KEY HIGHLIGHTS
FPIs Remain Net Sellers
Overseas investors in Indian equities remained net sellers on Friday for the second straight day.
Foreign portfolio investors offloaded stocks worth Rs 1,023.91 crore, according to data from the National Stock Exchange.
Domestic institutional investors mopped up stocks worth Rs 1,634.37 crore, the NSE data showed.
Foreign institutions have net bought Rs 45,365 crore worth of equities so far in July. They have been net buyers of Rs 1,21,772 crore worth of Indian equities in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Higher
The yield on the 10-year bond closed higher at 7.16% on Friday. It closed at 7.12% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 32 paise to close at Rs 82.26 against the U.S dollar on Friday.
It closed at 81.94 on Thursday.
Source: Bloomberg
Sensex, Nifty Drop For Second Day As HDFC Bank Drags; 10-Year G-Sec Yields Spike: Market Wrap
India's benchmark stock indices ended with a little change after falling through the day led by a higher open on Friday. I.T. and private banking sectors declined, whereas realty, metal and media shares gained. The indices ended lower for the second consecutive session.
The headline indices slipped this week, snapping four weeks of record-setting advances. Intraday, Sensex fell below the 66,000 mark for the first time in two weeks and Nifty Midcap 100 hit a fresh all-time high.
Bonds around the world extended a retreat as the Bank of Japan reverted on it ultra-loose monetary policy and surprised investors by loosening its grip on yields. U.S. and European bond markets tumbled on speculation that higher yields in Japan may lead investor to repatriate cash home. On the other hand, India's benchmark 10-year govt bond's yield jumped as much a 7.18% on Friday, intraday.
European stocks edged lower, but were still set for their third straight weekly gain. In the U.S., Intel Corp. shares rose 8% in pre-market trading after the chipmaker gave a bullish revenue forecast. The S&P 500 futures rose 0.2% and Nasdaq 100 futures rose 0.5%. Chinese stocks rose, with Hong Kong-listed tech names gaining as much as 2% after regulators were said to have signaled additional support for the technology sector.
The S&P BSE Sensex Index closed down 107 points or 0.16% at 66,160 while the NSE Nifty 50 Index was 14 points or 0.07% lower at 19,646.05.
Reliance Industries Ltd., ICICI Bank Ltd., NTPC Ltd., ITC Ltd., and Bajaj Finance Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., Infosys Ltd., TCS Ltd., Axis Bank Ltd. and Bajaj Finserv Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.55%, whereas S&P BSE SmallCap Index was 0.49% higher.
Seven out of the 20 sectors compiled by BSE declined while thirteen sectors advanced. S&P BSE Utilities rose the most, while S&P BSE Teck fell the most.
The market breadth was skewed in the favour of the buyers. About 1,834 stocks rose, 1,689 declined, while 168 remained unchanged on the BSE.
On a weekly basis, the headline indices snapped four weeks of record-setting advances to end this week lower. The S&P BSE Sensex fell 0.79% and NSE Nifty 50 was lower by 0.50%.
Last week, indices advanced for the fourth time in a row, as S&P BSE Sensex rose 0.94% and NSE Nifty 50 was higher by 0.92%.
On a sectoral basis, Nifty Realty, Pharma and Media gained the most, whereas Nifty FMCG, Bank and I.T declined.
Indian Oil Corp Q1 FY24 (Standalone, QoQ)
Revenue down 2.4% at Rs 2.21 lakh crore vs Rs 2.26 lakh crore
Net profit up 36.7% at Rs 13,750 crore vs Rs 1,0058.7 crore
Ebitda up 44.5% at Rs 22,163 crore vs Rs 15,340.42 crore
Margins at 10% vs 6.8%
Source: Exchange Filing
Route Mobile Q1 FY24 (Consolidated, YoY)
Revenue down 4.2% at Rs 967 crore vs Rs 1,009 crore (Bloomberg estimate: Rs 1,026.25 crore)
Net profit down 12.2% at Rs 91.7 crore vs Rs 104.5 crore (Bloomberg estimate: Rs 82.2 crore)
Ebitda down 8.3% at Rs 101.7 crore vs Rs 110.9 crore (Bloomberg estimate: Rs 125.8 crore)
Margins at 10.5% vs 10.9% (Bloomberg estimate: 12.26%)
Source: Exchange Filing
M&M Financial Services Q1 FY24 (Consolidated, YoY)
Revenues up 23.4% at Rs 3,583.2 crore vs Rs 2,902.1 crore
Net profit up 51% at Rs 362.2 crore vs Rs 239.8 crore
Source: Exchange Filing
ABD Signs Two Loan Agreements With Government
ADB, Government sign two loan agreements for total of $495 million.
Two loan agreements aggregate amount at $495 million.
Source: Bloomberg
Motherson Sumi Wiring Q1 FY24 (Standalone YoY)
Revenue up 11.2% at Rs 1,858.8 crore vs Rs 1,670.94 crore
Net profit down 2.2% at Rs 123.13 crore vs Rs 125.96 crore
Ebitda down 4.3% at Rs 194.11 crore vs Rs 202.8 crore
Margins at 10.4% vs 12.1%
Source: Exchange Filing
Rail Vikas Nigam Receives Order From Haryana Rail Infrastructure Development Corporation
Rail Vikas Nigam Ltd. gets order worth Rs 1,088 crore from Haryana Rail Infrastructure Development Corporation.
Source: Exchange Filing
European Markets Open Mixed
Exide Industries Q1 FY24 (Consolidated, YoY)
Revenue up 5.6% at Rs 4,245.5 crore vs Rs 4,021.8 crore
Net profit up 10.7% at Rs 224.1 crore vs Rs 202.4 crore
Ebitda up 13.1% at Rs 438.1 crore vs Rs 387.3 crore
Margins at 10.3% vs 9.6%
Source: Exchange Filing
Stocks At 52-Week High Intraday
Supreme Industries (Consolidated, YoY)
Revenue at Rs 2,368.58 crore vs Rs 2,205.98 crore, up 7.37% (Bloomberg estimate: Rs 2,329.44 crore)
Net profit at Rs 215.54 crore vs Rs 213.85 crore, up 0.79% (Bloomberg estimate: Rs 246.63 crore)
Ebitda at Rs 321.59 crore vs Rs 268.91 crore, up 19.59% (Bloomberg estimate: Rs 329.84)
Margins at 13.57% vs 12.19% (Bloomberg estimate: 14.16%)
Source: Exchange Filing
Apar Industries Q1 FY24 (Consolidated, YoY)
Revenue at Rs 3804.78 crore vs Rs 3103.05 crore, up 22.61%
Net profit at Rs 197.43 crore vs Rs 122.46 crore, up 61.21%
Ebitda at Rs 378.23 crore vs Rs 247.22 crore, up 52.99%
Margins at 9.94% vs 7.96%
Source: Exchange Filing
Motilal Oswal Financial Services Founders To Donate 5% Equity Each For Charitable Propose
Motilal Oswal, Raamdeo Agarawal to donate 5% equity each for charitable propose.
Will spend entire donation amount in next 10 years or preferably earlier.
Source: Exchange Filing
Stocks In Focus: M&M, ACC, Cipla, Lupin, DRL And More
Yield On The 10-Year Bond Rises
The yield on the 10-year rose nearly 5 bps to 7.17% intraday on Friday. It closed at 7.12% on Thursday.
The yield rose the most since July 7, when it hit 7.18% intraday.
The yield rose 0.49 bps intraday, the highest jump since June 30, when it rose by 0.59 bps.
Source: Bloomberg
Rail Vikas Nigam Offer For Sales Day-2 Update
Retail portion subscribed 15.25%.
Source: BSE
Sensex, Nifty Decline As HDFC Bank, TCS, ICIC Bank Drag: Midday Market Update
India's benchmark stock opened marginally higher and soon slipped to decline in trade through midday on Friday. While I.T. and non-banking financial sectors declined, realty and fast moving consumer goods shares were gaining in trade. Nifty Midcap 100 hit a fresh all-time high, intraday. Sensex fell below 66,000 mark for the first time in two weeks since July 14, 2023.
Japan’s currency and benchmark bond yields advanced after a move by the central bank to loosen its signature yield curve control. Bank of Japan said it’ll show more flexibility over its yield curve control policy. Both the Nikkei 225 and Topix indexes declined. Banking shares in Tokyo were among a small group of Japanese stocks that gained.
Contracts for the European stocks edged lower, while those for U.S. equities gained. Stocks advanced in Hong Kong and China after regulators were said to have signaled additional support for the technology sector. Technology stocks in Hong Kong gained more than 2%.
U.S. equities had gained earlier on Thursday as domestic gross domestic product picked up steam in the second quarter, however the equites swung to losses and the market ended lower.
As of 12:05 p.m., the S&P BSE Sensex Index was down 321 points or 0.48% at 65,946.18 while the NSE Nifty 50 Index was 77 points or 0.39% lower at 19,582.90.
Reliance Industries Ltd., NTPC Ltd., Power Grid Corp of India Ltd., ONGC Ltd., and Mahindra & Mahindra Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., TCS Ltd., ICIC Bank Ltd., Infosys Ltd., and Axis Bank Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.33%, whereas S&P BSE SmallCap Index was 0.40% higher.
Nine out of the 20 sectors compiled by BSE declined while eleven sectors advanced. S&P BSE Utilities rose the most, while S&P BSE Teck fell the most.
The market breadth was skewed in the favour of the buyers. About 1,821 stocks rose, 1,533 declined, while 164 remained unchanged on the BSE.
Vedanta Says "Fully Committed" To Build India Chip Fabrication Plant
"Fully committed" to build India chip plant.
Vedanta has identified tech partner for chip plant.
Source: Bloomberg
AMD Will Invest $400 Million In India Over Five Years, Says CTO
U.S. chipmaker to invest $400 million in India over five years.
Source: Bloomberg
Hindustan Unilever Names Ian Meakins As Chair Designate
Unilever names Ian Meakins as Chair designate
Source: Exchange filing
Home xchange fiFirst Finance Q1 Review: In-Line Quarter, Jefferies Expects lStrong Growth To Continue
Shares of Home First Finginance Co. advanced after the company's net profit and interest income were in-line with Jefferies estimates in the April-June quarter of FY24.
The company's consolidated net profit for the quarter rose lev 34.9% quarter-on-quarter to Rs 69.1 crore, according to an exchange filing on late Tuesday. This compares to Rs 51.2 profit in Q1 FY23 and Rs 64.02 crore in Q4 FY23.
Jefferies maintains a 'buy' rating with a price target of Rs 945 apiece, implying an upside potential of 12% over the next 12 months.
Home First Finance Q1 FY24
Net Profit up 34.9% at Rs 69.1 crore vs. Rs 51.2 crore (YoY)
NII up 30.3% at Rs 110 crore vs. Rs 84.5 crore (YoY)
GNPA at 1.64% vs. 1.61% (QoQ)
NNPA at 1.14% vs. 1.07% (QoQ)
Jefferies On Home First Finance
Retains 'buy' rating with a price target to Rs 945 per share.
Strong growth continues and earnings are in-line with estimates, as per Jefferies' first cut.
Profit and net interest income were in-line with estimations on a year-on-year basis.
Higher operational expenditure was offset by a rise in the assignment income. Loans grew 38% year-on-year led by 35% annual disbursement growth.
Gross Stage 3 assets were stable on a sequential basis at 1.6% but witnessed a 50 bps declined on an annual basis.
Shares of Home First Finance Co. fell 0.43% to Rs 865 apiece as of 11:29 a.m., as compared to 0.25% decline in the NSE Nifty 50. The scrip rose as much as 1.84% intraday. It has risen nearly 18.3% year-to-date.
The relative strength index was at 72, implying that the stock maybe overbought.
Out of the 21 analysts tracking the company, 20 maintain a 'buy' rating, and one suggests 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 10%.
Nifty Midcap 100 Hits Fresh High
Nifty Midcap 100 advanced 0.41% intraday to a record high at 37,303.30 points.
Source: Bloomberg
Adani Group Company Stocks Advance
Most Adani Group stocks advanced in trade after Adani Enterprises Ltd.'s subsidiary, Adani New Industries Ltd. raised funds for a trade finance facility of $394 million, or Rs 3,231 crore, from Barclays PLC and Deutsche Bank AG. This is to secure working capital for its integrated solar module manufacturing facility.
Adani Enterprises Ltd. rose as much as 1.76% as of 10:57 a.m., whereas Adani Transmission Ltd., Adani Power Ltd., and Adani Ports & SEZ Ltd. also rose more than 1% in trade. Only NDTV Ltd. declined as its June quarter loss widened.
The group's market cap increase by Rs 11,508.29 crore to Rs 10.66 lakh crore on Friday, intraday.
Rupee Weakens Against The U.S. Dollar
The local currency weakened 41 paise to trade at Rs 82.35 intraday against the U.S dollar. It closed at 81.94 on Thursday.
The depreciation led the currency to weaken the most since July 11 levels when it was at 82.44.
In terms of a single-day move, Rupee weakened the most since Feb. 6, when it fell by 91 paise.
Source: Bloomberg
Ajanta Pharma Shares Hit Record High After Q1 Profit Beats Estimates
Shares of Ajanta Pharma rose to a record high after its first-quarter profit beat analysts' estimates.
The pharmaceutical company's net profit rose 19% year-on-year to Rs 208 crore in the quarter ended June, according to an exchange filing. That compares with Bloomberg's estimate of Rs 150 crore.
Ajanta Pharma Q1 FY24 (Consolidated, YoY)
Revenue up 7% at Rs 1,021 crore vs. Rs 951 crore (Bloomberg estimate: Rs 1,009 crore).
Net profit rises 19% to Rs 208 crore vs. Rs 175 crore (Bloomberg estimate: Rs 150 crore).
Ebitda up 22% to Rs 271 crore from Rs 222 crore (Bloomberg estimate: Rs 232 crore).
Margin at 26.6% vs. 23.3% (Bloomberg estimate: 23%)
Shares of the company rose 7.20% to Rs 1,664.40 apiece as of 9:57 a.m., as compared to a 0.01% gain in the NSE Nifty 50. The scrip gained as much as 9.37% intraday, to hit a record high. It has risen 37.38% on a year-to-date basis.
The relative strength index was at 79, indicating the stock may be overbought. Total traded volume stood at 50.6 times its 30-day average.
Out of the 16 analysts tracking the company, 15 maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 2.2%.
Lupin Hits 22-Month High After Receiving U.S. FDA Resolution On Goa, Pithampur Facilities
Shares of Lupin Ltd. hit 22-Month high after it received a resolution from the U.S. drug regulator over the warning letters issued for its Goa and Pithampur facilities.
The drug maker has addressed the concerns raised in the warning letter issues of Nov. 6, 2017. The U.S. FDA issued a correspondence for Lupin's Goa and Pithampur Unit-2, Indore facilities after the company conducted the required corrective actions.
Shares of Lupin Ltd. rose 0.16% to Rs 981.25 apiece as of 10:16 a.m., as compared to 0.22% decline in the NSE Nifty 50. The scrip rose as much as 1.15% to hit Rs 991 apiece intraday, the highest level since Sept. 16, 2021.
The stock has rise nearly 33.7% year-to-date. Total traded volume stood at 1.9 times its 30-day average. The relative strength index was at 81, implying that the stock maybe overbought.
Out of the 41 analysts tracking the company, 12 maintain a 'buy' rating, 14 recommend a 'hold' and 15 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 20.8%.
Source: Bloomberg, Exchange filing
Intellect Design Arena Shares Jump Over 13% As Q1 Profit, Revenue Rise
Shares of Intellect Design Arena Ltd. rose the most in nearly a year after it reported a rose in its revenue and profit on a sequential basis.
The company's consolidated net profit for the quarter rose 2.7% quarter-on-quarter to Rs 93.6 crore, according to an exchange filing on late Thursday. This compares with Rs 91.1 crore profit in Q4 FY23 and Rs 68.87 crore in Q1 FY23.
Intellect Design Arena Q1 FY24 (Consolidated, QoQ)
Revenue up 3.8% at Rs 639.3 crore vs Rs 615.5 crore
Net profit up 2.7% at Rs 93.6 crore vs Rs 91.1 crore
EBIT up 9.5% at Rs 113.6 crorevs Rs 103.7 crore
EBIT margins at 17.8% vs 16.8%
Shares of Intellect Design Arena Ltd. rose 13.67% to Rs 656.1 apiece as of 9:51 a.m., as compared to 0.04% decline in the NSE Nifty 50. The scrip rose as much as 13.48% to hit Rs 655 apiece intraday, the highest level in a year since July 28, 2022.
The stock has rise nearly 46.6% year-to-date. Total traded volume stood at 28.1 times its 30-day average. The relative strength index was at 61.
Out of the six analysts tracking the company, two maintain a 'buy' rating, three recommend a 'hold' and one suggests 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 11.7%.
Source: Bloomberg, Exchange filing
DART Research On Intellect Design Arena
Maintains 'buy' and expects strong results to drive up confidence on the commentary for FY24, FY25.
All-round beat, strong license revenues lead growth story, as per the brokerage. Profit after tax was above the brokerage's expectation of Rs 88.40 crore.
Revenue growth was led by total sales from cloud and software as a service segments which was up 24% QoQ.
AMC revenue witnessed a flat growth sequentially but grew by 22% on YoY basis. The share of license revenue segment has decreased to 17.5% in the June quarter from 18.4% in Q4 FY23.
Gross margin stood at 56.5%, witnessing an expansion of 63 bps on a sequential basis.
Deal wins were helped by eMACH.ai product, which was chosen by 11 clients in Q1 FY24. About ten global financial institutions have transformed their digital journey by leveraging the Intellect stack in this quarter.
Macrotech Developers Shares Fall Over 4% As Q1 Profit Declines
Macrotech Developers Ltd., which sells properties under the brand Lodha, reported a 34% fall in its consolidated net profit for the quarter ended June 2023 at Rs 179 crore as compared to Rs 271 crore year-on-year.
Shares of Macrotech Developers Ltd fell as much as 4.43%, the most in three weeks since July 7, 2023 intraday on Friday's early trade.
The real estate company's revenue from operations also declined 40% to Rs 1,617 crore during Q1 of FY24 from Rs 2,676 crore in the corresponding quarter of the previous fiscal.
Lodha Q4 Results (Year-on-Year)
Net profit down 34% to Rs 179 crore, as compared with Rs 271 crore.
Revenue down 40% to Rs 1,617 crore as against Rs 2,676 crore.
Broader Markets Outperform
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.20%, whereas S&P BSE SmallCap Index was 0.28% higher.
Ten out of the 20 sectors compiled by BSE declined while the other ten sectors advanced. S&P BSE Telecommunication rose the most, while S&P BSE Oil & Gas fell the most.
The market breadth was skewed in the favour of the buyers. About 1,464 stocks rose, 718 declined, while 118 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Sensex, Nifty Little Changed: Opening Bell
India's benchmark stock indices opened with a little change on Friday after ending lower on Thursday.
The yen pared its advance as investors geared up for a Bank of Japan decision that may see officials discuss an adjustment in monetary policy.
The Topix and Nikkei 225 equity indexes both slid 1%, leading declines in Asia. Banking shares in Tokyo were among a small group of Japanese stocks that gained on the YCC tweak report.
Stocks in Hong Kong erased losses as investors assessed a report that said the government was considering promoting investments in the consumer, media and telecom sectors. China Evergrande New Energy Vehicle plunged 68% as it resumed trading following a yearlong suspension.
U.S. equities had gained earlier on Thursday as domestic gross domestic product picked up steam in the second quarter, however the equites swung to losses and the markets ended lower.
At pre-open, the S&P BSE Sensex Index was down 0.34 points or 0% at 66,266.48 while the NSE Nifty 50 Index was 0.15 points or 0% lower at 19,659.75.
Sensex, Nifty Unchanged In Pre-Open Trade
At pre-open, the S&P BSE Sensex Index was down 0.34 points or 0% at 66,266.48 while the NSE Nifty 50 Index was 0.15 points or 0% lower at 19,659.75.
Source: Bloomberg
Yield On The 10-Year Bond Opens Higher
The yield on the 10-year bond opened 3 bps higher at 7.15% on Friday.
It closed at 7.12% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 30 paise to open at Rs 82.24 against the U.S dollar on Friday, its weakest open since July 12, 2023.
It closed at 81.94 on Thursday.
Source: Bloomberg
Piramal Pharma To Raise Up To Rs 1,050 Crore Via Rights Issue
To raise Rs 1,050 crore by issuing fully paid-up equity shares.
Shares priced at Rs 81 apiece, at face value of Rs 10 per share.
Rights issue of 5 shares for every 46 held.
Rights issue to open on Aug. 8, 2023 close on Aug. 16, 2023.
Source: Exchange filing
Trade Talk: Will Nifty Extend Gains In August Series?
August Series To See Consolidation: Trade Setup
BPEA EQT To Acquire Majority Stake In Indira IVF
To acquire acquire majority stake in Indira IVF.
Stake will be acquired from TA Associates and Indira IVF's founders.
Source: Company Statement
Global Cues
U.S. Dollar Index at 101.7
U.S. 10-year bond yield at 3.98%
Brent crude up 0.52% at $83.80 per barrel
Nymex crude down 0.44% at $79.74 per barrel
GIFT Nifty up 3 points or 0.01% at 19,766.5 as of 8:10 a.m.
Bitcoin up 0.39% at $29,257.05
Trading Tweaks:
Price Band Revised From No Band to 20%: Intellect Design Arena
Ex-Date Dividend: Cosmo First, Elgi Equipments, Equitas Small Finance Bank, Zydus Lifesciences, Indigo Paints, Indian Energy Exchange, TCI Express, Bajaj Electricals, ICRA, Indian Oil Corporation, Tata Motors, Transformers And Rectifiers, Union Bank of India, Sobha, Info Edge (India), Mukand, Rane Holdings, Jtekt India, Galaxy Surfactants, TCPL Packaging, Godrej Agrovet, Sun Pharmaceutical Industries, DLF, Adani Ports and Special Economic Zone, Ugar Sugar Works, Amara Raja Batteries, Alembic Pharmaceuticals, Nesco, Aarti Industries, WPIL.
Ex-date Interim Dividend: 360 One Wam, Xchanging Solutions.
Ex-date AGM: Cosmo First, Indigo Paints, TCI Express, Bajaj Electricals, ICRA, Transformers And Rectifiers, Union Bank of India, Mukand, Rane Holdings, Amber Enterprises, TCPL Packaging, Godrej Agrovet, Ugar Sugar Works, VA Tech Wabag, Amara Raja Batteries, Nesco, Delta Corp.
Ex-date Buyback: Ashiana Housing
Record-date Dividend: Equitas Small Finance Bank, Zydus Lifesciences, Indian Energy Exchange, Indian Oil Corporation, Sobha, Galaxy Surfactants, Sun Pharmaceutical Industries, DLF, Adani Ports and Special Economic Zone, Alembic Pharmaceuticals, Aarti Industries.
Record date Interim Dividend: 360 One Wam, Xchanging Solutions.
Record-date Buyback: Ashiana Housing.
Move Into Short-Term ASM Framework: Oriental Aromatics, SEPC, and Jyothy Labs
Move Out Of Short-Term ASM Framework: Agarwal Industrial Corporation
Who's Meeting Whom?
Anand Rathi Wealth: To meet investors and analysts on July 31.
Pledge Share Details
Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Co. released a pledge of 8 lakh shares on July 25.
Insider Trades
Thirumalai Chemicals: Promoter Ramya Bharathram bought 5,100 shares on July 26.
Bulk Deals
Indiabulls Housing Finance: Societe Generale bought 27.8 lakh shares (0.6%) at Rs 127.96 apiece.
Netweb Technologies: BNP Paribas Arbitrage bought 3.4 lakh shares (0.6%) at Rs 924.13 apiece, and Lansforsakringar Asienfond bought 28 lakh shares (5%) at Rs 925.15 apiece.
IPO Offerings: Yatharth Hospital
Yatharth Hospital & Trauma Care Services’s initial public offering was subscribed 3.03 times on day 2 and fully subscribed 1.08 times on day 1. Non-institutional investors led the demand and subscribed 5.85 times, while retail investors subscribed 3.36 times. The portion for institutional investors was subscribed 0.29 times, or 29%. 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.
Earnings In Focus
Motherson Sumi Wiring India, Marico, Mahindra & Mahindra Financial Services, Laxmi Organic Industries, IFB Industries, KFin Technologies, Indian Oil Corporation, Fino Payments Bank, Exide Industries, Equitas Small Finance Bank, eMudhra, DCB Bank, Cigniti Technologies, Chalet Hotels, Bank Of India, Apar Industries, United Breweries, Swaraj Engines, Supreme Industries, Star Health and Allied Insurance Company, SBI Cards and Payment Services, Route Mobile, RITES, NLC India.
Results Announced After Market Hours
NDTV Q1 FY24 (Consolidated, QoQ)
Revenue up 4.5% at Rs 70 crore vs. Rs 67 crore.
Ebitda loss at Rs 9.49 crore vs. loss at Rs 14.8 crore.
Net loss of Rs 8.08 crore vs. loss of Rs 1.08 crore
Ajanta Pharma Q1 FY24 (Consolidated, YoY)
Revenue up 7% at Rs 1,021 crore vs. Rs 951 crore (Bloomberg estimate: Rs 1,009 crore).
Net profit rises 19% to Rs 208 crore vs. Rs 175 crore (Bloomberg estimate: Rs 150 crore).
Ebitda up 22% to Rs 271 crore from Rs 222 crore (Bloomberg estimate: Rs 232 crore).
Margin at 26.6% vs. 23.3% (Bloomberg estimate: 23%)
Shyam Metalics and Energy (Consolidated, YoY)
Revenue up 2.59% at Rs 3,306.81 crore vs. Rs 3,223.2 crore (Bloomberg estimate: Rs 3,299.6 crore).
Net profit down 42.78% at Rs 237.39 crore vs. Rs 414.85 crore (Bloomberg estimate: Rs 195.5 crore).
Ebitda declines 33.26% to Rs 404.85 crore vs. Rs 606.6 crore (Bloomberg estimate: Rs 396.7 crore).
Ebitda margin at 12.24% vs. 18.82% (Bloomberg estimate: 12%).
JK Lakshmi Cement (Consolidated, YoY)
Revenue up 4.6% at Rs 1,730.25 crore vs. Rs 1,654.14 crore (Bloomberg estimate: Rs 1751.3 crore).
Net profit down 30.66% at Rs 79.79 crore vs. Rs 115.07 crore (Bloomberg estimate: Rs 112 crore).
Ebitda declines 23.6% to Rs 196.23 crore vs. Rs 256.85 crore.
Ebitda margin at 11.34% vs. 15.53%
Indian Hotels Q1 FY24 (Consolidated, YoY)
Revenue up 16% at Rs 1,466.4 crore vs. Rs 1,266.1 crore (Bloomberg estimate: Rs 1,440 crore).
Net profit up 31% at Rs 222.4 crore vs. Rs 170 crore.
Ebitda up 8.5% at Rs 410 crore vs. Rs 378 crore (Bloomberg estimate: Rs 430 crore).
Margin at 28% vs. 30% (Bloomberg estimate: 29.87%)
Sona Comstar Q1 FY24 (Consolidated, YoY)
Revenue up 25.17% at Rs 731.3 crore vs. Rs 584.2 crore (Bloomberg estimate: Rs 776 crore).
Ebitda rises 47.37% to Rs 202.5 crore vs. Rs 137.4 crore (Bloomberg estimate: Rs 249.47 crore).
Ebitda margin at 27.69% vs. 23.51% (Bloomberg estimate: 32.15%).
Net profit up 47.75% at Rs 112 crore vs. Rs 75.8 crore (Bloomberg estimate: Rs 108 crore).
Accelya Solutions India Q4 (Consolidated, QoQ)
Revenue up 2.5% at Rs 122.5 crore vs Rs 119.48 crore
Net profit down 11.6% at Rs 32.1 crore vs Rs 36.3 crore
EBIT up 11.8% at Rs 40.75 crore vs Rs 36.43 crore
Margins at 33.26% vs 30.49%
Intellect Design Arena Q1 FY24 (Consolidated, QoQ)
Revenues up 3.8% at Rs 639.3 crore vs Rs 615.5 crore
Net profit up 2.7% at Rs 93.6 crore vs Rs 91.1 crore
EBIT up 9.5% at Rs 113.6 crorevs Rs 103.7 crore
EBIT margins at 17.8% vs 16.8%
Bharat Electronics Q1 FY24 (Consolidated, YoY)
Revenue up 12.48% at Rs 3,533 crore vs. Rs 3,141 crore (Bloomberg estimate: Rs 3,494 crore).
Ebitda rises 28.92% to Rs 673 crore vs. Rs 522 crore (Bloomberg estimate: Rs 546.75 crore).
Ebitda margin at 19.04% vs. 16.6% (Bloomberg estimate: 15.65%).
Net profit up 47.2% at Rs 539 crore vs. Rs 366 crore (Bloomberg estimate: Rs 498 crore).
Home First Finance Q1 FY24
Net Profit up 34.9% at Rs 69.1 crore vs. Rs 51.2 crore.
NII up 30.3% at Rs 110 crore vs. Rs 84.5 crore.
GNPA at 1.64% vs. 1.61% (QoQ)
NNPA at 1.14% vs. 1.07% (QoQ).
Indus Towers Q1 FY24 (Consolidated, YoY)
Revenue up 2.58% at Rs 7,075 crore vs. Rs 6,897 crore (Bloomberg estimate: Rs 6,897 crore).
Ebitda up 51.29% at 3,512.9 crore vs. Rs 2,321.9 crore (Bloomberg estimate: Rs 3,506.7 crore).
Ebitda margin at 49.65% vs. 33.66% (Bloomberg estimate: 50.84%)
Net profit up 182.40% at Rs 1347.9 crore vs. Rs 477.3 crore (Bloomberg estimate: Rs 1,427 crore).
Blue Dart Express Q1 FY24 (Consolidated, YoY)
Revenue down 4.31% at Rs 1,237.55 crore vs. Rs 1,293.31 crore.
Net profit down 48.41% at Rs 61.28 crore vs. Rs 118.79 crore.
Ebitda down 28.64% at Rs 190.67 crore vs. Rs 267.22 crore.
Margin at 15.40% vs. 20.66%.
Stocks To Watch: Adani, NDTV, Lupin, Indian Hotels, Blue Dart, Motherson, Marico In Focus
Adani Enterprises: Adani New Industries has raised a trade finance facility of $394 million, or Rs 3,231 crore, from Barclays PLC and Deutsche Bank AG. This is to secure working capital for its integrated solar module manufacturing facility.
Lupin: The drug maker has addressed the concerns raised in the warning letter by the U.S. FDA for its Goa and Pithampur facilities through its corrective actions.
Indian Hotels: The company or one of its subsidiaries will purchase 100% equity in Pamodzi Hotels PLC, a listed company in Zambia, from Tata International Singapore PTE Ltd. It will buy 90% of Tata's stake while acquiring the remaining 10% through the delisting process in Zambia.
JK Lakshmi Cement: The company has acquired 100% of the equity shareholding of Hidrive Developers and Industries for Rs 16.33 crore in cash. It has also agreed to raise up to Rs 2,500 crore through debt to partly finance its ongoing projects and for various growth opportunities.
Rail Vikas Nigam: The government has agreed to exercise the green shoe option in Rail Vikas Nigam's offer for sale. It will divest an additional 1.96% stake in Rail Vikas Nigam under its green shoe option. The non-retail portion had 273% demand on Day 1.
Ipca Laboratories: The Competition Commission of India has approved Ipca Laboratories proposal to acquire a controlling stake in Unichem Laboratories. Ipca will acquire one-third of Unichem's overall shareholding for a cash consideration of Rs 1,034.06 crore. It will make the necessary open offer to public shareholders for a 26% stake in Unichem as per SEBI regulations.
Welspun Enterprises: The company has signed a share purchase agreement with Authum Investment & Infrastructure, Sansaar Housing Finance, and Michigan Engineers to acquire a 50.10% stake in Michigan Engineers for Rs 137.07 crore in cash.
NACL: The company has been approved to foray into specialty materials and intermediates, specialty nutrition, and bioproducts. It has considered an investment of Rs 1,000 crore over the next three years for the business, including expansion of its existing manufacturing and R&D facilities for captive as well as custom development and contract manufacturing opportunities.
GIFT Nifty Signals Cautious Opening For Benchmarks
The yen pared its advance as investors geared up for a Bank of Japan decision that may see officials discuss an adjustment in monetary policy.
The Topix and Nikkei 225 equity indexes both slid 1%, leading declines in Asia. Stocks also slipped in Hong Kong, where China Evergrande New Energy Vehicle plunged 68% as it resumed trading following a yearlong suspension.
U.S. equities had gained earlier on Thursday as domestic gross domestic product picked up steam in the second quarter; however, the equities swung to losses and the markets ended lower.
Meanwhile, Brent crude was below $84 a barrel, and West Texas Intermediate was around the $79 mark. The yield on the 10-year U.S. bond was trading at 3.98%, and Bitcoin was below the $30,000 level.
At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 3 points, or 0.01%, at 19,766.5.
Back home, India's benchmark stock indices opened higher and started declining after early trade on Thursday, even as most global markets rose following a 25 basis point rate hike by the U.S. Federal Reserve. The auto and energy sectors declined, whereas pharma stocks advanced on the back of strong June quarter earnings.
Overseas investors in Indian equities turned net sellers on Thursday after two days of buying. Foreign portfolio investors sold stocks worth Rs 3,979.4 crore, while domestic institutional investors bought stocks worth Rs 2,528.2 crore.
The local currency strengthened about 6 paise to close at Rs 81.94 against the U.S. dollar on Thursday.
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