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CORPORATE AND ECONOMY NEWS

* Jindal Steel And Power Q1 FY24 (Consolidated, YoY): Revenue is down 3.5% at Rs 12,588.34 crore vs. Rs 13,045.41 crore. Ebitda down 23.7% at Rs 2,628.04 crore vs. Rs 3,446.15 crore. Margin at 20.8% vs. 26.4%. Net profit is down 14.4% at Rs 1,686.94 crore vs. Rs 1,970.13 crore.

* Glenmark Pharma Q1 FY24 (Consolidated, YoY): Revenue up 23% at Rs 3,402 crore vs Rs 2,777 crore. Ebitda up 46% at Rs 631 crore vs Rs 432 crore. Margin at 18.6% vs 15.5%. Net profit down 22% at Rs 150 crore vs Rs 193 crore.

* ABB India Q2 CY24 (Consolidated, YoY): Revenue is up 22.2% at Rs 2,508.63 crore vs. Rs 2,052.5 crore. Ebitda up 75.5% at Rs 348.75 crore vs. Rs 198.77 crore. Margin at 13.9% vs. 9.7%. Net profit is up 110.7% at Rs 295.63 crore vs. Rs 140.28 crore

* Timken Q1 FY24 (Consolidated, YoY): Revenue is up 2.6% at Rs 717.58 crore vs. Rs 699.24 crore. Ebitda down 20.9% at Rs 135.73 crore vs. Rs 171.65 crore. Margin at 18.91% vs. 24.55%. Net profit is down 23.6% at Rs 90.14 crore vs. Rs 118.05 crore.

* Nalco Q1 FY24 (Consolidated, YoY): Revenue down 16% at Rs 3,178.4 crore vs Rs 3,795.2 crore. Ebitda down 32% to Rs 594.3 crore vs Rs 879.6 crore. Margin at 18.7% vs 23.2%. Net profit down 40% at Rs 333.8 crore vs Rs 558 crore

* Astral Q1 FY24 (Consolidated, YoY): Revenue is up 5.8% at Rs 1,283.10 crore vs. Rs 1,212.90 crore. Ebitda up 18.2% at Rs 201.60 crore vs. Rs 170.60 crore. Margin at 15.71% vs. 14.07%. Net profit is up 24.1% at Rs 119.30 crore vs. Rs 96.10 crore.

* City Union Bank Q1 FY24: NII at Rs 522.54 crore vs. 524.14 crore YoY. Net profit at Rs 227.27 crore vs. 225.14 crore YoY GNPA at 4.91% vs. 4.37% QoQ NNPA at 2.51% vs. 2.36% QoQ

* NHPC Q1 FY24 (Consolidated, YoY): Revenue is up 2.8% at Rs 2,757.26 crore vs. Rs 2,681.28 crore. Ebitda up 1.9% at Rs 1,504.52 crore vs. Rs 1,476.83 crore. Margin at 54.57% vs. 55.08% Net profit is up 3.9% at Rs 1,095.38 crore vs. Rs 1,053.76 crore.

* ONGC Q1 FY24 (Consolidated, YoY): Revenue down 10% to Rs 1,63,824 crore vs Rs 1,82,894 crore. Ebitda up 60% to Rs 30,106.81 crore vs Rs 18,852.78 crore. Margin at 18% vs 10%. Net profit doubles to Rs 17,382.97 crore.

* Patanjali Foods Q1 FY24 (Standalone, YoY): Revenue up 8% to Rs 7,767 crore vs Rs 7,211 crore. Ebitda down 57% to Rs 168.58 crore vs Rs 391.67 crore. Margin at 2% vs 5.4%. Net profit down 64% to Rs 87.75 crore vs Rs 241.25 crore.

* Voltas Q1 FY24 (Consolidated, YoY): Revenue is up 21.4% at Rs 3,359.86 crore vs. Rs 2,768 crore. Ebitda up 4.7% at Rs 185.35 crore vs. Rs 176.99 crore. Margin at 5.52% vs. 6.39%. Net profit is up 18.2% at Rs 129.42 crore vs. Rs 109.52 crore.

* Muthoot Finance: The company will seek shareholders' approval to raise borrowing limit to Rs 1 lakh crore. The board has approved infusion of Rs 400 crore in its unit Muthoot Money and acquisition of 2.05% stake in Belstar Microfinance from existing promoters for Rs 43 crore.

* Sterling and Wilson Renewable Energy: The company bagged a Rs 1,130 crore order from Gujarat Industries Power for its proposed 600 MWac solar project at Khavda. The project comprises two blocks of 300 MWac with a three-year operation and maintenance contract.

* Reliance Industries: Jio Platforms' arm Radisys completed the acquisition of wireless broadband solutions firm Mimosa from U.S.-based Airspan Networks Holdings. In March, the company had agreed to buy Mimosa for $60 million or about Rs 491 crore on a debt- and cash-free basis.

* Redington: Rajiv Srivastava resigned as MD with immediate effect citing personal reasons. The board will initiate search for the vacancy at the earliest.

* DCB Bank: The bank will acquire 9.9% stake in micro-lender Saksham Gram Credit for Rs 3.99 crore.

* NLC India: The company has emerged as successful bidder for North Dhadu coal mine in Jharkhand. The mine has a coal reserve of 434.65 MT with peak rated capacity of 3 MTPA.

GLOBAL MARKETS

Global Market Update

Stock futures gained slightly on Sunday evening as Wall Street looked to shake off a rough start to August. Futures tied to the S&P 500 ticked up 0.2 percent. Those for the Nasdaq 100 gained 0.3 percent, while Dow Jones Industrial Average futures added 0.1 percent, or 31 points. The moves come after stocks have struggled to sustain their rally in the late summer. Last week, the S&P 500 and Nasdaq Composite fell 0.31 percent and 1.90 percent. It was the Nasdaq Composite’s first two-week losing streak of the year. The Dow Jones Industrial Average, however, gained 0.62 percent for its fourth positive week in five.

Crude Oil

Oil prices edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to the seventh straight week of gains, the longest such streak since 2022. Brent crude futures rose 19 cents, or 0.22 percent, to settle $86.59 a barrel, while the US West Texas Intermediate (WTI) crude futures gained 22 cents, or 0.27 percent, to settle at $83.05. On a weekly basis, both benchmarks rose about 0.5 percent. The IEA estimated that global oil demand hit a record 103 million barrels per day in June and could scale another peak this month. Meanwhile, output cuts from Saudi Arabia and Russia set the stage for a sharp decline in inventories over the rest of 2023, which IEA said could drive oil prices even higher.

Gift Nifty

The GIFT Nifty indicates a marginally negative start for the broader index with a loss of 42 points after the Nifty closed 114 points lower at 19,428 points on August 11. GIFT Nifty futures stood at 19,449 points.

TECHNICAL VIEW

Nifty Outlook: Nifty opened on a flat to positive note on Friday at 19554, made a high of 19558, made a low of 19413, and closed on a negative note at 19428 levels. For the day, support for the Nifty exists at 19290 and 19200 levels, whereas resistance for the Nifty stands at 19550 and 19630 levels.

Bank Nifty Outlook: Bank Nifty opened on a flat to positive note on Friday at 44568, made a high of 44571, made a low of 44121, and closed on a negative note at 44199 levels. For the day, support for Bank Nifty exists at 44000 and 43800 levels, whereas resistance for Bank Nifty stands at 44500 and 44600 levels.

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