Stock Market Live: GIFT Nifty Points To Negative Open For Nifty, Sensex; Brent Crude Holds Near $84 A Barrel

Gulf Oil Lubricants reported its June-quarter earnings, with revenue, Ebitda and net profit increasing from a year earlier.

Gulf Oil Lubricants (Q1, Consolidated YoY)

• Net profit up 28.5% at Rs 123 crore versus Rs 95.9 crore.
• Revenue up 30.6% at Rs 1,327 crore versus Rs 1,017 crore.
• Ebitda up 30.8% at Rs 166 crore versus Rs 127 crore.
• Ebitda margin flat at 12.5%.

• PC Jeweller repaid and cleared outstanding debt with two more consortium banks under its September 2024 settlement agreement.
• The company has now cleared debt with seven of the 14 consortium banks, with all seven repayments completed ahead of their scheduled due dates.
• PC Jeweller also allotted 1.11 crore equity shares to promoter Balram Garg following the conversion of 1.11 crore warrants. The company received Rs 14.92 crore, while 5.56 crore warrants remain pending conversion.

Stove Kraft reported its June-quarter earnings, with revenue, Ebitda and net profit increasing from a year earlier.

Stove Kraft (Q1, YoY)

• Net profit up 64.4% at Rs 17.1 crore versus Rs 10.4 crore.
• Revenue up 41.3% at Rs 481 crore versus Rs 340 crore.
• Ebitda up 50.1% at Rs 53.6 crore versus Rs 35.7 crore.
• Ebitda margin at 11.2% versus 10.5%.

Morgan Stanley maintained its Overweight rating on International Gemmological Institute after management reiterated its growth guidance.

Morgan Stanley

• Maintain Overweight
• Target price: Rs 462
• Management projects certification market volumes to grow at a 17–19% CAGR over CY25–30.
• Wholesale lab-grown diamond pricing has remained flat over the past two years.
• Growers are adding capacity after almost three years.
• Management reiterated guidance of 15% top-line growth and 20% Ebitda growth for FY27.
• Management expects growth to be volume-led.
• IGI continues its transition from a B2B company to also having a B2C presence.

KIMS reported its June-quarter earnings, with revenue and Ebitda increasing while net profit and operating margin declined from a year earlier.

KIMS (Q1, Consolidated YoY)

• Ebitda margin at 18.9% versus 22.1%.
• Ebitda up 16% at Rs 223 crore versus Rs 193 crore.
• Revenue up 35.3% at Rs 1,180 crore versus Rs 872 crore.
• Net profit down 47.2% at Rs 41.5 crore versus Rs 78.6 crore.
• To give loan or guarantee of Rs 650 crore to arms.

• Arvind Ltd opened its qualified institutional placement on Aug. 3.
• The QIP floor price has been set at Rs 518.58 per share.

Restaurant Brands reported its June-quarter earnings, with its loss narrowing as revenue and Ebitda increased from a year earlier.

Restaurant Brands (Q1, Consolidated YoY)

• Net loss at Rs 28.3 crore versus loss of Rs 41.9 crore.
• Revenue up 17.9% at Rs 823 crore versus Rs 698 crore.
• Ebitda up 37.6% at Rs 100 crore versus Rs 72.8 crore.
• Margin at 12.2% versus 10.4%.

GSK Pharma reported its June-quarter earnings, with revenue, Ebitda and net profit increasing from a year earlier.

GSK Pharma (Q1, Consolidated YoY)

• Net profit up 15.7% at Rs 237 crore versus Rs 205 crore.
• Revenue up 16.5% at Rs 938 crore versus Rs 805 crore.
• Ebitda up 17.6% at Rs 295 crore versus Rs 251 crore.
• Margin at 31.5% versus 31.2%.
• Reappointed Bhushan Akshikar as managing director for two years.

• The NCLT approved the consortium resolution plan for Wind World India involving Inox Green Energy Services.
• Under the approved plan, the Inox Group will acquire Wind World India's operations and maintenance business and an approximately 600 MW IPP and power-sale portfolio.

• Praj Industries' subsidiary Praj GenX entered into a global supply agreement for hyperscale data centres.
• The agreement has a committed business value of Rs 500 crore.

• SAMHI Hotels approved fundraising and an acquisition alongside changes to its authorised share capital.
• The board approved fundraising of up to Rs 750 crore and increased authorised capital to Rs 29 crore from Rs 25 crore.
• The company also approved the acquisition of a 100% stake in Itmenaan Lodges for Rs 12 crore.

SAMHI Hotels reported its June-quarter earnings, with revenue, Ebitda and net profit increasing from a year earlier.

SAMHI Hotels (Q1, Consolidated YoY)

• Net profit up 5.8% at Rs 18.3 crore versus Rs 17.3 crore.
• Revenue up 12.1% at Rs 305 crore versus Rs 272 crore.
• Ebitda up 8.6% at Rs 98.3 crore versus Rs 90.5 crore.
• Margin at 32.2% versus 33.2%.
• To raise Rs 750 crore via equity and debt.

• Power Grid Corporation acquired Krishnagiri REZ Transmission under the tariff-based competitive bidding route for about Rs 19.82 crore.
• The SPV will develop the transmission system for the integration of Krishnagiri REZ Phase-I. The project includes two new 765/400 kV substations and associated transmission lines across Andhra Pradesh, Telangana and Karnataka.

Macquarie maintained its Outperform rating on Escorts Kubota while highlighting demand recovery and product launches after a margin-led Ebitda miss.

Macquarie

• Maintain Outperform
• Target price: Rs 3,485
• Demand is reviving in core markets alongside product launches.
• The company raised its tractor growth guidance.
• Macquarie expects Escorts Kubota to benefit from market-share gains in FY27E despite moderating industry demand YoY.

IREDA reported its June-quarter earnings, with net profit and total income increasing from a year earlier.

IREDA (Q1, Consolidated YoY)

• Net profit up 37% at Rs 339 crore versus Rs 247 crore.
• Total income up 15% at Rs 2,251 crore versus Rs 1,960 crore.

• United Spirits filed a writ petition in the Bombay High Court challenging an FSSAI order affecting a product manufactured at its Baramati unit.
• The FSSAI order restricts the sale of the product over alleged label non-compliance.

Goldman Sachs maintained its Buy rating on United Spirits and sees a potential opening of the Tamil Nadu market as a growth trigger.

Goldman Sachs

• Maintain Buy
• Target price: Rs 1,575
• Tamil Nadu is India's largest spirits market and contributes about 16% of national volumes.
• Goldman Sachs sees potential liberalisation in Tamil Nadu as underappreciated optionality, drawing parallels with Andhra Pradesh.
• The brokerage sees multiple tailwinds emerging in H2FY27 and FY28.

• Kansai Nerolac approved phased capacity additions across three locations as the paints company expands its manufacturing capacity.
• The company approved investments of Rs 601 crore at Sayakha, Bawal and Hosur. The capacity additions are scheduled through FY2028-29.

Kansai Nerolac reported its June-quarter earnings, with revenue, Ebitda and net profit increasing from a year earlier.

Kansai Nerolac (Q1, Consolidated YoY)

• Net profit up 4.8% at Rs 232 crore versus Rs 221 crore.
• Revenue up 9.8% at Rs 2,374 crore versus Rs 2,162 crore.
• Ebitda up 8.4% at Rs 329 crore versus Rs 303 crore.
• Margin at 13.9% versus 14%.

Kansai Nerolac drew brokerage commentary after its June-quarter earnings, with analysts assessing industrial pricing and margin trends.

Macquarie

• Maintain Neutral
• Target price: Rs 215
• Q1 Ebitda was marginally ahead of its above-Street estimate.
• Macquarie sees growth concerns from a slower pace of industrial price hikes.
• The brokerage noted hopes of an industrial price increase.

Morgan Stanley

• Maintain Underweight
• Target price: Rs 193
• Top-line growth was in line, while margins were weak.
• Competitive intensity remains high, although the market has reached an equilibrium.
• Opus is competing for higher counter throughput.
• Kansai reiterated FY27 Ebitda margin guidance of 13–14%.
• Q2 margin is expected to remain flat YoY.

• UPL Corporation Chief Executive Officer Mike Frank will leave the company on Aug. 31, 2026.
• Frank has spent 4.5 years with the company.

Jefferies cut its target price on UPL after flagging soft operational performance and higher working capital during the June quarter.

Jefferies

• Maintain Buy
• Target price cut to Rs 715 from Rs 810.
• Revenue growth was driven entirely by forex.
• Ebitda growth was soft despite inventory gains in UPL SAS.
• Working capital expanded while net debt remained flat.
• UPL guided for revenue growth of 7–11% and Ebitda growth of 10–14% in FY27.
• The stock has corrected 21% in YTDCY26.

• The 24,200 strike holds the maximum Put open interest on the Nifty ahead of Tuesday's trading session.
• The level represents the largest concentration of Put positions in the available derivatives data.

• Options data show that the 25,000 strike holds the maximum Call open interest for the Nifty.
• The concentration of Call OI makes 25,000 a key derivatives level to track during Tuesday's session.

HSBC raised its target price on Glenmark Pharmaceuticals as it expects an improving outlook for the company's US business.

HSBC

• Maintain Buy
• Target price raised to Rs 2,590 from Rs 2,575.
• Q1 was operationally in line with its forecast, supported by healthy sales growth in India and the US.
• A pick-up in gFlovent inhaler, other respiratory launches and supplies from Monroe could drive US sales growth.
• The next catalyst will be the IND filing to start human trials for ISB 2301.

KEI Industries approved an expansion of its wires and cables capacity at Salarpur in Rajasthan.

The company plans to invest Rs 700 crore in the project, which is expected to become operational by September 2028.

The board also approved the reappointment of Akshit Diviaj Gupta as whole-time director for five years.

KEI Industries reported its June-quarter earnings, with revenue, Ebitda and net profit increasing from a year earlier.

KEI Industries (Q1, Consolidated YoY)

• Ebitda margin at 12.4% versus 10%.
• Ebitda up 53.4% at Rs 396 crore versus Rs 258 crore.
• Revenue up 23% at Rs 3,185 crore versus Rs 2,590 crore.
• Net profit up 40.1% at Rs 274 crore versus Rs 196 crore.

Brokerages maintained opposing views on Exide Industries after its June-quarter performance and as investors assess the company's lithium-ion investments.

Kotak Securities

• Maintain Sell
• Target price raised to Rs 325 from Rs 300.
• Lead-acid business performance remained strong.
• Expects steady performance in the lead-acid business.
• Exide is positioned to benefit from growing lithium-ion battery demand.
• Profitability and return ratios could remain under pressure.
• Kotak cited high capex requirements, the commoditised and B2B nature of the business and dependence on a partner for technical know-how.

Citi

• Maintain Buy
• Target price raised to Rs 510 from Rs 410.
• Management outlook remained optimistic after Q1FY27.
• Citi sees strong demand across rural and urban markets.
• The lithium-ion cell plant is approaching commercialisation.
• Citi awaits further details on customer wins and revenue from the lithium-ion cell business.

Great Eastern Shipping reported its June-quarter earnings, with revenue, Ebitda and net profit increasing from a year earlier.

Great Eastern Shipping (Q1, Consolidated YoY)

• Net profit at Rs 1,309 crore versus Rs 505 crore.
• Revenue up 66.9% at Rs 2,005 crore versus Rs 1,201 crore.
• Ebitda at Rs 1,338 crore versus Rs 642 crore.
• Margin at 66.7% versus 53.5%.
• Interim dividend of Rs 14.40 per share.

Macquarie maintained its Outperform rating on Adani Green Energy, citing increased contracted capacity and improved cash-flow visibility.

Macquarie

• Maintain Outperform
• Target price: Rs 1,800
• 82% of run-rate Ebitda is now rated AA- or better versus nil in April 2019.
• The contracted framework enables higher leverage at a lower cost of capital.
• The framework supports a Rs 2.4 lakh crore capex programme through 2030E.
• Almost all operational capacity is contracted, reducing merchant price sensitivity.
• Counterparties rated AA or better have increased to 86% from 68% before the tie-up.

DLF reported its June-quarter earnings, with revenue and Ebitda declining while net profit increased from a year earlier.

DLF (Q1, Consolidated YoY)

• Net profit up 4.1% at Rs 794 crore versus Rs 763 crore.
• Revenue down 52.9% at Rs 1,280 crore versus Rs 2,717 crore.
• Ebitda down 58.9% at Rs 150 crore versus Rs 364 crore.
• Margin at 11.7% versus 13.4%.
• Other income at Rs 325 crore versus Rs 264 crore.

Jefferies raised its target price on Torrent Power after the company's June-quarter earnings and expects renewable energy to drive earnings growth.

Jefferies

• Maintain Buy
• Target price raised to Rs 1,780 from Rs 1,700.
• Lower gas PLFs YoY were on expected lines.
• Renewable energy capacity is expected to rise at least threefold by FY30E.
• Reported ROE is expected to remain at 12–13% over FY26–30E.
• Transmission infrastructure unavailability is delaying commissioning timelines.
• Jefferies expects 13% Ebitda CAGR over FY26–30E, led by 36% CAGR in renewable energy Ebitda.

Torrent Power reported its June-quarter earnings, with revenue and Ebitda rising while profit declined year on year.

Torrent Power (Q1, Consolidated YoY)

• Profit down 12.7% at Rs 639 crore versus Rs 731 crore.
• Revenue up 2.8% at Rs 8,124 crore versus Rs 7,906 crore.
• Ebitda up 3.7% at Rs 1,538 crore versus Rs 1,483 crore.
• Margin at 18.9% versus 18.8%.

Banks are on the brokerage radar as analysts assess the distribution of FCNR-B inflows across private, public-sector and foreign lenders.

Morgan Stanley

• Foreign banks' incremental FCNR-B share stood at 29.9% versus their total deposit market share of 4.5–5%.
• Private banks accounted for 38.3% versus a 35.7% deposit market share.
• PSU banks accounted for 31.6% versus a 58.2% deposit market share.
• ICICI Bank, Kotak Mahindra Bank, Axis Bank, HSBC and Standard Chartered had higher incremental FCNR-B shares.

Citi

• Private banks mobilised $10.7 billion, or 38.3% of net inflows.
• Foreign banks contributed $8.4 billion, led by HSBC and Standard Chartered.
• PSU banks captured 31.6% of net inflows.
• ICICI Bank, Kotak Mahindra Bank, YES Bank and RBL Bank outperformed relative to market share, while HDFC Bank, SBI, Bank of Baroda, Bank of India, Union Bank, Federal Bank and IDFC lagged.
• Citi expects mobilisation velocity to accelerate with two months remaining.

Jefferies

• Banks have mobilised more than $40 billion through FCNR-B and other lines halfway through the timeline.
• Gross FCNR-B inflow stands at $37 billion, while the net addition to deposits is $28 billion.
• HSBC, SBI, Standard Chartered and ICICI Bank lead, while HDFC Bank has lagged.
• Jefferies said the sector can target $80–100 billion of inflows.
• Improving liquidity could benefit NBFCs and smaller private banks more.

DLF drew brokerage attention after weak pre-sales and a lack of launches during the June quarter, while cash generation continued.

Jefferies

• Maintain Buy
• Target price: Rs 815
• Pre-sales remained very low because of a lack of launches.
• Cash collections declined 15% YoY.
• Free cash flow generation stood at Rs 1,050 crore.
• DCCDL lease income rose 9% YoY, in line with estimates, and continued to support profitability.

Morgan Stanley

• Maintain Equal-weight
• Target price: Rs 730
• Q1 was weaker than expected.
• Pre-sales stood at Rs 660 crore versus its estimate of Rs 1,000 crore.

Life Insurance Corporation of India will be in focus as the government's offer for sale opens for non-retail investors on Tuesday.

The Government of India plans to divest up to a 6.50% stake in LIC. The base offer comprises 31.62 crore shares, representing a 2.5% stake, with an oversubscription option of 50.60 crore shares, or another 4% stake.

The floor price has been fixed at Rs 382 per share. Retail investors will receive a discount of Rs 10 per share. Non-retail bidding will take place on Aug. 4, while the retail portion will open on Aug. 5.

• Brent crude traded near $84 per barrel after falling almost 5% on Monday, its steepest decline in a week. West Texas Intermediate held near $81.
• Traders assessed the possibility of more shipping returning to the Strait of Hormuz.

• South Korea’s Kospi fell 2.12%, while Japan’s Nikkei 225 declined 1.10%. Australia’s ASX 200 rose 0.70%.
• Investors assessed US-Iran developments after US President Donald Trump warned Tehran that it had a final opportunity to reach an agreement.

The GIFT Nifty, an early indicator of Nifty 50's performance, traded at24,630, compared to Monday's index close of 24,774.30.