KEY HIGHLIGHTS
FPIs Turn Net Sellers
Overseas investors in Indian equities turned net sellers on Friday.
Foreign portfolio investors offloaded stocks worth Rs 1,998.8 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned net buyers and mopped up stocks worth Rs 1,290.7 crore, the NSE data showed.
Foreign institutions have net bought Rs 43,804 crore worth of equities so far in July. They have been net buyers of Rs 1,20,211 crore worth of Indian equities in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.08% on Friday. It closed at 7.08% on Thursday as well.
Source: Bloomberg
Market At Close
Benchmark indices end the record-setting week on a negative note.
Infosys, Tech Mahindra and HUL top Nifty losers on Friday.
Nifty gains for fourth straight week despite the decline on Friday.
Nifty IT declines over 4% on Friday, led by the fall in Infosys.
Infosys falls over 8% on the lower revision of revenue guidance.
Rupee Strengthened Against The U.S. Dollar
The local currency strengthened three paise to close at Rs 81.96 against the U.S dollar on Friday
Rupee closed at 81.99 on Thursday.
Source: Bloomberg
Closing Bell
India's benchmark stock indices closed lower after six days of positive rally.
Intraday, the Sensex declined 1.54% to 66,533.74, and the Nifty 50 fell 1.40% to 19,700. While industrial and capital goods were the top gainers, the information technology and consumer durables sectors were under pressure.
Futures on the Nasdaq 100 rose 0.31%. Hong Kong’s Hang Seng gained 0.78% to19,075.26.
The S&P BSE Sensex closed 887.64 points, or 1.31%, lower at 66,684.26, while the NSE Nifty 50 declined 235.75 points, or 1.18%, to end at 19,743.40.
Top Contributors To The Nifty 50 Change
L&T Ltd., Kotak Mahindra Bank Ltd., State Bank Of India, ONGC Ltd., and NTPC Ltd were positively contributing to changes in the Nifty.
Whereas Infosys Ltd., Reliance Industries Ltd., TCS Ltd., HUL, and HDFC Bank weighed on the index.
Broader Indices
The benchmarks underperformed the broader indices. S&P BSE MidCap fell 0.26%, while S&P BSE SmallCap gained 0.13%.
The market breadth was skewed in the favour of the sellers. About 1,761 stocks declined, 1,627 advanced and 126 stocks remained unchanged.
On a weekly basis, Nifty gained for the fourth straight week by 0.92%. Sensex advanced 0.94% this week.
Sectoral Nifty PSU Bank advanced the most in this week, followed by Nifty Media, Nifty Bank, Nifty Pharma, Nifty SmallCap100, Nifty MidCap100 and Nifty FMCG. While Nifty IT, Nifty Realty and Nifty Metal were the laggards
Ramkrishna Forgings Approves Acquisition Of Multitech Auto Products And Mal Auto Products
To buy Multitech Auto Products Private Limited for Rs 205 crore in cash
To buy Mal Auto Products Private Limited for Rs 7 crore in cash
Source: Exchange Filing
Nifty SmallCap 250 Hits Fresh 52-Week High
As of 1:33 p.m., Nifty SmallCap 250 jumped 0.42% to hit 52-week high at 11,126.20 points.
Source: Bloomberg
Lupin Launches Asthma And COPD Treatment Drug In Germany
Hormosan Pharma launches beclometasone-formoterol drug in Germany
Drug used for treating adult asthma and chronic obstructive pulmonary disease
Note: Hormosan Pharma is Lupin’s wholly-owned subsidiary in Germany
Source: Exchange filing
HDFC Life Insurance Q1FY24 (Consolidated, Year-On-Year)
Net profit up 15% to Rs 417 crore Vs Rs 361 crore (Bloomberg estimate: Rs 399 crore)
Revenue up 250% at Rs 23,243 crore Vs Rs 6,637 crore
VNB up 18% at Rs 610 crore Vs Rs 518 crore
VNB margin at 26.2% Vs 25.1%
*Restated to include Exide life
Source: Exchange Filing
Atul Q1FY24 (Consolidated, Year-On-Year)
Revenues down 19.9% at Rs 1182.04 crore vs Rs 1476.85 crore (Bloomberg estimate Rs 1187 crore)
Net Profit down 37.6% at Rs 102.05 crore vs Rs 163.47 crore (Bloomberg estimate Rs 87.3 crore)
Ebitda down 21.8% at Rs 182.28 crore vs Rs 232.95 crore (Bloomberg estimate Rs 157.4 crore)
Margins at 15.4% vs 15.8% (Bloomberg estimate 13.3%)
Source: Exchange Filing
UltraTech Cement Q1FY24 (Consolidated, Year-On-Year)
Revenues up 17% at Rs 17737 crore vs Rs 15164 crore
Net profit up 6.8% at Rs 1690 crore vs Rs 1582 crore
Ebitda down 1.5% at Rs 3049 crore vs Rs 3095 crore
Margins at 17.2% vs 20.4%
Source: Exchange Filing
Hindustan Zinc Q1FY24 (Consolidated, Year-On-Year)
Revenues down 22.42% at Rs 7282 crore vs Rs 9387 crore (Bloomberg estimate: Rs 7,243 crore)
Net profit down 36.48% at Rs 1964 crore vs Rs 3092 crore (Bloomberg estimate: Rs 1,943 crore)
Ebitda down 34.84% at Rs 3347 crore vs Rs 5137 crore (Bloomberg estimate: Rs 3,212 crore)
Margins at 45.96% vs 54.72% (Bloomberg estimate: 44.3%)
Source: Exchange Filing
European Markets Open Mixed
ICICI Bank Share Price Surpasses Rs 1,000 Apiece
Shares of ICICI Bank rose 0.53% to Rs 1,000.85 apiece, compared to a 0.84% fall in the NSE Nifty 50 as of 1:50 p.m. The stock has risen 12.26% on a year-to-date basis.
Nifty Bank also rose 0.4% to a new high of Rs 46,369.5, so far in the day.
The relative strength index was at 76, indicating the stock may be overbought.
Of the 49 analysts tracking the company, 47 maintain a 'buy' rating and two recommend a 'hold', as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 13.3%.
Glenmark Life Sciences Q1FY24 (Year-On-Year)
Revenue up 18% at Rs 578 crore Vs Rs 490 crore
Net profit up 25% at Rs 135 crore Vs Rs 109 crore
Operating profit up 32% at Rs 193 crore Vs Rs 147 crore
Margins at 33.4% vs 30%
Source: Exchange Filings
Aegon Sells 56% Stake In Aegon Life Insurance Company To Bandhan Financial Holdings
Sells complete 56% stake in Aegon Life Insurance Company to Bandhan Financial Holdings
Part of company's ongoing exit from non-core businesses
Note: Aegon Life Insurance Company is Aegon's Indian JV with Bennett, Coleman & Co.
Source: Company statement
Jefferies Expects A Slow Down In Indian Oil Firms' Earnings, Margin
Indian oil marketing companies' earnings momentum may slow down as refining profitability faces pressure, as a reversal in super-normal marketing margin is expected on the back of price cuts before the state elections.
Among its OMC pack, Hindustan Petroleum Corp. remains the most vulnerable to any oil price rebound, the brokerage said in a July 20 note. The stock's one-year forward price-to-book ratio is trading at a premium to historical averages, which implies the lowest margin of safety in terms of valuations.
The brokerage remains constructive on Bharat Petroleum Corp., where valuations are trading at a discount to historical averages.
Federal Bank To Issue Shares At Rs 131.91 Apiece To IFC
Approves share issue at Rs 131.91 apiece to IFC.
Approves issue of 72.7 million shares to IFC, to raise Rs 959 crore.
To raise Rs 8000 crore via debt.
Source: Exchange filings
Stocks In Focus: Infosys, L&T, HUL, ITC And More
Sensex, Nifty Down Over 1% As Tech Stocks Drag: Midday Market Update
India's benchmark stock indices fell by midday trade on Friday as information technology stocks declined. While capital goods and industrials sectors were the top gainers
As of 11:59 a.m., the S&P BSE Sensex fell 833.99 points, or 1.23%, to 66,764.66, while the NSE Nifty 50 declined 212.40 points, or 1.06%, to 19,766.75.
Top Contributors To The Change
L&T Ltd. State Bank Of India, ITC Ltd., Tata Motors Ltd., and JSW Steel Ltd. were positively contributing to changes in the Nifty.
Whereas Infosys Ltd., Reliance Industries Ltd., HUL Ltd., Tata Consumer Products Ltd., and HDFC Bank Ltd. weighed on the index.
Broader Market Indices
The broader market indices outperformed the Nifty and the Sensex, with the S&P BSE MidCap declining 0.05% and the S&P BSE SmallCap gaining 0.08% by midday.
Twelve out of the 20 sectors compiled by the BSE declined. S&P BSE Information & Technology fell the most.
The market breadth was skewed in favour of the sellers. As many as 1,565 stocks rose, 1,683 declined and 142 remained unchanged on the BSE.
JSW Steel Q1FY24 Consolidated (Year-On-Year)
Revenues up 10.83% at Rs 42213 crore vs Rs 38086 crore (BBG: Rs 38,725.5 crore)
Net profit up 189.39% at Rs 2428 crore vs Rs 839 crore(BBG: Rs 901.1 crore)
EBITDA up 63.51% at Rs 7046 crore vs Rs 4309 crore(BBG: Rs 5,433.4 crore)
Margins at 16.69% vs 11.31% (BBG: 14%)
JSW Steel appoints Swayam Saurabh as the chief financial officer (designate).
Source: Exchange Filings
CASA Remains A Concern For The Bank, Says Union Bank Of India MD & CEO A. Manimekhalai
Hope to do better on CASA in the coming quarters
"We have carved out a separate department for CASA deposit mobilisation", MD & CEO A. Manimekhalai said
Source: Union Bank of India press conference
Q1 Review: Coforge's Earnings Fall Short Of Estimates
Q1 Review: Mphasis' June Revenue Meets Estimates, Margin Remains Flat
Trade Talk | Infosys Q1 Profit Misses Estimates, Cuts FY24 Guidance
Nifty Pharma and Nifty Smallcap 100 At 52 Week Highs
Nifty Pharma jumped 0.45% to a 52-week high of 14,363.90 points.
Nifty Smallcap 100 also hit a new 52-week high after gaining 0.45% at 11,498.95 points.
Source: Bloomberg
Nifty At Day's Low
Ashok Leyland Q1FY24 (Consolidated)
Revenues up 14.4% at Rs 9651.53 crore vs Rs 8434.86 crore YoY
PAT at Rs 584.49 crore vs Rs 21.94 crore YoY
EBITDA up 99.8% at Rs 1468.85 crore vs Rs 735.1 crore YoY
Margins at 15.21% vs 8.71% YoY
Source: Exchange Filings
Tanla Platforms Shares Hit 52-Week High After Q1 Results
Tanla Platforms Ltd. hit a 52-week high on Friday after results for the first quarter were announced. The stock price reached Rs 1,198.7, the most since June 15, 2022.
Tanla Platforms (Consolidated, Year-on-Year)
Revenues up 13.86% at Rs 911.1 crore vs Rs 800.14 crore
Net profit up 34.84% at Rs 135.4 crore vs Rs 100.41 crore
EBITDA up 39.42% at Rs 182.219 crore vs Rs 130.69 crore
Margins at 19.99% vs 16.33%
Shares of Tanla Platforms rose 3.6% to Rs 1,159 apiece, compared to a 0.87% fall in the NSE Nifty 50 as of 10:54 a.m. The stock rose 7.29% intraday to its highest in the 52-week period.
The average traded volume so far in the day stood at 3.8 times its monthly average, while the relative strength index was at 78, indicating the stock may be overbought.
Of the three analysts tracking the company, all three maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 3.9%.
IndiaMART IndiaMESH Shares Hit 52-Week High
Shares of IndiaMART InterMESH Ltd. rose more than 8% on Friday after the company approved a Rs 500 crore share buyback late on Thursday.
The board of directors approved a buyback of up to Rs 500 crore consisting of 12.5 lakh shares, representing a 2.04% stake, via tender offer. The buyback price will be Rs 4,000 per share, indicating a premium of 38% over Thursday’s closing price, an exchange filing read.
The company also announced its quarterly results on Thursday, which beat Bloomberg estimates to report a 79% year-on-year jump in net profits.
IndiaMART lnterMESH Q1 FY24 (Consolidated, YoY)
Revenue up 25.65% at Rs 282.1 crore vs. Rs 224.5 crore (Bloomberg estimate: Rs 277 crore).
Net profit up 77.9% at Rs 83.1 crore vs. Rs 46.69 crore (Bloomberg estimate: Rs 71.4 crore).
Ebitda up 20.59% at Rs 77.35 crore vs. Rs 64.14 crore (Bloomberg estimate: Rs 75 crore).
Margin at 27.41% vs. 28.57% (Bloomberg estimate: 27%)
Shares of the company jumped as much as 8.60%, the most since September 2022, to trade at a 52 week high price of Rs 3,150 apiece. It then pared gains to trade 8.22% higher at 10:45 a.m., compared to a 0.85% decline in the Nifty 50.
The total traded quantity so far in the day stood at 19.9 times the 30-day average volume. The relative strength index stands at 69.69.
Of the 21 analysts tracking the stock, 15 maintain a 'buy', two maintain a 'hold', and four recommend a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 7.5%.
L&T Hits All-Time High, Bags Mega Order For Heavy Civil Infra Business
Shares of Larsen & Toubro Ltd. hit a record high on Friday after its unit won a 'mega' order worth over Rs 7,000 crore.
The company's heavy civil Infrastructure arm was awarded the mandate to construct the 135.45 km stretch MAHSR – C3 package which is part of the Mumbai Ahmedabad High-Speed Rail Project.
Shares of L&T rose 3.36% intraday before paring gains to trade 2.37% higher as of 10:23 a.m. This compares to a 0.82% dip in the NSE Nifty 50.
Total traded volume so far in the day stood at a 7.3 times its 30-day average. The relative strength index was at 72.5, indicating that the stock may be overbought.
Of the 41 analysts tracking the company, 38 maintain a 'buy' rating, 1 recommend a ‘hold’, and 2 indicate a ‘sell', according to Bloomberg data. However, the average 12-month consensus price target implies an upside of 0.8%.
Nifty FMCG At Fresh Record high
As of 10:13 a.m., Nifty FMCG rose 0.13% to hit a record high of 54,308.95 points.
Source: Bloomberg
Utkarsh Small Finance Bank Lists At 60% Premium To Its IPO Price
Utkarsh Small Finance Bank lists at Rs 40 per share on NSE
Utkarsh Small Finance Bank lists at 60% premium to its IPO price on NSE
Source: NSE, BSE
L&T Construction Secures Mega Order For Heavy Civil Infrastructure Business
L&T Construction secures Mega order for heavy civil infrastructure business
Order is for construction 135.45 km part of Mumbai-Ahmedabad high-speed rail project
Note: L&T classifies orders worth more than `7000 crore as 'mega'
Source: Exchange Filing
HUL Shares Fall Over 2% As Volume Growth Slows
Shares of Hindustan Unilever Ltd. fell after India's largest consumer goods makers volumes rose at the slowest pace in five quarters in the three months through June.
The consolidated net profit of India's largest consumer goods maker, attributable to the shareholders, increased 7% to Rs 2,554 crore in the quarter ended June over the preceding year, according to an exchange filing. That compares with the Rs 2,593.5 crore consensus estimate of analysts tracked by Bloomberg.
HUL Q1 FY24 (Year-on-Year)
Revenue up 6% to Rs 15,496 crore, against the Rs 15,491 crore forecast.
Operating profit rose 8% to Rs 3,665 crore, against an estimate of Rs 3,645.9 crore.
Margin stood at 23.7% against 23.3%. Analysts had pegged it at 23.5%.
Total expenses rose 6% to Rs 12,167 crore.
Advertising spending rose 12.8% to Rs 1,505 crore.
Volume rose 3% over a year ago in the April-June quarter, as compared with 4% in the preceding three months, according to the company
Shares of FMCG company dropped 2.39% before paring gains to trade 1.65% lower at 9:48 a.m. This compares to a 0.07% decline in the benchmark Nifty 50.
Total traded volume so far in the day stood at 4.7 times its 30-day average. The RSI stood at 47.44.
Out of the 44 analysts tracking the company, 33 maintain a 'buy' rating, eight recommend a 'hold' and three maintains a 'sell' on the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 8.8%.
Infosys Tumbles After Cutting FY24 Guidance
Infosys Ltd. shares opened around 9% lower on Friday after India's IT bellwhether sharply cut its full-year revenue guidance as clients cut spending.
Shares of the company tumbled 9.97% at open, the most since April 17, and were trading about 7.53% down at 9:34 a.m
The Bengaluru-based IT company now expects to clock constant currency revenue growth of 1-3.5% in FY24, as compared with 4-7% estimated at the end of the January-March quarter.
Infosys Q1 Results: Key Highlights (Consolidated, QoQ)
Revenue up 1.3% at Rs 37,933 crore, as against an estimate of Rs 37,843 crore.
EBIT up 0.17% at Rs 7,891 crore, as compared with an estimate of Rs 8,983 crore.
EBIT margin down 23 basis points at 20.80%. Analysts had estimated it at 20.9%.
Net profit down 3.1% at Rs 5,945 crore versus an estimate of Rs 6,245 crore.
Total traded volume stood at 17.4 times its 30-day average. The relative strength index was at 46.
Out of the 47 analysts tracking the company, 24 maintain a 'buy' rating, 12 recommend a 'hold' and 11 maintains a 'sell' on the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 10%.
Sensex, Nifty Opened Lower: Opening Bell
India's benchmark stock indices were lower at open on Friday after closing at record highs for the last six trading sessions.
At pre-open, the S&P BSE Sensex Index was down 640.11 points or 0.95% at 66,931.79 while the NSE Nifty 50 Index was 178.70 points or 0.89% lower at 19,800.45.
L&T Ltd., Kotak Mahindra Bank Ltd., SBI Ltd., and Axis Bank and Power Grid Corp were the positively adding to the change in the Nifty 50 Index.
Whereas, Infosys Ltd., Reliance Industries Ltd., TCS Ltd., HUL Ltd., and Tech Mahindra Ltd. were negatively contributing to the change.
Sensex, Nifty Opened Lower In Pre-Open
At pre-open, the S&P BSE Sensex Index was down 640.11 points or 0.95% at 66,931.79 while the NSE Nifty 50 Index was 178.70 points or 0.89% lower at 19,800.45.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.09% on Friday
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 7 paise to open at Rs 82.06 against the U.S dollar on Friday
Rupee closed at 81.99 on Thursday.
Source: Bloomberg
Venus Pipes & Tubes Commences Commercial LSAW pipes Production
Commences commercial LSAW pipes production on July 21, 2023
To produce around 600 ton LSAW pipes per month
Source: Exchange Filing
Gains In Private Banks Broadening Out | Trade Setup:
Global Cues
U.S. Dollar Index at 100.78
U.S. 10-year bond yield at 3.85%
Brent crude up 0.23% to $79.64 per barrel
Nymex crude up 0.37% at $75.63 per barrel
GIFT Nifty up 0.08% at 19,874 as of 7.41 a.m.
Bitcoin up 0.26% at 29,815.82
Bulk Deals
Responsive Industries: Brenzett sold 26.5 lakh shares (1%) at Rs 182.02 apiece.
Amara Raja Batteries: BNP Paribas Arbitrage sold 10.3 lakh shares (0.6%) at Rs 623.53 apiece.
Block Deals
Jai Balaji Industries: Ashika Global Finance sold 11.5 lakh shares (0.7%), and SM Niryat bought 11.5 lakh shares (0.7%) at Rs 112 apiece.
Trading Tweaks
Price Band Revised From 20% To 10%: Jayaswal Neco Industries
Ex-Date Dividend: Abbott India, Archean Chemical Industries, Anup Engineering, Arvind, Arvind SmartSpaces, Astec Lifesciences, BASF India, Blue Star, Cipla, Dabur India, Dhanuka Agritech, Fiem Industries, HIL, Indian Metals and Ferro Alloys, Indian Hume Pipe, Infobeans Technologies, Intellect Design Arena, Jamna Auto Industries, Kokuyo Camlin, KPR Mill, L&T Finance Holdings, LIC, Laxmi Organic Industries, Mahindra & Mahindra Financial Services, Minda Corporation, RPG Lifesciences, Sasken Technologies, Sonata Software, Sumitomo Chemical India, Symphony, Tech Mahindra, Thermax, TTK Prestige, Zensar Technologies, Zydus Wellness
Ex-date Interim Dividend: Angel One
Ex-date Buy Back: Goldiam International
Ex-date AGM: TTK Prestige, Fiem Industries, Arvind, BASF India, Mahindra & Mahindra Financial Services, KPR Mill, Tech Mahindra, Dabur India, Astec Lifesciences, Kokuyo Camlin, Sonata Software, Jamna Auto Industries, Dhanuka Agritech, Indian Metals & Ferro Alloys, Symphony, Indian Hume Pipe, HIL, Intellect Design Arena, Arvind Smartspaces, Infobeans Technologies, Anup Engineering
Record-date Dividend: Abbott India, Archean Chemical Industries, Angel One, Blue Star, Cipla, L&T Finance Holdings, LIC, Laxmi Organic Industries, RPG Lifesciences, Sumitomo Chemical India, Thermax, Zensar Technologies, Zydus Wellness
Record-date Interim Dividend: Angel One
Move Out Of Short-Term ASM Framework: Action Construction Equipment, RattanIndia Power
Pledge Share Details
Emami: Promoter Group Divarkar Finvest revoked a pledge of 8.5 lakh, Suraj Finvest invoked a pledge of 12.75 lakh shares, and revoked a pledge of 4.25 lakh shares between July 17 and July 19.
Paisalo Digital: Promoter Group Equilibrated Venture Cflow created a pledge of 2 lakh shares on July 19.
Earnings In Focus
Reliance Industries, Ashok Leyland, Atul, Aditya Vision, CreditAccess Grameen, Dodla Diary, Glenmark Lifesciences, GNA Axles, HDFC Life Insurance Company, Hindustan Zinc, JSW Steel, Kabra Extrusiontechnik, PNB Gilts, Rajratan Global Wire, Ramkrishna Forgings, Tejas Networks, Ultratech Cement, Wendt (India)
Results Announced Post Market Hours
Infosys Q1 FY24 (Consolidated, QoQ)
Revenue up 1.3% to Rs 37,933 crore. (Bloomberg estimate: Rs 37,843.3 crore).
EBIT flat at Rs 7,891 crore. (Bloomberg estimate: Rs 7,907.7 crore)
Margin 20.80% vs. 21.03 (Bloomberg estimate: 20.9%)
Net Profit: Rs 5,945 crore. (Bloomberg estimate: Rs 6,245 crore)
Revises lower FY24 revenue guidance to 1.0–3.5% from the 4-7% estimated earlier.
Hindustan Unilever Q1 FY24 (Consolidated, YoY)
Revenue up 6% at Rs 15496 crore. (Bloomberg Estimate: Rs 15,491 crore).
Ebitda is up 8% at Rs 3665 crore. (Bloomberg Estimate: Rs 3,645.86 crore).
Margins at 23.7% vs. 23.3% (Bloomberg Estimate: 23.5%)
Net profit up 7% at Rs 2554 crore. (Bloomberg Estimate: Rs 2,593.5 crore).
Persistent Systems Q1 FY24 (Consolidated, QoQ)
Revenue flat at Rs 2,321.1 crore vs. Rs 2,254.4 crore (Bloomberg estimate: Rs 2,328.8 crore).
EBIT fell 14% to Rs 298 crore vs. Rs 346.6 crore (Bloomberg estimate: Rs 358 crore).
Margin 12.83% vs. 15.37% (Bloomberg estimate: 15.37%)
Net Profit fell 9% to Rs 228.7 crore vs. Rs 251.5 crore (Bloomberg estimate: Rs 272 crore).
United Spirits Q1 FY24 (Consolidated, YoY)
Revenue up 10% at Rs 2,667.8 crore vs. Rs 2,419.1 crore.
Ebitda up 92% at Rs 713.50 crore vs. Rs 372.3 crore.
EBITDA margin 26.7% vs. 15.3%
Net profit up 83% at Rs 476.7 crore vs. Rs 261.1 crore.
Union Bank of India Q1FY24 (Standalone)
Net interest income up 16.5% to Rs 8839 crore. (YoY).
Net Profit doubles at Rs 3236 crore vs. Rs 1558 crore (YoY) (Bloomberg estimate: 2,343 crore)
GNPA: 7.34% vs. 7.53% (QoQ)
NNPA: 1.58% vs. 1.70% (QoQ)
ICICI Securities Q1 FY24 (Standalone, YoY)
Revenue up 18% to Rs 934.31 crore. (Bloomberg estimate: Rs 950.3 crore).
Net interest income up 17% to Rs 749.7 crore.
Net profit down 1% to Rs 270.84 crore. (Bloomberg estimate: Rs 278.8 crore).
Mphasis Q1 FY24 (Consolidated, QoQ)
Revenue fell 3% to Rs 3,252 crore. (Bloomberg estimate: Rs 3,362 crore).
EBIT fell 3% to Rs 500 crore from Rs 515.27 crore.
EBIT margin flat at 15.3%.
Net profit fell 2% to Rs 396.05 crore vs. Rs 405.3 crore (Bloomberg estimate: 403 crore).
Dalmia Bharat Q1 FY24 (Consolidated, YoY)
Revenue up 10% at Rs 3,624 crore vs. Rs 3,302 crore (Bloomberg estimate: Rs 3,693 crore).
Ebitda up 4% at Rs 610 crore vs. Rs 586 crore (Bloomberg estimate: Rs 657.6 crore).
Ebitda margin 16.8% vs. 17.7% (Bloomberg estimate: 17.8%)
Net profit fell 30% to Rs 144 crore vs. Rs 205 crore (Bloomberg estimate: Rs 240 crore).
HMT Q1 FY24 (Consolidated, YoY)
Revenue up 31% to Rs 108 crore vs. Rs 82 crore.
Ebitda loss of Rs 29 crore vs. Rs 47.6 crore
Net loss of Rs 33.5 crore vs. a net profit of Rs 635.12 crore
India MART lnterMESH (Consolidated, YoY)
Revenues up 25.65% at Rs 282.1 crore vs. Rs 224.5 crore.
Net profit up 77.9% at Rs 83.1 crore vs. Rs 46.69 crore.
Ebitda up 20.59% at Rs 77.35 crore vs. Rs 64.14 crore.
Margins at 27.41% vs. 28.57%
Coforge (Consolidated, QoQ)
Revenue up 2.4% at Rs 2221 crore vs. Rs 2170 crore.
EBIT up 2.9% at Rs 230.3 crore vs. Rs 223.8 crore.
Margins at 10.4% vs. 10.3%
Net profit up 44% at Rs 165.3 crore vs. Rs 114.8 crore.
Tanla Platforms Q1 FY23 (Consolidated, YoY)
Revenue up 14% to Rs 911 crore vs. Rs 800 crore.
Ebitda up 39% to Rs 182.22 crore vs. Rs 130.7 crore.
Ebitda margin 20% vs. 16.3%
Net profit up 35% to Rs 135.4 crore vs. Rs 100.41 crore.
360 One Wam Q1 FY24 (Consolidated, YoY)
Revenue up 19% to Rs 558.96 crore vs. Rs 471.12 crore (Bloomberg estimate: Rs 420.8 crore).
NII up 17% to Rs 448.35 crore vs. Rs 283.56 crore.
Net profit up 17% to Rs 183.58 crore vs. Rs 156.58 crore (Bloomberg estimate: Rs 176 crore).
Listing
Utkarsh Small Finance Bank: The bank will list on the Indian bourses today after its initial public offering was subscribed 101.91 times. Utkarsh Small Finance Bank has proposed to utilise the net proceeds from the IPO towards augmenting its tier-1 capital base in order to meet its future capital requirements.
Stocks To Watch: IndiaMart InterMesh, Larsen & Toubro, IndusInd Bank, Jindal Stainless, LTIMindtree, Hindustan Aeronautics
IndiaMart InterMesh: The board of the company has approved a buyback of up to Rs 500 crore consisting of 12.5 lakh shares, representing a 2.04% stake via tender offer. The buyback price will be Rs 4,000 per share, a premium of 38% over Thursday’s closing price.
Larsen & Toubro: The company will consider a share buyback and special dividend on July 25.
IndusInd Bank: The board of the bank approved raising Rs 20,000 crore via debt securities on a private placement basis.
Jindal Stainless: The company completed the acquisition of Jindal United Steel by acquiring the remaining 74% stake for Rs 958 crore, making JUSL a 100% owned subsidiary of JSL.
LTIMindtree: The company announced a strategic partnership with CYFIRMA to enhance the threat intelligence capabilities of its XDR platform. Larsen & Toubro, through its L&T Innovation Fund, recently invested in CYFIRMA in a pre-Series B round of funding.
Hindustan Aeronautics: The company has signed a Letter of Intent on co-operation for Light and Medium Utility Helicopters for the Armed Forces of Argentina.
GIFT Nifty Signals Cautious Open For Benchmarks
Asian markets are poised for a cautious open as U.S. equities and Treasuries fell after disappointing tech earnings and fresh signs of labor-market resiliency that could support another hike in interest rates this year.
Equity futures for Japan and Hong Kong posted small losses, while contracts for Australia and the U.S. were little changed. The Nasdaq 100 scored its biggest drop in nearly five months, as Netflix Inc. fell on a disappointing revenue forecast and Tesla Inc. declined after profitability shrank in the second quarter, Bloomberg reported
Meanwhile, an unexpected pullback in weekly initial jobless claims prompted traders to price in higher odds of a quarter- point rate hike beyond the Federal Reserve’s meeting next week.
The S&P 500 also declined 0.68% amid an unexpected fall in weekly initial jobless claims. Meanwhile, oil rose and gold futures fell.
Brent crude was below $80 a barrel and West Texas Intermediate was around the $75-mark. The yield on the 10-year U.S. bond was trading at 3.85%, whereas Bitcoin was below $30,000 level.
At 7:41 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was trading up 0.08% at 19,874.
Back home, benchmark stock indices advanced for the sixth day to end a record close on Thursday. The Nifty 50 index closed 21 points away from the 20,000 mark, whereas the Sensex rose above the 67,600 level.
The local currency strengthened 10 paise to close at Rs 81.99 against the U.S dollar on Thursday.
Overseas investors in Indian equities remained net buyers for the sixth day in a row on Thursday. Foreign portfolio investors bought stocks worth Rs 3,370.9 crore, and domestic institutional investors remained net sellers and offloaded stocks worth Rs 193 crore.
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