KEY HIGHLIGHTS
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Rupee Weakens Against The U.S. Dollar
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Sensex, Nifty Rebound After Two-Day Fall: Closing Bell
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Havells To Explore Setting Up Refrigerator Manufacturing Facility In Rajasthan
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Lupin Gets U.S. FDA Approval For Doxycycline Hyclate Delayed-Release Tablets
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Merchandise Trade Deficit Sees Modest Rise Amidst Decline In Exports And Imports
FPIs Remain Net Sellers
Overseas investors turned net sellers of Indian equities on Monday for the second session in a row.
Foreign portfolio investors offloaded Indian stocks worth Rs 2,324.23 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and mopped up stocks worth Rs 1,460.9 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,23,762 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.21% on Monday. It closed at 7.2% on Friday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 12 paise to close at Rs 82.96 against the U.S dollar on Monday.
It closed at 82.84 on Friday.
Source: Bloomberg
Sensex, Nifty Rebound After Two-Day Fall: Closing Bell
India's benchmark stock indices pared early losses to end marginally high, snapping two days of losses as I.T. and FMCG sectors advanced. Few private banks also recovered in trade, whereas metals continued to drag.
Sensex slipped below 65,000 level, intraday, the most in over a month since July 3, 2023, whereas Nifty Bank tumbled below the 44,000 mark. Indian markets will be shut on Tuesday for Independence day.
The S&P BSE Sensex closed up 79 points, or 0.12%, at 65,401.92, while the NSE Nifty 50 was 6 points, or 0.03%, higher at 19,434.55.
Stocks and bonds rose as China moved to address a worsening property slump, shoring up confidence in global markets. U.S. equity futures advanced.
Shares in mainland China declined while almost all of the 80 members of Hong Kong’s Hang Seng Index slipped Monday. Focus later this week will be on minutes of Fed’s latest policy meeting as traders seek clues on the central bank’s next move.
The yen steadied after breaching its year-high level of 145.07 versus the dollar as investors started to monitor for any signs the government may intervene as it did last year.
Reliance Industries Ltd., Infosys Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., and Larsen & Toubro Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., State Bank of India, Adani Enterprises Ltd., JSW Steel Ltd., and Hindalco Industries Ltd. were negatively contributing to the change.
The broader market indices underperformed its larger peers; the S&P BSE MidCap Index was down 0.44%, whereas S&P BSE SmallCap Index was 0.50% lower.
Sixten the 19 sectors compiled by BSE declined. The S&P BSE Metal and S&P BSE Commodities indices fell the most. S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology, and S&P Teck on the other hand, advanced.
The market breadth was skewed in the favour of the sellers. About 1,548 stocks rose, 2,172 declined, while 175 remained unchanged on the BSE.
Havells To Explore Setting Up Refrigerator Manufacturing Facility In Rajasthan
Exploring possibility of setting up refrigerator manufacturing plant of 10,000 unit capacity in Ghiloth, Rajasthan.
Estimated investment of Rs 350 crore required for the plant.
Project to be financed using internal accruals.
Source: Exchange filing
Lupin Gets U.S. FDA Approval For Doxycycline Hyclate Delayed-Release Tablets
Gets U.S. FDA approval for Doxycycline Hyclate delayed-release tablets.
Alert: Doxycycline Hyclate is used to treat a variety of bacterial infections.
Source: Exchange filing
Merchandise Trade Deficit Sees Modest Rise Amidst Decline In Exports And Imports
Merchandise trade deficit at $20.7 billion in July 2023 compared to $20.1 billion in June.
Exports fall by 15.9% annually to $32.25 billion in July.
Imports fall by 17% to $52.9 billion in July.
Exports fall by 2.2% on a monthly basis in July, imports by 0.3%.
Source: Ministry of Commerce and Industry
Meghmani Organics Q1 Results: Company Incurs Net Loss
Meghmani Organics Ltd. incurs a net loss in the first quarter. The company incured net loss of Rs 34.49 crore vs net profit of 109.05 crore, according to an exchange filing on Monday.
Meghmani Organics Q1 FY24 Highlights (Consolidated, YoY)
Revenue down 45.6% at Rs 425.77 crore vs Rs 783.4 crore
Ebitda loss of Rs 22.1 crore vs EBITDA of Rs 131.85 crore
Net loss of Rs 34.49 crore vs profit of Rs 109.05 crore
Shares of company fell 3.13% to Rs 80.55 apiece, as compared with a fall of 0.10% in the benchmark NSE Nifty 50 on Monday at 2:01p.m
Sensex, Nifty Trade Near Day's High
AstraZeneca Pharma Shares Hit 27-Month High As Profit Jumps 167% YoY
AstraZeneca Pharma Q1FY24 (Consolidated, YoY)
Revenue up 27.17% at Rs 295.46 crore vs Rs 232.33 crore
Ebitda up 1.4% at Rs 67.23 crore vs Rs 27.96 crore
Margins at 0.22% vs 0.12%
Net profit up 167.29% at Rs 53.86 crore vs Rs 20.15 crore
European Markets Open Higher
Stocks At 52-Week Low Intraday
Stocks At 52-Week High Intraday
Divi's Laboratories Shares Recover After Q1 Results
Divi's Laboratories Q1 FY24 (Consolidated, YoY)
Revenue down 21% at Rs 1,778 crore Vs Rs 2,255 crore (Bloomberg estimate: Rs 1,995 crore)
Net profit down 49% at Rs 356 crore Vs Rs 702 crore (Bloomberg estimate: Rs 407 crore Profit)
Ebitda down 41% at Rs 504 crore Vs Rs 848 crore (Bloomberg estimate: Rs 561 crore Profit)
Margins at 28.3% Vs 37.6% (Bloomberg estimate: 28.1%)
IRCTC To Provide QR Code-Based DMRC Tickets
Signed MoU with Delhi Metro Rail Corporation on Aug. 14, 2023.
MoU for providing QR code based DMRC tickets through IRCTC platform.
Source: Exchange Filing
SpiceJet Q1 Results: Net Profit Of Rs 197.6 Crore After Loss
SpiceJet Ltd. reported profit in the in the first quarter of the ongoing fiscal helped by higher demand for air travel.
The airline's consolidated net profit was at Rs 197.6 crore in the quarter ended June, according to its exchange filing.
SpiceJet Q1 FY4 Highlights (YoY)
Revenue down 18.46% at Rs 2003.5 crore versus Rs 2457.1 crore.
Net profit of Rs 197.6 crore versus loss of Rs 783.7 crore.
Ebitdar of Rs 385.74 crore vs Ebitdar loss of Rs 346.58 crore.
Shares of the airline were trading 3.80% higher at Rs 32.75 per share, compared to a 0.20% decline in the benchmark S&P BSE Sensex.
Sensex, Nifty Pare Early Losses As HDFC Bank, SBI, Airtel Drag: Midday Market Update
India's benchmark stock indices pared few losses to trade lower through midday on Monday after falling for the third consecutive week on Friday. Declined were led by metals, PSU banks and realty sectors, whereas fast moving consumer goods were marginally up.
Sensex slipped below 65,000 level intraday the most in over a month since July 3, 2023, whereas Nifty Bank tumbled below the 44,000 mark.
As of 12:15 p.m., the S&P BSE Sensex was down 117 points, or 0.18%, at 65,206.09, while the NSE Nifty 50 was 49 points, or 0.25%, lower at 19,379.15.
China’s worsening property slump dampened market sentiment as the nation’s equities extended a selloff. Treasury yields edged toward new highs. Shares in mainland China declined while almost all of the 80 members of Hong Kong’s Hang Seng Index slipped.
The yen steadied after breaching its year-high level of 145.07 versus the dollar as investors started to monitor for any signs the government may intervene as it did last year.
Europe and U.S. equity futures wiped out earlier gains to trade lower. On Friday, the S&P 500 closed at a one-month low with a drop of just 0.1%. The Nasdaq 100 notched its longest weekly losing streak this year, hovering around 15,000.
Reliance Industries Ltd., Infosys Ltd., Hindustan Unilever Ltd., Larsen & Toubro Ltd., and Kotak Mahindra Bank Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., State Bank of India, Adani Enterprises Ltd., TCS Ltd., and JSW Steel Ltd. were negatively contributing to the change.
The broader market indices opened lower; the S&P BSE MidCap Index was down 0.67%, whereas S&P BSE SmallCap Index was 0.53% lower.
Seventeen the 19 sectors compiled by BSE declined. The S&P BSE Metal and S&P BSE Commodities indices fell the most. S&P BSE Fast Moving Consumer Goods and S&P BSE Information Technology, on the other hand, advanced.
The market breadth was skewed in the favour of the sellers. About 1,374 stocks rose, 2,153 declined, while 168 remained unchanged on the BSE.
Finolex Cables Shares Fall Most In Nearly 18 Months Despite Q1 Beat
Shares of Finolex Cables Limited fell the most in nearly 18 months after results for the first quarter were announced.
The company reported a rise in net profit by 38.4% to Rs 132.24 crore in the quarter ended June, according to an exchange filing, beating the Bloomberg estimate of Rs 126.4 crore.
Revenue rose 18.6% to Rs 1,204.25 crore against Rs 1,015.65 crore in the same quarter last year, above analysts' estimate of Rs 1,111.98 crore.
Ebitda rose by 27% to Rs 144.4, above the estimate of Rs 133.8 crore, while margin stood at 11.9% against 11.2% last year, in line with the estimate of 12%.
Finolex Cables Q1 (Standalone YoY)
Revenues up 18.6% at Rs 1,204.25 crore vs Rs 1,015.65 crore (Bloomberg estimate Rs 1,111.98 crore)
Ebitda up 27% at Rs 144.4 crore vs Rs 113.67 crore (Bloomberg estimate Rs 133.8 crore)
Margins at 11.9% vs 11.2% (Bloomberg estimate 12%)
Net profit up 38.4% at Rs 132.24 crore vs Rs 95.57 crore (Bloomberg estimate Rs 126.4 crore)
Shares of Finolex Cables Limited fell 6.13% to Rs 1022.2 apiece, compared to a 0.4% fall in the NSE Nifty 50 as of 11:41 a.m.
The stock fell 7.65% intraday, the most in nearly 18 months since Feb.24, 2022.
SEBI On Adani-Hindenburg Case
SEBI files application with Supreme Court, asks for 15 more days to submit report in the Adani-Hindenburg Case.
Report finalised in 17 of 24 issues.
Process underway to finalise report on seven issues.
Source: NDTV
PVR Inox Witnessed Highest Daily & Weekend Box Office Collections On Sunday
PVR Inox witnessed highest ever daily and weekend admissions and box office collection on Sunday, Aug. 13.
Served nearly 12.8 lakh viewers and earned gross box office revenue of 39.5 crore.
Source: Exchange Filing
ABB India Q2 Review: Brokerages See Promising Outlook Following Profit Jump
ABB India Ltd.'s consolidated net profit rose 110.7% year-on-year to Rs 295.63 crore in the June quarter, according to an exchange filing. That compares with the Rs 190.7 crore consensus estimate of analysts tracked by Bloomberg.
Order book is up 29% year-year and provides revenue growth visibility. Margins expanded due to higher capacity utilisation and lower projects contribution. Railways, Data centre, Renewables, Warehouse and Logistics are focus areas, Jefferies said.
Yes Securities has upgraded the stock to 'neutral' from reduce and revised the target price of Rs 4,539, implying a return potential of 0.3%
Jefferies has rated the stock 'buy' and raised price target to Rs 5,260 from Rs 5,000. This implies an upside return potential of 16%.
ABB India Q2 CY23 (Consolidated, YoY)
Revenue is up 22.2% at Rs 2,508.63 crore vs. Rs 2,052.5 crore (Bloomberg estimate: Rs 2,394.9 crore).
Ebitda up 75.5% at Rs 348.75 crore vs. Rs 198.77 crore (Bloomberg estimate: Rs 251.3 crore).
Margin at 13.9% vs. 9.7% (Bloomberg estimate: 10.5%).
Net profit is up 110.7% at Rs 295.63 crore vs. Rs 140.28 crore (Bloomberg estimate: Rs 190.7 crore).
Shares of ABB India. fell as much as 6.02% before paring losses to trade 0.12% higher at Rs 4,510.55 as of 11:23 a.m., compared to a 0.59% decline in the NSE Nifty 50.
It has risen nearly 62.13% year-to-date. Total traded volume stood at 3.9 times its 30-day average. The relative strength index was 45.98.
Of the 32 analysts tracking the company, 14 maintain a 'buy' rating, 11 recommend a 'hold' and five suggest to 'sell' the stock, as per Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 2.4%.
Astral Drops Over 3% On Missing Analyst Estimates; Jefferies Retains Hold On Rich Valuation
Shares of Astral Ltd. pared losses after falling over 3% in trade as its April-June quarter profit and revenue missed analyst estimates, pooled by Bloomberg.
The company's consolidated net profit for the quarter was up by 24.1% year-on-year to Rs 119.30 crore, according to an exchange filing on Friday after market hours. This compares to a net profit of Rs 96.10 crore in the same quarter of the previous fiscal and analyst estimates of Rs 131.51 crore.
The profit however, was in-line with Jefferies estimates, who maintained a 'hold' rating on the company citing "rich valuation". The brokerage raised the price target on the stock to Rs 1,870 apiece as compared to an earlier target of Rs 1,650 per share.
Astral Q1 FY24 (Consolidated, YoY)
Revenue is up 5.8% at Rs 1,283.10 crore vs. Rs 1,212.90 crore (Bloomberg estimate: Rs 1,299.6 crore).
Ebitda up 18.2% at Rs 201.60 crore vs. Rs 170.60 crore (Bloomberg estimate: Rs 219.4 crore).
Margin at 15.71% vs. 14.07% (Bloomberg estimate: 16.9%).
Net profit is up 24.1% at Rs 119.30 crore vs. Rs 96.10 crore (Bloomberg estimate: Rs 131.51 crore).
Jefferies On Astral
Retains a 'hold' on rich valuation with a price target of Rs 1,870 per share.
Healthy demand drove pipes volume growth by 31% year-on-year. This was lower than Supreme Industries which witnessed a 48% year-on-year growth. However, Astral's pipes volume growth was comparable to Finolex Industries with a 28% year-on-year increase.
Fall in polyvinyl chloride or PVC prices in the quarter led to a 480 basis points sequential decline in operating profit margins to approximately 16%. PVC volatility is a key monitorable, as per Jefferies.
Promotion for new categories like sanitaryware, faucets and paints is likely to be front-ended over near term. Thus, Jefferies cut its FY24-26 earnings per share estimate by 2-6%.
In view of the strong pipe demand, company targets to set up three new plants in Guwahati, Hyderabad and Uttar Pradesh. Capex guidance for FY24-25 is Rs 350 crore to Rs 250 crore higher than Jefferies estimates.
Key downside risk to the brokerage's price target include a demand slowdown and sharp volatility in PVC and/or CPVC prices.
Faster ramp-up in the new launches of sanitaryware, faucets and paints and higher volume growth in pipes would be the key upside to the price target set by the brokerage.
Shares of Astral Ltd. fell 0.40% to 1,966.5 apiece as of 11:39 a.m., as compared to 0.4% decline in the NSE Nifty 50. The stock fell as much as 3.76% intraday to Rs 1,900 apiece, the lowest level since July 31, 2023. It has risen nearly 33.53% year-to-date.
Total traded volume stood at 1.7 times its 30-day average. The relative strength index at 56.
Out of the 24 analysts tracking the company, seven maintain a 'buy' rating, 11 recommend a 'hold' and six suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential downside of 4.1%.
ONGC Shares Hit 52- Week High As Q1 Profit Doubles
Shares of Oil and Natural Gas Corp. hit a 52-week high on Monday after its profit doubled in the June quarter.
The state-owned oil producer's consolidated net profit rose to Rs 17,3823 crore in the first quarter as overall expenses declined, according to an exchange filing on Friday.
Moreover, ONGC Videsh Ltd., the overseas arm of ONGC, has sought another three year extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea, according to a PTI report.
Revenue down 10% to Rs 1,63,824 crore.
Ebitda up 60% to Rs 30,106.8 crore.
Margin at 18% vs 10%.
Net profit doubles to Rs 17,383 crore.
Shares of ONGC rose 1.83% to an intraday high of Rs 180.45. It pared some gains to trade 0.54% higher at Rs 178.15 apiece, compared to a 0.64% decline in the benchmark NSE Nifty 50.
The total traded quantity so far in the day stood at 2.9 times the 30-day average volume. The stock's relative strength index stands at 66.64, indicating that the stock is neither overbought nor oversold.
Twenty-one out of the 29 analysts tracking ONGC maintain a 'buy' rating on the stock, four recommend a 'hold', and as many suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 5.4%.
Muthoot Finance Shares Drop As Brokerages Downgrade The Stock
Shares of Muthoot Finance Ltd. fell to the lowest level in over a month despite a 27% year-on-year rise in its June quarter profit to Rs 1,044.7 crore.
IDBI Capital Equity Research downgraded the stock to 'hold' from an earlier 'buy' rating, citing the decline in the net interest margins. However, the price target was raised to Rs 1,300 a piece from Rs 1,200 per share, as the stock has run-up 27% over the last three months, the brokerage said.
Also, Morgan Stanley analyst Kushan Parikh cut the recommendation on Muthoot Finance Ltd. to underweight from equal-weight. The price target was set at Rs 1,155 apiece, as per Bloomberg data.
The company will seek shareholders' approval to raise the borrowing limit to Rs 1 lakh crore, it said in an exchange filing on Friday evening. The board has also approved an infusion of Rs 400 crore in its unit, Muthoot Money, and the acquisition of a 2.05% stake in Belstar Microfinance from existing promoters for Rs 43 crore.
IDBI Capital On Muthoot Finance
Downgrades to 'hold' from 'buy' and raises price target by Rs 100 to Rs 1,300 apiece, citing a 27% movement in the share price over the last three months.
Net interest margins declined to 11.6% in Q1FY24, as compared to 12.3% in the previous quarter due to decline in yield on advances. Management guided for maintaining the margins and spreads by passing the rise in interest cost to the borrowers.
Net interest income grew slowly by 2% quarter-on-quarter led by decline in margins. Pre-provision operating profit grew by 8% quarter-on-quarter led by lower operating expenses and the provisions increased by 14% quarter-on-quarter as asset quality deteriorates; Profit after tax grew by 8% quarter-on-quarter.
Gold portfolio growth surprised with an 18% year-on-year improvement led by higher gold prices.
Recorded all time highest interest collection of Rs 2,863 crore in the said quarter.
Shares of Muthoot Finance Ltd. fell 5.86% to 1,271 apiece as of 10:46 a.m., as compared to 0.6% decline in the NSE Nifty 50. The stock fell as much as 8.41% intraday to Rs 1,236.55 apiece, the lowest level since June 30, 2023. It has risen nearly 19.6% year-to-date.
Total traded volume stood at 15 times its 30-day average. The relative strength index at 40.
Out of the 23 analysts tracking the company, 15 maintain a 'buy' rating, five recommend a 'hold' and three suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 7.3%.
Nykaa Tumbles Over 11% As Q1 Profit Falls
The first quarter profit of FSN E-Commerce Ventures Ltd., the parent of online cosmetics and fashion retailer Nykaa, fell as lower discretionary spending impacted the fashion business.
Net profit attributable to the shareholders dropped 27% to Rs 3.3 crore. The retailer's revenue grew during the quarter. However, the pace of growth slowed, dragged by lower spending on the fashion vertical even as the beauty and personal care segment remained largely unaffected by the pullback in discretionary consumer spending, according to the company.
FSN E-Commerce Ventures Q1FY24 (Consolidated, YoY)
Revenue up 23.8% at Rs 1421.8 crore vs Rs 1148.4 crore
Ebitda up 59.6% at Rs 73.4 crore vs Rs 46 crore
Margins at 5.1% vs 4%
Net profit down 26.7% at Rs 3.3 crore vs Rs 4.5 crore
Shares of FSN E-Commerce Ventures Ltd. fell 8.17% to 134.25 apiece as of 9:48 a.m., as compared to 0.62% decline in the NSE Nifty 50. The stock fell as much as 11.01% intraday to Rs 130.1 apiece, the lowest level since June 2, 2023. It has risen nearly 12.75% year-to-date.
Total traded volume stood at 11.2 times its 30-day average. The relative strength index at 33.2.
Out of the 23 analysts tracking the company, 13 maintain a 'buy' rating, five recommend a 'hold' and five suggest to 'sell' the stock, as per the Bloomberg data.
The average calculated from the 12-month price target given by analysts implies a potential upside of 25.5%.
Source: Bloomberg, Exchange filing
L&T Construction Wins Significant Order For Constructing Varanasi Cricket Stadium
Buildings and Factories business has secured orders in India and Bangladesh.
India order for constructing cricket stadium in Varanasi with capacity of 30,000 spectators.
Bangladesh order for construction of hi-tech IT parks across four locations.
Alert: Significant orders of L&T are classified as orders worth Rs 1,000 crore to Rs 2,500 crore.
Source: Exchange filing
Sensex Drops Below 65,000 Mark
Sensex falls below 65,000 level for the first time since July 3, 2023.
It fell below 0.75% intraday to 64,833.27.
Nifty Bank Falls Below 44,000 Level In Early Trade
Broader Markets Open Lower
The broader market indices opened lower; the S&P BSE MidCap Index was down 1.09%, whereas S&P BSE SmallCap Index was 0.72% lower.
All the 19 sectors compiled by BSE declined. The S&P BSE Realty and S&P BSE Metal indices fell the most.
The market breadth was skewed in the favour of the sellers. About 994 stocks rose, 1,546 declined, while 151 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Lower: Opening Bell
India's benchmark stock indices opened lower on Monday after falling for the third week in a row on Friday.
At pre-open, the S&P BSE Sensex was down 170 points, or 0.26%, at 65,153.02, while the NSE Nifty 50 was 44 points, or 0.23%, lower at 19,383.95.
The sell-off in Chinese equities continued Monday as a worsening property slump dampened market sentiment. An Asian equity gauge was set for the lowest close since June as stocks fell in Hong Kong and mainland China. The CSI 300 Index, which is the benchmark of onshore Chinese shares, extended its decline.
Meanwhile in Japan, the yen breached its year-high level of 145.07 versus the dollar as investors started to monitor for any signs the government may intervene as it did last year.
Friday’s U.S. trading session saw a slide in tech megacaps and mixed economic data leave stocks weak and struggling for direction. In choppy trading, the S&P 500 closed at a one-month low with a drop of just 0.1%. The Nasdaq 100 notched its longest weekly losing streak this year, hovering around 15,000. Nvidia Corp. — which has more than tripled in 2023 — extended a four-day decline to 10%.
Sensex, Nifty Fall In Pre-Market Trades
At pre-open, the S&P BSE Sensex was down 170 points, or 0.26%, at 65,153.02, while the NSE Nifty 50 was 44 points, or 0.23%, lower at 19,383.95.
Source: Bloomberg
Yield On The 10-Year Rises
The yield on the 10-year bond opened 2 bps higher at 7.22% on Monday. t is highest in over three months since April 18, 2023.
It closed at 7.20% on Friday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 18 paise to open at Rs 83.02 against the U.S dollar on Monday, the most in over nine months since Oct 20, 2022
It closed at 82.84 on Friday.
Source: Bloomberg
Trade Talk: ITC Q1 Preview, Adani Ports And More
Ramkrishna Forgings Bags Contract Worth $13.65 Million/Year
Ramkrishna Forgings bags $13.65 million-a-year contract for supply of axles and other components.
The North American contract entails supply of rear axles and transmission components.
Source: Exchange filing
Markets Witness A Rise In Intra-Day Volatility: Trade Setup
Global Cues
U.S. Dollar Index at 103
U.S. 10-year bond yield at 4.18%
Brent crude down 0.28% at $86.57 per barrel
Nymex crude down 0.24% at $82.99 per barrel
GIFT Nifty down 54 points or 0.28% at 19,425.5 as of 7:45 a.m.
Bitcoin down 0.84% at $29,156.91
Trading Tweaks
Ex-date Dividend: Computer Age Management Services, KPIT Technologies, Steel Strips Wheels, Jindal Drilling And Industries, Mahanagar Gas, Maharashtra Seamless, Isgec Heavy Engineering, Hindalco Industries, Heritage Foods, H.G. Infra Engineering, Everest Industries, Eicher Motors, Fine Organic Industries.
Ex-date Interim Dividend: Varun Beverages, REC, Great Eastern Shipping, Gateway Distriparks.
Ex-date AGM: Steel Strips Wheels, GE T&D India, Hindalco Industries, Heritage Foods, Federal-Mogul Goetze (India), Jagran Prakashan, Eicher Motors, Emami, Fine Organic Industries, Mahanagar Gas, Max Financial Services, Isgec Heavy Engineering.
Ex-date Stock Split: Avantel.
Record-date Dividend: KPIT Technologies, Jindal Drilling And Industries, Mahanagar Gas, Maharashtra Seamless, H.G. Infra Engineering.
Record-date Interim Dividend: REC, Gateway Distriparks.
Move Into Short-Term ASM Framework: Banco Products (India), BF Utilities, Dreamfolks Services, Tasty Bite Eatables.
Move Out Of Short-Term ASM Framework: Texmaco Rail & Engineering,
Earnings In Focus
Agarwal Industrial Corp, Ahluwalia Contracts (India), Arman Financial Services, Aster DM Healthcare, Astra Microwave Products, Astrazeneca Pharma India, Borosil, Brightcom Group, Confidence Petroleum India, Divi’s Laboratories, Easy Trip Planners, Gensol Engineering, Gabriel India, Globus Spirits, GMR Airports Infrastructure, Grindwell Norton, Hindustan Copper, Hindustan Oil Exploration, HMA Agro Industries, Indiabulls Housing Finance, Vodafone Idea, ITC, Jagran Prakashan, Jai Balaji Industries, Jayaswal Neco Industries, Kama Holdings, Knr Constructions, Kaveri Seed Company, Lux Industries, Magellanic Cloud, Meghmani Organics, Rajesh Exports, Primo Chemicals, Pitti Engineering, Rama Steel Tubes, Techno Electric & Engineering, Uflex, Vishnu Chemicals, Wockhardt, Swan Energy, Senco Gold, Saksoft, Sanghi Industries, Sirca Paints India, Steel Exchange India, SpiceJet.
IPO Offerings
TVS Supply Chain Solutions: On its second day, the IPO was subscribed 1.03 times. Bids were led by retail investors, subscribed 3.62 times, non-institutional investors, subscribed 1.02 times and institutional investors, subscribed 0.15 times or 15%. The IPO was subscribed 55% on day one.
Block Deals
Media Matrix Worldwide: Parmesh Finlease sold 70 lakh shares (0.6%) and G R D Securities bought 70 lakh shares (0.6%) at Rs 15.57 apiece.
Bulk Deals
RITES: Societe Generale bought 12.2 lakh shares (0.5%) at Rs 475.4 apiece.
RPSG Ventures: Ujwal Kumar Pagariya bought 1.8 lakh shares (0.6%) at Rs 647.59 apiece.
Oriana Power: Societe Generale bought two lakh shares (1%) at Rs 308.31 apiece and Vora Financial Services bought 1.2 lakh shares (0.6%) at Rs 302 apiece.
Kesoram Industries: Euston Industries sold 53.1 lakh shares (1.7%) at Rs 95 apiece and ICM Finance bought 50.5 lakh shares (1.6%) at an average price of Rs 94.95 apiece.
Radiant Cash Management Services: Ascent India Fund sold 67.6 lakh shares (6.3%) at Rs 105.55 apiece.
Insider Trades
Ultramarine & Pigments: Promoters S Narayanan, Daya Sridhar and Deepa Ajay sold 5,000, 12,000 and 20,000 shares respectively on Aug. 10.
Vimta Labs: Promoter Praveena Vasireddi sold 10,000 shares on Aug. 10.
Also Read: Deloitte's Grounds To Quit As Auditor Not Convincing, Says Adani Ports' Audit Committee Chair Pillai
Pledge Share Details
Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge of 27 lakh shares on Aug. 8.
AGMs Today
Astrazeneca Pharma India, Gabriel India, Grindwell Norton, Navneet Education, Saksoft, Shalby, Wockhardt.
Result Post Market Hours
ONGC Q1 FY24 (Consolidated, YoY)
Revenue down 10% to Rs 1,63,824 crore vs Rs 1,82,894 crore.
Ebitda up 60% to Rs 30,106.81 crore vs Rs 18,852.78 crore.
Margin at 18% vs 10%.
Net profit doubles to Rs 17,382.97 crore.
NMDC Q1 FY24 (Consolidated, YoY)
Revenue up 13.16% at Rs 5,394.66 crore vs Rs 4,767.07 crore (Bloomberg estimate: Rs 5,510.28 crore).
Ebitda up 5.03% to Rs 1,995.76 crore vs Rs 1,900.11 crore (Bloomberg estimate: Rs 1,989.90 crore).
Margin at 37% vs 39.9% (Bloomberg estimate: 36.1%).
Net profit up 12% at Rs 1,649.91 crore vs Rs 1,473.03 crore (Bloomberg estimate: Rs 1,435.72 crore).
Patanjali Foods Q1 FY24 (Standalone, YoY)
Revenue up 8% to Rs 7,767 crore vs Rs 7,211 crore.
Ebitda down 57% to Rs 168.58 crore vs Rs 391.67 crore.
Margin at 2% vs 5.4%.
Net profit down 64% to Rs 87.75 crore vs Rs 241.25 crore.
Nalco Q1 FY24 (Consolidated, YoY)
Revenue down 16% at Rs 3,178.4 crore vs Rs 3,795.2 crore (Bloomberg estimate: Rs 3,135.3 crore).
Ebitda down 32% to Rs 594.3 crore vs Rs 879.6 crore (Bloomberg estimate: Rs 691.7 crore).
Margin at 18.7% vs 23.2% (Bloomberg estimate: 22.1%).
Net profit down 40% at Rs 333.8 crore vs Rs 558 crore (Bloomberg estimate: Rs 315.1 crore).
Galaxy Surfactants Q1 FY24 (Consolidated, YoY)
Revenue down 19.02% at Rs 941.77 crore vs Rs 1,162.84 crore.
Ebitda down 16.79% to Rs 123.18 crore vs Rs 148.02 crore.
Margin at 13.07% vs 12.72%.
Net profit down 25.1% at Rs 75.18 crore vs Rs 100.37 crore.
Glenmark Pharma Q1 FY24 (Consolidated, YoY)
Revenue up 23% at Rs 3,402 crore vs Rs 2,777 crore (Bloomberg estimate: Rs 3,181 crore).
Ebitda up 46% at Rs 631 crore vs Rs 432 crore (Bloomberg estimate: Rs 560 crore).
Margin at 18.6% vs 15.5% (Bloomberg estimate: 17.6%).
Net profit down 22% at Rs 150 crore vs Rs 193 crore (Bloomberg estimate: Rs 220 crore).
Pfizer Q1 FY24 (Consolidated, YoY)
Revenue down 10% at Rs 531 crore vs Rs 593 crore (Bloomberg estimate: Rs 557 crore).
Ebitda down 42% at Rs 111 crore vs Rs 192 crore.
Margin at 20.8% vs 32.4%.
Net profit up 187% at Rs 94 crore vs Rs 33 crore (Bloomberg estimate: Rs 121 crore).
FSN E-Commerce Ventures Q1 FY24 (Consolidated, YoY)
Revenue is up 23.8% at Rs 1,421.8 crore vs. Rs 1,148.4 crore (Bloomberg estimate: Rs 1,472.7 crore).
Ebitda up 59.6% at Rs 73.4 crore vs. Rs 46 crore (Bloomberg estimate: Rs 85.1 crore).
Margin at 5.1% vs. 4% (Bloomberg estimate: 5.8%).
Net profit is down 26.7% at Rs 3.3 crore vs. Rs 4.5 crore (Bloomberg estimate: Rs 15.2 crore).
ABB India Q2 CY24 (Consolidated, YoY)
Revenue is up 22.2% at Rs 2,508.63 crore vs. Rs 2,052.5 crore (Bloomberg estimate: Rs 2,394.9 crore).
Ebitda up 75.5% at Rs 348.75 crore vs. Rs 198.77 crore (Bloomberg estimate: Rs 251.3 crore).
Margin at 13.9% vs. 9.7% (Bloomberg estimate: 10.5%).
Net profit is up 110.7% at Rs 295.63 crore vs. Rs 140.28 crore (Bloomberg estimate: Rs 190.7 crore).
Jindal Steel And Power Q1 FY24 (Consolidated, YoY)
Revenue is down 3.5% at Rs 12,588.34 crore vs. Rs 13,045.41 crore (Bloomberg estimate: Rs 12,778.7 crore).
Ebitda down 23.7% at Rs 2,628.04 crore vs. Rs 3,446.15 crore (Bloomberg estimate: Rs 2,125.8 crore).
Margin at 20.8% vs. 26.4% (Bloomberg estimate: 16.6%).
Net profit is down 14.4% at Rs 1,686.94 crore vs. Rs 1,970.13 crore (Bloomberg estimate: Rs 688.72 crore).
Astral Q1 FY24 (Consolidated, YoY)
Revenue is up 5.8% at Rs 1,283.10 crore vs. Rs 1,212.90 crore (Bloomberg estimate: Rs 1,299.6 crore).
Ebitda up 18.2% at Rs 201.60 crore vs. Rs 170.60 crore (Bloomberg estimate: Rs 219.4 crore).
Margin at 15.71% vs. 14.07% (Bloomberg estimate: 16.9%).
Net profit is up 24.1% at Rs 119.30 crore vs. Rs 96.10 crore (Bloomberg estimate: Rs 131.51 crore).
City Union Bank Q1 FY24
NII at Rs 522.54 crore vs. 524.14 crore YoY.
Net profit at Rs 227.27 crore vs. 225.14 crore YoY
GNPA at 4.91% vs. 4.37% QoQ
NNPA at 2.51% vs. 2.36% QoQ
NRB Bearings Q1 FY24 (Consolidated, YoY)
Revenue is up 15.2% at Rs 272.02 crore vs. Rs 236.11 crore.
Ebitda up 5.7% at Rs 45.38 crore vs. Rs 42.93 crore.
Margin at 16.68% vs. 18.18%
Net profit is down 22.52% at Rs 18.55 crore vs. Rs 23.94 crore.
Rashtriya Chemicals and Fertilisers Q1 FY24 (Consolidated, YoY)
Revenue was down 18.44% at Rs 4,042.95 crore vs. Rs 4,956.51 crore.
Ebitda down 70.18% at Rs 129.25 crore vs. Rs 433.31 crore.
Margin at 3.19% vs. 8.74%
Net profit is down 77.38% at Rs 67.79 crore vs. Rs 299.6 crore.
Jai Corp. Q1 FY24 (Consolidated, YoY)
Revenue was down 40.6% at Rs 115.55 crore vs. Rs 194.61 crore.
Ebitda down 59.5% at Rs 7.03 crore vs. Rs 17.34 crore.
Margin at 6.08% vs. 8.91%.
Net profit is down 61.2% at Rs 5.50 crore vs. Rs 14.19 crore.
MSTC Q1 FY24 (Consolidated, YoY)
Revenue was down 8.9% at Rs 179 crore vs. Rs 196.53 crore.
Ebitda down 18.8% at Rs 66.48 crore vs. Rs 81.91 crore.
Margin at 37.14% vs. 41.68%.
Net profit is down 34.2% at Rs 50.61 crore vs. Rs 76.95 crore.
Marksans Pharma Q1 FY24 (Consolidated, YoY)
Revenue is up 15.3% at Rs 500.03 crore vs. Rs 433.77 crore.
Ebitda up 39.9% at Rs 101.97 crore vs. Rs 72.86 crore.
Margin at 20.39% vs. 16.80%
Net profit is up 17% at Rs 70.44 crore vs. Rs 60.18 crore.
Voltas Q1 FY24 (Consolidated, YoY)
Revenue is up 21.4% at Rs 3,359.86 crore vs. Rs 2,768 crore (Bloomberg estimate: Rs 2,981.35 crore).
Ebitda up 4.7% at Rs 185.35 crore vs. Rs 176.99 crore (Bloomberg estimate: Rs 246.55 crore).
Margin at 5.52% vs. 6.39% (Bloomberg estimate: 8.3%).
Net profit is up 18.2% at Rs 129.42 crore vs. Rs 109.52 crore (Bloomberg estimate: Rs 172.91 crore).
HEG Q1 FY24 (Consolidated, YoY)
Revenue was down 7% to Rs 671.43 crore vs. Rs 721.95 crore.
Ebitda down 17.9% at Rs 151.16 crore vs. Rs 184.02 crore.
Margin at 22.51% vs. 25.49%.
Net profit is down 12.5% at Rs 139.12 crore vs. Rs 159 crore.
Indian Railway Finance Corp. Q1 FY24 (Consolidated, YoY)
Revenue is up 18.7% at Rs 6,679.17 crore vs. Rs 5,627.44 crore.
Ebitda up 18.6% at Rs 6,649.92 crore vs. Rs 5,604.69 crore.
Margin at 99.56% vs. 99.60%
Net profit is down 6.3% at Rs 1,556.57 crore vs. Rs 1,661.58 crore.
NHPC Q1 FY24 (Consolidated, YoY)
Revenue is up 2.8% at Rs 2,757.26 crore vs. Rs 2,681.28 crore.
Ebitda up 1.9% at Rs 1,504.52 crore vs. Rs 1,476.83 crore.
Margin at 54.57% vs. 55.08%
Net profit is up 3.9% at Rs 1,095.38 crore vs. Rs 1,053.76 crore.
Timken Q1 FY24 (Consolidated, YoY)
Revenue is up 2.6% at Rs 717.58 crore vs. Rs 699.24 crore.
Ebitda down 20.9% at Rs 135.73 crore vs. Rs 171.65 crore.
Margin at 18.91% vs. 24.55%.
Net profit is down 23.6% at Rs 90.14 crore vs. Rs 118.05 crore.
Stocks To Watch: Muthoot Finance, ITC, ONGC, Nalco, NMDC, Jindal Steel, Glenmark Pharma, Vodafone Idea, Nykaa In Focus
Muthoot Finance: The company will seek shareholders' approval to raise the borrowing limit to Rs 1 lakh crore. The board has approved an infusion of Rs 400 crore in its unit, Muthoot Money, and the acquisition of a 2.05% stake in Belstar Microfinance from existing promoters for Rs 43 crore.
Sterling and Wilson Renewable Energy: The company bagged a Rs 1,130 crore order from Gujarat Industries Power for its proposed 600 MWac solar project at Khavda. The project comprises two blocks of 300 MWac with a three-year operation and maintenance contract.
Reliance Industries: Jio Platforms' arm, Radisys, completed the acquisition of wireless broadband solutions firm Mimosa from U.S.-based Airspan Networks Holdings. In March, the company agreed to buy Mimosa for $60 million, or about Rs 491 crore, on a debt- and cash-free basis.
Redington: Rajiv Srivastava resigned as MD with immediate effect, citing personal reasons. The board will initiate the search for the vacancy as soon as possible.
NBCC: The company received work orders worth Rs 279.31 crore for four different projects.
DCB Bank: The bank will acquire a 9.9% stake in microlender Saksham Gram Credit for Rs 3.99 crore.
NLC India: The company has emerged as the successful bidder for the North Dhadu coal mine in Jharkhand. The mine has a coal reserve of 434.65 MT with a peak rated capacity of 3 MTPA.
ITC: Sanjiv Puri was reappointed as Managing Director and Chairman for five years, with effect from July 22, 2024.
RBL Bank: Chief Operations Officer Pankaj Sharma resigned and will be relieved of his duties on Sept. 20. Alok Rastogi, head – Corporate Centre, will now also directly handle the Operations function.
GIFT Nifty Signals Lower Open For Benchmarks
Equity benchmarks fell across Asia after Wall Street capped off a poor week on a down note and as China’s worsening property slump continued to dampen market sentiment.
Stocks in Hong Kong fell around 2% at the open, with the shares of Country Garden Holdings Co. declining as much as 12%. The CSI 300 Index, which is the benchmark for onshore Chinese shares, extended its decline.
In Japan, the yen breached its year-high level of 145.07 versus the dollar as investors started to monitor for any signs the government may intervene, as it did last year.
Friday’s U.S. trading session saw a slide in tech megacaps and mixed economic data leave stocks weak and struggling for direction. In choppy trading, the S&P 500 closed at a one-month low with a drop of just 0.1%. The Nasdaq 100 notched its longest weekly losing streak this year, hovering around 15,000.
Brent crude was trading below $87 a barrel, and West Texas Intermediate was around the $82 mark. The yield on the 10-year U.S. bond was trading at 4.18%, and Bitcoin was below the $30,000 level.
At 7:45 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 54 points, or 0.28%, at 19,425.5.
India's benchmark stock indices declined through Friday for the second consecutive session, dragged by losses in pharma and private-banking stocks. The headline indices fell for the third week in a row following the RBI's decision on Thursday to impose a 10% incremental cash reserve ratio as a temporary measure on deposits between May 19 and July 28 to suck out surplus liquidity from the banking system after the 2,000 currency notes were deposited.
Overseas investors turned net sellers of Indian equities after two days of buying. Foreign portfolio investors offloaded stocks worth Rs 3,073.3 crore while domestic institutional investors mopped up stocks worth Rs 500.35 crore, according to provisional data from the National Stock Exchange.
The Indian rupee weakened 12 paise to close at 82.84 against the U.S. dollar. The yield on the 10-year bond closed 5 basis points higher at 7.2%.
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