Markets for the week witnessed sharp recovery to close with gains of 1% despite disappointment in budget over short term and capital gains tax enhancement. The Sensex for the week ended with formation of hanging man which turns out to be a potential reversal signal on long term charts. In the present scenario, major risk to Indian markets comes from sharp drop in USDJPY below 154 mark which has potential implication of triggering larger sell off of more than 20% in the Indian markets. We expect Nifty 50 to activate breakdown on close below 24,700.
Results Today – BEL, HPCL, Adani Wilmar
Nifty 50 Chart
Stocks to watch
Positive Read through
- ICICI Bank – Posted Q1 above estimates, GNPA at a 10-quarter low of 2.15 pct Power Grid – Q1 misses estimates, EBITDA down 2.9 pct YoY.
- Ultratech – To acquire 32.72 pct stake at Rs 390/sh in India Cements Indusind Bank – Earnings below estimates, NIM at a 7-quarter low of 4.25 pct.
- NTPC – Strong operational performance, results above estimates, average tariff up 3.3 pct YoY IDFC First Bank – Credit cost increases as slippage ratio rose to a 7-quarter high.
- Dr Reddy’s – Reported sales & margin above estimates, US & India business drive growth Spandana – GNPA at 2.6 pct vs 1.5 pct, disbursals down 42.5 pct QoQ.
- BHEL – Gets Lol from Damodar Valley Corp for a project worth more than Rs. 100 bn Biocon – US FDA issues form 483 with 10 observations for company’s Bengaluru facility.
- Bandhan Bank – Posted Q1 above estimates, slippages fell 12.75 pct QoQ SBI Cards – Asset Quality deteriorates, profit fell 10.25 pct QoQ.
- Indigo – EBITDA grew 4 pct, sales rose 17 pct YoY Shree Digvijay – EBITDA down 30.2 pct, margin at 12.2 pct vs 16 pct YoY.
- REC – NII grew 31.5 pct YoY, GNPA ratio at 2.61 pct vs 2.71 pct QoQ Glenmark Life – Gujarat Pollution Control Board issues closure notice for company’s Ankleshwar Facility.
- MCX – EBITDA jumped 30 pct, sales rose 29.4 pct YoY Hindustan Zinc – Received tax order for demand of Rs 18.84 bn.
- PNB – GNPA at 4.98 pct Vs 5.73 pct, NII jumped 10.2 pct YoY Indoco Remedies – U.S. FDA inspection at Goa facility ends with 7 observations.
- Citi Union Bank – Asset quality improves, Profit grew 16.4 pct YoY.
- Gensol Engineering – Bags order worth of Rs. 4.63 bn for solar plant in Gujarat.
- DLF – Company’s sales bookings surged over threefold to Rs 64.04 bn in Q1FY25.
- J&K Bank – Net Profit came at Rs. 4.16 bn Vs Rs. 3.27 bn, NII at Rs, 13.69 bn Vs Rs. 12.83 bn YoY.
- Phoenix Mills – Board meeting on July 31 to consider the proposal of bonus shares.
Negative Read through
- Power Grid – Q1 misses estimates, EBITDA down 2.9 pct YoY.
- Indusind Bank – Earnings below estimates, NIM at a 7-quarter low of 4.25 pct.
- IDFC First Bank – Credit cost increases as slippage ratio rose to a 7-quarter high.
- Spandana – GNPA at 2.6 pct vs 1.5 pct, disbursals down 42.5 pct QoQ.
- Biocon – US FDA issues form 483 with 10 observations for company’s Bengaluru facility.
- SBI Cards – Asset Quality deteriorates, profit fell 10.25 pct QoQ.
- Shree Digvijay – EBITDA down 30.2 pct, margin at 12.2 pct vs 16 pct YoY.
- Glenmark Life – Gujarat Pollution Control Board issues closure notice for company’s Ankleshwar Facility.
- Hindustan Zinc – Received tax order for demand of Rs 18.84 bn.
- Indoco Remedies – U.S. FDA inspection at Goa facility ends with 7 observations.
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