Markets in the Asia-Pacific region rebounded from a three-day decline on Monday as investors await policy decisions from several central banks, due to be published this week.
The US Federal Reserve and the Bank of Japan will take their decision regarding interest rates on Wednesday. The Bank of England will publish its monetary policy report on Thursday.
The Nikkei 225 was trading 993.10 points or 2.64% higher at 38,660.51, and the S&P ASX 200 was 69.10 points or 0.87% higher at 7,990.40 as of 06:50 a.m.
Wall Street continued its upward trend as riskier segments of the stock market received an additional boost on Friday. All major sectors in the S&P 500 saw gains, fuelled by optimism that the Fed's potential easing cycle will enhance prospects for corporate America. Smaller companies notably outperformed the large tech giants once again, extending their July rally to roughly 10%.
The S&P 500 rose 1.11% and the Nasdaq Composite gained over 1.03% higher respectively on Friday. The Dow Jones Industrial Average was up 1.64%.
Brent crude was trading 0.17% higher at $81.87 a barrel. Gold rose 0.44% to $2,397.77 an ounce.
The GIFT Nifty was trading 0.37% or 92.50 points higher at 25,059.50 as of 06:59 a.m.
India's benchmark equity indices snapped five consecutive days of fall to end at their highest closing levels on Friday. On a weekly basis, the Nifty recorded its best streak of weekly gains since eight weeks ended Jan. 22, 2018.
Both indices ended at their highest closing levels. The Nifty closed at 24,834.85, up 1.76% or 428.75 points, and the Sensex closed at 81,332.72, up 1.62% or 1,292.92 points.
Overseas investors turned net buyers on Friday after three days of selling. Foreign portfolio investors mopped up stocks worth Rs 2,546.4 crore, while domestic institutional investors remained net buyers for the fourth consecutive session and bought equities worth Rs 2,774.31 crore, according to provisional data from the National Stock Exchange.
The Indian currency weakened 2 paise to a record closing low of 83.72 against the US dollar.
Earnings Post Market Hours
Indusind Bank Q1 FY25 (Consolidated, YoY)
NII up 11% at Rs 5,408 crore versus Rs 4,867 crore.
Net profit up 2% at Rs 2,171 crore versus Rs 2,125 crore (Bloomberg estimate Rs 2,332 crore).
Gross NPA at 2.02% versus 1.92% (QoQ).
Net NPA at 0.6% versus 0.57% (QoQ).
Interglobe Aviation Q1 FY25 (Consolidated, YoY)
Revenue up 17.3% at Rs 19,571 crore versus Rs 16,683 crore (Bloomberg estimate Rs 18,717 crore).
Ebitdar up 15.5% at Rs 5,840.8 crore versus Rs 5,053 crore.
Ebitdar margin down 44 bps at 29.8% versus 30.3%.
Net profit up 47.5% at Rs 1,063 crore versus Rs 721 crore (Bloomberg estimate Rs 2,503 crore).
Bandhan Bank Q1 FY25 (Consolidated, YoY)
NII up 21% at Rs 3,005 crore versus Rs 2,491 crore.
Gross NPA at 4.23% versus 3.84% (QoQ).
Net NPA at 1.15% versus 1.11% (QoQ).
Net profit up 47.5% at Rs 1,063 crore versus Rs 721 crore.
KEC International Q1 FY25 (Consolidated, YoY)
Revenue up 6.31% at Rs 4,512 crore versus Rs 4,244 crore (Bloomberg estimate Rs 4,463 crore).
Ebitda up 10.5% at Rs 270.51 crore versus Rs 244.79 crore (Bloomberg estimate Rs 282.5 crore).
Ebitda margin up 22 bps at 5.99% versus 5.76% (Bloomberg estimate 6.3%).
Net profit up 109.52% at Rs 88 crore versus Rs 42 crore (Bloomberg estimate Rs 70 crore).
Sanofi India Q2 FY25 (Consolidated, YoY)
Revenue down 9.9% at Rs 464 crore versus Rs 515 crore (Bloomberg estimate Rs 739 crore).
Ebitda down 4.9% at Rs 116 crore versus Rs 122 crore (Bloomberg estimate Rs 221.7 crore).
Ebitda margin at 24.9% versus 23.6% (Bloomberg estimate 30%).
Net profit down 16% at Rs 103 crore versus Rs 123 crore (Bloomberg estimate Rs 152.4 crore).
GMDC Q1 FY25 (Consolidated, YoY)
Revenue up 6.9% at Rs 818 crore versus Rs 766 crore.
Ebitda down 14.3% at Rs 211 crore versus Rs 247 crore.
Ebitda margin at 25.8% versus 32.2%.
Net profit down 15.6% at Rs 184 crore versus Rs 218 crore (Bloomberg estimate Rs 186.1 crore).
Intellect Design Arena Q1 FY25 (Consolidated, QoQ)
Revenue down 1.2% at Rs 606 crore versus Rs 614 crore (Bloomberg estimate Rs 632.5 crore).
EBIT down 16.8% at Rs 84 crore versus Rs 101 crore (Bloomberg estimate Rs 64.4 crore).
EBIT margin at 13.9% versus 16.5% (Bloomberg estimate 17.04%).
Net profit up 1.8% at Rs 75 crore versus Rs 73 crore (Bloomberg estimate Rs 97.3 crore).
Punjab & Sind Bank Q1 FY25 (Consolidated, YoY)
NII up 15% at Rs 850 crore versus Rs 738 crore.
Gross NPA at 4.72% versus 5.43% (QoQ).
Net NPA at 1.59% versus 1.63% (QoQ).
Net profit up 18.9% at Rs 182 crore versus Rs 153 crore.
KFIN Tech Q1 FY25 (Consolidated, YoY)
Revenue up 4% at Rs 238 crore versus Rs 228 crore.
EBIT down 5.7% at Rs 85 crore versus Rs 90 crore.
EBIT margin at 35.7% versus 39.4%.
Net profit down 8.6% at Rs 68 crore versus Rs 74 crore (Bloomberg estimate Rs 68 crore).
SBI Cards Q1 FY25 (YoY)
Total income up 10.8% at Rs 4,483 crore versus Rs 4,046 crore.
Net profit up 0.2% at Rs 594 crore versus Rs 593 crore.
Kaynes Tech Q1 FY25 (Consolidated, YoY)
Revenue up 69.6% at Rs 504 crore versus Rs 297 crore (Bloomberg estimate Rs 477 crore).
Ebitda up 66.2% at Rs 67 crore versus Rs 40 crore (Bloomberg estimate Rs 64.4 crore).
Ebitda margin at 13.3% versus 13.5% (Bloomberg estimate 13.5%).
Net profit up 104% at Rs 51 crore versus Rs 25 crore (Bloomberg estimate Rs 46.2 crore).
Power Grid Corp Q1 FY25 (Consolidated, YoY)
Revenue down 0.4% at Rs 11,006 crore versus Rs 11,048 crore (Bloomberg estimate Rs 11,778 crore).
Ebitda down 0.8% at Rs 9,602 crore versus Rs 9,683 crore (Bloomberg estimate Rs 10,183 crore).
Ebitda Margin at 87.2% versus 87.6% (Bloomberg estimate 86.5%).
Net profit up 3.5% at Rs 3,724 crore versus Rs 3,597 crore (Bloomberg estimate Rs 3,893 crore).
Laxmi Organics Q1 FY25 (Consolidated, YoY)
Revenue down 1.53% at Rs 718.1 crore versus Rs 729.2 crore (Bloomberg estimate Rs 771 crore).
Ebitda down 7.9% at Rs 71.1 crore versus Rs 77.2 crore (Bloomberg estimate Rs 78.2 crore).
Ebitda margin down 68 bps at 9.9% versus 10.58% (Bloomberg estimate 10%).
Net profit down 10.44% at Rs 34.3 crore versus Rs 38.3 crore (Bloomberg estimate Rs 40.4 crore).
Nuvama Wealth Management Q1 FY25 (Consolidated, YoY)
Total Income up 46.7% at Rs 953 crore versus Rs 649 crore.
Net profit up 79.5% at Rs 221 crore versus Rs 123 crore.
Earnings in Focus
ACC, Adani Wilmar, Bharat Electronics, CSB Bank, Hindustan Petroleum Corporation, Jindal Saw, Kansai Nerolac Paints, KEI Industries, Maharastra Seamless, Voltamp Transformers, Wonderla Holidays, Ajanta Pharma, Carborundum Universal, Castrol India, Exide Industries, Firstsource solution, Granules India, Indus Towers, Indian Oil Corp, Johnson Controls-Hitachi Air Conditioning India, Navin Fluorine International, and Star Health and Allied Insurance Company.
Stocks To Watch
Godrej Properties: Chandigarh Estate Officer has revoked the building plans and occupancy certificate of the company’s commercial building due to alleged violations of environmental clearance conditions.
KEC International: The company approved the transfer of the cable business on a going concern basis to its subsidiary. The company approved raising up to Rs 4,500 crore via QIPs and Rs 1,500 crore via NCDs on a private placement basis.
BHEL: The company received an order worth Rs 10,000 crore from Damodar Valley Corporation for setting up a 2x800 MW thermal power station at Koderma, Jharkhand.
City Union Bank: The company approved raising up to Rs 500 crore via QIP.
Cholamandalam Investment and Finance Company: The company appointed Ravindra Kumar Kundu as Managing Director effective Oct. 7.
Karnataka Bank: The company partnered with ICICI Lombard General Insurance to offer health insurance, motor insurance, travel insurance, and home insurance to enhance customer benefits.
Glenmark Life Sciences: The Gujarat Pollution Control Board issued a closure notice to the company’s Ankleshwar facility.
Maruti Suzuki: The company received a final assessment order with an income tax demand of Rs 779 crore and received a show cause notice for the initiation of penalty proceedings.
Bulk Deals
Sobha: Anamudi Real Estates LLP sold 47.37 lakh shares (4.99%) at Rs 1810.44 apiece. On the other hand, Aditya Birla Sun Life Mutual Fund bought 12.32 lakh shares (1.29%) at Rs 1809.82 apiece, Mirae Asset Mutual Fund bought 5.79 lakh shares (0.61%) at Rs 1810.05 apiece and Invesco Mutual Fund bought 4.97 lakh shares (0.52%) at Rs 1810.05 apiece.
Parag Milk & Foods: Sixth Sense India Opportunities 11 sold 17.86 lakh shares (1.49%) at Rs 199 apiece and North Star Opportunities Fund Vcc-Bull Value Incorporated Vcc Sub-Fund bought 17.65 lakh shares (1.47%) at Rs 199 apiece.
Cigniti Technologies: ICICI Prudential Mutual Fund A/C—ICICI Prudential Technology Fund bought 2.25 lakh shares (0.82%) at Rs 1,364.92 apiece.
Eraaya Lifespaces: Sneha Garg sold 1.61 lakh shares (1.06%) at Rs 798.12 apiece and Vishal Jai Kumar Garg sold 0.97 lakh shares (0.64%) at Rs 799.47 apiece.
DCW: Winro Commercial India bought 29.1 lakh shares (0.98%) at Rs 60.01 apiece.
Route Mobile: Proximus Opal sold 12.24 lakh shares (1.94%) at Rs 1,656.6 apiece and Societe Generale bought 3.39 lakh shares (0.53%) at Rs 1,652.2 apiece.
Trading Tweaks
Price band change from 20% to 10%: PG Electroplast, Antony Waste Handling Cell.
Ex/record Dividend: Deepak Nitrite, D.B.Corp, Automotive Axles, Birla Corporation, Orient Cement, Info Edge (India).
Ex/record AGM: Deepak Nitrite, Automotive Axles, Subex, Indian Energy Exchange, Birla Corporation, IIFL Securities.
Moved in short-term Framework: Navkar Corporation
Moved out short-term Framework: JK Paper, Servotech Power Systems.
F&O Cues
Nifty August futures up by 1.88% to 24,915.45 at a premium of 80.6 points.
Nifty August futures open interest up by 9.54%.
Nifty Bank July futures up by 0.75% to 51,299.1 at a discount of 3.15 points.
Nifty Bank July futures open interest down by 4.19%.
Nifty Options August 1 Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 21,750.
Bank Nifty Options July 31 Expiry: Maximum Call Open Interest at 53,000 and Maximum Put open interest at 39,500.
Securities in ban period: Nil
Money Market Update
The Indian rupee closed at a record low on Friday due to rising oil prices and month-end dollar demand from importers.
The local currency weakened 3 paise to a record closing low of Rs 83.72 per dollar; it opened at Rs 83.72 against the greenback, according to Bloomberg. It had closed at Rs 83.70 on Thursday.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Ltd, an Adani Group Company.
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