Yield Bull Market

Good morning,

Indian equity benchmarks bounced back with strong gains on Friday, snapping a three-day losing streak. The domestic markets opened higher following the gains in Asian markets and remained positive throughout the day. Buying witnessed in heavyweight index stocks like HDFC Bank, Reliance, and Infosys aided market sentiments.

Let's dive in.

Markets:

• Market breaks 3-day fall with Nifty above 19,500; Sensex jumps 481 points • Lupin could exceed 18% margin guidance in this financial year: Management • Nuvama says NHAI awarding picks up: What should you do with road stocks?

Earnings:

• Punjab & Sind Bank Q1 Results: Net profit falls 25% to Rs 153 crore • CAMS Q1 Results: Profit grows 18% to Rs 76 crore • Hindalco, Hero MotoCorp, ONGC, and more: Key Q1 results to watch out for next week • Bank of Baroda Q1 Results: Profit surges 88% YoY to Rs 4,070 crore • At Rs 16,884 crore, SBI posts highest quarterly profit • Fortis Healthcare Q1 Results: PAT falls 9% YoY to Rs 122.5 cr • Britannia Q1 Results: Profit jumps 36% YoY to Rs 458 crore; revenue rises 8% • M&M Q1 Results: PAT zooms 98% YoY to Rs 2,774 cr; management clarifies on RBL Bank investment

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Headline Roundup:

• G20 Summit: PWD, Delhi civic body told to frame contingency plan for waterlogging in case of heavy rain • Leading laptop companies to make their product in India • Westbridge, Nexus-backed India Shelter Finance files for Rs 1,800 crore IPO • Mahindra garners 2.81 lakh open SUV orders, to ramp up production to meet demand • L&T Finance launches Digital Sakhi project in Murshidabad • Affle India profit rises over 21% to Rs 66.2 crore in April-June • Berkshire Hathaway posts record operating profit, $35.9 billion of net income

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Deal Flow:

- M&A / Investments:

• M&A deals hog the limelight as funding activity slows • Mahindra says does not intend to invest more in RBL Bank • Adani-owned Ambuja Cements to buy majority stake in Sanghi Industries • Aditya Birla Group arm snaps up operator of Hakkasan, other Asian fine dining eateries

- IPO:

• TVS Supply Chain Solutions, Srivari Spices IPOs to open next week. Check details • Fortis board gives nod for diagnostic arm IPO, net profit drops 9% in Q1FY24 • TVS Supply Chain IPO to open for subscription on August 10. Check key details here • Concord Biotech IPO subscribed 58% on Day One • SBFC Finance IPO subscribed 7.09 times on Day 2. Check GMP and other details

- VC: • Emtech snags $4 mn from Matrix Partners, others • Gulf Digest: Funding activity surges in July; two healthtech platforms raise early-stage funds • Elev8 marks first close of maiden fund at $67 mn • Wallter Systems, UcliQ raise early-stage funding

Tech / Startup:

• Byju’s, lenders miss August 3 timeline to rework loan terms • Zomato posts surprise profit of Rs 2 crore in Q1, revenue rises 71% to Rs 2,416 crore • Zomato Q1 Results: Food delivery back on growth track, gross order value rises 11% • Blinkit will deliver more value to shareholders than Zomato in 10 years: Deepinder Goyal

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Top Reads:

• Derek Thompson explained how the recession doomers got the US economy so wrong.

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