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Business Standard
04-08-2025
- Business
- Business Standard
F&O volumes hit 8-month high in July despite ban on Jane Street
Despite a ban on US-based high-frequency trader Jane Street, derivatives volumes in July rose 10% month-on-month, reaching an 8-month high. Analysts and experts said the increase in volumes may have been driven by proprietary and retail traders amid a spike in market volatility. In July, the combined average daily turnover (ADTV) for both exchanges stood at Rs 381 trillion, the highest since November 2024, when the initial regulatory changes were introduced to curb the frenzy in the segment. Though still far below the peak of Rs 537 trillion in September 2024, experts believe the surge signals that volumes are picking up. The rise is also notable as activity from high-frequency traders (HFTs), who are touted as 'major liquidity providers', may have cooled off amidst the ongoing probe into Jane Street. 'Because of the changing scenario or market dynamics, a lot of learning and re-learning has happened over the last one to two quarters. Market participants have adjusted to the changes, and momentum is picking up. We are in the growth phase. So, most of the leverage products could be in focus,' said Chandan Taparia, Head of Derivatives & Technical Research at Motilal Oswal. He added that the impact on volumes would be clearer once the expiry days are swapped by the exchanges in August. Meanwhile, the combined ADTV for the cash segment dropped 15% to Rs 1.02 trillion. Experts attributed the decline in cash market volumes to softness in stock prices. In July, the Nifty and Sensex both fell by 3%, while the broader Nifty Smallcap 100 and Nifty Midcap 100 indices dropped 6.7% and 4%, respectively. According to the NSE Market Pulse report, the number of individual investors in equity derivatives dropped to around 3 million, down from the peak of 5.2 million in June 2024. Brokers believe the individual investor count may have risen in July, based on the ADTV trend. Market players noted that despite volatility, retail participation has been significant. 'Earlier, when there was high volatility, retail participation used to drop drastically. Now, we are witnessing that retail participation is quite buoyant in this market—despite all the concerns on losses by retail traders. There has been a surge in activity from proprietary desks also, as they seek to take advantage of the volatility,' said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities. Amit Chandra, Assistant Vice President at HDFC Securities, said participation rose amid the volatility triggered by global events. 'On the last expiry on Thursday, the NSE recorded volumes of Rs 90,000 crore in premium terms—its highest. This was a function of high volatility, along with the fact that it was both a weekly and monthly expiry, and some unwinding by HFTs. This is not the new normal, but the volume has suddenly gone up due to higher implied volatility.'
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Business Standard
01-08-2025
- Business
- Business Standard
Smallcap insurance stock under ₹100 sinks 7% post Q1; check stock strategy
Niva Bupa Health Insurance reported a massive rise in net losses during the quarter ended June 30, 2025, to ₹91.44 crore as against ₹18.82 crore reported in Q1FY25 SI Reporter New Delhi Niva Bupa Health Insurance share price today: Shares of insurance player, Niva Bupa Health Insurance, dropped over 7 per cent on Friday, August 1, 2025, logging an intraday low of ₹81.25. At 10:10 AM, shares of Niva Bupa Health Insurance Company were trading at ₹82.08, down by 6.25 per cent on the National Stock Exchange. In comparison, Nifty50 was trading at 24,738.85, down by 29 points or 0.12 per cent. At the time of writing this report, around 3.3 million shares had changed hands on the counter, cumulatively, on the NSE and BSE. The selloff on the counter came after the company released its earnings for the first quarter of the financial year 2025-2026 (Q1FY26). CATCH STOCK MARKET LIVE UPDATES TODAY Nive Bupa Q1FY26 earnings The insurance company reported a massive rise in net losses (calculated as per I-GAAP model) during the quarter ended June 30, 2025, to ₹91.44 crore as against ₹18.82 crore reported in the corresponding quarter of the previous fiscal year. However, the company recorded a profit after tax (PAT) of ₹70.1 crore in Q1FY26, as per the International Financial Reporting Standards (IFRS basis). Gross premium written (GPW) during the quarter under review increased by over 11 per cent to ₹1,631 crore as compared to ₹1,464 crore reported in Q1FY25. The company's combined ratio for the June quarter stood at 117 per cent as compared to 106.1 per cent reported in the same period of the last fiscal year. Niva Bupa's overall asset under management (AUM) stood at ₹8,111.7 crore in Q1FY26, up from ₹5,674.4 crore reported in the first quarter of the previous financial year. That apart, the insurance firm's retail market share improved to 10 per cent, maintaining its position as one of India's leading health insurers, as per the exchange filing. "In Q1FY26, the company's agency channel continued to lead as the top contributor to GWP, closely followed by brokers and it's bancassurance network. Notably, the company's retail business growth for digital business (including partners) on a like to like basis (without 1/N) was 31 per cent, indicating the increasing effectiveness of its digital strategies," the company release stated. ALSO READ | Brokerage View: WealthMills Securities Kranthi Bathini, director-equity strategy at WealthMills Securities, pointed out that while the company's Q1 results might have painted a subdued picture, the overall sectoral outlook remains positive. He has maintained a 'Hold' rating on the stock. "The company's quarterly results were below expectations, leading to selling pressure from investors. However, it is advisable to monitor the stock closely in the coming quarters, as the growth prospects for the overall insurance sector, especially health insurance, remain strong. Niva Bupa, in particular, stands out for its robust digital reach, which could support increased market share over time. Given these long-term fundamentals, existing investors can hold their positions. For new investors, adopting a 'buy on dips' strategy appears to be a prudent approach," he said. Ravi Singh, SVP-retail research, Religare Broking, also took a similar stance and issued a 'Hold' rating on the stock. "Existing long investors can average the position at current prices if it holds the ₹82-₹83 mark and exit if the daily closing falls below ₹82. For fresh buying, a decisive close above ₹85 levels is necessary. Stock is also facing resistance from 21– day EMA over which it has recently traded but fails to sustain," he said.
India Today
31-07-2025
- Business
- India Today
Trump's 25% tariffs: Which sectors are at most risk?
Despite multiple rounds of talks, and Trump calling India a 'friend', the label of 'tariff king' seems to have stuck harder and several Indian industries could be left footing the seems to be preparing for a tough few weeks after US President Donald Trump announced a 25% tariff on Indian exports starting August additional penalty was also announced for India's continued oil purchases from Russia, which has added more uncertainty for The US has been calling for a fairer deal, often criticising India for high tariffs and trade restrictions. In a post on the Truth Social platform, Trump said India has 'the most strenuous and obnoxious non-monetary Trade Barriers of any Country.' The tariff rate, he said, is also among the highest in the and the US have been in trade talks for months. Despite India being one of the first countries to respond to the US outreach, the two sides failed to reach a deal. India expected better treatment, especially after Prime Minister Narendra Modi's high-profile US visit earlier this the decision to slap tariffs similar to or higher than those imposed on other Asian nations like Vietnam (20%) and Indonesia (19%) has come as a to Bloomberg, calculations show that nearly 10% of India's total exports to the US could be impacted between July and September if the tariffs stay at 25%. The India-US two-way trade was worth about $129.2 billion in Bathini, Director – Equity Strategy at WealthMills Securities, said the final draft of the US tariff move will decide which sectors get hit the hardest. But as of now, the sectors to watch are 'gems and jewellery, aqua exports, and some segments of auto components.'GEMS AND JEWELLERY SECTOR UNDER STRESSOne of the biggest industries facing immediate pressure is the gems and jewellery sector. The US is a key market, accounting for over Rs 83,000 crore (approx $10 billion) of India's jewellery exports. A 25% tariff could inflate costs, delay shipments, and disrupt Gem and Jewellery Export Promotion Council said the sector is staring at major a statement released late Wednesday, the council said the tariff move could 'threaten thousands of livelihoods' and 'disrupt critical supply chains.' The group added that costs would rise across the value chain, from workers to manufacturers, if the tariffs are not rolled back COMPANIES MAY LOSE COMPETITIVE EDGEIndia is the largest supplier of generic medicines to the US, exporting non-patented drugs worth roughly Rs 66,800 crore ($8 billion) annually. Companies like Sun Pharmaceutical Industries, Cipla, and Dr. Reddy's Laboratories earn nearly 30% of their revenue from the US Mariwala, Executive Chairman and MD of OmniActive Health Technologies, said that India isn't just a key supplier of generics to the US; we are a part of the backbone of affordable global healthcare."These duties may interrupt the smooth trade flow, inflate US drug costs, stall treatments, and put even greater pressure on American healthcare budgets. Back home, the profits for Indian pharmaceutical firms may decline, and R&D may stagnate, slowing down innovation and stalling new drug clearances," he from IQVIA, mentioned in a Bloomberg report, shows that four out of ten prescriptions filled in the US in 2022 were sourced from Indian companies. Indian generics helped save nearly Rs 18.3 lakh crore ($220 billion) in US healthcare costs in 2022 alone. A 25% tariff could damage this cost advantage and make Indian pharma less AND APPAREL INDUSTRY HIT BY DUTY GAPThe textile and apparel industry is another major exporter to the US, supplying everything from home linens to footwear. Indian suppliers work with brands such as Walmart, Gap, and Confederation of Indian Textile Industry said in a statement that the higher tariffs could create a 'stiff challenge' for the industry. It added that India will lose the competitive edge it had been hoping for over countries like Vietnam, which now face lower Textiles, in its recent earnings call, flagged slow business from the US due to tariff worries. Companies like Welspun Living, Indo Count, and Arvind Fashions may also see a decline in orders if prices rise due to the new EXPORT PLANS MAY SUFFERIndia recently overtook China as the top source of smartphones sold in the US, thanks to Apple's decision to assemble more iPhones in India. However, this success could be Rana and Andrew Girard, analysts at Bloomberg Intelligence, said in a note that Apple's shift to India might be 'set back' if the full 25% tariff is applied. 'A 25% surcharge would most likely force Apple to revise this plan,' they wrote, noting that India's electronics exports could face new IMPORTS FROM RUSSIA MAY BRING MORE PENALTIESAlongside the tariffs, Trump also warned of an additional penalty due to India's energy imports from Russia. India now gets around 37% of its oil from Russia at discounted rates, which has helped maintain strong profit margins for like Reliance Industries, Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum may suffer if these imports are restricted or taxed further. Reliance, for example, had signed a deal to buy up to 500,000 barrels of Russian oil per day this year, making it India's largest buyer of Russian access to cheap Russian oil is limited, Indian refiners may be forced to buy from costlier suppliers, which would lower their profit margins and increase fuel prices at MAY ADJUST OVER TIMEDespite the near-term pain, some experts believe the long-term impact could be Palviya, SVP – Research at Axis Securities, said the tariffs will hurt in the short run, but may not change India's growth story. 'It is improbable that it will significantly alter the country's long-term growth path,' he added that India's domestic market, entrepreneurial drive, and global partnerships remain strong. He believes both countries will eventually realise the need for a more balanced trade relationship, which could lead to softer tariff rules in the Trump's return, the change in trade tone has been clear. It's a wake-up call—India must double down on securing Free Trade Agreements with other major economies," said Mariwala."These aren't just about market access; they're about securing India's place in the world economy and advancing the vision of Viksit Bharat," he added.- EndsMust Watch
Mint
30-07-2025
- Business
- Mint
Terrible Thursday awaits D-Street? What Gift Nifty, experts signal for Indian stock market after Trump's 25% tariff move
Indian stock market: Despite multiple rounds of discussion between the US and India, President Donald Trump announced a 25% tariff on Wednesday ahead of the August 1 deadline, which, according to analysts, is likely to spark a knee-jerk reaction when the Indian stock market opens for trading tomorrow, July 31. The signs of an impending volatile session were already visible, as GIFT Nifty futures saw a sharp decline after Trump slapped higher-than-expected tariffs on India, signalling some stalemate in the ongoing negotiations between the two nations. Gift Nifty futures plunged sharply to 24,678, and were last trading down 160 points, or 0.63%, at 24,700, signalling a gap-down opening for the Indian stock markets on Thursday. Analysts had signalled that a rate of 20% or higher would come as a disappointment for India, which had been seeking a better deal than the 19% that Trump offered Indonesia and the Philippines. Anirudh Garg, Fund Manager at INVasset PMS, said a knee-jerk reaction is quite possible tomorrow — partly due to Trump's 25% tariff announcement, and partly because it coincides with the monthly expiry. "On expiry days, volatility tends to spike as traders roll over positions and settle futures and options contracts. With Gift Nifty already reacting negatively, we could see that sentiment spill over into domestic markets at the open," Garg added. Kranthi Bathini, Director - Equity Strategy, WealthMills Securities, refrained from predicting a stock market crash, but did not rule out the possibility of a knee-jerk reaction. "There could be a knee-jerk reaction in the short term, but the issue with Trump is that he often says one thing today and something completely different tomorrow. What is certain is the uncertain nature of Trump's approach," said Bathini. Garg added that while the headline shock may drive short-term selling, especially in export-linked sectors like engineering, gems, and textiles, the broader market may soon reassess. 'India's export exposure to the US is significant, but not dominant—about $77.5 billion in 2024. The estimated GDP impact is modest, between $3–8 billion (or ~ ₹ 25,000– ₹ 66,000 crore), translating to a 0.07–0.2% hit. This is not disruptive when set against India's strong domestic demand base, PLI-led capex momentum, and geopolitical tailwinds,' Garg added. Structurally, markets are likely to stabilise once the dust settles, he said. 'If anything, this may offer opportunities in select names where the long-term thesis remains intact.' Trump said he would impose a tariff rate of 25% on India starting on August 1 and suggested he would add an additional penalty on the country's energy purchases from Russia. Trump, in a post on Truth Social today, said India had tariffs that were 'among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country.' 'Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE, ' he added. 'INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST.' Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Business Standard
16-07-2025
- Business
- Business Standard
Just Dial share price slips nearly 3% in trade today; time to buy the dip?
Just Dial share price: Just Dial share price came under pressure on Wednesday, July 16, 2025, with the stock dropping up to 2.80 per cent to hit an intraday low of ₹914.70 per share. At 10:28 AM, Just Dial share price was down 2.76 per cent to hit an intraday low of ₹915.15 per share. In comparison, BSE Sensex was trading 0.15 per cent lower at 82,443.38 levels. CATCH STOCK MARKET LATEST UPDATES TODAY LIVE Why did Just Dial share price fall today? Just Dial's share price came under pressure today despite the company reporting a healthy set of numbers for the June quarter (Q1FY26) as investors flocked to book profits, analysts said. 'The stock is under pressure due to profit booking following a decent Q1 performance,' said Kranthi Bathini, director of equity strategy at WealthMills Securities. He added, 'In the last three months, the stock has been consolidating and is yet to decisively cross its 200-day moving average. A decisive break above the ₹940 level could trigger an upward rally.' In Q1FY26, Just Dial posted a 13 per cent year-on-year (Y-o-Y) increase in net profit to ₹160 crore, compared to ₹141 crore in Q1FY25. Revenue for the quarter rose 6.2 per cent Y-o-Y to ₹298 crore, up from ₹281 crore in the same quarter last year. At the operating level, Ebitda rose 7.2 per cent annually to ₹86.4 crore in Q1FY26, from ₹80.6 crore a year ago. The Ebitda margin also saw a slight improvement, expanding to 29 per cent from 28.7 per cent in Q1FY25. Echoing similar view, Ravi Singh, SVP of retail research at Religare Broking, said, 'Just Dial's Q1 result was in line with expectations, and today's decline from the ₹960 level is purely on account of profit booking.' He added, 'Fresh buying could emerge above ₹972, with an upside potential towards ₹1,050-1,100, provided investors manage risk with a 5 per cent stop-loss cap. The stock has also been trading with high volumes above the 20-day average in recent sessions, indicating near-term momentum if supported by price action. The overall outlook remains positive with a higher-lows formation.' Nuvama on Just Dial Just Dial (JD) reported Q1FY26 revenue of ₹298 crore, up 3 per cent Q-o-Q and 6.2 per cent Y-o-Y, broadly in line with Nuvama's estimate of ₹301 crore. However, Ebitda margin came in at 29 per cent, missing expectation of 30.2 per cent, primarily due to elevated employee costs and advertising expenses. Net profit stood at ₹160 crore, ahead of its ₹140 crore estimate, supported by higher other income. Paid campaigns grew modestly by 0.7 per cent Q-o-Q and 4.3 per cent Y-o-Y, while collections declined sharply by 19.2 per cent Q-o-Q, though up 0.6 per cent Y-o-Y. 'We are changing FY26E/27E EPS by +6.8 per cent/-4.3 per cent based on cuts to our growth and profitability expectations, with higher other income in near term lifting EPS in FY26E. Our DCF yields a target price (TP) of ₹1,280 (earlier ₹1,300). Maintain 'Buy' due to valuation support,' the brokerage added. About Just Dial Justdial is an Indian internet technology company that offers comprehensive local search services across India through multiple platforms including phone, website, and mobile applications. Established in 1996 by VSS Mani, the company has played a pioneering role in transforming how users access and engage with local service providers-from plumbers and restaurants to doctors, electricians, and more. Headquartered in Mumbai, Justdial has built one of the largest local search engines in India, with millions of listings and a vast database of verified service providers. Its user-friendly interface and multilingual support have enabled the platform to cater to a wide demographic, including both urban and semi-urban populations. In recent years, Justdial has been expanding its digital offerings to include hyperlocal e-commerce, transaction enablement, and AI-powered recommendations.
