Market Morning Notes 24th July 2024

Markets fell intraday over 2% on the Budget Day after announcement of increase in STT and LTCG but later recovered to end with losses of less than 0.25%. The India VIX also dipped sharply to fall towards the 13-mark signifying aggressive put writing at 24,400 levels. With formation of hammer pattern on candlestick, we expect this to act as an intermediate bottom with a target seen at 25,300Results Today – L&T, Axis Bank, Bajaj Finserv, KPIT Tech,Nifty 50 ChartStocks to watchPositive Read throughHUL – Q1 in-line to slight beat, volume growth at 4 pct vs estimates of 3-4 pct Bajaj Finance – Misses estimates, NIM slipped YoY and QoQ.Vedanta – To consider second interim dividend for FY25 on July 26 M&M Fin – Election, heatwaves and floods impacted disbursement.Dr Reddy’s – To consider stock split on July 27, 2024 MIC Electronic – Kalidindi Satyanarayana Raju resigns as CEO with effect from July 10.United Spirits – Operational beat, margin expanded 220 bps higher than estimates Welspun Specialty – Net profit at Rs 195 mn vs Rs 111 mn, sales at Rs 1,620 mn vs Rs 1,600 mn YoY.ICIC Pru – Margin in-line, total APE jumped 34 pct, VNB rose 8 pct YoY.DCM Shriram – EBITDA grew 49.1 pct, margin at 8 pct vs 5.7 pct YoY.Torrent Pharma – in-line with estimates, EBITDA up 14.3 pct YoY.Schaeffler India – Mixed Q2 earnings, EBITDA increases 10 pct YoY.Titagarh Rail – Begins export of traction converters with first shipment to Italy.Borosil Renewable – 10 pct BCD on imports of solar glass will create level playing field.Parag Milk – Volume growth seen at 10 pct, margin up 180 bps YoY.Shilpa Medi – API manufacturing unit in Karnataka gets GMP certification from Cofepris-Mexico.Thyrocare – EBITDA up 23.4 pct, margin at 27.2 pct vs 25.7 pct YoY.Bajel Proj – Bags contract worth Rs. 5.86 bn from Power Grid Corporation.Tata Elxsi – Signed MoU with to enhance software development capability.Infosys – In pact with UVC Partners to co-create next-generation solutions using AI and DeepTech.Negative Read throughBajaj Finance – Misses estimates, NIM slipped YoY and QoQ.M&M Fin – Election, heatwaves and floods impacted disbursement.MIC Electronic – Kalidindi Satyanarayana Raju resigns as CEO with effect from July 10.Welspun Specialty – Net profit at Rs 195 mn vs Rs 111 mn, sales at Rs 1,620 mn vs Rs 1,600 mn YoY.Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.