Futures for equity benchmarks in Australia, Japan and Hong Kong all fell. U.S. futures were little changed in early Asia trading.

Stocks fell on the Wall Street on Tuesdat after retail sales came in above forecasts, bolstering the case for the Federal Reserve to raise interest rates higher for longer. The S&P 500, tech-heavy Nasdaq 100 and the blue-chip Dow Jones Industrial Average ended just off session lows. Financials weighed on the broader benchmark after a warning from Fitch Ratings that the firm may downgrade larger lenders like JPMorgan Chase & Co. or Bank of America Corp.

Meanwhile, Brent crude was trading below $85 a barrel and West Texas Intermediate was below the $81-mark. The yield on the 10-year U.S. bond was trading at 4.21% and Bitcoin was below 30,000-level.

At 5:21 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 0.5 points or 0% at 19,474.

India’s benchmark stock indices pared early losses to end marginally high, snapping two days of losses as the I.T. and FMCG sectors advanced on Monday. A few private banks also recovered in trade, whereas metals continued to drag.

Overseas investors became net sellers of Indian equities on Monday for the second session in a row. Foreign portfolio investors offloaded Indian stocks worth Rs 2,324.23 crore, while domestic institutional investors remained net buyers and mopped up stocks worth Rs 1,460.9 crore, according to provisional data from the National Stock Exchange.

The local currency weakened 12 paise to close at Rs 82.96 against the U.S. dollar. The yield on the 10-year bond closed flat at 7.21% on Monday.

ITC: The shareholders will get one share in ITC Hotels for 10 shares held in the parent company. The indicative timeline for listing of ITC Hotels is approximately 15 months. The hotels business will be given a license to use the ‘ITC’ brand. The board has approved the acquisition of 25% stake in Maharaja Heritage from Russel Credit and 45.36% stake in International Travel House.

Hero MotoCorp: The company received the family settlement deal from promoter group under which Sunil Kant Munjal has resigned as Joint Managing Director and will exit the company. The management and control will vest with the family group comprising of Santosh Munjal, Renu Munjal, Suman Kant Munjal and Pawan Munjal. An understanding has been reached between family and Sunil Munjal on usage of trademark ‘Hero’.

Ashok Leyland: The company will acquire OHM Global Mobility (OHM India) from OHM International Mobility under share purchase agreement. It will infuse fresh equity or preference capital of up to Rs 300 crore in one or more tranches for its business requirements.

Reliance Industries: Jio completed minimum roll-out obligations of 5G ahead of schedule across all spectrum bands acquired in the 2022 auction. Jio customers now using 26 GHz millimetre wave-based connectivity across all 22 telecom circles.

Zee Entertainment: The markets regulator SEBI passed a confirmatory order barring Chairman Emeritus Subash Chandra and former Managing Director Punit Goenka from company boards over allegations of diversion of the company’s funds.

Suzlon Energy: The company has raised Rs 2,000 crore via QIP and allotted 113.96 crore shares at Rs 17.55 apiece, representing a discount of 4.83% to the floor price. More than 5% of equity shares offered were allotted to BNP Paribas, Bandhan Mutual Fund, HDFC Mutual Fund, Invesco Mutual Fund, Max Life Insurance. Goldman Sachs and ICICI Prudential.

Quint Digital Media: Adani Group arm AMG Media Networks to acquire remaining 51% stake in Quintillion Business Media. Post acquisition, QBML will become a wholly-owned subsidiary of AMNL.

SJVN: The company signed power purchase deals worth Rs 7,000 crore for 1,200 MW solar power projects with Punjab State Power Corp.

Waaree Renewable Technologies: The company receive a letter of Intent from one of India’s leading power generation companies for the execution of engineering, procurement and construction works of a ground mounted solar power project of 78MWp capacity.

Adani Green Energy: Its subsidiary Adani Energy Holding has filed an appeal before Commissioner of Income-Tax (Appeals) in a matter relating to AY 2017-18. The expected financial implications, if any, due to compensation, penalty at Rs. 72.16 crore. The I-T department computed capital gain, on account of transfer of equity shares in internal restructuring scheme, by considering cost of acquisition of these shares as Nil.

ITC Q1 FY24 (Consolidated figures, YoY) 

• Revenue down 6% at Rs 18,639.5 crore vs Rs 19,831.3 crore (Bloomberg estimate: Rs 16,657.5 crore).

• Ebitda up 10% at Rs 6,670.07 crore vs Rs 6,077.13 crore (Bloomberg estimate: Rs 6,204.3 crore).

• Margin at 35.8% vs 30.6% (Bloomberg estimate: 37.2%).

• Net profit up 16% at Rs 5,104.9 crore vs Rs 4,389.8 crore (Bloomberg estimate: Rs 4,807.33 crore).

Vodafone Idea Q1 FY24 (Consolidated, QoQ)

• Revenue up 1.16% at Rs 10,655 crore vs Rs 10,532 crore (Bloomberg estimate: Rs 10,629 crore).

• Net loss at Rs 7,840 crore vs net loss of Rs 6,419 crore (Bloomberg estimate: Rs 7,043 crore).

• Ebitda down 1.26% at Rs 4,157 crore vs Rs 4,210.3 crore (Bloomberg estimate: Rs 4,290.3 crore).

• Margin at 39.01% vs 39.97% (Bloomberg estimate: 40.30%).

Ahluwalia Contracts (India) Q1 FY24 (Consolidated, YoY)

• Revenue up 25.34% at Rs 763.61 crore vs Rs 609.25 crore.

• Ebitda up 36.43% at Rs 82.65 crore vs Rs 60.58 crore.

• Margin at 10.82% vs 9.94%.

• Net profit up 31.61% at Rs 49.71 crore vs Rs 37.77 crore.

Aster DM Healthcare Q1 FY24 (Consolidated, YoY)

• Revenue up 20.78% at Rs 3,215.27 crore vs Rs 2,662.12 crore (Bloomberg estimate: Rs 3,065.40 crore).

• Ebitda up 32.70% at Rs 387.61 crore vs Rs 292.10 crore (Bloomberg estimate: Rs 343.90 crore).

• Margin at 12.06% vs 10.97% (Bloomberg estimate: Rs 11.20%).

• Net profit down 92.85% at Rs 4.9 crore vs Rs 68.54 crore (Bloomberg estimate: Rs 39.2 crore).

 Garware Technical Fibres Q1 FY24 (Consolidated, YoY)

• Revenue up 6.95% at Rs 325.67 crore vs Rs 304.50 crore.

• Ebitda up 43.29% at Rs 58.22 crore vs Rs 40.63 crore.

• Margin at 17.88% vs 13.34%.

• Net profit up 52.39% at Rs 42.96 crore vs Rs 28.19 crore.

GMR Airports Infrastructure Q1 FY24 (Consolidated, YoY)

• Revenue up 40.20% at Rs 2,017.63 crore vs Rs 1,439.07 crore.

• Ebitda up 77.50% at Rs 752.52 crore vs Rs 423.96 crore.

• Margin at 37.30% vs 29.46%.

• Net profit at Rs 16.84 crore vs net loss of Rs 112.99 crore.

Hindustan Copper Q1 FY24 (Consolidated, YoY)

• Revenue up 6.47% at Rs 370.94 crore versus Rs 348.39 crore.

• Ebitda down 27.27% at Rs 92.11 crore versus Rs 126.64 crore.

• Margin at 24.83% versus 36.35%.

• Net profit down 17.17% at Rs 47.28 crore versus Rs 57.08 crore.

Hindustan Oil Exploration Q1 FY24 (Consolidated, YoY)

• Revenue up 100.33% at Rs 187.15 crore vs Rs 934.22 crore.

• Ebitda up 100.92% at Rs 109.72 crore vs Rs 54.61 crore.

• Margin at 58.63% vs 58.46%.

• Net profit up 104.23% at Rs 66.07 crore vs Rs 32.35 crore.

Indiabulls Housing Finance Q1 FY24 (Consolidated, YoY)

• Revenue down 8.42% at Rs 1,900.38 crore vs Rs 2,075.21 crore.

• Ebitda down 7.55% at Rs 1,753.4 crore vs Rs 1,896.53 crore.

• Net profit up 3.33% at Rs 296.19 crore vs Rs 286.64 crore.

KNR Constructions Q1 FY24 (Consolidated, YoY)

• Revenue up 0.06% at Rs 981.02 crore vs Rs 980.45 crore.

• Ebitda up 2.12% at Rs 215.74 crore vs Rs 211.26 crore.

• Margin at 21.99% vs 21.55%.

• Net profit up 9.34% at Rs 110.26 crore vs Rs 100.84 crore.

Swan Energy Q1 FY24 (consolidated YoY)

• Revenue up 208.89% at Rs 804.30 crore vs Rs 260.38 crore.

• Ebitda up 43.23 times at Rs 237.35 crore vs Rs 5.49 crore.

• Margin at 29.51% vs 2.11%.

• Net profit at Rs 72.95 crore vs net loss of Rs 26.35 crore.

TVS Supply Chain Solutions: The IPO was subscribed 2.78 times on its final day. The bids were led by retail investors, subscribed 7.61 times, non-institutional investors, subscribed 2.35 times and institutional investors, subscribed 1.35 times. The IPO was subscribed 55% on day 1 and 1.03 times on day 2.

JSW Energy: Authum Investment & Infrastructure sold 1.6 crore shares (1%) and GQG Partners bought 1.2 crore shares (0.7%) at Rs 345 apiece.

Ujjivan Financial Services: Newquest Asia Investments II sold 30 lakh shares (2.5%) at Rs 495.19. BNP Paribas bought 6.8 lakh shares (0.5%) at Rs 495.15 and Abakkus Emerging Opportunities Fund bought 11.5 lakh shares (0.9%) at Rs 495 apiece.

Paisalo Digital: Promoter Equilibrated Venture Cflow bought 2.34 lakh shares on Aug. 14.

Poly Medicure: Promoter Rishi Baid sold 99,264 shares between Aug. 10 and 11.

Mastek: Promoter Chinmay Desai sold 1,000 shares on Aug. 11.

Disclaimer: AMG Media Networks Ltd. owns 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime Brand.