Share Market Highlights 8 August 2024: Sensex, Nifty tumble nearly 1% post RBI monetary policy decision

The rupee consolidated in a narrow range and settled for the day lower by 1 paisa at 83.96 (provisional) against US dollar on Thursday, after the Reserve Bank expectedly kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting.

Forex traders said weak domestic markets, surge in crude oil prices and foreign fund outflows weighed on the rupee. However, a decline in the US Dollar index prevented the local unit from declining sharply.

Top gainers:

Tata Motors (1.63%), HDFC Life (1.57%), SBI Life (1.22%), Cipla (1.06%), HDFC Bank (1.03%) 

Top losers: 

LTIMindtree (-4.09%), Grasim (-3.60%), Asian Paints (-3.37%), Apollo Hospitals (-3.09%), Infosys (-2.94%)

Seamec Ltd recorded its standalone net profit for the quarter ended June 2024 at ₹51.46 crore as against ₹45.39 crore in the corresponding quarter last year.

Stock ended at ₹1,532.30 on the NSE, up 1.73%.

Jash Engineering board has approved sub-division/split of Equity Shares of 1 equity share of the Company having face value of ₹10 each into 5 equity shares having face value of ₹2 each.

Company reported its standalone net profit for the quarter ended June 2024 at ₹9.97 crore as against ₹2.39 crore in the corresponding quarter last year.

Jash Engineering stock trades at ₹2,410 on the NSE, down by 0.82%.

RBI’s Inflation-First Approach: A Divergence from the Pack

“In its latest policy review, the Reserve Bank of India (RBI) underscores a decisive focus on inflation control, starkly contrasting with the easing trends among major global central banks. This stance is not merely reactionary but a calculated alignment with long-term financial stability goals, given the disproportionate influence of volatile food prices on India’s CPI.

The RBI’s commitment to maintaining the repo rate at 6.50%, despite international rate cuts, signals a deeper strategy: fortifying the economy against inflationary pressures while cautiously monitoring growth indicators. This approach reflects a profound balancing act, poised between nurturing economic resilience and preempting inflationary spirals, thereby crafting a monetary path that prioritizes sustainable economic health over transient growth impulses.

This careful navigation suggests that any future rate adjustments will hinge on a sustained alignment of inflation closer to the target, integrated with robust economic data, rather than external monetary trends. The central bank has slightly adjusted GDP growth expectations while notably revising inflation forecasts upwards for the coming quarters. This recalibration indicates that the RBI’s strategic focus is on managing inflation without stifling economic momentum, particularly in a globally volatile environment.

The RBI is likely to maintain its policy stance until at least Q3 FY25, pending a sustained alignment of inflation toward the target. This cautious approach may be influenced by external factors such as potential aggressive rate cuts by the US Fed. “

Bartronics India Limited has partnered with Augmont Goldtech Private Limited in a five-year association in order to improvise the accessibility and distribution of Gold and Silver across the country.

Bartronics India stock traded at its lower circuit of ₹18.26, lower by 5.04%.

Top gainers:

HDFC Life (2.32%), Tata Motors (1.80%), SBI Life (1.37%), HDFC Bank (1.20%), Cipla (1.12%)

Top losers:

LTIMindtree (-3.84%), Grasim (-3.27%), Asian Paints (-2.79%), Power Grid (-2.58%), Infosys (-2.49%)

Stocks advanced on BSE at 3 pm on August 8, 2024, were 1,918 against 1,959 stocks that declined; 107 stocks remain unchanged. Total stocks traded were 3,984. The number of stocks that recorded a 52-week high was 228, and those that hit a 52-week low was 24. 

In addition, 281 stocks traded in upper circuit and 236 stocks hit the lower circuit.

CARYSIL Ltd reported its net profit for the quarter ended June 2024 at ₹15.86 crore as against ₹11.66 crore in the corresponding quarter last year.

Stock surges 3.24% on the NSE, trading at ₹818.

AstraZeneca Pharma India recorded its net loss for the quarter ended June 2024 at ₹11.79 crore as against the net profit 53.86 crore in the corresponding quarter last year.

Stock dropped 4.19% on the NSE, trading at ₹6,793.60.

Generic Health Pvt Ltd., Australia, wholly owned subsidiary of Lupin Ltd., has incorporated Lupin NZ Ltd., New Zealand, as its wholly owned subsidiary.

Lupin stock trades at ₹2,058.70 on the NSE, up 3.22%.

Voltas has received an order from the Office of the Deputy Commissioner of State-Tax, Odisha, demanding tax of Rs.0.47 crore, interest of Rs.0.42 crore and penalty of Rs.0.05 crore under Section 73 of Central Goods and Services Tax Act, 2017 and Odisha Goods and Services Tax Act, 2017 for the financial year 2019-20 for disallowance of input tax credit availed by the Company.

Stock trades flat at ₹1,456.85 on the NSE.

Nazara Technologies board has approved following proposals: 

To infuse funds not exceeding USD 27.3 million (₹229.4 crore) into Nazara Technologies UK Limited, a wholly-owned subsidiary of the Company.

Granted in-principal approval to Nazara Technologies UK Limited, a wholly-owned subsidiary of the Company, for the proposed acquisition of 100% of the issued share capital of Fusebox Games Ltd for an aggregate consideration not exceeding USD 27.2 million (₹228.2 crore), to be paid in cash, in one or more tranches.

In-principally approved availing performance bank guarantee facility for an amount not exceeding ₹20.00 Crore from Standard Chartered Bank in favor of the Resolution Professional of Smaaash Entertainment Private Limited.

Stock is up 2.77% on the NSE, trading at ₹930.60.

Rail Vikas Nigam Ltd recorded its consolidated net profit for the quarter ended June 2024 at ₹223.92 crore as against ₹343.09 crore in the corresponding quarter last year.

Stock fell 4.58% on the NSE, trading at ₹539.90.

Minda Corporation stock rises 2.18% on the NSE, trading at ₹528.15.

Company recorded its standalone net profit for the quarter ended June 2024 at ₹51.60 crore as against ₹34.84 crore in the corresponding quarter last year.

“As expected, the Central Bank kept the repo rate unchanged at 6.5% for the eighth consecutive review. Though the inflation is in downward spiral, we don’t see immediate changes in the repo rate considering global uncertainties, however further moderation in inflation may induce RBI to bring the rates down. The affordable housing sector will benefit if a rate cut takes place by the end of the year, as the government plans to further expand the Pradhan Mantri Awas Yojana and construct 3 crore additional rural and urban houses. Lower interest rates will help the affordable housing sector encourage citizens to become homeowners and lead a better quality of life.”

Central banks are not speculators. They are insurers. We repeat this statement we made last year.

We stated this last year (2023) when markets expected US CPI to fall and FED to do multiple rate cuts. At that time Powell mentioned risks of early rate cuts were far more than delayed rate cuts. If fed cut early and inflation rose, the damage to economy would be far worse than if fed cut late and growth fell. And how correct was FED, as inflation took about a year to fall closer to projected levels.

Todays’ RBI policy is in the same vein. If RBI were to sound dovish today, and inflation (or global yields) were to rise thereafter, then RBI would have played all its cards too soon.

The base case expectation is that the inflation and growth would come down globally, and in India. However, RBI needs to be aware of what-if scenario. What-if inflation and growth do not come mimicking US in 2023?

Sometimes Central bankers’ job may seem thankless. If growth indeed falls along with inflation, then a 20/20 hindsight would show that RBI has made a mistake today. However, it is more prudent for RBI to hedge against tail risks of higher inflation.

However, unlike central banks, we need to speculate to generate returns for our investors. We expect these tail risks of higher inflation to vanish in coming weeks. We expect most central bankers to be dovish – and we expect RBI will be too. We remain long on bonds.

TVS Holdings recorded its standalone net profit for the quarter ended June 2024 at ₹12.82 crore as against ₹27.95 crore in the corresponding quarter last year.

Stock slides down by 0.88% trading at ₹13,220.55 on the NSE.

Metro Brands has announced partnership with New Era Cap, a New York-based sports fashion brand.

Metro Brands stock is up 2.34% on the NSE, trading at ₹1,339.95.

Sutlej Textiles and Industries consolidated net loss declined to ₹11.40 crore in the quarter ended June 2024 as from the loss of ₹30.49 crore in the corresponding quarter last year.

Stock trades at ₹65.40 on the NSE, lower by 1.45%.

SBI General Insurance has announced its Q1 FY 24-25 results, showcasing an impressive 32% growth. This remarkable performance has resulted in a Gross Direct Premium (GDP) of INR 2,603 crore, significantly outpacing the industry average and highlighting SBI General’s strong market position and growth trajectory.

It would be great if you could consider the same for your esteemed publication.

“The monetary policy was on expected lines. While the global market narrative is of a possible growth shock & steep rate cuts from the fed, the RBI remained steadfast in its focus on domestic policy drivers with emphasis on achieving inflation towards 4% in a backdrop of strong domestic growth. We continue to believe that RBI will probably cut rates when it sees hard evidence of a meaningful growth slowdown or stability in inflation, Moderate duration products are better placed in such market construct of easy liquidity & shallow cycles.”

The views expressed are author’s own views and not necessarily those of UTI Asset Management Company Limited. The views are not an investment advice and investors should obtain their own independent advice before taking a decision to invest in any asset class or instruments.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Eicher Motors has received a GST demand order from the Office of the Assistant Commissioner, Ranchi (West), Ranchi, Jharkhand, for an aggregate amount of Rs. 9 lakhs (which includes tax demand of Rs.5.50 lakhs, interest of Rs.3 lakhs & penalty of Rs. 0.50 lakh).

Stock trades flat at ₹4,600.80 on the NSE.

Intellect Global Transaction Banking (iGTB), the transaction banking business unit from Intellect Design Arena Ltd, has announced a partnership with National Bank of Fujairah(NBF), a UAE-based award winning full service Corporate Bank, to enhance its digital capabilities. 

Intellect Design Arena stock trades flat at ₹944.05 on the NSE.

Star Cement, along with it’s wholly owned subsidiary Star Cement North East Limited, entered into Group Captive Power Purchase Agreements with JSW Green Energy Six Limited for purchase of Renewable Power consisting Wind and Solar Hybrid power under the captive power policy of the Government and in this connection will be acquiring upto 30% of the paid up equity shares of the said Company.

Star Cement stock trades flat ₹200.66 on the NSE.

RBI maintained its monetary policy stance of withdrawal of accommodation and kept all the policy rates unchanged. GDP growth is expected to remain at 7.2% due to good monsoon, higher sowing and expected pick up in rural economy. RBI Governor indicated a shift in focus from Core Inflation to headline inflation from, and forecasted CPI inflation to come down at 4.5% for FY25. The pace of reduction is expected to be uneven due to repeated food shocks. The Governor stated food- which constitute around 46% of CPI basket, contributed 75% of the rise in CPI inflation for June. Of which, vegetables Inflation contributed 35% of the rise in CPI Inflation. All these statements are on expected lines and market will focus on CPI inflation for July which is expected at 3.7%. The market is expected to trade on a bullish note with the Indian ten-year Government Securities trading in the band of 6.80% to 6.90% in the coming months.

Vipul Organics Limited announced the development of a refined grade of organic intermediate for manufacturing speciality chemical to be finally used for the Automobile Industry. 

Stock surges 4.03% on the BSE, trading at ₹251.60.

“This is in continuity with the stance of the governor and our expectations. This is what the markets have been expecting so I don’t see the interest rate decision moving markets. We can compare ourselves with the US because there are issues around inflation fluctuation, rising unemployment, and the withdrawal of Japanese funds. India’s macroeconomics is in a good position and we have more stability in terms of domestic demand which is why we don’t see us reacting to global cues from Japan and the US. By maintaining the status quo, RBI is keeping up with its stance of balancing inflation and growth. It’s a positive thing that we, as an economy are able to stay relatively less affected by global cues.”

Bharat Forge board has approved the following proposals at its meeting:

Raising of funds by way of issue of equity shares, debt issue, or any other securities convertible into equity shares

Conversion of USD 12 million loan given to Bharat Forge America Inc. into equity.

Transfer of 39.43% stake held in TMJ Electric Vehicles Limited to Bharat Forge International Limited, a wholly-owned subsidiary.

Company recorded its consolidated net profit for the quarter ended June 2024 at ₹174.57 crore as against ₹213.73 crore in the corresponding quarter last year.

Stock trades at ₹1,593.10 on the NSE, up 2.29%.

National Aluminium (-2.14%), Jindal Steel (-2.06%), SAIL (-1.45%), Tata Steel (-1.18%), Hindalco (-0.95%)

Chatha Foods stock falls 2.08% on the BSE, trading at ₹127.20.

Ceigall India has emerged as H-1 bidder for development of Kanpur Central bus terminal. 

Uttar Pradesh State Road Transport (Building Division) has called the tender for construction of Bus Terminal and Commercial complex and project cost ₹143 Crore.

Ceigall India stock declines 2.51% on the NSE, trading at ₹408.50.

RBI monetary policy remains status quo on rates and stance in Aug policy, our perspective is that RBI is remaining cautious due to: 

•\u0009Rising geopolitical uncertainty and global turmoil in last few days which can impact financial conditions and currency.

•\u0009Uncertainty on monsoon and higher food inflation, they want to be sure that rise in food inflation is transient before being dovish on monetary policy.

•\u0009Observe Fed actions in September policy. 

Market reaction has remained muted as monetary policy was status quo and there was no mention of OMO sales or any other liquidity measures. We believe that if monsoons are on track and food inflation subsides, there is very high probability of RBI changing its course on monetary policy from October policy. 

We expect RBI to deliver about 50 bps of rate cut in this cycle and suggest clients to hold duration in their portfolio. 

NMDC informed the prices of Iron Ore w.e.f. August 7, 2024, has been fixed as under

i) Lump Ore (65.5%, 10-40mm) @ Rs.5,350/- per ton. 

ii) Fines (64%,-10mm) @ Rs.4,610/- per ton. 

NMDC stock trades flat at ₹226.35 on the NSE.

GlaxoSmithKline Pharmaceuticals has received an order from Maharashtra GST authorities, disallowing certain GST credits:

For FY 2020-21 for Tax of Rs.54,11,355 along with Interest of Rs. 38,96,176 and Penalty of Rs. 5,41,135 aggregating to a demand of Rs.98,48,666.

GlaxoSmithKline Pharmaceuticals stock trades at ₹2,883.90 on the NSE, up 2.25%.

‘The RBI policy was largely a status quo policy, both on rates and stance. Policymakers remain comfortable with the evolving growth trajectory and emphasized that RBI remains resolute in aligning headline inflation to the target of 4% on a durable basis. While core inflation is benign, the stubborn food inflation poses the risk of second round effects and there requires constant vigil. Thus, policymakers are in no rush to lower their guard as of now. Trajectory of domestic food inflation and evolving path of the Fed rate are the key monitorables in the near-term.’

As per our analysis, we firmly believe in Nifty 50 : Trent (TRENT IN) and Bharat Electronics (BHE IN) will displace LTI Mindtree (LTIM IN) and Divi’s Labs (DIVI IN) respectively. These possible changes would lead to an inflow into TRENT and BHE to the tune of USD 500 million and USD 440 million respectively. Alongside, the exclusion names LTIM and DIVI will experience an outflow to the tune of USD 210 million and USD 260 million respectively. • For Nifty Bank, we expect Canara Bank (CBK) to displace Bandhan Bank (BANDHANBNK) . • Nifty Next 50 : Inclusions – JSW, NHPC, UNBK, HZ & IOB. Exclusions- CLGT, SRF, MRPL, SBICARD & BRGR. Inclusions subjective to Nifty 50- DIVI, LTIM & BPCL. Exclusions subjective to Nifty 50- ZOMATO, JIOFIN, TRENT & BHE. • Timelines : The average market-cap cut-off will be considered until the end of July, with the official announcement occurring in the latter half of August (no firm date) and the adjustment taking place on September 30

GRM Overseas has announced partnership with Solariz Invest in Morocco.

GRM Overseas stock trades flat on the NSE at ₹204.

Top gainers on the NSE as at 12.05 pm:

Tata Motors (2.04%), HDFC Bank (1.41%), Cipla (1.27%), Bharti Airtel (1.15%), SBI (0.69%)

Top losers:

Asian Paints (-2.67%), Grasim (-2.29%), Power Grid (-1.90%), Infosys (-1.83%), Ultratech Cement (-1.81%)

Stocks advanced on BSE at 12.05 PM on August 8, 2024, were 2,100 against 1,611 stocks that declined; 141 stocks remain unchanged. Total stocks traded were 3,852. The number of stocks that recorded a 52-week high was 197, and those that hit a 52-week low was 19. 

In addition, 220 stocks traded in upper circuit and 202 stocks hit the lower circuit.

Gokaldas Exports Limited, an apparel manufacturer and exporter, has announced its quarterly earnings. The company saw a dip in its profit after tax (PAT) of 16.5 per cent to ₹27.2 crore in Q1 FY25, compared to Rs 32.6 crore in the corresponding quarter last year. Production disruptions in factories during April and May negatively impacted profits, causing shipment delays that resulted in increased overtime and airfreight costs.

RBI has introduced a Delegated Payments facility for UPI. This allows the primary user to authorise another individual to make UPI transactions up to a limit from the primary user’s bank account, without the need for the secondary user to have a separate bank account linked to UPI.

Equal-Weight Call, Target Rs 1,325

Q1 Revenue Was A Miss While EBITDA Margin Ahead Of Est

While India Business Volumes Were Strong, GAUM Business Performance Remains Weak

Entry Into Pet Care: GCPL To Invest Rs 500 Cr Primarily In Opex, Sales & Marketing Over Five Years

Buy Call, Target Rs 1,580

Missed Est Due To Margin Miss In India, Modest Perf In Deos

India Organic Volume Growth At 8% However Stands Out Across Peer-Set

Focus On Launches Continue & GCPL Has Now Forayed Into Rapidly Growing Pet Care

LV Launch Should Drive HI Sales In Coming Qtrs

Excessive Growth Focus Is Evident, Which We Like

Buy Call, Target Rs 1,330

Cos New Mid-Sized SUV Coupe Curvv Fills A Key Gap In Its Portfolio

Vehicle Appears Well-Styled & Feature-Rich

The EV Comes At An Attractive Price; ICE Launch Is On Sept 2

New Flexible ATLAS Platform Also Offers Potential To Launch More Ices Across 3.9-4.6 M Length

Tata Has Already Made A Big Comeback In Pvs In The Last Four Years

Believe Curvv Has Potential To Further Lift Its Market Share

The RBI in its 50th MPC meet decided to keep its stance on both policy rates and liquidity unchanged. While there have been concerns around restrictive rates taking a toll on domestic growth, governor Das emphasised the need for a central bank to maintain price stability, a necessary component for sustained economic momentum. A key point to note is his emphasis on food inflation and the fact that MPC was willing to look through it in case it will transistory but as recent experience has suggested, food prices have remained elevated for too long and given a 46% weight in the CPI basket, this component cannot and should not be ignored. High food inflation with its tendency to spill over to core inflation and unanchor inflation expectations as has happened post Nov’23 remains the primary concern keeping RBI unhinged. All this in the backdrop of robust economic growth momentum with Indian PMI’s remaining one of the highest amongst major global economies suggests MPC is not too worried about rates restricting growth. This can further be observed as the central bank kept its forecasts for rates unchanged at 7.2% for FY25. On a net basis we think the policy was nothing out of consensus and hence remains neutral for the markets.

The June quarter earnings season, thus far, has seen Jefferies analysts cutting FY25 earnings estimates for almost half of the 128 cos for which results were analysed. 

A harsh summer and elections have impacted earnings outcome in a few sectors.

Key positives include an improved IT sector outlook and a firming up of rural demand. 

Strong performance of the capital market cos & property sales has continued. Overall,Nifty EPS is flat through earnings season

NAVA Ltd recorded its consolidated net profit for the quarter ended June 2024 at ₹445.93 crore as against ₹342.77 crore in the corresponding quarter last year.

Stock trades 3.05% higher at ₹938.35 on the NSE.

Manappuram Finance’s board has approved the issuance of secured, NCDs of face value of ₹1 lakh for an aggregate amount of ₹600 Crore on private placement basis.

Manappuram Finance stock trades at ₹199.30 on the NSE, down by 0.31%.

Wealth First Portfolio Managers has received a GST Show Cause Notice from the office of Additional Director of Goods and Services Tax Department, Meerut Zonal, Gujarat, demanding penalty of ₹1,01,32,368.

Wardwizard Innovations & Mobility Limited dispatched 1623 units of electric two-wheelers in July 2024.

Stock is up 1.43% on the BSE, trading at ₹56.14.

Suzlon Energy shares hit a 52-week high at ₹73.05. Currently trades 4.83% at ₹72.94 on the NSE. 

Its market cap is at ₹99,449.57 crore.

Vipul Limited has received in-principle approval for listing of equity shares of ₹1 each issued through preferential issue.

Stock declines 2.35% to trade at ₹36.49 on the NSE

On expected lines, the RBI has chosen to keep the repo rate unchanged driven by the concerns arising out of the uneven monsoon impacting agriculture production and sticky food prices.

In addition, the issues relating to the geopolitical crisis gaining new dimension have also weighed heavily in favour of maintaining a status quo at this stage despite a perceptible check and on inflation.

Argument for price stability as a fundamental need for sustainable growth has been underlined as against any change in stance at this stage with the long term perspective in mind .

The fact that the growth rate projections as well as inflation rate have been kept unchanged indicates, the firm belief and commitment of RBI watchful inflation targetting course it has adopted, while supporting growth which is now reflecting resilience.

On the liquidity front, as before the RBI has assured to maintain a balanced and flexible approach and adequate availability of liquidity in an orderly manner for the additional demand likely to arise in the ensuing busy season. The need to be more focused on deposit mobilisation by banks has been well emphasised for credit growth in the long run. 

The emphasis on customer service and ease of doing banking with new announcement on digital lending and UPI transactions is welcome as an overall trend towards our journey of a strong digital set up.

Overall, a pragmatic policy has been announced and it is felt like that a ground work has been laid in line with the market expectations of a rate cut later in December 2024/February 2025, once the price stability is well established.

Revolt Motors has expanded its presence with second COCO Store in New Delhi’s Gujranwala Town

RattanIndia Enterprises stock surges 3.07% on the NSE, trading at ₹76.85

Goldiam International has received its single largest purchase order for export of lab-grown diamond studded gold jewellery for ₹50 crore from a large retailer in the US.

Stock trades at ₹195.02 on the NSE, higher by 4.79%.

Quick cut - RBI MPC: Focus on the still-elusive 4% inflation target:

The fluidity of global Goldilocks narratives, financial markets turmoil and policy repricing’s found little space in the Governor’s speech, thanks to recent easing volatility in the financial markets. 

However, noisy food inflation back home, and a still-elusive 4% inflation target formed the base for the RBI decision making. Understandably, persistent food inflation (with sporadic volatility in vegetables and continued supply tightness in pulses), averaging at 8% in the past 12 months, has prevented durable disinflation. 

The Governor continued to stress on the spill over risks emanating from higher food prices to generalised inflation

While the MPC has been wary of spill over risks, we do not see core inflation moving above 4% till end-CY24 and averaging at sub-3.75% in FY25. We maintain that growth is sub-par in India and do not subscribe to the RBI’s estimate of FY25 growth at 7.2% (Emkay: 6.5%). Weaker demand dynamics will keep pressuring core inflation. Besides, lower input prices ahead may help ease some pressure on output prices as well.

But the RBI is likely to continue to stress being ‘actively disinflationary’, and be on wait-and-watch mode for assessing multiple macro forces - unless, of course, global winds force them to move focus to financial stability over the 4% inflation mandate. 

We understand that shifting debates on global narratives require the RBI to be flexible. However, the volatility in India FX and rates has been manageable amid the recent global market turmoils, giving flexibility to the RBI to stay focussed on domestic inflation and financial sector risk management.

We maintain Fed’s pivot will precede and impact RBI’s change in stance and rate action. Besides, staying relatively hawkish and highlighting the still-elusive durable 4% inflation target will only create unwanted INR carry, at a time when the RBI is still saddled with managing the problem of plenty, especially in H1FY25

Amidst the global volatility in financial and divergent Central Banker actions, RBI remained calm and decided to maintain status quo on rates and continue with “withdrawal of accommodation stance” with 4:2 vote. Growth and Inflation targets were unchanged. RBI has not taken active measures on the liquidity front and intends to continue with VRRR auction to suck out surplus liquidity. We continue to expect a change of stance and monetary easing in H2 FY 2025, market reaction has been muted and the 10 year is expected to trade in the range of 6.75%—6.95%.

The RBI MPC voted 4-2 to keep policy rates unchanged for the 9th consecutive policy. The policy stance was also kept unchanged. This is the last MPC for the external members who were majorly rooting for a rate cut. However, RBI remained cautious and focused on the sticky food inflation and its potential spillover effect on the broader inflation. Overall, it was a mildly cautious policy with a clear message on vanquishing the food inflation before considering a rate cut.

JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has been awarded a 230 MW contract for firm and dispatchable renewable energy by the Solar Energy Corporation of India Limited (SECI). The award was announced on August 8, 2024.

The six-member Monetary Policy Committee (MPC) decided to keep the repo rate on hold at 6.50 per cent, even as it continued with its disinflationary stance of “withdrawal of accommodation”. Both decisions were made by a 4-to-2 majority.

“Ensuring price stability will ensure growth. With GDP growth holding well, we decided to hold the repo rate,” Governor Shaktikanta Das said after the 50 ^th MPC meeting.

The RBI’s decision to keep repo rates unchanged at 6.5% for ninth consecutive time aligns well with yesterday’s announcement on indexation benefits. It sets a positive tone for the housing industry. Maintaining interest rates offers consistency in borrowing costs, which will prompt more aspiring homebuyers to consider taking the plunge - and thus drive demand in the housing market. With interest rates staying steady, EMIs will remain manageable for current and potential homeowners, potentially leading to increased home sales - particularly in the price-sensitive affordable segment.

Yesterday’s announcement regarding indexation brings tax advantages for property investors, as it permits adjustments to the purchase price keeping inflation in mind, reducing capital gains tax burdens upon property sale. This provision increases the appeal of real estate investments, which will spur demand and capital flow into the housing sector. These combined actions bolster investor trust and position real estate as an avenue for long-term wealth growth.

As housing demand rises due to favourable interest rates and taxation, we can expect overall boosted growth. This will encourage more project construction, job opportunities and broader economic gains. The collective impact of these measures improves affordability levels and boosts demand dynamics in India’s housing segment.

Housing sales across the top 7 cities have been phenomenal in the last few quarters, even though prices are rising steadily. As per ANAROCK Research, we saw total housing sales of nearly 2.51 lakh units across the top 7 cities in H1 2024 - the highest half-yearly sales in the last decade.

Meanwhile, average residential prices across the top 7 cities have seen a significant jump in the last one year – ranging between 13-39% in Q2 2024 when compared to Q2 2023. Thus, the breather which RBI’s unchanged repo rate will provide to home loan borrowers is apt and welcome

Ltd.

The recent RBI policy announcement was largely uneventful, with the central bank keeping policy rates unchanged and continuing the withdrawal of accommodation as expected. The focus remains on tackling inflation, with no concerns about growth, and there are no indications of rate cuts in the near term. Consequently, the market will now turn its attention back to global cues. Although there are signs of a temporary bottom in the global market, Nifty, and Banknifty, there is still a risk of fresh selling pressure at higher levels. Technically, Nifty is forming a bottom around the 50-DMA of 24,000, with important hurdles at 24,350, 24,525, and 24,700. Meanwhile, Banknifty is trying to establish a base around the 100-DMA of 5,000, with the key resistance area lying between 51,000 and 51,500.

“The status quo in policy rates and stance were on expected lines. The Governor emphasised the need for vigilance on the inflation front saying “price stability is necessary for sustained growth.”

There is nothing in the policy that will influence the market much. The market will be focused on the US jobs data today and the market’s response to it and the recession fears in the US.”

For live updates

✓ The fluidity of global Goldilocks narratives, financial markets turmoil and policy repricings found little space in the Governor’s speech, thanks to recent easing volatility in the financial markets. 

However, noisy food inflation back home, and a still-elusive 4% inflation target formed the base for the RBI decision making. Understandably, persistent food inflation (with sporadic volatility in vegetables and continued supply tightness in pulses), averaging at 8% in the past 12 months, has prevented durable disinflation. 

The Governor continued to stress on the spillover risks emanating from higher food prices to generalised inflation

While the MPC has been wary of spillover risks, we do not see core inflation moving above 4% till end-CY24 and averaging at sub-3.75% in FY25. We maintain that growth is sub-par in India and do not subscribe to the RBI’s estimate of FY25 growth at 7.2% (Emkay: 6.5%). Weaker demand dynamics will keep pressuring core inflation. Besides, lower input prices ahead may help ease some pressure on output prices as well.

But the RBI is likely to continue to stress being ‘actively disinflationary’, and be on wait-and-watch mode for assessing multiple macro forces - unless, of course, global winds force them to move focus to financial stability over the 4% inflation mandate. 

We understand that shifting debates on global narratives require the RBI to be flexible. However, the volatility in India FX and rates has been manageable amid the recent global market turmoils, giving flexibility to the RBI to stay focussed on domestic inflation and financial sector risk management.

We maintain Fed’s pivot will precede and impact RBI’s change in stance and rate action. Besides, staying relatively hawkish and highlighting the still-elusive durable 4% inflation target will only create unwanted INR carry, at a time when the RBI is still saddled with managing the problem of plenty, especially in H1FY25

Sandur Manganese & Iron Ores has been awarded the 5 Star Rated Mines Award, by the Ministry of Mines, Government of India for the financial year 2022-23.

Stock trades at ₹557.55 on the BSE, up 0.80%.

Veerhealth Care Limited has announced its initial expansion plans, which include acquiring an additional 27,451 sq. ft. of land adjacent to its current manufacturing facility in Vapi, Gujarat. This acquisition will enable the establishment of new manufacturing lines compliant with CGMP norms as required by the US FDA, addressing the increasing demand from the USA, East & North African market. 

Veerhealth Care stock trades flat at ₹24.10 on the BSE.

Nazara stock rose 1.33% on the NSE to trade at ₹917.55 on receipt of approval from the Committee of Creditors on the Resolution Plan submitted by the company in the Corporate Insolvency Resolution Process of Smaaash Entertainment Private Limited.

Abbott India stock surges 4.13% on the NSE, trading at ₹23,298.95 on Q1 results. Company’s net profit increased by 13 per cent year on year to Rs 328 crore for the first quarter ended June 30, 2024.

Ceigall India focused on specialized infrastructure projects, made a subdued debut on the stock exchanges, listing at Rs. 419 per share. This represents a modest 4% gain over its issue price of Rs. 401. While the IPO received a respectable subscription of 14 times, the actual listing performance fell short of initial expectations, likely influenced by the prevailing market conditions.

The company’s strong focus on specialized infrastructure projects and efficient execution model remain its key strengths. However, the moderate listing highlights the challenges posed by significant contingent liabilities, reliance on government contracts, and intense competition.

Ceigall India’s long-term prospects, despite the muted listing, hinge on its ability to effectively manage these challenges and capitalize on its core competencies. Investors are suggested to hold their position by keeping a stop loss of 378.

Art Nirman (19.99%), Symphony (14.38%), BASF (10.83%), VMart (7.48%), Pidilite (3.31%)

1. Symphony =2500 buy back current price 1500 and record date 21 august

2. ⁠cera = 12000 buy back current price 10000 and record date 16 august

3. ⁠KDDL = 3700 buy back current price 3300 and record date not available

4. ⁠dhanuka = 2000 buy back current price 1800 and record dae 16 august

5. ⁠TTK prestige = 1200 buy back current price 975 and record date 14 august 

6. ⁠AIA engineer= 5000 buy back current price 4500 and record date not availble

Greaves Cotton recorded its standalone net profit for the quarter ended June 2024 at ₹36.55 crore as against ₹33.79 crore in the corresponding quarter last year.

Stock surges 4.32% on the NSE, trading at ₹165.25.

Bank Nifty opened today’s session slightly lower at 50,052, compared to yesterday’s close of 50,119. It is now hovering around 50,110, thereby staying flat so far today.

The breadth of the index shows a bearish inclination as the advance/decline ratio stands at 4/12. HDFC Bank, up 0.4 per cent, is the top performer whereas Punjab National Bank, down 1 per cent, is the biggest loser in Bank Nifty today.

Reserve Bank of India maintained status quo on benchmark rate as per market estimates. 

Current: 6.5% 

Expected: 6.5% 

Previous: 6.5% 

(The policy guidance from RBI governor would be important as maintained key rate unchanged)

Sell, TP Rs 2450

1Q sales/ adj. EBITDA grew 11%/16% yoy, driven by a combination of higher testing per patient &change in product mix 

EBITDA margins came in at 28.2%, (+122bps yoy), driven by improvement in gross margins (better mix) & operating leverage 

DLPA’s core business (ex-Suburban) reported low teen yoy growth, primarily driven by realisation per patient (bundling of tests, product mix) as patient volume growth at mid-single digit remained meaningfully below pre-Covid levels

Sell, TP Rs 260

Margin expansion led by lower markdown, cost control, & rationalization of channel/stores 

With no sign of demand trend improving bundled with high operating & financial leverage, believe impact on ABFRL’s growth & profitability will be highest

OW, TP Rs 555 

1Q sharp miss on margins; will watch for commentary on one-offs/lumpy items 

Consol Rev at Rs63bn (+1.4% YoY, -4% vs JPMe) while EBITDA (Rs9.1bn, -14% YoY) 11% below JPMe 

Expect consensus est. to be revised downwards

Reduce Call, Target Rs 800 

Q1 Results Weaker Than Consensus 

US And India Businesses Improve But Negative Surprises In UK And Africa 

Muted Outlook As Capacity Additions Outpace Demand Growth 

Upside Risks From Solar/EV And Any Capacity Disruptions

Hold Call, Target Raised To Rs 1,920 

Better Mix (Mirabegron Launch In US, Traction In Existing US Pdts) Led EBITDA Margins Beat In Q1 

Lower R&D-Led EBITDA Margin Beat In Q1 

Good Line-Up Of Opportunities In FY25-26 

Timely Approval And Execution Will Be Critical To Sustain US Sales Momentum

Buy Call, Target Rs 1,190 

Expanding TAM To Sustain Strong Growth 

Q1 Ahead; Focus On Affordable Premiumization 

Scale-Up In E4W Components Keep Growth Visibility High 

Stock Trading At 42.3x FY26 EPS, Which Believe Is Attractive Given Strong 24% FY24-27 EPS CAGR 

Jefferies on Pidilite

Hold Call, Target Raised To Rs 3,310

Posted Double-Digit UVG Yet Again - For 3 Consecutive Quarters Now

Rural Growth Outpaced That In Urban

B2B UVG In Q1 (+18%) Outpaced That In B2C (+8%), Led By Exports

Gross Margin Rose To 53.8% (+480 Bps Yoy)

Raise FY25-27 EPS By +4% & Est FY24-27e EPS CAGR At +18%

Macquarie on Pidilite

U-P, TP Rs 2300

In-line 1Q PAT; bullish growth outlook

Like

1) Optimism on market demand & ability to deliver sales growth 

2) strong vol growth across consumer bazaar & B2B segments

3) healthy gross margin 

4) Reduction in WC intensity from 4Q levels

However, weak domestic consumer bazaar subsidiaries’ performance & EBITDA margin (5% margin in 1Q vs 14.3% in 4Q), as well as moderation in international EBITDA margin from 4Q levels, were concerning.

Jefferies on Hindalco

Buy Call, Target Rs 825

Novelis’ Q1 EBITDA Rose 19% Yoy But Was 5% Below Est

Volumes Grew 8% Yoy But EBITDA/T Fell A Slight 3% Qoq To $525

Net Debt Rose 6% Qoq On Working Capital Outflow & Ongoing Capex Spend

Novelis Expects $30 M Impact On Adj EBITDA In Q2 Due To Flooding In Its Swiss Plant

It, However, Maintained Its Mid-Term EBITDA/Tonne Guidance Of $525

JPM on Hindalco

OW, TP cut to Rs 725

See some near term headwinds led by

a) softness in LME prices

b) flooding in Novelis’ Switzerland plant (EBITDA impact of $30mn in 2Q,

c) weakening scrap spreads led by rising prices of UBC

CLSA on Hindalco

O-P, TP Rs 770

Novelis’ 1Q operating in line with vol growth of 8% YoY & Ebitda/t of $525(+10% YoY)

North & South America fared better

Flooding led to a shutdown of its Sierre plant, which it expects to restart at end-2Q, leading to $30m impact on its adj Ebitda

Jefferies on Godrej Cons

Buy Call, Target Rs 1,580

Missed Est Due To Margin Miss In India, Modest Perf In Deos

India Organic Volume Growth At 8% However Stands Out Across Peer-Set

Focus On Launches Continue & GCPL Has Now Forayed Into Rapidly Growing Pet Care

LV Launch Should Drive HI Sales In Coming Qtrs

Excessive Growth Focus Is Evident, Which We Like

MS on Godrej Cons

Equal-Weight Call, Target Rs 1,325

Q1 Revenue Was A Miss While EBITDA Margin Ahead Of Est

While India Business Volumes Were Strong, GAUM Business Performance Remains Weak

Entry Into Pet Care: GCPL To Invest Rs 500 Cr Primarily In Opex, Sales & Marketing Over Five Years

HSBC on Cummins

Buy Call, Target Raised To Rs 4,200

Soft Revenue Growth More Than Offset By A Sharp Improvement In EBITDA Margin

Domestic Growth Outlook Continues To Be Strong; Exports Market Is Seeing Recovery

Raised Medium-Term Growth & Earnings Forecasts

Jefferies on Cummins

Underperform Call, Target Rs 2,190

Q1 EBITDA Was 7% Below Estimates With A 19% Revenue Miss

Powergen Segment Sales Declined 8% Yoy With The Impact Of The CPCB IV + Transition

CPCB II Engines Could Be Sold Only Till 30th June 2024, CPCB IV+ Engines, Which Need 30-50% Price Hikes To Maintain Margins, Should Become Material From Now

FY24-27E EPS CAGR Is Just 18%, As Factor In Margin Weakness Ahead

Nomura on Cummins

Neutral Call, Target Rs 3,740

Buoyant Outlook

Raise EBITDA Margin By 51 Bps/35 Bps/31 Bps For FY25/26/27

Domestic Demand Strong, With Exports Bottoming Out

Demand Agnostic To Price Increase Led By CPCB IV+

Stock Remains Expensive & Trades At 44x/37x FY26F/27F EPS

Nomura on Tata Motors

Buy Call, Target Rs 1,303

Co Launched Its Curvv.Ev On August 7 2024

Believe Tata Curvv Breaks All Key Barriers For EV Adoption

Brings Price Parity Between EV & ICE

It Significantly Reduces Range Anxiety, Offers Real-World Range Of 350-400 Km

Jefferies on Tata Motors

Buy Call, Target Rs 1,330

Cos New Mid-Sized SUV Coupe Curvv Fills A Key Gap In Its Portfolio

Vehicle Appears Well-Styled & Feature-Rich

The EV Comes At An Attractive Price; ICE Launch Is On Sept 2

New Flexible ATLAS Platform Also Offers Potential To Launch More Ices Across 3.9-4.6 M Length

Tata Has Already Made A Big Comeback In Pvs In The Last Four Years

Believe Curvv Has Potential To Further Lift Its Market Share

MS on Tata Motors

Equal-Weight Call, Target Rs 1,178

Tata Launched Its New EV, Curvv, As EV Sales Have Slowed Down

Closely Tracking Success Of This Model

It Will Provide A Broader Read-Across On EV Demand In India

Will Provide Clarity On Whether EV Growth In F26 Will Be V-Shaped Or U-Shaped

ASK Automotive Limited has appointed Shalender Singh Birla as Chief Executive Officer (Operations) - Aluminium Lightweighting Precision Solutions (ALPS) & Cable Division of the Company w.e.f. August 08, 2024.

JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy, has received a letter of award from Solar Energy Corporation of India Limited for the supply of 230 MW ISTS connected Firm and Dispatchable Renewable Energy.

JSW Energy stock trades flat at ₹691.60 on the NSE.

Exicom Tele-Systems board has approved acquisition of Tritium group of companies’ (Tritium Group) assets and business in the US and Australia through Exicom’s wholly owned step-down subsidiaries.

Stock rises 2.22% on the NSE, trading at ₹398.05.

Top gainers on the NSE as at 9.30 am:

Tata Motors (1.64%), Cipla (1.47%), Titan (0.90%), Dr Reddy’s Lab (0.72%), Hindustan Unilever (0.31%)

Top losers:

ONGC (-1.60%), JSW Steel (-1.58%), Infosys (-1.51%), Shriram Finance (-1.48%), Power Grid (-1.24%)

Tasty Bite Eatables Ltd informed that a minor ammonia gas leak occurred at its plant located in Pune, Maharashtra, on Wednesday, August 07, 2024. No one sustained any serious injury in this incident. The point of leakage has since been rectified.

The initial public offering of Softbank-backed SaaS platform Unicommerce is selling like a hot cake, with retail and non-institutional (HNIs) category of investors pumping in money. In fact, the issue was subscribed within a few hours of opening on Wednesday. Today is the last day to subscribe to the issue.

The IPO, which has a price band of ₹102-108, has been subscribed 12.23 times so far.

Crude oil futures traded higher on Thursday morning as the official data showed a decrease in crude oil inventories in the US for the week ending August 2. At 9.09 am on Thursday, October Brent oil futures were at $78.58, up by 0.32 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $75.55, up by 0.43 per cent. August crude oil futures were trading at ₹6348 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹6327, up by 0.33 per cent, and September futures were trading at ₹6276 against the previous close of ₹6250, up by 0.42 per cent.

RBI Governor Shaktikanta Das to deliver the monetary policy statement on Thursday at 10:00 am, following the Reserve Bank of India’s (RBI) three-day Monetary Policy Committee (MPC) meeting, the post-policy press conference scheduled to be telecast at 12:00 pm on the same day.During this meeting, the RBI is set to announce its decisions on key policy matters, including the repo rate, which has been held steady at 6.5 percent since February 2023. Experts widely expect the repo rate to remain unchanged for the ninth consecutive bi-monthly policy review. - ANI

The Indian rupee is expected to open little changed on Thursday amid a decline in U.S. and Asian equities, while market participants awaited the Reserve Bank of India’s monetary policy decision.

Non-deliverable forwards indicate rupee will open at 83.94-83.96 to the U.S. dollar compared with 83.9550 in the previous session. - Reuters

9:30 AM KIMS Hospitals

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10:00 AM Signature Globa

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12:00 PM Godawari Power

(Conference Transcript (Voice))

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3:00 PM Abans Holdings

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3:30 PM CL Educate

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4:00 PM Shivalik Bimeta

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4:00 PM Aadhar Housing Finance

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4:00 PM Alembic Pharma

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5:00 PM SULA VINEYARDS

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Godawari Power : (replay)

GMM Pfaudler : (replay)

Aditya Birla F : (replay)

Listing Date : Thursday, August 8, 2024 (Today) 

ISIN : INE0AG901020

BSE : 544223 ‘B’ Group

NSE : CEIGALL

NSE Series : EQ

IPO Price : ₹ 401/-

App. Min. Lot : 37 Shares

Adani Energy Solutions Ltd.

BNP Paribas Investments

Bnp Paribas Financial Markets bought 1,23,000 at ₹1,113.65 a share of Adani Energy Solutions Ltd.

TA Associates on Wednesday sold a 4.3 per cent stake in women’s ethnic wear firm TCNS Clothing Co for Rs 159 crore through an open market transaction. A total of 27.50 lakh shares or 4.34 per cent stake in TCNS Clothing Co were offloaded by US-based TA Associates via its arm TA FDI Investors Ltd through separate bulk deals on the National Stock Exchange (NSE) and BSE in the price range of Rs 580.08-580.14 apiece

Last day trade for before split Today

Aartech Solonics Ltd

Stock Split From Rs.10/- to Rs.5/-

Previous day Closing Price – Rs. 223.55

Balmer Lawrie Investments Ltd.

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

Previous day Closing Price – Rs. 997.7

Filatex Fashions Ltd.

Stock Split From Rs.5/- to Rs.1/-

Previous day Closing Price – Rs. 7.12

Maruti Infrastructure Ltd.

Stock Split From Rs.10/- to Rs.2/-

Previous day Closing Price – Rs. 234.3

Rushil Decor Ltd.

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

Previous day Closing Price – Rs. 380.35

Thinkink Picturez Ltd

Stock Split From Rs.5/- to Rs.1/-

Previous day Closing Price – Rs. 27.81

FAALCON CONCEPTS: Company has received order from Altrus Healthcare Opp. Utrakhand Gramin Bank, Dehradun, Utrakhand with order value amounting to Rs. 1,99CR

Adani Enterprise: Adani is planning to raise $1.2 bn for flagship firm via share sale (QIP): Report from Business Standard (The news is neutral as of now till the official details related to QIP prices)

Monarch Networth

Q1FY25 First cut

Sula Vineyards Ltd reported a revenue growth of 11.5% YoY to Rs.1209mn.

Gross margins for the quarter stood at 80.7% vis-à-vis 78.9% YoY.OPM for the quarter is largely flat YoY basis (+0.107 bps) to 28.1%, largely on account of increase in other expenses (+7% YoY) and selling and distribution expenses (+34% YoY). EBITDA for the quarter stood at Rs.340 mn, a growth of 12% YoY.

PAT for the quarter stood at Rs.146 mn, growth of 7% YoY.

Outlook

The company saw revenue growth largely on account of growth in its own brands and WIPS scheme, while wine tourism reported a decline of 2.3% YoY. while facing significant headwinds such as national elections and heatwaves. Expansion Initiatives at ND Wines (Nasik) and Domaine Sula (near Bangalore) are slated to open before the festive period adding impetus to the H2 performance We continue to hold a positive view on the stock and will reassess post the company’s earnings call at 5pm

Invite

Link to Previous report

MNCL Research

Mcap: Rs118.5bn; CMP: Rs1258; TP: Under revision; Rating: ACCUMULATE

Revenue: Rs3.41bn; +3.5% yoy, -0.5% qoq; missed our estimate due to several factors like weak end user industry demand both in domestic (election led) and export (especially US) and delay in machining capacity expansion.

Gross margins: 56.5% vs 57% yoy & 56.5% qoq. 

EBITDA: Rs976mn; -3.8% yoy, +0.5% qoq. 

EBITDA Margins: 28.6%; -218bps yoy, +29bps qoq. Machining content remained at 88%.

PAT: Rs638mn; -0.4% yoy; -3% qoq. 

Our view: Contribution by industrials in 1QFY25 stood at ~10% of revenues, exports were marginally down to 18% of revenues and crankshafts for a leading domestic UV stood at 3.5% of revenues. Machining capacity expansion has been completed in Jun’24/ Jul’24. We expect revenue growth to rebound in rest of quarters led by recovery in the end user demand, increased contribution from domestic UV order and start of commercial production for e-axle orders in 3QFY25. We remain positive on HFL.

TACL reported A 11.8% YoY growth in topline for Q1FY25 to Rs2043mn, a tad lower than our estimate of Rs2121mn. EBITDA margins improved by 66 bps YoY to 14.5%, largely in line with our estimates of 14.6%. EBITDA and PAT stood at Rs297mn and Rs206mn, reporting a growth of 17.1% and 18.4% YoY respectively. This growth is attributed to effective order execution and operational efficiencies. Soft demand in the CV segment was mitigated by enhanced exports and better cost controls.

We continue to remain positive on the company on account of improving order book, and rising contribution from high margin forgings & exports. We will share further details after the concall with the management, scheduled on 8th August.

Signature Global: Net profit at Rs 6.8 cr vs loss Rs 7.2 cr, Revenue at Rs 400 cr vs Rs 170 cr (YoY) 

Bhageria Industries: Net profit at Rs 6.1 cr vs Rs 1.3 cr, Revenue at Rs 112 cr vs Rs 97.5 cr (YoY) 

Chemplast: Net profit at ₹23.9 cr vs loss of ₹63.9 cr, Revenue at ₹1144 cr vs ₹996 cr (YoY)

CCL Products: Net profit at Rs 71 cr vs Rs 61 cr, Revenue at Rs 773 cr vs Rs 655 cr (YoY) 

Gujarat Pipavav: Net profit at Rs 109.6 cr vs Rs 67.8 cr, Revenue at Rs 246 cr vs Rs 215 cr (YoY)

Dr Lal PathLabs: Net profit at Rs 107.8 cr vs Rs 82.6 cr, Revenue at Rs 601.9 cr vs Rs 541 cr (YoY) 

BASF: Net profit at Rs 221 cr vs Rs 161 cr, Revenue at Rs 3935 cr vs Rs 3328 cr (QoQ)

Abans Holdings: Net profit at Rs 22.20 cr vs Rs 19.30 cr, Revenue at Rs 296 cr vs Rs 250 cr (YoY) 

KINGFA Science: Net profit at Rs 39.1 cr vs Rs 35.0 cr, Revenue at Rs 420 cr vs Rs 338 cr (YoY)

Abbott India: Net profit at Rs 330 cr vs Rs 290 cr, Revenue at Rs 1560 cr vs Rs 1479 cr (YoY) 

ITD Cementation: Net profit at Rs 100 cr vs Rs 52.2 cr, Revenue at Rs 2380 cr vs Rs 1832 cr (YoY) 

Radico: Net profit at Rs 77.4 cr vs Rs 68.3 cr, Revenue at Rs 430 cr vs Rs 390 cr (YoY)

BSE: Adjusted Net profit at Rs 265 cr vs Rs 75 cr, Revenue at Rs 608 cr vs Rs 216 cr (YoY)

Authum Investment: Net profit at Rs 1092 cr vs Rs 32 cr, Revenue at Rs 1413 cr vs Rs 62 cr (YoY)

Manaksia: Net profit at Rs 3.0 cr vs Rs 0.1 cr, Revenue at Rs 193 cr vs Rs 172 cr (YoY) 

Kirloskar Oil: Net profit at Rs 160 cr vs Rs 125 cr, Revenue at Rs 1640 cr vs Rs 1543 cr (YoY) 

ESAB: Net profit at Rs 44.4 cr vs Rs 42.4 cr, Revenue at Rs 330 cr vs Rs 298 cr (YoY)

Walchand Nagar: Net loss at Rs 1.7 cr vs loss Rs 11.4 cr, Revenue at Rs 79 cr vs Rs 67 cr (YoY) 

CARE: Net profit at Rs 20.7 cr vs Rs 17.8 cr, Revenue at Rs 79 cr vs Rs 66 cr (YoY) 

Agrawal Industrial: Net profit at Rs 39 cr vs Rs 27 cr, Revenue at Rs 700 cr vs Rs 630 cr (YoY) 

TVS Supply Chain Solutions: Company in multi-year pact with JCB for in-plant logistics at Vadodara, Gujarat 

Godrej Agrovet: Company intends to enter into definitive agreement with Godrej pet care.

MTAR Technologies: Company gets orders worth approx. Rs. 140 Cr

Coromandel International: Company appoints S Sankarasubramanian as MD & CEO of the company 

Phoenix Mills: Company unit Astrea Real Estate acquires 5 land-owning entities in Coimbatore for Rs 370 crore. 

Sapphire Foods: Kotak Mahindra Mutual Fund bought 5.99 lakh shares, representing 0.93% stake at Rs 1,650 apiece. 

Shree Renuka Sugars: Company repaid entire ECB of $300 Million availed from holding Company 

Sterlite Power: Company’s order book has seen a 15% increase quarter-on-quarter. 

Bondada: Company received order worth of Rs 19.8 crore 

Tata Motors: Moody’s upgraded rating for Tata Motors and JLR. 

Godrej Consumer: Net profit at Rs 450.7 cr vs Rs 318.8 cr, Revenue at Rs 3331 cr vs Rs 3448 cr (YoY)

Sanghvi Movers: Net loss at Rs 40.49 cr vs loss of Rs 41.79 cr, Revenue at Rs 151 cr vs Rs 146 cr (YoY) 

Aditya Birla Fashion and Retail: Net loss at Rs 215 cr vs loss of Rs 162 cr, Revenue at Rs 3428 cr vs Rs 3196 cr (YoY)

Welspun Corp: Net profit at Rs 250 cr vs Rs 165 cr, Revenue at Rs 3140 cr vs Rs 4070 cr (YoY) 

KIMS: Net profit at Rs 86.60 cr vs Rs 80.80 cr, Revenue at Rs 690 cr vs Rs 606 cr (YoY) 

Sula Vineyards: Net profit at Rs 14.60 cr vs Rs 13.70 cr, Revenue at Rs 130 cr vs Rs 117 cr (YoY)

Balaji Amines: Net profit at Rs 43.3 cr vs Rs 52.7 cr, Revenue at Rs 385 cr vs Rs 464 cr (YoY)

Apollo Tyre: Net profit at Rs 302 cr vs Rs 397 cr, Revenue at Rs 6334 cr vs Rs 6244 cr (YoY)

Jagsonpal: Net profit at Rs 5.3 cr vs Rs 7.5 cr, Revenue at Rs 61 cr vs Rs 60 cr (YoY)

Bannari: Net profit at Rs 6.4 cr vs Rs 13.6 cr, Revenue at Rs 400 cr vs Rs 431 cr (YoY) 

Aadhar Housing: Net profit at Rs 200 cr vs Rs 150 cr, Revenue at Rs 710 cr vs Rs 590 cr (YoY)

Godfrey: Net profit at Rs 230 cr vs Rs 254 cr, Revenue at Rs 1440 cr vs Rs 1245 cr (YoY) 

Radiant: Net profit at Rs 11.1 cr vs Rs 14.2 cr, Revenue at Rs 100 cr vs Rs 93.4cr (YoY) 

Lemon Tree: Net profit at Rs 19.8 cr vs Rs 23.5 cr, Revenue at Rs 270 cr vs Rs 222 cr (YoY)

Balaji Amines: Net profit at Rs 43.0 cr vs Rs 53.0 cr, Revenue at Rs 385 cr vs Rs 464 cr (YoY) 

NHPC: Net profit at Rs 1108.0 cr vs Rs 1095.0 cr, Revenue at Rs 2694 cr vs Rs 2757 cr (YoY) 

Happy Forgings: Net profit at Rs 63.79 cr vs Rs 64 cr, Revenue at Rs 341 cr vs Rs 330 cr (YoY).

Mutthot Cap: Net profit at Rs 10.8 cr vs Rs 17.8 cr, Revenue at Rs 100 cr vs Rs 107 cr (YoY). 

Bajaj Finserv: Bajaj Allianz General Insurance July premium down 36% at Rs. 2,416 cr.

Hindalco: Novelis Inc said its net sales for the first quarter increased 2% year-on-year to $4.2 billion 

Gensol Engineering: Company board meeting on AUG 12 to consider Q1 results, Company to consider proposal of raising of funds 

Karnataka Bank: Bank enables payment of Goods & Service Tax GST through UPI. 

Marico: Company Says Operating conditions in Bangladesh market are gradually improving. 

Adani Enterprise: Adani is planning to raise $1.2 bn for flagship firm via share sale

Protean eGov: Standard Chartered Bank is likely to sell a 3.09% equity stake in IT-enabled solutions provider through block deals

Maruti: Company said it has issued a recall for 2,555 Alto K10 cars which, it said, are suspected to have a defect in the steering-gear box assembly.

GMM Pfaudler: Net profit at Rs 23.9 cr vs Rs 50 cr, Revenue at Rs 785 cr vs Rs 912 cr (YoY) 

Anjani Portland: Net loss at Rs 19.02 cr vs loss of Rs 13.64 cr, Revenue at Rs 116 cr vs Rs 156 cr (YoY) 

OM Infra: Net profit at Rs 13.1 cr vs Rs 16.0 cr, Revenue at Rs 160 cr vs Rs 263 cr (YoY) 

SKM Egg Products Export: Net profit at Rs 11.87 cr vs Rs 34.9 cr, Revenue at Rs 117 cr vs Rs 203 cr (YoY) 

Veranda Learning: Net loss at Rs 25.16 cr vs loss of Rs 19.30 cr, Revenue at Rs 119 cr vs Rs 68.90 cr (YoY)

Transindia: Net profit at Rs 4.7 cr vs Rs 6.1 cr, Revenue at Rs 18.7 cr vs Rs 26.3 cr (YoY) 

Mazda: Net profit at Rs 2.9 cr vs Rs 7.7 cr, Revenue at Rs 36 cr vs Rs 51 cr (YoY) 

Tasty Bite Eatables: Net loss at Rs 3.7 cr vs profit of Rs 21.4 cr, Revenue at Rs 85.0 cr vs Rs 153 cr (YoY)

GTL Infrastructure: Company gets Rs 894 crore GST show cause notice from GST authority for FY18 

UPL: Moodys downgrades UPL to Ba2, places ratings under review for further downgrade

Eli Lilly and Company (Pre market) (Sector- Healthcare) 

Brookfield Corporation (Pre market) (Sector- Financial) 

Parker-Hannifin Corporation (Pre market) (Sector- Capital Goods) 

CRH PLC (Pre market) (Sector- Construction) 

Cheniere Energy, Inc. (Pre market) (Sector- Energy) 

Datadog, Inc. (Pre market) (Sector- Technology) 

Martin Marietta Materials, Inc (Pre market) (Sector- Construction) 

Vistra Corp. (Pre market) (Sector- Power) 

Restaurant Brands International Inc (Pre market) (Sector- Hotels) 

Endeavor Group Holdings, Inc (Pre market) (Sector- Media) 

TKO Group Holdings, Inc (Pre market) (Sector- Media) 

Liberty Media Corporation (Pre market) (Sector- Media) 

NRG Energy, Inc. (Pre market) (Sector- Power) 

Viatris Inc. (Pre market) (Sector- Healthcare) 

US Foods Holding Corp (Pre market) (Sector- Retail) 

Advanced Drainage Systems, Inc. (Pre market) (Sector- Construction) 

EPAM Systems, Inc. (Pre market) (Sector- Technology) 

Lamar Advertising Company (Pre market) (Sector- Realty) 

Insmed Incorporated (Pre market) (Sector- Healthcare) 

CyberArk Software Ltd. (Pre market) (Sector- Technology) 

* Gilead Sciences, Inc* (Post market) (Sector- Healthcare) 

Petroleo Brasileiro S.A. - Petrobras (Post market) (Sector- Energy) 

The Trade Desk, Inc. (Post market) (Sector- Technology) 

Take-Two Interactive Software, Inc. (Post market) (Sector- Technology) 

Pembina Pipeline Corp (Post market) (Sector- Energy) 

Genmab A/S (Post market) (Sector- Healthcare) 

News Corporation (Post market) (Sector- Media) 

Expedia Group, Inc. (Post market) (Sector- Hotels) 

Credicorp Ltd. (Post market) (Sector- Financial) 

Paramount Global (Post market) (Sector- Media) 

Akamai Technologies, Inc. (Post market) (Sector- Technology) 

Insulet Corporation (Post market) (Sector- Healthcare) 

Natera, Inc. (Post market) (Sector- Healthcare) 

Suzano S.A. (Post market) (Sector- Paper)

10.00 INDIA RBI Monetary Policy (Expected: 6.5% versus Previous: 6.5%)

12.00 INDIA RBI Press Conference

18.00 U.S. Unemployment Claims (Expected: 245K versus Previous: 249K)

* ABCAPITAL

* ABFRL

* BSOFT

* GNFC

* HINDCOPPER

* INDIACEM

* INDIAMART

* LICHSGFIN

* MANAPPURAM

* RBLBANK

08.08.2024

Main Board IPO 

CIEGALL 

Price ₹401 

Lot size. 37 Retails Investor 

HNI 518 shares

NSE SME IPO 

Dhariwal corp 

Price ₹106 

Lot 1200

Turnover: (NSE + BSE)

Cash Volume: 118107.97 + 7411.51 Total: 125519.48

F&O Volume: 426757.66 + 328117.67 Total: 754875.33

Provisional Cash

FII/FPI: NET SELL: -3314.76 

(14094.77 - 17409.53) 

DII: NET BUY: +3801.21

(16070.87 - 12269.66)

Buzzing stocks: Tata Motors, TVS Supply Chain, Protean eGovernnnace, Hindalco, Marico, MTAR Tech, Bondada, Lemon Tree, GTL Infra, Coromandel International, UPL, Sterlite Power, Authum Investment, Shree Renuka Sugars, Alcargo Gati, RMC Switchgears, Sandur Manganese, Bhageria

Asian equities traded lower on Thursday, following a sharp decline in US shares overnight.Japanese stocks halted a two-day rally as the Nikkei 225 fell 1.29%, and the broader Topix slipped 0.88%. South Korea’s KOSPI also dropped 1.21% in early trading.Earlier, US stocks ended lower on Wednesday, with the Nasdaq down 1% amid a decline in technology shares and weak demand in a 10-year Treasury auction, unsettling investors. The Dow Jones Industrial Average fell 234.21 points, or 0.6%, to 38,763.45, the S&P 500 lost 40.53 points, or 0.77%, to 5,199.5, and the Nasdaq Composite dropped 171.05 points, or 1.05%, to 16,195.81.

Here’s an interesting stock idea: The stock idea that we have for you today is Jyothy Labs. This stock has surged over 7 per cent in the last two days recovering all the loss made over the last one week. The momentum is strong and that leaves the chances high for the stock to move higher in the coming days.

Elara Capital

Target: ₹3,600

CMP: ₹4,087.10

BEML Q1 revenue rose 10 per cent y-o-y to ₹630 crore, in line with our estimates. We believe mining & construction 43 per cent share and defence & aerospace 19 per cent share in FY24 may have driven top line, with both segments likely witnessing double-digit growth.

Choice International

Target: ₹2,680

CMP: ₹2,574.80

In Q1FY25, TVS Motors registered in line performance on Revenue/EBIDTA/PAT front (VAR is +/-1 per cent). Revenue under the quarter review improved by 16 per cent y-o-y basis to ₹8,375 crore (vs est. ₹8,440 crore) supported by 1.7 per cent y-o-y increase in ASP and 14.1 per cent volume growth. 

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

The short-term outlook for Jyothy Labs is bullish. The stock has been in a strong uptrend since June this year. The 7 per cent surge over the last two trading days has taken the share price well above the key resistance levels of ₹520 and ₹530. Also, the rise in this week has happened from a trendline support. This strengthens the bullish case. Jyothy Labs share price can rise to ₹575 initially.