Stocks To Watch: Adani Wilmar, Adani Enterprises, Tata Power, JSW Steel, Marico, DCB Bank, Asian Paints

Asian markets were poised for declines after Wall Street closed lower on hawkish signals from the Federal Reserve's latest meeting minutes.

Equity futures for benchmarks in Japan, Australia and Hong Kong fell. The S&P 500 declined 0.2% Wednesday while the Nasdaq 100 fell less than 0.1%. U.S. futures were little changed in early Asian trading as investors looked ahead to American jobs data over the next two days that will further illuminate the path for interest rates.

Elsewhere in emerging markets, the central banks of Malaysia and Sri Lanka will hand down interest rate decisions Thursday.

Meanwhile, Brent crude was above $76 a barrel and West Texas Intermediate was trading close to $72-mark. The yield on the 10-year U.S. bond was trading at 3.93%, whereas Bitcoin was below 31,000-level.

At 5:28 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was unchanged with 0% change at 19,700 points.

Indian benchmark stock indices were mixed after a volatile session on Wednesday. The headline indices snapped five days of record gains as non-banking financial companies and private banks declined while fast-moving consumer goods and auto sectors rose.

The S&P BSE Sensex Index closed down 33 points, or 0.05%, at 65,446.04, while the NSE Nifty 50 Index was 10 points, or 0.05%, higher at 19,398.50. The local currency weakened 20 paise to close at 82.22 against the U.S. dollar on Wednesday.

Overseas investors in Indian equities remained net buyers for the sixth day in a row on Wednesday. Foreign portfolio investors mopped up stocks worth Rs 1,603.15 crore, while domestic institutional investors remained net sellers and offloaded equities worth Rs 439.01 crore, the NSE data showed.

Stocks To Watch

• Marico: Quarterly Business Update Q1 FY24

  - Domestic volumes grew in low-single digits, with a minor volume drop in Parachute Coconut Oil

  - Consolidated revenue in the quarter declined in low-single digits

  - Gross margin is expected to expand materially on a YoY and QoQ basis

  - Expansion in operating margin is expected to drive double-digit growth in the bottom line

  - Expect a visible pickup from the coming quarter in primary volume growth

• Adani Wilmar: The company has estimated a volume growth of 25% in June quarter over the previous year, driven by strong demand in both food and edible oil categories. The sales value has declined reflecting the sharp drop in edible oil prices. The Food & FMCG segment recorded a volume growth of 20% and revenue growth of 30% to cross Rs 1,000 crore for the quarter on a standalone basis. The edible oil business grew 25% in volume terms and fell 15% in terms of value growth. 

• Adani Enterprises: Adani Enterprises has fully repaid Rs 10 crore of commercial paper, which is unsecured, short-term debt. The flagship company of the Adani Group redeemed the commercial paper on July 5, which was the date of its maturity. There is no outstanding amount remaining, it said in an exchange filing. 

• Tata Power : The company received a Rs 1,744 crore order to install and maintain 18.60 lakh meters in the Raipur area from Chhattisgarh State Power Distribution Company Ltd. 

• JSW Steel: The company will replace HDFC in the S&P BSE Sensex from July 13 as the former will merge with the HDFC Bank. 

• JBM Auto Components: The company will replace HDFC in the BSE 500 index.

• Zomato: The online food delivery platform will replace HDFC in the BSE 100. 

• DCB Bank: Reserve Bank of India has approved Tata Asset Management to acquire aggregate holding of up to 7.5% of the paid-up equity capital of the bank through the schemes of Tata Mutual Fund. The approval is valid for a period of one year from the date of RBI letter. The central bank has also advised Tata Asset Management to ensure that the shareholding in the bank shall not exceed 7.5% of the paid-up equity capital of the bank at all times.

• Ujjivan Small Finance Bank: Total deposits grew 44% year-on-year and 4% sequentially to Rs 26,655 crore in April-June. CASA rose 27% year-on-year to Rs 6,550 crore and the CASA ratio stood at 24.6%. Advances are up 31% year-on-year and 5% quarter-on-quarter to Rs 25,346 crore in the first quarter. Disbursement momentum continues to show strength with 22% year-on-year growth to Rs 5,280 crore, company said. 

• Bajaj Electricals: CRISIL Ratings has upgraded long term rating of company's bank loan facilities of Rs 2,100 crore, to CRISIL AA-/stable from CRISIL A+. 

• Prestige Estate Projects: The company and its unit Prestige Exora Business Parks has entered into a joint venture agreement with W.S. Industries (India) to develop IT or IT-enabled services or parks in 6.53 acres property in Chennai. W.S. Industries proposed to implement the project through its unit WS Insulators.  

• Asian Paints: The company's unit Asian White Cement Holding has been incorporated in the name of Asian White Inc. FZE in Fujairah Free Zone, UAE on June 26, 2023 for the purpose of carrying out the business of manufacturing, trading and exporting white cement. 

• Life Insurance Corporation: The company's shareholding in India Cement has diluted to 3.83% from 5.88% of the paid-up capital of the company. LIC has divested its stake in India Cement through open market sale at an average price of Rs 191.59. 

• Solara Active Pharma: The company has agreed to raise funds through issue of equity shares of face value of Rs 10, not exceeding Rs 450 crore by the way of rights issue to eligible equity shareholders of the company.  

• Tata Motors: ICRA has upgraded long term credit rating to ICRA AA/ Stable from ICRA AA-/Positive. 

Offerings

• Senco Gold: The company launched its initial public offering on July. 4. The jewellery retailer is looking to raise a total of Rs 405 crore, out of which Rs 270 crore will be raised through a fresh issue. The IPO was subscribed 2.68 times on day 2. The portion for non-institutional investors was subscribed 3.58 times, while retail investors' portion was subscribed 3.67 times. Institutional investors subscribed 0.27 times or 27%.

Insider Trades

• Prataap Snacks: Promoters Arun Kumar Mehta and Naveen Kumar Mehta sold 25,000 shares each on June 30. 

Who's Meeting Whom?

• Genus Power Infrastructures: To meet investors and analysts on July 6.   

• Century Textiles & Industries: To meet investors and analysts on July 24.   

• Remsons Industries: To meet investors and analysts on July 6.  

• Kolte-Patil Developers: To meet investors and analysts on July 6.

AGMs Today

• Aditya Birla Money  

• Cera Sanitaryware  

• Coforge  

• ICICI Lombard General Insurance Co.  

• Tata Steel  

• Thanga Mayil Jewellery  

Trading Tweaks

• Price Band Revised From 10% To 5%: Gensol Engineering  

• Price Band Revised From 20% To 10%: Genus Power Infrastructures, HPL Electric & Power  

• Ex-Date Dividend: Kalpataru Projects International, IDBI, Yasho Industries  

• Ex-Date Annual General Meeting: Oil Country Tubular, Vedanta, IDBI  

• Ex-Date Bonus: Sadhana Nitrochem, Bhansali Engineering Polymers  

• Record-Date Dividend: Kalpataru Projects International   

• Move Out Of Short-Term ASM Framework: Apollo Micro Systems, R Systems International  

F&O Cues

• Nifty July futures ended at 19,478, a premium of 19.60 points.  

• Nifty July futures rose 1.11%, with 2,302 shares in open interest.  

• Nifty Bank July futures ended at 45,271, a discount of 93.50 points.  

• Nifty Bank July futures fell 2.38%, with 4,372 shares in open interest. 

• Securities in the ban period: NIL

Research Reports 

• Building Materials Q1 Results Preview - Margin Expected To Improve, Healthy Volume: Prabhudas Lilladher

• Samvardhana Motherson - Bettering Portfolio Via Yachiyo's Four-Wheeler Business Acquisition: ICICI Securities

• Bharat Electronics - Order Inflow Continues: ICICI Securities

• Hero MotoCorp - Moving In The Right Direction; Rerating Likely: Prabhudas Lilladher

• DCB Bank - FY23, A Year Of Recovery, Accelerating Growth Momentum: Axis Securities

• Banks, Insurance Q1 Results Preview - FY24 To Start On A Healthy Note; Trend To Moderate: Motilal Oswal

• IT Services, Internet, BPO Q1 Results Preview- Uncertain Situation To Delay Revival In Spending: Dolat Capital

• Telecom Q1 Results Preview - Expect Relatively Good Quarter For Airtel, Tata Communications: ICICI Securities

• NBFCs Q1 Results Preview - No Signs Of Weakness In An Otherwise Seasonally Weak Quarter: Motilal Oswal

Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.

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