Stock Market Today: All You Need To Know Going Into Trade On July 18

Asian markets are set to edge lower, despite gains on Wall Street, as China's sluggish economic recovery triggered growth forecast cuts and a warning from U.S. Treasury Secretary Janet Yellen that it could cause ripple effects across the global economy.

Hong Kong and Australian futures pointed to modest losses on Tuesday, while Japanese shares will reopen after a public holiday.

On Monday, the S&P 500 gained 0.4% and the tech-heavy Nasdaq 100 rose almost 1% on Monday, with Activision Blizzard Inc. advancing after Microsoft Corp. and British regulators held “productive” talks needed to clear the companies' $69 billion tie-up.

Meanwhile, Brent crude was below $79 a barrel and West Texas Intermediate was around the $74-mark. The yield on the 10-year U.S. bond was trading at 3.80%, whereas Bitcoin was above 30,000-level.

At 5:33 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was up 0.26% or 52 points at 19,790.

India's benchmark stock indices began the new week with fresh highs after scaling new records in the last three weeks. The PSU and private banking sectors advanced in trade, whereas auto and real estate shares were under pressure. Intraday, the Sensex rose 0.90% to scale a new high at 66,656.21 points, and the Nifty 50 jumped 0.86% to hit a record high of 19,731.85 points.

The S&P BSE Sensex Index closed up 529 points, or 0.80%, at 66,589.93, while the NSE Nifty 50 Index was 147 points, or 0.95%, higher at 19,711.43. The local currency strengthened 12 paise to close at Rs 82.05 against the U.S. dollar on Monday.

Overseas investors in Indian equities remained net buyers on Monday but bought the lowest worth of equities in almost four months, since March 22. Foreign portfolio investors bought stocks worth Rs 73 crore, and domestic institutional investors turned net buyers and mopped up stocks worth Rs 64.34 crore.

Stocks to Watch: Reliance Industries, Patanjali Foods, Maruti, Infosys, Axis Bank, IDFC, Sheela Foam In Focus

• Reliance Industries: Jio Financial Services to be included in Nifty 50 from July 20. It will also be included in the Nifty 50, Nifty 100, Nifty 200, and Nifty 500 indices, among others, with effect from July 20. Jio Financial will be added to 18 S&P BSE indices on July 20. This is on account of Reliance Industries being a part of the Special Pre-Open Session. After three days, it will be dropped from all the S&P BSE indices at the last traded price.

• Patanjali Foods: GQG Partners acquired a 5.96% stake in the company.

• Maruti Suzuki India: The automaker has added an Acoustic Vehicle Alerting System for the intelligent hybrid variants of its premium sports utility vehicle, the Grand Vitara. The company has, hence, increased the price of these variants up to Rs 4,000 with effect from July 17.

• Infosys: The software exporter has inked an agreement with one of its existing clients to provide artificial intelligence and automation-led development, modernization, and maintenance services. The deal is valued at $2 billion (Rs 16,411 crore) over the next five years.

• Axis Bank: The National Stock Exchange and the Bombay Stock Exchange have approved the promoter reclassification request of the Specified Undertaking of the Unit Trust of India from the Promoter category to the Public Category. The Specified Undertaking of the Unit Trust of India has ceased to be a promoter of Axis Bank.

• Reliance Home Finance: The company appointed Shanil Jain as the chief financial officer with effect from July 17, 2023.

• Shriram Finance: The company has fully repaid $248.17 million (Rs 2036.30 crore) of outstanding senior secured notes.

• Gujarat Fluorochemicals: The company's subsidiary, Gujarat Fluorochemicals FZE, started commercial operations in Dubai on July 17, 2023.

• Texmaco Rail and Engineering: The company has approved fundraising of up to Rs 500 crore by issuing one or more instruments, including equity shares, preference shares, convertible securities, non-convertible securities, and warrants, by either preferential issue, rights issue, qualified institutional placement, follow-on public offer, or any combination of these.

• Hindware Home Innovation: The company appointed Salil Kappoor as the chief executive officer with effect from July 18.

• Sheela Foam: The company acquired a controlling stake of 94.66% in Kurlon Enterprises, maker of Kurl-on mattresses, at an equity valuation of Rs 2,150 crore. The deal is likely to be concluded by Nov. 30. It also bought a 35% stake in online furniture brand HOK-Furlenco for an equity valuation of Rs 857.14 crore. The investment should be completed by August 30.

• IDFC: The lender reappointed Mahendra N. Shah as the managing director with effect from Oct. 1, 2023, till Sept 30, 2024. It named Bipin Gemani as the chief financial officer with effect from July 17, 2023, till Sept 20, 2024.

• Endurance Technologies: The company acquired an additional 5% equity share capital of Maxwell Energy Systems for a cash consideration of Rs 69.4 million, taking its total shareholding to 56%. The company will buy the remaining equity stake in annual tranches.

• ITI: The company has received accolades from ISRO and the Department of Telecommunications for its significant role in the launch of Chandrayaan-3. The flight vehicle had 55 packages on board manufactured by the company.

Results Announced Post Market Hours

• LTIMindTree Q1 FY24 (Consolidated, QoQ)

  • Revenue is flat at Rs 8,702.1 crore (Bloomberg estimate: Rs 8,775.2 crore).

  • EBIT is up 2% at Rs 1,450.8 crore (Bloomberg estimate: Rs 1,421.7 crore).

  • Margin: 16.67% vs. 16.35% (Bloomberg estimate: 16.2%)

  • Net profit is up 3% at Rs 1,151.5 crore (Bloomberg estimate: Rs 1,194.2 crore).

  • Tanfac Industries Q1 FY24 (YoY)

    • Revenue up 27% at Rs 106 crore.

    • Ebitda up 75% at Rs 26.20 crore.

    • Ebitda margin 25% vs. 18%

    • Net profit up 2x at Rs 18.39 crore.

    • Tata Elxsi Q1 FY24 (QoQ)

      • Revenue up 1.5% to Rs 850 crore (Bloomberg estimate: Rs 878 crore).

      • Ebitda up 0.7% at Rs 251.46 crore (Bloomberg estimate: Rs 253.45 crore).

      • Ebitda margin: 29.58% vs. 29.79% (Bloomberg estimate: 28.9%)

      • Net Profit fell 6% to Rs 189 crore vs. Rs 201.5 crore (Bloomberg estimate: Rs 201.3 crore).

      Earnings In Focus

      Bharat Bijlee, CIE Automotive India, Ganesh Housing Corporation, Heildelbergcement India, Himadri Speciality Chemical, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, IndusInd Bank, JSW Ispat Special Products, L&T Technology Services, Mishtann Foods, Network18 Media & Investments, Polycab India, and TV18 Broadcast.

      IPO Offerings

      Netweb Technologies India: The company launched its initial public offering on July 17. The supercomputer systems manufacturer plans to raise Rs 631 crore via a fresh issue and an offer for sale. It was subscribed 2.33 times on day 1. Institutional investors subscribed 0.03 times, or 3%. The portion of non-institutional investors was subscribed 3.61 times, and retail investors were subscribed 3.00 times. The portion reserved for employees was subscribed to 6.60 times.

      Bulk Deals

      • Jai Balaji Industries: EARC Trust SC sold 48.32 lakh shares (3.1%) at Rs 95.5 apiece, while SM Niryat bought 15.5 lakh shares (1%) at Rs 95.5 apiece, Anupriya Consultancy bought 7.53 lakh shares (0.5%) at Rs 95.69 apiece, and Ashika Global Finance bought nine lakh shares (0.6%) at Rs 95.5 apiece.

      • Jindal Saw: Cresta Fund sold 25 lakh shares (0.8%) at Rs 330.01 apiece.

      • Satin Creditcare Network: The Nordic Microfinance Initiative Fund sold 15.61 shares (1.8%) at Rs 175.45 apiece.

      Who's Meeting Whom: 

      • Jyothy Labs: To meet investors and analysts on July 25.

      • Bajaj Finance: To meet investors and analysts on July 26.

      • Premier Explosives: To meet investors and analysts on July 20.

      • Coforge: To meet investors and analysts on July 20.

      • AAVAS Financiers: To meet investors and analysts on Aug. 4.

      • Ramkrishna Forgings: To meet investors and analysts on July 21.

      • Transport Corporation of India: To meet investors and analysts on Aug. 1.

      • Greenply Industries: To meet investors and analysts on July 25.

      • Havells India: To meet investors and analysts on July 20.

      • Poonawalla Fincorp: To meet investors and analysts on July 24.

      • Sheela Foam: To meet investors and analysts on July 19.

      • Can Fin Homes: To meet investors and analysts on July 20.

      • South Indian Bank: To meet investors and analysts on July 21.

      • Huhtamaki India: To meet investors and analysts on July 21.

      • Shalby: To meet investors and analysts on July 21.

      • Aditya Birla Sun Life AMC: To meet investors and analysts on July 27.

      • Dr. Reddy's Laboratories: To meet investors and analysts on July 26.

      • Heidelbergcement India: To meet investors and analysts on July 20.

      • TVS Motor Company: To meet investors and analysts on July 24.

      • Sun Pharmaceutical Industries: To meet investors and analysts on Aug. 3.

      • UTI Asset Management Co.: To meet investors and analysts on July 26.

      AGMs: 

      • Adani Enterprises 

      • Ajanta Pharma 

      • Adani Total Gas 

      • L&T Technology Services 

      • Persistent Systems  

      • SAT Industries 

      • Sheela Foam  

      • Shree Global Tradefin 

      • Tata Communications  

      Trading Tweaks: 

      • Price Band Revised From 10% To 5%: HPL Electric and Power

      • Price Band Revised From 20% To 10%: De Nora India

      • Ex-Date Dividend: Orient Bell, UTI Asset Management Co., Poonawalla Fincorp, Precision Camshafts, TTK Healthcare, DCM Shriram

      • Ex-Date Annual General Meeting: Orient Bell, UTI Asset Management Co., Poonawalla Fincorp, Precision Camshafts, TTK Healthcare

      • Ex-Date Bonus: Anmol India

      • Ex-Date Extra Ordinary General Meeting: Black Box

      • Record-Date Dividend: DCM Shriram

      • Record-Date Extra Ordinary General Meeting: Black Box

      • Record-Date Bonus: Anmol India

      • Move Out Of Short-Term ASM Framework: Pix Transmissions, Kalyan Jewellers, and Swelect Energy Systems

      • Move Out Of Short-Term ASM Framework: Black Box

      Pledge Share Details: 

      Steel Strips Wheels: Promoter and Director Dheeraj Garg revoked a pledge of 63.23 lakh shares between July 15 and July 17.

      F&O Cues

      • Nifty July futures ended at 19,729.95, a premium of 131.10 points.

      • Nifty July futures rose 1.87%, with 3,976 shares in open interest.

      • Nifty Bank July futures ended at 45,540, a premium of 637.35 points.

      • Nifty Bank July futures rose 13.86% with 19,744 shares in open interest.

      • Securities in the ban period: Delta Corp., Manappuram Finance, Indiabulls Housing Finance, and RBL Bank.

      

      Money Market Update

      Indian rupee closed 0.14% lower at 82.05 against the U.S. dollar on Monday.

      Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.

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