Asian equities are set for a muted start on Tuesday ahead of the looming Federal Reserve interest-rate hike on Wednesday, amid moderation in crude oil prices to $96 per barrel and key corporate earnings.
Futures rose in Japan, Australia and Hong Kong, while US futures declined after a choppy Wall Street session. At 4:30 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.360% to 16,609.
Elsewhere, bitcoin dropped below $22,000.
Stocks to watch today
Tata Motors: The company signed a memorandum of understanding with EC Wheels India, an app based urban transportation service in Kolkata to deploy 1,000 XPRES T Electric sedans for cab transportation.
Bajaj Finserv: The company will consider proposals for bonus issue and sub-division of shares on July 28.
Larsen & Toubro: The company issued a clarification of media reports suggesting sale of block of roads and transmission project to Edelweiss fund for Rs 7,000 crore. It said that it has not signed any such agreement for sale.
Sonata Software: The company approved issue of one bonus share for every three shares.
Lupin: The company received approval from the U.S. FDA for Abbreviated New Drug Application, Azilsartan Medoxomil tablets, 40 mg and 80 mg, to market a generic equivalent of Edarbi tablets of Azurity Pharmaceuticals, Inc. The product will be manufactured at the company’s facility in Nagpur.
PSP Projects: The company received orders worth Rs 257.27 crore including two work orders from repeat clients i.e. Development of Ahmedabad Airport in Institutional Segment and one Pharmaceutical Project in Industrial segments worth Rs 128.01 crores and Rs 98.99 crores respectively and remaining orders worth Rs 30.26 Crores are from the Precast segment.
Earnings: Larsen & Toubro, Bajaj Auto, Asian Paints, Tata Power, Relaxo Footwears, Tata Investment Corporation, United Spirits, Union Bank of India, Ujjivan Small Finance Bank, Sanofi, Ken Industries, India Grid Trust, Greenlam Industries, Ethos, EPL, Apollo Pipes, Aditya Birla Sun Life AMC, UTI Asset Management, Symphony, SIS, Shopper’s Stop
Earnings Post Market Hours
Tech Mahindra Q1 FY23 (Consolidated, QoQ)
Revenue up 5% at Rs 12,707.9 crore Vs Rs 12,116.3 crore (Bloomberg estimate: Rs 12,524.4 crore)
EBIT fell 12.5% at Rs 1,403.40 crore Vs Rs 1604.2 crore (Bloomberg estimate: Rs 1,514.5 crore)
EBIT margin 11% Vs 13% (Bloomberg estimate: 12%)
Net profit fell 25% at Rs 1131.6 crore Vs Rs 1505.7 crore (Bloomberg estimate: Rs 1215.7 crore)
Axis Bank Q1FY23
Net interest income: Rs 9,384 crore vs Rs 7,760 crore (YoY)
Net Profit: Rs 4,125 crore vs Rs 2,160 crore (YoY) (Bloomberg estimate: Rs 3,658 crore)
GNPA: 2.76% vs 2.82% (QoQ)
NNPA: 0.64% vs 0.73% (QoQ)
Tata Steel Q1 FY23 (Consolidated, YoY)
Revenue up 19% at Rs 63,430.07 crore Vs Rs 53,465.43 crore (Bloomberg estimate: Rs 60,474.2 crore)
EBITDA fell 7% at Rs 14,972.80 crore Vs Rs 16,110.55 crore (Bloomberg estimate: Rs 12,478 crore)
EBITDA margin 23.6% Vs 30.1% (Bloomberg estimate: 21%)
Net profit fell 13% at Rs 7,764.96 crore Vs Rs 8,907 crore (Bloomberg estimate: Rs 7,275 crore)
Macrotech Developers Q1 FY23 (Consolidated, YoY)
Revenue up 67% at Rs 2,675.75 crore Vs Rs 1,605.37 crore (Bloomberg estimate: Rs 2,243.76 crore)
EBITDA up 38% at Rs 466.69 crore Vs Rs 338.31 crore (Bloomberg estimate: Rs 501.45 crore)
EBITDA margin 17.4% Vs 21%
Net profit up 68% at Rs 270.8 crore Vs Rs 161 crore (Bloomberg estimate: Rs 346.2 crore)
IIFL Wealth Q1 FY23 (Consolidated, YoY)
Revenue up 21% at Rs 460.51 crore Vs Rs 381.5 crore (Bloomberg estimate: Rs 378 crore)
EBIT up 36% at Rs 270.09 crore Vs Rs 198.39 crore (Bloomberg estimate:176.7 crore)
EBIT margin 59% Vs 52% (Bloomberg estimate: 47%)
Net profit up 34% at Rs 156.58 crore Vs Rs 117 crore (Bloomberg estimate: Rs 152.1 crore)
Approved interim dividend of Rs 15 per share of face value of Rs 2 each
Executed share purchase agreement to acquire 91% stake in MAVM Angels Network for Rs 42 crore.
IEX Q1 FY23 (Consolidated, QoQ)
Revenue fell 12% at Rs 98.35 crore Vs Rs 112.08 crore (Bloomberg estimate: Rs 100.23)
EBITDA fell 15% at Rs 81.01 crore Vs Rs 94.93 crore (Bloomberg estimate: 84.15 crore)
EBITDA margin 82.3% Vs 84.7%
Net profit fell 22% at Rs 69.12 crore Vs Rs 88.4 crore (Bloomberg estimate: Rs 71.85 crore)
Apollo Tricoat Tubes Q1 FY23 (Consolidated, QoQ)
Revenue fell 4.5% at Rs 793.57 crore Vs Rs 830.5 crore
EBITDA fell 2.5% at Rs 45.15 crore Vs Rs 46.29 crore
EBITDA margin 5.7% Vs 5.6%
Net profit fell 0.32% at Rs 30.7 crore Vs Rs 31 crore
Chennai Petroleum Q1 FY23 (Consolidated, YoY)
Revenue up 11.4x at Rs 27449.52 crore Vs Rs 12797.39 crore
EBITDA up 106x at Rs 3,404.35 crore Vs Rs 291.27 crore
EBITDA margin 12% Vs 2%
Net profit up 407x at Rs 2357.62 crore Vs Rs 57 crore
Tejas Networks Q1 FY23 (Consolidated, QoQ)
Revenue fell 0.6% at Rs 125.76 crore Vs Rs 126.5 crore
Operating loss narrowed 92% at Rs 7.32 crore Vs Rs 88.11 crore
EBITDA margin -6% Vs -70%
Net loss narrowed 87% at Rs 6.64 crore Vs Rs 50 crore
Jindal Stainless Q1 FY23 (Consolidated, YoY)
Revenue up 36% at Rs 5474.12 crore Vs Rs 4032.72 crore
EBITDA fell 9% at Rs 548.65 crore Vs Rs 601.03 crore
EBITDA margin 10% Vs 15%
Net profit up 6% at Rs 321.32 crore Vs Rs 303 crore
Sonata Software Q1 FY23 (Consolidated, QoQ)
Revenue up 22% at Rs 1,778.86 crore Vs Rs 1,463.63 crore
EBIT up 35.4% at Rs 128.67 crore Vs Rs 95.03 crore
EBIT margin 7.3% Vs 6.5%
Net profit up 7% at Rs 107.76 crore Vs Rs 101 crore
GSK Pharmaceuticals Q1 FY23 (Consolidated, YoY)
Revenue up 4% at Rs 729.46 crore Vs Rs 701.84 crore
EBITDA up 12% at Rs 147.93 crore Vs Rs 131.74 crore
EBITDA margin 20% Vs 19%
Net profit fell 1% at Rs 118.68 crore Vs Rs 120 crore
Tanla Platforms Q1 FY23 (Consolidated, YoY)
Revenue fell 6% at Rs 800.14 crore Vs Rs 853.05 crore
EBIT fell 30% at Rs 121.41 crore Vs Rs 173.92 crore
EBIT margin 15% Vs 20%
Net profit fell 29% at Rs 100.41 crore Vs Rs 141 crore
Pledge Share Details
Max Financial Services: Promoter Max Ventures Investment Holdings Private revoked a pledge of 2 lakh shares on July 21.
Block Deals
IRCTC: Ishares MSCI India ETF bought 2.83 lakh (0.035%) shares and Ishares India Index Mauritius Company sold 2.83 lakh (0.035%) shares at Rs 609.75 apiece
Who’s Meeting Whom
Anand Rathi Wealth: To meet investors and analysts on July 26.
Dixon Technologies: To meet investors and analysts on July 27.
United Spirits: To meet investors and analysts on July 27.
Lakshmi Machine Works: To meet investors and analysts on July 27.
CRISIL: To meet Tata Mutual Fund on July 27.
Blue Dart Express: To meet investors and analysts on July 28.
Greenlam Industries: To meet investors and analysts on July 28.
Welspun India: To meet investors and analysts on July 28.
Castrol India: To meet investors and analysts on August 2.
Tube Investments of India: To meet investors and analysts on August 3
AGMs today
Adani Enterprises
Adani Ports & SEZ
Adani Total Gas
Titan Company
Bajaj Auto
Tech Mahindra
Glaxosmithkline Pharmaceuticals
Shopper’s Stop
India Grid Trust
Alok Industries
Tejas Network
Trading Tweaks
Price Band Revised From 20% To 10%: NDTV
Ex-Date Annual General Meeting: Oracle Financial Services Software, Transport Corporation of India, Pidilite Industries
Ex-Date Dividend: Transport Corporation of India
Ex-Date Final Dividend: Prataap Snacks, Gujarat Pipavav Port, JMC Projects (India), Share India Securities, TTK Health Care
Ex-Date Interim Dividend: Hatsun Agro Product, Share India Securities, Vedanta
Ex-Date Issue of Equity Shares: Sandur Manganese & Iron Ores
Record-Date Dividend: Sharda Cropchem, Graphite India, Brigade Enterprises
Move Into Short-Term ASM Framework: NDTV