Asian equity futures were mixed after the Federal Reserve hiked interest rates to a 22-year high and indicated that further tightening would be “data dependent.” Contracts for Japan fell slightly, those for Australia were little changed and Hong Kong futures rose, along with an index of U.S.-listed Chinese stocks.
In the U.S., stocks rebounded from session lows, with the Dow Jones Industrial Average notching its 13th straight advance — the longest winning run since 1987. Another driver of trading Wednesday was the large batch of earnings reports, with results from big tech being highly scrutinized after the shares notched a historic advance in the first six months of the year.
Meanwhile, Brent crude was below $83 a barrel and West Texas Intermediate was around the $79-mark. The yield on the 10-year U.S. bond was trading at 3.87% and Bitcoin was below 30,000-level.
At 5:38 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,990.
India's benchmark stock indices held steady gains in trade through Wednesday after a mixed close on Tuesday. Fast-moving consumer goods and the PSU banking sectors advanced, whereas consumer durables were under pressure. The local currency weakened about 13 paise to close at Rs 82 against the U.S. dollar on Wednesday.
Overseas investors in Indian equities remained net buyers on Wednesday for the second straight session. Foreign portfolio investors mopped up stocks worth Rs 922.84 crore, according to data from the National Stock Exchange. Domestic institutional investors also bought stocks worth Rs 470.1 crore, the NSE data showed.
Stocks To Watch: Tech Mahindra, RIL, Axis Bank, Tata Consumer, Dr. Reddy's In Focus
Aurobindo Pharma: The company has set up a step-down subsidiary, Auro Pharma LLC, in Russia to pursue pharma business operations there. The drugmaker has proposed making an initial investment of around $10 million. As many as 100% of the shares of Auro Pharma LLC are held by Auro Active Pharma Private Limited.
Mahindra and Mahindra: The company acquired a 3.53% stake in RBL Bank. The stake was valued at Rs 417 crore. Mahindra may consider further investment subject to pricing, regulatory approvals, and required procedures. The circumstance will the company's stake in RBL Bank will exceed 9.9%.
Poonawala Fincorp: The company completed the sale of 24.9 crore equity shares held in Poonawalla Housing Finance, an entity affiliated with TPG Global. Poonawalla Fincorp has received a post-tax amount of Rs 3,004 crore for the stake sale.
Rail Vikas Nigam: The government will sell up to 5.36% of its stake in Rail Vikas Nigam via the offer for sale route. This includes the green shoe option of selling a 1.96% stake. The offer opens Thursday for non-retail investors. The floor price for the OFS will be Rs 119 per share.
Marico: The company has acquired a 32.75% stake in Satiya Nutraceuticals on a fully diluted basis and has majority control overboard. It will buy the remaining 25.25% stake in tranches by May 2025.
Reliance Industries: Jio Financial Services, and BlackRock have signed joint venture pacts to foray into the asset management sector. The 50:50 joint venture, Jio BlackRock, will deliver tech-enabled access to affordable investment solutions. Both parties will initially invest $150 million (Rs 1230.19 crore) each in the joint venture.
IDFC First Bank: The lender will discuss and consider a proposal to raise funds in the next one year by issuing equity shares or other equity-linked securities.
Results Announced Post Market Hours
Tech Mahindra: Q1 FY24 (Consolidated, QoQ)
Revenue down 4.07% at Rs 13,159 crore vs. Rs 13,718.2 crore (Bloomberg estimate: Rs 13,579.2 crore).
Net profit down 37.5% at Rs 703.6 crore vs. Rs 1,125 crore (Bloomberg estimate: Rs 1,146.9 crore).
EBIT down 32.4% at Rs 891.4 crore vs. Rs 1,317.8 crore (Bloomberg estimate: Rs 1,435.9 crore).
EBIT margin at 6.77% vs. 9.60% (Bloomberg estimate: 10.57%)
Axis Bank Q1 FY24 (Standalone)
Net Profit at Rs 5,797 crore vs. Rs 4,125 crore (YoY)
NII at Rs 11,959 crore vs. Rs 9,384 crore (YoY).
GNPA at 1.96% vs. 2.02% (QoQ).
NNPA at 0.41% vs. 0.39% (QoQ).
CASA ratio as of June 30 was 46%.
Net advances up 22% year-on-year to Rs 8.58 lakh crore.
Domestic net interest margin dipped 15 bps QoQ to 4.2%.
Tata Consumer Q1 FY24 (Consolidated, YoY)
Revenue up 12% at Rs 3,741.21 crore vs. Rs 3,326.83 crore (Bloomberg estimate: Rs 3,761.3 crore).
Net profit up 24% at Rs 316.59 crore vs. Rs 255.46 crore (Bloomberg estimate: Rs 324.9 crore).
Ebitda up 19% at Rs 545.03 crore vs. Rs 457.3 crore (Bloomberg estimate: Rs 536.2 crore).
Margin at 14.6% vs. 13.7% (Bloomberg estimate: 14.3%).
Dr Reddy's Q1 FY24 (Consolidated, YoY)
Revenue up 29% at Rs 6,758 crore vs. Rs 5,233 crore (Bloomberg estimate: Rs 6,343 crore).
Net profit up 18% at Rs 1,405 crore vs. Rs 1,189 crore (Bloomberg estimate: Rs 1,008 crore).
Ebitda up 119% to Rs 2,063 crore from Rs 941 crore (Bloomberg estimate: Rs 1,620 crore).
Margin at 30.5% vs. 18% (Bloomberg estimate: 25.5%).
Colgate Palmolive Q1 FY24 (YoY)
Revenue up 11% at Rs 1,323.67 crore vs. Rs 1,196.81 crore (Bloomberg estimate: Rs 1,266.71 crore).
Net profit up 31% at Rs 273.68 crore vs. Rs 209.67 crore (Bloomberg estimate: Rs 250.46 crore).
Ebitda up 28% at Rs 418.12 crore vs. Rs 325.67 crore (Bloomberg estimate: Rs 367.32 crore).
Margin at 31.6% vs. 27.2% (Bloomberg estimate: 29%).
Fine Organics (Consolidated, YoY)
Revenue down 26.82% at Rs 547.17 crore vs. 747.73 crore (Bloomberg estimate: Rs 557.4 crore).
Ebitda down 34.19% at Rs 141.23 crore vs. 214.61 crore (Bloomberg estimate: Rs 150.2 crore).
Ebitda margin at 25.8% vs. 28.70%
Net profit down 37% at Rs 99.76 crore vs. Rs 159.79 crore (Bloomberg estimate of Rs 111 crore).
Jindal Stainless (Consolidated, YoY)
Revenue up 25.44% at Rs 10,183.96 crore vs. Rs 8,118.59 crore (Bloomberg estimate: Rs 9,457.77 crore).
Net profit up 45.22% at Rs 737.58 crore vs. Rs 507.89 crore (Bloomberg estimate: Rs 479.87 crore).
Ebitda up 34.1% at Rs 1,192.37 crore vs. Rs 889.15 crore (Bloomberg estimate: Rs 994.6 crore).
Ebitda margin at 11.71% vs. 10.95% (Bloomberg estimate: 10.5%).
REC (Consolidated, YoY)
Interest income up 14% at Rs 10,691.9 crore vs. Rs 9,375.9 crore.
PAT up 21% at Rs 2,968.05 crore vs. Rs 2,454.2 crore.
Aditya Birla Sun Life Q1 FY24 (Consolidated, YoY)
Revenue up 2% at Rs 311.16 crore vs. 304.50 crore (Bloomberg estimate: Rs 319 crore).
Ebitda down 6.25% at Rs 169.95 crore vs. Rs 181.29 crore (Bloomberg estimate: Rs 156 crore).
Ebitda margin at 54.61% vs. 59.53% (Bloomberg estimate: 49%)
Net profit up 79.47% at Rs 184.57 crore vs. 102.84 crore (Bloomberg estimate: Rs 145 crore).
Other income of Rs 78 crore in Q1 aided the profit.
Schaeffler India Q2 FY24 (YoY)
Revenue up 4.59% at Rs 1,829.14 crore vs. Rs 1,748.83 crore.
Ebitda up 6.34% at Rs 342 crore vs. 321.73 crore.
Ebitda margin at 18.7% vs. 18.4%
Net profit up 5.09% at Rs 237.28 crore vs. Rs 225.75 crore.
SIS Q1 FY24 (Consolidated, YoY)
Revenue up 11.14% at Rs 2,976.73 crore vs. Rs 2,678.18 crore.
Ebitda up 15.35% at Rs 139 crore vs. Rs 120.72 crore.
Ebitda margin at 4.66% vs. 4.49%
Net profit up 8.48% at Rs 89.50 crore vs. 82.54 crore.
Earnings In Focus
Godawari Power & Ispat, Greenlam Industries, Accelya Solutions, Ajanta Pharma, Arvind, Astec Lifescience, Bajaj Finserv, Bajaj Holdings & Investment, Bharat Electronics, Blue Dart Express, Birlasoft, Coromandel International, Foseco India, RailTel Corporation of India, PSP Projects, Powergrid Infrastructure Investment Trust, Nestle India, NDTV, Nippon Life India Asset Management, NACL Industries, L.G.Balakrishnan & Bros, Laurus Labs, Latent View Analytics, Dr. Lal Pathlabs, Jyoti Resins & Adhesives, JK Lakshmi Cement, Intellect Design Arena, Indus Towers, Indian Bank, Indian Hotels, IIFL Finance, Indian Energy Exchange, Home First Finance Company India, ZF Commercial Vehicle Control Systems, Westlife Foodworld, Welspun Specialty Solutions, Ujjivan Small Finance Bank, Tata Teleservices (Maharashtra), Trident, Symphony, Sundram Fasteners, Sterlite Technologies, Supreme Petrochem, Sona BLW Precision Forgings, Shyam Metalics And Energy, Shriram Finance, Saregama India, Sagar Cements.
IPO Offerings: Yatharth Hospital
Yatharth Hospital & Trauma Care Services’s initial public offering was fully subscribed on day 1. Non-institutional investors led the demand and subscribed 1.77 times; retail investors subscribed 1.25 times. The portion for institutional investors was subscribed 0.26 times, or 26%. The IPO includes a fresh issue of Rs 490 crore and an offer for sale of 65.51 lakh shares. The issue will close on July 28.
AGMs
Astec Lifesciences
Bajaj Finserv
Bajaj Holdings & Investment
Brookfield India Real Estate Trust REIT
Blue Dart Express
Birlasoft
Century Textiles & Industries
CG Power And Industrial Solutions
Colgate-Palmolive (India)
Coromandel International
Dr. Reddy's Laboratories
IndInfravit Trust
Indo Rama Synthetics (India)
Ismt ltd.
Kirloskar Ferrous Industries
Minda Corporation
MRF
Neuland Laboratories
Nexus Select Trust
Oracle Financial Services Software
Tech Mahindra
TTK Prestige
ZF Commercial Vehicle Control Systems India
Block Deals
United Breweries: State Bank of India sold 46.3 lakh shares (1.7%), and SBI Mutual Fund bought 46.3 lakh shares (1.7%) at Rs 1465.8 apiece.
Bulk Deals
Borosil: The California Public Employees Retirement System sold 10.5 lakh shares (1%) at Rs 430.04 apiece.
Delta Corp.: BOFA Securities Europe SA bought 16 lakh shares (0.6%) at Rs 194.84 apiece.
Pledge Share Details
Steel Exchange of India: Umashiv Garments created a pledge of one crore shares on July 21.
Who’s Meeting Whom:
Angel One: To meet investors and analysts on July 31.
Trading Tweaks:
Price Band Revised From 10% To 5%: Jupiter Wagons
Price Band Revised From 20% To 10%: Saregama India
Ex-Date Dividend: JK Tyre & Industries, Ratnamani Metals & Tubes, Pidilite Industries, UltraTech Cement, Deepak Nitrite, Akzo Nobel India, Rajratan Global Wire, Automotive Axles, Hero MotoCorp, Bhagiradha Chemicals & Industries, Dollar Industries, Prataap Snacks
Ex-date Interim divided: Hatsun Agro Product
Ex-date Spin-off: Saregama India
Ex-date AGM: JK Tyre & Industries, Great Eastern Shipping Company, Ratnamani Metals & Tubes, Pidilite Industries, CESC, UltraTech Cement, Deepak Nitrite, RPSG Ventures, Akzo Nobel India, Rajratan Global Wire, Automotive Axles, Hero MotoCorp, Bhagiradha Chemicals & Industries, Dollar Industries, Prataap Snacks
Record-date Dividend: Pidilite Industries, Rajratan Global Wire, Automotive Axles
Record-date Interim Dividend: Hatsun Agro Product
Record-date spin-off: Saregama India
Move Into Short-Term ASM Framework: Pitti Engineering, Dhani Services, and Pix Transmissions
Move Out Of Short-Term ASM Framework: PTC Industries
F&O Cues
Nifty July futures ended at 19,772, a premium of 80.85 points.
Nifty July futures fell 26.77%, with 35,893 shares in open interest.
Nifty Bank July futures ended at 46,057, a premium of 132.80 points.
Nifty Bank July futures fell 14.57% with 13,056 shares in open interest.
Securities in the ban period: Delta Corp., RBL Bank, and Sun TV.
Also Read: Lok Sabha Passes Forest Conservation Bill
Money Market Update
The Indian rupee rose 0.15% to close at 82 against the U.S. dollar on Tuesday.
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