Share Market Highlights 25 July 2024: Markets extend losses for 5th session; metal, bank stocks major drag

Aluminium prices have been beaten down badly recently. The aluminium futures contract on the Multi Commodity Exchange (MCX) has been on the decline for almost three weeks now. The contract has tumbled around 10 per cent from its high of ₹235 per kg made earlier this month. It is currently trading at ₹212 per kg.

Top gainers:

Tata Motors (5.97%), ONGC (4.83%), BPCL (3.67%), SBI Life (3.62%), L&T (2.91%)

Top losers:

Axis Bank (-5.08%), Nestle India (-2.50%), ICICI Bank (-2.14%), Titan (-2.11%), Tata Steel (-1.75%)

Indices close in red. BSE Sensex declined by 109.08 pts or 0.14% to close at 80,039.80, and Nifty 50 ended at 24,406.10, down by 7.40 pts or 0.03%.

Groww Mutual Fund has announced NFO launch of Groww Nifty EV & New Age Automotive ETF and the Groww Nifty EV & New Age Automotive ETF FOF. The NFO period of Groww Nifty EV & New Age Automotive ETF will be open till August 2, 2024, and the NFO period for Groww Nifty EV & New Age Automotive ETF FOF will be from July 24 - August 7, 2024

Stocks advanced on BSE at 3 pm on July 25, 2024, were 2,055 against 1,819 stocks that declined; 117 stocks remain unchanged. Total stocks traded were 3,991. The number of stocks that recorded a 52-week high was 239, and those that hit a 52-week low was 15. 

In addition, 390 stocks traded in upper circuit and 186 stocks hit the lower circuit.

PNB Housing Finance recorded its consolidated net profit for the quarter ended June 2024 at ₹432.81 crore as against ₹347.32 crore in the corresponding quarter last year.

Stock is up 1.46% on the NSE, trading at ₹787.25.

SAIL board has approved proposal to raise funds through Private Placement of Non-convertible Secured Bonds/Debentures of upto ₹ 2,500 crore.

Steel Authority of India stock declined 3.67% on the NSE, trading at ₹141.59.

Birla Corporation has received an order from the Senior Joint Commissioner, State Tax, Government of West Bengal, Directorate of Commercial Taxes.

The demand pertains to wrong availment of ITC on account of GSTR-3B not filed by suppliers and those whose registration has been cancelled, for the period 2019-20. GST – ₹11,36,609.76

Interest – ₹8,68,805.82 

Penalty – ₹1,13,660.96

Stock declines 1.79% on the NSE, trading at ₹1,503.65.

Almondz Global Securities Limited has announced commencing of construction of new manufacturing plant of capacity of 200 KLPD in Sambalpur District, Orissa by the Joint Venture Company namely, Premier Green Innovations Private Limited(Earlier Premier Alcobev Private Limited).

Edelweiss Mutual Fund has raised over Rs 1800 crore, with 90,000+ applications in its ‘Business Cycle Fund’. successfully concluded the NFO for the Edelweiss Business Cycle Fund. The new open-ended equity scheme was open for subscription between July 9 and July 23, 2024.

Radhika Gupta, MD & CEO of Edelweiss Mutual Fund, said: “We are delighted by the overwhelming response to the Edelweiss Business Cycle Fund NFO, and we thank our distribution partners and investors for their trust and faith in the brand Edelweiss MF. This reaffirms our stakeholders’ confidence in our 15-year track record of managing factor-based investing strategies and strengthening our position as one of the largest asset managers in this space.”.

Ashok Leyland has reported its highest Q1 revenue of Rs.8599 crore in this June quarter (Rs.8189 crore in the year-ago period).

The company also reported its highest EBITDA and PBT, of Rs.911 crore (Rs.821 crore) & Rs.701 crore (Rs.622 crore) respectively. EBITDA margin is up at 10.6% for Q1 FY25 as against 10%) in Q1 of previous year.

“This Budget gets full marks for the choice of areas that the government would want to support in its effort to gradually move India towards its ultimate Viksit stage. This Amrit Kaal has come to India due to its strong demographic dividend and the large number of youths joining the employment force. This needed interventions on all aspects – not only to provide formal education to the youth, but also to encourage the perfect skill mapping. Of note is the support being provided in the budget to MSMEs to scale up and compete with the world by enabling funding to the segment. Doubling the limit for Mudra loans also need to be called out as this will enable small businesses to develop.”

Jindal Steel (-3.76%), SAIL (-3.27%), Welcorp (-3.24%), Hindustan Zinc (-2.27%), National Aluminium (-1.80%)

RITES has received the LOI for the work of Project Management Consultancy (PMC) on turnkey basis for Construction of New Government Medical College of 100 Student Capacity & 430 Bedded Hospital at Amravati, Maharashtra by Directorate of Medical Education & Research, Mumbai . 

The Estimated Project cost including PMC fees is estimated to be ₹321.30 Crore excluding GST.

RITES stock trades at ₹697.30 on the NSE, up 0.78%.

Ashok Leyland stock trades at ₹230.35 on the NSE, down by 0.92%. The Hinduja Group flagship is expected to see a 10 per cent year-on-year (y-o-y) rise in revenue, with an anticipated EBITDA margin of over 10 per cent for Q1 of this fiscal year.

MMTC (12.20%), Tata Motors DVR (5.10%), Tata Motors (4.96%), ONGC (3.29%), SBI Life (2.40%)

Pitti Engineering board has approved the secondary acquisition of 100% of the equity share capital of Dakshin Foundry Private Limited (‘‘DFPL’’).

Pitti Engineering stock trades at ₹1,187.95 on the NSE, down by 0.14%.

Dee Development Engineers has received work order from John Zink Company LLC for $ 5,924,444.48.

Dee Development stock rises 3.31% on the NSE, trading at ₹379.10

Axis Bank’s stock tumbled close to 7% on the NSE post its Q1 results 

As at 12.10 pm, it trades at ₹1,157.20, lower by 6.61% on the NSE.

Top gainers on the NSE as at 12.01 pm:

Tata Motors (4.98%), ONGC (3.94%), BPCL (2.78%), L&T (2.57%), SBI Life (2.33%)

Top losers:

Axis Bank (-6.44%), Shriram Finance (-2.80%), Nestle India (-2.66%), Titan (-2.17%), LTIMindtree (-1.79%)

Stocks advanced on BSE at 12 noon on July 25, 2024, were 1,988 against 1,736 stocks that declined; 132 stocks remain unchanged. Total stocks traded were 3,856. The number of stocks that recorded a 52-week high was 205, and those that hit a 52-week low was 13. 

In addition, 322 stocks traded in upper circuit and 164 stocks hit the lower circuit.

Shrey Jain Founder and CEO SAS Online - India’s Deep Discount Broker

Indian market sentiment initially soured on budget day due to a proposed hike in capital gains tax. Now, sentiments have worsened further following a sharp global market downturn, highlighted by Nasdaq’s 3.64% plunge, resulting in a significant gap-down opening today.

As of today’s monthly expiry, the Nifty is trading below its monthly Volume Weighted Average Price (VWAP) levels of 24400, indicating a negative bias. We expect the Nifty to potentially test support levels around 24300 to 24150. Meanwhile, the Bank Nifty has continued to underperform compared to the Nifty, primarily due to selling pressure in the private banking sector. Given the current high volatility, it would be wise to adopt a cautious approach and wait for clearer market signals before making any trading decisions.

Global spending on infrastructure-as-a-service (IaaS) increased significantly in 2023. The market grew by 16.2 per cent in 2023 to touch reach $140 billion, up from $120 billion in 2022.

According to the research firm Gartner, Inc., Amazon, which leads the cloud services market, retained the No. 1 position in the IaaS market in 2023, followed by Microsoft, Google, Alibaba, and Huawei.

Jagsonpal Pharmaceuticals has entered into an agreement to sell the proposed divestment of Faridabad facility.

Stock rose 3.21% on the NSE, trading at ₹366.60

“In Budget 2024, there was some disappointment in the increase in capital gains tax rates for equities, but there is equalization of rates across asset classes which brings a sense of clarity. We would rate this budget 7 out of 10, and the major announcements were mostly in the interim budget. The push towards interim and formal employment will allow more income generation and propel domestic consumption. The budget could have also increased the highest taxable slab to 20 or 25 lakh, which didn’t happen. Spending on infrastructure remains strong, with a continued push on railways and defence indigenization, and local manufacturing - all of which are themes we really like.”

L&T stock rises 2.25% on the NSE, trading at ₹3,598.65 on posting 12% jump in consolidated net profit for Q1 FY25.

GE Steam Power International B.V. has decided to end its plan to exit from GE Power India Limited (GEPIL) and de-promoterise. 

GE Power India stock rises 3.64% on the NSE, trading at ₹483.

Nestle India posted net profit of Rs 746.6 crore up 6.9 per cent. Total sales at Rs 4793 crore up 3.8 per cent for Q1.Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “despite external challenges such as lower consumption growth, concerns on continued food inflation and volatile commodity prices, we have delivered growth across our product groups. Almost a fourth of our growth has been mix and volume led, and we hope to strengthen this trend in the coming months.I am happy to inform you that 5 of our top 12 brands grew double-digit.”

Bank Nifty is continuing to get beaten down. The index has declined below the 51,000 mark today. It is currently trading at 50,610, down 1.38 per cent. The advances/declines ratio is at 2:10. This is very bearish.

Bank Nifty is continuing to get beaten down. The index has declined below the 51,000 mark today. It is currently trading at 50,610, down 1.38 per cent. The advances/declines ratio is at 2:10. This is very bearish.

Top gainers:

MMTC (14.58%), MSTC (13.29%), Data Patterns (9.71%), PGEL (6.98%), Aptech (6.83%)

Top losers:

JK Paper (-7.54%), Axis Bank (-6.36%), DCB (-4.61%), Jindal Steel (-4.28%), KPI Tech (-3.86%)

Tata Power’s Microgrid Arm partners with National Dairy Development Board to Solarise Milk Value Chain.

Tata Power Company stock is up 1.02% on the NSE, trading at ₹424.25.

Servotech Power Systems has received an additional order for approx. 400 units of DC Fast EV Chargers from BPCL and other OEMs.

Stock rises 3.29% on the NSE, trading at ₹127.64.

India’s apex industry body for alternative assets, the Indian Venture and Alternate Capital Association (IVCA), today introduced the new Climate and Sustainability Council for the term 2024-26. The council will be co-chaired by Pratibha Jain, Group General Counsel and Head of Strategy, Everstone Group, and Akhilesh Tilotia, public policy strategist and author. 

The Climate and Sustainability Council was established in July 2022 under the leadership of Shri Jayant Sinha, then Chairperson of the Standing Committee for Finance constituted by Parliament of India. Presently, the council includes over 30 decision-makers from PE-VC funds and LPs.

Syngene International Limited, the contract research unit of Biocon, has reported a dip of 19 per cent year-on-year (Y-o-Y) in profit after tax (PAT) from ₹93.4 crore to ₹75.7 crore in the first quarter that ended June 30, 2024.

According to street estimates, revenue for the reporting period should decline 1.6 per cent year-on-year. Meanwhile, sequential revenue growth is seen anywhere between 0.3-0.9 per cent.

IT services company Tech Mahindra is likely to see muted revenue growth in the first quarter ended June 2024, impacted by seasonal weakness. 

According to street estimates, revenue for the reporting period should decline 1.6 per cent year-on-year. Meanwhile, sequential revenue growth is seen anywhere between 0.3-0.9 per cent.

Rupee opened on a muted note and fell to an all-time low of 83.72 against the US dollar on Thursday, dragged down by the strength of the American currency in the overseas market and significant foreign fund outflows.

Forex traders said the fall in the domestic unit came on the heels of a significant downturn in the Indian equity markets, sparked by the government’s decision to hike the tax rate on capital gains.

H.G. Infra Engineering Limited has been declared as L-l bidder by the Ministry of Road Transport and Highways (MORTH) for the project Improvement and up-gradation in two lane with paved shoulders configuration of newly declared NH227B Bahuvan Madar Majha to Jagarnathpur (Design Km 160.200 to Km 224.040) “84 Kosi Parikrama Marg” in the State of Uttar Pradesh on Hybrid Annuity Mode Package VI (bid cost ₹763.11 crore)

HG Infra stock is up 2.65% on the NSE, trading at ₹1,684.75

Axis Bank (-6.56%), ICICI Bank (-2.51%), AU Small Finance Bank (-2.08%), IndusInd (-1.21%)

Rail Vikas Nigam Ltd stock declines 2.40% on the NSE, trading at ₹579.50. Company had received a Letter of Acceptance from SER HQ-Electrical/South Eastern Railway for a project worth ₹191.53 crore.

Suzlon stock has hit a 52-week high today on the NSE at ₹63.75.

Nifty 50 opened with a wide gap-down following the sharp sell-off in the global equities. The index opened the day at 24,230.95 and then has managed to recover some of the loss from there. It is currently trading at 24,285, down 0.52 per cent. The advances/declines ratio is at 15:35. This is negative.

Zensar Technologies informed that the acquisition of BridgeView Life Sciences, LLC , has been completed.

Zensar Technologies stock was down 0.92% on the NSE, trading at ₹760

GE Power India Limited has received a Letter of intent from Gujarat State Electricity Corporation Limited (order base value ₹1.75 crore for Inspection Works of Turbine - Generator at GSECL Wanakbori TPS).

GE Power India stock trades at ₹464.60 on the NSE, down by 0.31%.

South West Pinnacle Exploration Limited (SWPE) has got an order from Hindalco Industries Ltd. for providing services of exploration and activities related thereto of a Coal block situated in Odisha. The aggregate value of order is ₹ 536 Lakh including GST.

South West Pinnacle stock is down 0.32% on the NSE, trading at ₹105.45.

Hindalco Industries stock declines 2.26% on the NSE, trading at ₹636.90

Welspun Corp has secured order from the Middle East for supply of LSAW Pipes and Bends (Bare and Coated). With this, the cumulative value of the line pipe orders received both in India and USA stands at ₹1,202 crore since the last disclosure made on May 30, 2024. Execution of these orders will be during FY25 and FY26.

Welspun Corp stock declines 2.35% on the NSE, trading at ₹653.15.

Top gainers on the NSE as at 9.30 am: 

SBI Life (2.36%), L&T (1.55%), Tata Motors (1.54%), ONGC (0.25%), HDFC Bank (0.24%)

Top losers:

Axis Bank (-5.83%), Hindalco (-2.27%), JSW Steel (-1.93%), Tata Steel (-1.79%), Shriram Finance (-1.60%)

Hindustan Zinc, the world’s second-largest integrated zinc producer, has launched EcoZen, a new low-carbon ‘green’ zinc brand. EcoZen, which will be Asia’s first low-carbon ‘green’ zinc, has been certified by a global sustainability consulting firm through a life cycle assessment.

It has a carbon footprint of less than one tonne of carbon equivalent per tonne of zinc produced. Manufactured using renewable energy, the carbon footprint of EcoZen is about 75 per cent lower than the global average.

DCB Bank’s net profit nudged up 3 per cent year-on-year (y-o-y) increase in the first quarter (Q1FY25) at ₹131 crore against ₹127 crore in the year-ago period. The muted growth in net profit was due to interest expense growing faster than interest earned.

Crude oil futures traded lower on Thursday as the markets waited for the release of GDP data in the US later in the day. At 9.20 am on Thursday, September Brent oil futures were at $81.11, down by 0.73 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $76.99, down by 0.77 per cent. August crude oil futures were trading at ₹6455 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹6521, down by 1.01 per cent, and September futures were trading at ₹6401 against the previous close of ₹6457, down by 0.87 per cent.

Indian benchmark indices, Sensex and Nifty, opened lower on Thursday, with the Sensex dropping 586.45 points to 79,562.43 and the Nifty falling 182.55 points to 24,230.95. This decline follows weak global cues and an adverse market reaction to the recent Budget, which introduced higher capital gains taxes. 

Amisha Vora of Prabhudas Lilladher noted that while the Budget aims to curb speculative trading, increasing SIP inflows and mutual fund participation could bolster future market resilience. 

V K Vijayakumar of Geojit Financial Services highlighted a downturn in global markets, including a significant drop in the Nasdaq, which contributed to negative sentiment in India. 

Ruchit Jain from 5paisa.com recommended a stock-specific approach amid ongoing volatility. 

In Asia, stocks are notably down, with Japanese markets falling over 2.5%. Technical analysts indicate a bearish outlook for the Nifty if it remains below 24,300, with key support and resistance levels being closely monitored.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“Global cues have turned distinctly negative with a sharp 3.64% cut in Nasdaq, which is the worst cut in 2024. The tech stocks which have been driving the rally in the US are facing the brunt of selling due to worse-than-expected results and news. In India, too, the sentiments have turned a bit negative on the Budget proposals to raise the capital gains tax. More importantly, there are signs of deceleration in corporate earnings after the impressive 24% growth in Nifty earnings in FY24. The excessive valuations in certain segments in the broader market are unlikely to sustain despite the irrational exuberance of retail investors.

The disconnect between earnings and market prices in the broader market has been driven by the sustained fund flows into these segments and irrationally enthusiastic retail buying. Market history tells us that irrational exuberance can last longer than seasoned experts think. But it is always better to err on the side of caution.

Buy on dips strategy has been working throughout this bull run. So investors can utilise the dips to buy fairly valued largecaps.”

Nomura on Tata Motors: Upgrade to Buy on Company, raise target price at Rs 1294/Sh (Positive) 

Nuvama on United Spirits: Upgrade to Buy on Company, raise target price at Rs 1630/Sh (Positive) 

Jefferies on V-Guard: Maintain Buy on Company, raise target price at Rs 440/Sh (Positive) 

Citi on Sona BLW: Maintain Buy on Company, target price at Rs 720/Sh (Positive) 

Macquarie on SBI Life: Maintain Buy on Company, target price at Rs 1750/Sh (Positive) 

Macquarie on Polycab: Initiate Outperform on Company, target price at Rs 7576/Sh (Positive) 

Investec on Glenmark Life: Initiate Buy on Company, target price at Rs 1150/Sh (Positive) 

Nuvama on CG Power: Maintain Buy on Company, raise target price at Rs 820/Sh (Positive) 

Nuvama on Suzlon: Maintain Hold on Company, raise target price at Rs 64/Sh (Positive) 

Nuvama on Petronet: Maintain Buy on Company, raise target price at Rs 412/Sh (Positive) 

Nomura on Petronet: Upgrade to Buy on Company, raise target price at Rs 405/Sh (Positive) 

JP Morgan on IGL: Maintain Neutral on Company, raise target price at Rs 520/Sh (Positive) 

Nomura on Federal Bank: Maintain Buy on Bank, raise target price at Rs 240/Sh (Positive) 

Nuvama on Federal Bank: Maintain Buy on Bank, raise target price at Rs 235/Sh (Positive) 

Nomura on SBI Life: Maintain Buy on Company, raise target price at Rs 1835/Sh (Positive) 

ICICI on United Spirits: Maintain Buy on Company, raise target price at Rs 1480/Sh (Neutral) 

Citi on Larsen: Maintain Buy on Company, raise target price at Rs 4396/Sh from Rs 4376/Sh (Neutral) 

Bernstein on L&T: Maintain Outperform on Company, target price at Rs 3800/Sh (Neutral) 

Nuvama on L&T: Maintain Hold on Company, target price at Rs 4040/Sh (Neutral) 

JP Morgan on Axis Bank: Maintain Overweight on Bank, raise target price at Rs 1325/Sh (Neutral) 

Bernstein on Axis Bank: Maintain Outperform on Bank, raise target price at Rs 1420/Sh (Neutral) 

Nuvama on Axis Bank: Maintain Buy on Bank, cut target price at Rs 1430/Sh from Rs 1500/Sh (Neutral) 

Nomura on Axis Bank: Maintain Buy on Bank, cut target price at Rs 1435/Sh from Rs 1485/Sh (Neutral) 

Macquarie on Axis Bank: Maintain Outperform on Company, target price at Rs 1420/Sh (Neutral) 

UBS on Axis Bank: Maintain Neutral on Company, target price at Rs 1150/Sh (Neutral) 

CLSA on JSPL: Maintain Hold on Company, target price at Rs 940/Sh (Neutral) 

MS on JSPL: Maintain Underweight on Company, target price at Rs 655/Sh (Neutral) 

MS on SRF: Maintain Equal weight on Company, target price at Rs 2115/Sh (Neutral) 

IIFL on Federal Bank: Maintain Reduce on Bank, raise target price at Rs 165/Sh (Neutral) 

Citi on Axis Bank: Downgrade to Neutral on Company, cut target price at Rs 1320/Sh from Rs 1370/Sh (Negative)

The NFO period of Groww Nifty EV & New Age Automotive ETF will be open till August 2, 2024

The NFO period for Groww Nifty EV & New Age Automotive ETF FOF will be from July 24 - August 7, 2024

.“Budget 2024: A Look at What Matters for Your Business and Wallet

The Union Budget 2024 brings ambitious growth targets and a focus on social welfare. Let’s see how it impacts businesses and individuals:

Accelerating Economic Growth & Skilling

• The government aims for a 10.5% GDP growth, indicating a positive economic outlook.

• MSMEs get a boost with increased MUDRA loan limits, a Rs. 100 crore guarantees cover scheme, and initiatives for exports and e-commerce.

• Skilling programs aim to empower 20 million youth over five years, addressing the talent gap.

Decreased Taxation on Income; Increased on Trading & Investing:

• Some relief for salaried individuals: increased standard deduction (Rs. 75K) and higher family pension deduction (Rs. 20K).

• The new tax regime offers some tax savings with revised income slabs.

• A standardized capital gains tax of 12.5% simplifies the system, but the withdrawal of indexation benefit might raise concerns for investors.

• Increased security transaction tax might impact trading activity.

Broader Sectoral Tailwind:

• Increased spending on agriculture, rural development, and affordable housing benefits these sectors.

• The real estate sector might see mixed reactions due to increased housing investment but the withdrawal of indexation benefit.

• Positive outlook for the auto industry with complete exemption from customs duties on lithium (critical for battery manufacturing).

• Consumers can expect lower prices on mobile phones and gold due to reduced customs duty.

Overall, the budget emphasizes growth and job creation while offering some tax relief to individuals. The increased spending on social welfare and infrastructure development is a positive step. However, some tax changes might require further analysis.”

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 137 Cr (4.4% QoQ, -1.8% YoY) vs QoQ Rs. 131.2 Cr, YoY Rs. 139.5 Cr 

EBIDTA came at Rs. 3.4 Cr (62.4% QoQ, -113.5% YoY) vs QoQ Rs. 2.1 Cr, YoY Rs. -25.5 Cr 

EBITDA Margin came at 2.5% vs QoQ 1.6%, YoY -18.2% 

Adj. PAT came at Rs. -19.7 Cr vs QoQ Rs. -23 Cr, YoY Rs. -46.8 Cr 

Quarter EPS is Rs. -5.5 

Stock is trading at P/E of -6x TTM EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 1158.2 Cr (-12.7% QoQ, 16.4% YoY) vs QoQ Rs. 1326.1 Cr, YoY Rs. 995.2 Cr 

EBIDTA came at Rs. 174.9 Cr (-10.6% QoQ, 19.4% YoY) vs QoQ Rs. 195.7 Cr, YoY Rs. 146.5 Cr 

EBITDA Margin came at 15.1% vs QoQ 14.8%, YoY 14.7% 

Adj. PAT came at Rs. 111.3 Cr vs QoQ Rs. 110.1 Cr, YoY Rs. 68.1 Cr 

Quarter EPS is Rs. 0.8 

Stock is trading at P/E of 46.4x TTM EPS

(Nirmal Bang Retail Research) 

Order Book came at Rs.2437cr vs QoQ Rs.1407cr YoY Rs.1148cr 

Result Improved 

Revenue from Operations came at Rs. 1327.2 Cr (-21.7% QoQ, 27.6% YoY) vs QoQ Rs. 1695.3 Cr, YoY Rs. 1040.1 Cr 

EBIDTA came at Rs. 47.9 Cr (-73.7% QoQ, 42.3% YoY) vs QoQ Rs. 182 Cr, YoY Rs. 33.7 Cr 

EBITDA Margin came at 3.6% vs QoQ 10.7%, YoY 3.2% 

Adj. PAT came at Rs. 10.4 Cr vs QoQ Rs. 113.7 Cr, YoY Rs. 2.4 Cr 

Quarter EPS is Rs. 2.5 

Stock is trading at P/E of 297.5x TTM EPS

(Nirmal Bang Retail Research)

Result is in-line with expectations 

Outlook: Positive; Order inflows increased by 8% YoY (It’s above expectation) and Order book increased by 19% YoY. 

Revenue from Operations came at Rs. 55119.8 Cr (-17.8% QoQ, 15.1% YoY) vs expectation of Rs. 53768.5 Cr, QoQ Rs. 67078.7 Cr, YoY Rs. 47882.4 Cr 

Revenue ex-IT & ex-Financial Services constituted mix of 72% and grew by 18% YoY 

• Infra (49% mix) grew by 21% 

• Other smaller segments combined (23% mix) grew by 11% 

EBIDTA came at Rs. 5615.3 Cr (-35.1% QoQ, -11.1% YoY) vs expectation of Rs. 5574.1 Cr, QoQ Rs. 8653 Cr, YoY Rs. 6316.4 Cr 

EBITDA Margin came at 10.2% vs expectation of 10.4%, QoQ 12.9%, YoY 13.2% 

PBIT ex-IT & ex-Financial Services constituted 48% mix and grew by 19% YoY, margins were at 6.5% vs 6.4% YoY 

•\u0009Infra PBIT (22% mix) grew by 41% YoY, margins were at 4.4 % vs 3.8% YoY 

•\u0009PBIT for remaining core segments ex Infra, I.T & Fin Serv. (25% mix) decrease by 4 % YoY with margins 10.8% vs 11.4% YoY. 

Adj. PAT came at Rs. 2785.7 Cr vs expectation of Rs. 2928.8 Cr, QoQ Rs. 4302.5 Cr, YoY Rs. 2493 Cr 

Quarter EPS is Rs. 20.3 

Order Book Details 

• Order inflows increased by 8% YoY to Rs. 70936 Cr 

• Inflows in Infra segment increased by 0.005% YoY to Rs. 40053 Cr. Inflows in the remaining segments increased by 21% YoY to Rs. 30883 Cr. 

• Order book increased to Rs. 490881 Cr (+19% YoY & +3.2% QoQ). Infra segment order book increased to Rs. 324879 Cr (+7.9% YoY, 4% QoQ). 

Stock is trading at P/E of 29.8x FY25E EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 123.6 Cr (1.9% QoQ, 18.8% YoY) vs QoQ Rs. 121.3 Cr, YoY Rs. 104 Cr 

EBIDTA came at Rs. 100 Cr (-4.6% QoQ, 22.7% YoY) vs QoQ Rs. 104.9 Cr, YoY Rs. 81.6 Cr 

EBITDA Margin came at 81% vs QoQ 86.5%, YoY 78.4% 

Adj. PAT came at Rs. 93.4 Cr vs QoQ Rs. 95.1 Cr, YoY Rs. 74.1 Cr 

Quarter EPS is Rs. 1 

Stock is trading at P/E of 39.4x FY25E EPS

(Nirmal Bang Retail Research) 

Result is below expectations on the back of decline in NIM and elevated opex 

Advances came at Rs. 42181 Cr (19% YoY, 3.1% QoQ) 

Net Interest Income came at Rs. 497 Cr vs expectation of Rs. 522 Cr, YoY Rs. 471 Cr, QoQ Rs. 507 Cr 

NIM came at 3.39% vs QoQ 3.62% 

Non Interest Income came at Rs. 143 Cr vs YoY Rs. 107 Cr, QoQ Rs. 136 Cr 

PBP came at Rs. 205 Cr vs YoY Rs. 209 Cr, QoQ Rs. 234 Cr 

Provisions came at Rs. 28 Cr vs expectation of Rs. 41 Cr, YoY Rs. 38 Cr, QoQ Rs. 24 Cr 

Credit Cost came at 0.3% vs YoY 0.4%, QoQ 0.2% 

Adj. PAT came at Rs. 131 Cr vs expectation of Rs. 145 Cr, YoY Rs. 127 Cr, QoQ Rs. 156 Cr 

Gross NPA came at Rs. 1435 Cr vs QoQ Rs. 1353 Cr at 3.33% vs QoQ 3.23% 

Net NPA came at Rs. 499 Cr vs QoQ Rs. 454 Cr at 1.18% vs QoQ 1.11% 

Slippages came at Rs. 373 Cr vs QoQ Rs. 323 Cr with slippage ratio of 3.54% vs QoQ 3.16% 

O/s Restructured book stood at Rs. 1140 Cr vs QoQ Rs. 1239 Cr at 2.7% vs QoQ 3.03% 

Quarter EPS is Rs. 4 

Stock is trading at P/E of 5.5x FY25E EPS & 0.9x trailing P/Adj. BV

(Nirmal Bang Retail Research) 

Result has improved 

Advances came at Rs. 75455 Cr (20% YoY, 3.4% QoQ) 

Net Interest Income came at Rs. 903 Cr vs YoY Rs. 815 Cr, QoQ Rs. 834 Cr 

NIM came at 3.54% vs QoQ 3.32% 

Non Interest Income came at Rs. 279 Cr vs YoY Rs. 324 Cr, QoQ Rs. 419 Cr 

PBP came at Rs. 559 Cr vs YoY Rs. 601 Cr, QoQ Rs. 500 Cr 

Provisions came at Rs. 40 Cr vs YoY Rs. 152 Cr, QoQ Rs. 185 Cr 

Credit Cost came at 0.2% vs YoY 1%, QoQ 1% 

Adj. PAT came at Rs. 400 Cr vs YoY Rs. 371 Cr, QoQ Rs. 274 Cr 

Gross NPA came at Rs. 2668 Cr vs QoQ Rs. 2578 Cr at 3.54% vs QoQ 3.53% 

Net NPA came at Rs. 1228 Cr vs QoQ Rs. 1129 Cr at 1.66% vs QoQ 1.58% 

Slippages came at Rs. 416 Cr vs QoQ Rs. 528 Cr with slippage ratio of 2.21% vs QoQ 2.89% 

O/s Restructured book stood at Rs. 1395 Cr vs QoQ Rs. 1579 Cr at 1.85% vs QoQ 2.16% 

Quarter EPS is Rs. 10.6 

Stock is trading at 0.9x trailing P/Adj. BV

(Nirmal Bang Retail Research) 

Result is below expectations due to an increase in credit cost and slippages 

Advances came at Rs. 980092 Cr (14% YoY, 1.6% QoQ) 

Deposits came at Rs. 1062484 Cr (13% YoY, -0.6% QoQ) 

C/D ratio further increased to 92.2% vs QoQ 90.3% (YoY 91.2%) 

Net Interest Income came at Rs. 13448 Cr vs YoY Rs. 11959 Cr, QoQ Rs. 13089 Cr 

NIM came at 4.05% vs QoQ 4.06% 

Non Interest Income came at Rs. 5783 Cr vs YoY Rs. 5087 Cr, QoQ Rs. 6766 Cr 

PBP came at Rs. 10106 Cr vs expectation of Rs. 9790 Cr, YoY Rs. 8814 Cr, QoQ Rs. 10536 Cr 

Provisions came at Rs. 2039 Cr vs expectation of Rs. 1393 Cr, YoY Rs. 1035 Cr, QoQ Rs. 1185 Cr 

Credit Cost came at 0.8% vs YoY 0.5%, QoQ 0.5% 

Adj. PAT came at Rs. 6035 Cr vs expectation of Rs. 6488 Cr, YoY Rs. 5797 Cr, QoQ Rs. 7130 Cr 

Gross NPA came at Rs. 16211 Cr vs QoQ Rs. 15127 Cr at 1.54% vs QoQ 1.43% 

Net NPA came at Rs. 3553 Cr vs QoQ Rs. 3247 Cr at 0.34% vs QoQ 0.31% 

Slippages came at Rs. 4793 Cr vs QoQ Rs. 3471 Cr with slippage ratio of 1.96% vs QoQ 1.44% 

O/s Restructured book stood at Rs. 1409 Cr vs QoQ Rs. 1528 Cr at 0.14% vs QoQ 0.16% 

BB & Below book stood at Rs. 5692 Cr vs QoQ Rs. 5131 Cr at 0.58% vs QoQ 0.53% 

Quarter EPS is Rs. 19.6 

Stock is trading at P/E of 12.2x FY25E EPS & 2.4x trailing P/Adj. BV

(Nirmal Bang Retail Research) 

Sales Volume came at 2.1mnT vs Exp of 2.0mnT QoQ 2.01mnT YoY 1.84mnT 

EBITDA/T came at Rs.13585 vs Exp Rs.13580 QoQ Rs.12162 YoY Rs.14283 

Result marginally Ahead of Expectation 

Revenue from Operations came at Rs. 13617.8 Cr (1% QoQ, 8.2% YoY) vs expectation of Rs. 13135.7 Cr, QoQ Rs. 13487 Cr, YoY Rs. 12588.3 Cr 

EBIDTA came at Rs. 2839.3 Cr (16.2% QoQ, 8% YoY) vs expectation of Rs. 2715.6 Cr, QoQ Rs. 2444.5 Cr, YoY Rs. 2628 Cr 

EBITDA Margin came at 20.9% vs expectation of 20.7%, QoQ 18.1%, YoY 20.9% 

Adj. PAT came at Rs. 1340.2 Cr vs expectation of Rs. 1219.2 Cr, QoQ Rs. 935.4 Cr, YoY Rs. 1686.9 Cr 

Quarter EPS is Rs. 13.1 

Stock is trading at EV/EBITDA of 6.9x FY26 EBITDA

(Nirmal Bang Retail Research) 

Result ahead of Expectation 

Revenue from Operations came at Rs. 3520.6 Cr (-2.1% QoQ, 3.3% YoY) vs expectation of Rs. 3593.8 Cr, QoQ Rs. 3596.8 Cr, YoY Rs. 3407 Cr 

EBIDTA came at Rs. 581.9 Cr (11.3% QoQ, -9.4% YoY) vs expectation of Rs. 544.2 Cr, QoQ Rs. 522.6 Cr, YoY Rs. 642.4 Cr 

EBITDA Margin came at 16.5% vs expectation of 15.1%, QoQ 14.5%, YoY 18.9% 

Adj. PAT came at Rs. 401.5 Cr vs expectation of Rs. 384.6 Cr, QoQ Rs. 382.8 Cr, YoY Rs. 438.4 Cr 

Quarter EPS is Rs. 5.7 

Stock is trading at P/E of 19.2x FY25E EPS

(Nirmal Bang Retail Research) 

Result is marginally below expectations 

APE came at Rs. 3640 Cr vs expectation of Rs. 3525 Cr, YoY Rs. 3030 Cr (+20%), QoQ Rs. 5330 Cr 

Value of New Business (VNB) came at Rs. 970 Cr vs expectation of Rs. 993 Cr, YoY Rs. 870 Cr (+11%), QoQ Rs. 1510 Cr 

Value of New Business Margin (%) came at 26.8% vs expectation of 28.1%, YoY 28.8%, QoQ 28.1% 

Margin declined due to increase in share of ULIP to 61% from 53% YoY 

PAT came at Rs. 520 Cr vs YoY Rs. 381 Cr, QoQ Rs. 811 Cr 

AUM came at Rs. 414770 Cr vs YoY Rs. 328280 Cr, QoQ Rs. 388920 Cr 

13th month persistency came at 86.5% vs YoY 85%, QoQ 86.8% 

61st month persistency came at 59% vs YoY 56.7%, QoQ 58.6% 

Market Share (IRP) came at 22.4% vs YoY 23%, QoQ 23.3% 

Quarter EPS is Rs. 5.2 

Stock is trading at P/E of 60.9x FY26E EPS & 2.8x Mkt Cap/EV

(Nirmal Bang Retail Research) 

Result ahead of Expectation 

Revenue from Operations came at Rs. 13415.1 Cr (-2.7% QoQ, 15.1% YoY) vs expectation of Rs. 14368.4 Cr, QoQ Rs. 13793.2 Cr, YoY Rs. 11656.1 Cr 

EBIDTA came at Rs. 1563 Cr (41.6% QoQ, 32.3% YoY) vs expectation of Rs. 1308.5 Cr, QoQ Rs. 1104 Cr, YoY Rs. 1181.8 Cr 

EBITDA Margin came at 11.7% vs expectation of 9.1%, QoQ 8%, YoY 10.1% 

Adj. PAT came at Rs. 1141.6 Cr vs expectation of Rs. 893.6 Cr, QoQ Rs. 737.6 Cr, YoY Rs. 789.9 Cr 

Quarter EPS is Rs. 7.6 

Stock is trading at P/E of 13.6x FY25E EPS

(Nirmal Bang Retail Research) 

Result ahead of Expectation 

Revenue from Operations came at Rs. 1477.1 Cr (10% QoQ, 21.6% YoY) vs expectation of Rs. 1415.5 Cr, QoQ Rs. 1342.8 Cr, YoY Rs. 1214.8 Cr 

EBIDTA came at Rs. 155.8 Cr (21.8% QoQ, 48.7% YoY) vs expectation of Rs. 136.3 Cr, QoQ Rs. 127.9 Cr, YoY Rs. 104.8 Cr 

EBITDA Margin came at 10.5% vs expectation of 9.6%, QoQ 9.5%, YoY 8.6% 

Adj. PAT came at Rs. 99 Cr vs expectation of Rs. 85.8 Cr, QoQ Rs. 76.2 Cr, YoY Rs. 64.2 Cr 

Quarter EPS is Rs. 2.3 

Stock is trading at P/E of 59.2x FY25E EPS

(Nirmal Bang Retail Research)

Dollar revenue came at $ 165 mn vs expectation of $ 165 mn, QoQ $ 159 mn, YoY $ 134 mn 

CC Rev Growth came at 4.7% vs expectation of 5%, QoQ 6.6%, YoY 7.1 % 

TCV Order book at $ 202 mn, $261 mn QoQ, $190 mn YoY 

Result is in line with expectations 

Revenue from Operations came at Rs. 1364.6 Cr (3.6% QoQ, 24.3% YoY) vs expectation of Rs. 1377.8 Cr, QoQ Rs. 1317.8 Cr, YoY Rs. 1097.6 Cr 

EBIDTA came at Rs. 288.4 Cr (5.7% QoQ, 31.1% YoY) vs expectation of Rs. 285.9 Cr, QoQ Rs. 272.9 Cr, YoY Rs. 220 Cr 

EBITDA Margin came at 21.1% vs expectation of 20.8%, QoQ 20.7%, YoY 20% 

Adj. PAT came at Rs. 204.2 Cr vs expectation of Rs. 175.1 Cr, QoQ Rs. 164.4 Cr, YoY Rs. 134 Cr 

Quarter EPS is Rs. 7.4 

Stock is trading at P/E of 65.3x FY25E EPS

(Nirmal Bang Retail Research) 

Result is ok 

Revenue from Operations came at Rs. 522 Cr (0.7% QoQ, -11.3% YoY) vs QoQ Rs. 518.3 Cr, YoY Rs. 588.3 Cr 

EBIDTA came at Rs. 40.5 Cr (63.1% QoQ, -4.4% YoY) vs QoQ Rs. 24.9 Cr, YoY Rs. 42.4 Cr 

EBITDA Margin came at 7.8% vs QoQ 4.8%, YoY 7.2% 

Adj. PAT came at Rs. 3.4 Cr vs QoQ Rs. -7.8 Cr, YoY Rs. 4.3 Cr 

Quarter EPS is Rs. 2.1 

Stock is trading at P/E of 13.6x TTM EPS

(Nirmal Bang Retail Research) 

Result is broadly in-line with expectations 

Revenue from Operations came at Rs. 2536.5 Cr (-1.5% QoQ, 16.1% YoY) vs expectation of Rs. 2499.6 Cr, QoQ Rs. 2575.2 Cr, YoY Rs. 2184.1 Cr 

EBIDTA came at Rs. 341.6 Cr (-4.8% QoQ, 10% YoY) vs expectation of Rs. 375.1 Cr, QoQ Rs. 358.7 Cr, YoY Rs. 310.6 Cr 

EBITDA Margin came at 13.5% vs expectation of 15%, QoQ 13.9%, YoY 14.2% 

Adj. PAT came at Rs. 185.5 Cr vs expectation of Rs. 184.2 Cr, QoQ Rs. 146 Cr, YoY Rs. 161.6 Cr 

Quarter EPS is Rs. 1.9 

Stock is trading at P/E of 19.3x FY25E EPS 

Company Approve Buy Back of share at Rs.220 through Tender offer

(Nirmal Bang Retail Research) 

Result is above expectations 

Revenue from Operations came at Rs. 2227.5 Cr (1.6% QoQ, 18.9% YoY) vs expectation of Rs. 2171.1 Cr, QoQ Rs. 2191.7 Cr, YoY Rs. 1874 Cr 

EBIDTA came at Rs. 327.1 Cr (15.2% QoQ, 23.2% YoY) vs expectation of Rs. 299.1 Cr, QoQ Rs. 283.8 Cr, YoY Rs. 265.4 Cr 

EBITDA Margin came at 14.7% vs expectation of 13.8%, QoQ 13%, YoY 14.2% 

Adj. PAT came at Rs. 241.1 Cr vs expectation of Rs. 223.5 Cr, QoQ Rs. 239.7 Cr, YoY Rs. 203.2 Cr 

Quarter EPS is Rs. 1.6 

Stock is trading at P/E of 96.7x FY25E EPS

(Nirmal Bang Retail Research)

Result is ok – Mixed bag across all businesses 

NII came at Rs. 13592 Cr vs YoY Rs. 7129 Cr, QoQ Rs. 12239 Cr 

Total income came at Rs. 31480 Cr vs YoY Rs. 23280 Cr, QoQ Rs. 32042 Cr 

PBT came at Rs. 5968 Cr vs YoY Rs. 5125 Cr, QoQ Rs. 5527 Cr 

PAT (After MI) came at Rs. 2138 Cr vs YoY Rs. 1943 Cr, QoQ Rs. 2119 Cr 

Bajaj Finance Ltd 

NII came at Rs. 10415 Cr vs YoY Rs. 8395 Cr, QoQ Rs. 9709 Cr 

PBP came at Rs. 6950 Cr vs YoY Rs. 5544 Cr, QoQ Rs. 6412 Cr 

Provision came at Rs. 1685 Cr vs YoY Rs. 995 Cr, QoQ Rs. 1310 Cr 

PAT came at Rs. 3912 Cr vs YoY Rs. 3437 Cr, QoQ Rs. 3825 Cr 

AUM came at Rs. 354100 Cr vs YoY Rs. 270097 Cr, QoQ Rs. 330615 Cr 

Bajaj Allianz Life Insurance 

GWP came at Rs. 5018 Cr vs YoY Rs. 4058 Cr (+24%, QoQ Rs. 8183 Cr 

VNB came at Rs. 104 Cr vs YoY Rs. 94 Cr (+11%), QoQ Rs. 480 Cr 

Bajaj Allianz General Insurance 

GWP came at Rs. 4761 Cr vs YoY Rs. 3834 Cr (+24%), QoQ Rs. 4962 Cr 

Combined Ratio came at 103.7% vs QoQ 101.6% 

Quarter EPS is Rs. 13.4 

Stock is trading at P/E of 21.9x FY26E EPS & 4x trailing P/BV

(Nirmal Bang Retail Research) 

Result is marginally above expectations 

Advances came at Rs. 224139 Cr (20% YoY, 5.4% QoQ) 

Net Interest Income came at Rs. 2292 Cr vs expectation of Rs. 2288 Cr, YoY Rs. 1919 Cr, QoQ Rs. 2195 Cr 

Non Interest Income came at Rs. 915 Cr vs YoY Rs. 732 Cr, QoQ Rs. 754 Cr 

PBP came at Rs. 1501 Cr vs expectation of Rs. 1365 Cr, YoY Rs. 1302 Cr, QoQ Rs. 1110 Cr 

Provisions came at Rs. 144 Cr vs expectation of Rs. 128 Cr, YoY Rs. 156 Cr, QoQ Rs. -95 Cr 

Credit Cost came at 0.3% vs YoY 0.3%, QoQ -0.2% 

Adj. PAT came at Rs. 1010 Cr vs expectation of Rs. 949 Cr, YoY Rs. 854 Cr, QoQ Rs. 906 Cr 

Gross NPA came at Rs. 4738 Cr vs QoQ Rs. 4529 Cr at 2.11% vs QoQ 2.13% 

Net NPA came at Rs. 1330 Cr vs QoQ Rs. 1255 Cr at 0.6% vs QoQ 0.6% 

Slippages are awaited 

Quarter EPS is Rs. 4.1 

Stock is trading at P/E of 9.7x FY25E EPS & 1.7x trailing P/Adj. BV

Indian benchmark indices Sensex and Nifty are expected to open with a downward bias on Thursday amid weak global cues. With the Budget being negative for markets (due to taxes on investments and STT) and weaker-than-expected results reported by India Inc. so far, analysts expect the correction to set in sooner. Gift Nifty at 24,142 points to a weak start as Nifty August futures are ruling at 24,492. 

One of the most talked about amendments from the Budget presented on Jul 23, 2024 has been the removal of indexation benefit for long term capital gains (LTCG), especially on sale of property. 

The current taxation helps taxpayers claim losses in scenarios where the property value did not appreciate in line with inflation as during real estate downcycles. 

Now under the proposed taxation, it will be a simple direct math subtracting the purchase price from the sale price. And where the difference is positive, pay tax at 12.5 per cent on the same, assuming you have held the property for at least 2 years.

Just as retail investors were warming up to investing in Central and State Government Securities via online platforms such as “RBI Retail Direct”, the FY25 Union Budget proposal on deduction of tax at source (TDS) on income from these instruments could prove a dampener.

From October 1, 2024, investors may have to factor in a 10 per cent TDS outgo when investing in Central Government Securities (G-Secs) and State Development Loans (SDLs), if the Union Budget proposal pertaining to this gets passed.

Over 70 per cent of intraday traders in the equity cash segment have incurred losses in FY23, according to a study by SEBI. The number of individuals participating in such trades rose by 300 per cent in the four years ending FY23.

Early last year the regulator had released findings indicating that 90 per cent of individual traders lost money in equity F&O.

The latest study covers three financial years – FY19, FY22 and FY23 – with an aim of analysing trends before and after the pandemic and is based on a sample from top 10 stock brokers.

Finance Ministry asserted on Wednesday that the Budget 2024 proposal to eliminate the indexation benefit for property sales was not a “revenue-raising measure” and that the new capital gains tax regime will not lead to a higher tax burden on real estate transactions. On the contrary, the new regime will benefit taxpayers in “almost all cases” through substantial tax savings, sources in the Finance Ministry said. 

TIGER LOGISTICS

NORTH STAR OPPORTUNITIES FUND 

Bought 1,969,033 shares @ Rs.32.90

SONA COMSTAR Board approved raising of funds up to INR 2,400 crores. They also approved an Investment of up to USD 10 million In Sona BLW EDRIVE MEXICANA

ICICI Securities sees 27% UPSIDE in Thyrocare Technologies - Margin thesis is starting to unfold

ICICI Securities sees 21% UPSIDE in Gravita - Better-than-expected earnings; capex plan on track

HDFC Securities sees a TP of 417 in on Talbros Automotive Components in 2-3 quarters - Strong order inflows continue in FY25; Expansion programme to double revenues by FY27

Hindustan Unilever: ADD | TP 2850 | Outlook improving

Bajaj Finance: NOT RATED | Asset quality weak in 1QFY25

Torrent Pharmaceuticals: REDUCE | TP 2945 | India steals the show yet again

ICICI Prudential Life: BUY | TP 740 | Poised for market share gains

Coforge: ADD | TP 6600 | In-line quarter; acceleration ahead

Mahindra & Mahindra Financial: ADD | TP 300 | Looking forward assertively

ICRA: ADD | TP 5200 | Weak quarter

Mahindra Logistics: ADD | TP 340 | Old issues continue to drag performance

ITC: ADD | TP 500 | Tax stability augurs well

Titan Company: REDUCE | TP 3075 | Gold import duty cut to 6% from 15%

Real Estate: Demand would not be impacted by change in taxation laws

Budget 2024 proposal to scrap buyback tax for companies and in turn tax the payouts as ‘deemed dividends’ at the hands of recipients is set to reduce interests in share repurchase programmes among promoters, say tax experts.

Going forward, companies, especially cash-rich ones, may prefer dividends over share buybacks, they said. 

The Budget may put the brakes on buybacks by India Inc as income received on buyback of shares will now be taxed in the hands of the recipient.

The new tax treatment is expected to diminish their attractiveness, affect payouts and even hurt return ratios and valuations of some high cash generators, said experts.

Buybacks had picked up pace in CY22 and CY23, with 106 companies acquiring shares worth ₹86,000 crore, data from PRIME Database showed. Top companies that did their buybacks in CY23 include L&T (₹10,000 crore), Wipro (₹12,000 crore), and TCS (₹17,000 crore).

Buzzing stocks: RBL Bank, RVNL, Sun Pharmaceuticals, Dish TV, Dr Reddy’s Lab, CG Power, Canara Bank, Ashok Leyland, AU Small Finance bank, Adani Green, Adani Energy

13:30 EURO German ifo Business Climate (Expected: 88.9 versus Previous: 88.6)

18:00 U.S. Unemployment Claims (Expected: 239K versus Previous: 243K)

18:00 U.S. Advance GDP QoQ (Expected: 1.9% versus Previous: 1.4%)

18:00 U.S. Durable Goods Orders MoM (Expected: 0.4% versus Previous: 0.1%)

20:30 EURO ECB President Lagarde Speaks

10:00 AM Epack Durable

Dial: +91226280 1366

10:00 AM Welspun India

Dial: +91226280 1366

11:00 AM PG Electroplast

Dial: +91 22 6280 1304 

11:00 AM Heritage Foods

Dial: +91 22 6280 1456 

11:00 AM Mahindra Life

Dial: +91 22 6280 1522

11:00 AM Steel Str Wheel

Dial: 022 6280 1474

( Hosted by SMIFS )

12:00 PM Bikaji Foods

Dial: +91 22 6280 1268

1:00 PM Sharda Crop

Dial: +91 22 6280 1342

2:00 PM SIS

Dial: + 91 22 6280 1457

2:00 PM Bajaj Finserv

Dial: +91226280 1366

2:15 PM Syngene International

Dial: +91 22 6280 1279 

3:30 PM Supreme Petro

Dial: +91 22 6280 1341

( Hosted by Valorem )

3:30 PM MAS Financial S

Dial: +91 22 6280 1224

( Hosted by Equirus )

3:30 PM v-guard industries

Dial: +91 22 6280 1304

3:30 PM Sportking India

(Annual Report)

Dial: +91 22 6280 1550

4:00 PM Canara Bank

4:00 PM DCM Shriram

Dial: + 91 22 6280 1141

4:00 PM Hitachi Energy

Dial: +91 22 6280 1226

4:00 PM LT Foods

Dial: +91 22 6280 1297 

4:00 PM Aurionpro Sol

Dial: +91 22 6280 1341

( Hosted by Adfactors )

4:00 PM PDS Limited

Dial: +91 22 6280 1490 

4:00 PM Aditya Birla Sun Life Asset Mgmt

Dial: +91 22 6280 1527

4:00 PM Craftsman Automation

Dial: +91 22 6280 1568

4:30 PM HFCL

4:30 PM Jyothy Labs

Dial: +91 22 6280 1144

5:00 PM Venus Pipes

Dial: +91 22 6280 1128 

5:00 PM PNB Housing Fin

Dial: +91 22 6280 1128 

5:00 PM Ujjivan Small

Dial: +91 22 6280 1259 

5:00 PM Laurus Labs

Dial: +91 22 6280 1342 

5:00 PM Cyient

Dial: +91 22 7115 8814

5:30 PM Westlife Dev

Dial: +91 22 6280 1261

5:30 PM AU Small Financ

Dial: +91 22 6280 1549 

6:30 PM Tech Mahindra

Dial: +91 22 6280 1217 

6:30 PM AAVAS Financier

Dial: +91 22 6280 1309

Jindal Steel : (replay)

KPIT : (replay)

Petronet LNG : (replay)

Tips Industries : (replay)

Tatva Chintan Pharma Chem : (replay)

CG Power : (replay)

DCB Bank : (replay)

Go Fashion (India) : (replay)

Suzlon Energy : (replay)

RamkrishnaForge : (replay)

Results today …

Recent interviews …

Q1 CONS NET PROFIT 121M RUPEES VS 50M (YOY)

Q1 REVENUE 229M RUPEES VS 195M (YOY)

NET LOSS 197 RUPEES VS LOSS 468M (YOY)

REVENUE 1.36B RUPEES VS 1.39B (YOY)

EBITDA PROFIT 33M RUPEES VS LOSS 254M (YOY) 

EBITDA MARGIN 2.41%

NET PROFIT 199M RUPEES VS 188M (YOY)

REVENUE 26.21B RUPEES VS 21.15B (YOY)

EBITDA 725.1M RUPEES VS 684.7M (YOY) 

EBITDA MARGIN 2.77% VS 3.24% (YOY)

B&K Securities 

CMP (Rs): 723 | MCap (Rs bn): 33 | TP (Rs): 1,050 | Rating: Buy

ASL has multiple levers like strong pipeline of projects, availability of growth capital, brand recall, exposure to newer markets and unique business model to maintain robust growth momentum on a sustainable basis.

We expect 43% CAGR growth in bookings to Rs 22.7 bn during FY24-26E.

An asset light business model with good blend of shorter cycle horizontal projects and higher share of JV/JDA in the portfolio mix enables a faster project turnaround (robust OCF generation) and higher return ratios.

It well placed to generate robust 38% CAGR growth in collections over FY24-26E (implies robust growth in OCF and embedded EBITDA).

Significantly step up of project additions (Rs 51 bn GDV added during FY22-24), provides visibility on future launches.

Further, based on the strong OCF generation, unutilised fund under the HDFC platform and potential to raise debt, ASL potentially will have deployable funds worth ~Rs 18+ bn, which provides ability to add pipeline of ~Rs 100 bn to scale-up over the next two years.

While Ahmedabad and Bengaluru are the main-stay markets, the portfolio has de-risked with diversification to new micro-markets like Surat and a highly probable foray in MMR.

Initiate Buy with a target price of Rs 1,050 based on attributable EV/EBITDA of 8x on FY26E.

Here’s an interesting stock idea: The stock that we have today is Piramal Pharma. The scrip has rallied well so far this week. Now that the stock has broken out of a range, we can expect it to appreciate further, at least in the short-term. Here’s our trade plan. 

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

Piramal Pharma’s stock has been in an uptrend since April last year after it found support at ₹62. But after appreciating to ₹160 in May this year, the bulls lost momentum. While there was no bearish trend reversal, the stock was largely trading sideways, between ₹145 and ₹160.