Markets extended losses for fourth straight week with Nifty breaching key support of 24232 on closing basis and opening gates for potential breakdown of 15%. The attack on Iran by Israel is likely to raise tensions in middle east with militant group from Lebanon and Syria may be forced to increase quantum of attack on Israel in coming days. Overall data suggests that with weekly closing below 24232, markets have hinted that Nifty is positioned for a major dive with first target seen at 22800.
Result Today – Bharti Airtel, Tata Tech, JSW Infra
Nifty 50 Chart
Stocks to watch
Positive Read through
- ICICI Bank – Q2 above estimates, outperforms other large private banks in several parameters.
- BPCL -JV agreement with Oil India to developing city gas distribution in Arunachal Pradesh.
- BOB – Asset quality best in 10 years or more, slippage ratio is lowest in 3 quarters.
- Shriram Fin – Asset quality improves while NIM falls, NII grew 16 pct YoY.
- Balkrishna Ind – EBITDA grew 8.8 pct, Sales rose 7.4 pct YoY.
- UTI AMC – Earnings better than estimates, but loses market share.
- Shakti Pumps – Margin at 23.4 pct vs 10.2 pct, Sales at Rs. 6.34 bn vs Rs. 1.53 bn YoY.
- ITD Cementation – Promoter to sell 46.64 pct stake to Adani’s Renew EXIM.
- Rec – Nim at an 8-quarter high, disbursements rose 13.7 pct YoY.
- Macrotech – EBITDA grew 70 pct, margin at 24.7 pct vs 21.8 pct YoY.
- Torrent Pharma – EBITDA grew 13.8 pct, margin at 32.5 pct vs 31 pct YoY.
- Gensol Engg – Margin at 30.8 pct vs 15.5 pct, net profit grew 29.4 pct YoY.
- Suven Pharma – Gets NCLT nod for merger of Casper Pharma with company.
- Texmaco Rail – EBITDA grew 73.5 pct, Sales rose 67.2 pct YoY.
- CDSL – EBITDA grew 55 pct, Sales rose 55.5 pct YoY.
- Syrma SGS – EBITDA rose 46 pct & margin grew 180 bps YoY.
Negative Read through
- DLF – Q2 bookings at 17-quarter low, operating cash flow fell 34.5 pct QoQ.
- IDFC First Bank – Slippages at a 13-quarter high, guidance of credit cost increased.
- Bandhan Bank – Asset quality deteriorates, slippages rose 24.7 pct QoQ.
- Credit Access – GNPA ratio at 2.44 pct vs 1.46 pct, disbursals fell 11.3 pct YoY.
- Indigo – Posted Loss of Rs. 9.88 bn vs profit, EBITDA margin at 14.3 pct vs 16.4 pct YoY.
- Yes bank – NII below estimates, slippages rose 9 pct QoQ.
- Godawari Power – Reported weak Q2, EBITDA fell 32 pct, margin falls 850 bps YoY.
- Sanghi Ind – Net loss expands, Sales fell 16.2 pct YoY.
- Mahindra Life – EBITDA loss expands, Sales fell 57.3 pct YoY.
- Phoenix Mills -Profit fell 4 pct, margin at 56.4 pct vs 57.8 pct YoY.
- Praj Ind – Sales fell 7.5 pct, net profit tumbled 13.8 pct YoY.
- Intellect Design – EBITDA fell 34 pct, margin at 14.5 pct vs 19.8 pct YoY.
- Tatva Chintan – Weakness continues, loss of Rs. 70 mn vs profit of Rs 80 mn YoY.
- JK Cement – EBITDA fell 39.2 pct, margin at 11.1 pct vs 17 pct YoY.
- Coal India – Q2 misses estimates, realisations fell 5.8 pct YoY.
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