KEY HIGHLIGHTS
FPIs Remain Net Sellers
Overseas investors in Indian equities remained net sellers on Thursday for the sixth session in a row.
Foreign portfolio investors offloaded stocks worth Rs 317.46 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned net buyers and mopped up stocks worth Rs 1,729.19 crore, the NSE data showed.
Foreign institutions net sold Rs 2,250 crore worth of equities in August so far. They have been net buyers of Rs 1,20,775 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 7.2% on Thursday. It closed at 7.15% on Wednesday.
The yield closed highest since April 20.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 14 paise to close at Rs 82.73 against the U.S dollar on Thursday.
It closed at 82.59 on Wednesday.
Source: Bloomberg
Sensex, Nifty Decline Nearly 1%: Closing Bell
India's benchmark stock indices opened lower and declined over 1% through Thursday to end lower for the third consecutive session. The yield on the 10-year government securities rose to an over three-month high, whereas the rupee weakened.
Pharmaceutical and media sectors advanced in trade, whereas realty and banks were under pressure. Intraday, the indices fell to their lowest level in a month as Sensex slipped below 65,000 mark and Nifty dropped below 19,300 level. Also, Nifty Pharma surged 2.07% to a record high at 15,253.20 points.
Globally, stocks deepened a slump, unraveling more of this year’s high-powered rally as treasuries added to their decline. Investors braced for another interest rate increase from the Bank of England later on Thursday.
European stocks fell 1% as they headed for their steepest three-day retreat since March. U.S. contracts signaled further weakness after the worst session in three months for the S&P 500. Asian shares also dropped for a third day.
The S&P BSE Sensex Index closed down 542 points or 0.82% at 65,240.68 while the NSE Nifty 50 Index was 145 points or 0.74% lower at 19,381.65.
Infosys Ltd., Adani Enterprises Ltd., Adani Ports & SEZ Ltd., Sun Pharmaceutical Industries Ltd., and Eicher Motors Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., HDFC Bank Ltd., TCS Ltd., Reliance Industries Ltd., and ITC Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.14%, whereas S&P BSE SmallCap Index was 0.23% higher.
Sixteen out of the 19 sectors compiled by BSE declined while three sectors advanced. S&P BSE Healthcare rose the most, whereas S&P BSE Realty and S&P BSE Metal fell the most.
The market breadth was skewed in the favour of the buyers. About 1803 stocks rose, 1760 declined, while 152 remained unchanged on the BSE.
Sensex, Nifty Fall Over 1% To Decline For The Third Day: Market Wrap
India's benchmark stock indices opened lower and declined over 1% through Thursday to end lower for the third consecutive session. The yield on the 10-year government securities rose to an over three-month high, whereas the rupee weakened.
Pharmaceutical and media sectors advanced in trade, whereas realty and banks were under pressure. Intraday, the indices fell to their lowest level in a month as Sensex slipped below 65,000 mark and Nifty dropped below 19,300 level. Also, Nifty Pharma surged 2.07% to a record high at 15,253.20 points.
Globally, stocks deepened a slump, unraveling more of this year’s high-powered rally as treasuries added to their decline. Investors braced for another interest rate increase from the Bank of England later on Thursday.
European stocks fell 1% as they headed for their steepest three-day retreat since March. U.S. contracts signaled further weakness after the worst session in three months for the S&P 500. Asian shares also dropped for a third day.
The S&P BSE Sensex Index closed down 542 points or 0.82% at 65,240.68 while the NSE Nifty 50 Index was 145 points or 0.74% lower at 19,381.65.
Adani Power Shares Jump Over 4%
Q1 FY24 Revenue at Rs 18,109 Crore, up 16.8% YoY.
Q1 FY24 Ebitda at Rs 10,618 Crore, up 41.5% YoY.
Q1 FY24 PAT at R. 8,759 Crore, up 83.3% YoY.
Source: Exchange filing
Neuland Laboratories Shares Jump 7% As Q1 Profit Beats Estimates
Revenue up 64% at Rs 363 crore Vs Rs 221 crore (Bloomberg estimate : Rs 322 crore)
Net profit up 521% at Rs 62 crore Vs Rs 10 crore (Bloomberg estimate : Rs 47 crore)
Ebitda up 239% to Rs 97 crore from Rs 29 crore
Margins at 26.7% Vs 12.9%
Source: Exchange filing
Adani Enterprises Shares Advance
Revenue down 37.7% at Rs 25,438.45 crore vs Rs 40,844.25 crore
Net profit up 44.4% at Rs 676.93 crore vs Rs 468.74 crore
Ebitda up 44.85% at Rs 2,524 crore vs Rs 1,742.39 crore
Margins at 9.92% vs 4.26%
Source: Exchange filing
Dabur Shares Recover After Falling Over 3% As Q1 Profit Miss Estimates
Revenue up 10.9% at Rs 3,130.47 crore vs Rs 2,822.43 crore (Bloomberg Estimate: Rs 3,118.85 crore)
Net profit up 3.5% at Rs 456.61 crore vs Rs 441.06 crore (Bloomberg Estimate: Rs 461.88 crore)
Ebitda up 11.23% at Rs 604.73 crore vs Rs 543.66 crore (Bloomberg Estimate: Rs 601.34 crore)
Margins at 19.32% vs 19.26% (Bloomberg Estimate: 19.28%)
Source: Exchange filing
Sensex, Nifty Slip To The Lowest Level In A Month Since July 3
Nifty falls below 19,300 intraday, for the first time since July 3.
Sensex below 65,000 intraday, for the first time since July 3.
Source: Bloomberg
Sun Pharma Shares Hit An Eight-Year High Despite Profit Missing Estimates
Revenue up 11% at Rs 11,941 crore vs Rs 10,762 crore (Bloomberg Estimate: Rs 11,742 crore)
Net profit down 2% at Rs 2,023 crore vs Rs 2,061 crore (Bloomberg Estimate: Rs 2162 crore)
EBITDA up 22% at Rs 3,330 crore vs Rs 2,739 crore (Bloomberg Estimate: Rs 2991 crore)
Margins at 27.9% vs 25.4% (25.5%)
One-time loss of Rs 322.8 crore
Source: Exchange filing
VIP Industries Drop To 52-Week Low On Q1 Earnings
Shares of VIP Industries Ltd. declined to a 52-week low after the company reported a 16% decline in the net profit for the first-quarter.
The company's net profit stood at Rs 57.75 crore in the quarter ended June, compared to a net profit of Rs 69.1 crore over the same period last year, according to an exchange filing.
V.I.P. Industries Q1FY2024 (Consolidated, YoY)
Revenue up 8% at Rs 636.13 crore vs Rs 590.61 crore.
Net profit down 16% at Rs 57.75 crore vs Rs 69.1 crore.
Ebitda down 21% at Rs 80.6 crore vs Rs 102.61 crore.
Ebitda margin at 12.7% vs 17.4%.
Shares of the luggage manufacturing company fell as much as 7.03%, the lowest since Jul. 28, 2022, before paring loss to trade 2.57% lower at 1:32 p.m. This compares to a 0.96% decline in the benchmark NSE Nifty 50.
The stock has declined 9.67% year-to-date. The total traded volume stood at 11.7 times its 30-day average. The relative strength index was at 44.98
All the 12 analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price target implies a potential upside of 37.7%.
European Markets Open Lower
Yield On The 10-Year Bond Rises
The yield on the 10-year rose nearly 5 bps to 7.20% intraday on Thursday. It closed at 7.15% on Wednesday.
The yield rose the most since April 21, when it hit 7.21% intraday.
Source: Bloomberg
Stocks At 52-Week High Intraday
Kalyan Jewellers To Open 11 Showrooms In August
Announces the launch of 11 new showrooms in India by August.
Source: Exchange filing
Markets Tumble In Trade
Nifty 50 falls 0.93% intraday.
Sensex falls 0.97% intraday.
Nifty Bank slips 1.19% intraday.
Nifty falls below 19,400 intraday, for the first time since July 13.
Sensex below 65,200 intraday, for the first time since July 7.
Nifty Bank falls below 44,500 intraday, for the first time since June 28.
ICICI Bank, RIL, TCS drag both indices.
Realty and metal top sectoral losers on NSE.
S&P BSE Realty and S&P BSE Metal top sectoral losers on BSE.
Market breadth skewed in the favour of sellers by 52.94%.
Nifty 50 Falls Below 19,400 Mark
Temasek To Invest Rs 1,200 Crore In Mahindra Electric Automobile
Temasek to invest Rs 1,200 crore in Mahindra Electric Automobile.
Temasek to invest in compulsorily convertible preference shares in one or more tranches.
Temasek investment at a valuation of Rs 80,580 crore.
Temasek to have a shareholding in Mahindra Electric in range of 1.49-2.97%.
Source: Exchange filing
MRF Shares Jump 3% As Profit Surges By 376% YoY In Q1
Revenue up 13.1% at Rs 6440.29 crore vs Rs 5695.93 crore
Net profit up 376.3% at Rs 588.75 crore vs Rs 123.6 crore
Ebitda up 128.9% at Rs 1129.85 crore vs Rs 493.4 crore
Margins at 17.54% vs 8.66%
Source: Exchange filing
InterGlobe Aviation Shares Decline Despite Reporting Profits In Q1
Shares of InterGlobe Aviation Ltd. fell despite the aviation company reported profit for the third straight quarter due to strong demand for air travel in the April-June period.
The operator of India's largest airline's net profit of Rs 3,090.6 crore in the first quarter compares with a net loss of Rs 1,064.3 crore over the same period last year, according to an exchange filing on Wednesday. A consensus estimate of analysts tracked by Bloomberg projected the net profit at Rs 1,719 crore.
InterGlobe Aviation Q1 FY24 (Consolidated, YoY)
Revenue is up 30% at Rs 16,683 crore. (Bloomberg estimate: Rs 15,622 crore).
Ebitdar is up 679% to Rs 5,169.49 crore. (Bloomberg estimate: Rs 3,366.40 crore).
Margin at 31% vs. 5% (Bloomberg estimate: 21.55%).
Net profit of Rs 3,090.6 crore vs. a net loss of Rs 1,064.3 crore (Bloomberg estimate: Rs 1,719 crore).
Shares of InterGlobe Aviation were trading 3.87% lower at Rs 2,466 apiece compared to a 0.26% decline in the benchmark NSE Nifty 50 as of 12:08 p.m. The stock fell as much as 5.27% to Rs 2,430.1 apiece, the lowest level since Nov 9.
The stock has gained 22.86% year-to-date. The total traded volume stood at 8.1 times its 30-day average. The relative strength index at 38.26
Out of the 24 analysts tracking Dabur, 20 maintain a 'buy' rating on the stock, two recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 17.5%.
Akzo Nobel India Shares Hit Record High As Q1 Profit Rises 43% YoY
Revenue up 6.6% at Rs 999.2 crore vs Rs 937.7 crore
Net profit up 42.9% at Rs 109.9 crore vs Rs 76.9 crore
Ebitda up 33.8% at Rs 162.1 crore vs Rs 121.1 crore
Margins at 16.22% vs 12.91%
Source: Exchange filing
Sterlite Tech Gets Rs 250 Crore Deal For Building Data Centres
Gets Rs 250 crore deal for building and maintaining data centres for a public sector entity.
Source: Exchange filing
Kotak Investment Advisors To Be Renamed As Kotak Alternate Asset Managers
Kotak Alternate Asset Managers to combine assets across private equity, real estate, private credit, strategic situations, data centres, infrastructure and investment advisory.
To create combined asset base of $18 billion across these businesses.
Source: Kotak Alternate Asset Managers statement
Varun Beverages Shares Rise As Q1 Profit Beat Estimates
Revenue up 13.6% at Rs 5,699.73 crore vs Rs 5,017.57 crore (Bloomberg estimates: Rs 5,459.17 crore)
Net profit up 25.4% at Rs 1,005.42 crore vs Rs 802.01 crore (Bloomberg estimates: Rs 899.57 crore)
Ebitda up 20.8% at Rs 1,511.01 crore vs Rs 1,250.61 crore (Bloomberg estimates: 1,435.4 est)
Margins at 26.51% vs 24.92% (Bloomberg estimates: 26.29%)
Appoints Lalit Malik as CFO effective from Aug. 4, 2023
Source: Exchange filing
Sensex, Nifty Trade Marginally Lower As ICICI Bank, TCS,, RIL Drag; Pharma Stocks Gain: Midday Market Update
India's benchmark stock indices marginally declined through midday on Thursday after swinging between gains in early trade. The yield on the 10-year government securities rose, whereas the rupee weakened.
Pharmaceutical and media sectors advanced in trade, whereas realty was under pressure. Intraday, Nifty Pharma surged 2.07% to a record high at 15,253.20 points.
Shares in Asia fell for a third day following losses on Wall Street as better-than-expected U.S. labor-market data boosted speculation the Federal Reserve will maintain its tight policy for longer. European equity futures were slightly lower while U.S. contracts traded mostly flat after the worst day in three months for the S&P 500.
On Wednesday, the S&P 500 declined 1.4%, its worst day since April, stemming a recent rally partly driven by investor demand for artificial intelligence stocks. That excitement appeared to abate as the Nasdaq 100 fell 2.2% and Qualcomm Inc. slid on a tepid revenue forecast in late Wednesday trading.
As of 11:57 a.m., the S&P BSE Sensex Index was down 161 points or 0.24% at 65,621.98 while the NSE Nifty 50 Index was 36 points or 0.18% lower at 19,490.80.
HDFC Bank Ltd., Sun Pharmaceutical Industries Ltd., Adani Enterprises Ltd., Infosys Ltd., and NTPC Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., TCS Ltd., Reliance Industries Ltd., Hindustan Unilever ltd., and Titan Co. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.23%, whereas S&P BSE SmallCap Index was 0.35% higher.
Twelve the 20 sectors compiled by BSE declined while eight sectors advanced. S&P BSE Healthcare rose the most, whereas S&P BSE Realty and S&P BSE Metal fell the most.
The market breadth was skewed in the favour of the buyers. About 1,893 stocks rose, 1,460 declined, while 169 remained unchanged on the BSE.
Nifty Pharma At All-Time High, Pharma Stocks Advance
Shares of pharmaceutical companies were trading higher on Thursday as the NSE Nifty Pharma Index rose 1.68%, compared to a 0.15% decline in the NSE Nifty 50. Intraday, Nifty Pharma surged 2.07% to a record high at 15,253.20 points.
Seventeen out of the 20 constituents compiled by the gauge advanced, whereas Pfizer Ltd., Natco Pharma Ltd., and Cipla Ltd. declined in trade.
Lupin Ltd., Aurobindo Pharma Ltd., Zydus Lifesciences Ltd., Sun Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals Ltd., Gland Pharma Ltd., Alkem Laboratories Ltd., IPCA Laboratories Ltd., and Laurus Labs Ltd. rose over 2%.
Source: Bloomberg
Dabur Shares Tumble Over 3% As Reports Claim Presence Of Cancer-Causing Substance In Honey
Shares of Dabur Ltd. hit an eight-week low after reports claimed the presence of carcinogenic materials in its honey product.
According to an investigation by Zee News, high concentration of carcinogenic material was found allegedly found in the popular brand Dabur Honey.
Honey products contribute 6%-7% to the company’s revenues in India, Abneesh Roy of Nuvama Wealth Management writes in a note, as per Bloomberg.
Shares of Dabur India Ltd. fell 1.41% to 557.7 apiece as of 110:06 a.m., as compared to a 0.12% decline in the NSE Nifty 50. The scrip fell as much as 3.54% to Rs 545.65 apiece, the lowest level it hit since June 6, 2023.
The stock has fallen 0.63% year-to-date. It hit a fresh record on July 6, 2023 at Rs 597.1 apiece and a record low of Rs 503.65 per share on May 5, 2023.
Total traded volume stood at three times its 30-day average. The relative strength index at 40.6.
Out of the 46 analysts tracking the company, 29 maintain a 'buy' rating, 15 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 5.1%.
IndusInd Bank, Tiger Fintech To Launch Co-Branded Credit Card
Partners with Tiger Fintech to launch co-branded credit card.
Alert: Tiger Fintech is a Bajaj Capital Group company.
Source: Exchange filing
Mankind Pharma Shares Jump 10% As Q1 Profit Beat Estimates
Shares of Mankind Pharma Ltd. witnessed a highest single day jump of 10% after it reported a 66% surge in the June quarter profit of FY24, beating analysts' estimates.
The Delhi-headquartered drugmaker's consolidated net profit rose to Rs 487 crore in the April-June quarter, according to its exchange filing. That compares with the Rs 398 crore consensus estimate of analysts tracked by Bloomberg. Sequentially, the profit jumped 71%.
Mankind Pharma Q1 FY24 Highlights (YoY)
Revenue rose 18% to Rs 2,579 crore, as against an estimate of Rs 2,446 crore.
Ebitda was up 44% at Rs 655 crore, as compared with a forecast of Rs 560 crore.
Margin stood at 25.4% versus 20.9%. Analysts had estimated it at 22.9%.
Other Highlights (YoY)
Domestic sales grew 14% with a revenue of Rs 2,419 crore, of which consumer healthcare rose 8%.
The company ranked fourth in the domestic market, with a market share of 4.4% in Q1 FY24, as against 4.2% in Q1 FY23.
Its chronic growth was 17%, as compared with Indian pharma market growth of 10% in Q1 FY24.
Exports surged 214% to Rs 160 crore, aided by certain one-off opportunities in the U.S., the company said in the filing.
For the export market, the filing said that the new integrated API/formulation manufacturing plant is expected to be commercialised in H1 FY24.
The company is exploring export of Dydrogesterone (treatment of menstrual disorders) to key markets.
Shares of Mankind Pharma rose 8.75% to 1,892.05 apiece as of 10:43 a.m., as compared to a 0.24% decline in the NSE Nifty 50. The scrip rose as much as 10% to Rs 1,913.75 apiece, the highest single day jump since its listing on May 9, 2023.
The stock has risen 33% since listing. It hit a fresh record on July 24, 2023 at Rs 1,949 apiece and a record low of Rs 1,242 per share on May 22, 2023.
Total traded volume stood at 8.5 times its 30-day average. The relative strength index at 60.9.
Out of the 12 analysts tracking the company, 10 maintain a 'buy' rating, two recommend a 'hold', and none suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month price target given by analysts implies a potential downside of 16.4%.
Zydus Lifesciences Gets Final U.S. FDA Approval For Indomethacin Suppository
Gets final U.S. FDA approval for Indomethacin suppository.
Drug granted Competitive Generic Therapy designation by U.S. FDA.
Alert: Indomethacin suppository is used to treat severe rheumatoid arthritis.
Source: Exchange filing
Sanghi Industries Shares Locked In 5% Upper Circuit At A Five-Year High
Shares of Sanghi Industries Ltd. jumped to an over five-year high after the acquisition announcement. Ambuja Cements Ltd. will make open offer for 26% equity or 6.71 crore shares of Sanghi Industries at Rs 114.22/share and the acquisition will be complete within three to four months.
The stock rose 4.98% to 105.4 apiece as of 10:24 a.m., as compared to a 0.21% decline in the NSE Nifty 50. It scaled the highest level since May 16, 2018. The scrip has risen 21.92% in the last five days of consecutive rallies and it is higher by 50.4% year-to-date.
Total traded volume stood at 9.5 times its 30-day average. The relative strength index at 78, implying that the stock may be overbought.
Out of the two analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold' on the stock, according to Bloomberg data. The average 12-month price target given by analysts implies a potential downside of 33.6%.
Zomato Shares Tumble Over 4% After Large Trade
Shares of Zomato Ltd. tumbled the most in seven weeks after the 3.86 million shares changed hands in a bunch, as per the Bloomberg data. The buyers and sellers were not known immediately.
Shares of Zomato Ltd. fell 2.35% to 83.05 apiece as of 10:05 a.m., as compared to 0.16% decline in the NSE Nifty 50. The scrip fell as much as 4.77% intraday, the most since June 14, 2023. It has risen 40.22% year-to-date.
Total traded volume stood at 2.5 times its 30-day average. The relative strength index at 59.
Out of the 27 analysts tracking the company, 22 maintain a 'buy' rating, one recommends a 'hold' and four 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 2.6%.
Source: Bloomberg, Exchange filing
Ambuja Cements Shares Rise After Acquiring Sanghi Industries At Enterprise Value Of Rs 5,000 Crore
Shares of Ambuja Cements Ltd. opened higher after the company acquired Gujarat-based Sanghi Industries in an all-cash deal, valuing the company at an enterprise value of Rs 5,000 crore.
The Adani Group owned Ambuja Cements will acquire 14.66 crore shares of Sanghi Industries Ltd., representing 56.74% of the overall shareholding, from Chairman and Managing Director Ravi Sanghi, members of the Sanghi family and other promoter entities, according to an exchange filing.
Shares of the cement company were trading 0.47% higher at Rs 463.05 apiece as of 9:33 a.m., compared to a 0.03% decline in the benchmark NSE Nifty 50. The stock gained as much as 1.65% intraday.
The stock has declined nearly 11.62% year-to-date. The total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index at 71, indicating stock may be overbought.
Of the 46 analysts tracking the company, 26 maintains 'buy', 11 suggests 'hold' and nine recommends 'sell'. The return potential of the stock implies a downside of 2% in the next 12 months
Vedanta Shares Fall Over 5% To A 10-Month Low After Twin Star Holdings Sells 4.4% Stake
Shares of Vedanta Ltd. fell to a 10-month low after 4.4% equity change hands in three large trades.
About 16.24 crore equity shares traded in three blocks as per Bloomberg data. Twin Star Holdings is the likely seller, seeking at least Rs 4,136 crore, according to people who have seen the terms of the deal and spoke to BQPrime on condition of anonymity.
There is a 180-day lockup on the seller, as the people mentioned above said. JPMorgan is the sole broker for the deal.
Shares of Vedanta Ltd. fell 4.21% to 260.7 apiece as of 9:22 a.m., as compared to 0.06% decline in the NSE Nifty 50. The scrip fell as much as 5.70% to Rs 256.65 apiece, the lowest level since Sept. 28, 2022. It has fallen 16.4% year-to-date.
Total traded volume stood at 7.7 times its 30-day average. The relative strength index at 28.3, implying that the stock maybe oversold.
Out of the 14 analysts tracking the company, three maintain a 'buy' rating, five 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 upside of 5.2%.
Source: Bloomberg, Exchange filing
Broader Markets Open Lower
The broader market indices opened lower; the S&P BSE MidCap Index was down 0.26%, whereas S&P BSE SmallCap Index was 0.01% lower.
Eighteen the 19 sectors compiled by BSE declined while S&P BSE Healthcare advanced. S&P BSE Realty and S&P BSE Metal fell the most.
The market breadth was skewed in the favour of the buyers. About 1,136 stocks rose, 936 declined, while 100 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 Thursday after declining for the second consecutive session by over 1% on Wednesday. The yield on the 10-year government securities rose, whereas the rupee weakened.
Shares in Asia fell for a third day, following losses on Wall Street, as better-than-expected U.S. labor-market data boosted speculation the Federal Reserve will maintain its tight policy for longer.
Equity benchmarks in Japan, Australia and Hong Kong all declined, while those in mainland China were little changed. Taiwan’s markets are shut due to the approach of a typhoon. U.S. equity futures nudged higher in Asia.The Bank of England is expected to increase interest rates 25 basis points to 5.25% later today.
The S&P 500 declined 1.4%, its worst day since April, stemming a recent rally partly driven by investor demand for artificial intelligence stocks. That excitement appeared to abate as the Nasdaq 100 fell 2.2% and Qualcomm Inc. slid on a tepid revenue forecast in late Wednesday trading.
At pre-open, the S&P BSE Sensex Index was down 232 points or 0.35% at 65,550.61 while the NSE Nifty 50 Index was 63 points or 0.32% lower at 19,463.75.
Sensex, Nifty Drop In Pre-Market Trades
At pre-open, the S&P BSE Sensex Index was down 232 points or 0.35% at 65,550.61 while the NSE Nifty 50 Index was 63 points or 0.32% lower at 19,463.75.
Source: Bloomberg
Yield On The 10-Year Bond Rises
The yield on the 10-year bond opened 3 bps higher at 7.18% on Thursday.
It closed at 7.15% on Wednesday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 12 paise to open at Rs 82.71 against the U.S dollar on Thursday.
It closed at 82.59 on Wednesday.
Source: Bloomberg
Ambuja Cements Acquires Sanghi Industries
Acquires Sanghi Industries at an enterprise value of Rs 5,000 crore.
To acquire 56.74% shares of SIL from its existing promoter group, Ravi Sanghi & family.
To make open offer for 26% equity or 6.71 crore shares of Sanghi Industries.
Sanghi Industries open offer at Rs 114.22/share.
Sanghi Industries acquisition will be fully funded through internal accruals.
With this acquisition, Ambuja Cements’ capacity will increase to 73.6 MTPA.
Ambuja to increase cement capacity at Sanghipuram to 15 MTPA in the next two years.
Aims to make Sanghi Industries lowest cost producer of clinker in the country.
Goal of 140 MTPA capacity by 2028 will be achieved ahead of time.
Exchange Filing
Trade Talk: Morgan Stanley Upgrades India To 'Overweight' Rating
Gift Nifty Indicates Flat Open For Nifty Around 19,520: Trade Setup
Sanghi Industries Board Approves Sale Of Non-Core Surplus Land, Office Premises
To sell non-core surplus land, office premises for Rs 103.75 crore.
Defaults on payment of interest to NCD holders on Aug 1, 2023.
It didn't receive nod for deferment of interest payment from NCD holders.
Total financial indebtedness of the company as on March 31 stood at Rs 1,530.69 crore.
Source: Exchange Filing
Adani Ports Appoints Sushant Kumar Mishra As CEO-Logistics
Appoints Sushant Kumar Mishra as CEO-Logistics.
CEO-Logistics Vikram Jaisinghani resigns effective from Aug. 5, 2023.
Source: Exchange Filing
Morgan Stanley Upgrades India To Overweight Rating
India rises from 6 to 1 in our process, with relative valuations less extreme than in October.
Multipolar world trends are supporting FDI and portfolio flows.
India adding a reform and macro-stability agenda that underpins a strong capex and profit outlook.
See a secular trend towards sustained superior USD EPS growth versus EM over the cycle, with a young demographic profile supporting equity inflows.
Source: Brokerage note
Global Cues
U.S. Dollar Index at 102.6
U.S. 10-year bond yield at 4.10%
Brent crude up 0.37% at $83.51 per barrel
Nymex crude up 0.40% at $79.81 per barrel
GIFT Nifty up 19.5 points or 0.10% at 19,520 as of 8:15 a.m.
Bitcoin up 0.35% at $29,220.75
Trading Tweaks
Price Band Revised From 20% To 10%: DCM Shriram Industries
Ex-date Dividend: Alembic, ADF Foods, Avanti Feeds, Bata India, Greaves Cotton, United Breweries, Xpro India, Honeywell Automation India, Ramco Industries, Maruti Suzuki India, Granules India, Usha Martin, Honda India Power Products, Clean Science and Technology, Esab India, Oriental Aromatics, S. H. Kelkar and Company, UPL, Ramco Industries, Cholamandalam Financial Holdings, Avanti Feeds, Matrimony.Com, Ramco Cements, DISA India
Ex-date Interim Dividend: Aegis Logistics, Coforge
Ex-date AGM: ADF Foods, Bata India, IOL Chemicals and Pharmaceuticals, Godrej Industries, United Breweries, Xpro India, Honeywell Automation India, Ramco Industries, Granules India, Usha Martin, Honda India Power Products, Clean Science and Technology, Esab India, Privi Speciality Chemicals, Oriental Aromatics, S. H. Kelkar and Company, Cholamandalam Financial Holdings, Avanti Feeds, Expleo Solutions, UPL, Ramco Cements
Record-date Dividend: Alembic, Granules India, Usha Martin, Ramco Industries, Matrimony.Com, Ramco Cements
Record-date Interim Dividend: Aegis Logistics, Coforge
Move Into Short-Term ASM Framework: Dilip Buildcon, LT Foods, and Orient Green Power
Move Out Of Short-Term ASM Framework: Dodla Dairy, Heritage Foods, Xchanging Solutions
Insider Trades
Ultramarine and Pigments: Promoter Daya Sridhar sold 16,000 shares on Aug. 1.
Bulk Deals
Campus Activewear: ICICI Prudential bought 25 lakh shares (0.8%) at Rs 295 apiece, and Societe Generale bought 17 lakh shares (0.6%) at Rs 295 apiece.
Satia Industries: SDS Cotton sold 5.1 lakh shares (0.5%) at Rs 113.79 apiece.
Niyogin Fintech: WF Asian Reconnaissance Fund sold 1.2 crore shares (12.9%) at Rs 61.65 apiece, and Carmignac Portfolio sold 5.5 lakh shares (0.6%) at Rs 68.11 apiece. Think India Opportunities Master Fund bought 58 lakh shares (6.1%) at Rs 61.65 apiece, Madhuri Madhusudhan Kela bought 50.2 lakh shares (5.3%) at Rs 61.65 apiece, Multiplier Share & Stock Advisors bought 10 lakh shares (1%) at Rs 61.65 apiece, and Mansi Share & Stock Advisors bought five lakh shares (0.5%) at Rs 64.88 apiece.
Block Deals
Unichem Laboratories: Prakash Amrut Mody sold 2.35 crore shares (33.4%), and Ipca Laboratories bought 2.35 crore shares (33.4%) at Rs 402.25 apiece.
Results Announced Post Market Hours
Titan Co. Q1 FY24 (Consolidated, YoY)
Revenue is up 26% at Rs 11,897 crore. (Bloomberg estimate: Rs 10,519.3 crore).
Net profit is down 4% to Rs 753 crore. (Bloomberg estimate: Rs 913.35 crore).
Ebitda declines 6% to Rs 1,125 crore. (Bloomberg estimate: Rs 1,353.4 crore).
Margin at 9.5% vs. 12.7% (Bloomberg estimate: 12.9%).
InterGlobe Aviation Q1 FY24 (Consolidated, YoY)
Revenue is up 30% at Rs 16,683 crore. (Bloomberg estimate: Rs 15,622 crore).
Ebitdar is up 679% to Rs 5,169.49 crore. (Bloomberg estimate: Rs 3,366.40 crore).
Margin at 31% vs. 5% (Bloomberg estimate: 21.55%).
Net profit of Rs 3,090.6 crore vs. a net loss of Rs 1,064.3 crore (Bloomberg estimate: Rs 1,719 crore).
Gujarat Gas Q1 FY24 (Consolidated, YoY)
Revenue is down 26% at Rs 3,923.7 crore. (Bloomberg estimate: Rs 3,971.67 crore).
Net profit declines 43.4% to Rs 215.95 crore. (Bloomberg estimate: Rs 304.33 crore).
Ebitda is down 36% at Rs 388 crore. (Bloomberg estimate: Rs 516.33 crore).
Margin at 9.89% vs. 11.44% (Bloomberg estimate: 13%)
Narayana Hrudalaya Q1 FY24 (Consolidated, YoY)
Revenue is up 19% at Rs 1,233 crore. (Bloomberg estimate: Rs 1,162 crore).
Net profit is up 66% at Rs 184 crore. (Bloomberg estimate: Rs 156 crore).
Ebitda is up 41% to Rs 271 crore. (Bloomberg estimate: Rs 253 crore).
Margin at 21.9% vs. 18.6% (Bloomberg estimate: 21.8%).
Metropolis Healthcare Q1 FY24 (Consolidated, YoY)
Revenue was down 1% at Rs 277 crore. (Bloomberg estimate: Rs 290 crore).
Net profit declines 14% to Rs 29 crore. (Bloomberg estimate: Rs 33 crore).
Ebitda is down 8% to Rs 63 crore. (Bloomberg estimate: Rs 72 crore profit).
Margin at 22.7% vs. 24.5% (Bloomberg estimate: 24.8%).
Mankind Pharma Q1 FY24 (Consolidated, YoY)
Revenue is up 18% at Rs 2,579 crore. (Bloomberg estimate: Rs 2,446 crore).
Net profit is up 66% at Rs 487 crore. (Bloomberg estimate: Rs 398 crore).
Ebitda is up 44% to Rs 655 crore. (Bloomberg estimate: Rs 560 crore).
Margin at 25.4% vs. 20.9% (Bloomberg estimate: 22.9%).
HPCL Q1 FY24 (Consolidated, YoY)
Revenue fell 2% to Rs 1,11,686 crore. (Bloomberg estimate: Rs 1,08,085.6 crore).
Ebitda of Rs 2,169.36 crore vs. loss of Rs 19,865.52 crore (Bloomberg estimate: Rs 10,322.4 crore profit).
Margin at 2% (Bloomberg estimate: 9.6%).
Net profit of Rs 6,765.5 crore vs. net loss of Rs 8,557.12 crore
Amrutanjan Health Care Q1 FY24 YoY
Revenue is up 10% at Rs 77.86 crore.
Net profit is up 91% at Rs 7.01 crore.
Ebitda is up 115% at Rs 7.15 crore.
Ebitda margin at 9.2% vs. 4.7%
KSB Q2 FY24 (Consolidated, YoY)
Revenue is up 32% at Rs 591.3 crore.
Net profit is up 32% at Rs 62.8 crore.
Ebitda is up 39% at Rs 85.2 crore.
Ebitda margin at 14.4% vs. 13.6%
Paradeep Phosphates Q1 FY24 (Consolidated, YoY)
Revenue is up 25% at Rs 3,054.33 crore.
Net loss of Rs 119.94 crore vs. net profit of Rs 62.77 crore
Ebitda loss of Rs 38.56 crore vs. Ebitda of Rs 157.24 crore
Pricol Q1 FY24 (Consolidated, YoY)
Revenue is up 20% at Rs 522.10 crore.
Net profit is up 55% at Rs 31.94 crore.
Ebitda is up 17% at Rs 49.55 crore.
Ebitda margin at 9.5% vs. 9.8%
Quess Corp. Q1 FY24 (Consolidated, YoY)
Revenue is up 16% to Rs 4,600 crore. (Bloomberg estimate: Rs 4,605.77 crore).
Net profit is down 29% at Rs 48.12 crore. (Bloomberg estimate: Rs 56.30 crore).
Ebitda at Rs 153.88 crore. (Bloomberg estimate: Rs 168.05 crore).
Ebitda margin at 3.3% vs. 3.9% (Bloomberg estimate: 3.65%).
Sheela Foam Q1 FY24 (Consolidated, YoY)
Revenue was down 8% at Rs 645.08 crore.
Net profit is up 2% at Rs 43.32 crore.
Ebitda is up 18% at Rs 77.62 crore.
Ebitda margin at 12% vs. 9.4%
Vaibhav Global Q1 FY24 (Consolidated, YoY)
Revenue was up 5% at Rs 658.25 crore.
Net profit is up 51% at Rs 29.57 crore.
Ebitda is up 38% at Rs 58.09 crore.
Ebitda margin at 8.8% vs. 6.7%
VIP Industries Q1 FY24 (Consolidated, YoY)
Revenue was up 8% at Rs 636.13 crore.
Net profit is down 16% at Rs 57.75 crore.
Ebitda is down 21% at Rs 80.6 crore.
Ebitda margin at 12.7% vs. 17.4%
Vardhman Special Steels, Q1 FY24
Revenue was down 13% at Rs 409.35 crore.
Net profit is down 39% at Rs 18.57 crore.
Ebitda is down 36% at Rs 29.23 crore.
Ebitda margin at 7.1% vs. 9.7%
Earnings In Focus
Adani Enterprises, Adani Power, Bharti Airtel, Bannari Amman Sugar, Dabur India, Cummins India, Deepak Nitrite,DCX Systems, Kansai Nerolac Paints, Blue Star, Clean Science & Technology, AAVAS Financiers, Akzo Nobel India, Great Eastern Shipping Company, Piramal Pharma, Eicher Motors, Cera Sanitaryware, JM Financial, ICRA, Solar Industries India, Ganesha Ecosphere, Bannariamman Sugars, Automotive Axles, Hindustan Construction Company, Balmer Lawrie & Co, Gulf Oil Lubricants India, Andhra Paper, Avadh Sugar & Energy, Lupin, MRF, LIC Housing Finance, Radico Khaitan, KEC International, Mahanagar Gas, Minda Corporation, Karnataka Bank, Neuland Laboratories, Privi Speciality Chemicals, Nilkamal, Navneet Education, Refex Industries, Rossell India, Punjab Chemicals & Crop Protection, Oriental Carbon and Chemicals, NR Agarwal Industries, Orient Abrasives, Smartlink Holdings, Sandur Manganese & Iron Ores, Oriental Trimex, Sun Pharmaceutical Industries, Varun Beverages, Zomato, Tube Investments of India, Zydus Wellness, Texmaco Rail and Engineering, Xchanging Solutions, Texmaco Infrastructure & Holdings, Steelcast, Tree House Education and Accessories, Venus Pipes & Tubes, Supriya Lifesciences, Tijaria Polypipes and Yasho Industries.
Stocks To Watch: Adani, Airtel, IndiGo, Vedanta, Unichem, UltraTech, HPCL, Titan In Focus
Unichem Laboratories: Promoter Prakash A. Mody sold a 33.4% stake for Rs 945.35 crore to Ipca Laboratories via the block deal mechanism. Ipca Laboratories has made an open offer to the company's public shareholders to acquire another 26% stake at Rs 440 apiece, aggregating to Rs 805.44 crore.
Vedanta: Twin Star Holdings is likely to sell a 4.3% stake via a block trade, seeking at least Rs 4,136 crore. The shareholder may sell 16 crore shares at a floor price of Rs 258.5 apiece, representing a discount of 5% on Wednesday's closing price.
Gujarat Gas: The company will buy a 7.87% stake in GSPC LNG for Rs 100 crore.
UltraTech Cement: The company will acquire a 26% stake in VEH Radiant Energy for Rs 15.10 crore. It has signed a share subscription and shareholder agreement as well as an energy offtake agreement with VEH Radiant Energy.
Mining companies: Both houses of Parliament have cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, which opens up deep-seated minerals like lithium mining to private players.
JSW Steel: The company signed a joint-venture deal with Japan's JFE Steel to produce cold-rolled grain-oriented silicon steel. The project cost is Rs 5,500 crore and will be financed by a mix of equity and debt.
Sheela Foam: The board approved raising up to Rs 1,200 crore via Qualified Institutional Placement. It also approved raising Rs 600 crore via the private placement of non-convertible debentures.
Hindalco Industries: The company has won the bid to mine the Meenakshi West coal mine in Odisha.
NTPC: The company's subsidiary, NTPC Mining, has won the bid to mine the North Dhadu coal mine in Jharkhand.
Ramkrishna Forgings: The company has formed a joint venture with Titagarh Rail Systems to form 'Ramkrishna Titagarh Rail Wheels' for the manufacturing and supply of forged wheels.
Torrent Power: The company has incorporated its unit, Torrent Green Energy Pvt., to carry on business in the electricity generation from renewable energy industries. It has yet to commence operations.
Central Bank of India: The company appointed Dr. Bhaskar Gorugantu as the Chief Risk Officer with effect on Aug. 3 after Ashwini Kumar Shukla departed.
Asian Energy Services: The company received a Letter Of Authorisation from Gail India for the hiring of services for the acquisition of seismic data in Block RJONHP20211 in Rajasthan. The value of the LOA is Rs 16.69 crore, and the contract duration is six months.
Narayana Healthcare: Four independent directors to retire with effect from Aug. 7.
Oil India: The company's wholly owned subsidiary, Oil India International, was allowed voluntary liquidation by NCLT order.
Interglobe Aviation: The Board approved the incorporation of a limited liability partnership for Rs 7 crore, which will be completed in three years.
GIFT Nifty Signals Higher Open For Benchmarks
Shares in Asia opened lower after heavy selling in U.S. stocks as investors digested data showing a hot U.S. labour market that will keep pressure on the Federal Reserve to maintain restrictive policy.
Equity benchmarks in Japan and Australia fell alongside Hong Kong share futures, while Taiwan’s markets will be closed Thursday as Typhoon Khanun approaches. The Bank of England is expected to increase interest rates by 25 basis points to 5.25% later today.
The S&P 500 declined 1.4%, its worst day since April, stemming a recent rally partly driven by investor demand for artificial intelligence stocks. That excitement appeared to abate as the Nasdaq 100 fell 2.2% and Qualcomm Inc. slid on a tepid revenue forecast in late Wednesday trading.
Brent crude was trading around $83 a barrel, and West Texas Intermediate was below the $80-mark. The yield on the 10-year U.S. bond was trading at 4.10%, and Bitcoin was below the $30,000 level.
At 8:15 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 19.5 points, or 0.10%, at 19,520.
India's benchmark stock indices declined over 1% through Wednesday as global sentiment was subdued after Fitch Ratings’ downgrade of the U.S. sovereign credit grade. All sectors plunged, with PSU banking and metal stocks declining the most. The Sensex ended below the 66,000 mark and the Nifty below 19,550 for the first time since July 13.
Overseas investors in Indian equities remained net sellers on Wednesday for the fifth session in a row. Foreign portfolio investors offloaded stocks worth Rs 1,877.84 crore, while domestic institutional investors turned net sellers and sold stocks worth Rs 2.23 crore.
The local currency weakened 33 paise to close at Rs 82.59 against the U.S. dollar on Wednesday.
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