Asian markets were set to fall on Monday after shares on Wall Street capped off a poor week on a down note and as China's worsening property slump damps market sentiment.
Futures for stocks in Australia, Japan and Hong Kong all pointed lower, as did a gauge of U.S.-listed Chinese companies.
Friday's U.S. trading session saw a slide in tech megacaps and mixed economic data leave stocks weak and struggling for direction. In choppy trading, the S&P 500 closed at a one-month low with a drop of just 0.1%. The Nasdaq 100 notched its longest weekly losing streak this year, hovering around 15,000. Nvidia Corp. — which has more than tripled in 2023 — extended a four-day decline to 10%.
Meanwhile, Brent crude was trading below $87 a barrel and West Texas Intermediate was around the $82-mark. The yield on the 10-year U.S. bond was trading at 4.15% 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 36 points or 0.18% at 19,451.
India's benchmark stock indices declined through Friday for the second consecutive session dragged by losses in pharma and private-banking stocks.
The headlines indices fell for the third week in a row following RBI's decision on Thursday to impose a 10% incremental cash reserve ratio as a temporary measure on deposits between May 19 and July 28 to suck out surplus liquidity from the banking system after the 2,000 currency notes were deposited.
Overseas investors turned net sellers of Indian equities after two days of buying. Foreign portfolio investors offloaded stocks worth Rs 3,073.3 crore while domestic institutional investors mopped up stocks worth Rs 500.35 crore, according to provisional data from the National Stock Exchange.
The Indian rupee weakened 12 paise to close at 82.84 against the U.S. dollar. The yield on the 10-year bond closed 5 bps higher at 7.2%.
Stocks To Watch
Muthoot Finance: The company will seek shareholders' approval to raise borrowing limit to Rs 1 lakh crore. The board has approved infusion of Rs 400 crore in its unit Muthoot Money and acquisition of 2.05% stake in Belstar Microfinance from existing promoters for Rs 43 crore.
Sterling and Wilson Renewable Energy: The company bagged a Rs 1,130 crore order from Gujarat Industries Power for its proposed 600 MWac solar project at Khavda. The project comprises two blocks of 300 MWac with a three-year operation and maintenance contract.
Reliance Industries: Jio Platforms' arm Radisys completed the acquisition of wireless broadband solutions firm Mimosa from U.S.-based Airspan Networks Holdings. In March, the company had agreed to buy Mimosa for $60 million or about Rs 491 crore on a debt- and cash-free basis.
Redington: Rajiv Srivastava resigned as MD with immediate effect citing personal reasons. The board will initiate search for the vacancy at the earliest.
NBCC: The company received work orders worth Rs 279.31 crore for four different projects.
DCB Bank: The bank will acquire 9.9% stake in micro-lender Saksham Gram Credit for Rs 3.99 crore.
NLC India: The company has emerged as successful bidder for North Dhadu coal mine in Jharkhand. The mine has a coal reserve of 434.65 MT with peak rated capacity of 3 MTPA.
ITC: Sanjiv Puri was reappointed as Managing Director and Chairman for five years with effect from July 22, 2024.
RBL Bank: Chief Operations Officer Pankaj Sharma resigned and will be relieved from his duties on Sept. 20. Alok Rastogi, head – Corporate Centre, will now directly handle the Operations function also.
Result Post Market Hours
ONGC Q1 FY24 (Consolidated, YoY)
Revenue down 10% to Rs 1,63,824 crore vs Rs 1,82,894 crore.
Ebitda up 60% to Rs 30,106.81 crore vs Rs 18,852.78 crore.
Margin at 18% vs 10%.
Net profit doubles to Rs 17,382.97 crore.
NMDC Q1 FY24 (Consolidated, YoY)
Revenue up 13.16% at Rs 5,394.66 crore vs Rs 4,767.07 crore (Bloomberg estimate: Rs 5,510.28 crore).
Ebitda up 5.03% to Rs 1,995.76 crore vs Rs 1,900.11 crore (Bloomberg estimate: Rs 1,989.90 crore).
Margin at 37% vs 39.9% (Bloomberg estimate: 36.1%).
Net profit up 12% at Rs 1,649.91 crore vs Rs 1,473.03 crore (Bloomberg estimate: Rs 1,435.72 crore).
Revenue up 8% to Rs 7,767 crore vs Rs 7,211 crore.
Ebitda down 57% to Rs 168.58 crore vs Rs 391.67 crore.
Margin at 2% vs 5.4%.
Net profit down 64% to Rs 87.75 crore vs Rs 241.25 crore.
Nalco Q1 FY24 (Consolidated, YoY)
Revenue down 16% at Rs 3,178.4 crore vs Rs 3,795.2 crore (Bloomberg estimate: Rs 3,135.3 crore).
Ebitda down 32% to Rs 594.3 crore vs Rs 879.6 crore (Bloomberg estimate: Rs 691.7 crore).
Margin at 18.7% vs 23.2% (Bloomberg estimate: 22.1%).
Net profit down 40% at Rs 333.8 crore vs Rs 558 crore (Bloomberg estimate: Rs 315.1 crore).
Galaxy Surfactants Q1 FY24 (Consolidated, YoY)
Revenue down 19.02% at Rs 941.77 crore vs Rs 1,162.84 crore.
Ebitda down 16.79% to Rs 123.18 crore vs Rs 148.02 crore.
Margin at 13.07% vs 12.72%.
Net profit down 25.1% at Rs 75.18 crore vs Rs 100.37 crore.
Glenmark Pharma Q1 FY24 (Consolidated, YoY)
Revenue up 23% at Rs 3,402 crore vs Rs 2,777 crore (Bloomberg estimate: Rs 3,181 crore).
Ebitda up 46% at Rs 631 crore vs Rs 432 crore (Bloomberg estimate: Rs 560 crore).
Margin at 18.6% vs 15.5% (Bloomberg estimate: 17.6%).
Net profit down 22% at Rs 150 crore vs Rs 193 crore (Bloomberg estimate: Rs 220 crore).
Pfizer Q1 FY24 (Consolidated, YoY)
Revenue down 10% at Rs 531 crore vs Rs 593 crore (Bloomberg estimate: Rs 557 crore).
Ebitda down 42% at Rs 111 crore vs Rs 192 crore.
Margin at 20.8% vs 32.4%.
Net profit up 187% at Rs 94 crore vs Rs 33 crore (Bloomberg estimate: Rs 121 crore).
FSN E-Commerce Ventures Q1 FY24 (Consolidated, YoY)
Revenue is up 23.8% at Rs 1,421.8 crore vs. Rs 1,148.4 crore (Bloomberg estimate: Rs 1,472.7 crore).
Ebitda up 59.6% at Rs 73.4 crore vs. Rs 46 crore (Bloomberg estimate: Rs 85.1 crore).
Margin at 5.1% vs. 4% (Bloomberg estimate: 5.8%).
Net profit is down 26.7% at Rs 3.3 crore vs. Rs 4.5 crore (Bloomberg estimate: Rs 15.2 crore).
ABB India Q2 CY24 (Consolidated, YoY)
Revenue is up 22.2% at Rs 2,508.63 crore vs. Rs 2,052.5 crore (Bloomberg estimate: Rs 2,394.9 crore).
Ebitda up 75.5% at Rs 348.75 crore vs. Rs 198.77 crore (Bloomberg estimate: Rs 251.3 crore).
Margin at 13.9% vs. 9.7% (Bloomberg estimate: 10.5%).
Net profit is up 110.7% at Rs 295.63 crore vs. Rs 140.28 crore (Bloomberg estimate: Rs 190.7 crore).
Jindal Steel And Power Q1 FY24 (Consolidated, YoY)
Revenue is down 3.5% at Rs 12,588.34 crore vs. Rs 13,045.41 crore (Bloomberg estimate: Rs 12,778.7 crore).
Ebitda down 23.7% at Rs 2,628.04 crore vs. Rs 3,446.15 crore (Bloomberg estimate: Rs 2,125.8 crore).
Margin at 20.8% vs. 26.4% (Bloomberg estimate: 16.6%).
Net profit is down 14.4% at Rs 1,686.94 crore vs. Rs 1,970.13 crore (Bloomberg estimate: Rs 688.72 crore).
Astral Q1 FY24 (Consolidated, YoY)
Revenue is up 5.8% at Rs 1,283.10 crore vs. Rs 1,212.90 crore (Bloomberg estimate: Rs 1,299.6 crore).
Ebitda up 18.2% at Rs 201.60 crore vs. Rs 170.60 crore (Bloomberg estimate: Rs 219.4 crore).
Margin at 15.71% vs. 14.07% (Bloomberg estimate: 16.9%).
Net profit is up 24.1% at Rs 119.30 crore vs. Rs 96.10 crore (Bloomberg estimate: Rs 131.51 crore).
City Union Bank Q1 FY24
NII at Rs 522.54 crore vs. 524.14 crore YoY.
Net profit at Rs 227.27 crore vs. 225.14 crore YoY
GNPA at 4.91% vs. 4.37% QoQ
NNPA at 2.51% vs. 2.36% QoQ
NRB Bearings Q1 FY24 (Consolidated, YoY)
Revenue is up 15.2% at Rs 272.02 crore vs. Rs 236.11 crore.
Ebitda up 5.7% at Rs 45.38 crore vs. Rs 42.93 crore.
Margin at 16.68% vs. 18.18%
Net profit is down 22.52% at Rs 18.55 crore vs. Rs 23.94 crore.
Rashtriya Chemicals and Fertilisers Q1 FY24 (Consolidated, YoY)
Revenue was down 18.44% at Rs 4,042.95 crore vs. Rs 4,956.51 crore.
Ebitda down 70.18% at Rs 129.25 crore vs. Rs 433.31 crore.
Margin at 3.19% vs. 8.74%
Net profit is down 77.38% at Rs 67.79 crore vs. Rs 299.6 crore.
Jai Corp. Q1 FY24 (Consolidated, YoY)
Revenue was down 40.6% at Rs 115.55 crore vs. Rs 194.61 crore.
Ebitda down 59.5% at Rs 7.03 crore vs. Rs 17.34 crore.
Margin at 6.08% vs. 8.91%.
Net profit is down 61.2% at Rs 5.50 crore vs. Rs 14.19 crore.
MSTC Q1 FY24 (Consolidated, YoY)
Revenue was down 8.9% at Rs 179 crore vs. Rs 196.53 crore.
Ebitda down 18.8% at Rs 66.48 crore vs. Rs 81.91 crore.
Margin at 37.14% vs. 41.68%.
Net profit is down 34.2% at Rs 50.61 crore vs. Rs 76.95 crore.
Marksans Pharma Q1 FY24 (Consolidated, YoY)
Revenue is up 15.3% at Rs 500.03 crore vs. Rs 433.77 crore.
Ebitda up 39.9% at Rs 101.97 crore vs. Rs 72.86 crore.
Margin at 20.39% vs. 16.80%
Net profit is up 17% at Rs 70.44 crore vs. Rs 60.18 crore.
Voltas Q1 FY24 (Consolidated, YoY)
Revenue is up 21.4% at Rs 3,359.86 crore vs. Rs 2,768 crore (Bloomberg estimate: Rs 2,981.35 crore).
Ebitda up 4.7% at Rs 185.35 crore vs. Rs 176.99 crore (Bloomberg estimate: Rs 246.55 crore).
Margin at 5.52% vs. 6.39% (Bloomberg estimate: 8.3%).
Net profit is up 18.2% at Rs 129.42 crore vs. Rs 109.52 crore (Bloomberg estimate: Rs 172.91 crore).
HEG Q1 FY24 (Consolidated, YoY)
Revenue was down 7% to Rs 671.43 crore vs. Rs 721.95 crore.
Ebitda down 17.9% at Rs 151.16 crore vs. Rs 184.02 crore.
Margin at 22.51% vs. 25.49%.
Net profit is down 12.5% at Rs 139.12 crore vs. Rs 159 crore.
Indian Railway Finance Corp. Q1 FY24 (Consolidated, YoY)
Revenue is up 18.7% at Rs 6,679.17 crore vs. Rs 5,627.44 crore.
Ebitda up 18.6% at Rs 6,649.92 crore vs. Rs 5,604.69 crore.
Margin at 99.56% vs. 99.60%
Net profit is down 6.3% at Rs 1,556.57 crore vs. Rs 1,661.58 crore.
NHPC Q1 FY24 (Consolidated, YoY)
Revenue is up 2.8% at Rs 2,757.26 crore vs. Rs 2,681.28 crore.
Ebitda up 1.9% at Rs 1,504.52 crore vs. Rs 1,476.83 crore.
Margin at 54.57% vs. 55.08%
Net profit is up 3.9% at Rs 1,095.38 crore vs. Rs 1,053.76 crore.
Timken Q1 FY24 (Consolidated, YoY)
Revenue is up 2.6% at Rs 717.58 crore vs. Rs 699.24 crore.
Ebitda down 20.9% at Rs 135.73 crore vs. Rs 171.65 crore.
Margin at 18.91% vs. 24.55%.
Net profit is down 23.6% at Rs 90.14 crore vs. Rs 118.05 crore.
Earnings In Focus
Agarwal Industrial Corp, Ahluwalia Contracts (India), Arman Financial Services, Aster DM Healthcare, Astra Microwave Products, Astrazeneca Pharma India, Borosil, Brightcom Group, Confidence Petroleum India, Divi's Laboratories, Easy Trip Planners, Gensol Engineering, Gabriel India, Globus Spirits, GMR Airports Infrastructure, Grindwell Norton, Hindustan Copper, Hindustan Oil Exploration, HMA Agro Industries, Indiabulls Housing Finance, Vodafone Idea, ITC, Jagran Prakashan, Jai Balaji Industries, Jayaswal Neco Industries, Kama Holdings, Knr Constructions, Kaveri Seed Company, Lux Industries, Magellanic Cloud, Meghmani Organics, Rajesh Exports, Primo Chemicals, Pitti Engineering, Rama Steel Tubes, Techno Electric & Engineering, Uflex, Vishnu Chemicals, Wockhardt, Swan Energy, Senco Gold, Saksoft, Sanghi Industries, Sirca Paints India, Steel Exchange India, SpiceJet.
IPO Offerings
TVS Supply Chain Solutions: On its second day, the IPO was subscribed 1.03 times. Bids were led by retail investors, subscribed 3.62 times, non-institutional investors, subscribed 1.02 times and institutional investors, subscribed 0.15 times or 15%. The IPO was subscribed 55% on day one.
Block Deals
Media Matrix Worldwide: Parmesh Finlease sold 70 lakh shares (0.6%) and G R D Securities bought 70 lakh shares (0.6%) at Rs 15.57 apiece.
Bulk Deals
RITES: Societe Generale bought 12.2 lakh shares (0.5%) at Rs 475.4 apiece.
RPSG Ventures: Ujwal Kumar Pagariya bought 1.8 lakh shares (0.6%) at Rs 647.59 apiece.
Oriana Power: Societe Generale bought two lakh shares (1%) at Rs 308.31 apiece and Vora Financial Services bought 1.2 lakh shares (0.6%) at Rs 302 apiece.
Kesoram Industries: Euston Industries sold 53.1 lakh shares (1.7%) at Rs 95 apiece and ICM Finance bought 50.5 lakh shares (1.6%) at an average price of Rs 94.95 apiece.
Radiant Cash Management Services: Ascent India Fund sold 67.6 lakh shares (6.3%) at Rs 105.55 apiece.
Insider Trades
Ultramarine & Pigments: Promoters S Narayanan, Daya Sridhar and Deepa Ajay sold 5,000, 12,000 and 20,000 shares respectively on Aug. 10.
Vimta Labs: Promoter Praveena Vasireddi sold 10,000 shares on Aug. 10.
Pledge Share Details
Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge of 27 lakh shares on Aug. 8.
AGMs Today
Astrazeneca Pharma India, Gabriel India, Grindwell Norton, Navneet Education, Saksoft, Shalby, Wockhardt.
Who's Meeting Whom
Vedant Fashions: To meet investors on Aug. 21 and analysts on Aug. 16 and 18.
Trading Tweaks
Ex-date Dividend: Computer Age Management Services, KPIT Technologies, Steel Strips Wheels, Jindal Drilling And Industries, Mahanagar Gas, Maharashtra Seamless, Isgec Heavy Engineering, Hindalco Industries, Heritage Foods, H.G. Infra Engineering, Everest Industries, Eicher Motors, Fine Organic Industries.
Ex-date Interim Dividend: Varun Beverages, REC, Great Eastern Shipping, Gateway Distriparks.
Ex-date AGM: Steel Strips Wheels, GE T&D India, Hindalco Industries, Heritage Foods, Federal-Mogul Goetze (India), Jagran Prakashan, Eicher Motors, Emami, Fine Organic Industries, Mahanagar Gas, Max Financial Services, Isgec Heavy Engineering.
Ex-date Stock Split: Avantel.
Record-date Dividend: KPIT Technologies, Jindal Drilling And Industries, Mahanagar Gas, Maharashtra Seamless, H.G. Infra Engineering.
Record-date Interim Dividend: REC, Gateway Distriparks.
Move Into Short-Term ASM Framework: Banco Products (India), BF Utilities, Dreamfolks Services, Tasty Bite Eatables.
Move Out Of Short-Term ASM Framework: Texmaco Rail & Engineering,
F&O Cues
Nifty August futures ended at 19,503, a discount of 93.80 points.
Nifty August futures fell 0.48%, with 1,055 shares in open interest.
Nifty Bank August futures ended at 44,477.00, a discount of 294.45 points.
Nifty Bank August futures rose 8.19% with 10,255 shares in open interest.
Securities in the ban period: Hindustan Copper, Indianbulls Housing Finance, Balrampur Chini Mills, Delta Corp, Chambal Fertilizers & Chemicals, Zee Entertainment Enterprises, Manappuram Finance, Granules India, India Cements.
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