KEY HIGHLIGHTS
Rupee Flat Against US Dollar
The local currency closed flat at 83.70 against the US dollar.
It closed at 83.71 on Wednesday.
Source: Bloomberg
Nifty, Sensex End With Little Change After A Volatile Session; Axis Bank, ICICI Bank Drag
Benchmark equity indices ended with little change as shares of Tata Motors and HDFC Bank helped them erase losses after a lower open.
The NSE Nifty 50 ended 7.40 points or 0.03% lower at 24,406.10, and the S&P BSE Sensex 109.09 points or 0.14% lower at 80,039.80.
Intraday, the Nifty 50 declined 0.83% to 24,210.80, and the S&P BSE Sensex fell 0.84% to 79,477.83.
"Following weak global equities, Indian markets started the monthly expiry day on a tepid note with a loss of over 150 points. But, after a sharp cut, one-way recovery was seen throughout the day which supported the Index limiting its losses to 7.40 points to end the session at 24,406.10. Among the sectors, Auto was the biggest gainer followed by Energy while Metal and Realty corrected the most. Mid and Smallcaps recovered from their morning lows but underperformed the Benchmark Index. As we are constantly mentioning that the level of 24,200 is a strong support and as long as the Index holds it, the uptrend will remain intact. On the flip side, a level of 24,560 is considered an immediate hurdle," said Aditya Gaggar, Director, Progressive Shares
Larsen & Toubro Ltd., Tata Motors Ltd., HDFC Bank Ltd., Oil and Natural Gas Corp of India Ltd., and Kotak Mahindra Bank Ltd. added to the index.
ICICI Bank Ltd., Axis Bank Ltd., ICT Ltd., Infosys Ltd., and Titan Co. Ltd. weighed on the index.
On NSE, five sectors ended higher, and seven lower out of 12. The NSE Nifty Metal led losses, and NSE Nifty Oil and Gas led gains.
Nine out of 20 sectoral indices ended lower. S&P BSE Oil & Gas was the top gainer.
Broader indices ended flat. S&P BSE Midcap ended 0.1% lower and S&P BSE Smallcap ended 0.04% lower.
Market breadth was skewed in the favour of buyers. Around 2,118 stocks rose, 1,795 fell, and 110 remained unchanged on the BSE.
CFF Fluid Control Gets LoI From Cochin Shipyard
Gets LoI for procurement of LFVDS from Cochin Shipyard for Rs 268 crore
LFDS stands for Low Frequency Variable Depth Sonar
Source: Exchange filing
Westlife Food Q1 Earnings (Consolidated, YoY)
Revenue flat at Rs 616 crore vs Rs 615 crore
Net profit down 89% at Rs 3.25 crore vs Rs 29 crore
EBITDA margin at 12.8% vs 17%
EBITDA down 25% at Rs 79 crore vs Rs 104 crore
Laurus Labs Q1 Earnings (Consolidated, YoY)
Revenue up 1% at Rs 1,195 crore vs Rs 1,182 crore
Net profit down 52% at Rs 13 crore vs Rs 27 crore
EBITDA margin at 14.3% vs 14.1%
EBITDA up 2.6% at Rs 171 crore vs Rs 167 crore
Adani Green Jumps Over 7% After Results
Adani Green Q1 Earnings (Consolidated, YoY)
Net profit up 95% at Rs 629 crore vs Rs 323 crore
Revenue up 31% at Rs 2,834 crore vs Rs 2,162 crore
EBITDA up 26% at Rs 2,420 crore vs Rs 1,921 crore
EBITDA margin at 85.4% vs 88.9%
Fully secured growth path to 50 GW by 2030
UTI AMC Q1 (Consolidated, YoY)
Total income up 14% at Rs 534 crore vs Rs 469 crore
Net profit up 17% at Rs 274 crore vs Rs 234 crore
Tata Motors Market Cap Crosses Rs 4 Lakh Crore
The stock rose as Nomura upgraded the stock to ‘buy’ rating from the earlier ‘Neutral’, and raised the target price to Rs 1,294 up from Rs. 1,191 implying an upside of 26% from previous close.
PNB Housing Finance Q1 Results (Standalone, YoY)
Total income up 7% at Rs 1,822 crore vs Rs 1,699 crore
Net profit up 24% at Rs 439 crore vs Rs 353 crore
US FDA Conducts Inspection On Gland Pharma's Dundigal Facility
US Food and Drug Adminstration conducts GMP inspection at Gland Pharma Ltd.'s Dundigal facility in Hyderabad, issues two 483 observations.
Source: Exchange filing
Canara Bank Q1 Earnings Key Highlights (YoY)
Net profit rose 10.5% on the year at Rs 3,905 crore vs Rs 3,535 crore
Gross NPA 4.14% vs 4.23% (QoQ)
Net NPA 1.24% vs 1.27% (QoQ)
NII rose 6% on the year at Rs 9,166 crore vs Rs 8,666 crore
Nifty Bank Hits One-Month Low
Most of its constituents fell but HDFC Bank, Kotak Mahindra Bank, Punjab National Bank, and Federal Bank rose.
Ashok Leyland Q1 Results (Standalone, YoY)
Revenue up 5% at Rs 8,599 crore vs Rs 8,189 crore
EBITDA up 11.2% at Rs 912 crore vs Rs 820 crore
Margin at 10.6% vs 10%
Net profit down 8.7% at Rs 526 crore vs Rs 576 crore
Ujjivan Small Finance Bank Q1 Earnings
NII up 19% at Rs 942 crore vs Rs 793 crore YoY
Gross NPA 2.52% vs 2.23% QoQ
Net NPA 0.41% vs 0.28% QoQ
Net profit down 7% at Rs 301 crore vs Rs 324 crore YoY
Rites Gets Rs 321 Crore Letter Of Intent
Gets Rs 321 crore LoI for project consultancy work for hospital construction in Amravati, Maharashtra
Source: Exchange Filing
Nifty Pharma Hits Record High
Thirteen out of the 20 constituents of the index rose and seven fell. Biocon was the top gainer.
Volatility Spikes As Benchmarks Fall
Pitti Engineering Approves Dakshin Foundry Acquisition
Approves acquisition of Dakshin Foundry for Rs 153 crore
Source: Exchange filing
Dee Development Engineers Gets Order Worth $5.9 Million
Dee Development Engineers Ltd. got an order worth $5.9 million from John Zink Co.
Source: Exchange filing
Thangamayil Jewellery Q1 Earnings Key Highlights (YoY)
Revenue up 27% at Rs 1,222 crore vs Rs 960 crore
Ebitda down 0.8% at Rs 91.6 crore vs Rs 92.3 crore
Ebitda margin at 7.5% vs 9.6%
Net profit down 2.5% at Rs 77 crore vs Rs 79 crore
Here Are Nifty 50 Stocks That Hit Life High
Nestle India Q1 Earnings Key Highlights (YoY)
Revenue up 3.3% at Rs 4,814 crore vs Rs 4,659 crore
Ebitda up 5.6% at Rs 1,115 crore vs Rs 1,056 crore
Margin at 23.2% vs 22.7%
Net profit up 7% at Rs 747 crore vs Rs 698 crore
H.G. Infra Engineering Emerges As Lowest Bidder For A Project Worth Rs 763 Crore
H.G. Infra Engineering Ltd. has emerged as the lowest bidder for Transport Ministry project worth Rs 763 crore.
Source: Exchange filing
Tata Power's Arm In Pact With National Dairy Development Board For Renewable Energy Technology
Tata Power Co.'s unit TP Renewable Microgrid signs MoU with National Dairy Development Board.
MoU for facilitating initiatives for renewable energy technologies within dairy value chain.
Source: Exchange filing
Jyothy Labs Q1 Earnings Key Highlights (Consolidated, YoY)
Revenue rose 8% at Rs 742 crore vs Rs 687 crore
Ebitda rose 16.2% at Rs 194 crore vs Rs 167 crore
Margin at 26.1% vs 24.3%
Net profit rose 6.3% at Rs 102 crore vs Rs 96 crore
Craftsman Automation Drops To One-Month Low As Profit Misses Estimates
Shares of Craftsman Automation Ltd. dropped to the lowest level since June 25 after its net profit for April-June fell, missing estimates.
The auto equipment manufacturer's consolidated net profit declined 26.4% on the year to Rs 60 crore during April-June, compared to Rs 73 crore analysts estimated in a Bloomberg's survey.
Nifty Bank Drops To Over One-Month Low As Axis Bank, ICICI Bank Drag
The NSE Nifty Bank index touched the lowest level since June 19 tracking sharp decline in shares of Axis Bank Ltd. and ICICI Bank Ltd. The index was trading 1.33% lower at 24,280.70 as of 10:02 a.m., as compared to 0.54% decline in the NSE Nifty 50 index.
RBL Falls To Near Two-Month Low As Hong Kong-Based Firm Offload Stakes
Shares of RBL Bank plunged on Thursday after Hong Kong-based EQT firm formerly known as Baring Private Equity Asia offloaded its entire stake in the lender via open market transactions.
PG Electroplast Jumped To Life High As Net Profit More Than Doubles
Shares of PG Electroplast Ltd. jumped nearly 16% to the highest level since its listing as the company reported 147% annual growth in net profit during April-June.
Axis Bank Falls To Near Two-Month Low As Asset Quality Worsens In Q1
Shares of Axis Bank Ltd. fell for the fifth consecutive session today to hit its lowest since June 7 after the company's asset quality worsened in the quarter ended June. The company's net profit for the reporting quarter also missed analysts estimates.
Nifty, Sensex Extend Losses To Fifth Day As Axis Bank, RIL Drag
The Indian benchmarks opened lower for three consecutive session, and continued to log losses for five session as Axis Bank Ltd., and Reliance Industries Ltd. dragged.
As of 09:19 a.m., the NSE Nifty 50 was 166.35 points or 0.68% down at 24,247.15, and the S&P BSE Sensex was 581.03 points or 0.72% down at 79,567.85.
"The Nifty 50 has closed in an inside range of the previous day candle and breakdown below 24,300 will push the index lower to 24,000 levels," said Vikas Jain, head, research, Reliance Securities.
On the higher side the crossover of the budget day 24,600 will trigger covering in index pivotal pushing the markets higher near to all time high. RSI is trending below the average line and witnessed bounce from the oversold levels and the second half will be volatile with respect to the monthly expiry. Highest call OI is at 24,700 strikes while the downside the highest put OI moved lower to 24,200 for the monthly expiry, he added.
Axis Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., Infosys Ltd., and Bharti Airtel Ltd. weighed on the benchmark index.
Larsen & Toubro Ltd., HDFC Bank Ltd., Tata Motors Ltd., SBI Life Insurance Co. Ltd., and ITC limited losses in the benchmark.
All 12 sectors opened lower with the NSE Nifty Metal declining the most.
Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices were trading 0.75% and 0.11% lower, respectively.
On BSE, 18 sectors declined, and two were trading with marginal gains out of 20. The S&P BSE Metal declined the most, and the S&P BSE Capital Goods rose the most.
Market breadth was evenly split between buyers and sellers. Around 1,484 stocks advanced, and 1,471 stocks declined, and 113 stocks remained unchanged on BSE.
Nifty, Sensex Lower At Pre-Open
At pre-open, the NSE Nifty 50 was 182.55 points or 0.75% lower at 24,230.95, and the S&P BSE Sensex was 280.16 points or 0.35% down at 80,148.88.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.96% on Wednesday.
Source: Cogencis
Rupee Flat Against US Dollar
The local currency opened flat at 83.71 against the US dollar.
It closed at 83.71 on Wednesday.
Source: Bloomberg
Revenue Intelligence Officials Searche R R Kabel' Waghodia Plant
Revenue Intelligence officials conducted search at R R Kabel Ltd.'s Waghodia plant.
Nothing was seized or impounded in the search.
Source: Exchange filing
Bernstein Maintains 'Outperform' On L&T
Bernstein Maintains Outperform Rating on Larsen & Toubro Ltd.
Price target of Rs 3,800, which implied a 8% upside
Order inflow growth of 8% higher than expectations despite elections
Order inflow and margins in-line to meet full year guidance
Soft order prospects pipeline of Rs 9.07 trillion vs Jun'23
Remains positive in medium term on back of capex in India and M.East
Brokerages On Axis Bank
Berstein Keeps 'Outperform'
Bernstein kept 'Outperform' on Axis Bank Ltd. with a target price Rs 1,250, which implied a 1% upside.
Lower operating expenditure growth to offset credit cost normalization
Credit costs: increase credit cost estimates by10-15 basis points for the next 2 years
Marginally reduce our operating expenditure growth by ~1% for FY25E/FY26E
Less than 2% impact on EPS in FY25/FY26E
Target price unchanged
Nuvama Retains 'Buy'
Nuvama retains 'Buy' on Axis bank, with a target price Rs 1,430 compared to Rs 1,500 earlier, which implied a 15%
The company delivered miss on core income
NII ex-tax refund was up 1% QoQ
NIM adjusted for tax refund is 3.99%
Credit cost rose to 1% from 50bp YoY
Retain ‘BUY’ as Axis continues to trade at a discount to peers
Quarter of lower recoveries and higher provisions on unsecured loans
Nuvama Keeps 'Buy' On CG Power & Solutions
Nuvama maintained 'Buy' on CG Power And Solutions Ltd. and raised the target to Rs 820 target, which implied a 17% upside.
Q1 EBITDA/PAT beat street estimates by 8%/6%
Beat led by stellar growth in the power segment
Power & Railways continue to be high-growth areas, whereas motors has been weak since Q4FY2
Company on of the few suppliers of HV transformers
Key variable to watch out for: De-stocking impact expected to diminish in H2FY25
Entry in new forays- OSAT, Kavach remains positive and margin accretive
Nuvama Downgrades Suzlon Energy
Nuvama downgrades Suzlon Energy to 'Hold', at Rs 64 target, which implied a 5% upside.
Company posted strong Q1 with operating margins surpassing estimates
Ramped up in execution to 274 MW aided 50% YoY top-line growth
Remain long term positive, but uptick in orders/profits factored in valuations
Expect execution at 1.4/2.4/3GW for FY25E/26E/27E
Expect form to remain key beneficiary of rising mix of FDRE/RTC/Hybrid in GoI tenders
Nuvama Maintains 'Buy' On Petronet LNG
Nuvama maintained a 'Buy' on Petronet LNG Ltd. and raised the target to Rs 412 target, which implied an 18% upside.
Q1 Ebitda grew 32% YoY, beat brokerage/ consensus estimates 17–20%
Volumes grew 14% YoY to 5.1 MMT led by higher third-party sales
Utilisation likely to remain elevated at 100% in FY25
Management aims to add 4 MMPTA FSRU terminal at Rs 2300 crore in Gopalpur by Fy27
Believe Dahej terminal expansion project to be value accretive
Domestic LNG demand set to rise if India follows China with LNG trucks driving 40% YoY growth
Raise FY25E/26 Ebitda estimates by 1%/6%
IPO Update - Akum Drugs
Sets IPO price band in the range of Rs 646-679 per share
IPO to open on July 30, close on August 1, for retail investors
Source: Company announcement
Global Cues
U.S. Dollar Index at 104.27
U.S. 10-year bond yield at 4.26%
Brent crude down 0.64% at $81.19 per barrel
Nymex crude down 0.68% at $77.06 per barrel
Bitcoin was down 2.75% at $64,225.76
The GIFT Nifty was 0.31% and 75.50 points down at 24,177.50 as of 8:10 a.m.
Money Market Update
The Indian rupee ended at record closing low for the second day in a row on Wednesday on likely foreign funds outflow from domestic stock markets after the government hiked capital gains tax in the Budget 2024.
The local currency closed at Rs 83.71 after opening at Rs 83.69 against the greenback on Wednesday, according to Bloomberg. On Tuesday, it closed at a record low of Rs 83.69.
F&O Cues
The Nifty July futures down by 0.17% to 24,388 at a discount of 95 points.
The Nifty July futures open interest down by 19.8%.
The Nifty Bank July futures down by 0.65% to 51,401 at a premium of 84 points.
The Nifty Bank July futures open interest down by 17.21%.
Nifty Options July 25 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,000.
Bank Nifty Options July 24 Expiry: Maximum call open interest at 51,400 and maximum put open interest at 51,300.
Securities in ban period: Vodafone Idea, India Cements.
Bulk Deals
Mishtann Foods: Hiteshkumar Gaurishankar Patel sold 1.43 crore shares (1.34%) at Rs 16.86 apiece, Antara India Evergreen Fund Ltd. bought 1 crore shares (0.94%) at Rs 16.85 apiece.
VST Industries: Derive Trading & Resorts sold 2.62 lakh shares (1.7%) at Rs 4,102.57 apiece, Damani Estate and Finance sold 0.9 lakh shares (0.58%) at Rs 3,983.84 apiece.
Insider Trades
Mishtann Foods: Promoter Hiteshkumar Gaurishankar Patel sold 2.36 lakh shares.
Pledge Share Details
Apollo Micro Systems: Promoter Karunakar Reddy Baddam created a pledge for 6 lakh shares.
India Cements: Promoter EWS Finance & Investments revoked a pledge for 2.81 crore shares.
India Cements: Promoter EWS Finance & Investments created a pledge for 17.2 lakh shares.
Trading Tweaks
Price band change from 20% to 10%: Route Mobile.
Ex/record Dividend: Radico Khaitan, Orient Electric, Hind Rectifiers, Datamatics Global Services, Bhansali Engineering Polymers, MRF.
Ex/record AGM: Radico Khaitan, Orient Electric, Hind Rectifiers, the Great Eastern Shipping Co., Datamatics Global Services.
Ex/record stock split: KSB.
Moved in short-term Framework: Tata Teleservices (Maharashtra).
Stocks To Watch
SBI: The company signed a non-binding MoU worth £750 million as a joint investment with the UK's Foreign, Commonwealth and Development Office.
RBL Bank: Hong Kong-based Baring Private Equity Asia plans to exit the company by divesting its entire 7.9% equity via open market transactions on Thursday. The foreign portfolio investor, through its vehicle Maple II BV, has offered to sell 4.78 crore shares at a floor price of Rs 226 per share, according to people in the know.
Shipping Corp: The company will explore possible business collaborations with central and state enterprises and private entities.
Dish TV: The company approved setting up a new subsidiary for digital platforms and ancillary services.
Nestle India: The company and Dr Reddy's Laboratories Ltd. have announced the formation of a joint venture, which will be called Dr. Reddy's and Nestle Health Science Ltd. The partnership was reportedly made to combine the established and reputed range of nutritional products of Nestle Health Science with the nutraceutical portfolios and established market share of Dr. Reddy's Laboratories in India.
BSE: The company received SEBI's nod to act as a research analyst and investment adviser administration body. The company is to undertake the business of an administrative and supervisory body effective July 25.
RVNL: The company received a letter of acceptance from the South Eastern Railway for a Rs 192-crore construction project.
Earnings in Focus
Aavas Financiers, Adani Green Energy, Ashok Leyland, AU Small Finance Bank, Canara Bank, Chalet Hotels, Chennai Petrochem Corp, Cyient, DLF, Glenmark Life Sciences, Go Digital General Insurance, Home First Finance Co., Jupiter Wagons, Jyothy Labs, Laurus Labs, MGL, Motilal Oswal Financial Services, Mphasis, Nestle India, PNB Housing Finance, Praj Industries, the Ramco Cements, Tech Mahindra, United Breweries, Ujjivan Small Finance Bank, UTI AMC, Venus Pipes and Tubes, Vesuvius India and Westlife Foodworld.
Earnings Post Market Hours
Axis Bank Q1 FY25 (Standalone, YoY)
NII up 12% at Rs 13,448 crore versus Rs 11,959 crore.
Net profit up 4% at Rs 6,035 crore versus Rs 5,797 crore.
Gross NPA at 1.54% versus 1.43% (QoQ).
Net NPA at 0.34% versus 0.31% (QoQ).
L&T Q1 FY25 (Consolidated, YoY)
Revenue up 15% at Rs 55,120 crore versus Rs 47,882 crore (Bloomberg estimate Rs 53,601 crore).
Ebitda up 15% at Rs 5,615 crore versus Rs 4,867 crore (Bloomberg estimates Rs 5,540 crore).
Ebitda margin at 10.20% versus 10.16% (Bloomberg estimate 10.3%).
Net profit up 10.4% at Rs 3,440 crore versus Rs 3,116 crore (Bloomberg Rs 2,639 crore).
SBI Life Q1 FY25 (YoY)
Net premium income up 15.3% at Rs 15,106 crore versus Rs 13,105 crore.
Net profit up 36.5% at Rs 520 crore versus Rs 381 crore (Bloomberg estimate Rs 419 crore).
JK Paper Q1 FY25 (Consolidated, YoY)
Revenue up 8.2% at Rs 1,714 crore versus Rs 1,584 crore (Bloomberg estimate Rs 1,592 crore).
Ebitda down 41% at Rs 281 crore versus Rs 477 crore.
Ebitda margin at 16.4% versus 30.1%.
Net profit down 54.9% at Rs 141 crore versus Rs 313 crore (Bloomberg estimate Rs 227 crore).
Hitachi Energy India Q2 (Consolidated, YoY)
Revenue up 28% at Rs 1,327 crore versus Rs 1,040 crore.
Ebitda up 42% at Rs 48 crore versus Rs 34 crore.
Ebitda margin at 3.6% versus 3.2%.
Net profit at Rs 10.4 crore versus Rs 2.4 crore.
Bikaji Foods Q1 FY25 (Consolidated, YoY)
Revenue up 18.7% at Rs 572 crore versus Rs 482 crore (Bloomberg estimate Rs 554 crore).
Ebitda up 39% at Rs 91 crore versus Rs 66 crore (Bloomberg estimate Rs 87 crore).
Ebitda margin at 16% versus 13.6% (Bloomberg estimate 15.7%).
Net profit up 40.3% at Rs 58 crore versus Rs 41 crore (Bloomberg estimate Rs 57 crore).
Trident Q1 FY25 (Consolidated, YoY)
Revenue up 16.7% at Rs 1,743 crore versus Rs 1,494 crore.
Ebitda down 2.6% at Rs 225 crore versus Rs 231 crore.
Ebitda margin at 12.9% versus 15.5%.
Net profit down 19.1% at Rs 74 crore versus Rs 91 crore.
Oracle Financial Q1 FY25 (Consolidated, QoQ)
Revenue up 6.02% at Rs 1,741 crore versus Rs 1642 crore (Bloomberg estimate Rs 1,665 crore).
EBIT up 15.75% at Rs 829 crore versus Rs 716 crore (Bloomberg estimate Rs 712 crore).
EBIT margin at 47.59% versus 43.59% (Bloomberg estimate 42.8%).
Net profit up 10.17% at Rs 617 crore versus Rs 560 crore (Bloomberg estimate Rs 569 crore).
RK Forgings Q1 FY25 (Consolidated, YoY)
Revenue up 12.6% at Rs 1,005 crore versus Rs 892 crore (Bloomberg estimate Rs 994 crore).
Ebitda up 8.3% at Rs 208 crore versus Rs 192 crore.
Ebitda margin at 20.7% versus 21.5%.
Net profit up 3% at Rs 81 crore versus Rs 79 crore (Bloomberg estimate Rs 88 crore).
Karnataka Bank Q1 FY25 (Standalone, YoY)
NII up 11% at Rs 903 crore versus Rs 815 crore.
Gross NPA at 3.54% versus 3.53% (QoQ).
Net NPA at 1.66% versus 1.58% (QoQ).
Net profit up 8% at Rs 400 crore versus Rs 371 crore (Bloomberg estimate Rs 297 crore).
Indraprastha Gas Q1 FY25 (Consolidated, QoQ)
Revenue down 1.9% at Rs 3,521 crore versus Rs 3,597 crore.
Ebitda up 11.3% at Rs 580 crore versus Rs 521 crore.
Ebitda margin at 16.5% versus 14.5%.
Net profit up 10.8% at Rs 480 crore versus Rs 433 crore.
IEX Q1 FY25 (YoY)
Total income up 21% at Rs 154 crore versus Rs 127 crore (Bloomberg estimate Rs 126 crore).
Net profit up 26% at Rs 96 crore versus Rs 76 crore (Bloomberg estimate Rs 93 crore).
Sona BLW Q1 FY25 (Consolidated, YoY)
Revenue up 21.0% at Rs 891 crore versus Rs 731 crore (Bloomberg estimate Rs 859 crore).
Ebitda up 23.2% at Rs 249 crore versus Rs 202 crore (Bloomberg estimate Rs 245 crore).
Ebitda margin at 28% versus 27.7% (Bloomberg estimate 28.6%).
Net profit up 26.8% at Rs 142 crore versus Rs 112 crore (Bloomberg estimate Rs 139 crore).
DCB Bank Q1 FY25 (Standalone, YoY)
NII up 5.5% at Rs 496 crore versus Rs 470 crore.
Net profit up 3.54% at Rs 131.4 crore versus Rs 126.9 crore (Bloomberg estimate Rs 144 crore).
Gross NPA at 3.33% versus 3.23% (QoQ).
Net NPA at 1.18% versus 1.11% (QoQ).
MAS Financial (Standalone, YoY)
Total income up 24% at Rs 347 crore versus Rs 280 crore.
Net profit up 23% at Rs 70 crore versus Rs 57 crore (Bloomberg estimate Rs 36 crore).
PG Electroplast Q1 FY25 (Consolidated, YoY)
Revenue up 95% at Rs 1,321 crore versus Rs 678 crore (Bloomberg estimate Rs 959 crore.
Ebitda up 99% at Rs 131 crore versus Rs 66 crore (Bloomberg estimate Rs 89 crore).
Ebitda margin at 9.9% versus 9.7% (Bloomberg estimate 9.3%).
Net profit up 147% at Rs 84 crore versus Rs 34 crore (Bloomberg estimate Rs 53 crore).
Jindal Steel & Power Q1 FY25 (Consolidated, YoY)
Revenue up 8% at Rs 13,618 crore versus Rs 12,588 crore (Bloomberg estimate Rs 13,194 crore).
Ebitda up 8% at Rs 2,839 crore versus Rs 2,628 crore (Bloomberg estimate Rs 2,719 crore).
Ebitda margin flat at 20.9% versus 20.9% (Bloomberg estimate 20.6%).
Net profit down 21% at Rs 1,338 crore versus Rs 1,692 crore (Bloomberg estimate Rs 1,319 crore).
HFCL Q1 FY25 (Consolidated, YoY)
Revenue up 16% at Rs 1,158 crore versus Rs 995 crore.
Ebitda up 19% at Rs 175 crore versus Rs 146 crore.
Ebitda margin at 15.1% versus 14.7%.
Net profit up 46% at Rs 111 crore versus Rs 76 crore.
SIS Q1 FY25 (Consolidated, YoY)
Revenue up 5% at Rs 3,130 crore versus Rs 2,977 crore (Bloomberg estimate Rs 3,313 crore).
Ebitda down 1% at Rs 138 crore versus Rs 139 crore (Bloomberg estimate Rs 163 crore).
Ebitda margin at 4.4% versus 4.7% (Bloomberg estimate 4.9%).
Net profit down 28% at Rs 64 crore versus Rs 90 crore (Bloomberg estimate Rs 75 crore).
CMS Info Systems Q1 FY25 (Consolidated, YoY)
Revenue up 17% at Rs 599 crore versus Rs 512 crore (Bloomberg estimate Rs 599 crore).
Ebitda up 3% at Rs 152 crore versus Rs 148 crore (Bloomberg estimate Rs 159 crore).
Ebitda margin at 25.4% versus 28.9% (Bloomberg estimate 26%).
Net profit up 8% at Rs 91 crore versus Rs 84 crore (Bloomberg estimate Rs 91 crore).
Craftsman Automation Q1 FY25 (Consolidated, YoY)
Revenue up 10.9% at RS 1,151 crore versus Rs 1,038 crore (Bloomberg estimate Rs 1,116 crore).
EBITDA down 7.9% at Rs 197 crore versus Rs 214 crore (Bloomberg estimate Rs 216 crore).
EBITDA margin at 17.1% versus 20.6% (Bloomberg estimate 19.3%).
Net profit down 26.4% at Rs 60 crore versus Rs 81 crore (Bloomberg estimate Rs 73 crore).
Aditya Birla Sun Life AMC Q1 FY25 (Consolidated, YoY)
Total income up 23.7% at Rs 481 crore versus Rs 389 crore.
Net profit up 27.6% at Rs 236 crore versus Rs 185 crore (Bloomberg estimate Rs 213 crore).
GIFT Nifty Trades Below 24,300
Markets in the Asia-Pacific region extended their downward move Thursday as technology stocks tumbled on Wall Street after traders started to pull back from artificial intelligence-driven frenzy.
The Nikkei 225 was 1,019.44 points or 2.60% lower at 38,135.41, and the Kospi fell 51 points or 1.85% lower at 2,707.71 as of 06:54 a.m. The S&P ASX 200 was down 74.00 points or 0.93% down at 7,889.70.
US stocks plummeted following a disappointing start to the mega-cap earnings season. After driving the rally for most of 2024, big tech pulled the markets down on Wednesday, with the S&P 500 seeing its sharpest decline since December. The Nasdaq 100 ended 3.7% as Apple Inc. dragged.
The S&P 500 and the Nasdaq Composite settled 2.31% and 3.64% down respectively, as of Wednesday. The Dow Jones Industrial Average was down 1.24%.
Brent crude was trading 0.40% lower at $81.38 a barrel. Gold fell 0.36% to $2,388.96 an ounce.
The GIFT Nifty was 0.04% or 8.50 points down at 24,244.50 as of 06:59 a.m.
India's benchmark equity indices fell for a fourth consecutive session on Wednesday, logging their worst streak since five consecutive sessions of decline till May 30. Today's fall was due to losses in the shares of financial services stocks.
The Nifty closed at 24,413.50, down 0.27% or by 65.55 points, while the Sensex ended at 80,148.88, down 0.35% or by 280.16 points. Intraday, the Nifty fell 0.70% and the Sensex declined 0.84%.
Overseas investors remained net sellers of Indian equities on Wednesday for the second straight day. Foreign portfolio investors offloaded stocks worth Rs 5,130.9 crore post-budget day, while domestic institutional investors stayed net buyers for the third session and mopped up equities worth Rs 3,137.3 crore, according to provisional data from the National Stock Exchange.
The Indian currency weakened by 2 paise to close at a record low of 83.71 against the US dollar.
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