Share Market Highlights: Sensex, Nifty close flat as caution over elevated valuations offsets IT uptick

Rupee pared initial losses and settled for the day 3 paise higher at 82.26 (provisional) against US dollar on Tuesday amid a muted trend in domestic equities.

Forex traders said the rupee witnessed range-bound movement on Tuesday as the dollar index moved higher and Asian currencies moved lower against the American currency.

Equity benchmark Sensex pared early gains to end lower on Tuesday, pressured by selling in index majors Reliance Industries, Powergrid and ICICI Bank amid a mixed trend in global equity markets.

Besides, continuous foreign fund outflows also dented investor sentiment, traders said.

The Rice Exporters Association (TREA) has urged Commerce Minister Piyush Goyal to allow the export of Sona Masuri variety white rice under a different harmonized system of nomenclature (HSN) code besides fixing a minimum export price (MEP) of $1,000 a tonne.

Indian shares closed mostly flat on Tuesday, with IT stocks rising while caution over high valuations affected other sectors. The Nifty 50 fell 0.10% to 19,733.55, and the Sensex dropped 0.10% to 66,459.31. Small-caps and mid-caps hit fresh highs, but nine of 13 major sectoral indexes declined, particularly realty stocks. Consumption-linked sectors may be affected by erratic monsoons. IT stocks gained on signs of U.S. inflation moderation, while Power Grid and Hero MotoCorp faced losses, and Coal India surged after strong July growth. - Reuters

The total value of ₹2000 banknotes received back from circulation by Banks is ₹3.14 lakh crore up to July 31, 2023, according to RBI.

Thus, 88% of the ₹2000 banknotes in circulation as on May 19, 2023, have since been returned, the Central Bank said.

Consequently, ₹2000 banknotes in circulation as at the close of business on July 31 stood at ₹42,000 crore.

Data collected from major banks indicates that out of the total banknotes in ₹2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination banknotes.

RBI requested members of the public to utilise the next two months to deposit and/or exchange the ₹2000 banknotes held with them to avoid any rush in the last few days before September 30, 2023.

Bharti Airtel has announced the launch of Airtel IQ Reach, a first-of-its-kind self-serve marketing communications platform. The stock inched up by 0.07% on the NSE, and closed at ₹890.50.

Welspun Enterprises: Company reported its consolidated net profit at ₹92.8 crore as against ₹49.1 crore in the previous year. The stock surged 9.62% on the BSE, and ended at ₹256.50.

Maruti Suzuki India Limited sold a total of 181,630 units in July 2023. Total sales in the month include domestic sales of 154,685 units, sales to other OEM of 4,746 units and exports of 22,199 units.

The company’s stock decline by 1.06% on the NSE, trading at ₹9,716.20.

Pharma major Lupin Ltd has received approval from US FDA for Turqoz Tablets, which will be manufactured at Lupin’s Pithampur facility in India.

The stock of Lupin inches up by 0.34% on the NSE, trading at ₹988.80.

J.Kumar Infraprojects Limited has informed the exchange about the receipt of four LOA from National Highway Authority of India.

The stock surges by 4.40% on the NSE, trading at ₹376.95

Major gainers: Coal India (4.67%); NTPC (3.25%); Tech Mahindra (2.60%); HCL Tech (1.96%); LTIMindtree (1.83%)

Major losers: Power Grid (-5.26%); Hero Motocorp (-3.22%); Apollo Hospitals (-2.68%); IndusInd (-1.77%); Bajaj Finserv (-1.58%)

Stocks advanced on BSE at 3 pm on August 1 were 1,999 against 1,530 stocks that declined. Total stocks traded were 3,704. The number of stocks that recorded a 52-week high 330, and those that hit a 52-week low was 28.

Arvind Smartspaces: Co adds two new horizontal multi-asset township projects in Ahmedabad spread over 704 acre with a top-line potential of 2,300 cr rupees.

Anand Nevatia - Fund Manager, Trust Mutual Funds on inflation

India’s CPI inflation accelerated to a 3-month high of 4.81% YoY in Jun-23 from 4.31% in May-23. The liquidity for the month averaged at a surplus of 1.65 lakh crores and the forex reserves swelled to a 15-month high of $609 billion. The rupee appreciated slightly against the US dollar and closed at 81.93 on 26th July as against 82.03 the previous month.

In its July meeting, the US FOMC hiked the benchmark lending rate by 25 bps, putting it in the target range of 5.25-5.5%. This is the highest the interest rate has been since 2001. The rate hike was however on expected lines and future rate actions are going to be data dependent. The US Inflation Rate is at 3%, compared to 4% last month and 9% last year. The US 10-year yield bonds had touched an intra-month low of 3.73% and high of 4.1%, closed at 3.86% as on 26th July.

In the absence of any other significant event during the month, the domestic rate markets remained rangebound. The 10-year GOI benchmark reached an intra-month low of 7.05% and high of 7.18%, closing at 7.1% as on 26th July. With liquidity being comfortable, the overnight rates traded in the range of 6.10% and 6.55%.

Near term outlook for debt markets

The CPI inflation in Q1 FY24 at 4.6% was in RBI’s target band (2-6%) after overshooting it consecutively for 5-quarters. However, the CPI projection for the FY at 5.3% which is above the target of 4% and thus RBI will be mindful of letting its guard down early. The MPC is expected to maintain a status quo on rates and stance for the upcoming meeting in August. The yields are expected to remain rangebound with some volatility emanating from higher crude prices and higher net supply of government bonds.

Glenmark Pharmaceuticals receives ANDA approval for Saxagliptin Tablets, 2.5 mg and 5 mg.

The stock inches up by 0.30% on the NSE, trading at ₹790.25.

Kolte-Patil Developers Limited has signed two new society re-development projects in the Western suburbs of Mumbai. With total saleable area of 4.8 lakh sq. ft., these projects have a total topline potential of ₹950 crore.

The stock inches up by 0.01% on the NSE, trading at ₹433.60.

Mahindra & Mahindra Ltd has announced that its overall auto sales for July 2023 stood at 66,124 vehicles, including exports. Meanwhile, the company’s tractor sales for the said period stood at 25,175 units, including exports, as against 23,307 units in the previous year.

The company’s stock rises by 1.57% on the NSE, trading at ₹1,498.35.

With the approach of the festive season, Indian E-Commerce companies are gearing up to fulfil consumer demands during the annual shopping frenzy.

This surge in shopping activity is projected to generate almost 700,000 gig jobs in the second half of 2023. With July opening up the market with shopping festivals by various e-commerce players, the sector currently has around 200,000 open positions for temp workers primarily in the last mile delivery space and warehouse operations jobs.

This year’s festive hiring is anticipated to witness a remarkable 25% increase in gig jobs compared to the same period last year, reflecting the sector’s optimistic outlook and aspirations to boost positive sentiments: TeamLease

Ahead of August 10 earnings release, shares of Lemon Tree Hotels, India’s largest hotel chain in the mid-priced hotel sector, are trading up nearly 5% on the BSE on the back of rising volumes.

Gross GST collection rose 11 per cent to over ₹1.65 lakh crore in July, crossing the ₹1.6 lakh crore mark for the fifth time since the rollout of the indirect tax regime.

Gross Goods and Services Tax (GST) revenue collected last month was ₹1,65,105 crore of which CGST was ₹29,773 crore, SGST ₹37,623 crore, IGST ₹85,930 crore (including ₹41,239 crore collected on import of goods) and cess was ₹11,779 crore (including ₹840 crore collected on import of goods).

Revenues for the month were 11 per cent higher than the GST revenues in the same month last year, the finance ministry said in a statement.

PVR Inox: Consolidated net loss for the quarter ended June 30, 2023, at ₹81.600 crore. However, the stock rises by 2.31% on the NSE, trading at ₹1,593.

On NCDEX, the spices complex was mixed with turmeric and dhaniya (coriander) dropping. Jeera (cumin) gained. Dhaniya October contracts were down by ₹326 to ₹7,862 a quintal. Jeera September futures increased by ₹160 to ₹60,130 a quintal. Turmeric December futures dropped by ₹304 to ₹16,658 a quintal.

Total gold recycled in India in the quarter was 37.6 tonnes against 23.3 tonnes, up 61% year-on-year.

Total gold imports were up 16% at 209 tonnes from 180.7 tonnes a year ago.

On MCX, gold October futures dropped ₹373 to ₹59,709 per 10 gm. Silver September futures declined by ₹702 to ₹74,725 a kg.

Power Grid falls over 5.3% in trade on the back of weaker than expected Q1 numbers. The co’s net profit declined 5.9% YoY to Rs 3,542 crore. The stock currently trades at a trailing P/E of 11.38 times.

Major gainers: KIOCL (15.09%); DBL (14.77%); Cressanda (9.94%); Navneet Education (8.82%); IRFC (8.27%)

Major losers: KEI (-6.57%); Shivalik (-5.47%); Power Grid (-5.39%); Finolex (-4.99%); IRB (-4.31%)

Maharashtra Seamless Ltd: The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹206.62 crore as against ₹139.55 crore.

The stock declines by 1.76% on the NSE, trading at ₹525.10.

EaseMyTrip.com has announced Azaadi Mega Sale from August 1-10. The sales will pack a basket of discounts on international and domestic flights, hotels, cabs, buses, cruises, and holiday packages.

The stock rises by 1.11% on the NSE, trading at ₹41.

HFCL has received purchase order worth ₹137.63 crore from Reliance Retail Limited for supply of optical fiber cables.

The stock of HFCL rises by 2.04% on the NSE, trading at ₹65.10.

Orient Cement: Net profit for the quarter ended June 30, 2023, is ₹37.03 crore as against ₹37.41 crore in the previous year.

The stock declines by 1.66% on the NSE, trading at ₹144.70.

Aurobindo Pharma Limited has received a final approval from the USFDA to manufacture and market Saxagliptin Tablets, 2.5 mg and 5 mg. However, the stock declines by 0.09% on the NSE, trading at ₹821.50.

Anupam Rasayan India Ltd reported a 24 per cent increase in profit at Rs 52.25 crore for the quarter ended June 30, 2023, compared to Rs 41.96 crore in the corresponding quarter last year.

The company’s revenues were up 12.43 per cent at Rs 386.39 crore, compared to Rs 343.64 crore last year. Sequentially, profits were lower by 28 per cent, compared to Rs 72.63 crore in the previous quarter.

The shares went down by 1.18 per cent to Rs 965 at 12:59 p.m. on BSE.

​Dhanlaxmi Bank​ has posted a 207 per cent growth in its net profit at ₹28.30 crore in Q1 FY24 against net loss of ₹26.43 crore for the same period of last fiscal.

Operating profit increased to ₹57.94 crore from a loss of ₹5 crore during the period. Total income increased by 44 per cent to reach ₹341.40 crore from ₹236.82 crore. Interest income increased to ₹289.14 crore from ₹258.37 crore. Total business reached to ₹23,442 crore from ₹21,300 crore, recording 10 per cent growth.

Total deposits reached ₹13,402 crore from ₹12,576 crore.

Steel Strips Wheels Ltd (SSWL) has received its first exports order for OTR wheels for an OEM in Oceania market. The company informed the exchange that the order would be executed from next month onwards from Dappar plant.

However, the stock declines by 1.60% on the NSE, trading at ₹246.30.

Harsha Engineers International: The stock declines by 3.24% on the NSE, trading at ₹433.10.

The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹24.58 crore as against ₹30.85 crore in the previous year.

The IPO of Vinsys IT Services India Limited (Vinsys IT), has opened today at NSE Emerge and will close on August 4. The Pune-based company has set the price band at Rs 121 to 128.

Of the total issue size of 38.94 lakh shares, the company has allocated 18.48 lakh shares for Qualified Institutional Buyers (including Rs. 11.08 lakh for Anchor Investors) and 5.56 lakh shares for Non-Institutional Investors. For Retail Investors, the company has set aside 12.95 lakh shares for allocation.

The minimum application lot size is 1,000 equity shares.

PNGS Gargi Fashion Jewellery Ltd’s shares went up by 10 per cent after the company reported a 22 per cent increase in revenue at ₹6.52 crore for the quarter ended June 30, 2023, compared to ₹5.32 crore during the corresponding quarter last year.

Profit was up 38 per cent at ₹1.27 crore, compared to ₹91.88 lakh last year. Sequentially, the company’s profits were lower by five per cent, compared to ₹1.35 crore in the previous quarter.

The shares went up by 10 per cent to ₹208 at 11:25 a.m. on BSE.

K P R Mill: Company’s consolidated net profit for the quarter ended June 30, 2023, is ₹202.84 crore as against ₹226.69 crore in the previous year.

The stock declines by 1.24% on the NSE, trading at ₹632.20.

Hyundai Motor India (HMIL), the largest exporter since inception, registered domestic sales of 50,701 units in July, a marginal growth as compared with 50,500 units in corresponding month last year.

The company also reported exports of 16,000 units during the month, a jump of 20 per cent YoY as compared with 13,351 units in July 2022.

NCC Limited has announced the exchange that the company has received new orders ₹1919 crore (excluding GST) in the month of July’2023. Out of these orders ₹1,635 crore relating to Water Division, and ₹284 crore relating to Building Division. These orders are received from State and Central government agencies.

However, the stock declines by 1.58% on the NSE, trading at ₹156.20.

MPS Limited: The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹30.3 crore as against ₹20.64 crore in the previous year.

The company’s stock jumps 11.15% on the NSE, trading at ₹1,206.30.

Dr Ranjan Pai, chairman of Manipal Hospital, is investing in Aakash (Byju’s). He will invest through his family office.

It’s a part of an equity round and one of the main aim of raising money is to repay Davidson Kempner loan of Rs 800 crore.

The stock of ideaForge Technology declines by 2.05% on the NSE, trading at ₹1,118.20.

The US Federal Reserve’s quarterly survey noted that US banks have reported weaker loan demand and tighter credit standards in Q2 of 2023, reflecting pass-through of rising interest rates.

Focus is expected to shift towards US ISM manufacturing data and non farm payrolls to provide further guidance on how the economy is shaping up, amid signs of inflation cooling off, said WealthMills Securities report.

Inflation in the Euro zone eased off to 5.3 per cent in July against 5.5 per cent in June providing comfort to ECB and raising hope of ECB possibly skipping rate hike in the next cycle. Separately, Reserve Bank of Australia has maintained status quo, despite an expectation of 25 bps rate hike. Japan’s unemployment rate dropped to 2.5 per cent in June from 2.6 per cent in May. All attention will now be on the Bank of England rate decision scheduled later this week, it said

V.S.T Tillers Tractors recorded sale for the period ended July 2023 at 5,506 units as against 4,249 units in the previous year.

The stock inches up at 0.72%, trading at ₹3,126.10 on the NSE.

Vardhman Acrylics: The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹0.46 crore as against ₹11.71 crore in the previous year.

The stock rises 1.01% on the NSE, trading at ₹55.20.

Hybrid Financial Services: The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹21.93 lakh as against ₹16.57 lakh in the previous year.

The stock jumps 4.46% on the NSE, trading at ₹8.20.

​Gold​ demand dipped 7 per cent in the June quarter to 158 tonne (171 tonne) due high prices.

In terms of value it was up four per cent at Rs 82,530 crore (Rs 79,270 crore), according to the World Gold Council report.

Gold jewellery, which forms the bulk of demand, was down 8 per cent in the quarter under review at 129 tonne (140 tonne) as buyers postponed their purchases on expectations of fall in prices.

In terms of value jewellery demand was up 4 per cent at Rs 82,530 crore (Rs 79,270 crore).

With firm prices, buyers preferred to recycle the gold than making fresh purchases. Gold recycling jumped 61 per cent in the June quarter to 37.6 tonne (23 tonne).

Despite weak demand, gold imports increased 16 per cent to 209 tonne (181 tonne) as jewellers replenished their holding after gold sales in the first half of this year.

Investment demand fell 3 per cent to 29 tonne (30 tonne), but in value it was up 9 per cent at Rs 15,410 crore (Rs 14,140 crore).

Major gainers: Coal India (4.36%); NTPC (3.21%); Tech Mahindra (2.16%); Eicher Motors (1.83%); M&M (1.50%)

Major losers: Power Grid (-4.94%); Apollo Hospitals (-2.43%); IndusInd (-1.46%); SBI life Insurance (-1.42%); Adani ports (-1.37%)

Stocks advanced on BSE at 12 noon on August 1 were 2,029 against 1,363 stocks that declined. Total stocks traded were 3,572. The number of stocks that recorded a 52-week high 301, and those that hit a 52-week low was 22.

Persistent Systems has announced the inauguration of its center of excellence in Kolkata, West Bengal.

The stock inches up by 0.34% on the NSE, trading at ₹4,760.

Linc Ltd has announced initiating the process of remittance of US$100 for the purchase of 60% shares of Gelx Industries Limited, Kenya.

Additionally, a line of credit of up to US $500,000 as a loan, carrying an interest rate determined at arm’s length shall also be provided. Consequenly, Linc Limited will hold 60% shareholding in Industries Limited, Kenya.

The stock of Linc rises by 1.82% on the NSE, trading at ₹686.85.

SSWL has achieved net turnover of ₹357.09 crore in July 2023 as against ₹363.03 crore in July 2022, recording a decline of 1.64% y-o-y amid low tractor & 2-3 wheelers sales in July 23.

The company informed the exchanges that it has achieved gross turnover of ₹434.35 crore in July 2023 as against ₹446.11 crore in July 2022, thereby recording a decline of 2.64% y-o-y.

The stock declines by 0.40% on the NSE, trading at ₹249.30.

Berger Paints stock rises by 2.21% on the NSE, trading at ₹697.45

Adani Transmission: The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹181.98 crore as against ₹168.46 crore in the previous year. However, the stock declines by 1.70% on the NSE, trading at ₹806.75.

Coal India stock jumps 3.47% on the NSE, trading at ₹237.20.

Oberoi Realty: The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹321.64 crore as against ₹403.08 crore in the previous year.

The stock declines by 2.57% on the NSE, trading at ₹1,090.80.

Crude oil futures touched a near three-month high on Tuesday morning on concerns over tightening of supplies in the coming days. However, thefutures traded slightly lower in early trade on Tuesday morning.

At 9.55 am on Tuesday, October Brent oil futures were at $85.25, down by 0.21 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $81.65, down by 0.18 per cent.

Bosch Limited saw its net profits for the first quarter grow by 22.6 per cent to ₹409.8 crore from ₹334.1 crore during the same quarter the previous year.

The technology and services company’s revenue from operations rose 17.3 per cent to ₹4,158.4 crore during the period under review, compared to ₹3,544.4 crore during Q1 FY23.

Cantabil Retail India stock rises by 1.83% on the NSE, trading at ₹970.05.

The company opened 9 new showrooms/shops at different locations in India during July 2023.

The stock of Kamdhenu Ltd rises by 1.23% on the NSE, trading at ₹312.90

Praveg Ltd has announced the commencement of operations at Tent City at Chakratirth Beach, Diu, from August 12, 2023.

Major gainers on the BSE at 11:10 am: KIOCL (13.81%); DBL (10.29%); JP POWER (8.33%); Welspun (7.80%); Affle (7.76%)

Major losers: KEI (-7.69%); Cressanda (-6.79%); Shivalik (-6.09%); Power Grid (-4.91%); DLF (-4.17%)

Suzlon Energy stock rises by 2.37% on the NSE, trading at ₹19.40

The stock of Greenply Industries inches up by 0.06% on the NSE, trading at ₹168.90.

The company had announced that the manufacturing operations at the MDF Plant of the Company’s wholly-owned subsidiary - Greenply Speciality Panels Pvt. Ltd., situated at Sherpura, Vadodara, Gujarat, shall remain closed for a period of about 9 days w.e.f. August 1, due to the addition of MAT Pre-Heating System.

The stock of South Indian Bank rises by 3.07% on the NSE, trading at ₹20.15.

The bank’s board had approved raising of funds up to ₹1,000 crore from the issuance of equity shares through public issue, private placement, preferential issue, qualified institutional placement, further public offer, or rights issue.

Atul Auto: July total sales 2,110 units vs 1,267 units M-o-M.

In order to curb evasion by companies engaged in manufacturing pan masala, gutkha, chewing tobacco and mentha oil, the Central Board of Indirect Taxes & Custom (CBIC) has notified norms for restricting IGST (Integrated Goods & Services Tax) refund in respect of these products. Experts say this will affect cash flow for exporters.

L&T Construction receives multiple orders for its Heavy Civil Infrastructure business vertical.

An order has been received from Rail Vikas Nigam Limited (RVNL), for the design and construction of an underground metro project in connection with Joka – Esplanade Metro Corridor in the city of Kolkata. Another order has been bagged from a reputable client in the Middle East for a mandate to rehabilitate structures for strategic purposes.

Despite this, the stock of Larsen & Toubro declines by 0.90% on the NSE, trading at ₹2,657.25.

Nifty 50 (19,770) and Sensex (66,580) have opened today’s session on a flat note despite the positive cues from the Asian market.

Among the major Asian indices, Nikkei 225 (33,365), ASX 200 (7,440) and KOSPI (2,660) are up between 0.4 and 1.1 per cent.

That said, the market breadth is positive i.e., the advance/decline ratio of Nifty 50 stands at 30/20 and the mid- and small-cap indices are in the green.

Read more.

The rupee depreciated 3 paise to 82.32 against the US dollar in early trade on Tuesday as the strength of the American currency in the overseas markets and firm crude oil prices weighed on investor sentiments.

However, positive domestic equities restricted the depreciating bias, traders said.

Aditya Birla New Age Hospitality, promoted by Aryaman Vikram Birla, has announced a strategic deal to add four iconic restaurant brands— Hakkasan, Yauatcha, Nara Thai, and CinCin to its growing portfolio.

ABNAH has acquired 100 percent stake in KA Hospitality, the company that owns the home-grown brand CinCin and franchise rights of the other three global restaurant brands.

ABNAH currently operates Jolie’s, a members-only club comparable to the best in the world and spanning across 30,000 square feet at Worli, in Mumbai. ABNAH is planning to build premium casual dining restaurant chains across India, a fast-growing segment in the organised food services market. With this acquisition has added seven restaurants to its portfolio across three cities.

Equity benchmark indices maintained their winning momentum in early trade on Tuesday amid firm global market trends and buying in IT stocks.

The 30-share BSE Sensex climbed 118.13 points to 66,645.80 in early trade. The NSE Nifty gained 41.8 points to 19,795.60.

From the Sensex pack, NTPC, Tata Motors, Tech Mahindra, Mahindra & Mahindra, Tata Consultancy Services, JSW Steel, ITC, Infosys, and Bharti Airtel were the biggest gainers.

The stock of EaseMyTrip rises by 1.36% on the NSE, trading at ₹41.10. The company’s board had approved the acquisition of 51% of the aggregate paid-up share capital of each of Guideline Travels Holidays India Private Limited, Dook Travels Private Limited and Tripshope Travel Technologies Private Limited.

Spandana Sphoorty Finance Ltd.’s stocks went up by 3 per cent after businessline reported that YES Bank had been actively considering acquiring a stake in the company. Talks are reportedly ongoing between YES Bank and private equity firm Kedaara Capital.

Read more.

Tata Motors has changed the design outlook of its vehicle offerings over the years. The company that showcased the electric Sierra SUV at the Auto Expo, is working on offering consumers customised design vehicles. Martin Uhlarik, Head of Global Design, Tata Motors, spoke to businessline on the company’s design roadmap, with electrification and hydrogen cell-powered cars, AVINYA concept cars, and the incorporation of sustainable design and recycled products.

• The stock of Khaitan (India) surges by 9.98% on the NSE, trading at ₹66.10.

• The stock of Ujjivan Small Finance Bank rises by 5.60% on the NSE, trading at ₹50.90.

• Jet Airways (India) stock jumps by 4.97% on the NSE, trading at ₹53.85.

Orient Green Power Company stock jumps by 13.68% on the NSE, trading at ₹16.20. The company repaid its entire loan taken from Yes Bank Ltd. Upon this repayment, the company has cleared all its secured loan obligations

The stock of Indian Railway Finance Corporation surges by 3.14% on the NSE, trading at ₹39.40.

National Aluminium Company has informed exchanges that the Ministry of Mines has assigned the additional charge of the post of Director (P&T) to Pankaj Kumar Sharma, (Production) for a period of three months or until further orders, whichever is earliest, consequent upon superannuation of M. P. Mishra, Director (P&T) on August 31, 2023. The stock of National Aluminium rises by 1.73% on the NSE, trading at ₹96.90.

Small is beautiful in India’s market for initial public offerings after the disappointment of hyped mega-share sales.

From finance startup Paytm to the nation’s largest insurer, investors have lost money from those IPOs in the past two years. They’ve turned to companies offering up to just $100 million in stock sales, as India hosted 92 such listings this year, the most in the world, according to data compiled by Bloomberg.

Read more.

Anupam Rasayan India Limited reported its consolidated net profit for the quarter ended June 30, 2023, at ₹52.253 crore as against ₹41.966 crore. The stock inches up by 0.22% on the NSE, trading at ₹977.

The board of Anupam Rasayan India has approved the purchase of 10,000 equity shares of face value of ₹10 each, of ARIL Fluorospeciality Private Limited (AFPL), aggregating to 100% shareholding of AFPL. Pursuant to the acquisition, AFPL shall become a wholly owned subsidiary of Anupam Rasayan India.

Major gainers

• NTPC (1.83%)
• Hindalco (1.59%)
• Tata Motors (1.07%)
• Tech Mahindra (1.03%)
• Eicher Motors (0.91%)

Major losers

• Power Grid (-3.78%)
• UPL (-1.73%)
• Apollo Hospitals (-1.37%)
• Maruti (-0.97%)
• ONGC (-0.93%)

Engineers India has received order from Oil and Natural Gas Corporation Limited (ONGC) for Revamping of SV Stations, Gas Terminal & Kribhco Terminal of ONGC, Hazira Plant on EPC reimbursable [Open Book Estimate (OBE)] Basis. The total estimated order value is ₹837.34 crore with a project completion schedule of about 45 months.” The stock opened at ₹156.90 on the NSE, down by 1.10%.

• Coal Produced from Captive Mines-Commercial up 52.2% at 6.24 mt vs 4.10 mt y-o-y
• Installed Capacity at 57,038 MW vs 57,119 MW (y-o-y)

HDFC AMC, investment manager to HDFC Mutual Fund (HDFC MF), one of India’s leading mutual fund houses, has announced the launch of HDFC Transportation and Logistics Fund, which plans to invest in companies that are at the forefront of the dynamic Transportation and Logistics sector.

It aims to capitalise on wide array of opportunities across automotive, shipping & ports, railways, airports & airlines, e-commerce, road/rails/air cargos, supply chain/warehousing etc. under Transportation and Logistics theme. The NFO, which opened on July 28, will close on August 11.

1. Nomura on Maruti

• Neutral Rating
• Target ₹10,422
• Margin Disappoints Dragged By Staff & Other Overheads
• Improving Mix To Benefit ASPs, Weak Small Cars & Rising Disc To Offset Mkt Share
• Expect Overall Market Share To Be Stable At 42% In FY24
• Since SMG Is A Zero-EBIT Co, Transaction Will Not Lead To Any EBIT Impact
• Cash Outgo Or Dilution Of 4% Has Been Factored In Valuation

CLSA on Maruti

• Sell Rating
• Target ₹8,796
• Q1 EBITDA Below Estimate Led By Higher Staff & Marketing Costs
• Volume Run-rate Is Running Lower Than Est, Cut FY24-25 Vol Assumptions By 3%
• Maruti Suzuki To Buy Suzuki Gujarat Plant
• If Co Pays Cash For Deal, This Could Lead To A ₹900 crore Decline In Other Income In FY25

CITI on Maruti

• Buy, TP cut to ₹13,200
• 1Q below est. as higher SG&A &employee expenses offset better-than-expected realisations
• Adjusted for 1-off expense, miss marginal
• In a more significant development, Co announced acquisition of Gujarat plant from Suzuki

Nomura on Petronet LNG

• Neutral Rating
• Target ₹260
• EBITDA Modestly Above Est, Lower Spot LNG Keeps Near-term Outlook Positive
• Co Does Not Envisage Any Risk From Completion Of Breakwater At Dabhol Terminal
• Trades At Inexpensive FY25 P/E Valns Of 9.9x With An Attractive Dividend Yield Of 5%
• MS on Petronet LNG
• Equal-weight Rating
• Target ₹235
• LNG Demand Recovered, HPCL & GAIL New Terminals Will Keep Competition High In 2024
• Regas Terminal Utilisation Remains Below Pre-COVID Levels Despite Higher Gas Demand

Nomura on GAIL

• Neutral Rating
• Target ₹125
• Weak Results, Optimistic Outlook Already Priced In
• Rise In Gas Transmission Tariffs & Mktg Performance Offset By Petchem & LPG/LHC
• Strong Outlook For Gas Transmission Underpinned By Uptick In Tariffs & Rising Vol

MS on GAIL

• Overweight Rating
• Target ₹139
• Strong Gas Transmission Volume Growth, Improving Petrochemicals Upside Risks
• Positive Guidance Point To Upside Risks To Street Est After A Year Of Challenges
• As Gas Costs Fall Ahead By A Fifth And Pipeline Tariffs Rise, Upside Remains

JPMorgan on GAIL

• Neutral Rating
• Target ₹115
• GAIL Missed Estimates Both At EBITDA & PAT Levels
• Believe Recent Rally Driven By Brent Prices & Hopes Of Commodity Biz Rising
• Transmission Was Weaker Than Est, Petrochemicals Post EBITDA Loss

HSBC on Equitas SFB

• Buy Rating
• Target ₹123
• 2% RoA Appears Achievable In Medium Term Despite Lower Credit To Deposit Ratio
• Better Flexibility In Credit Costs Than Guidance Could Likely Be A Key Lever
• Cut EPS Estimate By 7.6%/4.7% For FY24/FY25

CITI on UPL

• Buy, TP cut to ₹800
• Weak 1Q with generics market remaining tough
• Rev/EBITDA at ₹90 billion/16bn fell 17%/32% YoY on pricing & vol headwinds in generics crop protection biz
• Cut FY24E/25E EBITDA est. by 15%/12% to factor in 1Q hit

Jefferies on UPL

• Buy, TP cut to ₹800
• Q1 missed est. sales (-17%YoY) impacted by pressure on vol(-9%) & prices(-10%)
• Price competition from Chinese post patent exporters, erratic India monsoon, channel destocking, & product bans in Europe dragged Q1
• Cut FY25-26eEPS by 9-10%

Crude oil futures touched near the three-month high on Tuesday morning on the expectations of tightening of supplies in the coming days. However, the futures traded lower in the early trade on Tuesday morning.

At 9.26 am on Tuesday, October Brent oil futures were at $85.23, down by 0.23 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $81.62, down by 0.22 per cent.

• Jefferies on Maruti: Maintain Buy on Company, target price at Rs 11500/sh
• MOSL on Maruti: Maintain Buy on Company, target price at Rs 11150/sh
• MS on Gail: Maintain Overweight on Company, target price at Rs 139/sh
• MOSL on Gail: Maintain Buy on Company, target price at Rs 145/sh
• HSBC on Equitas SFB: Maintain Buy on Company, target price at Rs 123/sh
• CLSA on Maruti: Maintain Sell on Company, target price at Rs 8796/sh
• Nomura on Maruti: Maintain Neutral on Company, target price at Rs 10422/sh
• Nomura on Petronet: Maintain Neutral on Company, target price at Rs 260/sh
• MS on Petronet: Maintain Equal weight on Company, target price at Rs 235/sh
• Nomura on Gail: Maintain Neutral on Company, target price at Rs 125/sh
• JP Morgan on Gail: Maintain Neutral on Company, target price at Rs 115/sh
• Jefferies on UPL: Maintain Buy on Company, cut target price at Rs 800/sh
• Jefferies on Gail: Downgrade to Underperform on Company, cut target price at Rs 105/sh

Mergers

1. JSW Ispat and JSW Steel

2. Tata Steel and Tata Metaliks

3. IDFC and IDFC First

4. Ador Fontech and Ador Welding

5. Refnol Resins and Indokem

6. ISML Ltd and Kirloskar Ferrous

Spin offs

1. Rossell India

2. Sanofi India

3. Revathi Equipment

4. Saregama

5. Sastasundar Ventures

6. ITC Hotels

Buybacks

1. Amrutanjan Health

2. Goldiam International

3. James Warren Tea

4. Ashiana Housing

5. Indiamart Intermesh

6. L&T

7. Aarti Drugs

8. Tata Motors (DVR)

9. Piramal Enterprises

10. CL Educate

11. Control Print

Rights Issues

1. JayKay Enterprises

2. Credent Global Finance

3. Nakodas

4. Seacoast Shipping

5. Syschem India

6. Shree Ajit Pulp

7. Brooks Lab

8. Ashnoor Textiles

9. IRB Infra Trust

10. Tierra Agrotech

11. Emerald Leisures

12. Piramal Pharma

13. Rajnish Wellness

Exchange Migration

1. Aartech Solonics

2. Lancor Holdings

3. Growington Ventures India

4. SRG Housing Finance

Muted growth; weak guidance; reasonable TCV

“1QFY24 turned out to be weaker than expected across growth and margins. Disappointments were sharp in a few companies such as TM and HCLT. Infosys cut guidance despite in-line performance signaling modest near-term outlook. TCV was reasonable for many driven by large and mega deals. Financial services and telecom were the pain points. Recovery in growth is contingent on financial services, earliest indicator of which will be visible by end of the year (in case of budget flush) or early next year. Growth will be influenced by large and mega deal ramp-up. Stock performance has been volatile capturing hopes of bottoming out versus reality of weak performance. Infosys is our best bet followed by HCLT.”

IRB Infra’s net profit was down at ₹134 crore against ₹363 crore while revenue dropped to ₹1,634 crore from ₹1925 crore (y-o-y).

“Indian markets could open mildly higher, in line with mostly higher Asian markets today and positive US markets on July 31.

U.S. stocks eked out small gains as July came to a close Monday, booking a fifth consecutive monthly gain for the S&P 500 and Nasdaq Composite amid optimism over corporate earnings and a resilient economy. The S&P 500 booked a 3.1% July rise, while the Nasdaq Composite advanced 4.1%. The Dow rallied 3.4% in July, for a back-to-back monthly gain.”

State Bank of India to raise ₹10,000 crore at a coupon rate of 7.54 per cent through its third infrastructure bond issuance.

Butterfly net profit up at 11 per cent at ₹15 crore against ₹13 crore while revenue dipped ₹14 crore at ₹219 crore against ₹253.5 crore (y-o-y)

Kaynes Tech’s net profit jumps to ₹246 crore against ₹100 crore while revenue is at ₹2,972 crore against ₹1,963 crore y-o-y.

Dharmaj Crop net profit rises to ₹14 crore against ₹10 crore while revenue increased to ₹162 crore against ₹137 crore (y-o-y)

Rail Vikas Nigam has received LOA for two projects from Madhya Pradesh. The project cost estimated at ₹332 crore.

Oberoi Realty net profit stands at ₹322 crore against ₹403 crore while revenue inched up to ₹9,099 crore ₹9,131 crore (y-o-y).

Bosch net profit rises to ₹409 crore against ₹334.0 crore while revenue increased to ₹4,158 crore against ₹3,544 crore y-o-y.

SEBI asks MIIs to develop common Online Dispute Resolution Portal. In a circular, MIIs are advised to launch the platform from today, (phase 1).

The MIIs-- stock exchanges, depositories and clearing corporations-- will have to make joint efforts to develop and operationalize the ODR Platform, Sebi said in a circular.

The portal will harnesses online conciliation and online arbitration for resolution of disputes arising in the Indian securities markets.

Mahindra & Mahindra (M&M) is setting up an electric vehicle battery testing and crash test facility at Mahindra Research Valley in Chengalpattu.

Blue Star board of directors will meet on August 3 to consider the proposal for raising of funds.

Glenmark Pharmaceuticals Ltd. (Glenmark) has received final approval by the United States Food & Drug Administration (U.S. FDA) for Saxagliptin Tablets, 2.5 mg and 5 mg, the generic version of Onglyza®1 Tablets, 2.5 mg and 5 mg, of AstraZeneca AB. Glenmark’s Saxagliptin Tablets, 2.5 mg and 5 mg, will be distributed in the U.S. by Glenmark Pharmaceuticals Inc., USA.

Aviation companies margins to come under pressure with jet fuel (ATF) price hiked to ₹98,508.26/kL from ₹90,779.88/kL in Delhi

Navin Fluorine International has informed the exchanges that Ravi Venkataramanan has resigned as CEO of CDMO business of the company effect from September 30, to pursue his entrepreneurial journey.

Shilpa Medicare Limited has received approval from CDSCO, New Delhi, for the manufacturing and sale of first time in the world Pemetrexed Ready to Use injections 10 ml, 50 ml, 85 ml, and 100 ml in India. Shilpa will commercialise the product under the brand name VRTU. VRTU 10 ml, 50 ml, 85 ml, and 100 ml will be launched immediately.

The board of South Indian Bank has approved the raising of funds up to ₹1,000 crore from issuance of equity shares through public issue, private placement, preferential issue, qualified institutional placement, further public offer, or rights issue.

The board also approved fund raising up to ₹500 crore through debt instruments.

EaseMyTrip.com, one of India’s largest online travel tech platforms announces the approval of EaseMyTrip’s board to acquire 51% of the aggregate paid-up share capital of each of the three prominent travel companies incorporated in India - Guideline Travels Holidays India Pvt Ltd, Mumbai, TripShope Travel Technologies Private Limited, Jammu and Kashmir and Dook Travels Private Limited, New Delhi.

Multi Commodity Exchange of India (MCX) reported Q1 results on July 29 and followed it up with an earnings call Monday, July 31, after market close.

There was considerable improvement in the revenue compared to the same quarter last year as trading in options continued to improve. However, profitability dropped on the back of huge technology costs which came as a result of the delay in migration to the new Commodity Derivatives Platform (CDP).

Read more.

The Board of Directors of Power Grid Corporation of India Ltd has approved and recommended issue of bonus shares in the ratio of 1:3. The estimated date by which Bonus Shares should be credited/dispatched is September 25, subject to shareholders’ approval.

Cochin Shipyard has been upgraded from schedule B to schedule A category by Govt of India

Eris Life: Plutus Wealth Management bought 22.10 lakh shares at 783; Shah Rakesh sells 20 lakh shares

Automobile cos, Maruti Suzuki, Spandana Sphoorty, Bandhan Bank PowerGrid, RVNL, Easemytrip, South Indian Bank, Anupam Rasayan, Aptus Value, Cholamandalam Finance, Escorts, GMDC, Godrej Agro, TTK Health, Tracxn Tech, TBZFredun Pharma, Shilpa Medicare, Greenply, Navin Fluorine, Cantabil Retail

Read more.

OPEC has pumped 27.34 million barrels per day this month, down 840,000 bpd from June. That’s the lowest since September 2021.

The centre on Monday increased windfall tax on domestically produced crude petroleum to ₹4,250 per tonne from existing ₹1,600 per tonne.

It has also increased duty on export of diesel to ₹1 per litre from Nil.

The new rates will be effective August 1.

Export duty on petrol and export duty for Aviation Turbine Fuel (ATF). will continue to be nil.

The government’s imposed special additional excise duty (SAED) on the production of crude oil and the export of petroleum products from July 1, 2022.

Hi-Tech Pipes: Promoter Parveen Bansal released a pledge of 2.96 lakh shares on July 31.

• Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Company sold eight lakh shares on July 26.
• Rail Vikas Nigam: The government sold 11 crore shares between July 27 and 28.

JK Cement has updated the status of amalgamation of Jaykaycem. The effective date of amalgamation of Jaykaycem (Central) Ltd. (Wholly owned Subsidiary) with J.K.Cement Ltd. is August 1 and the scheme have been effective in terms thereof after receiving necessary approvals.

AstraZeneca Pharma India Ltd has informed the exchanges about change in role of Atul Tandon, Business Unit Head - Oncology. He will be transitioning from the role with effect from close of business hours on July 31, 2023, as he takes up another responsibility within AstraZeneca group.

In the interim, the Oncology Business Unit of the company will be managed by Ayush Kumar Agarwal, who is currently the Director - Commercial Excellence.

Gold prices gained as top central banks switch to a more cautious posture about further moves in their year-long round of global monetary tightening.

Data showed annual US inflation rose at its slowest pace in over two years in June, cementing expectations that the Federal Reserve was closer to ending its fastest rate hiking cycle since the 1980s. Two European Central Bank policymakers raised the prospect of an end to its longest string of rate rises.

Gold price bounced upwards after testing 59600 level in the previous sessions, said Kedia Commodities.

Key economic data slated for release include German Final Manufacturing PMI, German Unemployment Change from Euro Zone and ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices from US Zone.

Wipro has been recognised as ‘‘Leader’‘ in the ISG Provider Lens Cybersecurity - Solutions and Services report for Singapore & Malaysia.

The stock inches up by 0.23% on the NSE, trading at ₹406.

Brookfield has signed MoU with Reliance Industries for onshore renewable power and decarbonization equipment manufacturing in Australia.

The domestic market is likely to sustain its gains at the open on Tuesday as well. Gift Nifty at 19,891 suggests another promising opening for equites; Nifty futures at the NSE closed at 19,844 on Monday.

With core data growth remaining resilient, analysts expect sustained buying interest in the domestic markets. The first day of the new month will see momentum building, as equities across the Asia-Pacific region are up in early deals on Tuesday.

Societe Generale has bought 1.74 crore shares or 1.08 per cent stake in private sector lender Bandhan Bank via open market transactions (from BSE and NSE), at an averge price of Rs 218.6.

Padmaja Gangireddy, a promoter of Spandana Sphoorty Financial, has sold 12.5 lakh equity shares or 1.76 per cent stake in the company at an average price of ₹830.15 per share.

Goldman Sachs Funds Goldman Sachs India Equity Portfolio purchased 3.57 lakh shares and Goldman Sachs Collective Trust - Emerging Markets Equity ex-China Fund bought 4.68 lakh shares in Spandana Sphoorty, according to NSE bulk deal data.

• Ad-Manum Finance
• Anant Raj
• Anupam Ramayan
• Aptus Value Housing Finance
• Automotive Stampings & Assemblies
• Adani Total Gas
• BCC Fuba
• Bliss GVS
• Cholamandalam Finance
• Dalmia Sugar
• Deep Industries
• Elantas Beck
• Escorts
• GMDC
• Godrej Agro
• Gujarat Poly
• Harsha Engineers
• Jindal Drilling
• Kirloskar Brothers
• KPR Mills
• Machhar Ind
• Maharashtra Seamless
• MetroBrand
• MPS
• Netlinx
• Orient Cement
• Paushak
• PVR Inox
• Redington
• Rishi Laser
• Sansera
• Snowman Logistics
• Savita Oil
• Syrma
• TBZ
• Thermax
• Thyrocare
• Tracxn Tech
• Triveni Tribune
• TTK Health
• Ugro Cap
• Ujaas
• Vishal Fabrics
• Vivid Global
• Zenotech

• Promoters to sell 2.16 crore shares at indicative price of ₹503 per share
• Axis Cap broker to deal: Source media reports

The short-term outlook for NMDC is bullish. The stock has begun the week on a strong note by surging over 4 per cent on Monday. The rise has taken the stock price very well above the 200-Day Moving Average (MA). The 200-Day MA is currently at ₹113 has crossed over the 100-Day MA. This strengthens the bullish case. As such downside in the stock price could be limited if any dip is seen.

Read more.

The Day Trading Guide gives you the key intraday supports and resistances to watch out for on the Nifty Futures and other widely traded stocks such as Reliance Industries, Infosys, HDFC Bank, TCS and SBI. Based on the trend, it also gives intraday trade recommendations with specific entry as well as stop-loss levels. The mentioned resistances and supports will be the exit levels.