Sensex, Nifty Post Worst One-Day Fall In A Month On Global Woes

Indian equity benchmarks registered their worst fall in over a month following the declines in Asian peers as turmoil in Hong Kong and Argentina spooked investors.

The S&P BSE Sensex ended 623.75 points or 1.66 percent lower at 36,958.16 and the NSE Nifty 50 closed 1.65 percent lower at 10,925.85. The broader markets represented by the NSE Nifty 500 ended 1.9 percent lower.

The markets will not see an upmove until the the government announces some relief measures concerning few industries and foreign portfolio investors, according to Avinash Gorakshakar, head of research at Joindre Capital Services

“The markets are expected to remain under the ‘bear hug’ and is difficult to predict a strong bounce back until the announcement from the government,” Gorakshakar told BloombergQuint in an interview.

Commenting on how to play in markets, BNP Paribas Securities’ Head of Equity Research Abhiram Eleswarapu suggested that the investors need to be very selective while investing in mid- and small-cap stocks.

“Most mid-cap stocks’ estimates are built around a story that may differ from the ground reality,” Eleswarapu told BloombergQuint in an interaction.

The market breadth was tilted in favour of sellers. About 1,228 stocks declined and 550 shares advanced on National Stock Exchange.

All the 11 sectoral gauges compiled by National Stock Exchange declined, led by the NSE Nifty Auto Index’s 3.9 percent fall.

Shares of Mahindra & Mahindra fell as much as 6.5 percent, the most in 10 months to Rs 510.25, the lowest since April 2014.

The stock traded at 12 times its estimated earnings per share for the coming year, Bloomberg data showed.

Zee Entertainment Enterprises Ltd. today said that the company complete the acquisition of the remaining 26 percent stake in Zee-Turner, according to its stock exchange filing.

Shares of Tata Steel extended declines for the fourth consecutive trading session to trade at their lowest levels since November 2016.

Indian equity benchmarks were trading at day’s low, led by the declines in HDFC twins, Infosys Ltd. and ITC Ltd.

The S&P BSE Sensex fell over 600 points or 1.62 percent to 36,971 as of 2:55 p.m. and the NSE Nifty 50 fell 1.57 percent to 10,936.40. The broader markets represented by the NSE Nifty 500 Index fell 1.6 percent.

The market breadth was tilted in favour of sellers. About 1,245 stocks declined and 523 shares advanced on National Stock Exchange.

Godfrey Phillips

• Stock hit 20 percent upper circuit at Rs 850.70.
• Revenue rose 40 percent to Rs 841 crore.
• Net profit rose 2.1 times to Rs 118 crore.
• Ebitda rose 2 times to Rs 201 crore.
• Margin stood at 23.9 percent versus 16.5 percent.
• Other expenses as a percent of sales stood at 15 percent versus 21 percent.
• Ad expenses rose 49 percent to Rs 40 crore.
• Cigarette Revenue rose 41 percent to Rs 750 crore.
• Cigarette EBIT rose 119 percent to Rs 188.6 crore.

Reliance Nippon

• Stock fell as much as 12.2 percent, the most to Rs 260, the highest in over a year.
• Shares rose the most in over three months.

Century Ply

• Stock rose as much as 6.3 percent to Rs 134.60.
• CLSA upgraded the stock rating to ‘Buy’ from ‘Sell’.
• The research firm increased price target to Rs 168 from Rs 159, implying a potential upside of 25 percent from the current market price.

Narayana Hrudayalaya

• Stock rose as much as 11.1 percent.
• Stock gains for the fifth consecutive trading session.
• Trading volume was more than 20 times its 20-day average.

About 15 lakh shares of Bharat Heavy Electricals Ltd. changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

The investors need to be very selective while investing in mid- and small-cap stocks, according to BNP Paribas Securities’ Head of Equity Research Abhiram Eleswarapu.

“Most mid-cap stocks estimates are built around a story that may differ from the ground reality,” Eleswarapu told BloombergQuint in an interaction.

Tata Motors Ltd.’s group global wholesales declined 14 percent on a yearly basis to 78,600 in July, according to its stock exchange filing.

Shares of the JLR owner rose 0.94 percent to Rs 123.20 after the announcement.

Bosch’s profit during the three months ended June fell 35 percent year-on-year to Rs 280 crore, according to tis stock exchange filing.

Key earnings highlights (Q1, YoY)

• Revenue down 13.5 percent to Rs 2,778.8 crore.
• Ebitda down 23.1 percent to Rs 482.9 crore.
• Margin at 17.4 percent versus 19.6 percent.
• Exceptional loss of Rs 82 crore in the current quarter.

Shares of Info Edge fell as much as 2.9 percent to Rs 2,142.70 after the company announced June quarter results.

Key earnings highlights (Q1, YoY)

• Net loss at Rs 187.58 crore versus loss of Rs 18.57 crore
• Revenue at Rs 319.73 crore versus Rs 277 crore

Indian equity benchmarks were trading at day’s low.

The S&P BSE Sensex fell over 300 points to 37,273 as of 1:30 p.m. and the NSE Nifty 50 fell 0.77 percent to 11,023. The broader markets represented by the NSE Nifty 500 Index fell 0.9 percent.

The market breadth was tilted in favour of sellers. About 1,155 stocks declined and 585 shares advanced on National Stock Exchange as of 2 p.m.

The Indian rupee weakened for the second consecutive trading session against the U.S. dollar. The home currency depreciated as much as 0.67 percent to 71.26 against the greenback, the lowest since Feb. 28, 2019.

“The weakness in the local legal tender was triggered by the developments in Argentina last night, and the disappointment from a lack of rollback on foreign investor tax,” Bloomberg reported quoting Anindya Banerjee, currency analyst at Kotak Securities.

Shares of Yes Bank fell as much as 10.7 percent, the most in two weeks to Rs 73.40, the lowest since March 2014.

The stock was the worst performer on Sensex and Nifty. The stock has declined 79 percent in the past 12 months compared to a 0.5 percent fall in the 31-stock index.

Of the shares traded, 49 percent were at the ask price and 43 percent were at the bid, Bloomberg data showed.

Shares of the telecom operators declined in today’s trade after Reliance Industries’ Chairman and Managing Director Mukesh Ambani outlined future plans for Jio at its 42nd annual general meeting on Monday.

Shares of Vodafone Idea fell 5.6 percent while Bharti Airtel declined 5.2 percent. Shares of MTNL and Tata Communications fell 4.6 percent and 3.5 percent respectively.

Key announcements on Jio:

• Reliance Industries to commercially launch Jio Fiber broadband services pan-India from Sept. 5.
• RIL plans to list Jio, Reliance Retail over the next five years
• Jio and Microsoft tie up for cloud centres using Azure.

Read the full text to Mukesh Ambani’s speech to shareholders at RIL’s AGM here.

Indian equity benchmarks struggled to recover as they were offset by the losses in HDFC twins.

The S&P BSE Sensex fell 0.4 percent to 37,419 as of noon and the NSE Nifty 50 fell 0.39 percent to 11,065. The broader markets represented by the NSE Nifty 500 Index fell 0.53 percent.

Indian investors may accumulate small- and mid-cap stocks over the next six to 18 months, Nilesh Shah, managing director at Kotak AMC Ltd. told BloombergQuint in an interaction.

Key highlights from the conversation:

• Global cues will remain uncertain due to U.S. elections and Fed policy in the near term, however, India needs to fix its own economy to buck the trend.
• Liquidity has turned positive from May 2019. Excess liquidity will fuel growth if the same condition persists and it peculates to borrowers.
• Heavy taxation burden on entrepreneurs must be addressed. India spent $22 billion in last year on coal imports despite having large reserves domestically. This calls for revamp of the country’s mining policy that can potentially create jobs.
• Credit constraints visible among corporates. Rs 70,000 banking recap could be advanced in order to fill the gap.
• Improvement of governance structure in state-owned banks can put forward credit flow in the economy.

Ten out of 11 sectoral gauges compiled by National Stock Exchange traded lower, led by the NSE Nifty Auto Index’s 1.8 percent fall. On the flipside, the NSE Nifty Media Index was only top sectoral gainer, up 0.9 percent.

Passenger vehicle sales declined 31 percent on a yearly basis to two lakh units in July, according to data released by Society of Indian Automobile Manufacturers.

Key sales highlights (YoY)

• Passenger car sales fell 35.9 percent to 1.22 lakh units.
• Domestic two-wheeler sales fell 16.8 percent to 15.11 lakh units.
• Domestic truck and bus sales fell 25.7 percent to 56,866 units.

About 20.8 lakh shares changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

The 50-stock index should be treated with caution if it falls below 11,000, according to Geojit Financial Services.

“A move past 200-day moving average (11,167) is required to continue the positive moves aiming 11,290. On the other hand, if 11,167 continues to pose resistance, there might be a correction aiming 11,000,” The homegrown research firm said in a report.

Nifty’s 11,000 put option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the weekly contract which is set to expire on Thursday fell 44.38 percent to Rs 19.30. Over 6.71 lakh shares were added to the open interest which stood at over 23.12 lakh shares.

Shares of Bharat Forge fell as much as 5.4 percent to Rs 406 after the company announced June quarter results.

Key Earnings Highlights (Q1, YoY)

• Revenue down 4 percent to Rs 2,413 crore.
• Net profit fell 28 percent to Rs 173 crore.

Indian equity benchmarks traded lower after fluctuating between gains and losses in the opening trade.

The S&P BSE Sensex fell 160 points or 0.4 percent to 37,424.35 as of 10 a.m. and the NSE Nifty 50 fell 0.34 percent to 11,071. The broader markets represented by the NSE Nifty 500 fell 0.4 percent.

Suprajit Engineering (Q1, YoY)

• Stock fell as much as 3.3 percent to Rs 146.15.
• Revenue was flat at Rs 363.3 crore.
• Net profit fell 14 percent to Rs 24.8 crore.
• Ebitda fell 7 percent to Rs 51.6 crore.
• Margin stood at 14.2 percent versus 15.3 percent.

Chambal Fertilizers (Q1, YoY)

• Stock rose as much as 1.5 percent to Rs 150.05.
• Revenue rose 30 percent to Rs 2,871 crore.
• Net profit rose 6 percent to Rs 164 crore.
• Ebitda rose 92 percent to Rs 447.9 crore.
• Margin stood at 15.6 percent versus 10.6 percent.
• Finance cost stood at Rs 134 crore versus Rs 42 crore.
• Paid deferred Tax of Rs 33 crore.

Godfrey Phillips (Q1, YoY)

• Stock rose as much as 19 percent to Rs 850.70.
• Revenue rose 40 percent to Rs 841 crore.
• Net profit rose 2.1 times to Rs 118 crore.
• Ebitda rose 2 times to Rs 201 crore.
• Margin stood at 23.9 percent versus 16.5 percent.
• Other expenses as a percent of sales stood at 15 percent versus 21 percent.
• Ad expenses rose 49 percent to Rs 40 crore.
• Cigarette Revenue rose 41 percent to Rs 750 crore.
• Cigarette EBIT rose 119 percent to Rs 188.6 crore.

Divi’s Lab (Q1, YoY)

• Stock fell as much as 9.2 percent to Rs 1,512.
• Revenue rose 17 percent to Rs 1,163 crore.
• Net profit rose 2 percent to Rs 272 crore.
• Ebitda rose 10 percent to Rs 387 crore.
• Margin stood at 33.3 percent versus 35.4 percent.

Godawari Power & Ispat (Q1, YoY)

• Stock rose as much as 11.9 percent to Rs 189.95.
• Revenue rose 16 percent to Rs 833 crore.
• Net profit fell 1 percent to Rs 56.9 crore.
• Ebitda fell 5 percent to Rs 174 crore.
• Margin stood at 20.9 percent versus 25.5 percent.

Reliance Naval (Q1, YoY)

• Stock fell as much as 2.7 percent to Rs 1.8.
• Revenue fell 25 percent to Rs 26 crore.
• Net loss stood at Rs 370.9 crore versus net loss of Rs 361.3 crore.
• Ebitda profit of Rs 3.6 crore versus Ebitda loss of Rs 1 crore.

Lumax Auto (Q1, YoY)

• Stock rose as much as 4.9 percent to Rs 87.75.
• Revenue rose 3 percent stood to Rs 287 crore.
• Net profit fell 25 percent to Rs 11.5 crore.
• Ebitda fell 11 percent to Rs 24.5 crore.
• Margin stood at 8.5 percent versus 9.9 percent.

Future Enterprises (Q1, YoY)

• Stock rose as much as 12.1 percent to Rs 30.55.
• Revenue rose 5.2 percent to Rs 1,414.7 crore.
• Net loss stood at Rs 10.5 crore versus net loss of Rs 21.1 crore.
• Ebitda rose 27.2 percent to Rs 384.6 crore.
• Margin stood at 27.2 percent versus 22.5 percent.

NIIT (Q1, YoY)

• Stock rose as much as 2.9 percent to Rs 100.80.
• Revenue fell 1.9 percent to Rs 210.3 crore.
• Net profit stood at Rs 1,090.4 crore versus Rs 17.9 crore.
• Ebitda rose 21.8 percent to Rs 21.2 crore.
• Margin stood at 10.1 percent versus 8.1 percent.
• Exceptional gain of Rs 1,291.2 crore in current quarter due to gain on the sale of investment in associate.

Finolex Industries (Q1, YoY)

• Stock fell as much as 4.1 percent to Rs 512.
• Revenue rose 14 percent to Rs 943.8 crore.
• Net profit fell 34.8 percent to Rs 73.2 crore.
• Ebitda fell 36.3 percent to Rs 123.6 crore.
• Margin stood at 13.1 percent versus 23.4 percent.

APL Apollo Tubes (Q1, YoY)

• Stock fell as much as 2.1 percent to Rs 1,298.
• Revenue rose 28.1 percent to Rs 2,071.6 crore.
• Net profit rose 10.6 percent to Rs 52 crore.
• Ebitda rose 2.5 times to Rs 125 crore.
• Margin stood at 6 percent versus 3 percent.

Munjal Auto (Q1, YoY)

• Stock fell as much as 5.4 percent to Rs 32.70.
• Revenue was flat at Rs 301 crore.
• Net profit fell 53.3 percent to Rs 4.3 crore.
• Ebitda fell 46.4 percent to Rs 14.2 crore.
• Margin stood at 4.7 percent versus 8.8 percent.
• Employee expenses rose 38 percent to Rs 25.6 crore.

Atul Auto (Q1, YoY)

• Stock rose as much as 3.1 percent to Rs 230.
• Revenue rose 7.6 percent to Rs 147.7 crore.
• Net profit rose 9.7 percent to Rs 11.3 crore.
• Ebitda rose 23 percent to Rs 18.2 crore.
• Margin stood at 12.3 percent versus 10.8 percent.

BPCL (Q1, QoQ)

• Stock rose as much as 3.3 percent to Rs 357.85.
• Revenue rose 3.1 percent to Rs 76,317.9 crore. (estimate Rs 76,935 crore)
• Net profit fell 65.6 percent to Rs 1,075.1 crore. (estimate Rs 988 crore)
• Ebitda fell 54.6 percent to Rs 2,179.8 crore. (estimate Rs 2,001 crore)
• Margin stood at 2.9 percent versus 6.5 percent. (estimate Rs 2.6 percent)
• GRM stood at $2.81/bbl versus $2.74/bbl (estimate $2.96/bbl).
• Other income fell 49 percent to Rs 538.5 crore.

SAIL (Q1, YoY)

• Stock fell as much as 2.2 percent to Rs 37.95.
• Revenue fell 6.8 percent to Rs 14,820 crore. (estimate 15,010 crore)
• Net profit fell 87.3 percent to Rs 68.8 crore. (estimate net loss at Rs 140 crore)
• Ebitda fell 38.6 percent to Rs 1,582 crore. (estimate Rs 1,397.7 crore)
• Margin stood at 10.7 percent versus 16.2 percent.

Oil India (Q1, YoY)

• Stock fell as much as 2.3 percent to Rs 821.55.
• Revenue were flat at Rs 3,373.4 crore. (estimate Rs 3400 crore)
• Net profit fell 11.1 percent to Rs 624.8 crore. (estimate Rs 716.7 crore)
• Ebitda fell 3.9 percent to Rs 1,353.2 crore. (estimate Rs 1387.3 crore)
• Margin stood at 40.1 percent versus 41.5 percent.

NHPC (Q1, YoY)

• Stock rose as much as 3.6 percent to Rs 22.85.
• Revenue rose 12.5 percent to Rs 2,610 crore.
• Net profit rose 17.7 percent to Rs 930.9 crore.
• Ebitda rose 14.2 percent to Rs 1629 crore.
• Margin stood at 62.4 percent versus 61.5 percent.

Arvind Fashions (Q1, YoY)

• Stock fell as much as 13.4 percent to Rs 486.
• Revenue fell 10.5 percent to Rs 900.9 crore.
• Net loss stood at Rs 97.6 crore versus net loss of Rs 15.9 crore.
• Ebitda fell 50.7 percent to Rs 19.8 crore.
• Margin stood at 2.2 percent versus 4 percent.

Bharat Heavy Electricals (Q1, YoY)

• Stock fell as much as 5.4 percent to Rs 53.85.
• Revenue fell 23.7 percent to Rs 4,531 crore. (estimate Rs 6,345.4 crore)
• Net loss stood at Rs 216.3 crore versus net profit of Rs 155.6 crore. (estimate Rs 175 crore profit)
• Ebitda loss stood at Rs 266.7 crore versus Ebitda gain of Rs 287.2 crore. (estimate Ebitda gain of Rs 327.4 crore)

Sun TV Network (Q1, YoY)

• Stock fell as much as 3.2 percent to Rs 435.30.
• Revenue fell 1.7 percent to Rs 1,101.4 crore. (estimate Rs 1,099.7 crore)
• Net profit fell 6.6 percent to Rs 381.9 crore. (estimate Rs 394.6 crore)
• Ebitda fell 7 percent to Rs 683 crore. (estimate Rs 698 crore)
• Margin stood at 62 percent versus 65.6 percent.
• Operating expenses double, But IPL Franchisee fees and other expenses fall.

Himatsingka Seide (Q1, YoY)

• Stock rose as much as 2.8 percent to Rs 142.50.
• Revenue rose 9.8 percent to Rs 639.5 crore.
• Net profit rose 1.6 percent to Rs 45.3 crore.
• Ebitda rose 19.5 percent to Rs 138.1 crore.
• Margin stood at 21.6 percent versus 19.8 percent.
• Other income of Rs 18.8 crore in base quarter.

Prataap Snacks (Q1, YoY)

• Stock rose as much as 1.9 percent to Rs 799.95.
• Revenue rose 23.23 percent to Rs 331 crore.
• Net profit fell 6.7 percent to Rs 9.7 crore.
• Ebitda rose 50.8 percent to Rs 27.3 crore.
• Margin stood at 8.2 percent versus 6.7 percent.

Inox Wind (Q1, YoY)

• Stock fell as much as 5.3 percent to Rs 46.75.
• Revenue fell 39.7 percent to Rs 259.6 crore.
• Net loss at Rs 14.3 crore versus net profit of Rs 10.4 crore.
• Ebitda fell 49.3 percent to Rs 34.5 crore.
• Margin stood at 13.3 percent versus 15.8 percent.

Reliance Communications (Q1, QoQ)

• Stock rose as much as 3.9 percent to Rs 1.4
• Revenue fell 10.1 percent to Rs 865 crore.
• Net loss at Rs 366 crore versus net loss of Rs 7,767 crore.
• Ebitda profit at Rs 59 crore versus Ebitda loss of Rs 1 crore.
• High provisions and impairments recorded in base quarter.

TTK Prestige (Q1, YoY)

• Stock rose as much as 2.7 percent to Rs 6,179.95.
• Revenue rose 2.8 percent to Rs 461 crore.
• Net profit rose 0.9 percent to Rs 35.8 crore.
• Ebitda rose 0.8 percent to Rs 56.2 crore.
• Margin stood at 12.2 percent versus 12.4 percent.

Graphite India (Q1, YoY)

• Stock fell as much as 10.9 percent to Rs 281.80.
• Revenue fell 50.8 percent to Rs 967 crore.
• Net profit fell 77 percent to Rs 220 crore.
• Ebitda fell 79.5 percent to Rs 295 crore.
• Margin stood at 30.5 percent versus 73.1 percent.

Embassy Office Parks REIT (Q1, YoY)

• Stock rose as much as 2.1 percent to Rs 364.85.
• Revenue rose 19 percent to Rs 535.1 crore.
• Net Income rose 19 percent to Rs 452.8 crore.
• Declared distribution of Rs 5.4 unit for June quarter (Record Date Aug. 21).
• Occupancy as on June at 94.3 percent on 24.8 million square feet completed office portfolio.

Shankara Building Products (Q1, YoY)

• Stock rose as much as 2.9 percent to Rs 270.90.
• Revenue fell 18.6 percent to Rs 639.3 crore.
• Net profit fell 65.1 percent to Rs 6.8 crore.
• Ebitda fell 36.3 percent to Rs 31.1 crore.
• Margin stood at 4.9 percent versus 6.2 percent.

Muthoot Finance (Q1, YoY)

• Stock fell as much as 5.3 percent to Rs 613.80.
• Net interest income rose 9.2 percent to Rs 1,293.5 crore.
• Net profit rose 8.4 percent to Rs 556 crore.
• Gross loan assets rose 18 percent to Rs 40,228 crore.

Alkem Laboratories (Q1, YoY)

• Stock rose as much as 2.1 percent to Rs 1,799.
• Revenue rose 11.5 percent to Rs 1,849.5 crore.
• Net profit rose 36.1 percent to Rs 185.4 crore.
• Ebitda rose 29.7 percent to Rs 264.4 crore.
• Margin stood at 14.3 percent versus 12.3 percent.

Motherson Sumi (Q1, YoY)

• Stock fell as much as 5.4 percent to Rs 101.55.
• Revenue rose 14 percent to Rs 16,557 crore.
• Net Profit fell 25 percent to 332 crore.
• Adjusted Ebitda fell 16.5 percent to Rs 1,188 crore.
• Margin stood at 7.2 percent versus 9.8 percent.

Century Textiles and Industries (Q1, YoY)

• Stock fell as much as 2.6 percent to Rs 885.60.
• Revenue fell 10 percent to Rs 874 crore.
• Net profit rose 11 percent to Rs 180.6 crore.
• Ebitda fell 30 percent to Rs 181 crore.
• Margin stood at 20.7 percent versus 26.7 percent.
• Profits from discontinued operations rose 2.7 times to Rs 113.5 crore.

JBM Auto (Q1, YoY)

• Stock fell as much as 4.7 percent to Rs 143.10.
• Revenue fell 5 percent to Rs 398 crore.
• Net profit fell 26 percent to Rs 15.1 crore.
• Ebitda fell 6.5 percent to Rs 48 crore.
• Margin stood at 12.1 percent versus 12.2 percent.

Safari Industries (Q1, YoY)

• Stock fell as much as 4.5 percent to Rs 539.
• Revenue rose 29 percent to Rs 203 crore.
• Net profit fell 29 percent to Rs 8.6 crore.
• Ebitda fell 5 percent to Rs 20.7 crore.
• Margin stood at 10.2 percent versus 13.8 percent.

Shares of Balkrishna Industries fell as much as 5.6 percent, the most since Feb. 08, to Rs 728.70.

The company’s board has decided to call off $100 million investment in its green field tyre project in U.S. in abeyance due to challenging business environment.

Besides, the company announced its quarterly results for the three months ended June.

Key earnings highlights (Q1, YoY)

• Revenue fell 11 percent to Rs 1,198 crore.
• Net profit fell 22 percent to Rs 176 crore.
• Ebitda fell 24 percent to Rs 268 crore.
• Margin stood at 22.3 percent versus 26.2 percent.

Shares of NTPC fell as much as 5.5 percent to Rs 114.75 after the company announced June quarter results.

Key earnings highlights (Q1, YoY)

• Revenue rose 6.5 percent to Rs 24,192 crore. (estimate Rs23,503 crore)
• Net profit rose 0.5 percent to Rs 2,602 crore. (estimate 2830 crore)
• Ebitda rose 8 percent to Rs 6,452 crore. (estimate Rs 6,587.8 crore)
• Margin at 26.7 percent versus 26.2 percent. (estimate 28 percent)
• Finance cost rose 28 percent to Rs 1,565 crore.
• Revenue from generation rose 7 percent to Rs 23,516 crore.
• EBIT from generation rose 0.5 percent to Rs 5,486 crore.

Shares of Reliance Industries rose as much as 9.3 percent, the most since February 2017. The stock was the best performer on Sensex and Nifty.

The company’s Chairman and Managing Director Mukesh Ambani outlined the company’s achievements over the past year and future goals at its 42nd annual general meeting on Monday.

Key announcements at the AGM:

• Reliance Industries and Saudi Aramco signed non-binding letter of intent to acquire 20 percent stake in company’s oil to chemicals division, which is value at $75 billion.
• The company aims to be debt-free over the next 18 months by raising funds and selling stake in its various businesses.
• RIL’s telecom unit—Reliance Jio Infocomm Ltd. has agreed to ally with Microsoft Inc. to accelerate digital transformation with the launch of new cloud data centres.
• The company’s Chairman and Managing Director Mukesh Ambani announced the roll out of Jio GigaFiber from Sept. 5, that will offer free voice calls for life from landline phones, high speed broadband of minimum speed of 100 MB per second and free high definition TV and dish with minimum monthly subscription of Rs 700.
• Reliance Jio and Microsoft announced 10 year alliance to accelerate digital strategic program for technology based services.
• British energy giant BP Plc will pay about Rs 7,000 crore for acquiring a 49 percent stake in Reliance Industries Ltd.’s fuel retailing network.

Read the full text to Mukesh Ambani’s speech to shareholders at RIL’s AGM here.

Indian equity benchmarks fluctuated between gains and losses in the opening trade as the gains in Reliance Industries Ltd. were offset by the losses in HDFC twins.

The S&P BSE Sensex fell 0.33 percent to 37,445 as of 9:17 a.m. and the NSE Nifty 50 fell 0.42 percent to 11,063. The broader markets represented by the NSE Nifty 500 Index fell 0.44 percent.

The market breadth was tilted in favour of sellers. About 769 stocks declined and 657 shares advanced on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 1.7 percent fall.

August Futures

• Nifty futures closed at 11,122.9, premium of 13 points versus 31 points.
• Nifty futures open interest down 3 percent, sheds 5.7 lakh shares in open interest.
• Bank Nifty futures closed at 28,474, premium of 42 points versus 129 points.
• Bank Nifty futures open interest down 12 percent, sheds 2 lakh shares in open interest.

Options

• Nifty PCR at 1.24 versus 1.21 (across all series).

Nifty Weekly Expiry Aug. 14

• Max open interest on call side at 11,200 (20.2 lakh shares).
• Max open interest on put side at 11,000 (16.4 lakh shares).
• Max open interest addition seen in 11,100P (+12.3 lakh shares), 11,200C (+10.8 lakh shares).
• open interest shedding seen at 11,000C (-4.6 lakh shares), 10,900C (-1.3 lakh shares).

Nifty Monthly Expiry Aug. 29

• Max open interest on call side at 11,500 (23.9 lakh shares).
• Max open interest on put side at 11,000 (33 lakh shares).

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.55 percent to 71.18 against the greenback.

Asian indexes are deep in the red while South Korean won too is down 0.2 percent. Dealers see the pair in a range of 71-71.50 a dollar in the day.

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex 1.3 percent to 38,073 during the pre-market trade and the NSE Nifty 50 rose 0.49 percent to 11,064.

Nifty Earnings To Watch

• Coal India
• ONGC
• Sun Pharma

Other Earnings To Watch

• Power Finance Corporation
• NALCO
• NMDC
• Rain Industries
• Godrej Industries
• Manappuram Finance
• Apollo Hospitals
• Glenmark Pharmaceuticals
• Bosch
• Chalet Hotels
• Dr. Lal Path Labs
• Info Edge
• IPCA Laboratories
• Bharat Forge
• Blue Star
• RITES
• A2Z Infra Engineering
• Aarti Industries
• Dixon Technologies
• Alembic
• Amrutanjan Health Care
• Kaveri Seed Company
• Essel Propack
• Hindustan Aeronautics
• MSTC
• Hotel Leela Venture
• Amtek Auto
• Apex Frozen Foods
• Ashoka Buildcon
• Redington
• Balmer Lawrie & Company
• Bharat Road Network
• Bodal Chemicals
• D B Realty
• Dai-Ichi Karkaria
• Dcm Shriram Industries
• Dishman Carbogen Amcis
• Electrosteel Castings
• Everest Kanto Cylinder
• Excel Industries
• Federal-Mogul Goetze (India)
• Reliance Home Finance
• Reliance Infrastructure
• Fine Organic Industries
• Gabriel India
• Gallantt Ispat
• Gic Housing Finance
• GMM Pfaudler
• Gujarat Narmada Valley
• JB Chemicals & Pharmaceuticals
• Fertilizers and Chemicals
• Hi-Tech Pipes
• Indian Terrain Fashions
• Indoco Remedies
• Kwality
• Majesco
• Man Infraconstruction
• MEP Infrastructure Developers
• Mercator
• Nagarjuna Fertilizers and Chemicals
• Neuland Laboratories
• Omax Autos
• Orient Refractories
• Sanghi Industries
• Saregama India
• Setco Automotive
• Shilpa Medicare
• Sintex Industries
• Solara Active Pharma Sciences
• Sundaram Brake Linings
• Talwalkars Better Value  Fitness
• Tamil Nadu Newsprint & Papers
• Texmo Pipes and Products
• UFLEX
• UFO Moviez
• Tide Water Oil
• Vakrangee
• WABCO India

Earnings Reaction To Watch

NTPC (Q1, YoY)

• Revenue rose 6.5 percent to Rs 24,192 crore. (estimate Rs23,503 crore)
• Net profit rose 0.5 percent to Rs 2,602 crore. (estimate 2830 crore)
• Ebitda rose 8 percent to Rs 6,452 crore. (estimate Rs 6,587.8 crore)
• Margin at 26.7 percent versus 26.2 percent. (estimate 28 percent)
• Finance cost rose 28 percent to Rs 1,565 crore.
• Revenue from generation rose 7 percent to Rs 23,516 crore.
• EBIT from generation rose 0.5 percent to Rs 5,486 crore.

Balkrishna Industries (Q1, YoY)

• Revenue fell 11 percent to Rs 1,198 crore.
• Net profit fell 22 percent to Rs 176 crore.
• Ebitda fell 24 percent to Rs 268 crore.
• Margin stood at 22.3 percent versus 26.2 percent.

Suprajit Engineering (Q1, YoY)

• Revenue was flat at Rs 363.3 crore.
• Net profit fell 14 percent to Rs 24.8 crore.
• Ebitda fell 7 percent to Rs 51.6 crore.
• Margin stood at 14.2 percent versus 15.3 percent.

Chambal Fertilizers (Q1, YoY)

• Revenue rose 30 percent to Rs 2,871 crore.
• Net profit rose 6 percent to Rs 164 crore.
• Ebitda rose 92 percent to Rs 447.9 crore.
• Margin stood at 15.6 percent versus 10.6 percent.
• Finance cost stood at Rs 134 crore versus Rs 42 crore.
• Paid deferred Tax of Rs 33 crore.

Godfrey Philips (Q1, YoY)

• Revenue rose 40 percent to Rs 841 crore.
• Net profit rose 2.1 times to Rs 118 crore.
• Ebitda rose 2 times to Rs 201 crore.
• Margin stood at 23.9 percent versus 16.5 percent.
• Other expenses as a percent of sales stood at 15 percent versus 21 percent.
• Ad expenses rose 49 percent to Rs 40 crore.
• Cigarette Revenue rose 41 percent to Rs 750 crore.
• Cigarette EBIT rose 119 percent to Rs 188.6 crore.

Divis Lab (Q1, YoY)

• Revenue rose 17 percent to Rs 1,163 crore.
• Net profit rose 2 percent to Rs 272 crore.
• Ebitda rose 10 percent to Rs 387 crore.
• Margin stood at 33.3 percent versus 35.4 percent.

Godawari Power & Ispat (Q1, YoY)

• Revenue rose 16 percent to Rs 833 crore.
• Net profit fell 1 percent to Rs 56.9 crore.
• Ebitda fell 5 percent to Rs 174 crore.
• Margin stood at 20.9 percent versus 25.5 percent.

Reliance Naval (Q1, YoY)

• Revenue fell 25 percent to Rs 26 crore.
• Net loss stood at Rs 370.9 crore versus net loss of Rs 361.3 crore.
• Ebitda profit of Rs 3.6 crore versus Ebitda loss of Rs 1 crore.

Lumax Auto (Q1, YoY)

• Revenue rose 3 percent stood to Rs 287 crore.
• Net profit fell 25 percent to Rs 11.5 crore.
• Ebitda fell 11 percent to Rs 24.5 crore.
• Margin stood at 8.5 percent versus 9.9 percent.

Future Enterprises (Q1, YoY)

• Revenue rose 5.2 percent to Rs 1,414.7 crore.
• Net loss stood at Rs 10.5 crore versus net loss of Rs 21.1 crore.
• Ebitda rose 27.2 percent to Rs 384.6 crore.
• Margin stood at 27.2 percent versus 22.5 percent.

NIIT (Q1, YoY)

• Revenue fell 1.9 percent to Rs 210.3 crore.
• Net profit stood at Rs 1,090.4 crore versus Rs 17.9 crore.
• Ebitda rose 21.8 percent to Rs 21.2 crore.
• Margin stood at 10.1 percent versus 8.1 percent.
• Exceptional gain of Rs 1,291.2 crore in current quarter due to gain on the sale of investment in associate.

Finolex Industries (Q1, YoY)

• Revenue rose 14 percent to Rs 943.8 crore.
• Net profit fell 34.8 percent to Rs 73.2 crore.
• Ebitda fell 36.3 percent to Rs 123.6 crore.
• Margin stood at 13.1 percent versus 23.4 percent.

APL Apollo Tubes (Q1, YoY)

• Revenue rose 28.1 percent to Rs 2,071.6 crore.
• Net profit rose 10.6 percent to Rs 52 crore.
• Ebitda rose 2.5 times to Rs 125 crore.
• Margin stood at 6 percent versus 3 percent.

Munjal Auto (Q1, YoY)

• Revenue was flat at Rs 301 crore.
• Net profit fell 53.3 percent to Rs 4.3 crore.
• Ebitda fell 46.4 percent to Rs 14.2 crore.
• Margin stood at 4.7 percent versus 8.8 percent.
• Employee expenses rose 38 percent to Rs 25.6 crore.

Atul Auto (Q1, YoY)

• Revenue rose 7.6 percent to Rs 147.7 crore.
• Net profit rose 9.7 percent to Rs 11.3 crore.
• Ebitda rose 23 percent to Rs 18.2 crore.
• Margin stood at 12.3 percent versus 10.8 percent.

BPCL (Q1, QoQ)

• Revenue rose 3.1 percent to Rs 76,317.9 crore. (estimate Rs 76,935 crore)
• Net profit fell 65.6 percent to Rs 1,075.1 crore. (estimate Rs 988 crore)
• Ebitda fell 54.6 percent to Rs 2,179.8 crore. (estimate Rs 2,001 crore)
• Margin stood at 2.9 percent versus 6.5 percent. (estimate Rs 2.6 percent)
• GRM stood at $2.81/bbl versus $2.74/bbl (estimate $2.96/bbl).
• Other income fell 49 percent to Rs 538.5 crore.

SAIL (Q1, YoY)

• Revenue fell 6.8 percent to Rs 14,820 crore. (estimate 15,010 crore)
• Net profit fell 87.3 percent to Rs 68.8 crore. (estimate net loss at Rs 140 crore)
• Ebitda fell 38.6 percent to Rs 1,582 crore. (estimate Rs 1,397.7 crore)
• Margin stood at 10.7 percent versus 16.2 percent.

Oil India (Q1, YoY)

• Revenue were flat at Rs 3,373.4 crore. (estimate Rs 3400 crore)
• Net profit fell 11.1 percent to Rs 624.8 crore. (estimate Rs 716.7 crore)
• Ebitda fell 3.9 percent to Rs 1,353.2 crore. (estimate Rs 1387.3 crore)
• Margin stood at 40.1 percent versus 41.5 percent.

NHPC (Q1, YoY)

• Revenue rose 12.5 percent to Rs 2,610 crore.
• Net profit rose 17.7 percent to Rs 930.9 crore.
• Ebitda rose 14.2 percent to Rs 1629 crore.
• Margin stood at 62.4 percent versus 61.5 percent.

Arvind Fashions (Q1, YoY)

• Revenue fell 10.5 percent to Rs 900.9 crore.
• Net loss stood at Rs 97.6 crore versus net loss of Rs 15.9 crore.
• Ebitda fell 50.7 percent to Rs 19.8 crore.
• Margin stood at 2.2 percent versus 4 percent.

Bharat Heavy Electricals (Q1, YoY)

• Revenue fell 23.7 percent to Rs 4,531 crore. (estimate Rs 6,345.4 crore)
• Net loss stood at Rs 216.3 crore versus net profit of Rs 155.6 crore. (estimate Rs 175 crore profit)
• Ebitda loss stood at Rs 266.7 crore versus Ebitda gain of Rs 287.2 crore. (estimate Ebitda gain of Rs 327.4 crore)

Sun TV Networks (Q1, YoY)

• Revenue fell 1.7 percent to Rs 1,101.4 crore. (estimate Rs 1,099.7 crore)
• Net profit fell 6.6 percent to Rs 381.9 crore. (estimate Rs 394.6 crore)
• Ebitda fell 7 percent to Rs 683 crore. (estimate Rs 698 crore)
• Margin stood at 62 percent versus 65.6 percent.
• Operating expenses double, But IPL Franchisee fees and other expenses fall.

Himatsingka Seide (Q1, YoY)

• Revenue rose 9.8 percent to Rs 639.5 crore.
• Net profit rose 1.6 percent to Rs 45.3 crore.
• Ebitda rose 19.5 percent to Rs 138.1 crore.
• Margin stood at 21.6 percent versus 19.8 percent.
• Other income of Rs 18.8 crore in base quarter.

Prataap Snacks (Q1, YoY)

• Revenue rose 23.23 percent to Rs 331 crore.
• Net profit fell 6.7 percent to Rs 9.7 crore.
• Ebitda rose 50.8 percent to Rs 27.3 crore.
• Margin stood at 8.2 percent versus 6.7 percent.

Inox Wind (Q1, YoY)

• Revenue fell 39.7 percent to Rs 259.6 crore.
• Net loss at Rs 14.3 crore versus net profit of Rs 10.4 crore.
• Ebitda fell 49.3 percent to Rs 34.5 crore.
• Margin stood at 13.3 percent versus 15.8 percent.

Reliance Communications (Q1, QoQ)

• Revenue fell 10.1 percent to Rs 865 crore.
• Net loss at Rs 366 crore versus net loss of Rs 7,767 crore.
• Ebitda profit at Rs 59 crore versus Ebitda loss of Rs 1 crore.
• High provisions and impairments recorded in base quarter.

TTK Prestige (Q1, YoY)

• Revenue rose 2.8 percent to Rs 461 crore.
• Net profit rose 0.9 percent to Rs 35.8 crore.
• Ebitda rose 0.8 percent to Rs 56.2 crore.
• Margin stood at 12.2 percent versus 12.4 percent.

Graphite India (Q1, YoY)

• Revenue fell 50.8 percent to Rs 967 crore.
• Net profit fell 77 percent to Rs 220 crore.
• Ebitda fell 79.5 percent to Rs 295 crore.
• Margin stood at 30.5 percent versus 73.1 percent.

Embassy Office Parks REIT (Q1, YoY)

• Revenue rose 19 percent to Rs 535.1 crore.
• Net Income rose 19 percent to Rs 452.8 crore.
• Declared distribution of Rs 5.4 unit for June quarter (Record Date Aug. 21).
• Occupancy as on June at 94.3 percent on 24.8 million square feet completed office portfolio.

Shankara Building Products (Q1, YoY)

• Revenue fell 18.6 percent to Rs 639.3 crore.
• Net profit fell 65.1 percent to Rs 6.8 crore.
• Ebitda fell 36.3 percent to Rs 31.1 crore.
• Margin stood at 4.9 percent versus 6.2 percent.

Muthoot Finance (Q1, YoY)

• Net interest income rose 9.2 percent to Rs 1,293.5 crore.
• Net profit rose 8.4 percent to Rs 556 crore.
• Gross loan assets rose 18 percent to Rs 40,228 crore.

Alkem Labortoories (Q1, YoY)

• Revenue rose 11.5 percent to Rs 1,849.5 crore.
• Net profit rose 36.1 percent to Rs 185.4 crore.
• Ebitda rose 29.7 percent to Rs 264.4 crore.
• Margin stood at 14.3 percent versus 12.3 percent.

Motherson Sumi (Q1, YoY)

• Revenue rose 14 percent to Rs 16,557 crore.
• Net Profit fell 25 percent to 332 crore.
• Adjusted Ebitda fell 16.5 percent to Rs 1,188 crore.
• Margin stood at 7.2 percent versus 9.8 percent.

Century Textiles and Industries (Q1, YoY)

• Revenue fell 10 percent to Rs 874 crore.
• Net profit rose 11 percent to Rs 180.6 crore.
• Ebitda fell 30 percent to Rs 181 crore.
• Margin stood at 20.7 percent versus 26.7 percent.
• Profits from discontinued operations rose 2.7 times to Rs 113.5 crore.

JBM Auto (Q1, YoY)

• Revenue fell 5 percent to Rs 398 crore.
• Net profit fell 26 percent to Rs 15.1 crore.
• Ebitda fell 6.5 percent to Rs 48 crore.
• Margin stood at 12.1 percent versus 12.2 percent.

Safari Industries (Q1, YoY)

• Revenue rose 29 percent to Rs 203 crore.
• Net profit fell 29 percent to Rs 8.6 crore.
• Ebitda fell 5 percent to Rs 20.7 crore.
• Margin stood at 10.2 percent versus 13.8 percent.

• Praxis Home Retail to move into ASM Framework.
• Eveready Industries to move out of ASM Framework.
• SMS Lifesciences India to move into short-term ASM Framework.
• Religare Enterprises Ltd. to move out of short-term ASM Framework.
• NRB Industrial Bearings, Rolta India price band revised to 5 percent.

• Reliance Industries and Saudi Aramco signed non-binding letter of intent to acquire 20 percent stake in company’s oil to chemicals division, which is value at $75 billion.
• The company aims to be debt-free over the next 18 months by raising funds and selling stake in its various businesses.
• RIL’s telecom unit—Reliance Jio Infocomm Ltd. has agreed to ally with Microsoft Inc. to accelerate digital transformation with the launch of new cloud data centres.
• The company’s Chairman and Managing Director Mukesh Ambani announced the roll out of Jio GigaFiber from Sept. 5, that will offer free voice calls for life from landline phones, high speed broadband of minimum speed of 100 MB per second and free high definition TV and dish with minimum monthly subscription of Rs 700.
• Reliance Jio and Microsoft announced 10 year alliance to accelerate digital strategic program for technology based services.
• British energy giant BP Plc will pay about Rs 7,000 crore for acquiring a 49 percent stake in Reliance Industries Ltd.’s fuel retailing network.

Read the full text to Mukesh Ambani’s speech to shareholders at RIL’s AGM here.

• NDTV Promoters Prannoy Roy and Radhika Roy prevented from leaving India on Aug. 9 by the Central Bureau of Investigation due to ongoing legal proceedings.
• Sadbhav Infraprojects’ board agreed to explore merger option between the company and Sadbhav Engineering. The board will study valuation report and will discuss to set the future course of action.
• Balkrishna Industries’ board has decided to put $100 million investment in its green field tyre project in U.S. in abeyance due to challenging business environment.
• NIIT’s board approved the proposal for share buyback of 16 percent of equity capital or 2.68 crore shares at Rs 125 per share aggregating to Rs 335 crore. Also, the company plans to increase stake in NIIT Institute of Process Excellence from 75 percent to 100 percent for Rs 5.5 crore.
• DHFL Promoters created an encumbrance as collateral for 39.2 percent of share capital in the company, until the implementation of the resolution plan.
• Sintex Plastics Technology plans to sell its entire stake in its arm to Xtech Invest SAS for Euro 155 million.
• Atul Auto’s board decided not to enter the joint venture agreement with JBM Industries due to uncertainties in Electric Mobility policies.
• Natco Pharma: U.S. FDA completed the inspection of Natco’s Mekaguda API facility. It has received six observations mostly procedural in nature. The company believes that none of observations are related to data integrity and that all the observations can be addressed within a short period of time.
• Unichem Lab received ANDA approval from the U.S. FDA for Unichem’s Chlorthalidone Tablets. The product will be commercialised from Unichem’s Ghaziabad plant.
• Reliance Infra, Reliance Power Statutory auditors BSR and Co. resigned citing reason stated in the qualified opinion of their audit report dated June 8, 2019 for the previous financial year. They have expressed their inability to continue as statutory auditors of the company. Pathak HD & Associates – the other joint auditor will continue as the sole auditor of the company.
• JSW Steel July crude steel production down 4 percent to 13.17 lakh tonne. Flat rolled products down 8 percent to 9.08 lakh tonne. Long rolled products up 3 percent to 3.16 lakh tonne.
• Tata Motors: Jaguar Land Rover’s long-term rating was affirmed by S&P at ‘B+’, with rating removed from credit watch and outlook kept as negative due to high cash burn and geopolitical risk.
• Strides Pharma Science Received zero form 483 observations by the U.S. FDA on inspection of its Alathur Facility.
• Andhra Bank reduced MCLR across various tenors with effect from Aug. 16. One month MCLR at 8 percent and one year MCLR at 8.45 percent.
• Bank of India lowered One-year MCLR by 25 basis points. More than 80 percent of Bank of India's loan book is linked to 1-year MCLR which has been brought down to 8.35 percent with effect from Aug. 10.
• Union Bank of India plans to link home and auto loans to repo rate. The bank has expected its MCLR to soften by further 15 basis points.
• Indian Overseas Bank Reduced MCLR by 10-15 basis points across various tenors with effect from Aug. 10. One month MCLR at 8.2 percent and one year MCLR at 8.5 percent.
• NIIT Technologies: White Oak Capital Management decreased its stake in the company from 7.52 percent to 1.04 percent via off market transaction on Aug. 8. HDFC MF decreased its stake from 7.04 percent to 4.33 percent on Aug. 8 via open market.
• Sagar Cements: Coal-based power plant commenced operations on Aug. 9 for the company’s cement plant in Mattampally.
• Gujarat Alkalies and Chemicals: The company has restored all the operation of balance plants at Dahej Plant. On Aug. 5, the company shut down its plants in Dahej Complex on account of heavy rain.
• Avenue Supermarts Promoter Radhakishan Damani has completed the sale of 62.3 lakh equity shares on Aug. 9 to achieve minimum public shareholding as per Securities and Exchange Board of India norms.
• Varroc Engineering plans to acquire 74 percent stake in Telematics solution provider CarIQ.
• PC Jeweller said that it will not pursue demerger of export business and this segment is on a decline and in another two to three years the weightage of the same in the total turnover will get limited to single digit figure only. During 2018-19, this segment contributed 17.2 percent to the total turnover of the company.
• Capri Global Capital Issued and allotted non-convertible debentures worth Rs 150 crore on Aug. 8.
• Cox and Kings has achieved standstill for 180 days as per inter creditor agreement. The company’s U.K. arm has declared insolvency. The travel company has also withdrawn the proposal to give dividend of Rs 1 per share citing the current financial conditions of the company.
• Minda Corp: The board approved signing of technical assistance agreement with South Korea’s Infac Elecs to manufacture Automotive Antenna Systems.
• Praj Industries has entered into a co-operative agreement with Dedini to provide ethanol production technologies to the Brazilian market.
• AU Small Finance Bank: Redwood Investment acquired 6 percent stake in the company via encumbrance of share pledge.
• AIA Engineering’s trial of mill lining process in Africa’s gold mine has been successful. The company has started commercial production under second phase greenfield project in Gujarat. With this expansion, the total installed capacity of wear parts of the Group will be augmented from 340,000 million tonnes to 390,000 million tonnes per year.
• Alembic Pharmaceuticals promoter Nirayu Pvt. Ltd. increased its stake in the company from 62.99 percent to 71.97 percent.
• Indoco Remedies’ Clinical Research Organization received zero form 483 observations from U.S. FDA.
• Shriram Transport Finance: Fidelity Group increased stake in the company from 7.05 percent to 7.1 percent.
• Premier Explosives received orders worth Rs 13.5 crore from Ministry of Defence.
• IRB Infra Developers arm completed concession period of Mumbai Pune project on Aug. 10
• Torrent Pharma: U.S. FDA classified inspection conducted at company’s Indrad facility in April as Official Action Initiated.
• Bharti Infratel: Board approved dividend for Rs 3.65 per share with record date set as Aug. 23.
• Jet Airways: Vedanta’s Anil Agarwal said he will not pursue Jet Airways.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.26 percent to 11,119.50 as of 8:30 a.m.

Asian stocks followed their U.S. counterparts lower on Tuesday as political unrest in Hong Kong and Argentina added to trade concerns and knocked sentiment.

Shares fell back in Japan, South Korea and Australia. Hong Kong futures were lower after protesters brought the city’s airport to a standstill on Monday. U.S. contracts ticked higher.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.