Market breadth was skewed slightly in favour of buyers. Around 2,020 stocks gained, 1,892 stocks declined, and 97 remained unchanged on BSE.
Balu Forge is to raise Rs 496.8 crore via preferential issue of shares & warrants.
Source: Exchange filing
Stock Market Live: Nifty, Sensex Rise As Airtel, ICICI Bank Lead
Revenue up 26.2% to Rs 1,200 crore from Rs 951 crore
Ebitda up 43.2% at Rs 192 crore from Rs 134 crore
Margin up 190 basis points at 16% from 14.1%
Net profit up 42.6% to Rs 123 crore from Rs 86 crore
Revenue up 28.5% to Rs 1,149 crore from Rs 894 crore
Ebitda down 24% at Rs 107 crore from Rs 141 crore
Margin down 640 basis points at 9.3% from 15.7%
Net profit was at Rs 17.4 crore compared to Rs 7.1 crore
Approves raising up to Rs 1,000 cr via bonds
Digikore Studios Ltd. had a visual effects contract from CBS Studios for Star Trek film franchise.
Source: Exchange filing
Bajaj Auto Q1 Results: Profit Rises 19%, Meets Estimates
Fame III preparatory work is going on and all 7 ministries have recommended how to implement the program and in the future days we’ll see it implemented, says Minister Kumaraswamy
Decision on tax and cess reduction in hybrid cars, yet to be taken by PM and Fianance Ministry
Fame III scheme still in final stages, unlikely in the budget
Source: Media Byte on the Sidelines of the SIAM EV event
Gets additional tax demand worth Rs 773 cr including interest from Income Tax Authority
Tax demand for annual year 2015-16 to annual year 2022-23
Source: Exchange filing
Revenue up 3.4% to Rs 797 crore from Rs 771 crore
Ebitda up 1.2% at Rs 207 crore from Rs 204 crore
Margin down 60 basis points at 25.9% from 26.5%
Net profit down 0.4% at Rs 150 crore from Rs 151 crore
Board approves second interim dividend of Rs 8 per share
Eveready Industries (India) Ltd. has launched Siren Torch, first-of-its-kind flashlight with safety alarm
New flashlight is equipped with a 100-decibel SOS alarm to prevent any abuse and alert passerby
New Flashlight priced at Rs. 225 per piece
Source: Press release
Shriram Finance Co. Ltd. is to consider raising funds on July 26.
Source: Exchange filing
Kotak Mahindra Bank has appointed Pranav Mishra from ICICI Bank Ltd. as Head of Distribution.
The bank has announces new distribution structure with physical branches, digital branch channel & voice channel.
Alert: RBI had barred the bank from onboarding new customers through digital channels on April 24.
Source: Company statement
Fischer Medical Ventures Ltd. has partnered with Singapore's Nanyang Biologics' Transformative Nutraceuticals for India, Middle East and ASEAN region.
Source: Exchange filing
Suzlon Energy Ltd had 23.5 lakh shares changed hands in two large trades.
Bank of Maharashtra had 12.8 lakh shares changed hands in a large trade.
ICICI Bank Ltd. had 11.3 lakh shares traded in a large trade.
GAIL (India) Ltd. clarified on report of co investing Rs 700 crore in Yamuna City
Clarifies that co has approved setting up the R&D centre, but not accorded specific investment yet.
Source: Exchange filing
Market breadth was skewed in favour of buyers. Around 2,082 stocks rose, 805 stocks declined, and 107 stocks remained unchanged on BSE.
The NSE Nifty 50 was trading 0.12% higher at 24,615.90, and the S&P BSE Sensex was trading 0.08% higher at 80,730.52.
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.98% on Monday.
Source: Cogencis
The local currency opened flat at 83.59 against the US dollar.
It closed at 83.60 on Monday.
Source: Bloomberg
Maintain Equal Weight with TP Rs. 472, Downside 13%
Per media, MRF hiked its prices 2% on blended basis
Reports suggest MRF hiked prices 2% for its truck tyres
3-7% across products within passenger car and radial tyres
Price hikes show a focus on margins
See limited earnings upside in view of sharp rises in commodity and regulatory costs
Apollo hiked prices by 2-3% in May 2024 and 1,5% in July 2024
CEAT and JK Tyres have also implemented price hikes
Low-margin OEM segment is slowing down for tyre companies
Demand in higher-margin replacement segment is holding up
Believe industry needs more price hikes to offset all cost pressures
Expect Apollo's standalone EBITDA margin to decline around 210bps YoY to 15.5% in F25
The company's focus on sustainable and profitable growth helped improve FCF and RoCE profile
F26e P/E of 17x against 5-year median forward P/E of 15x keeps us on the sidelines
Reliance Infrastructure Ltd. has received an administrative warning from SEBI over disclosure.
Source: Exchange filing
Balrampur Chini Mills Ltd.'s associated company Auxilo Finserve is to raise more funds.
Auxilo Finserve to issue 4.8 crore preference shares to raise Rs 279 crore.
Source: Exchange filing
Initiate with Overweight with a target price Rs. 1,280 which implied an upside of 20%
Operates in two underpenetrated circles of Rajasthan and North East
Can enjoy stronger tailwinds from subscriber growth and organic ARPU expansion
Bets India market pure play
Tariff repair to drive 20% CAGR
Spectrum cost per population is lower than Bharti’s national average
98% of revenues is largely wireless
Capex should come off after 5G investments of last year
Tariff hikes should drive reduction in net debt to Ebitda, improve FCF and higher dividends
Citi Research has maintained a 'Buy' on HDFC Life Insurance Co. with a target price Rs 735.
VNB margins 70 basis points lower than Citi's estimates
Higher than expected ULIP mix contributed to margin pressure
Capacity additions, revival in non-par and focus on volume augur well
Comfort on underlying surrender assumptions, distribution payout tweaks to alleviate margin pressure
Roll over the target price to June 26
Have a pair trade open: HDFC Life Insurance Co. as Overweight.
ICICI Prudential Life Insurance was rated Underweight
Steel prices correct 2% MoM in Jun'24
Correction due to onset of monsoons, elevated imports, decline in global steel prices
Lower global steel prices impacted exports, down 32% YoY in June
Channel checks suggest subdued steel prices over next few months, with improvement from H2FY25
Alumina prices up 20% sequentially on supply constraints
Nuvama maintained a 'Buy' on HDFC Asset Management Co. with a target price Rs 4,910.
Reported a stellar operational performance
Quarterly avg AUM growth of 9.6% on the quarter
Equity AUM market share rose 80 basis points on the year to 12.9%
Hikes profit estimates by 2.4% and 0.7% for FY25 and FY26
Values the company at EV to profit of 51x FY25 and 43x FY26
All You Need To Know About FII Positions Going Into Trade On July 16
HUL To Sell Pureit To AO Smith India For Rs 601 Crore
Godrej Consumer Products: RKN Enterprises sold 1.13 crore shares (1.11%). The buyers include Jamshyd Naoroji Godrej, who bought 28.48 lakh shares (0.27%), Navroze Jamshyd Godrej, who bought 28.48 lakh shares (0.27%), Smita Godrej Crishna bought 18.98 lakh shares (0.18%), Freyan Crishna Bieri bought 18.98 lakh shares (0.18%), and Nyrika Holkar bought 18.98 lakh shares (0.18%). The shares were traded at Rs 1,443.9 apiece.
SEBI Approves IPOs Of Northern Arc Capital And Shree Tirupati Balajee Agro
Zee Entertainment Shareholders Approve Rs 2,000 Crore Fundraise
Jio Financial Q1 Results: Profit Stays Flat On Lower Interest Income
Trade Setup For July 16: Nifty To Sustain Upward Trend, Any Consolidation A 'Buy-On-Dips' Opportunity