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• Solar Industries: The Nagpur-based explosives maker rose as much as 1,239. Trading volume was 23.6 times its 20-day average.
• NMDC: The Hyderabad-based mining company rose as much as 3.75 percent to Rs 109.15. Trading volume was 13 times its 20-day average.
• Network 18: The Noida-based news broadcasting company rose as much as 0.2 percent to Rs 43.60. Trading volume was 13 times its 20-day average.
• TV Today: The Delhi-based news broadcasting company rose as much as 3.99 percent to Rs 441. Trading volume was 13.5 times its 20-day average.

Shares of the Kolkata-based tea and coffee producer fell as much as 3.3 percent to Rs 238.65 after its profit missed Bloomberg consensus estimates in June quarter.

Key earnings highlights:

• Revenues up 5.8 percent at Rs 1,802.6 crore versus Rs 1,704.4 crore (YoY); estimate of Rs 1,769 crore
• Net profit down 6.6 percent at Rs 116.2 crore versus Rs 124.4 crore (YoY); estimate of Rs 163 croe
• Ebitda up 1.8 percent at Rs 248.8 crore versus Rs 244.2 crore (YoY)
• Margin at 13.8 percent versus 14.3 percent (YoY)

Shares of oil marketing companies held on to gains after Indian Oil increased jet fuel prices by 1.5-2.2 percent in four metro cities.

• Indian Oil up 2.1 percent at Rs 167.80
• Bharat Petroleum advances 1.8 percent to Rs 396.60
• Hindustan Petroleum rises 2.1 percent to Rs 291

Shares of the Mumbai-based auto maker swung between gains and losses after it reported July sales numbers.

Key sales highlights:

• Total sales up 13 percent at 47,199 units versus 41,819 units (YoY)
• Total domestic sales up 12 percent at 44,605 units versus 39,834 units (YoY)
• Total exports up 31 percent at 2,594 units versus 1,985 units (YoY)
• Utility vehicle sales decline 7 percent to 17,879 units versus 19,152 units (YoY)
• Cars and van sales up 1 percent at 1,902 units versus 1,882 units (YoY)
• Commercial vehicle sales rose 28 percent to 19,824 units versus 15,023 units (YoY)
• Farm equipment sales up 20 percent at 18,957 units versus 22,679 units (YoY)

• ITC has 10 lakh shares change hands in a block. Stock up 0.1 percent at Rs 297.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Kolkata-based FMCG company fell as much as 7.4 percent to Rs 547.60 after its profit missed Bloomberg consensus estimates in June quarter.

Key earnings highlights:

• Revenue up 16.2 percent at Rs 614.4 crore versus Rs 528.8 crore (YoY)
• Net profit at Rs 26.7 crore versus Rs 1 crore (YoY); estimate of Rs 73.69 crore
• Ebitda up 29.9 percent at Rs 211.7 crore versus Rs 163 crore (YoY)
• Margins at 34.5 percent versus 30.8 percent (YoY)

Shares of the Chennai-based commercial vehicle maker rose as much as 3.9 percent to Rs 117.20 after its sales rose 27 percent in July.

Key sales highlights:

• Medium and heavy commercial sales 22 percent to 10,996 units versus 9,026 units (YoY)
• Light commercial vehicle sales rose 42 percent to 4,203 units versus 2,955 units (YoY)
• Total sales rose 27 percent to 15,199 units versus 11,981 units (YoY)

Shares of the Kanpur-based publisher of Hindi daily Dainik Jagran rose as much as 11.66 percent to Rs 129.80 after it reported June quarter earnings.

Key earnings highlights:

• Revenue up 2 percent at Rs 603 crore.
• Net profit down 2 percent at Rs 85 crore.
• Ebitda up 2 percent at Rs 164 crore.
• Margin unchanged at 27.2 percent.

Shares of the Anil Ambani-led company fell as much as 7 percent, the most in over five months, to Rs 371 after credit rating agency Crisil cut rating on some of its bonds.

Crisil lowered rating on Reliance Infrastructure’s non-convertible debentures of Rs 585 crore and bonds of Rs 125 crore from ‘BB+’, the ratings agency said in a statement.

Crisil also withdrew rating on Rs 124 crore bond.

The downgrade reflects non-payment of interest, principal obligations that were due on July 27, Crisil said.

Shares of the Pune-based two- and three-wheeler maker rose as much as 2.5 percent to Rs 2,768 after it reported best July sales in eight years, data compiled by Bloomberg showed.

Bajaj Auto sold total of 4,00,343 units in July, up 30 percent from 3,07,727 units sold during the same month last year.

Key sales highlights:

• Domestic motorcycle sales rose 22 percent to 2,01,433 units
• Motorcycle exports rose 31 percent to 1,31,247 units
• Total motorcycle sales rose 25 percent to 3,32,680 units
• Domestic commercial vehicle sales rose 67 percent to 36,078 units
• Commercial vehicle exports rose 51 percent to 67,663 units

Shares of the Mumbai-based auto maker fell as much as 5.34 percent, the most in nearly a month, to Rs 250 after it reported worst quarterly loss in nine years.

Tata Motors reported a loss of Rs 1,902 crore compared with a net profit of Rs 3,199 crore during the same quarter a year ago. Analysts tracked by Bloomberg had estimated a profit of Rs 920 crore.

The quarterly loss came amid a decline in deliveries of its sports utility vehicles F-Pace and Discovery Sport. “JLR faced multiple challenges including temporary issues like China duty impacts as well as market issues like diesel (engine) concerns in the U.K. and Europe,” N Chandrasekaran, chairman of Tata Motors and parent Tata Sons Ltd., said in a statement accompanying the earnings filing.

Citi on Mahanagar Gas

• Maintained ‘Buy’ with a target price of Rs 1,000.
• Strong quarter with operating income and net profits ahead of estimates.
• Sharp sequential recovery after disappointing March quarter.
• Await management outlook on volumes and margins.
• Given the overhang of further stake sale by promoter, prefer IGL and Petronet LNG.

Credit Suisse on Bank of India

• Maintained ‘Underperform’; target price cut to Rs 85 from Rs 103.
• Slippages remained elevated at 2 percent of loans.
• Loan book continued to contract led by decline in overseas book.
• Cut EPS by 18-53 percent on higher slippage and treasury losses.

Citi on Oberoi Realty

• Maintained ‘Sell’ with a target price of Rs 530.
• Subvention schemes drive sales in June quarter.
• Investments properties broadly did well.
• Commerz 2 Phase1 occupancy improved.
• Valuations demanding, especially in view of slow demand environment.

Brokerages On Tata Motors

BofAML

• Maintained ‘Buy’; target price cut to Rs 400 from Rs 425.
• JLR missed margins on destocking impact costs.
• India strong on commercial vehicle uptick and lower losses from passenger vehicle business.
• Full year EBIT margin guidance of 4-7 percent maintained.
• EPS for the current and the next financial year lowered by 15 percent and 12 percent respectively; Risk reward favourable.

CLSA

• Maintained ‘Sell’; target price cut to Rs 250 from Rs 295.
• Weak JLR performance drags down to a consolidated June quarter loss.
• Regaining share in Indian trucks but demand a concern.
• JLR outlook remains weak.
• Cut FY19-20 EPS 9-28 percent factoring in lower volumes and margins at JLR.

Brokerages On Vedanta

Morgan Stanley

• Maintained ‘Equal-weight’ with a target price of Rs 265.
• June quarter was broadly in-line with estimates.
• Key positive surprise was better-than-expected performance in aluminum, oil and iron ore.
• Potential ramp-up delay and higher cost in Zinc is near-term risk.
• Risk to be partly offset through higher captive alumina and coal linkage supply.

JPMorgan

• Maintained ‘Overweight’ with a target price of Rs 400.
• Earnings broadly in line.
• Net Debt increase driven by acquisition.
• Expect performance to improve from here on volume growth.

Brokerages On Power Grid Corp

CLSA

• Maintained ‘Outperform’; target price cut to Rs 213 from Rs 237.
• Net profit slightly below on weak capitalisation and higher CSR.
• Expect slowdown ahead; Capitalisation peaked in the previous financial year.
• Generation capex pick-up – key items to monitor.

Deutsche Bank

• Maintained ‘Hold’ with target price of Rs 216.
• Lower capitalisation, higher O&M expenses and consultancy segment led to miss.
• Growth trajectory declining earlier than expected.
• Stock valuation not expensive but earnings cut and higher ROE cut not factored in.

Brokerages On UPL

Citi

• Maintained ‘Buy’; price target cut to Rs 840 from Rs 850
• June quarter was operationally robust as all key markets clocked good growth
• June quarter results address currency related concerns to great extent
• Marginally cut EPS estimates for the current and the next financial year to factor in higher interest cost

CLSA

• Maintained ‘Buy’ with target price of Rs 940.
• Operationally in-line numbers; Net profit beat on lower tax.
• LatAm surprises positively while India is a miss.
• UPL confident of meeting 2018-19 guidance.
• Monsoon progress and MSP hikes likely to be positive.

Brokerages On Bharat Electronics

Citi

• Maintained ‘Buy’ with target price of Rs 140.
• June quarter’s revenue ahead of expectations on account of solid execution.
• Expect order inflows to be in a band of Rs 16,000-20,000 crore.
• Expect net profit CAGR of 12 percent over FY18-21 on the back of orders.

Credit Suisse

• Maintained ‘Outperform’; target price cut to Rs 155 from Rs 175.
• Reported strong results with strong execution and margins.
• Base business order inflows very strong.
• Cut EPS estimates by 16 percent and 14 percent for the current and the next financial year respectively on likely lower margins.
• Positives: strong backlog and execution, strong incremental order visibility and reasonable valuation.

Brokerages On Dabur

CLSA

• Maintained ‘Buy’; target price raised to Rs 500 from Rs 440.
• Growth all around supported by investments.
• To focus on growth over margins in outlook.
• No immediate concerns on margins despite input prices.
• Remains preferred pick in the space.

Morgan Stanley

• Maintained ‘Overweight’; target price raised to Rs 500 from Rs 450.
• June quarter was results in line; Strong volume growth.
• Key positive: 33 percent rise in ad spending, showing commitment to accelerate volume growth.
• Expect Dabur to become the most expensive staples stock.
• Investors likely to pay a premium for its strong product portfolio.

F&O Cues

• Nifty August futures ended at 11,371.6, with a premium of 15 points versus 19 points.
• August series: Nifty open interest up 5 percent; Bank Nifty open interest down 11 percent.
• India VIX ended at 12.48, down 1 percent.
• Max open interest for August series call at 11,500 strike price call option (open interest at 27.8 lakh shares, down 1 percent)
• Max open interest for August series put at 11,000 strike price put option (open interest at 47.2 lakh shares, up 14 percent)

Bulk Deals

• Sirca Paints India: Elara India Opportunities Fund Limited sold 1 lakh shares at Rs 172.6 each.
• MMP Industries: Massachusetts Institute of Technology bought 1.27 lakh shares at Rs 205 each.

Inox Leisure

• HDFC MF bought 45 lakh shares or 4.7 percent equity at Rs 195 each.
• Goldman Sachs Variable Insurance Trust International Equity Fund sold 24.8 lakh shares or 2.6 percent equity at Rs 195 each.
• DSP Blackrock Mutual Fund sold 21.13 lakh shares or 2.2 percent equity at Rs 195 each.

Talwalkars Lifestyles

• Aequitas Investment Consultancy Pvt. Ltd bought 6.74 lakh shares or 2.2 percent equity at Rs 135.35 each.
• Small Cap World Fund sold 13.33 lakh shares or 4.3 percent equity at Rs 135.52 each.

Astral Poly (Q1, YoY)

• Revenue up 18 percent at Rs 477 crore.
• Net profit up 48 percent at Rs 37 crore.
• Ebitda down 4 percent at Rs 78 crore.
• Margin at 16.4 percent versus 20.0 percent.

Mahanagar Gas (Q1, YoY)

• Revenue up 17 percent at Rs 619 crore.
• Net profit up 3 percent at Rs 128 crore.
• Ebitda up 4 percent at Rs 210.5 crore.
• Margin at 34 percent versus 38.2 percent.

Jagran Prakashan (Q1, YoY)

• Revenue up 2 percent at Rs 603 crore.
• Net profit down 2 percent at Rs 85 crore.
• Ebitda up 2 percent at Rs 164 crore.
• Margin unchanged at 27.2 percent.

• Automobile manufacturers to report sales data for July.
• Nikkei Manufacturing PMI data for July to be announced by 10:30 a.m.

• Jindal Steel and Power wins tender for rails floated by Indian Railways.
• Tata Motors unit to stop manufacturing operations in Thailand; to use a distribution model.
• Bank of Baroda closed three foreign branches in Oman and Bahrain.
• Orient Refractories approved amalgamation RHI India and RHI Clasil with self.
• NBCC is said to be the highest bidder for HSCC, EPI. (The Economic Times)
• IFCI: To avail one-month extension to submit June quarter results.
• Jet Airways is said to have asked staff to take up 25 percent starting this month. (The Economic Times)

Ravindra Dholakia comes across as a principled professor...
Chetan Ghate seems like a thinker.

Getting to know India’s monetary policy makers, writes @dugalira. #BQOpinionhttps://t.co/JYSCyRr46Q

— BloombergQuint (@BloombergQuint) July 29, 2018

• U.S. considers higher tariffs on $200 billion in Chinese imports
• IBC ordinance not to favour any corporate house, says Piyush Goyal
• India’s fiscal deficit reaches 68.7% of FY19 target
• U.K. court asks India to submit video of Mumbai jail
• Who doesn’t want Deepak Parekh
• The end of the global housing boom
• Government’s $1.7-billion claim against Reliance Industries fails
• India gets its third unicorn in two months
• OnePlus tests offline strategy to drive growth in India

Here are some key events coming up this week:

• Central banks in the U.S., U.K., Brazil and India are still to meet this week. The Bank of England is expected to hike even amid Brexit gloom. The Fed is seen standing pat, as is Brazil’s central bank. The RBI will probably raise its benchmark at its meeting Wednesday.
• The U.S. Treasury is set to release its funding program for the next three months on Aug. 1.
• Earnings season continues with Berkshire Hathaway, Barclays, Tesla, Toyota, BMW, and Rio Tinto among companies reporting results.
• The U.S. jobs report is on Friday, and is predicted to show a healthy labor market, with 193,000 new jobs, and an unemployment rate slipping back to 3.9 percent.