Stock Market Today: Sensex, Nifty Log Worst Session In Over A Week As Banking Shares Drag

The local currency settled flat at 83.97 against the US Dollar on Tuesday.

Source: Cogencis

Market breadth was skewed in favour of sellers. Around 2,657 stocks declined, 1,282 stocks rose, and 87 stocks remained unchanged on BSE.

• Nifty, Sensex close lower in the second session; log worst session since August 5

• Nifty ends 0.85% or 208 points lower at 24139.00

• Sensex ends 0.87% or 692.89 points lower at 78956.03

• Broader indices also ended lower; Nifty Midcap 100 ended 0.8% down and Nifty Smallcap 250 fell 1.23%

• All sectoral indices closed lower except Nifty IT, which ended flat; Nifty Financial Services was the top loser

• Titan Company and Apollo Hospitals were top Nifty gainers

• HDFC Bank and BPCL were top losers among Nifty stocks

• Net profit up 32.7% at Rs 308 crore vs Rs 232 crore

• Revenue up 11.8% at Rs 1,120 crore vs Rs 1,002 crore

• EBITDA up 9.3% at Rs 375 crore vs Rs 343 crore

• Margin at 33.5% vs 34.2%

• Net profit up 2.9% at Rs 159 crore vs Rs 154 crore

• Revenue up 4.9% at Rs 1,206 crore vs Rs 1,150 crore

• EBITDA down 6.9% at Rs 194 crore vs Rs 208 crore

• Margin at 16.1% vs 18.1%

• Revenue up 29% at Rs 28,868 crore vs Rs 22,462 crore

• EBITDA up 44% at Rs 2,775 crore vs Rs 1,925 crore

• EBITDA margin at 9.6% vs 8.6%

• Net profit up 69% at Rs 1,097 crore vs Rs 648 crore

• Aluminum upstream segment Ebitda up 80% YoY at Rs 3493 crore, up 80% YoY from Rs 1935 crore

• Upstream Ebitda margins stood at 40%, supported by lower costs

• Aluminum downstream segment's Ebitda per tonne down 32% YoY at $138 per tonne

• Sales of downstream aluminium up 18% YoY at 96 kilo- tonne

• Ebitda for copper business up 52% YoY at Rs 805 crore

• Growth in copper business on higher average copper prices, robust operations

• Quarterly Copper metal sales 119 kilo tonne

• Revenue down 2.7% at Rs 1,176 crore vs Rs 1,209 crore

• Net profit down 46.3% at Rs 108 crore vs Rs 201 crore

• EBITDA down 24.7% at Rs 262 crore vs Rs 348 crore

• Margin at 22.3% vs 28.8%

Cuts stake in Voltas by 2.1% to 4.75% between June and August, 2024

Source: Exchange filing

• Net profit at Rs 641 crore vs Rs 291 crore

• Revenue down 5.73% at Rs 4,248 crore vs Rs 4,506 crore

• EBITDA up 38.2% at Rs 334 crore vs Rs 242 crore

• Margin at 7.9% vs 5.4%

• In terms of profitability, there will not be much differences as it will be for cash flow.

• So, if the ethanol prices go up, the cash will flow from oil to sugar companies, and they will pay the farmers better.

• It's high time for a price announcement because cost of production is going up as government has been tweaking the minimum support price.

• They should make it normal that when they raise cane prices, they hike ethanol prices as well.

Source: M. Manickam, chairman and managing director, Shakti Sugars

• Net profit at Rs 140 crore vs Rs 12.3 crore

• Revenue up 7.3% at Rs 3,134 crore vs Rs 2,921 crore

• EBITDA up 21.4% at Rs 478 crore vs Rs 2,921 crore

• Margin at 15.2% vs 13.5%

• Net profit up 21.3% at Rs 199 crore vs Rs 164 crore

• Revenue up 32% at Rs 2,093 crore vs Rs 1,585 crore

• EBITDA up 27.6% at Rs 393 crore vs Rs 308 crore

• Margin at 18.8% vs 19.4%

Nifty, Sensex Fall As HDFC Bank, Tata Motors, Grasim Weigh: Midday Market Update

Completes acquisition of 50.1% stake in Ismartu India for Rs 276 crore

Source: Exchange Filing

• The world is undergoing a regime change

• India's positioning in world has never been better

• We have to grow up and act like we are one of the largest economies in the world

• Indian forex reserves are now 15% of our GDP

• If we do not act, we will end up importing inflation

• India's equity market cap is at 150% of the country's GDP

• Favorable policies can lead to a deluge of money into Indian markets

• Foreign investors are waiting for a price or time correction to come in

• A super majority in the parliament would have led to swifter decisions

• The terminal value and longevity of India has improved

• The premise of Indian growth is stable and sustainable is correct

• Current foreign ownership is 54%

• Upward revision of HDFC Bank’s foreign inclusion factor

• Further upward revision of HDFC Bank's factor from 0.75 to 1

• Revision in Nov only if foreign ownership below 59.2%

• Increase in factor to cause incremental inflow of $2-2.5 billion

Share buyback to open on August 14, close on August 21

Source: Exchange Filing

• To set up new plant at Dammam, Saudi Arabia with project cost of Rs 600 crore

• Plant to include line pipe manufacturing & coating facility, to cater Saudi Arabia’s growing demand

Source: Exchange Filing

• Gets US FDA final approval for ANDA of Dabigatran Etexilate capsules

• Dabigatran Etexilate capsules are a generic of Pradaxa capsules and are indicated for prophylaxis of deep vein thrombosis and pulmonary embolism following hip replacement surgery.

Source: Exchange Filing

To consider acquiring stake in Ariba Foods on Aug 23

Source: Exchange Filing

• Lists at Rs 230 on BSE vs issue price of Rs 108

• Lists at a premium of 112.96% on BSE

• Lists at Rs 235 on NSE vs issue price of Rs 108

• Lists at a premium of 117.59% on NSE

• Lists at Rs 651 on NSE vs issue price of Rs 465

• Lists at a premium of 40% on NSE

• Lists at Rs 625 on BSE vs issue price of Rs 465

• Lists at a premium of 34.4% on BSE

  Source: Exchanges

At pre-open, the Nifty was flat at 24342.35 and the Sensex was at 79552.51, down 0.12% or 96.41 points.

• Price target of Rs 2,000, implying 38% upside

• Reported 63% CAGR in pre-sales over FY21-24

• Expect to clock pre-sales CAGR of 35% over FY24-27

• Strong around 30 million square feet project pipeline to be launched in next two years

• Expect cumulative operating cash flow of Rs 9,500 crore over FY25-27 leaves ample room for growth

• Believes valuations yet to capture future growth potential

• Maintains 'buy', raises target to Rs 420 implying 26% upside

• Ministry of Petroleum and Natural Gas approves 20% premium price for domestic gas from new wells

• Premium pricing to apply to 14/21/28% of ONGC’s volumes in FY25/26/27

• New pricing increases FY26/27 EPS estimates by 2-3%

• Revises FY26/27 net profit estimates by 2%/4%

• Key upside trigger: Production ramp up from KG basin from Q3FY25, removal of upstream cess

• Shell signs new multi-year framework pact with company

• Company to provide design & procurement services for Shell’s global assets

Source: Exchange Filing

• The yield on the 10-year bond opened flat at 6.87%.

• It closed at 6.88% on Monday.

Source: Bloomberg

• Rupee strengthened by 2 paise to open at 83.95 against the US dollar.

• It closed at 83.97 on Monday.

Source: Bloomberg

Gets 51 MW equipment supply order from Everrenew for project in Tamil Nadu

Source: Exchange Filing

• Maintains 'buy' at target of Rs 350, implying 2.6% upside

• Ministry of Petroleum and Natural Gas approves 20% premium price for domestic gas from new wells

• New gas pricing regime to apply to 10% of ONGC's current gas production

• New gas pricing regime to apply to 20-25% of production in 2-3 years

• ONGC's gas price realizations could rise from $6.5 to $7.5 per million metric British Thermal Unit

• Veefin Group acquires Nityo Tech to lead digital transformation in the BFSI sector

• Nityo Tech is the India arm of Nityo Singapore

Source: Exchange Filing

• Delhi HC declines to admit the PIL pertaining to allegations made on Axis Bank, group cos

• Petition filed in HC alleges Axis Bank, group cos made undue profits by trading shares of co

• Delhi HC Court disposes plea noting that the matter is under the consideration of concerned regulators

Source: Exchange Filing

Arm Reliance Energy incorporates new subsidiary Reliance Jai Properties

Source: Exchange Filing

• Revenue up 11.2% at Rs 464 crore vs Rs 417 crore

• EBIT down 8.1% at Rs 62.8 crore vs Rs 68.3 crore

• Margin at 13.5% vs 16.4%

• Net profit down 29.1% at Rs 51 crore vs Rs 71.9 crore

MSCI August Review: RVNL, Zydus Life, Vodafone Idea Among Seven Additions

• US Dollar Index at 103.17.

• US 10-year bond yield at 3.91%.

• Brent crude down 0.50% at $81.89 per barrel.

• Nymex crude down 0.54% at $79.63 per barrel.

• GIFT Nifty was up 32.5, or 0.13% at 24,337.50 as of 7:08 a.m.

• Bitcoin was up 1.45% at $59,709.58.

Power Grid Corporation Inks Transmission System Deal In Rajasthan

• Price band change from 20% to 10%: Sakuma Exports, SMS Lifesciences India.

• Ex/record dividend: The Great Eastern Shipping Co., EIH Associated Hotels, Heritage Foods, Fine Organic Industries, Dhunseri Ventures, Bandhan Bank, S.J.S. Enterprises, Navneet Education, Lloyds Metals and Energy, IKIO Lighting.

• Ex/record bonus: EIH Associated Hotels.

• Ex/record rights: Orient Green Power.

• Ex/record buyback: Navneet Education.

• Ex/record AGM: RPSG Ventures, CESC, Heritage Foods, Fine Organics, Dhunseri Ventures, Bandhan Bank, Spencer Retail, S.J.S. Enterprises, Navneet Education, Lloyds Metals and Energy, IKIO Lighting.

• Moved in short-term framework: Garware Hi-Tech Films, Kfin Technologies, Sakuma Exports, Suzlon Energy.

• Moved out short-term framework: Kellton Tech Solutions.

Vodafone Idea Q1 Results: Loss Lower Than Estimated

Nifty, Sensex End Flat As RIL, NTPC, SBI Weigh: Market Wrap