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CORPORATE AND ECONOMY NEWS

* Coal India Q1FY2024 (Consolidated, YoY): Revenue up 2.5% at Rs 35,983 crore vs Rs 35,092 crore. Ebitda down 14% to Rs 10,513.85 crore vs Rs 12,250.84 crore. Ebitda margin 29.2% vs 34.9%. Net profit down 10% to Rs 7,941.4 crore vs Rs 8,834.22 crore.

* Siemens Q3FY2023 (Consolidated, YoY): Revenue up 14.4% at Rs 4,873.20 crore vs Rs 4,258.30 crore. Ebitdta up 37.5% at Rs 566.60 crore vs Rs 412.20 crore. Ebitda margins at 11.63% vs 9.68%. Net profit up 51.6% at Rs 455.80 crore vs Rs 300.70 crore.

* Aarti Industries Q1FY2024 (Consolidated, YoY): Revenues down 12.17% at Rs 1,414 crore vs Rs 1,610 crore. Ebitda down 28.72% at Rs 201 crore vs Rs 282 crore. Ebitda margins at 14.21% vs 17.51% Net profit down 48.52% at Rs 70 crore vs Rs 136 crore.

* Suven Pharmaceuticals Q1FY2024 (Consolidated, YoY): Revenue up 1.5% at Rs 344.02 crore vs Rs 338.79 crore Ebitda up 9.8% at Rs 169.87 crore vs Rs 154.73 crore Ebitda margins at 49.38% vs 45.67% Net profit up 9% at Rs 124.29 crore vs Rs 114.05 crore.

* Oil India Q1FY2024 (Consolidated, QoQ): Revenue down 20.9% at Rs 6,208.22 crore vs Rs 7,851.78 crore. Ebitda down 35% at Rs 2,276.52 crore vs Rs 3,503.95 crore. Ebitda margins at 36.67% vs 44.63%. Net profit down 18.14% at Rs 1426.6 crore vs Rs 1742.83 crore.

* Mishra Dhatu Nigam Q1FY2024 (Consolidated, YoY): Revenue up 63.3% at Rs 187.72 crore vs Rs 114.93 crore. Ebitda up 25.8% at Rs 41.54 crore vs Rs 33.02 crore. Ebitda margins at 22.13% vs 28.73%. Net profit up 5.3% at Rs 18.71 crore vs Rs 17.77 crore.

* Gujarat Alkalies And Chemicals Q1FY2024 (Consolidated, YoY): Revenue down 19.1% at Rs 912.81 crore vs Rs 1,128.33 crore. Ebitda down 85.7% at Rs 54.70 crore vs Rs 381.76 crore. Ebitda margins at 5.99% vs 33.83%. Net loss of Rs 57.16 crore vs net profit of Rs 190.87 crore.

* Sudharshan Chemical Industries Q1FY2024 (Consolidated, YoY): Revenue up 9.7% at Rs 608.11 crore vs Rs 554.15 crore Ebitda up 68.7% at Rs 69.87 crore vs Rs 41.42 crore Ebitda margins at 11.49% vs 7.47% Net profit up 3,672.3% at Rs 266.96 crore vs Rs 7.08 crore.

* Utkarsh Small Finance Bank Q1FY2024 (Standalone, YoY): NII at Rs 422.03 crore vs Rs 349.22 crore YoY Net profit at Rs 107.50 crore vs Rs 89.49 crore YoY Gross NPA at 3.13% vs 3.23% QoQ Net NPA at 0.33% vs 0.39% QoQ.

* Data Patterns India: The defence and aerospace electronics solutions provider has recorded consolidated profit at Rs 25.83 crore for the quarter ended June FY24, rising 81.4% over a year-ago period, driven by higher other income and topline numbers. Revenue during the quarter grew by 31.2% year-on-year to Rs 89.7 crore, while other income stood at Rs 11.61 crore for the quarter against Rs 1.7 crore in same period last fiscal.

* Lupin: The drug maker's unit, Novel Laboratories, has received approval from the U.S. FDA for its Abbreviated New Drug Application for Fluocinolone Acetonide Oil, which is a generic equivalent of DermaSmoothe of Hill Dermaceuticals Inc.

* NTPC: The company's unit NTPC Renewable was the successful bidder for 80 MW floating solar project.

* SBI Life Insurance: The company has appointed Amit Jhingran as Managing Director and chief executive officer of the company.

* Inox Wind Energy: The promoter, promoter group entities of Inox Wind raised Rs 500 crore through sale of equity shares of the company via block deals. The funds raised are proposed to be infused into Inox Wind and use it to repay its existing debt.

* Century Plyboards (India): The company has completed the acquisition of entire stake of Pacific Plywoods.

GLOBAL MARKETS

Global Market Update

US stock futures changed little on Tuesday night, following a selloff for the major averages. Dow Jones Industrial Average futures fell by 27 points, or 0.08 percent. S&P 500 futures and Nasdaq 100 futures declined 0.06 percent each. In extended trading, Penn Entertainment surged 12 percent after the casino company said it is launching an online sportsbook with ESPN, called ESPN Bet, this fall. Investors are coming off a down session for the major averages Tuesday. The Dow Jones Industrial Average closed 158.64 points lower, or 0.45 percent. Still, that’s better than where the Dow was at session lows when it declined about 465 points. Meanwhile, the S&P 500 fell by 0.42 percent, and the Nasdaq Composite slid 0.79 percent. The selloff comes after Moody’s downgrade of several regional banks dampened investor sentiment Tuesday. Some market participants were concerned the signal could spell more trouble for markets ahead, but others say the pullback is expected given the extraordinary rally in equities this year.

Crude Oil

Oil prices edged lower on Tuesday after data showed China’s crude imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world’s largest oil importer. Brent crude futures were down 48 cents, or 0.41 percent, at $84.93 a barrel. U.S. West Texas Intermediate crude dropped 50 cents, or about 0.62 percent, to $81.43. Both contracts fell by $2 earlier in the session. China’s July oil imports were down 18.8 percent from the previous month to the lowest daily rate since January, but still up 17 percent from a year earlier.

Gift Nifty

The GIFT Nifty indicates a flat to marginally positive start for the broader index with a gain of 24 points after Nifty closed 26 points lower at 19,570 points on August 8. GIFT Nifty futures stood at 19,577 points

TECHNICAL VIEW

Nifty Outlook: Nifty opened gap up on Tuesday at 19627, made a high of 19634, made a low of 19533, and closed on a negative note at 19571 levels. For the day, support for the Nifty exists at 19500 and 19400 levels, whereas resistance for the Nifty stands at 19700 and 19800 levels.

Bank Nifty Outlook: Bank Nifty opened flat on Tuesday at 44889, made a high of 45097, made a low of 44818, and closed on a positive note at 44964 levels. For the day, support for Bank Nifty exists at 44500 and 44200 levels, whereas resistance for Bank Nifty stands at 45200 and 45500 levels.

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