Sensex, Nifty Log Biggest Single-Day Gains Since Exit Poll Results 

Indian equity bechmarks clocked their biggest intraday gains since the announcement of exit polls.

The S&P BSE Sensex closed 637 points higher at 37,327.36 and the NSE Nifty 50 ended at 11,032, up 1.63 percent. The broader markets represented by the NSE Nifty 500 Index ended 1.4 percent higher.

The markets witnessed a sharp surges after ETNow, quoting unidentified people, reported that government may roll back higher tax on foreign investors.

The markets are not expected to jump immediately if the government considers to roll back of higher tax on FPI as there are other fundamental issues playing out at present, according to Ajay Bagga.

The surcharge roll back will give sentimental boost to the markets, the market expert told BloombergQuint in an interview. “The money that foreign investors pulled out so far since Budget will not be infused immediately and will take some time.”

It will be a huge positive move for the markets even if the FPI selling slows down because the selloff has been a big setback for markets and sentiments, he said.

Bagga expects the announcement of strong measures by the government in the immediate future, particularly in the auto and real estate sector.

The market breadth was tilted in favour of buyers. About 1,055 stocks advanced and 690 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE ended higher, led by the SNE Nifty Auto Index’s 3.03 percent gain.

About 14.7 lakh shares of Ashok Leyland changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Thermax rose as much as 7.78 percent to Rs 1,129 after announcing June quarter results.

Key Earnings Highlights (Q1, YoY)

• Revenue up 34.5 percent to Rs 1,392.5 crore.
• Net profit up 28.2 percent to Rs 62.8 crore.
• Ebitda up 42.8 percent to Rs 99.1 crore.
• Margins at 7.1 percent versus 6.7 percent.

Affle India

• Stock rose as much as 28.7 percent to Rs 958.70.
• Shares were at premium of 24.3 percent against issue price Rs 745.

Abbott India.

• Stock rose as much as 8.7 percent to Rs 9,324 after announcing June quarter results.
• Revenue up 18.2 percent to Rs 998.9 crore.
• Net profit up 41.9 percent to Rs 116.9 crore.
• Ebitda up 56.4 percent to Rs 174.2 crore.
• Margin at 17.4 percent versus 13.2 percent.

Siemens

• Stock rose as much as 8.2 percent after announcing June quarter results.
• Revenue rose 4.1 percent to Rs 3,198.4 crore. (estimate Rs 3241.4 crore)
• Net profit rose 21.4 percent to Rs 248.1 crore. (estimate Rs 232.6 crore)
• Ebitda rose 25.4 percent to Rs 353.7 crore. (estimate Rs 337.1 crore)
• Margins stood at 11.1 percent versus 9.2 percent.
• Project Costs fell 9 percent to Rs 646 crore.

Aurobindo Pharma

• Stock rose as much as 8.2 percent to Rs 600 after announcing June quarter results.
• Revenue rose 28.1 percent to Rs 5,444.6 crore. (estimate Rs 5,308 crore)
• Net profit rose 39.5 percent to Rs 635.8 crore. (estimate Rs 624 crore)
• Ebitda rose 47.1 percent to Rs 1,146.4 crore. (estimate Rs 779 crore)
• Margin stood at 21.1 percent versus 18.3 percent. (estimate 19.8 percent)

The markets are not expected to jump immediately if the government considers to roll back higher tax on FPI as there are other fundamental issues playing out at present, according to Ajay Bagga.

The surcharge roll back will give sentimental boost to the markets, the market expert told BloombergQuint in an interview. “The money that foreign investors pulled out so far since Budget will not be infused immediately and will take some time.”

It will be a huge positive move for the markets even if the FPI selling slows down because the selloff has been a big setback for markets and sentiments, he said.

Bagga expects the announcement of strong measures by the government in the immediate future, particularly in the auto and real estate sector.

Prime Minister Narendra Modi will address the nation at 8 p.m. tonight

The Indian rupee was trading at day’s high. The home currency appreciated as much as 0.44 percent to 70.57 against the greenback.

The government may roll back higher tax on foreign investors, ETNow reported quoting unidentified people.

Indian equity benchmarks were at day’s high.

The S&P BSE Sensex rose as much as 370 points to 37,061 and the NSE Nifty 50 rose as much as 0.91 percent to 10,954.

The market breadth, however, was tilted in favour of sellers. About 885 stocks declined and 827 shares advanced on National Stock Exchange.

Shares of UltraTech Cement fell as much as 1.9 percent to Rs 4,261 after the company announced June quarter results.

Key Earnings Highlights (Q1, YoY)

• Revenue up 14.7 percent to Rs 9,794.8 crore (estimate Rs 9729.7 crore)
• Net profit up 100.3 percent to Rs 1,198.7 crore (estimate of Rs 1102.5 crore)
• Ebitda up 57.1 percent to Rs 2,549.9 crore (estimate of Rs 2375 crore)
• Margin at 26.0 percent versus 19 percent.

Shares of Abbott India rose as much as 3.2 percent to Rs 8,850 afteer the company announced its June quarter results.

Key Earnings Highlights (Q1, YoY)

• Revenue up 18.2 percent to Rs 998.9 crore.
• Net profit up 41.9 percent to Rs 116.9 crore.
• Ebitda up 56.4 percent to Rs 174.2 crore.
• Margin at 17.4 percent versus 13.2 percent.

Indian Hotels Company Ltd., the operator of Taj Hotels is looking to sell some assets and avoid owning new properties in an effort to further pare debt, as it braces for a slump in consumer spending, according to Bloomberg report.

“The company, plans to dispose of certain budget inns in the nation’s non-metro areas and lease them back for a fee,” Bloomberg reported quoting company’s Managing Director And Chief Executive Officer Puneet Chhatwal

Indian equity benchmarks were off day’s high.

The S&P BSE Sensex rose 70 points to 36,761 and the NSE Nifty 50 rose 0.14 percent to 10,870.50.

The market breadth, however, was tilted in favour of sellers. About 904 shares declined and 775 stocks advanced on National Stock Exchange.

Market Regulator Securities and Exchange Board of India advised Hindustan Petroleum Corporation Ltd. to reclassify Oil And Natural Gas Corporation Ltd. as promoter by Aug. 13, the oil marketer said in a stock exchange filing.

“Failing which appropriate action will be initiated as per SEBI Act,” the statement said.

HPCL. has for the last one-and-half-years refused to recognise its majority shareholder ONGC as a promoter, according to exchange notification on July 22.

The ONGC-HPCL merger was completed in January 2018 after ONGC bought the govenrment’s entire 51.11 percent stake in HPCL for Rs 36,915 crore. Following this, HPCL became an ONGC subsidiary. HPCL's management, however, has so far refused to recognise ONGC as its promoter.

With inputs from PTI

Foreign investors have pulled out Rs 8,091.52 crore from the equity markets during the first four trading sessions this month, according to data available on National Securities Depository Ltd.

Overseas investors have pulled out 18,265.75 from the equity markets since Budget. They turned sellers in July after five months.

About 10.5 lakh shares changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Emami rose as much as 3.5 percent to Rs 319.80 after the company announced June quarter results.

Key Earnings Highlights (Q1, YoY)

• Net sales up 5.6 percent to Rs 648.6 crore.
• Net profit up 47.5 percent to Rs 39.1 crore. (estimate Rs 59.6 crore)
• Ebitda up 11.3 percent to Rs 134.1 crore.
• Margin at 20.7 percent versus 19.6 percent.

Eight out of 11 sectoral gauges compiled by National Stock Exchange traded higher, led by the NSE Nifty Realty Index’S 0.89 percent gain. On the flipside, the NSE Nifty Private Bank Index was the top sectoral loser, down 0.6 percent.

Indian equity benchmarks traded higher, led by the gains in Reliance Industries Ltd. and Infosys Ltd.

The S&P BSE Sensex rose 0.19 percent to 36,757 as of 11 a.m. and the NSE Nifty 50 rose 0.16 percent to 10,872.

Nifty’s 10,900 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the weekly contract which is set to expire today fell 13.5 percent to Rs 23.70. Over 15.31 lakh shares were added to the open interest which stood at over 32.2 lakh shares.

Affle India listed at a premium of 24.3 percent at Rs 926 per share on the National Stock Exchange, compared to its issue price of Rs 745. The stock rose as much as 28.7 percent thereafter.

Indian equity benchmarks were off opening highs.

The S&P BSE Sensex rose 50 points or 0.13 percent to 36,735 and the NSE Nifty 50 rose 0.12 percent to 10,868.55.

The market breadth was tilted in favour of buyers. About 784 stocks advanced and 753 shares declined on National Stock Exchange.

HPCL (Q1, QoQ)

• Stock rose as much as 1.6 percent to Rs 248.35.
• Revenue rose 4.5 percent to Rs 70,988.9 crore. (estimate Rs 70,161 crore)
• Net profit fell 72.7 percent to Rs 811 crore. (estimate Rs 1,003 crore)
• Ebitda fell 68.2 percent to Rs 1643.9 crore (estimate Rs 1,934 crore)
• Margin stood at 2.3 percent versus 7.6 percent. (estimate 2.8 percent)

Petronet LNG (Q1, QoQ)

• Stock fell as much as 1.5 percent to Rs 232.
• Revenue rose 2.7 percent to Rs 86,13.4 crore. (estimate Rs 9,259 crore)
• Net profit rose 27.3 percent to Rs 560.3 crore. (estimate Rs 583 crore)
• Ebitda rose 63.2 percent to Rs 1,023.9 crore. (estimate Rs 891 crore)
• Margin stood at 11.9 percent versus 7.5 percent. (estimate 9.6 percent)
• Total volumes were 10 percent up at 225 trillion BTU versus 205 trillion BTU.
• Higher depreciation and finance cost due to adoption of IND AS 116 reduced net profit by Rs 51.6 crore.

Aurobindo Pharma (Q1, YoY)

• Stock rose as much as 5.1 percent to Rs 582.95.
• Revenue rose 28.1 percent to Rs 5,444.6 crore. (estimate Rs 5,308 crore)
• Net profit rose 39.5 percent to Rs 635.8 crore. (estimate Rs 624 crore)
• Ebitda rose 47.1 percent to Rs 1,146.4 crore. (estimate Rs 779 crore)
• Margin stood at 21.1 percent versus 18.3 percent. (estimate 19.8 percent)

Adani Gas (Q1, QoQ)

• Stock rose as much as 2.6 percent to Rs 60.95.
• Revenue fell 3.3 percent to Rs 450.6 crore.
• Net profit rose 4.6 percent to Rs 79.3 crore.
• Ebitda fell 3.4 percent to Rs 134.9 crore.
• Margins stood at 29.9 percent versus 30 percent.
• Depreciation fell 31 percent to Rs 12.6 crore versus Rs 18.2 crore.

Siemens India (Q3 FY19 Standalone, YoY) (Year End-September)

• Stock rose as much as 4.9 percent to Rs 1,155.
• Revenue rose 4.1 percent to Rs 3,198.4 crore. (estimate Rs 3241.4 crore)
• Net profit rose 21.4 percent to Rs 248.1 crore. (estimate Rs 232.6 crore)
• Ebitda rose 25.4 percent to Rs 353.7 crore. (estimate Rs 337.1 crore)
• Margins stood at 11.1 percent versus 9.2 percent.
• Project Costs fell 9 percent to Rs 646 crore.

KEC International (Q1, YoY)

• Stock rose as much as 1.7 percent to Rs 298.
• Revenue rose 14.6 percent to Rs 2,412.5 crore. (estimate Rs 2342.8 crore)
• Net profit rose 2.1 percent to Rs 88.6 crore. (estimate Rs 93.3 crore)
• Ebitda rose 16.2 percent to Rs 251.3 crore. (estimate Rs 244.1 crore)
• Margin stood at 10.4 percent versus 10.3 percent.
• Other expenses rose 59 percent to Rs 252 crore.

Lemon Tree Hotels (Q1, YoY)

• Stock fell as much as 7.8 percent to Rs 52.50.
• Revenue rose 11 percent to Rs 140.9 crore.
• Net loss at Rs 1.7 crore versus Net Profit of Rs 2.3 crore.
• Ebitda rose 28.4 percent to Rs 44.7 crore.
• Margin stood at 31.7 percent versus 27.4 percent.
• Finance cost rose 57 percent to Rs 30.9 crore.

Oracle Financial Software Services (Q1, QoQ)

• Stock fell as much as 1.2 percent to Rs 3,220.
• Revenue rose 4.9 percent to Rs 1,275 crore.
• Net profit rose 15.8 percent to Rs 377.4 crore.
• EBIT rose 16.6 percent to Rs 589.5 crore.
• Margin at 46.2 percent versus 41.6 percent.

Phoenix Mills (Q1, YoY)

• Stock rose as much as 3.3 percent to Rs 655.
• Revenue rose 48.6 percent to Rs 614 crore. (estimate Rs 530 crore)
• Net profit rose 2.2 times to Rs 130.4 crore. (estimate Rs 92.9 crore)
• Ebitda rose 49.3 percent to Rs 291.7 crore. (estimate Rs 249.5 crore)
• Margin stood at 47.5 percent versus 47.3 percent. (estimate 47.1 percent)

Adani Power (Q1, YoY)

• Stock rose as much as 2.6 percent to Rs 60.95.
• Revenue up 108 percent to Rs 7,805 crore.
• Net loss of Rs 263 crore vs net loss of Rs 825 crore
• Ebitda up 148 percent to Rs 2,684 crore.
• Margin at 34.4 percent versus 28.8 percent.
• Exceptional loss of Rs 1,004 crore in June quarter as amount written off on sale of stake in a company.

Shares of HCL Technologies rose as much as 4.8 percent, the most in nearly nine months, to Rs 1,071 after the company announced its June quarterly results.

Key Earnings Highlights (Q1, QoQ)

• Dollar revenue rose 3.8 percent to $2,364 million (estimate $2,312 million)
• Revenue rose 2.7 percent to Rs 16,427 crore. (estimate Rs 16,154 crore)
• Net profit fell 12.5 percent to Rs 2,230 crore. (estimate Rs 2,378 crore)
• EBIT fell 7.8 percent to Rs 2,748 crore. (estimate Rs 2,882 crore)
• Margin stood at 16.7 percent versus 18.6 percent. (estimate 17.8 percent)
• FY20 revenue guidance to grow between 14 percent to 16 percent in constant currency.
• FY20 EBIT margin guidance between 18.5 percent to 19.5 percent.

About 29.4 lakh shares of ICICI Bank changed hands in block deals, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Tata Steel fell as much as 4.1 percent to Rs 366.25 after the company announced its quarterly results for the three months ended June. The stock was the worst performer on Sensex and Nifty.

Key Earnings Highlights (Q1, YoY)

• Revenue rose 1.3 percent to Rs 35,947.1 crore. (estimate Rs 37,279.8 crore)
• Net profit fell 64.3 percent to Rs 693.1 crore. (estimate Rs 1,444.6 crore)
• Ebitda fell 15.4 percent to Rs 5,376.8 crore. (estimate Rs 5,657.2 crore)
• Margin stood at 15 percent versus 17.9 percent. (estimate 15.2 percent)

Besides, the company executed a memorandum of understanding to sell 70 percent of its stake in its Thailand arm to Synergy Metals and Mining Fund.

Indian equity benchmarks opened higher, inline with the Asian peers.

The S&P BSE Sensex rose as much as 0.5 percent to 36,873.39 and the NSE Nifty 50 rose as much as 0.51 percent to 10,910.45. The broader markets represented by the NSE Nifty 500 Index rose as much as 0.5 percent.

The market breath was tilted in favour of buyers. About 815 stocks advanced and 609 shares declined on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by National Stock Exchange traded higher, led by the NSE Nifty IT Index’s 1.05 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 1.15 percent.

• Rites ex-date for bonus issue at 1:4.
• Camlin Fine Sciences, New Delhi Television to move into short term ASM Framework.
• Tourism Finance Corporation of India, Jubilant Industries Limited to move out of short term ASM Framework.
• Indiabulls Real Estate price band revised to 10 percent.
• Hubtown price band revised to 5 percent.

August Futures

• Nifty futures closed at 10,874.2, premium of 18.7 points versus 30 points
• Nifty futures open interest down 1 percent, sheds 1.7 lakh shares in open interest
• Bank Nifty futures closed at 27,748.4, premium of 46 points versus 87 points
• Bank Nifty futures open interest up 3 percent, adds 46,000 shares in open interest

Options

• Nifty PCR at 0.97 versus 1.11(across all series)

Nifty Weekly Expiry Aug. 8

• Max open interest on call side at 11,000 (30.3 lakh shares)
• Max open interest on put side at 10,800 (14.5 lakh shares)
• Max open interest addition seen in 11,100C (+9.9 lakh shares), 11,000C (+8.2 lakh shares)
• open interest shedding seen in 10,900P (-3.6 lakh shares), 11,000P (-3 lakh shares)

Nifty Monthly Expiry Aug. 29

• Max open interest on call side at 11,500 (24.4 lakh shares)
• Max open interest on put side at 11,000 (28.9 lakh shares)

The Indian rupee opened higher against the U.S. dollar, inline with other Asian currencies which rose against the dollar with China’s stronger than expected yuan fixing calming markets.

The home currency appreciated as much as 0.18 percent to 70.75 against the greenback. The local legal tender ended at 70.88 on Wednesday, having lost more than 1.5 percent so far this week.

The gains, however, could be tempered with traders keeping a watch for any possible escalation of tensions over Kashmir after Pakistan downgraded diplomatic ties with India.

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.2 percent to 36,756 during the pre-market trade and the NSE Nifty 50 rose 0.38 percent to 10,891.

Nifty Earnings To Watch

• UltraTech Cement

Other Earnings To Watch

• Page Industries
• Mahanagar Gas
• Procter & Gamble Health
• Godrej Properties
• Great Eastern Shipping
• Emami
• Abbott India
• Advanced Enzyme Technologies
• Akzo Nobel India
• Thermax
• UCO Bank
• Tata Chemicals
• Aurionpro Solutions
• Avadh Sugar & Energy
• City Union Bank
• Coffee Day Enterprises
• Dredging Corporation of India
• Endurance Technologies
• Engineers India
• Fairchem Speciality
• Greaves Cotton
• Gujarat Alkalies and Chemicals
• Gujarat Narmada Valley Fertilizers and Chemicals
• Gujarat Pipavav Port
• Healthcare Global Enterprises
• Hexaware Technologies
• Hind Rectifiers
• Huhtamaki PPL
• Indo Count Industries
• IndoStar Capital Finance
• Ircon International
• Kesoram Industries
• Kirloskar Industries
• Kokuyo Camlin
• Kopran
• LT Foods
• Ludlow Jute & Specialities
• Max India
• Mishra Dhatu Nigam
• Mukand
• Nava Bharat Ventures
• Novartis
• Oil Country Tubular
• Radico Khaitan
• Rail Vikas Nigam
• Rashtriya Chemicals and Fertilizers
• Religare Enterprises
• Southern Petrochemicals
• Tata Investment Corporation
• Wonderla Holidays
• Adani Enterprises
• Adani Transmission
• Capacit'e Infraprojects
• Quick Heal Technologies
• Rupa
• Sanghvi Movers
• Take Solutions
• Texmaco Rail & Engineering

Earnings Reaction To Watch

Tata Steel (Q1, YoY)

• Revenue rose 1.3 percent to Rs 35,947.1 crore. (estimate Rs 37,279.8 crore)
• Net profit fell 64.3 percent to Rs 693.1 crore. (estimate Rs 1,444.6 crore)
• Ebitda fell 15.4 percent to Rs 5,376.8 crore. (estimate Rs 5,657.2 crore)
• Margin stood at 15 percent versus 17.9 percent. (estimate 15.2 percent)

HCL Tech (Q1, QoQ)

• Dollar revenue rose 3.8 percent to $2,364 million (estimate $2,312 million)
• Revenue rose 2.7 percent to Rs 16,427 crore. (estimate Rs 16,154 crore)
• Net profit fell 12.5 percent to Rs 2,230 crore. (estimate Rs 2,378 crore)
• EBIT fell 7.8 percent to Rs 2,748 crore. (estimate Rs 2,882 crore)
• Margin stood at 16.7 percent versus 18.6 percent. (estimate 17.8 percent)
• FY20 revenue guidance to grow between 14 percent to 16 percent in constant currency.
• FY20 EBIT margin guidance between 18.5 percent to 19.5 percent.

HPCL (Q1, QoQ)

• Revenue rose 4.5 percent to Rs 70,988.9 crore. (estimate Rs 70,161 crore)
• Net profit fell 72.7 percent to Rs 811 crore. (estimate Rs 1,003 crore)
• Ebitda fell 68.2 percent to Rs 1643.9 crore (estimate Rs 1,934 crore)
• Margin stood at 2.3 percent versus 7.6 percent. (estimate 2.8 percent)

Petronet LNG (Q1, QoQ)

• Revenue rose 2.7 percent to Rs 86,13.4 crore. (estimate Rs 9,259 crore)
• Net profit rose 27.3 percent to Rs 560.3 crore. (estimate Rs 583 crore)
• Ebitda rose 63.2 percent to Rs 1,023.9 crore. (estimate Rs 891 crore)
• Margin stood at 11.9 percent versus 7.5 percent. (estimate 9.6 percent)
• Total volumes were 10 percent up at 225 trillion BTU versus 205 trillion BTU.
• Higher depreciation and finance cost due to adoption of IND AS 116 reduced net profit by Rs 51.6 crore.

Aurobindo Pharma (Q1, YoY)

• Revenue rose 28.1 percent to Rs 5,444.6 crore. (estimate Rs 5,308 crore)
• Net profit rose 39.5 percent to Rs 635.8 crore. (estimate Rs 624 crore)
• Ebitda rose 47.1 percent to Rs 1,146.4 crore. (estimate Rs 779 crore)
• Margin stood at 21.1 percent versus 18.3 percent. (estimate 19.8 percent)

Adani Gas (Q1, QoQ)

• Revenue fell 3.3 percent to Rs 450.6 crore.
• Net profit rose 4.6 percent to Rs 79.3 crore.
• Ebitda fell 3.4 percent to Rs 134.9 crore.
• Margins stood at 29.9 percent versus 30 percent.
• Depreciation fell 31 percent to Rs 12.6 crore versus Rs 18.2 crore.

Siemens India (Q3 FY19 Standalone, YoY) (Year End-September)

• Revenue rose 4.1 percent to Rs 3,198.4 crore. (estimate Rs 3241.4 crore)
• Net profit rose 21.4 percent to Rs 248.1 crore. (estimate Rs 232.6 crore)
• Ebitda rose 25.4 percent to Rs 353.7 crore. (estimate Rs 337.1 crore)
• Margins stood at 11.1 percent versus 9.2 percent.
• Project Costs fell 9 percent to Rs 646 crore.

KEC International (Q1, YoY)

• Revenue rose 14.6 percent to Rs 2,412.5 crore. (estimate Rs 2342.8 crore)
• Net profit rose 2.1 percent to Rs 88.6 crore. (estimate Rs 93.3 crore)
• Ebitda rose 16.2 percent to Rs 251.3 crore. (estimate Rs 244.1 crore)
• Margin stood at 10.4 percent versus 10.3 percent.
• Other expenses rose 59 percent to Rs 252 crore.

Lemon Tree Hotels (Q1, YoY)

• Revenue rose 11 percent to Rs 140.9 crore.
• Net loss at Rs 1.7 crore versus Net Profit of Rs 2.3 crore.
• Ebitda rose 28.4 percent to Rs 44.7 crore.
• Margin stood at 31.7 percent versus 27.4 percent.
• Finance cost rose 57 percent to Rs 30.9 crore.

Oracle Financial Software Services (Q1, QoQ)

• Revenue rose 4.9 percent to Rs 1,275 crore.
• Net profit rose 15.8 percent to Rs 377.4 crore.
• EBIT rose 16.6 percent to Rs 589.5 crore.
• Margin at 46.2 percent versus 41.6 percent.

Phoenix Mills (Q1, YoY)

• Revenue rose 48.6 percent to Rs 614 crore. (estimate Rs 530 crore)
• Net profit rose 2.2 times to Rs 130.4 crore. (estimate Rs 92.9 crore)
• Ebitda rose 49.3 percent to Rs 291.7 crore. (estimate Rs 249.5 crore)
• Margin stood at 47.5 percent versus 47.3 percent. (estimate 47.1 percent)

Adani Power (Q1, YoY)

• Revenue up 108 percent to Rs 7,805 crore.
• Net loss of Rs 263 crore vs net loss of Rs 825 crore
• Ebitda up 148 percent to Rs 2,684 crore.
• Margin at 34.4 percent versus 28.8 percent.
• Exceptional loss of Rs 1,004 crore in June quarter as amount written off on sale of stake in a company.

• Affle India to make stock market debut after IPO gets 86.5 times demand at Rs 745 apiece
• Spandana Sphoorty IPO gets 105 percent demand for shares offered
• Sterling & Wilson Solar IPO gets 32 percent demand on second day sale; offer to close today.

• Reliance Industries: Tiffany & Co. and Reliance Brands Ltd. announced plans to enter the India market through a joint venture. Tiffany plans to open new stores in Delhi in the second half of 2019 and in Mumbai in the second half of 2020, capitalising on its already strong image and brand awareness in this emerging and style conscious luxury market, according to Bloomberg report.
• Wipro awarded five-year strategic IT Contract by ADM Aeroports de Montreal.
• Vedanta: Lusaka High Court Judge Anessi Banda-Bobo dismissed application by Vedanta Resources to stay liquidation of Konkola Copper Mines, state-owned ZNBC radio reports, citing court judgment. The company said that it is reviewing the ruling and will then make decision on its next steps. (Bloomberg News)
• Tata Steel executed memorandum of understanding to sell 70 percent of its stake in its Thailand arm to Synergy Metals and Mining Fund.
• Bank of Baroda: South African Reserve Bank, Prudential Authority, cuts financial penalty from 11 million rand to 400, 000 rand for the Bank’s South African arm.
• Dilip Buildcon: Promoters plan to sell 0.63 percent of total equity or 8.64 lakh shares in the open market to comply with minimum public shareholding norms. After the move, the promoter’s stake will come down from 75.63 percent to 75 percent.
• Phoenix Mills: Board approved amalgamation of hospitality arm with the company.
• NBCC has secured total business of Rs 201.77 crore for the months of June and July.
• Sical Logistics: ICRA revised ratings to ‘BB+’ from ‘BBB+’ for long- and short-loan facilities on account of the unexpected demise of promoter VG Siddhartha leading to constrained financial flexibility and increased refinancing risk for the entire Group.
• Siemens India: Board decides not to pursue sale of Moblity, Rail and Mechanical Drives business to parent.
• Rolta India: Streamcast Group agreed to assist the stressed company and its units in repayment and restructuring of debt.
• Gujarat Alkalies and Chemicals stated that operations of Phosphoric Acid Plant at Dahej Complex has been restored. Operation of other plants are still shut. On Aug. 5, the company stated about the shut down of plants at Dahej Complex on account of heavy rain.
• Dish TV clarified that it was not aware of the news of the company’s merger with Airtel Digital TV.
• Tata Communications: Ministry of Corporate Affairs approved the scheme of arrangement between Hemisphere Properties India and Tata Communication regarding transfer of land for shares.

• U.S. equities and benchmark Treasury yields mounted an impressive comeback late Wednesday, reversing sharp drops.
• Shares rose across most of Asia after China fixed its daily onshore currency rate at weaker than 7 for the first time since 2008.
• Dovish moves in New Zealand, India and Thailand Wednesday underscored the global shift toward easier policy even after the Federal Reserve’s unexpectedly hawkish stance last week. Meanwhile, Trump lashed out at the U.S. central bank again.
• Oil jumped after Bloomberg reported that Saudi Arabia contacted fellow crude producers to discuss ways to halt the slide in prices.
• Gold traded around $1,500 an ounce after breaking above that level to the highest in about six years.

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Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fluctuated between gains and losses to trade at 10,862 as of 8:25 a.m.

Asian stocks edged higher on Thursday as investors mulled China’s daily currency fixing and a recovery in U.S. equities overnight.

Stocks gained across most of the region after China fixed its daily onshore currency rate at weaker than 7 for the first time since 2008. South Korean peers outperformed amid signs of easing tensions with Japan.

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

With Inputs from Bloomberg