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The benchmark NSE Nifty 50 and BSE Sensex snapped a five-day winning streak on Friday
The benchmarks logged the biggest intraday fall since July 23
Nifty and Sensex reversed a eight-week winning streak on Friday's decline
Larsen & Toubro Ltd., Infosys Ltd., and Tata Consultancy Services Ltd. were top Nifty losers; HDFC Bank Ltd. Sun Pharmaceutical Industries Ltd. were top gainers
Tata Motors Ltd. declined nearly 5% after posting earning for April-June
Maruti Suzuki India Ltd. has reversed a six-day gaining streak as sales in July declined
Zomato Ltd. jumped over 19% to a record high as net profit in April-June rose
The NSE Nifty Pharma index hit a life time high of 22,005.10
The NSE Nifty Auto index fell to one-week low of 25,688.95
This week, the NSE Nifty Realty and Nifty declined the most, while the NSE Nifty Energy rose the most
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 33.7% at Rs 494 crore vs Rs 369 crore
Ebitda rose 64.4% at Rs 72 crore vs Rs 44 crore
Margin at 14.5% vs 11.8%
Net profit rose 50.9% at Rs 49 crore vs Rs 32 crore
Approves Rs 100 crore buyback of 1.1% stake at Rs 2,000 per share
Net profit rose 19.4% at Rs 2,345 crore vs Rs 1,964 crore
Revenue rose 11.6% at Rs 8,130 crore vs Rs 7,282 crore
Ebitda rose 17.9% at Rs 3,946 crore vs Rs 3,347 crore
Margin at 48.5% vs 46%
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
Net profit fell 14% at Rs 37 crore vs Rs 43 crore
Revenue rose 25.7% at Rs 205 crore vs Rs 163 crore
Ebitda rose 2.8% at Rs 51.5 crore vs Rs 50 crore
Margin at 25% vs 30.6%
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
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