Sensex, Nifty Gain In Volatile Session To Extend Winning Streak For Sixth Day; FPIs Net Bought Today

The broader indices underperformed with MidCap gauge losing 0.6% and SmallCap index losing 0.3%. Sixteen of the 19 sectoral indices compiled by BSE declined. S&P BSE Information Technology, Teck and Finance were the only three sectoral measures that gained.

The market breadth is skewed in the favour of bears. About 1,376 stocks rose, 1,971 fell and 137 remained unchanged.

June Quarter Earnings (Consolidated, YoY)

• Net profit at Rs 4779.86 crore Vs. Rs 278.22 crore

• Revenue at Rs 13723.06 crore Vs. Rs 6568.86 crore

• EBITDA at Rs 5739.74 crore Vs. Rs 1648.01 crore

• EBITDA margin at 41.68% Vs. 25.09%

Source: Exchange filing

(Consolidated, YoY)

• Net profit at Rs 120.72 crore Vs. Rs 125.51 crore (Bloomberg consensus estimate: Rs 121 crore)

• Revenue at Rs 1154.41 crore Vs. Rs 945.32 crore (Estimate: Rs 1,159 crore)

• EBITDA at Rs 169.80 crore Vs. Rs 151.05 crore (Estimate: Rs 174 crore)

• EBITDA margin at 14.71% Vs. 15.98%

Source: Exchange filing

• India's Union Cabinet approves climate targets announced by Prime Minister Narendra Modi at COP26 in Glasgow last year.

• The updated targets will be communicated to the UN Framework Convention on Climate Change.

• India will commit to have 50% of electricity from non-fossil fuel sources by 2030.

• Will target 45% reduction in emissions intensity of the economy by 2030 over 2005 levels.

Source: PIB

ICICIDirect has acquired startup Multipie, a web and app based networking platform for the investor community. It was launched in October 2021.

• Transaction involves acquisition of Multipie app, technology, brand, domain name, user base and other related matters.

• This is the second investment by ICICIdirect in a startup. It had previously invested in Asknbid, a financial gaming firm.

Source: Press release

The broader indices underperformed their larger peers, with MidCap index losing 1.25% and SmallCap shedding 0.7%. Barring information technology and teck indices, all the other 17 sectoral indices compiled by BSE Ltd. declined with Telecom index losing nearly 2%.

The market breadth is skewed in the favour of bears. About 1,108 stocks rose, 2,128 fell and 129 remained unchanged.

• Enforcement Directorate attaches assets of two businessmen worth Rs 415 crore, in the Yes Bank-DHFL fraud case

• Assets worth Rs 251 crore of Sanjay Chhabaria and assets worth Rs 164 crore of Avinash Bhosale attached by enforcement directorate.

• Total attachment of assets in the case now stands at Rs 1,827 crore.

• Alert: Yes Bank-DHFL fraud case involves funds worth Rs 3,500-4,000 crore

Source: ED twitter handle

India Services PMI eases to four month low in July but continues to show robust expansion.

- Services PMI at 55.5 in July compared to 59.2 in June.

- Charge inflation eased amidst slower rise in input costs.

Source: IHS Markit

Shares of Subex Ltd. hit the 20% upper circuit level after the company partnered with Reliance's Jio Platforms to augment its 5G product line.

The deal involves Subex's AI Orchestration Platform, HyperSense, which can enable telcos to enable AI across the data value chain. "As per the collaboration, JPL will offer its Cloud Native 5G Core to telcos globally along with Subex’s HyperSense for enabling closed loop network automation, product performance and customer experience analytics," a statement read.

Subex was the best performer on S&P BSE Small Cap and IT indices. It has now extended gains to the fourth day.

Shares of SpiceJet Ltd. gained nearly 7% even as CNBC-TV18 reported that founder Ajay Singh is exploring sale of a part of his stake in the airline.

The news channel said Singh is in talks with a Middle East-based airline and a large Indian conglomerate for the sale.

Ajay Singh holds about 59.4% in SpiceJet.

Shares of Zomato Ltd. had a volatile start to Wednesday as block trades, likely being executed by Uber, caused the stock to sink as much as 9.5%.

Shortly thereafter, the scrip erased all losses and gained as much as 1.17% within minutes, before sinking back in the red at about 9:50 a.m.

According to Bloomberg data, about 61.4 crore shares of Zomato have changed hands at Rs 51.9 apiece. That matches with the terms of the deal reviewed by BQ Prime.

An undisclosed seller is listed as selling a 7.8% stake or 61.2 crore shares in Zomato, according to terms of a block deal being executed by BofA Securities. As on June 30, Uber held a 7.78% stake in Zomato, the BSE data showed.

The sale is being executed in the price band of Rs 48-54 per share, a 2.8-13.6% discount to the company's closing price of Rs 55.5 apiece on Aug. 2.

At the lower end of the price range, the block trade will garner around Rs 2,938.6 crore for the seller.

The S&P BSE SmallCap mirrored its larger peers while MidCap index underperformed, losing 0.7%. Barring S&P BSE INformation Technology, all the other 18 sectoral indices declined.

The market breadth is skewed in the favour of bears. About 1,189 stocks rose, 1,825 and 119 remained unchanged.

Cipla Ltd. and Infosys Ltd. were the top gainers among Nifty stocks while Coal India Ltd., Mahindra & Mahindra Ltd. and Tata Motors led the decline.

Adani Transmission, Adani Power, Godrej Consumer Products, Adani Wilmar, Lupin, Aditya Birla Capital, Inox Leisure, InterGlobe Aviation, Vodafone Idea, Devyani International, BASF India, Chambal Fertilisers & Chemicals, Gulf Oil Lubricants, FirstSource Solutions, Birlasoft, Triveni Engineering, TCI Express, Tata Coffee, Redington, Prism Johnson, PI Industries, Paras Defence & Space Technologies, KIOCL, KEC International

• RIL/ONGC/oil exporter stocks: Government raised export duty on crude oil Rs 17,000/ton to Rs 17,750/ton. Export duty on diesel cut from Rs 11 to Rs 5 and export duty on ATF scrapped.

• ITC: The company has exited the Lifestyle Retailing business following a strategic review of its business portfolio.

• Mahindra & Mahindra Financial Services: The company’s disbursements in July 2022 rose 63% YoY and 3% sequentially to Rs 3,912 crore. The collection efficiency was at 97% for July 2022, better than the CE of 95% for July 2021.

• Jubilant Pharmova: The U.S. FDA issued six observations following the completion of audit of the Solid Dosage Formulations facility at Roorkee, India of Jubilant Generics, a subsidiary of its wholly owned subsidiary Jubilant Pharma.

• Easy Trip Planners: Nomura Singapore bought 11.5 lakh (0.52%) shares at Rs 399 apiece

• Aurobindo Pharma: The company has received Form 483 with three observations from the U.S. FDA following inspection in its Unit XI, an API non-antibiotic manufacturing facility situated at Pydibhimavaram, Srikakulam District, Andhra Pradesh. The company said that it will respond to the observations and that none of them are related to data integrity.

• Voltas: The company completed the transfer of domestic B2B businesses comprising projects to its wholly owned subsidiary Universal MEP Projects & Engineering Services for a consideration of Rs 1,190 crore.

• Zomato: Uber likely to sell 7.8% stake in Zomtao via mega block deal today, reported Reuters .

Adani Green Energy Q1 FY23 (Consolidated, YoY)

• Revenue up 67% at Rs 1635 crore Vs Rs 977 crore

• EBITDA up 26% at Rs 948 crore Vs Rs 754 crore

• EBITDA margin 58% Vs 77%

• Net profit fell 2% at Rs 214 crore Vs Rs 219 crore

Deepak Nitrite Q1 FY23 (Consolidated, YoY)

• Revenue up 35% at Rs 2,057.99 crore Vs Rs 1,526.22 crore (Bloomberg estimate: Rs 1,783.7 crore)

• EBITDA fell 21% at Rs 355.98 crore Vs Rs 451.5 crore (Bloomberg estimate: Rs 345.5 crore)

• EBITDA margin 17% Vs 30%

• Net profit fell 22% at Rs 234.62 crore Vs Rs 302.63 crore (Bloomberg estimate: Rs 221.5 crore)

Brigade Enterprises Q1 FY23 (Consolidated, QoQ)

• Revenue fell 4% at Rs 902.49 crore Vs Rs 942.31 crore

• EBITDA up 13% at Rs 232.65 crore Vs Rs 205.19 crore

• EBITDA margin 26% Vs 22%

• Net profit up 2.7x at Rs 87.68 crore Vs Rs 32.47 crore

Bosch Q1 FY23 (Consolidated, YoY)

• Revenue up 45% at Rs 3,544.4 crore Vs Rs 2,443.5 crore

• EBITDA up 47% at Rs 449.40 crore Vs Rs 306.6 crore

• EBITDA margin 12.7% Vs 12.5%

• Net profit up 29% at Rs 334.1 crore Vs Rs 259.8 crore

Voltas Q1 FY23 (Consolidated, YoY)

• Revenue up 55% at Rs 2,768 crore Vs Rs 1,785 crore

• EBITDA up 29% at Rs 174.99 crore Vs Rs 135.58 crore

• EBITDA margin 6.3% Vs 7.6%

• Net profit fell 11% at Rs 108.88 crore Vs Rs 121.8 crore

Thermax Q1 FY23 (Consolidated, QoQ)

• Revenue up 57% at Rs 1,654.48 crore Vs Rs 1,052.36 crore

• EBITDA up 52% at Rs 96.03 crore Vs Rs 63.04 crore

• EBITDA margin 5.8% Vs 5.9%

• Net profit up 39% at Rs 58.95 crore Vs Rs 42.4 crore

Siemens Q1 FY23 (Consolidated, YoY)

• Revenue up 12% at Rs 4,258.3 crore Vs Rs 3,801.1 crore

• EBITDA fell 12% at Rs 412.20 crore Vs Rs 469.4 crore

• EBITDA margin 10% Vs 12%

• Net profit fell 12% at Rs 300.7 crore Vs Rs 340 crore

Moil Q1 FY23 (Consolidated, YoY)

• Revenue up 28% at Rs 375.58 crore Vs Rs 293.32 crore

• EBITDA up 77% at Rs 147.99 crore Vs Rs 83.76 crore

• EBITDA margin 39% Vs 29%

• Net profit up 66% at Rs 102.78 crore Vs Rs 61.79 crore

Lemon Tree Hotels Q1 FY23 (Consolidated, QoQ)

• Revenue up 61% at Rs 192.03 crore Vs Rs 119.53 crore

• EBITDA up 4x at Rs 87.58 crore Vs Rs 21.58 crore

• EBITDA margin 46% Vs 18%

• Net profit at Rs 13.85 crore Vs net loss 24.62 crore

Stocks fell in Asia on Wednesday and the dollar climbed as investors evaluated heightened U.S.-China tension and hawkish Federal Reserve comments.

Shares were mixed in Japan and fell in South Korea and Australia. S&P 500 and Nasdaq 100 futures slipped after a dip in Wall Street shares on Tuesday.

Hong Kong contracts earlier pointed to the bourse there unwinding some of the losses sparked by worries over U.S. House Speaker Nancy Pelosi’s Taiwan visit. At 7:20 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- traded 0.29% higher at 17,375 points.

Elsewhere, oil fell below $94 a barrel as traders counted down to an OPEC+ crude production meeting. Gold retreated and Bitcoin dropped under $23,000.