Sensex, Nifty Remain Unchanged; FPIs Stay Net Buyers
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
Foreign Investors Net Buyers
Foreign portfolio investors net bought equities worth Rs 1,061.88 crore today, as per data from the National Stock Exchange.
On the other hand, domestic institutional investors net sold equities worth Rs 768.45 crore on Wednesday.
Institutions had net bought Rs 3,978.31 crore worth of equities last month in July alone; the only month of the year till date when institutions remained net buyers.
Institutions have net bought Rs 6,827.97 crore worth of equities so far in August and net sold equities worth Rs 41,611.72 as yet in 2022.
Closing Bell
The S&P BSE Sensex fell 0.06% to 58,817.29, while NSE Nifty 50 Index gained a similar magnitude to end at 17,534.75.
Market Breadth
The market breadth was slightly skewed in favour of the bears. About 1,537 stocks gained, 1,866 declined and 121 remained unchanged.
Highest Ever EBITDA Per Ton From Novelis Push EBITDA And Profits At Hindalco
Key highlights (QoQ):
Revenue up 4% to Rs 58,018 crore from Rs 55,764 crore
EBITDA up 13.7% to Rs 8,640 crore from Rs 7,597 crore
EBITDA Margin: 14.9% Vs 13.6%
Net profit up 6.7% to Rs 4,119 crore from Rs 3,860 crore
IPCA Labs Q1 Misses Estimates
Key highlights (YoY):
Revenue up 1% at Rs 1,586 crore Vs Rs 1,566 crore (BBG estimate : Rs 1,494 crore)
Net profit down 53% to Rs 143 crore Vs Rs 307 crore (BBG estimate : Rs 204 crore Profit)
EBITDA down 35% to Rs 269 crore from Rs 417 crore (BBG estimate : Rs 310 crore Profit)
Margins at 17% Vs 26.6% (BBG estimate : 20.8%)
Zydus Lifesciences Q1 Beats Estimates
Key highlights (YoY):
Revenue up 2% at Rs 4,073 crore Vs Rs 4,002 crore (BBG estimate : Rs 3,992 crore)
Net profit down 12% to Rs 518 crore Vs Rs 587 crore (BBG estimate : Rs 483 crore Profit)
EBITDA down 14% to Rs 833 crore from Rs 972 crore (BBG estimate : Rs 818 crore Profit)
Margins at 20.5% Vs 24.3% (BBG estimate : 20.5%)
Max Healthcare Q1 Misses Estimates
Key highlights (YoY):
Revenue up 7% at Rs 1,066 crore Vs Rs 1,000 crore (BBG estimate : Rs 1,322 crore)
Net profit up 18% to Rs 173 crore Vs Rs 147 crore (BBG estimate : Rs 218 crore Profit)
EBITDA up 8% to Rs 264 crore from Rs 244 crore (BBG estimate : Rs 343 crore Profit)
Margins at 24.8% Vs 24.4% (BBG estimate : 25.9%)
European Markets Open Lower
European markets opened lower tracking a drop on Wall Street ahead of a crucial U.S. inflation report later in the day.
Avalon Technologies Files For IPO
Chennai-based contract electronic manufacturer Avalon Technologies has filed for an initial public offering with markets regulator SEBI.
The company will look to raise as much as Rs 1,025 crore through the initial share sale. The offer comprises new shares of Rs 400 crore and offer-for-sale of Rs 625 crore.
Natco Pharma Down Most In 3 Months
Shares of Natco Pharma Ltd. fell as much as 8%, the most since May 31 even after the company's Q1 profit exceeded analyst estimates.
Highlights (YoY)
Revenue up 115% at Rs 918.9 crore.
Profit up 327% at Rs 320 crore. (Estimate: Rs 235 crore)
Firm to pay dividend of Rs 3.5 per share
Despuite a fourfold rise in profit, shares of the company fell. Of the 14 analysts tracking the company, six maintain 'buy', five suggest 'hold' and three recommend 'hold' and 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 17.5%.
Apollo Hospitals Up Most In 11 Weeks
Shares of Apollo Hospitals Enterprise Ltd. gained the most in 11 weeks after the company bought a hospital facility in Gurugram.
Its unit, Apollo Hospitals North Ltd., completed the acquisition of the assets forming part of a 650 bedded potential hospital facility, which was being set up by Nayati Healthcare and Research NCR in Gurgaon for a consideration of about Rs 450 crores.
"The hospital will establish the group's presence in the millennium city of Gurugram, one of India's fastest growing cities, with an aspirational populace, and substantial brand equity for Apollo Hospitals, owing to its existing footprint in the region. The upcoming integrated healthcare complex located on the Golf Course Road at Gurugram would be commissioned in a span of 24 months," it said.
Reacting to the development, shares of the company rose as much as 4.5%, the most in 11 weeks.
Of the 26 analysts tracking the company, 24 maintain 'buy' and one each recommends 'hold' and 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 6.4%.
L&T Wins 'Significant' Contract
Shares of Larsen and Toubro Ltd. gained as much as 1.9% after the company secured a significant order from Nuclear Power Corporation of India Ltd. to build natural draught cooling towers and a cooling water pump house for the Rawatbhata atomic power project 7 and 8.
The project is scheduled to be completed in 36 months.
L&T defines 'significant' contracts as those which are valued between Rs 1,000 crore and Rs 2,500 crore.
Of the 41 analysts tracking the company, 40 maintain 'buy' and one recommends 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 9%.
Kirloskar Ferrous Has 2.2% Equity Change Hands
Shares of Kirloskar Ferrous Ltd. fell as much 5.1% after as many as 31.2 lakh shares of the company changed hands, according to Bloomberg.
That equates to 2.2% of the company's total equity.
Buyers and sellers were not immediately known.
(Source: Bloomberg)
Fine Organic Jumps To Record High
Shares of Fine Organic Industries Ltd. surged as much as 19% to a record high after it posted profits better than analyst expectations in Q1.
Highlights (YoY)
Revenue up 110% to Rs 747.7 crore.
Expenses up 73% to Rs 545.3 crore.
Profit up 344% at Rs 159.7 crore.
The stock was the best performer on the S&P BSE 500, NSE Nifty 500, Nifty Smallcap 100 indices.
Delhivery Drops Most On Record After Q1 Loss Widens
Shares of Delhivery Ltd. dropped as much as 11.3%, the most since the company debuted on the bourses on May 24 on wider losses in Q1.
The company posted a net loss of Rs 400 crore, compared to a Rs 192 crore loss in the same period last year.
Highlights (YoY)
Revenue up 15.7% to Rs 1,746 crore.
Adjusted Ebitda at a negative Rs 217 crore vs a negative Rs 58 crore.
Ebitda margin at -12.5% vs -3.8%
“Our Ebitda margins were temporarily affected through the integration phase with Spoton as a result of inherent seasonality in the partial truckload business, slightly slower than planned phasing of customer restarts and retention of capacity to maintain service quality and in anticipation of second half volumes”, said Abhik Mitra, chief customer experience officer, Delhivery and CEO of Spoton.
“The first half is the period during which we commission new capacity in preparation for seasonally higher volumes in the second half. As PTL Freight volumes continue to recover and Express Parcel shipments continue to grow, we expect capacity utilization to improve”, said Ajith Pai, chief operating officer, Delhivery.
Shares of the company fell over 11%. Of the 10 analysts tracking the company, five maintain 'buy' and three suggest 'hold', while two recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 2.5%.
EKI Energy Shares Slump Over 17% On Carbon Credit Export Ban
Shares of EKI Energy Services Ltd. slumped over 17%, the most since May 17 after Renewable Energy Minister RK Singh said there will be no exports of carbon credits until India's commitment of reduction of 45% emission intensity of GDP is met.
In a statement, Manish Dabkara, chief executive officer said the company "does not foresee the proposed amendments to have any impact on the export of credits in the voluntary carbon market. It will help the country to develop a robust carbon market and fast-track its journey to become net zero."
"This includes zero restrictions on the sale of carbon credits developed in India to International global markets," he said.
Still, shares slumped as much as 17.3% to Rs 1,750 apiece. Trading volume for the stock is at 224% of the three-month, full-day average. The stock is set to decline for the second day.
Pfizer India MD Resigns; Shares Trade Lower
Shares of Pfizer India Ltd. treaded lower after the firm's managing director S Sridhar tendered his resignation.
He has "expressed his intention to take an early retirement," a company filing read. He will continue to serve in his current position for as long a period as required until the identification, selection and transition to the new leadership takes place, the company said. "The effective date of his resignation shall be as agreed between Mr. Sridhar and the Board of Directors, and the same will be notified to you separately."
Kirloskar Pneumatic Has 14% Equity Change Hands
Shares of Kirloskar Pneumatic Ltd. fell after the company had around 90 lakh shares or 14% of equity change hands in two bunches.
Buyers and sellers weren't immediately known.
(Source: Bloomberg)
Rupee Gains Against The U.S. Dollar At The Open
The Indian rupee gained to 79.52 against the U.S. dollar at the open on Wednesday.
It had closed at 79.65 on Monday.
Opening Bell: Sensex, Nifty Off To Volatile Start
Indian equity benchmarks fluctuated between gains and losses at the open after a market holiday on account of Muharram on Tuesday.
The S&P BSE Sensex opened 0.2% higher at 58,977.3, but fell as much as 0.3% in early trade as well. The NSE Nifty 50 Index too reacted the same way, falling to as low as 17,476.8 and gaining to 17,566.1 at the open.
The broader market outperformed their larger peers. The S&P BSE MidCap gained 0.2% and S&P BSE SmallCap advanced 0.3%. Four of the 19 sector sub-indices compiled by BSE Ltd. declined, led by IT stocks. The S&P BSE Information Technology was the worst performer, down 0.67%.
The market breadth was slightly skewed in favour of the bulls. About 1,534 stocks gained, 1,119 declined and 140 remained unchanged.
Markets Likely To Open Lower Today: ICICIDirect
Indian markets are likely to open lower on Wednesday on the back of the markets resuming trading after a day's holiday, according to ICICIDirect.
"Markets remained subdued globally as investors awaited a key reading on inflation in the US for more clarity on the course of the Fed's hikes in interest rates. Domestic markets were closed yesterday on account of Muharram, On Monday, markets ended higher tracking gains in BFSI, auto stocks amid easing recession worries. US markets ended lower on the back of losses in technology stocks amid bearish commentary from a semiconductor manufacturing company."ICICIDirect
Paytm Partners With Piramal Finance
One97 Communications Ltd. has tied up with Piramal Capital and Housing Finance Ltd. to expand distribution of merchant loans to small cities.
"This partnership will expand Paytm's loan distribution business, supported by Piramal Finance's wide network of over 300 branches across India..Paytm has acquired a large number of merchants from big and small cities across the country, amassing a large base which Piramal Finance plans to leverage and bring ease of credit to small business owners through data-driven underwriting along with credit sanctions based on business income. Additionally, this partnership will be expanded soon to include personal loans, where Piramal Finance brings its deep understanding of risk and customer segment," a press release stated.
Trade Setup: Focus On Hotel, Consumption & Power Stocks
AGMs Today
Bandhan Bank
DLF
Macrotech Developers
Central Bank
Cholamandalam Financial Holdings
Cummins India
Stocks To Watch
Strides Pharma: The company has a target to launch 20 products every year in the U.S. market and has a growth outlook of $250 million in FY23 for the U.S. business.
AU Small Finance Bank: The bank approved issue price for QIP at Rs 580 per share (including a premium of Rs. 570 per share) which is at a discount of 1.83% to the floor price.
Spandana Sphoorty: The Reserve Bank of India imposed a penalty of Rs 2.33 crore for failure to adhere to pricing of credit guidelines for NBFCs.