Stock Market Today: Nifty, Sensex End With Little Change After A Volatile Session; Axis Bank, ICICI Bank Drag

Market breadth was skewed in the favour of buyers. Around 2,118 stocks rose, 1,795 fell, and 110 remained unchanged on the BSE.

• US Food and Drug Adminstration conducts GMP inspection at Gland Pharma Ltd.'s Dundigal facility in Hyderabad, issues two 483 observations.

Source: Exchange filing

• Dee Development Engineers Ltd. got an order worth $5.9 million from John Zink Co.

Source: Exchange filing

• Revenue up 27% at Rs 1,222 crore vs Rs 960 crore

• Ebitda down 0.8% at Rs 91.6 crore vs Rs 92.3 crore

• Ebitda margin at 7.5% vs 9.6%

• Net profit down 2.5% at Rs 77 crore vs Rs 79 crore

• H.G. Infra Engineering Ltd. has emerged as the lowest bidder for Transport Ministry project worth Rs 763 crore.

Source: Exchange filing

• Tata Power Co.'s unit TP Renewable Microgrid signs MoU with National Dairy Development Board.

• MoU for facilitating initiatives for renewable energy technologies within dairy value chain.

Source: Exchange filing

• Revenue rose 8% at Rs 742 crore vs Rs 687 crore

• Ebitda rose 16.2% at Rs 194 crore vs Rs 167 crore

• Margin at 26.1% vs 24.3%

• Net profit rose 6.3% at Rs 102 crore vs Rs 96 crore

RBL Bank Falls To Nearly Two-Month Low As Baring PE Asia Exits

Axis Bank Shares Lowest In Over A Month On Q1 Profit Miss, Asset Quality Drop

At pre-open, the NSE Nifty 50 was 182.55 points or 0.75% lower at 24,230.95, and the S&P BSE Sensex was 280.16 points or 0.35% down at 80,148.88.

• Revenue Intelligence officials conducted search at R R Kabel Ltd.'s Waghodia plant.

• Nothing was seized or impounded in the search.

Source: Exchange filing

• Bernstein Maintains Outperform Rating on Larsen & Toubro Ltd.

• Price target of Rs 3,800, which implied a 8% upside

• Order inflow growth of 8% higher than expectations despite elections

• Order inflow and margins in-line to meet full year guidance

• Soft order prospects pipeline of Rs 9.07 trillion vs Jun'23

• Remains positive in medium term on back of capex in India and M.East

• Nuvama retains 'Buy' on Axis bank, with a target price Rs 1,430 compared to Rs 1,500 earlier, which implied a 15%

• The company delivered miss on core income

• NII ex-tax refund was up 1% QoQ

• NIM adjusted for tax refund is 3.99%

• Credit cost rose to 1% from 50bp YoY

• Retain ‘BUY’ as Axis continues to trade at a discount to peers

• Quarter of lower recoveries and higher provisions on unsecured loans

• Nuvama maintained 'Buy' on CG Power And Solutions Ltd. and raised the target to Rs 820 target, which implied a 17% upside.

• Q1 EBITDA/PAT beat street estimates by 8%/6%

• Beat led by stellar growth in the power segment

• Power & Railways continue to be high-growth areas, whereas motors has been weak since Q4FY2

• Company on of the few suppliers of HV transformers

• Key variable to watch out for: De-stocking impact expected to diminish in H2FY25

• Entry in new forays- OSAT, Kavach remains positive and margin accretive

• Nuvama downgrades Suzlon Energy to 'Hold', at Rs 64 target, which implied a 5% upside.

• Company posted strong Q1 with operating margins surpassing estimates

• Ramped up in execution to 274 MW aided 50% YoY top-line growth

• Remain long term positive, but uptick in orders/profits factored in valuations

• Expect execution at 1.4/2.4/3GW for FY25E/26E/27E

• Expect form to remain key beneficiary of rising mix of FDRE/RTC/Hybrid in GoI tenders

• Nuvama maintained a 'Buy' on Petronet LNG Ltd. and raised the target to Rs 412 target, which implied an 18% upside.

• Q1 Ebitda grew 32% YoY, beat brokerage/ consensus estimates 17–20%

• Volumes grew 14% YoY to 5.1 MMT led by higher third-party sales

• Utilisation likely to remain elevated at 100% in FY25

• Management aims to add 4 MMPTA FSRU terminal at Rs 2300 crore in Gopalpur by Fy27

• Believe Dahej terminal expansion project to be value accretive

• Domestic LNG demand set to rise if India follows China with LNG trucks driving 40% YoY growth

• Raise FY25E/26 Ebitda estimates by 1%/6%

• Sets IPO price band in the range of Rs 646-679 per share

• IPO to open on July 30, close on August 1, for retail investors

Source: Company announcement

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RVNL Gets Rs 192 Crore Order From South Eastern Railway For Jharkhand Project

• Mishtann Foods: Hiteshkumar Gaurishankar Patel sold 1.43 crore shares (1.34%) at Rs 16.86 apiece, Antara India Evergreen Fund Ltd. bought 1 crore shares (0.94%) at Rs 16.85 apiece.

• VST Industries: Derive Trading & Resorts sold 2.62 lakh shares (1.7%) at Rs 4,102.57 apiece, Damani Estate and Finance sold 0.9 lakh shares (0.58%) at Rs 3,983.84 apiece.

• Mishtann Foods: Promoter Hiteshkumar Gaurishankar Patel sold 2.36 lakh shares.

• Apollo Micro Systems: Promoter Karunakar Reddy Baddam created a pledge for 6 lakh shares.

• India Cements: Promoter EWS Finance & Investments revoked a pledge for 2.81 crore shares.

• India Cements: Promoter EWS Finance & Investments created a pledge for 17.2 lakh shares.

Radhakishan Damani Sells Stake Worth Rs 142 Crore In VST Industries

State Bank Of India Signs MoU With UK's FCDO For Rs 8,102 Crore

Q1 Results Live Updates: Axis Bank Profit Up 4% But Asset Quality Sours; L&T Beat Estimates

Trade Setup July 25: Nifty To Find Support In 24,070-24,000, Say Analysts