Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty opened on a flat note and traded with a negative bias to close in the red down ~73 points. On the daily charts, we can observe that the Nifty is retracing the rise from 19303 – 19992. Currently, it is around the 50% Fibonacci retracement level and is expected to attract buying interest.
The daily momentum indicator has triggered a negative crossover which is a sell signal. Both price and momentum indicators are indicating weakness. However, we are still of the opinion that this is a dip that should be bought into as the overall uptrend is still intact. In terms of levels, 19600 – 19580 shall act as a crucial support zone, and on the upside 19800 - 19840 shall act as an immediate hurdle zone.
Bank Nifty closed in the red today. It witnessed selling pressure from around 46200 levels and drifted lower. We believe that Bank Nifty is in the process of retracing the rise it has witnessed from 44547 – 46370. On the downside, it can slip towards 45750 - 45670 where support is in the form of the 38.2% Fibonacci retracement level and the 40-hour moving average is placed. Overall, the trend is still positive and once this consolidation is complete, we can expect the Bank Nifty to resume its uptrend. On the upside 46500 is the expected target.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Domestic equities ended in a negative zone amid mixed results locally as well as globally and disappointing German PMI. Nifty opened flat and moved in a narrow range to close with a loss of 73 points at 19672 levels.
The majority of the sectors ended in red with FMCG down 1.7%. While Pharma, PSU Bank, and Realty ended in the green. Niche sectors like railway stocks were in the limelight after media reports suggest Indian Railways plan to float a tender of ~ Rs 25k crore to procure 60k wagons in July-Sept.
We expect some cautiousness ahead of the US Fed meeting where in 25bps hike is expected, while investors keenly await commentaries. With the quarterly earnings season now at full pace during the week, we expect stock-specific action to continue in the market.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty fell for the second consecutive session on July 24 dragged down by profit taking post results from some companies. At close, Nifty was down 0.37% or 72.7 points at 19672.4. Volumes on the NSE continued to be healthy. Midcap index ended in the positive even as the advance decline ratio was steady at 0.93:1.
Global markets were mixed as investors braced for the busiest week of the earnings season and key central bank policy meetings. A sharp decline in manufacturing and services gauges from the Euro region fanned concerns about the faltering global economy.
Nifty formed a lower top, lower bottom formation on July 24 compared to the previous session and closed almost at the intra day low. 19595 and 19524 are the next supports for the Nifty while 19832 could be the resistance. As the results season is peaking, traders may have started unwinding their long positions, creating pressure on the Nifty.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets traded volatile in a narrow band and lost nearly half a percent, in continuation of Friday’s decline. After the flat start, the Nifty index oscillated in a range and finally settled around the day’s low to close at 19,672.35 levels. Most sectors traded in sync with the move and drifted lower wherein FMCG, metal and energy were among the top losers. Meanwhile, the broader indices showed resilience and ended almost flat to marginally higher.
It is a healthy correction as it would help in easing the overbought condition and we expect Nifty to respect the 19300-19500 zone during this phase. Traders should focus on managing their existing trades and accumulating quality stocks on dips. We feel the performance of the banking pack would play a critical role ahead.
Deven Mehata, Equity Research Analyst at Choice Broking:
Following today's flat opening, the Nifty was volatile throughout the day, concluding a negative close for the day. For investors, the market is buys on dips with a strict stop loss of 19500, and if the Nifty closes below the indicated level, we can expect more profit booking.
The market has traded Negative with the Sensex losing 0.45 percent and closed at 66384.78 and Nifty was down by 0.37 percent intraday and closed at 19672.35 levels whereas Bank Nifty was down by 0.33 percent and settled at 45923.05.
Among sectors Nifty Auto and Nifty Pharma and Nifty PSE ended in green while Nifty Metal, Nifty FMCG and Nifty Consumption ended on the lower side. In Nifty stocks, IndusInd Bank, M&M and Dr Reddy Labs were the top gainers while ITC, Kotak Mahindra Bank and Reliance were the prime laggards.
IndiaVIX was positive by 1.39 percent intraday and settled at 11.65.
Volume profile indicates Index has a strong support around 19550-19475 zone. Coming to the OI Data, on the call side, the highest OI observed at 19800 followed by 19900 strike prices while on the put side, the highest OI is at 19500 strike price. On the other hand, Bank nifty has support at 45400-45500 while resistance is placed at 46250-46370 levels.
Kunal Shah, Senior Technical & Derivative analyst at LKP Securities:
The Nifty Bank is experiencing a tug-of-war between the bulls and the bears, resulting in a sideways movement. The option data indicates that call writers and put writers are actively participating at the 46000 strike price. This suggests that market participants are uncertain about the direction of the index, leading to a potential sideways momentum. If the index sustains below the 46200 mark, it may open the way for further downside movement towards the support zone of 45700-45000.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities
Markets fumbled for the second straight session due to profit taking in banking, FMCG, metals and oil & gas stocks. There is no pessimism as such in the markets but the normal correction which was pending for sometime, and with results from Infosys and Hindustan Unilever not coming on expected lines, investors are taking the opportunity to reduce their positions ahead of the key US FOMC policy outcome to be announced this Wednesday.
Technically, after a muted opening the Nifty is consistently facing selling pressure at higher levels. On intraday charts, the index held the lower top formation and on daily charts, it has formed a small bearish candle, which is largely negative. We are of the views that the index has completed a one leg of technical correction but a fresh uptrend rally is possible only after the dismissal of 19750. Below the same, the market could slip till 19600-19575. On the other side, above 19750 the index could rally till 19800-19835.
Vinod Nair, Head of Research at Geojit Financial Services
Volatility has re-emerged as initial Q1 results are below the expectations. Sector wise setbacks were experienced in IT and FMCG, unveiling weak demand and high input costs. Banks are mixed while Pharma stocks are withholding the volatility in anticipation of a better demand from developed economies, reduction in US pricing issues and expansion in operating margins. Investors are also watchful of the upcoming FOMC meeting, addressing rate hike and quantitative tightening measures, which could have an implication on FIIs inflows.
Kunal Shah, Senior Technical & Derivative analyst at LKP Securities:
The bears currently have the upper hand in the market, and Nifty index is facing strong resistance at the 19800 level, where aggressive call writing is observed. This resistance zone has become a significant hurdle for the bulls. If the index sustains below the 19700 level, it may lead to further downside movement towards the support zone of 19600-19550, where the next support level is visible.
Given the current market conditions and volatility, traders should be cautious and utilize both the resistance and support levels to make trading decisions.
S Ranganathan, Head of Research at LKP Securities
As expectations are getting reset in sync with the first quarter earnings that are underway, we witnessed profit booking post earnings and news flows today in heavy weights as well as financials. Investors need to be mindful of cuts in stock prices if eventual outcomes on earnings fail to match up with expectations.
The PSE Index however exhibited keen interest from participants as several of its constituents rose on the back of likely inclusion in the MSCI as well as new clean energy orders.
Rupee Close:
Indian rupee ended 13 paise higher at 81.82 per dollar on Monday versus Friday's close of 81.95.
Market Close:
benchmark indices ended lower on July 24 with Nifty below 19,700.
At close, the Sensex was down 299.48 points or 0.45% at 66,384.78, and the Nifty was down 72.70 points or 0.37% at 19,672.30. About 1731 shares advanced, 1873 shares declined, and 147 shares unchanged.
Top losers for the day on the Nifty were ITC, Kotak Mahindra Bank, Tech Mahindra, Reliance Industries and Britannia Industries, while gainers were IndusInd Bank, SBI Life Insurance, Dr Reddy's Laboratories, Bajaj Finserv and M&M.
On the sectoral front, FMCG index shed nearly 2 percent, and oil & gas, bank & metal fell 0.5 percent each. On the other hand, power and capital goods indices up 0.5 percent each.
The BSE Midcap index was up 0.3 percent, while Smallcap index ended on flat note.
Gravita Q1
Net profit up 22.6% at Rs 52.1 crore and revenue up 21.3% at 703.4 crore
Relaxo Footwears Q1
Net profit up 54.5% at Rs 56.3 crore versus Rs 39 crore and revenue up 10.7% at Rs 738.8 crore versus Rs 667.2 crore, YoY.
Sensex Today | BSE FMCG index shed 1.7 percent dragged by United Spirits, ITC, Hatsun Agro
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| United Spirits | 978.00 | -5.84 | 207.13k |
| ITC | 469.90 | -4.07 | 929.37k |
| Hatsun Agro | 1,023.35 | -3.77 | 4.50k |
| Apex Frozen | 222.50 | -2.9 | 12.57k |
| Patanjali Foods | 1,296.30 | -2.52 | 15.02k |
| Avanti Feeds | 393.05 | -2.51 | 28.38k |
| Bectors Food | 815.90 | -2.5 | 5.43k |
| Bajaj Consumer | 207.15 | -2.43 | 32.36k |
| Globus Spirits | 1,164.05 | -2.33 | 13.87k |
| Assoc Alcohol | 448.10 | -1.99 | 4.91k |
Stock Market LIVE Updates | JPMorgan View On ICICI Bank
-Overweight rating, target at Rs 1,150 per share
-PAT was 7% ahead of estimates driven by lower provisions
-Core PPoP in-line with estiamate driven by loan growth & higher NIMs
-Core NIMs declined 15 bps QoQ on deposit repricing, in-line with expectations
-RoAs above cycle levels as lower NIMs & higher opex offset by lower credit costs
| Company | CMP | High Low | Fall from Day's High |
|---|---|---|---|
| Wim Plast | 504.95 | 505.00 490.00 | -0.01% |
| Ion Exchange | 564.80 | 565.00 526.70 | -0.04% |
| Satin Credit | 197.90 | 198.00 190.70 | -0.05% |
| Bata India | 1,679.90 | 1,681.25 1,661.00 | -0.08% |
| Styrenix | 1,209.00 | 1,210.00 1,153.05 | -0.08% |
| RHI Magnesita | 621.95 | 622.50 607.65 | -0.09% |
| Gulf Oil Lubric | 493.55 | 494.00 491.00 | -0.09% |
| Jupiter Wagons | 211.60 | 211.80 197.00 | -0.09% |
| Apar Ind | 3,790.00 | 3,794.90 3,671.85 | -0.13% |
| Butterfly | 1,193.00 | 1,194.70 1,178.00 | -0.14% |
| Company | CMP | High Low | Gain from Day's Low |
|---|---|---|---|
| Aarti Drugs | 602.50 | 609.80 555.00 | 8.56% |
| Tanla Platforms | 1,291.20 | 1,317.95 1,221.00 | 5.75% |
| BEML | 1,779.40 | 1,795.00 1,690.05 | 5.29% |
| Can Fin Homes | 890.00 | 896.40 847.90 | 4.97% |
| PNB Housing Fin | 682.10 | 686.70 651.00 | 4.78% |
| RITES | 478.70 | 502.00 457.10 | 4.73% |
| Mazagon | 1,953.90 | 1,957.80 1,868.05 | 4.6% |
| Cyient | 1,480.05 | 1,486.35 1,420.10 | 4.22% |
| Engineers India | 141.20 | 142.40 135.60 | 4.13% |
| Century | 967.65 | 977.15 935.85 | 3.4% |
Sensex Today | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas:
Indian Rupee gained on softening crude oil prices and a sharp jump in India’s forex reserves. According to RBI’s data released on Friday, India’s forex reserves rose to $609.2 billion for the week ended July 14, 2023. It climbed back above the $600 billion mark for the first time in 16 months. However, a weak tone in the domestic markets and a strong US Dollar capped sharp gains. US Dollar gained amid disappointing PMI data from Europe and UK which showed activity contracting deeper.
We expect Rupee to trade with a slight negative bias on deteriorating global risk sentiments which may support the safe-haven US Dollar and put pressure on riskier currencies. Risk aversion in global markets and rising concerns over global economic slowdown may also weigh on the Rupee. However, sustained foreign inflows may support Rupee at lower levels. Investors may remain cautious ahead of the FOMC meeting later this week. We expect the USD/INR spot to trade in the range of 81.50 to 82.40 in the near term.
Stock Market LIVE Updates | CLSA View On HDFC Life Insurance Company
-Underperform rating, target at Rs 680 per share
-Healthy growth in APE across most products and channels
-VNB margin of 26.2% & is well poised to deliver 27.5% in FY24
-Management reiterated guidance of increasing wallet share in HDFC Bank
-Recent strong move in stock prices leaves limited room for upside
Stock Market LIVE Updates | Morgan Stanley View On Reliance Industries
-Overweight rating, target cut to Rs 3,000 from Rs 3,210 per share
-Moving into a phase where monetisation & investment cycles run concurrently till 2027
-Company is evident with its guidance to keep net debt below EBIDTA
-Multi-decade profile shift offers under-appreciated opportunities
Sensex Today | Market at 3 PM
The Sensex was down 256.67 points or 0.38% at 66,427.59, and the Nifty was down 58.80 points or 0.30% at 19,686.20. About 1671 shares advanced, 1647 shares declined, and 129 shares unchanged.
| Company | CMP Chg(%) | Today Vol 5D Avg Vol | Vol Chg(%) |
|---|---|---|---|
| DB (Int) Stock | 24.05 1.05% | 90.28k 3,282.40 | 2,650.00 |
| Inspirisys Solu | 75.05 -1.9% | 61.49k 2,326.20 | 2,543.00 |
| ICICIALPLV | 199.32 0.22% | 317.70k 14,622.40 | 2,073.00 |
| Gokul Agro | 118.70 10.88% | 1.90m 88,200.40 | 2,051.00 |
| Elgi Rubber | 44.00 13.55% | 622.17k 36,150.00 | 1,621.00 |
| Aarti Drugs | 602.80 18.07% | 11.66m 701,392.60 | 1,562.00 |
| Vera Synthetic | 57.10 4.96% | 24.00k 1,500.00 | 1,500.00 |
| Kalyani Steels | 404.00 6.18% | 935.13k 63,421.80 | 1,374.00 |
| DSPNEWETF | 234.25 0.15% | 103.30k 7,058.00 | 1,364.00 |
| Kotak Nifty ETF | 210.58 -0.62% | 496.42k 35,849.00 | 1,285.00 |
Stock Market LIVE Updates | SRF Q1 net profit slumps 41% to Rs 359.3 crore
Chemicals maker SRF Ltd posted a 41 percent decline in net profit for the June quarter to Rs 359.3 crore, down from Rs 632 crore last fiscal.
Its topline also slipped 14.3 percent year-on-year to Rs 3,338.4 crore in the April-June period from Rs 3,894 crore.
Stock Market LIVE Updates | HDFC AMC Q1 Results
The company has reported 52 percent jump in Q1 net profit at Rs 477.5 crore versus Rs 314.2 crore and revenue was up 10.1% at Rs 574.5 crore versus Rs 521.6 crore, YoY.
Stock Market LIVE Updates | TVS Motor Company Q1 Results
The company has posted 46% jump in its Q1 net profit at Rs 467.7 crore versus Rs 320 crore and revenue was up 20.1% at Rs 7,217.9 crore versus Rs 6,008 crore, YoY.
ITC board gives in-principle nod for demerger of hotels business |
ITC board accorded its in-principle approval to the demerger of Hotels Business under a scheme of arrangement, with the company holding a stake of about 40% in the new entity and the balance shareholding of about 60% to be held directly by the company’s shareholders proportionate to their shareholding in the company.
Stock Market LIVE Updates | PNB Housing Finance Q1 Earnings:
Net profit up 47.8% at Rs 347.3 crore versus Rs 235 crore and revenue up 21% at Rs 1,707.6 crore versus Rs 1,410.7 crore, YoY.
Stock Market LIVE Updates | DLF reports 12.2% YoY growth in consolidated profit at Rs 528 crore
DLF has reported a 12.2% year-on-year growth in consolidated profit at Rs 528 crore despite weak operating margin, driven by fall in finance cost & other expenses and higher other income. Revenue declined 1.3% on-year to Rs 1,423.2 crore for the quarter, with new sales bookings at Rs 2,040 crore.
DLF was quoting at Rs 493.70, down Rs 7.10, or 1.42 percent on the BSE.
Stock Market LIVE Updates | Aarti Drugs reports 38% YoY growth in profit at Rs 48 crore for quarter ended June FY24
The company has registered a 38% on-year growth in profit at Rs 48 crore for quarter ended June FY24 on healthy operating performance. Revenue for the quarter at Rs 661.7 crore, growing 6% over year-ago period API business rising 9%, formulation segment growing 6% but specialty chemicals division showed 18% decline YoY.
On the operating front, EBITDA grew by 26% on-year to Rs 84 crore with margin expansion of 200 bps at 12.8% for the quarter.
Stock Market LIVE Updates | BASF Q1 Earnings:
The company has posted 42.7 percent fall in its Q1 net profit at Rs 112.7 crore versus Rs 196.8 crore and revenue was down 13.2% at Rs 3,374.7 crore versus Rs 3,887.8 crore, YoY.
BASF India was quoting at Rs 2,647.85, up Rs 36.05, or 1.38 percent.
Sensex Today | Market at 2 PM
The Sensex was up 13.58 points or 0.02% at 66,697.84, and the Nifty was up 14.70 points or 0.07% at 19,759.70. About 1753 shares advanced, 1527 shares declined, and 140 shares unchanged.
| Company | CMP Chg(%) | Volume | Value(Rs cr) |
|---|---|---|---|
| Reliance | 2,498.30 -1.59 | 9.20m | 2,292.00 |
| HDFC Bank | 1,678.90 0.19 | 10.94m | 1,835.28 |
| ICICI Bank | 997.55 0.06 | 15.54m | 1,552.51 |
| Kotak Mahindra | 1,904.10 -3.35 | 5.21m | 994.15 |
| Suzlon Energy | 20.55 4.85 | 453.56m | 920.28 |
| Infosys | 1,335.50 0.29 | 6.43m | 860.71 |
| Rail Vikas | 142.25 4.1 | 52.55m | 752.51 |
| RBL Bank | 220.95 -0.29 | 28.87m | 636.59 |
| Axis Bank | 973.50 0.23 | 6.37m | 621.56 |
| Canara Bank | 347.35 2.72 | 17.63m | 607.05 |
Stock Market LIVE Updates | Nomura View On Ashok Leyland
-Buy rating, target at Rs 213 per share
-Margin beat consensus, can rise more
-Capex cycle to drive CV demand, benign competition a key lever for expansion
-Company expects 8-10% M&HCV industry growth in FY24
-Company remains focussed on sustaining double-digit margin
Stock Market LIVE Updates | JPMorgan View On Persistent Systems
-Underweight rating, target at Rs 4,100 per share
-Missed estimate for 1st time in 3 years with CC growth coming in at lower end of target
-Growth was led by top account while rest of portfolio was soft at 2%
-Key highlight was QoQ growth target being revised down to 2-4% from 3-5% earlier
-Stock trading at 29x 1-year forward PE
Stock Market LIVE Updates | Poonawalla Fincorp Q1 Earnings:
Poonawalla Fincorp has posted 62 percent jump in its Q1 net profit at Rs 200.2 crore versus Rs 123.7 crore and revenue was up 71.7% at Rs 698.5 crore versus Rs 406.9 crore, YoY.
Poonawalla Fincorp touched a 52-week high of Rs 385 and quoting at Rs 378.25, up Rs 3.25, or 0.87 percent.
Stock Market LIVE Updates | Jammu and Kashmir Bank Q1 Results
The company's Q1 net profit rose 96.7 percent at Rs 326.5 crore against Rs 166 crore and net interest income (NII) was up 24.1% at Rs 1,283.3 crore versus Rs 1,034.2 crore, YoY.
Stock Market LIVE Updates | Thangamayil Jewellery Q1 Earnings:
Thangamayil Jewellery has posted net profit at Rs 58.6 crore versus Rs 19 crore and revenue was up 16.2% at Rs 960 crore versus Rs 826.4 crore, YoY.
Thangamayil Jewellery touched a 52-week high of Rs 1,024.60 and quoting at Rs 1,000.70, up Rs 137.40, or 15.92 percent on the BSE.
Stock Market LIVE Updates | Tejas Networks tanks 8% as net loss widens on higher costs
Shares of Tejas Networks slumped 8 percent on July 24 after the company's net loss widened sequentially in the April-June quarter.
The company posted a consolidated net loss of Rs 26.3 crore for the April-June period, surpassing a loss of Rs 11.5 crore recorded in the previous quarter. The company was Rs 6.6 crore into the red a year back.
The company's revenue dropped 37.2 percent sequentially to around Rs 188 crore, down from Rs 299.3 crore in the last quarter. On a year-on-year basis, however, the topline was up over 46 percent.
Stock Market LIVE Updates | Macquarie View On Reliance Industries
-Underperform rating, target at Rs 2,100 per share
-Reported a subdued Q1 with lower margin in cyclical O2C business a drag
-Positive E&P, in-line Jio, retail & O2C, negative capex
-Consensus has cut FY24-25 EPS estimate by 10-7% over past 3 months
-FY24-25 EPS estimate remains 14-18% below consensus
Stock Market LIVE Updates | JPMorgan View On UltraTech Cement
Neutral rating, target raised to Rs 7,355 per share
Strong volume growth, but lower margin
In-line earnings, expansion on track
Strong execution, market presence & capacity expansions are a positive
Valuations are rich & keep us on sidelines
Stock Market LIVE Updates | CreditAccess Grameen hits all-time high on strong Q1 show in a seasonally weak quarter
CreditAccess Grameen shares gained over 4 percent on July 24 as the microfinance institution managed to double its net profit in Q1FY24, which is usually a weak quarter. The company posted 151.5 percent year-on-year to Rs 348 crore, while its net interest income jumped 65.4 percent on-year to Rs 763.3 crore.
The overall loan book grew 39.7 percent to Rs 21,814 crore from Rs 15,615 crore a year ago, the MFI said in a statement and attributed the same to a 20 percent increase (3.28 lakh new customers) in the borrower base and better collection efficiency, which rose to 98.7 percent. Read More
Stock Market LIVE Updates | NHPC surges 4% as Arunachal Pradesh approves allotment of 2 power projects
Shares of NHPC rose 4 percent on July 24 as the Arunachal Pradesh government has approved for allotment of Subansiri Upper HE Project (2000 MW) and Kamala HE Project (1800 MW) to the company.
NHPC had commenced construction work on the Subansiri Lower hydroelectric project in January 2005 after obtaining forest clearance on October 12, 2004. However, due to agitations and protests by local stakeholders, the project construction work was stalled from December 2011 to October 2019. Construction resumed on October 15, 2019, after clearance from the NGT.
Both projects were earlier allotted to private power developers.
Stock Market LIVE Updates | SVJN jumps 12% on bagging Rs 7,000-crore solar power contract
SJVN Ltd stock jumped over 12 percent to Rs 56.10 on July 24 after the company announced winning a Rs 7,000-crore contract from Punjab State Power Corporation Ltd (PSPCL) for the development and procurement of 1,200 MW solar power.
SJVN Green Energy, a wholly owned subsidiary of SJVN, has secured a contract for developing and manufacturing 1,200 MW of solar energy worth Rs 7,000 crore from Punjab State Power Corporation.
SGEL will develop 1,000 MW solar infrastructure from anywhere in India, with a 200 MW set-up in Punjab. SJVN has received the Letter of Intent from the PSPCL for procuring 1200 MW of solar power.
The project is expected to be commissioned within 18 months from the date of signing the power purchase agreement (PPA) and is expected to be operational by December 2024. Read More
Stock Market LIVE Updates | Quant Mutual Fund buys 23 lakh equity shares in Railtel Corporation of India
Quant Mutual Fund has purchased 23 lakh equity shares or 0.71% shareholding in Railtel Corporation of India at an average price of Rs 150.84 per share.
Stock Market LIVE Updates | BNP Paribas Arbitrage buys 88.86 lakh equity shares in Bandhan Bank
Financial services firm BNP Paribas Arbitrage has bought 88.86 lakh equity shares or 0.55% equity stake in Bandhan Bank via open market transactions at an average price of Rs 211 per share.
Bandhan Bank was quoting at Rs 220.40, up Rs 2.50, or 1.15 percent.
Stock Market LIVE Updates | Citi View On Vedanta
-Downgrade to sell, target cut to Rs 225 per share
-Q1 EBITDA fell 30% QoQ on lower commodity prices/volumes
-Dividend upstreaming in excess of inflows from Hind Zinc, brand fee to VRL
-Sale of the proposed semiconductors & displays business from VRL hurting leverage
-Net debt exclusive HZL is up by USD 2 billion from March to June 2023 largely on dividend outgo
