Sensex back above 37000 on buzz about likely rollback of tax hike on FPIs

The market rallied after media reports suggested that the government is likely to roll back recently-imposed higher tax on foreign portfolio investors (FPIs).

The short-covering rally pushed the S&P BSE Sensex higher by more than 600 points while the Nifty closed above 11,000 and posted its biggest 1-day gain in 3-months.

The final tally on D-Street – the S&P BSE Sensex rose 636 points or 1.74 percent while the Nifty50 closed 176 points higher at 11,032.

The market rallied after the buzz of likely roll-back of a higher tax on foreign portfolio investors (FPIs), as reported by Reuters quoting a government official.

Reacting to the news report, the S&P BSE Sensex rallied by more than 500 points while the Nifty50 is hovering near its crucial level of 11000.

Last week, senior bureaucrats in the prime minister’s office (PMO) met top finance ministry officials to discuss the foreign portfolio investment (FPI) surcharge, which has roiled the market.

The market has witnessed a vertical fall since the Budget Day, after the government proposed a higher tax surcharge on “individuals and trusts” earning more than Rs 2 crore and Rs 5 crore respectively per annum. Once implemented, the move could adversely impact foreign portfolio investments (FPIs) that are set up as non-corporate vehicles.

The average market capitalisation of the BSE-listed companies fell from Rs 151.35 lakh crore on the Budget Day, July 5, to Rs 138.37 lakh crore on August 5, wiping out Rs 12.98 lakh crore of investor wealth.

A large part of the selling can be attributed to foreign institutional investors (FIIs), which have pulled out more than Rs 13,000 crore from Indian equity markets, while they were net buyers in the debt segment for over Rs 8,000 crore, Securities and Exchange Board of India (SEBI) data shows.

Experts feel that clarity on FPI tax structure would give much-needed direction to markets. “On the immediate term, some clarity on the 'super rich tax' and its applicability for FPIs would provide a great amount of direction to the market.

A similar note, clarity around the government’s proposal on overseas borrowing is also key, as it would provide more room for private borrowers.

The introduction of the surcharge on higher income brackets announced in the Budget by finance minister Nirmala Sitharaman has led to a brisk selloff by FPIs.

Small & midcaps have been the worst hit. The S&P BSE Midcap index is down 9 per cent while the S&P BSE Smallcap index has plunged 13 per cent since July 5.

More than 50 per cent of the BSE500 stocks have fallen in double digits. As many as 283 stocks, or 56 per cent of the names, have fallen 10-60 per cent since the Budget Day.

MORE WILL UPDATE SOON!!

Our Intraday Cash Call on IndusInd Bank Skyrocketed......

  

Today We had given a Buy Call on IndusInd Bank (cash) around 1386 for the target of  1414

Look at the call as Today it made a high of 1430 and now trading Closed around 1421

Patience wins the trade.......

We Booked Full Profit Today at 1428

Return of  of Rs 2.82 Percent ........Even in such volatile market 

We Believe in our Research......

Hope You Minted Profit.

This call was given free on our blog and in Our whatsapp group.

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Our INDUSIND BANK Trade SkyRocketed.........

  

 Today We had given a Buy Call on IndusInd Bank (Fut 29-Aug) around 1394 for the target of  1414

Look at the call as Today it made a high of 1430 and now trading around 1428

Patience wins the trade.......

We Booked Full Profit Today at 1428

We made profit of Rs 13600 on 1  Lot........Even in such volatile market 

We Believe in our Research......

Hope You Minted Profit.

This call was given free on our blog and in Our whatsapp group.

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Our Gold Call Hits Its Target of 38000......Bulls Eye

   

On 5th August had given a Call to Buy Gold (04-Oct) around 6500 for the target of  38000--38200

Look at the call as Today it made a high of 38089 and Now trading at 38088.....and heading for 2nd Target.

Patience wins the trade.......

We Booked Part Profit Today at 38000+

Gain of 1500 Points in 3-4 Trading Sessions

We Believe in our Research......

Hope You Minted Profit.

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Stock picks of the day: A decisive break below 10,750 may take Nifty towards 10,450

If Nifty manages to trade above 11,000 consistently then it may induce rally towards 11,250-11,400.

  

The Nifty on August 7 lost almost 120 points from day’s high after Reserve Bank of India announced a rate cut of 35 bps.

After a strong rebound on August 6, the index is in a bearish zone as it is making lower lows lower highs on a consistent basis.

The index sold off in the last hour of the trading session on August 7 and failed to close above 10,900 levels. PSU banking index was a major loser in the day’s trading session which pushed Bank Nifty below 28,000 marks.

Majority of moving averages and oscillators are in the favours of bears, Hence, any bounce back is vulnerable to a sell-off at higher levels.

Going forward, a decisive break below 10,750 may drift prices below 10,450 which will act as near-term support for the Nifty.

On the higher end, 11,000 is acting as a change of polarity. If the index manages to trade above 11,000 consistently then it may induce rally towards 11,250-11,400.

Here is a list of top three stocks which could give 6-7 percent return in the next three to four weeks:

Berger Paints: Buy| LTP: Rs 347.50 | Target: Rs 370.50|Stop Loss Rs.335.50|Upside 6.60 percent

After a prolonged consolidation, recent price action has pushed the stock above its trendline resistance on the weekly interval.

The stock is sailing above all its major exponential moving averages which is a positive sign. Momentum oscillator RSI (14) is reading above 60 levels with positive crossover.

The stock is forming a higher high and higher low formation on the monthly charts. Traders can accumulate the stock in the range of Rs 345 -349 for the target of Rs 370.50, and a stop loss below Rs 335.50.

United Spirits: Buy| LTP: Rs.599.10| Target: Rs 641|Stop Loss: Rs 575|Upside 7 percent

A recent up move in the stock pushed prices above its 21 and 50-days EMA on the daily interval charts.

The stock has outperformed the benchmark index in the past four weeks. It breached its horizontal trendline resistance on daily interval on August 7.

Momentum oscillator RSI (14) is sailing above 50 levels with positive crossover. Traders can accumulate the stock in the range of Rs 597 - 602 for the target of Rs 641, and a stop loss below Rs 575.

ITC: Sell| LTP: Rs.253.35 | Target: Rs 238|Stop Loss: Rs 263.50|Downside 6 percent

On the weekly chart, ITC has witnessed a breakdown from the ‘Symmetrical Triangle Pattern’. The price broke below all major exponential moving averages on the weekly interval charts which point towards selling pressure.

Further, it has turned south after facing resistance at the 61.8 percent Fibonacci retracement level which suggests weakness.

RSI has also turned southward from the resistance zone of 60 which favours the bears. The stock may be sold in the range of Rs 255 -251 for targets of Rs 238, and keep a stop loss above Rs 263.50.

MORE WILL UPDATE SOON!!

Broader market picks: Buy these 15 midcap stocks for double digit returns

Foreign institutional investors net sold more than Rs 25,000 crore worth of shares July-August, though DIIs made more than Rs 28,000 crore worth of buying in same months, the Moneycontrol data showed.

A 35bps repo rate cut by the Reserve Bank of India did not help the market and the sell-off continued. The economic slowdown, more downgrades than upgrades after Q1 earnings, liquidity crisis and global trade war tensions still weigh heavily on the market.

Adding to the woes, the RBI cut its GDP growth forecast for FY20 to 6.9 percent from 7 percent earlier, with risks tilted to the downside.

In addition, the consistent FII outflow since the budget and sharp fall in rupee against the US dollar also dented market sentiment.

Foreign institutional investors net sold more than Rs 25,000 crore worth of shares in July-August, though domestic institutional investors (DIIs) bought more than Rs 28,000 crore worth of shares in the same period, the Moneycontrol data showed.

As a result, Sensex fell more than 7 percent and the Nifty shed 8 percent since Budget week. The broader market has been worse with Nifty Midcap index falling 10.5 percent and Smallcap index losing 13 percent in the same period.

"We maintain our cautious stance on Indian markets. The earnings season till now has been tepid due to the economic slowdown. Hence, domestic sentiments are expected to remain weak. Globally, the recent escalation of trade tensions between US and China will keep market participants on edge and cause volatility in oil prices as well as currency," Ajit Mishra, VP-Research, Religare Broking told Moneycontrol.

Joseph Thomas, Head of Research, Emkay Wealth Management also said there is overall slowdown seen in earnings.

The recent fall in markets have brought the market valuations border-level attractive, but the earnings downgrades coupled with the economic slowdown can again hit investor sentiment as, despite the absolute fall at an index level, markets may continue to appear slightly overvalued, he added.

Though most experts retained their cautious tone, they advised buying quality stocks in a gradual manner as they feel the market recovery could be seen either towards the end of the year or next year and quality stocks will give good returns in next 1-3 years.

A mistake that usually retail investors make is to buy on the basis of decline in the stock prices, without looking at their financials. Instead, the focus should be on stocks with strong corporate governance, healthy balance sheet, comfortable valuations and good growth prospects.

In fact, these are the times when some of the marquee names are available at an attractive valuation, thus providing a margin of safety.

Thomas also said this is an ideal time for investors to review their portfolio and also to reflect, as a prelude to making fresh strides in the market place.

Here are top 15 quality midcap stocks from automobiles & components, banks, capital goods, diversified financials and gas utilities by Kotak Institutional Equities. These stocks could give 11-98 percent return.

MORE WILL UPDATE SOON!!

Our Intraday UPL Hits Target on the Go......

 

We had given a Call to Buy UPL (Cash/Fut 29-Aug) around 528 for the target of  540

Look at the call as Today it made a high of 544.95(cash) and 542.25 ( FUT) and now trading around 540

Patience wins the trade.......

We Booked Part Profit Today at 540 and above

We made profit of Rs 10800 on 1  Lot........Even in such volatile market 

We Believe in our Research......

Hope You Minted Profit.

This call was given free on our blog and in Our whatsapp group.

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Our BTST HUL Call Hits 1st Target.....Waiting For Second Target.......

We had given a BTST Call on HUL (Cash/Fut 29-Aug) around 1784 for the target of  1800--1820

Look at the call as Today it made a high 1803 and now trading at 1801

Patience wins the trade.......

We Booked Part Profit Today at 1800

We made profit of Rs 4800 on 1  Lot........Even in such volatile market 

We Believe in our Research......

Hope You Minted Profit.

This call was given free on our blog and in Our whatsapp group.

Still Looking for trade or confused!!..............Don't Worry Join Our Team......

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MORE WILL UPDATE SOON!!

OUR STBT CAll on JUBILANT FOOD HITS FIRST TARGET.........ARE You Waiting For Second TARGET!!

We had given a STBT Call on  Jubilant Food (Fut 29-Aug) around 1165 for the target of  1140--1125.

Look at the call as Today it made a low 1136.90 and now trading at 1138

Patience wins the trade.......

We Booked Part Profit Today at 1140.

We made profit of Rs 12500 on 1  Lot........Even in such volatile market 

We Believe in our Research......

Hope You Minted Profit.

This call was given free on our blog and in Our whatsapp group.

Still Looking for trade or confused!!..............Don't Worry Join Our Team......

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MORE WILL UPDATE SOON!!

A booster shot from RBI: 14 stocks to benefit the most from 35 bps rate cut

For banks as well as NBFCs, a rate cut would bring down the cost of funds. For the real estate sector, a fall in interest rates could mean lower EMIs.

 

The Reserve Bank of India's slashed rates for the fourth time in a row on August 7, but this time, it was an unconventional 35 bps cut as it maintained an "accommodative" stance.

The move is aimed at kick starting the investment cycle, stimulate demand and increase liquidity in the NBFC sector.

The RBI has demonstrated boldness by an unconventional reduction of 0.35% or 35 bps cut, showing an urgent need to take pressure off the bond markets and reduce the cost of capital in the economy to kick start the investment cycle from the private sector.

Increasing the bank exposure limit to a single NBFC from 15% to 20% is indeed RBI’s way of managing the current crises, thereby addressing the liquidity squeeze caused by the NBFCs. The policy will genuinely percolate liquidity into the system giving immediate relief to the economy.

A rate cut usually helps companies or stocks that are highly leveraged as well as banks and NBFCs. It will help companies with lower interest payments and lower EMI for borrowers, if the banks pass on the benefit to customers.

For banks and NBFCs a rate cut brings down the cost of funds. For the real estate sector, a fall in interest rates could also mean lower EMIs.

Transmission of rates to the end-user, though, has been a concern for the central bank. However, recently many public and private sector banks slashed their MCLR rates by 5-20 bps.

The direct beneficiary of RBI rate cut are the banking and NBFC sectors; lower interest rates could fuel credit growth going forward. Besides, other sectors such as auto, realty and construction can also benefit from the rate cut.

Here is a list of top 14 stocks that experts say are likely to benefit the most from the rate cut:

Ashok Leyland, Maruti Suzuki India:

The auto sector has underperformed the benchmark indices significantly over the last few months on the back of demand slowdown and regulatory changes, which has sharply impacted the financial performance of auto companies.

Hence, a rate cut could provide some relief and improve the volume trajectory of auto original equipment manufacturers (OEMs). Further, it will help revive liquidity and improve capex (capital expenditure) for the companies as well.

State Bank of India, HDFC Bank, ICICI Bank:

A rate cut would bring down the cost of funds, help in recovering credit growth, and also help improve the quality of assets, leading to a decline in NPAs.

Further, it would help revive growth and bring financial stability among the banks. We believe this can definitely boost sentiments and also revive capex and growth on the ground levels if the banks pass on the cut to borrowers.

UltraTech Cement, Godrej Properties, Power Grid, Larsen and Toubro, Hatsun Agro:

A rate cut by the RBI is likely to impact those companies the most that are highly levered and have debt to equity levels of 1 to 2 times. Real estate, power, cement and infrastructure are sectors which are rate sensitive, and given the slowdown and liquidity problems, are in urgent need of boosters.

A rate cut will help shake things up in these stocks and boost confidence. However, if global panic sets in and there is a flight from risk capital, it may have ripple effects in India too. In that case, stocks can come in line with the global carnage.

Any rate cut by RBI along with other measures to transfer the benefit to end-users will help the liquidity issues of interest rate-sensitive sectors like automobiles, real estate, and consumer durables and will help to revive the declining demand. Some of the stocks that can use the rate cut are:

DLF:

The infusion of capital from the promoters group is positive from the investors perspective. The stock is sensitive to rate cuts and can use cuts in lending rates to increase demand and better cashflow.

Hero MotoCorp:

The demand from the rural areas is likely to increase, with finance rates coming down and good recovery in monsoon.

Escorts:

The demand in rural sectors is suffering due to slow down and liquidity issues. If the lending rates come down, we may see some consolidation in the stock’s prices before it starts reversing.

Asian Paints:

Company’s management is optimistic about growth in domestic demand and can use the decrease in rates for cost optimisation for installing newer plants and decrease in logistics cost.

MORE WILL UPDATE SOON!!

RBI Policy Review: Repo rate cut by 35bps to 5.4%

RBI Policy Review LIVE: Repo rate cut by 35 bps to 5.4%

The RBI, in its bi-monthly policy review today, trimmed the repo rate by 35bps to 5.40% with an accommodative stance. Boosting private investments assumes highest priority.

The RBI, in its bi-monthly policy review today, trimmed the repo rate by 35bps to 5.4% with stance maintained as accommodative.

Reverse repo rate at 5.15%. Marginal standing facility (MSF) and bank rate adjusted to 5.65%.

The market largely anticipated a rate cut of 25 bps.  

Key Highlights:

RBI has been taking steps to enhance credit to NBFCs.

Real GDP growth forecast cut to 6.9% for FY20. 

April-June 2020 CPI estimated at 3.6%.

The rate cut is owing to downside risks to economic growth, as per RBI.

This is the fourth consecutive rate cut since Feb 2019.

The apex bank has decided to raise banks' exposure limit to a single NBFC to 20% of Tier-I capital of the bank.

Four MPC members (Ravindra H. Dholakia, Michael Debabrata Patra, Bibhu Prasad Kanungo and Shaktikanta Das) voted to reduce the policy repo rate by 35bps, while two members (Chetan Ghate and Pami Dua) voted to reduce the policy repo rate by 25bps.

RBI says various high frequency indicators suggest weakening of both domestic and external demand conditions.

GDP growth is in the range of 5.8-6.6% for H1FY20 and 7.3-7.5% for H2FY20, with risks somewhat tilted to the downside.

The GDP growth for Q1FY21 is projected at 7.4%.

Bank lending to registered NBFCs (other than MFIs) for on-lending to Agriculture (investment credit) up to Rs10 lakh, micro and small enterprises up to Rs20 lakh and housing up to Rs20 lakh per borrower will be classified as priority sector lending.

RBI says global activity has also slowed down due to trade disputes. Markets turning volatile due to geopolitical tensions.

Monsoons rapidly catching up; Kharif sowing down only 6.6%

Boosting private investments assumes highest priority.

NEFT facility to be available 24*7.

Central payment fraud registry will be launched to detect payment system frauds.

RBI expects lenders to transmit rate cuts progressively.

Liquidity surplus in June; sufficient liquidity has been provided to the system using LAF, OMOs, forex swaps.

MORE WILL UPDATE SOON!!

Technical View: Nifty forms bullish candle, rally may extend if index crosses 5-DMA

As long as Nifty sustains above 10,782 level one can retain bullish bias and look to buy the dips.

 

Nifty after initial dip immediately rebounded and extended gains as the day progressed to reclaim psychological 11,000 intraday on August 6, led by short-covering after a sharp fall in the previous session.

The index closed above 10,900 and formed strong bullish candle on daily charts after Hammer formation in the previous session, which indicated that bulls are back in action but if the index clears five-day moving average (10,981) decisively then there could be further strength in the market, experts feel.

India VIX fell 2.77 percent to 16.12, but higher volatility suggests a bear dominance and pessimism in the market.

Nifty registered a strong bullish candle with opening marubozu kind of formation in which intraday low and the opening price remains same suggesting buying pressure from the word go. This kind of formation as a follow through to last Monday's Hammer formation shall augur well for bulls hinting at a sustainable pullback attempt in the near term.

Interestingly lower time frame charts generated a buy signal after the last two sessions of brief recovery but Nifty is yet to clear its 5-day moving average and once that short term hurdle is also eliminated then bull case for near term pullback shall get strengthened further.

As long as Nifty sustains above 10,782 one can retain bullish bias and look to buy the dips, according to him.

He said in case pullback rally materialises then initial target shall be around 11,150 where 200-day simple moving average is placed. Contrary to this for any reason if 10,782 is breached then downswing shall get resumed with targets placed in the zone of 10,566–10,497, he added.

On the options front, maximum Put open interest is at 11,000 followed by 10,500 strike while maximum Call OI is at 11,000 followed by 11,500 strike.

Significant Call writing is at 11,200 followed by 11,400 strike while Put writing is at 10,700 strike. Option data suggests a trading range for Nifty could be around 10,700-11,200 zone.

Bank Nifty finally negated its formation of lower highs - lower lows after five consecutive trading sessions and formed a bullish engulfing candle on the daily scale. The index closed at 28,022.10, up 374.05 points.

MORE WILL UPDATE SOON!!

Escorts Looking Good in Charts for a upside move

  

Escorts Looking Good in Charts for a upside move:

Immediate support at 465

Positional Support 442

Positional Resistance at 510

Positional Buy Escorts ( Cash/Fut -29 Aug) around 477—475 Target 490—510 Stop Loss 464 Lot Size 1100

MORE WILL UPDATE SOON!!

Our HeromotoCorp call proved fruitful ......We Booked Profit again........

  

We had given a call to Buy Heromotocorp 2500 CE (Option-29-Aug) around 55 for the target of  70--85.

Look at the call as Today it made a high of 84.85 and now trading at 78

Patience wins the trade.......

We Booked Part Profit Yesterday around 68 and Today We Booked Full Profit around 85

We made profit of Rs 6000   on 1  Lot........Even in such volatile market 

We Believe in our Research......

Hope You Minted Profit.

This call was given free on our blog and in Our whatsapp group.

Still Looking for trade or confused!!..............Don't Worry Join Our Team......

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MORE WILL UPDATE SOON!!

Another 25bps rate cut likely in August policy meeting; transmission is the key

With the fiscal space casting its shadow, the transmission will remain challenging. With another 25 bps cut in August, RBI will have cut rates by 100 bps.

The Reserve Bank of India’s monetary policy committee (MPC) will be meeting for the August policy in the backdrop of weak domestic growth, adequate comfort on the inflation trajectory, and prospects of easier global monetary policies.

The overarching concern is likely to be the domestic growth, with MPC members weighing the option of the extent of support needed for the economy, possibly through a mix of monetary and fiscal measures.

However, the RBI, having reduced repo rate by 75 bps and changing the stance to “accommodative”, will likely reduce it by a further 25 bps in the August policy.

The other issue that needs to be debated is the efficacy of the cuts, given the low transmission to bank rates. The markets have been waiting for an update on the liquidity management framework.

Certainty on the liquidity conditions, in accordance with the monetary policy stance, could assist in better transmission of the policy.

Since the last policy meeting in June, high-frequency indicators have signaled a sharper decline in the activity. Particularly, a slowdown in the automobiles sector along with weakness in cement production, fuel consumption, non-oil imports, etc. will weigh on MPC’s discussions.

We believe that the slowdown is more structural than cyclical, with the genesis of the weakness starting from an adverse mix of slowing household savings and increasing consumption over the past few years.

With savings reduction possibly reaching a trough, this mix had to correct, especially as income growth has been weak. A structural slowdown requires a mix of fiscal and monetary stimulus.

In the absence of adequate fiscal space (without significant slippages), much of the support is being expected of the monetary policy.

However, the MPC will also need to discuss ways to improve the efficacy of the rate cuts. Historically, there has always been an incomplete transmission of rate cuts to bank rates.

In the current scenario, with the fiscal space casting its shadow, the transmission will remain challenging. With another 25 bps cut in August, the RBI will have cut rates by 100 bps.

On the global front, growth remains under pressure and central banks have been indicating easier monetary policies, the US-China trade war continues to simmer, Brexit uncertainty is high, and crude prices outlook remains benign.Finally, the RBI’s inflation estimates of 3-3.1 percent in 1HFY20 and 3.4-3.7 percent in 2HFY20 are unlikely to be breached by a significant margin.

Further, core inflation has steadily softened over the past few months and will likely remain subdued given the weak aggregate demand scenario—indicating a widening of the output gap. The monsoon, which had a weak start, has been picking up.

A gradual upward-trending food inflation path has been matched by a declining core inflation path—increasing the scope for MPC to address the more immediate concern of growth slowdown.

MORE WILL UPDATE SOON!!

Stocks in the news: RIL, Indiabulls Housing, L&T, Avenue Supermarts, Jet Airways, Tata Steel

IRB Infrastructure | Avenue Supermarts | Jet Airways | Tata Steel | Sheela Foam | NLC India and Essel Propack are stocks which are in the news today.

Results on August 7: Tata Steel, HCL Technologies, Lupin, Cipla, Aurobindo Pharma, Mahindra & Mahindra, Siemens, HPCL, Honda Siel Power Products, Birlasoft, GOCL Corporation, Anup Engineering, Praxis Home Retail, Voltas, Dollar Industries, Signet Industries, Bhagyanagar Properties, Tasty Bite Eatables, Geojit Financial Services, Aster DM Healthcare, DCM Nouvelle, Garware Technical Fibres, Adani Gas, Adani Power, Adani Ports, Adani Green Energy, Matrimony.Com, INEOS Styrolution India, Navkar Corporation, IZMO, Bhagyanagar India, Lemon Tree Hotels, Surana Solar, Ramco Cements, Themis Medicare, Tata Teleservices (Maharashtra), Star Paper Mills, Rajesh Exports, Welspun Investments, Allcargo Logistics, Maharashtra Seamless, Sundram Fasteners, Schneider Electric Infrastructure, Ingersoll Rand, GeeCee Ventures, Cummins India, BAG Films and Media, AstraZeneca Pharma, Welspun Corp, Punjab & Sind Bank, Indian Metals & Ferro Alloys, Kalyani Steels, SREI Infrastructure Finance, Kalyani Investment, Gravita India, Sonata Software, Surana Telecom and Power, Patspin India, KEC International, Precision Wires India, Shreyas Shipping, J Kumar Infraprojects, Phoenix Mills, GTN Textiles, Kothari Sugars, KCP Sugar, Oracle Financial Services Software, Jindal Drilling, Sudarshan Chemical Industries, Ramco Industries, India Cements, Gokul Refoils, Uttam Sugar Mills, Gujarat Lease Financing, Ramco Systems, Balrampur Chini Mills, Bajaj Electricals, ITI, PTC India

Reliance Industries: Company and BP agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Reliance to hold 51 percent stake and rest is held by BP in new fuel retail joint venture.

Indiabulls Housing Finance Q1: Consolidated profit falls to Rs 801.5 crore versus Rs 1,054.72 crore, net interest income declines 12.7 percent to Rs 1,475 crore versus Rs 1,690 crore YoY.

Indiabulls Housing Finance: Board approves raising up to Rs 1,000 crore through debt and Rs 25,000 crore via NCDs.

Central Bank of India Q1: Profit at Rs 118.3 crore against loss of Rs 1,522.2 crore and NII rises 6.7 percent to Rs 1,790.2 crore versus Rs 1,678.2 crore YoY. Gross NPA rises to 19.93 percent versus 19.29 percent, net NPA increases to 7.98 percent versus 7.73 percent QoQ.

Cox & Kings: Company defaulted on Rs 5 crore payments on unsecured commercial paper.

IRB Infrastructure Q1: Profit dips 17.4 percent to Rs 206.6 crore versus Rs 250 crore, revenue rises 15.3 percent to Rs 1,773 crore versus Rs 1,538 crore YoY. Singapore's GIC to invest Rs 4,400 crore in company's road operations.

Avenue Supermarts: Radhakishan Damani to sell 62.3 lakh shares to meet minimum public shareholdling norms. Company issued commercial paper of Rs 50 crore.

Jet Airways: All resolutions passed by Committee of Creditors with requisite majority. CoC also approves evaluation matrix, request for resolution plan.

Tata Steel: Company terminated stake sale of South East Asia business to HBIS. Company had inked agreement to sell 70 percent of South East Asia business to HBIS in January.

Shemaroo Entertainment Q1: Consolidated profit dips to Rs 16.15 crore versus Rs 19.54 crore, revenue rises to Rs 143.03 crore versus Rs 123.36 crore YoY.

JK Lakshmi Cement Q1: Consolidated profit jumps to Rs 49.81 crore versus Rs 6.05 crore; revenue rises to Rs 1,136 crore versus Rs 1,040 crore YoY.

Zensar Technologies Q1: Consolidated profit falls to Rs 74.51 crore versus Rs 82.16 crore; revenue rises to Rs 1,071 crore against Rs 904.66 crore YoY.

HSIL Q1: Profit jumps to Rs 14.34 crore versus Rs 2.10 crore, revenue falls to Rs 439 crore versus Rs 542.41 crore YoY.

MBL Infrastructures: Company has completed work of project for improvement/upgradation of roads and bridges of Shivganj—Rafiganj—Goh—Uphara—Devkund— Baidrabad Road (SH—68), Package. Bihar (contract value was Rs 168.53 crore).

Gujarat State Fertilizers & Chemicals Q1: Consolidated profit dips to Rs 41.82 crore versus Rs 70.11 crore, revenue declines to Rs 1,721 crore versus Rs 1,762.7 crore YoY.

Star Cement: ICRA reaffirmed its long term rating to AA- and short term rating to A1+. The outlook on the long-term rating is 'Stable'.

Borosil Glass Works Q1: Consolidated profit drops to Rs 9.4 crore versus Rs 10.5 crore, revenue rises to Rs 172.85 crore versus Rs 155.33 crore YoY.

Deccan Cements Q1: Profit rises to Rs 23.3 crore versus Rs 11.3 crore, revenue climbs 12.6 percent to Rs 182 crore versus Rs 161.7 crore YoY.

JSW Energy Q1: Consolidated profit increases to Rs 244.38 crore versus Rs 229.17 crore, revenue rises to Rs 2,412.2 crore versus Rs 2,360.6 crore YoY.

Khadim India Q1: Profit falls to Rs 3.35 crore versus Rs 7.4 crore, revenue rises to Rs 216 crore versus Rs 189.6 crore YoY.

Excel Crop Care Q1: Profit dips to Rs 23.2 crore versus Rs 38.92 crore, reveneu declines to Rs 378.85 crore versus Rs 402.8 crore YoY.

NLC India: Company decided not to pursue the setting up of pilot plant for coldry matmor integrated project on R&D collaborative mode as agreed to between NLCIL & NMDC & ECT Australia.

Lux Industries Q1: Consolidated profit rises to Rs 18.77 crore versus Rs 17.51 crore, revenue increases to Rs 262.8 crore versus Rs 262.3 crore YoY.

REC: Company approved the proposals for sale and transfer of wholly owned subsidiaries of REC Transmission Projects Company Limited (RECTPCL) and REC Limited.

Mayur Uniquoters Q1: Consolidated profit falls to Rs 9.74 crore versus Rs 22.86 crore, revenue dips to Rs 127.35 crore versus Rs 140.3 crore YoY.

Sheela Foam Q1: Consolidated profit rises to Rs 38.72 crore versus Rs 32.59 crore, revenue increases to Rs 514.24 crore versus Rs 502 crore YoY.

Shriram EPC Q1: Consolidated profit increases to Rs 6.45 crore versus Rs 5.51 crore, revenue rises to Rs 382 crore versus Rs 129.87 crore YoY.

Nilkamal Q1: Consolidated profit falls to Rs 31.06 crore versus Rs 33.58 crore, revenue dips to Rs 536.5 crore versus Rs 585.1 crore YoY.

NLC India Q1: Consolidated profit dips to Rs 288.1 crore versus Rs 355 crore, revenue drops to Rs 2,082.2 crore versus Rs 2,438 crore YoY.

L&T - L&T Construction has secured a mega contract for design and construction of a major airport.

DHFL: Company defaulted on interest, principal amount of total Rs 43.3 crore due on August 5 & 6.

Cox & Kings defaulted on Rs 5 crore payments on unsecured commercial paper due on August 6.

Bulk deals

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