Markets in 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 shed 1,019.44 points or 2.60% lower at 38,135.41, and the KOSPI fell 51.00 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.
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).
Ramkrishna 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).
Also Read: Q1 Results Live Updates: Axis Bank Profit Up 4% But Asset Quality Sours; L&T Beat Estimates
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 Company India, 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.
Stocks To Watch
SBI: The company signed a non-binding MoU worth £750 million as a 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 Ltd. 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 Corporation of India: 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 have announced the formation of a joint venture, which will be called Dr. Reddy’s and Nestlé Health Science Ltd. The partnership was reportedly made to combine the established and reputed range of nutritional products of Nestlé 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 South Eastern Railway for a Rs 192 crore construction project.
Bulk Deals
Mishtan 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, Limited Damani Estate and Finance sold 0.9 lakh shares (0.58%) at Rs 3,983.84 apiece.
Insider Trades
Mishtan 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 Company, Datamatics Global Services, MRF.
Ex/record stock split: KSB.
Moved in short-term Framework: Tata Teleservices (Maharashtra).
F&O Cues
Nifty July futures down by 0.17% to 24,388 at a discount of 95 points.
Nifty July futures open interest down by 19.8%.
Nifty Bank July futures down by 0.65% to 51,401 at a premium of 84 points.
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: Idea, India Cements.
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 stocks after the government hiked capital gain 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.
Disclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
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