Asian stocks wavered at the open Thursday as investors weighed signals from latest corporate earnings and geopolitical risks in Europe.
Equities dipped in Japan and fluctuated in South Korea and Australia. US futures slipped. A gauge of Chinese stocks traded in the US fell for the first time in three days. The S&P 500 posted its first back-to-back gain in almost two weeks, while the Nasdaq 100 outperformed. Treasuries were steady.
At 7:07 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.02% to 16,494.5 points.
The dollar held gains, while the euro steadied. Bitcoin was just above $23,000 after erasing gains on Tesla Inc.'s move to offload its crypto holdings.
Stocks To Watch
State Bank of India: India's largest public sector lender plans to raise Rs 11,000 crore via bonds.
NTPC: The state-run enterprise has inked a pact with Morocco's Masen to explore, among other things, renewable-energy potential in Africa.
Sonata Software: The company will consider a proposal for issue of bonus shares.
IndoStar Capital: Group CFO Kapish Jain has resigned effective from July 19. Former CFO Pankaj Thapar is engaged as a consultant and designated to oversee the finance functions of the company.
Sasken Technologies: The company has appointed Abhijit Kabra as chief executive officer effective July 20.
Ador Welding: The firm has received a letter of award from ONGC for a project at the oil explorer's Uran plant. The order, worth Rs 145 crore, has to be executed within 30 months.
Earnings Post Market Hours
Wipro (Consolidated, QoQ)
Revenue up 3.2% at Rs 21,528.6 crore
EBIT down 9.3% at Rs 3,085.60 crore
EBIT margin at 14.33% vs 16.31%
Net profit down 17% at Rs 2,563.6 crore
Gland Pharma Q1 FY23 (Consolidated, YoY)
Revenue down 26% at Rs 857 crore
EBITDA down 38% at Rs 270 crore
EBITDA margin at 31.5% vs 37.8%
Net profit down 35% at Rs 229 crore
IndusInd Bank Q1 FY23 (Consolidated, YoY)
Net interest income at Rs 4,125 crore
Net profit at Rs 1,631 crore
Gross NPAs at 2.35% vs 2.27% (QoQ)
Net NPAs at 0.67% vs 0.64% (QoQ)
Tata Communications Q1 FY23 (Consolidated, QoQ)
Revenue up 1% at Rs 4,310.52 crore
EBITDA up 3% at Rs 1,077.03 crore
EBITDA margin at 25% vs 24.5%
Net profit up 49% at Rs 543.76 crore
CEAT Q1 FY23 (Consolidated, YoY)
Revenue up 48% at Rs 2,818.38 crore
EBITDA down 0.5% at Rs 165.26 crore
EBITDA margin at 5.8% vs 8.7%
Net profit down 61% at Rs 9.25 crore
Havells India Q1 FY23 (Consolidated, YoY)
Revenue up 63% at Rs 4,244.46 crore
EBITDA up 1.75% at Rs 361.53 crore
EBITDA margin at 8.5% vs 13.6%
Net profit up 3% at Rs 243.16 crore
AU Small Finance Bank Q1 FY23 (YoY)
Net interest income up 35% at Rs 976 crore
Net profit up 32% at Rs 267.86 crore
Gross NPAs at 1.96% vs 1.98% (QoQ)
Net NPAs at 0.56% vs 0.50% (QoQ)
Oracle Software Q1 FY23 (Consolidated, QoQ)
Revenue up 10% at Rs 1,402.4 crore
EBIT up 18% at Rs 627.76 crore
EBIT margin at 44.7% vs 41.6%
Net profit up 2% at Rs 491.75 crore
Mastek Q1 FY23 (Consolidated, QoQ)
Revenue down 2% at Rs 570.25 crore
EBIT down 10% at Rs 98.13 crore
EBIT margin at 17.2% vs 18.6%
Net profit down 3% at Rs 77.16 crore
Agro Tech Foods Q1 FY23 (Consolidated, YoY)
Revenue down 10% at Rs 186.31 crore
EBITDA down 62% at Rs 6.13 crore
EBITDA margin at 3.3% vs 7.8%
Net profit down 97% at Rs 22 lakh
Analyst Actions
CLSA On Havells
Maintains 'outperform'. Target price set at Rs 1,430
Q1 profit after tax meaningfully below expectations
Revenue above estimates on higher segment-wide growth
At 8.5%, EBITDA margin is lowest in more than a decade
Cables, ECD and Lloyd saw sharp drops in margins
Earnings Today
Can Fin Homes, Crisil, CSB Bank, Cyient, Elecon Engineering, Embassy Office Parks REIT, Gujarat State Fertilisers & Chemicals, Happiest Minds Technologies, Hindustan Zinc, IDBI Bank, ICICI Securities, JSW Energy, Kajaria Ceramics, Meghmani Finechem, Mphasis, Orient Bell, PCBL, Persistent Systems, Hitachi Energy India, PVR, Rajratan Global Wire, Ramkrishna Forgings, SRF
AGMs Today
PVR
Aditya Birla Sun Life AMC
SRF
Mphasis
India Infrastructure Trust
Trading Tweaks
Ex-Date Interim Dividend: Angel One
Ex-Date Dividend: Thermax
Ex-Date Special Dividend: HIL, Tech Mahindra
Ex-Date Split: Hindustan Foods
Record-Date Final Dividend: Usha Martin
Record-Date Interim Dividend: Hindustan Zinc
Move Into Short-Term ASM Framework: Garware Hi-Tech Films, Valiant Organics, Brightcom Group
Research Reports
State Bank of India - Is 450 The New 250?: Motilal Oswal's Take
HG Infra - Well-Placed To Capitalise On Industry Tailwinds: Axis Securities
Prestige Estate Projects - Strong Start To FY23 Led By Mumbai Launches: ICICI Securities
Coromandel International - Strategic Initiatives To Drive Long-Term Growth: Motilal Oswal
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
