Share Market Highlights July 19, 2024: Sensex, Nifty slide as investors book profits after record-breaking rally

Shrikant Chouhan, Head Equity Research, Kotak Securities:

Domestic equity market performance was mixed this week. Sensex 30 and Nifty 50 index created a new high before witnessing some correction on Friday. However, both these indices ended the week with marginal gains. Mid-cap and small-cap underperformed the large caps. BSE Midcap and BSE Smallcap index saw negative returns in this week. On the sectoral basis, the BSE IT index saw weekly gains amid Q1FY25 earnings. In a volatile market, the BSE FMGC index showcased strength.

On the other hand, BSE Capital Goods, BSE Metals and BSE Commodities indices saw profit booking. Domestic equity markets reacted to global developments, Q1FY25 earnings and commentary from the large IT services sector. The investors would have positioned themselves for the upcoming FY25 budget. For the market participants, budget would a key event in the upcoming week. Stock specific action will continue over the next few weeks in view of Q1FY25 result season. Further, the investors would look for cues to get clarity with respect to possible decision from the FOMC meeting scheduled next month.

Wipro recorded its standalone net profit for the quarter ended June 2024 at ₹2,374.6 crore as against ₹2,587.8 crore in the corresponding quarter last year.

Stock closed at ₹557 on the NSE, down by 2.83%.

Top gainers on the NSE:

Infosys (1.78%), ITC (0.62%), Asian Paints (0.60%), Britannia (0.06%) 

Top losers: 

Tata Steel (-4.97%), JSW Steel (-4.68%), BPCL (-3.98%), Hindalco (-3.91%), ONGC (-3.44%)

BSE Sensex plunged by 738.81 pts or 0.91% to close at 80,604.65 and Nifty 50 dropped 1.09% or 269.95 pts to close at 24,530.90 on Friday.

Vedant Fashions board has approved the appointment Arunangshu Chatterjee as the Chief Human Resources Officer of the Company.

ONGC Videsh Limited signs SPA to acquire stake in ACG oil field, Azerbaijan

ONGC stock declined 3.69% on the NSE, trading at ₹319.45.

Zydus Lifesciences announced that the USFDA conducted inspection at the group’s transdermal manufacturing site located at SEZ in Ahmedabad. The inspection was closed with 2 observations. 

Stock declined 3.58% on the NSE, trading at ₹1,143.20.

​Bharat Petroleum Corporation Ltd​ recorded its standalone net profit for the quarter ended June 2024 at ₹3,014.77 crore as against ₹10,550.88 crore in the corresponding quarter last year. 

BPCL stock fell 4.38% on the NSE, trading at ₹304.20

Tata Steel (-4.90%), JSW Steel (-4.30%), Hindalco (-3.87%), BPCL (-3.87%), ONGC (-3.50%)

Infosys (2.09%), ITC (1%), Asian Paints (0.49%), LTIMindtree (0.19%), Britannia (0.10%)

Stocks advanced on BSE at 3 pm on July 19, 2024, were 888 against 3,000 stocks that declined; 100 stocks remain unchanged. Total stocks traded were 3,988. The number of stocks that recorded a 52-week high was 192, and those that hit a 52-week low was 27. 

In addition, 216 stocks traded in upper circuit, while 355 hit the lower circuit.

With around 30 minutes of trading left, there were 51 stocks at the upper circuit on the NSE and 144 stocks in their lower circuit

Infosys (+2.17%)

Mphasis (+1.16%)

LTTS (+0.83%)

Coforge (+0.14%)

LTIMindtree (+0.12%)

TCS (-0.13%)

HCL Technologies (-0.19%)

Tech Mahindra (-1.31%)

Wipro (-2.85%)

Persistent Systems (-6.46%)

Ultratech said its expansion program was progressing per schedule. It added 8.7 million tons capacity in Q1 of FY25. 

“Work on the remaining locations as part of second phase of 22.6 mtpa announced in June, 2022 is in full swing. Commercial production from these new capacities is expected to go on stream in a phased manner by FY25/FY26.” 

“For the third phase of growth announced in October 2023, major orders to key technology suppliers have already been placed and civil work has also commenced at some locations,” it said.

With the ongoing expansions across locations and the proposed acquisition of the Cement Business of Kesoram Industries, UltraTech’s grey cement capacity will stand augmented to 199.6 mtpa, including its overseas capacity of 5.4 mtpa, the company said.

Ultratech Cement: Domestic sales volume registered 6% growth y-o-y. Energy costs were lower by 17% yoy, mainly on account of reduced fuel prices. Raw material costs marginally rose by 1 %, attributable to the increase in the cost of fly ash and slag.

Ultratech cement: Consolidated Net Sales stood at ₹17,879 crore vis-a-vis ₹17,519 crore over the corresponding period of the previous year. Profit before interest, depreciation and tax was ₹3,205 crore compared to ₹3,223 crore. Profit after tax was ₹1,697 crore compared to ₹1,688 crore.

Havells India (HAVL IN)

Rating: ACCUMULATE | Current market price: ₹1,863 | Target:₹1,976

Q1FY25 Result Update – Healthy growth in ECD & Lloyd drives PAT

Quick Pointers:

* Strong season for Lloyd with rev. growing by 47.1% YoY with positive EBIT.

* ECD business reported healthy growth of 20.3% YoY, led by fans & appliances.

Havells India (HAVL IN) reported healthy growth in revenue led by ECD and Lloyd’s seasonal products (20.3%/47.1% YoY), while Cable reported soft revenue growth (+2.4% YoY). The company indicated that ECD segment growth momentum will continue from non-seasonal products with positive demand outlook and some uptick in consumer trends. With Lloyd strategy remaining focused on growth with profitability, we estimate positive EBIT for FY25. Led by capacity addition at Tumakuru and stability in RM prices, Cable business expects growth to pick up in the coming quarters.

We have upward revised our FY25/FY26E earnings by 2.2%/1.0% led by sales growth. We estimate revenue/EBITDA/PAT CAGR of 16.5%/25.5%/27.1% with ECD/Cable/Lloyd segment revenue CAGR of 15.5%/18.0%/19.4% over FY24-26E and EBITDA margin to reach 11.5% by FY26E (+150bps). We maintain ‘Accumulate’ rating at a DCF-based target price of ₹1,976 (same as earlier), which implies 60x FY26 EPS.

Metal stocks down. Tata Steel, Hindalco, JSW Steel were down 4-4.7% at 2.50 pm

“We are optimistic about the growth opportunities that align with the country’s development. By expanding our network, leveraging technology, and enhancing service capabilities, we are well-positioned to seize emerging opportunities and deliver exceptional value to our customers and stakeholders,” said Balfour Manuel, Managing Director, Blue Dart Express.

Blue Dart reported its standalone net profit for the quarter ended June 2024 at ₹51.53 crore as against ₹59.74 crore in the corresponding quarter last year.

Stock dropped 3.81% on the NSE, trading at ₹8,114.95.

Kotak Securities on Havells India Q1FY25 performance: Strong summer resulted in robust demand of cooling products such as air conditioners, air coolers and fans. Accordingly, Havells India reported healthy revenue growth supported by robust growth in Lloyd and electrical consumer durable (ECD) segment in Q1 FY25. Other segments like switchgear, cable & wires (C&W) and lighting reported single-digit revenue growth during the quarter.

In terms of margins, the performance was mixed. ECD, switchgear and C&W segment margins contracted Y-o-Y. However, lighting segment EBIT margin remained resilient and Lloyd’s EBIT margin improved Y-o-Y and Q-o-Q. The stock is down 4.9% at ₹1,771.20 on the NSE

Blue Dart Express Limited has appointed Prakash Apte as Chairman of the company w.e.f. July 23, 2024

“NSE and NCL are working normal today,” the National Stock Exchange said in a statement, in response to the Microsoft cloud outage.

Muthoot Microfin has decided to cut interest rates by 35 bps. Muthoot Microfin stock declines 1.08% on the NSE, trading at ₹238.15.

BSE Sensex plunged 632.83 pts or 0.78% to trade at 80,710.63, and Nifty 50 tanked 236.75 pts or 0.95% to trade at 24,564.10 as at 2.25 pm.

Gabriel India Limited has appointed Atul Jaggi as Managing Director of the company w.e.f. October 18, 2024, subject to shareholders approval. This follows the resignation of Manoj Rajendra Kolhatkar as Managing Director of the company w.e.f. October 17, 2024.

Sobha (-2.27%), Phoenix Mills (-3.29%), DLF (-3.14%), Lodha (-2.69%)

Life Insurance Corporation of India has given the highest returns of 74% in the last one year among the top 10 firms by market capitalization and the only non-sensex stock, the insurer said in a release. 

This was followed by the telecom operator Bharti Airtel with a gain of 68.20 %, and State Bank of India (SBI) gained 47.64%, according to stock exchange data.

Reliance Industries has given 10.51% returns to its investors in the same period, the release said.

In the last one year, ICICI Bank Ltd, TCS and Infosys have gained 28.19%, 24.76%, 22.61% respectively.

FMCG Major, Hindustan Unilever Ltd has given a return of 1.99%.

HDFC Bank and ITC Ltd are the only two stocks to have given a negative return of 4.21% and 0.79%.

Paytm on Friday reported a consolidated net loss of ₹839 crore, which was 135 percent higher than net loss of ₹357 crore recorded in same quarter last fiscal. 

Consolidated Revenue from Operations for the quarter under review declined 36 percent to ₹1,502 crore (₹2,342 crore). The company had recorded a Revenue from Operations of ₹2267 crore in the January-March 2024 quarter.

Shares of Paytm were trading at ₹ 462 apiece on Friday afternoon, up nearly 5% from previous day’s close of ₹ 445.30

Divi’s Laboratories said the USFDA inspection at its Unit-II manufacturing facility at Visakhapatnam has concluded with one procedural observation. Stock declined 1.33% on the NSE, trading at ₹4,524.

Lloyd drives topline; Consumer spending revival inconclusive Financial and valuation summary Havells India’s (HAVL) sales growth was healthy at 20% YoY to Rs58bn, 3% above our estimate, largely driven by Lloyd (+47% YoY) and ECD (+20% YoY led by fans and air-coolers) amid strong summer season. Gross margin rose 150bps YoY to 31.9%, but was lower than past three quarters by 100-140bps due to cost inflation and sales mix. Ad-spends were higher (+28% YoY to Rs1.7bn) at 3% of sales while staff costs rose 27% YoY to Rs4.6bn (at 7.9% of sales, up 40bps YoY). EBITDA grew 43% YoY to Rs5.8bn leading to 160bps YoY expansion in margin to 9.9%, below our estimate of 11.1%. PAT grew 43% YoY to Rs4.1bn, below our/consensus estimate of Rs4.4bn each due to operating margin miss. As per management, consumer spending is showing signs of improvement, though it is premature to determine if demand will continue to strengthen. Following rising commodity prices, HAVL undertook price hikes in majority of categories in Q1, however, it will partly reflect in Q2. We increase our FY25E/26E EPS estimates by 4%/7% and retain ADD rating on the stock with a revised target price of Rs1,875 based on 50x FY26E EPS.

RVNL said with respect to its arbitration application to settle the dispute between Krishnapatnam Railway Company Ltd (KRCL) (a JV/SPV of RVNL in which RVNL has a 49.76 per cent share) and the Railway Ministry, the tribunal has passed an award of ₹584.22 crore in favour of the claimant (KRCL). 

RVNL stock was up 2.02% on the NSE, trading at ₹598.

The Nazara Technologies board has approved investment by way of secondary acquisition of 48.42% of the equity share capital of Paper Boat Apps Private Limited (Paperboat), a subsidiary, from its existing founder shareholders at a total consideration not exceeding ₹300 crore, to be paid in cash.

The board has also approved to increase the limits for the Company to provide loans, give guarantee or provide security and make investment in securities under the Companies Act, 2013, from ₹1500 Crore to ₹2100 Crore, subject to the approval of the shareholders of the Company

Stock declined 1% on the NSE, trading at ₹917.95.

Recyclers Costa Rica S.A., a step-down subsidiary of Gravita India situated in Costa Rica has been closed. This subsidiary did not have any business activity and therefore it will not have any material financial impact on the books of the company.

Gravita India stock fell 3.70% on the NSE, trading at ₹1,344.50.

India House, the inaugural country house for the nation at the Paris 2024 Olympic Games, names Radico Khaitan as the Official Partner. Radico Khaitan stock declines 1.74% on the NSE, trading at ₹1,658.30.

Top gainers: Infosys (3.28%), ITC (1.38%), HCL Tech (0.91%), TCS (0.44%), Britannia (0.26%)

Top losers: Tata Steel (-4.64%), Hindalco (-3.98%), BPCL (-3.97%), JSW Steel (-3.56%), Coal India (-3.11%)

A total of 3,857 stocks were traded on the BSE at 12 noon on July 19, 2024, of which 836 advanced against 2,908 stocks that declined; 113 stocks remained unchanged. While 117 stocks recorded a 52-week high, 24 hit a 52-week low. 

In addition, 190 stocks traded in the upper circuit, while 316 hit the lower circuit.

Indian mutual fund industry, which has witnessed over five-fold growth in Assets under Management (AUM) in the last ten years, is well on track on surpass the Rs 100 lakh crore AUM mark in the next two-to-three years. The industry’s AUM, which had crossed the Rs 50 lakh crore mark for the first time in December 2023, has surpassed Rs 60 lakh crore in a span of just six months and stood at Rs 61.16 lakh crore in June 2024.

The net AUM increased by nearly 38 per cent (37.77 per cent) to touch Rs 61.16 lakh crore in June 2024, up from Rs 44.39 lakh crore in June 2023. On a month-on-month basis, the net AUM increased by nearly 4 per cent (3.81 per cent) from Rs 58.91 lakh crore in May 2024. Interestingly, the industry’s AUM has grown by 527 per cent over the past decade from Rs. 9.75 lakh crore in June 2014 to Rs. 61.16 lakh crore in June 2024

The fiscal deficit target for FY25 is likely to stay at 5.1% of GDP as per the interim budget. Emphasis will be on job creation through capital expenditure and targeted social spending, along with the ‘Viksit Bharat’ initiative. The budget may also outline a roadmap for fiscal consolidation beyond FY26. While no reduction in personal income tax rates is expected, there could be tax relief for middle-income taxpayers. Key sectors to watch include agriculture, start-ups, housing, railways, defense, electronics, and renewables. Changes in short-term capital gains tax rates are anticipated, but significant hikes in long-term capital gains tax rates are not expected.

Thermax has informed the MCA that it has issued an incorporation certificate to a wholly-owned step-down subsidiary, Thermax Vebro Polymers India Pvt Ltd. Thermax stock trades at ₹4,851.50 on the NSE, down by 2.23%.

VST Industries scrip up by 15.62 per cent, trading at ₹4,770.60. Gains ₹644.65 in early trade. The board of directors of the company to meet on July 25 to consider and approve the first quarter results. There’s a spurt in volumes by 7.50 times in the first session. Touched a 52-week high of ₹4,829.95.

Zydus Lifesciences has received final approval for its New Drug Application (NDA) from USFDA to market ZituvimetTM XR (sitagliptin and metformin hydrochloride) extended-release tablets. 

Stock trades at ₹1,159.05 on the NSE, down by 2.24%.

Bank Nifty opened today’s session with a gap-down at 52,532 versus yesterday’s close of 52,621. It further moved south and is now at 52,400, down 0.4% so far.

Paytm recorded its consolidated net loss for the quarter ended June 2024 at ₹840.1 crore as against ₹358.4 crore in the corresponding quarter last year.

Stock declines 1.74% on the NSE, trading at ₹437.55

Nifty has come down sharply after opening the day with a gap-up. The index touched a high of 24,854.80 at the opening trades and has come-off sharply from there giving back all the gains. It is currently trading at 24,717, down 0.34%.

Caplin Steriles, a subsidiary Company of Caplin Point Laboratories, has been granted final approval from the USFDA for its Abbreviated New Drug Application (ANDA) Ephedrine Sulfate injection USP, 50 mg/mL Single Dose vial, a therapeutic equivalent version of the Reference Listed Drug (RLD) AKOVAZ, from Exela Pharma Sciences LLC. 

Caplin Point Laboratories stock declines 3.49% on the NSE, trading at ₹1,474.85

KPI Green Energy has received a new order from Aether Industries for a 100 MW Hybrid Captive Solar Power Project under the Captive Power Producer (CPP) segment .

KPI Green Energy stock fell 5% on the NSE, trading at ₹1,016.80

Shoppers Stop stock tanks 5.44% on the NSE, trading at ₹774.75 after Q1 results. Company posted a consolidated net loss of Rs 22.72 crore in the June 2024 quarter, hit by subdued consumption due to prolonged heat waves, elections and inflation.

Tata Technologies stock trades at ₹999.30 on the NSE, down by 0.98%. Company signed a Memorandum of Understanding (MoU) with Arm to develop automotive software and systems solutions for software-defined vehicles (SDVs).

Hindustan Aeronautics stock fell 2.57% to trade at 4,886.80 on the NSE. Company signed an amendment to a Memorandum of Understanding (MoU) with Aeronautical Development Agency (ADA).

Crude oil futures traded lower on Friday morning following weak economic signals from different countries. 

August crude oil futures were trading at ₹676,7 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Friday, against the previous close of ₹6,846, down by 1.15 per cent, and September futures were trading at ₹6,699, against the previous close of ₹6,723, down by 0.36 per cent. read more

Havells India Q1 FY25 Results by Arun Agarwal, VP-Fundamental Research, Kotak Securities:

Strong summer resulted in robust demand of cooling products such as air conditioners, air coolers and fans. Accordingly, Havells India reported healthy revenue growth supported by robust growth in Lloyd and electrical consumer durable (ECD) segment in Q1 FY25. Other segments like switchgear, cable & wires (C&W) and lighting reported single-digit revenue growth during the quarter.

In terms of margins, the performance was mixed. ECD, switchgear and C&W segment margins contracted Y-o-Y. However, lighting segment EBIT margin remained resilient and Lloyd’s EBIT margin improved Y-o-Y and Q-o-Q.

Sajjan Jindal-led JSW Steel is expected to report a fall in its June quarter net profit on the back of weak realisation. Read more

The rupee was trading in a narrow range against the US dollar in early trade on Friday, as the support from sustained foreign fund inflows was negated by dollar demand from foreign investors and oil companies.

Forex traders said a bounce back in crude oil prices weighed on the rupee. Moreover, weak Asian as well as European currencies may further dent investor sentiments. Read more

Click here to read the latest on the Infosys share price movement.

ECB kept rates on hold and kept September decision open. Lagarde said that risks to growth were tilted to the downside. ECB lowered growth forecast and said it expected inflation to continue falling. 

US Weekly jobless claims came in higher than expected yesterday at 243k.

US yields are a couple of basis points higher with 2y at 4.47% and 10y at 4.19%

Dollar has strengthened across majors.

Brent has come off to USD 84.6 per barrel while Gold had retraced to USD 2428 per ounce.

After a robust growth last fiscal, UltraTech Cement is expected to remain flat on the back of unfavorable market conditions. Read more

Central Bank of India (CBoI) reported a 110 per cent jump in first quarter net profit at ₹880 crore against ₹418 crore in the year ago period on the back of healthy growth in net interest income and other income and write-back in provisions, including towards standard assets and income tax. Read more

BULLION

Gold and silver exhibited significant price volatility and retreated from their highs. Silver’s decline continued due to fresh restrictions on Chinese exports imposed by the United States. This pressure on industrial metal prices is pushing silver prices lower. The anticipated September rate cut from the Federal Reserve, coupled with presidential candidate Donald Trump’s support for lower rates and tariffs, is boosting demand for gold. The U.S. labour market is experiencing a notable loss of momentum, with unemployment claims reaching their highest level since early August 2023. However, despite these favourable conditions, the strength of the U.S. dollar is restraining gold’s momentum, and the continuous decline in silver prices is also contributing to the downward pressure on gold. Gold has support at $2402-2384 and resistance at $2442-2460. Silver has support at $29.20-29.00 and resistance at $29.70-30.00. In INR, gold has support at Rs 73,880-73,550 and resistance at Rs 74,310-74,530. Silver has support at Rs 91,050-90,380 and resistance at Rs 92,240-92,920.

CRUDE OIL

Crude oil traded steadily amid a decline in U.S. oil stocks and hopes for Fed rate cuts. According to the U.S. EIA, crude oil inventories in the U.S. fell by 4.9 million barrels, significantly more than the expected decline of 0.9 million barrels for the week ending July 12. This marks the fourth consecutive week of declining crude oil inventories in the U.S., despite mixed economic data, which has supported crude oil prices. Additionally, oil prices are buoyed by the anticipation of possible Fed rate cuts in the September policy meetings. However, gains in crude oil were limited by a rebound in the dollar index and the IMF executive board’s recommendation for the U.S. to maintain higher interest rates by the end of this year. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $79.80-79.10 and resistance at $81.10-81.70. In INR, crude oil has support at ₹6,920-6,860 and resistance at ₹7,060-7,115.

Since this is the first coalition government post 2014, the budget of 2024 will be a litmus test for the administration because markets, investors, and the people of this nation have high expectations. This budget is probably going to be more consumption-focused, with a stronger focus on lower-class and rural households. It is also highly predicted that social spending in both rural and urban areas will increase, and that lower income slabs may receive tax breaks. The markets are optimistic about controlling inflation while also emphasising continuous economic expansion without compromising capital investment. Because of the high valuations and the requirement for more capital infusion into the economy, there is also a chance that disinvestment in PSUs would experience increased buoyancy. This Budget is projected to put a focus on industries including infrastructure, FMCG, fertilisers, healthcare, and defence. It would be prudent that investors exercise caution ahead of the budget and consider investing opportunities once the budget’s fine print is released.

Top gainers: Infosys (2.52%), Asian Paints (1.32%), ITC (0.89%), Britannia (0.76%), Tata Consumer Products (0.35%)

Top losers: Hindalco (-2.09%), Tata Steel (-1.78%), Ultratech Cement (-1.64%), JSW Steel (-1.62%), BPCL (-1.60%)

Nomura on Infosys

Buy Call, Target Raised To Rs 1,950

Q1FY25 Was An All-round Beat

Surprise Revenue Guidance Driven By Strong Start, Deal Wins, & Acquisition Integration

Project Maximus’ Impact On Margin Continues To Play Out

Raise Our FY25-26 EPS By Nearly 2-3%, Reiterate As Top Pick

Jefferies on Infosys

Buy Call, Target Raised To Rs 2,040

Q1 Beat Estimates, Driven By Strong Revenue Growth Of 3.6% QoQ

Co Has Raised Its FY25 Growth Guidance Which Seems Conservative In Context Of Strong Deal Wins

Initial Signs Of Recovery In BFSI, Strong Deal Wins Suggest The Worst Is Behind

All-Round Improvement In Operating Performance Suggest The Worst Is Behind

Raise Estimates By 3-4% & Expect Co To Deliver 10% EPS CAGR Over FY24-27

Bernstein on Infosys

Outperform Call, Target Raised To Rs 2,100

Delivered Its Strongest Beat In 10 Quarters In Q1 Across Revenue, Margin & EPS

FY 25 Revenue Guidance Was Raised To 3% To 4% YoY CC (From 1% To 3%)

Deal Momentum Was Strong At $4.1 Bn TCV With Net New Of 57

See Beginning Of An Upcycle Trend As Growth Recovers, BFSI Inflects & AI Deals Scale Up

JPM on Infosys

OW, TP Rs 1950

1Q perfect foil to a poor 4Q24, handsomely beating rev/margin/EPS/FCF &upgrading guide with some +ve one-off revenues/margins

Cos’ new revenue guidance of 3-4% parses out as 2.3-3.3% organic implies 0.8-1.5% CQGR

GS on Infosys

Buy, TP Rs 1870

1Q beat: Upside risks to guidance

INFY 1Q, coupled with commentary from some of its peers, suggest demand environment is incrementally getting better

Expect FY25E reve growth for Infy/sector to be c.400 bps higher vs FY24

CITI on Infosys

Buy, TP raised to Rs 1850

1Q revenue came in well above expectations; Deal TCV +87% yoy LTM.

Margins were slightly ahead, aided by one off.

GS on Tata Tech

Sell Call, Target Cut To Rs 950

Q1FY25 Was A Miss With Revenue/EBITDA -2.5%/-8% QoQ & Were -5%/-9% Below Consensus

Softness Was Due To Phasing Of Customer Business In The Smaller Technology Solutions Segment

Softness Was Due To Vinfast Customer Related QoQ Moderation In Rev In Core Svcs (Auto) Biz

Going Forward, Mgmt Expects A Return To Sequential Growth In The Business In Q2-Q3-Q4 Of FY25

MS on Dalmia Bharat

Equal-Weight Call, Target Rs 1,900

Small EBITDA Beat In Q1 While Key Positive Was Better Realisations

Opex/t Was Broadly In-line With Estimate

Weak Volumes, However, Were A Key Negative

Nomura on Dalmia Bharat

Reduce Call, Target Rs 1,700

Stable Realisations Drive Significant EBITDA/t Beat

EBITDA/t Of `904/t Came In 33% Above Estimates

Expansion Projects On Track

Co Poised To Achieve 50 mt Cement Capacity By FY26 Through Organic Route

Stock Currently Trades At 11.5x 1-Yr Fwd EV/EBITDA

MS on L&T Tech

Underweight Call, Target Rs 4,300

Despite The Miss, Co Has Strong Deal Pipeline & Maintained Revenue & Margin Guidance For FY25

Ask Rate To Meet Rev Guidance Is High, & Continued Estimate Cuts Could Limit Positive Triggers

Nomura on L&T Tech

Reduce, TP Rs 4310

1Q mixed bag – slightly weaker revenue & better margins

Retains FY25F guidance of 8-10% organic growth; aspirational $1.5bn of revenue runrate needs M&A support

Front-loading of investments in FY25F; retains 16% EBIT margin guidance for FY25F

Nomura on Havells

Neutral Call, Target Rs 1,900

Q1 Margin Miss On Weaker Mix

Maintain 20%/17% Revenue Growth For FY25/26 (18%/14% Ex-Lloyd)

Price Hikes & Stable Commodity Should Support Margin

Stock Trades At 54x FY26 EPS, Which Believe Factors In Expected Earnings Recovery

Jefferies on Havells

Hold Call, Target Rs 1,880/Sh

Q1 Was In-line With Estimates

Strong Sale (+20% YoY) Was Driven By Good Offtake In Summer Products

Strong Sale Was Driven B2B Offtake, Albeit With Interim Election Impact

Lloyd Posted EBIT Margin At +3.5% In Q1 (+2.8% In Q4FY24)

Strong Capex Housing Cycles - C&W, Switchgears & Lighting Sales Declined By 11-15% QoQ

Cut FY25-27 EPS By 1-2%

Citi On Go Digit General Insurance

Initiates Buy Call, Target Rs 425

Valuing Company At 8x, FY26 Book On RoE Rising To 15-16% In FY26-27 From Nearly 7% In FY24

Expect Stable 13% Decadal CAGR In Ex-crop Non-life Premiums, Aided By Health & B2B-Oriented Biz

Despite Low Vintage, Co Sustained Industry-Leading Growth

Co Is Incrementally Opportunistic In Underwriting B2B-Oriented Business

Established Corporate Ties, Product Bundling And Robust Reinsurance Supply To Aid Growth

Factor In A 24% Gross Premium CAGR Over FY24-27

Trends In The Fast-growing B2B Business Segments Remain Monitorable

Operating Leverage Should Support The Combined Ratio

Crude oil futures traded lower on Friday morning following weak economic signals from different countries. At 9.22 am on Friday, September Brent oil futures were at $84.77, down by 0.40 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $80.81, down by 0.60 per cent. July crude oil futures were trading at ₹6886 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹6973, down by 1.25 per cent, and August futures were trading at ₹6769 against the previous close of ₹6846, down by 1.12 per cent.

Nifty outlook:

Thanks to the period of consolidation that has preceded most large jumps, like that of yesterday, the Nifty has found a way to find more legs to the uptrend, and smooth over the bearish signals. This sets up for an extended upside target of 24895-927, with downside marker placed at 24670. -

Derivative outlook:

Nifty weekly contract has highest open interest at 25000 for Calls and 24800 for Puts while monthly contracts have highest open interest at 25500 for Calls and 24000 for Puts. Highest new OI addition was seen at 24850 for Calls and 24800 for Puts in weekly and at 25500 for Calls and 24800 for Puts in monthly contracts. FIIs increased their future index long position holdings by 12.71%, increased future index shorts by 14.01% and in index options by 23.17% decrease in Call longs, 31.18% decrease in Call short, 21.10% decease in Put longs and 23.93% decrease in Put shorts. 

FX Monitor:

INR: The Indian rupee weakened to 83.650 against the dollar on Thursday, nearing its record low of 83.6650 from June 20. This decline was due to dollar outflows from corporates and oil price volatility, despite the dollar index falling to 103.83 from a four-month low of 103.6.

USD: The U.S. Dollar Index rebounded 0.37% to 104.14 on Thursday after hitting a four-month low, driven by a weaker Euro postECB policy decision. The dollar gained 0.7% against the yen to 157.22, following a dip influenced by comments from presidential candidate Donald Trump.

Silver fell as the dollar index remained over 104.2 after rising 0.4% in the previous session, rebounding dramatically from a four-month low on positive US economic data. Manufacturing activity in the US Mid-Atlantic area grew faster than predicted in July, owing to an increase in new orders. Meanwhile, the most recent weekly unemployment claims increased more than expected, but did not change opinions on the labour market due to seasonal reasons. Meanwhile, San Francisco Fed President Mary Daly stated that, despite recent improvements in inflation readings, she is still seeking for further confidence that inflation is moving stably towards the central bank’s 2% target.

Key economic data slated for release includes German PPI m/m, Current Account from Euro Zone and FOMC Member Speaks from US Zone.

Gold fell at $2,420, retreating further from record highs as the dollar rallied on strong US economic data, while forecasts on Federal Reserve interest rate reduction remained unchanged. The dollar was supported by stronger-than-expected manufacturing growth in the US Mid-Atlantic area in July, while the increase in weekly unemployment claims was attributed to seasonal factors. Nonetheless, bullion is poised for its fourth straight weekly rise, buoyed by increased expectations that the Federal Reserve would slash interest rates as early as September. According to CME’s FedWatch Tool, markets currently expect the Fed to slash interest rates at its September meeting by 98%.

Key economic data slated for release includes German PPI m/m, Current Account from Euro Zone and FOMC Member Speaks from US Zone.

Citi on Go DIgit: Initiate Buy on Company, target price at Rs 425/Sh (Positive) 

Bernstein on Infosys: Maintain Outperform on Company, raise target price at Rs 2100/Sh from Rs 1650/Sh (Positive) 

Citi on Infosys: Maintain Neutral on Company, raise target price at Rs 1850/Sh from Rs 1550/Sh (Positive) 

Jefferies on Infosys: Maintain Buy on Company, raise target price at Rs 2040/Sh from Rs 1630/Sh (Positive) 

Nomura on Infosys: Maintain Buy on Company, raise target price at Rs 1950/Sh from Rs 1800/Sh (Positive) 

MS on Infosys: Maintain Overweight on Company, raise target price at Rs 2050/Sh (Positive) 

JP Morgan on Infosys: Maintain Overweight on Company, raise target price at Rs 1950/Sh (Positive) 

GS on Infosys: Maintain Buy on Company, raise target price at Rs 1870/Sh (Positive) 

CLSA on Infosys: Maintain Buy on Company, raise target price at Rs 1747/Sh (Positive) 

Nomura on Havells: Maintain Neutral on Company, raise target price at Rs 1900/Sh (Positive) 

Citi on ONGC: Maintain Buy on Company, raise target price at Rs 370/Sh (Positive) 

Emkay on Karur Bank: Maintain Buy on Bank, raise target price at Rs 275/Sh (Positive) 

UBS on Dalmia Bharat: Maintain Sell on Company, target price at Rs 2160/Sh (Neutral) 

MS on Dalmia Bharat: Maintain Equal weight on Company, target price at Rs 1990/Sh (Neutral) 

Nomura on Dalmia Bharat: Maintain Reduce on Company, target price at Rs 1700/Sh (Neutral) 

Citi on ICICI Lombard: Initiate Sell on Company, target price at Rs 1575/Sh (Neutral) 

MS on LTTS: Maintain Underweight on Company, target price at Rs 4300/Sh (Neutral) 

GS on Tata Tech: Maintain Sell on Company, cut target price at Rs 950/Sh (Negative)

TCS- Interim Dividend Rs 10

Tech Mahindra-Final Dividend Rs 28

Abbott India-Final Dividend Rs 410

Bosch -Final Dividend Rs 170

Cummins India -Final Dividend Rs 20

Chennai Petro - Final Dividend Rs 55

Elecon Engineering – Stock split from Rs2 to Rs1 each

NHC FOODS LTD.

Stock Split From Rs.10/- to Rs.1/-

Previous day Closing Price – Rs. 70.46

Ex - Stock Split 22 July 2024 (Monday)

Last day trade for before split Today

Ex-Dividend 22 July 2024 (Monday)\

Last date for Cum-Dividend Today\

Bemco Hydraulics Ltd. 

Dividend Per Share Rs.2\u0009\u0009\u0009

Previous day Closing Price – Rs. 1310.5\u0009\u0009\u0009

\u0009\u0009\u0009

Carborundum Universal Ltd.\u0009

Dividend Per Share Rs.2.5\u0009\u0009\u0009

Previous day Closing Price – Rs. 1724.85\u0009\u0009\u0009

\u0009\u0009\u0009

Chembond Chemicals Ltd.\u0009\u0009

Dividend Per Share Rs.3.5\u0009\u0009\u0009

Previous day Closing Price – Rs. 639.3\u0009\u0009\u0009

\u0009\u0009\u0009

Dhp India Ltd.\u0009\u0009\u0009

Dividend Per Share Rs.4\u0009\u0009\u0009

Previous day Closing Price – Rs. 711.7\u0009\u0009\u0009

\u0009\u0009\u0009

Divgi Torqtransfer Systems Ltd\u0009\u0009\u0009

Dividend Per Share Rs.2.6\u0009\u0009\u0009

Previous day Closing Price – Rs. 698.95\u0009\u0009\u0009

\u0009\u0009\u0009

Exide Industries Ltd.\

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 555.5 

Happy Forgings Ltd\

Dividend Per Share Rs.4\

Previous day Closing Price – Rs. 1226.6\

Indian Metals & Ferro Alloys Ltd.\ 

Dividend Per Share Rs.7.5\ 

Previous day Closing Price – Rs. 716.65\ 

Swelect Energy Systems Limited\ 

Special Dividend Per Share Rs.1\ 

Dividend Per Share Rs.3\ 

Previous day Closing Price – Rs. 1198.65\

Taparia Tools Ltd.\

Dividend Per Share Rs.20\

Previous day Closing Price – Rs. 4.27

Voltamp Transformers Ltd.\ 

Dividend Per Share Rs.90\ 

Previous day Closing Price – Rs. 11709.1\ 

Xpro India Ltd.\ 

Dividend Per Share Rs.2\ 

Previous day Closing Price – Rs. 1050.05

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Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 07:23 AM Friday 19 July 2024

Can set alert for them at www.researchbytes.com 

8:00 AM Persistent

(Press Release )

Dial: +91 22 48 798 004

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

9:00 AM Sterling and Wilson Renewable Energy

Weblink: https://tinyurl.com/rk7ds7a6

10:30 AM Dalmia Bharat

(Results, Press Release )

Dial: +91 22 6280 1536 

Weblink: https://tinyurl.com/387b4w45

11:00 AM Shoppers Stop

Dial: +91 22 6280 1122

Weblink: https://tinyurl.com/3s2rjm44

11:00 AM Rallis

Dial: +91 22 6280 1141 

Weblink: https://tinyurl.com/5n8tm67u

11:30 AM Sagar Cement

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

12:00 PM Polycab India

Dial: +91 22 6280 1443

Weblink: https://tinyurl.com/42bt8thp

2:30 PM Tata Comm

Weblink: https://tinyurl.com/4xxyydr6

4:00 PM PAYTM

Weblink: https://tinyurl.com/5t553v76

4:00 PM D.P. Abhushan

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/yfwhm7rv

4:00 PM Ceat

Dial: +91 22 6280 1149

Weblink: https://tinyurl.com/mf32v5yk

4:00 PM Fedbank

Dial: +91 22 6280 1224

Weblink: https://tinyurl.com/3xx5dzpf

4:00 PM UltraTechCement

Dial: +91 22 6280 1286

Weblink: https://tinyurl.com/48x9we7y

4:30 PM South IndBk

Dial: +91 22 6280 1144

Weblink: https://tinyurl.com/bd3s7hr5

4:30 PM Tanla Platforms

Dial: +91 22 6280 1137

Weblink: https://tinyurl.com/adp24tjk

5:00 PM CIE Automotive India

Weblink: https://tinyurl.com/y9jc9xyr

5:30 PM ICICIGI

Dial: +91 22 6280 1341

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

( Hosted by Adfactors )

5:30 PM Aether Industries

Dial: +91 22 6280 1458

Weblink: https://tinyurl.com/mtnz5fsz

6:00 PM Onward Tech

Dial: +91 22 6280 1107

Weblink: https://tinyurl.com/2s4c566d

6:00 PM CreditAccess Gr

Dial: +91 22 6280 1149

Weblink: https://tinyurl.com/34s94uds

6:00 PM JSW Steel

Dial: +91 22 6280 1481 

Weblink: https://tinyurl.com/mv7pkcdm

6:30 PM Nippon

Dial: +91 22 6280 1222 

Weblink: https://tinyurl.com/yuyyd8mp

7:00 PM Tejas Networks

Weblink: https://tinyurl.com/3e73tu8m

7:00 PM JSW Energy

Dial: +91 22 6280 1149 

Weblink: https://tinyurl.com/5d2d3vpv

7:00 PM Wipro

Dial: +91 22 6280 1120

Weblink: https://tinyurl.com/2tkp4jra

7:00 PM Indian Hotels

Dial: +91 22 6280 1405

Weblink: https://tinyurl.com/4hddfy54

Infosys : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305368

Tata Technologi : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305369

JSW Infrastructure Ltd : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305367

Frog Cellsat : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305366

Premier Expl : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305351

Havells India : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305349

Elecon Eng : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305348

Mastek : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305347

Newgen Software Technolog : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305341

BMW Industries : (replay)

https://www.researchbytes.com/webcast.aspx?WID=305339

Results today …

https://www.researchbytes.com/Default.aspx?cc=result

Recent interviews …

https://www.researchbytes.com/Default.aspx?cc=interview

Replays available at www.researchbytes.com

The board of SpiceJet will meet on July 23 to consider and approve raising fresh capital. SpiceJet is exploring the possibility of issuing eligible securities to qualified institutional buyers through a Qualified Institutional Placement (QIP) under relevant rules and regulations.

AETHER, ATUL, AVANTEL, BLUEDART, BPCL, CREDITACC, ICICIGI, INDHOTEL,JSWENERGY, JSWSTEEL, JUBLPHARMA, NAM-INDIA, OBEROIRLTY, ORISSAMINE, PATANJALI, PAYTM, PVRINOX, RELIANCE, ROUTE, SPLPETRO, STANLEY, TEJASNET, TRIL, ULTRACEMCO, UNIONBANK, WIPRO

The ₹510-crore initial public offering from plant-based speciality products company Sanstar opens today (Friday) for public subscription. The IPO, with a price band of ₹90 to ₹95 a share, will close on July 23. Read more

Hindustan Aeronautics has signed an amendment to a Memorandum of Understanding (MoU) with Aeronautical Development Agency (ADA) with respect to completion of LCA AF Mk-2 development, leading to operation clearance during Full Scale Engineering Development (FSED) Phase-3 of LCA AF Mk-2 program for a value of ₹2,970 crore including FE of ₹285 crore Read more

Domestic markets are expected to continue their rally, thanks to the information technology (IT) sector. After IT major Infosys came out with stellar numbers for Q1 of FY25 and raised its full-year guidance, analysts expect Nifty to cross the 25,000-mark sooner than later. However, Gift Nifty futures at 24,830 indicates a flattish opening. Read more

Cut our FY25E-FY27E EPS estimates by up to -5%

Revised 12-m TP is Rs850 (vs. Rs900)

Revenue / EBITDA declined -2.5% / -8% qoq and were -5% / -9% below the BBG consensus

Tata Tech’s softness is more non-core and customer specific

Vodafone Idea approves second tranche allotment of shares worth Rs 614.5 crore to 

Nokia India & Ericsson India.

Vodafone Idea approves allotment of over 40 crore equity shares

issue price of Rs 14.80 per share.

25.50 Cr to Nokia India

15.70 Cr to Eriction India

Grindwell Norton Ltd. | CMP Rs. 2658 | M Cap Rs. 29429 Cr | 52 W H/L 2960/1850

(Nirmal Bang Retail Research)

Result marginally below Expectation

Revenue from Operations came at Rs. 705.6 Cr (2.1% QoQ, 5.6% YoY) vs expectation of Rs. 709.5 Cr, QoQ Rs. 691.1 Cr, YoY Rs. 668.4 Cr

EBIDTA came at Rs. 133.1 Cr (6.5% QoQ, -1.5% YoY) vs expectation of Rs. 140.6 Cr, QoQ Rs. 125 Cr, YoY Rs. 135.2 Cr

EBITDA Margin came at 18.9% vs expectation of 19.8%, QoQ 18.1%, YoY 20.2%

Adj. PAT came at Rs. 93.2 Cr vs expectation of Rs. 101.9 Cr, QoQ Rs. 92.6 Cr, YoY Rs. 97 Cr

Quarter EPS is Rs. 8.4

Stock is trading at P/E of 64.7x FY25E EPS

Bharat Bijlee Ltd. | CMP Rs. 4790 | M Cap Rs. 5414 Cr | 52 W H/L 5510/1650

(Nirmal Bang Retail Research)

Result declining

Revenue from Operations came at Rs. 374.8 Cr (-36.2% QoQ, -15.1% YoY) vs QoQ Rs. 587.5 Cr, YoY Rs. 441.5 Cr

EBIDTA came at Rs. 29.5 Cr (-52.3% QoQ, -9.8% YoY) vs QoQ Rs. 61.8 Cr, YoY Rs. 32.7 Cr

EBITDA Margin came at 7.9% vs QoQ 10.5%, YoY 7.4%

Adj. PAT came at Rs. 23.9 Cr vs QoQ Rs. 48.5 Cr, YoY Rs. 25.3 Cr

Quarter EPS is Rs. 21.2

Stock is trading at P/E of 41.6x TTM EPS

BSE:+626(81343)

NSE:+187(24800)

BNF:+223(52620)

MID:-472(47351)

SML:-625(53675)

FII|FPI:+5483.63Cr

DII:(-2904.25Cr)

B.Crude: 84

Gold$:2464=INR: 74330

Silver: 92310

$/Rs: 83.65

7.10 : 2034 G-Sec: 6.96 (NC)

NSE PE: 23.57

VIX: 14.51 +0.29 (2.02%)

FIIs - FY24-25

MTD: +20158.51Cr

DIIs - FY24-25

MTD: +1240.65Cr

* BALRAMCHIN

* BANDHANBANK

* GMRINFRA

* GNFC

* HAL

* HINDCOPPER

* INDIACEM

* PEL

* RBLBANK

* SAIL

* VEDANTA

American Express Company (Pre market) (Sector- Financial)

Schlumberger N.V. (Pre market) (Sector- Energy)

The Travelers Companies, Inc. (Pre market) (Sector- Financial)

Halliburton Company (Pre market) (Sector- Energy)

Fifth Third Bancorp (Pre market) (Sector- Financial)

Huntington Bancshares Incorporated (Pre market) (Sector- Financial)

Regions Financial Corporation (Pre market) (Sector- Financial)

Autoliv, Inc. (Pre market) (Sector- Auto Ancillary)

AETHER, ATUL, AVANTEL, BLUEDART, BPCL, CREDITACC, ICICIGI, INDHOTEL,JSWENERGY, JSWSTEEL, JUBLPHARMA, NAM-INDIA, OBEROIRLTY, ORISSAMINE, PATANJALI, PAYTM, PVRINOX, RELIANCE, ROUTE, SPLPETRO, STANLEY, TEJASNET, TRIL, ULTRACEMCO, UNIONBANK, WIPRO

BPCL

▪️Revenue expected at Rs 113,090 crore versus Rs 116,554 crore

▪️EBITDA expected to be seen at Rs 6170 crore versus Rs 9211 crore

▪️EBITDA margin expected to be seen at 6.13% versus 7.9%

▪️Net profit expected to be seen at Rs 3310 crore versus Rs 4224 crore

INDHOTEL

▪️Revenue expected at Rs 1582 crore versus Rs 1466 crore

▪️EBITDA expected to be seen at Rs 460 crore versus Rs 410 crore

▪️EBITDA margin expected to be seen at 15.5% versus 27.9%

▪️Net profit expected to be seen at Rs 263 crore versus Rs 222 crore

JSWENERGY

▪️Revenue expected at Rs 3413 crore versus Rs 2927 crore

▪️EBITDA expected to be seen at Rs 1611 crore versus Rs 1220 crore

▪️EBITDA margin expected to be seen at 47.2% versus 41.6%

▪️Net profit expected to be seen at Rs 439 crore versus Rs 289 crore

JSWSTEEL

▪️Revenue expected at Rs 41,423 crore versus Rs 46,269 crore

▪️EBITDA expected to be seen at Rs 5454 crore versus Rs 6124 crore

▪️EBITDA margin expected to be seen at 13.2% versus 13.2%

▪️Net profit expected to be seen at Rs 1041 crore versus Rs 1299 crore

OBEROIRLTY

▪️Revenue expected at Rs 1616 crore versus Rs 910 crore

▪️EBITDA expected to be seen at Rs 883 crore versus Rs 473 crore

▪️EBITDA margin expected to be seen at 54.6% versus 52.0%

▪️Net profit expected to be seen at Rs 644 crore versus Rs 321 crore

RELIANCE

▪️Revenue expected at Rs 233,424 crore versus Rs 207,559 crore

▪️EBITDA expected to be seen at Rs 39,697 crore versus Rs 38,093 crore

▪️EBITDA margin expected to be seen at 17.00% versus 18.35%

▪️Net profit expected to be seen at Rs 16,098 crore versus Rs 16,011 crore

ULTRACEMCO

▪️Revenue expected at Rs 18,137 crore versus Rs 17,737 crore

▪️EBITDA expected to be seen at Rs 3316 crore versus Rs 3049 crore

▪️EBITDA margin expected to be seen at 18.28% versus 17.19%

▪️Net profit expected to be seen at Rs 1752 crore versus Rs 1688 crore

WIPRO

▪️Rupee Revenue expected at Rs 22,222 crore versus Rs 22,208 crore

▪️EBIT expected to be seen at Rs 3582 crore versus Rs 3540 crore

▪️EBIT margin expected to be seen at 16.1% versus 15.9%

▪️Net profit expected to be seen at Rs 2951 crore versus Rs 2834 crore

Q1FY25 EARNING CALENDAR 20.07.2024

CANFINHOME, GRAVITA, HDFCBANK, JKCEMENT, KIRLPNU, KOTAKBANK, NETWEB, POONAWALLA, RBLBANK, ROSSARI, SHAKTIPUMP, YESBANK

CANFINHOME

▪️Revenue expected at Rs 335 crore versus Rs 291 crore

▪️EBIT expected to be seen at Rs 281 crore versus Rs 247 crore

▪️EBIT margin expected to be seen at 83.8% versus 85.0%

▪️Net profit expected to be seen at Rs 204 crore versus Rs 183 crore

HDFCBANK

▪️NII expected at Rs 29,630 crore versus Rs 23,599 crore

▪️EBIT expected to be seen at Rs 23,835 crore versus Rs 18,772 crore

▪️EBIT margin expected to be seen at 58.2% versus 57.1%

▪️Net profit expected to be seen at Rs 15,843 crore versus Rs 11,951 crore

KOTAKBANK

▪️Revenue expected at Rs 7080 crore versus Rs 6233 crore

▪️EBIT expected to be seen at Rs 5872 crore versus Rs 4585 crore

▪️EBIT margin expected to be seen at 82.9% versus 73.5%

▪️Net profit expected to be seen at Rs 3850 crore versus Rs 3452 crore

Q1FY25 EARNING CALENDAR 22.07.2024

COFORGE, CYIENTDLM, DODLA, GREENLAM, IDBI, IOB, JSFB, MAHLOG, MAHSCOOTER, MOSCHIP, MRPL, SOLARA, SUPREMEIND, SUZLON, UCOBANK, WENDT, ZENSARTECH, ZFCVINDIA

The highest bull markets in any nation happens when the economy moves from 2 Trillions to 5 Trillions . There are 3 nations who have done it.

I) China took 5 Years to go from 2 Trillions to 5 Trillions (2004-2009) – During this time the Hangsang went from 8500 to 32000 – A 4 times gain.

II) USA took 11 years to go from 2 Trillions to 5 Trillions (1977-1988) – The Dow Jones between 1977 to 2000 went from 700 levels to 12000 – Gain of 15 times.

III) Japan took 8.5 years to go from 2 Trillions to 5 Trillions (1978-1986) – The Japanese stock market between 1978-1991 went from 2000 to 37000.

So Historically the mother of all bull Markets in any nation starts between 2 Trillions to 5 Trillions!

IV) India and the Indian economy is just getting started. Join yourself and create wealth by compounding over a long term.

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Recent Interview...

As of 18:32 PM Thursday 18 July 2024

Asian Paints: Amit Syngle, MD & CEO

Could Take Another 0.5-1% Price Hike In The Near Future: Asian Paints

https://www.youtube.com/watch?v=JexcTiQNLow

Angel One: Dinesh Thakkar, CMD

Changes In The Slab-Wise Fee Structure Will Not Impact Industry Growth: Angel One

https://www.youtube.com/watch?v=PKE4Z6_ci8Y

Bajaj Auto: Rakesh Sharma, ED

Looking To Build EV Presence With Sub-?1 Lakh Priced Chetak: Bajaj Auto

https://www.youtube.com/watch?v=OvZoxHZDQrw

Dee Development Engineers: KL Bansal, CMD

Revenue Growth Shall Be Higher Than 30%: DEE Development Engineers

https://www.youtube.com/watch?v=mi1weC__8PU

Elecon Eng: Kamlesh Shah, Group CFO

Elecon Engg: Weak Q1 Recorded, Management Speaks On Weak Q1 And Growth Plans

https://www.youtube.com/watch?v=KPAbojhxpr0

GMR Infra: Saurabh Chawla, ED-Finance

Airport Sector Is In A Sweet Spot And There Is Clarity In Policy: GMR Group

https://www.youtube.com/watch?v=UYAZfm49MSY

KEC Intl: Vimal Kejriwal, MD and CEO

We Are L1 In ?7,000 Cr Worth Of Orders, Currently Orderbook Is More Than ?30,000 Cr: KEC Intl

https://www.youtube.com/watch?v=cD6nWiI83ak

L and T Finance Hol: Sudipta Roy, Managing Director & CEO

Looking At Additional ?18,000-20,000 Cr Growth In Assets Under Management: L&T Finance

https://www.youtube.com/watch?v=3fwxXFguoXw

L and T Finance Hol: Sudipta Roy, Managing Director and CEO

L&T Finance Q1: Healthy NIMs Aid Q1 Profit; 2W Fin, Home Loans Drive Biz Growth

https://www.youtube.com/watch?v=EmhN3n23u8o

NLC Nalco India : Prasanna Motupalli, CMD

NLC India: Strong Coal Production In Q1, How Will Company Achieve The Fiscal Targets Ahead?

https://www.youtube.com/watch?v=fqrhrbpYHzM

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

18 July 2024 (Rs. In Crs.)

Turnover: (NSE + BSE)

Cash Volume: 147781.21 + 10103.81 Total: 157885.02

F&O Volume: 745761.19 + 2321763.82 Total: 3067525.01

Provisional Cash

FII/FPI: NET BUY: +5483.63 

(25520.62 - 20036.99) 

DII: NET SELL: -2904.25 

(15676.29 - 18580.54)

South Indian Bank has registered a 45 per cent growth in its net profit in Q1 of FY25 at ₹294 crore compared with ₹202 crore in the same period of the previous fiscal year. Read more

Dr Reddy’s Laboratories Ltd announced on Thursday that it has entered into a non-exclusive patent licensing agreement with Japan’s Takeda Pharmaceutical Company Ltd (Takeda) to commercialise Vonoprazan tablets in India. Read more

JSW Infrastructure reported 9 per cent drop in net profit in the first quarter of FY25 hit by expenses, though revenue rose 15 per cent on higher volumes driven by recently-acquired assets. Read more

Edtech company Byju’s has challenged the National Company Law Tribunal (NCLT) order that initiated insolvency proceedings against the startup in the National Company Law Appellate Tribunal (NLCAT). The appellate tribunal is expected to hear the appeal on July 22 though the company sought an urgent hearing. Read more

Shares of Asian Paints slumped over 4 per cent in early trading on Thursday to ₹2,848.15 on the BSE, after the company reported about 25 per cent decline in consolidated net profit in the June quarter. However, a late-hour recovery in broader market helped Asian Paints to end slightly higher at ₹2,930.45, down by 1.48 per cent from the previous day’s close. Read more

Lupin has signed a licence and supply agreement with Huons Co Ltd for the registration and marketing of Cyclosporine Ophthalmic Nanoemulsion (0.4mL single-use vial) in Mexico. Read more

Tyremaker Ceat reported a 7 per cent increase in net profit with ₹154 crore for the quarter that ended on June 30 as against ₹144 reported during the same quarter last year. Read more

Karur Vysya Bank maintained its double-digit growth in net profit in the first quarter of this fiscal, supported by higher interest and non-interest income and lower provisions. Read more

Bengaluru-headquartered IT services giant Infosys beat market expectations with sequential revenue growth of 3.6 per cent quarter on quarter (QoQ) in constant currency (CC) during the first quarter of the fiscal year 2024-2025. The company has significantly improved its guidance and expects a revenue growth of 3-4 per cent in constant currency in FY25, up from the 1-3 per cent it had guided earlier. Read more

HDFC Bank will grow its advances a little slower than the deposit growth in a bid to bring down the credit-to-deposit (CD) ratio to pre-merger levels. Read more

A major shake-up seems to be underway at Hindustan Coca-Cola Beverages (HCCB), the bottling arm of beverage major Coca-Cola. There have been large-scale retrenchments as well as movements and exits at the senior level. Read more

Dalmia Bharat, amongst the leading cement-makers in India, reported a 1 per cent rise in net profit for the April-June period of the fiscal year 2024-25 (Q1FY25) to ₹145 crore. Net profit in the corresponding period of the last fiscal was ₹144 crore. Read more

L&T Technology Services (LTTS) on Thursday reported a 1 per cent increase in post-tax profit for the June quarter at ₹314 crore as profitability declined. Read more

Hero MotoCorp’s share price touched a lifetime high of ₹5,894.30 last month. However, the uptrend lost steam, leading to the stock declining a little and entering a consolidation phase. Read more

The government on Thursday said that it was monitoring the progress for launch of 4G by Bharat Sanchar Nigam Limited (BSNL) on a daily basis, it commits to launch the services ‘at the earliest’. Read more