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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday following positive cues from global markets.
Gift Nifty was trading around the 25,100 level, a premium of nearly 70 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market rallied on Wednesday after the US Federal Reserve left the interest rates unchanged.
The Dow Jones Industrial Average gained 99.46 points, or 0.24%, to 40,842.79, while the S&P 500 surged 85.86 points, or 1.58%, to 5,522.30. The Nasdaq Composite ended 451.98 points, or 2.64%, higher at 17,599.40.
Asian markets were mixed on Thursday tracking an overnight rally on Wall Street after US Fed policy.
Japan’s Nikkei 225 tumbled 2.2%, while the Topix declined 2.48%. South Korea’s Kospi rose 0.42%, while the Kosdaq rallied 1.38%. Hong Kong’s Hang Seng index futures indicated a lower start.
STOCKS TODAY
Ambuja Cements: The company reported a consolidated profit of ₹646.31 crore for Q1FY25, a 28.6% YoY decline due to rising expenses and lower revenues. Revenue fell 4.6% YoY to ₹8,311.48 crore. Sales volume increased to 15.8 million tonnes. EBITDA fell 23.21% YoY to ₹1,280 crore with a margin of 15.4%. Total expenses rose to ₹7,566.91 crore. The company anticipates cement demand to grow 7-9% in FY25. Consolidated cash and cash equivalents stood at ₹18,299 crore.
Sun Pharmaceutical Industries: The company is scheduled to release its Q1FY25 earnings on August 1. Revenue is projected to grow over 8% to ₹12,904 crore, with net profit likely to rise 27.5% to ₹2,579 crore. Analysts expect strong US sales driven by specialty products and steady domestic growth in chronic therapies. However, increased R&D costs are expected to weigh on margins. EBITDA margin is projected at 26.7%, down from 27.9% YoY. Investors will watch for actual R&D expenses and margin guidance for FY25.
Mahindra & Mahindra: M&M reported a standalone net profit of ₹2,612.63 crore for Q1FY25, a 5.3% decline YoY due to one-off gains last year. Revenue increased 12% YoY to ₹27,038.79 crore. EBITDA rose 22% YoY to ₹4,023 crore, with a margin improvement of 14.9%. Auto segment revenue grew 13% YoY to ₹18,947.09 crore, with EBIT margin improving to 9.5%. Sold 2,11,550 vehicles in Q1FY25, a 14% increase YoY. Farm Equipment segment revenue increased 9% YoY to ₹8,144.15 crore, with EBIT margin expanding to 18.5%.
Tata Steel: The company reported a 51% jump in consolidated net profit to ₹960 crore for Q1FY25, up from ₹634 crore YoY, but missed analysts’ expectations of ₹1,025 crore. Revenue declined 8% YoY to ₹54,771 crore. EBITDA rose 11.4% YoY to ₹6,822 crore, with a margin of 12.5%. Net debt stood at ₹82,162 crore, with liquidity at ₹36,460 crore. Tata Steel spent ₹3,777 crore on capex in Q1, with the Kalinganagar expansion project nearing completion.
Zee Entertainment Enterprises: The company announced it will acquire the remaining 20% stake in Margo Networks Private Limited, making it a 100% subsidiary. In other news, Star India terminated its agreement with Zee Entertainment for sub-licensing linear TV rights for ICC Men’s tournaments, citing a breach of contract. The original agreement, signed in August 2022, positioned Zee as a key player in broadcasting major ICC events. Star India is now pursuing damages in an ongoing arbitration process.
Infosys: Tax authorities flagged an instance of indirect tax evasion of ₹32,403 crore by Infosys over services provided by its overseas branches. Infosys believes the tax does not apply to these services and has responded to the notice. The Directorate General of GST Intelligence (DGGI) is investigating for non-payment of IGST on import of services. Infosys stated that GST is not applicable on these expenses as per recent regulations and that it has paid all its GST dues.