Stocks To Watch: L&T, IndusInd Bank, Jindal Stainless, LTIMindtree, Hindustan Aeronautics, IndiaMart InterMesh

Asian markets are poised for a cautious open as US equities and Treasuries fell after disappointing tech earnings and fresh signs of labor-market resiliency that could support another hike in interest rates this year.

Equity futures for Japan and Hong Kong posted small losses, while contracts for Australia and the US were little changed. The Nasdaq 100 scored its biggest drop in nearly five months, as Netflix Inc. fell on a disappointing revenue forecast and Tesla Inc. declined after profitability shrank in the second quarter, Bloomberg reported

Meanwhile, an unexpected pullback in weekly initial jobless claims prompted traders to price in higher odds of a quarter- point rate hike beyond the Federal Reserve’s meeting next week.

The S&P 500 also declined 0.68% amid an unexpected fall in weekly initial jobless claims. Meanwhile, oil rose and gold futures fell.

Brent crude was below $80 a barrel and West Texas Intermediate was around the $75-mark. The yield on the 10-year U.S. bond was trading at 3.85%, whereas Bitcoin was below 30,000-level.

At 5:20 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was trading flat at 19,883.

Back home, the benchmark stock indices advanced for the sixth day to end at a record close on Thursday. The Nifty 50 closed 21 points away from the 20,000 mark, whereas Sensex rose above 67,600 level. 

The local currency strengthened 10 paise to close at Rs 81.99 against the U.S dollar on Thursday.

Overseas investors in Indian equities remained net buyers for the sixth day in a row on Wednesday. Foreign portfolio investors bought stocks worth Rs 3,370.9 crore, and domestic institutional investors remained net sellers and offloaded stocks worth Rs 193 crore.

Infosys Q1 FY24 (Consolidated, QoQ)

• Revenue up 1.3% to Rs 37,933 crore vs Rs 37,441 (Bloomberg estimate: Rs 37,843.3 crore)

• EBIT flat at Rs 7,891 crore vs Rs 7,877 crore (Bloomberg estimate: Rs 7,907.7 crore)

• Margin 20.80% vs 21.03 (Bloomberg estimate: 20.9%)

• Net Profit: Rs 5,945 crore vs Rs 6,134 crore (Bloomberg estimate: Rs 6,245 crore)

• Revises lower FY24 revenue guidance to 1.0-3.5% from 4-7% estimated earlier.

Hindustan Unilever Q1 FY24 (Consolidated, YoY)

• Revenue up 6% at Rs 15496 crore Vs Rs 14624 crore (Bloomberg Estimate: Rs 15,491 crore)

• EBITDA up 8% at Rs 3665 crore Vs Rs 3402 crore (Bloomberg Estimate: Rs 3,645.86 crore)

• Margins at 23.7% Vs 23.3% (Bloomberg Estimate: 23.5%)

• Net profit up 7% at Rs 2554 crore Vs Rs 2381 crore (Bloomberg Estimate: Rs 2,593.5 crore)

Persistent Systems Q1 FY24 (Consolidated, QoQ)

• Revenue flat at Rs 2,321.1 crore vs Rs 2,254.4 crore (Bloomberg estimate: Rs 2,328.8 crore)

• EBIT fell 14% to Rs 298 crore vs Rs 346.6 crore (Bloomberg estimate: Rs 358 crore)

• Margin 12.83% vs 15.37% (Bloomberg estimate: 15.37%)

• Net Profit fell 9% to Rs 228.7 crore vs Rs 251.5 crore (Bloomberg estimate: Rs 272 crore)

United Spirits Q1 FY24 (Consolidated, YoY)

• Revenue up 10% at Rs 2,667.8 crore Vs Rs 2,419.1 crore

• EBITDA up 92% at Rs 713.50 crore Vs Rs 372.3 crore

• EBITDA margin 26.7% Vs 15.3%

• Net profit up 83% at Rs 476.7 crore Vs Rs 261.1 crore

Union Bank of India Q1FY24 (Standalone)

• Net interest income up 16.5% to Rs 8839 crore vs Rs 7581 crore (YoY)

• Net Profit up 2x at Rs 3236 crore vs Rs 1558 crore (YoY) (Bloomberg estimate: 2,343 crore)

• GNPA:  7.34% vs 7.53% (QoQ)

• NNPA: 1.58% vs 1.70% (QoQ)

ICICI Securities Q1 FY24 (Standalone, YoY)

• Revenue up 18% to Rs 934.31 crore Vs Rs 793.55 crore (Bloomberg estimate: Rs 950.3 crore)

• Net interest income up 17% to Rs 749.7 crore vs. Rs 693.2 crore

• Net profit down 1% to Rs 270.84 crore vs. Rs 273.59 crore (Bloomberg estimate: Rs 278.8 crore)

Mphasis Q1 FY24 (Consolidated, QoQ)

• Revenue fell 3% to Rs 3,252 crore Vs Rs 3,361 crore (Bloomberg estimate: Rs 3,362 crore)

• EBIT fell 3% to Rs 500 crore Vs Rs 515.27 crore

• EBIT margin flat at 15.3%

• Net profit fell 2% to Rs 396.05 crore Vs Rs 405.3 crore (Bloomberg estimate: 403 crore)

Dalmia Bharat Q1 FY24 (Consolidated, YoY)

• Revenue up 10% at Rs 3,624 crore Vs Rs 3,302 crore (Bloomberg estimate: Rs 3,693 crore)

• EBITDA up 4% at Rs 610 crore Vs Rs 586 crore (Bloomberg estimate: Rs 657.6 crore)

• EBITDA margin 16.8% Vs 17.7% (Bloomberg estimate: 17.8%)

• Net profit fell 30% to Rs 144 crore Vs Rs 205 crore (Bloomberg estimate: Rs 240 crore)

HMT Q1 FY24 (Consolidated, YoY)

• Revenue up 31% to Rs 108 crore Vs Rs 82 crore

• EBITDA loss of 29 crore Vs Rs 47.6 crore

• Net loss of Rs 33.5 crore Vs net profit of Rs 635.12 crore

India MART lnterMESH (Consolidated, YoY)

• Revenues up 25.65% at Rs 282.1 crore vs Rs 224.5 crore

• Net profit up 77.9% at Rs 83.1 crore vs Rs 46.69 crore

• EBITDA up 20.59% at Rs 77.35 crore vs Rs 64.14 crore

• Margins at 27.41% vs 28.57%

Coforge (Consolidated, QoQ)

• Revenue up 2.4% at Rs 2221 crore vs Rs 2170 crore

• PAT up 44% at Rs 165.3 crore vs Rs 114.8 crore

• EBIT up 2.9% at Rs 230.3 crore vs Rs 223.8 crore

• Margins at 10.4% vs 10.3%

Tanla Platforms Q1 FY23 (Consolidated, YoY)

• Revenue up 14% to Rs 911 crore Vs Rs 800 crore

• EBITDA up 39% to Rs 182.22 crore Vs Rs 130.7 crore

• EBITDA margin 20% Vs 16.3%

• Net profit up 35% to Rs 135.4 crore Vs Rs 100.41 crore

360 One Wam Q1 FY24 (Consolidated, YoY)

• Revenue up 19% to Rs 558.96 crore vs. Rs 471.12 crore (Bloomberg estimate: Rs 420.8 crore)

• NII up 17% to Rs 448.35 crore vs. Rs 283.56 crore

• Net profit up 17% to Rs 183.58 crore vs. Rs 156.58 crore (Bloomberg estimate: Rs 176 crore)

• IndiaMart InterMesh: The board of the company has approved buyback of up to Rs 500 crore consisting of 12.5 lakh shares, representing 2.04% stake via tender offer. Buyback price will be Rs 4,000 per share, a premium of 38% over Thursday’s closing price.

• Larsen & Toubro: The company will consider share buyback, special dividend on July 25.

• IndusInd Bank: The board of the bank approved raising Rs 20,000 crore via debt securities on private placement basis.

• Jindal Stainless: The company completed acquisition of Jindal United Steel by acquiring remainin 74% stake for Rs 958 crore, making JUSL a 100% owned subsidiary of JSL.

• LTIMindtree: The company announced strategic partnership with CYFIRMA to enhance the threat intelligence capabilities of its XDR platform. Larsen & Toubro, through its L&T Innovation Fund, recently invested in CYFIRMA in a pre-Series B round of funding.

• Hindustan Aeronautics: The company has signed Letter of Intent on co-operation for Light and Medium Utility Helicopters for the Armed Forces of Argentina.

Reliance Industries, Ashok Leyland, Atul, Aditya Vision, CreditAccess Grameen, Dodla Diary, Glenmark Lifesciences, GNA Axles, HDFC Life Insurance Company, Hindustan Zinc, JSW Steel, Kabra Extrusiontechnik, PNB Gilts, Rajratan Global Wire, Ramkrishna Forgings, Tejas Networks, Ultratech Cement, Wendt (India)

• Utkarsh Small Finance Bank: The bank will list on the Indian bourses today after its initial public offering was subscribed 101.91 times. Utkarsh Small Finance Bank has proposed to utilise the net proceeds from the IPO towards augmenting its tier–1 capital base in order to meet its future capital requirements.

• Emami: Promoter Group Divarkar Finvest revoked a pledge of 8.5 lakh, Suraj Finvest invoked a pledge of 12.75 lakh shares and revoked a pledge of 4.25 lakh shares on between July 17 and July 19. 

• Paisalo Digital: Promoter Group Equilibrated Venture Cflow created a pledge of 2 lakh shares on July 19.

• Thyrocare Technologies: To meet investors and analysts on July 25.

• Equitas Small Finance Bank: To meet investors and analysts on July 28. 

• Dr. Lal PathLabs: To meet investors and analysts on July 27. 

• JK Lakshmi Cement: To meet investors and analysts on July 28. 

• Indian Energy Exchange: To meet investors and analysts on July 28. 

• Orient Bell: To meet investors and analysts on July 25. 

• WPIL: To meet investors and analysts on July 25. 

• Titagarh Rail Systems: To meet investors and analysts on July 24.

• Tips Industries: To meet investors and analysts on July 26. 

• HFCL: To meet investors and analysts on July 27. 

• SBI Cards and Payment Services: To meet investors and analysts on July 28. 

• Mahindra & Mahindra Financial Services: To meet investors and analysts on July 28. 

• Thyrocare Technologies: To meet investors and analysts on July 25. 

• SBI Life Insurance Co.: To meet investors and analysts on July 25. 

• Jammu & Kashmir Bank: To meet investors and analysts on July 25.

• Marico: To meet investors and analysts on July 28. 

• Ashok Leyland

• Bharat Wire Ropes

• HDFC Life Insurance Co.

• India Infrastructure Trust

• Kabra Extrusion Technik

• Ultramine & Pigments 

• Wendt (India)

• Responsive Industries: Brenzett sold 26.5 lakh shares (1%) at Rs 182.02 apiece.

• Amara Raja Batteries: BNP Paribas Arbitrage sold 10.3 lakh shares (0.6%) at Rs 623.53 apiece.

• Jai Balaji Industries: Ashika Global Finance sold 11.5 lakh shares (0.7%) and SM Niryat bought 11.5 lakh shares (0.7%) at Rs 112 apiece.

• Price Band Revised From 20% To 10%: Jayaswal Neco Industries

• Ex-Date Dividend: Abbott India, Archean Chemical Industries, Anup Engineering, Arvind, Arvind SmartSpaces, Astec Lifesciences, BASF India, Blue Star, Cipla, Dabur India, Dhanuka Agritech, Fiem Industries, HIL, Indian Metals and Ferro Alloys, Indian Hume Pipe, Infobeans Technologies, Intellect Design Arena, Jamna Auto Industries, Kokuyo Camlin, KPR Mill, L&T Finance Holdings, LIC, Laxmi Organic Industries, Mahindra & Mahindra Financial Services, Minda Corporation, RPG Lifesciences, Sasken Technologies, Sonata Software, Sumitomo Chemical India, Symphony, Tech Mahindra, Thermax, TTK Prestige, Zensar Technologies, Zydus Wellness

• Ex-date Interim Dividend: Angel One

• Ex-date Buy Back: Goldiam International

• Ex-date AGM: TTK Prestige, Fiem Industries, Arvind, BASF India, Mahindra & Mahindra Financial Services, KPR Mill, Tech Mahindra, Dabur India, Astec Lifesciences, Kokuyo Camlin, Sonata Software, Jamna Auto Industries, Dhanuka Agritech, Indian Metals & Ferro Alloys, Symphony, Indian Hume Pipe, HIL, Intellect Design Arena, Arvind Smartspaces, Infobeans Technologies, Anup Engineering

• Record-date Dividend: Abbott India, Archean Chemical Industries, Angel One, Blue Star, Cipla, L&T Finance Holdings, LIC, Laxmi Organic Industries, RPG Lifesciences, Sumitomo Chemical India, Thermax, Zensar Technologies, Zydus Wellness

• Record-date Interim Dividend: Angel One

• Move Out Of Short-Term ASM Framework: Action Construction Equipment, RattanIndia Power

• Nifty July futures ended at 19,967, a premium of 120 points. 

• Nifty July futures rose 0.6%, with 12,465 shares in open interest. 

• Nifty Bank July futures ended at 46,145.85, a premium of 428 points. 

• Nifty Bank July futures rose 0.94% with 10,905 shares in open interest. 

• Securities in the ban period: Balrampur Chini Mills, Delta Corp., Indiabulls Housing Finance, L&T Finance Holdings, Manappuram Finance, Punjab National Bank, RBL Bank