Share Market Highlights 28 July 2023: Sensex, Nifty end flat after volatile session

The rupee plunged 32 paise to close at 82.24 (provisional) against the US dollar on Friday amid renewed foreign fund outflows and negative trends in domestic equity markets.

At the interbank foreign exchange market, the local unit opened weak at 82.30 against the US dollar. During intra-day, the domestic currency touched the peak of 82.19 and hit the lowest level of 82.34.

The rupee finally settled at 82.24 (provisional), 32 paise lower from the previous close of 81.92 on Thursday.

Gold prices declined by Rs 350 to Rs 60,250 per 10 grams in the national capital on Friday amid weak cues in the overseas market, according to HDFC Securities.

The precious metal had ended at Rs 60,600 per 10 grams in the previous trade.

Silver also nosedived Rs 1,900 to Rs 76,000 per kilogramme.

In the international market, both gold and silver were quoting lower at USD 1,951 per ounce and USD 24.15 per ounce, respectively.

Indian shares extended losses for the second straight session on Friday, snapping a four-week winning streak, dragged by financials and information technology (IT) stocks.

The Nifty 50 lost 0.5% this week, while Sensex shed 0.79%. Both the blue chips had risen nearly 6% each over the last four weeks, scaling fresh all-time highs.

On Friday, the Nifty 50 index settled 0.07% lower at 19,646.05, while the S&P BSE Sensex fell 0.16% to 66,160.20.

While the benchmarks declined, the broader peers showed resilience with the small-caps and midcaps climbing 0.19% and 0.55%, respectively, on the day.

Exide Industries Ltd registered seven per cent growth in standalone net profit at Rs 242 crore for the quarter ended June 30, 2023, as against Rs 226 crore same period last year.

EBITDA grew by around 12 per cent and EBIDTA margin was 10.6 per cent in Q1FY24 compared to 9.9 per cent in Q1FY23, the company said in a press statement.

The company’s scrip was trading at Rs 251.50, down by 1.74 per cent on the BSE on Friday.

Piramal Enterprises: Company reported its consolidated net profit for the period ended June 30, 2023, at ₹508.78 crore.

The company’s stock slipped by 2.08% on the NSE, trading at ₹1,073.

ROUTE MOBILE: Company reported its consolidated net profit for the period ended June 30, 2023, at ₹91.69 crore as against ₹71.07 crore in the previous year.

The company’s stock slipped by 2.19% on the NSE, trading at ₹1,504.

RITES: Company reported its consolidated net profit for the period ended June 30, 2023, at ₹119.58 crore as against ₹144.70 crore in the previous year. The company’s stock declined by 5.20% on the NSE, trading at ₹453.45.

Yatharth Hospital & Trauma Care Services IPO has been subscribed 30.65 times as of 3:21 pm on July 28. The QIB portion has been subscribed 69.67 times; NII portion 33.68 times; and retail 7.58 times.

Indian equities navigated through a volatile trading session and managed to offset their losses, closing almost with minor loss. The Sensex concluded with a 106-point drop, settling at 66,160, while the Nifty also experienced a 22-point decline, ending at 19,637. The Nifty Realty index exhibited a positive trend, surging by nearly 2 per cent, and the FMCG Index rose by 1 per cent. Among individual stocks, NTPC and PowerGrid stood out as top performers, registering a growth of over 3 per cent, whereas Bajaj Finserve and HDFC Bank witnessed a decline of over 1 per cent each.

The stock of ​Foseco India​ jumps 20% on NSE, trading at ₹3,507.05. The company had reported its net profit for the quarter ended June 30, 2023, at ₹27.66 crore as against ₹10.55 crore in the previous year.

​Satin Creditcare Network​: Compay reported its consolidated net profit for the quarter ended June 30, 2023, at ₹87.87 crore as against ₹209.69 crore loss in the previous year.

However, the company’s stock declines by 7.72% on the NSE, trading at ₹198.55.

Stocks advanced on BSE at 3 pm on July 28 were 1,728 against 1,767 stocks that declined. Total stocks traded were 3,663. The number of stocks that recorded a 52-week high was 226, and those that hit a 52-week low was 22.

Major gainers

• NTPC (+3.64%)
• Power Grid (+2.57%)
• Apollo Hospitals (+1.81%)
• Adani Ports (+1.71%)

Major losers

• Bajaj Finserv (-1.81%)
• HDFC Bank (-1.63%)
• BPCL (-1.61%)
• HCL Tech (-1.41%)

Phoenix Mills has received approval from Finance and Investment Committee of the Board of Directors for incorporation of a wholly owned subsidiary of the Company namely ‘Casper Realty’ (CRPL). The Company shall subscribe to the entire share capital of the proposed wholly owned subsidiary. The incorporation of the proposed wholly owned subsidiary shall leverage the growth opportunities and will help the Company in expanding its market.

The proposed wholly owned subsidiary to be incorporated in India shall carry out the business of real estate activities with owned or leased property. Further, this is in line with the Company’s future expansion plans.

3i Infotech Limited reported its consolidated net loss for the quarter ended June 30, 2023, at ₹15.59 crore as against ₹1.52 crore in the previous year.

The company’s stock declines by 0.59% on the NSE, trading at ₹33.80.

10-years ago India’s market capitalisation stood at ₹74 lakh crores. It has almost doubled every five years since then, reaching ₹300 lakh crores today, FM Nirmala Sitharaman said.

Aristo Bio-tech And Lifescience Limited has received purchase order from HORIZON MOLECULES LLP for supply of a couple of agro chemicals on freight-to pay basis, and the order is worth ₹60 lakh.

However, the stock of ARISTO declines by 1.53% on the NSE, trading at ₹74.

Indian Oil Corporation reported its consolidated net profit for the quarter ended June 30, 2023, at ₹14,735.30 crore against ₹882.96 crore in the previous year.

The company’s stock trades at ₹95.05, down by 0.58% on the NSE.

Mahindra & Mahindra Financial Services reported its consolidated net profit for the quarter ended June 30, 2023, at ₹362.22 crore against ₹239.86 crore in the previous year. However, the company’s stock declines by 3.08%, trading at ₹302.35 on the NSE.

Motherson Sumi Wiring India: The company reported its consolidated net profit at ₹123.13 crore as against ₹125.96 crore in the previous year. The company’s stock declines by 2% on the NSE, trading at ₹58.95.

Nidhi Granites Limited has completed the acquisition of 20 lakh equity shares for a consideration of ₹2 crore of Yug Fashion Garments Private Limited. The stock of Nidhi Granites trades at ₹88.45 on the BSE.

Cyient DLM conferred with the State Export Excellence Award by the Chief Minister of Karnataka

The company’s stock surges by 2.23% on the NSE, trading at ₹514.55.

Rail Vikas Nigam has received the letter of award from Haryana Rail Infrastructure Development Corporation (HRIDC) in connection with the new BG Railway Line of HORC project. The company’s stock declines by 3.73% on the NSE, trading at ₹121.30.

LG Balakrishnan and Bros Ltd.’s share price went down by 8 per cent after the company reported a 5 per cent decrease in profit for the quarter ended June 30, 2023, at ₹55.45 crore compared to ₹58.41 crore during the corresponding quarter last year.

Chemfab Alkalis’ share price went down by 7.33 per cent after the company reported a 55 per cent decrease in its profit for the quarter that ended June 30, 2023, at ₹9.5 crore compared to ₹21.34 crore during the corresponding quarter last year.

I am holding Tata Motor 650 CE August call option at ₹29. The stock price is down drastically from the high of ₹ 665 to ₹ 634. Please advise on Tata Motor stock price targets

The stock of Religare Enterprises declines by 1.16% on the NSE, trading at ₹165.75. The company and Nasscom Centre for Excellence (CoE) IoT entered into a strategic partnership to strengthen business processes and solution landscape.

India’s market regulator, seeking to reduce risks for retail investors, will propose linking the amount of equity derivatives they may trade to their wealth, two people with direct knowledge of the matter said.

With Indian share prices near record highs, drawing increased retail investor interest, the regulator is concerned smaller players could suffer losses on derivatives if markets turn volatile.

Retail investor participation in the equity derivatives market jumped 500% in the three years through March, according to data from the Securities and Exchange Board of India (SEBI). Nine in 10 individual traders, dominated by people in their 30s, lost money in the previous fiscal year, with average losses averaging 110,000 Indian rupees ($1,300), a SEBI study found in January.

SEBI has previously asked brokers to discloses risks associated while trading in derivatives prominently on their websites but is now considering stricter measures.

The regulator is discussing measures to track and control “disproportionate trading” to safeguard retail investors by linking the value of trades in futures and options to the their income and net worth, the sources said.

They asked not to be identified as they are not authorised to speak to the media.

SEBI did not respond to an email requesting comment.

“SEBI is examining whether stock brokers can be made responsible for reporting net worth and income of individual traders to exchanges,” one source said. Determinations would be based on information disclosed in tax returns.

Once a broker discloses an investor’s net worth and income, exchanges could monitor the person’s exposure to futures and options contracts across brokerage firms, the other source said.

Trading would be capped at a threshold that the first source said would be a multiple of net worth.

A discussion paper, the first step toward crafting regulations, will be issued soon, the sources said.

SEBI had proposed a similar framework in 2017 but dropped the idea when brokers cited difficulties in assessing the net worth of their clients. The regulator revived the idea of curbs because of the study showing widespread losses on equity derivatives trades, the sources said.

Norms for product suitability are common in many markets, mostly applying “to high-risk investments such as venture funds, hedge funds, commodity and equity derivatives”, the first source said.

South Korea’s financial markets regulator in 2011 introduced entry barriers for retail investors to trade in equity derivatives, including a minimum deposit and compulsory training. It eased those restrictions in 2019. The number of derivatives contracts traded in India stood at 5.56 billion as of June, the latest data available shows. Options trading accounts for 98% of the derivatives contracts.

Panama Petrochem stock declines by 4.01% on the NSE, trading at ₹296.45. The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹45.89 crore against ₹64.58 crore in the previous year.

The Bank of Japan partially confirmed the report in today’s monetary policy by announcing that while it will stick to the yield curve policy, there will be some flexibility to it.

Changes to yield curve policy viewed as negative for global markets as it can result in Japanese Yen strengthening and lead to unwinding of ‘yen carry trade’

Europe markets open flat to down. Key indices across Germany, UK, France and Italy are trading in the range of -40 bps to 15 bps. This follows a big U-turn by US markets overnight from opening up strongly in the green at start on strong US GDP data to closing in red at low points of the day following surge in US bond yields. Bond yields surged as views emerged that strong GDP data will imply a more hawkish Fed going ahead and also reports that Bank of Japan will tweak its yield curve policy to increase the trading range

Anup Engineering: The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹18.563 crore against ₹ 5.1608 crore in the previous year. The stock inched up by 0.20% on the NSE, trading at ₹1,981.55.

Apar Industries: The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹197.43 crore against ₹122.46 crore in the previous year. The stock drops by 1.79% on the NSE, trading at ₹3,660.

Direct listing of listed and unlisted companies on the IFSC Exchanges is a major step forward and this will also facilitate access to global capital and resultant better valuation of the Indian companies, according to Finance Minister Nirmala Sitharaman

Consolidating the three different laws governing the securities -- the Securities Contracts Regulation Act of 1956 vintage the SEBI act of 1992 and the Depositories Act of 1996 --- into a single Act will become a reality soon, Finance Minister Nirmala Sitharaman said.

Aether Industries: The company’s consolidated net profit for the period ended June 30, 2023, is ₹29.814 crore against ₹30.620 crore in the previous year. The company’s stock trades at ₹1,024.95, down by 0.64% on the NSE.

Shares of Westlife Foodworld, the owner-operator of McDonald’s restaurants across West and South India, are trading strong over 5% up on the back of over 1 million trading volume today after first quarter earnings. Westlife Foodworld’s print were in-line with most street estimates and its outperformance over peers continues. Revenue grew ~14% YoY, while SSSG stood strong at 7%, which was led by increased footfalls, improved product mix, and introduction of McSaver value meal. The company’s restaurant operating margins (ROM) stood at Rs 141 crore (up 21% YoY), while margins stood at 23%, improved 140bps YoY. It announced an interim dividend of Rs 3.45/share. The stock trades at Rs 945 apiece, after hitting a fresh 52-week of Rs 966 earlier today. The stock has gained over 83 per cent in last 12 months and trades at a trailing 12-month price to earnings of 124 times.

Ajanta Pharma Ltd.’s share price rose after the company reported a 19 per cent increase in profit after tax for the quarter ended June 30, 2023, at ₹208.12 crore compared to ₹174.62 crore during the corresponding quarter last year.

Praveg Ltd.’s shares went up by 1.54 per cent after the company announced the upcoming opening of Praveg Beach Resort at Jampore Beach, Daman.

Finance Minister Nirmala Sitharaman on Friday announced that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchanges.

The stock of Siemens rises by 1.15%, trading at ₹3,795.05. The company had announced that as part of a consortium along with Rail Vikas Nigam Limited (RVNL), it secured an order from Mumbai Metropolitan Region Development Authority (MMRDA) for electrification of Mumbai Metro’s Line 2B.

CFF Fluid Control has received contract worth ₹25.46 crore from the Government of the Republic of India, Integrated Head Quarters Ministry of Defence, (Navy) DTE of Electrical Engineering, for procurement of spares of TWA MCA 62.5 system.

The company’s stock rises by 1.82% on the NSE, trading at ₹294.

Shares of Latent View Analytics, that came under pressure on Thursday post Q1 results, recover on Friday to trade 2.4 percent higher At Rs 374.45.

M K Proteins Limited has resumed its operations from July 27. It earlier announced that the business operations at the Company’s at Ambala City were temporarily disrupted owing to flooding.

The Machinery, plants and equipment, hardware and software, furniture, documents were submerged and hence damaged. The Company is taking adequate measures and is in the process of repairing, reviving and retrieving the same. The company is in the process of assessing the losses and are hopeful that they would “not be on a higher side”.

Roto Pumps Ltd has announced the receipt of Major Purchase Order from the Grasim Industries Limited.

The order is for Designing, Engineering, Supply of Screw Pumps along with supervision support.

The order value is ₹ 3.63 crores (excluding GST).

The stock edged up 1.7 per cent at Rs 330 on the BSE

Motilal Oswal Financial Services has received an expression of interest from Motilal Oswal and Raamdeo Agarawal, promoters of the company along with their family members, committing to donate 5% equity shares by each of them aggregating to 10% of total paid-up share capital of the company, towards charitable purposes. The company’s stock rises by 3.17% on the NSE, trading at ₹843.95.

The Board of Directors of NACL Industries Limited has approved the Company’s plan to expand its business portfolio with entry into Specialty Materials and Intermediates (including Fluorinated compounds), Specialty Nutrition and Bioproducts, addressing Agriculture, Healthcare, Industrial and other sectors. The Company envisages an investment of about Rs.1000 crore over the next three years for the said businesses including expansion of its existing Manufacturing and R&D facilities for captive as well as Custom Development and Contract Manufacturing opportunities.

The stock, however, slumped nearly 7 per cent at Rs 82.80

Yatharth Hospital & Trauma Care Services IPO has been subscribed 5.73 times as of 12:09 pm on July 28. The QIB portion has been subscribed 1.49 times; NII portion 12.86 times; and retail 5.05 times. The issue closes today.

Major gainers:

NTPC (3.44%); Power Grid (3.25%); ONGC (1.87%); Dr Reddy’s (1.61%); Adani Ports (1.11%)

Major losers:

Bajaj Finserv (-2.38%); Maruti (-1.77%); TCS (-1.60%); Titan (-1.59%); Hindalco (-1.42%)

Stocks advanced on BSE at 12 noon on July 28 were 1,816 against 1,536 stocks that declined. Total stocks traded were 3,511. The number of stocks that recorded a 52-week high was 192, and those that hit a 52-week low was 17.

India should grow at 7.5-8 per cent, not just over the next one or two years but over the next two decades, said Ajay Sheth, Secretary, Dept of Eco Affairs, Ministry of Finance

The stock of Sona BLW Precision Forgings declines by 4.40% on the NSE, trading at ₹565.55. The company’s board had approved expansion of existing capacity at its Chennai plant at Keelakaranai, Chengalpattu; investment of ₹99.70 crore for capacity expansion of the Chennai plant from 400,000 to 600,000 EV traction motors; and a new capacity 500,000 units of PCB Assembly, by FY25.

Welspun Corp: Company Unit SBAPL Receives Intimation Cum Demand Notice from Department of Income Tax on July 26.

Shares of IEX gained 3 per at Rs 123.50. The stock was under pressure on Thursday after power regulator CERC gave nod.to.Hindustan Power Exchange to launch contracts on its platform

Inox Wind has raised Rs 52.50 crore though the allotment of 5,25,00,000 - 0.01% Non-Convertible, Non-Cumulative, Participating, Redeemable Preference Shares of Rs 10 each of the Company (NCPRPS) fully paid-up, at par, on private placement basis to Inox Wind Energy, Holding and Promoter Company. The ‘IWL Committee of the Board of on Thursday allotted the shares. The stock edged up 1 per cent at Rs 213.5

RITES Limited, a leading Transport Infrastructure Consultancy and Engineering company, has signed a Memorandum of Understanding (MoU) with DNV Business Assurance India Pvt. Ltd to jointly explore business opportunities in the areas of Independent Safety Assessments (ISA).

Under this arrangement, RITES and DNV will collaborate, synergise their efforts by complementing their respective strengths for identification, securing and execution of Railway Assurance & Advisory Services for Railway Rolling Stock & Signaling and train control system domain with applicable standards for Metro, Mainline and Generic products.

Dhabriya Polywood has announced that its wholly-owned subsidiary company, Dynasty Modular Furnitures Pvt. Ltd., has received the work order from Godrej Group for supply & installation of modular Kitchen for a total value of ₹5.26 crore. The stock rises by 3.70% on the BSE, trading at ₹267.50.

Ashiana Housing has converted 38 units into booking (comprising of 49,736 sq. ft. area with sale value of Rs 33.08 crores) for phase 1 of the project “Ashiana Amodh”. The process of conversion of Expression of Interest (EOI) into booking started on July 9.

“Ashiana Amodh” phase 1 is a Senior Living project at Talegaon (Pune)

Chip maker AMD has announced an investment of $400 million in India, which will include building a new campus in Bengaluru. This will become the company’s biggest design centre.

The Board of Directors of Dr Lal PathLabs Ltd in their meeting on July 27, 2023 approved payment of Interim Dividend INR 6/- per equity shares for FY 2023-24.

The record date for the purpose of payment of interim dividend shall be August 11, 2023.

Transformers And Rectifiers (India) has received an order worth ₹134 crore from Power Grid Corporation of India Limited for designing, engineering, manufacture, testing at manufacturers works and supply of six 500 MVA, 400/220/33 kV transformer including insulating oil and along with all fittings. The stock of TRIL inches up by 0.51% on the NSE, trading at ₹89. Meanwhile, the stock of Power Grid Corporation rises by 3.65% on the NSE, trading at ₹259.85.

Bank Nifty index opened with a gap-down today at 45,561 versus yesterday’s close of 45,679. After marking a high of 45,727, the index has now declined to 45,460. Therefore, the index is down 0.5 per cent so far today.

Major gainers:

Intellect Design (17.76%); Ajanta Pharma (8.24%); Alembic Pharmaceutical (7.49%); Lloyds Steels (6.35%); EKI (5.75%)

Major losers: L G Balakrishnan & Bros (-6.19%); ACE (-4.96%); Titagarh (-4.68%); Jyoti Resins (-4.53%); RailTel (-4.29%)

Billionaire Gautam Adani’s conglomerate is returning to the loan market to potentially raise more than $1 billion, the latest sign it’s slowly regaining the ability to raise funds six months after a US short seller caused a meltdown in its stocks and bonds.

RITES Limited, a transport infrastructure consulting and engineering company, joined DNV Business Assurance India Pvt. Ltd. to explore business prospects in Independent Safety Assessments.

The pharma sector made the biggest gains on Thursday with the Nifty Pharma index up by 3 per cent. Following Cipla and Dr. Reddy’s results announcement and analyst call on Wednesday, the two stocks gained 9 per cent and 1 per cent on Thursday, aiding to the pharma index’s upward march.

Nifty 50 and Sensex are trading lower. Sensex is trading at 66,054, down 0.32 per cent. Nifty is at 19,612, down 0.25 per cent.

Lambodhara Textiles has informed exchanges about its ₹1 crore investment in Sundaram Altemates Emerging corporate credit opportunities Fund - Series I - a close-ended Category II Alternative Investment Fund. The stock declines by 1.60% on the NSE, trading at ₹150.35.

HDFC Bank stock declines by 1.04%, trading at ₹1,655.75 on the NSE

The stock of Bharat Electronics rises by 1.18% on the NSE, trading at ₹128.75.

The Government is expected to issue a new 10-year benchmark security (G-Sec), starting from August, according to Venkatakrishnan Srinivasan, Founder & Managing Partner, Rockfort Capital LLP.

“With the expectation of new 10 year Govt Security next month, the current benchmark paper 7.26% GoI 2033 yields will inch up slowly.

“With today’s G-Sec auction of Rs 14000 crores, the outstanding amount will reach Rs 1,50,000 crore. This amount will be the highest compared all other G-Secs, as per the RBI’s list of GoI Securities outstanding as of July 24,2023,” Venkatakrishnan said.

The stock of Marico inches up by 0.60% on the NSE, trading at ₹557.40. The company has entered into definitive agreements to acquire up to 58% of the paid-up share capital of Satiya Nutraceuticals Private Limited on a fully diluted basis.

The stock of Samvardhana Motherson International declines by 2.84% on the NSE, trading at ₹97.50.

Key points

We remove BAF as a Marquee sell idea given improvement in growth and ROA metrics above our expectations.

Increase TP 21% to Rs6,300 due to higher normalised return ratios. Raise earnings estimates 10-19% over FY24-26E.

Maintain Underperform as current valuations are still expensive

The joint venture between global investment manager BlackRock and billionaire Mukesh Ambani-controlled RIL’s financial services arm Jio Financial Services (JFS) could be training their guns on disrupting the $500 billion Indian AMC business, much on the lines of what Jio did to the telecoms space.

Larsen & Toubro (L&T) will tie up with banking facilities for projects in the Middle East.

In the Middle East- which is the second-largest market for the company after India- it is not looking for financing for projects but to create an overseas banking ecosystem.

Tata Steel witnessed a 0.21 per cent increase in share price after the company announced its Q1FY24 financial results. The quarterly report highlighted an optimistic outlook for its Indian operations, which contributed to 57 per cent of Q1 FY24 revenues.

​The rupee plunged 31 paise to 82.23 against the US dollar​ in early trade on Friday amid massive outflow of foreign funds and subdued equity markets.

Adani Enterprises, Ipca Lab, Unichem Lab, Adani Transmission, Religare Enterprises, Lupin, RITES, Siemens, RVNL, Brookfield, 3i Indotech, Bank of India, DCB Bank, Fino Payments Bank, LT Foods, IOC, Nazara Tech, NLC India, Piramal Enterprises, Reliance Home, RITES, Route Mobile, UCO Bank, Piramal Pharma

Yatharth Hospital & Trauma Care Services IPO has been subscribed 3.70 times as of 10:12 am on July 28. The QIB portion has been subscribed 0.29 times; NII portion 7.82 times; and retail 3.84 times. The issue closes today.

Brookfield India REIT’s QIP, which opened on Thursday, has a floor price of ₹265.79 per unit, a slight premium compared to the closing price of ₹263.25 per unit. The REIT is planning to raise ₹800 to 1100 crore via institutional placement. At 10.15 am, units of Brookfield REIT were trading flat at ₹263.51 on the NSE.

The stock of Rail Vikas Nigam Ltd declines by 3.10% on the NSE, trading at ₹122.10.

The rupee plunged 31 paise to 82.23 against the US dollar in early trade on Friday amid massive outflow of foreign funds and subdued equity markets.

Elevated level of crude prices nearing $84 a barrel also weighed on the domestic unit even as the American currency gained strength on the back of better-than-expected GDP numbers from the US, forex traders said.

The stock of ​Zim Laboratories​ jumps 9.20% on the NSE, trading at ₹132.40.

Indus Tower’s net profit nearly triples to ₹1,348 crore and revenue increased three per cent to ₹7,076 crore up 3 per cent YoY.

Bajaj Holdings‘ net profit up at ₹55 crore against ₹43 crore and revenue increased to ₹66 crore against ₹59 crore YoY.

Bharat Forge granted license by the Ministry of Home Affairs Under Arms Rules, 2016

The Board of Directors of Indiabulls housing finance at has approved the following:- (a) Issuance of Secured Non-Convertible Debentures and Unsecured, Redeemable, Non-Convertible Subordinate Debt in the nature of Debentures (NCDs), on private placement basis; Final Dividend of Rs 1.25 per equity share translating to 62.5% on face value of Rs 2 each for the financial year ended March 31, 2023, subject to approval of members at the ensuing Annual General Meeting (c) Appointment of Rajiv Gupta, Director & Chief Executive Officer of LICHFL Asset Management Company Ltd, as a Nominee Director on the Board of the Company (d) change of Company’s name, subject to applicable approvals, including approval from its shareholders in the ensuing Annual General Meeting of the Company.

Indiabulls Housing Finance stock jumps by 8.31% on the BSE, trading at ₹138.15.

Garden Reach Shipbuilders & Engineers (GRSE) has announced the launch of an Autonomous Underwater Vehicle (AUV), developed in collaboration with Aerospace Engineering Private Ltd. (AEPL). GRSE’s stock rises by 3.61% on the NSE, trading at ₹629.80.

Societe Generale has acquired 5.94 lakh equity shares of MAS Financial

Welspun Enterprises has acquired a 50 per cent stake in Michigan Engineers

August dhaniya futures were trading at ₹7648 on National Commodities and Derivatives Exchange at 9.49 am against the previous close of ₹7446, up by 2.71 per cent.

On the National Commodities and Derivatives Exchange, August turmeric (farmer polished) contracts were trading at ₹14680 at 9.49 am against the previous close of ₹13936, up by 5.34 per cent.

Indian Hotels net profit up 31 per cent at Rs 222 crore against Rs 170 crore and revenue up 16 per cent at Rs 1,466 crore against Rs 1,266 crore (YoY)

Trident net profit down 28 per cent at Rs 93 crore against Rs 129 crore and revenue down 11 per cent at Rs 1,494 crore against Rs 1,680 crore (YoY)

The stock of Ajanta Pharma jumps 7.22% on the NSE, trading at ₹1,664.70.

Lupin announces resolution of US FDA warning letter for Goa and Pithampur facilities

Blue Dart net profit down at Rs 61 crore against Rs 119 crore and revenue fell to Rs 1238 crore vs Rs 1293 crore YoY

Gold dropped amid better-than-expected employment data and hawkish statement by US Fed. The US Labour Department said that weekly jobless claims fell by 7,000 to 221,000 for the week ending July 22, down from the previous week’s unrevised estimate of 228,000 claims.

Gold price dropped downwards strongly to reach Rs 58800 per 10 gram level direct, and it tests this key support now, while it is important to monitor the price behavior according to this level, said Kedia Commodities

Current: -0.1%

Expected: -0.1%

Previous: -0.1%

(Policy rates inline with estimates, policy stance and comments would be important)

Major gainers:

Britannia (1.22%); Dr Reddy’s (1.14%); ITC (0.80%); M&M (0.79%); Tata Consumer (0.70%)

Major losers:

Axis Bank (-1.42%); Bajaj Finserv (-1.24%); BPCL (-1.17%); Hindalco (-1.12%); NTPC (-1.06%)

M&M edged up by 0.6 per cent in early deal on Friday after slumping by about 7 per cent Thursday as traders gave thumbs down to it’s stake buy in RBL Bank. It now hovers around Rs 1457

Crude oil futures traded lower on Friday morning despite strong economic data from the US. At 9.26 am on Friday, October Brent oil futures were at $83.35, down by 0.53 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $79.72, down by 0.46 per cent.

After gaining 20 per cent on Thursday, Vesuvius added another 7 per cent in early deal on Friday on the back of its capex.plans

UW. TP Rs 450

New program wins +ve but growth expectations already in price

Rev grew 24% YoY but came in 9% softer than JPMe while EBITDA at Rs2bn (+43% YoY) was 6% below expectations

Vals (FY25EV/reve of 7.4x & 43x P/E) leave little room for margin of safety

Downgrade to sell, TP Rs 554

High growth story but expensive at moment

1QFY24 results mostly in line but new order momentum strong

Ebitda margins improved QoQ

Strong revenue compounding story

Buy, TP raised to Rs 680

1Q Slightly Above Est. Orderbook Strong

More encouraging was further strengthening of orderbook & commentary on new products

There are headwinds to e2W traction motor segment due to a reduction in FAME-2 subsidy in India

Overweight Rating

Target Rs 1,355

Q1 Affected By A Weaker Wedding Season

Management Is Optimistic About Demand In FY24 Led By A Strong H2FY24

Progress On Scaling New Brands, Especially Twamev Is A Positive

Buy Rating

Target Rs 445

Revenue, PAT & EBITDA Grew, But Was 5-7% Miss Vs Estimate On Higher Costs

Stock May Remain Range Bound In the Near-term

Believe Co Is Attractive To Domestic Macro Tailwinds Over Medium To Long Term

H2FY24 Bodes Well For Space With Occupancy Boosting Events

Buy, TP Rs 410 (anti consensus view)

Remain +ve on back of

a) building blocks across different aspects within CDMO segment,

b) ltd. scope of price pressure in ARV segment

c) adding customers/new products in Non-ARV API/Formulation segment

Sell, TP Rs 300

Another weak qtr with EBITDA margins falling to c14% (- 660bps QoQ, -15.4ppts YoY) as ARV biz continued to remain under pressure, both in terms of pricing as well as volumes.

Ongoing investments also resulted in -ve operating leverage

Reduce Rating

Target Cut To Rs 294

Q1 A Washout Quarter With A 35-40% Miss On EBITDA Against Est

Margin Stood At 14.1%, Down 660 bps On QoQ Basis

Co Expects Margins To Gradually Recover From Q2FY24 Led By Lower Input Prices

Stock Still Rich At 26x FY25 EPS

Underperform Rating

Target Rs 250

Missed Est For 4th Qtr With Margin At A Multi-qtr Due To Weak Rev Growth

Co Expects Improvement From H2FY24

Tepid Base Biz Growth, No Big CDMO Pdt Should Result In Margin Pressure

Cut FY24-26 EPS Estimate By 12-24%

Overweight Rating

Target Rs 933

Q1 Earnings Were In-line With Our Expectations

Mgmt Was Positive On Its Distribution & Innovation Led Strategy To Drive Growth

Tea Business Market Share Stabilising & Salt Market Share Not A Concern Yet

Downgrade To Hold Rating

Target Rs 425

EBITDA Beat Driven By Stronger Perf In Refining And Marketing

Earnings Momentum Turned Negative With Narrowed Discount On Russian Crude

Net Debt Will Rise Sharply FY25 Onwards As Profits Normalise & Capex Rises

Overweight Rating

Target Rs 425

Mgmt Call Focussed On Strong Demand Growth And Market Share Gain

Mgmt Focussed On Progress And Outlook On Alternative Fuels, Rights Issue, Capex

Mgmt Focussed On Balancesheet Leverage, Fuel Price Cuts And Refining Margin

BPCL’s Core EBITDA & Earnings Were Up 34% And 32% Sequentially

Cashflows Are Now Back To Pre-COVID Level Expectations For FY24

Buy Rating

Target Rs 455

Reported Its Strongest Ever Quarterly EBITDA In Q1FY24

Refining Outlook Remains Healthy

Results Underpinned By Surge In Marketing Margin & Strong Refining Margin

Refining Outlook Remains Robust, Marketing Thesis Fading

Buy, TP raised to Rs 162 from Rs 140

Strong Q1 reflects consistent OPM scale-up, front-ended FY24E orders

Delivered strong operating beat, reflected in 6%/40% top-line/EBIDTA beats vs consensus

BHE posted a strong Rs81bn+ in new orders (up 10x YoY and ~35% of our FY24E orders), led by multiple mid- to large-value project awards

believe OPM beat was led by a richer mix & operating leverage

Overweight Rating

Target Rs 136

Cons Revenue, EBITDA & Adj PAT Growth Of 12%, 29%, & 47%, Respectively

Gross & EBITDA Margins Were Up 160 bps & 240 bps YoY, Respectively

Orderbook Was At Rs 65,400 Cr, Up 18% YoY

Buy Rating

Target Raised To Rs 2,280

Profit Beat Was Led By Lower Provisions

Revise FY24/25/26 EPS Est By 6.2-8.8% To Reflect Improved Margin Outlook

Raise Target Multiple To 1.5x FY25 BVPS

Buy Rating

Target Rs 2,200

PAT Of `1,670 Cr Was 6% Below Estimate Due To Higher Opex

AUM Grew 19% YoY, But NIMs Fell Due To Lower Yield & Higher CoF

Favorable Used-CV Outlook & Growth In Loan Pdts Should Support CAGR Over FY23-26

Co Should Deliver 16% EPS CAGR & 15% RoE Over FY24-26 Lifting Valuation

Overweight Rating

Target Rs 2,200/Sh

Profit Before Tax In-line With Estimate

Lower Credit Costs Offset PPoP 5% Below Est From Lower NIM & Higher Employee Costs

Stage 2+3 Assets Improved QoQ, Coverage Rose, AUM & Disbursements Did Well

Buy, TP raised to Rs 2400

Q1- Stellar beat; enough to raise market’s confidence?

Cement vols grew 23% YoY significantly beating UBS-e/consensus expectations of 10% growth

Realisation/t fell 2%QoQ, inline with peers

EBITDA at Rs7.3bn, beat est. by 22%

U-P, TP Rs 1875

1Q Ebitda of Rs7.7m (+81% YoY) above est. on lower costs

Vol up 24% YoY to 9.4mt

Ebitda/t increased 49% QoQ to Rs820 on lower employee & power & fuel costs despite weak realisations (-2% QoQ)

Per co, cost savings could be sustained

Buy, TP raised to Rs 2350 from Rs 2150

1Q Beats on Vol & Costs; Efficiency & Biz Initiatives Playing Out

EBITDA/t: Rs820 vs. Rs550 in 4QFY24 & Rs565 last yr

EBITDA 26% ahead of Citi est on stronger vols & better costs

Net cash Rs32.3bn as of June23

Neutral Rating

Target Rs 1,998

Standalone At EBITDA Of Rs 770 Cr, Up 81% YoY & 40% Above Est

Key surprises were

Volume Growth Of 24% YoY To 9.4 mt Was Key Surprise

7% Decline In QoQ Cost Offset By Lower Blended Realisation Was Key Surprise

EBITDA/Tonne Improved To Rs 820, Up 45% YoY & Above Est

Net Cash Increased Marginally QoQ To Rs 3,200 Cr

Underweight Rating

Target Rs 1,650

EBITDA Higher Than Est Led By Vol & Lower Opex/t, Realisations Were Weaker

Cash Position Moved Down Slightly QoQ, EBITDA/t Was At `824 Vs Est Of `691

Cons PAT Came In At Rs 470 Cr Vs Estimate Of Rs 390 Cr

Underweight Rating

Target Rs 17,234

Q2 Earnings Were Ahead Of Our Est, But In-line With Consensus Expectations

Underweight Given Weaker Growth In The Largest Category, Margin Pressure

IPCA Laboratories has informed the exchanges about the receipt of approval from CCI for the acquisition of equity shares of Unichem Laboratories (1,83,05,495 shares of ₹2 each) representing in aggregate 26% of the fully diluted voting Equity Share Capital of the target company, for cash at ₹440 per share.

On Friday, the domestic markets continued their downtrend, with the Sensex dropping 142 points to 66,124 and the Nifty declining by 39 points to 19,627.40, as investors engaged in profit booking. Top gainers were Motilal Oswal and RIL, while Ponds and M&M led the losers.

Both the Nifty 50 and Sensex experienced declines on Thursday, primarily due to the underperformance of financials and autos. So far this week, the Nifty 50 and Sensex have lost 0.43% and 0.63%, respectively, potentially breaking their four consecutive weeks of gains.

Earlier, Asian markets edged lower ahead of the Bank of Japan’s policy decision, fueled by speculation that the Japanese central bank may remove stimulus measures.

Wall Street equities closed lower after strong GDP data in the June quarter, which dampened hopes of an imminent end to policy tightening following the U.S. Federal Reserve’s recent hike.

On Thursday, the European Central Bank raised rates by 25 basis points, following the footsteps of the Fed. However, ECB President Christine Lagarde hinted at a likely pause in the next meeting in September.

Macrotech Developers reported a consolidated net profit of Rs 178.4 crore in the June quarter, down 34% on year while revenue also fell 40 per cent to Rs 1617.4 crore. Sequentially the profit was down 76% while revenue was down over 50% on year. The company, which sells homes under the Lodha brand name, added five projects in the June quarter with a revenue potential of Rs 12,000 crore

The ₹686-crore initial public offering of Yatharth Hospital & Trauma Care Services will close for the public today (July 28). The issue has so far subscribed 3 times, and comes at a price band of ₹285-300 a share. Retail investors and non-institutional investors were keen, as their respective portions received bids for 3.36 times and 5.85 times. Qualified institutional portion was subscribed 0.29 times.

By Nuvuma Alternative

Nifty futures rollovers stood at 84% vs 70% (last three series). Alongside, Nifty futures will start the August series at higher OI base of Rs 26,200 crore (nearly 1.33 crore shares) vs. OI of Rs 18,900 crore (about 1 crore shares) seen at the start of July series. On Expiry Day, the roll cost for Nifty was around 65-66bps as compared to previous day’s 62bps.

Market-wide futures open interest at the start of August series stands at about Rs 2.606 lakh crore tn as compared to ~ about Rs 2.434 lakh crore at the start of July series.

Market-wide rollovers is at 91 per cent, higher than 3M avg. of 90 per cent,

Stock futures rollovers stands at 93 per cent, in line with the average rollovers of last three series at 93 per cent. The roll cost for SSF for today was around 78-80 bps, an improvement from yesterday’s 74-75bps.

Ex-Dividend 31 July 2023 (Monday)

Last date for Cum-Dividend Today

Brigade Enterprises Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 577.95

EIH Associated Hotels Ltd.-

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 510.9

Fairchem Organics Ltd

Dividend Per Share Rs.7.5

Previous day Closing Price – Rs. 1165.6

Igarashi Motors India Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 520.3

Jindal Worldwide Ltd.

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 310.15

Voltamp Transformers Ltd.

Dividend Per Share Rs. 40

Special Dividend Per Share Rs. 20

Previous day Closing Price – Rs. 4533.15

VRL Logistics Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 744.95

India is likely to get the third-largest economy tag in 2027 (or FY28), based on actual GDP data as on March 2023, a movement of seven places upwards since 2014 when India was ranked 10 ^th, per State Bank of India’s economic research report ‘Ecowrap’.

Thirumalai Chemicals: Promoter Ramya Bharathram bought 5,100 shares on July 26

Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Co. released a pledge of 8 lakh shares on July 25.

NSE, the country’s largest stock exchange, has reported that its net profit in June quarter was up nine per cent at ₹1,844 crore on a profit margin of 55 per cent. Income from operations was up 13 per cent at ₹2,987 crore in the quarter under review. Apart from income from trading, the revenue from operations was also supported by listing, index services, data services and colocation services, said the exchange.

Earnings per share increased to ₹37.26 from ₹34.13 in same period last year

3i Infotech, Alkali Metal, AM Forgings, Anjani Finance, Anup, Amar Industries, Bank of India, Batliboi, BNR Udyog, Chalet Hotels, Cigniti, Cords Cable, DCB Bank, De Nora, DRC Systems, Duncan Engineering, eMudhra, Equitas Bank, Exide Industries, Fino Payments Bank, Geojit Financial, Green Panel, Haryana Leather, HT Media, IFB Industries, IOC, Indigrid, JK Agri, JP Power, KFin Tech, Kokuyo Camlin, LT Foods, Laxmi Organics, M&M Financial, Marico, Medinova, MRPL, Motherson Sumi, Mukta Arts, Nazara Technologies, NDL Venture, NLC India, Odyssey, Panama Petrochem, Piramal Enterprises, PTC India Financial, Reliance Home, RITES, Route Mobile, RPG Life, Satin Creditcare, SBI Card, Star Health, Supreme Industries, Swaraj Eng, TIPS Films, UBL, UCO Bank, Vimta Labs, Warren Tea and. Zenlabs

Lansforsakringar Asienfond picks 4.99 per cent in Netweb Technologies; it purchased 28 lakh equity shares at an average price of Rs 925.15

Adani Transmission Ltd on Thursday said it has renamed itself to Adani Energy Solutions Limited with immediate effect.

Adani New Industries, an arm of Adani Enterprises, on Thursday raised $394 million (₹3,231 crore) from Barclays PLC and Deutsche Bank AG. The proceeds will be used to secure working capital requirements of its integrated solar module manufacturing facility, Adani Enterprises Ltd said in a regulatory statement on Thursday.

The government’s 5.36 per cent stake sale in RVNL on Thursday got an enthusiastic response from institutional investors, who subscribed the issue 2.73 times by putting in bids of over Rs 2,000 crore. In the two-day offer-for-sale (OFS), the government is selling 11.17 crore shares, representing a 5.36 per cent stake at a floor price of Rs 119 apiece. The offer includes a greenshoe option of an additional 4.08 crore shares or 1.96 per cent stake in Rail Vikas Nigam Ltd (RVNL).

The Board of Directors Sona BLW Precision Forgings has approved expansion of existing capacity at Company’s Chennai plant at Keelakaranai, Chengalpattu. Further, the Board has approved investment of Rs 99.70 crore for capacity expansion of the Chennai plant from 400,000 to 600,000 EV traction motors, and a new capacity 500,000 units of PCB Assembly, by financial year 2025.

Bharat Electronics posted rise in consolidated net profit in June quarter, aided by revenue growth, fall in input costs.

JK Lakshmi Cement reported 29% fall in profit in first quarter on higher costs.

Indus Towers’s consolidated net profit nearly triples in June quarter.

The board of Motilal Oswal Financial on Thursday announced restructuring of its business verticals. Accordingly, it will transfer broking and distribution undertaking to Glide Tech Investment Advisory Private Limited, wholly owned subsidiary, by way of Slump Sale.

Domestic markets are likely to continue its downtrend on Friday, as investors on profit booking mode. Gift Nifty, which turned volatile, at 19,770 indicates that flat-to-negative opening, as Nifty futures on Thursday closed at 19,811.

​Sagar Cements​ posted a net loss of Rs 42 crore in the first quarter ended June 30, 2023. In the corresponding quarter of the previous financial year, it incurred a loss of Rs 13 crore. The total revenue of the Hyderabad-based company declined by 5 percent at Rs 543 crore as against Rs 570 crore in the year ago period. The first quarter performance was largely impacted owing to the maintenance shutdown undertaken for Matampally’s line II clinker production and competitive pricing environment across its key markets

In a bid to develop the corporate debt market and instill confidence among investors, market regulator SEBI has put in place a framework for rolling out the Corporate Debt Market Development Fund (CDMDF) under which mutual funds will have to contribute 25 basis points (bps) of the specified debt asset under management to the fund.

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

Finance Minister Nirmala Sitharaman on Thursday said that government will consider PLI (Production Linked Incentive) scheme for Indian Chemicals and Petrochemicals sector.

The demerger of ITC’s hotels business will lead to efficiency in capital allocation and is set to improve the company’s ROCE (return on capital employed) by 18-20 per cent and ROIC (return on invested capital) by double-digit of about 10 per cent.

Market regulator SEBI has mandated all foreign portfolio investors (FPIs) to disclose their Legal Entity Identifier (LEI) code. This code is a unique global 20-character code to identify legally distinct entities that engage in financial transactions. LEI is conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis.

Alembic Pharmaceuticals share price has been in a uptrend March end this year. The stock rose over 3 per cent on Thursday, closed on a strong note above the psychological ₹700 mark. Near-term support is at ₹720.

U.S. stocks ended lower on Thursday after news that the Bank of Japan will allow long-term interest rates to rise sent U.S. yields higher, snapping the longest winning streak for the Dow since 1987.

The Japanese media reported the central bank will maintain its 0.5% cap for the 10-year government bond yield, but discuss allowing long-term interest rates to rise above that level by a certain degree. Reuters confirmed the central bank may make minor tweaks to extend the lifespan of its yield control policy.

The Dow Jones Industrial Average fell 237.4 points, or 0.67%, to 35,282.72, the S&P 500 lost 29.29 points, or 0.64%, to 4,537.46 and the Nasdaq Composite dropped 77.18 points, or 0.55%, to 14,050.11.

On Wednesday, the U.S. Federal Reserve raised interest rates by 25 basis points as expected. Traders now only see a 20% chance that the Fed could surprise with a quarter-point increase in September.

On Friday, Japanese stocks commenced trading on a negative note due to investor concerns over declines in the Wall Street market and a strengthened yen. Additionally, they were eagerly awaiting the policy decision from the Bank of Japan. During early deals, the benchmark Nikkei 225 index fell by 1.39 percent, or 457.45 points, reaching 32,433.71, while the broader Topix index experienced a decline of 0.98 percent, or 22.55 points, settling at 2,272.59.

Meanwhile, Australian shares fell on Friday after three straight sessions of gains, tracking weakness in global markets, while investors awaited a key rate decision from the Reserve Bank of Australia (RBA) due next week.

The S&P/ASX 200 index fell 1% to 7,378.30 by 0040 GMT, dragged down by miners and banking stocks. The benchmark, however, has advanced 1% so far this week and is on track to record its third consecutive weekly gain.