-The local currency weakened 4 paise to close at 83.53 against the US dollar.
-It closed at 83.49 on Tuesday.
Source: Bloomberg
Gets final US FDA approval for Sacubitril and Valsartan tablets
Source: Exchange filing
Asian Paints, Berger Paints Take Minor Price Hike
The company has taken hikes of 0.7-1% across its portfolio.
This will reflect on retail shelves effective July 22.
Other companies likely to follow suit in next 1-2 days
Sources
Mahindra says price cut on XUV 7OO’s top models not influenced by tax waiver on hybrid cars in Uttar Pradesh
The price cut is aimed at bringing down the average price point down to drive growth.
The AX5 select was launched in May 2025 to bring down average prices.
The celebratory price on XUV 7OO is for four months only.
Demand for the XUV7OO is robust, production in line.
There is no concern of unsold inventory as reported in the media
Maruti Suzuki, Toyota India, Hyundai, Tata Motors, M&M to participate.
Meeting to discuss financial incentives on EVs beyond FAME-II
UP govt wants to clear the ambit of the FAME-II scheme with EV makers
Source: UP Govt Circular
SC stays Gujarat HC order on land allotted to Adani Ports in Navinal village, Mundra
Gujarat HC had ordered retrieval of 108 hectares of land allotted to Adani Ports
Clarifies on report of breach incident of April 2023 exposing data of customers
Reiterates that data breach incident did not have any impact on client securities, funds & credentials
Reiterates that all client accounts are secure
Source: Exchange Filing
Launches '2024 TVS Apache RTR 160 - Racing Edition' priced at Rs 1.28 lakh (ex-showroom, Delhi)
Source: Exchange Filing
Nifty, Sensex Retreat From Record Highs To Log Worst Fall In Over A Month: Midday Market Update
Signs MoU for advisory services
Source: Exchange Filing
SAT has given Religare Enterprises Ltd till July 22 to comply with the SEBI order.
SEBI has earlier asked Religare to apply for approvals and clear path for the Burman Family to get more shares in the company.
Source: SAT proceedings
In pact to encourage EV ownership in India
Source: Exchange Filing
Order a part of consortium along with RVNL
Order for electrification of Bengaluru Metro Phase 2 project
Company's share as part of the consortium is approximately Rs 558 crore
Longer waiting periods: Top variants of models like XUV 7OO had 8 month waiting periods
Absence from Hybrid Space : No further plans for entering this space
Production increasing but not in line with demand: Order book of 2.2 lakh vehicles
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SEBI Committee Set To Evaluate F&O Expert Panel Recommendations On Volatility, Leverage
Delta Corp's stock fell as much as 4.75% during the day to Rs 2,736.6 apiece on the NSE. It was trading 5.27% lower at Rs 2771.2 apiece, compared to a 0.44% decline in the benchmark Nifty 50 as of 10:15 a.m.
It has declined 43% in the last 12 months and 5.6% on a year-to-date basis. The total traded volume so far in the day stood at 4.9 times its 30-day average. The relative strength index was at 56.
Shares of Bansal Wire Industries Ltd. listed on the National Stock Exchange on Wednesday at Rs 356 apiece, a premium of 39% over its issue price of Rs 256 per share. On the BSE, the stock debuted at Rs 352.05 per share, marketing a premium of 37.5%.
Shares of Emcure Pharmaceuticals Ltd. debuted on the BSE on Wednesday at Rs 1,325.05 apiece, a premium of 31.4% over its issue price of Rs 1,008. Even on the National Stock Exchange, the stock opened at Rs 1,325.05 per share.
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Market breadth was skewed in the favour of buyers. Around 1,705 stocks gain, 1,136 fell, and 119 remained unchanged on the BSE.
Maintains Buy with target of Rs 14,105, Upside 10%
UP waives road tax on strong hybrids
Global EV slowdown, upcoming emission norms in India and news on policy support for hybrids
Point to a portfolio of power trains being the best strategy in autos
Maruti being key player in hybrids, stands to benefit from this
Hybrid Grand Vitara and Invicto have road tax of Rs. 2Lakhs to Rs 2.8 Lakhs
Will others states follow suit is key watchable
At pre-open, the Nifty was at 24459.85, up by 0.11% or 26.65 points and the Sensex was at 80481.23, up by 0.16% or 129.59 points.
Maintain Reduce on Maruti Suzuki with TP 11,200, Downside 13%
Maintain ADD on M&M with TP 3,000, Upside 3%
Maintain ADD on Tata Motors with TP 1050, Upside 3%
Beneficial hybrid taxation a positive
Bringing them at par with EVs
Maruti a major beneficiary of the registration-fee waiver for Hybrids
Leading to drop in on-road prices by 8-10% of Grand Vitara
West Bengal has reduced registration fees on CNG cars
Believe these developments improve MSIL’s competitive positioning
Underlying PV industry metrics remain weak; M&M, Tata Motor announce price cuts
M&M expected to outperform wider PV industry with double-digit volume growth
Stress tested the portfolio and believe it offers limited downside
Should be able to manage their 30 days past due at 3.6%
Company should be able to deliver ROA of 4.2% and ROE of 17% with credit cost of 3.4%
Stress case scenario offers 16% downside to the stock
Stress case scenario assumes lower yields, higher credit costs and lower growth
Expect 5.4% ROA, 23% ROE, 23% PAT compounding in FY24-27 in base case
The local currency opened flat at 83.50 against the US dollar.
It closed at 83.49 on Tuesday.
Source: Bloomberg
The yield on the 10-year bond opened flat at 6.99%.
It closed at 6.99% on Tuesday.
Source: Cogencis
Staples companies are witnessing a gradual acceleration in growth
Sequential improvement in consumer sentiment primarily in rural markets
Believes an improvement in demand trends and companies’ self-help initiatives could accelerate volume growth / market share gain
Preferred picks Hindustan Unilever, Godrej Consumer, Britannia and Honasa.
Reiterate Sell on Colgate India, Dabur and United Breweries
Godrej Consumer’s trading update pointed to strong India growth, offset by weak international
Britannia could see further acceleration in volume growth / market share
Britannia they est. 7% / 2% / 13% volume / revenue / EBITDA growth in Q1 (low margin base)
ITC’s cigarette volumes could accelerate further (we est. 4% YoY in Q1)
Cigarette EBIT is likely to witness pressure from competitive intensity, input cost inflation
Tata Consumer could report 7% organic growth in India branded, 19% reported growth
Tata consumer they est. 17% / 23% / 8% consol. revenue/EBITDA/recurring PAT growth YoY in Q1
HUL continues to face near-term demand pressure
HUL they estimate revenue and EBITDA to grow 1% in Q1
Emami’s revenues likely to grow 9% with 7% volume growth and EBITDA +11% YoY in Q1 Marico and Dabur’s trading updates also pointed to 6-7% revenue and EBITDA growth
Honasa growth remains strong 20%/45% revenue / EBITDA growth YoY
Commentary on extent of recovery in rural markets
Competitive pressure from unorganized / local players
Distribution expansion, go-to-market initiatives, innovation/new product launches and extent of investments in A&P
Taxation changes on cigarettes
Potentially favourable policies to propel consumption demand in budget
Developments around proposal of food regulator (FSSAI)
What to watch out for?
Rates 'buy' with target price of Rs 3,545; upside 13.9%
Company remains optimistic about double-digit volume growth in FY25.
Raw material prices have largely bottomed out; it expects them to remain stable for next six months.
Margins shall sustain in 22–24% band.
Capex cycle would be upgraded for building new facilities; would be between 3% and 5% of revenue.
Lending business is still in initial stages with few pilots rolled out
Company has ambitious plans to become a major player in the electronics and EV adhesive markets.
Core categories now make up 55% (down from 80%); 45% comes from growth and pioneer categories
The Core category would continue to do well
Company has big plans to become major player in electronics and EV adhesive markets.
Acquisition of WD-40 has yielded clean results; brand is now targeting to cater to both automotive and consumer needs.
Fevicol remains a powerhouse brand with over 200 SKUs
Fevicol's affordability discourages carpenters from seeking cheaper alternatives.
General elections may cause temporary volume softness in Q1FY25 due to manpower mobility issues, transportation disruptions, and slowdown in new projects
Earnings growth likely to decline from a high base
Overweight on Financials, Consumer Discretionary, Industrials and Technology
For Nifty Index, expect revenue growth at 6%, profit at 1%
Leading revenue growth: Industrials and Utilities
Lagging revenue growth: Materials
Leading Earnings growth: Communication Services, Consumer Discretionary and Financials
Lagging Earnings growth: Materials and Energy
Biggest contributors to Sensex earnings: HDFC bank, TCS, Bharti Airtel
Poorest performer: JSW Steel
On margins, Capital goods likely to see highest expansion, government owned cos likely to fall
Remains overweight Financials, Consumer Discretionary, Industrials and Technology.
Remains underweight all other sectors.
Auto: Watch trends post monsoon; impact of recent commodity price escalations
Capital Goods: Watch end-user industry ordering trends post-elections; election-driven slowdown to impact Q1
Cement: Expect muted YoY volume growth trajectory at 1-7% YoY; 2-3% QoQ decline in realizations
Staples: Expect gradual QoQ improvement in growth and modest YoY margin expansion
Discretionary/Retail: Topline growth to be driven by pace of store expansion. SSSG to be muted except for Jewelers
Energy: For OMCs, EBITDA to decline sharply QoQ on weak refining/marketing margins. CGDs to witness volume growth improvement
Financials (Lenders): Varying growth trends across lenders contingent on NIM / LDR management strategy
Financials (Non-Lenders): Expect margin compression for life insurers owing to mix change. Expect strong PBT growth for capital market players
IT: Expect -1.5% to +2.3% growth qoq for top5 players
Metals: Estimate YoY volume growth of 3-6% for steel cos
Pharma: Expect mixed 1Q: Domestic growth expected to be decent while US sales depend on gRev contribution
Telecom: Limited ARPU improvement; tariff hike benefits from 2Q
Re-initiates with 'Buy'; Target Rs 2,100
Makeover from a small subcontractor into diversified infra play offers best-in-class operating & financial metrics
Saw order slow-down in FY24 in the run up to the elections and due to restrictions
Expanding into Railways where focus on high-speed corridors, freight, & station upgrade
Railways, water, and solar segments offer steady mid-to-long term earnings visibility
Expect CAGR of 21-22% each in revenue and APAT during FY24-27E
Value it based on SOTP
project delays,
economic & policy scenario,
competition,
commodity price volatility in consumables
Key risks:
Maintains buy with target Rs 15,100 (+18%)
Maruti is top sector pick
UP announced full waiver of registration tax on strong hybrid cars
Positive move for Maruti, Toyota, Honda
UP contributed 10% of PV sales and 11% of Maruti's sales
Could see further upside to volumes if other states follow
JSW Steel's Consolidated Production Falls To 6.35 Million Tonnes
Adani Power Unit To Sell Electricity In 20-Year Deal With Reliance Industries
SG MART: SG Logistic Management sold 9 lakh shares (0.8%) at Rs 425.01 apiece.
GMR Power and Urban Infra: F3 Advisors sold 43.5 lakh shares (0.72%) at Rs 93 apiece.
Rama Steel Tubes: Aviator Global Investment Fund sold 1.1 crore shares (0.7%) at Rs 10.71 apiece.
Vijaya Diagnostic Centre: Al Mehwar Commercial Investments L.L.C. sold 22.5 lakh shares (2.19%) at Rs 783 apiece, and Kotak Mahindra Mutual Fund bought 18 lakh shares (1.75%) at Rs 783 apiece.
Trade Setup For July 10: Nifty Set To Test New Record High
Delta Corp Q1 FY25 (Consolidated, YoY)
Revenue down 30% at Rs 181 crore versus Rs 259 crore.
EBITDA down 68% at Rs 31 crore versus Rs 96 crore.
EBITDA margin at 16.9% versus 36.9%.
Net profit down 68% at Rs 22 crore versus Rs 68 crore.
RVNL Inks MoU With Tatweer, Wins Rs 187-Crore Nagpur Metro Contract
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