Stock Market Live: GIFT Nifty Points To Positive Open For Nifty, Sensex Ahead Of RBI MPC Decision

Avenue Supermarts expanded its retail network with a new store in Uttar Pradesh.

• New store opened at Deva Road, Barabanki
• Total store count reached 506

Morgan Stanley and Macquarie retained their ratings on Nestle India as both highlighted its longer-term opportunity while flagging near-term consumption and industry growth concerns.

Morgan Stanley

• Maintain Equal-weight; target price Rs 1,538
• Focus remains on penetration-led volume growth, innovation, premiumisation, distribution and brand investment
• Macro headwinds could moderate consumption in the near term
• Brand investments will be funded through cost savings and efficiencies
• Management did not provide targets or guidance

Macquarie

• Maintain Neutral; target price Rs 1,575
• Focus remains on penetration and premiumisation
• Sees near-term concerns around food-industry growth
• Sees limited impact on the medium- to long-term outlook given room for penetration gains

Morgan Stanley raised its target price on Dr Agarwal's Health Care after the company reported higher revenue and same-store sales growth.

Morgan Stanley

• Maintain Overweight; target price raised to Rs 576 from Rs 555
• Q1 revenue grew 26% YoY
• Same-store sales grew 16%
• Management expects same-store sales growth to normalise over time
• Brokerage cited premiumisation-led growth, expansion visibility and improving ROCE

NHPC reported higher profit, revenue and operating earnings in the June quarter.

NHPC (Q1, Consolidated YoY)

• Net profit up 2.9% at Rs 1,096 crore versus Rs 1,065 crore.
• Revenue up 18.5% at Rs 3,808 crore versus Rs 3,214 crore.
• EBITDA up 30.6% at Rs 2,352 crore versus Rs 1,802 crore.
• EBITDA margin at 61.8% versus 56.1%.

Multi Commodity Exchange reported lower profit and revenue sequentially in the June quarter, while operating margin declined.

MCX (Q1, Consolidated QoQ)

Net profit down 22% at Rs 413 crore versus Rs 530 crore.
Revenue down 21% at Rs 702 crore versus Rs 889 crore.
EBITDA at Rs 494 crore versus Rs 666 crore.
EBITDA margin at 70.4% versus 74.9%.

Indian Energy Exchange reported higher electricity trading volume in July.

• Traded volume rose 7.7% YoY to 13.53 BU
• Real-time market volume increased 10.2%

• Waaree Clean Energy Solutions incorporated WH Clean Fuels as a wholly owned subsidiary focused on green hydrogen and green ammonia projects.
• The new company becomes a step-down subsidiary of Waaree Energies.

ASK Automotive reported higher revenue, profit and EBITDA in the June quarter, while operating margin narrowed.

ASK Automotive (Q1, Consolidated YoY)

• Net profit up 28.8% at Rs 85 crore versus Rs 66 crore.
• Revenue up 52.4% at Rs 1,358 crore versus Rs 891 crore.
• EBITDA up 34.2% at Rs 160.6 crore versus Rs 119.6 crore.
• EBITDA margin at 11.8% versus 13.4%.

• ASK Automotive commenced commercial production of high-pressure die-cast alloy wheels for two-wheelers on Aug. 4.
• The production start adds a corporate development alongside the company's June-quarter earnings.

Bank of Baroda's Capital Raising Committee will meet on Aug. 7 to consider raising capital through bonds.

• Committee to consider Additional Tier-I and/or Tier-II bonds
• Proposal is part of the previously approved Rs 6,000 crore capital-raising plan

Power Grid Corporation commissioned a transmission project for evacuating renewable power from Rajasthan.

• Project covers the transmission system for evacuation of power from Rajasthan REZ
• Capacity covered under the programme is 20 GW
• Project forms part of Phase-III Part-H

Jupiter Wagons signed a share subscription and shareholders' agreement with Lucchini RS and Simest for an investment in JTRWF.

• Investors to acquire 25% plus one share of JTRWF
• Investment price set at Rs 26 per share
• Transaction value of about €28 million

Persistent Systems shareholders approved the Nagarro acquisition offer along with related financing arrangements.

• Shareholders approved related financing arrangements and corporate guarantee
• Offer document submitted to BaFin for approval and publication

Larsen & Toubro shareholders approved the transfer of the company's realty undertaking to wholly owned subsidiary L&T Realty Properties.

• 99.07% votes cast in favour
• Realty business to be transferred through a slump sale
• Enterprise value of Rs 6,300 crore
• No dilution of shareholder ownership
• L&T Realty has estimated development potential of about 71 million sq. ft.
• Business achieved about Rs 10,000 crore of pre-sales in FY26

Globus Spirits launched a qualified institutional placement on Aug. 4 as part of its fund-raising exercise.

• Floor price set at Rs 883.67 per share
• Company may offer a discount of up to 5% to the floor price

The Enforcement Directorate provisionally attached certain Reliance Infrastructure assets in an alleged Prevention of Money Laundering Act matter.

• Assets attached aggregate Rs 179.66 crore
• Attachment includes the company's shareholding in Reliance Power
• Company said it will take appropriate legal steps to safeguard its interests

Castrol India reported higher profit, revenue and operating earnings sequentially and declared an interim dividend.

Castrol India (Q2, QoQ)

• Net profit up 43.6% at Rs 348 crore versus Rs 242 crore.
• Revenue up 21.1% at Rs 1,871 crore versus Rs 1,545 crore.
• EBITDA up 50% at Rs 494 crore versus Rs 329 crore.
• EBITDA margin at 26.4% versus 21.3%.

• To pay interim dividend of Rs 6.25 per share

PNB Housing Finance reported higher profit and total income in the June quarter.

PNB Housing Finance (Q1, Consolidated YoY)

• Net profit up 4.5% at Rs 557 crore versus Rs 534 crore.
• Total income up 9% at Rs 2,265 crore versus Rs 2,082 crore.

Morgan Stanley retained its positive view on PNB Housing Finance after stronger loan growth offset weaker net interest margin in the June quarter.

Morgan Stanley

• Maintain Overweight; target price Rs 1,405
• Q1 PAT was in line
• Underlying retail disbursement growth was well above estimates
• Excluding an accounting change, loan growth could have been 2 percentage points higher
• NII and NIM missed estimates due to higher leverage and lower investment yield

HFCL's board approved an expansion of its optical fibre and optical fibre cable manufacturing capacities.

• Investment of Rs 400 crore
• Optical fibre capacity to increase to 38.5 million fkm
• Optical fibre cable capacity to increase to 56.36 million fkm
• Expansion targeted for completion by July 2028

Deepak Nitrite reported higher revenue and operating earnings in the June quarter, while EBITDA margin increased from a year earlier.

Deepak Nitrite (Q1, Consolidated YoY)

• Net profit at Rs 345 crore versus Rs 112 crore.
• Revenue up 36.4% at Rs 2,578 crore versus Rs 1,890 crore.
• EBITDA at Rs 540.2 crore versus Rs 189.6 crore.
• EBITDA margin at 21% versus 10%.

Kalyan Jewellers reported higher revenue and profit in the June quarter, while EBITDA margin narrowed.

Kalyan Jewellers (Q1, Consolidated YoY)

• Net profit up 32% at Rs 349 crore versus Rs 264 crore.
• Revenue up 45.7% at Rs 10,589 crore versus Rs 7,268 crore.
• EBITDA up 20.9% at Rs 632.5 crore versus Rs 523.3 crore.
• EBITDA margin at 6% versus 7.2%.

BSE reported higher profit and operating earnings sequentially in the June quarter and announced an additional investment in IIBH.

BSE (Q1, Consolidated QoQ)

• Net profit up 9.7% at Rs 874 crore versus Rs 797 crore.
• Revenue up 0.2% at Rs 1,566 crore versus Rs 1,564 crore.
• EBITDA up 1% at Rs 1,072 crore versus Rs 1,061 crore.
• EBITDA margin at 68.4% versus 67.9%.

• To raise IIBH stake to 20% for Rs 50.5 crore

Paytm saw secondary market transactions as SAIF entities sold shares and several institutional investors bought stock.

• SAIF III Mauritius Company Ltd. sold 97.43 lakh shares
• SAIF Partners India IV Ltd. sold 41.36 lakh shares
• Transactions took place at Rs 1,367.80 per share
• Buyers included NPS Trust, Axis Mutual Fund, ICICI Prudential Life Insurance, Societe Generale, BNP Paribas Financial Markets and Tata Mutual Fund

Meesho saw institutional activity after Peak XV Partners Investments V and Elevation Capital V sold shares at Rs 186 apiece.

• Peak XV Partners Investments V sold 5.24 crore shares
• Elevation Capital V Ltd. sold 5.24 crore shares
• Transactions took place at Rs 186 per share
• Buyers included Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, UTI Mutual Fund, HSBC Mutual Fund, Societe Generale, Fidelity funds and Morgan Stanley Asia Singapore

Adani Power saw a large transaction involving 12.48 crore shares at Rs 210.50 apiece.

• Adani Infra (India) Ltd. bought 12.48 crore shares at Rs 210.50 per share
• Ardour Investment Holding Ltd. sold 12.48 crore shares at Rs 210.50 per share

Adani Power saw a large transaction involving 12.48 crore shares at Rs 210.50 apiece.

• Adani Infra (India) Ltd. bought 12.48 crore shares at Rs 210.50 per share
• Ardour Investment Holding Ltd. sold 12.48 crore shares at Rs 210.50 per share

Marico reported higher profit, revenue and operating earnings in the June quarter.

Marico (Q1, Consolidated YoY)

Net profit up 25% at Rs 630 crore versus Rs 504 crore.
Revenue up 22.9% at Rs 3,957 crore versus Rs 3,221 crore.
EBITDA up 25% at Rs 819 crore versus Rs 655 crore.
EBITDA margin at 20.7% versus 20.3%.

ONGC reported higher profit, revenue and operating earnings sequentially in the June quarter.

ONGC (Q1, QoQ)

Net profit at Rs 17,034 crore versus Rs 6,650 crore.
Revenue up 29.3% at Rs 46,460 crore versus Rs 35,928 crore.
EBITDA at Rs 28,355 crore versus Rs 12,666 crore.
EBITDA margin at 61% versus 35.3%.
Other income at Rs 1,861 crore versus Rs 2,628 crore.
Offshore revenue up 31.6% at Rs 33,337 crore YoY.
Onshore revenue up 24% at Rs 13,123 crore YoY.

Nykaa acquired a majority stake in Aminu Wellness Pvt. Ltd., adding another corporate trigger following its June-quarter results.

• Acquired 51% stake
• Consideration of up to Rs 32 crore

Nykaa reported higher revenue and operating earnings in the June quarter, with EBITDA margin increasing from a year earlier.

Nykaa (Q1, Consolidated YoY)

Net profit at Rs 80 crore versus Rs 23.3 crore.
Revenue up 29% at Rs 2,782 crore versus Rs 2,155 crore.
EBITDA up 67.8% at Rs 236 crore versus Rs 140.7 crore.
EBITDA margin at 8.5% versus 6.5%.

Deepak Nitrite's subsidiary DCTL approved a bisphenol-A project involving an investment of about Rs 2,500 crore.

• Capacity of up to 240 KTA
• Estimated investment of about Rs 2,500 crore
• Project approved on Aug. 4

Bharti Airtel reported its earnings for the June quarter, with profit, revenue and EBITDA increasing sequentially.

Bharti Airtel Q1 Cons

Profit up 11.5% At Rs 8,167 Cr Vs Rs 7,325 Cr QoQ
Revenue up 5.7% At Rs 58,539 Cr Vs Rs 55,383 Cr QoQ
EBITDA up 5.8% At Rs 33,303 Cr Vs Rs 31,492 Cr QoQ
EBITDA Margin At 56.88% Vs 56.86% QoQ
ARPU At Rs 264 Vs Rs 257 QoQ

Pidilite Industries' June-quarter performance drew contrasting views from Jefferies and Macquarie, with both highlighting gross-margin strength but differing on valuation and sustainability.

Jefferies

• Maintain Hold
• Target price: Rs 1,610
• Volume growth was 11% YoY
• Consumer and Bazaar segment volume grew 12%, while B2B grew 7%
• Company raised prices across categories without material volume pushback

Macquarie

• Maintain Underperform
• Target price: Rs 1,350
• Cited gross margin-led Q1 beat
• Highlighted continued strength in Consumer Bazaar volume growth
• Flagged continued weakness in export B2B
• Questioned whether the low-cost inventory-led gross-margin beat can be extrapolated

Morgan Stanley expects India's recent market outperformance to remain supported by improving growth and valuations, while external developments remain the main risk.

Morgan Stanley India Strategy

• Favours domestic cyclicals over defensives and externally facing sectors
• Overweight Financials, Consumer Discretionary and Industrials
• Underweight Energy, Materials, Utilities and Healthcare
• Says IT services could benefit as companies build AI applications and solutions
• Expects high-frequency indicators to maintain positive momentum
• Flags geopolitical tensions and slowing global growth as key external risks

BSE's June-quarter performance prompted Jefferies to marginally raise its target price, though the brokerage expects options activity growth to slow further.

Jefferies

• Maintain Hold
• Target price raised to Rs 3,520 from Rs 3,440
• June-quarter EBITDA excluding SGF was in line
• Transaction charges grew 1% QoQ as options ADTO growth slowed with VIX falling in May and June
• Expects ADTO growth to slow further in Q2
• Flags possible risks to weekly option expiries from CAS
• Management transition remains a key monitorable

Marico's June-quarter performance prompted Jefferies to raise its target price as the brokerage highlighted consistent revenue and profitability growth.

Jefferies

• Maintain Buy
• Target price raised to Rs 1,000 from Rs 960
• Earnings growth accelerated to a multi-quarter high in Q1
• Company aims to reduce the commodity-linked portion of its portfolio in favour of premium offerings
• Management is focusing on fewer, larger bets

Motor insurance companies could draw attention after Jefferies said measures arising from a Supreme Court verdict could improve investment leverage, float income and insurance penetration.

Jefferies

• Estimates 2–5% higher PAT for Go Digit and ICICI Lombard from higher investment leverage and float income
• Sees Go Digit as the larger beneficiary
• Says better compliance could drive a step-up in GWP growth, with 56% of vehicles currently uninsured
• Third-party insurance price increases remain on the table

ONGC's June-quarter performance beat Macquarie's expectations on a crude oil tailwind, though the brokerage flagged weaker volumes and pushed back its expected volume inflection.

Macquarie

• Maintain Outperform
• Target price: Rs 290
• Q1FY27 beat driven by crude tailwind
• Volumes slipped
• Volume inflection deferred to FY28
• Volume ramp-up, capex phasing and dividend guidance remain key monitorables

Nykaa's June-quarter performance drew contrasting brokerage views, with Jefferies raising its target price while Macquarie retained an Underperform rating.

Jefferies

• Maintain Buy
• Target price raised to Rs 400 from Rs 350
• Cited continued user growth, premiumisation and higher average order value in beauty
• Fashion grew more than 50% and reached EBITDA break-even
• House of brands continued to scale while quick delivery expanded its reach

Macquarie

• Maintain Underperform
• Target price: Rs 220
• Q1 EBITDA was marginally ahead of Street expectations
• Cited healthy gross-margin performance in beauty
• Flagged reduced disclosure levels and the switch in own beauty brand disclosures from GMV to net sales value

The government exercised the oversubscription option in Life Insurance Corporation of India's offer for sale, increasing the size of the stake sale after demand from non-retail investors.

• Offer size increased to 82.22 crore shares, representing a 6.5% stake
• Base offer was 31.62 crore shares, representing a 2.5% stake
• Retail investors and employees can bid at Rs 373.10 per share
• Non-retail cut-off price remains Rs 383.10 per share

Bharti Airtel is likely to draw attention after its June-quarter performance prompted Jefferies to raise its target price, while Macquarie and Citi retained their positive ratings.

Jefferies

• Maintain Buy
• Target price raised to Rs 2,360 from Rs 2,350
• Mobile subscribers and ARPU were higher than expected
• Airtel Business and Africa posted strong growth, while free cash flow generation was a positive surprise
• Expects 14%/28% CAGRs in EBITDA/EPS over FY27-29

Macquarie

• Maintain Outperform
• Target price: Rs 2,220
• Subscriber additions improved and ARPU was better than expected
• EBITDA margin gains reflected operating leverage from revenue growth

Citi

• Maintain Buy
• Target price: Rs 2,190
• Net debt declined on contained capex and strong free cash flow
• Sees a robust growth outlook, deleveraging and market-share gains

The Reserve Bank of India is expected to assess whether higher fuel costs linked to the Middle East conflict spread to broader prices. Inflation remains within the central bank’s 2-6% tolerance range.

The Reserve Bank of India is expected to keep the repo rate unchanged at 5.25% and retain its neutral policy stance, according to a Bloomberg survey of economists.

• Brent crude traded below $80 a barrel, while West Texas Intermediate hovered near $76 after falling more than 10% over the previous two sessions.
• Prices remained lower on expectations that an agreement could reopen the Strait of Hormuz and release oil supplies held up in the Persian Gulf.

• Dow futures rose 90 points, or 0.2%, while S&P 500 futures edged 0.1% higher.
• Nasdaq-100 futures declined 0.2%.

• The S&P 500 rose 1.8% and closed above 7,700 for the first time, while the Dow Jones Industrial Average gained more than 900 points. Both indices ended at record highs.
• Corporate earnings and indications of progress towards a US-Iran agreement supported sentiment.

• South Korea’s Kospi surged 4.69%, Japan’s Nikkei 225 climbed 3.13% and Australia’s ASX 200 gained 0.25%.
• Investors tracked the prospect of a US-Iran agreement that could restore traffic through the Strait of Hormuz.

GIFT Nifty traded at 24,744.50, above the Nifty 50’s Tuesday close of 24,614.90, indicating a higher opening for the domestic benchmark.