Tag: larsen & toubro

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L&T Wins Multibillion-Dollar Order From Saudi Aramco – Top Indian Market Updates

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

L&T wins multi-billion-dollar order from Saudi Aramco

Larsen & Toubro (L&T) has secured a multi-billion dollar worth contract from Saudi Aramco. The combined value of the order win is estimated at $3.9 billion. According to MEED (formerly Middle East Economic Digest), L&T is one of the three contractors to win different packages for Saudi Aramco’s $10 billion worth expansion at its Jafurah unconventional gas production project in Saudi Arabia. L&T is the selected contractor for package one worth $ 2.9 billion and package three worth $1 billion of the project.

Read more here.

PM Modi to lay foundation stone for expansion project of BPCL refinery

Prime Minister Narendra Modi will lay the foundation stone for the expansion of the BPCL’s Bina Refinery. The expansion is at an estimated cost of ₹50,000 crore in the Sagar district of Madhya Pradesh on September 14. The refinery’s capacity (crude distillation/vacuum distillation unit) is 7.7 million metric tonnes per annum and the expansion aims to take this figure to 11 MMTPA.

Read more here.

ONGC to infuse Rs 15,000 cr in OPaL

Oil & Natural Gas Corporation (ONGC) will infuse about ₹15,000 crore in OPaL as part of a financial restructuring exercise. This will result in GAIL (India) Ltd being edged out of the petrochemical firm. ONGC currently holds a 49.36% stake in ONGC Petro-additions Ltd (OPaL). OPaL operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43%.

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Hitachi Energy bags order from Ayana Renewable Power

Hitachi Energy India has secured a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt (MW) solar photovoltaic power plant in Bikaner, Rajasthan. The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system. The project is scheduled to be commissioned in March 2024.

Read more here.

Birla Corp aims to double Mukutban cement plant output

Birla Corporation aims to double the production rate at its Mukutban cement plant in Maharashtra. The move will improve its profitability by as much as a third by the end of the year. The Mukutban cement plant produced 1,00,000 tonnes per month last year. The company plans to produce 2,00,000 tonnes per month this year. The plant has the capacity to produce 3.9 million tonnes per year and is currently operating at about 45-50% of its capacity.

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Vedanta plans to meet investors as it faces $2 billion debt bill

Representatives of Vedanta Resources Ltd are travelling to Singapore and Hong Kong to meet bondholders, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year. JPMorgan Chase & Co. and Standard Chartered Plc are organising the non-deal roadshow . Several of the group’s bonds are trading below 75 cents on the dollar, at levels considered indicative of distress.

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Nazara Tech raises Rs 410 crore from SBI Mutual Fund

Nazara Technologies is raising ₹410 crore from SBI Mutual Fund. This comes just days after a ₹100 crore infusion by Zerodha cofounder Nikhil Kamath. The company’s board approved the issue of 5.7 million equity shares at ₹714 per share to SBI Mutual Fund. The funds will be invested via three schemes of SBI Mutual Fund — SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.

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Samvardhana Motherson expands operations in UAE

Samvardhana Motherson International Ltd (SAMIL) has expanded its operations in UAE with a new unit in Ras Al Khaimah (RAK). RAK is one of the seven emirates that make up the UAE. UAE Supreme Council Member Sheikh Saud bin Saqr Al Qasimi inaugurated the company’s wiring harness facility in RAK. The facility is located in the Ras Al Khaimah Economic Zone (RAKEZ).  

Read more here.

Crompton Greaves bags order from Haryana govt for solar pumps

Crompton Greaves Consumer Electricals Ltd has secured a ₹25.44 crore order under the PM Kusum Scheme from the Haryana government for solar pumps. The company will execute the order within 120 days. It has been granted the inaugural work order of supplying, installing, and commissioning 7.5 HP and 10 HP Solar Submersible Water Pumping Systems by the New & Renewable Energy Department Haryana and HAREDA.

Read more here.

HCL Tech secures multi-year deal from Siemens

HCL Technologies Ltd has signed a multiyear managed public cloud services agreement with Germany’s Siemens AG to modernise its IT landscape worldwide. The company will power cloud-led digital transformation for Siemens. As part of the agreement, HCL Tech will migrate and operate the IT infrastructure of Siemens on AWS and Azure, while ensuring that its cloud resources are optimised, scalable and secure.

Read more here.

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RIL May Sell 8-10% More in Rel Retail Ventures to Fund Expansion – Top Indian Market Updates

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

RIL may sell 8-10% more in Rel Retail to fund expansion

Reliance Industries is likely to sell another 8-10% stake in Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt, and prepare for the initial public offering of its retail business. This process will likely happen in over 12-15 months and will be critical for the proposed IPO by the holding company of Reliance’s retail operations.

Read more here.

PFC to provide ₹4,528 crore loan for DVC project in West Bengal

Power Finance Corporation (PFC) has entered into a pact with Damodar Valley Corporation (DVC) to provide ₹4,527.68 crore loan to set up a 1,320 MW project at Raghunathpur, West Bengal. The Raghunathpur Phase-II project will contribute significantly to the power generation capacity in the state. With a combined capacity of 1,320 MW, the project marks a key milestone in the region’s energy landscape.

Read more here.

Suzlon secures 201.6 MW wind energy project order

Suzlon has secured a large order for a 201.6 megawatts (MW) wind energy project from Teq Green Power XI, a part of O2 Power. The company will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning. The project is expected to be commissioned in 2025.

Read more here.

NCLT approves Ramkrishna Forgings’ bid to acquire Amtek Group arm

The National Company Law Tribunal (NCLT) has approved Ramkrishna Forgings’ bid to acquire Amtek Group’s listed subsidiary JMT Auto through the corporate insolvency resolution process. Ramkrishna Forgings agreed to offer ₹125 crore to acquire JMT Auto against its admitted financial liabilities of over ₹165 crore. The resolution plan was not objected to by any of the stakeholders.

Read more here.

Garden Reach partners with DEMPO Group to build commercial vessels

Garden Reach Shipbuilders and Engineers Ltd (GRSE) has signed a Memorandum of Understanding (MoU) with DEMPO Group to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar. This is GRSE’s first attempt to diversify in a big way in commercial shipbuilding to capture a large market share in the construction of commercial vessels, both domestic and international.

Read more here.

HPCL meets up to 23% of oil needs with Russian grades

Hindustan Petroleum Corp Ltd (HPCL) is meeting up to 23% of its oil needs through discounted Russian grades. HPCL’s Russian oil intake is limited by the configuration of its refineries. The company is maximising the use of these cheaper so-called opportunity crudes. HPCL operates a 190,000 barrel per day (bpd) Mumbai refinery in Maharashtra and a 300,000 bpd Vizag refinery in Andhra Pradesh. 

Read more here.

Indian Oil to invest $30 billion to achieve 2046 net-zero target

Indian Oil Corporation Ltd (IOCL) plans to spend $30 billion to achieve its net-zero operational emissions target by 2046. The company also plans to invest over ₹1 lakh crore to expand its refining capacity by a third to 107 million metric tonnes per annum. Indian Oil is partnering with Italy-based Snam to explore the possibility of converting the existing natural gas pipelines for hydrogen transportation.

Read more here.

Lupin gets USFDA approval to market Pirfenidone tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) to market Pirfenidone tablets in the American market. The drug is used in the treatment of lung disease. As per IQVIA MAT data, generic versions of Pirfenidone tablets had estimated annual sales of USD 218 million in the US.

Read more here.

L&T, HAL could potentially bid on privatisation of India’s SSLV

According to a Reuters Report, Larsen & Toubro (L&T) and Hindustan Aeronautics (HAL) are among companies expected to potentially bid in India’s efforts to privatise its small satellite launch rocket. The Small Satellite Launch Vehicle (SSLV) was developed by the Indian Space Research Organisation (ISRO) as a low-cost means to launch satellites weighing up to 500 kg into low-earth orbit. They serve a booming market to launch clusters of satellites for communications and data that SpaceX and rivals compete in.

Read more here.

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Jio Financial Services to Get Listed on Aug 21 – Top Indian Market Updates

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

Jio Financial Services to get listed in NSE, BSE on Aug 21

Shares of Jio Financial Services Ltd (JFSL) will get listed on stock exchanges on August 21. The company’s shares were credited to demat accounts of eligible RIL shareholders last week in a 1:1 ratio. This means for every RIL share held as of the record date of July 20, shareholders got one share of JFSL. As part of a special price discovery session held on the record date, the stock’s pre-listing price came out to be ₹261.85 per share.

Read more here.

Adani says TAQA is not in talks for $2.5 billion investment

Adani Transmission denied reports Abu Dhabi National Energy Co. PJSC (TAQA) will deploy $1.5-2.5 billion in Adani Group firms or in a single entity. Earlier today, Economic Times reported TAQA is looking to double down in India and is evaluating a large exposure in the expansive power businesses of Gautam Adani that span thermal generation to transmission, clean energy and green hydrogen.

Read more here.

Jalan-Kalrock Consortium seeks more time to pay ₹350 cr to Jet Airways’ lenders

The Jalan Kalrock Consortium (JKC) has sought an extension to make payments of up to ₹350 crore to the Committee of Creditors of bankrupt airline Jet Airways. The National Company Law Appellate Tribunal (NCLAT) has asked JKC to file an application stating the conditions for seeking an extension to make the payments. Jet Airways, which stopped operations due to financial crunch, went through lengthy insolvency proceedings and JKC emerged as the winning bidder.

Read more here.

Tata Comm challenges DoT’s Rs 991.5 cr demand in TDSAT

Tata Communications has challenged the Department of Telecom’s (DoT) ₹991.5 crore licence fee demand pertaining to past years in the Telecom Disputes Settlement and Appellate Tribunal (TDSAT). DoT has raised certain license-fee demands of ₹991.54 crore for FY 2006-07 (international long-distance or ILD and internet service provider or ISP) and FY 2007-08 (National long-distance or NLD, ILD, and ISP).

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NLC India signs pact to supply 300 MW solar power to Rajasthan

NLC India has signed an agreement to supply 300 MW of solar power for 25 years to Rajasthan Urja Vikas Nigam under the Central Public Sector Undertaking (CPSU) Scheme. The company currently has 1,421 MW of renewable energy capacity. The 300 MW solar project capacity is under execution at Barsingsar, Bikaner District, Rajasthan.

Read more here.

Amazon Data Services, L&T signs 18-year lease for 4-acre land in Powai

Amazon Data Services India has picked up a land parcel spread over four acres in Mumbai’s Powai suburb from Larsen & Toubro through a long-term lease of nearly 18 years. The subsidiary of Amazon is planning to develop a data centre on this land parcel and pay rent of over ₹562 crore over the total lease tenure (excluding the rent escalation). The agreement includes a clause to escalate lease rental by 3% every year.

Read more here.

Venus Remedies launches flagship R&D drug Elores in Oman

Venus Remedies Ltd on Friday said it has launched its flagship R&D drug, Elores, in the $1.4-billion pharmaceutical market in Oman. The drug is clinically proven to be effective against ICU infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo beta-lactamase (MBL)-producing gram-negative bacteria. The antibacterial market in Oman is worth $7.5 million, and Elores is looking to capture 0.5% of this segment by 2025.

Read more here.

Indian Hume Pipe secures order worth ₹639 crore from Odisha

Indian Hume Pipe Company Ltd has received a letter of award (LoA) for a project worth ₹639.16 crore from Rural Water Supply & Sanitation, Odisha. The company will execute a Rural Piped Water Supply Project, which pertains to a total of six blocks in the Puri district of the state. The project is set to be completed within two years.

Read more here.

Route Mobile to manage Vi’s international A2P SMS traffic

Route Mobile has entered into an exclusive partnership with Vodafone Idea Ltd (VIL) to deploy and implement its suite of end-to-end application-to-person (A2P) monetisation solutions for all A2P SMS traffic on VIL’s network. A2P SMS is a type of messaging technique where a text is sent from a software application run by an enterprise to a consumer’s device.

Read more here.

Lupin acquires Ondero & Ondero Met to expand diabetes portfolio

Lupin has acquired German brands Ondero and Ondero – Met from Boehringer Ingelheim International. The company entered into an acquisition agreement in August 2022 through a cash consideration of €26 million. The pharma company said this acquisition strengthens its commitment to providing superior treatment options for patients navigating the complexities of diabetes.

Read more here.

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India’s Retail Inflation Surges to 7.44% in July – Top Indian Market Updates

inflation - top market updates - marketfeed
Food and Price Inflation Rises After Monetary Value Growth Ideas Financial problems and forecasting market crashes crisis risk. The young man pushed the shopping cart along the rising arrow chart.

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

India’s retail inflation surges to 7.44% in July

India’s retail inflation (measured by the Consumer Price Index) surged 7.44% on an annual basis in July, compared to 4.81% in June. The consumer food price index (CFPI) rose from 4.49% in June to 11.51% in July. The sharp rise can be attributed to a steeper-than-expected increase in vegetable prices (especially tomatoes) over the past month.

Read more here.

ITC Q1 Results: Net profit rises 17.5% YoY to ₹4,902 crore

ITC reported a 17.5% YoY rise in net profit to ₹4,902.74 crores for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations fell 7.23% at ₹16,995.4 crore during the same period. EBITDA stood at ₹5,083 crore in Q1, up 10% YoY. Revenue from ITC’s core cigarette business grew 13% to ₹7,465.27 crore.

In other news, ITC’s board has approved the scheme of arrangement for the demerger of its hotels business into a separate listed subsidiary. Shareholders of ITC will get 1 share in the demerged hotels business for every 10 shares held in the parent company.

Read more here.

Axis AMC launches private credit fund

Axis Asset Management (the mutual fund arm of Axis Bank) has launched a private credit alternative investment fund (AIF) and is aiming to raise nearly ₹1,250 crore from investors. The private credit fund is part of Axis Mutual Fund’s alternative assets business, which includes late-stage private equity and real estate AIFs on the private markets side and portfolio management services and long-only equity AIFs on the public markets side.

Read more here.

Divi’s Labs Q1 Results: Net profit falls 49% YoY to ₹356 crore

Divi’s Laboratories reported a 49% YoY decline in consolidated net profit to ₹356 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 21% YoY to ₹1,778 crore during the same period. Total expenses stood at ₹1,367 crore in Q1, down 8% YoY. 

Read more here.

SEBI seeks 15-day extension to complete probe in Adani-Hindenburg case

The Securities and Exchange Board of India (SEBI) has requested the Supreme Court to grant 15 more days to conclude the investigation into allegations made by US short-seller Hindenburg Research against the Adani Group. SEBI has completed investigating 17 out of the 24 transactions it had taken up for probe. The regulator has sought more information from other regulators and foreign jurisdictions to plan a further course of action.

Read more here.

SpiceJet Q1 Results: Net profit at ₹198 crore

SpiceJet Ltd reported a consolidated net profit of ₹197.64 crore for the quarter ended June (Q1 FY24). The airline reported a loss of ₹783.72 crore in Q1 FY23. its revenue from operations fell 19% YoY to ₹2,371.53 crore during the same period. The company’s profit was on the back of a 36% Yoy decline in total expenses to ₹2,069.24 crore in Q1.

Read more here.

Domestic air passenger traffic rises 25% in July

According to the Directorate General of Civil Aviation (DGCA), India’s domestic air passenger traffic volume rose 25% year-on-year (YoY) to 1.21 crore passengers in July. IndiGo carried 76.75 lakh passengers, securing a market share of 63.4% during July. SpiceJet flew 5.04 lakh passengers in July, with a market share of 4.2%.

Read more here.

Ramkrishna Forgings secures $13.65 million order in North America

Ramkrishna Forgings has secured a $13.65 million (~₹107 crore) order from clients in the North American region. The order is for the supply of rear axle and transmission components. The company said it is strategically expanding its footprint in North America and strengthening its position within the light vehicle sector.

Read more here.

Ashok Leyland to fully acquire OHM India

Ashok Leyland will fully acquire OHM Global Mobility Pvt Ltd from OHM International Mobility Ltd. The automaker will invest ₹300 crore into the acquired entity. The acquisition is a part of the company’s EV strategy to engage in the business of e-Mobility as a Service (eMaaS). OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS.

Read more here.

L&T secures contract to build international cricket stadium

Larsen & Toubro (L&T) Construction has secured an order from the Uttar Pradesh Cricket Association to construct a cricket stadium in Varanasi on a Design & Build Turnkey basis. The scope of work for L&T includes the main ground as per ICC standards, display scoreboard, flood lights, corporate boxes, VIP lounges, office areas, broadcasting, press conference areas, kitchen & dining areas, and a practice ground.

Read more here.

Happy Independence Day to all our readers! 🇮🇳

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India’s Manufacturing PMI Falls to 57.7 in July – Top Indian Market Updates

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

India’s manufacturing PMI falls to 57.7 in July

India’s manufacturing activity maintained its growth momentum as order growth remained high in July. The IHS Markit India Manufacturing Purchasing Managers’ Index came in at 57.7 in July compared to 57.8 in June. New export business growth picked up to the fastest since last November.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.

Read more here.

Auto sales data for July 2023: Highlights  

Maruti Suzuki India posted a 3% year-on-year (YoY) increase in total sales to 1.82 lakh units in July 2023. Sales of its mini & compact vehicle segment fell 27% YoY to 76,692 units. Exports rose 9.2% YoY to 22,199 units.

Tata Motors Ltd’s total passenger vehicle sales were flat at 47,689 units in July. The automaker’s commercial vehicle sales declined by 4% YoY to 32,944 units.

Mahindra & Mahindra’s total passenger vehicle segment posted total sales of 36,205 units in July, an increase of 29% YoY. M&M’s exports fell 9% YoY to 2,540 units.

TVS Motor Company’s total sales stood at 3.26 lakh units in July, up 4% YoY. Meanwhile, Bajaj Auto’s sales fell 15% YoY to 2.69 lakh units.

Read more here.

Adani Total Gas Q1 Results: Net profit rises 9% YoY to ₹150 crore

Adani Total Gas reported a 9% YoY increase in consolidated net profit to ₹150 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose by 2% YoY to ₹1,135 crore during the same period. EBITDA stood at ₹225 crore, up 12% YoY on account of higher volume and cost optimisation. CNG volumes increased by 18% YoY while PNG volume decreased by 6% YoY.

Read more here.

Arvind SmartSpaces signs two golf-themed projects in Ahmedabad

Arvind SmartSpaces Ltd (ASL) has signed two large horizontal (plots and Villas) multiuse, golf-themed development projects in Ahmedabad. The projects have a total estimated area of 704 acres and a top-line potential of ₹2,300 crore. These projects are located in South Ahmedabad and would be ASL’s 17th and 18th projects in Ahmedabad. Both projects are signed under the joint development model enabling low capital intensity and higher returns.

Read more here.

L&T’s Construction unit wins multiple orders for heavy civil infrastructure business

Larsen and Toubro’s subsidiary L&T Construction has won multiple orders for its heavy civil infrastructure business. The order is from Rail Vikas Nigam Ltd. (RVNL) for the design and construction of an underground metro project in connection with the Joka – Esplanade Metro Corridor in the city of Kolkata. The company didn’t disclose the exact value of the orders but defined them as ‘large’ orders. All orders between ₹2,500 crore and ₹5,000 crore are classified under the ‘large’ category by L&T.

Read more here.

PVR Inox Q1 Results: Net loss at ₹82 crore

PVR Inox reported a consolidated net loss of ₹82 crores for the June quarter (Q1 FY24). However, its revenue from operations rose 32% YoY to ₹1,304 crore during the same period. The loss was primarily due to an over 56% rise in company expenses. The movie exhibition cost jumped to ₹298 crore in Q1FY24, which was up both sequentially and on a YoY basis.

Read more here.

Kolte-Patil acquires 2 society redevelopment projects in Mumbai suburb

Kolte-Patil Developers has agreed to redevelop two housing societies in the micro-market of Bangur Nagar in Goregaon, western suburbs of Mumbai. The projects with a total saleable area of around 4.8 lakh sq ft are estimated to have a revenue potential of ₹950 crore. The company has already executed a residential redevelopment project spread over 2.77 lakh sq ft in this micro-market and the project has already been sold out with a sales value of ₹495 crore.

Read more here.

Glenmark gets USFDA nod to market generic diabetes drug

Glenmark Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) to market a generic diabetes drug in the American market. The company has received final approval from the USFDA for Saxagliptin Tablets, the generic version of AstraZeneca’s Onglyza1 tablets. According to IQVIATM sales data, for the 12 months ending June 2023, the Onglyza tablets achieved annual sales of around USD 100.7 million.

Read more here.

Oberoi Realty Q1 Results: Net profit falls 20% YoY to ₹322 crore

Oberoi Realty reported a 20% YoY fall in consolidated net profit to ₹321.64 crores for the June quarter (Q1 FY24). Its total income fell slightly to ₹933.56 crore during the same period. Total income stood at ₹934.81 crore in Q1 FY23. Expenditure grew to ₹509.07 crore in the quarter from ₹463.32 crore in the year-ago period.

Read more here.

Bharti Airtel launches self-service digital marketing product Airtel IQ Reach

Bharti Airtel has launched an enterprise communications platform, Airtel IQ Reach. It will enable brands/ companies to drive targeted customer engagements through personalised communications. Airtel IQ Reach is aimed at small and medium businesses and is currently available using WhatsApp as a messaging platform, with SMS and voice to be added in the future. Additionally, businesses will get access to customer information only if the customer chooses to respond to the communication sent out.

Read more here.

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U.S. GDP Increases. Will Market Follow F&O Data? – Pre-Market Analysis Report

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

U.S GDP expanded by 2.4% on an annual basis in the April to June quarter, higher than the expected 1.8%. Crude Oil also remains strong.

Stocks

Adani Enterprises’ subsidiary has raised a working capital loan facility of Rs 3,231 crore from two foreign banks, for its integrated solar module manufacturing facility.

Indian Hotels reported 31% YoY jump in net profit to Rs 222.4 crore.

Indus Towers reported a 182% YoY growth in profit at Rs 1,348 crore for the quarter, on the back of good operating performance and the highest quarterly tower additions in company’s history.

Major results today: IOC, M&M Financial, Marico, Equitas Small Finance Bank, Laxmi Organics, SBI Cards

What to Expect Today?

NIFTY started the day at 19,850 with a gap-up of 72 points, and tried to move up. But it gave a continuous fall to 19,600 and recovered post 3 PM. NIFTY closed at 19,659, down by 118 points or 0.6%.

BANK NIFTY started the day at 46,285 with a gap-up of 223 points. The index consolidated even while NIFTY was falling, but eventually fell 750 points from the day high. BANK NIFTY closed at 45,579, down by 383 points or 0.8%.

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

The Asian markets are trading mostly in the red, with Japan’s Nikkei down 1.35%.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,767.

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

NIFTY has supports at 19,600, 19,550 and 19,500. We can expect resistances at 19,670, and 19,750.

BANK NIFTY has supports at 45,600, 45,470 and 45,230. Resistances are at 45,900, 46,000, and 46,240.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is also at 19,800.

BANK NIFTY still has strong call OI build-up at 46,000. The highest put OI build-up is also at 46,000.

Foreign Institutional Investors net-sold shares worth Rs 3,979 crores. Domestic Institutional Investors net-bought shares worth Rs 2,528 crores.

INDIA VIX is flat at 10.51.

With yesterday’s monthly expiry, volatility was definitely expected. And as traders and institutions carry forwarded their trades to next month, all of NIFTY’s move were fast.

The futures OI data indicate that the August Futures were not heavily sold as yesterday’s fall. Options also indicate that 19,800 has a huge straddle buildup already for next week with a combined premium of 237 points.

There is enough space for the indices to swing throughout the week, with the premiums of the straddle.

The technicals still indicate that there is bullishness in the market. But today’s gap-down will decide if this view stays relevant. The U.S. GDP numbers and crude oil movements are indicating that the general economy is also in decent shape, for now.

As we get to the end of the week, the expectation is an initial gap-down opening with a recovery towards the middle of the day.

We will be entering new positions on our Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. 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!

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Adani Lenders Consider $750 Million Loan For Ambuja Cements – Top Indian Market Updates

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

Adani lenders consider up to $750 million loan for Ambuja debt

Barclays Plc, Deutsche Bank AG and Standard Chartered Plc are in talks to lend between $600 million and $750 million collectively to Adani Group. The loan is part of discussions to refinance the debt taken to fund its purchase of Ambuja Cements Ltd. The loan would be syndicated. If executed, the loan of as much as $750 million would be part of that broader refinancing. The talks haven’t yet concluded, and the amounts could still change. 

Read more here.

Bajaj Finserv Q1 Results: Net profit rises 48% YoY to ₹1,943 crore

Bajaj Finserv reported a 48.4% YoY rise in consolidated net profit to ₹1,943 crore for the quarter ended June (Q1 FY24. The company’s net profit in the same quarter last year was ₹1,309 crore. Its operating revenue also rose 47% YoY to ₹23,280 crore during the same period. Its subsidiary, Bajaj Finance reported the highest-ever quarterly increase in its customer franchise of 3.84 million and the highest-ever new loans booked of 9.94 million in Q1FY24.

Read more here.

Sona BLW Precision Q1 Results: Net profit rises 47% to ₹112 crore

Sona BLW Precision reported a 47% YoY increase in consolidated net profit to ₹112 crores for the June quarter (Q1 FY24). Its revenue from operations rose 25.17% YoY to ₹731 crore during the same period. The company’s board approved an investment of ₹99.7 crores for capacity expansion of its Chennai plant from 4 lakh to 6 lakh electric vehicle traction motors. It also decided to add a new capacity of 5 lakh units of printed circuit board assembly by 2024-2025.

Read more here.

US FDA concerns in Lupin’s Goa, Pithampur facilities are now resolved

Drug Ltd has received correspondence from the US Food & Drug Administration (USFDA) that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore. This comes after the satisfactory evaluation of the corrective actions taken by Lupin. The actions were in response to the Warning Letter issued by the US FDA on November 6, 2017.

Read more here.

IEX Q1 Results: Net profit rises 10% YoY to ₹76 crore

Indian Energy Exchange Ltd (IEX) reported a 10% YoY increase in consolidated net profit to ₹10 crore for the June quarter (Q1 FY24). Its total income stood at ₹127 crore during the same period, up 12.3% YoY. EBITDA grew marginally to ₹82 crore in Q1FY24 from ₹81 crore in Q1FY23. Recently, IEX witnessed a steep fall in its share price that could be related to the Central Electricity Regulatory Commission’s plan to initiate market coupling.

Read more here.

Cipla promoters in talks to sell part stake to private equity firms

According to a CNBC TV18 report, Cipla’s promoters are in talks with private equity firms to sell a part of their total holding in the company. At present, The promoters own a 33.47% stake in the company. An investment bank has been hired to advise on the deal. Furthermore, Private Equity (PE) firms like Blackstone and Baring Asia are amongst others that are in talks to explore a deal. 

Read more here.

Bharat Forge receives approval to participate in potential defence programs in future

Bharat Forge Ltd has received approval to participate in potential defence programs in future. The license is granted by the Ministry of Home Affairs (MCA) under Arms Rules, 2016. The approval is for small arms and ammunition. Bharat Forge serves several sectors including Automotive, Railways, Aerospace, Marine, Oil & Gas, Power, Construction and Mining. It is among the largest forging companies globally.

Read more here.

L&T says it will pay back to shareholders if the cash surplus is much higher than requirement

Larsen & Toubro will return money to shareholders if the cash surplus is much higher than the company’s requirements. L&T’s CFO, R Shankar Raman’s declaration of the company’s willingness to return surplus cash to shareholders showcases Larsen & Toubro’s commitment to financial prudence and shareholder value. 

Read more here.

Kalpataru Projects International, subsidiaries bag orders worth ₹2,261 crore

Kalpataru Projects International and its subsidiaries have bagged orders worth ₹2,261 crore. These new contracts include orders in the T&D (transmission and distribution) business of ₹2,036 crore in overseas markets. Besides, it also got a cross-country oil & gas pipeline project in India of ₹225 crore. It is currently executing projects in over 30 countries and has a presence in 70 nations.

Read more here.

BPCL still in talks for Russian oil deal, discounts narrow

Bharat Petroleum Corp is still in talks with Russian oil major Rosneft to buy oil under a term deal. According to a Reuters report from last month, BPCL is in talks to buy up to 6 million metric tons of Russian oil under a term deal with Rosneft. Indian refiners have been snapping up discounted Russian oil since many other countries imposed sanctions on Moscow after it invaded Ukraine. The discounts make Russian oil cheaper than similar grades from the Middle East.

Read more here.

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Daily Market Feed Pre Market Report

Fed Interest Hike as Expected. Who Will be the Villain for Monthly Expiry? – Pre-Market Analysis Report

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

US Fed hikes interest rates to highest level since 2001 to a range between 5.25-5.5%, which is in line with expectations.

Stocks

Axis Bank reported profit lower than expected profits at Rs 5,797.1 crore for the quarter, but still jumping 40.5% YoY.

Dr Reddy’s recorded an 18% YoY growth in consolidated profit at Rs 1,402.5 crore, but profit margins fell.

Tech Mahindra had a disappointing result announcement as profit fell 39% YoY to Rs 692.5 crore.

Netweb Technologies will get listed today. The final offer price has been fixed at Rs ₹500/share.

Tata Consumer Products registered 22% YoY growth in consolidated profit at Rs 338 crore with growth under all verticals.

The Government of India is going to sell up to 7.09 crore equity shares (3.4%) of RVNL via offer for sale today and tomorrow. Floor price has been fixed at Rs 119 per share, down 14% from current price

Cipla Q1 Results showed profit increasing 45% YoY to Rs 996 crore, beating estimates..

Major results today: Nestle India, ACC, Bajaj Finserv, Indian Hotels, IEX, JK Cement

What Happened Yesterday?

Yesterday, NIFTY started at 19,733 with a gap-up of 52 points above a resistance zone. With help from Reliance, it quickly moved up but later consolidated. A sharp fall was seen at 2:35 PM. Nifty closed at 19,788, up by 97 points or 0.5%.

BANK NIFTY (BNF) started the day at 45,935 and moved up slowly. It continued trading in an upward channel with 46,000 acting as a good resistance. BANK NIFTY closed at 46,062, up by 217 points or 0.47%. 

US markets closed slightly in the green. The European markets closed in the red.

What to Expect Today?

The Asian markets are trading mostly in the green.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,867, in the green.

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

NIFTY has supports at 19747, 19,630 and 19,550. We can expect resistances at 19,846, and 19,920 then at 20,000.

BANK NIFTY has supports at 45,900, 45,635 and 45,470. Resistances are at 46,253, 46,400, and 46,500.

NIFTY has the highest call OI build-up at 20,000 and 19,800. The highest put OI build-up is at 19,700.

BANK NIFTY still has strong call OI build-up at 46,000. The highest put OI build-up is also at 46,000.

Foreign Institutional Investors net-bought shares worth Rs 922 crores. Domestic Institutional Investors also net-bough shares worth Rs 470 crores.

INDIA VIX increased 12% to 10.45.

The market is still indicating technical bullishness, including yesterday’s up-move. Both foreign and domestic institutional investors also continued buying.

Even with the hike in Federal Reserve’s interest rates in the U.S, global markets are looking okay as it was expected. But do not rule out volatility in the Indian market as FII selling may attract big movements.

The straddle buildup at 46,000 has continued throughout the week. The chance of a strong short-covering rally is also less on the upper side as most players are enjoying good decay.

Do not look at OI made on the last many days to take active trades today, as they are already in good profits. Only look at the intraday change in OI to determine your positions.

This being the monthly expiry, there is a high chance of volatility in the second half. But I am not expecting any record highs to be created or the support levels of 45,230 on BNF and 19,500 on NIFTY to be broken. If the respective levels are broken with at least 1 hour to go, market may turn trending.

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

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Daily Market Feed Post Market Analysis

Trending Monthly Expiry? – Post-Market Analysis

NIFTY started the day at 19,733 with a gap-up of 52 points (above the important resistance zone of 19,700). There was a good upside movement till 19,820 levels initially. After that, the index mostly consolidated within a 45-point range till 2:40 PM and then broke down from the consolidation. Nifty closed at 19,788, up by 97 points or 0.5%.

Nifty chart - July 26

BANK NIFTY (BNF) started the day at 45,935 with a gap-up of 90 points. Throughout the day, the index consolidation with a positive bias in a channel. The resistance level of 46,000 still acted strong, and there was no good breakout from there. BNF closed at 46,062, up by 217 points or 0.47%. 

Bank Nifty chart - July 26

All indices closed flat-to-green today. Nifty PSU Bank (+1.5%) and Nifty Realty (+1.19%) moved up the most. 

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

Today’s Moves

L&T (+3.3%) was NIFTY50’s top gainer. The stock hit a 52-week high of ₹2,673.85 on the back of strong Q1 results and buyback announcement.

Reliance (+1.6%) rose up to 3% after reports revealed that the Qatar Investment Authority (QIA) is in talks to buy a stake in Reliance Retail Ventures.

Tata Motors DVR (+12%) surged after Tata Motors decided to cancel the differential voting rights (DVRs) to further simplify the capital structure. Tata Motors will issue 7 ordinary shares for every 10 DVR shares held.

Bajaj Finance (-2.28%) was NIFTY50’s top loser. The company posted a 32.4% YoY rise in consolidated net profit to ₹3,437 crore for Q1 FY24, beating street estimates.

Can Fin Homes (-9.4%) fell sharply after the company reported that employees at one of its branches committed fraud of nearly ₹38.53 crore.

Markets Ahead

The Indian market is still looking weak, and today’s move can be just another retracement from the bottom levels for further fall to come.

Nifty: The major support now in Nifty will be 19,750 and the important resistance to watch out for is 19,840 levels. If there’s a breakdown from 19,750, we can expect the index to come down to 19,700 and then to 19,620 levels eventually. A breakout on the upside could give us targets of 19,880 and 19,900.

Bank Nifty: If today’s parallel channel is breached on the downside (below 46,000), the index can give us a target of 45,620 levels. A breakout on the upside can give us a target of 46,200 and 46,350.

Being a monthly expiry tomorrow, both indices can be volatile with directional moves. So trade cautiously and watch the levels mentioned above!

Meanwhile, the US Federal Reserve is expected to hike interest rates again at today’s Federal Open Market Committee (FOMC) meeting by 25 basis points to 5.5% (versus 5.25% earlier).

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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Daily Market Feed Pre Market Report

Consolidation for Monthly Expiry? – Pre-Market Analysis Report

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

Stocks

Tata Motors said it will cancel DVR shares and issue ordinary shares which will take shareholding of the promoter group down by 3.16%. Reported a consolidated net profit of Rs 3,203 crore for Q1, back to profits due to good sales from Jaguar Land Rover.

Union Bank of India has entered into a strategic partnership with IBM to act as a system integrator in its digital push. The bank has embarked on Project Sambhav to create a Digital bank.

Piramal Enterprises said it will consider a share buyback proposal on July 28.

Larsen & Toubro agreed to buy back 2.4% of equity capital, at a max price of Rs 3,000 per share, for a total of Rs 10,000 crore. Net profit of the company jumped 46.5% YoY to Rs 2,493 crore, and beating estimates.

SBI Life reported a 46.2% YoY increase in net profit at Rs 380 crore for Q1.

Major results today: Axis Bank, BPCL, Cipla, Dr Reddy’s Laboratories, Punjab National Bank, Shree Cement, Tech Mahindra, Bajaj Finance.

What to Expect Today?

NIFTY started the day with a gap-up at 19,729. It was volatile for the FINNIFTY expiry and kept on making sharp moves but ended flat. Nifty closed at 19,680, up by 8.25 points or 0.04%.

BANK NIFTY (BNF) started the day at 46,154 with a gap-up of 231 points. But from the first candle, it could not sustain and started falling. The index had a 300-point fall in 30 minutes at 1 PM but recovered. BANK NIFTY closed at 45,845, down by 78 points or 0.17%. 

US markets closed slightly in the green. The European markets closed slightly in green also.

The Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,711.

All the factors combined indicate a flat opening.

NIFTY has supports at 19,630, 19,550, and 19,440. We can expect resistances at 19,750 and 19,800.

BANK NIFTY has supports at 45,635, 45,470 and 45,230. Resistances are at 46,253, 46,300, and 46,500.

NIFTY has the highest call OI build-up at 19,800. The highest put OI build-up is at 19,500 and 19,700. 

BANK NIFTY has strong call OI build-up at 46,000. The highest put OI build-up is also at 46,000, indicating expectation of consolidation around that zone.

Foreign Institutional Investors net-bought shares worth Rs 1,088 crores. Domestic Institutional Investors net-sold shares worth Rs 333 crores.

INDIA VIX fell 12% to 10.23.

BANK NIFTY is forming similar candles to the 4th July week. Even with intraday weakness, the index is still in the breakout zone and bullish. The question is how many days of consolidation will we see.

The same goes for NIFTY as well. The moves without news or reason, which I believe are the best moves, have been paused just temporarily.

Options data is also indicating consolidation coming up for the market, and the BNF straddle buildup at 46,000 continues. 

Have an eye on Punjab National Bank and Axis Bank results for today. Otherwise, the next results announcement I will be looking forward to is SBI in August.

I expect some consolidation with selling ahead of the monthly expiry tomorrow.

And as long as 45,230 on BNF and 19,500 on NIFTY are defended, I will not be overly bearish on the market.

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

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Market News Top 10 News

Tata Motors Posts Net Profit of ₹3,203Cr in Q1 – Top Indian Market Updates

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

Tata Motors Q1 Results: Net profit at ₹3,203 crore

Tata Motors Ltd reported a consolidated net profit of ₹3,203 crore for the quarter ended June (Q1 FY24). The company posted a net loss of ₹5,007 crore in the same quarter last year. Its consolidated revenue from operations rose 42% YoY to ₹1.02 lakh crore during the same period. EBITDA stood at ₹13,218 crore, up 448% YoY. The strong bottom line was aided by a stellar operational performance and strong sales growth.

Read more here.

Hero Future Energies signs Rs 6,200-cr MoUs with PFC, REC

Hero Future Energies (HFE) has signed two agreements with REC and PFC to develop green energy projects. The agreements were signed on the sidelines of the 4th G20 Energy Transition Working Group meeting that concluded last week in Goa. PFC and REC Ltd will infuse ₹3,100 crore each into HFE over the next five years. The funds will be used to develop renewable projects across the country.

Read more here.

L&T Q1 Results: Net profit rises 46% YoY to Rs 2,493 crore

Larsen & Toubro (L&T) reported a 46% YoY increase in consolidated net profit to ₹2,493 crore for the quarter ended June (Q1 FY24). Its consolidated revenue also rose 34% YoY to ₹47,882 crore during the same period. The board has recommended a dividend of ₹6 per equity share. The company’s order book has crossed ₹4 lakh crore for the first time.

In other news, the board also approved a share buyback worth ₹10,000 crore through the tender offer route.

Read more here.

Tata Motors to replace DVRs with ordinary shares

Tata Motors’ board has approved the cancellation of all the Differential Voting Rights (DVRs) of the company. The cancellation will be through a scheme of arrangement, and allotting ordinary shares, which would rank pari passu with the existing DVRs in the company. The company is yet to seek approval from the National Company Law Tribunal (NCLT). Under the scheme of arrangement, the company will issue 7 fully paid-up ordinary shares of face value ₹2 each, for every 10 DVRs.

Read more here.

JSPL gets certification from Great Place to Work

Jindal Steel and Power Ltd (JSPL) has received a certification from the global body Great Place To Work. The body provides certification to corporate houses and other organisations based on various methodologies to assess workers’ overall well-being, including physical and mental health, and work culture. JSPL is an industrial powerhouse with a dominant presence in the steel, power, mining and infrastructure sectors.

Read more here.

Aurobindo Pharma arm gets USFDA nod for Plerixafor injection

Aurobindo Pharma’s subsidiary Eugia Pharma Specialities has received final approval from the US Food & Drug Administration (USFDA) for its generic version of Plerixafor injection. The injection is indicated for patients with certain types of cancer to prepare them for stem cell transplants. According to IQVIA data, the approved product has an estimated market size of around USD 210 million for the 12 months ending May 2023.

Read more here.

Suzlon Energy Q1 Results: Net profit falls 96% YoY to ₹101 crore

Suzlon Energy reported a 96% YoY fall in consolidated net profit to ₹101 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹2,433 crore in Q1 FY23. Its consolidated revenue from operations also fell marginally to ₹1,351 crore during the same period. EBITDA stood at ₹199 crore, down 7% YoY.

Read more here.

SpiceJet taken off DGCA’s enhanced surveillance regime

SpiceJet has been taken off from the Directorate General of Civil Aviation’s (DGCA) ‘enhanced surveillance regime’. Under the regime, a total of 23 aircraft were inspected and 95 observations were made. The DGCA conducted 51 spot checks across 11 locations on the airline’s Boeing 737 & Q-400.

Read more here.

Jubilant FoodWorks Q1 results: Net profit falls 74% to ₹28.9 crore

Jubilant FoodWorks reported a 74% YoY fall in consolidated net profit to ₹28.9 crore for the quarter ended June (Q1 FY24). Its profit stood at ₹112 crore in Q1 last year. However, its consolidated revenue rose 1.7% YoY to ₹1,334.5 crore during the same period. EBITDA stood at ₹275.8 crore in Q1.

Read more here.

Sonata Software launches Harmoni.AI

Sonata Software has introduced Harmoni.AI, an innovative responsible-first artificial intelligence (AI) offering. This comprehensive platform comprises a range of industry solutions, service delivery platforms, and accelerators, all powered by generative artificial intelligence (AI). Harmoni.AI empowers individuals, businesses, and communities to harness the full potential of cutting-edge innovations, interconnected ecosystems, and pervasive efficiencies.

Read more here.

Categories
Daily Market Feed Pre Market Report

Results Season Craziness! Can Reliance Save NIFTY? – Pre Market Analysis

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

Stocks

Infosys reported a profit of Rs 5,945 crore for the quarter, down 3 percent QoQ and cut revenue expectations for the whole financial year. Infy ADR dropped -8.41% in the U.S.

Hindustan Unilever registered an 8% YoY increase in profit at Rs 2,472 crore for the quarter ended June FY24, with growth in all key segments.

Larsen & Toubro said the board of directors will meet on July 25 to consider the buyback of shares

Jio Financial Services(JFL), a subsidiary of Reliance Industries, has been valued at Rs 1.66 lakh crore following an hour-long special trading session at ₹261.85/share. The combined price of is higher than expected.

Major results today: Reliance Industries, HDFC Life, Dodla, DLF, JSW Steel, Ultratech Cement.

What to Expect Today?

NIFTY opened with flat at 19,831 and initially moved down. Being the weekly expiry, index saw volatility but bounced back strongly from 19,760. After this, an intense 230 point rally took NIFTY up to the close at 19,979, up by 146 points or 0.74%. 

BANK NIFTY opened with a small gap-up at 45,725 and looked much more strong. It slowly moved up in the afternoon, but gave a breakout above the all-time high. The index closed at 46,186, up by 517 points or 1.13%.

The general US markets closed mixed, as tech stocks pushed NASDAQ down 2%. The European markets closed higher.

The Asian markets are trading mixed.

The U.S. Futures are trading flat.

GIFT NIFTY is trading down at 19,866, after Infy’s fall.

All the factors combined indicate a gap-down opening.

NIFTY has supports at 19,820, 19,765, 19,740 and 19,725. We can expect resistances at 19,900 and 19,950.

BANK NIFTY has supports at 46,000, 45,900 and 45,800. Resistances are at 46,253, 46,300, and 46,500.

NIFTY has the highest call OI build-up at 20,000. The highest put OI build-up is at 19,800. 

BANK NIFTY has the highest call OI build-up at in the money 46,000. The highest put OI build-up is also at 46,000.

Foreign Institutional Investors net-bought shares worth Rs 3,370 crores. Domestic Institutional Investors net-sold shares worth Rs 193 crores.

INDIA VIX is at 11.78.

Bank Nifty showed consistent strength throughout the day, and once it broke the all-time high gave multiple bursts of strength. Both indices closed at fresh all-time highs. Reliance saw a net positive move after the demerger.

The best moves are the ones without any news or reason. And the time for the looks to have temporarily ended in NIFTY with the starting of results season.

Expect a gap-down opening in NIFTY with Infosys volatility. And expect intraday volatility from Reliance results. If both stocks start moving down, NIFTY would see strong good pull-back towards 19,750 zones.

Bank Nifty option chain remains interesting. With a huge straddle buildup at 46,000, OI indicates that further rally is not optimal. But a breakout, and short-covering can only be expected if another round of fireworks push it above 46,700, which is quite far away.

ICICI Bank, Kotak Mahindra Bank and Yes Bank will be in focus ahead of their results tomorrow.

With it being the monthly expiry series, we can expect some calm before the storm next Thursday. The fresh all-time high made yesterday near 20,000 might be defended till then.

I will watch 19,845 on the downside in NIFTY. 19,920 can be watched on the upside.

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. Follow us on the marketfeed app’s Signal section to get real-time updates from the market. All the best for the day!