Nifty Gains For A Fourth Session As US Fed Worries Ease; FPIs Stay Net Buyers Today
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
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Indian equity benchmarks closed higher after softer-than-expected US inflation print raised expectations that the Federal Reserve will raise interest rates at a slower pace.
The S&P BSE Sensex climbed 9% to 59,311.50 to its highest level in four months, after closing with minor losses yesterday. The NSE Nifty 50 Index added 0.7% to close at 17,652.05, its fourth straight session of gains.
"The lower than expected US CPI numbers have catalyzed a rally in global markets on the hope that the US Fed may go slow on rate hikes," Deepak Jasani, head of retail research at HDFC Securities Ltd., wrote in a note.
The prospect of faster monetary tightening by the Fed had stoked fears of capital outflows from riskier emerging market assets like India.
In earnings, of the 44 Nifty companies that have announced quarterly results so far, an equal number have missed and exceeded analyst estimates.
BEML Jumps Over 13% Ahead Of Fixing Record Date For 1:1 Shares Issue By BEML Land Assets
BEML jumped as much as 20%, before paring some of its gains, after the mining company decided to fix a record date to determine eligible shareholders for issuing shares by BEML Land Assets as part of the demerger scheme.
We hereby intimate that Board Meeting of BEML Limited will be held on Thursday, the 18.08.2022, inter-alia, to fix the Record Date for striking the list of eligible shareholders for considering 1:1 issue of shares by BEML Land Assets Limited as per Scheme of Arrangement for Demerger approved by Hon’ble Ministry of Corporate Affairs, followed by Board Meeting of BEML Land Assets Ltd. for taking on record the said Record Date as fixed by Board of BEML Ltd.BEML Statement
The company also announced that it is executing an export order valuing $19.76 million with the Ministry of Economy, Planning and Regional Development (MINEPAT), Cameroon for the supply of 71 nos. Earthmoving machinery for preparation of Agricultural Land for Cassava Project under Government of India Line of Credit.
Foreign Investors Net Buyers
FPIs have been net buyers for ten days in a row; the longest buying streak of the year till date.
Foreign portfolio investors net bought equities worth Rs 2,298.08 crore today, as per data from the National Stock Exchange.
On the other hand, domestic institutional investors net sold equities worth Rs 729.56 crore on Thursday.
Institutions had net bought Rs 3,978.31 crore worth of equities last month in July alone; the only month of the year of 2022 so far when institutions remained net buyers.
Institutions have net bought Rs 8,396.49 crore worth of equities so far in August and net sold equities worth Rs 40,043.2 as yet in 2022.
Bata India Q1 Net Profit Rs 119 Crore
Bata India reported net income for the first quarter of Rs 119 crore vs. loss Rs 69.48 crore rupees YoY.
FIRST QUARTER RESULTS
Revenue Rs 943 crore vs. Rs 267 crore YoY, estimate Rs 906 crore (Bloomberg Consensus)
Total costs Rs 793 crore vs. Rs 372 crore YoY
Other income Rs 9.29 crore, -24% YoY
COMMENTARY AND CONTEXT
Company continued to optimize cost structures and drive efficiencies across its value chain
"In the face of volatile inflation, geo-political unrest, we are conscious about our cost efficiencies and accordingly various cost-savings measures across our network continue to be implemented which has reflected in the profitability metrics," CEO Gunjan Shah says
Trent Q1 Net Income Meets Estimates
Trent reported net income for the first quarter that missed the average analyst estimate.
FIRST QUARTER RESULTS
Net income Rs 103 crore vs. loss Rs 83.75 crore YoY, estimate Rs 108 crore (Bloomberg Consensus)
Revenue Rs 1,650 crore vs. Rs 327 crore YoY, estimate Rs 1410 crore
Total costs Rs 1,560 crore vs. Rs 490 crore YoY
Other income Rs 41.51 crore, -21% YoY
Rossari Biotech Advances On Wider Q1 Margins After Price Hike
Shares of Rossari Biotech climb as much as 7.5% to the highest level since April 18 after the company’s margins improved. The Indian specialty chemicals maker successfully navigated volatile raw material prices and increased prices in April to June.
“The management expects to achieve medium-term Ebitda margins in the range of 14%-15%, while it aims at achieving 15%-17% margins over the next two years,” Priyanka Baliga, analyst at KRChoksey Shares & Securities, writes in an Aug. 10 note
Estimates revenue growth at 25% CAGR over FY22-24 led by strong product pipeline which focuses on sustainability and the environment
Positive on R&D strength of company and will monitor margin performance in coming quarters; maintains buy with price target of Rs 1,252.