (Consolidated, YoY)
Revenue up 1.3% at Rs 748 crore versus Rs 739 crore (Bloomberg estimate: Rs 788.83 crore).
Ebitda down 8% at Rs 98.9 crore versus Rs 108 crore (Bloomberg estimate: Rs 122.67 crore).
Margin contracted at 13.2% versus 14.6% (Bloomberg estimate: Rs 15.60%).
Net profit down 21.2% at Rs 44.4 crore versus Rs 56 crore (Bloomberg estimate: Rs 62.97 crore).
Sonata Software Q1 FY25 (Consolidated, YoY)
Revenue up 15.3% at Rs 2,527 crore versus Rs 2,192 crore (Bloomberg estimate: Rs 2,347.93 crore).
Ebit up 22.2% at Rs 176 crore versus Rs 144 crore (Bloomberg estimate: Rs 161.53 crore).
Margin expanded at 7% versus 6.6% (Bloomberg estimate: Rs 6.88%).
Net profit up 4.3% at Rs 106 crore versus Rs 110 crore (Bloomberg estimate: Rs 111.18 crore).
JK Lakshmi Cement Q1 FY25 (Consolidated, YoY)
Revenue down 9.6% at Rs 1,564 crore versus Rs 1,730 crore (Bloomberg estimate Rs 1,658 crore).
Ebitda up 13.3% at Rs 222 crore versus Rs 196 crore (Bloomberg estimate Rs 275 crore).
Margin at 14.2% versus 11.3% (Bloomberg estimate 16.6%).
Net profit down 15.3% at Rs 68 crore versus Rs 80 crore (Bloomberg estimate 121 crore).
Puravankara Q1 FY25 (Consolidated, YoY)
Revenue at Rs 658 crore versus Rs 323 crore (Bloomberg estimate Rs 414 crore).
Ebitda at Rs 130 crore versus Rs 63.7 crore.
Margin at 19.8% versus 19.7%.
Net profit at Rs 14.8 crore versus loss of Rs 18 crore (Bloomberg estimate Rs 4 crore).
Prestige Estates Q1 Results (Consolidated, YoY)
Revenue up 10.8% at Rs 1,862 crore versus Rs 1,681 crore. (Bloomberg estimate Rs 2,395 crore).
Ebitda up 51.2% at Rs 796 crore versus Rs 527 crore. (Bloomberg estimate Rs 743 crore).
Margin at 42.8% versus 31.3%. (Bloomberg estimate 31%).
Net profit down 3.4% at Rs 307 crore versus Rs 318 crore. (Bloomberg estimate Rs 177 crore).
Redington Q1 Results (Consolidated, YoY)
Revenue up 0.4% at Rs 21,282 crore versus Rs 21,187 crore (Bloomberg estimate Rs 21,912 crore).
Ebitda down 11.5% at Rs 371 crore versus Rs 419 crore (Bloomberg estimate Rs 467 crore).
Margin at 1.7% versus 2% (Bloomberg estimate 2.1%).
Net profit down 15% at Rs 217 crore versus Rs 255 crore (Bloomberg estimate Rs 274 crore).
Sundaram Fasteners Q1 FY25 (Consolidated, YoY)
Revenue up 6.2% at Rs 1,498 crore versus Rs 1,411 crore (Bloomberg estimate: Rs 1,414 crore).
Ebitda up 9.2% at Rs 247 crore versus Rs 226 crore (Bloomberg estimate: Rs 223.8 crore).
Margin expanded at 16.5% versus 16% (Bloomberg estimate: Rs 15.80%).
Net profit up 10.8% at Rs 143 crore versus Rs 129 crore (Bloomberg estimate: Rs 135 crore).
Phoenix Mills Q1 FY25 (Consolidated, YoY)
Revenue up 11.5% at Rs 904 crore versus Rs 811 crore (Bloomberg estimate: Rs 981.12 crore).
Ebitda up 7.9% at Rs 531 crore versus Rs 492 crore (Bloomberg estimate: Rs 561.53 crore).
Margin contracted at 58.7% versus 60.7% (Bloomberg estimate: Rs 57.20%).
Net profit up 8.2% at Rs 313 crore versus Rs 290 crore (Bloomberg estimate: Rs 284.15 crore).
Thomas Cook Q1 FY25 (Consolidated, YoY)
Revenue up 10.9% at Rs 2,106 crore versus Rs 1,899 crore (Bloomberg estimate: Rs 2,297.8 crore).
Ebitda up 9.9% at Rs 136 crore versus Rs 124 crore (Bloomberg estimate: Rs 152.4 crore).
Margin flat at 6.5% (Bloomberg estimate: Rs 6.60%).
Net profit up 3.1% at Rs 73 crore versus Rs 71 crore (Bloomberg estimate: Rs 94.3 crore).
Tata Investment Corporation Q1 Highlights (Consolidated, YoY)
Revenue down 6% at Rs 142 crore versus Rs 152 crore.
Ebitda down 8.4% at Rs 131 crore versus Rs 143 crore.
Margin contracted at 91.9% versus 94.3%.
Net profit down 11.3% at Rs 131 crore versus Rs 148 crore.
Aster DM Healthcare Q1 Highlights (Consolidated, YoY)
Revenue up 19.1% at Rs 1,002 crore versus Rs 841 crore (Bloomberg estimate: Rs 980.55 crore).
Ebitda up 34.1% at Rs 164 crore versus Rs 122 crore (Bloomberg estimate: Rs 162.4 crore).
Margin expands at 16.3% versus 14.5% (Bloomberg estimate: Rs 16.60%).
Net profit up at Rs 5,152 crore versus Rs 20 crore due to disposal of business operations at Rs 5,148 crore (Bloomberg estimate: Rs 63.95 crore).
GIFT Nifty Trades Above 25,100
The GIFT Nifty was trading 0.1% or 14.5 points higher at 25,102.50 as of 07:09 a.m.
Most markets in the Asia-Pacific were trading higher on Thursday morning after the US Federal Reserve Chair Jerome Powell's comments at a press conference affirmed hopes of a rate cut as soon as September.
The S&P ASX 200 scaled a fresh high of 8,148.70, and was trading 0.48% higher as of 06:54 a.m. The Kospi was trading 0.39% higher at 2,781.40.
In case the balance of risks is consistent with confidence in inflation easing, and maintaining a solid labour market, a cut in the policy rates could be as soon as in September, Powell told reporters in a press conference, Bloomberg reported.
The Federal Open Market Committee has kept its benchmark target rate unchanged at 5.25-5.5% in line with expectations on late Wednesday.
Meanwhile, the Nikkei 225 slumped nearly 3% on Thursday as the yen strengthened against the greenback. It was trading 2.68% lower as of 06:57 a.m.
US stocks ended higher on growing hopes of monetary easing. The S&P 500 rose 1.58%, and the Nasdaq Composite rose 2.64% as of Wednesday. The Dow Jones Industrial Average was up 0.24%.
Brent crude was trading 0.92% higher at $78.63 a barrel. Gold rose 0.37% to $2,456.65 an ounce as of 06:59 a.m.
India's benchmark stock indices continued their gains for the fourth consecutive session to end at fresh record closing highs on Wednesday, ahead of the Federal Open Market Committee's meeting later in the day.
Both indices closed at their highest levels. The NSE Nifty 50 closed up 93.85 points, or 0.38%, at 24,951 and the S&P BSE Sensex closed 285.94 points, or 0.35%, higher at 81,741.
Overseas investors stayed net sellers of Indian equities on Wednesday for the third consecutive session. Foreign portfolio investors offloaded stocks worth Rs 3,462.4 crore, while domestic institutional investors stayed net buyers for the sixth session and bought equities worth Rs 3,366.5 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 83.73 against the US dollar.
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