Enterprise Financial News

Day trading guide for today: On account of weak global market sentiments after Fitch downgraded the US credit rating, Indian stock market ended lower on Wednesday. Nifty 50 index lost 207 points and closed at 19,526 levels whereas BSE Sensex nosedived 676 points and ended at 65,782 mark. Bank Nifty index corrected 596 points and finished at 44,995 levels.

«Going ahead, markets could remain subdued given the gloomy global environment. Stock-specific action is likely to continue in the market with the ongoing result season,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services. Here's breaking down the pre-market actions:STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a positive startGIFT Nifty on the NSE IX traded 27.5 points, or 0.14 per cent, higher at 19,528, signaling that Dalal Street was headed for positive start on Thursday.

Mankind PharmaMankind Pharma reported a sharp 66% rise in net profit at Rs 487 crore in Q1, with revenue rising 18% to Rs 2,579 crore.TitanTitan posted a 2% year-on-year drop in its profit at Rs 777 crore in the June quarter. Its quarterly revenue jumped 19% YoY to Rs 10,306 crore.IndiGoIndiGo has reported consolidated net profit of Rs 3,091 crore for the quarter ended June.

Adani Q1 Results Live: Adani Enterprises - the flagship company of the Gautam Adani-led conglomerate ‘Adani Group’, as well as its power major Adani Power will declare their April-June quarter results for fiscal 2023-24 (Q1FY24) on August 3. The entities of the ports-to-power conglomerate have so far declared mixed results in the quarter-under-review.

Slack faced another round of issues, marking the second outage in a week. Users encountered problems with viewing images, and some even reported being unable to access the app altogether. This outage could prove disruptive for numerous workplaces relying on Slack to communicate with colleagues, especially as remote working continues to gain popularity. The technical difficulties occurred during the working day in both the UK and the US, according to a report. Just days ago, there was another major outage that affected users worldwide, preventing them from signing in or sending messages. In contrast to the previous outage, the current problems did not appear to affect all users universally; instead, they seemed more confined in scope. On Wednesday, Slack's official status page acknowledged the issue, stating that users might experience difficulties loading threads, admin pages, and images. The company said that it was actively investigating the matter, as per Independent report. The outage resulted in a considerable surge of users reporting issues, as shown on the tracking website Down Detector. However, it remained uncertain whether the problems were limited to specific platforms or regions. Slack boasts over 200,000 paid customers, including 77 of the Fortune 100 companies. Notable among its clientele are major US firms like Target, Uber, Expedia, and Airbnb. The app's widespread use among such significant enterprises underscores the impact of any service interruptions.

Mumbai: Indian banks are poised to see a decline in their return on assets (RoA) over the next 24-30 months, with an estimated range of 0.8% to 1%, as net interest margins contract owing to repricing of deposits, an analysis by McKinsey & Co revealed on Wednesday. The RoA of the banking system, a metric reflecting profitability relative to assets, is witnessing a positive trajectory in recent years, rising from -0.2% in FY18 and 0.9% in FY22 to 1.1% in FY23. “If we take a 12-18 month view, we expect RoAs to fall," said Peeyush Dalmia, senior partner, McKinsey.

MUMBAI : Brookfield India Real Estate Trust (BIRET) has raised over ₹2,305 crore through qualified institutional placement. The significant investor interest led to a 50% upsizing of the offer, the company said. The base size of the issue was around ₹1,500 crore.

We're halfway into Wall Street’s second-quarter earnings season, with results pouring in from about 275 S&P 500 companies so far.

Enterprise adoption among startups: A SAP India-Zinnov Digital study of 115 Indian startups on Wednesday said that more than 80 per cent of startups in the enterprise-tech, health-tech, retail, logistics and auto-tech have reported a ‘substantial increase’ in revenue, highlighting the benefit of enterprise applications on a startup’s performance.

Mumbai: Indian banks are likely to post a lower return on assets, between 0.85 and 1%, in the next 24-30 months as net interest margins (NIMs) contract due to repricing of deposits, showed an analysis by McKinsey & Co. Return on assets (RoA) of the banking system, a measure of profitability in relation to assets, stood at 1.1% in FY23, up from -0.2% in FY18 and 0.9% in FY22. “If we take a 12-18 month view, we expect RoAs to fall.

Online e-commerce sale: E-commerce company Amazon India on Wednesday announced its Great Freedom Festival ahead of this year’s Independence Day. The sale will be live from midnight August 4 till August 8. The sale will list products by small businesses, artisans & weavers, women entrepreneurs, startups, and local neighbourhood shops, along with the larger brands on the platform. 

By Kashif Anwar

Relative Strength Index (RSI) is one such powerful tool that helps gauge a stock's momentum and potential trend reversals. On August 1, StockEdge reported 25 stocks trading in the overbought zone but with declining RSI, indicating a bearish move. From this list, ETMarkets has handpicked 10 such stocks to explore further.

₹2,300 crore through Qualified Institutional Placement (QIP) of Units. The firm further noted that the proceeds from the placement will be directed toward financing the announced acquisition of two large commercial assets from Brookfield Asset Management’s private real estate funds, it said in a stock regulatory filing.

Ashish Dhawan added Religare Enterprises to his portfolio in the quarter ended June 2023 while he likely exited two companies — Birlasoft and Zensar Technologies. Dhawan picked up a 1.66% stake in Religare Enterprises (REL) — a diversified financial services group giving services across verticals viz. loans to SMEs, affordable housing finance, health insurance and retail broking.

Arul Selvan, President & CFO, Chola Investment & Fin, says “in Q1, the asset quality will slightly deteriorate because there would have been a lot of collection efforts going in Q4 because of the year-end, et cetera. So Q1 will always have a slight reversal of asset quality trend. In our case, we have just moved the stage 3 by 5 bps.

Adani group’s Ambuja-ACC has emerged the frontrunner to acquire Sanghi Cements after deal negotiations moved forward over the course of the past one week and the Adani group companies proposed better acquisition terms, according to people aware of the matter. Ambuja-ACC and JK Lakshmi Cement are leading the race to acquire Ahmedabad-based Sanghi Cement, ET had first reported on 25 July. As per sources aware of the matter, Adani group has come close to the expected enterprise value of Rs.

Ambuja Cements has reached a deal to acquire a majority stake in operations of Sanghi Industries, two sources with direct knowledge said, a transaction that will add heft to cement operations of billionaire Gautam Adani's firm. The deal by Ambuja is likely to be announced as soon as Wednesday, the sources said, declining to be named because the decision is not public. They did not share the exact stake percentage.

Incitec Pivot has tapped Indonesia’s Pupuk Kaltim as the preferred buyer of its big Australian fertilisers business, fuelling expectations of a deal worth about $1.5 billion and a potential showdown with politicians and farmers.

ET Intelligence Group: There has been a lot of action in the Indian healthcare sector as it emerged from the shadows of the pandemic. Improved operational performance and private equity fuelled expansion by large players have ensured that hospital chains gain on valuations.Fortis Healthcare and Healthcare Global Enterprises hit a record highs on Tuesday, Apollo Hospitals and KIMS did so last week.

How about a moment of silence for Aaron Hornlimann’s deal to sell his startup Elenium Automation to a Nasdaq-listed SPAC for an eye-watering $185 million valuation.