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Equity Alert: Kalyan Jewellers hits over 1-mo low despite strong Q1 earnings

MUMBAI--1020 IST--Shares of Kalyan Jewellers India Friday fell over 9% to a one-month low of INR 535 despite the company posting double-digit on-year earnings growth for the June quarter, even amid rising raw material costs. At 0950 IST, the stock pared some losses but was still down nearly 7% at INR 550.30.

The company's consolidated net profit rose almost 49% on year to INR 2.64 billion and revenue grew over 31% to INR 72.68 billion. This was the jewellery player's highest growth in net profit in five quarters. Its total expenses increased nearly 31% from the year-ago period to INR 69.62 billion.

In a post-earnings call with analysts, the management said it was in talks with banks to release land parcels which are held as collateral to fund its launch of regional brands. It is also piloting a new credit model aimed at reducing the credit period it gets from vendors to increase cost efficiency and margins. The company plans to launch regional brands targeted towards specific states and the first such regional brand will be launched by the end of December.

Over 11 million shares of the company changed hands on the bourse so far Friday, 24 times the 452,000 shares traded during the same period Thursday. All three broking firms, whose research reports are available with Informist, have a 'buy' or equivalent rating on the stock. (Anjana Therese Antony)

Equity Alert: Bharti Airtel at 2-month low on large deals at discount

MUMBAI--1007 IST--Shares of Bharti Airtel fell nearly 3% to a near two-month low at INR 1,860.20 after large deals were executed on the exchanges at a discount to the stock's Thursday closing price. Media reports said the company's promoter group was the likely seller. The total size of the deals was INR over 113 billion. At 0955 IST, the stock traded 2.6% lower at INR 1,872.10 and was the worst hit in the Nifty 50.

Data on the exchanges showed that nearly 61 million shares of the company were sold at the begining of the session at an average price of INR 1,871.80 per share, a discount of nearly 3% from the stock's closing price of INR 1,922.60 on Thursday. CNBC-TV18 had Thursday reported that a promoter entity of Bharti Airtel launched a block deal to offload 0.8% stake in the firm for INR 93.10 billion. The Economic Times reported that Indian Continent Investment Ltd, a promoter group entity, was the likely seller.

At 0955 IST, 83.10 million shares of the company were traded on the NSE, sharply higher than the 824,698 shares traded till the same time Thursday. (Akash Mandal)

Equity Alert: Market opens lower as Bharti Airtel, other heavyweights fall

MUMBAI--0940 IST--Benchmark indices opened lower on Friday, dragged down by heavyweight Bharti Airtel, which fell over 2% and was the worst performer on the Nifty 50. The decline followed a large trade on the exchanges, with media reports suggesting the promoter group was the likely seller. Other major heavyweights, including Infosys, HDFC Bank, and ICICI Bank, also traded in the red.

At 0925 IST, the Nifty 50 was at 24559.40 points, down 36.75 points or 0.2%, and the BSE Sensex was at 80458.99 points, down 164.27 points or 0.2%. Trent rose nearly 1%, rebounding after closing lower on Thursday despite reporting a June quarter profit that beat Street estimates. Tata Motors was up nearly 1% ahead of its earnings later in the day.

Sectoral indices were mixed. Nifty Media climbed 1%, led by a 3% gain in heavyweight PVR Inox. On the other hand, Nifty India Defence was down 1.5%, making it the worst-performing sector. Broader market indices were all in the red.

Kalpataru Projects International soared 6% and was the top gainer in the Nifty 500 after its June quarter bottom line beat estimates. Sai Life Sciences rose over 5?ter it recorded a profit in the reporting quarter compared to a loss a year ago. General Insurance Corp. of India rose 4% on robust June quarter earnings. Life Insurance Corp. of India was up 4?ter the insurer's net profit and total income both rose on year.

On the other hand, Data Patterns (India) fell over 6% and was the worst hit in the Nifty 500 after its net profit and sales both fell on year in the June quarter. Schneider Electric Infrastructure hit its 5% lower band after its net profit for the quarter declined nearly 15% on year. (Akash Mandal)

Equity Alert: Mkt likely to be muted; investors' near-term bias cautious

MUMBAI--0818 IST--The domestic equity market is likely to see muted movement Friday and investors are likely to remain slightly cautious in the near term due to persistant uncertainty about tariffs, particularly after US announced additional levies on India for its Russian crude oil purchases. However, market participants remain bullish about the Indian stock market's medium-to-long term performance on hopes of better earnings growth, higher government capital expenditure, favourable monsoon, and improvement in retail consumption. Analysts also see US tariffs having limited impact on India's economic growth and believes the country will likely strike a deal with the US in the next couple of months.

"I think the market has possibly factored in the worst, although it is too soon to say so. It (investors) might be optimistic about India's growth and the the country's strategic approach with the US so far," an equity strategist at a domestic broking firm said. The possibility that India might expand its focus to other countries for exports is something that is keeping investors from fully dumping their stocks despite the higher risks from tariffs, the strategist said.

The Nifty 50 and BSE Sensex Thursday ended 0.1% higher each at 24596.15 points and 80623.26 points, respectively. At 0754 IST, the GIFT Nifty August contract traded on the NSE International Exchange was flat at 24641.50 points, which is around 45 points higher than the Nifty 50's spot level.

Meanwhile, domestic institutional investors continued to buy shares for the 23rd consecutive session Thursday, while foreign investors remained net sellers for the 13th straight session. Thursday, DIIs net bought nearly INR 109 billion worth of equities and foreign investors net sold shares worth INR 50 billion. The Brent crude October contract traded on the Intercontinental Exchange fell for the seventh straight session and was down 0.1% Friday at $66.37 per barrel. (Anjana Therese Antony)

Equity Alert: Most Asian indices down but Japan's Topix at record high

MUMBAI--0749 IST--Most Asian indices were down in early trade Friday, taking overnight cues from the US market. Japan's Topix, however, hit a fresh all-time high and rose for the fourth straight session. The index was up 1.4%. The Nikkei 225 was also up 1.9%.

Indices in the region are poised for their best week since June amid speculation of an interest-rate cut by the US Federal Reserve at its September meeting. Nippon Chemical Industrial, Miyakoshi Holdings, J-Lease Co., and Japan Electronic Materials Corp. rose 13-23% and were the top gainers in the Japanese market.

Hong Kong's Hang Seng was down 0.8% and was among the worst-hit in the region. Wharf Real Estate Invt, MGM China Holdings, and Semicon Manufacturing International fell 6-7% and were the worst hit in the region. China's CSI 300 was down 0.3%, with Cambricon Technologies, WuXi AppTec, and Seres Group falling 1-3%.

South Korea's Kospi, Australia's S&P/ASX 200, and the FTSE Singapore Straits Times were down 0.2-0.6%.

Following are the levels of key Asian indices at 0744 IST:

(Akash Mandal)

Equity Alert: US mkts mixed Thu; Eli Lilly weighs, Nasdaq ends at record high

MUMBAI--0729 IST--US indices ended mixed Thursday, as a sharp fall in pharmaceutical major Eli Lilly weighed on the market with data from its weight-loss drug disappointing investors. The Nasdaq Composite, however, managed to close at a record high. Investors also assessed reports that Fed Governor Christopher Waller was US President Donald Trump's top candidate for the US central bank's top post.

Shares of Eli Lilly tumbled more than 14% even after the company raised its full-year profit and revenue guidance. The selloff came as trial results for its experimental weight-loss pill, orforglipron, fell short of analyst expectations. The market had anticipated the drug would emerge as a strong rival to Novo Nordisk's weight-loss drug, Reuters reported David Evans, analyst at Kepler Cheuvreux, as saying. Fortinet plunged 22?ter the cybersecurity firm gave a revenue forecast below Wall Street's estimates.

"The market rally is beginning to look a little bit tired here...we ran up on earnings, and of course the market was basically ignoring a lot of the tariff news," Reuters quoted Peter Cardillo, chief market economist at Spartan Capital Securities, as saying.

The Nasdaq Composite hit a fresh high during the session. The S&P 500 has touched 15 record closing highs this year while the Nasdaq has posted 17 all-time closing highs so far, Reuters reported. Gains in the Nasdaq were led by Apple, which ended 3% higher after Trump largely exempted industry heavyweights from his threat to impose 100% levy on chips and semiconductors. However, Intel fell 3?ter Trump called for immediate resignation of new Intel Chief Executive Officer Lip-Bu Tan over his investments in Chinese firms.

On the data front, weekly initial jobless claims rose 7,000 to a seasonally adjusted 226,000, the highest level since the week ended Jul. 5 and slightly above the 221,000 estimate of economists polled by Reuters. The CME Fedwatch tool showed market expectations for a September rate cut of at least 25 basis points stood at 93.2%, down slightly from the 94.6% in the prior session and well above the 37.7% from a week ago.

Following are the closing levels of US indices Thursday:

(Akash Mandal)

US$1 = INR 87.61

End

Edited by Subhojit Sarkar

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

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