KEY HIGHLIGHTS
The Weekly Performance
- Both Sensex and Nifty have gained for the sixth straight week.
- In the six weeks starting June 15, the Nifty has gained 1,222 points.
- In the six weeks starting June 15, the Sensex has gained 4,348 points.
- The last six weeks has seen four Nifty stocks - Reliance Industries (up 35%), Infosys (up 33%), Bajaj Finance (up 32%) and Wipro (up 30%) gain over 30%.
- Bajaj Finance and Finserv are the only two financial names to appear in the top 10 Nifty gainers over the last six weeks.
Closing Bell: Sixth Weekly Advance
Indian equity markets staged a sharp recovery from the day's low, led by index heavyweight Reliance Industries to end little changed, thereby posting its sixth straight weekly advance.
The S&P BSE Index ended nearly unchanged at 38,128, 380 points off the day's low of 37,748. The NSE Nifty 50 index ended 0.2% lower at 11,194, over 100 points off the day's low of 11,090.
The recovery on the Nifty 50 index was led by Reliance Industries, which ended 4.4% higher, up for the sixth straight day.
Only 7 out of the 50 Nifty constituents advanced in today's session.
All sectoral indices barring the Nifty I.T. index posted losses in today's session. The Nifty Metal index was the top laggard, ending 2.1% lower.
The Nifty Bank, Nifty PSU Bank, and Nifty Realty fell over 1.5% each in today's session.
The Nifty I.T. index was the outperformer, ending the day with gains of 1.4%.
Broader markets were flat in today's session. The midcap index ended 0.3% lower while the smallcap index ended with gains of 0.2%.
Market breadth ended in favour of the laggards. 1,126 stocks on the NSE ended with losses while 706 posted gains.
For the week, the Nifty ended with gains of 2.7% while the Sensex ended with gains of 3%.
Buzzing Stock: Deepak Nitrite
- Trading at an all-time high
- Gains as much as 8.1% to Rs 596
- Biggest single-day gain in three months
- Up for the fourth straight day
- Longest winning streak in over five months
- Has gained 14% in the last four trading sessions
- Today's volumes are nearly quadruple its 20-day average
- Stock has entered overbought territory with Relative Strength Index (RSI) at 71
- Has more than doubled from its 52-week low of Rs 257 on August 23, 2019
- All six analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 4.2%
Earnings Reaction: Asian Paints Q1FY21
- Revenue down 43% to Rs 2,922 crore
- Net profit down 67% to Rs 218.4 crore
- Ebitda down 58% to Rs 484.2 crore
- Ebitda margin at 16.6% from 22.7%
- Paints segment revenue down 43% to Rs 2,870.6 crore
- Home Improvement down 52% to Rs 52 crore
- Healthy double-digit volume growth in June
- International business did well supported by favourable operating conditions in the middle east and Africa
- Key markets like Nepal and Bangladesh were impacted by pandemic related lockdowns.
- Profitability across business supported by softer raw material prices and various cost control measures
The stock ended 0.95% lower at Rs 1,710.
Stock Reaction: CSB Bank
The Fairfax-backed private lender has informed the exchanges that SBI Funds Management has secured approval from the Reserve Bank of India, to acquire 10% stake in the bank.
The fund house currently holds 4.734% stake in the paid-up capital of the lender, as per the bank's exchange filing.
SBI Funds Management will acquire 10% stake through various schemes of SBI Mutual Fund.
Shares gained as much as 7.5% to Rs 198.6, post the announcement.
Reliance Industries: Active Stock Options
- 2,200 Call: Premium up 267% to Rs 40.9. The contract has added 15.9 lakh shares in Open Interest.
- 2,100 Call: Premium up 150% to Rs 84.4. The contract has shed 8.7 lakh shares in Open Interest.
- 2,000 Put: Premium down 52% to Rs 12.1. The contract has added 8 lakh shares in Open Interest.
Bank Of Maharashtra The Only Gainer On The PSU Bank Index
Markets At 2:30 P.M.
- Benchmark indices pare losses; set for sixth straight weekly gain
- Nifty little changed at 11,208
- Sensex little changed at 38,086
- Nifty Bank down 1.75% to 22,680
- Nifty Midcap index down 0.1%
- Nifty Smallcap index up 0.2%
- India Volatility Index up 0.4% to 24.74
- Nifty I.T. extends gains - remains the only sectoral gainer; up 1%
- Nifty Metal remains top sectoral laggard; down 2.1%
- Nifty Media, Nifty PSU Bank down nearly 2%
- Nifty Realty, Nifty Auto down over 1%
- Reliance Industries remains the top Nifty gainer; up 4.1%
- Zee Entertainment is the top Nifty laggard; down 5.1%
- 666 stocks on the NSE trade with gains while 1,125 decline
Earnings Reaction: Crompton Greaves Consumer Q1FY21
- Revenue down 46.5% to Rs 720.1 crore
- Net profit down 38.9% to Rs 74.8 crore
- Ebitda down 47.3% to Rs 101.2 crore
- Ebitda margin flat at 14.1%
- Electric Consumer Durables revenue down 44% to Rs 596.5 crore
- Lighting Products revenue down 55% to Rs 1243.6 crore
- Covid-19 had an adverse impact on volumes
- Would be premature to say that the problems are behind us
Shares fell as much as 4.7% to Rs 240.4, post the announcement.
Earnings Reaction: Atul Q1FY21
- Revenue down 37% to Rs 660.5 crore
- Net profit down 21% to Rs 118 crore
- Ebitda down 34% to Rs 158.6 crore
- Ebitda margin at 24% from 23.1%
- Lower other expenses contribute to margin expansion
- Life Science Chemicals business revenue down 22% to Rs 270.9 crore
- Performance and other chemicals revenue down 43% to Rs 420.5 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares recovered from the day's low to gain as much as 2.55% to Rs 4,844, post the announcement.
Money Market Update
The rupee ended today's session with modest losses after remaining little changed for the last two sessions.
The currency ended at 74.82 against the U.S. Dollar as compared to Thursday's close of 74.76.
The rupee has posted its second straight week of gains.
On a weekly basis, the rupee ended as the fifth best performing currency in Asia for the week.
Yield on the 10-year government bond ended at 5.824% as compared to Thursday's close of 5.807%.
The government sold debt worth Rs 34,000 crore today as compared to the initial plan to sell debt worth Rs 30,000 crore.
The Greenshoe option, which enables the Reserve Bank of India to tweak the auction amount was exercised in bonds maturing in 2034 and 2050, as per Bloomberg.
Earnings Estimate: ITC Q1FY21
- Net sales seen 29.5% lower at Rs 8,106 crore
- Net profit seen 33% lower at Rs 2,130 crore
- Ebitda seen 41% lower at Rs 2,675 crore
- Ebitda margin seen at 33% from 39.7%
- All estimates are standalone and compared on a year-on-year basis
Key Factors At Play For ITC:
- 40 days of complete lockdown to impact cigarette sales
- Lower cigarette sales to result in sharp operating profit dip
- Cigarette sales likely to normalise over the next quarter
- FMCG, Hotels business to see drop in revenue
- Agri-business revenue likely to remain steady
- Paper and paper boards business to decline
Earnings Reaction: Bank of Maharashtra
- Net Interest Income up 9% to Rs 1,088.2 crore
- Net profit up 24% to Rs 101.2 crore
- Gross NPA at 10.9% from 12.8% last quarter
- Net NPA at 4.1% from 4.8% last quarter
- Provisions for Non-Performing Assets at Rs 408.9 crore from Rs 717.4 crore last quarter
- Provision Coverage Ratio at 85.62%
- Covid-19 related provisions this quarter at Rs 275 crore. Total Covid-19 provisions at Rs 425 crore
- Gross advances up 4% to Rs 96,621 crore
- Savings deposits up 14.45% to Rs 63,814 crore
- Capital Adequacy Ratio at 13.2%
- CASA ratio of 50%
- 24% customers in the MSME sector availed moratorium on term loans
Shares gained as much as 8% to Rs 12.8, up for the second straight day. The stock has gained in five out of the last six trading sessions.
F&O Snapshot: Active Options Contracts
- Nifty July futures add 9.1% and 9.5 lakh shares in Open Interest.
- Nifty Bank July futures add 26.4% and 4.1 lakh shares in Open Interest.
Nifty: July 30 Expiry
- 11,200 Call: Premium down 50% to Rs 63. The contract has added 19.9 lakh shares in Open Interest.
- 11,000 Put: Premium up 59% to Rs 83.5. The contract has added 6.1 lakh shares in Open Interest
- 11,100 Put: Premium up 59% to Rs 127. The contract has added 9 lakh shares in Open Interest.
Nifty Bank: July 30 Expiry
- 23,000 Call: Premium down 60% to Rs 193.1. The contract has added 5.9 lakh shares in Open Interest.
- 22,000 Put: Premium up 110% to Rs 239.7. The contract has added 2.25 lakh shares in Open Interest.
- 22,500 Put: Premium up 113% to Rs 450.8. The contract has added 1.1 lakh shares in Open Interest.
Stock Reaction: IndusInd Bank
The Mumbai-based private lender has informed the exchanges that Route One Investment Company, an existing investor in the bank, has received approval from the Reserve Bank of India to increase its stake in the bank by up to 10%.
Route One currently holds 4.96% of the issued and subscribed capital of the bank, according to the lender's exchange filing.
Route One had sought approval from the RBI to increase its stake, in accordance with the central bank's guidelines.
The RBI's board of directors, at a meeting held on July 5, 2020, granted approval to Route One for the same, the lender said.
Shares reversed losses to gain as much as 4.5% to Rs 536.7, post the announcement.
Earnings Reaction: Wendt India Q1FY21
- Revenue down 44% to Rs 22.4 crore
- Net profit down 89% to Rs 41 lakh
- Ebitda down 83% to Rs 1.2 crore
- Ebitda margin down to 5.4% from 17.3%
- Super Abrasives revenue down 45% to Rs 13.6 crore
- Machines, Accessories and Components revenue down 43% to Rs 5.8 crore
- All numbers are consolidated and compared on a year-on-year basis
Shares gained as much as 1.8% to Rs 2,580, post the announcement.
European Markets Open Lower
A weekly gain for markets in Europe is under threat after markets opend lower in-line with their peers in Asia.
The Stoxx 600 opened 1.4% lower with technology and mining stocks leading the losses. Real Estate and Oil & Gas stocks are outperforming.
Most Asian Markets have ended with losses while futures on the Dow Jones are trading lower by 200 points.
Brent Crude trades 0.6% lower at $43 per barrel while Gold edges towards the $1,900/Oz mark, up 0.3% at $1,891.7/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 down 1.5% at 3,321
- DAX down 1.6% at 12,895
- CAC down 1.3% at 4,965
- FTSE 100 down 1.3% at 6,129
- IBEX 35 down 1.5% at 7,277
How Are The Sectoral Indices Faring
Buzzing Stock: JK Cement
- Trades at an all-time high
- Gains 2.2% to Rs 1,569
- Has gained in four out of the last five trading sessions
- Up 12% in the last five trading sessions
- Today's volumes are 52% below its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 72
- The stock has nearly doubled from its 52-week low of Rs 795.2 on March 23, 2020
- 21 out of the 26 analysts tracking the stock have a buy recommendation; 1 sell call
- The stock now trades 4.6% above its 12-month consensus price target of Rs 1,475.4, implying a negative return potential
Quarterly Business Update: Adani Transmission
- Transmission lines are operating at greater than 99.5% availabilities and there is no adverse impact on billing.
- The continued lockdown has resulted in migration of resources affecting project execution work.
- This will result in a slight delay in Scheduled Commercial Operation Date (SCOD) of projects.
- Distribution losses at 13.47% from 7.78% where losses increased on provisional average billing.
- Issued required force majeure and change in law notices under the provisions of transmission services agreement to mitigate the losses due to time and cost overrun.
Shares fell as much as 3% to Rs 232.5, down for the third straight day.
Earnings Reaction: Zensar Technologies
- U.S. Dollar revenue down 7% to $130.8 million
- Revenue down 2.6% to Rs 991.2 crore
- Net profit up 5.5% to Rs 73.3 crore
- Ebit up 0.6% to Rs 83.4 crore
- Ebit margin at 8.4% from 8.1%
- Lower other expenses aid margins
- Digital and Application services revenue down 9% to Rs 805.2 crore
- Digital Foundation services revenue flat at Rs 186 crore
- Total Contract Value (TCV) during the quarter at $150 million
- Current pipeline at $1.5 billion
- U.S. business contributes 76.3% of total revenue
Shares gained as much as 4% to Rs 146. The stock has gained in four out of the five sessions this week.
Markets At Noon
- Benchmark indices trade near the day's low
- Nifty down 0.7% at 11,131
- Sensex down 0.6% at 37,914
- Nifty Bank down 2.4% at 22,525
- Nifty Midcap Index down 0.7%
- Nifty Smallcap Index down 0.4%
- India Volatility Index up 0.8% to 24.83
- Nifty Media, Nifty Metal, Nifty PSU Bank and Nifty Realty indices fall over 2% each
- Nifty I.T. is the only sectoral gainer; up 0.5%
- Nifty Pharma index gives up gains; down 0.7%
- Reliance Industries remains the top Nifty gainer; up 4% to a record high
- Zee Entertainment remains the top Nifty laggard; down 4.2%
- 537 stocks on the NSE trade with gains; 1,201 decline
All Constituents On The Nifty Metal Index Decline
Covid-19 Impact On HPCL
- Sale of petroleum products in May was at 77% compared to last year while the figure in June stood at 91%.
- LPG demand saw a sharp rise during the lockdown period. Increased the production of LPG by optimising operations.
- Supplied an average of 12.5 lakh cylinders per day during the April-June period.
- Overall capacity utilisation of almost 100% for its Mumbai and Visakh refineries.
Shares fell as much as 3% to Rs 225, and have declined in two sessions this week.
Earnings Reaction: ABB India Q2CY20
- Revenue down 43% to Rs 985.8 crore
- Net profit down 77% to Rs 16.3 crore
- Ebitda down 89.6% to Rs 11.1 crore
- Ebitda margin at 2.4% from 7.2%
- Robotics & Discrete Automation revenue down 64% to Rs 24.6 crore
- Motion revenue down 35% to Rs 393.2 crore
- Electrification revenue down 51% to Rs 357.8 crore
- Industrial automation revenue down 37% to Rs 237.3 crore
- Orders at Rs 1,200 crore as compared to Rs 1,989 crore last year
- Order backlog as on June 30, 2020 at Rs 4,671 crore
- Local markets are expected to remain subdued with diminished per capita income
- All numbers are standalone and compared on a year-on-year basis
Shares fell as much as 4.7% to Rs 891, snapping a three-day winning streak.
Earnings Estimates: Asian Paints Q1FY21
- Revenue seen 55% lower at Rs 2,324 crore
- Ebitda seen 73% lower at Rs 313 crore
- Ebitda margin seen falling to 13.5% from 22.5%
- Net profit seen 86% lower at Rs 91 crore
- All estimates are compared on a year-on-year basis
Key Factors At Play: Asian Paints
- Volume growth in domestic paints business (Estimates range for a de-growth between 50-55%)
- Management commentary on post lockdown demand outlook and recovery
- Impact on gross margins from prices of key raw materials and product mix trends
Citi, CLSA Among Firms Vying To Be LIC's Pre-IPO Adviser
Eleven firms including Citigroup Global Markets, CLSA India, Deloitte India and Credit Suisse India are in the race to be the pre-IPO transaction adviser for LIC, Bloomberg News reports citing a notice on the website of the disinvestment department.
The firms will make presentations to the Department of Investment and Public Asset Management on Friday through a video conference.
Axis Capital, Edelweiss, IDFC Securities, IIFL Securities, JM Financial, SBI Capital Markets and Yes Securities are the other bidders, according to DIPAM.
Earnings Reaction: Repco Home Finance
- Net Interest Income up 20.7% to Rs 131.6 crore
- Net profit up 2.8% to Rs 55.9 crore
- Loan book up 7% to Rs 11,826.1 crore
- Provisions for expected credit loss at Rs 213.9 crore
- Provisions for Covid-19 at Rs 39.3 crore
- Not sought moratorium on its borrowings from banks and other financial institutions
- Recommends dividend of Rs 2.5 per equity share
- Collected June EMI's from 68% of its customers
Shares are locked in an upper circuit of 5% at Rs 132.35. The stock is up for the sixth straight day and is trading at the highest level in a month.
Banking Stocks Extend Losses
Buzzing Stock: Reliance Industries
- Top gainer on the Nifty 50 index
- Trades at an all=time high
- Gained as much as 4.5% to Rs 2,149
- Biggest single-day gain in over a month
- Up for the sixth straight day
- Longest winning streak since August 2018
- Has gained 15.3% in the last six trading sessions
- Today's volumes are more than quadruple its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 79
- The stock has gained nearly two and a half times from its 52-week low of Rs 867.4 on March 23, 2020
- 29 out of the 36 analysts tracking the stock have a buy recommendation; 5 sell calls
- The stock trades 15.4% above its 12-month consensus price target of Rs 1,804.4, implying a negative return potential
Earnings Reaction: Mphasis
- Revenue down 2.5% to Rs 2,288 crore
- Ebit down 6.3% to Rs 359 crore
- Ebit margin at 15.7% from 16.3%
- Net profit down 22% to Rs 275 crore
- Banking and Capital Market revenue up 5% to Rs 1,123.9 crore
- Logistics and Transportation revenue down 6% to Rs 323.4 crore
- I.T., Communications and Entertainment revenue down 8% to Rs 325.7 crore
- Insurance segment revenue down 14% to Rs 229.3 crore
- Highest ever deal wins in a quarter with Total Contract Value (TCV) at $259 million
- Signed another new $216 million deal in July 2020
- All numbers are consolidated and compared on a quarter-on-quarter basis
The stock ended 14% higher at Rs 1,117. This was the biggest single-day gain in the stock since October 2015 and it ended at the highest level since October 2018.
Stock Reaction: PNC Infratech
The company informed the exchanges that it received a Letter of Acceptance (LoA) from the National Highway Authority of India (NHAI) for two EPC projects.
The two projects are d at Rs 1,547.8 crore, the company said in an exchange filing.
The two projects involve construction of Eight Lane Access Controlled Expressway on the Delhi-Vadodara expressway under the Bharatmala Pariyojana. Both projects have a completion time of 24 months and are d at Rs 758.4 crore and Rs 789.4 crore respectively.
Shares gained as much as 8.7% - the most in nearly two months to Rs 152.4. The stock is up for the second straight day.
Markets At 10:10 A.M.
- Benchmark indices trade with losses
- Nifty down 0.6% at 11,154
- Sensex down 0.5% at 37,948
- Nifty Bank down 1.9% at 22,656
- Nifty Midcap index down 0.2%
- Nifty Smallcap index unchanged
- India Volatility Index up 1.9% at 25.1
- Nifty Media index down 1.5%
- Nifty Metal, PSU Bank and Realty index down over 1% each
- Nifty Pharma off day's high; up 0.25% and is the only sectoral gainer
- Reliance Industries is the top Nifty gainer; up 4% to a record high
- Axis Bank is the top Nifty laggard for the second straight day; down 3.4%
- 1,007 stocks on the NSE trade with losses while 647 gain
Money Market Update
The rupee has opened weak after remaining unchanged on Thursday.
The currency opened at 74.91 against the U.S. Dollar as compared to Thursday's close of 74.76.
As of closing on Thursday, the rupee had modest gains for the week.
“Domestic equity markets seem to be cheering vaccine developments, but watching Yuan movement will be key for the rupee,” according to Kunal Sodhani of Shinhan Bank India.
Yield on the 10-year government bond opened at 5.802% as compared to Thursday's close of 5.807%.
Within the Bond Markets, traders will focus on government bond auctions worth Rs 30,000 crore. The government intends to sell debt maturing in 2025, 2034 and 2050.
Earnings Reaction: AU Small Finance Bank
- Net Interest Income up 30.4% to Rs 515.8 crore
- Net profit up 5.5% to Rs 200.8 crore
- Provisions up to Rs 181.3 crore from Rs 31.5 crore
- Gross NPA at 1.69% from 1.68% last quarter
- Net NPA At 0.62% from 0.81% last quarter
- Further provisions of Rs 140 crore against the potential impact of Covid-19 this quarter. Total Covid-19 provisions now at Rs 278 crore
- AUM growth of 17% year-on-year
- Complete moratorium availed by 11% of borrowers by on gross advances as on June 30, 2020
- Overall collection efficiency at 90% from 54% in April
- All numbers are standalone and compared on a year-on-year basis
Shares are locked in a 5% upper circuit at Rs 791.8. The stock is up for the seventh straight day and is trading at a four-month high.
Stock Reaction: Sun Pharma
The drugmaker's wholly-owned subsidiary Taro has achieved global resolution of antitrust investigations by the Department of Justice.
Under a deferred prosecution agreement reached, the Department of Justice will file an information for conduct that took place between 2013 and 2015.
If the company adheres to the terms of agreement, including the payment of $205.7 million, the DoJ will dismiss the information at the end of a three-year period, the exchange filing said.
The company has agreed to pay $213.3 million to resolve all claims related to the federal healthcare programs.
Shares gained as much as 4.6% to Rs 497.8. It is the top gainer on the Nifty 50 index and is up for the second straight day.
Coronavirus India Updates
- India reports biggest single-day rise in new Covid-19 cases
- 49,310 cases reported in the last 24 hours
- Total confirmed cases now at 12,87,945
- Active cases at 4,40,135
- Number of people cured / discharged / migrated at 8,17,209
- Death toll rises to 30,601
- 740 deaths reported in the last 24 hours
- 34,602 patients recovered in the last 24 hours - biggest single-day recovery
Stock Reaction: INEOS Styrolution
Promoters of the company - INEOS Styrolution APAC have decided to reject the discovered delisting price of Rs 1,100 per equity share, an exchange filing said.
The price was determined pursuant to the book building process. The promoter has also decided not to make any counter offer.
Shares are locked in a 20% lower circuit at Rs 700.45, down for the second straight day. This is the biggest single-day drop for the stock since 1992.
Opening Bell: Markets Open Lower
Indian equity markets opened the final trading week with losses, in-line with its global peers. Despite this, benchmark indices remain higher on a weekly basis.
The S&P BSE Sensex opened 0.5% lower at 37,949 while the NSE Nifty 50 fell below the 11,200 mark in opening trading, down 0.6% at 11,149.
As of closing on Thursday, the Sensex had gained 3% while the Nifty was up 2.9% for the week.
All sectoral indices barring the Nifty Pharma (up 0.6%) opened with losses. The Nifty Bank and Nifty Auto opened 1% lower while Nifty Metal and Nifty PSU Bank opened with losses of 0.9%.
Broader markets opened in-line with the benchmarks. The midcap index opened 0.4% lower while the smallcap index fell 0.3% at the start of trade.
Market breadth opened in favour of the laggards. 864 stocks on the National Stock Exchange opened with losses while 526 stocks gained.
Latest On The Coronavirus
- Global cases cross 15.3 million
- Death toll rises to 6.26 lakh
- South Korea reports 41 new cases
- Cases in the U.S. cross 4 million
- Australia's Victoria reports 300 new cases on friday; death toll rises to 55.
- Brazil reports 59,961 new cases - second highest on record and 1,311 deaths
- 8,438 cases reported in Mexico with 718 deaths
- South Africa cases cross 4 lakh; schools shut
- WHO says more than 10,000 health workers in Africa infected
Top Reads On Bloombergquint.com
How Did The Fund Flows Fare On Thursday
Key Stocks In Focus
- Wipro: Signs definitive agreement to acquire 4C - One of the largest salesforce partners in the U.K., Europe and the Middle East for 68 million Euros. The transaction is expected to be completed in the quarter ending September 30. Wipro has an established salesforce business in the Americas, Japan and Australia which was reinforced with the acquisition of Appirio in 2016.
- Biocon: Revenue up 14.5% while net profit weighed down by higher taxes falls 26% as compared to the same period last year. Generics and Biosimilars business revenue rises 16% and 19% respectively.
- ABB India: Revenue falls 43% while net profit declines 77% from last year. All segments see revenue de-growth during the quarter.
- AU Small Finance Bank: Net Interest Income up 30.4% while net profit rises 5.5% year-on-year. Asset quality is stable. Further provision of Rs 140 crore against potential impact of Covid-19. Complete moratorium availed by 11% of the borrowers by as on June 30.
- Mphasis: Revenue declines 2.5% while net profit falls 22% from the previous quarter. Ebit fell 6.3% while margins stood at 15.7% from 16.3% last quarter.
- Yes Bank: Board approves allotment of 1,250.4 crore shares of face of Rs 2 per share worth Rs 15,000 crore. Paid-up equity capital rises to Rs 5,011 crore from Rs 2,510 crore, post the offer.
- Future Consumer: Promoter future capital investment invoked pledge of 6.19 crore shares between April 30-July 22. Promoter stake now falls to 42.19% from 45.32%.
- PNC Infratech: Gets Letter of Acceptance (LoA) from the NHAI for two EPC projects for an aggregate contract of Rs 1,547.8 crore.
- Nifty Earnings Today: Asian Paints, ITC, JSW Steel, Zee Entertainment
- Non-Nifty Earnings Today: Ambuja Cements, Atul, CCL Products, Coromandel International, Crompton Greaves Consumer, GHCL, TCI Express, Welspun India
For all that you need to know going into trade, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
U.S. Markets On Thursday
- Benchmark indices snap four-day gaining streak
- S&P 500 fell from a four-month high while Nasdaq fell to a two-week low.
- U.S. Jobless claims rose unexpectedly for the first time since March
- Amazon, Apple shares fell over 3% each
- Labour market is very fragile according to analysts
- Bloomberg Dollar Spot Index fell 0.1%
- Yield on the 10-year treasuries stood at 0.58% - lowest in three months.
- West Texas Intermediate crude fell 1.6% to $41.24 per barrel. It currently trades flat.
Get your daily fix of the global markets here.
A Volatile Day In Store?
Good Morning!
Indian equity markets resumed gains on Thursday, and are set to post a sixth straight weekly advance—the longest such streak since April 2019.
The S&P BSE Sensex and the NSE Nifty 50 Index have risen about 3% so far this week.
But the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.5% to 11,169 as of 8:05 a.m. on Friday.
Four Nifty 50 companies — Asian PaintsLtd., ITC Ltd., Zee Entertainment Enterprises Ltd. and JSW Steel Ltd. — will report their first-quarter earnings on Friday.
Asian markets are retreating after benchmarks on Wall Street ended lower on Thursday. China, Hong Kong and Australian shares have opened lower, while those in Japan remain shut due to a holiday.
Futures on the Dow Jones are little changed. The index ended 1.3% lower on Thursday.
West Texas Intermediate crude rose 0.3% to $41.2 per barrel, while gold headed toward the $1,900/Oz mark.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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