Sensex and Nifty to open lower, with Vodafone Idea in focus; Firstcry to list today

Sensex and Nifty Set for Lower Opening; Vodafone Idea Under Spotlight; Firstcry's Debut on the Market Today

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: August 13, 2024

Summary: On Monday, foreign institutional investors sold shares worth Rs 4,680.51 crore, making them net sellers of Indian stocks.

The Nifty futures trading on the Gandhinagar Gift Nifty exchange pointed to a lower opening for the Indian equities markets on Tuesday. The Sensex and Nifty benchmarks are expected to open modestly, as indicated by the Nifty futures, which fell by 0.05 percent, or 12 points.

With the Nikkei in Japan rising 2.31 percent, the S&P/ASX 200 in Australia ticking up 0.12 percent, and the Hang Seng in Hong Kong up 0.15 percent, most Asian markets were trading higher. The KOSPI in South Korea, however, fell by 0.09 percent.

As investors were ready for a big week of US economic data releases—particularly the consumer price index, which might impact the Federal Reserve's future monetary policy decisions—Wall Street ended Monday with an uncertain outcome.

The tech-heavy Nasdaq Composite Index and the S&P 500 finished higher, while the Dow Jones Industrial Average dipped. The Russell 2000 Index, geared toward small caps, dropped 0.9%. Particularly, the Dow Jones Industrial Average fell 140.53 points, or 0.36 percent, to 39,357.01, the Nasdaq Composite gained 35.31 points, or 0.21 percent, to 16,780.61, and the S&P 500 moved up 0.23 points to close at 5,344.39.

On Monday's domestic market, foreign institutional investors sold shares worth Rs 4,680.51 crore, making them net sellers of Indian equities. On the other hand, shares valued at Rs 4,477.73 crore were purchased by domestic institutional investors in the country.

Stocks to watch:

Vodafone Idea: In Q1 FY25, the net loss was Rs 6,432 crore, an improvement from the previous quarter's loss of Rs 7,675 crore. While EBITDA dropped by 3% to Rs 4,205 crore from Rs 4,335 crore, revenue fell by 1% to Rs 10,508 crore from Rs 10,607 crore. EBITDA margin decreased from 40.9 percent to 40 percent.

Hindustan Copper: Reported impressive first-quarter earnings, with revenue increasing 33.15% annually to Rs 494 crore from Rs 371 crore. The profit margin increased to 38.25 percent from 25.06 percent due to the company's EBITDA more than doubling, from Rs 93 crore to Rs 189 crore, or 103.22%. The net profit for the same time last year increased by 140.42% to Rs 113 crore from Rs 47 crore.

RCF: Recorded an 8.7 percent growth in income to Rs 4,396 crore, up from Rs 4,043 crore last year. However, EBITDA fell 10.3 percent to Rs 116 crore from Rs 129 crore, with the EBITDA margin falling to 2.6% from 3.2%. Net profit fell by 84% to Rs 10.8 crore, from Rs 67.7 crore.

GR Infraprojects: Got a letter of intent for a Karnataka transmission project.

Marico: Restarted large-scale production in Bangladesh.

Crisil: Aims to establish a private company to assist ESG rating service providers that are registered with SEBI.

JSW Steel: With a $120 million investment and a further $50 million commitment, JSW Steel plans to purchase up to a 66.7% economic stake in M Resources NSW.

Aditya Birla Sun Life: Aditya Birla Sun Life: As of September 13, CFO Parag Joglekar has decided to step down.

Power Grid Corp: Received a letter of intent for an interstate transmission line in Rajasthan with a capacity of 20 GW.

Kotak Mahindra Bank: The bank's subsidiaries, Sonata Finance and BSS Microfinance, have given their approval for a merger.

KPI Green Energy launched its QIP with shares priced at Rs 983 per.

BrahMos Aerospace has certified Jindal Stainless as a qualified supplier of steel sheets.

Earnings to watch:

Today's expected earnings reports include those from AllCargo Logistics, Anupam Rasayan India, Apollo Hospital Enterprise, and Ashoka Buildcon.

IPO Listings:

Brainbees Solutions (FirstCry): The initial offering price of the company's shares is Rs 465 per share. Due to high demand from institutional (19.3 times) and retail (2.31 times) investors, the IPO was oversubscribed 12.22 times.

Unicommerce Solutions: The IPO received 168.35 subscriptions, of which 138.75 were from institutional investors and 130.99 from retail investors. The shares will list at an issue price of Rs 108 per share.

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