Sentiment going into Wednesday has been downbeat, with stock futures for Hong Kong, Japan and Australia all lower. The S&P 500 stocks benchmark declined after Fitch Ratings downgraded the U.S. ahead of the open of Asian markets.
Futures for the S&P 500 and Nasdaq 100 fell 0.3% and 0.4%, respectively. The S&P 500 finished Tuesday’s session with a small loss as the rally that drove the stock market up almost 30% from its October lows took a breather.
The move by Fitch to downgrade the US to AA+ from AAA comes after major political battles over the nation’s borrowing and repeated standoffs over raising the debt limit.
Meanwhile, Brent crude was trading below $85 a barrel and West Texas Intermediate was around the $82-mark. The yield on the 10-year U.S. bond was trading at 4.01% and Bitcoin was below 30,000-level.
At 5:40 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 33 points or 0.16% at 19,794.5.
India's benchmark stock indices swung between gains and losses to end marginally lower on Tuesday as I.T. shares advanced, whereas the real estate and PSU banking sectors declined. The local currency closed flat at 82.26 against the U.S. dollar on Tuesday.
Overseas investors in Indian equities remained net sellers on Tuesday for the fourth session in a row. Foreign portfolio investors offloaded stocks worth Rs 92.85 crore, while domestic institutional investors mopped up stocks worth Rs 1,035.7 crore.
Stocks To Watch: Hero Moto, Zee, TVS Motor, Adani Wilmar, HPCL, Mankind, Thermax In Focus
DLF: The company’s promoter, Kushal Pal Singh, sold 1.44 crore shares, representing its entire 0.59% stake in the company. The shares were sold via bulk deal for Rs 504.21 apiece.
Zee Entertainment: The company said IDBI Bank has challenged NCLT's order before NCLAT. NCLT had dismissed an application filed under Section 7 of IBC, 2016, by IDBI Bank against the company on May 19, 2023.
Hero MotoCorp: The Enforcement Directorate officials have visited two of the company’s offices in Delhi and Gurugram and also visited the residence of Executive Chairman Pawan Munjal.
Grasim Industries: The company has approved allotting 1,00,000 (7.35%) fully paid, unsecured, listed, rated, redeemable, non-convertible debentures, aggregating to Rs 1000 crore, on a private placement basis.
GE Power Grid: The company received a contract worth over Rs 444 crore from Gujarat State Electricity Corporation for design, engineering, manufacturing, supply, shop testing, packing, installation, commissioning, and PG testing of the FGD System. The order will be executed within 30 months.
Shree Renuka Sugars: The company agreed to issue guarantees to RBL Bank to repay Harvest and Transport (H&T) Operators loan of Rs 75 crore.
Genus Power Infrastructures: The company executed an engineering and procurement contract it signed with Hi-Print Infra and Gemstar Infra. The contract was for Advanced Metering Infrastructure Solutions services to be procured by Gemstar Infra and Hi-Print Infra.
Gujarat Ambuja Exports: The company approved a scheme of amalgamation between Mohit Agro Commodities Processing and Gujarat Ambuja Exports.
Syrma SGS Technology: The company approved the 51% acquisition of Johari Digital Healthcare for Rs 257.5 crore, which includes milestone-based deferred payments not exceeding Rs 28 crore.
Axis Bank: Independent Director Manoj Kohli resigned. The resignation will take effect on Aug. 11.
State Bank of India: The bank raised Rs 10,000 crore through non-convertible, fully paid-up long-term bonds in the nature of debentures of face value of Rs 1 lakh each at a coupon of 7.54%.
Safari Industries (India): The company's unit Safari Manufacturing has commenced commercial manufacturing of luggage on Aug. 1 from its increased capacity at its Gujarat factory. The effective production capacity has increased from 2,25,000 pieces per month to 3,50,000 pieces per month.
Sealmatic India: The company won an order to supply high-critical mechanical seals for demanding applications for 52 pumps in the FCCU, VBU, and BBU units at IOCL Mathura.
Power Grid Corporation of India: The company approved an investment proposal for an 85 MW Solar PV power project at Nagda, MP, for an estimated cost of Rs 554.91 crore.
NBCC: The company voluntarily dissolved its wholly owned subsidiary, NBCC International.
Ashiana Housing: The company has inked an investment framework agreement with the International Finance Corporation, which will invest Rs 112.5 crore and a maximum of Rs 225 crore. The proposal includes project-to-project investment by IFC, representing 40% of the capital required by a project. The remaining 60%, i.e., Rs 168.75 crore, will be contributed by Ashiana Housing.
July Auto Sales
TVS Motor Wholesale Sales July (YoY)
Total sales rose 4% to 3.26 lakh units.
Two-wheeler sales rose 4% to 3.12 lakh units.
Three-wheeler sales fell 8.8% to 13,670 units.
Exports fell 20% to 89,213 units.
Eicher Motors Motorcycle Wholesale Sales July (YoY)
Total sales rose 32% to 73,117 units.
Exports fell 22% to 7,055 units.
Sales of models with engine capacities up to 350 cc rose 39% to 64,398 units.
Sales of models with engine capacities exceeding 350 cc fell 5% to 8,719 units.
Ashok Leyland Wholesale Sales July (YoY)
Total sales rose 11% to 15,068 units.
Domestic sales rose 12% to 14,207 units.
Medium- and heavy-duty commercial vehicle sales rose 22% to 8,974 units.
Light commercial vehicle sales fell 3% to 5,233 units.
Hero MotoCorp July Sales (YoY)
Total sales fell 12% to 3.91 lakh units.
Motorcycle sales fell 14% to 3.60 lakh units.
Scooter sales rose 26% to 30,718 units.
Domestic sales fell 14% to 3.71 lakh units.
Exports rose 35% to 20,106 units.
Results Announced Post Market Hours
Thyrocare Technologies Q1FY24 (Consolidated, YoY)
Revenues are up 6% at Rs 135 crore vs. Rs 128 crore (Bloomberg estimate: Rs 145 crore).
Net profit is down 20% at Rs 17 crore vs. Rs 22 crore (Bloomberg estimate: Rs 24 crore).
Ebitda down 5% at Rs 34 crore vs. Rs 36 crore (Bloomberg estimate: Rs 40 crore).
Margins at 25.4% vs. 28.1% (Bloomberg estimate: 27.5%)
Bikaji Foods Q1FY24 (Consolidated, YoY)
Revenues are up 15% at Rs 482.05 crore vs. Rs 419.15 crore. (Bloomberg Estimate: Rs 490.85 crore)
Net profit is up 163.9% at Rs 41.41 crore vs. Rs 15.69 crore. (Bloomberg Estimate: 39.10 crore)
Ebitda up 114% at Rs 65.77 crore vs. Rs 30.72 crore. (Bloomberg Estimate: Rs 67.80 crore)
Margins at 13.64% vs. 7.33% (Bloomberg Estimate: 13.81%)
Thermax Q1FY24 (Consolidated, YoY)
Revenues are up 16.8% at Rs 1932.96 crore vs. Rs 1654.48 crore. (Bloomberg Estimate: Rs 1,983.30 crore)
Net profit is up 1.69% at Rs 59.95 crore vs. Rs 58.95 crore. (Bloomberg Estimate: Rs 111.90 crore)
Ebitda up 37.6% at Rs 132.2 crore vs. Rs 96.03 crore. (Bloomberg Estimate: Rs 148.82 crore)
Margins at 6.84% vs. 5.80% (Bloomberg Estimate: 7.5%)
Anant Raj Q1FY2024 (Consolidated, YoY)
Revenue is up 98% to Rs 316.16 crore vs. Rs 159.39 crore.
Net profit is up 111% to Rs 50.12 crore vs. Rs 23.78 crore.
Ebitda up 86% to Rs 59.52 crore vs. Rs 32.08 crore.
Ebitda margin at 18.8% vs. 20.1%
Dalmia Bharat Sugar And Industries Q1FY2024 (Consolidated, YoY)
Revenue is down 10% to Rs 833.89 crore vs. Rs 924.19 crore. (Bloomberg Estimate: Rs 3,693.07 crore)
Net profit is up 24% to Rs 61.34 crore vs. Rs 49.27 crore. (Bloomberg Estimate: Rs 224.22 crore)
Ebitda up 9% to Rs 118.48 crore vs. Rs 109.02 crore. (Bloomberg Estimate: Rs 657.63 crore)
Ebitda margin at 14.2% vs. 11.8% (Bloomberg Estimate: 17.81%)
Deep Industries Q1FY2024 (Consolidated, YoY)
Revenue is up 39% to Rs 101.32 crore vs. Rs 73.15 crore.
Net profit is up 59% to Rs 31.01 crore vs. Rs 19.51 crore.
Ebitda up 45% to Rs 42.99 crore vs. Rs 29.60 crore.
Ebitda margin at 42.4% vs. 40.5%
Metro Brands Q1FY2024 (Consolidated, YoY)
Revenue is up 15% at Rs 582.52 crore vs. Rs 507.95 crore. (Bloomberg Estimate: Rs 601.97 crore)
Net profit is down 12% at Rs 93.5 crore vs. Rs 105.78 crore. (Bloomberg Estimate: Rs 84.90 crore)
Ebitda up 2% at Rs 186.59 crore vs. Rs 182.87 crore. (Bloomberg Estimate: Rs 181.73 crore)
Ebitda margin at 32% vs. 36% (Bloomberg Estimate: 30.19%)
Redington Q1FY2024 (Consolidated, YoY)
Revenue is up 26% at Rs 21,187.18 crore vs. Rs 16,803.14 crore. (Bloomberg Estimate: Rs 20,022.95 crore)
Net profit declined 22% to Rs 255.2 crore vs. Rs 326.34 crore. (Bloomberg Estimate: Rs 315.85 crore)
Ebitda down 9% at Rs 419.18 crore vs. Rs 461.82 crore. (Bloomberg Estimate: Rs 524.80 crore)
Ebitda margin at 2% vs. 2.7% (Bloomberg Estimate: 2.62%)
Sansera Engineering Q1FY2024 (Consolidated, YoY)
Revenue is up 24% at Rs 660.10 crore vs. Rs 532.21 crore.
Net profit is up 30% at Rs 45.17 crore vs. Rs 34.78 crore.
Ebitda up 25% at Rs 114.3 crore vs. Rs 91.48 crore.
Ebitda margin at 17.3% vs. 17.2%
Syrma SGS Technology Q1FY2024 (Consolidated, YoY)
Revenue is up 54% at Rs 601.31 crore vs. Rs 389.34 crore. (Bloomberg Estimate: Rs 570.33 crore)
Net profit is up 65% at Rs 28.33 crore vs. Rs 17.15 crore. (Bloomberg Estimate: Rs 36.97 crore)
Ebitda up 10% at Rs 36.93 crore vs. Rs 33.56 crore. (Bloomberg Estimate: Rs 51.30 crore)
Ebitda margin at 6.1% vs. 8.6% (Bloomberg Estimate: 8.99%)
Ugro Capital (Consolidated, YoY)
Interest income is up 74% at Rs 161.49 crore vs. Rs 92.98 crore.
Net interest income is up 76% at Rs 92.68 crore vs. Rs 52.80 crore.
Net profit is up 244% at Rs 25.23 crore vs. Rs 7.34 crore.
Earnings In Focus
Aditya Birla Capital, AIA Engineering, Ambuja Cements, Amrutanjan Healthcare, Arvind SmartSpaces, Adani Wilmar, Carborundum Universal, Dhanuka Agritech, Prataap Snacks, Engineers India, Firstsource Solutions, Fusion Micro Finance, Gateway Distriparks, Godrej Properties, Goodyear India, Gujarat Gas, HPCL, InterGlobe Aviation, Indostar Capital Finance, Indian Overseas Bank, Kirloskar Ferrous Industries, Kewal Kiran Clothing, KSB, Mankind Pharma, MAS Financial Services, Metropolis Healthcare, Narayana Hrudayalaya, Orient Electric, Paradeep Phosphates, Pricol, Prism Johnson, Quess Corp, Sapphire Foods India, Sheela Foam, SKF India, Strides Pharma Science, Titan Company, Vaibhav Global, VIP Industries, Vardhman Special Steels.
AGMs Today
VIP Industries, Apollo Tyres, Arvind SmartSpaces, Carborundrum Universal, Dhanuka Agritech, Elegant Marbles and Grani Industries, Eveready Industries, Firstsource Solutions, Godrej Properties, Goodyear India, Orient Electric, Tata Steel Long Products, Vaibhav Global
Bulk Deals
DLF: Kushal Pal Singh sold 1.44 crore shares (0.59%) at Rs 504.21 apiece.
JSW Ispat Special Products: Pashupati Capita sold 33 lakh shares (0.7%) at Rs 37.38 apiece, and Globe Capital Market sold 42.7 lakh shares (0.9%) at Rs 38.76 apiece.
Rama Steel Tubes: Saumik Ketan Doshi bought 38 lakh shares (0.8%) at Rs 43.1 apiece.
Pledge Share Details
Sula Vineyards: Promoter Rajeev Samant revoked a pledge of 11.5 lakh shares on July 31.
Chambal Fertilisers and Chemicals: Promoter Simon India created a pledge of three lakh shares on July 26.
Emami: Promoter Suraj Finvest created a pledge of 12.2 lakh shares on July 28.
Steel Exchange of India: Promoter Umashiv Garments created a pledge of 12 lakh shares on July 27.
Trading Tweaks
Ex-Date Dividend: Centum Electronics, Data Patterns, Dynamic Cables, Share India Securities, Styrenix Performance Materials, Bajaj Consumer Care, EIH, TD Power Systems, Larsen & Toubro, Ador Welding, Hawkins Cookers
Ex-date Interim Dividend: Crisil
Ex-date Special Dividend: Larsen & Toubro
Ex-date AGM: Man Infraconstruction, Data Patterns, Dynamic Cables, Bajaj Consumer Care, EIH, TD Power Systems, Ador Welding, Orchid Pharma, Page Industries, Suven Life Sciences, EID Parry India
Ex-date Rights Issue: Piramal Pharma.
Record-date Dividend: Centum Electronics, Share India Securities, Styrenix Performance Materials, Larsen & Toubro
Record-date Interim Dividend: Crisil.
Record-date Special Dividend: Larsen & Toubro
Record-date Rights Issue: Piramal Pharma
Move Into Short-Term ASM Framework: Ashapura Minechem, Gallantt Ispat, Jagsonpal Pharma, Vesuvius India
Move Out Of Short-Term ASM Framework: Sterling and Wilson Renewable Energy, Transformers, and Rectifiers in India
Who’s Meeting Whom?
Jyoti Resins & Adhesives: To meet investors and analysts on August 4.
F&O Cues
Nifty August futures ended at 19,810.30, a discount of 33.65 points.
Nifty August futures fell 1.61%, with 3,536 shares in open interest.
Nifty Bank August futures ended at 45,746.15, a discount of 114.80 points.
Nifty Bank August futures rose 1.07% with 1,391 shares in open interest.
Securities in the ban period: Indiabulls Housing Finance, Piramal Enterprises, Hindustan Copper
Money Market Update
The Indian rupee ended flat at 82.26 against the U.S. dollar on Tuesday.
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