Markets witnessed sharp swings on Thursday with Nifty entering positive terrain and later settling with losses of 1%. The breakaway gap clearly has been acting as a major resistance at higher levels which are placed at 24,400 and any possibilities of recovery could fade it if USDJPY slips back below 146 mark. Overall view suggests that any upside rally is to to be considered as a mere retracement with immediate downside seen towards 22,500.
Results Today – Siemens, Trent, Bharat Dynamics
Nifty 50 Chart
Stocks to watch
Positive Read through
- Antony Waste – EBITDA increased by 5.5 pct, margin at 21.8 pct vs 21.2 pct YoY Sail – Higher debt & weak outlook will weigh on stock, Q1 in- line.
- Eicher motors – Earnings in-line to a mild beat, sales grew 10 pct YoY Biocon – Earnings miss estimates, margin slipped 290 bps YoY.
- Gail – Signs pact with Rajasthan government to optimise gas-based power plants operation LIC – Q1 largely miss estimates, VNB margin up 20 bps YoY.
- Cochin Shipyard – Margin expanded 650 bps, sales grew 62 pct YoY Birla Corp – Weak results as pricing & volume remain low, margin slipped 60 bps YoY.
- Astral – EBITDA increased by 6 pct, sales grew 8 pct YoY Ircon Intl – Sales tumbled 17.2 pct, EBITDA fell 2 pct YoY.
- Oil India – EBITDA grew 5.6 pct, margin at 42.2 pct vs 40.6 pct QoQ Nexus REIT – Blackstone Sponsor Group to sell 21.8 pct via block, floor price Rs. 135/unit.
- MCX – Gets SEBI nod for Praveena Rai’s name as MD & CEO Va Tech – Muted set of earnings, margin dropped 160 bps YoY.
- ABB India – Q2CY24 earnings largely above estimates, margin expanded 526 bps YoY Global Health – Margin at 21.8 pct vs 23.6 pct, EBITDA up 1.7 pct YoY.
- Concor – EBITDA rose 11.6 pct, EXIM sales up 7 pct YoY New India – operating loss grew 2x to Rs. 2.67 bn, combined ratio increases YoY.
- Sobha – Quarterly sales value jumped 28 pct YoY, highest-ever quarterly collection.
- Galaxy Surfactants – Strong volume growth, numbers improve YoY & QoQ.
- Dreamfolks – Sales grew 21 pct, EBITDA jumped 30 pct YoY.
- HBL Power – EBITDA grew 41 pct, margin up 450 bps YoY.
- JB Chem – Operating numbers see double-digit growth, margin up 200 bps YoY.
- Sansera – EBITDA increased by 12 pct, margin flat YoY.
- Astral – Earnings a mild miss, margin fell 20 bps YoY.
Negative Read through
- Sail – Higher debt & weak outlook will weigh on stock, Q1 in- line.
- Biocon – Earnings miss estimates, margin slipped 290 bps YoY.
- LIC – Q1 largely miss estimates, VNB margin up 20 bps YoY.
- Birla Corp – Weak results as pricing & volume remain low, margin slipped 60 bps YoY.
- Ircon Intl – Sales tumbled 17.2 pct, EBITDA fell 2 pct YoY.
- Nexus REIT – Blackstone Sponsor Group to sell 21.8 pct via block, floor price Rs. 135/unit.
- Va Tech – Muted set of earnings, margin dropped 160 bps YoY.
- Global Health – Margin at 21.8 pct vs 23.6 pct, EBITDA up 1.7 pct YoY.
- New India – operating loss grew 2x to Rs. 2.67 bn, combined ratio increases YoY.
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