Sensex, Nifty End At Record Highs On Strong Earnings Momentum

Indian equity benchmarks rose to record highs on strong earnings momentum showcased by the Indian companies in June quarter so far.

The S&P BSE Sensex rose 0.3 percent or 126 points to 36,985 and the NSE Nifty 50 index climbed 0.32 percent or 35 points to 11,167. Earlier in the day, the Sensex hit record high of 37,061.62 and Nifty surged to an all-time high of 11,186.

Thirteen out of 19 Nifty 50 companies, that have reported June quarter earnings, have either met or exceeded Bloomberg consensus estimates.

Meanwhile, gains in today’s session were led by financial heavyweights ICICI Bank, State Bank of India, HDFC twins and Axis Bank.

Seven out of 11 sector gauges compiled by National Stock Exchange ended higher led by the Nifty PSU Bank index’s 5.4 percent gain. On the other hand, the Nifty Metal index was top loser, down 0.8 percent.

Shares of the Hyderabad-based drugmaker rose as much as 5 percent to Rs 2,191 after its net profit beat Bloomberg consensus estimates in June quarter.

Key earnings highlights:

• Net profit rose 7.7 times to Rs 456 crore versus estimate of Rs 290 crore.
• Revenue up 12.18 percent at Rs 3,720 crore versus estimate of Rs 3,504 crore.
• Ebitda up 2.4 times at Rs 807 crore versus Rs 336 crore (YoY)
• Margin at 21.7 percent versus 10.1 percent (YoY)
• Revenue from emerging markets at Rs 660 crore, up 16 percent
• Europe revenue at Rs 200 crore, down 3 percent (YoY)
• Russia revenue at Rs 380 crore, up 9 percent (YoY)
• North America revenue at Rs 1,590 crore, up 6 percent (YoY)

The U.S. Securities and Exchange Commission has sought details from India’s ICICI Bank Ltd. on its accounting and corporate governance practices, people familiar

with the matter said.

The SEC’s queries center on ICICI’s dealings with certain borrowers under Chief Executive Officer Chanda Kochhar and whether there had been misrepresentations in the bank’s accounting, the people said, asking not to be named.

Shares of the country’s third biggest wireless telecom service provider held on to gains and rose 1.7 percent to Rs 55.90 after a Mint report suggested that government gave its final approval to the Idea-Vodafone merger.

Telecommunications department has given final approval for the merger as they have paid the required dues, the newspaper reported citing an unknown senior official from the DoT.

• Indian equity benchmarks came off record highs after Maruti Suzuki and Yes Bank fell after they reported June quarter earnings amid July F&O expiry.
• The S&P BSE Sensex rose 0.1 percent to 36,894 and the NSE Nifty 50 index was flat at 11.135.
• Ten out of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Utilities index’s 1.3 percent gain. On the other hand, the S&P BSE Capital Goods index was top loser, down 0.9 percent.
• The overall breadth turned neutral as 1,287 shares were advancing while 1,189 were declining on the BSE.

Shares of the Mumbai-based private lender fell as much as 6.36 percent to Rs 358.55 after its provisions for bad loans rose 56 percent sequentially to Rs 625.65 crore in June quarter.

Key earnings highlights:

• Net interest income up 22.66 percent at Rs 2,219 crore versus Rs 1,808.93 crore (YoY)
• Net profit up 30 percent at Rs 1,260 crore versus estimate of Rs 1,220 crore
• Gross non-performing assets as a percentage of total advances at 1.31 percent versus 1.28 percent (QoQ)
• Net non-performing assets as a percentage of total advances at 0.59 percent versus 0.64 percent (QoQ)

Shares of the Mumbai-based power generation company rose as much as 6.12 percent, the most in over two months, to Rs 71.95 after its profit jumped 4.8 times in June quarter aided by sale of investments in Tata Communications and Panatone Finvest for Rs 1,897 crore.

Key earnings highlights:

• Net profit up 4.8 times at Rs 1,670.91 crore versus 348.77 crore (YoY)
• Revenue up 14 percent at Rs 7,313 crore versus Rs 6,415 crore (YoY)

Shares of the country's largest car maker fell as much as 4 percent, the most in over five months, to Rs 9,468.80 after its profit missed Bloomberg consensus estimates in June quarter.

Key earnings highlights:

• Net profit up 27 percent at Rs 1,975 crore versus estimate of Rs 2,270 crore
• Revenue up 28 percent at Rs 22,459 crore versus estimate of Rs 22,450 crore
• Ebitda up 44 percent at Rs 3,352 crore versus estimate of Rs 3,435 crore
• Margin at 14.9 percent versus 13.3 percent (YoY)

Shares of the Hyderabad-based microfinance lender fell as much as 1.65 percent to Rs 1,171.75 after its net profit declined in June quarter.

Key earnings highlights:

• Net profit down 33 percent at Rs 142 crore versus Rs 213 crore (YoY)
• Revenue down 5.4 percent at Rs 611 crore versus Rs 646 crore (YoY)
• Provisions at Rs 18 crore versus 35.6 crore (QoQ)

Shares of the Kolkata-based battery maker rose as much as 2.8 percent to Rs 235 after it reported June quarter earnings.

Key earnings highlights:

• Revenue up 13 percent at Rs 383.3 crore versus Rs 338.8 crore (YoY)
• Net profit up 35 percent at Rs 18.3 crore versus Rs 13.5 crore (YoY)
• Margin at 10.1 percent versus 8.7 percent (YoY)
• Ebitda up 31 percent at Rs 38.5 crore versus Rs 29.4 crore (YoY)

Shares of the Mumbai-based oral care product maker fell as much as 4 percent to Rs 1,080 after it reported June quarter earnings.

Key earnings highlights:

• Net profit grew 39 percent year-on-year to Rs 189.5 crore versus estimate of Rs 160 crore.
• Revenue dropped 6.8 percent to Rs 1,033.5 crore versus estimate of Rs 1,070 crore.
• Ebitda grew 27 percent.
• Volume growth came in at 4 percent.
• Jan-June toothbrush volume market share at 44.6 percent.
• Jan-June toothpaste volume market share at 52.4 percent.

Shares of the Delhi-based education service provider swung between gains and losses after it reported June quarter earnings.

Key earnings highlights:

• Net profit up 72 percent at Rs 17.9 crore versus Rs 10.4 crore (YoY)
• Revenue up 2 percent at Rs 214 crore versus Rs 210 crore (YoY)

• ICICI Bank has 10 lakh shares change hands in a single block ahead of June quarter earnings tomorrow. Stock up 3.7 percent at Rs 285.

Buyers and sellers were not immediately known

Source: Bloomberg

• Indian equity benchmarks were hovering around record highs led by ICICI Bank, State Bank of India and HDFC Bank.
• The S&P BSE Sensex rose 0.35 percent to 36,988 and the NSE Nifty 50 index climbed 0.32 percent to 11,168.
• Fifteen out of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Bankex index's 1.15 percent gain. On the other hand, the S&P BSE Metal index was top loser, down 0.65 percent.
• The overall breadth was positive as 1,346 shares were advancing while 1,048 were declining on the BSE.

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Shares of the Kolkata-based electricity distribution company swung between gains and losses after it met Bloomberg consensus estimates in June quarter.

Key earnings highlights:

• Revenue down 1.1 percent at Rs 2,159 crore versus estimate of Rs 2,030 crore.
• Net profit up 2.2 percent at Rs 182 crore versus estimate of Rs 191 crore.
• Ebitda down 18.5 percent at Rs 495 crore versus Rs 607 crore (YoY)
• Margin at 22.9 percent versus 27.8 percent (YoY)

• Sadbhav Infrastructure: The Ahmedabad-based construction firm fell as much as 1.8 percent to Rs 112.95. Trading volume was 34 times its 20-day average.
• SKF India: The Mumbai-based fabricated metal products maker rose as much as 2 percent to Rs 1,654. Trading volume was 19 times its 20-day average.
• Prism Johnson: The Hyderabad-based cement manufacturer rose as much as 11 percent to Rs 112. Trading volume was 15 times its 20-day average.
• JK Cement: The Kanpur-based cement manufacturer rose as much as 7.8 percent to Rs 819. Trading volume was 12 times its 20-day average.

Crompton Greaves has 14.5 lakh shares change hands in a single block. Stock up 0.25 percent at Rs 237.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Mumbai-based air-conditioning products maker rose as much as 4.5 percent to Rs 695 after its subsidiary won a Rs 100 crore contract from the Uttar Pradesh Medical and Health Services.

Blue Star's arm won contract for supply, installation, commissioning, and maintenance of 28 Medical CT Scanners at trauma centers in 28 different district hospitals across Uttar Pradesh.

Shares of the Noida-based electrical power equipment maker rose as much as 11.75 percent, the most in over eight months, to Rs 320 after it reported June quarter earnings.

Key earnings highlights:

• Revenue down 3.9 percent at Rs 1,162.4 crore.
• Net profit up 33.1 percent at Rs 82.1 crore.
• Ebitda up 36.7 percent at Rs 144.2 crore.
• Margin at 12.4 percent versus 8.7 percent.

Shares of cement companies rebounded after declining in the previous session.

Rally in cement stocks was led by Ambuja Cements which rose over 7 percent after surpassed Bloomberg consensus estimates in June quarter aided by Rs 141 crore dividend from ACC.

Key earnings highlights:

• Revenue up 5.7 percent at Rs 3,016.9 crore.
• Net profit up 27.2 percent at Rs 499 crore.
• Ebitda down 4.4 percent at Rs 622.3 crore.
• Margin at 20.6 percent versus 22.8 percent.

Shares of the Mumbai-based truck finance company held on to gains after its June quarter profit beat Bloomberg consensus estimates in June quarter.

Key earnings highlights:

• Net profit up 25 percent at Rs 573 crore versus estimate of Rs 538 crore
• Revenue up 20 percent at Rs 3,732 crore versus 3,116 crore (YoY)
• Provisions at Rs 533 crore versus Rs 511 crore (YoY)

Nifty 11,200 strike price call option was among the most active option contracts on the National Stock Exchange ahead of July F&O expiry.

Premium on the contract fell 13 percent to Rs 7.95. Over 6.5 lakh shares were added to the open interest which stood at over 38.73 lakh shares.

Click here to see the complete options chain

Shares of the Mumbai-based truck finance company rose as much as 5.25 percent to Rs 1,351 on fund raising plan.

Shriram Transport's board will consider issuing non-convertible debentures (NCD) on private placement basis.

Shares of the Bengaluru-based state-run lender rose as much as 5.2 percent to Rs 272.40 after its asset quality improved in April-June quarter.

Key earnings highlights:

• Net income up 43.1 percent at Rs 3,882.9 crore.
• Net profit up 12 percent at Rs 281 crore.
• Provisions up 72 percent at Rs 2,466.2 crore.
• NNPA at 6.91 percent versus 7.48 percent.
• GNPA at 11.05 percent versus 11.84 percent.

Shares of the country's largest infrastructure developer rose as much as 2 percent to Rs 1,347 after it met Bloomberg consensus estimates in April-June quarter.

L&T's net profit rose 36 percent to Rs 1,215 crore compared with estimate of Rs 1,243 crore. Its revenue rose 19 percent to Rs 28,284 crore, higher than the estimated Rs 27,030 crore.

The Nifty 50 index rose to record high of 11,172 and the S&P BSE Sensex surpassed 37,000-mark for the first time as Indian companies report report strong earnings in June quarter.

Eleven out of 16 Nifty 50 companies that have reported earnings so far have met or beaten Bloomberg consensus estimates in April-June quarter.

Here’s what market experts have to say on the record-breaking rally of Indian benchmarks:

India's S&P BSE Sensex extended record run and rose to a fresh all-time led by Larsen & Toubro after it met Bloomberg consensus estimates in June quarter.

The S&P BSE Sensex rose as much as 0.36 percent or 133 points to 36,991 and the NSE Nifty 50 index advanced 0.27 percent or 30 points to 11,162, just 9 points away from its record high of 11,171.

Fifteen out of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Capital Goods index's 0.7 percent gain. On the other hand, the S&P BSE IT index was top loser, down 0.13 percent.

• Rupee opened higher at 68.71 per dollar against yesterday's close of 68.79.

CLSA on Bharti Infratel

• Maintained ‘Outperform’; target price cut to Rs 320 from Rs 364.
• June quarter results were above estimates.
• Tenancy exits continue; Additions remain muted.
• Near-term pressures remain, but long-term growth will revive.

Macquarie on Crompton Consumer

• Maintained ‘Outperform’ with a target price of Rs 292.
• Crompton reported strongest top line growth aided by low base.
• Margin expansion continues on reduced ESOP costs and better product mix.
• Revenue growth recovering indicating effects of GTM strategy waning.
• H2 to witness commercial launch of two key products.
• Impressive margin performance to sustain.

IDFC Securities on PVR

• Maintained ‘Outperform’ with a target price of Rs 1,568.
• Good start to the year; Content pipeline looking strong.
• Strong exhibition segment metrics.
• Stock is more looking at the outcome of the F&B issue going on.

Brokerages On L&T

Investec

• Maintained ‘Buy’ with a target price of Rs 1,620.
• In-line performance by Core; Stellar show by Services.
• Strong order flow momentum is likely to continue.
• Management maintained its guidance on all parameters.
• Continue to see L&T as a beneficiary of government capex.

Bank of America Merrill Lynch

• Maintained ‘Buy’; target price cut to Rs 1,522 from Rs 1,541.
• June quarter’s beat on strong services income; Core business a marginal miss on weak infra margins.
• Order flows miss estimates; Trend encouraging.
• Seek more clarity on realty, other segments.
• Valuations attractive vs. its peers & its growth/RoE.

JPMorgan

• Maintained ‘Overweight’ with a target price of Rs 1,600.
• June Quarter Review: Big picture looks good, but Realty hit a dampener.
• Consolidated top-line beat, led by service businesses.
• Core EBITDA bogged down by large provisions and impairment.
• The Realty business drag on June quarter results.

Brokerages On Hero MotoCorp

CLSA

• Maintained ‘Sell’; target price cut to Rs 3,000 from Rs 3,115.
• Weak June quarter results with net profit below estimates.
• Hero to focus on brand over pricing.
• Remain concerned on margins as Co.’s will find it difficult hike prices.
• Stock is not cheap despite a recent correction.

Macquarie

• Maintained ‘Outperform’; target price cut to Rs 4,300 from Rs 4,400.
• Margin declined as tax incentives at Haridwar ended.
• Rural demand growing faster than urban.
• Expect Hero to consolidate its dominant leadership.
• Like Hero for its strong franchise, robust FCF, high dividend yield and healthy return ratios.

Brokerages On Jubilant Foodworks

Macquarie

• Maintained ‘Outperform’; raised target price to Rs 1,600 from Rs 1,551.
• June Quarter Review: Net profit ahead of estimates driven by higher same-store-sales growth (SSSG).
• SSSG continues to surprise on the positive side.
• Steady gross margin allays concerns on margin dilution from new EDV offer.
• Jubilant Foodworks is top pick in the India consumer space.

CLSA

• Maintained ‘Buy’; raised target price to Rs 1,900 from Rs 1,575.
• Big beat, once again; Strong SSSG despite a decent base.
• Gross margin steady despite extension of the Every Day Value.
• Retain our faith despite 115 percent return in the past 12 months.

Brokerages On JSW Steel

IDFC Securities

• Maintained ‘Underperform’ with a target price of Rs 312.
• June Quarter Review: Higher steel prices boost profitability.
• Marginal beat due to higher volume, realisation and higher incentive income.
• Key Positives: Higher steel realisation improving spreads; EBITDA/t of Rs 12,590.
• Expect steel profitability to taper off in subsequent quarters.

B&K Securities

• Maintained ‘Outperform’ with a target price of Rs 340.
• Better than expected EBITDA on account of higher blended realisations.
• Higher than expected other income and lower tax rate further boost net profit.
• Expect steel spreads to witness marginal decline.
• Brokerages On Ambuja Cements

Nomura

• Maintained ‘Neutral’ with a target price of Rs 300.
• Strong June quarter similar to subsidiary ACC.
• Strong result driven by beats on all key parameters.
• Volume growth to get better ahead of 2019 elections.
• Believe that cement sector on the cusp of an upturn.
• Prefer UltraTech and Shree Cement.

CLSA

• Maintained ‘Buy’; target price cut to Rs 300 from Rs 325.
• June quarter was well ahead of estimates.
• Unit EBITDA got a boost from realisations and costs.
• Factor in lower spot cement prices which leads to 8-13 percent cut in consolidated EPS estimates.

Brokerages On BHEL

Daiwa Capital

• Maintained ‘Buy’; target price cut to Rs 100 from Rs 110.
• June quarter review: still awaiting pick-up in execution.
• Order backlog rose 15 percent YoY with 85 percent backlog executable.
• Execution pick-up still awaited, although better likelihood now.
• See better visibility in order execution and improved operational performance over FY19-20.

Deutsche Bank

• Maintained ‘Buy’; target price cut to Rs 120 from Rs 130.
• June quarter net profit and EBITDA ahead of estimates.
• Orders are more diversified now - none from power in June quarter.
• Re-rating will depend on recovery of receivables.
• BHEL is preferred midcap industrials stock.

Brokerages On Canara Bank

Macquarie

• Maintained ‘Underperform’ with a target price of Rs 200.
• Net profit beats estimates on lumpy recoveries in June quarter.
• Believe that making quarterly forecasts may be difficult in light of the lumpiness of resolutions.
• Asset quality improves; Ambitious targets set for 2018-19.
• Management expects SME stress to ease in second and third quarter.

Kotak Securities

• Maintained ‘Add’ with a target price of Rs 300.
• Gross NPLs shows the final sign of reversals; Possibility of further improvement.
• Gradual shift in focus from slippages to aid valuation expansion.
• Expect stock price to show a positive momentum as these events unfold.

Who’s Meeting Whom

• Inox Leisure to meet DSP Blackrock on July 26.
• ACC to meet Ashmore Investments on July 26.
• Jain Irrigation System to meet Kopernik Global Investors on July 26.

Fund Flows

Bulk Deals

Navin Fluorine International

• New World Fund acquired 3.87 lakh shares or 0.79 percent equity at Rs 604.06 each.
• Grantham, Mayo, Van Otterloo & Co. LLC sold 3.87 lakh shares or 0.79 percent equity at Rs 604.07 each.

Trading Tweaks

• Petron Engineering Construction Ltd. and Nagreeka Capital & Infrastructure Ltd. placed under ASM framework.

F&O Cues

• Nifty July futures ended at 11,136.4, with a premium of 4.4 points versus 8 points.
• Nifty August futures ended at 11,162.9, with a premium of 31 points versus 33 points.
• Across series: Nifty open interest down 1 percent; Bank Nifty open interest up 2 percent.
• Rollover: Nifty at 51 percent, Bank Nifty at 51 percent.
• India VIX ended at 12.2, down 2 percent.
• Max open interest for July series call at 11,200 strike price call option(open interest unchanged at 32.1 lakh shares).
• Max open interest for July series put at 11,000 strike price put option (open interest at 49.7 lakh, down 10 percent).

Nifty Earnings To Watch

• Bharti Airtel
• Dr. Reddy's Laboratories
• ITC
• Maruti Suzuki India
• Yes Bank

Other Earnings To Watch

• Bharat Financial Inclusion
• Biocon
• CESC
• Colgate
• Petronet LNG
• SBI Life
• Shriram Transport
• Tata Power

Earnings Reaction To Watch

L&T (Q1, YoY)

• Revenue up 19 percent at Rs 28,283 crore.
• Net profit up 36 percent at Rs 1,215 crore.
• Ebitda up 40 percent at Rs 2,913 crore.
• Margin at 10.3 percent versus 8.7 percent.

Hero MotoCorp (Q1, YoY)

• Revenue up 10.4 percent at Rs 8,809.8 crore.
• Net profit at Rs 909.2 crore versus Rs 914 crore.
• Ebitda up 6.3 percent at Rs 1,377.3 crore.
• Margin at 15.6 percent versus 16.2 percent.

Ambuja Cements (Q1, YoY)

• Revenue up 5.7 percent at Rs 3,016.9 crore.
• Net profit up 27.2 percent at Rs 499 crore.
• Ebitda down 4.4 percent at Rs 622.3 crore.
• Margin at 20.6 percent versus 22.8 percent.

Canara Bank (Q1, YoY)

• Net income up 43.1 percent at Rs 3,882.9 crore.
• Net profit up 12 percent at Rs 281 crore.
• Provisions up 72 percent at Rs 2,466.2 crore.
• NNPA at 6.91 percent versus 7.48 percent.
• GNPA at 11.05 percent versus 11.84 percent.

IFB Agro Industries (Q1, YoY)

• Revenue up 24.3 percent at Rs 284.2 crore.
• Net profit at Rs 11.8 crore versus Rs 7.3 crore.
• Ebitda at Rs 18.5 crore versus Rs 12.9 crore.
• Margin at 6.5 percent versus 5.6 percent.

Reliance Nippon Asset Management (Q1, YoY)

• Revenue up 7.1 percent at Rs 394 crore.
• Net profit up 1.8 percent at Rs 111 crore.
• Ebitda up 24.8 percent at Rs 141 crore.
• Margin at 35.8 percent versus 30.7 percent.

ADF Foods (Q1, YoY)

• Revenue up 4.7 percent at Rs 51.4 crore.
• Net profit at Rs 6 crore versus Rs 4.9 crore.
• Ebitda at Rs 8.5 crore versus Rs 4.1 crore.
• Margin at 16.5 percent versus 8.4 percent.

Syngene International (Q1, YoY)

• Revenue up 39.5 percent at Rs 406 crore.
• Net profit up 6.5 percent at Rs 66 crore.
• Ebitda up 23.4 percent at Rs 98.6 crore.
• Margin at 24.3 percent versus 27.4 percent.

Sanofi India (Q1, YoY)

• Revenue up 15.1 percent at Rs 639.5 crore.
• Net profit up 35.1 percent at Rs 99.6 crore.
• Ebitda up 70.5 percent at Rs 120.4 crore.
• Margin at 18.8 percent versus 12.7 percent.

Shriram City Union Finance

• Net Interest Income up 13.8 percent at Rs 937.7 crore.
• Net profit up 14.72 percent at Rs 229.6 crore.

Bharti Infratel (Q1, QoQ)

• Revenue up 0.3 percent to Rs 3,674 crore.
• Net profit up 5 percent to Rs 638 crore.
• Ebitda down 5 percent to Rs 1521 crore.
• Margin at 41.4 percent versus 43.9 percent.

GE T&D India Ltd (Q1, YoY)

• Revenue down 3.9 percent at Rs 1,162.4 crore.
• Net profit up 33.1 percent at Rs 82.1 crore.
• Ebitda up 36.7 percent at Rs 144.2 crore.
• Margin at 12.4 percent versus 8.7 percent.

Rane Madras (Q1, YoY)

• Revenue up 34.1 percent at Rs 394.2 crore.
• Net profit at Rs 4.1 crore.
• Ebitda up 19.3 percent at Rs 27.8 crore.
• Margin at 7.1 percent versus 7.9 percent.

Security and Intelligence Services (India) (Q1, YoY)

• Revenue up 29.6 percent at Rs 1,611.4 crore.
• Net profit at Rs 39.5 crore versus Rs 21.5 crore.
• Ebitda up 11 percent at Rs 74.4 crore versus Rs 67 crore.
• Margin at 4.6 percent versus 5.4 percent.

KPIT Technologies (Q1, QoQ)

• Revenue up 5 percent at Rs 1013.8 crore.
• Net profit up 2 percent at Rs 77.4 crore.
• EBIT up 11.2 percent at Rs 90.4 crore.
• Margin at 8.9 percent versus 8.4 percent.

IRB Infra Developers (Q1, YoY)

• Revenue down 15.4 percent at Rs 1,538 crore.
• Net profit up 5.1 percent at Rs 250.1 crore.
• Ebitda down 8.7 percent at Rs 746.7 crore.
• Margin at 48.6 percent versus 45 percent.

• HDFC Asset Management Company's initial public offering continues on second day. Issue fully subscribed on the first day.

• Infosys arm to provide core banking solution to Myanmar based Farmers Development Bank.
• JSW steel completes 100 percent acquisition of stake in Aferpi and 69.27 percent acquisition in Piobino Logistics.
• PNB invites bids for sale of stake in PNB housing finance.
• IndiGo grounds Airbus A320 Neos, awaits spare Pratt engines.
• Shriram Transport to consider issue of NCDs on private placement basis.
• Aurobindo Pharma: FDA approves ANDA for ophthalmic drops.
• Glenmark says GBR 310 shows biosimilarity to Omalizumab.
• ICICI Bank says not received any communication from SFIO.
• L&T maintains FY19 order inflow and revenue guidance.
• NCLT rejects Jyoti Structures resolution plan (Business Standard)

• Zuckerberg loses $16.8 billion in a snap
• Trump, Juncker tout deal pulling back from U.S.-EU trade war
• The $1.5 billion India real estate wager that went horribly wrong
• Top India fund wins by shunning momentum stocks, pricey midcaps
• Nationwide monsoon deficiency falls but key states remain dry
• Pak elections: PTI ahead in 114 seats, Shehbaz ‘rejects’ results
• It’s fake news versus payments service for WhatsApp
• Amtek Auto is fifth of the 12 large bad loan accounts to be resolved
• Prices fall but home sales stagnant, new launches surge
• Louis Vuitton handbags can conquer a trade war

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India rose 0.35 percent to 11,175 as of 7:27 a.m.

Asian stocks climbed, tracking gains in U.S. shares, after President Donald Trump reached an agreement with European Commission President Jean-Claude Juncker aimed at averting a transatlantic trade war.

Equities from Tokyo to Hong Kong advanced after the S&P 500 Index rose to within 1 percent of a fresh record high, with the two sides agreeing to suspend new tariffs while negotiating over trade.

Currencies

• The Bloomberg Dollar Spot Index held losses after sinking 0.5 percent to the lowest in almost seven weeks.
• The euro bought $1.1743 after advancing 0.4 percent.
• The offshore yuan rose 0.3 percent to 6.7433 per dollar.
• The yen gained 0.2 percent to 110.79 per dollar.

Commodities

• The Bloomberg Commodity Index increased 1 percent Wednesday to its highest in over two weeks.
• West Texas Intermediate crude gained 0.4 percent to $69.56 a barrel.
• Copper rose 1.2 percent on the LME to $6,367 a ton.

Here are some key events coming up this week:

• Earnings season continues with the following tech companies among those reporting: Amazon.com, Twitter, Advanced Micro Devices, Qualcomm and Intel. Others include Nissan and Shell.
• The European Central Bank’s policy decision is Thursday.
• U.S. gross domestic product probably increased by about 4.2 percent at an annualized rate in the second quarter, the most since 2014, economists forecast ahead of Friday’s data.