KEC International Jumps To Over Two-Week High On Bagging Orders Worth Rs 1,100 Crore
KEC International Ltd. jumped to the highest level in over two weeks after it has received multiple orders worth Rs 1,100 crore.
Shares of KEC International Ltd. rose 5.91% to Rs 940.00, the highest level since July 4. It was trading 1.99% higher at Rs 905.20 as of 11:23 a.m., as compared to 0.26% decline in the NSE Nifty 50 index.
The scrip gained 51.54% in 12 months, and 54.22% on year to date basis. Total traded volume on NSE so far in the day stood at 2.73 times its 30-day average. The relative strength index was at 60.62.
Out of 24 analysts tracking the company, 13 maintain a ‘buy’ rating, five recommend a ‘hold,’ and six suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.9%
BASF India To Sell Flocculants Business
BASF India is to sell flocculants business for mining applications to specialty chem producer, Solenis.
Source: Exchange filing
Lloyds Metals & Energy Q1 Business Update (YoY)
Lloyds Metals & Energy Ltd. has recorded the highest-ever quarterly iron ore production in April-June.
Lloyds Metals & Energy Ltd. recorded 6% increase in iron ore production in April-June at 4 ton.
The quarter one direct reduced iron rose 16% to 76,000 ton.
Source: Exchange filing
Tata Power Renewable Energy Signs MoU With NHCP Renewable Energy
Tata Power Renewable Energy signs MoU with NHPC Renewable Energy for solar initiatives
Arm’s pact with NHPC Renewable Energy aims for 100% solarisation of govt buildings
Source: Exchange filing
Nifty IT Surges To Over 24-Year High As TCS, Infosys Lead
The NSE Nifty IT rose 1.20% to a high of 39,612.70 as the Tata Consultancy Services Ltd., Infosys Ltd., and LTIMindtree Ltd led. It’s the highest level since Dec 30, 1999. It was trading 0.98% higher at 39,522.30 as of 11:02 a.m., compared to 0.09% decline in the NSE Nifty 50 index.
Hi-Tech Pipes Q1 Business Update
Achieves highest sales volume in Q1
Q1 sales volume rose 45% on the year to 1.2 lakh ton
Source: Exchange filing
IREDA Falls To One-Week Low
Shares of Indian Renewable Energy Development Agency Ltd. fell 7.38% to Rs 252.00, the lowest level since July 11. It was trading 3.41% lower at Rs 262.79 as of 10:41 a.m., as compared to 0.06% advance in the NSE Nifty 50 index.
L&T Finance Rises To Over One-Week High After Net Profit Meets Estimates
Shares of L&T Finance Ltd. rose 3.04% to Rs 189.90, the highest level since July 8. It was trading 1.43% higher at Rs 186.70 as of 10:12 a.m., as compared to 0.15% advance in the S&P BSE Sensex index.
The scrip gained 41.26% in 12 months, and 12.89% on year to date basis. Total traded volume so far in the day stood at 1.38 times its 30-day average. The relative strength index was at 57.87.
Out of 20 analysts tracking the company, 17 maintain a ‘buy’ rating, and three suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.4%.
Indian Benchmarks Rise To New Highs
The S&P BSE Sensex scaled a fresh high of 80,910.45. The index was trading 0.15% higher at 80,836.85 as of 10:18 a.m.
The NSE Nifty 50 scaled a fresh high of 24,678.90. The index was trading 0.15% higher at 24,678.90 as of 10:19 a.m.,
Nifty FMCG Hits Record High For Fourth Day
The NSE Nifty FMCG rose 0.43% to a high of 60,906.75, the highest level since its inception. It was trading 0.23% higher at Rs 60,866.75 as of 10:06 a.m., as compared to 0.10% advance in the NSE Nifty 50 index.
Nomura Keeps ‘Reduce’ On Eicher Motors
Nomura retained ‘Reduce’ on Eicher Motors Ltd. with a target price Rs 4,119, which implied a 16% downside.
Royal Enfield (RE) Guerrilla 450 launched at a starting price of INR239k
Taking several cues from the Himalayan 450
Lower pricing, ~16% economical than the Himalayan 450
Focussed on increasing its reach with more focus on in-city usage
Price at 35% premium to RE 350cc bikes, and a ~3% premium to Triumph Speed 400
Do not expect much improvement in the overall growth for RE
Maintain our sales estimate for RE
Earnings growth could be the slowest amongst our 2W coverage universe
BJAUT remains our top pick in the 2W segment
Aurobindo Pharma To Buyback Shares At Rs 1,460 Per Share
Aurobindo Pharma Ltd. is to buy back shares at Rs 1,460 per share via tender offer.
Aurobindo Pharma Ltd. has approved buyback of 0.88% stake worth up to Rs 750 crore.
Source: Exchange filing
Asian Paints Shares Fall As Analysts Turn Bearish On Disappointing Q1
Asian Paints stock fell as much as 4.45% during the day to Rs 2,842 apiece on the NSE, the lowest since May 22. It was trading 2.01% lower at Rs 2,914.5 apiece, compared to a 0.33% advance in the benchmark Nifty 50 as of 9:40 a.m.
It has declined 17% in the last 12 months and has fallen 14% on a year-to-date basis. The relative strength index was at 49.
Eleven out of the 38 analysts tracking the company have a ‘buy’ rating on the stock, 11 recommend a ‘hold’ and 16 suggest a ‘sell’, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.1%.
Just Dial At Nine-Year High After Net Profit Rises Over 22%
Shares of Just Dial Ltd. surged 15.54% to Rs 1,195.95, the highest level since July 10, 2015. It was trading 13.51% higher at Rs 1,174.00 as of 09:48 a.m., as compared to 0.05% decline in the NSE Nifty 50 index.
The scrip gained 52.76% in 12 months, and 46.6% on year to date basis. Total traded volume on NSE so far in the day stood at 13.49 times its 30-day average. The relative strength index was at 71.32.
LTIMindtree Jumps To Six-Month High; Management Sees Early Demand In AI Transformations
LTIMindtree Ltd. has noted ‘green shoot’ recovery in artificial intelligence foundation and high-priority transformation, analysts said.
The stock rose 3.37% to Rs 5,750.00, the highest level since Jan 18. It was trading 3.26% higher at Rs 5,743.70 as of 09:36 a.m., as compared to 0.36% declined in the NSE Nifty 50 index.
The scrip gained 14.85% in 12 months, and fell 8.95% on year to date basis. Total traded volume so far in the day stood at 1.18 times its 30-day average. The relative strength index was at 76.66, which implied the stock is overbought.
Out of 41 analysts tracking the company, 17 maintain a ‘buy’ rating, 11 recommend a ‘hold,’ and 13 suggest ‘sell’, according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.5%
Nifty, Sensex Open Lower As HDFC Bank, Asian Paints Drag: Opening Bell
Indian benchmarks opened lower on Thursday tracking losses in heavyweight HDFC Bank Ltd., Asian Paints Ltd. Losses in Asian shares also weighed on the Indian markets.
As of 09:17 a.m., the NSE Nifty 50 was trading 38.90 points or 0.16% lower at 24,574.10, and the S&P BSE Sensex was trading 77.82 points or 0.1% down at 80,638.73.
“RSI is trending above its average line, and sustenance above these would move to the higher range of 82-84 levels over the next few days. The Highest call open interest has moved higher to 25,000 strikes while the downside the highest put OI moved higher to 24,500 for the weekly expiry,” said Vikas Jain, head, research, Reliance Securities.
Infosys Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., LTIMindtree Ltd., and Bharti Airtel Ltd. added to the index.
HDFC Bank Ltd., Asian Paints Ltd., ICICI Bank Ltd., Bajaj Auto Ltd., and UltraTech Cement Ltd. weighed on the index.
On NSE, seven sectors opened lower, three opened higher, and two remained flat out of 12.
Broader markets declined in line with the benchmark indices. The S&P BSE Midcap and Smallcap indices were trading 0.52% and 0.25% lower, respectively.
On BSE, 17 sectors declined, and three advanced out of 20. The S&P BSE Consumer Durables and Capital Goods were the worst performing sector, and the S&P BSE IT rose the most.
Market breadth was skewed in favour of sellers. Around 1,607 stocks declined, 1,392 stocks advanced, and 139 stocks remained unchanged on BSE.
Brokerages On LTIMindtree
Jefferies
Maintain Underperform and revised the target price to Rs 4,920 from Rs 3,960. The current target price implied a downside 12%.
Management commentary on growth has improved
Recent run up has baked this in
Utilisation is at peak levels, limited scope to reduce subcontracting costs
Pick up in hiring to impact margins
Multiples are rich in context of inconsistency in execution
Citi Research
Maintain sell, with a target price Rs 4,780 against Rs 4,290 earlier.
The current target price implied a downside of 14.2%.
In line quarter earning, growth ahead of expectations
Commentary was positive, Citi Research said.
Growth momentum expected to continue
Estimates largely unchanged
Improved outlook may help the stock in the near term
Bernstein
Bernstein maintained a ‘Market perform’ on the stock with the an unchanged target price at Rs 4,800.
Modest TCV makes growth recovery difficult in FY25
Margins miss on estimates
Deal wins started to flow in revenue
Clients starting to scale up high priority programs
Utilisation improved above management’s band
Noted greenshoots in demand
Clients beginning to deploy savings towards high priority transformation programs
Nifty, Sensex Lower At Pre-Open
At pre-open, the NSE Nifty 50 was trading 0.28% lower at 24,543.80, and the S&P BSE Sensex was trading 0.25% lower at 80,514.25.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.97%.
It closed at 6.96% on Tuesday.
Source: Cogencis
Rupee Opens Flat Against US Dollar
The local currency opened flat at 83.58 against the US dollar.
It closed at 83.59 on Tuesday.
Source: Bloomberg
LTIMindtree Conference Call Highlights
Broader macro environment has remained unchanged
Growth improvement was led by the resumption of paused projects
Many large clients restarted paused transformation projects
Wins in certain vendor consolidation should drive revival of demand
Expects demand to be led by cost-takeout, select high-priority transformation projects
Clients deploying savings towards high-priority transformation programs
Clients are also making foundational investments for AI
Ramp-up in deals reflecting in revenues
Expect wage hike in Q3FY25
Looking to take margins to pre merger levels of 18%
Emkay Global On Bajaj Auto
Maintain Reduce with a target price Rs. 8,300 from Rs. 7,900, which implied a downside of 14%.
Domestic 2W prospects are healthy
Though the company position has slipped
Response to newly-launched CNG motorcycle needs to be watched
Mgmt guided for exports recovery to be gradual
Raise FY26E EPS by 2.6% see 13% EPS CAGR FY24-27E
Watch India Market Open At NDTV Profit
Brokerages On Asian Paints
Goldman Sachs
Maintains neutral rating reduces tarrget price to Rs. 2,750, which implied a downside of 7%.
Second consecutive quarter for revenue decline
Employee cost increased 23%after one off cost reversal
Expects festive season to face intense competition
UBS Research On Asian Paints
Maintains Buy with a revised the target price of Rs. 3,650 from Rs. 3,550, which implied an upside of 23%.
Demand impacted by heatwave and elections
Gross margin impacted due to raw material inflation and weak product mix
Lower than anticipated margins in FY25 due to higher staff cost
Nomura
FY25 volumes impacted by subdued demand; 2Q25 to witness double-digit volumes
EBITDA / OPM were much lower than expected due to higher staff and other costs
FY25F to see low-single sales / EPS growth despite double-digit volume growth
Maintain Neutral with lower TP of INR2,850; APNT trades at 48.6x Mar-26F EPS
Jefferies
Retains underperform with a target price of Rs. 2,100
International revenue declined by 2%
International profitability saw sharp decline due to losses in Asia and south pacific
Infra demand subdued due to elections
Cuts EPS FY25-27 estimates by 1-7%
Valuations are 50 times expensive
JP Morgan
Rates neutral with a target price of Rs. 2,800 from earlier Rs. 2,870, which implied a downside of 6%.
The company’s success in premium segments will be crucial
Expects negative share price reaction
Intensive competition to threaten margins
Money Market Update
The Indian rupee closed flat on Tuesday after a fall in Brent crude prices offset the rise in the US dollar index. The local currency closed at Rs 83.59 against the greenback.
IREDA To Invest Rs 290 Crore With SJVN In Nepal’s Karnali Hydro Project
F&O Cues
Nifty July futures up by 0.08% to 24,644 at a premium of 31 points.
Nifty July futures open interest up by 0.55%.
Nifty Bank July futures down by 0.19% to 52,529 at a premium of 133 points.
Nifty Bank July futures open interest down by 4.28%.
Nifty Options July 18 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,000.
Bank Nifty Options July 24 Expiry: Maximum call open interest at 52,500 and maximum put open interest at 52,500.
Securities in ban period: Balrampur Chini Mills, Chambal Fertilizers, GMR Infra, GNFC, Hindustan Copper, Piramal Enterprises, RBL Bank, Vedanta.
Trading Tweaks
Price Band change from 20% to 10%: Mukka Proteins.
Ex/record Dividend: Amara Raja Energy & Mobility, Can Fin Homes, Arvind Smart Spaces, Bliss GVS Pharma, Nelcast, Praj Industries, GPT Healthcare, Tanla Platforms, UTI Asset Management, Thangamayil Jewellery, Newgen Software Technologies.
Ex/record AGM: Tara Chand Infra Logistic Solutions, Amara Raja Energy & Mobility, Arvind SmartSpaces, Bliss GVS Pharma, Nelcast, Oracle Financial Services Software, Praj Industries, GPT Healthcare, Thangamayil Jewellery, Newgen Software Technologies.
Ex/record stock split: KPI Green Energy,
Moved out short-term Framework: AGI Greenpac, Cosmo First, Dredging Corporation of India.
Moved in short-term Framework: Artemis Medicare Services, Mukka Proteins.
Crisil Sees Indian Telecom User Revenue Rising 25% By FY26
Block Deals
Zomato: Motilal Oswal Mutual Fund sold 2.84 crore shares (0.32%), while Societe Generale bought 1.27 crore shares (0.14%) and Polar Capital Funds bought 63.5 lakh shares (0.07%), among others, at Rs 226.85 apiece.
Bulk Deals
SG Finserve: APL Infrastructure bought 2.75 lakh shares (0.49%) at Rs 399.81 apiece.
Vijaya Diagnostic Centre: Al Mehwar Commercial Investments sold 5.94 lakh shares (0.57%) at Rs 775.03 apiece.
Motilal Oswal Mutual Fund Offloads Zomato Stake Worth Rs 645 Crore
Stocks To Watch
Bajaj Finance: The IRDAI imposed a penalty of Rs 1 crore on the company for violation of rules on reconciliation of commission and professional fees received and reported and a Rs 1-crore penalty for violation of regulations on maintenance of records of customer documentation.
ONGC: The company commenced production from a coal-bed methane block in Bokaro, Jharkhand. Initial production at 1.7 lakh SCMD is expected to be ramped up to 3 lakh SCMD by the end of FY25.
Tata Power: The company plans to invest Rs 20,000 crore in capital expenditure in fiscal 2025 to expedite its pivot to renewable energy and augment its transmission and distribution businesses, Chairman Natarajan Chandrasekaran said.
Adani Enterprises: A joint venture company of the Adani Group and Abu Dhabi-based Sirius International Holding will acquire a majority stake in AI and cloud platform startup Coredge.io to expand its offerings in the data centre and cloud offering space.
Indian Oil: The company raised Rs 2,500 crore via NCDs to refinance existing debt and capex.
Exide: The company made an investment of Rs 75 crore in the arm of Exide Energy Solutions via a rights issue.
KEC International: The company received new orders worth Rs 1,100 crore for transmission and distribution projects in India and overseas.
SpiceJet: Ashish Kumar resigned as CFO; Joyakesh Podder takes charge as head of finance and is designated as deputy CFO effective July 15.
Triveni Engineering: The company started commercial operations of its Indian-made foreign liquor business and launched two whisky products, Matsya and The Crafters Stamp.
IREDA: The company will invest Rs 290 crore through special-purpose vehicles in association with SJVN for a 900-megawatt hydropower project in Nepal.
Hindustan Oil Exploration: The company made a major gas discovery in an unexplored layer called Sand-9 in the Dirok-1 well. Initial tests show a flow rate exceeding 6 million standard cubic feet per day. If further tests are successful, this discovery could increase the company’s proven reserves and boost revenue.
One 97 Communications: The company partnered with FlixBus to expand intercity bus services through its distribution network. Paytm will integrate FlixBus inventory on its platform.
Aditya Birla Money: The company named Ashok Suvarna as CEO effective Sept. 1.
GMR Airports: The company reported 8% growth in total passenger traffic year-on-year at 1.06 crore in the month of June and a 6% jump in total aircraft movements at 69,055.
Techno Electric & Engineering: The company opened a QIP at a floor price of Rs 1,506.58 per share.
Chennai Petroleum Corp: The government appointed MD Arvind Kumar as IOCL’s Director of Refineries.
Tata Power Plans Rs 20,000 Crore Capex For FY25, Mulls Nuclear Energy Entry
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Earnings In Focus
Ceat, Central Bank of India, CIE Automotive India, Dalmia Bharat, Grindwell Norton, Havells India, Infosys, JSW Infra, L&T Technology Services, Mastek, Newgen Software Technologies, Persistent Systems, Polycab India, Rallis India, Sagar Cements, Shoppers Stop, South Indian Bank, Sterling and Wilson Renewable Energy, Tanla Platforms, Tata Communications, and Tata Technologies.
Q1 Results Today: Infosys, CEAT, L&T Technology Among 40+ Firms To Declare Earnings
Earnings Post Market Hours
L&T Finance Q1 FY25 (Consolidated, YoY)
Total income up 12% at Rs 3,785 crore versus Rs 3,377 crore
Net profit up 29% at Rs 685 crore versus Rs 531 crore (Bloomberg estimate Rs 677 crore)
Just Dial Q1 FY25 (Consolidated, QoQ)
Revenue up 3.8% at Rs 281 crore versus Rs 270.3 crore
Ebitda up 14.2% at Rs 81 crore versus Rs 71 crore
Ebitda margin at 28.7% versus 26.1%
Net profit up 22% at Rs 141 crore versus Rs 116 crore
Alok Industries Q1 FY25 (Consolidated, YoY)
Revenue down 29% at Rs 1,006 crore versus Rs 1,415 crore
Ebitda up 68% at Rs 21 crore versus Rs 12 crore
Ebitda margin at 2.1% versus 0.9%
Net loss at Rs 207 crore versus loss of Rs 226 crore
Asian Paints Q1 FY25 Highlights (Consolidated, YoY)
Revenue fell 2% to Rs 8,969 crore versus Rs 9,318.4 crore (Bloomberg estimate: Rs 9,318.4 crore)
Operating profit declined 20% to Rs 1,694 crore versus 1,965.4 crore (Bloomberg estimate: Rs 1,965.4 crore)
Margin shrank to 18.9% from 23.1% (Bloomberg estimate: 21.1%)
Net profit declined 24.6% to Rs 1,187 crore versus Rs 1,575 crore (Bloomberg estimate: Rs 1,407.3 crore)
LTIMindtree Q1 Results: Key Highlights (QoQ)
Revenue up 2.8% at Rs 9,142.6 crore versus Rs 9,074.6 crore
Ebit increased 4.8% to Rs 1,371 crore versus Rs 1,389 crore
Margin expanded 30 basis points to 15% versus 15.3%
Net profit up 3.1% Rs 1,135 crore versus Rs 1,161.2 crore
L&T Finance Q1 Results: Profit Up 29%, Total Income Rises
GIFT Nifty Trading Above 24,600
Asia-Pacific markets declined on early Thursday, tracking sharp overnight losses in their US peers as chip stocks stumbled on caution of a strict export restrictions on China.
The Nikkei 225 was trading 773.61 points or 1.88% lower at 40,324.08, and the S&P ASX 200 was trading 8 points or 0.1% down at 8,049.90 as of 06:51 a.m.
The Biden administration said it’s mulling to put stricter curb on companies like Tokyo Electron and ASML, which continued to give access to China to advance semiconductor technology markets, Bloomberg reported.
The possibility of a greater US and China trade conflict pulled down the Nasdaq Composite index 2.8% lower on Wednesday as Nvidia Corp and Apple Inc led losses.
The S&P 500 settled 1.39% down, and Dow Jones Industrial Average ended 0.59% higher on Wednesday.
The September contract of Brent crude oil Intercontinental exchange was trading 0.52% higher at $85.52 per barrel as of 06:58 a.m. The spot Gold was trading 0.17% higher at $2,462.86.
The GIFT Nifty was trading 8 points or 0.03% higher at 24,672.50 as of 06:59 a.m.
India’s benchmark stock indices ended at a fresh closing high for a third day in a row on Tuesday, tracking sharp gains in ICICI Bank Ltd., Infosys Ltd., and Bharti Airtel Ltd.
The NSE Nifty 50 settled 26.30 points, or 0.11% higher at 24.613.00, and the S&P BSE Sensex gained 75.71 points, or 0.06%, to close at 80,716.55.
Overseas investors remained net buyers of Indian equities for the third consecutive session. Foreign portfolio investors mopped up stocks worth Rs 1,272 crore, while domestic institutional investors stayed net sellers for the third session and sold equities worth Rs 530 crore, according to provisional data from the NSE.
The Indian rupee closed flat at Rs 83.59 against the US dollar.
SEBI Proposes Product To Bridge Gap Between Mutual Funds, Portfolio Management Services. Read more on Markets by NDTV Profit.The NSE Nifty IT index rose to the highest level since Dec 30, 1999. The NSE Nifty FMCG scaled a fresh high for fourth day. Read MoreMarkets, Buzzing Stocks, Business, Notifications
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