Antique on

Rail Vikas Nigam: SELL | TP 283 | Valuation skyrocketing

APL Apollo Tubes: BUY | TP 1744 | Volumes drive sequential EBITDA growth; stronger 2HFY25 to support margins

Concord Biotech: BUY | TP 1920 | Healthy order book to drive ~22% revenue CAGR

Engineers India: HOLD | TP 251 | Weak quarter; order inflow surprises positively

Metropolis Healthcare: SELL | TP 1733 | Volume growth challenges persist

Ganesha Ecosphere: BUY | TP 1910 | On point execution

Pharmaceuticals: IPM reports 11% growth in July'24, aided by recovery in acute segment

Insurance Sector: Growth momentum sustains in July'24; risk-reward favorable Provisional flows

Top picks: SBILIFE and MAXF

IIP: Softer than expected!

CPI: Base effect at play!

ICICI Securities sees 18% UPSIDE in Bajaj Consumer Care- Revenue declines due to one-time inventory correction in wholesale channel

Kotak Review on

LIC: BUY | TP 1300 | Weak margins, non-par story playing out nicely

Siemens: SELL | TP 4600 | Euphoric phase short-lived

Trent: ADD | TP 6615 | 1QFY25: Superlative performance yet again

Grasim Industries: REDUCE | TP 2415 | Miss on higher paints losses

ABB: SELL | TP 6100 | Another strong margin print, this time with a caveat

Oil India: SELL | TP 350 | In-line 1Q; strong run perplexing, reiterate SELL

Info Edge: ADD | TP 7700 | 1QFY25: Gradual improvement in Naukri business

Berger Paints: SELL | TP 475 | Growth outperformance continues

Container Corp.: SELL | TP 710 | Externalities take a toll

Balkrishna Industries: SELL | TP 2325 | Channel filling drives beat; challenges lie ahead

Astral: SELL | TP 1800 | Significantly weaker on continued higher expenses

SAIL: SELL | TP 65 | Weak quarter, no respite in sight

Biocon: REDUCE | TP 310 | Stays sanguine on medium-term prospects

Here are some upcoming buyback meetings in the Indian stock market:

1. Tata Consultancy Services (TCS): Buyback meeting on August 17, 2024.
2. HCL Technologies: Buyback meeting on August 22, 2024.
3. Tech Mahindra: Buyback meeting on August 24, 2024.
4. Wipro: Buyback meeting on August 29, 2024.
5. Infosys: Buyback meeting on September 1, 2024.
6. Larsen & Toubro (L&T): Buyback meeting on September 5, 2024.
7. Bharti Airtel: Buyback meeting on September 12, 2024.
8. Dr. Reddy's Laboratories: Buyback meeting on September 19, 2024.
9. Crompton Greaves Consumer Electricals: Buyback meeting on September 26, 2024.
10. Grasim Industries: Buyback meeting on October 3, 2024.

Can gold reach ₹75,000 level again in India? Here’s what experts say

Gold prices increased by ₹76 to ₹70,775 per 10 grams in futures trading, as speculators took new positions due to strong spot demand, on Wednesday. On the Multi Commodity Exchange, gold contracts for October delivery saw a rise of ₹76, or 0.11%, reaching ₹70,775 per 10 grams, with a business turnover of 17,397 lots.

Gold's outlook remains positive, despite increasing volatility. Depending on the impact of rate cuts, if the Fed implements a 50 basis point reduction, a significant rally in the metals market can be expected.

On the geopolitical front, escalating tensions in mid east are also supporting gold prices. The U.S. benchmark 10-year Treasury yield also slipped, making non-yielding bullion more attractive. While U.S. dollar also edged lower. Additionally, central banks are shifting dollar reserves into gold, boosting its price.

In July this year, the precious metal soared to a record high of $2,480 in international spot gold markets, driving the cost of the yellow metal to unprecedented levels in the Indian market as well, reaching over 75,000 per 10 grams.

However, on July 23, the day of the budget announcement, gold prices on the MCX plummeted by more than ₹4,000, reaching approximately ₹68,500 per 10 grams. This significant drop was a direct response to the customs duty reduction, intended to stimulate domestic demand and reduce smuggling.

_Can gold again reach ₹75,000 mark?_
Hareesh V, Head of Commodities, Geojit Financial Services, said, that the Indian gold prices are highly correlated with overseas market and hence factors like geopolitical tensions, US policy decisions, performance of the US dollar, central bank buying, and the global growth outlook would influence the future price movements. In addition, the performance of Indian Rupee and variations in domestic demand may also affect the local gold prices.

Meanwhile, Rahul Kalantri, VP commodities at Mehta Equities Ltd, believes that the precious metal is likely to cross ₹75,000 mark in near-term.

“All prevailing factors suggest a strong upward trend for gold prices. We expect that gold could potentially cross the 75,000 mark in the near to mid-term future,” Kalantri said.

Technical View: Consolidation likely to continue in Nifty 50 with support at 24,000 mark

The Nifty 50 remained lacklustre throughout the session despite positive global cues on August 14, closing flat with a positive bias. Traders seemed to have preferred to keep their positions light, leading to minimal changes in daily chart price action. The 24,000 level is expected to remain a crucial support for the Nifty 50 going forward, while on the higher side, 24,500 will be the key hurdle, according to experts.

The Nifty 50 opened higher at 24,184 and remained in the range of 24,197-24,100 during the day. The index rose 4.8 points to close at 24,144, forming a small bearish candlestick pattern on the daily charts. It maintained a lower highs-lower lows formation for another session.

"Following the sharp sell-off last Monday, prices have been oscillating within a defined range, lacking momentum in either direction. The key moving averages play a crucial role, with the 50-day EMA (24,022) serving as a stronghold for the bulls and the 20-day EMA (23,350) presenting a stiff resistance," said Rajesh Bhosale, Equity Technical Analyst at Angel One.

The broader market remains under pressure, reflecting a bearish tone, with only selective stocks performing well. The Nifty Midcap 100 and Smallcap 100 indices declined by 0.6 percent each. Therefore, Rajesh Bhosale advised traders to avoid complacency and be selective in stock choices.

According to weekly options data, the maximum Call open interest was seen at the 24,200 strike, followed by the 25,000 and 24,300 strikes, with maximum Call writing at the 24,200 strike, and then the 24,100 strike. On the Put side, the maximum open interest was observed at the 24,100 strike, followed by the 24,000 and 23,500 strikes, with maximum writing at the 24,100 strike, and then the 24,000 and 23,900 strikes.

The options data indicated that the 24,200-24,300 range is expected to be an immediate resistance zone for the Nifty 50, while support lies at 24,000.

_Bank Nifty_
The Bank Nifty underperformed the benchmark Nifty 50, falling 105 points to 49,727 and forming a bearish candlestick pattern on the daily timeframe. The index formed a lower tops-lower bottoms formation but defended the 50 percent Fibonacci retracement level (49,717) taken from the low of June 4 to the record high of July 4 as well as swing low of 49,650. If it breaks these levels, significant selling pressure cannot be ruled out.

"The swing low of 49,650 has been retested, and we are expecting the weakness to continue. The immediate support stands at 49,650–49,600, and below that, we can expect a slide towards 49,000–48,850. On the upside, immediate resistance is placed at 50,250–50,300," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Meanwhile, volatility dropped below the 16 mark, but it needs to fall and sustain below the 15 mark for the bulls to come back into action. The India VIX, the fear index, fell by 4.4 percent to 15.46 from 16.17 levels.

Antique on

State Bank of India: BUY | TP 975 | Results in-line; NIM moderates; credit cost inches up; opex helps

Titan Company: BUY | TP 4485 | In-line performance; expects gradual recovery

Hindustan Zinc: SELL | TP 385 | Largely in-line EBITDA; lower YoY cost, strong metal prices
drove performance

Divi’s Laboratories: SELL | TP 3264 | Gross margin declines despite improvement in mix

Thermax: HOLD | TP 5144 | Margin-led miss on the operational front; maintain HOLD

UPL: BUY | TP 730 | Strong volume growth surprised positively, gradual recovery on
the cards

Dhanuka Agritech: BUY | TP 1980 | Industry leading volume growth

Welspun Enterprises: HOLD | TP 538 | A steady quarter

Prince Pipes and Fittings: BUY | TP 870 | Volume growth recovers

Arvind Fashions: BUY | TP 658 | Strong performance amidst weak market conditions

Somany Ceramics: BUY | TP 920 | Demand revival anticipated from 2HFY25

Mold-Tek Packaging: BUY | TP 990 | Gradual volume recovery, though slower than expected

Kotak Review on

ITC: ADD | TP 535 | Cigarettes steady, paperboards bottoming out

Tata Motors: ADD | TP 1250 | CV and JLR businesses shine; PV segment disappoints

Sun Pharmaceuticals: ADD | TP 1825 | A tad less impressive beat than usual

Adani Ports and SEZ: BUY | TP 1710 | Outperformance continues; profitability improves

Zomato: BUY | TP 270 | 1QFY25: Growth surprises positively again

Tata Steel: REDUCE | TP 150 | In-line operating results, spreads under pressure

Dabur India: ADD | TP 665 | Rural drives some improvement in growth/outlook

Prestige Estates Projects: ADD | TP 1830 | Modest quarter; sequential improvement on the cards

Escorts Kubota: SELL | TP 2700 | Non-tractor segment drives EBITDA beat

Whirlpool: SELL | TP 1500 | A good start, but still a long way to go

Centrum sees 14% UPSIDE in UPL Limited- Volumes improve, Guidance stays, 2H to be better

TTK Prestige share buyback approved by board at 25% premium via tender offer route
This is the first buyback that TTK Prestige has announced after nearly seven years. It last carried out a share buyback in 2017.
Record date for the buyback has been fixed as August 14, 2024.

Price for the buyback has been fixed at ₹1,200 per share, which is a premium of 25% to its closing price on Thursday.