The S&P 500 and Nasdaq Composite ended a fickle session weaker on Thursday, failing to regain ground lost in the previous day's tech-triggered sell-off as investors grappled with the likely direction of megacaps.

The Dow Jones Industrial Average hung onto early gains to close higher on stronger-than-expected U.S. gross domestic product data.

The S&P 500 lost 27.91 points, or 0.51%, at 5,399.22 points, while the Nasdaq Composite fell 160.69 points, or 0.93%, to 17,181.72. The Dow Jones Industrial Average rose 81.20 points, or 0.20%, to 39,935.07.

CHANGE FROM PREVIOUS CLOSE (%) MTD (%) YTD (%)

Dow Jones 0.20.   2.47    14.55

S&P500.   -0.51   -0.75    20.88

Nasdaq    -0.93.   -2.74    24.34 

Asian markets rebounded Friday, after Thursday's sell-off saw some indexes in the region hit their lowest level in months.

CHANGE FROM PREVIOUS CLOSE (%) MTD (%) YTD (%)

Topix      0.51.    1.80.    6.17

Nikkei    0.32.     0.78.    4.71

Hang Seng   

Taiwan  -3.70.    -4.87   15.39

Kospi.    0.54.    -2.82    -3.71

The company remains optimistic about the long-term growth potential of the industry, driven by increasing disposable income, favourable demographics, and the trend towards premiumisation. Shares of United Breweries Ltd ended at 2,107.75, up by ₹96.15, or 4.78%, on the BSE.
Beer maker United Breweries Ltd on Thursday (July 25) reported a 27.5% year-on-year (YoY) increase in net profit at ₹173.8 crore for the first quarter that ended June 30, 2024.
In the corresponding quarter, United Breweries posted a net profit of ₹136.3 crore, the company said in a regulatory filing. The company's revenue from operations increased 8.8% to ₹2,475.1 crore against ₹2,274.8 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA rose 27.9% to ₹285.4 crore in the first quarter of this fiscal over ₹223.1 crore in the year-ago period.

The EBITDA margin stood at 11.5% in the reporting quarter versus 9.8% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

AU Small Finance Bank Q1 Results | Despite a slight sequential decrease in total bank deposits to ₹97,290 crore, the bank focused on growing retail deposits while strategically retiring high-cost deposits. Shares of AU Small Finance Bank Ltd ended at ₹631.30, down by ₹28.55, or 4.33%, on the BSE.

Jaipur-based AU Small Finance Bank Ltd on Thursday (July 25) reported a 30% year-on-year (YoY) increase in net profit at ₹502.6 crore for the first quarter that ended June 30, 2024. In the corresponding quarter, AU Small Finance Bank posted a net profit of ₹387 crore, the bank said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 54%, coming at ₹1,920.5 crore against ₹1,246 crore in the corresponding quarter of FY24.

The gross non-performing asset (GNPA) stood at 1.78% in the June quarter against 1.67% in the March quarter. Net NPA came at 0.63% against 0.55% quarter-on-quarter. In monetary terms, GNPA stood at ₹1,613.2 crore against ₹1,237.4 crore quarter-on-quarter, whereas net NPA came at ₹562.6 crore against ₹401 crore over the previous quarter. 

Jupiter Wagons Q1 Results | The mobility solutions company's revenue spiked 16.8% to ₹879.9 crore. Shares of Jupiter Wagons Ltd ended at 626.20, down by 19.85, or 3.07%, on the BSE.

Mobility solutions provider Jupiter Wagons Ltd on Thursday (July 25) reported a 46% year-on-year (YoY) jump in net profit at ₹91.9 crore for the first quarter that ended June 30, 2024.

In the corresponding quarter, Jupiter Wagons posted a net profit of ₹62.9 crore, the company said in a regulatory filing. The company's revenue from operations increased 16.8% to ₹879.9 crore as against ₹753.2 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 41.1% to ₹136.7 crore in the first quarter of this fiscal over ₹96.9 crore in the year-ago period.

Motilal Oswal Financial Services Q1 Results | At the operating level, EBITDA jumped 66.4% to ₹1,392.7 crore. Shares of Motilal Oswal Financial Services Ltd ended at ₹578.15, up by ₹10.65, or 1.88%, on the BSE.

Financial services company Motilal Oswal Financial Services Ltd on Thursday (July 25) reported a 67.9% year-on-year (YoY) spike in net profit at ₹883.6 crore for the first quarter that ended June 30, 2024.

In the corresponding quarter, Motilal Oswal Financial Services posted a net profit of ₹526.1 crore, the company said in a regulatory filing. Revenue from operations jumped 54% to ₹2,312.3 crore against ₹1,501.5 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 66.4% to ₹1,392.7 crore in the first quarter of this fiscal over ₹837.2 crore in Q1 of FY24.

The EBITDA margin stood at 60.2% in the reporting quarter versus 55.8% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Ramco Cements Ltd on Thursday (July 25) reported a 55% year-on-year (YoY) decline in net profit at ₹35.5 crore for the first quarter that ended June 30, 2024.

In the corresponding quarter, Ramco Cements posted a net profit of ₹79 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ₹40 crore for the quarter under review.

The company's revenue from operations dipped 6.8% to ₹2,088.4 crore against ₹2,241 crore in the corresponding period of the preceding fiscal. The CNBC-TV18 poll had predicted revenue of ₹2,175 crore for the quarter under review.

At the operating level, EBITDA dipped 6.4% to ₹319.5 crore in the first quarter of this fiscal over ₹341.4 crore in the year-ago period. The CNBC-TV18 poll had predicted an EBITDA of ₹310 crore for the quarter under review.

"Going forward we are focusing on the protection segment and launching some new products in protection," said Amit Jhingran, MD & CEO of SBI Life Insurance.

SBI Life Insurance reported a net profit of ₹520 crore for the first quarter ending June 2024, marking a 36% rise from ₹381 crore in the same period last year.

The annualised premium equivalent (APE) surged to ₹36,400 crore, indicating year-on-year growth, while the Value of New Business (VoNB) rose 12% to ₹970 crore, with a VoNB margin of 26.8%.

Amit Jhingran, MD & CEO of SBI Life Insurance, told CNBC-TV18 that they expect to grow APE by around 20% in FY25.

 What is your APE outlook for FY25?

First-quarter growth for the entire insurance industry, as the numbers are coming out, has been good. On the same lines, SBI Life also had a decent quarter with 20% APE growth. During the quarter, our agency had growth and that is the area that we are focusing upon in this financial year. And the agency's growth was 46%. 

With Thursday's drop, the stock is now tumbling towards its 50-Day Moving Average, which is placed at levels of 182.

Shares of Indian Railways Finance Corporation Ltd. (IRFC) ended with losses of another 4% in Thursday's trading session. This is the eighth straight day of losses for the stock.

This is the longest losing streak for the state-run railway financier in over three years. The last instance of the stock seeing such a drop was between March 15 - March 25, 2021, during which the stock fell nine days in a row.

With Thursday's drop, the stock has now tumbled towards its 50-Day Moving Average, which is placed at levels of ₹182. The stock has declined 19% from the record high levels of ₹229, which it had hit on July 15.

On the charts, the stock's Relative Strength Index (RSI) has corrected from overbought levels, and now is at 46, which is neither "overbought" nor "oversold." 

Maple II BV sold a 7.89 percent stake in RBL Bank for an average price of Rs 228.08 per share.
Morgan Stanley Asia Singapore PTE bought a 2.06 percent stake in RBL Bank for an average price of Rs 228 via a bulk deal on July 25. Morgan Stanley Asia Singapore PTE bought around 1.2 crore in RBL Bank.

Societe Generale bought a 1.17 percent stake in RBL Bank for an average price of Rs 228 per share. It bought around 70 lakh shares in RBL Bank.

Maple II BV sold a 7.89 percent stake in RBL Bank for an average price of Rs 228.08 per share. It sold around 4.7 crore in the company. As of June 30, Maple II BV had a 7.89 percent stake in the company.

RBL Bank shares closed 3.07 percent down at Rs 230.65 on the NSE.

Subscriptions to the Employees’ State Insurance Scheme, which caters to relatively lower paid employees, jumped 40 percent to 1.7 million

Formal employment improves

Formal employment picked up in May after a disappointing start to the year as new enrollments in the government’s social security schemes rose, according to data released on July 25.

New subscriptions to the Employees’ Provident Fund scheme rose 5.8 percent in April compared with the previous month to 984,681, while subscriptions to the Employees’ State Insurance Scheme, which caters to relatively lower-paid employees, jumped 40 percent to 1.7 million, as per the report released by the ministry of statistics and programme implementation.

The rise in employment bodes well for the economy. Private survey data has been hinting at improving employment prospects in the first quarter, after a tepid growth in the previous year.

The number of private employees joining the National Pension Scheme rose 108 percent to 21,299 from 10,250 during this period.

The National Pension Scheme’s overall subscriptions, however, fell as state subscriptions to NPS declined 54 percent in May compared with the previous month.

The total subscriptions to the scheme were 28.5 percent lower at 79,080.

Gautam Adani’s company offered to help build a new passenger terminal and second runway at the Jomo Kenyatta International Airport in the capital, Nairobi, as well as refurbish existing facilities, Kenya Airports Authority acting Managing Director Henry Ogoye said in a statement

The company, controlled by Asia’s second-richest person, has a portfolio of eight airports dominating more than 50% of the top 10 Indian domestic routes. The airports account for 23% of Indian air traffic serving 20% of total passenger base.

Kenya’s government received a proposal from Adani Airport Holdings Ltd. to invest in the nation’s main airfield, the Kenya Airports Authority said.

Gautam Adani’s company offered to help build a new passenger terminal and second runway at the Jomo Kenyatta International Airport in the capital, Nairobi, as well as refurbish existing facilities, KAA acting Managing Director Henry Ogoye said in a statement on Wednesday. The proposal will be subjected to technical, financial and legal reviews to ensure it complies with the nation’s public-private partnerships laws, he said.

Ogoye made the announcement after lawmaker Richard Onyonka petitioned parliament to scrutinize a build-operate-transfer agreement with the Kenyan government. The Organized Crime and Corruption Reporting Project on Wednesday questioned why the Kenyan authorities are considering a private proposal after experts advised the government earlier this year to put out a public tender for the project.

The KAA referred a request for comment on the OCCRP report to Prime Cabinet Secretary Musalia Mudavadi’s office, which didn’t immediately respond to queries.

The management is working on a long-term plan for Vidal Healthcare expected to be finalized within six to nine months, which will outline the path to profitability.

Bajaj Finserv's Vidal Healthcare will roll out two new services every year—with the recent one being maternity services, which it will launch in H2FY25, said Devang Modi, chief executive officer of Bajaj Finserv Health, in the Q1FY25 analyst conference call of Bajaj Finserv.

Bajaj Finserv Health, a wholly-owned subsidiary of Bajaj Finserv, in January had acquired an entire stake in Vidal Healthcare Services at an enterprise value of Rs 325 crore.

The management is working on a long-term plan for Vidal Healthcare expected to be finalized within six to nine months, which will outline the path to profitability.

Modi said that the company's current focus is creating a differentiated value proposition in the highly commoditized Third Party Administrator (TPA) industry. "With the acquisition of Vidal, we can now offer hospitalization as a service," said Modi.

The company has several services planned for customers. For example, last quarter, it launched Diabetic Care as a fully managed package which can be offered to customers by employers or insurers, he added.

The dollar index, which measures the U.S. unit versus six rivals, was little changed at 104.35.

The dollar found its footing after data on Thursday showed the world's largest economy expanded faster than expected and inflation slowed in the second quarter.

CURRENT PRICE MONTH AGO YEAR AGO

Dollar Index 104.35   106.05.  100.88 

Gold and Silver prices were trading marginally lower in the early trade on Friday.

CHANGE FROM PREVIOUS CLOSE (%)   MTD (%)    YTD (%)

Gold   -0.20     1.49     14.44

Silver -0.40.    -4.63   16.67 

Oil prices were up slightly on Friday on stronger-than-expected U.S. economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

CHANGE FROM PREVIOUS CLOSE (%) MTD (%) YTD (%)

US West Texas -0.05   -4.05    9.18

Brent Texas.     -0.05.    -4.74   6.87 

LME commodity prices slipped on Friday, with Aluminum prices down more than 1 percent.

CHANGE FROM PREVIOUS CLOSE (%)   MTD (%)    YTD (%)

Aluminium -1.30   -10/06.  -4.70

Copper -0.20     -4.97    6.50

Nickel   -0.37.    -8.80.  -5.02

Lead    -0.78.     -8.79.   -1.93

Zinc     -0.15.     -8.73     0.87