Most share indices in the Asia-Pacific region extended losses on Friday, taking cues from their Wall Street peers as sell off in technology stocks continued.
The Nikkei 225 was trading 79.27 points or 0.20% higher 40,205.62, and the S&P ASX 200 was trading 98.30 points or 1.22% lower at 7,938.20. The KOSPI was 28.45 points or 1.01% lower at 2,795.90 as of 06:58 a.m.
A week of market fluctuations saw major US stock indices decline while smaller firms and those beyond the mega-cap technology sector thrived, driven by expectations of Federal Reserve rate cuts.
The S&P 500 and Dow Jones Industrial Average were trading 0.78% and 1.29% lower as of Thursday. Nasdaq Composite was down 0.70%.
In commodities, the September contract of brent crude on Intercontinental Exchange fell 0.51% to trade at $84.60 per barrel, while gold spot declined 0.83% at $2,424.73 an ounce.
The GIFT Nifty was trading 0.04% or 10 points higher at 24,828.50 as of 06:59 a.m.
India's benchmark stock indices ended at a fresh record high for the fourth consecutive session on Thursday amid volatility, led by gains in Tata Consultancy Services Ltd. and Infosys Ltd.
The NSE Nifty 50 gained 187.85 points, or 0.76%, to end at a new record closing high of 24,800.85. The S&P BSE Sensex gained 626.91 points, or 0.78%, to end at a fresh lifetime closing high of 81,343.46.
Overseas investors remained net buyers of Indian equities for the fourth consecutive session on Thursday. Foreign portfolio investors mopped up stocks worth Rs 5,485 crore, while domestic institutional investors stayed net sellers for the fourth session and sold equities worth Rs 2,904 crore, the NSE data showed.
The Indian rupee closed 8 paise weaker against the US dollar to 83.66.
Earnings Post Market Hours
Infosys Q1 FY25 (Consolidated, QoQ)
Revenue up 3.7% at Rs 39,315 crore versus Rs 37,923 crore (Bloomberg estimate Rs 38,810 crore)
EBIT up 8.8% at Rs 8,288 crore versus Rs 7,621 crore (Bloomberg estimates Rs 802.4 crore)
EBIT margin at 21.1% versus 20.1% (Bloomberg estimates 20.7%)
Net profit down 20.1% at Rs 6,374 crore versus Rs 7,975 crore (Bloomberg estimates Rs 6,253 crore)
Persistent Systems Q1 FY25 (Consolidated, QoQ)
Revenue up 5.7% at Rs 2,737 crore versus Rs 2,590 crore (Bloomberg estimates Rs 2,711 crore)
EBIT up 2.5% at Rs 384 crore versus Rs 375 crore (Bloomberg estimates Rs 379 crore)
EBIT margin at 14% versus 14.5% (Bloomberg estimates 13.9%)
Net profit down 2.9% at Rs 306 crore versus Rs 315 crore (Bloomberg estimates Rs 303.4 crore)
Tata Technologies Q1 FY25 (Consolidated, QoQ)
Revenue down 2.5% at Rs 1,269 crore versus Rs 1,301 crore (Bloomberg estimates Rs 1,337 crore)
EBIT down 4.5% at Rs 201 crore versus Rs 211 crore (Bloomberg estimates Rs 217.1 crore)
EBIT margin at 15.9% versus 16.2% (Bloomberg estimates 16.2%)
Net profit up 3.2% at Rs 162 crore versus Rs 157 crore (Bloomberg estimate Rs 184 crore)
L&T Tech Q1 FY25 (Consolidated, QoQ)
Revenue down 3% at Rs 2,462 crore versus Rs 2,538 crore (Bloomberg estimate Rs 2,532 crore)
EBIT down 10.4% at Rs 384 crore versus Rs 428 crore (Bloomberg estimate Rs 478 crore)
EBIT margin 15.6% versus 16.9% (Bloomberg estimate 18.9%)
Net profit down 8% at Rs 314 crore versus Rs 341 crore (Bloomberg estimate Rs 324 crore)
CEAT Q1 FY25 (Consolidated, YoY)
Revenue up 8.8% at Rs 3,193 crore versus Rs 2,935 crore
EBITDA down 1.1% at Rs 383 crore versus Rs 387 crore
EBITDA margin at 12% versus 13.2%
Net profit up 7.1% at Rs 154 crore versus Rs 144 crore
JSW Infra Q1 FY25 (Consolidated, YoY)
Revenue up 15% at Rs 1,010 crore versus Rs 878 crore (Bloomberg estimate Rs 1,050 crore)
EBITDA up 14% at Rs 515 crore versus Rs 451 crore (Bloomberg estimate Rs 549 crore)
EBITDA margin at 51% versus 51.4% (Bloomberg estimate 52.3 crore)
Net profit down 7.8% at Rs 297 crore versus Rs 322 crore (Bloomberg estimate Rs 327 crore)
South Indian Bank Q1 FY25 (Standalone, YoY)
NII up 7% at Rs 866 crore versus Rs 808 crore
Net profit up 46% at Rs 294 crore versus Rs 202 crore (Bloomberg estimate Rs 293 crore)
Net NPA at 1.44% versus 1.46% QoQ
Gross NPA flat at 4.5% QoQ
Sagar Cements Q1 FY25 (Consolidated, YoY)
Revenue up 4% at Rs 560.6 crore versus Rs 540 crore
EBITDA up 53% at Rs 47 crore versus Rs 31 crore
EBITDA margin at 8.3% versus 5.7%
Net loss at Rs 32 crore versus loss of Rs 42 crore
Dalmia Bharat Q1 FY25 (Consolidated, YoY)
Revenue flat at Rs 3,621 crore versus Rs 3,627 crore (Bloomberg estimate Rs 3,572 crore)
EBITDA up 9% at Rs 669 crore versus Rs 613 crore (Bloomberg estimate Rs 557 crore)
EBITDA margin at 18.5% versus 16.9% (Bloomberg estimate 15.6%)
Net profit up 0.7% at Rs 145 crore versus Rs 144 crore (Bloomberg estimate Rs 142 crore)
Exceptional loss of Rs 113 crore in current quarter due to insolvency proceedings against Jaiprakash Associates after signing agreement to acquire identified cement assets.
Shoppers Stop Q1 FY25 (Consolidated, YoY)
Revenue up 7.6% at Rs 1,069 crore versus Rs 994 crore
EBITDA down 17% at Rs 143 crore versus Rs 172 crore
EBITDA margin at 13.4% versus 17.3%
Net loss at Rs 23 crore versus profit of Rs 14 crore
Rallis India Q1 FY25 (YoY)
Revenue flat at Rs 783 crore versus Rs 782 crore
EBITDA down 12.7% at Rs 96 crore versus Rs 110 crore
EBITDA margin at 12.3% versus 14.1%
Net profit down 23.8% at Rs 48 crore versus Rs 63 crore.
CIE Automotive Q1 FY 25 – (Consolidated, YoY)
Revenue down 1.2% at Rs 2,293 crore versus Rs 2,320 crore
EBITDA down 2.8% at Rs 360 crore versus Rs 370 crore
EBITDA margin at 15.7% versus 16%
Net profit down 28.1% at Rs 216.8 crore versus Rs 301.7 crore
Tanla Platforms Q1 FY25 (Consolidated, QoQ)
Revenue flat at Rs 1,002 crore versus Rs 1,005 crore
EBIT up 20.6% at Rs 166 crore versus Rs 138 crore
EBIT margin at 16.5% versus 13.7%
Net profit up 8.4% at Rs 141 crore versus Rs 130 crore
Earnings In Focus
Aether Industries, Atul, Blue Dart Express, Bharat Petroleum Corp, CreditAcess Grameen, ICICI Lombard General Insurance, JSW Steel, Jubilant Pharmova, Nippon Life AMC, Oberoi Realty, Patanjali foods, One 97 communication, PVR Inox, Reliance Industries, Route Mobile, Supreme Petrochem, Tejas Networks, Transformers and Rectifiers, UltraTech Cement, Union Bank of India, and Wipro.
Stocks To Watch
HAL: The company amended its MoU with the Aeronautical Development Agency for the completion of LCA AF Mk-2 development. The completion will lead to operation clearance for a value of Rs 2,970 crore.
GPT Infraprojects: NHAI and Eastern Railway enhanced their existing contract with the company to Rs 103 crore. The outstanding order book for the company now stands at Rs 3,775 crore, with a total order inflow for fiscal 2025 of Rs 803 crore.
Vodafone Idea: The telco approved the first tranche allotment of shares worth Rs 615 crore to Nokia India and Ericsson India at an issue price of Rs 14.80 per share.
Tech Mahindra: The company will restructure its operations in the Philippines.
Dr Reddy's Labs: The company has signed a non-exclusive patent licensing agreement with Takeda Pharma for Vonoprazan tablets in India.
Zydus Life: The USFDA inspected the Jarod manufacturing facility and closed it with an 'Official Action Indicated' classification.
Tata Technologies: The company signed an MoU with Arm to develop automotive software and systems solutions for software-defined vehicles.
Ircon International: Hari Mohan Gupta is designated as CEO effective July 1. The Railways Ministry approved the closure of Indian Railway Stations Development Corp. JV, in which the company holds a 26% stake.
Coromandel International: The company raised its stake in unit Coromandel Crop Protection Philippines to 93.2% from 40%.
JTL Industries: The company opened its QIP at a floor price of Rs 221.57 per share.
IPO Offering
Sanstar: The company will offer its shares for bidding on Friday. The price band is set from Rs 90 to Rs 95 per share. The Rs 510.15-crore IPO is a combination of a fresh issue of Rs 397.1 crore and the rest is offer for sale. The company has raised Rs 153 crore from anchor investors.
Bulk Deals
India Cements: Societe Generale sold 17.41 lakh shares (0.56%) at Rs 342.66 apiece.
Trading Tweaks
Price Band change from 20% to 10%: Mahanagar Telephone Nigam.
Ex/record Dividend: JSW Infrastructure, Life Insurance Corp, Shanthi Gears, Sumitomo Chemical India, Transport Corporation of India, Zensar Technologies, Zydus Wellness, R. S. Software (India), Indian Hume Pipe, Bosch, Cholamandalam Investment and Finance, Cummins India, Dabur India, Delta Corp, Hitech Corp, Graphite India, Shree Digvijay Cement, PDS, Tech Mahindra, Lloyds Engineering Works, Dhanuka Agritech, Chennai Petroleum Corporation, TCS, Blue Star, Bajaj Electricals, Arvind, ICRA, Union Bank of India, Kotak Mahindra Bank.
Ex/record AGM: TIPS Industries, Transport Corporation of India, Indian Hume Pipe Company, Bosch, Cummins India, Dabur India, PDS, Tech Mahindra, ICRA, Union Bank of India.
Ex/record stock split: Elecon Engineering.
Moved out short-term Framework: GE Power India, Indowind Energy, Suven Life Sciences.
F&O Cues
Nifty July futures up by 0.67% to 24,809 at a premium of 8.2 points.
Nifty July futures open interest up by 4.9%.
Nifty Bank July futures up by 0.24% to 52,670.35 at a premium of 49.65 points.
Nifty Bank July futures open interest down by 0.68%.
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: Balrampur Chini Mills, Bandhan Bank, GMR Infra, GNFC, HAL, Hindustan Copper, India Cements, PEL, RBL Bank, Sail, and Vedanta.
Money Market Update
The Indian rupee closed weaker on dollar demand by oil importers amid rising oil prices. The local currency closed 8 paise weaker against the US Dollar to Rs 83.66.
Research Reports
Sanstar IPO - Investment Rationale, Issue Details, Financials, Strengths, Risks And More: DRChoksey
Zen Technologies - A Niche Defense Play; Motilal Oswal Initiates Coverage With A Buy
Expectations From The Union Budget 2024-25 - CareEdge Analysis
Ambuja Cements - Remains ‘In The Catbird Seat’; Maintain Buy: ICICI Securities
360 One WAM - Improving Client, Geographical, Product Diversity: Motilal Oswal
Nazara Technologies - Regulatory Challenges Arise In The Real-Money Gaming Segment: ICICI Securities
Sanstar IPO - Investment Rationale, Valuations, Strategies, Financials And More: Anand Rathi
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