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Nifty, Sensex close lower in the second week
Nifty ends 1.03% or 247.65 points higher at 24364.65
Sensex ends 1.04% or 819.69 points higher at 79705.91
Broader indices also ended higher; Nifty Midcap 100 ended 0.88% up and Nifty Smallcap 250 gained 0.64%
All sectoral indices closed higher; Nifty Media was the top gainer
Eicher Motors and ONGC were top Nifty gainers
BPCL and HDFC Life were top losers among Nifty stocks
Net profit down 0.3% at Rs 354 crore vs Rs 355 crore
Revenue up 2% at Rs 3,091 crore vs Rs 3,030 crore
EBITDA down 6.2% at Rs 522 crore vs Rs 557 crore
Margin at 16.9% vs 18.4%
Net profit up 46.4% at Rs 1,160 crore vs Rs 792 crore
Revenue up 35.7% at Rs 7,633 crore vs Rs 5,626 crore
EBITDA up 44% at Rs 4,380 crore vs Rs 3,041 crore
Margin at 57.4% vs 54.1%
Net profit up 20.2% at Rs 72.4 crore vs Rs 60.2 crore
Revenue up 17.3% at Rs 1,975 crore vs Rs 1,684 crore
EBITDA [GU] 18.4% at Rs 154 crore vs Rs 130 crore
Margin at 7.8% vs 7.7%
Net profit up 4.6% at Rs 140 crore vs Rs 134 crore
Revenue up 13.4% at Rs 1,853 crore vs Rs 1,634 crore
EBITDA up 10.2% at Rs 857 crore vs Rs 778 crore
Margin at 46.2% vs 47.6%
Revenue up 9% at Rs 33,861 crore vs Rs 31,065 crore
EBITDA up 5.5% at Rs 6,704 crore vs Rs 6,357 crore
Margin at 19.8% vs 20.5%
Net profit down 12% at Rs 2,268 crore vs Rs 2,576 crore
Net profit is up 47.5% to Rs 233 crore vs Rs 158 crore
Revenue up 8.1% at Rs 677 crore vs Rs 626 crore
EBITDA up 10.3% at Rs 223 crore vs Rs 203 crore
Margin at 33% vs 32.4%
Revenue up 2.2% at Rs 3,032 crore vs Rs 2,968 crore
EBITDA up 56.4% at Rs 609 crore vs Rs 389 crore
Margin at 20.1% vs 13.1%
Net profit up 91.2% at Rs 550 crore vs Rs 288 crore
Revenue down 3.9% at Rs 296 crore vs Rs 309 crore
EBITDA down 1.9% at Rs 70.2 crore vs Rs 71.5 crore
Margin at 23.7% vs 23.2%
Net profit down 7.8% at Rs 52.6 crore vs Rs 57 crore
Net profit down 86.7% at Rs 6.4 crore vs Rs 47.9 crore
Revenue down 40.4% at Rs 341 crore vs Rs 571 crore
EBITDA down 69.5% at Rs 27.8 crore vs Rs 91.2 crore
Margin at 8.2% vs 16%
Revenue up 20.8% at Rs 6,208 crore vs Rs 5,140 crore
EBITDA up 37.6% at Rs2,109 crore vs Rs 1,533 crore
Margin at 34% vs 29.8%
Net profit up 30.6% at Rs 1,420 crore vs Rs 1,087 crore
Revenue up 56.2% at Rs 4,104 crore vs Rs 2,628 crore
EBITDA up 66.8% at Rs 613 crore vs Rs 367 crore
Margin at 14.9% vs 14%
Net profit at Rs 391 crore vs Rs 167 crore
Revenue up 10.8% at Rs 216 crore vs Rs 195 crore
EBITDA up 12.7% at Rs 81.3 crore vs Rs 72.1 crore
Margin at 37.7% vs 37%
Net profit up 9.4% at Rs 59.6 crore vs Rs 54.5 crore
Net loss of Rs 8.3 crore vs profit of Rs 20.8 crore
Revenue down 9.2% at Rs 1,763 crore vs Rs 1,942 crore
EBITDA down 12.8% at Rs 132 crore vs Rs 152 crore
Margin at 7.5% vs 7.8%
Valbenazine Capsules are indicated for the treatment of adults with tardive dyskinesia or uncontrollable movement of the face, tongue, or other body parts.
Source: Exchange Filing
Shares of Ola Electric Mobility Ltd. listed flat on the National Stock Exchange on Friday at the issue price of Rs 76 per share. On the BSE, the stock debuted at Rs 75.99 per share, marking a discount of 0.01%.
Post listing, the stock surged to hit its upper circuit limit of 20% but pared gains to trade 19.2% higher than its issue price at Rs 90.59.
Gets US FDA approval for ANDA of Trazodone Hydrochloride Tablets
Trazodone tablets are indicated for treatment of major depressive disorder in adults
Source: Exchange Filing
Revenue down 28.5% at Rs 1,027 crore vs Rs 1,437 crore
EBITDA loss at Rs 24.7 crore vs EBITDA of Rs 8.3 crore
Net profit at Rs 58.5 crore vs loss of Rs 87.4 crore
Exceptional credit of Rs 241 crore in Q1
July MF industry net inflow at Rs 1.89 lakh crore vs net outflows at Rs 43,636 crore in June
Net AUM of MF industry at Rs 64.9 lakh crore vs Rs 61.2 lakh crore
Active equity funds see net inflow of Rs 37,113 crore vs inflow of Rs 40,608 crore
Mid cap funds see net inflow of Rs 1,644 crore vs net inflow of Rs 2,528 crore
Small cap funds see net inflow of Rs 2,109 crore vs net inflow of Rs 2,263 crore
Large cap funds see net inflow of Rs 670 crore vs net inflow of Rs 970 crore
Flexi cap funds see net inflow of Rs 3,053 crore vs net inflow of Rs 3,059 crore
Sectoral/thematic funds see inflows of Rs 18,386 crore vs inflows of Rs 22,351 crore
Inflow on account of equity NFO at Rs 16,565 crore vs Rs 14,370 crore
Promoter Group cos raises stake in co to 73.19% from 71.14%
Promoter Group acquires 2.05% stake in co between Nov-Aug
Source: Exchange Filing
Shares of Ola Electric Mobility Ltd. listed flat on the National Stock Exchange on Friday at the issue price of Rs 76 per share. On the BSE, the stock debuted at Rs 75.99 per share, marking a discount of 0.01%.
Post earnings conference call highlights
The company targets to reach at least 2,000 metric ton capacity in FY '26.
The company aims to maintain upwards of 15% of revenue from CSM business and targets to reach 20% of revenue in CSM business.
The company targets reaching Rs 1,000 crores by FY '26 and expects 15% revenue growth in FY 27 through de-bottlenecking and optimization of product mix and capacity utilization.
No significant organic Capex is expected in FY '25 and FY '26, with consideration for organic Capex in FY '27 for growth in FY '28 and '29.
The company targets a ROCE of 20% and EBITDA margins of 16-17% in the salts business with current contracts on track to achieve these targets.
July consolidated crude steel production at 22.15 lakh tonnes
Total crude steel production up 9% YoY
July capacity utilisation at Indian operations at 91%
Source: Exchange Filing
The market breadth was skewed in the favour of buyers. As many as 2,322 stocks rose, 525 declined, and 102 remained unchanged on the BSE.
At pre-open, the Nifty was at 24,386.85, up by 1.12% or 269.85 points and the Sensex rose 1.40% or 1,104.27 points at 79,990.49.
The yield on the 10-year bond opened flat at 6.88%.
It closed at 6.88% on Thursday.
Source: Bloomberg
Retains 'overweight', hikes target to Rs 3,577 vs Rs 2,705 earlier, upside 12%
Moderating competition and industry re-rating aids the view
Superior profile versus its peers and strong execution track record
Revise our FY25/26 earning per share by +0.3%/ +1.8%
Revise target multiple to 55 times June 2026 Earnings (44 times previously)
Rupee strengthened by 2 paise to open at 83.94 against the US dollar.
It closed at 83.96 on Thursday.
Source: Bloomberg
HSBC
Reduced growth forecast calls out for weaker corporate earnings and lower government spending
Hawkishness in tone was because of high food inflation
Believes that either Deposit growth should rise or credit growth should stabilize
Expects RBI rate cut in October and January quarters
Jefferies
Surplus liquidity in the system is temporary
This will be absorbed through reverse repo by RBI
Growth in unsecured lending has moderated, still at high levels
Tightening can lead to slower growth for banks/NBFCs
May impact topline in the near term
JP Morgan
General tone and tenor was cautious
RBI has reduced its 2Q GDP forecast to 7.1%, showing slowdown of corporate earnings
Expect 2Q GDP below 7%
Unsecured lending gradually slowing through credit card growth
Expect first cut in the October review
Retain Buy with 1850 vs 1650 earlier, Upside 15%
Healthy profitability; a generally positive outlook all around
Operating profit improvement led by subsidiaries
Order win momentum sustained in Q1 Rs. 980 crores
Led by Defence with orderbook at Rs. 5400 cr vs Rs. 5200 cr in Q4
Expect domestic CVs to enter an upcycle from FY26E
Pre-buy from CY25 may aid the US Class 8 market
Retains Buy with a lower target of 5250 vs 5300 earlier implying upside of 14%
1QFY25 Results Slightly Above Estimates; outlook Is Positive
Better product mix driving up margin
Product launches, Ramp-up of Guerrilla 450 & new dealer-inventory policy should boost volumes going ahead
Exports outlook is cautiously optimistic
But trim earnings estimate given tempered-down volume estimates
Cuts Royal Enfield bike volume estimates by 4-6% over FY25-27E
Increase VECV margin estimates and target EV/EBITDA multiple
Maintains neutral stance on the cement sector, with JK Cement as top pick
Jul'24 saw a steady decline in cement prices across regions
Weak pricing due to poor demand on account of monsoons, delayed budget
Prices remain stable in the first week of August
Firms passing cost saving benefits to customers due to a high competitive intensity
Believe cement pricing will remain tepid till demand picks up in Q3FY25
Retains 'Neutral' with target price Rs 496 from 512 earlier, implying downside 3%
Margin headwinds from rising commodity prices
RM/sales jumped 250 bps qoq led by Natural rubber prices
Expects mid-single-digit RM basket increase in 2Q
Company strategy to maintain profitability over market share might be negative for long term
EPS cut of 14%/4% for FY25/26
Lower FY26 EV/EBITDA to 6.5 times from 7 times earlier
China July producer prices fall 0.8% YoY vs estimate of 0.9% decline
China July consumer prices rise 0.5% YoY vs estimate of 0.3% rise
Source: Bloomberg
Maintains 'reduce' at Rs 470 target, implying 27% downside
Q1 results below brokerage estimates on lower-than-anticipated margins
Management cuts FY25 volume growth guidance to 6-7% vs 10% earlier
Volumes in Morbi region to be impacted in Q2FY25 on ceramic plant shut downs
Lower target price due to concerns surrounding volume recovery in key Morbi region
Ministry of Heavy Industries approves arm to get EV models tested for Electric Mobility Promotion Scheme 2024
Arm to be eligible for incentives under various schemes of Ministry of Heavy Industries
Source: Exchange Filing
The Indian rupee closed flat after weakening to a record low of Rs 83.99 against the dollar. It opened flat on Thursday, ahead of the release of the Reserve Bank of India policy statement.
The local currency ended flat at Rs. 83.96, having depreciated from the opening of Rs 83.94 against the greenback. The Indian unit had closed at Rs 83.95 on Wednesday.
Ex/record Dividend: KEC International, Kolte - Patil Developers, KPIT Technologies, Mangalore Refinery and Petrochemicals, Netweb Technologies, Kalyan Jewellers India, Arvind Fashions, The Jammu & Kashmir Bank, Taj GVK Hotels & Resorts, JK Lakshmi Cement, Hindalco Industries, CEAT, Equitas Small Finance Bank, Endurance Technologies, The Ramco Cements, Tega Industries, Varun Beverages, Wonderla Holidays, Bombay Burmah Trading Corporation, Bharat Petroleum Corporation, City Union Bank, ASK Automotive, Alkem Laboratories, Bharat Heavy Electricals.
Ex/record AGM: Kalyan Jewellers India, The Jammu & Kashmir Bank, Taj GVK Hotels & Resorts, JK Lakshmi Cement, Hindalco Industries, CEAT, Hindustan Petroleum Corp, The Ramco Cements, Netweb Technologies India.
Ex/record Buyback: Indus Tower.
Ex/record Bonus Issue: Sakuma Exports.
Moved out short-term Framework: Nuvama Wealth Management, NRB Industrial Bearings.
Moved in short-term Framework: Symphony.
Adani Power: Promoter Hibiscus Trade and Investment Ltd. bought 31 lakh shares on Aug. 8.
Sapphire Foods: Promoter Arinjaya (Mauritius) Ltd sold 23.91 lakh shares on Aug. 8.
DCW: Albula Investment Fund Ltd bought 24.64 lakh shares (0.83%) at Rs 71.35 apiece, and LTS Investment Fund Ltd sold 24.64 lakh shares (0.83%) at Rs 71.35 apiece.
Brainbees Solutions: The public issue was subscribed to 12.22 times on day 3. The bids were led by institutional investors (19.3 times), retail investors (2.31 times), reserved for employees (6.57 times), and non-institutional investors (4.68 times).
Unicommerce eSolutions: The public issue was subscribed to 168.39 times on day 3. The bids were led by institutional investors (138.75 times), retail investors (131.15 times), and non-institutional investors (252.48 times).
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