Stock Market Today: Nifty Snaps Longest Stretch Of Weekly Gaining Streak In Over Six Years

• Kothari Industrial Corp has entered into a 30-year pact with Kickers for India and 8 other countries.

Source: Exchange filing

• Net loss of Rs 527 crore vs profit of Rs 102 crore

• Revenue rose 1.1% at Rs 9,067 crore vs Rs 8,963 crore

• Ebitda fell 13.5% at Rs 1,101 crore vs Rs 1,273 crore

• Margin at 12.1% vs 14.2%

• Revenue rose 54.2% at Rs 720 crore vs Rs 467 crore

• Net profit fell 4.5% at Rs 89.4 crore vs Rs 93.7 crore

• Margin at 34.73% vs 36.37%

• Ebitda rose 47.3% at Rs 250 crore vs Rs 170 crore

• Net profit fell 10.5% at Rs 17 crore vs Rs 19 crore

• Revenue rose 5.9% at Rs 197 crore vs Rs 186 crore

• Ebitda rose 7.2% at Rs 37 crore vs Rs 34.5 crore

• Margin at 18.8% vs 18.5%

• Net profit rose 3.9% at Rs 107 crore vs Rs 103 crore

• Revenue rose 6.8% at Rs 331 crore vs Rs 310 crore

• Ebitda rose 4.2% at Rs 149 crore vs Rs 143 crore

• Margin at 45.% vs 46.2%

• NTPC plans green unit IPO in Nov, said official

• NTPC to offer 10% shares in green unit via IPO, the official said

• NTPC -NPCIL JV plans to build 2.8 GW nuclear plant, the official said.

Source: Bloomberg

• Revenue up 15% at Rs 1,031 crore vs Rs 900 crore

• Ebitda up 1.4% at Rs 112 crore vs Rs 111 crore

• Ebitda margin at 10.9% vs 12.3%

• Net profit up 3% at Rs 66 crore vs Rs 64 crore

• PSP Projects Ltd. has r-appointed Sagar Patel as Executive Director for 5 years effective November 1.

Source: Exchange filing

• Ola Electric IPO sees 24% subscription

• Retail portion fully subscribed at 1.12 times

• Employees portion subscribed 3.77 times

• NII, QIB portion largely unsubscribed as of now

• 46.51 crore shares on offer after anchors get 36.35 crore shares

• A total of 82.86 crore shares are on offer at Rs 72-76 apiece

• IPO aims to raise Rs 6,146 crore at $4 billion valuation

• To acquire 23.85% stake in Bansal Steel & Power

• Bansal Steel & Power to become wholly owned subsidiary of co. post-acquisition

Source: Exchange filing

• KPI Green Energy Ltd.'s unit received a Letter of Intent for executing solar power projects with 28.40 MW cumulative capacity.

Source: Exchange filing

• Infibeam Avenues Ltd. is to invest in Rediff.com

• Rediff.com to become subsidiary of company.

Source: Exchange filing

• Revenue rose 19.8% at Rs 841 crore vs Rs 702 crore

• Ebitda rose 33.4% at Rs 155 crore vs Rs 116 crore

• Margin at 18.5% vs 16.6%

• Net profit rose 33.8%at Rs 148 crore vs Rs 110 crore

• Muthoot Microfin is to raise Rs 66.4 crore via NCDs on private placement basis.

Source: Exchange filing

• Alembic Pharmaceuticals Ltd. received the US Food and Drug Administration's final approval for Nelarabine injection.

Source: Exchange filing

• SEBI are hoping to bring down the approval time further.

• SEBI is creating a demystified IPO document. The document will say that you fill the given blanks.

• If there are any Ifs and Buts, there will be a separate column there to explain.

• To bring combination of Rights issue & Preferential Allotment in a faster process

• The process will reduce the timeline from 42 days to 23 days combo product of rights issue and preferential allotment

• Introduced to avoid system blockages from problematic applications

• Important part of capital market is capital formation.

• India ranks on top on total number of IPOs and issuances. From the jurisdiction point of view, we are third.

• From growth rate point of view, we are on top.

• Source: Madhabi Puri Buch, chairperson, SEBI speaking at the Annual Capital Markets Conference by FICCI

Triveni Engineering Enters Indian-Made Foreign Liquor Market With Whisky Launch

• Ola Electric’s sales more than doubled year-on-year to nearly 42,000 units in July 2024.

• In July, 41,597 Ola scooters registered, up 114% YoY

• VAHAN market share stood at nearly 40% as on July 31

Note: Ola Electric IPO opens for subscription today.

Source: VAHAN/Ola Electric

• Equinox India Developments Ltd.'s board approved fundraise of up to Rs 120 crore via NCDs.

Source: Exchange filing

Maruti Suzuki Shares Drop As July Sales Decline

ITC Shares Decline After Q1 Profit Misses Estimates

GR Infraprojects Falls To Near Two-Month Low As Q1 Profit Declines

Zomato's Going-Out Business To Be Housed Under New 'District' App

Tata Motors Shares Slip As Q1 Results Points To Over-Reliance On JLR

Market breadth was skewed in favour of sellers. Around 1,849 stocks declined, 651 stocks rose, and 149 stocks remained unchanged on BSE.

At pre-open, the NSE Nifty 50 was 221.90 points or 0.89% down at 24,789.00, and the S&P BSE Sensex was 0.86% 0r 707.29 points lower at 81,158.99.

• The yield on the 10-year bond opened flat at 6.90%.

• It closed at 6.91% on Thursday.

Source: Bloomberg

• Rupee opened flat at 83.73 against the US dollar.

• It closed at 83.72 on Thursday.

Source: Bloomberg

• Maintains Buy with TP of Rs. 515, which implied an upside of 4%

• ITC reported a mixed performance in Q1 with headline margin missing estimates

• Gradual volume recovery in cigarettes (led by innovation, strong on-ground execution, stable taxation environment)

• Growth acceleration in other FMCG expected

• Rural demand trends improving given moderating inflation

• Better terms of trade for farmers and expectations of normal monsoon to aid growth

• Peg ITC at 20-25% premium to the stock’s last 5-year historical trading averages

• Believes the reasonable low double-digit earnings growth, similar to peers, justifies the valuations.

• Motilal Oswal Financial Services kept a 'Buy' on Adani Ports & Special Economic Zone Ltd. with target price Rs 1,850, which implied a 16% upside.

• Revenue growth of 11% YoY in-line

• Volumes at Gangavaram port were affected by a worker strike

• Ebitda margin came in at 61% (est. 58.7%)

• Retain our estimates for FY25/FY26, Reiterate Buy

• Nomura keeps a Buy on Dabur India Ltd., with a target price Rs 750 (VS 680 earlier, which implied a 16% upside.

• Sales growth inches ahead, with further improvement on cards

• Margins to largely be stable to marginal improvement

• Investments in rural distribution and portfolio aiding better-than-peers rural growth

• Increasing media spending in rural by 50%, which should drive better volumes

• Expanding distribution in rural areas and curating a rural portfolio at affordable prices

• Key beneficiary of rural recovery given its saliency

• in rural is highest at 45%

• Marginally tweak FY25-FY27F EPS by <1% to factor in 1Q results

• Value Dabur at a 51x P/E multiple (from 49x) in line with its five-year trading average

• Citi Research maintained a 'Buy' on Sun Pharmaceuticals Industries Ltd. with target price of Rs 1,640, which implied a downside of 4.2%.

• Lower R&D and SG&A spend helped in EBITDA margins improvement by c300bps

• R&D spend expected to inch up in FY25

• Tax rate (16% in 1Q) expected to increase in FY25E

• In-Line 1Q;Strong Trends in Branded Segments Offset Subdued Generics

• Co sounded upbeat on the specialty products outlook

• Positive commentary on US generics as launches not linked to facilities under OAI

• More resilient earnings; don’t have major contribution of non-recurring generic product

• Nomura retained 'Buy' Tata Motors Ltd. with a target price Rs 1,303, which implied a 14% upside.

• Consolidated EBITDA at Rs 15,780 crore was head of Rs 15,000 crore estimate

• CV margin was ahead at 11.6% vs 10.5% estimated

• PV margin was lower at 5.7% (Nomura: 6.5%), EV margin at -7.3% (vs -5.8% in Q4)

• Maintain that JLR's transition to luxury will support ASP and margin

• Estimate EBIT margins at 8.5%/8.5%/10% for FY25/26/27F

• Net debt of Rs 18,600 crore (Rs 50 per share) in 1Q increased QoQ from Rs 16,000 crore

• Expect Co to turn to net cash of Rs 145 per share by FY27F

• Insurance Regulatory And Development Authority has levied Rs 2 crore penalty on HDFC Life Insurance Co. Ltd. for violation of provisions.

Source: Exchange filing

• Mahindra & Mahindra Ltd.'s shareholders approved re-appointment of Anish Shah as MD & CEO w.e.f. April 1, 2025.

• Shareholders approve re-appointment of Rajesh Jejurikar as whole-time director with effect from April 1, 2025.

Source: Exchange filing

The Indian rupee closed flat against the US dollar on Thursday, amid rising oil prices. The local currency opened stronger against the US currency after the Federal Reserve hinted at a potential interest rate cut in September.

The Indian currency closed flat at Rs 83.72, after opening at Rs 83.68 against the greenback, according to Bloomberg. It closed at Rs 83.73 on Wednesday.

Godrej Agrovet To Acquire Remaining Stake In Tyson Foods JV For Rs 323 Crore

• Price band changes from 20% to 5%: Ajmera Realty & Infra India

• Ex/record Dividend: Allied Digital Services, Cholamandalam Financial Holdings, Jayshree Tea & Industries, Matrimony.com, Monarch Networth Capital, Share India Securities, TVS Electronics, Vedanta, Ajmera Realty & Infra India, Cello World, Cipla, Divi's Laboratories, Everest Industries, GMM Pfaudler, Coforge, Indigo Paints, Jupiter Lifeline Hospitals, Jubilant Ingrevia, Jubilant Pharmova, C.E. Info Systems, Narayana Hrudayalaya, Sharda Cropchem.

• Ex/record AGM: Allied Digital Services, Cholamandalam Financial Holdings, Sharda Cropchem, Maruti Suzuki India, Indigo Paints, Jupiter Lifeline Hospitals, CE Info Systems, Jain Irrigation Systems.

• Ex/record demerger: Ajmera Realty & Infra.

• Moved out short-term framework: Tata Teleservices (Maharashtra).

• Ola Electric Mobility: The company will offer its shares for bidding on Friday. The price band is set from Rs 72 to Rs 76 per share. The Rs 6,145-crore IPO is a combination of a fresh issue of Rs 5,500 crore and the rest of the offer for sale. The company has raised Rs 2,763 crore from anchor investors.

• Ceigall India: The public issue was subscribed to 0.61 times on day 1. The bids were led by non-institutional investors (0.9 times), retail investors (0.8 times) and reserved for employees (2.96 times).

• Akums Drugs and Pharmaceuticals: The public issue was subscribed 63.56 times on day 3. The bids were led by institutional investors (90.09 times), non-institutional investors (42.21 times), retail investors (21.3 times) and reserved for employees (4.27 times).

Ola Electric IPO: Anchor Investors Pick Nearly Half Of The Shares On Offer

Auto Sales In July 2024 Live: Royal Enfield Dips 8%, As 350 CC Motorcycles Find Fewer Takers

Tata Motors Q1 Results: Profit Surges More Than 70% On JLR Sales Boost

Trade Setup For Aug. 2: Nifty 50 Hits New High At 25,000, Analysts Predict Bullish Outlook