Markets fell intraday over 2% on the Budget Day after announcement of increase in STT and LTCG but later recovered to end with losses of less than 0.25%. The India VIX also dipped sharply to fall towards the 13-mark signifying aggressive put writing at 24,400 levels. With formation of hammer pattern on candlestick, we expect this to act as an intermediate bottom with a target seen at 25,300
Results Today – L&T, Axis Bank, Bajaj Finserv, KPIT Tech,
Nifty 50 Chart
Stocks to watch
Positive Read through
- HUL – Q1 in-line to slight beat, volume growth at 4 pct vs estimates of 3-4 pct Bajaj Finance – Misses estimates, NIM slipped YoY and QoQ.
- Vedanta – To consider second interim dividend for FY25 on July 26 M&M Fin – Election, heatwaves and floods impacted disbursement.
- Dr Reddy’s – To consider stock split on July 27, 2024 MIC Electronic – Kalidindi Satyanarayana Raju resigns as CEO with effect from July 10.
- United Spirits – Operational beat, margin expanded 220 bps higher than estimates Welspun Specialty – Net profit at Rs 195 mn vs Rs 111 mn, sales at Rs 1,620 mn vs Rs 1,600 mn YoY.
- ICIC Pru – Margin in-line, total APE jumped 34 pct, VNB rose 8 pct YoY.
- DCM Shriram – EBITDA grew 49.1 pct, margin at 8 pct vs 5.7 pct YoY.
- Torrent Pharma – in-line with estimates, EBITDA up 14.3 pct YoY.
- Schaeffler India – Mixed Q2 earnings, EBITDA increases 10 pct YoY.
- Titagarh Rail – Begins export of traction converters with first shipment to Italy.
- Borosil Renewable – 10 pct BCD on imports of solar glass will create level playing field.
- Parag Milk – Volume growth seen at 10 pct, margin up 180 bps YoY.
- Shilpa Medi – API manufacturing unit in Karnataka gets GMP certification from Cofepris-Mexico.
- Thyrocare – EBITDA up 23.4 pct, margin at 27.2 pct vs 25.7 pct YoY.
- Bajel Proj – Bags contract worth Rs. 5.86 bn from Power Grid Corporation.
- Tata Elxsi – Signed MoU with to enhance software development capability.
- Infosys – In pact with UVC Partners to co-create next-generation solutions using AI and DeepTech.
Negative Read through
- Bajaj Finance – Misses estimates, NIM slipped YoY and QoQ.
- M&M Fin – Election, heatwaves and floods impacted disbursement.
- MIC Electronic – Kalidindi Satyanarayana Raju resigns as CEO with effect from July 10.
- Welspun Specialty – Net profit at Rs 195 mn vs Rs 111 mn, sales at Rs 1,620 mn vs Rs 1,600 mn YoY.
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