Sensex, Nifty Slide For Second Day Dragged By I.T., New Age Stocks; FPIs Stay Net Sellers

• On a review of current liquidity conditions, RBI to conduct three day variable rate repo auction worth Rs 50,000 crore on Tuesday.

• Alert: Auction comes in the backdrop of the rise in interbank rates

Source: RBI statement

• European markets open lower ahead of key earnings even as investors eye rate hike from U.S. Federal Reserve on Wednesday.

Source: Bloomberg

Tatva Chintan Tumbles As Analysts Flag Key Near-Term Concerns After Q1

• 53 spot checks carried out by DGCA on 48 SpiceJet aircraft did not find any major significant finding or safety violation.

• SpiceJet also rectified the malfunctions identified in 10 planes by the DGCA and all ten aircraft are back in operation.

Source: Press release

The broader indices underperformed their larger peers with S&P BSE MidCap losing nearly 1% and S&P BSE SmallCap shedding 0.7%. Barring Energy, all the other 18 sectoral measures compiled by BSE declined with IT index shedding over 2%.

The market breadth is skewed in the favour of bears. About 1,233 stocks rose, 1,975 fell and 130 remained unchanged.

• Crude oil imports in June rose 20.8% YoY, most in 11 months since July 2021 to 19.2 million tonnes.

• LPG imports fell 5.9% YoY while fuel oil imports rose 6.1% in June.

Source: Petroleum Planning & Analysis Cell

Twitter tells Karnataka High Court

• We have been asked to block around 1100 accounts without being given reasons.

• Neither we nor the account holders have been told the reasons for blocking.

• No information is given to account holders about objectionable tweets.

The broader indices almost mirrored their larger peers. Barring S&P BSE Energy, all the other 18 sectoral gauge declined with Auto measure losing 1%.

The market breadth is skewed in the favour of bears. About 1,025 stocks rose, 1,125 fell and 102 remained unchanged.

• Yield on the 10-year bond rose 2bps, at the open.

Source: Bloomberg

Indian currency added 1 paise to 79.73, against the U.S. dollar at the open.

Source: Bloomberg

TCS To Tech Mahindra: All You Need To Know About Employees, Attrition And Wages

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.

RBI has accepted government's request to allow non-financial institutions and non-regulated entities to own over 40% of IDBI Bank, Business Standard reports, citing an unidentified person.

• As of now, non-financial institutions can own 10% stakes while non-regulated entities can purchase 15% holdings of banks.

• RBI did not respond to Business Standard's request for comments.

Source: Business Standard, Bloomberg

• Tata Motors: The company signed a memorandum of understanding with EC Wheels India, an app based urban transportation service in Kolkata to deploy 1,000 XPRES T Electric sedans for cab transportation.

• Bajaj Finserv: The company will consider proposals for bonus issue and sub-division of shares on July 28.

• Larsen & Toubro: The company issued a clarification of media reports suggesting sale of block of roads and transmission project to Edelweiss fund for Rs 7,000 crore. It said that it has not signed any such agreement for sale.

• Sonata Software: The company approved issue of one bonus share for every three shares.

• Lupin: The company received approval from the U.S. FDA for Abbreviated New Drug Application, Azilsartan Medoxomil tablets, 40 mg and 80 mg, to market a generic equivalent of Edarbi tablets of Azurity Pharmaceuticals, Inc. The product will be manufactured at the company’s facility in Nagpur.

• PSP Projects: The company received orders worth Rs 257.27 crore including two work orders from repeat clients i.e. Development of Ahmedabad Airport in Institutional segment and one Pharmaceutical Project in Industrial segments worth Rs 128.01 crores and Rs 98.99 crores respectively and remaining orders worth Rs 30.26 crores are from the Precast segment.

Tech Mahindra Q1 FY23 (Consolidated, QoQ)

• Revenue up 5% at Rs 12,707.9 crore Vs Rs 12,116.3 crore (Bloomberg estimate: Rs 12,524.4 crore)

• EBIT fell 12.5% at Rs 1,403.40 crore Vs Rs 1604.2 crore (Bloomberg estimate: Rs 1,514.5 crore)

• EBIT margin 11% Vs 13% (Bloomberg estimate: 12%)

• Net profit fell 25% at Rs 1131.6 crore Vs Rs 1505.7 crore (Bloomberg estimate: Rs 1215.7 crore)

Axis Bank Q1FY23

• Net interest income: Rs 9,384 crore vs Rs 7,760 crore (YoY)

• Net Profit: Rs 4,125 crore vs Rs 2,160 crore (YoY) (Bloomberg estimate: Rs 3,658 crore)

• GNPA: 2.76% vs 2.82% (QoQ)

• NNPA: 0.64% vs 0.73% (QoQ)

Tata Steel Q1 FY23 (Consolidated, YoY)

• Revenue up 19% at Rs 63,430.07 crore Vs Rs 53,465.43 crore (Bloomberg estimate: Rs 60,474.2 crore)

• EBITDA fell 7% at Rs 14,972.80 crore Vs Rs 16,110.55 crore (Bloomberg estimate: Rs 12,478 crore)

• EBITDA margin 23.6% Vs 30.1% (Bloomberg estimate: 21%)

• Net profit fell 13% at Rs 7,764.96 crore Vs Rs 8,907 crore (Bloomberg estimate: Rs 7,275 crore)

Macrotech Developers Q1 FY23 (Consolidated, YoY)

• Revenue up 67% at Rs 2,675.75 crore Vs Rs 1,605.37 crore (Bloomberg estimate: Rs 2,243.76 crore)

• EBITDA up 38% at Rs 466.69 crore Vs Rs 338.31 crore (Bloomberg estimate: Rs 501.45 crore)

• EBITDA margin 17.4% Vs 21%

• Net profit up 68% at Rs 270.8 crore Vs Rs 161 crore (Bloomberg estimate: Rs 346.2 crore)

IIFL Wealth Q1 FY23 (Consolidated, YoY)

• Revenue up 21% at Rs 460.51 crore Vs Rs 381.5 crore (Bloomberg estimate: Rs 378 crore)

• EBIT up 36% at Rs 270.09 crore Vs Rs 198.39 crore (Bloomberg estimate:176.7 crore)

• EBIT margin 59% Vs 52% (Bloomberg estimate: 47%)

• Net profit up 34% at Rs 156.58 crore Vs Rs 117 crore (Bloomberg estimate: Rs 152.1 crore)

• Approved interim dividend of Rs 15 per share of face value of Rs 2 each

• Executed share purchase agreement to acquire 91% stake in MAVM Angels Network for Rs 42 crore.

IEX Q1 FY23 (Consolidated, QoQ)

• Revenue fell 12% at Rs 98.35 crore Vs Rs 112.08 crore (Bloomberg estimate: Rs 100.23)

• EBITDA fell 15% at Rs 81.01 crore Vs Rs 94.93 crore (Bloomberg estimate: 84.15 crore)

• EBITDA margin 82.3% Vs 84.7%

• Net profit fell 22% at Rs 69.12 crore Vs Rs 88.4 crore (Bloomberg estimate: Rs 71.85 crore)

Apollo Tricoat Tubes Q1 FY23 (Consolidated, QoQ)

• Revenue fell 4.5% at Rs 793.57 crore Vs Rs 830.5 crore

• EBITDA fell 2.5% at Rs 45.15 crore Vs Rs 46.29 crore

• EBITDA margin 5.7% Vs 5.6%

• Net profit fell 0.32% at Rs 30.7 crore Vs Rs 31 crore

Chennai Petroleum Q1 FY23 (Consolidated, YoY)

• Revenue up 11.4x at Rs 27449.52 crore Vs Rs 12797.39 crore

• EBITDA up 106x at Rs 3,404.35 crore Vs Rs 291.27 crore

• EBITDA margin 12% Vs 2%

• Net profit up 407x at Rs 2357.62 crore Vs Rs 57 crore

Tejas Networks Q1 FY23 (Consolidated, QoQ)

• Revenue fell 0.6% at Rs 125.76 crore Vs Rs 126.5 crore

• Operating loss narrowed 92% at Rs 7.32 crore Vs Rs 88.11 crore

• EBITDA margin -6% Vs -70%

• Net loss narrowed 87% at Rs 6.64 crore Vs Rs 50 crore

Jindal Stainless Q1 FY23 (Consolidated, YoY)

• Revenue up 36% at Rs 5474.12 crore Vs Rs 4032.72 crore

• EBITDA fell 9% at Rs 548.65 crore Vs Rs 601.03 crore

• EBITDA margin 10% Vs 15%

• Net profit up 6% at Rs 321.32 crore Vs Rs 303 crore

Sonata Software Q1 FY23 (Consolidated, QoQ)

• Revenue up 22% at Rs 1,778.86 crore Vs Rs 1,463.63 crore

• EBIT up 35.4% at Rs 128.67 crore Vs Rs 95.03 crore

• EBIT margin 7.3% Vs 6.5%

• Net profit up 7% at Rs 107.76 crore Vs Rs 101 crore

GSK Pharmaceuticals Q1 FY23 (Consolidated, YoY)

• Revenue up 4% at Rs 729.46 crore Vs Rs 701.84 crore

• EBITDA up 12% at Rs 147.93 crore Vs Rs 131.74 crore

• EBITDA margin 20% Vs 19%

• Net profit fell 1% at Rs 118.68 crore Vs Rs 120 crore

Tanla Platforms Q1 FY23 (Consolidated, YoY)

• Revenue fell 6% at Rs 800.14 crore Vs Rs 853.05 crore

• EBIT fell 30% at Rs 121.41 crore Vs Rs 173.92 crore

• EBIT margin 15% Vs 20%

• Net profit fell 29% at Rs 100.41 crore Vs Rs 141 crore

Stock Market Today: All You Need To Know Going Into Trade On July 26