Asian markets are poised for a cautious open as U.S. stock futures slipped in early Asia trading after earnings from companies including Netflix Inc. and Tesla Inc.
Equity futures for Japan fell, while contracts for Australia were little changed. A reprieve from a two-day slide in Hong Kong may be in store, with equity futures pointing to a small gain.
Meanwhile, futures for the S&P 500 and Nasdaq 100 ticked lower in Asia after Netflix declined in postmarket trading as sales missed estimates and its third-quarter forecast also fell short.
In official trading Wednesday, the S&P 500 rose for a third day. The tech-heavy Nasdaq 100 ended marginally lower and the blue-chip Dow Jones Industrial Average extended its winning streak into an eighth day, the longest rally since September 2019.
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 3.75%, whereas Bitcoin was below 30,000-level.
At 5:32 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.15% or 31 points at 19,983.
India's benchmark stock indices logged fresh record highs in early trade before paring gains at midday and advancing to end at record closing levels on Wednesday.
Intraday, the Sensex rose 0.56% to scale a new high at 67,171.38 points, and the Nifty 50 jumped 0.52% to hit a record high of 19,851.70 points. The S&P BSE Sensex Index closed up 302 points, or 0.45%, at 67,097.44, while the NSE Nifty 50 Index was 84 points, or 0.42%, higher at 19,833.15.
The local currency weakened about 6 paise to close at Rs 82.10 against the U.S. dollar on Wednesday.
Overseas investors in Indian equities remained net buyers for the fifth day in a row on Wednesday. Foreign portfolio investors bought stocks worth Rs 1,165.5 crore, and domestic institutional investors remained net sellers and offloaded stocks worth Rs 2,134.5 crore.
Stocks To Watch: Dr Reddy's, Olectra, Shree Cement, TTK Prestige, LIC, Reliance In Focus
Dr. Reddy's Laboratories: The drug maker received zero observations and no action from the USFDA at its API manufacturing facility in Srikakulam. The inspection was conducted from July 10 to July 19.
Sun Pharmaceutical Industries: Krensavage Asset Management opposed Sun Pharmaceutical’s bid to take Taro private on account of its low offer value. Shareholders could receive $45 per share on liquidation, compared with Sun Pharmaceutical’s offer of $38 apiece, it said. Krensavage Asset Management is the largest minority shareholder of Taro Pharmaceutical Industries.
Olectra Greentech: The company has awarded a Rs 395.12 crore contract to Megha Engineering & Infrastructure to construct a greenfield electric vehicle manufacturing facility at Seetharampur, Hyderabad.
Shree Cement: The company received an inspection notice from the Ministry of Corporate Affairs. The company said it would comply with the directions.
TTK Prestige: The company resumed manufacturing operations at the Roorkee plant after flooding on July 18. It estimated a loss of movables of about Rs 40 lakh. The entire area is under red alert for the next two days.
LIC: Sat Pal Bhanoo, additional zonal manager at the Zonal Office, LIC of India, Bhopal, has been appointed as Managing Director of LIC India.
Reliance Industries: Reliance Strategic Investments has appointed Isha Ambani and Anshuman Thakur as non-executive directors. It also appointed Hitesh Kumar Sethia as managing director and chief executive officer for three years.
Alok Industries: The company appointed Ram Rakesh Gaur as chief executive officer and Vinod Sureka as joint chief financial officer.
Transformers and Rectifiers: Gujarat Energy Transmission Corporation has decided to stop dealing with Transformers and Rectifiers for a period of three years. The 'Stop Deal' notice is on the ground that the company had allegedly submitted a forged Material Dispatch Clearance Certificate for certain transformers supplied. The company has conducted inspection tests and is taking steps to defend its position against this allegation.
PNC Infratech: The company signed a concession agreement with the National Highways Authority of India for three Hybrid Annuity Mode projects worth Rs 3,264.43 crore.
Avenue Supermarkets: The company has opened a new store in Akola, Maharashtra, taking the total number of stores to 330.
Genus Power Infrastructures: The company has incorporated a wholly-owned step-down subsidiary, Genus Chhattisgarh PKG-1 SPV, to execute the Advanced Metering Infrastructure Service Provider contract.
Vishnu Chemicals: Its unit, Vishnu Barium, has acquired a 100% stake in Ramadas Minerals for Rs 26 crore. Ramadas conducts business in the beneficiation of Baryte ores and had a turnover of Rs 2.12 crore in FY23.
Mastek: The company signed a definitive agreement to acquire BizAnalytica for an upfront payment of $16.72 million (Rs 137.24 crore) and earn out up to $24 million (Rs 196.99 crore).
Results Announced Post Market Hours
Tata Communications Q1 FY24 (Consolidated, YoY)
Revenue up 11% at Rs 4,771.36 crore vs. Rs 4,310.52 crore (Bloomberg estimate: Rs 4,714.1 crore).
Net profit down 30% to Rs 381.75 crore vs. Rs 544.82 crore (Bloomberg estimate: Rs 374.1 crore).
Ebitda at Rs 1,024.04 crore vs. Rs 1,077.03 crore, down 5% (Bloomberg estimate: Rs 1,057 crore).
Margin at 21.5% vs. 25% (Bloomberg estimate: 22.4%).
Hatsun Agro Product Q1 FY24 (YoY)
Total revenue from operations rose 7% to Rs 2,150.63 crore vs. Rs 2,014.61 crore.
Net profit jumped 54% to Rs 80.15 crore vs. Rs 51.95 crore.
Ebitda gained 34% to Rs 237.88 crore vs. Rs 178.15 crore.
Ebitda margin stood at 11.1% vs. 8.8%.
Finolex Industries Q1 FY24 (Consolidated, YoY)
Total revenue from operations slipped 1% to Rs 1,179.17 crore vs. Rs 1,189.81 crore (Bloomberg estimate: Rs 1,118 crore).
Net profit gained 16% to Rs 115.33 crore vs. Rs 99.22 crore (Bloomberg estimate: Rs 110 crore).
Ebitda up 21% to Rs 152.47 crore vs. Rs 125.91 crore (Bloomberg estimate: Rs 159 crore).
Ebitda margin stood at 12.9% vs. 10.6% (Bloomberg estimate: 14.2%).
Can Fin Homes Q1 FY24 (YoY)
Revenue up 35% to Rs 818.09 crore vs. Rs 606.49 crore (Bloomberg estimate: Rs 272.7 crore).
Net Interest Income gained 14% to Rs 285.08 crore vs. Rs 250.39 crore.
Net profit rose 13% to Rs 183.45 crore vs. Rs 162.21 crore (Bloomberg estimate: Rs 174.4 crore).
GNPA at 0.63% vs. 0.55% QoQ.
NNPA at 0.34% vs. 0.26% QoQ.
L&T Finance Holdings Q1 FY24 (YoY)
Interest Income up 5.76% at Rs 3,116.49 crore vs. Rs 2,946.59 crore (Bloomberg estimate: Rs 1,837.5 crore).
Net profit up 102.56% at Rs 530.93 crore vs. Rs 262.1 crore (Bloomberg estimate: Rs 485.6 crore).
Alok Industries Q1 FY24 (Consolidated, YoY)
Total revenue from operations fell 28% to Rs 1,410.25 crore vs. Rs 1,971.52 crore.
Net loss widened to Rs 226.14 crore from Rs 141.58 crore.
Ebitda fell 74% to Rs 12.31 crore vs. Rs 46.9 crore.
Ebitda margin stood at 0.9% vs. 2.4%.
Earnings In Focus
360 One Wam, Coforge, CSB Bank, Dalmia Bharat, DB Corp., Havells India, Hindustan Unilever, HMT, Infosys, ICICI Securities, Kirloskar Pneumatic, Mphasis, Nelco, Persistent Systems, Rajnish Wellness, Reliance Industrial Infrastructure, Shalby, South Indian Bank, Tanla Platforms, Union Bank of India, United Spirits, Zensar Technologies.
Trading Tweaks:
Ex-Date Dividend: John Cockerill India, Fortis Healthcare, Graphite India, HCL Technologies, MRF, Novartis India, Rossell India
Ex-Date Interim Dividend: TCS
Ex-Date Demerger: Reliance Industries
Ex-date AGM: Colgate Palmolive (India), Indo Rama Synthetics (India), MRF, Oracle Financial Services Software
Record-Date Dividend: Fortis Healthcare, Graphite India, and HCL Technologies
Record-Date Interim Dividend: TCS
Record-Date Demerger: Reliance Industries
Move Into Short-Term ASM Framework: Agarwal Industrial Corporation
Move Out Of Short-Term ASM Framework: Permanent Magnets
Who’s Meeting Whom:
Tamilnad Mercantile Bank: To meet investors and analysts on July 25.
SRF: To meet investors and analysts on July 24.
Gensol Engineering: To meet investors and analysts on July 20.
RBL Bank: To meet investors and analysts on July 22.
Ashok Leyland: To meet investors and analysts on July 24.
Torrent Pharmaceuticals: To meet investors and analysts on Aug. 7.
Man Infraconstruction: To meet investors and analysts on July 27.
Anand Rathi Wealth: To meet investors and analysts on July 24.
Inflame Appliances: To meet investors and analysts on July 24.
Jubilant FoodWorks: To meet investors and analysts on July 25.
Avenue Supermarts: To meet investors and analysts on July 26.
Gravita India: To meet investors and analysts on July 25.
Brigade Enterprises: To meet investors and analysts on July 20.
Shoppers Stop: To meet investors and analysts on July 25.
DLF: To meet investors and analysts on July 24.
Syngene International: To meet investors and analysts on July 27.
AGMs Today:
ACC
Ambuja Cements
Adani Wilmar
Kirloskar Pneumatic Co.
Mphasis
New Delhi Television
Nureca
Oriental Hotels
Sanmit Infra
Pledge Share Details:
Chambal Fertilizers & Chemicals: Promoter Zuari Industries created a pledge of 1.3 lakh shares on July 14.
F&O Cues
Nifty July futures ended at 19,870, a premium of 99.45 points.
Nifty July futures rose 0.05%, with 110 shares in open interest.
Nifty Bank July futures ended at 45,738.50, a premium of 254 points.
Nifty Bank July futures rose 3.62% with 5,009 shares in open interest.
Securities in the ban period: Delta Corp., Manappuram Finance, Indiabulls Housing Finance, L&T Finance Holdings, Polycab Industries, and RBL Bank
Money Market Update
Indian rupee closed 0.08% lower at 82.10 against the U.S. dollar on Wednesday.
Research Reports
Real Estate Sector Check - Steady Demand; Rising Share Of Mid-Income Housing: Motilal Oswal
Sheela Foam's Acquisition Of Kurlon, Furlenco Positive For Stakeholders, Says ICICI Securities
Prince Pipes - Expect Healthy Growth; Maintain 'Add': Yes Securities
Pharma Q1 Preview - Robust Volume Growth In Formulation Business, Healthy Product Launch Pipeline: KRChoksey
Havells India - Powering Growth With A Diversified Product Portfolio: Motilal Oswal Reinitiates Coverage
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