The futures for the Asian markets pointed to declines on Friday, after the Treasury yields spiked on surprisingly strong private hiring data.
The S&P 500 declined 0.79% while the Nasdaq 100 fell less than 0.82%, after ADP Research Institute numbers showed US companies added the most jobs in over a year in June, underscoring the inflationary threat from the strong labor market.
Brent crude was below $76 a barrel. The yield on the 10-year U.S. bond was trading at 4.03%, whereas Bitcoin was below the $30,000 level.
At 5:18 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India, was up 0.29% or 58 points trading at 19,758.0.
India's benchmark indices bucked the global trend as it closed at record highs on Thursday. The S&P BSE Sensex ended 340 points higher, or 0.52%, at 65,785.63, while the NSE Nifty 50 closed 99 points up, or 0.51%, at 19,497.30.
Intraday, the Sensex rose 0.59% to scale a new high of 65,832.98 points, while the Nifty jumped 0.59% to hit a record of 19,512.20 points.
Overseas investors in Indian equities remained net buyers for the seventh day in a row on Thursday. Foreign portfolio investors mopped up stocks worth Rs 2,641.1 crore, while domestic institutional investors remained net sellers for the fourth straight day and offloaded equities worth Rs 2,351.7 crore.
The local currency weakened 29 paise to close at Rs 82.51 after opening at Rs 82.37 against the U.S. dollar on Thursday.
Stocks To Watch
Reliance Industries: The National Company Law Tribunal has approved the demerger of Reliance Industries's financial services undertaking into Reliance Strategic Investments, to be renamed Jio Financial Services. Reliance Industries and Reliance Strategic Investments will take the necessary steps, including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments.
Dabur Q1 Update:
Dabur's consolidated business is expected to register growth of over 10%.
The healthcare business in India is expected to achieve double-digit growth backed by mid-single-digit volume growth.
The home care category is expected to report value growth in the high teens.
The oral and hair care categories' growth is pegged at low double digits.
The food and beverage business had a muted quarter as the summer-centric portfolio was impacted due to unseasonal rains and a moderate summer.
The India business is expected to post growth in the high single digits.
A reduction in inflation may lead to year-on-year gross margin expansion.
The international business is expected to report a strong performance with double-digit growth in constant currency.
Operating profit should grow in line with revenue growth.
Growth in profit will be lower than operating profit, mainly due to brand amortisation expenditures on account of the acquisition.
Titan Company Q1 Update (Year-On-Year)
Standalone revenue grew by 20%, led by robust demand.
Jewellery sales rose 21%, with 18 new stores added in Q1.
Watches and Wearables grew 13%, driven by premium brands.
The eyecare division saw sales growth of 10%, with seven new stores added.
CaratLane grew 32%, driven by healthy contributions from Akshaya Tritiya sales.
Titan's total store count stood at 2,778 stores as of June 30, 2023.
Tata Steel Q1 Update (Year-On-Year):
Tata Steel India's crude steel production grew 2% to 5.01 million tonnes.
Delivery volumes increased 18% to 4.8 million tonnes.
Exports moderated on a year-on-year basis to 0.25 million tonnes.
Sobha Q1 Update (Year-On-Year)
The company achieved its highest ever quarterly sale value of Rs 1,465 crore, logging a growth rate of 27.9%.
It clocked its highest ever price realisation of Rs 10,506 per square foot on a total saleable area of 13.94 lakh square feet.
Clocked total sales volume is 13.0 lakh square feet, with a growth rate of 2.6%.
Released inventory of 779,876 square feet in our ongoing projects, mainly in Kerala.
Indian Hotels: The company signed 11 hotels in the first quarter and opened five new hotels across destinations.
Infosys: The company's North American-based unit, Infosys Public Services, opened a new subsidiary in Canada.
JK Cement: The company has acquired an additional 20% stake for Rs 60.24 crore in Acro Paints, taking its overall holding to 80%.
Indian Oil and Praj Industries: The companies have signed a term sheet to strengthen biofuel production capacities in India. The joint venture will include the production of sustainable aviation fuel, ethanol, compressed biogas, biodiesel, and Bio-bitumen. In October 2021, the companies inked an agreement to form a JV for this.
Affle (India): The company's unit in Singapore agreed to acquire the remaining 5% shares of Appnext at a consideration of $1.5 million in tranches within three years.
Aster DM Healthcare: The company has acquired an additional 2.36% stake in unit Malabar Institute of Medical Sciences from several minority shareholders, thus increasing its holding from 76.01% to 78.37%.
IPO Listings
IdeaForge Technology: IdeaForge is set to debut on the Bombay Stock Exchange and the National Stock Exchange on July 7. The company's initial public offering was subscribed 3.69 times on the first day, 13.27 times on day 2, 50.3 times on Day 3, and 106.06 times on the fourth day. The bidding was led by institutional investors, followed by employee-reserved investors, and then retail and non-institutional investors. The Rs 567 crore IPO was fully subscribed on the first day.
Who's Meeting Whom:
Tata Coffee: To meet investors and analysts on July 20.
Polycab India: To meet investors and analysts on July 19.
Anand Rathi: To meet investors and analysts on July 13.
HDFC Asset Management: To meet investors and analysts on July 24.
AGMs:
Bank of Baroda
Indian Overseas Bank
Kuantam Papers
Nestle India
Nilkamal
Trading Tweaks:
Price Band Revised From 20% To 10%: Black Box
Ex-Date Dividend: Adani Enterprises, ACC, Redington, Ashok Leyland, Nucleus Software Exports, Delta Corp., Swaraj Engines, Navin Fluorine International, Biocon, Jayant Agro Organics, Bharat Forge, Axis Bank, Ambuja Cements, Adani Total Gas, CARE Ratings, Crompton Greaves Consumer Electricals, Happiest Minds Technologies, L&T Technology Services, Narayana Hrudayalaya, Roto Pumps, Raghav Productivity Enhancers, Sah Polymers, Swaraj Engines, ZF Commercial Vehicle Control Systems India
Ex-Date Annual General Meeting: Ashok Leyland, Nucleus Software Exports, Swaraj Engines, and Jayant Agro Organics
Ex-Date Bonus: Roto Pumps
Ex-Date Extra Ordinary General Meeting: Aurionpro Solutions
Record-Date Dividend: Adani Enterprises, ACC, Redington, Delta Corp., Navin Fluorine International, Biocon, Bharat Forge, Axis Bank, Ambuja Cements, Adani Total Gas, CARE Ratings, L&T Technology Services, Narayana Hrudayalaya, ZF Commercial Vehicle Control Systems India
Move Out Of Short-Term ASM Framework: Genus Power Infrastructures
Move Out Of Short-Term ASM Framework: Repco Home Finance, Prime Focus
Pledge Share Details
Jindal Steel and Power: Promoter OPJ Trading revoked a pledge of 4.31 crore shares on July 4.
Steel Exchange of India: Promoter Umashiv Garments revoked a pledge of 2 crore shares on July 5 and created a pledge of 1 crore shares on July 6.
Block Deals
Piramal Enterprises: Small Cap World Fund INC sold 61 lakh shares (2.5%), while Plutus Wealth Management bought 11 lakh shares (0.5%), BOFA Securities Europe SA bought 10 lakh shares (0.4%), Tata Mutual Fund bought nine lakh shares (0.4%), Blue Diamond Properties bought seven lakh shares (0.3%), and Societe Generale bought six lakh shares (0.2%), among others, at Rs 941.15 apiece.
Eris Lifesciences: Shah Rakesh sold 27 lakh shares (2%) while HDFC Mutual Fund bought 20.25 lakh shares (1.5%) at Rs 697 apiece.
Bulk Deals
IIFL Finance: Satpal Khattar sold 33 lakh shares (0.8%) at Rs 510.03 apiece.
Sunteck Realty: BNP Paribas Arbitrage sold 968616 shares (0.6%) at Rs 297.03 apiece.
Sat Industries: Societe Generale bought 16 lakh shares (1.4%) at Rs 85.05 apiece.
CEAT: BNP Paribas Arbitrage bought 2.2 lakh shares (0.5%) at Rs 2303.33 apiece.
F&O Cues
Nifty July futures ended at 19,534, a premium of 67.15 points.
Nifty July futures rose 6.18%, with 12,933 shares in open interest.
Nifty Bank July futures ended at 45,400, a premium of 162.70 points.
Nifty Bank July futures rose 7.45%, with 13,336 shares in open interest.
Securities in the ban period: Bharat Heavy Electricals, Delta Corp.
Money Market Update
Indian rupee rose 0.35% to close at 82.51 against the U.S. dollar on Thursday.
Research Report
Pharma Sector Q1 Results Preview - On A Strong Footing: ICICI Securities
Automobiles Q1 Results Preview - Signs Of Growth Moderation Visible In Most Segments: Motilal Oswal
Financials I Non Lending Q1 Results Preview - Likely To Be Mixed-Bag Across Segments: Motilal Oswal
Spandana Sphoorty - Moving To The Most Referred ‘Weekly Collection' Model: ICICI Securities
Supreme Industries - Confident Of 20% Plus Volume Growth In Plastic Pipes: Yes Securities
Ahluwalia Contracts - Strong Growth Visibility On Healthy Order Inflows: ICICI Direct
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