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.
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.
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 Company, UPL, and Zydus Wellness.
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.
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 to 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 1350 apiece, and Plutus Wealth Management LLP sold 10 lakh shares (2.44%) at Rs 1350 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 3099.38 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 3098.32 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.
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, C.E. Info Systems, Jain Irrigation Systems.
Ex/record demerger: Ajmera Realty & Infra.
Moved out short-term framework: Tata Teleservices (Maharashtra).
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
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.
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