Share Market Highlights 09 August, 2023: Sensex, Nifty overcome volatility, close in the green marginally

Equity benchmark indices closed higher on Wednesday, helped by fag-end buying in index majors ​Reliance Industries​, ​ITC​, and ​M&M​ amid a positive start in European markets.

Cautious trade prevailed in the markets for the most part of the day ahead of two major events -- RBI’s monetary policy and the US inflation data -- due to be announced on Thursday.

The 30-share BSE Sensex climbed 149.31 points or 0.23 per cent to settle at 65,995.81. During the day, it fell by 402.12 points or 0.61 per cent to 65,444.38. The benchmark also touched a high of 66,066.01.

The NSE Nifty gained 61.70 points or 0.32 per cent to end at 19,632.55.

JB Chemicals & Pharmaceuticals reported its net profit for the quarter ended June 30, 2023, at ₹144.57 crore as against ₹101.29 crore in the previous year. The stock surged 6.77% on the NSE, and traded at ₹2,720.50.

Manaksia Limited reported its consolidated net profit for the quarter ended June 30, 2023, at ₹22.11 crore as against ₹12.94 crore in the previous year.

Indian stock markets experienced a volatile trading session on Wednesday, ultimately closing in positive territory. Initially, traders were unsettled by deflation worries stemming from China’s data and a sell-off on Wall Street due to Moody’s U.S. banking downgrade. These events occurred ahead of the upcoming policy decision by the Reserve Bank of India (RBI).

By 3:30 pm, the Nifty 50 index concluded with a 0.31% gain at 19,632.10, while the S&P BSE Sensex advanced 0.23% to reach 65,995.81.

Berger Paints (I) Limited reported its net profit for the quarter ended June 30, 2023, at ₹326.32 crore as against ₹234.40 crore in the previous year. However, the stock declines by 1.49% on the NSE, trading at ₹698.70.

Govt cuts reserve price of rice in open market sale auction by Rs 200/quintal to Rs 2900/quintal. New price will be valid from next Wednesday in the weekly auction conducted by FCI

The board of Hitech Corporation has approved setting up of new manufacturing facility at Dahej, Gujarat, for production of barrel/drums for bulk packaging. The company reported its net profit for the quarter ended June 30, 2023, at ₹7.68 crore as against ₹6.34 crore in the previous year. The stock rises 4.99% on the NSE, trading at ₹241.75

Govt has decided to sell of additional 50 lakh tonnes of wheat and 25 lakh tonnes of rice in open market through weekly auction in phases, in addition to about 8 lakh ronnes already sold.

Hero Motocorp informed the exchanges that its motorcycle Passion has emerged as the third to join Hero Splendor and Hero HF in the top ten motorcycles of the country for the two consecutive months. The stock slides down by 0.26% on the NSE, trading at ₹3,059.

Major gainers on the NSE at 3 pm:

Dr Reddy’s (3.72%); Hindalco (3.24%); Tata Motors (2.31%); M&M (2.23%); Tech Mahindra (2.04%)

Major losers: Divi’s Laboratories (-2.77%); Maruti (-0.97%); Apollo Hospitals (-0.76%); Bajaj Finance (-0.62%); Ultratech Cement (-0.61%)

EID Parry India reported its net loss for the quarter ended June 30, 2023, at ₹45.77 crore as against profit of ₹13.14 crore in the previous year. The stock declines by 1.43% on the NSE, trading at ₹473.10.

Stocks advanced on BSE at 3 pm on August 9 were 1,974 against 1,606 stocks that declined. Total stocks traded were 3,719. The number of stocks that recorded a 52-week high 224, and those that hit a 52-week low was 23.

Natco Pharma reported its net profit for the quarter ended June 30, 2023, at ₹405.3 crore as against ₹308 crore in the previous year. The stock rises by 2.75% on the NSE, trading at ₹899.95.

Infosys: The company has announced that the Securities and Exchange Board of India (SEBI) issued an administrative warning as conveyed through their letter dated August 3, 2023.

V.S.T Tillers Tractors has announced the launch of Series 9 range of compact tractors. However, the stock declines by 1.02% on the NSE, trading at ₹3,130.

Natural Gas prices has been moving up since the start of this week. The Natural Gas Futures contract on the Multi Commodity Exchange (MCX) has risen breaking the resistance at ₹227 per mmBtu sideways range on the upside.

BSL stock rises by 1.52% on the NSE, trading at ₹170. The company reported its net profit for the quarter ended June 30, 2023, at ₹3.24 crore as against ₹3.43 crore in the previous year.

Sandhar Technologies stock declines by 3.35% on the NSE, trading at ₹363.10. The company reported its net profit for the quarter ended June 30, 2023, at ₹23.61 crore as against ₹15.79 crore.

​Zee Learn​ stock rises by 1.49% on the NSE, trading at ₹3.40. The company had signed a settlement agreement with JC Flowers Asset Reconstruction to settle its obligations with respect to loans borrowed by certain trusts and entities.

Rich valuations in the case of most sectors leave little room for disappointment. The brokerage sees short-term risks from weaker-than assumed macro-economic conditions that may keep interest rates at elevated levels and hamper domestic economic recovery and consumption, and weak global economic conditions that may impede recovery in the export-oriented (outsourcing) sectors.

1QFY24 net income of the Nifty-50 Index stocks is modestly ahead of the brokerage’s estimates led by in-line operating results but higher-than-estimated other income in the case of several companies. Consumption demand continues to be muted while investment demand remains robust as seen in strong order inflows of capital goods companies and volume growth of cement companies. 1QFY24 results did not build a case for earnings upgrades, the brokerage said.

Safari Industries (India) stock surges by 9.54% on the NSE, trading at ₹3,260. The company reported its net profit for the quarter ended June 30, 2023, at ₹45.87 crore as against ₹27.44 crore in the previous year.

Emkay Investment Managers, the portfolio management services arm of Emkay Global Financial Services, sees a lot of promise in the Indian manufacturing opportunity. The sector is poised to grow at a brisk pace supported by favourable government policies, key beneficiaries of China+1, and the improving matrix within the players. According to EIML, BSE Manufacturing has grown at a faster pace than the key benchmarks, and the same performance is likely to get replicated in the next few years.

Indian manufacturing sector has witnessed stellar growth in the past few years. The sector (companies in the listed space) was among the worst performing in terms of returns posted for the investors from FY15-19, in low single digits. The returns from March 2021 has been in higher double digits.

The current setup bodes well for the sector to not only post double-digit returns but also outperform its broader benchmark peers for the next few years. China+1 will continue to benefit the sector for years to come.

The current government capex is seen at 2x of historical averages. Both central and state capex are significantly higher than the historical averages. As per the available data, the central + state capex is around 5.6% of GDP which was 2.8% of GDP pre-COVID 20-year average. The government capex is largely driven by building roads and railways infrastructure across the country. During the previous upcycle of 2003-08, the government capex grew by 23% CAGR.

The sector faces some risk in the form of hike in interest rates, liquidity, and a slowdown in the broader economy. Interest rate and liquidity risk are key risks but for the time being there are no major risks seen as the central bank is on a pause and is likely to start easing from CY24.

Gland Pharma (5.19%); Dr Reddy’s Laboratories (3.41%); GlaxoSmithKline Pharmaceuticals (2.18%); Natco Pharma (1.86%)

Essar Shipping Ltd reported its net profit for the quarter ended June 30, 2023, at ₹40.40 crore as against a loss of ₹47.28 crore in the previous year. The stock rises by 4.46% on the NSE, trading at ₹11.70.

Major gainers on the BSE at 2 pm:

Hindustan Construction Coltd (18.02%); Astec Lifesciences (15.67%); Rattan India (13.29%); Repco Home Finance (12.18%); Safari Industries (11.88%)

Major losers: Mishra Dhatu Nigam (-5.28%); Brigade Enterprises (-4.92%); EPL (-4.35%); Indian Bank (-4.22%); Adani Wilmar (-4.08%)

Motilal Oswal Financial Services report: An analysis of 10 proxy indicators suggests that rural spending growth eased to a six-quarter low of 2.8% YoY in 1QFY24 vs. 2.9%/7.9% in 4QFY23/1QFY23. The deceleration was due to a sharper contraction in tractor sales and farm exports, which were partly offset by improving farmers’ terms of trade, a five-quarter high growth in fertilizer sales and rising farm credit. Fiscal spending in the rural sector grew 7.5% YoY in 1QFY24, better than 5.9% growth in 4QFY23 and a 17.5% decline in 1QFY23.

​V-Guard Industries​ reported its net profit for the quarter ended June 30, 2023, at ₹53.13 crore as against ₹54.03 crore in the previous year. The stock rises by 1.87% on the NSE, trading at ₹291.25.

Bajaj Consumer Care Limited reported its net profit for the quarter ended June 30, 2023, at ₹45.41 crore as against ₹33.37 crore in the previous year. However, the stock slides down by 0.67% on the NSE, trading at ₹221.30.

GKW Limited reported its net profit for the quarter ended June 30, 2023, at ₹4.23 crore as against a loss of ₹1.77 crore in the previous year. The company’s stock inches up by 0.16% on the NSE, trading at ₹897.

TD Power Systems Limited reported its standalone net profit for the quarter ended June 30, 2023, at ₹29.53 crore as against ₹18.74 crore in the previous year.

The stock falls by 1.32% on the NSE, trading at ₹251.35,

Thomas Cook Ltd informed the exchanges that its DEI Holdings Limited (DEI), a 51% step-down subsidiary of the company in UAE, has invested into “Digiphoto Entertainment Imaging Inc.” a company incorporated in Canada. The stock of Thomas Cook surges by 7.68% on the NSE, trading at ₹103.10.

Aviation software provider Ramco Systems has announced that it will implement its next-gen Aviation Suite V5.9 at AI Engineering Services Limited (AIESL). The company’s stock rises by 3.06% on the NSE, trading at ₹287.70.

On March 28, 2023, Piramal Pharma announced a proposal to raise capital of up to ₹1,050 crore through rights issue. At that time, considering the negatives already priced into the stock price, we recommended investors hold on to the stock till the record date announcement. The stock has gained 58 per cent since then owing to a revival in business prospects.

Sudarshan Pharma Industries Ltd. is set to acquire a 100 per cent stake in Ratna Lifesciences Pvt. Ltd. through an all-cash deal worth ₹5.5 crore. The acquisition, expected to be finalised by August 30, 2023, positions Ratna Lifesciences as a wholly owned subsidiary of Sudarshan Pharma.

Chennai Petroleum Corporation Ltd (CPCL) procured more than one-third of its non-crude supplies directly from MSE (micro and small enterprises) vendors during 2022-23, far exceeding the government mandate.

India has allowed banks in 22 partner countries, including Russia and the UK, to open “vostro” accounts in the country, the government told parliament on Tuesday, to help facilitate trade in rupees.

Vostro accounts are accounts a domestic bank typically holds on behalf of a foreign bank, denominated in the currency of the former.

The board of Bharat Forge has approved the conversion of existing intercorporate deposits (given to Kalyani Powertrain Limited (KPTL), a wholly-owned subsidiary of the company), amounting to ₹111.3 crore, into equity shares, to reduce the overall borrowings at KPTL.

Bharat Forge reported its net profit for the quarter ended June 30, 2023, at ₹311.5 crore as against ₹243.6 crore in the previous year. The company’s stock rises by 1.68% on the NSE, trading at ₹921.

Pilani Investment and Industries Corporation reported its net profit for the quarter ended June 30, 2023, at ₹27.19 crore as against ₹30.15 crore in the previous year. The stock slides by 0.28% on the NSE, trading at ₹2,009.55.

UNO Minda reported its net profit for the quarter ended June 30, 2023, at ₹135.16 crore as against ₹90.23 crore in the previous year. The stock slips by 0.59% on the NSE, trading at ₹579.75.

Kalyan Jewellers India Limited reported its net profit for the quarter ended June 30, 2023, at ₹128.9 crore as against ₹95.3 crore in the previous year. The stock surges by 4.31% on the NSE, trading at ₹185.30.

BSE Manufacturing Index set to outgrow benchmark indices for the next few years: Emkay Investment Managers Limited

On NCDEX, the spices complex ruled hot with all contracts gaining. Dhaniya (coriander) contracts were up ₹28 at ₹7560 a quintal. Jeera September futures gained ₹1,205 at ₹63,450 a quintal. Turmeric December contracts were up by ₹408 at ₹18,310 a quintal.

CFF Fluid Control has received the contract from President of India, represented by CMDE (EE) Directorate of Electrical Engineering, Integrated Head Quarters, MOD (NAVY) for Annual Maintenance of TWA MCA 62.5 System of Indian Navy Submarines totaling to approximately Rs 23.44 crore (including tax). The said contract is expected to be executed for three Years till August 2026.

On MCX, gold October futures were up ₹86 at ₹59,334 per 10 gm. Silver September contracts were up ₹295 at ₹70,511 a kg.

In Asian trade, gold was pinned at around $1,930 an ounce. At noon, it traded at $1,930.83. Silver was a shade below $23 at $22.90 an ounce.

The Centre has extended the implementation of the Cotton Bales (Quality) Control Order, 2023 by three months. The order was to have come into force on August 18. The deadline has now been extended to November 27 following representations from the trade and industry.

Taylormade Renewables has received a work order from Maharashtra Enviro Power Limited (MEPL Rajangaon) worth ₹3.33 crore for supply, install, and erection of TRL RAIN patented technology plant - 100KLD evaporation system.

Major gainers on the NSE at 12 noon:

Dr Reddy’s (3.22%); Tech Mahindra (2.02%); Adani Enterprises (1.31%); M&M (1.24%); Bharti Airtel (1.03%)

Major losers: Divi’s Laboratories (-2.56%); Hero Motocorp (-1.26%); Apollo Hospitals (-1.15%); HDFC Bank (-0.93%); Maruti (-0.87%

Stocks advanced on BSE at 12 noon on August 9 were 1,844 against 1,557 stocks that declined. Total stocks traded were 3,569. The number of stocks that recorded a 52-week high 180, and those that hit a 52-week low was 18.

Central Bank of India has entered into a strategic co-lending partnership with DMI Housing Finance Private Limited to offer home loans and MSME loans. The shares of Central Bank of India rise 1.26% on the BSE, trading at ₹31.20 per share.

Igarashi Motors India Ltd reported its net profit for the quarter ended June 30, 2023, at ₹1.42 crore as against a loss of ₹4.2 crore in the previous year. The stock rises by 2.50% on the NSE, trading at ₹572.10.

Mahindra Last Mile Mobility (LMM) has launched the latest addition to its electric 3-wheeler line up - the Mahindra e-Alfa Super. The stock of M&M rises by 1.36% on the NSE, trading at ₹1,520.10.

Hindustan Construction company’s stock surges by 14.89% on the NSE, trading at ₹23.15.

Dr Lal PathLabs Ltd’s share price went up by 0.68 per cent after the company reported a 43.6 per cent increase in profit for the quarter ended June 30, 2023 at ₹83.66 crore compared to ₹58.2 crore during the corresponding quarter last year.

Capri Global Capital Ltd has announced the appointment of Varun Malhotra as its Chief Technology Officer. The stock inches up by 0.14% on the NSE, trading at ₹776.55.

Gensol Engineering Limited has secured LOI from OREDA worth ₹115 crore for providing 300 electric vehicles with fleet management service on an operating lease for 5 years. GENSOL stock inches up by 0.82% on the NSE, trading at ₹1,712.20.

Sterlite Technoligies informed the exchanges that the company has improved ESG metrics being tracked by global investment research firm Morgan Stanley Capital International (MSCI). STL received a rating of ‘A’ in the assessment by MSCI for its ESG efforts. However, the stock slips by 0.42% on the NSE, trading at ₹153.35.

Arihant Capital Markets Ltd. has informed that SEBI has issued its final observations on the draft letter of Ipca Labs to shareholders of Unichem Laboratories offer filed with them enabling the acquirer to proceed with the Open Offer.

The updated schedule of activities, including the offer opening date would be communicated in due course, said Unichem in a notice to the stock exchanges.

Top losers from real estate sector on the NSE

Brigade Enterprises (-3.82%)

Oberoi Realty (-2.56%);

Prestige (-2.49%)

Godrej Properties (-2.48%)

Airtel’s Wynk Music and Dolby Laboratories have announced the launch of Dolby Atmos to its users at no extra cost. The stock of Bharti Airtel inches up by 0.94% on the NSE, trading at ₹893.75.

HB Stockholdings Ltd.’s shares went up by 19.99 per cent after the company reported a 71 per cent profit increase for the quarter ending June 30, 2023, at ₹9.76 crore compared to ₹5.67 crore during the corresponding quarter last year.

Major gainers on the BSE at 11 am:

Astec Lifesciences (14.82%); Hindustan Construction Coltd (13.16%); Ircon International (8.74%); Zen Technologies (8.46%); Cressanda (8.04%)

Major losers: Mishra Dhatu Nigam (-5.69%); Gujarat State Fertilizers Chemicals (-4.21%); EPL (-4.28%); Indian Bank (-4.07%); Adani Wilmar (-4.06%)

ideaForge Technology has received orders worth ₹88.06 crore from one of the forces under the Ministry of Defence to supply surveillance quadcopters with accessories. However, the stock tumbles by 4.96% on the NSE, trading at ₹1,023.

Ircon International stock surges by 9.28% on the NSE, trading at ₹108.90

Bengaluru-based real estate playerPrestige Estates Projects’ net profit increased by 30.2 per cent to Rs 267 crore for the quarter ending in June, compared to Rs 205 crore in the same quarter last year.

Bank Nifty is trading at 44,660, down 0.68 per cent. The advance/decline ratio at 1:11 indicates broad based weakness in the index. Bandhan Bank and Federal Bank stocks are down over one per cent each. IDFC First Bank, up 0.17 per cent, is the only stock that is in green among index constituents. Read more

Nifty 50 and Sensex are trading lower. Sensex is trading at 65,595, down 0.38 per cent and Nifty at 19,513 is down 0.31 per cent. Failure to get a strong follow-through rise on Tuesday followed by a fall today leaves the bias negative. Read more

The stock of Rail Vikas Nigam Ltd rises by 2.46% on the NSE, trading at ₹126.95.

While uncertainty around elections could impact market sentiment over short-term, critical economic policies present tactical opportunities for investors. Read more

Infibeam Avenues’ board on Tuesday approved the listing of the company’s digital arm Odigma Consultancy Solutions, according to an exchange filing. Shareholders of Infibeam Avenues Limited (IAL) will receive one equity share of Odigma of face value Re 1 for 89 fully paid-up equity shares of Re 1 held in IAL.

Adani Enterprises Ltd. is exploring selling its stake in its Mumbai-listed consumer-staple joint venture with Wilmar International Ltd., freeing up capital for their core business, according to people familiar with the matter.

With the Q1 results season coming to an end soon, the focus of the market will shift from micros to macros. The institutional activity in the market has turned neutral since the FII selling is matched by DII buying. A clear trend in the market may come from macros. US CPI print expected soon and the MPC decision on 10th might give indication of the likely market trend. The MPC is likely to hold the rates and retain the stance but the tone is likely to be hawkish since inflation is high and expected to rise in July.

Macro trends in India indicate impressive credit growth and improving capex. So, high quality stocks in banking and capital goods are likely to remain resilient. Investors can use weakness in the market to buy these stocks.

The results season in pharma is supporting a strong positive buzz. Stocks of Divi’s, Biocon and Dr. Reddy’s have gained on results date announcement itself.

Britannia: ₹115.88 crore NSE block trade; for approximately 251,445 shares at ₹4608.7 each.

Delhivery Ltd. has bagged a contract to fulfil Havells India’s western region demand through its integrated supply chain solutions. The stock rises by 1.43% on the NSE, trading at ₹417.15.

Shares of Data Patterns were trading at ₹2,114, up by 4.07%. The company reported an 85% increase in net profit in the June quarter.

Geojit Financial on Zomato: Buy

Zomato’s dominant market presence, new initiatives and businesses, and sustained improvement in the operational metrics are expected to drive growth and profitability.

Hence, we reiterate our BUY rating on the stock, with a revised target price of Rs 114 based on 6x FY25E price/ sales.

The rupee appreciated by 10 paise to 82.81 against the US dollar in early trade on Wednesday gaining ground from the 8-month low level amid weakening American currency against major rivals overseas.

63 Moons net profit at Rs 39 crore against loss of Rs 3 crore while, revenue was at Rs 115 crore against Rs 41 cr (YoY). It bagged software support contract from MCX till December. The stock gains over 9.52% on the BSE, trading at ₹278.35

​Dhanuka Agritech​ informed the exchanges about the commencement of trial production at the new plant situated at Dahej, Gujarat. However, the stock slides by 0.02% on the NSE, trading at ₹769.30.

Major gainers on the NSE at 9:30 am:

Adani Ports (2.50%); Dr Reddy’s (2.37%); SBI Life Insurance (1.10%); Coal India (1%); M&M (0.98%)

Major losers: Divi’s Laboratories (-0.99%); IndusInd (-0.79%); Reliance (-0.78%); Maruti (-0.74%); Hero Motocorp (-0.72%)

Bajaj Consumer (BaCo), Emami and Jyothy Labs (JYL) – the trio – continue to trade at a considerable discount to Consumer Staples peers FC (all three companies (still) appear great value picks). These companies have gradually improved execution with: 1) focus toward distribution expansion, 2) improving performance in new-age channels, 3) diversifying their product portfolio (acquisitions, digital-first launches). We believe, with consumer demand environment improving and deceleration in commodity inflation (which were headwinds over last couple of years), the performance of the trio will likely improve and potentially drive higher valuations. While JYL remains our top pick (up 60% in last 3 months), we expect BaCo and Emami’s performance to improve in the near term and drive stock rerating.

GMR Airports board will consider raising Rs 5,000 crore during the meeting on August 14.

Societe Generale and ICICI Prudential Mutual Fund have bought 13.07 lakh and 58 lakh shares in Uno Minda

Zeal Global Services IPO is a public issue of 35.40 lakh equity shares.- 16.82 lakh to retail investors and 16.80 lakh shares to other investors. The other investors included applicants other than retail i.e. HNI, corporates, institutions, (NII and QIB).

The issue price was Rs 103. Marker lot: 1,200 shares

Crude oil futures traded lower on Wednesday morning as China’s consumer price index slipped into negative territory in July creating apprehensions over the demand from this major buyer in the world market. Added to this, there was also an unexpected increase in the crude oil inventory in the US for the week ending August 4. At 9.13 am on Wednesday, October Brent oil futures were at $86, down by 0.20 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $82.73, down by 0.23 per cent.

Ex-Dividend 10 August 2023 (Tomorrow)

Last date for Cum-Dividend Today

Man Infraconstruction Ltd.

Dividend Per Share Rs.0.36

Previous day Closing Price – Rs. 146.05

Allied Digital Services Ltd.

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 142.05

Alkem Laboratories Ltd

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 4137.8

Aditya Vision Ltd

Dividend Per Share Rs.7.5

Previous day Closing Price – Rs. 2406.3

Goa Carbon Ltd.

Dividend Per Share Rs.17.5

Previous day Closing Price – Rs. 572.75

Jubilant Ingrevia Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 433.55

Jubilant Pharmova Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 397.35

K.C.P. Ltd.

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 121.65

Linde India Limited

Dividend Per Share Rs.4.5

Special Dividend Per Share Rs. 7.5

Previous day Closing Price – Rs. 5041.4

Lumax Industries Ltd.

Dividend Per Share Rs.27

Previous day Closing Price – Rs. 2066.5

Lumax Auto Technologies Ltd.

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 443.85

Nitin Castings Ltd

Dividend Per Share Rs.0.75

Previous day Closing Price – Rs. 505.15

Hitachi Energy India Ltd

Dividend Per Share Rs.3.4

Previous day Closing Price – Rs. 4302.9

Rama Phosphates Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 256.55

Sunshield Chemicals Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 922.1

Thomas Cook (India) Ltd.

Dividend Per Share Rs.0.4

Previous day Closing Price – Rs. 95.3

Vaibhav Global Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 389.45

On Wednesday, the BSE Sensex and NSE Nifty commenced trading with a subdued and pessimistic tone, influenced by a mix of global signals. While U.S. stocks ended the previous session in decline, they exhibited a remarkable recovery from their intraday lows. Across the Asia-Pacific region, stocks are maintaining a narrow trading range.

At 9:16 am, the Sensex is displaying a decline of 80 points, trading at 65,765.64, while the Nifty has retreated by 17 points, currently positioned at 19,553.

In the realm of individual stocks, Coal India and Dr. Reddy’s are witnessing upward movement, whereas Wipro and Apollo Hospital are experiencing declines as the trading session commences.

Macquarie on Hindalco

O-P, TP Rs 516

1Q EBITDA beat; copper surprises

India EBITDA at Rs24.7bn, down 33% YoY & 4% QoQ

While aluminium EBITDA broadly in line. copper EBITDA was ahead, driving beat.

Aluminium EBITDA helped by better performance of downstream segment

CLSA on Coal India

Buy Rating

Target Rs 270

Q1FY24 EBITDA Came In-line

e-Auction Realisations Softened, Fuel Supply Agmt Realisations Increased Helped By Price Hikes

Ebitda Ex-over Burden Removal (OBR)/t Fell 17% YoY To Rs 597

Expect EBITDA (ex-OBR)/t To Rise At 3% CAGR Over FY22-26 & Vol At 6% CAGR

With Stock Trading At A FY25 PE Of 6x, See Risk-reward As Attractive

Citi on Coal India

Neutral Rating

Target Rs 235

Q1 EBITDA In-line, e-Auction Prices Correct, Could Fall Further

EBITDA Fell On Higher Costs As Wages Became Effective & Lower Blended Realisations

Offset In Part By Higher Volumes, Blended Realisations Were Flattish YoY

e-Auction Realisations Corrected From Rs 4,525 In Q4FY23 To Rs 3,740 In Q1FY24

Dividend Yield At 11% Helps

Adani Ports Review

Bernstein

O-P, TP Rs 888

Strong qtr, — especially on vol & EBITDA front

Comforting to see management retain guidance on b/s strengthening - reenforcing long term focus.

Ports continues to be prized asset

CLSA

Buy, TP Rs 878

Port Ebitda +11% &Logistics Ebitda +48%YoY

1Q:Coal drives ports while logistics gain share

Port margins rose 152bps YoY in 1Q on better cargo mix, tariff hikes & 4% YoY depreciation of INR

CEO said getting ready for its next leg of growth

CITI

Buy, TP Rs 972

Strong 1Q despite impact of cyclone on a large part of its capacity located in Gujarat

1Q consol Rev/EBITDA/PAT grew 35%/109%/97%YoY.

Core port EBITDA at Rs35bn grew 22% YoY & Consol. PBT at Rs25.7bn was 8% ahead of est.

GS

Buy, TP Raised to Rs 820

Good Qtr. despite disruptions; guidance well within range

Domestic Port rev/port EBITDA came above GSe, while consol revenue was +5% vs GSe, primarily driven by higher than expected contribution of Haifa Port/int.

Jefferies

Buy, TP Raised to Rs 890

1Q rev lower than expectations, but margins should improve as acquired ports’ efficiencies pick-up

Marginally raise FY24E-25E EBITDA by 3-5%

Co aims to leverage its strong B/S to grow in warehousing &offer end-to-end solutions

HSBC on Tata Chem

Buy Rating

Target Cut To Rs 1,100

EBITDA Largely In-line With Strong Margin Performance In US & India Offsetting Weak Vol

Capacity Expansions In India, US & Kenya Over Next 3 Years Should Support Growth

China Capacities Remain A Risk

Cut FY24-26 Earnings Estimates By 4-6%

HSBC on Max Health

Hold Rating

Target Rs 625

Reported In-line Rev, EBITDA Margin Dipped QoQ Mainly On Mix Change & Higher Costs

Co Continues To Focus On Optimising Mix & Improving Asset Utilisation

Think Positives Are Largely Priced In

Tariff Hike In PSU Procedures Package A Key Near-term Catalyst

MS on Deepak Nitrite

Underweight Rating

Target Rs 1,678

Co Expects A Sequential Uptick In Both Segments After A Tough Q1

Broader Demand Environment Remains Sluggish

Co Witnessed Some Green Shoots & Expects Pace Of Destocking To Slow In Upcoming Quarters

Upcoming Projects Are Largely On Track

Macquarie on Godrej Cons

Downgrade To Neutral Rating

Target Rs 1,050

Co Reiterated Flattish Sales, High Single-digit EBITDA Margin For Raymond’s Brands In FY24

Co Sees Currency Depreciation In Nigeria Aiding Share Gains

Co Is Worried About Hit To Industry Volumes From Hikes Needed To Pass Input Inflation

FY25/26 EPS Estimate Cut 2% Each For Nigeria Depreciation Hit

See Limited Room For Upside At Current Valuations

Kotak Inst Eqt on Siemens

Sell, TP Rs 3300

10% miss on EBITDA on back of weak execution & weaker margin

Base order grew 11% yoy

One +ve from results was depreciation (read capex trends) growing after declining for past several qtrs.

SELLremains on expensive >60X1-yr fwd earnings

UBS on Siemens

Buy Rating

Target Rs 4,500

Reported Topline Beat Of 7% Vs Street Expectation, EBITDA Missed Estimates

PAT Ahead By 7% Largely Driven By Higher Other Income

Quarterly Run Rate Remains Well Above Rs 5,000 Cr For Past 3 Quarters Now

Growth For Q3/9MFY23 Is Modest At 11%/5% (Ex Of Loco Orders)

Initiates Underperform Rating on PB Fintech

Target Rs 560

Believe Mkt Is Underestimating Risks Coming From Bima Sugam, Could Be A Disruption

Channel Checks Reveal That Regulator Wants This To Be A ‘UPI Moment’ In The Industry

See Impact In Form Of Lower Take Rates And Lower Market Share From FY25

Target Market For Co Is Likely To Be Much Lower Than What The Market Thinks

PB Fintech Already Has Nearly 25% Market Share Of Addressable TAM

Questions On Target Market Potential, POSP Business Remain

Earnings Are 25% Below Consensus & 30% Below Mgmt Guidance For FY27

Valuations Expensive At 48x FY27 P/E

Low-income consumers in urban and semi-urban centres are highly optimistic about the economy in the coming year, with more than three-fourths of this segment among the working population expecting a rise in their income levels, according to a study by Home Credit India.

Defunct Jet Airways’ losses in the first quarter of FY24 were at ₹50 crore, against a revenue of ₹39 crore on a consolidated basis. Its expenses surged to ₹89 crore from ₹40 crore during the same period in the previous year.

We expect the RBI MPC to deliver a hawkish hold on Aug 10th while retaining the stance as withdrawal of accommodation.

We don’t see the recent tomato price spike to push the MPC to hike rates right away, we have seen such episodes in the past.

We do see one more 25bp hike in CY23 as CPI inflation is still away from the 4% target.

ICICI Lombard General Insurance Finance has received a Show Cause Notice (SCN) dated July 26 from Directorate General of GST Intelligence, New Delhi, alleging a tax demand of ₹273.44 crore under Section 74(1) of the Central Goods and Services Tax Act, 2017 along with interest under Section 50(1) of the Act and penalty under Section 74(1) read with Section 122(2)(b) of the Act.

The Board of Directors of Angel One will meet today to consider internal restructuring of businesses, between Angel One Limited and its wholly-owned subsidiaries.

Shares of Adani Enterprises and Adani Wilmar will remain in focus on reports that the former is exploring selling its stake in Adani Wilmar.

​Lupin ​has informed the exchanges that Novel Laboratories Inc, a US-based-based subsidiary has received approval from the US Food and Drug Administration (US FDA) for its abbreviated new drug application for fluocinolone acetonide oil, a generic equivalent of DermaSmoothe/FS, of Hill Dermaceuticals Inc. Fluocinolone acetonide oil had estimated annual sales of $10 million in the US as per IQVIA MAT June 2023. Fluocinolone acetonide oil is a body oil used to treat eczema, a skin condition.

The buyback offer of Aarti Drugs will open today and end on August 17. The company plans to buyback up to 6,65,000 shares, representing 0.72 per cent of the existing paid-up capital, for ₹900 a share through tender route. The company has fixed August 4 as the recorded to identify eligible shareholder to participate in the buyback offer.

Cipla’sstock has run up over a fourth in the last 30 days and this could give private equity firms circling the promoter stake in the company some heartburn with respect to the valuation of the stake. It will also test the response to an open offer if the price is below the market rate.

Singer India has informed the exchanges that BIS Certification Marks License granted to its vendor for use of the BIS Standard Mark (ISi mark) on Household Zig-Zag Sewing Machine is put under suspension due to discrepancies observed with regard to the operation of the license by authorities. This will effect our ability to import and sell Singer Branded Household Zig-Zag Sewing Machine.

Abbott India, Agarwal Fortune, AMS Polymers, Apollo Finvest, ATV Projects, Boba Arts, Bajaj Consumer Care, Bajaj Steel, Bata India, BDH Industries, Berger Paints India, Bharat Forge, BL Kashyap, BLS International, Blue Chip Tex, Bombay Dyeing, BPL Pharma, Bright Brothers, Bansal Roofing, BSL, Burnpur Cement, Chaman Setia, CARE Ratings, Dhunseri Tea, Divgi Torqtransfer, Dreamfolks Services, Dutton Polymers, Dynamatic Technologies, Easy Fincorp, eClerx Services, EID Parry, Emami Paper, FDC, Fedder Electric, Gandhi Tube, GMR Power & Urban, Granules India, GTL Infra, Igarashi, Ind Swift Lab, Indo wind, Indian Railway Catering and Tourism Corporation, JB Chemicals, Kalyan Jewellers India, Lumax, Max Financial Services, Natco Pharma, PI Industries, Rajapalayam Mills, Ratnamani Metals, Reliance Power, Sandhar Technologies, Schneider Electric Infrastructure, Shankara Building Products, SJVN, Sula Vineyards, Sunteck Realty, Tata Power Company, Taj GVK, Trent, Thomas Cook, Varroc, V-Guard, Vijaya Diagnostic Centre, Zee Entertainment Enterprises and Zuari Agro Chemicals will be in focus ahead of quarterly earnings on August 9.

9:00 AM Happiest Minds

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/56uhhk97

*11:00 AM Windlas Biotech Limited *

Weblink: https://tinyurl.com/yhfsv6mp

11:00 AM Oil India

No Contact Available

11:00 AM RCMS

Weblink: https://tinyurl.com/mstjs35z

11:00 AM Sudarshan Chem

No Contact Available

11:00 AM Ideaforge Techn

Weblink: https://tinyurl.com/yv3nxz69

11:30 AM Vascon Engineer

Weblink: https://tinyurl.com/2a24tz4j

11:30 AM Phoenix Mills

Weblink: https://tinyurl.com/58t69ews

11:30 AM Tilaknagar

No Contact Available

12:00 PM Navkar Corporation

Weblink: https://tinyurl.com/mwnkdmfr

12:00 PM Talbros Auto

Weblink: https://tinyurl.com/3sc4u4dm

12:30 PM Ashiana Housing

Weblink: https://tinyurl.com/4y28j5ed

12:30 PM Jain Irrigation

No Contact Available

12:30 PM J Kumar Infra

Weblink: https://tinyurl.com/4ye72xyu

1:30 PM Shaily Engg

Weblink: https://tinyurl.com/34wzsjpn

1:30 PM Data Patterns India

Weblink: https://tinyurl.com/mdptkf6x

2:00 PM Bharat Forge

Weblink: https://tinyurl.com/26xxmjx9

2:00 PM Nirlon

Dial: +91 22 6280 1341

(Results, Investor/Analyst Presentation)

Weblink: https://tinyurl.com/552bv5vh

2:00 PM Eureka Forbes

Weblink: https://tinyurl.com/yu4ybkyx

2:30 PM Brigade Ent

Dial: 02262801209

Weblink: https://tinyurl.com/24j77xjk

2:30 PM Birla Corp

No Contact Available

3:00 PM CRISIL

Weblink: https://tinyurl.com/48sfa2xe

3:30 PM GSFC

Weblink: https://tinyurl.com/mr3x4uum

3:30 PM Borosil

Weblink: https://tinyurl.com/5n6ntw9z

*3:30 PM Ircon International *

Weblink: https://tinyurl.com/2s4mytsd

4:00 PM Prevest Denpro

(Results, Press Release , Annual Report)

Weblink: https://tinyurl.com/n8sr4cet

4:00 PM Minda Inds

Weblink: https://tinyurl.com/452kcwdu

4:00 PM Star Cement

Weblink: https://tinyurl.com/mbmjw8n4

4:00 PM IFGL Refractor

Weblink: https://tinyurl.com/bdc9ddw6

4:00 PM Kalyan Jewellers

Weblink: https://tinyurl.com/yx7s7bpm

4:00 PM India Glycols

Weblink: https://tinyurl.com/yc22mjeb

4:00 PM Gujarat Mineral Dev

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/mr3eyvtw

(Hosted byConcept IR)

4:00 PM Dhampur Sugar

Weblink: https://tinyurl.com/4pddnbkp

*4:00 PM Fineotex Chemical *

Weblink: https://tinyurl.com/38w7kwnt

4:00 PM Patel Integrated

No Contact Available

4:30 PM Aarti Ind

Dial: +91 22 6280 114

Weblink: https://tinyurl.com/49fv8def

5:00 PM DreamFolks

Weblink: https://tinyurl.com/jbw2xeee

5:00 PM Matrimony.com

Weblink: https://tinyurl.com/msjnprk3

5:00 PM Varroc Engineer

Weblink: https://tinyurl.com/y7wad3de

5:30 PM Zee Entertain

No Contact Available

5:30 PM Berger Paints

Weblink: https://tinyurl.com/mr3bu5sp

5:30 PM Granules India

Weblink: https://tinyurl.com/jth9xy9a

6:00 PM Utkarsh Small

Weblink: https://tinyurl.com/bdz87y3f

BALRAMPUR

CHAMBALFERT

DELTACORP

HINDCOPPER

INDIACEM

IBULHSGFIN

Adani Wilmar, Adani Enterprises, Singer India, Lupin, PowerGrid, Aarti Drugs, Zee Learn, Abbott, Bajaj Consumer, Bata India, Berger Paints, Bharat Forge, Bombay Dyeing, Divgi Torqtransfer, Dreamfolks, EID Parry eClerx, GMR Power, Granules India, IRCTC, Kalyan Jewellers, Max Financial, Power, Tata Power, Trent, Zee Entertainment

Benchmarks BSE Sensex and NSE Nifty are likely to open on a dull note on Wednesday, amid mixed global cues. The US Stocks, overnight, closed in the red but recovered sharply from day’s low level. Stocks in Asia-Pacific region are trading in narrow range. Gift Nifty at 19606, indicates a flattish opening, as Nifty futures on Tuesday closed at 19611.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, Infosys, HDFC Bank, TCS, and SBI

The stock of Rallis India is gearing up for a fresh rally. The stock surged over 4 per cent on Tuesday. Prior to this rise, the stock has formed a strong base above ₹210. That hints at the beginning of a new leg of rally.

Gold prices bounced back on Wednesday from one-month lows as bond yields and dollar weakened a day ahead of the release of U.S. consumer price data that could build the case for or against further interest rates hikes.

Spot gold was up 0.1% at $1,926.29 per ounce, having dropped to the lowest level since July 10 at $1,922 on Tuesday. U.S. gold futures were flat at $1,960.30.- Reuters

The major indices on Wall Street experienced a notable decrease on Tuesday, driven by a widespread sell-off triggered by Moody’s decision to lower the credit ratings of several lenders. This move by the credit rating agency renewed worries about the overall well-being of U.S. banks and the economy.

The decline observed on Tuesday was initiated by Moody’s decision to reduce the ratings of ten small- to mid-sized lenders by a single notch. Additionally, the agency placed six major banking institutions, including Bank of New York Mellon, U.S. Bancorp, State Street, and Truist Financial, under review for potential future downgrades.The Dow Jones Industrial Average fell 158.64 points, or 0.45%, to 35,314.49, the S&P 500 lost 19.06 points, or 0.42%, at 4,499.38 and the Nasdaq Composite dropped 110.07 points, or 0.79%, to 13,884.32.