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Volatility Ahead of Interest Rate Decision! – Post-Market Analysis

post-market analysis | marketfeed

NIFTY started the day flat at 19,578. Initially, the index broke yesterday’s low of 19,520 levels and fell sharply to 19,470. It then consolidated near those levels till 1 PM. In the second half, the index started moving back up and gave an insane rally of nearly 180 points (aided by Reliance and ITC). Nifty closed at 19,632, up by 61 points or 0.32% 

Nifty chart Aug 9 - post-market analysis

BANK NIFTY (BNF) started the day flat at 44,973. Similar to Nifty, BNF also continued the down-trend, fell by nearly 400 points to 44,530 levels, and consolidated. In the second half, good buying kicked in, and the index shot back up 400 points. However, it couldn’t cross the day’s high. BNF closed at 44,880, down by 83 points or 0.19%. 

Bank Nifty chart Aug 9 - post-market analysis

Nifty Realty (-1.24%) and Nifty PSU Bank (-0.1%) also closed in the red. Nifty Media and Nifty Metal jumped >2%!

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

Today’s Moves

Dr Reddy’s Labs (+3.7%) was NIFTY50’s top gainer. The stock hit a record high of ₹5,883.75 today. As per reports, market participants are looking for opportunities created by potential shortages caused by damages at Pfizer’s injectable plant in the US.

RattanIndia Enterprises (+19.93%) surged on the back of strong volumes. The stock has jumped nearly 36% over the past month.

V-Guard Industries (+10.3%) rallied after the company posted robust financial results for Q1 FY24. Its revenue from operations rose 19.3% YoY to ₹1,214.76 crore in Q1, while net profit stood at ₹64.22 crore, up 20% YoY.

Divi’s Labs (-2.8%) was NIFTY50’s top loser.

Hikal (-4.05%) fell after the pharma company said it has moved back to profitability in Q1.

EPL (-4.2%) fell up to 5% after reports said analysts are worried about the pace of the packaging company’s revenue growth.

Markets Ahead

Ahead of RBI’s interest rate decision and weekly expiry for NIFTY and BANK NIFTY tomorrow, the indices made huge intraday moves today. Strong buying was seen at lower levels. So we can expect more volatility and news-based movement tomorrow as well.

Nifty: The immediate support levels to watch out for in Nifty will be 19,600 and 19,560. The important resistance zones will be 19,680 and a gap-filling zone of 19,720. A breakdown from 19,600 levels will push the market down further. And for the up-move to sustain, the index has to come down to 19,600 levels, take support, and move up to the targets of 19,680 and 19,720.

Bank Nifty: Now, the important resistance in Bank Nifty is the round level of 45,000-100, and the important support will be 44,500-600 levels. The index can be volatile between these levels. If the index gives a breakout from 45,100, we can expect a target of 45,400 and 45,600 eventually. A breakdown from 44,500 can give us targets of 44,300 and 43,900.

Reduce your positions or follow a proper system tomorrow, as the markets are volatile!

We have U.S. inflation data coming out tomorrow. On the other hand, China slipped into deflation for the first time in more than two years in July as the country struggled to revive demand.

What levels are you watching out for 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!

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ITC to Demerge Hotels Business – Top Indian Market Updates

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

ITC board gives in-principle approval for demerger of hotels business

The board of FMCG major ITC has given in-principle approval for the demerger of its hotel business. Under the new scheme, ITC would hold around 40% stake and the balance will be held by the company’s shareholders (proportionate to their shareholding). ITC currently has over 120 hotels and 11,600 keys across over 70 locations.

Read more here.

Tata Steel Q1 Results: Net profit falls 92% YoY to ₹634 crore

Tata Steel reported a 92% YoY decline in consolidated net profit to ₹634 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 6% YoY to ₹59,490 crore during the same period. The company said its profitability was affected by non-cash deferred tax charges on account of buy-in transactions at British steel pension scheme.

Read more here.

TVS Motor Q1 Results: Net profit rises 46% YoY to Rs 468 crore

TVS Motor Company Ltd reported a 46% YoY increase in net profit to ₹468 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 20% YoY to ₹7,218 crore during the same period. The company posted its highest-ever operating EBITDA at ₹764 crore, with a growth of 27% YoY. Total expenses Q1 stood at ₹6,665 crore, up 19% YoY.

Read more here.

JLR India reports best-ever Q1 sales

JLR India reported its best-ever Q1 sales performance with a growth of 102% in Q1 FY24. The automaker sold 1,048 units in the first quarter of FY24. JLR attributed this growth to a rise of about 209% in Range Rover, Range Rover Sport and Defender sales. The three models contribute to 78% of the current order book.

Read more here.

Samvardhana Motherson to acquire assets, shares of Dr Schneider Group entities

Samvardhana Motherson International Ltd will acquire assets and shares of Germany-based Dr Schneider Group entities at an overall enterprise value of about 118.3 million euros (over ₹1,070 crore). Dr Schneider Group is a manufacturer of high-end, innovative, and integrated electronic interior polymer components and systems such as smart surfaces and lighting modules.

Read more here.

Canara Bank Q1 Results: Net profit rises 75% YoY to ₹3,535 crore

Canara Bank reported a 75% YoY increase in net profit to ₹3,535 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 28% YoY to ₹8,666 crore in Q1. Provisions for the first quarter fell sharply by 26% to ₹2,719 crore. The gross non-performing assets (NPAs) ratio improved to 5.15% in Q1 FY24, compared to 5.35% in Q4 FY23 and 6.98% in Q4 FY23.

Read more here.

Mahindra Group to help US companies set up manufacturing base in India

Mahindra & Mahindra said it will help American companies enhance their international footprint and expand by leveraging the advantages of India as a manufacturing hub. The assistance includes an integrated approach to manufacturing, plug-and-play offerings, regulatory guidance, and a focus on environmental, social, and governance (ESG) principles. 

Read more here.

IDBI Bank Q1 results: Net profit rises 62% to ₹1,244 crore

IDBI Bank reported a 62% YoY rise in net profit to ₹1,244 crore for the quarter ended June (Q1 FY24). The net interest income (NII) grew 61% YoY to ₹3,998 crore during the same period. The gross non-performing assets (NPAs) ratio improved to 0.44% in Q1 FY24, compared to 1.26% in Q1 FY23.

Read more here.

Hikal ordered to cease operations at Bharuch plant

Hikal Ltd. received an order from the Gujarat Pollution Control Board to cease operations of its plant in the Bharuch district. The order was issued in light of an alleged violation reported to have occurred in 2021. It is related to alleged violations of certain provisions of the Environment (Protection) Act of 1986.

Read more here.

Maruti Suzuki recalls 87,599 units of S-Presso and Eeco

Maruti Suzuki has recalled 87,599 vehicles of its S-Presso and Eeco models to replace defective steering tie rods. Affected vehicle owners will receive communication from Maruti Suzuki authorised dealer workshops for inspection and replacement of the faulty part, free of charge. The recall is effective today, i.e. 24th July, 2023.

Read more here.

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Markets Take a Pause Due to ITC, Reliance – Post-Market Analysis

NIFTY started the day flat at 19,748. The index was volatile within a 100-point range between 19,780 and 19,680 with a bearish bias. It has been moving in a downward channel since Friday. Nifty closed at 19,672, down by 72 points or 0.37%.

BANK NIFTY (BNF) started the day at 46,131 with a small gap-up of 56 points. Similar to Nifty, BNF fell sharply after 11:30 and consolidated in a 230-point range for the remainder of the day. The index has also formed a triangular pattern. BNF closed at 45,923, down by 152 points or 0.33%. 

All indices except Nifty Pharma (+0.4%), Nifty Realty (+0.2%), Nifty PSU Bank (+0.1%), and Nifty Auto (+0.17%) closed in the red. Nifty FMCG (-1.7%) fell the most.

Major Asian markets closed mixed. France’s CAC40 is currently trading in the red, while UK’s FTSE100 and Germany’s Dax are in green.

Today’s Moves

SBI Life (+2.05%) was NIFTY50’s top gainer on the back of strong volumes. 

Aarti Drugs (+18.6%) surged after the company approved plans for a buyback of 6.65 lakh fully paid-up equity shares. The floor price for the buyback is set at ₹900 per share, which is over 72% higher than the stock’s closing price on Friday.

ITC (-3.89%) was NIFTY50’s top loser. The company’s board has given in-principle approval for the demerger of its hotel business.

Kotak Bank (-3.7%) fell sharply despite reporting better-than-expected Q1 results.

Tejas Networks (-8.1%) crashed after the company’s net loss widened sequentially in the April-June (Q1) quarter.

Hikal (-7.28%) moved down after the Gujarat Pollution Control Board (GPCB) asked the pharma company to close down its plant in Bharuch for alleged violation of environmental norms.

Markets Ahead

Both Nifty and Bank Nifty are at crucial support zones and can give good moves on either side tomorrow.

Nifty: The index is now below its support of 19,700. But if there’s a flat or gap down opening, the index can further come down to the 19,560 level. If there’s a gap up and further up-move, the index can go back into the consolidation zone of 19,800 and 19,700.

Bank Nifty: 45,900 in Bank Nifty is a very important support zone. A breakdown from here can give us the target till the round levels of 45,500 and then eventually to 45,200 zones. But looking at the triangular pattern Bank Nifty has formed, a breakout on the upside is more likely to happen and if the market goes up tomorrow, we can expect a target of 46,400.

Meanwhile, Reliance Industries shares fell over 2% today after the company reported lower-than-estimated Q1 earnings. The US will report its manufacturing PMI data tonight.

Being FIN NIFTY expiry tomorrow, major indices can be volatile. Since it’s the monthly expiry also, we can expect some directional moves tomorrow. So trade cautiously if you’re a non-directional player! 

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

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PVR Inox’s Net Loss at Rs 333 crore in Q4 – Top Indian Market Updates

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

PVR Inox Q4 Results: Net loss at Rs 333 crore

PVR Inox reported a net loss of Rs 333 crore for the quarter ended March 2023 (Q4 FY23), compared to a net profit of Rs 16.1 crore in Q4FY22. However, its operating revenue jumped 113% YoY to Rs 1,143 crore during the same quarter. EBITDA stood at Rs 285 crore in Q4FY23. This is the company’s first quarterly results after its merger with Inox.

Read more here.

WPI inflation falls to -0.92% in April

Wholesale price-based inflation, WPI declined to -0.92% in April on an annual basis from 1.34 % in March. Primary articles inflation slowed to 1.60%, and fuel & power inflation reduced to 0.93 % in April. Inflation in manufactured products declined to -2.42 % in April from -0.77 % in March.

Read more here.

Berger Paints Q4 Results: Net profit falls 16% YoY to Rs 186 crore

Berger Paints reported a 16% YoY fall in net profit to Rs 185.7 crore for the quarter ended Q4 FY23. Its revenue jumped 12% YoY to Rs 2,443.6 crore during the same quarter. EBITDA also rose 6% to Rs 368 crore during the quarter. The company’s board has recommended a dividend of Rs 3.2 per equity share.

Read more here.

SpiceJet subsidiary SpiceXpress to get USD 100 million from UK group

SpiceJet’s subsidiary, SpiceXpress and Logistics, will receive a $100 million investment from a UK-based group, SRAM & MRAM Group. This investment comes as SpiceJet faces financial difficulties and an insolvency plea from an aircraft lessor. The investment from SRAM & MRAM Group is part of a Memorandum of Understanding (MoU) following a debt restructuring agreement between SpiceJet and aircraft lessor Carlyle Aviation Partner, which acquired a stake in SpiceXpress at an expected future valuation of $1.5 billion.

Read more here.

Hikal receives zero observations from USFDA for Gujarat unit

Hikal announced that its Panoli unit in Gujarat, India, received a favorable inspection outcome from the US Food &  Drug Administration (USFDA) with no observations. This marks the third successful inspection at the facility, enabling Hikal to manufacture advanced intermediates and key starting materials.

Read more here.

Kalyan Jewellers Q4 Results: Net profit falls 1.6% YoY to Rs 71 crore

Kalyan Jewellers reported a 1.6% YoY decline in net profit to Rs 71 crore for Q4 FY23. However, its consolidated revenue rose 18.4% YoY to Rs 3,381 crore during the same quarter. EBITDA also rose 17.5% YoY to Rs 256.7 crore. The company’s board has recommended a final dividend of Rs 0.5 per equity share.

Read more here.

UltraTech Cement commissions factory in Rajasthan capable of 0.8 MT annual output

UltraTech Cement has commissioned a 0.8 MTPA brownfield cement factory in Neem Ka Thana, Rajasthan, through its subsidiary UltraTech Nathdwara Cement. With this addition, their grey cement capacity in Rajasthan reaches 17.05 MTPA, and their total grey cement manufacturing capacity in India is now 129.95 MTPA.

Read more here.

Vedanta appoints Sonal Shrivastava as CFO from June 1

Vedanta Ltd has announced the appointment of Sonal Shrivastava as its chief financial officer (CFO), effective from June 1. Shrivastava previously served as the CFO for Asia Pacific, Middle East, and Africa operations at the Holcim group. In her new role, she will lead Vedanta’s financial strategy, overseeing accounting, tax, treasury, investor relations, financial planning, analytics, and driving digitalization and profitability.

Read more here.

NTPC to start feasibility study for 130-MW floating solar power plant in Tripura

NTPC Ltd is set to conduct a feasibility study for a 130-MW floating solar power plant on Dumbur Lake in Tripura’s Gomati district. The Tripura Renewable Energy Development Agency (TREDA) signed a Memorandum of Understanding (MoU) with NTPC to conduct the feasibility study. The study will assess the required waterbody area, identify transfer stations, and obtain forest clearance. The study is estimated to cost Rs 450 crore and is expected to be completed in a few months.

Read more here.

ONGC arm raises $500m in foreign currency loan

ONGC’s overseas subsidiary ONGC Videsh has secured a $500 million foreign currency loan from a consortium of banks including DBS, Bank of Baroda, and State Bank of India. The syndicated loan has a tenure of five years, is denominated in dollars, and is supported by ONGC’s guarantee. The funds raised through the loan will be used to repay $500 million in bonds that recently matured.

Read more here.

PSP Projects bags order worth over Rs 317 cr

PSP Projects has secured a contract worth Rs 317.13 crore from Gujarat’s Narmada, Water Resources, Water Supply, and Kalpsar Department. The project involves developing the Dharoi Dam region into a sustainable tourist and pilgrimage destination, including infrastructure, roads, and an adventure water sports arena. The company aims to complete the project within 18 months.

Read more here.

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RBI Governor Announces Measures to Battle Second Wave Impact – Top Indian Market News

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RBI Governor announces relief measures to battle second wave impact

Reserve Bank of India (RBI) Governor Shaktikanta Das announced a set of relief measures to help stakeholders battle the impact of the second wave of Covid-19 infections in the country. The RBI has opened an on-tap liquidity window of Rs 50,000 crore to ramp up Covid-19 related healthcare infrastructure and services. Under the scheme, banks can provide fresh lending support to vaccine manufacturers, suppliers of vaccines and priority medical devices, hospitals, logistics firms, etc. The Governor has also announced loan restructuring facilities for individuals, small businesses, and micro, small & medium enterprises (MSMEs) who have been adversely affected by the pandemic.

Read more here.

Adani Enterprises Q4 Results: Net profit jumps 282% YoY to Rs 234 crore

Adani Enterprises Ltd (AEL) reported a 282.2% year-on-year (YoY) jump in consolidated net profit to Rs 233.95 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 21%. Profit for the quarter was impacted by a one-time exceptional loss of Rs 179 crore. Its total revenue stood at Rs 13,688.95 crore during the same period, compared with Rs 13,698 crore in Q4 FY20. The company’s board has recommended a final dividend of Re 1 per share.

Read more here.

Cabinet approves strategic divestment of IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment, along with the transfer of management control in IDBI Bank. The extent of respective shareholding to be divested by the Government of India (GoI) and Life Insurance Corporation (LIC) will be decided at the time of structuring of the transaction, in consultation with the RBI. Currently, GoI owns 45.48% equity in IDBI Bank, while LIC holds 49.24%.

Read more here.

Tata Steel Q4 Results: Net profit at Rs 6,644 crore

Tata Steel Limited reported a 79.7% quarter-on-quarter (QoQ) increase in net profit to Rs 6,644 crore for the quarter ended March (Q4). Revenue rose 19% QoQ to Rs 49,977 crore during the same period. Hot-rolled coil prices rose 16.7% during the quarter to Rs 54,856 per tonne. Tata Steel’s consolidated sales volumes rose 0.43% QoQ to 4.67 million tonnes. The company’s board has approved a dividend of Rs 25 per share.

Read more here.

SRF Q4 Results: Net profit rises 96% YoY to Rs 381 crore

SRF Limited reported a 96% YoY increase in consolidated net profit to Rs 381 crore for the quarter ended March (Q4). Its revenue from operations rose 40% YoY to Rs 2,608 crore during the same period. SRF’s chemical segment posted a 31% YoY increase in revenue to Rs 1,153 crore. Its packaging films segment reported a 63% YoY increase in revenue to Rs 980 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 31% YoY to Rs 1,198 crore. 

SRF’s board has approved the setting up of a multi-purpose plant at Dahej (Gujarat) at an approximate cost of Rs 375 crore.

Read more here.

Alembic Pharma gets USFDA approval for ophthalmic solution

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic solution. The drug is indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension who are insufficiently responsive to beta-blockers. According to IQVIA data, the product had sales of approximately $80 million (~Rs 590 crore) for the 12 months ended December 2020.

Read more here.

CEAT Q4 Results: Net profit jumps three-fold to Rs 153 crore

CEAT Limited reported a three-fold (195%) YoY increase in net profit to Rs 153 crore for the quarter ended March (Q4). The tyre company’s revenue rose 45% YoY to Rs 2,290 crore during the same period. CEAT introduced better inventory efficiency measures to compensate for the rise in raw material costs. The company’s board has approved an investment of Rs 1,205 crore to expand capabilities in the truck and bus radial (TBR) segment. CEAT has also announced a final dividend of Rs 18 per share.

Read more here.

Wipro partners with Transcell Oncologics to transform vaccine safety assessment strategies

Wipro Limited has partnered with Hyderabad-based Transcell Oncologics to transform vaccine safety assessment strategies using artificial intelligence (AI). The partnership combines Transcell’s innovative stem cell technology with the advanced AI capabilities of Wipro HOLMES. This will enable customers to improve the safety of global vaccine immunization programs.

Kirloskar Ferrous Q4 Results: Net profit jumps 135% YoY to Rs 135 crore

Kirloskar Ferrous Industries reported a 135.4% YoY jump in net profit to Rs 135.33 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 27%. Its revenue from operations rose 67% YoY to Rs 748.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 168% YoY to Rs 302.11 crore. The company’s board has declared a final dividend of Rs 3 per share.

Read more here.

Hikal signs multi-year agreement with a global pharma company

Hikal Limited has signed a multi-year contract with a leading global pharmaceutical company. The contract includes the development and supply of a portfolio of niche Active Pharmaceutical Ingredients (APIs) over a period of 10 years. Hikal and its customer will jointly invest in its plant in Panoli (Gujarat) to set up a multipurpose manufacturing asset to produce the APIs. Commercial supplies will commence after the successful development and plant commercialisation, which is estimated to be from FY 2023-24 onwards.

Read more here.

Craftsman Automation Q4 Results: Net profit rises 8.7% QoQ to Rs 47.28 crore

Craftsman Automation Ltd reported an 8.74% quarter-on-quarter (QoQ) increase in net profit to Rs 47.28 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 1,064.5%. Its revenue from operations rose 9.47% QoQ to Rs 540.12 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 143% YoY to Rs 97.36 crore.

Adani Green Energy Q4 Results: Net profit rises 8.25% YoY to Rs 105 crore

Adani Green Energy Limited (AGEL) reported an 8.25% YoY increase in consolidated net profit to Rs 105 crore for the quarter ended March (Q4). On a quarterly basis, net profit has jumped 138.6%. Its total revenue from operations rose 50.5% YoY to Rs 1,082 crore during the same period. AGEL’s revenue from power supply rose 15% YoY to Rs 690 crore. The company added 925 megawatt (MW) of operational capacity in FY21.

Read more here.