Stocks To Watch: HDFC Bank, State Bank Of India, PNB, Som Distilleries, Suzlon Energy, Nestle India

Asian shares face headwinds Monday after the rally in U.S. bonds and stocks hit a wall Friday amid concern that the Federal Reserve can’t claim victory over inflation yet.

Equity futures for Australia were little changed while those for Hong Kong dropped 0.7% and an index of U.S.-listed Chinese stocks fell more than 2%. Japanese markets will be closed for a holiday.

Contracts for the S&P 500 and Nasdaq 100 were marginally lower as trading got underway in Asia on Monday. The underlying indices posted mild losses on Friday as traders cited consolidation after an advance that drove the S&P 500 to its best week since mid-June.

Meanwhile, Brent crude was below $80 a barrel and West Texas Intermediate was around the $75-mark. The yield on the 10-year U.S. bond was trading at 3.83%, whereas Bitcoin was below 31,000-level.

At 5:24 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 0.15% or 30 points at 19,618.

India's benchmark stock indices were steady through Friday before jumping to fresh record highs in the last leg of trade. Ahead of ending at record closing highs, the Sensex rose 0.92% to scale a new high at 66,159.79 points and the Nifty 50 jumped 0.94% to hit a record high at 19,595.35 points. 

The S&P BSE Sensex closed 502 points up, or 0.77%, at 66,060.90, while the NSE Nifty 50 ended 151 points, or 0.78%, higher at 19,564.50. The local currency weakened 10 paise to close at Rs 82.17 against the U.S dollar on Friday. 

Overseas investors in Indian equities remained net buyers on Friday, in a week where they added stocks in all but one session. Foreign portfolio investors mopped up stocks worth Rs 2,636.4 crore, while domestic institutional investors remained net sellers of equities and offloaded stocks worth Rs 772.45 crore. 

• HDFC Bank: The lender has allotted 3,11,03,96,492 new equity shares of Rs. 1 each of HDFC Bank according to the share exchange ratio of 42 shares of HDFC Bank for every 25 shares of HDFC Ltd. The bank's paid-up share capital will increase from Rs. 559.17 crore to Rs. 753.75 crore post cancellation of promoter holding of 116.46 crore equity shares. HDFC Bank is a now publicly held company following the merger with no clear promoter.

• State Bank of India: The lender has raised MCLR by 5 bps across tenors. The hike is effective from July 15. The Central Government nominated Ajay Kumar, Executive Director, Reserve Bank of India as director on the Central Board of State Bank of India with immediate effect and until further orders. 

• Punjab National Bank: Uma Sankar has been nominated as a director on the Board of the Bank with immediate effect and until further orders, in place of Anil Kumar Misra. 

• Ircon International : The company has commissioned the first phase upgradation work of railway line from Maho to Omanthai Track Rehabilitation Project from Sri Lanka Railways.

• JK Lakshmi Cement : The company has made an additional investment in subsidiary company through equity subscription by rights issue. The unit, Udaipur Cement Works Ltd., has allotted 19.45 crore equity shares at a premium of Rs 14 per equity share leading to a  total consideration of Rs 350.12 crore. JK Lakshmi Cement’s holding is increased from 72.54% to 75%. 

• Devyani International: The NCLT has approved the merger scheme of units Devyani Food Street Private and Devyani Airport Services (Mumbai) with Devyani International. 

• Som Distilleries and Breweries: The company will consider and approve, on Aug. 5, to issue of up to 2.5 lakh equity shares on a preferential and private placement basis to an identified non-promoter entity

• Mahindra & Mahindra: The company signed a memorandum of understanding with NXP Semiconductors to jointly explore the electric and connected vehicle landscape, covering a wide range of vehicles including utility vehicles, light commercial vehicles, farm equipment, and tractors.

• Archean Chemical Industries : The company's Managing Director and Promoter Ranjit Pendurthi has acquired 16.08 lakh equity shares comprising 1.31 % of the paid-up share capital of the company. Post acquisition, total shareholding of the managing director is 22.97 % of the paid-up share capital of the company. 

• Suzlon Energy : The company won an order from Everrenew Energy to supply 48 wind turbines with a capacity of 2.1 MW each in two districts of Tamil Nadu. The project to be commissioned by March 2024. 

• Nestle India: The company received Odisha state government's approval to set up food processing unit at Mundaamba, Khordha district. It plans an investment of about Rs 894.10 crore.

• Central Bank of India: The central government has nominated Charulatha Kar as Director on the board of Central Bank of India with immediate effect.

• Union Bank of India :The central government has nominated Prakash Baliarsingh as Director in place of Arun Kumar Singh on the board of the bank, with immediate effect till further notice. 

• Metropolis Healthcare Q1FY24 Business Updates (Consolidated, YoY):

  • Core business revenue grew about 12%

  • Total revenue from operations stood marginally negative compared to Q1FY23 due to Covid-19 and B2G cobtract.

  • Core business volume growth stood at about 13%.

  • Premium welness segment grew by about 23%.

  • Gross debt as of June 30, 2023 stood at Rs 67 crore.

JSW Energy Q1FY24 (Consolidated, YoY ) 

• Revenue from Operations down 3.25% to Rs 2927.85 crore vs 3026.27 crore.  

• Ebitda up 19.57% to Rs 1222.08 crore vs Rs 1022 crore.  

• Ebitda margin up 796 basis points to 41.73% vs 33.77%.  

• Net Profit down 47.66% to Rs 290.35 crore vs 554.78 crore.  

Bandhan Bank Q1FY24 (Standalone, YoY) 

• Net Interest Income (NII): Rs 2,490 crore vs Rs 2514 crore. 

• Net Profit: Rs 721 crore vs Rs 886 crore. (Bloomberg Estimate: Rs 703.9 crore) 

• Gross NPAs: 6.76% vs 4.87% (QoQ). 

• Net NPAs: 2.18% vs 1.17% (QoQ). 

GTPL Hathway Q1 FY24 (Consolidated, YoY) 

• Revenue up 23% at Rs 774 crore Vs Rs 631 crore 

• EBITDA fell 1% at Rs 119.65 crore Vs Rs 120.83 crore 

• EBITDA margin 15.5% Vs 19% 

• Net profit fell 27% at Rs 35.19 crore Vs Rs 48.21 crore. 

VST Industries Q1 FY24 (Consolidated, YoY) 

• Revenue up 7.5% at Rs 333 crore Vs Rs 310 crore 

• EBITDA fell 14% at Rs 105.35 crore Vs Rs 121.93 crore 

• EBITDA margin 31.6% Vs 39.3%. 

• Net profit fell 4% at Rs 83.7 crore Vs Rs 87.14 crore. ar

Rallis India Q1FY2024 YoY

• Revenue from operations fell 9% to Rs 782 crore vs Rs 863 crore. (Bloomberg Estimate: Rs 856.6 crore)

• Ebitda slipped 3% to Rs 110 crore vs Rs 113 crore. (Bloomberg Estimate: Rs 98.01 crore)

• Ebitda margin rose to 14.1% from 13.1%.

• Net profit fell 6% to Rs 63 crore vs Rs 67 crore. (Bloomberg Estimate: Rs 56.13 crore)

Avenue Supermarts Q1 FY24 (Consolidated figures, YoY)

• Revenue up 18% at Rs 11,865.44 crore Vs Rs 10,038.07 crore (Bloomberg Estimate: Rs 11,923.1 crore)

• Net profit up 2% at Rs 658.75 crore Vs Rs 642.93 crore (Bloomberg Estimate: Rs 808.25 crore)

• EBITDA up 3% to Rs 1035.27 crore Vs Rs 1008.24 crore (Bloomberg Estimate: Rs 1171.6 crore)

• Margins at 8.7% Vs 10% (Bloomberg Estimate: 9.8%)

Tata Steel Long Products (Consolidated, QoQ)

• Revenue from operations rose 21.6% to Rs 3,668.24 crore vs Rs 3,015.81 crore.

• Net loss narrowed to Rs 254.18 crore vs Rs 523.88 crore.

HDFC Bank, LTIMindtree, Crisil, Hathway Cable and Datacom, Tata Elxsi , Huhtamaki India, Moschip Technologies, Onward Technologies ,Tanfac Industries, Tinplate Company of India 

• VRL Logistics: To meet investors and analysts on July 17 and July 18.   

• Hitachi Energy India: To meet investors and analysts on July 25.   

• Bank of Maharashtra: To meet investors and analysts on July 19.   

• Glenmark Life Sciences: To meet investors and analysts on July 21.   

• ICICI Prudential Life Insurance Company: To meet investors and analysts on July 20.   

• Vakrangee: To meet investors and analysts on July 17.   

• CreditAccess Grameen: To meet investors and analysts on July 21.  

• D B Corp: To meet investors and analysts on July 20.   

• Spandana Sphoorty Financial: To meet investors and analysts on July 24.  

• Patel Engineering: To meet investors and analysts July 19 and July 20.   

• L&T Finance Holdings: To meet investors and analysts on July 20.   

• Union Bank of India: To meet investors and analysts on July 21.  

• Happiest Mind Technologies   

• Vodafone Idea  

• Kalpataru Projects International  

• LTIMindtree  

• Onward Technologies  

• Patanjali Foods: Fidelity Securities bought a combined 12.8 lakh shares (0.3%) at Rs 1155 apiece and HAL Offshore sold 6.28 lakh shares (0.2%) at Rs 1155 apiece among others.  

• JITF Infralogistics: Cresta Funds sold 1.65 lakh shares (0.64%) at Rs 588.28 apiece.   

• Rama Steel Tubes: Bharatbhai Ravatbhai Khachar sold 25 lakh shares (0.53%) at Rs 34.9 apiece.   

• Satin Credit Network: SBI Emerging Asia Financial Sector Fund sold 18.9 lakh shares (2.06%) at Rs 178 apiece.   

• Sportking India: Goel Seema bought 64,000 shares (0.5%) at Rs 825 apiece.  

• Ex-Date Dividend: Century Textiles and Industries, Ingersoll-Rand (India), Lakshmi Electrical Control Systems, Lloyds Steels Industries, Thangamayil Jewellery  

• Ex-Date AGM: Shoppers Stop  

• Move Into Short-Term ASM Framework: PC Jeweler, 63 Moons Technologies  

• Move Out Of Short-Term ASM Framework: Genus Power Infrastructures, DCX Systems, EKI Energy Services  

• Nifty July futures ended at 19,624, a premium of 149.20 points.  

• Nifty July futures rose 2.22%, with 4,626 shares in open interest.  

• Nifty Bank July futures ended at 44,950.20, a premium of 173.80 points.  

• Nifty Bank July futures fell 5.11%, with 7,667 shares in open interest.  

• Securities in the ban period: Delta Corp, Hindustan Copper, Manappuram Finance, Indiabulls Housing Finance, Punjab National Bank, RBL Bank.