Indian stock market opened with a bang on Wednesday as Sensex surged over 1,046 points and Nifty soared nearly 314 points. The 30-scrip benchmark is floating near its 80,000 mark, while Nifty 50 crossed over 24,300 levels.
India's volatility index dipped over 9% in the early trade. Nifty Midcap and Smallcap indexes were up more than 1% each. All sectoral indices were in green with gains of 1-2%. Oil & Gas, IT, Media, Metal, Auto, and Banking stocks were top performers.
In India, the upcoming RBI policy outcomes on August 8, will drive the sentiments in Sensex and Nifty. Specific stocks will also see movement due to their Q1 results.
GoodReturns received an overwhelming response from 52 economists in an RBI policy poll conducted between July 25 to August 4. All of them are expecting a status quo in the August policy. However, opinions were mixed when asked about the timeframe of upcoming rate cuts.
The Reserve Bank of India (RBI) is likely to cut its repo rate either in October or December this year, as per economists in a GoodReturns Poll. Although India is positioned as a bright spot in the global economy with its resilient growth, inflation risks still pertain, due to sticky food prices in a scenario of heightened geopolitical dynamics. Hence, in August policy, RBI is expected to hold key rates at 6.50 per cent for the ninth successive time, all 52 economists unanimously said.
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Aug 07, 2024, 3:03 pm IST
As Per Antique Stock Broking Ltd, Bharti Airtel Core Performance Remains Strong In Q1 FY25
Bharti Airtel reported 1QFY25 revenue of INR 385 bn (+2% QoQ, +3% YoY),
in line with our estimate but lower than consensus of INR 390 bn. EBITDA at
INR 197 bn (+2% QoQ , flat YoY) was marginally lower than our estimate of
INR 199 bn and much lower than consensus of INR 205 bn. There was an
exceptional gain of ~INR 7 bn driven by a gain of INR 14 bn due to a favorable
judgment regarding the waiver of interest on tax treatment license fee payable
to DOT and a gain of INR 3 bn pertaining to the divestment of Airtel Lanka
were offset by a charge on account of a forex loss of INR 9 bn. Adjusted PAT
at INR 31 bn (-16% QoQ, -29% YoY) was lower than consensus/ our estimate
of INR 37 bn. India capex for the quarter was INR 68 bn (INR 85 bn QoQ, INR
93 bn YoY). The company reiterated its stance that the capex intensity should
start tapering off from here on, driven by lower capex in the wireless segment.
Aug 07, 2024, 2:36 pm IST
Stable Home Loan Interest Rates Keep House Purchase Affordability Supportive In H1 2024: Knight Frank India
Knight Frank India, in its proprietary report, Affordability Index, cited that home affordability has remained stable in H1 2024 as interest rates have stayed steady since the end of 2023. According to the Affordability Index, Ahmedabad is the most affordable housing market among the top eight cities, with a ratio of 21%, followed by Pune and Kolkata at 24% each. Mumbai was the only city that remained marginally higher than the threshold at 51%.
Knight Frank India's Affordability Index, which tracks the EMI to income ratio for an average household, witnessed steady improvement from 2010 to 2021 across the eight leading cities of India especially during the pandemic when the Reserve Bank of India cut policy repo rate to decadal lows. The central bank subsequently raised the REPO rate by 250 bps in a space of nine months starting May 2022 to address growing inflation. This impacted affordability across cities in 2022. As the REPO rate has remained steady since February 2023, healthy income growth has helped counteract rising prices and comparatively high interest rates, bringing affordability back to the current levels seen in the table below. Demand has continued to grow since 2023 and has sustained at the multi-year highs in H1 2024. The stable interest rate scenario is expected to sustain in the near term, as economic growth continues to remain on track.
Aug 07, 2024, 2:18 pm IST
Uno Minda Limited Delivers Highest Quarterly Revenue With Strong 23 % Yo-Y Revenue Growth
Uno Minda limited has announced its results for the quarter ended June 30th , 2024. At a consolidated level, the company reported a strong revenue growth with revenue of 3,818 Cr for Ql FY 25 as against 3,093 Cr for Ql FY 24, registering a growth of 23%. Growth was driven by all product segments especially led by Lighting, Alloy Wheels, Switches, Sensors and Controllers. The Company continues to outperform the industry with revenue growth of 23% vis-a-vis industry volume growth of 15%. The EBITDA for Ql FY25 has been reported as 408 crs vis-a-vis 330 crs in Ql FY24, growth of 24%. PAT (UML Share) for the quarter is 199 crs in Ql FY25 as against 173 crs in Ql FY24, growth of 15%.
Aug 07, 2024, 1:51 pm IST
EaseMyTrip Wins Best OTA (National) Award At Global Tourism Awards 2024
EaseMyTrip.com, one of India’s leading online travel tech platforms, has been honoured with the Best OTA (National) Award at the esteemed Global Tourism Awards 2024. This accolade was presented by Travel World Online (TWO) at The Suryaa New Delhi, recognizing EaseMyTrip’s exceptional contributions to the tourism industry. Mr. Nishant Pitti, CEO and Co-Founder of EaseMyTrip expressed his gratitude, stating, “We are incredibly honoured to receive this prestigious award. This recognition is a testament to our team’s hard work and dedication to providing the best travel experiences to our customers. It motivates us to continue innovating and enhancing our services.”
Aug 07, 2024, 1:51 pm IST
Alembic Pharmaceuticals Announces USFDA Final Approval For Acitretin Capsules USP
Alembic Pharmaceuticals Limited (Alembic) today announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Acitretin Capsules USP, 10 mg, 17.5 mg, and 25 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Soriatane Capsules, 10 mg, 17.5 mg, and 25 mg, of Stiefel Laboratories, Inc. (Stiefel). Acitretin capsules are indicated for the treatment of severe psoriasis in adults. Refer label for a detailed indication. Acitretin Capsules USP, 10 mg, 17.5 mg, and 25 mg have an estimated market size of US$ 21 million for twelve months ending June 2024 according to IQVIA. Alembic has a cumulative total of 212 ANDA approvals (184 final approvals and 28 tentative approvals) from USFDA.
Aug 07, 2024, 12:45 pm IST
Airtel Expands Its Wi-Fi Service Across An Additional 2 million Households In West Bengal
Bharti Airtel (“Airtel”), one of India’s leading telecommunications services providers, today, announced that it has increased its Wi-Fi service to an additional 2 million new households in West Bengal. Ayan Sarkar, CEO, Bharti Airtel, West Bengal, said, “I am happy to announce that Airtel Wi-Fi has now reached every nook and corner of West Bengal. With Airtel Wi-Fi, customers can unlock a wide range of entertainment options including access to 22+ OTTs, 350+ television channels and a reliable high-speed wireless Wi-Fi service at an affordable tariff starting at Rs. 599 a month. We hope customers make the most of this and enjoy endless entertainment.”
Aug 07, 2024, 12:18 pm IST
Allied Blenders and Distillers Appoints Deloitte To Strengthen Enterprise Risk Management Practices
Allied Blenders and Distillers Limited, the 3rd largest spirits company in India in terms of annual sales volumes between FY14 and FY24, appoints Deloitte Touche Tohmatsu India LLP (“Deloitte”) for Enterprise Risk Management (ERM) services. The company claims that Deloitte’s expertise in ERM will provide with cutting-edge tools and methodologies, which will enhance an integrated approach to risk management of identifying, assessing and mitigating risks across the organization. Mr. J.Mukund - Head Investor Relations and Chief Risk Officer, Allied Blenders said, “We are excited to appoint Deloitte for our Enterprise Risk Management services; this collaboration is a significant step towards strengthening our risk management practices and ensuring our organization’s resilience in a dynamic business environment. With Deloitte’s expertise, we are confident in our ability to enhance our risk management framework and support our strategic objectives.”
Aug 07, 2024, 11:59 am IST
Result Update: ONGC | Earnings beat on lower opex; volume/realisation tad lower
Dayanand Mittal of JM Financial Institutional Securities said, “ONGC’s 1QFY25 standalone EBITDA at INR186bn, was 15%/10%higher vs. JMFe/consensus due to normalisation of other opex at INR 53.1bn vs JMFe of INR 72.4bn. Hence, ONGC’s standalone PAT at INR89bn, was also 13% above JMFe (though in-line with consensus). Standalone net crude realisation adjusted for windfall tax was lower at USD 73/bbl (vs. JMFe of USD 74.1/bbl) while overall gas realisation was also tad lower at USD 7/mmbtu. Further, crude sales volume was 3% below JMFe at 4.1mmt and gas sales volume was also 3.2% below JMFe at 3.8bcm. However, overall revenue was 3% above JMFe due to sharp reduction in profit petroleum paid to government (mostly due to ramp up in KG DW 98/2 block output, which is likely to be in cost recovery phase for next few years) to INR 2.9bn vs. JMFe of INR 8.8bn. OVL’s crude and gas production continued to be weak but PAT recovered QoQ due to lower opex in 1QFY25. We maintain BUY (unchanged TP of INR 325) as risk-reward is still reasonable and our expectation that OPEC+ will support crude around USD 75-80/bbl; the government allows ONGC/Oil India to make net crude realisation of ~USD 75/bbl. Further, ONGC is likely to see 10-15% output growth with ramp-up of output from KG DW 98/2 block. ONGC is also a robust dividend play (4-6%). At CMP, it trades at 6.2x FY26E consolidated EPS and 1.0x FY26E BV.”
Aug 07, 2024, 11:51 am IST
Gold Price Slips In India
Gold Rate In India Dips For 2nd Day, Silver Drops By Rs 3700 In 2-Days.
Result Update: Bharti Airtel | Robust quarter; healthy net debt decline driven by capex moderation
Dayanand Mittal of JM Financial Institutional Securities said, “Bharti’s 1QFY25 consolidated EBITDA, at INR 201bn (up 2.0% QoQ and up 0.6% YoY), was ~2% lower than JMFe/consensus due to higher fuel costs in Africa business and continued weakness in the India Enterprise business. However, India wireless EBITDA was 0.5% above JMFe at INR 125bn (+3.0% QoQ and +12.2% YoY) as better 4G/5G net subs adds (at 6.7mn) was offset by a tad lower ARPU at INR 211. EBITDA margin improved QoQ to 55.6% in 1QFY25 (vs. 55.1% in 4QFY24). Traction in FTTH business remained strong; however, enterprise business growth continues to be subdued due to slowdown in the global business and rationalisation in core connectivity. Consolidated capex was down INR 25.1bn QoQ at INR 80bn in 1QFY25 with India capex down INR 17bn QoQ at INR 68bn. Net debt also declined INR 58bn to INR 1,351bn. We maintain BUY on Bharti (unchanged 1-year TP of INR 1,580 and 3-year TP of INR 2,140) as we believe India wireless business tariff hikes are likely to be more frequent, going forward, given the consolidated industry structure and higher ARPU requirement for Jio also to justify significant 5G capex and given Jio’s potential IPO. ARPU growth aided by likely moderation in capex will drive Bharti’s FCF from FY25, enabling it to get to net cash by FY29; this will also aid in accretion in equity value.”
Aug 07, 2024, 10:58 am IST
India's promising economic outlook from Vipul Bhowar, Director, Listed Investments, Waterfield Advisors
India's economy is expected to grow at around 6.8%. Indian companies are showing impressive earnings growth and improved profitability. Despite global challenges, India's economic stability creates a favourable investment climate. Global investors favour Indian equities over those in China and other emerging markets. Strong economic growth, corporate earnings, domestic investment, and international investor confidence position India's stock market for continued outperformance. India is likely to maintain its status as a key player in the global equity landscape, and hence, our markets can continue to outperform our peers.
Aug 07, 2024, 10:19 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
After a swing on either sides, the Index ended the session lower at 23,993. Support and resistance for the Index are well placed i.e. 23,880 (50DMA) and 24,350 respectively. A strong move in GIFT Nifty indicates a firm opening of the Indian equities but around its hurdle level only. In the lower time frame i.e. hourly chart, BankNifty indicates a trend reversal with a probable bullish divergence in RSI. A convincing move above 50,600 is a must to confirm a trend reversal while a break below 49,600 will drag the Index further lower to 49,000. Realty counters are likely to remain in the limelight as FM has made a few amendments to the policy. With a hidden bullish divergence in the RSI, the IT sector has formed a bullish candle around its pattern breakout point suggesting a resumption of its uptrend. Metal sector stands at its long-term trendline support; bounce can be expected but it will be short-lived. Stock-specific buying can be anticipated from the defensive segments i.e. the FMCG and Pharma. A lot of Textile stocks have given a strong move in yesterday's trade, one should opt for buy on a dips strategy and we have coverage on some stocks namely BASML, Cantabil, Nahar Spinning, and Welspun Living.
Aug 07, 2024, 9:48 am IST
Top gainers and losers
Stocks like M&M, Adani Ports, Power Grid, Ultratech Cement and Infosys are top bulls in the early trade of August 7, while stocks like Asian Paints, Bharti Airtel, and Kotak Mahindra Bank are top bears.
Aug 07, 2024, 9:28 am IST
Sensex Price
Sensex opened at 79,565.40, and soon zoomed up to hit an intraday high of 79,639.20. Overall, Sensex skyrocketed by more than 1,046 points in the opening bell.
Aug 07, 2024, 9:28 am IST
Nifty Price
This 50-scrip benchmark opened at 24,289.40 and gained traction sharply to cross over 24,300 mark. The index touched an intraday high of 24,306.45. Overall, the gains is nearly 314 points in the opening bell.
Aug 07, 2024, 9:23 am IST
All Sectoral Indices In Green
India's volatility index dipped over 9% in the early trade. Nifty Midcap and Smallcap indexes were up more than 1% each. All sectoral indices were in green with gains of 1-2%. Oil & Gas, IT, Media, Metal, Auto, and Banking stocks were top performers.
Aug 07, 2024, 8:59 am IST
Nifty Outlook
Hardik Matalia, Research Analyst at Choice Broking said, "Yesterday, the global market witnessed a bounce back after a huge selling for 3 consecutive days. Indian markets are expected to open positive today. Traders holding long positions should hold with the strict stop loss of 24000 on a closing basis. If Nifty manages to hold above 24400 it can further lead towards 24550-24650 levels."
Aug 07, 2024, 8:49 am IST
BigBang Numbers On Indian Economy
Prime Minister Narendra Modi has released the BigBang numbers on the country's economy. India's exports are all set to surpass 0 billion in FY25, while the country's employment increased by 35% to 64.33 crore in the past six financial years. The numbers are highlighted in PM's Bi-Weekly Bharat newsletter on the NAMO app for a fortnight from July 15-31.
Aug 07, 2024, 8:44 am IST
How Markets Will Trade On August 7?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: After the twin jolts from US recession fears and the unwinding of the Yen carry trade, stock markets globally are slowly limping back to stability. The message from the Bank of Japan that “rates will not be hiked when markets are unstable” will help in stabilising the Yen and prevent further massive unwinding of the Yen carry trade. Even though FIIs were big sellers in India in the cash market during the last three days, their selling is being matched by DII buying. This countervailing investment by DIIs can impart resilience to the market. It appears that the exuberance of retail investors has taken a knock after the crash in the broader market. Market valuations continue to remain elevated. There is value in financials. At this juncture in the market, investors should prioritise largecap investment over the mid and small caps.
Aug 07, 2024, 8:17 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher has recommended buying three stocks on August 7th. These are --- BUY BAJAJ CONSUMER cmp 268.75 Stop Loss 262 Target 280; BUY AFFLE INDIA cmp 1464.55 Stop Loss 1430 Target 1525; BUY SYNGENE INTL cmp 820.95 Stop Loss 802 Target 857
Aug 07, 2024, 8:07 am IST
RBI Policy In Focus
GoodReturns received an overwhelming response from 52 economists in an RBI policy poll conducted between July 25 to August 4. All of them are expecting a status quo in the August policy. However, opinions were mixed when asked about the timeframe of upcoming rate cuts.
Aug 07, 2024, 8:07 am IST
Market In Previous Session
Sensex ended at 78,593.07, down by 166.33 points or 0.21%, while Nifty 50 dipped by 63.05 points or 0.26% to end at 23,992.55.
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