Stock Market Live Updates 22 July 2024: Indian equity benchmarks trade flat, cautious ahead of Union Budget

The outlook for India’s financial sector appears bright, but it needs to brace for likely vulnerabilities, said Economic Survey 2023-24 tabled in Parliament on Monday.

The Indian financial sector is at a “turnpike moment”, it said, adding that the dominance of banking support to credit is being reduced, and the role of capital markets is rising.

For a country that aspires to be a developed nation by 2047, this is a long-awaited and welcome development, it said.

“Being reliant on and exposed to the capital market, however, comes with its challenges and trade-offs. As India’s financial sector undergoes this critical transformation, it must also brace for likely vulnerabilities and prepare itself with regulatory and government policy levers to intervene and hedge, as required,” it said. - PTI

Zinc prices on Monday fell 0.42 per cent to Rs 257.80 per kilogram in the futures trade as speculators reduced their exposure, tracking negative cues from the spot market.

On the Multi Commodity Exchange, zinc contracts for August delivery traded Rs 1.10 or 0.42 per cent lower at Rs 257.80 per kg in 942 lots.

Analysts said trimming of positions by participants owing to slackened demand from consuming industries in the physical market mainly weighed on zinc prices. - PTI

Coriander prices on Monday eased Rs 8 to Rs 7,184 per quintal in futures trade as speculators reduced their positions amid a weak demand in the spot market.

On the National Commodity and Derivatives Exchange, coriander contracts for the August delivery declined Rs 8 or 0.11 per cent to Rs 7,184 per quintal in 30,175 lots.

Market analysts said subdued demand in the spot market mainly led to the decline in coriander prices here. - PTI

Cottonseed oil cake prices on Monday declined Rs 14 to Rs 2,949 per quintal in futures trade as participants reduced their bets following weak trends in spot markets.

On the National Commodity and Derivatives Exchange, cottonseed oil cake for August delivery fell Rs 14 or 0.47 per cent to Rs 2,949 per quintal with an open interest of 54,730 lots.

Analysts said a sell-off by participants at existing levels amid a subdued trend in the market mainly weighed on cottonseed oil cake prices.

The Economic Survey on Monday said the advent of Artificial Intelligence (AI) casts a “huge pall of uncertainty” with regard to impact on workers across all skill levels.

The Economic Survey 2023-24 tabled in Parliament predicted that the new-age technology, while turbocharging productivity, has the potential to disrupt employment in certain sectors.

The Survey described AI as “phenomenal in its rapid pace of innovation and ease of diffusion” but also cautioned that the the future of work will be reshaped by it.

“... The advent of Artificial Intelligence casts a huge pall of uncertainty as to its impact on workers across all skill levels -- low, semi and high,” it said.

The biggest disruption for the future of work is the accelerated growth in AI, which is poised to revolutionise the global economy, the Survey noted. - PTI

A higher level of private sector financing and resource mobilisation from new sources will be crucial for India to build quality infrastructure, according to the Economic Survey 2023-24.

The Economic Survey 2023-24 was tabled in Parliament by Finance Minister Nirmala Sitharaman on Monday.

According to the survey, facilitating this would not only require policy and institutional support from the central government, but state and local governments would have to play an equally important role.

The survey noted that there is a need to improve data capture and reporting mechanisms for investments in infrastructure across instruments and sectors as well as its composition across different projects at a granular level. - PTI

The production linked incentive scheme (PLI) for automobile and auto components has so far attracted a proposed investment of Rs 67,690 crore, said Economic Survey 2023-24 tabled in Parliament on Monday.

A capital of Rs 14,043 crore has been invested till end-March 2024, it stated.

Applicants have proposed employment generation of 1.48 lakh, against which 28,884 of jobs have been generated till March 31, 2024, the Economic Surevy 2023-24 stated.

So far 85 applicants have got approval under the scheme, it noted. - PTI

The Peria Karamalai Tea & Produce Company Limited has appointed Sreenivasan Muthuswamy as Chief Financial Officer of the company w.e.f. July 22, 2024

Capital markets are becoming more prominent in India’s growth story, with an expanding share in capital formation and investment landscape on the back of technology, innovation and digitisation, according to the Economic Survey 2023-24 tabled in Parliament on Monday. Further, Indian markets are resilient to global geo-political and economic shocks.

Despite heightened geopolitical risks, rising interest rates and volatile commodity prices, Indian capital markets have been one of the best performing among emerging markets in FY24, the Economic Survey said.

The BSE benchmark Sensex has surged around 25 per cent in FY24. Moreover, the uptrend continued in FY25, with the 30-share index on July 3 touching the 80,000 mark in intra-day trading for the first time.

“The exemplary performance of the Indian stock market compared to the world and emerging markets over the years can be primarily attributed to India’s resilience to global geo-political and economic shocks, its solid and stable domestic macroeconomic outlook, and the strength of the domestic investor base,” said the document tabled by Finance Minister Nirmala Sitharaman in Parliament. - PTI

Tata Consultancy Services has expanded its partnership with Rolls-Royce, a British multinational specializing in civil aerospace, defence aerospace, services and power systems, to advance its sustainable initiatives. 

TCS stock trades at ₹4,299.50 on the NSE, down by 0.07%.

Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey 2023-24, along with the statistical appendix in the Lok Sabha.

The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy.

The document also provides an overview of the short-to-medium-term prospects of the economy.

India’s GDP is likely to grow at 6.5 to 7 per cent in the current fiscal year amid global challenges which may impact exports, said Economic Survey 2023-24 tabled in Parliament on Monday.

The growth projected for 2024-25 is lower than the economic growth rate of 8.2 per cent estimated for the previous financial year.

The Reserve Bank has projected the GDP growth for the fiscal year ending March 2025 at 7.2 per cent.

Global agencies like IMF and ADB see India to grow at 7 per cent. - PTI

Coal India Limited (CIL) has opened its account in domestic critical mineral asset emerging as the preferred bidder for Khattali Chotti graphite block in Alirajpur district of Madhya Pradesh. 

The stock rose 1.11% on the NSE, trading at ₹493.40.

Shakti Pumps stock rises 5% on the NSE, trading at ₹4,096.25 after financial results for the period ended June 2024 (consolidated net profit stood at ₹92.66 crore). 

Company’s board had approved the setting up of new corporate office in Indore.

Rane Brake Lining Ltd reported its net profit for the quarter ended June 2024 at ₹8.83 crore as against ₹5.18 crore in the corresponding quarter last year. 

RBL stock surges 4.54% on the NSE, trading at ₹995.

Shares of Reliance Industries Ltd, India’s most valuable company by market valuation, on Monday declined over 3 per cent after the company reported a 5 per cent drop in its June quarter net profit.

The blue-chip stock dropped 3.38 per cent to ₹3,004.25 on the BSE

The 16th Annual General Meeting of Kalyan Jewellers India will be held on August 17, 2024.

Stock trades flat at ₹530 on the NSE.

Major gainers on the NSE as at 12.01 pm:

BPCL (3.52%), NTPC (2.91%), HDFC Bank(2.09%), Ultratech Cement (2.06%), Grasim (2%)

Major losers:

Wipro (-8.50%), Reliance (-3.32%), Kotak (-3.32%), ITC (-1.20%), SBI Life (-1.13%)

Stocks advanced on BSE at 12 noon on July 22, 2024, were 2,282 against 1,560 stocks that declined; 188 stocks remain unchanged. Total stocks traded were 4,030. The number of stocks that recorded a 52-week high was 145, and those that hit a 52-week low was 38. 

In addition, 266 stocks traded in upper circuit, while 274 hit the lower circuit.

Ashok Leyland (2.84%), MRF (2.08%), M&M (1.90%), Bharat Forge (1.72%), Exide Industries (1.69%)

Sati Poly Plast Limited on getting listed on NSE Emerge today! The company manufactures multifunctional flexible packaging materials that meet the packaging needs of various industries. The public Issue was of Rs. 1,735.50 lakhs at an issue price of Rs. 130 per share. 

We believe that the upcoming budget will likely support the vision of “Viksit Bharat” by 2047, following a transformation similar to the one seen in the last decade. With the formation of the NDA 3.0 government, there are increasing expectations from the market for some allocation to address rural challenges and a potential cutback on capital expenditure. The budget is expected to strike a balance between capital expenditure and addressing rural challenges. Moreover, a higher-than-expected RBI dividend has provided some flexibility to progress further with welfare schemes. We anticipate that the government’s priority will continue to be achieving and maintaining macro stability by following a path of fiscal consolidation while balancing growth and stability. We expect the fiscal deficit for FY25 to be kept below 5.1%, with a goal of reaching 4.5% by FY26. Currently, the market is closely monitoring developments related to the capital gains tax. Any deviation from market expectations could lead to some short-term unfavourable reaction, although the likelihood of this happening seems low.

The truncated yet eventful week started off with a flurry of activity but ended on a more subdued note. The benchmark index showed limited movement and stayed within a narrow range before the mid-week holiday sessions. However, in the later part of the week, there were significant and volatile fluctuations in the market. The Nifty continued its winning streak for the seventh consecutive week, closing above 24500 with a weekly gain of 0.12%.

Despite the benchmark’s consistent winning streak, the broader market exhibited significant divergence, particularly in the last two sessions. During this period, the Advance-Decline ratio notably favoured bears, highlighting the prevalence of declining stocks. From a technical perspective, it is worth noting that Nifty has formed a ‘Shooting Star’ on a weekly time and a ‘Bearish Engulfing’ on a daily time frame at record highs. This could potentially signal a shift in the trend or a temporary pause in the current upward momentum for the Bulls of the D-Street. Also, as we approach the upcoming Budget week, it is important to note that the volatility index may experience an uptick. This is due to India VIX teetering on the edge of a consolidation breakout on the daily time frame leading up to the Budget week.

As far as levels are concerned, a sustainable plunge below 24500 is likely to provide some more respite to the benchmark for a potential downside to 24300-24200 (20 DEMA) on an intermediate basis, while the sacrosanct support lies at 24000 mark. The trading range is highly anticipated to broaden amidst the Budget week, and hence, proper risk management is warranted for the participants. Furthermore, while looking at the elevated parameters and rising volatility caution is recommended. On the contrary, the record high of 24800-24850, now could be seen as a daunting task for the Bulls in the comparable period.

Axis Bank Q1FY25 Preview

Result date: July 24

Axis Bank demonstrated strong performance in FY24, primarily driven by its Wholesale and Retail segments. We anticipate a slight compression in the bank’s NIMs. However, the bank has not yet exhausted its potential for deposit growth, with untapped levers still available to enhance this aspect. Despite industry-wide stress in unsecured loan portfolios, Axis Bank’s unsecured book remains stable, and we do not foresee any deterioration in asset quality. The bank’s loan mix has shifted towards high-yielding products, gradually improving NIMs. Although the bank expects to complete deposit repricing by the next quarter, leading to stable NIMs thereafter, a slight dip may occur in the interim. Overall, our outlook remains positive based on these factors.

- Global markets were surprised by the outages across Airlines, Banks, TV Channels after a latest update on the Crowd strike cyber security software had a bug in it which caused an issue with the Microsoft OS. A section of the market thought this was a cyber-attack, but it was later clarified that it was not.

- European Central Bank maintained status quo on policy rates at 3.75%, amid concerns of inflationary pressures. The committee members unanimously decided to remain data dependent, but are open to policy easing in Sep’24.

- The European Union is contemplating imposing additional 25% tax on energy intensive goods exported from India to EU, with an aim to reduce emissions from imports of aluminium, iron and steel.

- US is weighing on imposing tougher measures called the foreign direct product rule (FDPR) – imposing restriction on companies using American technology to produce goods for exports.

- Unlike previous forecast of on-set of La Nina conditions by July, the global weather agencies now forecast a delayed on set between Sept to Nov’24. This raises concerns as rainfall is still deficient and reservoir levels are currently trailing below long period averages.

- IMF raised India’s growth projection for FY25 by 20bps to 7% while kept the growth expectations were kept unchanged at 6.5%. But the IMF expects a weakening momentum in the next five years for India and China.

- Karnataka government had to suspend the introduction and implementation of the proposed jobs quota bill, which mandated private sector to reserve jobs for locals (50% for management jobs & 70% for non-management jobs). On strong pushback from industry participants this bill is now kept in abeyance for a detailed discussion.

- Markets would be keenly awaiting the Union budget announcements scheduled on 23rd July, for indication on any shift in fiscal policy. We expect continued focus on capex with a dash of welfarism

Dodla Dairy recorded its consolidated net profit for the quarter ended June 2024 at ₹65.02 crore as against ₹34.97 crore in the corresponding quarter last year. 

Stock jumps 10.89% on the NSE, trading at ₹1,287.15.

Bharat Petroleum Corporation (BPCL) reported lower than expected Q1FY25 results with an EBITDA of Rs56.5bn (down 38.7% QoQ, PLe: Rs61.7bn). Adj PAT came in at Rs30.1bn (down 45.9% QoQ, PLe: Rs33.1bn). The company reported a GRM at US$7.9/bbl. GMMs as per our calculation came in at Rs4.8/ltr. Consol debt stands at Rs427bn with a cash of Rs150bn. Going ahead, given the weak Singapore GRM and factoring in demand concerns in the long term we build in a GRM of US$6.5/6/bbl for FY25/26E. On the marketing front, we estimate a gross marketing margin of Rs4.5/4.1/ltr for FY25/26E. The stock is currently trading at 1.6/1.5x FY25/26 P/BV. We maintain ‘Reduce’ rating with a TP of Rs269 based on 1.3x FY26 P/BV.

Top gainers on the BSE at 11.30 am:

NFL (12.32%), RCF (11.45%), Gravita (9.28%), Anantraj (7.56%), Chemplasts (6.97%)

Top losers:

Wipro (-8.39%), KPI Green (-5%), Phoenix Mills (-4.79%), Sobha (-4.20%), Anand Rathi (-3.87%)

Varun Beverages RDC SAS, wholly-owned subsidiary of VBL, has started commercial production of carbonated soft drinks and packaged drinking water at its production facility at Kinshasa, Democratic Republic of Congo.

VBL stock trades flat at ₹1,560 on the NSE.

Garden Reach Shipbuilders & Engineers has entered into the following two non-binding MoUs. With Merlinhawk Aerospace Private Limited for collaboration towards development of composite Doors and Hatches for use in Naval Ships, Counter UAV Solution using EDFCS along with CRN 91, EOIRST for Surveillance, Composite Masts for Indian Navy Ships and Hydrogen fuel cells based power generation for maritime applications.

With Kera la State Electronics Development Corporation Limited (KEL TRON) for establishing collaborative working arrangement towards development of core futuristic technologies in various fields to achieve self-reliance in certain areas of Under Water Surveillance.

GRSE stock surges 5% on the NSE, trading at ₹2,578.10.

Morgan Stanley is recommending booking profits in Asia’s IT sector and has moved it to equal weight from overweight. It has also upgraded consumer staples ex-China to overweight from underweight

Bank ​Nifty​ opened ​today’s session at 52,146​ versus Friday’s close of 52,266. After opening with a minor gap-down, the index recovered and is now trading around 52,415, up 0.3 per cent.

We visited Suzlon’s Daman plant, which manufactures nacelles for wind turbines. Started in 2004, the plant contributed to over 60% of the 20GW+ turbines supplied globally. India’s wind capacity installations are set to rise to 8-9GW by FY27 (3.3GW in FY24). To capitalise on the mounting demand, the company plans to expand its Daman capacity in near future and restart the similar-sized Pondicherry in a phased manner basis the demand scenario and utilisation. We understand the company is well-placed to be a beneficiary of rising demand from utilities and the C&I segment (58% of May’24 OB of 3.3GW). We factor in 1.5/2.2GW deliveries for FY25/26 (0.7GW in FY24), and reiterate our Buy rating, at 35x FY26e PE.

Background. Over the last two decades, the Daman plant was instrumental in over 60% of the more than 20GW wind turbines supplied globally. With a 2.7GW pa (three nacelles a day) rated capacity, the plant’s turbine capacity rose to 3.1MW (600KW earlier).

Capacity expansion. To cater to mounting demand (FY27 wind installations to rise to 8-9GW; 3.3GW in FY24), the company plans to expand its Daman capacity and basis the utlisation and demand traction it would restart its Pondicherry plant (same capacity as the Daman plant) in a phased manner, which would take the rated capacity to over 4,5GW pa (FY24 deliveries: 0.7GW). In FY26, it plans to automate its plant to shorten the turnaround time and raise safety standards.

Rising OB, deliveries. The company’s May’24 OB was 3.3GW and we model 1.5/2GW deliveries for FY25/26 vs. 0.7GW in FY24.

Outlook, Valuation. We maintain a Buy with a 12-mth TP of Rs58, 35x FY26e P/E, given the impressive growth opportunities. We will revisit our assumptions and estimates post-Q1 results.

Risks: Adverse government policies, slower-than-expected pick-up in WTGs, keener competition.

Nifty 50 has risen back very well after opening with a gap-down. The index made an intraday low of 24,362 and has recovered almost all the loss from there. It is currently trading at 24,524, down marginally by 0.03 per cent. The advances/declines ratio is at 27:23. This is broadly neutral.

Torrent Pharma (2.41%), Granules (2.31%), Alkem (1.80%), Natco Pharma (1.77%), Dr Reddy’s Lab (1.67%)

“The Indian media and entertainment (M&E) industry is flourishing, bolstered by the surge in OTT platform usage, governmental support for digital infrastructure, and the ever-growing enthusiasm for cinema. Despite numerous tax reforms introduced over the years, several critical issues remain that need to be addressed in the upcoming Union Budget.

One major challenge involves the TDS (Tax Deducted at Source) system. Currently, taxpayers face significant difficulties in reconciling TDS with their income due to timing differences. To alleviate this burden, it would be beneficial if the Income-tax Act allowed for TDS credit as reflected in Form 26AS for the corresponding year.

Advertising agencies also face hurdles with the existing TDS framework, which impacts their cash flow due to TDS being applied to the gross billing amount. Lowering the TDS rate on payments from advertisers to these agencies would help ease this financial strain.

Additionally, payments to foreign satellites and data centers are presently classified as royalty or fees for technical services, making them subject to withholding tax. Clarifying that these payments are not taxable in this manner would greatly assist M&E companies utilizing these services.

Moreover, the rules for carrying forward losses during company amalgamations should be expanded to include M&E sector companies, fostering growth and consolidation within the industry.

On the GST front, implementing the proposed changes from the recent GST Council meeting, such as the amnesty scheme for waiving interest and penalties and reducing pre-deposits for filing appeals, would significantly reduce ongoing litigations and create a more supportive business environment.

Budget 2024 expectations by Rajeev Yadav, Deputy CEO, AU Small Finance Bank 

The government is now set to present a revised Union Budget for FY25, which will supersede the interim budget presented earlier in Feb-24. The newly appointed government will be expected to continue with policy focus on prudent fiscal management and fiscal glide path to achieve fiscal deficit of 4.5% by FY 26. This augurs well for overall macro-stability for transitioning towards the goal of Viksit Bharat by 2047.

I believe the Union Government budget should focus on five key priorities for the upcoming Union Budget

- Commitment towards fiscal discipline needs to get reiterated and will boost India’s fiscal image at a time of global bond inclusion. A sovereign rating upgrade over next two years will lower the cost of borrowing for all economic stakeholders in the country.

- Viksit Bharat requires scaling up of financial intermediation in a sustainable manner. There is an urgent need to accelerate deposit mobilization by the banking system. The FY25 Union Budget (along with support from the RBI) could look at providing a level playing field to bank deposits vis-à-vis other competing instruments by incentivize deposit mobilization through lowering tax incidence on FDs.

- Indian banks have been spending 6-8% of total operating expending on technology. This is lower than the global average of 10-12%. With government’s focus on digitization and financialization of the economy and boosting cyber security, Indian banking system needs to meaningfully scale up the technological infrastructure to be future ready. (deeper penetration of digital payments, adoption of CBDC, rapid use of AI in customer service etc). FY25 Union Budget could offer some tax rebates for scaling up technological infrastructure.

- Job creation needs to be is a top priority for the policymakers to help maximize India’s demographic dividend and sustain GDP growth close to 8%. (as per the UN, India’s working age population is expected to peak around 2040). The Union Budget needs to be multi-dimensional prioritising filling of government jobs, existing PLI Scheme to reinvigorate labour intensive sectors (esp. involving the SMEs) like textiles, leather, tourism etc, doubling increasing allocation towards education from close to 3% currently of GDP to around 6%.

- Supporting demand side economic activity through private consumption will not just raise demand at the bottom of pyramid, but it would also help the fiscal revenue by boosting indirect tax collections. The Budget could consider increasing targeted allocation for affordable housing under the PMAY Scheme while also providing tax incentives to home loan borrowers for developers. Scaling up of agriculture infrastructure and encouraging ‘farm tourism’ will also provide a strong impetus to rural incomes. 

The Union Budget needs to set the tone for economic momentum for the next five years. This will involve a fine balancing between preserving of fiscal discipline, boosting inclusive consumption, and incentivizing financial savings, private investment, and exports.

Top gainers on the NSE at 10 am:

NTPC (2.43%), HDFC BANK(2.25%), BPCL (2.22%), Ultratech Cement (1.74%), Grasim (1.54%)

Top losers:

Wipro (-8.33%), Reliance (-2.84%), Kotak (-2.18%), ICICI Bank (-1.23%), Eicher Motors (-0.98%)

TARC Limited has appointed Arabian Construction Company, headquartered out of Abu Dhabi, UAE, as the principal contractor for its luxury residential developments, TARC Kailasa, located in Central West Delhi & its upcoming development TARC 63A located in Gurugram

Zydus Lifesciences Limited (including its subsidiaries/ affiliates announced that the Mexican regulatory authority COFEPRIS (Federal Commission for the Protection Against Sanitary Risk), has granted marketing approval for BhavaTM, a Bevacizumab biosimilar. 

Zydus Lifesciences stock inches up 0.29% on the NSE, trading at ₹1,147.75.

Fineotex Chemical has raised of ₹342.5 Crore through a preferential allotment of equity shares and convertible warrants.

FCL stock trades at ₹359.70 on the NSE, down by 0.37%.

JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy, has received a letter of award from Solar Energy Corporation of India Limited for setting up 500 MW Solar Power Project along with 250 MW / 500 MWh of Energy Storage Systems (Tranche XV).

The subsidiary has also received a letter of award from Karnataka Renewable Energy Development Limited for setting up 300 MW Solar Power Project at Pavagada Solar Park, Karnataka.

JSW Energy trades at ₹715.95 on the NSE, up 1.55%.

H.G. INFRA ENGINEERING: CO SECURES PROJECT WORTH RUPEES 709.11 CR FROM EAST CENTRAL RAILWAY; CONSTRUCTION TO BEGIN JUNE 22, 2024

Gold surged to $2,410 per ounce on Monday, aided by a technical bounce following a roughly 2% dip the previous session and a weaker dollar. Last week, the precious metal fell as the dollar surged due to stronger-than-expected manufacturing growth in the US Mid-Atlantic area in July, while the weekly unemployment claims increase was attributed to seasonal factors. Investors are now looking to US economic data anticipated this week to confirm rate-cut predictions. The Q2 advance estimate for GDP growth, personal expenditure, and income, as well as the June PCE price index, the Federal Reserve’s favoured inflation gauge, are all important indicators. Meanwhile, investors are assessing the impact of President Joe Biden’s decision to terminate his reelection campaign and endorse Vice President Kamala Harris.

Crude oil futures traded higher on Monday morning as China reduced its lending rate in an effort to boost the economy. At 9.20 am on Monday, September Brent oil futures were at $83.19, up by 0.68 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $79.10, up by 0.58 per cent. August crude oil futures were trading at ₹6630 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹6612, up by 0.27 per cent, and September futures were trading at ₹6564 against the previous close of ₹6553, up by 0.17 per cent.

Indian equity benchmarks, Sensex and Nifty, opened weak on Monday.The 30-share BSE Sensex fell 343.32 points to 80,261.33 in early trade. The NSE Nifty dropped 130.60 points to 24,400.30. Analysts said subdued results from Reliance Industries and Wipro will keep the market under pressure, though Kotak Mahindra Bank, HDFC Bank and Yes Bank came out with strong numbers. The focus will also be on the upcoming Budget, which is scheduled for July 23. The market will remain volatile this week, said experts. Besides, Thursday being the settlement week for monthly F&O contracts at the NSE, the market will remain volatile.

22 July 2024 (Today)

Derivative Segment

* Coforge Ltd.

Cash Segment

* IDBI Bank Ltd.

* Indian Overseas Bank

* Maharashtra Scooters Ltd.

* Mangalore Refinery & Petrochem

* Poly Medicure Ltd.

* Supreme Industries Ltd.

* Suzlon Energy Ltd.

* UCO Bank

* Zensar Technologies Ltd.

* ZF CV Ctrl Systems India Ltd.

23 July 2024

Derivative Segment

* Bajaj Finance Ltd.

* Hindustan Unilever Ltd.

* ICICI Prudential Life Ins Co

* M&M Financial Services Ltd.

* SRF Ltd.

* Torrent Pharmaceuticals Ltd.

* United Spirits Ltd.

Cash Segment

* DCM Shriram Ltd.

* ICICI Securities Ltd.

* Kajaria Ceramics Ltd.

* Schaeffler India Ltd.

24 July 2024

Derivative Segment

* Axis Bank Ltd.

* Bajaj Finserv Ltd.

* Indian Energy Exchange Ltd.

* Indraprastha Gas Ltd.

* Jindal Steel & Power Ltd.

* Larsen & Toubro Ltd.

* Oracle Fin Services Software 

* Petronet LNG Ltd.

* SBI Life Insurance Co Ltd.

* Syngene International Ltd.

* The Federal Bank Ltd.

Cash Segment

* Aditya Birla Sun Life AMC

* Bajaj Holdings & Inv Ltd.

* Bikaji Foods International 

* CG Power & Industrial Solns 

* Craftsman Automation Ltd.

* HFCL Ltd.

* Hitachi Energy India Ltd.

* India Grid Trust

* JK Paper Ltd.

* KPIT Technologies Ltd.

* Mahindra Lifespace Dev 

* MAS Financial Services Ltd.

* Ramkrishna Forgings Ltd.

* SIS Ltd.

* Sona BLW Precision Forgings 

* Tata Teleservices Ltd.

* The Karnataka Bank Ltd.

* Trident Ltd.

* V-Guard Industries Ltd.

* Welspun Living Ltd.

25 July 2024

Derivative Segment

* Ashok Leyland Ltd.

* AU Small Finance Bank Ltd.

* Canara Bank

* DLF Ltd.

* Laurus Labs Ltd.

* Mahanagar Gas Ltd.

* Mphasis Ltd.

* Nestle India Ltd.

* Tech Mahindra Ltd.

* The Ramco Cements Ltd.

* United Breweries Ltd.

Cash Segment

* Aavas Financiers Ltd.

* Adani Green Energy Ltd.

* Chalet Hotels Ltd.

* Cyient Ltd.

* Embassy Office Parks REIT

* Home First Finance Co India

* Jupiter Wagons Ltd.

* Jyothy Labs Ltd.

* Mahindra Holidays & Resorts 

* Motilal Oswal Fin Services 

* PNB Housing Finance Ltd.

* Praj Industries Ltd.

* Ujjivan Small Finance Bank

* UTI AMC Ltd.

* VST Industries Ltd.

* Westlife Foodworld Ltd

26 July 2024

Derivative Segment

* Bandhan Bank Ltd.

* Cholamandalam Inv & Fin Co

* Cipla Ltd.

* City Union Bank Ltd.

* IndusInd Bank Ltd.

* Interglobe Aviation Ltd.

* Power Grid Corp Of India Ltd.

* Shriram Finance Ltd.

Cash Segment

* Aarti Drugs Ltd.

* Amber Enterprises India 

* Equitas Small Finance Bank 

* Intellect Design Arena Ltd.

* Kaynes Technology India 

* KEC International Ltd.

* Latent View Analytics Ltd.

* Laxmi Organic Industries 

* Piramal Pharma Ltd.

* POWERGRID InvIT

* Punjab & Sind Bank

* Sanofi India Ltd.

* TTK Prestige Ltd.

27 July 2024

Derivative Segment

* Dr. Reddy’s Laboratories 

* ICICI Bank Ltd.

* IDFC First Bank Ltd.

* MCX India Ltd.

* REC Ltd.

Cash Segment

* Finolex Industries Ltd.

* Sumitomo Chemical India 

* Jammu & Kashmir Bank 

29 July 2024

Derivative Segment

* ACC Ltd.

* Bharat Electronics Ltd.

* Hindustan Petroleum Corp 

Cash Segment

* Adani Wilmar Ltd.

* CSB Bank Ltd.

* Jindal Saw Ltd.

* Kansai Nerolac Paints Ltd.

* KEI Industries Ltd.

* Privi Speciality Chemicals Ltd.

30 July 2024

Derivative Segment

* Exide Industries Ltd.

* Granules India Ltd.

* Indian Oil Corp Ltd.

* Indus Towers Ltd.

* Navin Fluorine Int Ltd.

Cash Segment

* Ajanta Pharma Ltd.

* Carborundum Universal Ltd.

* Castrol India Ltd.

* Firstsource Solutions Ltd.

* Star Health & Allied Ins Co 

* Sterlite Technologies Ltd.

31 July 2024

Derivative Segment

* Ambuja Cements Ltd.

* Crompton Greaves Cons Elec

* Godrej Properties Ltd.

* Mahindra & Mahindra 

* Maruti Suzuki India Ltd.

Cash Segment

* Apar Industries Ltd.

* Elgi Equipments Ltd.

* K.P.R. Mill Ltd.

* Lakshmi Machine Works 

* Mankind Pharma Ltd.

* Nuvoco Vistas Corp Ltd.

01 August 2024

Derivative Segment

* Aditya Birla Capital Ltd.

* Dabur India Ltd.

* Escorts Kubota Ltd.

* ITC Ltd.

* Sun Pharma Industries Ltd.

* Tata Motors Ltd.

Cash Segment

* Akzo Nobel India Ltd.

* Alkyl Amines Chemicals Ltd.

* Aptus Value Housing Fin India 

* Clean Science & Technology 

* Emami Ltd.

* Kalyan Jewellers India Ltd.

* Orient Electric Ltd.

* Suryoday Small Finance Bank 

* Tata Motors Ltd. - DVR 

* The Great Eastern Shipping Co

* Tube Investments of India Ltd.

* Vaibhav Global Ltd.

02 August 2024

Derivative Segment

* Titan Company Ltd.

Cash Segment

* Computer Age Mgmt Services 

* Dalmia Bharat Sugar 

* Glaxosmithkline Pharma

* Medplus Health Services 

* Tamilnad Mercantile Bank 

* Zydus Wellness Ltd.

03 August 2024

Derivative Segment

Nil

Cash Segment

* Amara Raja Energy & Mobility 

* Bank Of India

* Capri Global Capital Ltd.

05 August 2024

Derivative Segment

* Deepak Nitrite Ltd.

* Marico Ltd.

* Tata Chemicals Ltd.

Cash Segment

* Avanti Feeds Ltd.

* Devyani International Ltd.

* Gujarat State Fert & Chem

* Honeywell Automation India 

* Motherson Sumi Wiring India 

* Orient Cement Ltd.

06 August 2024

Derivative Segment

* Bosch Ltd.

* Cummins India Ltd.

* Gujarat Gas Ltd.

* Shree Cement Ltd.

* TVS Motor Company Ltd.

Cash Segment

* 3M India Ltd.

* Blue Star Ltd.

* Gland Pharma Ltd.

* Indigo Paints Ltd.

* Rain Industries Ltd.

* Symphony Ltd.

07 August 2024

Derivative Segment

* Godrej Consumer Products 

* Pidilite Industries Ltd.

Cash Segment

* BASF India Ltd.

* BSE Ltd.

* Esab India Ltd.

* Lemon Tree Hotels Ltd.

08 August 2024

Derivative Segment

* ABB India Ltd.

* Biocon Ltd.

* Container Corp Of India Ltd.

* Page Industries Ltd.

Cash Segment

* Gujarat State Petronet Ltd.

* Timken India Ltd.

09 August 2024

Derivative Segment

* Berger Paints India Ltd.

* Info Edge (India) Ltd.

* Jubilant FoodWorks Ltd.

* Zydus Lifesciences Ltd.

Cash Segment

* Cholamandalam Fin Hldgs 

13 August 2024

Derivative Segment

* GNFC Ltd.

* Hindalco Industries Ltd.

* Max Financial Services Ltd.

* Samvardhana Motherson Int 

Cash Segment

* Endurance Tech Ltd.

* HEG Ltd.

* TCI Express Ltd.

21 August 2024

Derivative Segment

Nil

Cash Segment

* P&G Health Ltd.

28 August 2024

Derivative Segment

Nil

Cash Segment

* P&G Hygiene & Health Care 

29 August 2024

Derivative Segment

Nil

Cash Segment

* Gillette India Ltd.

Dividend

22-Jul-24

IMFA: Final Dividend - Rs. - 7.50

VOLTAMP: Final Dividend - Rs. - 90.00

CHEMBOND: Final Dividend - Rs. - 3.50

DHPIND: Final Dividend - Rs. - 4.00

DIVGIITTS: Final Dividend - Rs. - 2.60

EXIDEIND: Final Dividend - Rs. - 2.00

SWELECTES: Final Dividend - Rs. - 4.00

HAPPYFORGE: Final Dividend - Rs. - 4.00

XPROINDIA: Dividend - Rs. - 2.00

BEMHY: Final Dividend - Rs. - 2.00

CARBORUNIV: Final Dividend - Rs. - 2.50

23-Jul-24

NOVARTIND: Final Dividend - Rs. - 25.00

TCFCFINQ: Final Dividend - Rs. - 1.80

OCCL: Final Dividend - Rs. - 7.00

JENBURPH: Dividend - Rs. - 15.30

PLASTIBLEN: Final Dividend - Rs. - 4.25

MODISONLTD: Final Dividend - Rs. - 2.00

GOODYEAR: Final Dividend - Rs. - 15.00

TCPLPACK: Final Dividend - Rs. - 22.00

HIL: Final Dividend - Rs. - 22.50

HCLTECH: Interim Dividend - Rs. - 12.00

SHRIRAMFIN: Final Dividend - Rs. - 15.00

SILINV: Final Dividend - Rs. - 2.50

WEIZMANIND: Final Dividend - Rs. - 0.50

WALCHPF: Final Dividend - Rs. - 1.00

RAJRATAN: Final Dividend - Rs. - 2.00

RAINBOW: Final Dividend - Rs. - 3.00

DATAPATTNS: Final Dividend - Rs. - 6.50

SHREECEM: Final Dividend - Rs. - 55.00

TIINDIA: Final Dividend - Rs. - 1.50

24-Jul-24

FORTISMLR: Final Dividend - Rs. - 2.50

VINYLINDIA: Dividend - Rs. - 6.75

AVADHSUGAR: Dividend - Rs. - 10.00

FIEMIND: Final Dividend - Rs. - 20.00

IFGLEXPOR: Final Dividend - Rs. - 7.00

ICIL: Final Dividend - Rs. - 2.20

PIDILITIND: Final Dividend - Rs. - 16.00

HATSUN: Interim Dividend - Rs. - 6.00

LAXMIMACH: Final Dividend - Rs. - 75.00

ELGIEQUIP: Final Dividend - Rs. - 2.00

FORTIS: Final Dividend - Rs. - 1.00

HONAUT: Final Dividend - Rs. - 100.00

PRIVISCL: Final Dividend - Rs. - 2.00

DYCL: Final Dividend - Rs. - 0.50

IPO

Sanstar: 19-Jul-24; Close: 23-Jul-24

Aurobindo Pharma : Ex-Date: 30-Jul-24

Bonus

EIH Associated Hotels : Bonus Issue 1:1; Ex-Date: 29-Jul-24

Stock Split

NHC Foods: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 22-Jul-24

Almondz Global Sec.: Stock Split From Rs. 6/- to Rs. 1/-; Ex-Date: 23-Jul-24

KSB: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 25-Jul-24

Magellanic Cloud: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 26-Jul-24

Rushil Décor: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 09-Aug-24

Filatex Fashions: Stock Split From Rs. 5/- to Rs. 1/-; Ex-Date: 09-Aug-24

Cellecor Gadgets: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 09-Aug-24

Balmer Lawrie Investments: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 09-Aug-24

Right Issue

Bhandari Hosiery Exports: 08-Jul-24; Close: 22-Jul-24

SAR Televenture: 15-Jul-24; Close: 22-Jul-24

Mitcon Consultancy & Engineering: 28-Jun-24; Close: 26-Jul-24

Lesha Industries: 22-Jul-24; Close: 27-Jul-24

Indowind Energy: 26-Jul-24; Close: 05-Aug-24

Inventure Growth & Securities: 15-Jul-24; Close: 13-Aug-24

Open Offer

Agro Tech Foods: Open: 11-Jul-24; Close: 25-Jul-24

Foods And Inns: Open: 23-Jul-24; Close: 05-Aug-24

PBOC 5Year Loan Prime Rate (Jul)

A: 3.85% F: 3.95% P:3.95%

PBOC 1Year Loan Prime Rate

A: 3.35%% F: 3.45% P: 3.45%

IMPACT: Slightly Positive for base Metals and Negative for Yuan

The People’s Bank of China unexpectedly slashed key lending rates to new record lows at the July fixing to help a fragile recovery. The one-year loan prime rate (LPR), the benchmark for most corporate and household loans, was cut to 3.35%. Meanwhile, the five-year rate, a reference for property mortgages, was trimmed to 3.85%. Monday’s moves came as the central bank also decided to reduce a key short-term policy rate for the first time in nearly a year following last week’s Third Plenum gathering, and weak Q2 GDP figures and mixed activity data in June. The board lowered the seven-day reverse repo rate to 1.7% from 1.8%, citing efforts to optimize open market operations and increase financial support. Bloomberg News said the seven-day rate could be the future benchmark policy rate as the PBoC in recent weeks indicated a shift toward the short-term rate to guide markets. This will reduce the importance of the existing 1-year benchmark, the medium-term lending facility rate.

Jefferies on JSW Energy: Maintain Buy on Company, raise target price at Rs 840/Sh (Positive) 

MS on ICICI Lombard: Maintain Overweight on Company, raise target price at Rs 2205/Sh from Rs 2010/Sh (Positive) 

Macquarie on ITC: Initiate Buy on Company, target price at Rs 535/Sh (Positive) 

Citi on Polycab: Maintain Buy on Company, raise target price at Rs 7600/Sh (Positive) 

Nuvama on TRIL: Maintain Buy on Company, target price at Rs 980/Sh (Positive) 

Nomura on Reliance Industries: Maintain Buy on Company, target price at Rs 3600/Sh (Positive) 

Citi on Ultratech: Maintain Buy on Company, target price at Rs 13,000/Sh (Positive) 

Bernstein on PayTM: Maintain Outperform on Company, target price at Rs 600/Sh (Positive) 

Jefferies on HDFC Bank: Maintain Buy on Bank, raise target price at Rs 1890/Sh (Positive) 

GS on HDFC Bank: Maintain Buy on Bank, raise target price at Rs 1961/Sh (Positive) 

MS on Kotak Bank: Maintain Overweight on Bank, target price at Rs 2300/Sh (Positive) 

Jefferies on Kotak Bank: Maintain Hold on Bank, raise target price at Rs 1960/Sh (Positive) 

Citi on BPCL: Maintain Buy on Company, target price at Rs 380/Sh (Positive) 

MS on BPCL: Maintain Overweight on Company, target price at Rs 366/Sh (Positive) 

Jeffries on BPCL: Maintain Buy on Company, raise target price at Rs 385/Sh from Rs 365/Sh (Positive) 

Nomura on Wipro: Maintain Sell on Company, raise target price at Rs 600/Sh (Positive) 

Citi on Wipro: Maintain Sell on Company, raise target price at Rs 495/Sh from Rs 455/Sh (Neutral) 

MS on Wipro: Maintain Underweight on Company, raise target price at Rs 459/Sh from Rs 421/Sh (Neutral) 

Jeffries on Reliance Industries: Maintain Buy on Company, cut target price at Rs 3525/Sh from Rs 3580/Sh (Neutral) 

MS on Reliance Industries: Maintain Overweight on Company, target price at Rs 3540/Sh (Neutral) 

Nomura on Reliance Industries: Maintain Buy on Company, target price at Rs 3525/Sh (Neutral) 

Macquarie on Reliance Industries: Maintain Neutral on Company, raise target price at Rs 2750/Sh from Rs 2630/Sh (Neutral) 

MS on Can Fin Home: Maintain Overweight on Company, target price at Rs 1050/Sh (Neutral) 

Bernstein on Kotak Bank: Maintain Market perform on Company, target price at Rs 1750/Sh (Neutral) 

UBS on PVR: Maintain Buy on Company, target price at Rs 1800/Sh (Neutral) 

Macquarie on ICICI Lombard: Maintain Underperform on Company, target price at Rs 1260/Sh (Neutral) 

Macquarie on PayTM: Maintain Underperform on Company, target price at Rs 325/Sh (Neutral) 

Jefferies on PayTM: Maintain Hold on Company, raise target price at Rs 420/Sh (Neutral) 

MOSL on PayTM: Maintain Neutral on Company, target price at Rs 500/Sh (Neutral) 

MOSL on HDFC Bank: Maintain Buy on Bank, target price at Rs 1850/Sh (Neutral) 

Nuvama on HDFC Bank: Maintain Reduce on Bank, target price at Rs 1650/Sh (Neutral) 

Kotak on Polycab: Maintain Sell on Company, target price at Rs 4500/Sh (Neutral) 

Emkay on Indian Hotels: Maintain Add on Company, target price at Rs 615/Sh (Neutral) 

Nuvama on Indian Hotels: Maintain Hold on Company, target price at Rs 568/Sh (Neutral) 

Citi on JSW STEEL: Maintain Sell on Company, cut target price at Rs 650/Sh from Rs 750/Sh (Negative) 

Investec on PVR Inox: Maintain Sell on Company, cut target price to Rs 1273/Sh (Negative) 

Nomura on Credit Access: Downgrade to Neutral on Company, cut target price to Rs 1300/Sh (Negative)

8:00 AM Yes Bank

Dial: +91 22 7115 8034

9:30 AM Patanjali Foods

Dial: +91 22 6280 1309 

10:00 AM Poonawalla Fincorp

Dial: +91 22 6280 1414

12:00 PM Gravita India

Dial: +91 22 6280 1342 

2:00 PM Shakti Pumps

Dial: +91 22 6280 1107 

3:00 PM Can Fin Homes

Dial: +91 22 6280 1245 

3:30 PM Netweb Technolo

Dial: +91 22 6280 1259 

3:30 PM SOLARA ACTIVE P

Dial: +91 22 6280 1346

3:30 PM UCO Bank

Dial: +91 22 6480 0114

4:00 PM Aurum Proptech

4:00 PM PVR

Dial: + 91 22 6280 1145

4:00 PM Oberoi Realty

Dial: +91 22 6280 1244 

4:00 PM Kirloskar Pneum

Dial: +91 22 6280 1342 

4:00 PM Supreme Ind

Dial: +91 22 6280 1384

4:00 PM J. K. Cement

Dial: +91226280 1143 

5:00 PM Rossari

Dial: + 91 22 6280 1141 

5:00 PM Jana Small Fin

Dial: +91 2262801102

5:15 PM Cyient DLM Ltd

Dial: +91 22 7115 8814

5:30 PM IOB

Dial: +91 22 6280 1433

HDFC Bank : (replay)

Kotak Mahindra : (replay)

RBL Bank : (replay)

BPCL : (replay)

Tejas Networks : (replay)

JSW Energy : (replay)

Indian Hotels : (replay)

Wipro : (replay)

Nippon : (replay)

JSW Steel : (replay)

Results today …

Recent interviews …

Havells India’s sales growth was healthy at 20 per cent y-o-y to ₹5,800 crore, 3 per cent above our estimate, largely driven by Lloyd (+47 per cent y-o-y) and ECD (+20 per cent y-o-y led by fans and air-coolers) amid strong summer season. Gross margin rose 150 bps y-o-y to 31.9 per cent, but was lower than past three quarters by 100-140bps due to cost inflation and sales mix.

Angel One reported strong growth of 11 per cent on a q-o-q and 64 per cent on a y-o-y basis in the total client base during the quarter, outperforming the industry, which grew by about 8 per cent on a q-o-q and 43 per cent on a y-o-y basis. During the quarter, the broking business revenue remained flat due to a decline of 2 per cent in the total number of trades on a q-o-q basis.

The ₹510-crore initial public offering from plant-based speciality products company Sanstar saw an overwhelming response from retail and high net worth individuals on Day 1 of issue opening on Friday itself. The IPO, with a price band of ₹90 to ₹95 a share, was subscribed 4.16 times.

The issue will close on July 23.

Ex/record Dividend: Divgi Torqtransfer Systems, Voltamp Transformers, Happy Forgings, Exide Industries, Carborundum Universal, Swelect Energy Systems.

Ex/record AGM: Happy Forgings, Voltamp Transformers, Exide Industries, Chembond Chemicals, Carborundum Universal, Swelect Energy Systems.

Moved in short-term Framework: Just Dial.

Moved out short-term Framework: Black Box, DCX Systems, Dynamic Services & Security, IFB Industries, JNK India, Krishna Defence and Allied Industries, Omaxe, Optiemus Infracom, Solara Active Pharma Sciences, Supreme Power Equipment, Suraj Estate Developers, Veranda Learning Solutions.

➝ Bosch: Final dividend of ₹170 per share. Total FY24 payout: ₹375 per share. Record date: July 19, 2024.

➝ ICRA: Final dividend of ₹100 per share. Record date: July 19, 2024.

➝ Voltamp Transformers: Highest ever dividend of ₹90 per share. Record date: July 22, 2024.

➝ Chennai Petroleum: Final dividend of ₹55 per share. Record date: July 19, 2024.

➝ UTI AMC: Total payout of ₹47 per share. Record date: July 18, 2024.

➝ Dr. Reddy’s Laboratories: Final dividend of ₹40 per share. Record date: July 16, 2024.

➝ TCS: Interim dividend of ₹10 per share. Record date: July 19, 2024.

➝ Lupin & M&M Finance: Final dividends of ₹8 and ₹6.3 per share respectively. Record date: July 16, 2024.

➝ Nestle India: Total payout of ₹11.25 per share. Record date: July 16, 2024.

➝ MM Forgings: 1:1 bonus share. Record date: July 16, 2024.

➝ KPI Green & Elcon Engineering: Stock splits—KPI Green: ₹10 into 2x ₹5 shares, Elcon Engineering: ₹2 into 2x ₹1 shares. Record dates: July 18 and July 19, 2024.

(Nirmal Bang Retail Research)

Result inline with Expectation

Gross Margin came at 21.7% vs QoQ 21.8% YoY 21.4%

Revenue from Operations came at Rs. 1103.4 Cr (8.5% QoQ, 14.1% YoY) vs expectation of Rs. 1103 Cr, QoQ Rs. 1017 Cr, YoY Rs. 967.3 Cr

EBIDTA came at Rs. 123.8 Cr (-1.3% QoQ, 0.5% YoY) vs expectation of Rs. 136.5 Cr, QoQ Rs. 125.4 Cr, YoY Rs. 123.2 Cr

EBITDA Margin came at 11.2% vs expectation of 12.4%, QoQ 12.3%, YoY 12.7%

Adj. PAT came at Rs. 78.5 Cr vs expectation of Rs. 96.6 Cr, QoQ Rs. 86.3 Cr, YoY Rs. 92.4 Cr

Quarter EPS is Rs. 12.5

Stock is trading at P/E of 26.2x FY25E EPS

(Nirmal Bang Retail Research)

Consolidated sales volume came at 6.12 Mnt vs QoQ 6.73 Mnt, YoY 5.71 Mnt (Lower sales volume QoQ on account of lower exports)

EBITDA/tonne (Rs./tonne) came at 9003 vs QoQ 11967, YoY 12340 (EBITDA/tonne was lower on account of lower realizations and certain one offs including inventory valuation impact)

Result is below expectations

Revenue from Operations came at Rs. 42943 Cr (-7.2% QoQ, 1.7% YoY) vs expectation of Rs. 42892.5 Cr, QoQ Rs. 46269 Cr, YoY Rs. 42213 Cr

EBIDTA came at Rs. 5510 Cr (-10% QoQ, -21.8% YoY) vs expectation of Rs. 6050.2 Cr, QoQ Rs. 6124 Cr, YoY Rs. 7046 Cr

EBITDA Margin came at 12.8% vs expectation of 14.1%, QoQ 13.2%, YoY 16.7%

Adj. PAT came at Rs. 845 Cr vs expectation of Rs. 1486.8 Cr, QoQ Rs. 1299 Cr, YoY Rs. 2338 Cr

Quarter EPS is Rs. 3.5

Stock is trading at EV/EBITDA of 7.2x FY26E EBITDA

(Nirmal Bang Retail Research)

Result marginally Below Expectation

Revenue from Operations came at Rs. 231784 Cr (-2% QoQ, 11.7% YoY) vs expectation of Rs. 231593.9 Cr, QoQ Rs. 236533 Cr, YoY Rs. 207559 Cr

EBIDTA came at Rs. 38765 Cr (-8.8% QoQ, 1.8% YoY) vs expectation of Rs. 39621.6 Cr, QoQ Rs. 42516 Cr, YoY Rs. 38093 Cr

EBITDA Margin came at 16.7% vs expectation of 17.1%, QoQ 18%, YoY 18.4%

Adj. PAT came at Rs. 15138 Cr vs expectation of Rs. 19930.3 Cr, QoQ Rs. 18951 Cr, YoY Rs. 16011 Cr

Quarter EPS is Rs. 22.4

Stock is trading at P/E of 26x FY25E EPS

Jio

Jio Reported ARPU of Rs.181.7 VS Exp of Rs.182 QoQ 181.7 YoY Rs.180.5

Subscriber increased by 1.6% QoQ and 9.2% YoY to 489.7mn

Revenue came at 29449cr up 2% QoQ and 12.8% YoY

EBITDA came at Rs.14638cr QoQ up 1.9% yoy up 11.6% 

Retail

Retail Revenue came at Rs.66260cr Grew 6.6% yoy and -2.0% QoQ

Retail EBITDA came at Rs.5448cr vs QoQ 5680cr YoY Rs.4884cr

EBITDA margin came at 8.2% vs QoQ 8.4% YoY 7.9%

Area under operation came at 81.3 mnsqft increased by 15.2% yoy and 2.8% QoQ

O2C

O2C Revenue increased by 18.1% yoy and 10.2% QoQ to Rs.157133cr, 

O2C EBITDA came at Rs.13093 cr vs QoQ 16777cr YoY Rs.15271cr

EBITDA margin came at 8.3% vs QoQ 11.8% YoY 11.5%

Oil & Gas

Revenue Came at Rs.6179cr -4.5% QoQ and +33.4% YoY

EBITDA margin came at 84.3% vs QoQ 86.7% YoY 86.7%

Production came at 71.7bcf vs QoQ 77.5bcf yoy 48.30bcf

(Nirmal Bang Retail Research)

Result is above expectations

Revenue from Operations came at Rs. 1405.2 Cr (6.9% QoQ, 54.4% YoY) vs expectation of Rs. 1154.4 Cr, QoQ Rs. 1314.8 Cr, YoY Rs. 910 Cr

EBIDTA came at Rs. 815.1 Cr (3.4% QoQ, 72% YoY) vs expectation of Rs. 649.8 Cr, QoQ Rs. 788.6 Cr, YoY Rs. 473.7 Cr

EBITDA Margin came at 58% vs expectation of 56.3%, QoQ 60%, YoY 52.1%

Adj. PAT came at Rs. 584.5 Cr vs expectation of Rs. 478.2 Cr, QoQ Rs. 788 Cr, YoY Rs. 321.6 Cr

Quarter EPS is Rs. 16.1

Stock is trading at P/E of 26.9x FY25E EPS

(Nirmal Bang Retail Research)

Result improved

Revenue from Operations came at Rs. 165.4 Cr (30.3% QoQ, 11.9% YoY) vs QoQ Rs. 127 Cr, YoY Rs. 147.8 Cr

EBIDTA came at Rs. 39.1 Cr (88.6% QoQ, 21.2% YoY) vs QoQ Rs. 20.7 Cr, YoY Rs. 32.2 Cr

EBITDA Margin came at 23.6% vs QoQ 16.3%, YoY 21.8%

Adj. PAT came at Rs. 26.8 Cr vs QoQ Rs. 13.2 Cr, YoY Rs. 22.1 Cr

Quarter EPS is Rs. 16.2

Stock is trading at P/E of 32.1x TTM EPS

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 2879.5 Cr (4.5% QoQ, -1.7% YoY) vs QoQ Rs. 2755.9 Cr, YoY Rs. 2927.9 Cr

EBIDTA came at Rs. 1421.5 Cr (21.7% QoQ, 16.3% YoY) vs QoQ Rs. 1168.5 Cr, YoY Rs. 1222.1 Cr

EBITDA Margin came at 49.4% vs QoQ 42.4%, YoY 41.7%

Adj. PAT came at Rs. 521.8 Cr vs QoQ Rs. 351.3 Cr, YoY Rs. 289.9 Cr

Quarter EPS is Rs. 3

Stock is trading at P/E of 43.5x FY25E EPS

(Nirmal Bang Retail Research)

Result is in line with expectations

Advances came at Rs. 878693 Cr (14% YoY, 0.9% QoQ)

Net Interest Income came at Rs. 9412 Cr vs expectation of Rs. 9535 Cr, YoY Rs. 8840 Cr, QoQ Rs. 9437 Cr

NIM came at 3.05% vs QoQ 3.09%

Non Interest Income came at Rs. 4509 Cr vs expectation of Rs. 3582 Cr, YoY Rs. 3903 Cr, QoQ Rs. 4707 Cr

PBP came at Rs. 7785 Cr vs expectation of Rs. 7064 Cr, YoY Rs. 7179 Cr, QoQ Rs. 6533 Cr

Provisions came at Rs. 2756 Cr vs expectation of Rs. 1626 Cr, YoY Rs. 2005 Cr, QoQ Rs. 1260 Cr

Credit Cost came at 1.3% vs QoQ 0.6% & YoY 1%

Adj. PAT came at Rs. 3679 Cr vs expectation of Rs. 3585 Cr, YoY Rs. 3236 Cr, QoQ Rs. 3311 Cr

Gross NPA came at Rs. 41423 Cr vs QoQ Rs. 43098 Cr at 4.54% vs QoQ 4.76%

Net NPA came at Rs. 7902 Cr vs QoQ Rs. 8990 Cr at 0.9% vs QoQ 1.03%

Slippages came at Rs. 2318 Cr vs QoQ Rs. 3323 Cr at 1.06% vs QoQ 1.53%

SMA 0 came at 0.8% vs QoQ 0.4% & YoY 0.5%

Quarter EPS is Rs. 4.8

O/s Restructured book came at Rs. 11863 Cr vs QoQ Rs. 13369 Cr at 1.35% vs QoQ 1.54%

Quarter EPS is Rs. 4.8

Stock is trading at P/E of 5.8x FY25E EPS & 1.4x trailing P/Adj. BV

(Nirmal Bang Retail Research)

Order Book Came at Rs.7091cr vs QoQ Rs.8221cr

Lower Margin QoQ is on account of benefit of PLI of Rs.156cr for fY24 accounted in Q4FY24 vs in Q1FY25 Rs.67cr accounted on Proportionate basis, Adjusted to that margin in Q4FY24 is similar to margin in Q1FY25 

Result Ok

Revenue from Operations came at Rs. 1562.8 Cr (17.8% QoQ, 731.7% YoY) vs QoQ Rs. 1326.9 Cr, YoY Rs. 187.9 Cr

EBIDTA came at Rs. 230 Cr (-24.9% QoQ, -597.1% YoY) vs QoQ Rs. 306.5 Cr, YoY Rs. -46.3 Cr

EBITDA Margin came at 14.7% vs QoQ 23.1%, YoY -24.6%

Adj. PAT came at Rs. 77.5 Cr vs QoQ Rs. 146.8 Cr, YoY Rs. -26.3 Cr

Quarter EPS is Rs. 4.5

Stock is trading at P/E of 77 x Q1 annualized earning.

(Nirmal Bang Retail Research)

Result is below expectations due to deterioration in asset quality

AUM came at Rs. 26304 Cr (21% YoY, -1.5% QoQ)

Disbursement came at Rs. 4476 Cr vs YoY Rs. 4771 Cr, QoQ Rs. 8053 Cr

NII came at Rs. 926.8 Cr vs YoY Rs. 720.3 Cr, QoQ Rs. 881 Cr

NIM came at 13% vs QoQ 13.1%

PBP came at Rs. 709.3 Cr vs expectation of Rs. 699.1 Cr, YoY Rs. 543.8 Cr, QoQ Rs. 682.7 Cr

Provision came at Rs. 174.6 Cr vs expectation of Rs. 92.8 Cr, YoY Rs. 76.4 Cr, QoQ Rs. 153.3 Cr

Credit Cost came at 2.7% vs YoY 1.4%, QoQ 2.3%

PAT came at Rs. 397.7 Cr vs expectation of Rs. 402.5 Cr, YoY Rs. 348.5 Cr, QoQ Rs. 397 Cr

GNPA came at 1.46% vs QoQ 1.18%

NNPA came at 0.45% vs QoQ 0.35%

0+ DPD came at 2.5% vs QoQ 1.7% & YoY 1.2%

Quarter EPS is Rs. 24.9

Stock is trading at P/E of 10.1x FY25E EPS & 2.9x trailing P/BV

(Nirmal Bang Retail Research)

Result has improved

GDPI came at Rs. 7688 Cr (+20% YoY)

Net Premiums earned came at Rs. 4503.9 Cr (+16% YoY)

PAT came at Rs. 580.4 Cr vs YoY Rs. 390.4 Cr, QoQ Rs. 519.5 Cr

Combined Ratio came at 102.3% vs QoQ 102.2% (YoY 103.8%)

Market Share came at 10.6% vs QoQ 8.6% (YoY 9.9%)

Quarter EPS is Rs. 11.8

Stock is trading at P/E of 32.4x FY25E EPS & 7.4x trailing P/BV

(Nirmal Bang Retail Research)

Result is marginally below expectations

Revenue from Operations came at Rs. 505 Cr vs expectation of Rs. 506 Cr, YoY Rs. 354 Cr, QoQ Rs. 468 Cr

EBIDTA came at Rs. 316 Cr vs expectation of Rs. 346 Cr, YoY Rs. 202 Cr, QoQ Rs. 291 Cr

EBITDA Margin came at 62.7% vs expectation of 54.9%, QoQ 62.1%, YoY 57.2%

PAT came at Rs. 332 Cr vs expectation of Rs. 311 Cr, YoY Rs. 236 Cr, QoQ Rs. 343 Cr

(PAT is higher due to higher other income)

MF AUM (Rs Bn) came at Rs. 4838 +12.2% QoQ vs Industry growth of 9.1%

Market Share Overall came at 8.20% vs YoY 7.28% vs QoQ 7.97%

Quarter EPS is Rs. 5.3

Stock is trading at P/E of 29.8x FY25E EPS & 9.2x trailing P/BV

(Nirmal Bang Retail Research)

Result is inline with expectations

Revenue from Operations came at Rs. 1550.2 Cr (-18.6% QoQ, 5.7% YoY) vs expectation of Rs. 1589.4 Cr, QoQ Rs. 1905.3 Cr, YoY Rs. 1466.4 Cr

EBIDTA came at Rs. 449.6 Cr (-31.9% QoQ, 9.6% YoY) vs expectation of Rs. 453.2 Cr, QoQ Rs. 659.8 Cr, YoY Rs. 410.2 Cr

EBITDA Margin came at 29% vs expectation of 28.5%, QoQ 34.6%, YoY 28%

Adj. PAT came at Rs. 248.4 Cr vs expectation of Rs. 257.8 Cr, QoQ Rs. 417.8 Cr, YoY Rs. 222.4 Cr

Quarter EPS is Rs. 1.7

Stock is trading at P/E of 49.7x FY25E EPS

(Nirmal Bang Retail Research)

T CV came at $ 1300 Mn, QoQ $ 3607 Mn, YoY $ 3724 Mn

CC QoQ came at -1 % vs expectation of -0.5%, QoQ -0.3%, YoY -2.80%

Guidance: Co has guided for -1% to 1% CC QoQ growth in revenues for Q2FY25

Result is below expectation, Company met the lower end of guidance given for the quarter.

Dollar revenue came at $ 2625.9 Mn,(-1.2% QoQ, -5.5% YoY) vs expectation of $ 2650.5 Mn, QoQ $ 2657.4 Mn, YoY $ 2778.5 Mn

Net sales came at Rs. 21963.8 Cr (-1.1% QoQ, -3.8% YoY) vs expectation of Rs. 22198.9 Cr, QoQ Rs. 22208.3 Cr, YoY Rs. 22831 Cr

EBIT came at Rs. 3627.5 Cr (2.2% QoQ, 4.9% YoY) vs expectation of Rs. 3631 Cr, QoQ Rs. 3550.1 Cr, YoY Rs. 3457.8 Cr

EBIT Margin came at 16.5% vs expectation of 16.4%, QoQ 16%, YoY 15.1%

Adj. PAT came at Rs. 3003.2 Cr vs expectation of Rs. 2953 Cr, QoQ Rs. 2858.2 Cr, YoY Rs. 2870.1 Cr

Quarter EPS is Rs. 5.7

Stock is trading at P/E of 21.3x FY26E EPS

(Nirmal Bang Retail Research)

Result is broadly in-line with expectations

Revenue from Operations came at Rs. 113096 Cr (-3% QoQ, 0.1% YoY) vs expectation of Rs. 116971.8 Cr, QoQ Rs. 116555.1 Cr, YoY Rs. 112978.2 Cr

EBIDTA came at Rs. 5650.5 Cr (-38.7% QoQ, -64.3% YoY) vs expectation of Rs. 5751 Cr, QoQ Rs. 9213.1 Cr, YoY Rs. 15809.8 Cr

EBITDA Margin came at 5% vs expectation of 4.9%, QoQ 7.9%, YoY 14%

Adj. PAT came at Rs. 3014.8 Cr vs expectation of Rs. 2620.8 Cr, QoQ Rs. 6022.2 Cr, YoY Rs. 10550.9 Cr

Quarter EPS is Rs. 6.9

Stock is trading at P/E of 8.4x FY25E EPS

(Nirmal Bang Retail Research)

Result is ok

NII came at Rs. 250 Cr vs YoY Rs. 178 Cr, QoQ Rs. 211 Cr

PBP came at Rs. 129 Cr vs YoY Rs. 83 Cr, QoQ Rs. 109 Cr

Provision came at Rs. 35.2 Cr vs YoY Rs. 10.7 Cr, QoQ Rs. 17.7 Cr

PAT came at Rs. 70 Cr vs YoY Rs. 54 Cr, QoQ Rs. 68 Cr

AUM came at Rs. 13188 Cr vs YoY Rs. 9434 Cr, QoQ Rs. 12192 Cr

Disbursements came at Rs. 5005 Cr vs YoY Rs. 2966 Cr, QoQ Rs. 4336 Cr

Gross NPA (%) came at 2% vs QoQ 1.7%

Net NPA (%) came at 1.6% vs QoQ 1.3%

Quarter EPS is Rs. 1.9

Stock is trading at P/E of 10.6x FY25E EPS & 2x trailing P/BV

(Nirmal Bang Retail Research)

Sales Volume came at 31.8 Mnt vs expectation of 31.3 Mnt, QoQ 35.1 Mnt YoY 30 Mnt

Result is below expectations

Revenue from Operations came at Rs. 18069.6 Cr (-11.5% QoQ, 1.9% YoY) vs expectation of Rs. 18388.2 Cr, QoQ Rs. 20418.9 Cr, YoY Rs. 17737.1 Cr

EBIDTA came at Rs. 3039.3 Cr (-26.1% QoQ, -0.3% YoY) vs expectation of Rs. 3404.3 Cr, QoQ Rs. 4113.9 Cr, YoY Rs. 3049.2 Cr

EBITDA Margin came at 16.8% vs expectation of 18.5%, QoQ 20.1%, YoY 17.2%

Adj. PAT came at Rs. 1729.1 Cr vs expectation of Rs. 1828.5 Cr, QoQ Rs. 2330.1 Cr, YoY Rs. 1688.5 Cr

Quarter EPS is Rs. 59.9

Stock is trading at EV/EBITDA of 18.4x FY26E EBITDA

(Nirmal Bang Retail Research)

Result is marginally above expectations

Revenue from Operations came at Rs. 1342.7 Cr (1.5% QoQ, 8.5% YoY) vs expectation of Rs. 1348 Cr, QoQ Rs. 1322.9 Cr, YoY Rs. 1237.6 Cr

EBIDTA came at Rs. 202.2 Cr (-10.5% QoQ, 6% YoY) vs expectation of Rs. 183.3 Cr, QoQ Rs. 226 Cr, YoY Rs. 190.7 Cr

EBITDA Margin came at 15.1% vs expectation of 13.6%, QoQ 17.1%, YoY 15.4%

Adj. PAT came at Rs. 53.4 Cr vs expectation of Rs. 81.7 Cr, QoQ Rs. 77.8 Cr, YoY Rs. 61.3 Cr

Quarter EPS is Rs. 22.5

Stock is trading at P/E of 50.9x FY25E EPS

(Nirmal Bang Retail Research)

Result is above expectations

Revenue from Operations came at Rs. 1322.1 Cr (9.1% QoQ, 11.8% YoY) vs expectation of Rs. 1315.6 Cr, QoQ Rs. 1212.2 Cr, YoY Rs. 1182 Cr

EBIDTA came at Rs. 223.2 Cr (51.3% QoQ, 22.5% YoY) vs expectation of Rs. 185.1 Cr, QoQ Rs. 147.6 Cr, YoY Rs. 182.3 Cr

EBITDA Margin came at 16.9% vs expectation of 14.1%, QoQ 12.2%, YoY 15.4%

Adj. PAT came at Rs. 111.9 Cr vs expectation of Rs. 0 Cr, QoQ Rs. 58.4 Cr, YoY Rs. 103.4 Cr

Quarter EPS is Rs. 38

Stock is trading at P/E of 44.3x FY25E EPS

(Nirmal Bang Retail Research)

Result has declined

Revenue from Operations came at Rs. 88.2 Cr (-47.5% QoQ, -34% YoY) vs QoQ Rs. 168 Cr, YoY Rs. 133.6 Cr

EBIDTA came at Rs. 8.8 Cr (-68.3% QoQ, -28.8% YoY) vs QoQ Rs. 27.9 Cr, YoY Rs. 12.4 Cr

EBITDA Margin came at 10% vs QoQ 16.6%, YoY 9.3%

Adj. PAT came at Rs. 2 Cr vs QoQ Rs. 19 Cr, YoY Rs. 5.8 Cr

Quarter EPS is Rs. 0.6

Stock is trading at P/E of 45.7x TTM EPS

(Nirmal Bang Retail Research)

Result has improved 

Revenue from Operations came at Rs. 180 Cr (53.2% QoQ, 11.7% YoY) vs QoQ Rs. 117.5 Cr, YoY Rs. 161.1 Cr 

EBIDTA came at Rs. 43.2 Cr (322.2% QoQ, -3.5% YoY) vs QoQ Rs. 10.2 Cr, YoY Rs. 44.7 Cr 

EBITDA Margin came at 24% vs QoQ 8.7%, YoY 27.8% 

Adj. PAT came at Rs. 32.9 Cr vs QoQ Rs. 6 Cr, YoY Rs. 29.8 Cr 

Quarter EPS is Rs. 2.5 

Stock is trading at P/E of 69.7x FY25E EPS

The momentum in Nifty and Sensex softened this week as profit booking was seen ahead of the Union Budget 2024 presentation next week. This highly anticipated event will address the needs and expectations of a diverse range of stakeholders, including common taxpayers, investors, industries, farmers, women, and major industry sectors such as FMCG, real estate, and technology. This week, the rally in the benchmark indices was driven by IT stocks, buoyed by strong performance in the June quarter (Q1FY25) and expectations regarding the Federal Reserve’s interest rate cut. India’s wholesale inflation rate surged to 3.36% in June, up from 2.61% in May, which, was primarily driven by rising food and energy prices. Foreign institutional investors (FIIs) extended their buying in this week, as they bought equities worth of Rs 10,946 crore, while Domestic Institutional Investors (DII) sell equities worth Rs 4226 crore.

The Nifty index has formed a shooting star candle on the weekly charts, suggesting a potential reversal from the recent upward trend after making an all-time high of 24854.80. The immediate support levels are 24,150 and then 23,750. A break below these levels could signal continued bearish momentum and potential further declines. On the upside, the resistance zone is between 24,850 and 24,900. The key indicator RSI starts declining from a level of 75, indicating that the index is moving out of the overbought territory and may be due for a correction or a pullback.

Bank Nifty has been trading within a range since June 20th, indicating a period of consolidation. Market participants are awaiting heavyweight stock results, particularly from Kotak Mahindra Bank and HDFC Bank, which are expected today. The immediate support levels are 51,800 and 51,100. A break below these levels could signal further downside momentum and potential declines. On the upside, the resistance zone is between 52,850 and 53,400. If the index breaks mentioned supports, consider adjusting strategies to sell or short the market. Conversely, if Bank Nifty remains above these support levels and heavyweight results are positive, it could lead to a breakout from the current range.

The upcoming Union Budget is expected to fuel growth in manufacturing and electric vehicles. 

The Investors keen on these themes should focus on companies benefiting from government initiatives like PLI schemes and infrastructure development. While the EV space offers long-term potential, careful stock selection is crucial.

Consider companies with strong balance sheets, competitive advantages, and a clear path to profitability

-Mr.Nishant Shrivastava,MD and CEO Torus Wealth

The market experienced minor gains, extending its gaining streak to seven weeks. However, a sharp fall on Friday erased most of the gains made during the week. Despite this, Sensex and Nifty outperformed broader markets. IT firms delivered stellar performances over the past week, contributing significantly to the market’s overall performance.

The upcoming Union Budget on July 23, 2024, has become the next focal point for the market, with high expectations for growth-oriented policies. Several factors will influence the market direction, including Q1FY25 earnings reports, domestic and global economic data, and broader global market trends. Market sentiment will be closely monitored by observing foreign and domestic institutional investor activity (FII and DII) and crude oil prices.

Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-2025 in the Lok Sabha on Tuesday, July 23, 2024. On the domestic front, the Q1FY25 earnings season also begins this week. Key companies such as Bajaj Finance (BAJFINANCE), Hindustan Unilever (HINDUNILVR), Axis Bank (AXISBANK), Larsen & Toubro (LT), Nestle India (NESTLEIND), and Cipla (CIPLA) will release their earnings from July 23 to 26, 2024, respectively. Additionally, the development of the monsoon season will be a significant point of interest for investors and traders.

On the global front, the US market has experienced some profit booking from higher levels as investors take profits from tech shares that have been highly profitable this year. Market participants will be closely focused on US economy data like US durable goods data and US core PCE price data on July 25 and July 26, respectively. 

The Nifty index has shown its first signs of weakness after a significant vertical rise, forming a bearish engulfing candlestick on the daily chart. However, to confirm a reversal, we need follow-up selling. A decisive move below 24,500 can lead to further weakness, potentially driving the index towards the 24,000-23,650 range, with intermediate support between 24,250-24,150. On the upside, the 24,800-25,000 range will act as a supply zone. A move above 25,000 could signal a continuation of the rally.

For the Bank Nifty index, there is an immediate and crucial support level at 52,000. A decisive move below this level can lead to further weakness towards the 51,000 mark. On the upside, the 52,800-53,000 range serves as a critical resistance zone. A breakout above this level could trigger a rally towards the 53,500-54,000 range.

1 BALRAMCHIN

2 BANDHANBNK

3 GMRINFRA

4 HAL

5 HINDCOPPER

6 INDIACEM

7 PEL

8 SAIL

9 VEDL

MOTILAL OSWAL FUNDS’ HIGHEST ALLOCATION IS IN - VODAFONE IDEA 

10% OF PORTFOLIO ALLOCATION OF MOTILAL OSWAL MIDCAP FUND IS IN THIS COMPANY 

QUANT MUTUAL FUND ALSO HOLDS VODAFONE IDEA 

BOTH FIIs & DIIs HAVE SIGNIFICANTLY INCREASED THEIR STAKE IN VODAFONE ODEA 

FIIs HAVE INCREASED THEIR STAKE FROM 1.97% TO 12.13% QOQ & 

DIIs HAVE INCREASED THEIR STAKE FROM 2.20% TO 5.46% QOQ

GQG Partners name appears with 2.23% stake 

Mcap (Cr.): 1,14,237.29

Ultratech Cement Ltd.: Net Revenue at Rs. 18069.6 crore, +1.9% YoY, and-11.5% QoQ. EBITDA at Rs. 3039.3 crore, -0.3% YoY and -26.1% QoQ. EBITDA Margin at 16.8%, -37 bps YoY and -333 bps QoQ. Net Profit at Rs. 1695.2 crore, +0.3% YoY and -24.9% QoQ. Ashika

Wipro Ltd.: Net Revenue at Rs. 21963.8 crore, -3.8% YoY, and-1.1% QoQ. EBITDA at Rs. 4354.1 crore, +3.6% YoY and -1.1% QoQ. EBITDA Margin at 19.8%, +141 bps YoY and +1 bps QoQ. Net Profit at Rs. 3036.6 crore, +5.2% YoY and +6.2% QoQ.

JSW Steel Ltd.: Net Revenue at Rs. 42943.0 crore, +1.7% YoY, and-7.2% QoQ. EBITDA at Rs. 5510.0 crore, -21.8% YoY and -10% QoQ. EBITDA Margin at 12.8%, -386 bps YoY and -40 bps QoQ. Net Profit at Rs. 867.0 crore, -64.3% YoY and -34.4% QoQ. Ashika

Bharat Petroleum Corporation Ltd.: Net Revenue at Rs. 128106.4 crore, -0.1% YoY, and-3% QoQ. EBITDA at Rs. 5626.6 crore, -64.4% YoY and -38.6% QoQ. EBITDA Margin at 4.4%, -791 bps YoY and -254 bps QoQ. Net Profit at Rs. 2841.6 crore, -73.3% YoY and -40.7% QoQ.

Oberoi Realty Ltd.: Net Revenue at Rs. 1405.2 crore, +54.4% YoY, and+6.9% QoQ. EBITDA at Rs. 815.1 crore, +72% YoY and +3.4% QoQ. EBITDA Margin at 58%, +594 bps YoY and -197 bps QoQ. Net Profit at Rs. 584.5 crore, +81.7% YoY and -25.8% QoQ. Ashika

Nippon Life India Asset Management Ltd.: Net Revenue at Rs. 505.0 crore, +42.6% YoY, and+7.8% QoQ. EBITDA at Rs. 316.4 crore, +56.3% YoY and +8.8% QoQ. EBITDA Margin at 62.7%, +550 bps YoY and +57 bps QoQ. Net Profit at Rs. 332.2 crore, +40.9% YoY and -3.1% QoQ. Ashika

One97 Communications Ltd.: Net Revenue at Rs. 1501.6 crore, -35.9% YoY, and-33.8% QoQ. EBITDA at Rs. -792.2 crore, Rs. -292.7 crore YoY and Rs. -223.5 crore QoQ. Net Profit at Rs. -840.1 crore, Rs. -358.4 crore YoY and Rs. -550.5 crore QoQ.

CreditAccess Grameen Ltd.: NII at Rs. 1001.7 crore, +27.6% YoY and +2.7% QoQ. Net Profit at Rs. 397.7 crore, +14.8% YoY and +0.2% QoQ.

Atul Ltd.: Net Revenue at Rs. 1322.1 crore, +11.8% YoY, and+9.1% QoQ. EBITDA at Rs. 223.2 crore, +22.5% YoY and +51.3% QoQ. EBITDA Margin at 16.9%, +147 bps YoY and +471 bps QoQ. Net Profit at Rs. 112.1 crore, +9.8% YoY and +90.6% QoQ. Ashika

Blue Dart Express Ltd.: Net Revenue at Rs. 1342.7 crore, +8.5% YoY, and+1.5% QoQ. EBITDA at Rs. 202.2 crore, +6% YoY and -10.5% QoQ. EBITDA Margin at 15.1%, -35 bps YoY and -202 bps QoQ. Net Profit at Rs. 53.4 crore, -12.8% YoY and -31.3% QoQ.

Aether Industries Ltd.: Net Revenue at Rs. 180.0 crore, +11.7% YoY, and+53.2% QoQ. EBITDA at Rs. 43.2 crore, -3.5% YoY and +322.2% QoQ. EBITDA Margin at 24%, -378 bps YoY and +1528 bps QoQ. Net Profit at Rs. 29.9 crore, +0.4% YoY and Rs. -1.4 crore QoQ. Ashika

Jubilant Pharmova Ltd.: Net Revenue at Rs. 1731.7 crore, +9.1% YoY, and-1.5% QoQ. EBITDA at Rs. 251.5 crore, +48.3% YoY and -7.3% QoQ. EBITDA Margin at 14.5%, +384 bps YoY and -91 bps QoQ. Net Profit at Rs. 481.8 crore, Rs. 6.0 crore YoY, Rs. -61.8 crore QoQ.

Transformers & Rectifiers (India) Ltd.: Net Revenue at Rs. 322.0 crore, +107% YoY, and-37.2% QoQ. EBITDA at Rs. 42.2 crore, Rs. 4.4 crore YoY, Rs. 71.6 crore QoQ. Net Profit at Rs. 20.8 crore, Rs. -12.2 crore YoY, Rs. 41.6 crore QoQ.

Avantel Ltd.: Net Revenue at Rs. 51.8 crore, -24.9% YoY, and+24% QoQ. EBITDA at Rs. 14.2 crore, -0.6% YoY and -22% QoQ. EBITDA Margin at 27.4%, +669 bps YoY and -1610 bps QoQ. Net Profit at Rs. 7.4 crore, -7.9% YoY and -39.3% QoQ. Ashika

Tanfac Industries Ltd.: Net Revenue at Rs. 95.3 crore, -10.2% YoY, and-7.3% QoQ. EBITDA at Rs. 15.6 crore, -35.2% YoY and -4.4% QoQ. EBITDA Margin at 16.4%, -634 bps YoY and +50 bps QoQ. Net Profit at Rs. 11.3 crore, -38.6% YoY and -10.9% QoQ.

FII’s: +1,506 (15,892-14,386)

DII’s: -461 (15,051-15,512)

FIIs YTD cumulative Flows as on Friday (INR Cr.): +33,972.33 (Primary + Secondary)

Friday’s Cash Vol: INR 1455Bn vs INR 1578Bn on previous trading day (-7%)

Large Blocks Reported on Friday:

5.33mn Infosys (969 cr), 2.69mn Rail Vikas Nigam (166 cr), 18.80mn Mahanagar Telephone Nigam (132 cr), 228k Hindustan Aeronautics (112 cr), 417k Krishna Institute of Medical S (89 cr), 176k Avenue Supermarts (88 cr), 256k Reliance Industries (81 cr), 295.59mn GTL Infrastructure (77 cr), 510k Sundram Fasteners (71 cr), 4.21mn Tata Steel (68 cr), 2.44mn Indian Renewable Energy Develo (67 cr)

52 Weeks High/Low Prices Prices Hit Today for NSE 500

# High Price

ONGC 333.5

BRIT 5978

MTNL 70.48

INFO 1844

TRP 3079

MRCO 686.7

WPRO 580

HMN 814

JUST 1304.6

TCS 4360.25

MPHL 2915

GCPL 1476.95

MGFL 9230.4

VO 1999.95

INFOE 7069.95

PIDI 3244.65

AIAE 4699.95

# Low Price

NA

THE 1-YEAR LPR CUT TO 3.35% FROM 3.45%.

THE 5-YEAR LPR CUT TO 3.85% FROM 3.95%.

(SUPPORTIVE FOR METALS)

TENT India Economic Survey

Can set alert for them at www.researchbytes.com 

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Infosys : (replay)

Tata Technologi : (replay)

JSW Infrastructure Ltd : (replay)

Frog Cellsat : (replay)

Premier Expl : (replay)

Havells India : (replay)

Elecon Eng : (replay)

Mastek : (replay)

Newgen Software Technolog : (replay)

BMW Industries : (replay)

Results today …

Recent interviews …

1)The International Monetary Fund, on July 16, predicted the global economy to register 3.2 percent growth in 2024, unchanged from April. The multilateral institution predicted a stable path to growth, with 2025 expected numbers to be a tad higher at 3.3 percent in 2025.

2)A report released by the Labor Department on Thursday (18/07/24) showed first-time claims for U.S. unemployment benefits climbed by much more than expected in the week ended July 13th. The Labor Department said initial jobless claims rose to 243,000, an increase of 20,000 from the previous week’s revised level of 223,000.

3)US Building Permits increased to a seasonally adjusted annual rate of 1.446 million in June 2024. This is up from a rate of 1.399 million in May 2024.

4)US exports showed signs of a slight pick-up in June, rising 0.7% year-on-year. This is an improvement compared to the downwardly revised 0.5% increase in May. Meanwhile, imports continued to grow at a faster pace. In June, they climbed 1.6% year-on-year, up from a revised 1.4% increase in May.

5)US Retail Sales grew at a slower pace in June compared to May. Year-on-year sales increased by 2.3% in June, following an upwardly revised gain of 2.6% in May.

6)The European Central Bank (ECB) opted to hold steady on interest rates in July. This means that the main refinancing operation rate remains at 4.25%, the deposit facility rate stays at 3.75%, and the marginal lending rate holds at 4.5%.

7)Eurozone inflation dipped slightly in June, falling to 2.5% from 2.6% in May. Core inflation, however, held steady at 2.9%.

8)The Eurozone trade surplus narrowed in May, dropping to GBP 13.98 billion compared to GBP 15.8 billion in April. This indicates a decrease in the value of exported goods exceeding imported goods.

9)The UK’s unemployment rate held at 4.4% from March to May 2024, unchanged from the previous period and the highest since September 2021. The number of unemployed rose by 88,000 to 1.53 million, with increases in short-term and long-term unemployment.

10)UK inflation held steady at 2% in June, mirroring the rate from May. Core inflation, which excludes more volatile items, also remained unchanged at 3.5% for the month.

11)Average earnings in the UK came in line with expectations for June. There were no major surprises on the wage growth front. The number of people claiming unemployment benefits (Claimant Count) in June fell to 32,300, down from a revised 51,900 in May. This is a positive sign for the UK labor market, although the decrease was smaller than the predicted drop of 23,400.

12)Retail Price Index in the United Kingdom edged down to 2.9% year-on-year in June 2024 from 3% in the previous month, marking the lowest reading since April 2021. On a monthly basis, the RPI slowed to 0.2% in June from 0.4% in the prior month.

13)The annual growth rate of UK producer prices moderated in June. Prices rose 1.4% compared to a year ago, down from a 1.7% increase in May. Similarly, core producer prices, which exclude volatile items, also saw a slowdown, edging up by 1.1% in June compared to 1.0% in May.

14)Japan’s overall inflation rate stayed put at 2.8% in June, marking the second month in a row at this level. Meanwhile, core inflation, which excludes volatile fresh food prices, edged up slightly to 2.6% in June compared to 2.5% the prior month.

15)Japan recorded a trade surplus of JPY 224.04 billion in June 2024, up from JPY 36.52 billion a year earlier. Exports rose by 5.4% year-on-year, marking the seventh consecutive month of growth, driven by strong sales to the US and China. Imports grew by 3.2%, the slowest pace in three months, reflecting the impact of a weak yen. Despite the surplus, Japan posted a trade deficit of JPY 3.23 trillion for the first half of 2024.

16)Canada’s Consumer Price Index (CPI) rose 2.7 percent on a year-over-year basis in June, down from a 2.9 percent gain in May, Statistics Canada said. Core CPI came at 1.9 percent from 1.8 percent previously.

17)China’s economy expanded 4.7% in the second quarter from a year earlier, official data showed on Monday (15/07/24), missing analysts’ expectations, even as policymakers seek to boost domestic demand amid a protracted property.

1)India’s foreign exchange reserves, opens new tab rose for a second straight week and hit a record high of $666.85 billion as of July 12, data from the central bank showed on Friday (19/07/24). The reserves rose by $9.7 billion in the reporting week, the biggest jump in four months.

2)India’s wholesale inflation, measured using the Wholesale Price Index, surged to a 16-month high of 3.36 per cent on an annual basis in June as against a 15-month high of 2.61 per cent last month, government data showed.

3)The inflation rate for primary articles stood at 8.80 per cent as against 7.20 per cent in May. The fuel and power inflation witnessed moderated to 1.03 per cent from 1.35 per cent in the previous month. Manufactured products’ inflation rate rose to 1.43 per cent in June from 0.78 per cent in May.

4)The rate of inflation in the food articles index stood at 8.68 per cent as against 7.40 per cent in May. Wholesale vegetable prices increased 38.76 per cent in June 2024, from a contraction of 22 per cent in the same month a year ago. Pulses’ prices increased 21.64 per cent, higher than the 9.21 per cent figure seen a year ago.

5)Investment by foreign portfolio investors (FPIs) in fully accessible route (FAR) bonds has crossed the $1 billion (Rs 8,740 crore) mark in just 19 days after government securities were included in the JPMorgan global bond index on June 28.

6)India’s June trade deficit widened to $20.98 billion from $19.19 billion last year, narrowing from May’s $23.78 billion. Exports rose 2.6% year-on-year to $35.2 billion, imports increased 5% to $56.18 billion. March saw a current account surplus of $5.7 billion, first in 10 quarters.

7)The International Monetary Fund (IMF) on Tuesday (16/07/24) raised its projection of growth in India’s gross domestic product (GDP) for 2024-25 by 20 basis points to 7 per cent amid a boost in private consumption, especially in rural areas.

8)The Asian Development Bank on Wednesday maintained India’s GDP growth forecast at 7% for the current fiscal, citing that a rebound in agriculture is expected given above-normal monsoon projections.

9)Markets regulator Sebi on Tuesday (16/07/24) proposed introducing a new asset class designed for high risk-risk profile investors that can bridge the gap between mutual funds and portfolio management services (PMS). In its consultation paper, the regulator suggested a minimum investment of Rs 10 lakh for the new asset class, which could be permitted to invest in derivatives for purposes beyond just hedging and rebalancing. The new asset class will provide a regulated product featuring greater flexibility, higher risk-taking capability, and a higher ticket size, to meet the needs of the emerging category of investors, Sebi said in a consultation paper.

10)The government on Monday (15/07/24) hiked windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne. The tax is levied in the form of Special Additional Excise Duty (SAED). The SAED on the export of diesel, petrol and jet fuel or ATF, has been retained at ‘nil’.

11)India’s outward FDI rises to US$ 2.14 billion in June, shows RBI data. In June 2024, India’s outward foreign direct investment (FDI) commitments increased to US$ 2.14 billion from US$ 1.14 billion in June 2023. However, they declined from US$ 2.22 billion in May 2024, as per Reserve Bank of India (RBI) data.

12)The equity AUM is now almost half of the total AUM of the industry at Rs 61.2 trillion at the end of June. Last month, new inflows into equity mutual funds surged 17 per cent sequentially to a record high of Rs 40,608 crore, supported by a Rs 14,370 crore mop up by 11 new equity fund offerings (NFOs) during the month.

13)According to the data with the depositories, foreign portfolio investors (FPIs) have made a net inflow of Rs 15,352 crore in equities this month (till July 12). This came following an inflow of Rs 26,565 crore in equities in June on the back of political stability and a sharp rebound in markets.

14)FPIs invested Rs 8,484 crore in the debt market during the period under review. This has pushed the debt tally to Rs 77,109 crore this year so far.

15)RBI in its July bulletin said the financial assets of households rose by Rs 123.2 lakh crore between the quarter-ended December 2019 and the quarter- ended March 2023: around 23% of this increase was due to asset price gains and the rest due to incremental financial savings.

16)In the last two years, 27 establishments have surrendered their exemption, adding about 30,000 employees and an amount of Rs. 1688.82 crores to the Fund under the Employees’ Provident Fund Organisation (EPFO). Due to improved services, more establishments are surrendering their exemptions granted by EPFO.

17)The Union Civil Aviation Ministry has announced a uniform 5 per cent Integrated Goods and Services Tax (IGST) rate on all aircraft and aircraft engine parts, effective from July 15th, 2024, according to a press release of Ministry of Civil Aviation.

•Fixed Income

The New 10-Year Benchmark GOI 7.10 2034 traded between 6.95% - 6.99% during this week.

The Old 10-Year Benchmark GOI 7.18 2033 traded between 7.95% - 7.05% during this week, tracking movement involved around US Treasury Yields, currency and crude oil prices.

•Auction Highlights

RBI conducted the Auction for G-sec, SDL, and T-Bill for the aggregated amount of INR 31,000 Crore, INR 6,590 Crore, and INR 20,000 Crore, respectively. 

G-sec Cutoff:

7.10% GS 2034: 100.83/6.9788%\u0009\u0009

7.46% GS 2073: 104.98/7.0938%

SDL Cutoff: 

10 Years: HP 7.35%

12 Years: HR 7.32%, TS 7.36%

13 Years: MZ 7.35%

16 Years: AP 7.33%, TS 7.33%

19 Years: AP 7.33%

27 Years: JK 7.35%

T-Bill Cutoff:

091 Days: INR 8000 Crore 98.3474/6.7399%

182 Days: INR 6000 Crore 96.6995/6.8451%

364 Days: INR 6000 Crore 93.5846/6.8740%\u0009

•Commodities:

1)Brent Crude Oil: $82.56-$85.81 (Per barrel)

2)Gold: INR 7,364-INR 7,500 24 Carat (1 Gram)

3)Silver: INR 94,700-INR 96,000 (1 KG)

•US Treasury Yield:

1)US 2 Years Treasury: 4.40%-4.51%

2)US 5 Years Treasury: 4.06%-4.17%

3)US 10 Years Treasury: 4.14%-4.25%

•Corporate Bond Highlights

AAA 3 Years Bond traded between 7.68%-7.72% this week.

AAA 5 Years Bond traded between 7.60%-7.65% this week.

AAA 10 Years Bond traded between 7.50%-7.55% this week.

•New Issuances:

HOUSING & URBAN DEVELOPMENT CORPORATION LIMITED (Semi-annual)\u0009

Ratings: AAA/Stable by ICRA & INDIA; Issue Size: 500 + 1500 Crs; Maturity Date: 18/07/2029; Allocated 1850 Crs at 7.26%

CANARA BANK

Ratings: AAA/Stable by CRISIL & CARE; Issue Size: 5000 + 5000 Crs; Maturity Date: 19/07/2034. 

Allocated 10000 Crs at 7.40%

BANK OF INDIA

Ratings: AA+ by INDIA & CARE; Issue Size: 2000 + 3000 Crs; Maturity Date: 19/07/2034. 

Allocated 5000 Crs at 7.54%

RURAL ELECTRIFICATION CORPORATION LIMITED

Ratings: AAA/Stable by ICRA & CARE; Issue Size: 500 + 2500 Crs; Maturity Date: 31/08/2027. 

Allocated 3000 Crs at 7.56%

Ratings: AAA/Stable by ICRA & CARE; Issue Size: 500 + 2500 Crs; Maturity Date: 31/08/2035. 

Allocated 3000 Crs at 7.45%

RENEW WIND ENERGY JAMB PRIVATE LIMITED

Ratings: A+/CE by CARE; Issue Size: 500 + 0 Crs; Maturity Date: 22/08/2025. 

Allocated 500 Crs at 10.18%

HDFC CREDILA FINANCIAL SERVICES LIMITED

Ratings: AA+/Stable by & CRISIL & CARE; Issue Size: 200 + 0 Crs; Maturity Date: 22/07/2027.

Allocated 200 Crs at 9.23%

KOHIMA-MARIANI TRANSMISSION LIMITED

Ratings: AAA/Stable by INDIA; Issue Size: 275 + 0 Crs; Maturity Date: 30/06/2027.

Allocated 275 Crs at 8.00%

Nifty 50 (24,531) and Bank Nifty (52,266) ended last week on a muted note ahead of the announcement of the Union Budget on July 23.

The derivatives data shows that the FIIs (foreign institutional investors) have largely positioned themselves for sharp price-swings on either side. While they have marginally increased net long on index futures, they have added significant amount of net long on index call options. 

The short-term outlook turned negative for Nifty Midcap Select (12,194.10) index. It finds an immediate support at 12,050 and the next one at 11,760. The short-term outlook will turn positive only on a close above 12,400. We expect the index to move in a broader range with negative bias. With the Union Budget being slated for July 23, we expect the index to turn volatile.

The stock depreciated 4.8 per cent last week. Although there is a support at ₹886, given the current momentum, JSW Steel’s share price can extend the decline further. Consequently, the JSW Steel July futures can fall from its current market price. It closed at ₹890.5 on Friday.

We zoom in on the prospects of HDFC Bank, as also the prospects of two other stocks — Gujarat Ambuja Exports Ltd (GAEL) and Indian Overseas Bank (IOB)

The stock of Divi’s Laboratories has been on a good recovery following the correction that played out after the stock peaked in October 2021. This is on the back of expectations that it will regain its revenue momentum and is exploring next growth avenues, possibly aided by a structural shift as well. The valuation though, has zoomed to a one year forward PE of 55 times, which stresses on the positives and ignores a few headwinds. 

Here is what the charts say about the shares of Gland Pharma, Tata Teleservices (Maharashtra) and Timken India

The majority of long-only alternative investment funds (AIFs) outperformed the Nifty in the month of June. The former gave average category returns of 7.2 per cent compared with 6.6 per cent given by the benchmark, data from PMS Bazaar for Category-III AIFs showed. 

A9 Finsight’s Finavenue Growth Fund was the top performer with returns of 17.5 per cent. Motilal Oswal Asset Management’s Growth Anchors Fund and Alchemy Capital Management’s Leaders of Tomorrow were the other top performers with returns of 12.6 per cent and 12.1 per cent, respectively. 

Sensex and Nifty 50 continued to move up last week in line with our expectation. The indices made a new high and then fell sharply giving back some of the gains. The indices had closed the week marginally higher by about 0.1 per cent each. The Nifty Bank index, on the other hand, remained stuck in a narrow range all through last week. 

Benchmark indices have surged to new highs ahead of the upcoming Union Budget. Will the Budget keep the market momentum going?

A study of four Budgets tabled in July after the formation of a new government shows that benchmark indices, the Sensex and the Nifty 50, have fallen on Budget Day. However, post that, the rest of the year has always been good, with the benchmarks making a strong rally.

The combined market valuation of eight of the top-10 most valued firms jumped Rs 2,10,330.26 crore in a holiday-shorted last week, with Tata Consultancy Services (TCS) and Life Insurance Corporation of India emerging as the biggest gainers.

Last week, the BSE benchmark climbed 85.31 points or 0.10 per cent. The 30-share BSE Sensex hit its new all-time high of 81,587.76 on Friday.

Stock markets were closed on Wednesday on account of Muharram.

From the top-10 group, the valuation of TCS zoomed Rs 42,639.16 crore to Rs 15,56,772.61 crore.

The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) surged Rs 36,748.23 crore to Rs 7,01,695.24 crore.

Infosys added Rs 33,569.16 crore, taking its valuation to Rs 7,44,396.43 crore, while State Bank of India’s mcap climbed Rs 26,372.23 crore to Rs 7,93,576.49 crore.

Hindustan Unilever’s mcap soared Rs 24,494.49 crore to Rs 6,40,651.30 crore, and that of ITC jumped Rs 19,420.52 crore to Rs 5,92,679.30 crore. - PTI

Sensex and Nifty 50 continued to move up last week in line with our expectation. The indices made a new high and then fell sharply giving back some of the gains. The indices had closed the week marginally higher by about 0.1 per cent each. The Nifty Bank index, on the other hand, remained stuck in a narrow range all through last week.

There is no doubt the top-tier Indian IT companies are not just the best managed companies in India, but amongst the best globally. Their past track record over the last two decades exemplifies this. So does their size and scale. With the exception of Accenture, it is the Indian companies that dominate the global IT services space. But does that provide a sufficient case for paying any price for their stocks when growth is disappointing?

Ahead of BUnion budget on July 23, Foreign Portfolio Investors (FPIs) continued to be on an equity buying binge this past week, pumping nearly ₹ 11,000 crore in just four trading sessions. Total FPI net investments this month through July 19 stood at ₹30,771 crore, depositories data showed.

Reflecting the increased FPI appetite for Indian equities, the latest July flows is in fact higher than the entire June’s net flows of ₹26,565 crore. 

Last week we said that #Nifty can rise to 24,800-24,850 and then can come down. In line with our expectation, #Nifty touched a #high of 24,855 and then fell sharply on Friday. The outcome of the #UnionBudget on Tuesday is going to be very important. That could be very important in deciding whether the #Nifty can sustain higher and go up again or can run into a sharp #correction. As such the price action in #Nifty this week is going to be very crucial as that would set the tone for the coming weeks.

Here’s an interesting stock idea: The stock that we have today is Welspun Corp. It has been moving in a sideways trend since the beginning of this year. But recently, it broke out of the range, opening the door for further rally. Here’s how you can plan the trade. Check out the latest episode of Today’s Pick to learn more