KEY HIGHLIGHTS
FPIs Turn Net Buyers
Overseas investors turned net buyers of Indian equities on Wednesday, snapping two days of selling.
Foreign portfolio investors mopped up Indian stocks worth Rs 722.76 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors also bought stocks worth Rs 2,406.2 crore, the NSE data showed. That's the highest level of net buying since July 31.
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.
Sensex, Nifty End Higher For The Second Day: Market Wrap
India's benchmark stock indices advanced for the second session this week after a lower open on Wednesday. Realty, Media and I.T. sectors led, whereas, metals were under pressure. The indices rebound just ahead of closing the session.
The S&P BSE Sensex closed up 138 points, or 0.21%, at 65,593.42, while the NSE Nifty 50 was 31 points, or 0.16%, higher at 19,465.
European stocks fluctuated after their slump on Tuesday as investors awaited further clues on the path of interest rates from the U.S. Federal Reserve.
Europe’s Stoxx 600 benchmark rose 0.2% after declining as much as 0.4% earlier. U.K. July core CPI rises 6.9% year-on-year as compared to an estimate of 6.8%, pooled by Bloomberg.
U.S. futures pointed to gains at the open. Stocks in Asia dropped as benchmark indexes fell across the region with some of the biggest declines in Hong Kong and Australia.
Infosys Ltd., Larsen & Toubro Ltd., UltraTech Cement Ltd., Mahindra & Mahindra Ltd., and NTPC Ltd. were positively adding to the change in the Nifty 50 India Index.
Whereas, HDFC Bank Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Reliance Industries Ltd., and Axis Bank Ltd. were negatively contributing to the change.
The broader market indices ended higher; the S&P BSE MidCap Index was up 0.25%, whereas S&P BSE SmallCap Index was 0.52% higher.
Six the 19 sectors compiled by BSE declined, while 13 advanced. The S&P BSE Metal fell the most, whereas, S&P BSE Utilities advanced.
The market breadth was split between the buyers and the sellers. About 1,853 stocks rose, 1,780 declined, while 124 remained unchanged on the BSE.
Adani Power Has 8.1% Equity Change Hands In Five Large Trades
31.07 crore shares worth 8.1% equity traded in five large deals.
Buyers and sellers not known immediately.
Source: Bloomberg
Nazara Technologies Invests $500,000 In Israel-Based Snax Games
To invest $500,000 in Israeli game developer Snax Games.
Company to publish Snax games in the Indian subcontinent and the Middle-East on a revenue-sharing basis for five years.
Note: Investment done through company's wholly owned Singapore subsidiary, Nazara PTE
Source: Exchange filing
Lupin Gets U.S. FDA Nod For Metoprolol Succinate Tablets
Gets U.S. FDA nod for Abbreviated New Drug Application for Metoprolol Succinate extended-release tablets.
Alert: Drug is used to treat hypertension and high blood pressure.
Source: Exchange Filing
Lupin Gets U.S. FDA Nod For Bromfenac Ophthalmic Solution
Gets U.S. FDA nod for bromfenac ophthalmic solution, 0.09%.
U.S. FDA nod to market generic equivalent of Bromday Ophthalmic Solution, 0.09%, of Bausch & Lomb Inc.
To manufacture the product at Lupin’s Pithampur facility in India.
Source: Exchange Filing
Camlin Fine Sciences To Temporarily Shut Italy Plant
To shut diphenol plant in Ravenna, Italy from August 16 to Sept. 15.
Plant to remain shut due to weak macro‐economic situation in Europe and low industrial demand.
Source: Exchange filing
Most European Markets Open Higher
Sensex, Nifty Rebound To Trade Near Day's High
Stocks At 52-Week Low Intraday
Stocks At 52-Week High Intraday
Coal India’s Capex Grows 8.5% YoY To Rs 4,700 Crore In Q1FY24
Capex grows 8.5% YoY to Rs 4,700 crore in Q1FY24.
Capex utilisation meets nearly 100% of Rs 4,754 crore progressive target.
Capex utilisation meets 28.3% of Rs 16,600 crore annual target.
Source: Exchange filing
Stocks In Focus: IndiGo, ITC, Zee, Hero Moto, Ashok Leyland & More
Talking Point: What Are Charts Saying About Markets?
UNO Minda Shares Jump 7% To Hit 19-Month High After Setting Up Two New EV Systems Plants
Shares of UNO Minda Ltd. rose after it commissioned two new plants for manufacturing electric vehicle components and systems. The company received new orders with annualised peak value of more than Rs 600 crore for EV systems during the June-April quarter of the current fiscal, as per an exchange filing.
Automotive solutions and systems manufacturer and supplier, UNO Minda Ltd. commissioned a new EV system plant in Farukhnagar, Haryana under the joint venture with Friwo AG Germany. This new plant would manufacture on-board and off-board chargers, motor control units, DCDC converters, battery management systems, and other products for two and three-wheeler electric vehicles. Supplies from the plant have already started and is expected to further ramp-up in coming quarters.
UNO Minda Ltd. also bagged another order in August for the second new EV systems plant under its subsidiary Uno Minda Buehler Motor Pvt. in Bawal, Haryana. The plant will manufacture traction motors or BLDC motors for two and three-wheeler electric vehicles.
The company's aggregate order book now stands at more than Rs 2,500 crore and it targets to achieve Rs 1,500 crore in revenue from EV systems by FY26. Additionally, Rajiv Kapoor, the chief human resource officer of the company also tendered his resignation from the position as of Aug. 16, 2023 on his own accord, said an exchange filing.
The stock rose 6.18% to Rs 620.2 apiece as of 1:04 p.m., as compared to a 0.16% decline in the NSE Nifty 50. Shares rose as much as 6.77% to hit Rs 624.90 apiece intraday, the highest level since Dec. 28, 2021.
The stock has risen 19.16% year-to-date. Total traded volume stood at 6.9 times its 30-day average. The relative strength index at 67.7.
Out of the 18 analysts tracking the company, 15 maintain a 'buy' rating, two recommend a 'hold', and one suggests a 'sell' on the stock, according to Bloomberg data. The average 12-month price target given by analysts implies a potential upside of 1.3%.
Fitch Ratings Says Operating Environment For Indian Banks Boosted As Economic Risks Recede
Indian banks' operating environment boosted as economic risks recede.
Expect some normalisation of India's credit growth in FY24.
Indian banks to benefit from formalisation of SME sector.
Structural issues hampering banking operating environment.
Note: Fitch had revised operating environment mid-point score for Indian banks to ‘bb’ from ‘bb+’ in March 2020
Source: Fitch Ratings
Promoter Group Companies Bought 2.03% Stake In Adani Ports & SEZ
Market purchase of 3.26 crore or 1.51% equity between June 2, 2023 to Aug. 11, 2023 by Resurgent Trade and Investment.
Market purchase of 1.12 crore or 0.52% equity between June 22, 2023 to June 28, 2023 by Emerging Market Investment DMCC.
Shareholding of promoter group companies increased to 63.06% from 61.03% earlier.
Note: Resurgent Trade and Investment, Emerging Market Investment DMCC are promoter group companies of Adani Ports & SEZ.
Source: Exchange Filing
Aurbindo Pharma Unit Gets U.S. FDA Approval For Icatibant Injection
Eugia Pharma, the company's wholly-owned subsidiary, gets U.S. FDA approval for Icatibant injection.
Alert: Icatibant Injection is used to treat hereditary angioedema.
Source: Exchange filing
Sensex, Nifty Trade Lower As HDFC, ICICI Bank, RIL: Midday Market Update
India's benchmark stock indices were rangebound as it traded lower through midday on Wednesday after an Independence day on Tuesday. Metals, non-banking financial companies and private banking sectors dragged, whereas, I.T. and healthcare stocks rose in trade. On Monday evening, the CPI inflation rose to a 15-month high at 7.44% in July, as compared to 4.87% in June.
As of 12:01 p.m., the S&P BSE Sensex was down 109 points, or 0.17%, at 65,293.03, while the NSE Nifty 50 was 48 points, or 0.24%, lower at 19,397.05.
Stocks in Asia dropped on concern over China’s stuttering economy and signs the Federal Reserve will keep interest rates higher for longer to tame inflation.
Benchmark indexes fell across the region with some of the biggest declines in Hong Kong and Australia. The MSCI China Index is on course to erase all its gains made since last month’s Politburo meeting. Futures for European equities were lower, while contracts for U.S. shares were mostly flat. U.K. July core CPI rises 6.9% year-on-year as compared to an estimate of 6.8%, pooled by Bloomberg.
On Tueday, the tech-heavy Nasdaq 100 and the blue-chip Dow Jones Industrial Average had ended just off session lows on Tuesday. Financials weighed on the broader benchmark after a warning from Fitch Ratings that the firm may downgrade larger lenders like JPMorgan Chase & Co. or Bank of America Corp.
Infosys Ltd., Larsen & Toubro Ltd., HCL Technologies Ltd., ITCS Ltd., and State Bank of India were the positively adding to the change in the Nifty 50 India Index.
Whereas, HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., and Bajaj Finance Ltd. were negatively contributing to the change.
The broader market indices were trading mixed; the S&P BSE MidCap Index was down 0.09%, whereas S&P BSE SmallCap Index was 0.33% higher.
Ten the 19 sectors compiled by BSE declined, while nine advanced. The S&P BSE Metal fell the most, whereas, S&P BSE Information Technology advanced.
The market breadth was split between the buyers and the sellers. About 1,759 stocks rose, 1,707 declined, while 140 remained unchanged on the BSE.
NMDC Revises Lump Ore And Fines Prices From Aug. 15
Fixes lump ore price at Rs 4,650 per ton
Fixes fines price at Rs 3,910 per ton
Source: Exchange filing
Shipbuilders Advance As Germany, Spain Contest For Indian Submarine Deal
Shares of shipping companies and submarine makers advanced in India as two European defense manufacturing giants seek a Rs 40,000 crore or $4.8 billion order to build submarines in the country, as per Bloomberg.
Indian officials are currently evaluating competing bids to build six of the vessels in the country, official sources told Bloomberg.
One bid is from Germany’s Thyssenkrupp AG along with Mumbai-based Mazagon Dock Shipbuilders Ltd., while the other was submitted by Spain’s Navantia in partnership with private shipyard of Larsen & Toubro Ltd., according to Bloomberg.
Hindustan Oil Exploration Shares Plunge 19%
Hindustal Oil Exploration, which participates in various joint operations of oil and gas block fields, posted their results on Monday. The company saw its revenue and profits double over the past year to Rs 187.15 crore and Rs 66.07 crore respectively. Margins remained stable at 58.63% versus 58.46% for the corresponding period last year.
Hindustan Oil Exploration Q1FY24 (Consolidated, YoY)
Revenue up 100.33% at Rs 187.15 crore vs Rs 93.42 crore.
Ebitda up 100.92% at Rs 109.72 crore vs Rs 54.61 crore.
Margins at 58.63% Vs 58.46%.
Net profit up 104.23% at Rs 66.07 crore vs Rs 32.35 crore.
The board of the company also informed of the retirement of their Managing Director, Mr. Pandarinathan Elango with effect from Sept. 30, 2023. Mr. Ramasamy Jeevanandam will be appointed as the MD from Oct. 1, 2023 onwards, subject to the approval of the shareholders of the company.
Shares of Hindustan Oil Exploration opened 11.17% lower in early trade on Wednesday, and dipped as much as 19.58%. The stock was trading 18.21% lower as of 10:38 am while the NSE Nifty 50 declined by 0.24%.
Total traded volume so far in the day stood at 17.7 times its 30-day average. The relative strength index was at 35.62, implying that the stock may be oversold.
Garden Reach Shipbuilders Shares Jump Over 18% As It Expects Orders Worth Rs 1.2 Lakh Crore In 2-4 Years
Shares of Garden Reach Shipbuilders and Engineers Ltd. hit an all-time high in trade as it expects the shipbuilding industry to get contracts worth Rs 1.2 lakh crore over the next two to four years even as India's push for localisation is already driving its order inflow.
"Our Q1 results have been very, very encouraging," Commodore (Retired) PR Hari, chairperson at Garden Reach Shipbuilders, told BQ Prime's Sajeet Manghat in an interview. "It's the best in the history of the company, with our revenue from operations moving up by 30% year-on-year."
The order book position of the shipyard as on June 30 stood at Rs 24,546 crore, he said. GRSE expects to complete the order book by 2027. It comprises four projects for the Indian Navy consisting of 19 warships, three P17 alpha advanced frigates, eight anti‐submarine shallow watercraft and four large survey vessels.
GRSE Q1 FY24 Highlights (Consolidated, YoY)
Revenue up 30% at Rs 755.9 crore vs Rs 579.8 crore.
Margin at 6.09% vs 5.77%.
Net profit up 53% at Rs 76.7 crore vs Rs 50.2 crore.
Ebitda up 38% at Rs 46.1 crore vs Rs 33.5 crore.
The stock rose 17.47% to Rs 772.35 apiece as of 10:50 a.m., as compared to a 0.17% decline in the NSE Nifty 50. Shares rose as much as 18.78% intraday to hit arecord high at Rs 781 apiece.
The stock has risen 59.3% year-to-date. Total traded volume stood at 13.7 times its 30-day average. The relative strength index at 81, implying that the stock maybe over bought.
Out of the five analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold', and one suggests a 'sell' on the stock, according to Bloomberg data. The average 12-month price target given by analysts implies a potential downside of 30.2%.
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Divi's Laboratories Shares Fall Over 2% After Q1 Earnings
Shares of Divi's Laboratories Ltd. declined after company's first quarter profit fell by half, missing analysts' estimates.
The company's profit declined 49% year-on-year to Rs 356 crore in the quarter ended June, according to an exchange filing on Monday. That compares with the Rs 407 crore consensus estimate of analysts tracked by Bloomberg.
Divi's Laboratories Q1 FY24 Highlights (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%)
HSBC Global Research retains 'reduce' rating on the stock with an unchanged price target of Rs 2,890. This implies a downside return potential of 22.5%.
Kotak Institutional Equities reiterate 'sell' on the stock with an fair value of Rs 2,615.
Jefferies maintains 'buy' on Divi's Laboratories, with a price target of Rs 4,300, implying an upside return potential of 17%.
Motilal Oswal has a 'neutral/ rating on Divi's Laboratories as it believes the valuation adequately factors in the earnings upside over the next two. years. The research firm has target price of Rs 3,430, implying a downside of 8%.
The stock plunged 1.54% to Rs 3,673 apiece as of 10:29 a.m., as compared to a 0.20% decline in the NSE Nifty 50. Shares fell as much as 2.08% intraday.
The stock has risen 7.66% year-to-date. Total traded volume stood at 2.4 times its 30-day average. The relative strength index at 48.56
Out of the 24 analysts tracking the company, seven maintain a 'buy' rating, six recommend a 'hold', and 11 suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month price target given by analysts implies a potential downside of 10.8%.
Hindustan Copper Shares Decline Over 8% After Profit Falls In Q1
Shares of Hindustan Copper Ltd. tumbled over 8% on Monday after its profit declined in the first quarter.
The government-owned copper producer's net profit fell 17% year-on-year to Rs 47.28 crore in the quarter ended June, according to an exchange filing.
Hindustan Copper Q1 FY24 Results Highlights. (YoY)
Revenue up 6.47% to Rs 370.04 crore.
Ebitda down 27% at Rs 92.11 crore
Ebitda margin at 24.83% vs 36.35% a year ago
Net profit down 17% to Rs 47.28 crore
Raw material costs surged over 5 times to Rs 9.50 crore over the past year.
Shares of Hindustan Copper traded 7.3% lower, compared with a 0.20% decline in the S&P BSE Sensex index.
Total traded volume so far in the day stood at 5.7 times its 30-day average. The relative strength index was at a moderate 53.15, implying that it is neither strongly overbought or oversold.
Tejas Networks Jumps Nearly 7% After Bagging Rs 7,500 Crore TCS Order For BSNL 4G/5G Network
Shares of Tejas Networks Ltd. jumped nearly 7% intraday after it won a Rs 7,500 crore purchase order from Tata Consultancy Services Ltd. to supply 4G/5G equipment for Bharat Sanchar Nigam Ltd.
As part of this contract, the telecom equipment maker will supply its Radio Access Network, or RAN, equipment for 1 lakh sites BSNL’s pan-India 4G/5G network, according to an exchange filing on Tuesday. The project will be executed through 2024. The company won this order after the successful completion of trials as part of a consortium led by TCS.
IIFL Securities Jumps Over 10% After 3.9% Equity Changes Hands In Large Trade
Shares of IIFL Securities Ltd. hit a eight-month high after it had about 1.2 crore shares or 3.9% equity traded on NSE in two pre-market block trades, according to data compiled by Bloomberg. The buyers and sellers were not known immediately.
The stock rose 7.17% to Rs 69.5 apiece as of 10:21 a.m., as compared to a 0.21% decline in the NSE Nifty 50. Shares rose as much as 10.64% intraday to hit Rs 71.75 apiece intraday, the highest level since Dec. 7, 2022.
The stock has rise 8.33% year-to-date. Total traded volume stood at 72.9 times its 30-day average. The relative strength index at 65.4.
One analyst tracking the company, maintains a 'hold' on the stock, according to Bloomberg data.
SBFC Finance Lists At Rs 82 Per Share
SBFC Finance lists at Rs 82 apiece on NSE vs issue price of Rs 57.
SBFC Finance lists at a premium of 43.85% to the issue price on NSE.
SBFC Finance lists at Rs 81.99 apiece on BSE vs issue price of Rs 57.
SBFC Finance lists at a premium of 43.84% to the issue price on BSE.
Source: Exchanges
Religare Enterprises Shares Hit A Six-Year High After 7.6% Equity Changes Hands In Large Trade
Shares if Religare Enterprises Ltd. hit a six-year high after 2.45 crore shares or 7.6% equity changed hands on BSE, according to data compiled by Bloomberg. The buyers and sellers were not know immediately.
The stock rose 4.66% to Rs 230.35 apiece as of 9:54 a.m., as compared to a 0.34% decline in the NSE Nifty 50. Shares rose as much as 7.54% intraday to hit a six-year high at Rs 236.7 apiece, the most since April 2017.
The stock has rise 32.4% year-to-date. Total traded volume stood at 88.5 times its 30-day average. The relative strength index at 79, implied that the stock maybe overbought. Bloomberg is not tracking any analysts that cover the sock.
InterGlobe Aviation Shares Tumble Over 4% As Gangwal Family Sells 3.8% Stake In Large Trade
Shares of InterGlobe Aviation Ltd. fell over 4% intraday as 3.8% equity or 1.45 crore shares changed hands in five large trades.
Gangwal family is the likely seller in IndiGo according to the term sheet accessed by BQPrime. The term sheet said that the founders Shobha and Rakesh Gangwal will sell 1.56 crore shares worth $450 million.
The promoter family of IndiGo has most likely offered the shares at a floor price of Rs 2,400 each, a 5.8% discount to Friday's closing price of Rs 2,549.10 per share.
The stock plunged 4.05% to Rs 2,445.9 apiece as of 9:31 a.m., as compared to a 0.37% decline in the NSE Nifty 50. Shares fell as much as 4.59% intraday, the most since Aug. 3, 2023.
The stock has risen 21.6% year-to-date. Total traded volume stood at 654.9 times its 30-day average. The relative strength index at 40.
Out of the 24 analysts tracking the company, 20 maintain a 'buy' rating, two recommend a 'hold', and two suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month price target given by analysts implies a potential upside of 20%.
Broader Markets Open Mixed
The broader market indices open mixed; the S&P BSE MidCap Index was down 0.38%, whereas S&P BSE SmallCap Index was 0.12% higher.
Eleven the 19 sectors compiled by BSE declined, while eight advanced. The S&P BSE Financial Services indices fell the most, whereas, the S&P BSE Information Technology advanced.
The market breadth was skewed in the favour of the buyers. About 1,312 stocks rose, 1,148 declined, while 129 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 Wednesday after a day's break for Independence day on Tuesday. On Monday evening, the CPI inflation rose to a 15-month high at 7.44% in July, as compared to 4.87% in June.
At pre-open, the S&P BSE Sensex was down 163 points, or 0.25%, at 65,238.83, while the NSE Nifty 50 was 66 points, or 34%, lower at 19,369.
Asian stock markets fell following declines across the board in the U.S. as inflation and growth concerns sapped risk sentiment.
All benchmark indexes slipped across the region. The MSCI China Index fell in early trading on Wednesday. China's July home prices fell 0.23% month-on-month.
U.S. futures were little changed in early Asia trading. The moves in Asia also came after the S&P 500, tech-heavy Nasdaq 100 and the blue-chip Dow Jones Industrial Average had ended just off session lows on Tuesday. Financials weighed on the broader benchmark after a warning from Fitch Ratings that the firm may downgrade larger lenders like JPMorgan Chase & Co. or Bank of America Corp.
Religare Enterprises Has 7.6% Equity Change Hands In A Large Trade
2.45 crore shares worth 7.6% equity traded in a large deal.
Buyers and sellers not known immediately.
Source: Bloomberg
JSW Energy Has 1.3% Equity Change Hands In A Large Trade
1.3% equity traded in a large deal.
Buyers and sellers not known immediately.
Source: Bloomberg
Reliance Industries Issues Letter Of Guarantee For Reliance International
Issued letter of guarantee for Reliance International of up to $750 milion.
Issued letter of guarantee in favour of Saudi Aramco for extending credit for crude oil supplied by it to Reliance International.
Source: Exchange Filing
Reliance Industries Issues Letter Of Guarantee For Reliance Jio
Issued letter of guarantee for Reliance Jio of up to Rs 7,706 crore.
Letter of Guarantee in favour of Samsung India Electronics for extending credit for supply of LTE equipment or part thereof to Reliance Jio.
Source: Exchange Filing
IIFL Securities Has 3.9% Equity Change Hands In Two Large Trades
1.2 crore shares worth 3.9% equity traded in two large deals..
Buyers and sellers not known immediately
Source: Bloomberg
Sensex, Nifty Fall In Pre-Market Trade
At pre-open, the S&P BSE Sensex was down 163 points, or 0.25%, at 65,238.83, while the NSE Nifty 50 was 66 points, or 34%, lower at 19,369.
Source: Bloomberg
Trade Talk: ITC, Vodafone Idea, IndiGo, ZEE, Infosys In The Spotlight
Aptech MD & CEO, Anil Pant, Passes Away On Aug. 15, 2023
Managing Director & CEO, Anil Pant, passes away on Aug. 15, 2023.
Source: Exchange Filing
Tejas Networks Gets Rs 7,492 Crore Order From TCS For BSNL's 4G & 5G Network
Bags TCS order worth Rs 7,492 crore for BSNL's 4G and 5G Network.
Company to supply, support and maintain Radio Access Network equipment for BSNL.
Source: Exchange filing
July Inflation Unlikely To Rattle Nerves: Trade Setup
Global Cues
U.S. Dollar Index at 103.2
U.S. 10-year bond yield at 4.20%
Brent crude up 0.05% at $84.93 per barrel
Nymex crude up 0.05% at $81.03 per barrel
GIFT Nifty down 80 points or 0.41% at 19,394 as of 8:05 a.m.
Bitcoin up 0.14% at $29,213.48
Trading Tweaks
Price Band Revised From 20% To 5%: Kesoram Industries, Orient Green Power, Dhani Services, Kokuyo Camlin, Reliance Infrastructure, Sindhu Trade Links, Sterling and Wilson Renewable Energy, Thomas Cook (India)
Record-date Dividend: Isgec Heavy Engineering
Record-date Interim Dividend: Great Eastern Shipping, Varun Beverages
Move Into Short-Term ASM Framework: Bajaj Hindusthan Sugar
Move Out Of Short-Term ASM Framework: Kamdhenu Ventures, Indiabulls Housing Finance, MPIL Corp, MPS.
Insider Trades
Paisalo Digital: Promoter Equilibrated Venture Cflow bought 2.34 lakh shares on Aug. 14.
Poly Medicure: Promoter Rishi Baid sold 99,264 shares between Aug. 10 and 11.
Mastek: Promoter Chinmay Desai sold 1,000 shares on Aug. 11.
Bulk Deals
JSW Energy: Authum Investment & Infrastructure sold 1.6 crore shares (1%) and GQG Partners bought 1.2 crore shares (0.7%) at Rs 345 apiece.
Ujjivan Financial Services: Newquest Asia Investments II sold 30 lakh shares (2.5%) at Rs 495.19. BNP Paribas bought 6.8 lakh shares (0.5%) at Rs 495.15 and Abakkus Emerging Opportunities Fund bought 11.5 lakh shares (0.9%) at Rs 495 apiece.
IPO Offerings
TVS Supply Chain Solutions: The IPO was subscribed 2.78 times on its final day. The bids were led by retail investors, who subscribed 7.61 times; non-institutional investors, 2.35 times; and institutional investors, 1.35 times. The IPO was subscribed 55% on day 1 and 1.03 times on day 2.
Results Post Market Hours
ITC Q1 FY24 (Consolidated figures, YoY)
Revenue down 6% at Rs 18,639.5 crore vs. Rs 19,831.3 crore (Bloomberg Estimate: Rs 16,657.5 crore).
Ebitda up 10% at Rs 6670.07 crore vs. Rs 6077.13 crore (Bloomberg Estimate: Rs 6,204.3 crore).
Margins at 35.8% vs. 30.6% (Bloomberg Estimate: 37.2%)
Net profit is up 16% at Rs 5,104.9 crore vs. Rs 4,389.8 crore (Bloomberg Estimate: Rs 4,807.33 crore).
Vodafone Idea Q1 FY24 (Consolidated, QoQ)
Revenue up 1.16% at Rs 10,655 crore vs. Rs 10,532 crore (Bloomberg Estimate: Rs 10,629 crore).
Net loss of Rs 7,840 crore vs. net loss of Rs 6,419 crore (Bloomberg Estimate: Rs 7,043 crore)
Ebitda down 1.26% at Rs 4,157 crore vs. Rs 4,210.3 crore (Bloomberg Estimate: Rs 4290.3 crore).
Margin at 39.01% vs. 39.97% (Bloomberg Estimate: 40.30%)
Ahluwalia Contracts (India) Q1FY2024 (Consolidated, YoY)
Revenue up 25.34% at Rs 763.61 crore vs. Rs 609.25 crore.
Ebitda up 36.43% at Rs 82.65 crore vs. Rs 60.58 crore.
Margin at 10.82% vs. 9.94%
Net profit is up 31.61% at Rs 49.71 crore vs. Rs 37.77 crore.
Aster DM Healthcare Q1FY2024 (Consolidated, YoY)
Revenue up 20.78% at Rs 3,215.27 crore vs. Rs 2,662.12 crore. (Bloomberg Estimate: Rs 3,065.40 crore)
Ebitda up 32.70% at Rs 387.61 crore vs. Rs 292.10 crore. (Bloomberg Estimate: Rs 343.90 crore)
Margin at 12.06% vs. 10.97% (Bloomberg Estimate: Rs 11.20%)
Net profit is down 92.85% at Rs 4.9 crore vs. Rs 68.54 crore. (Bloomberg Estimate: Rs 39.2 crore)
Garware Technical Fibres Q1FY2024 (Consolidated, YoY)
Revenue is up 6.95% at Rs 325.67 crore vs. Rs 304.50 crore.
Ebitda up 43.29% at Rs 58.22 crore vs. Rs 40.63 crore.
Margin at 17.88% vs. 13.34%
Net profit is up 52.39% at Rs 42.96 crore vs. Rs 28.19 crore.
GMR Airports Infrastructure Q1FY2024 (Consolidated, YoY)
Revenue up 40.20% at Rs 17.63 crore vs. Rs 1439.07 crore.
Ebitda up 77.50% at Rs 752.52 crore vs. Rs 423.96 crore.
Margin at 37.30% vs. 29.46%
Net profit of Rs 16.84 crore vs. net loss of Rs 112.99 crore
Hindustan Copper Q1FY2024 (Consolidated, YoY)
Revenue up 6.47% at Rs 370.94 crore versus Rs 348.39 crore.
Ebitda down 27.27% at Rs 92.11 crore versus Rs 126.64 crore.
Margin at 24.83% versus 36.35%.
Net profit is down 17.17% at Rs 47.28 crore versus Rs 57.08 crore.
Hindustan Oil Exploration Q1FY2024 (Consolidated, YoY)
Revenue up 100.33% at Rs 187.15 crore vs. Rs 934.22 crore.
Ebitda up 100.92% at Rs 109.72 crore vs. Rs 54.61 crore.
Margins at 58.63% vs. 58.46%
Net profit is up 104.23% at Rs 66.07 crore vs. Rs 32.35 crore.
Indiabulls Housing Finance Q1FY2024 (Consolidated, YoY)
Revenue down 8.42% at Rs 1,900.38 crore vs. Rs 2,075.21 crore.
Ebitda down 7.55% at Rs 1753.4 crore vs. Rs 1896.53 crore.
Net profit is up 3.33% at Rs 296.19 crore vs. Rs 286.64 crore.
KNR Constructions Q1FY2024 (Consolidated, YoY)
Revenue up 0.06% at Rs 981.02 crore vs. Rs 980.45 crore.
Ebitda up 2.12% at Rs 215.74 crore vs. Rs 211.26 crore.
Margins at 21.99% vs. 21.55%
Net profit is up 9.34% at Rs 110.26 crore vs. Rs 100.84 crore.
Swan Energy Q1FY2024 (consolidated YoY)
Revenue up 208.89% at Rs 804.30 crore vs. Rs 260.38 crore.
Ebitda up 43.23 times at Rs 237.35 crore vs. Rs 5.49 crore.
Margins at 29.51% vs. 2.11%
Net profit of Rs 72.95 crore vs. net loss of Rs 26.35 crore
Stocks To Watch: ITC, Hero MotoCorp, Ashok Leyland, RIL, Vodafone Idea, Hindustan Copper
ITC: The shareholders will get one share in ITC Hotels for every 10 shares held in the parent company. The indicative timeline for listing ITC Hotels is approximately 15 months. The hotel business will be given a licence to use the ‘ITC' brand. The board has approved the acquisition of a 25% stake in Maharaja Heritage from Russell Credit and a 45.36% stake in International Travel House.
Zee Entertainment: The markets regulator SEBI passed a confirmatory order barring Chairman Emeritus Subash Chandra and former Managing Director Punit Goenka from company boards over allegations of diversion of the company's funds.
Hero MotoCorp: The company received the family settlement deal from the promoter group, under which Sunil Kant Munjal has resigned as Joint Managing Director and will exit the company. Management and control will vest with the family group comprising Santosh Munjal, Renu Munjal, Suman Kant Munjal, and Pawan Munjal. An understanding has been reached between the family and Sunil Munjal on the usage of the trademark 'Hero'.
Ashok Leyland: The company will acquire OHM Global Mobility (OHM India) from OHM International Mobility under a share purchase agreement. It will infuse fresh equity or preference capital of up to Rs 300 crore in one or more tranches for its business requirements.
Reliance Industries: Jio completed the minimum roll-out obligations of 5G ahead of schedule across all spectrum bands acquired in the 2022 auction. Jio customers are now using 26 GHz millimetre wave-based connectivity across all 22 telecom circles.
Suzlon Energy: The company has raised Rs 2,000 crore via QIP and allotted 113.96 crore shares at Rs 17.55 apiece, representing a discount of 4.83% to the floor price. More than 5% of the equity shares offered were allotted to BNP Paribas, Bandhan Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, and Max Life Insurance. Goldman Sachs and ICICI Prudential
Quint Digital Media: Adani Group arm AMG Media Networks acquires the remaining 51% stake in Quintillion Business Media. Post-acquisition, QBML will become a wholly-owned subsidiary of AMNL.
SJVN: The company signed power purchase deals worth Rs 7,000 crore for 1,200 MW of solar power projects with Punjab State Power Corp.
Waaree Renewable Technologies: The company received a letter of Intent from one of India's leading power generation companies for the execution of engineering, procurement, and construction works for a ground-mounted solar power project of 78 MWp capacity.
Adani Green Energy: Its subsidiary Adani Energy Holding has filed an appeal before the Commissioner of Income Tax (Appeals) in a matter relating to AY 2017-18. The expected financial implications, if any, due to compensation and penalty are Rs. 72.16 crore. The I-T department computed the capital gain on account of the transfer of equity shares in the internal restructuring scheme by considering the cost of acquisition of these shares as Nil.
GIFT Nifty Signals A Lower Opening For Benchmarks
Asian stock markets fell following declines across the board in the U.S. as inflation and growth concerns sapped risk sentiment.
All benchmark indexes slipped across the region. The MSCI China Index fell early Wednesday, poised to erase gains since the Politburo meeting. China's July home prices fell 0.23% month-on-month.
U.S. futures were little changed in early Asian trading. The moves in Asia also came after the S&P 500, the tech-heavy Nasdaq 100, and the blue-chip Dow Jones Industrial Average ended just off session lows on Tuesday. Financials weighed on the broader benchmark after a warning from Fitch Ratings that the firm may downgrade larger lenders like JPMorgan Chase & Co. or Bank of America Corp.
Brent crude was trading below $85 a barrel, and West Texas Intermediate was below the $81 mark. The yield on the 10-year U.S. bond was trading at 4.21%, and Bitcoin was below the $30,000 level.
At 8:05 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 80 points, or 0.41%, at 19,394.
India's benchmark stock indices pared early losses to end marginally high, snapping two days of losses as the I.T. and FMCG sectors advanced on Monday. A few private banks also recovered in trade, whereas metals continued to drag.
Overseas investors became net sellers of Indian equities on Monday for the second session in a row. Foreign portfolio investors offloaded Indian stocks worth Rs 2,324.2 crore, while domestic institutional investors remained net buyers and mopped up stocks worth Rs 1,460.9 crore, according to provisional data from the National Stock Exchange.
The local currency weakened 12 paise to close at Rs 82.96 against the U.S. dollar. The yield on the 10-year bond closed flat at 7.21% on Monday.
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