Tag: Hero MotoCorp

Categories
Daily Market Feed Pre Market Report

NIFTY to Open Flat. Trend Setting Day for Next Week! – Pre-Market Analysis Report

Here are some of the major updates that could move the markets today:

U.S. inflation data for July came out better than expected, with traders betting this would signal a pause in interest rate hikes. The U.S. markets rallied in the first half and then fell back.

Stocks

Hero MotoCorp recorded a standalone profit of Rs 824.72 crore, rising 32% YoY.

LIC reported huge profits of Rs 9,543.7 crore, due to a one-time event. Net premium remained flat.

Apollo Tyres reported consolidated profit at Rs 396.9 crore, up by 124% YoY as raw material costs fell.

Mazagon Dock Shipbuilders saw a 40% YoY growth in consolidated profit at Rs 314.3 crore.

SAIL reported a consolidated profit of Rs 212.5 crore, down 73.6% YoY as revenues stayed flat.

HCL Technologies has signed a mega deal with Global 100 Corp with an estimated new total contract value of $2.1 billion over the term.

Major results today: IRFC, Muthoot Fin, Spicejet, ONGC, Nykaa, Apollo Hospital, Cochin Shipyard, HAL, Voltas

What Happened Yesterday?

NIFTY started the day flat at 19,605, slightly up. Consolidation till 10 AM was followed by quick up moves then a fall. Eventually touching the day low once again, NIFTY closed at 19,543, down by 89 points or 0.46% 

BANK NIFTY started the day at 44,797 with a gap-down. It tried to move near the 45k levels but saw a 500-point fall in 20 mins. The index mostly consolidated, with a bearish bias. BANK NIFTY closed the day at 44,541, down by 338 points or 0.76%. 

US markets closed flat after another day of high volatility. The European markets closed in green.

What to Expect Today?

The Asian markets are trading mixed.

The U.S. Futures are trading slightly in the green.

GIFT NIFTY is trading flat at 19,554.

All the factors combined indicate a flat to small gap-up opening in the market.

NIFTY has support at 19,566, 19,530 and 19,438. We can expect resistances at 19,617, 19,658, and 19,720. 

BANK NIFTY has support at 44,400, 44,277 and 44,000. Resistances are at 44,600, 44,800, 44,900 and 45,100.

NIFTY has the highest call OI build-up at 19,600. The highest put OI build-up is at 19,500. PCR is at 0.83.

BANK NIFTY has the highest call OI build-up at 45,000. The highest put OI build-up is also at 44,500. PCR is at 0.79

Foreign Institutional Investors net-bought shares worth Rs 703 crores. Domestic Institutional Investors net-bought worth Rs 331 crores.

INDIA VIX is at 11.14.

U.S. markets closed much lower from the day-high, but still in the green. Inflation data came out better than expected but is still not under control.

NIFTY is consolidating between the ranges of 19,650 and 19,300 for the last week. Although there is huge intraday volatility, only these levels breaking will indicate a larger move.

Both NIFTY and BANK NIFTY option sellers have started making aggressive positions on the call side. If this is seen repeating today, it might set an overall bearish theme for next week’s trade.

On the other hand, FIIs have returned to the cash market buying multiple days in a row. Their involvement might take the market up.

For a larger picture of the week, do keep in mind 19,300 and 19,650.

So after a crazy week, let us hope for a calm and peaceful expiry on 17th August.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. We will be entering new trades today!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Market News Top 10 News

NCLT Approves ZEEL’s Merger With Sony – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

NCLT approves ZEEL’s merger with Sony

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the merger scheme between Zee Entertainment Enterprises Ltd (ZEEL) with Culver Max Entertainment (Sony). The tribunal has also dismissed all objections regarding the merger.  This is a key regulatory approval for the mega-merger, aimed at creating a $10-billion media giant.

Read more here.

RBI keeps repo rate unchanged at 6.5%

Reserve Bank of India (RBI) left the repo rate (key policy rate) unchanged at 6.5%. The central bank’s Monetary Policy Committee (MPC) also retained its withdrawal of accommodation stance to ensure that the retail inflation remains within the target of 4%. The RBI retained the GDP growth projection for the current financial year (FY24) at 6.5% and raised the inflation projection marginally to 5.4%

Read more here.

Grasim Q1 Results: Net profit falls 18% YoY to ₹1,576 crore

Grasim Industries reported an 18% YoY fall in consolidated net profit to ₹1,576 crore for the quarter ended June (Q1 FY24). Its consolidated revenue for the quarter stood at ₹31,065 crore, up 10.7% YoY. The decline in net profit could be attributed to an over 14% YoY jump in its total expenses for Q1 at ₹27,923.38 crore. 

Read more here.

SBI Card enables RuPay credit cards on UPI

SBI Card and National Payments Corporation of India (NPCI) announced the linking of SBI credit cards on the RuPay platform with UPI. The company’s customers will now be able to make UPI transactions through credit cards issued on RuPay. The facility can be availed of by registering the credit card with third-party UPI apps.

Read more here.

Samvardhana Motherson Q1 Results: Net profit jumps four-fold to ₹601 crore

Samvardhana Motherson reported a four-fold rise in consolidated net profit to ₹601 crore for the June quarter (Q1 FY24). Its consolidated revenue from operations rose 27% YoY to ₹22,462 crore during the same period. EBITDA stood at ₹1,940 crore, up 69% YoY, driven by operating efficiency, and softening of material and energy prices. 

Read more here.

Pidilite Q1 Results: Net profit rises 32% YoY to ₹474 crore

Pidilite Industries reported a 31.5% YoY jump in net profit to ₹473.7 crore for Q1 FY24. Its consolidated revenue rose 5.6% YoY to ₹3,275.1 crore during the same period. EBITDA rose 33.5% YoY ₹706.8 crore from ₹529.5 crore in the same quarter last year. EBITDA margin also expanded by 450 basis points (bps) from 17.1%, YoY to 21.6%.

Read more here.

Godrej Cons to build manufacturing facility in Tamil Nadu

Godrej Consumer Products Ltd (GCPL) announced that it has signed a Memorandum of Understanding (MoU) with the state government of Tamil Nadu. The MoU is for building a manufacturing facility near Chennai. The company will make an investment of ₹515 crore over the next five years. It will serve as a manufacturing hub for brands such as Cinthol, Godrej Expert Rich Crème, Godrej Selfie Shampoo Hair Colour, and Goodknight.

Read more here.

Hero MotoCorp Q1 Results: Net profit rises 32% YoY to ₹825 crore

Hero MotoCorp reported a 32% YoY increase in net profit to ₹825 crore for Q1 FY24. Its consolidated revenue rose 4.5% YoY to ₹8,767.3 crore during the same period. EBITDA grew 28% YoY ₹1,206 crore in Q1. The company incurred a one-time cost of ₹160 crore towards the voluntary retirement scheme (VRS) offered to certain employees.

Read more here.

NHPC plans to build pumped hydro storage projects of 22,000 MW

NHPC Ltd is planning to develop around 20,000-22,000 MW of pumped hydro energy storage projects in the coming years. The capacities are being explored in Odisha, Maharashtra, Madhya Pradesh and Andhra Pradesh. However, the detailed project report and the approvals are likely to take a couple of years for at least some of these capacities to start building.

Read more here.

Vi seeks time till Dec to clear its statutory dues

Vodafone Idea has sought time till the end of December 2023 to clear its remaining statutory dues. The company hopes to close its fundraising from banks and third-party investors in the “near future” and is reiterating that its promoters are “committed” to supporting the company. Replying to a Department of Telecommunications (DoT) show cause notice, the company cited continuing liquidity challenges due to its delayed fundraising.

Read more here.

LIC Q1 Results: Net profit jumps 14x to ₹9,544 crore

Life Insurance Corporation of India (LIC) reported a 14x YoY increase in net profit to ₹9,544 crore for Q1 FY24. Its net premium income was flat at ₹98,363 crore during the same period. Income from investments rose 30% YoY to ₹90,309 crore in Q1.

Read more here.

Hindalco, Texmaco to make aluminium rail wagons, coaches

Hindalco Industries and Texmaco Rail & Engineering have entered into a strategic alliance and announced a ₹200 crore investment to develop and manufacture aluminium rail wagons and coaches that will help the Indian Railways achieve emission goals and boost operating efficiency. Texmaco is the flagship of the Adventz Group.

Read more here.

Categories
Market News Top 10 News

Tata Power’s Net Profit Rises 22% YoY to Rs 972Cr in Q1- Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Tata Power Q1 Results: Net profit rises 22% YoY to ₹972 crore

Tata Power reported a 22.4% YoY rise in consolidated net profit to ₹972 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹15,213.29 crore, up 5% YoY. EBITDA increased 75% YoY to ₹2,943.6 crore in Q1. Tata Power accrued a one-time gain of Rs 235 crore in the reported quarter on account of deemed gain on dilution of around 17% stake in Tata Projects. 

Read more here.

Hero MotoCorp faces tax probe over links to vendor

According to a Reuters report, The Directorate General of Goods and Services Tax Intelligence is investigating Hero MotoCorp’s relationship with a vendor suspected of reporting about ₹90 crore ($10.87 million) in false expenditure. Based on the alleged fake spending by vendor Salt Experiences, Hero MotoCorp received a tax credit, leading to suspected tax evasion of about ₹16 crore rupees.

Read more here.

ZEEL Q1 Results: Net loss at ₹53 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a consolidated net loss of ₹53 crore for the June quarter (Q1 FY24). Net profit stood at ₹107 crore in Q1 FY23. Its consolidated revenue from operations rose 7.6% YoY to ₹1,984 crore during the same period. Sequentially, the net loss narrowed from Rs 196 crore, while revenue declined 6%. EBITDA fell 42.3% YoY to ₹155 crore in Q1.

Read more here.

BSE Q1 Results: Net profit jumps 10x YoY to ₹440 crore

BSE reported a 1000% YoY jump in consolidated net profit to ₹440 crore for Q1 FY24. Net profit stood at ₹40 crore in Q1 FY23. Its revenue from operations rose 15% YoY to ₹216 crore during the same period. EBITDA rose 41% YoY ₹70 crore. The operating profit margin contracted by 375 basis points to 10.78%. The massive jump in net profit was due to a profit of ₹406.6 crore on divestment in CDSL.

Read more here.

Genus Power Infrastructures arm bags order worth Rs 2,210 crore

Genus Power Infrastructures’ subsidiary has bagged an order worth ₹2,210 crore. The order is for the supply and installation of 21.77 lakh smart pre-paid electricity meters. The company has received a letter of award (LOA) of ₹2,209.84 crore (net of tax) for the appointment of an advanced metering infrastructure service provider. Post this order inflow, its total order book stands over ₹8,200 crore (net of tax).

Read more here.

IRCTC Q1 Results: Net profit falls 5% YoY to ₹232 crore

IRCTC reported a 5% YoY fall in standalone net profit to ₹232 crore for the June quarter (Q1 FY24). Net profit stood at ₹245 crore in Q1 FY23. Revenue from operations rose 17% YoY to ₹1,002 crore during the same period. The company’s EBITDA for the quarter rose 7% YoY to ₹343 crore. 

Read more here.

Delhivery bags order from Havells India for factory-to-customer supply chain

Delhivery Ltd secured a contract to build, and operate the factory-to-customer supply chain for Havells India Ltd. in western India. The company will deploy its technology-led integrated warehousing and transportation solutions to deliver complete end-to-end visibility. Both firms will jointly inaugurate new warehouses in western India to cater to the multi-channel demand ranging from general and modern trade to emerging e-commerce retail.

Read more here.

Berger Paints Q1 Results: Net profit rises 40% YoY to ₹355 crore

Berger Paints reported a 40% YoY jump in consolidated net profit to ₹355 crores for the quarter ended June (Q1 FY24). Its revenue from operations stood at ₹3,029 crore, up 9.2% YoY. EBITDA increased 37.5% YoY to ₹556.75 crore in Q1. The company’s board also approved a 1:5 bonus issue of equity shares. This will be subject to approval from shareholders.

Read more here.

Vi Business partners with Yotta Data Services to enhance its data center colocation

Vodafone Idea’s enterprise arm, Vi Business has partnered with Yotta Data Services to enhance its data center Colocation and Cloud services portfolio. Through this partnership, Vi Business will leverage its synergies with Yotta to offer integrated connectivity, cloud and security solutions to its enterprise customers.

Read more here.

Categories
Market News Top 10 News

Adani Ports’ Net Profit Rises 83% YoY to Rs 2,115Cr in Q1- Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Adani Ports Q1 Results: Net profit rises 83% YoY to ₹2,115 crore

Adani Ports & Special Economic Zone Ltd reported an 83% YoY jump in consolidated net profit to ₹2,115 crore for the quarter ended June (Q1 FY24). Its consolidated revenue from operations stood at ₹6,248 crore, up 24% YoY. EBITDA increased 80% YoY to ₹3,765 crore in Q1. The company recorded its highest-ever quarterly port cargo volumes at 101.4 MMT in the first quarter, reflecting a 12% YoY jump.

Read more here.

Tata Power to develop 2,800 MW hydro storage projects

Tata Power Ltd has entered into an agreement with the Government of Maharashtra. The agreement is for developing pumped hydro storage projects having a total capacity of 2800 MW. The company signed a Memorandum of Understanding (MoU) with the Maharashtra Government proposing a total investment worth approximately ₹13,000 crore. The pumped hydro storage projects are targeted to aid not just Maharashtra but also the country’s clean energy landscape.

Read more here.

Coal India Q1 Results: Net profit falls 10% YoY to ₹7,941 crore

Coal India reported a 10% YoY fall in consolidated net profit to ₹7,941 crore for the June quarter (Q1 FY24). Revenue from operations rose 3% YoY to ₹35,983 crore during the same period. On a sequential basis, net profit rose 44% from ₹5,528 crore reported in the preceding March quarter, while revenue dropped 6% QoQ. EBITDA stood at ₹10,513 crore, down 14.5% YoY.

Read more here.

TCS partners with govt to transform GeM platform

Tata Consultancy Services (TCS) has been selected as a strategic partner by the Indian Government to transform the Government e-Marketplace (GeM) into a state-of-the-art public procurement platform with enhanced transparency, efficiency, and inclusivity. The GeM platform provides an end-to-end online marketplace for central and state government bodies, including public sector undertakings, for the procurement of common-use goods and services transparently and efficiently. TCS will design and build a new modern solution leveraging new technologies while maintaining the current platform.

Read more here.

Hindalco Q1 Results: Net profit falls 40% YoY to ₹2,454 crore

Hindalco reported a 40.4% YoY fall in consolidated net profit to ₹2,454 crore for Q1 FY24. Its revenue from operations fell 9% YoY to ₹52,991 crore during the same period. Consolidated EBITDA stood at ₹5,714 crore, down 32% YoY. The operating profit margin contracted by 375 basis points to 10.78%.

Read more here.

Hero MotoCorp halts booking for India-made Harley Davidson

Hero MotoCorp Ltd halted bookings for its India-made Harley-Davidson motorcycle. The company has received 25,597 bookings for the Harley-Davidson X440 to date. The booking window, which opened on July 4, has now been closed, and the new booking window will be announced soon. Hero MotoCorp said it will start production of the Harley-Davidson X440 in September 2023 and commence customer deliveries from October onwards.

Read more here.

Torrent Pharma Q1 Results: Net profit rises 7% YoY to ₹378 crore

Torrent Pharma reported a 7% YoY rise in net profit to ₹378 crore for the June quarter (Q1 FY24). Net profit stood at ₹354 crore in Q1 FY23. Revenue also rose 10% YoY to ₹2,591 crore during the same period. EBITDA stood at ₹791 crore, up 11% YoY. The R&D spend rose 6% YoY to ₹129 crore in the second quarter. 

Read more here.

Godrej Consumer to invest ₹900 crore to set up manufacturing plants

Godrej Consumer Products Ltd (GCPL) on Monday announced that its board has approved a capital expenditure of ₹900 crore. The capital expenditure is for setting up new manufacturing sites in Tamil Nadu and Madhya Pradesh. This is being done to cater to the growing customer demand as well as consolidate the manufacturing footprint. GCPL’s board took the decision at a board meeting held on August 7. The company will fund the project through a mix of internal accruals and debt.

Read more here.

Categories
Daily Market Feed Post Market Analysis

Calm Fin Nifty Expiry! – Post-Market Analysis

beach birds calm clouds
Photo by Pixabay on Pexels.com

NIFTY started the day at 19,627 with a gap-up of 29 points (near the resistance zone of 19,600). Immediately after opening, there was a sell-off of nearly 100 points to 19,530 levels. Then, the index tried moving up but there wasn’t enough strength, and it consolidated. Nifty closed at 19,570, down by 26 points or 0.13%. 

Nifty chart - Aug 8 post-market analysis

BANK NIFTY (BNF) started the day at 44,888 with a small gap-up of 51 points. With the help of ICICI Bank, the index moved up initially to 45,100 levels, took resistance, and mostly consolidated in a small range of 120 points between 45,050 and 44,900. BNF closed at 44,964, up by 126 points or 0.28%. 

Bank Nifty chart - Aug 8 post-market analysis

All other indices except Nifty Metal (-1.1%), Nifty Auto (-0.31%), Nifty FMCG (-0.28%), and Nifty Realty (-0.18%) closed in green. Nifty PSU Bank (+3.3%) moved up the most. 

Major Asian markets closed mixed. European markets are currently trading up to 1% in the red.

Today’s Moves

Hero MotoCorp (+3.8%) was NIFTY50’s top gainer. The company reported that it has received over 25,000 bookings for the Harley-Davidson X440.

SBI Life (+3.59%), Cipla (+3.5%), and Dr Reddy’s Labs (+0.48%) hit their respective 52-week highs today.

Gland Pharma (+20%-UC) rallied after posting a 41% YoY rise in Q1 revenue yesterday, aided by its acquisition of French pharma group Cenexi.

Adani Ent (-2.98%) was NIFTY50’s top loser amid broader weakness in the market.

Policybazaar (-4.7%) fell after the company’s loss narrowed from ₹204 crore in Q1 FY23 to ₹11.9 crore in Q1 FY24.

Markets Ahead

Nifty is looking weak, while Bank Nifty is looking strong. But overall, the markets are still under selling pressure for the short term. So major resistances have to be breached for markets to turn bullish again.

Nifty: The index is now taking the 50% rejection from the Fib levels. So 19,650 is the major resistance for Nifty. There is also a trendline resistance that Nifty is respecting. So till this level, the markets may stay bearish. Now, the major support for Nifty is clearly the round levels of 19,500 levels.

A breakout from 19,650 levels can give us a target of 19,740 and a breakdown from 19,500 can give us a target of 19,380.

Bank Nifty: The index is looking strong compared to Nifty, and is in a range between 45,100 and 44,780. A breakdown from these levels can give us targets of 44,500 and 44,300. A breakout can give us targets of 45,470 and 45,740 eventually.

Finnifty: The index moved sideways today, and was volatile in a range of 120 points. Being an expiry, it was easy for non-directional players to trade as Fin Nifty is also moving in a range. A breakout or a breakdown is possible, so watch out for 20,100 as resistance and 20,000 as support levels.

The Reserve Bank of India (RBI) will hold its policy meeting on Thursday, where the expectation is for interest rates to remain unchanged. Meanwhile, the US dollar strengthened ahead of the release of US, Chinese economic data.

How was FIN NIFTY expiry? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

Categories
Daily Market Feed Post Market Analysis

Bearishness Continues. What to Expect on Weekly Expiry? – Post-Market Analysis

NIFTY started the day at 19,655 with a gap-down of 78 points (below the important support zone of 19,700). It was a straight fall of 250 points from the day’s high to the low of 19,424 levels! In between, the index tried to consolidate near 19,500 zones, but couldn’t sustain it. Post 2:30 PM, the index recovered over 100 points from 19,420 levels. Nifty closed at 19,526, down by 207 points or 1.05%. 

Nifty chart weekly expiry - Aug 2

BANK NIFTY (BNF) started the day at 45,234 with a gap-down of 357 points (near the support zones of 45,300). The index fell below important supports to 44,700 levels. After falling more than 650 points, BNF retraced a bit and closed at 44,995, down by 596 points or 1.31%. 

Bank Nifty chart weekly expiry - Aug 2

All indices closed in red today. Nifty PSU Bank (-2.6%) and Nifty Metal (-2%) fell the most. 

Major Asian markets closed up to 2.4% in the red. European markets are currently trading in the red.

Today’s Moves

Divi’s Labs (+1.4%) was NIFTY50’s top gainer on the back of strong volumes.

Indiabulls Housing Finance rose 5.37% today. Last week, the company’s board approved raising up to ₹35,000 crore via the issue of debt securities. It has also approved a final dividend of ₹1.25 per share for FY23.

Hero MotoCorp (-3.5%) was NIFTY50’s top loser. The two-wheeler manufacturer’s total sales declined by 12% YoY to 3.91 lakh units in July.

PSU banking stocks Canara Bank (-3.9%), Bank of Baroda (-3.1%), PSB (-3.1%), SBIN (-2.19%), IOB (-2.9%), and others moved down with strength today.

Redington India (-10.37%) fell sharply amid weak Q1 FY24 results.

Markets Ahead

Markets are clearly bearish now. Being a weekly expiry tomorrow, markets can be volatile and might continue the downtrend. 

Nifty: Now, the important support level to watch out for is today’s low of 19,400. The important resistance to watch out for is the 19,570 zone. A breakout on the upside will create some volatility, and the index might move sideways. But if there’s a breakdown and the market falls below 19,400, we can expect a target of 19,300.

Bank Nifty: The index is between the support zone of 44,500 and 45,300 resistance. In this zone, BNF can act sideways and become volatile. If there’s a breakdown from 44,500 round levels, we can expect a target of 44,150. A breakout on the upside can give us a target of 45,750.

Both indices might be volatile within a range for tomorrow’s expiry. So watch out for the levels mentioned above, and plan your trades accordingly!

Meanwhile, global stock markets have fallen after Fitch Ratings downgraded the US sovereign credit from AAA to AA+, citing “a steady deterioration in standards of governance” and the US government’s growing debt burden.

FIIs net sold for ₹1,877.84 crore in the Indian markets, while DIIs net sold for ₹2.23 crore.

What levels are you watching out for weekly expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

Categories
Daily Market Feed Pre Market Report

Markets to Open Lower with U.S. Ratings Downgrade – Pre-Market Analysis Report

Here are some of the major updates that could move the markets today:

Rating agency Fitch downgraded the US credit rating by one step to AA+, citing expected fiscal deterioration over the next three years and growing general government debt burden.

Stocks

Maruti Suzuki produced 1.86 lakh vehicles in July, up 1% YoY. Maruti is also going to acquire a 100% stake in Suzuki Motor Gujarat(SMG) from the Japanese parent company – Suzuki Motor Corporation. This was one of the major issues with long-term investment in the stock – Why You Should NOT Invest in Maruti Suzuki.

TVS Motors has announced sales volume at 3.26 lakh units for July 2023, up 4% YoY. This was majorly contributed by domestic business, while exports fell. Electric scooter sales doubled from last year.

Hero Motocorp’s 2 offices and the residence of the executive chairman were raided yesterday by the Enforcement Directorate. 

DLF promoter and chairman emeritus sold his entire stake of 0.59% in the company for Rs 730 crores.

Royal Enfield reported total sales growth of 32% year-on-year to 73,117 motorcycles. Contributed by domestic growth, exports dropped 20%.

Major results today: Titan, Ambuja Cements, HPCL, Indigo, Mankind Pharma, Godrej Properties, IOB

What to Expect Today?

NIFTY started the day at 19,784 with a small gap-up. It tried to move up but failed, and eventually consolidated with a bearish bias. NIFTY closed at 19,733, down by 20 points or 0.1%.

BANK NIFTY started the day at 45,740 and consolidated. But after 1 hour, it lost strength and moved down. BANK NIFTY closed at 45,592, up 58 points or 0.13%.

US markets closed mixed. The European markets closed in the red.

The Asian markets are mostly trading in the red.

The U.S. Futures are trading in the red.

GIFT NIFTY is trading in the red at 19,747.

All the factors combined indicate a gap-down opening in the market.

NIFTY has supports at 19,760, 19,660, 19,617 and 19,566. We can expect resistances at 19,784, 19,846 and 19,920.

BANK NIFTY has supports at 45,472, 45,230, and 44,900. Resistances are at 45,860, 46,000, and 46,240.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,600 and 19,700. PCR is at 0.79.

BANK NIFTY has the highest call OI build-up at 46,000. The highest put OI build-up is at 45,500. Call sellers in the 45,500 straddle running away. PCR is at 0.76. 

Foreign Institutional Investors net-sold shares worth Rs -92 crores. Domestic Institutional Investors net-bought worth 1,035.69 crores.

INDIA VIX is at 10.28.

Reliance dragged the market down yesterday, while HDFC Bank and Infy moved it up.

The market was trying to stay up and consolidate near this zone before a breakout. But looks like the global markets are not playing along!

A gap-down of 50 points is expected and you know the major levels to watch out for from above. The put sellers at 19,700 will be okay, as they are mostly straddle positions. If the market moves towards 19,600 levels, the sellers there will cover their positions and drag NIFTY down to 19,500 zones.

Global markets which were consolidating near their all-time highs, might see a small correction, but not expecting huge reactions as we can see from U.S. futures.

So watch out for initial weakness, but a rebound towards the second half of the day if European markets move to green.

Tomorrow is the first expiry of the August series. Hope you have a strong 2 days of trading ahead!

We will be trading Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) today. Follow along on the marketfeed app, or on our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

Categories
Daily Market Feed Post Market Analysis

Nifty Closes Below 19,750. IT Stocks Gain – Post-Market Analysis

NIFTY started the day at 19,784 with a small gap-up of 30 points. Initially, the index moved up to the round levels of 19,800, took rejection, and fell to breach the important support zone of 19,750. Then, it went down to 19,700 levels and strong buying kicked in. The index mostly consolidated within the 19,700 and 19,800 zones today. Nifty closed at 19,733, down by 20 points or 0.1%. 

BANK NIFTY (BNF) started the day at 45,740 with a gap-up of 88 points. After initial consolidation, the index faced selling pressure. BNF fell below the 45,600 support zone and came down to 45,470 zones (which was the previous day’s swing). It then bounced back, but 45,600 acted as resistance. BNF closed at 45,592, down by 58 points or 0.13%. 

All indices except Nifty IT (+1.2%), Nifty Metal (+0.18%), and Nifty Pharma (+0.06%) closed in the red. Nifty Realty (-1.7%) fell the most. 

Major Asian markets closed mixed. European markets are currently trading in the red.

Today’s Moves

Coal India (+4.8%) was NIFTY50’s top gainer. The company posted a 13.4% YoY growth in coal production at 53.6 million tonnes (MT) in July.

NCLAT has listed IDBI’s (+8.6%) appeal against ZEEL for a hearing tomorrow.

TechM (+2.5%), LTTS (+3.18%), HCL Tech (+1.95%), TCS (+0.9%), and other IT stocks showed strong gains.

PowerGrid (-5.3%) was NIFTY50’s top loser. The company posted disappointing Q1 results and announced a 1:3 bonus issue.

Kei Industries (-6.5%) crashed to 8% after reporting a 17% YoY rise in net profit to ₹121.4 crore in Q1.

DLF (-3.3%) fell after promoters sold stake worth ₹1,086 crore in the real estate company.

Hero MotoCorp (-3.1%) fell sharply after the Enforcement Directorate conducted raids at the residence of the company’s chairman Pawan Munjal.

Markets Ahead

After the buying seen yesterday, our markets seem stuck in a range. A breakout or breakdown from these levels can give us good moves.

Nifty: The index is currently facing rejection from 19,750 levels, which could act as the first resistance. If that level is crossed, we can expect the index to move to 19,840 levels. If the index falls below 19,750, a round level target of 19,700 could act as strong support. And if 19,700 is breached, we can expect Nifty to fall to 19,600 as well.

Bank Nifty: BNF is looking weaker than Nifty. 45,600 is acting as a strong resistance. If the index stays below this level, we can expect targets of 45,470 (today’s low) and 45,300. If there’s a breakout on the upside, we can expect a target of 45,800 and the round levels of 46,000 eventually.

Nifty Finserv moved in a range today. So it was an easy expiry for non-directional option sellers.

Meanwhile, the S&P Global Purchasing Managers’ Index (PMI) fell marginally to 57.7 in July from 57.8 in June. The rates of output and new order expansion remained slightly lower than in June. However, companies continued to grow their workforce and purchasing activities in response to these developments.

How was FIN NIFTY expiry? Are you in net profit or loss? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

Categories
Market News Top 10 News

Govt to Sell Up to 3.5% Stake in HAL – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Govt to sell up to 3.5% stake in Hindustan Aeronautics

The Indian government is planning to sell up to 3.5% stake in Hindustan Aeronautics Ltd (HAL). The stake sale would be valued at ₹28.6 lakh crore, based on a floor price of Rs 2,450 per share. According to the latest shareholding pattern, the govt holds a 75.15% stake in the public sector aerospace and defence company. HAL’s current market cap stands at Rs 87,800 crore.

Read more here.

IOC to invest Rs 61,077 crore in petrochemical complex at Paradip

Indian Oil Corporation Ltd (IOCL) will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha. This mega project will be the largest-ever investment of Indian Oil at a single location. This is part of IOCL’s transition plan, including boosting petrochemical intensity to help protect against volatility.

Read more here.

India’s 2022/23 iron ore exports to hit 5-year low

India’s iron ore exports are set to fall 24% to a five-year low in the current financial year (FY23) as an export tax imposed last May stalled shipments. The country is likely to export about 20 million tonnes (MT) of iron ore in 2022/23, down from 26.3 MT last year. In May 2022, the government imposed a 50% export tax on low-grade iron ore lumps and fines and a 45% export duty on pellets to meet rising local demand.

Read more here.

Hero MotoCorp to hike prices by up to 2% from April

Hero MotoCorp Ltd will increase prices of its model range by around 2% from next month to offset the impact of rising production costs in order to conform to stricter emission norms. The company will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023. The Indian automobile industry is currently working to make its products meet the second phase of Bharat Stage Emission Standards 4 (BS-VI).

Read more here.

KEC International bags orders worth Rs 1,560 crore from PowerGrid

KEC International has secured new orders worth Rs 1,560 crore from Power Grid Corporation of India Ltd (PGCIL). This includes a 765 kV transmission line, a 765/400 kV AIS substation, and 765 kV GIS substations. With this order, the company’s year-to-date (YTD) order intake stands at an all-time high of over Rs 21,000 crore, a substantial growth of 30% YoY.

Read more here.

RailTel wins order worth Rs 35 crore to establish data centres

RailTel Corporation of India has secured a Rs 34.91 crore contract from Madhya Pradesh State Electronics Development Corporation for the expansion and setting up of data centres. The work order includes the expansion of the existing State Data Centre (SOC) and the establishment of a Disaster Recovery (DR) Center. The contract will be executed over five years.

Read more here.

HPCL plans to set up its third LPG cavern in Gujarat

Hindustan Petroleum Corporation (HPCL) is planning to set up its third Liquefied Petroleum Gas (LPG) underground storage facility (or cavern) in India. The facility will be set up in Vadodara, Gujarat, with a capacity to store 60,000 tonnes of LPG. HPCL plans to spend up to Rs 1000 crore to set up the cavern.

Read more here.

Power Finance Corporation to get Rs 165 cr loan from JBIC

Power Finance Corporation (PFC) has signed a pact with Japan Bank for International Cooperation (JBIC) for a project loan of JPY 2.65 billion (~Rs 165 crore). Under this facility, JBIC has proposed to finance some of PFC’s projects that ensure the effective reduction of greenhouse gas emissions and conservation of the global environment.

Read more here.

IFC invests Rs 240 crore in JK Tyre for 5.6% stake

International Finance Corporation (IFC) will invest around Rs 240 crore in JK Tyre & Industries Ltd. As part of the deal, IFC will receive a 5.6% stake in JK Tyres through the issue of compulsorily convertible debentures (CCDs) on a preferential basis. The investment will help JK Tyres become a “green company” with sustainable use of energy & natural resources.

Read more here.

Reliance Consumer expands FMCG portfolio

Reliance Consumer Products (RCP) announced the expansion of its packaged goods portfolio, including soaps, hygiene, laundry and home care products. It has set up direct competition with established players such as Hindustan Unilever (HUL), Reckitt Benckiser and Procter & Gamble (P&G). RCP is the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL).

Read more here.

Categories
Market News Top 10 News

Hero MotoCorp, Zero Partner For Premium Electric Motorcycles – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Hero MotoCorp to partner with Zero Motorcycle for premium electric motorcycles

Hero MotoCorp have reached an agreement with California-based Zero Motorcycles to co-develop premium electric motorcycles. The companies intend to combine the expertise of Zero in developing powertrains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp. In Sept 2022, the board of Hero MotoCorp approved an equity investment of up to $60 million in Zero Motorcycles.

Read more here.

Olectra Greentech bags order for 550 e-buses from TSRTC

Olectra Greentech Ltd has received an order for 550 pure electric buses from the Telangana State Road Transport Corporation (TSRTC). The order is to supply 50 standard-floor 12-metre intercity coach e-buses and 500 low-floor 12-metre intracity e-buses. The 50 intercity coach e-buses will ply between Hyderabad in Telangana and Vijayawada in Andhra Pradesh.

Read more here.

NTPC records 12% growth in electricity generation in April-Feb

NTPC Ltd has registered nearly 12% YoY growth in electricity generation to 364.2 billion units in the April-February period of FY23. The company’s captive coal production stood at 2.6 million metric tonnes (MMT) and despatch at 2.5 MMT, registering a growth of 80% and 87%, respectively. NTPC continues to demonstrate an increasing trend in coal production from its captive mines. 

Read more here.

Auto components industry to grow 10-15% in FY24: ACMA

India’s auto components industry is expected to grow by around 10-15% in FY24, said the Automotive Component Manufacturers Association of India (ACMA). This growth will be driven by both domestic and export market demand despite fears of a recession in major markets of the US and Europe. Going forward, the industry is expected to gain from the transition to electric vehicles (EVs) in the developed markets in the West.

Read more here.

Allcargo Logistics to acquire its partners’ contract logistics business

Allcargo Logistics plans to buy out the contract logistics business of its joint venture partner CCI Integrated Logistics and sell it to the customs clearance segment as a means of consolidating its business. The company bought a controlling stake in CCI in 2016 and subsequently formed the joint venture Avvashya CCI. It now holds over 61% stake and will buy the remaining 38.87% stake from its partners for ₹145 crore.

Read more here.

Max Estates completes office complex in Noida at ₹420 crore cost

Max Estates has completed an office complex (Max Square) in Noida at a total development cost of ₹420 crore. The company is expecting an annual rental income of about ₹60-70 crore from this project. New York Life Insurance Company has co-invested in this project and holds a 49% stake. Max Estates is part of Max Group’s listed entity Max Ventures & Industries Ltd (MaxVIL).

Read more here.

Vehicle sales grow 16% in February 2023: FADA

A report from the Federation of Automobile Dealers Associations of India (FADA) revealed that the total registrations across all segments rose 16% year-on-year (YoY) to 17,75,424 in Feb 2023. Total commercial vehicle retail sales in February grew 17% YoY to 79,027 units. Tractor sales rose 14% YoY to 68,988 units last month.

Read more here.

Domino’s becomes first QSR brand to achieve 20-min guaranteed delivery in Bengaluru

Jubilant FoodWorks Ltd announced the launch of a 20-minute delivery guarantee for Domino’s Pizza in Bengaluru. The fast-food chain now guarantees delivery of fresh and hot pizzas to customers’ doorsteps within just 20 minutes of placing the order. The service will be available across 170 Domino’s Pizza stores across the city. 

Read more here.

ONGC signs pact with TotalEnergies for exploration of deep-water blocks

Oil and Natural Gas Corp (ONGC) has signed an agreement with French major TotalEnergies for the exploration of deep-water blocks. The decision comes as the country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports. India is the world’s third-biggest oil importer & consumer of oil, and ships over 85% of its oil overseas. 

Read more here.

Categories
Market News Top 10 News

Bharti Airtel’s Net Profit Rises 91% YoY in Q3 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Bharti Airtel Q3 Results: Net profit rises 91% YoY to ₹1,588 crore

Bharti Airtel Ltd reported a 91% YoY increase in consolidated net profit to ₹1,588.2 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 20% YoY to ₹35,804 crore during the same period. The telecom major’s average revenue per user (ARPU) increased from ₹163 in Q3 FY22 to ₹193 in Q3 FY23.

Read more here.

Adani Group planning independent review

Adani Group is considering an independent evaluation of issues relating to legal compliance, related party transactions, and internal controls following a U.S. short-seller’s critical report on its businesses. On Jan 24, Hindenburg Research alleged that the group had engaged in stock manipulation and used tax havens. It also said the group had unsustainable debt. On Monday, Adani Group said it would pre-pay $1.11 billion of loans on shares.

Read more here.

Adani Green Energy Q3 Results: Net profit jumps 110% YoY to ₹103 crore

Adani Green Energy Ltd (AGEL) reported a 110% YoY jump in consolidated net profit to ₹103 crore for the quarter ended December (Q3 FY23). The total income grew 53% YoY to ₹2,258 crore during the same period. Revenue from power supply increased 29% YoY to ₹1,260 crore in Q3.

Read more here.

Jio launches 5G services in 10 more cities

Reliance Jio launched its True 5G services across 10 cities across eight states— Andhra Pradesh, Chhattisgarh, Odisha, Punjab, Rajasthan, Telangana, Uttar Pradesh, and Uttarakhand, with the total count of cities rising to 236. Jio users in these cities will be invited to the Jio Welcome Offer to experience unlimited data at up to 1 Gbps speeds at no additional cost.

Read more here.

Hero MotoCorp Q3 Results: Net profit rises 4% YoY to ₹711 crore

Hero MotoCorp Ltd reported a 4% YoY increase in net profit to ₹711.06 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹8,031 crore during the same period. The two-wheeler maker sold 12.40 lakh units in Q3, down 4% YoY. The company’s board has approved an interim dividend of ₹65 per share.

Read more here.

Dhampur Sugar completes expansion of distillery capacity at Uttar Pradesh unit

Dhampur Sugar Mills Ltd has completed the expansion work at its Dhampur unit in the Bijnor district of Uttar Pradesh. The sugar producer has completed the expansion of distillery capacity by 130 kilo-litres per day (KLPD) on “C” heavy molasses. With the setting up of a new distillery unit, the distillery capacity will go up to 350 KLPD. The new capacity was commissioned on February 5.

Read more here.

Ambuja Cement Q3 Results: Net profit rises 46% YoY to ₹369 crore

Ambuja Cement Ltd reported a 46% YoY increase in net profit to ₹368.99 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 10% YoY to ₹4,128.52 crore during the same period. EBITDA grew 9.8% YoY to ₹626 crore in Q3. The company’s sales volume grew from 7.2 million tonnes per annum (MTPA) in Q3 FY22 to 7.7 MTPA in Q3 FY23.

Read more here.

Blue Star detects cyber attack at certain locations

Air conditioning and commercial refrigeration firm Blue Star Ltd had detected a cyber-attack at certain locations. However, it has not found any material impact on the operations of the company due to this incident. Blue Star said all critical operational systems are functioning. But as a precautionary measure, restricted access and preventive checks have been put in place for employee and customer-facing portals & touchpoints.

Read more here.

Ramco Cements Q3 Results: Net profit falls 32% YoY to ₹51 crore

Ramco Cements Ltd reported a 31.9% YoY decline in consolidated net profit to ₹51.21 crore for the quarter ended December (Q3 FY23). Its total income rose 29.6% YoY to ₹2,020.37 crore during the same period. The company’s cement sales volume grew 19% YoY to 3.57 million tonnes (MT) in Q3. Total expenses in the quarter stood at ₹1,925.61 crore, up 32.94% YoY. 

Read more here.

Categories
Market News Top 10 News

Tata Motors Posts First Quarterly Profit in 2 Years – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Tata Motors Q3 Results: Net profit at ₹2,957 crore

Tata Motors Ltd reported a consolidated net profit of ₹2,957.71 crore for the quarter ended December (Q3 FY23). It posted a net loss of ₹1,516 crore in the corresponding quarter last year (Q3 FY22). Its revenue from operations rose 22.5% YoY to ₹88,488.59 in Q3 FY23. The automaker’s EBITDA stood at ₹9,900 crore, up 11% YoY. Jaguar Land Rover’s revenue rose 28% YoY to £6 billion (~₹60,250 crore) in Q3.

Read more here.

Adani Group stocks lose up to 10% after Hindenburg reveals short positions

Investment research firm Hindenburg Research published a report stating that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. Hindenburg said key listed companies in the group had substantial debt, which has put the entire group on an uncertain financial footing. The firm holds short positions in companies owned by billionaire Gautam Adani. Shares of Adani Group stocks fell up to 10% today after the news broke out.

Adani Group’s Chief Financial Officer, Jugeshinder Singh, said in a statement that the company was shocked by the report, calling it a “malicious combination of selective misinformation and stale, baseless and discredited allegations.”

Read more here.

Hero MotoCorp commences deliveries of electric scooter VIDA in Delhi

Hero MotoCorp has commenced deliveries of its electric scooter VIDA V1 in Delhi after having started the process in Bengaluru and Jaipur. The company is planning a rapid expansion of its sales and charging network across multiple cities coinciding with the start of the sales process. Hero MotoCorp launched VIDA V1 in October last year in two variants— Pro and Plus.

Read more here.

Sun Pharma launches phenobarbital sodium injection in US

Sun Pharmaceutical Industries Ltd launched its phenobarbital sodium injection, SEZABY, in the US. SEZABY is the first and only product approved by the US Food & Drug Administration (USFDA) for the treatment of neonatal seizures in term and preterm infants. Neonatal seizures are bursts of electrical activity in a newborn’s brain that can be a sign of brain conditions or injuries.  

Read more here.

Bajaj Auto Q3 Results: Net profit rises 23% YoY to ₹1,491 crore

Bajaj Auto Ltd reported a 23% YoY increase in net profit to 1,491.42 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.3% YoY to ₹9,315.14 crore during the same period. EBITDA rose by a sharp 29.4% YoY to Rs 1,777 crore in Q3. The revenue growth was moderate due to a sharp fall in exports, which offset the double-digit growth in domestic business.

Read more here.

Vi launches rural retail touchpoints

Vodafone Idea (Vi) has launched nearly 1,100 new format physical touchpoints under the name “Vi Shops” across Tier 3 markets in 18 Indian states. The telecom operator aims to protect its rural consumer base, which is increasingly emerging as a significant target of rivals Reliance Jio and Bharti Airtel. The new retail touchpoints will deliver a uniform experience to Vi’s local customers and enable quick support.

Read more here.

Dr. Reddy’s Labs Q3 Results: Net profit rises 77% YoY to ₹1,247 crore

Dr. Reddy’s Laboratories Ltd reported a 77% YoY increase in net profit to ₹1,247 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 27% YoY to ₹6,770 crore during the same period. EBITDA grew 14.3% YoY to ₹1,407.56 crore in Q3. Revenues in the global generics segment stood at ₹5,924.1 crore, up 33% YoY.

Read more here.

Happiest Minds acquires Madurai-based IT services firm SMI for ₹111 crore

Happiest Minds Technologies Ltd has acquired a 100% stake in Madurai-based Sri Mookambika Infosolutions (SMI) for ₹111 crore. With 400-plus offshore-based employees, SMI has an annual run rate in revenues of $9 million. SMI provides product engineering services to its US customers around enterprise applications & integrations, digital data platform services, and mobility services.

Read more here.

DLF Q3 Results: Net profit rises 36% YoY to ₹519 crore

DLF Limited reported a 36% YoY increase in consolidated net profit to ₹519.21 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 3.5% YoY to ₹1,494.8  crore during the same period. EBITDA was down 8.5% YoY to ₹477.2 crore in Q3. The realty company’s expenses in the quarter fell almost 5% YoY to ₹1,151.62 crore.

Read more here.