Stocks To Watch: Axis Bank, Zee, Suzlon Energy, Tata Power, IRCTC, Abbott, LIC, Hero MotoCorp, Torrent Power
Here are the stocks to watch before going into trade today.
Asian equity futures traded moderately lower following a tech-led sell-off on Wall Street as investors await U.S. monthly inflation data that will help shape the outlook for the Federal Reserve’s next steps. U.S. futures ticked higher in early Asian trading.
Contracts for benchmarks in Japan and Hong Kong fell while those for Australian equities were little changed. The S&P 500 fell 0.7% Wednesday, while the Nasdaq 100 dropped 1.1%, weighed down by a 4.7% decline for Nvidia Corp.
Oil climbed to the highest in almost nine months on concern that a possible escalation of the conflict between Russia and Ukraine may choke off more supplies in an already tightening market.
Meanwhile, Brent crude was trading around $87 a barrel and West Texas Intermediate was below the $85-mark. The yield on the 10-year U.S. bond was trading at 4% and Bitcoin was below 30,000-level.
At 5:17 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 88 points or 0.44% at 19,759.
Investors await the Reserve Bank of India's decision on policy rates today. According to the 37 economists polled by Bloomberg, all of them expect the MPC to maintain the 'status quo' on the RBI's repo rate and continue with the benchmark policy repo rate, which is currently at 6.50%.
India's benchmark stock indices declined through Wednesday to recover and close marginally higher in the last leg of trade. The indices snapped two days of gains to end lower on Tuesday. The real estate and private banking sectors declined, whereas media and metals gained. Nifty Pharma and Midcap 100 hit fresh record highs intraday. The rupee and treasuries were flat in trade.
Overseas investors became net buyers of Indian equities after snapping a nine-day selling streak. Foreign portfolio investors mopped up stocks worth Rs 644.11 crore, while domestic institutional investors turned net sellers and offloaded stocks worth Rs 597.88 crore, according to provisional data from the National Stock Exchange.
The local currency closed flat at Rs 82.82 against the U.S. dollar on Wednesday. The yield on the 10-year bond closed flat at 7.17%.
Stocks To Watch
Axis Bank: The board has approved the proposal to infuse Rs 1,612 crore in Max Life through preferential allotment. The bank's direct stake in Max Life will increase to 16.22% and the collective stake of Axis Entities will increase to 19.02%. The bank will acquire 14.25 crore shares of face value of Rs 10 each and market value of Rs 113.06 apiece.
Rate-sensitive sectors: The RBI will announce its interest rate decision along with its economic outlook on Thursday. In focus will be banking and financial services, auto, real estate and consumer durables sectors.
Bombay Dyeing: The board approved termination of deposit agreement and delisting of GDR from Luxembourg Stock Exchange.
Zee Entertainment: NCLT to pronounce its verdict today on the Zee-Sony merger. The tribunal had on July 10 reserved its order on the merger.
Suzlon Energy: The company set the floor price at Rs 18.44 apiece for Qualified Institutional Placement that opened on Aug. 9. It aims to raise Rs 1,500 crore with a green shoe option of Rs 500 crore.
Angel One: The board approved the Scheme of Arrangement involving transfer of business undertaking to two subsidiaries—Angel Securities and Angel Crest. No cash consideration is payable for slump sale.
FDC: The board approved the acquisition of additional 7% stake in its subsidiary FDC SA from other existing shareholders and settlement of their existing outstanding loan with interest. It also approved buyback of up to 31 lakh shares (1.87% of the total paid up equity capital) at a price of Rs 500 apiece, for an aggregate amount not exceeding Rs 155 crore.
Waaree Renewable Technologies: The received a work order of Turnkey EPC for engineering, procurement and construction services in setting up of a rooftop solar power project of 287 KWp capacity.
Result Post Market Hours
Tata Power Q1FY2024 (Consolidated, YoY)
Revenue up 5% at Rs 15,213.29 crore vs Rs 14,495.48 crore. (Bloomberg Estimate: Rs 15,696.10 crore)
Ebitda up 74.9% at Rs 2,943.59 crore vs Rs 1,683.39 crore. (Bloomberg Estimate: Rs 2,655.03 crore)
Ebitda margins at 19.35% vs 11.61%. (Bloomberg Estimate: 16.90%)
Net profit up 29.1% at Rs 1,140.97 crore vs Rs 883.54 crore. (Bloomberg Estimate: Rs 768.57 crore)
PI Industries Q1FY2024 (Consolidated, YoY)
Revenue up 23.8% at Rs 1,910.40 crore vs Rs 1,543.20 crore.
Ebitda up 35.4% at Rs 467.80 crore vs Rs 345.60 crore.
Ebitda margins at 24.49% vs 22.40%.
Net profit up 45.9% at Rs 382.90 crore vs Rs 262.40 crore.
FDC Q1FY2024 (Consolidated, YoY)
Revenue up 8.4% at Rs 536.38 crore vs Rs 494.66 crore.
Ebitda up 56.4% at Rs 122 crore vs Rs 78 crore.
Ebitda margins at 22.75% vs 15.77%.
Net profit up 55.4% at Rs 109.81 crore vs Rs 70.66 crore.
Likhitha Infrastructure Q1FY2024 (Consolidated, YoY)
Revenue up 10.9% at Rs 90.2 crore vs Rs 81.33 crore
Ebitda up 10.33% at Rs 20.93 crore vs Rs 18.97 crore
Ebitda margin at 23.2% vs 23.32%
Net profit up 17.4% at Rs 15.92 crore vs Rs 13.56 crore
BLS International Services Q1FY2024 (Consolidated, QoQ)
Revenue down 14.5% at Rs 383.49 crore vs Rs 448.63 crore.
Ebitda up 20.3% at Rs 80.05 crore vs Rs 66.53 crore.
Ebitda margins at 20.88% vs 14.83%.
Net profit down 7.5% at Rs 70.99 crore vs Rs 76.73 crore.
Sunteck Realty Q1FY2024 (Consolidated, YoY)
Revenue down 50.8% at Rs 70.57 crore vs Rs 143.50 crore. (Bloomberg Estimate: Rs 324 crore)
Ebitda loss of Rs 7.45 crore vs gain of Rs 45.21 crore.
Net loss of Rs 6.74 crore vs net profit of Rs 24.94 crore.
Abbott India Q1FY2024 (Consolidated, YoY)
Revenue up 13.4% at Rs 1479 crore vs Rs 1304.12 crore. (Bloomberg Estimate: Rs 1,429.40 crore)
Ebitda up 31.4% at Rs 355 crore vs Rs 270.15 crore. (Bloomberg Estimate: Rs 325.25 crore)
Ebitda margins at 24% vs 20.72%. (Bloomberg Estimate: 22.8%)
Net profit up 41.1% at Rs 290.24 crore vs Rs 205.64 crore. (Bloomberg Estimate: Rs 249.65 crore)
V-Mart Retail Q1FY2024 (Consolidated, YoY)
Revenue up 15.41% at Rs 678.52 crore vs Rs 587.88 crore
Ebitda down 40.86% at Rs 52.46 crore vs Rs 88.71 crore
Ebitda margin at 7.73% vs 15.08%
Net loss of Rs 21.94 crore vs profit of Rs 20.45 crore.
Timex Group Q1FY2024 (Consolidated, YoY)
Revenue up 12.8% at Rs 106.29 crore vs Rs 94.27 crore.
Ebitda down 45.5% at Rs 7.32 crore vs Rs 13.42 crore.
Ebitda margins at 6.89% vs 14.24%.
Net profit down 64.6% at Rs 4.25 crore vs Rs 12.01 crore.
Schneider Electric Infrastructure Q1FY2024 (Consolidated, YoY)
Revenue up 33.3% at Rs 495.25 crore vs Rs 371.48 crore.
Ebitda up 71% at Rs 49.46 crore vs Rs 28.92 crore.
Ebitda margins at 9.99% vs 7.79%.
Net profit up 31.7% at Rs 34.92 crore vs Rs 26.52 crore.
IOL Chemicals and Pharmaceuticals Q1FY2024 (Consolidated, YoY)
Revenue down 0.3% at Rs 563.18 crore vs Rs 565.01 crore.
Ebitda up 30% at Rs 72.52 crore vs Rs 55.79 crore.
Ebitda margins at 12.88% vs 9.87%.
Net profit up 32.3% at Rs 45.86 crore vs Rs 34.67 crore.
Ram Ratna Wires Q1FY2024 (Consolidated, YoY)
Revenue up 4.5% at Rs 724.40 crore vs Rs 693.19 crore.
Ebitda down 4.2% at Rs 24.74 crore vs Rs 25.83 crore.
Ebitda margins at 3.42% vs 3.73%.
Net profit down 11.1% at Rs 9.18 crore vs Rs 10.33 crore.
GMR Power and Urban Infra Q1FY2024 (Consolidated, YoY)
Revenue up 5.2% at Rs 1,124.22 crore vs Rs 1,068.68 crore.
Ebitda up 4.7% at Rs 152.49 crore vs Rs 145.61 crore.
Ebitda margins at 13.56% vs 13.63%.
Net loss of Rs 217.75 crore vs net profit of Rs 201.67 crore.
HPL Electric & Power Q1FY2024 (Consolidated, YoY)
Revenue up 8.5% at Rs 320.74 crore vs Rs 295.59 crore.
Ebitda up 6.4% at Rs 40.04 crore vs Rs 37.64 crore.
Ebitda margins at 12.48% vs 12.74%.
Net profit up 9.8% at Rs 6.94 crore vs Rs 6.32 crore.
Sula Vineyards Q1FY2024 (Consolidated, YoY)
Revenue up 21% at Rs 116.59 crore vs Rs 96.34 crore. (Bloomberg Estimate: Rs 100 crore)
Ebitda up 20.2% at Rs 30.35 crore vs Rs 25.26 crore. (Bloomberg Estimate: Rs 28.50 crore)
Ebitda margins at 26.03% vs 26.22%. (Bloomberg Estimate: 28.5%)
Net profit up 24.4% at Rs 13.68 crore vs Rs 11 crore. (Bloomberg Estimate: Rs 12.50 crore)
Zee Entertainment Enterprises Q1FY2024 (Consoidated, YoY)
Revenue up 7.6% at Rs 1983.80 crore vs Rs 1843.15 crore. (Bloomberg Estimate: Rs 2,142.75 crore)
Ebitda down 40.8% at Rs 158.78 crore vs Rs 268.42 crore. (Bloomberg Estimate: Rs294.20 crore)
Ebitda margins at 8% vs 14.56%. (Bloomberg Estimate: 13.7%)
Net loss of Rs 53.42 crore vs net profit of Rs 106.60 crore.
J B Chemicals and Pharmaceuticals Q1FY2024 (Consolidated, YoY)
Revenue up 14.2% at Rs 896.20 crore vs Rs 784.81 crore.
Ebitda up 34.4% at Rs 232.11 crore vs Rs 172.76 crore.
Ebitda margins at 25.90% vs 22.01%.
Net profit up 35.3% at Rs 142.32 crore vs Rs 105.20 crore.
Force Motors Q1FY2024 (Consolidated, YoY)
Revenue up 53.2% at Rs 1487.55 crore vs Rs 970.80 crore.
Ebitda up 3.03x at Rs 180.60 crore vs Rs 44.78 crore.
Ebitda margins at 12.14% vs 4.61%.
Net profit of Rs 68.49 crore vs net loss of Rs 16.59 crore.
Bata India Q1FY2024 (Consolidated, YoY)
Revenue up 1.6% at Rs 958.15 crore vs Rs 943.02 crore.
Ebitda down 2.1% at Rs 239.52 crore vs Rs 244.67 crore.
Ebitda margins at 25% vs 25.95%.
Net profit down 10.5% at Rs 106.89 crore vs Rs 119.37 crore.
Earnings In Focus
LIC, Biocon, Alkem Laboratories, Apollo Tyres, IPCA Laboratories, Container Corporation of India, Hero MotoCorp, Mazagon Dock Shipbuilders, Pidilite Industries, Steel Authority of India, Torrent Power, Samvardhan Motherson International, Bajaj Electricals, Campus Activewear, Chemplast Sanmar, Cholamandalam Financial Holdings, General Insurance Corporation of India, Manappuram Finance, NBCC, NCC, Page Industries, Polyplex Corporation, Sanofi India, Endurance Technologies, ESAB India, GMM Pfaudler, GR Infraprojects, Grasim Industries, Ingersoll-Rand, KRBL, K&R Rail Engineering, Lemon Tree Hotels, Global Health, Nuvoco Vistas Corporation, Prince Pipes and Fittings, Rhi Magnesita India.
IPO Offering
TVS Supply Chain Solutions: The initial public offering will be launched on Thursday and bids will be open till Aug. 14. The transportation, logistics, and warehousing firm plans to raise up to Rs 600 crore from fresh issue. The price band is fixed in the range of Rs 187–197 per share. Out of the total IPO size, 75% is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% is to be allotted to retail individual investors. The company has raised Rs 396 crore from anchor investors.
Bulk Deals
JSW Ispat Special Products: Globe Capital Market sold 46.5 lakh shares (1%) at Rs 38.27 apiece and UTI Mutual Fund bought 28.8 lakh shares (0.8%) at Rs 38.37 apiece.
MAS Financial Services: Basant Maheshwari Wealth Advisers bought 2.9 lakh shares (0.5%) at Rs 816.38 apiece.
Piramal Pharma (RE): LIC sold 70.8 lakh shares at Rs 15.41 apiece and BNP Paribas bought 10.7 lakh shares at Rs 16.11 apiece.
Insider Trades
Adani Enterprises: Promoter Kempas Trade and Investment bought 15 lakh shares on Aug. 7.
Cyient: Promoter Bodanapu Avanti Reddy sold 1.35 lakh shares between Aug. 3 to 7.
Ultramarine & Pigments: Promoters Thirumalai Chemicals bought 91,137 shares between Aug. 7 and 9, S Narayanan sold 5,000 shares on Aug. 7 and Daya Sridhar sold 5,547 shares on Aug. 8.
Shivalik Bimetal Controls: Promoters TSL Holdings sold 50 lakh shares, Gurbir Sandhu sold 3.67 lakh shares and Devinderjeet Singh Sandhu sold 1.14 lakh shares on Aug. 7.
Pledge Share Details
ADF Foods: Promoter Bimal Ramesh Thakkar revoked a pledge of 1.9 lakh shares on Aug. 4 and 2.25 lakh shares on Aug. 7.
Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals created a pledge of 40 lakh shares on Aug. 4.
AGMs Today
Alembic, AU Small Finance Bank, Bajaj Electricals, Bata India, Bharat Forge, Chalet Hotels, Cholamandalam Financial Holdings, Cipla, Clean Science and Technology, Dabur, Disa India, Avenue Supermarts, ESAB India, Expleo Solutions, Galaxy Surfactants, Granules India, Greaves Cotton, Honeywell Automation India, Honda India Power Products, IPCA Labs, Privi Speciality Chemicals, Page Industries, Pidilite Industries, PNB Housing Finance, PNB Housing Finance, Thyrocare Technologies, Torrent Power, Usha Martin, United Breweries.
Who's Meeting Whom
One 97 Communications: To meet investors on Aug. 14.
HEG: To meet investors and analysts on Aug. 14.
Trading Tweaks
Price Band Revised From 10% To 5%: Zen Technologies, Lloyds Steels Industries, Dynamic Cables.
Price Band Revised From 5% To 20%: Saregama India
Ex-date Dividend: Alkem Laboratories, Linde India, Thomas Cook (India), Lumax Auto Technologies, Lumax Industries, Jubilant Pharmova, Jubilant Ingrevia, Hitachi Energy India, KCP, Aditya Vision.
Ex-date Interim Dividend: Man Infraconstruction, Vaibhav Global.
Ex-date AGM: Metropolis Healthcare, Linde India, Thomas Cook (India), Lumax Auto Technologies, Lumax Industries, Hitachi Energy India, KCP.
Ex-date Amalgamation: JSW Ispat Special Products.
Record-date Dividend: Alkem Laboratories, Jubilant Pharmova, Jubilant Ingrevia.
Record-date Interim Dividend: Man Infraconstruction, Vaibhav Global.
Record-date Amalgamation: JSW Ispat Special Products.
Move Into Short-Term ASM Framework: Jain Irrigation Systems, Lancer Container Lines, Mukand, PTC India Financial Services, Texmaco Rail & Engineering, Vascon Engineers.
Move Out Of Short-Term ASM Framework: Gallantt Ispat, Jagsonpal Pharmaceuticals, Vesuvius India, DPSC, Sundaram Finance.
F&O Cues
Nifty August futures ended at 19,693.00, a premium of 81.75 points.
Nifty August futures fell 0.67%, with 1,484 shares in open interest.
Nifty Bank August futures ended at 45,017.70, a discount of 39.30 points.
Nifty Bank August futures fell 5.45% with 6,429 shares in open interest.
Securities in the ban period: Hindustan Copper, Indianbulls Housing Finance, Balrampur Chini Mills, Delta Corp, Chambal Fertilizers & Chemicals.
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