Divis Labs, HDFC Bank, Sun Pharma, Dr Reddy’s Lab, and Kotak Mahindra Bank are the top gainers on NSE Nifty 50 index whereas the top laggards include Eicher Motors, Tata Motors, Hindalco, Wipro, and JSW Steel.

Motilal Oswal maintains a “BUY” rating on Zomato with a target price of Rs 300, indicating a 25% potential upside from the current price. The report underscores the stability of Zomato’s food delivery business and highlights Blinkit as a key opportunity for disrupting industries like retail, grocery, and e-commerce.

Using a discounted cash flow (DCF) methodology with a 12.5% cost of capital, Motilal Oswal supports its target of Rs 300. The firm reaffirms its positive outlook on Zomato, reflecting confidence in the company’s growth prospects and market position.

The BSE Sensex tumbled below the 81,000 mark, trading at 80,912.33, down by 955.22 points or 1.17% as of 3:00 pm. Whereas the NSE Nifty 50 plunges over 300 points to trade below 22,700.

Eris Lifesciences’ board has approved the execution of a binding term sheet to acquire a 100% stake in Chemman Labs Private Limited. Following the announcement, Eris Lifesciences’ stock is trading at Rs 1,114.55 on the NSE, down by 0.43%.

The company reported an 11.8% year-on-year decline in net profit, down to Rs 16.5 crore from Rs 19 crore. Revenue increased by 5.8% to Rs 196.7 crore, compared to Rs 186 crore in the same period last year. EBITDA rose by 1.4% to Rs 35.6 crore from Rs 35 crore. The margin decreased to 18% from 19% year-on-year.

Commenting on the Dollar Rupee outlook Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas said that We expect Rupee to trade with a slight negative bias on weak global markets amid escalation of geopolitical tensions in the Middle East and outflows by foreign investors. However, a slight decline in US Dollar amid disappointing economic data from US may prevent sharp fall in the Rupee.

Choudhary also added that Any fresh intervention by RBI may also support the Rupee. Traders may take cues from US non-farm payrolls data which is expected weaker than previous month’s reading. USDINR spot price is expected to trade in a range of Rs 83.50 to Rs 84.

The company reported an 8% year-on-year decline in net profit, which fell to Rs 70 crore from Rs 76 crore. Revenue increased by 3.5% to Rs 141.3 crore, compared to Rs 136.5 crore in the same period last year. EBITDA remained flat at ₹86 crore year-on-year. The margin decreased to 61% from 63% year-on-year.

As of 1:30 pm on August 2, 2024, Ola Electric Mobility’s IPO has been subscribed 0.25 times. The retail portion has been subscribed 1.17 times, the non-institutional investors (NII) segment 0.11 times, and the portion reserved for employees 3.91 times. The qualified institutional buyers (QIB) segment has yet to see any subscriptions. The IPO is set to close on August 6.

The company reported a 46% year-on-year increase in net profit, rising to Rs 46.4 crore from Rs 32 crore. Revenue grew by 18% to Rs 746 crore compared to Rs 631.6 crore in the same period last year. EBITDA surged by 74% to Rs 80.8 crore from Rs 46.4 crore, and the margin improved to 11% from 7.3% year-on-year.

Shares of Tata Motors fell 5% to an intraday low of Rs 1,090.05, despite reporting a 74% year-on-year increase in net profit to Rs 5,566 crore for Q1 FY25, compared to Rs 3,203 crore in Q1 FY24. The decline in share price followed the company’s monthly sales numbers, which fell short of market expectations. Tata Motors registered sales of 25,436 units in July 2024, a 19% decrease from the 31,216 units sold in the same period last year.

KPI Green Energy’s stock rose 2.37% on the NSE, trading at Rs 992, after its wholly-owned subsidiary, Sun Drops Energia Pvt Ltd, received Letters of Intent for executing solar power projects with a cumulative capacity of 28.40 MW.

TTK Healthcare has reported its Q1 earnings, with net profit rising to Rs 31.6 crore from Rs 16 crore year-on-year. Revenue increased by 2.9% to Rs 208 crore compared to Rs 202 crore in the same period last year. However, EBITDA dropped by 30.5% to Rs 6.8 crore from Rs 9.8 crore, and the margin decreased to 3.3% from 5% year-on-year.

The consolidated gross margin expansion of 120bp on year to 47.8% in Q1 FY25 was aided by a 2% moderation in input costs across key commodities, barring the food basket. The EBITDA margin continued to be dragged by higher advertising expenses. Management guidance on the EBITDA margin at 19.5%-20% remains unchanged for FY25F. The second half of FY25 is expected to see moderate inflation. Management’s focus on expanding the company’s power brands and widening TAM is in the right direction. “We retain our “ADD” rating on Dabur with a higher target price of Rs725 or 46x Sep 2026F EPS (Rs 604 earlier) and it remains our preferred pick from a rural recovery perspective. Downside risks: Intense competition in key categories and sub-optimal recovery in rural markets,” said InCred Equities in a research report.

Shares of Cummins India fell as much as 10% on Friday (August 2) following negative commentary about the company’s India business, especially regarding the listed entity. The company reported a 10% year-on-year decline in India revenues, contrary to analyst expectations of a 12% growth.

India’s stock market rally has been largely driven by local buying, with domestic institutional investors (DIIs) injecting nearly five times the amount foreign portfolio investors (FPIs) have contributed over the past 10 months. During this period, the benchmark Nifty surged from 20,000 to a new peak of 25,000 points on Thursday.

Since September 12, when the Nifty first hit 20,000, local institutions have purchased stocks worth approximately Rs 3.36 trillion. In comparison, FPIs have invested around Rs 70,550 crore. Additionally, promoters have reduced their stakes by nearly Rs 1 trillion.

ITC shares have delivered positive returns across various time frames. Over the last month, the stock has shown a positive return of 15.35%, indicating short-term growth. In the last six months, the performance has been even more impressive, with a substantial increase of 11.44%, showcasing the stock’s resilience and upward momentum.

Year-to-date, ITC shares have surged by 4.75%, emphasizing the stock’s positive trajectory in the current calendar year. Looking back over the last twelve months, the stock has demonstrated significant growth, surpassing 6.51%. These consistent positive returns underscore the stock’s strong performance and appeal to investors.

Shares of Info Edge (India) surged over 5.5% on Friday, approaching a record high of Rs 7,465 reached on October 31, 2021. The stock hit an intraday high of Rs 7,308.

Several stocks reached a 52-week high on the NSE, including Zomato with a 11.86% rise, Nazara Technologies up 7.40%, Bikaji Foods increasing by 6.18%, Naukri.com climbing 5.34%, TTK Prestige gaining 4.02%, RITCO up 2.14%, and Tata Power rising 0.64%.

Club Mahindra, the flagship brand of Mahindra Holidays & Resorts India Ltd (MHRIL), has expanded its presence in North Goa by partnering with Lohono Stays, a leading brand in serviced luxury villas. The stock of Mahindra Holidays & Resorts India is trading flat at Rs 451.85 on the NSE.

Shakti Pumps’ shares surged 5% to an intra-day high of Rs 4,686.75 following the company’s receipt of a Letter of Intent (LoI) for an order valued at Rs 558.16 crore from the Uttar Pradesh Agriculture Department.

Shares of REC Ltd. are recovering from earlier lows after the state-run power financier increased its disbursement and Assets Under Management (AUM) growth guidance for the financial year 2025. REC now expects disbursements to be between ₹1.9 lakh crore and Rs 2 lakh crore, a rise from the company’s earlier guidance of up to Rs 1.75 lakh crore.

Jefferies has maintained a “BUY” rating on ITC with a target price of Rs 585. The report notes that cigarette business volume growth of 3% was in line with expectations. The visibility provided by stable taxation suggests continued momentum in the coming quarters.

However, the other segments disappointed in terms of revenue and margins. Despite current environmental and impact challenges, the report anticipates improvements across most of ITC’s business segments moving forward.

Avenue Supermarts has been hit with two penalty orders of ₹10,000 each from the District Consumer Disputes Redressal Commission in Raipur. The company’s stock, trading under the Dmart ticker, is currently at Rs 4,976.15 on the NSE, reflecting a decline of 0.35%.

ITC shares fell in early trading on Friday after the company’s Q1 results missed Street estimates. The stock dropped as much as 2.29% to Rs 482.40 per share on the BSE.

Shares of Adani Enterprises, led by Gautam Adani, remain in focus following the company’s Q1 results and announcements regarding the demerger of its FMCG division. Over the past year, the stock has risen nearly 27%. However, on Friday morning, the share price fell approximately 3% as benchmark indices also experienced declines of more than 1%.

J&K Bank shares are trading 7.6% higher and are the top gainer in the Nifty Smallcap index. The stock has surged 75.2% over the past year.

“Among the cyclical businesses – Hotel business sales were below expectation (due to lower weddings, harsh summers/election-led impact), Agribusiness surprised positively with positive growth after several quarters of decline while Paperboards continued to disappoint. Govt. maintaining taxation on cigarettes in recent budget augurs well for cig business for organised players like ITC. Further, the FMCG business (festive & rural recovery) and Paperboard (weak base) should see recovery from H2FY24, thereby driving overall performance. This, along with a sharper capital allocation strategy post-hotel demerger, will drive the overall return profile. We maintain our positive stance on the company,” said JM Financial in a research note.

Only five stocks in the Nifty 50 were trading in the green. HDFC Bank, HUL, and Sun Pharma were the top gainers and contributors in the Nifty 50.

Courtesy: NSE

“International gold prices gave up gains after the Dollar recovered, while domestic gold prices ended in the green on Thursday but were off session highs. However, the downside in gold was capped as the benchmark bond yields tumbled and settled below the 4% mark for the first time since the last week of January 2024. Additionally, the gold downside was also capped as escalating geopolitical risks in the Middle East have spurred safe-haven buying. From an intraday perspective, international gold and silver prices have started flat this early Friday morning in Asian trading ahead of non-farm payroll data tonight. Domestic gold and silver could start flat, tracking overseas prices,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.