Asian stocks are set for a mixed open following a decline in US equities and bonds, as focus shifts to Friday's jobs report for clues on the outlook for the Federal Reserve's next steps.
Futures for benchmark indexes in Japan pointed to a decline, while those for Australia were little changed and Hong Kong were set to rise. The S&P 500 and the Nasdaq 100 both declined a third day, setting them on a course for their worst weeks since mid-March.
Meanwhile, Brent crude was trading around $85.14 a barrel and West Texas Intermediate was above $80-mark. The yield on the 10-year U.S. bond was trading at 4.18% and Bitcoin was below 30,000-level.
At 5:09 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was trading 0.03% lower at 19,451.5.
India's benchmark stock indices opened lower and declined over 1% through Thursday to end lower for the third consecutive session.
Intraday, the indices fell to their lowest level in a month as Sensex slipped below the 65,000 mark and Nifty dropped below 19,300 level. Also, Nifty Pharma surged 2.07% to a record high at 15,253.20 points.
The S&P BSE Sensex closed 542 points down, or 0.82%, at 65,240.68, while the NSE Nifty 50 ended 145 points, or 0.74%, lower at 19,381.65.
Overseas investors in Indian equities remained net sellers for the sixth session in a row. Foreign portfolio investors offloaded stocks worth Rs 317.46 crore, while domestic institutional investors turned net buyers and mopped up stocks worth Rs 1,729.19 crore.
The local currency weakened 14 paise to close at Rs 82.73 against the U.S dollar on Thursday.
The yield on the 10-year bond ended higher at 7.2%, the highest closing since April 20.
Stocks To Watch
Vedanta: S&P Global Ratings revised the rating outlook on Vedanta Resources to negative from stable to reflect the heightened refinancing risk due to its large debt maturities up until March 2025. Moreover, its promoter entity Twin Star Holdings sold 15.4 crore shares (4.1%) at Rs 258.55 apiece in a bulk deal.
Mining companies: The parliament passed the Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023 to provide fixed 50-year production lease for offshore minerals. Under this legislation, the government aims to introduce auctions as the route to award production leases for offshore minerals.
Maruti Suzuki: The board will meet on Aug. 8 to consider mode of payment for Suzuki Motor Corporation's stake in Suzuki Motor Gujarat plant by way of either cash or preferential issuance of equity shares.
Paytm: The company's average monthly users rose by 19% YoY to 9.3 crore. Payment volumes for merchants or Gross Merchandise Values rose 39% on-year at Rs 1.47 lakh crore.
KEC International: The company has secured new orders of Rs 1,065 crores across its various businesses including energy transmission and distribution and cables. The year-to-date order intake stands at Rs.4,500 crores, a growth of 30% y-o-y.
NBCC: The company won a contract worth Rs 301 crore to construct a hostel-cum-residential block at University of Delhi.
Torrent Power: The company through its subsidiary will supply 132 MW solar power to Shapoorji Pallonji for its desalination plants in Gujarat. The project cost is Rs 700 crore.
JM Financial: The board approved the appointment of Nishit Shah as the Chief Financial Officer in place of Manish Sheth effective Oct. 1.
Radico Khaitan: The company re-appointed Sushmita Singha, Tushar Jam and Sharad Jaipura as Independent Directors for a second term of five years.
Hatsun Agro Product: The company inaugurated its chocolate manufacturing unit in Telengana. The unit has a capacity to manufacture 7000 kgs of chocolate per day.
Prime Industries: Non-Executive and Non-Independent Director Parveen Singhania to resign with effect from August 11.
SJVN: The company inked an MoU with Sikkim Urja for trade of 180 MW hydro power from SUL's 1200 MW Teesta-III hydro electric project in Sikkim to distribution licensees and open access consumers.
LIC Housing Finance: The board appointed Tribhuwan Adhikari as Additional Director in the capacity of managing director and chief executive officer.
Results Post Market Hours
Bharti Airtel Q1FY2024 (Consolidated, QoQ)
Revenues up 3.9% at Rs 37,440 crore vs Rs 36,009 crore.
Net profit down 46.3% at Rs 1,612.5 crore vs Rs 3,005.6 crore.
Ebitda up 4.8% at Rs 19,598.5 crore vs Rs 18,697.1 crore.
Margins at 52.35% vs 51.92%.
Mobile ARPU at Rs 200 vs Rs 193.
One-time loss of Rs 3,416.3 crore due to changes in Nigerian Foreign Exchange operations.
Lupin Q1FY2024 (Consolidated, YoY)
Revenue up 29% at Rs 4,814 crore vs Rs 3,744 crore. (Bloomberg estimate: Rs 4,441 crore)
Net profit of Rs 452 crore vs net loss of Rs 89 crore. (Bloomberg estimate : Rs 258 crore)
Ebitda up 422% at Rs 856 crore vs Rs 164 crore (Bloomberg estimate : Rs 686 crore)
Margins at 17.8% Vs 4.4%. (Bloomberg estimate: 15.4%)
Cummins India Q1FY2024 (Consolidated, YoY)
Revenues up 30.78% at Rs 2,218.25 crore vs Rs 1,695.92 crore.
Net profit up 78.53% at Rs 353.72 crore vs Rs 198.13 crore.
Ebitda up 59.49% at Rs 342.45 crore vs Rs 214.72 crore.
Margins at 15.44% vs 12.66%.
Eicher Motors Q1FY24 (Consolidated, YoY)
Revenues up 17% at Rs 3,986 crore vs Rs 3,397.5 crore. (Bloomberg estimate Rs 4,029.5 crore)
Ebitda up 23% at Rs 1,021 crore vs Rs 831 crore. (Bloomberg estimate Rs 968.5 crore)
Ebitda margins at 25.6% vs 24.5%. (Bloomberg estimate: 24%)
Net profit up 50% at Rs 918 crore vs Rs 611 crore. (Bloomberg estimate Rs 848.4 crore)
Deepak Nitrite Results Q1FY24 (Consolidated, YoY)
Revenues down 14.07% at Rs 1,768.34 crore vs Rs 2,057.99 crore. (Bloomberg estimate Rs1,896.63 crore)
Net profit down 36.10% at Rs 149.9 crore vs Rs 234.62 crore. (Bloomberg estimate Rs 258.5 crore)
Ebitda down 41.07% at Rs 209.75 crore vs Rs 355.98 crore. (Bloomberg estimate Rs 316.55 crore)
Margins at 11.86% vs 17.29%. ( Bloomberg estimate:16.69%)
Yasho Industries Ltd Q1FY24 Results (Consolidated, YoY)
Revenues down 15.19% at Rs 150.3 crore vs Rs 177.24 crore.
Net profit down 23.69% at Rs 14.78 crore vs Rs 19.37 crore.
Ebitda down 14.34% at Rs 25.44 crore vs Rs 29.7 crore.
Margins at 16.92% vs 16.75%.
Zomato Q1FY2024 (Consolidated, YoY)
Revenues up 70.86% at Rs 2,416 crore vs Rs 1,414 crore. (Bloomberg estimate: Rs 2,261.11 crore)
Net profit Rs 2 crore vs loss of Rs 186 crore. (Bloomberg estimate: loss of Rs 177.83 crore)
Ebitda loss of Rs 48 crore vs Ebitda loss of Rs 307 crore. (Bloomberg estimate: Ebitda loss of Rs 208.45 crore)
Radico Khaitan Q1FY24 Results (Consolidated, YoY)
Revenues up 26% at Rs 4,023.32 crore vs Rs 3,183.80 crore.
Net profit up 10% at Rs 68.27 crore vs Rs 61.99 crore.
Ebitda up 29% at Rs 119.51 crore vs Rs 92.51 crore.
Margins at 3% vs 2.9%
Gulf Oil Lubricants India Q1FY24 (Consolidated, YoY)
Revenues up 14.89% at Rs 811.71 crore vs Rs 706.45 crore. (Bloomberg estimate: Rs 809.60 crore)
Net profit up 23.16% at Rs 68.02 crore vs Rs 55.23 crore. (Bloomberg estimate: Rs 68.60 crore)
Ebitda up 9.13% at Rs 92.8 crore vs Rs 85.03 crore. (Bloomberg estimate: Rs 94.80 crore)
Margins at 11.43% vs 12.04%. (Bloomberg estimate: Rs 11.71%)
Mahanagar Gas Q1FY24 (Consolidated, YoY)
Revenues up 5.71% at Rs 1,537.79 crore vs Rs 1,454.75 crore. (Bloomberg estimate: Rs 1,506.31 crore)
Net profit up 98.92% at Rs 368.4 crore vs Rs 185.2 crore. (Bloomberg estimate: Rs 279.76 crore)
Ebitda up 82.55% at Rs 521.27 crore vs Rs 285.55 crore. (Bloomberg estimate: Rs 412.28 crore)
Margins at 33.90% vs 19.63%. (Bloomberg Estimate: 27.37%)
Bannari Amman Sugars Q1FY24 (Consolidated, YoY)
Revenues up 0.97% at Rs 430.86 crore vs Rs 426.72 crore.
Net profit down 47.10% at Rs 13.59 crore vs Rs 25.69 crore.
Ebitda up 23.77% at Rs 43.53 crore vs Rs 35.17 crore.
Margins at 10.10% vs 8.24%
HCC Q1FY24 (Consolidated, YoY)
Revenues up 15.07% at Rs 2,564.83 crore vs Rs 2,228.92 crore.
Net profit at Rs 52.73 crore vs net loss of Rs 280.67 crore.
Ebitda up 11.02% at Rs 314.47 crore vs Rs 26.16 crore.
Margins at 12.26% vs 1.17%.
Navneet Education Q1FY24 (Consolidated, YoY)
Revenues up 93.49% at Rs 791.45 crore vs Rs 409.02 crore. (Bloomberg Estimate: Rs 793.70 crore)
Net profit up 531.82% at Rs 144.94 crore vs Rs 22.94 crore. (Bloomberg Estimate: Rs 122.90 crore)
Ebitda up 249.41% at Rs 208.88 crore vs Rs 59.78 crore. (Bloomberg Estimate: Rs 186.50 crore)
Margins at 26.39% vs 14.61%. (Bloomberg Estimate: 23.50%)
KEC International Q1FY24 (Consolidated, YoY)
Revenues up 27.89% at Rs 4,243.59 crore vs Rs 3,318.08 crore. (Bloomberg Estimate: Rs 3,906.37 crore)
Net profit up 36.46% at Rs 42.33 crore vs Rs 31.02 crore. (Bloomberg Estimate: Rs 35.92 crore)
Ebitda up 45.08% at Rs 244.36 crore vs Rs 168.43 crore. (Bloomberg Estimate: Rs 220.54 crore)
Margins at 5.75% vs 5.08%. (Bloomberg Estimate: 5.65%)
Venus Pipes & Tubes Q1FY24 (Consolidated, YoY)
Revenues up 58.11% at Rs 179.61 crore vs Rs 113.6 crore.
Net profit up 91.11% at Rs 17.41 crore vs Rs 9.11 crore.
Ebitda up 90.40% at Rs 27.57 crore vs Rs 14.48 crore.
Margins at 15.35% vs 12.75%.
Sandur Manganese & Iron Ores Q1FY24 (Consolidated, YoY)
Revenues down 44.37% at Rs 362.53 crore Rs 651.68 crore.
Net profit up 18.86% at Rs 39.95 crore vs Rs 33.61 crore.
Ebitda up 3.91% at Rs 57.9 crore vs Rs 55.72 crore.
Margins at 15.97% vs 8.55%.
DCX Systems Q1FY24 (Consolidated, YoY)
Revenues down 20.23% at Rs 170.1 crore vs Rs 213.25 crore.
Net profit up 0.54% at Rs 5.6 crore vs Rs 5.57 crore.
Ebitda up 54.78% at Rs 7.59 crpre vs Rs 4.91 crore.
Margins at 4.47% vs 2.30%.
JM Financials Q1FY24 (Consolidated, YoY)
Revenues up 34.59% at Rs 1,064.95 crore vs Rs 791.25 crore.
Net profit down 10.99% at Rs 176.56 crore vs Rs 198.38 crore.
NIM at 6.0% vs 6.9%.
Gross NPA at 4& vs 3.5%.
Net NPA at 2.3% vs 2.3%.
Gross Loan Book up 26.06% at Rs 15,891 crore vs Rs 12,606 crore.
LIC Housing Finance Q1FY24 (Standalone, YoY)
Revenue up 28% at Rs 6746.51 crore vs 5285.46 crore
Profit up 43% at Rs 1323.66 crore vs 925.48 crore
Net Interest income up 39% at Rs 2209.44 crore vs 1592.48 crore
NIM at 3.21% vs 2.51%.
Earnings In Focus
SBI, IDFC, Alembic Pharmaceuticals, Bharat Dynamics, Dilip Buildcon, Gujarat State Petronet, IRB InvIT Fund, JK Tyre & Industries, JSW Holdings, Mahindra & Mahindra, C.E. Info Systems, Mold-Tek Packaging, Nesco, Shipping Corporation of India, Tata Investment Corporation, Axiscades Technologies, Computer Age Management Services, Century Plyboards, Edelweiss Financial Services, Everest Industries, Fineotex Chemical, Housing & Urban Development Corporation, IG Petrochemicals, IKIO Lighting, Kolte-Patil Developers, MOIL, SML Isuzu, Tatva Chintan Pharma Chem, TCI Express, Bhagiradha Chemicals & Industries, Indraprastha Medical Corp, Nava, NGL Fine-Chem, Nucleus Software Exports, Rain Industries, Aditya Birla Fashion and Retail, Authum Investment & Infrastructure, Britannia Industries, Bharat Heavy Electricals, CESC, Delhivery, Devyani International, Fortis Healthcare, Vardhaman Textiles, Welspun Corp.
IPO Offering
SBFC Finance: The initial public offering was fully subscribed on the first day. The IPO has been subscribed 1.91 times as of 5:00 pm on Thursday with bids led by non-institutional investors, subscribed 4.12 times and retail investors, subscribed 2.06 times. The portion reserved for employees was subscribed 1.10 times and institutional investors subscribed only 0.03 times.
Concord Biotech: The company will launch its initial public offering on Aug. 4. The Indian biopharma company's IPO comprises 20.93 million equity shares by Helix Investments through an offer for sale. Out of the total IPO size, up to 50% of the net offer is reserved for qualified institutional buyers, while a minimum of 15% is set for non-institutional investors. At least 35% is to be allotted to retail individual investors. The business has set aside up to 10,000 equity shares under the IPO for subscription by eligible employees, with a discount of Rs 70 per equity share being offered to them. It has collected Rs 465 crore from anchor investors ahead of the IPO.
Who's Meeting Whom
Punjab National Bank: To meet investors and analysts on Aug. 8
Vedant Fashions: To meet investors and analysts on Aug. 9
AGMs Today
Aarti Industries, Alembic Pharmaceuticals, BASF India, Bhagiradha Chemicals & Industries, CESC, Cosmo First, Deepak Nitrite, Delta Corp, DLF, Elgi Equipments, Gujarat Pipavav Port, Greenlam Industries, JSW Holdings, Mahindra & Mahindra.
Bulk Deals
Vedanta: Twin Star Holdings sold 15.4 crore shares (4.1%) at Rs 258.55 apiece while Copthall Mauritius Investment bought 8.4 crore shares (2.3%) at Rs 258.5 apiece and Societe Generale bought 2.9 crore shares (0.8%) at Rs 258.5 apiece.
Insider Trades
Paisalo Digital: Promoter Equilibrated Venture Cflow bought 40,400 shares on August 2.
Ultramarine & Pigments: Promoter Daya Sridhar sold 7,849 shares between August 2 and 3.
LG Balakrishnan & Bros: Promoter Tribe Holdings sold 10,705 shares between August 1 and 2.
Trading Tweaks
Ex-date Dividend: UFLEX, Strides Pharma Science, Timken India, Apar Industries, Sudarshan Chemical Industries, Sanghvi Movers, Vishnu Chemicals, Vst Industries, Chennai Petroleum Corporation, Bayer Cropscience, Grindwell Norton, TIPS Industries, Ajmera Realty & Infra, Berger Paints, Kirloskar Industries, Dalmia Bharat Sugar and Industries, Kirloskar Oil Engines, Astral, Advanced Enzyme Technologies, MTAR Technologies, Andhra Paper, Grauer & Weil, Kalyan Jewellers, JTL Industries, EPL, Aditya Birla Sun Life AMC, Kotak Mahindra Bank.
Ex-date Interim Dividend: Ajanta Pharma, Symphony, Route Mobile, TIPS Industries.
Ex-date AGM: UFLEX, Apar Industries, Bayer Cropscience, Grindwell Norton, TIPS Industries, Berger Paints, Kirloskar Industries, Kirloskar Oil Engines, Vishnu Chemicals, Andhra Paper, Kalyan Jewellers
Ex-date Stock Split: Sarda Energy & Minerals
Ex-date Buyback: Aarti Drugs
Record-date Dividend: Strides Pharma Science, Timken India, Sudarshan Chemical Industries, Sanghvi Movers, Chennai Petroleum Corporation, Ajmera Realty & Infra, Dalmia Bharat Sugar and Industries, Astral, Andhra Paper, JTL Industries, EPL, Aditya Birla Sun Life AMC, Kotak Mahindra Bank.
Record-date Interim Dividend: Ajanta Pharma, Symphony, Route Mobile, TIPS Industries.
Record-date Stock Split: Sarda Energy & Minerals.
Record-date Buyback: Aarti Drugs.
F&O Cues
Nifty August futures ended at 19,472.00, a discount of 124.55 points.
Nifty August futures rose 10.04%, with 20,950 shares in open interest.
Nifty Bank August futures ended at 44,688.05, a discount of 435.45 points.
Nifty Bank August futures fell 1.05% with 1,340 shares in open interest.
Securities in the ban period: Piramal Enterprises, Hindustan Copper, Gujarat Narmada Valley Fertilizers and Chemicals.
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