Sensex, Nifty Log Worst Week In Nearly Three Months
Catch all the live updates on share prices, index moves, corporate announcements and more from Sensex and Nifty today
KEY HIGHLIGHTS
Closing Bell: Sensex, Nifty Log Worst Week In Nearly Three Months
Indian equity benchmarks registered their worst week since May 12.
The S&P BSE Sensex declined around 2 percent this week to end at 37,118.22 and the NSE Nifty 50 ended at 10,997.35, down 2.5 percent. The broader market represented by the NSE Nifty 500 Index closed 2.7 percent lower.
The 31-share index closed 0.32 percent higher at 37,137.011 and the 50-stock index ended 0.16 percent. The 500-share gauge ended 0.1 percent higher.
The market breadth, however, was tilted in favour of sellers. About 961 stocks declined and 796 shares advanced on National Stock Exchange.
Seven out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Metal Index’s 1.9 percent fall. On the flipside, the NSE Nifty Auto Index was the top sectoral gainer, up 1.13 percent.
Market Check: Sensex, Nifty Set For Worst Week In Nearly Three Months
Indian equity benchmarks are set register their worst week since second week of May.
The S&P BSE Sensex declined 2 percent so far this week and the NSE Nifty 50 fell nearly 2.5 percent during the period. Both the benchmarks were trading a little changed 30 minutes before the close.
Fab Four Stocks Of The Day
HDFC
- Stock rose as much as 3 percent to Rs 2,148.65.
- Revenue up 30.6 percent to Rs 12,990 crore.
- Net profit up 46.3 percent to Rs 3,203 crore.
- Calculated net interest income up 6.9 percent to Rs 2,739 core.
- Net interest margin At 3.3 percent
Tech Mahindra
- Stock rose as much as 2 percent to Rs 638.20.
- About 12.7 lakh shares changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.
KRBL
- Stock rose as much as 9.9 percent to Rs 251.
- June quarter revenue rose 64 percent year-on-year to Rs 1,218 crore driven strong export sales.
Tata Global Beverages
- Stock rose as much as 4.3 percent Rs 269.75.
- Fresh longs seen with high open interest of 20.8 percent.
Stocks Reacting To Results Announcements
Firstsource Solutions (Q1, YoY)
- Stock fell as much as 2.8 percent to Rs 48.
- Net profit at Rs 91.17 crore versus Rs 88.61 crore.
- Revenue at Rs 966.88 crore versus Rs 905.97 crore.
Inox Leisure (Q1, YoY)
- Stock rose as much as 3.6 percent to Rs 304.80.
- Revenue up 18.8 percent to Rs 493 crore
- Net profit down 27 percent to Rs 27 crore
- Ebitda up 80 percent to Rs 150.1 crore.
- Margin at 30.4 percent versus 20.1 percent.
Exide Industries (Q1, YoY)
- Stock fell as much as 2.9 percent to Rs 2,148.65.
- Revenue up 0.2 percent to Rs 2779.25 crore.
- Net profit up 7 percent to Rs 224.29 crore.
- Ebitda up 4 percent to Rs 407.7 crore.
- Margin at 14.7 percent versus 14.1 percent.
Mindtree Names Debashis Chatterjee As New CEO
Debashis Chatterjee was named chief executive officer and managing director of Mindtree Ltd. after his predecessor quit following Larsen & Toubro Ltd.’s hostile takeover of the mid-sized information technology firm.
Chatterjee replaces Rostow Ravanan, who quit on July 5 along with then Chairman Krishnakumar Natarajan and former vice-chairman Parasarthy NS.
Read the full story here.
Stocks Moving On Heavy Volumes
CARE Ratings
- Stock hit 20 percent lower circuit at Rs 486.70.
- Trading volume was almost 40 times its 20-day average.
Kirloskar Pneumatic
- Stock fell as much as 11.8 percent to Rs 153.50.
- Trading volume was 20 times its 20-day average.
JK Tyre & Industries
- Stock fell as much as 14.4 percent to Rs 60.95.
- Trading volume was 16 times its 20-day average.
TCNS Clothing
- Stock fell as much as 3.4 percent to Rs 676.20.
- Trading volume was more than 13 times its 20-day average.
Market Check: Sensex Jumps Over 600 Points From Day’s Low; Nifty Above 11,000
Indian equity benchmarks pared losses to trade at day’s high.
The S&P BSE Sensex jumped over 600 points from day’s low to 37,240.86 and the NSE Nifty 50 rose as much as 0.55 percent to 11,040.
Traders can use any sort of recovery or consolidation to unwind their long positions, advised CapitalAim’s Head Of Research Romesh Tiwari.
Traders should not initiate fresh longs at this level as the market is likely to continue with downtrend. Fresh shorts can be initiated around 11,200 levels with stop loss of 11,270 for a target of 10,850.Romesh Tiwari, Head Of Research At CapitalAim
The market breadth, however, was tilted in favour of sellers. About 939 shares declined and 772 stocks declined on National Stock Exchange.
HDFC Q1 Profit Beats Estimates; Shares Gain
Shares of HDFC rose as much as 2 percent to Rs 2,129 after the mortgage lender’s quarterly earnings surpassed estimates.
Key Earnings Highlights (Q1, YoY)
- Revenue up 30.6 percent to Rs 12,990 crore.
- Net profit up 46.3 percent to Rs 3,203 crore.
- Calculated net interest income up 6.9 percent to Rs 2,739 core.
- Net interest margin At 3.3 percent
SBI Swings After Q1 Profit Misses Estimates; Asset Quality Stable
Shares of State Bank of India fluctuated between gains and loses to trade 0.5 percent lower at Rs 315.39 after the lender announced its June quarter results.
Key Earnings Highlights (Q1, YoY)
- Net interest income up 5 percent to Rs 22,939 crore.
- Net profit at Rs 2,312 crore versus net loss of Rs 4,876 crore.
- Provisions at Rs 9,183 crore vs Rs 16,502 crore (QoQ)
- GNPA at 7.53 percent versus 7.53 percent (QoQ)
- NNPA at 3.07 percent versus 3.01 percent (QoQ)
Market Check: Sensex, Nifty Pare losses
Indian equity benchmarks pared losses.
The S&P BSE Sensex jumped over 500 points from day’s low and the NSE Nifty 50 reclaimed 11,000.
Money Market Update: Rupee At Day’s Low
The Indian rupee extended decline to trade at day’s low against the U.S. dollar. The home currency depreciated as much as 0.76 percent, the most since May 13, to 69.58 against the greenback.
Power Grid Falls After Q1 Results
Shares of Power Grid fell as much as 2.2 percent to Rs 209.40 after the company announced its quarterly results in the three months ended June.
Key Earnings Highlights (Q1, YoY)
- Revenue up 8.3 percent to Rs 8,804.11 crore
- Net profit up 8 percent to Rs 2,427.89 crore
- Ebitda up 14 percent to Rs 7,896.42 crore
- Margin at 89.7 percent versus 85.2 percent
Market Check: Sensex, Nifty Recover From Day’s Low
Indian equity benchmarks recovered from day’s low.
The S&P BSE Sensex traded 126 points or 0.3 percent lower at 36,894 and the NSE Nifty 50 fell 0.333 percent to 10,943.10. The broader markets represented by the NSE Nifty 500 Index fell 0.3 percent.
Nine out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 2.14 percent fall. On the flipside, the NSE Nifty Auto Index was the top sectoral gainer, up 1.3 percent.
Block Deal Alert: Bharti Airtel, Tata Chemicals
- Bharti Airtel: About 12 lakh shares changed hands in a block deal.
- Tata Chemicals: About 10 lakh shares changed hands in a block deal.
Buyers and sellers were not known immediately.
Source: Bloomberg
Stocks Reacting To July Auto Sales Data
Eicher Motors
- Stock fell as much as 2.6 percent to Rs 16,133.30.
- Sales down 22 percent year-on-year to 54,185 units versus 69,063 units.
Hero MotoCorp
- Stock fell as much as 3.4 percent to Rs 2,288.55.
- Sales down 21.2 percent year-on-year to 5.35 lakh units.
Tata Motors
- Stock fell as much as 1.9 percent to Rs 127.
- Sales fell 34 percent year-on-year to 32,938 units.
Jet Airways Hits 5% Upper Circuit
Shares of the cash-strapped airline hit the upper circuit of 5 percent at Rs 36.90.
This came on the back of a report that said four parties are interested to bid for Jet Airways. The talks for a potential bid, however, are still in early stages, Mint reported quoting a person aware of the development.
Of the shares traded, 52 percent were at the ask price and 26 percent were at the bid, according to Bloomberg data.
Ashok Leyland Drops the Most In Nearly 10 Months
Shares of Ashok Leyland fell as much as 11.6 percent, the most since October 2018, to Rs 60.85, the lowest since February 2015.
The plans to cut inventory levels at the dealership level as they grapple with issues of inventory pile up and liquidity crunch, its , Whole-time Director, President and Chief Financial Officer Gopal Mahadevan told BloombergQuint in an interaction.
“There are challenges across the supply chain as far as the dealership profitability is concerned. We will be taking some corrections in inventory in second quarter both at the factory level and dealership level,” Mahadevan told BloombergQuint in an interaction. “The company has also shutdown factories for seven days,” he added.
Ashok Leyland’s sales fell 28 percent on a yearly basis to 10,927 units in July, according to its stock exchange filing.
Key Sales Highlights (YoY)
- Domestic medium and heavy commercial truck sales fell 47 percent to 4,668 units.
- Domestic medium and heavy commercial bus sales fell 5 percent to 1,350 units.
- Total domestic medium and heavy commercial vehicle sales fell 41 percent to 6,018 units.
- Domestic light commercial vehicle sales rose 1 percent to 4,083 units.
- Total domestic vehicle sales fell 29 percent to 10,101 units.
Sales Including Exports (YoY)
- Total medium and heavy commercial truck sales fell 48 percent to 4,858 units.
- Total medium and heavy commercial bus sales rose 14 percent to 1,864 units.
- Total medium and heavy commercial vehicle sales fell 39 percent to 6,722 units.
- Total light commercial vehicle sales flat at 4,205 units.
F&O Check: Nifty 11,000 Call Option Slumps 42%
Nifty’s 11,000 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 on Aug. 8 fell 41.6 percent to Rs 48.80. Over 12.8 lakh shares were added to the open interest which stood at over 24.14 lakh shares.
Market Check: Sensex Drops Over 300 Points; Nifty Below 10,900
Indian equity benchmarks extended fall for the second consecutive trading session.
The S&P BSE Sensex fell 330 points or 0.88 percent to 36,691 as of 10 a.m. and the NSE Nifty 40 fell 0.94 percent to 10,877. The broader market represented by the NSE Nifty 500 fell 1.04 percent.
CARE Ratings Hits 20% Lower Circuit
Shares of CARE Ratings were locked in their lower circuit of 20 percent for the second consecutive trading session.
This after the credit rating agency announced its quarterly results on Wednesday.
Key Earnings Highlights (Q1, YoY)
- Revenue down 16.8 percent to Rs 499.2 crore.
- Net profit down 46.4 percent to Rs 134.9 crore.
- Ebitda down 64 percent to Rs 105.3 crore.
- Margin at 21.1 percent versus 48.6 percent.
Stocks Reacting To Results Announcement
Tata Power (Q1, YoY)
- Stock fell as much as 3.6 percent to Rs 57.75.
- Revenue up 6.2 percent to Rs 7,766.7 crore.
- Net profit down 90.9 percent to Rs 151.3 crore versus Rs 1,670.9 crore.
- Ebitda up 29.9 percent to Rs 2302.1 crore.
- Margin at 29.6 percent versus 24.2 percent.
- Net profit before exceptional items at Rs 254 crore versus Rs 252 crore.
- Other Income up 20 percent to Rs 108 crore.
- Exceptional gain of Rs 1,897 crore in the base quarter due to gain on sale of investment in associates.
Prestige Estates Project (Q1, YoY)
- Stock fell as much as 3.3 percent to Rs 252.10.
- Revenue up 83.8 percent to Rs 1,538.7 crore.
- Net profit down 5.2 percent to Rs 115.3 crore versus Rs 121.6 crore.
- Ebitda up 2.1 times to Rs 527.7 crore.
- Margin at 34.3 percent versus 30.6 percent.
- Land cost of Rs 467.9 crore recognized in base quarter.
- Depreciation up 2.8 times to Rs 163.2 crore.
- Exceptional gain of Rs 38 crore versus Rs 89.4 crore.
GSK Consumer Healthcare (Q1, YoY)
- Stock rose as much as 0.94 percent to Rs 7,448.
- Revenue up 7.9 percent to Rs 1,194.3 crore.
- Net profit up 23.8 percent to Rs 248.1 crore versus Rs 200.4 crore.
- Ebitda up 21.8 percent to Rs 280.4.
- Margin at 23.5 percent versus 20.8 percent .
Raymond (Q1, YoY)
- Stock fell as much as 4.2 percent to Rs 611.
- Revenue up 14.7 percent to Rs 1,435.1 crore.
- Net loss at Rs 14.9 crore versus net profit of Rs 0.02 crore.
- Ebitda up 58.9 percent to Rs 109.5 crore.
- Margin at 7.6 percent versus 5.5 percent.
- Depreciation up 74 percent to Rs 81.3 crore.
- Finance cost up 40 percent to Rs 73.6 crore.
- Property development cost of Rs 57.5 crore in current quarter impacted bottomline numbers.
JK Tyre & Industries (Q1, YoY)
- Stock fell as much as 14.4 percent to Rs 60.95.
- Revenue up 5.6 percent to Rs 2,575.4 crore.
- Net profit down 73.6 percent to Rs 16.9 crore versus Rs 64.1 crore.
- Ebitda down 26.4 percent to Rs 239.6 crore versus Rs 325.5 crore.
- Margins at 9.3 percent versus 13.3 percent.
- RM as percent of sales at 66.6 percent versus 59.9 percent.
Bharti Airtel Top Performer On Sensex, Nifty
Shares of Bharti Airtel rose as much as 4.6 percent, the most since May 24, to Rs 338.90 after the company announced its quarterly results for the three months ended June.
Key Earnings Highligts (Q1, QoQ)
- Revenue up 0.7 percent to Rs 20,738 crore.
- Net loss at Rs 2,866 crore versus net profit of Rs 107 crore.
- Ebitda up 25 percent to Rs 8,289 crore.
- margin at 40 percent versus 32.2 percent.
- ARPU at Rs 129 versus Rs 123.
Here’s what analysts had to say after the company announced its quarterly results.
Block Deal Alert: Tech Mahindra, Vodafone Idea
- Tech Mahindra: About 12.7 lakh shares changed hands in a block deal.
- Vodafone Idea: About 13.8 lakh shares changed hands in a block deal.
Buyers and sellers were not known immediately.
Source: Bloomberg
Talwalkar Group Stocks Hit Lower Circuit
Shares of Talwalkars Better Value Fitness and Talwalkars Healthclubs hit their lower circuit of 5 percent.
Talwalkars Better Value Fitness defaulted in the payment of term loan’s interest aggregating to Rs 94 lakh which was due on July 31 while Talwalkars Healthclubs defaulted in payment of loan interest worth Rs 2.5 crore which was due on July 31.
Both the companies were locked in lower circuit for the twelfth consecutive trading session and has declined over 65 percent during the period.
Opening Bell: Sensex, Nifty Open Lower
Indian equity benchmarks opened lower, extended their declines for the second consecutive trading session.
The S&P BSE Sensex fell as much as 258 points or 0.7 percent to 36,760 and the NSE Nifty 50 fell as much as 0.73 percent to 10,899. The broader markets represented by the NSE Nifty 500 Index fell as much as 0.73 percent.
The market breadth was tilted in favour of sellers. About 985 stocks declined and 427 shares advanced on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty 50 Metal Index’s 1.4 percent fall.
BQ Heads-Up: Fund Flows, Indian ADRs, Who’s Meeting Whom, Insider Trading
Bond Market Update: 10-Year Yield Drops 10 Basis Points
The yield on the 10-year benchmark fell as much as 11 basis points to 6.3 percent.
Confusion over India’s plans for a $10 billion overseas bond sale is getting worse with each passing day, frustrating sovereign bond investors.
An official told reporters that the government hasn’t yet decided whether it will issue an offshore bond this fiscal year.
Markets Commentary: Expect Some Recovery In Markets Today, CapitalAim Says
The markets are expected to see some recovery or consolidation today that can be used by traders to unwind their long positions, according to CapitalAim’s Head Of Research Romesh Tiwari.
“The sentiments are quite negative after the Budget which have been augmented by poor earning reports of first quarter and slow monsoon,” Tiwari said in a statement. “If the Nifty manages to trade above 11,070 in early trading, we may see it to move towards 11,200 on bounce back.”
Traders should not initiate fresh longs at this level as the market is likely to continue with downtrend. Fresh shorts can be initiated around 11,200 levels with stop loss of 11,270 for a target of 10,850.Romesh Tiwari, Head Of Research At CapitalAim
Money Market Update: Rupee Opens Lower
The Indian rupee opened lower against the U.S. dollar, inline with emerging Asian peers after trade spat between U.S. and China worsened.
The home currency depreciated as much as 0.3 percent to 69.26 against the greenback.
Pre-Market Check: Sensex, Nifty Set To Open Lower
Indian equity benchmarks are set to open lower.
The S&P BSE Sensex 50 points or 0.14 percent to 36,963 during the pre-market and the NSE Nifty 50 0.6 percent to 10,911.
Trading Tweaks: Stocks Moving Into Short-Term ASM Framework
Trading Tweaks
- Jain Irrigation Systems to move into ASM Framework.
- Lakshmi Vilas Bank price band revised to 5 percent.
Stocks Moving Into Short-Term ASM Framework
- GTPL Hathway
- Orient Green Power
- Rane Engine Valve
- Sical Logistics
- GE T&D India
- Healthcare Global Enterprises
- JBM Auto
- LG Balakrishnan & Bros
- Bajaj Electricals
- ITD Cementation
- Muthoot Capital Services
- Magma Fincorp
- Balaji Amines
- Sasken Technologies
- Sadbhav Engineering
- Astec Lifesciences
- Gravita India
- Lakshmi Vilas Bank
- Future Consumer
- Navkar Corporation
- Shankara Building Products
- Avadh Sugar & Energy
- Khadim India
- Spencer's Retail
- Yuken India
- Coffee Day Enterprises
Stocks Moving Out Of Short-Term ASM Framework
- Jindal Worldwide
- Arshiya
- Pokarna
- HT Media
- LT Foods
- S Chand And Company
- Hubtown
Q1 Earnings Corner: BSE, Bharti Airtel, HDFC, ITC, Power Grid, SBI
Nifty Earnings To Watch
- HDFC
- ITC
- State Bank of India
- Power Grid Corporation
Other Earnings To Watch
- Ujjivan Financial Services
- Nestle India
- INOX Leisure
- Laurus Labs
- Somany Ceramics
- Deepak Nitrite
- Dhampur Sugar Mills
- Exide Industries
- Bata India
- BEML
- Birla Corporation
- BSE
- V-Mart Retail
- Xpro India
- Camlin Fine Sciences
- Capri Global Capital
- ACRYSIL
- Aditya Birla Capital
- Alphageo
- Andhra Bank
- Elgi Equipments
- Filatex India
- Firstsource Solutions
- Godrej Agrovet
- Gujarat State Petronet
- Insecticides
- Kaya
- National Fertilizers
- Parag Milk Foods
- Rico Auto Industries
- Shriram Asset Management
- Sical Logistics
- Surya Roshni
- TCPL Packaging
- Union Bank of India
- Astral Poly Technik
- eClerx Services
- Elgi Equipments
- Equitas Holdings
- Fortis Malar Hospitals Limited
- GATI
- HUDCO
- IRB Infrastructure Developers
- Lumax Industries
- McDowell Holdings
- Tata Communications
Earnings Reaction To Watch
Bharti Airtel (Q1, QoQ)
- Revenue up 0.7 percent to Rs 20,738 crore.
- Net loss at Rs 2,866 crore versus net profit of Rs 107 crore.
- Ebitda up 25 percent to Rs 8,289 crore.
- margin at 40 percent versus 32.2 percent.
- ARPU at Rs 129 versus Rs 123.
Tata Power (Q1, YoY)
- Revenue up 6.2 percent to Rs 7,766.7 crore.
- Net profit down 90.9 percent to Rs 151.3 crore versus Rs 1,670.9 crore.
- Ebitda up 29.9 percent to Rs 2302.1 crore.
- Margin at 29.6 percent versus 24.2 percent.
- Net profit before exceptional items at Rs 254 crore versus Rs 252 crore.
- Other Income up 20 percent to Rs 108 crore.
- exceptional gain of Rs 1,897 crore in the base quarter due to gain on sale of investment in associates.
Prestige Estates Project (Q1, YoY)
- Revenue up 83.8 percent to Rs 1,538.7 crore.
- Net profit down 5.2 percent to Rs 115.3 crore versus Rs 121.6 crore.
- Ebitda up 2.1 times to Rs 527.7 crore.
- Margin at 34.3 percent versus 30.6 percent.
- Land cost of Rs 467.9 crore recognized in base quarter.
- Depreciation up 2.8 times to Rs 163.2 crore.
- Exceptional gain of Rs 38 crore versus Rs 89.4 crore.
GSK Consumer Healthcare (Q1, YoY)
- Revenue up 7.9 percent to Rs 1,194.3 crore.
- Net profit up 23.8 percent to Rs 248.1 crore versus Rs 200.4 crore.
- Ebitda up 21.8 percent to Rs 280.4.
- Margin at 23.5 percent versus 20.8 percent .
Raymond (Q1, YoY)
- Revenue up 14.7 percent to Rs 1,435.1 crore.
- Net loss at Rs 14.9 crore versus net profit of Rs 0.02 crore.
- Ebitda up 58.9 percent to Rs 109.5 crore.
- Margin at 7.6 percent versus 5.5 percent.
- Depreciation up 74 percent to Rs 81.3 crore.
- Finance cost up 40 percent to Rs 73.6 crore.
- Property development cost of Rs 57.5 crore in current quarter impacted bottomline numbers.
JK Tyre & Industries (Q1, YoY)
- Revenue up 5.6 percent to Rs 2,575.4 crore.
- Net profit down 73.6 percent to Rs 16.9 crore versus Rs 64.1 crore.
- Ebitda down 26.4 percent to Rs 239.6 crore versus Rs 325.5 crore.
- Margins at 9.3 percent versus 13.3 percent.
- RM as percent of sales at 66.6 percent versus 59.9 percent.
July Auto Sales Update: Eicher Motors, Hero MotoCorp, Tata Motors
- Eicher Motors sales down 22 percent to 54,185 units versus 69,063 units.
- Hero MotoCorp sales down 21.2 percent to 5.35 lakh units.
- Tata Motors sales fell 34 percent year-on-year to 32,938 units
Stocks To Watch: Bank of India, Coal India, Talwalkars Better Value Fitness, Talwalkars Healthclubs
- Talwalkars Better Value Fitness defaulted in the payment of term loan’s interest aggregating to Rs 94 lakh which was due on July 31.
- Talwalkars Healthclubs defaulted in payment of loan interest worth Rs 2.5 crore which was due on July 31.
- Coal India’s July production fell 5.1 percent to 38.5 million tonnes. July offtake declined 2.9 percent to 46.82 million tonnes.
- Power Grid Corporation of India was declared successful bidder to establish two transmission projects in Gujarat, Rajasthan, Haryana and Delhi.
- Dishman Carbogen Amcis’ manufacturing site in Switzerland received zero form 483 observations from the U.S. FDA’s pre-approval inspection. This facility develops and manufactures highly potent compounds.
- Adani Transmission received two Letter of Intent for Centre Sector Transmission projects in Rajasthan and Gujarat. On a combined basis both projects add 772 ckt kilometers of transmission lines and a 3,000 MVA transformation capacity.
- Dewan Housing Finance defaulted on two NCDs interest worth Rs 35 lakh which were due on July 31 and Aug. 1.
- Bank of India: RBI levied penalty of Rs 1.5 crore on the bank for non-compliance with the RBI guidelines on frauds in Rotomac Group case.
- Allahabad Bank: RBI levied penalty of Rs 2 crore on the bank for non-compliance of rules.
- Oriental Bank of Commerce RBI levied penalty of Rs 1 crore on the bank.
- JK Tyres & Industries’ board approved acquiring 26 percent stake in Treel Mobility Solution for Rs 6 crore. The company stated that the acquisition will help in synergizing the sensors business with Tyre business as a value-added product offering to its customers.
- Tata Motors to cut prices of its Electronic Vehicle segment by up to Rs 80,000 from August, according to Bloomberg report.
- Quess Corp promoter company HWIC Asia Fund acquired 2.56 lakh shares on July 31.
- NALCO entered into a JV with Hindustan Copper and Mineral Exploration Corporation to develop strategic minerals overseas for supply to India for meeting domestic requirements and for sale to any other countries for commercial use.
- PSP Projects received project orders worth Rs 86.2 crore for institutional projects. The company has received work orders worth Rs 848.85 crore so far in the current financial year.
- Lakshmi Vilas Bank said that it has no exposure to Coffee Day Group.
- Vodafone Idea founder group IGH Holdings increased stake to 1.3 percent in the company.
- Dhunseri Tea and Industries entered into binding agreement with Tata Global Beverages for the sale of its branded business. In April, both parties had entered into a non-binding term sheet for the same transaction.
- SRF has signed a sale agreement of its engineering plastics business to DSM India with effect from Aug. 1.
- Bajaj Electricals: CARE Ratings downgraded credit rating of commercial paper worth Rs 500 crore from A1+ to A1 due to moderation in liquidity profile marked by large accumulation of receivables under engineering procurement commissioning division.
Here’s a quick look at all that could influence equities today
- Trump’s tariff salvo roiled financial markets.
- The ten-year Treasury yields plunged to the lowest since 2016 as U.S. President Donald Trump said he would slap a 10 percent tariff on $300 billion in Chinese imports, and as traders slashed their inflation outlook.
- Oil held the steepest one-day drop in more than four years. While the Brent crude edged higher early Friday, prices are still far from recovering the 7.9 percent slump on Thursday, the most since February 2015.
- Asian stocks declined along with U.S. futures.
Catch all the global markets update here.
Nifty Futures Suggests Stock Losses; Asian Equities Decline
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.6 percent to 10,949.50 as of 8:35 a.m.
Asian stocks tumbled and U.S. futures dropped after President Donald Trump announced a new round of tariff hikes on Chinese imports.
Japanese benchmarks fell more than 2 percent. South Korean shares hit their lows of the day after Japan took its own trade-restriction move, directed at Korea. Chinese and Hong Kong stocks also slumped, though Australian equities saw a more modest retreat.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.