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Sensex jumps 275 pts, Nifty adds 80 pts; Sun Pharma, Eicher jump; UPL lags

Stock Market Close: Indian market gained on Tuesday as Sensex closed above 65,600 pts and Nifty around 19,450. Most sectors are in the green with Auto, Pharma and FMCG leading the charge. Eicher Motors, Maruti, Nestle, Sun Pharma jumped, while Bajaj Finance and ULP dragged. 

Stock Market Today: Global cues to dictate market proceedings. Photographer:Dmitry Beliakov/Bloomberg News.

Share Market Today: FMCG, Auto and Pharma propel Sensex and Nifty as the indices ended around 0.4% higher. Almost all sectors gained in today's session.

Eicher Motors, Sun Pharma, Nestle India, and Apollo Hospitals led the rally, while UPL and Bajaj Finance dropped in today's session.

Asian stock markets followed Wall Street higher Tuesday and mostly ended higher ahead of an update on US consumer prices that traders hope will show inflation is easing, reducing the need for more interest rate hikes.

Meanwhile, India overtook China as the most attractive emerging market (EM) for investing in EM debt, as per 85 sovereign wealth funds and 57 central banks representing a total of $21 trillion in assets.

11 Jul 2023, 03:40 PM IST Share Market Close: Sensex and Nifty gain ahead of US inflation data with Auto, FMCG, and Pharma sector shining; Bank, Finance lag

Indian shares advanced on Tuesday, led by gains in high-weightage financials, FMCG and auto stocks, tracking a rise in their Asian peers as hopes of a China stimulus package boosted risk appetite.

The Nifty 50 index soared 83 points and closed at 18,439, while the S&P BSE Sensex rose 273 points to end at 65,617. Nine of the 15 Nifty sectoral indexes logged gains in today's session.

Auto, FMCG and Pharma gain around a per cent with almost all sectors ending today's session higher. Metal, Finance and Bank indices shed towards the last hour and ended in the red with marginal falls.

Sun Pharma, Eicher Motors, Tata Consumers, Apollo Hospitals, and Maruti Suzuki were among the top gainers. On the other hand, UPL, Bajaj Finance and Axis Bank shed.

Asian stock markets followed Wall Street higher Tuesday ahead of an update on US consumer prices that traders hope will show inflation is easing, reducing the need for more interest rate hikes.

Japan's Nikkei share average ended slightly higher on Tuesday, snapping five straight sessions of losses, but the index surrendered most of its early gains as investors sold stocks to lock in profits. The Nikkei index inched up 0.04%, while the broader Topix reversed course to end 0.31% lower.

China and Hong Kong shares rose after Beijing extended its policy support to the ailing property sector, fuelling hopes for a fresh round of easing.

European shares gained for a third day, fueled by optimism from more economic support in China, while investors brace for earnings season and key US inflation data.

UK's FTSE 100 was subdued at the open as a strengthening pound pressured the exporter-heavy index, while mining stocks shined on higher metal prices.

Sensex at Close
11 Jul 2023, 03:22 PM IST Vijay Kedia raises stake in small-cap stock, Patel Engineering, that has surged 125% in YTD

According to the shareholding pattern of Patel Engineering for the April to June 2023 quarter, Vijay Kedia is reported to hold 1.30 crore shares of the company, accounting for 1.68% of the total paid-up capital. In the previous quarter (January to March 2023), Vijay Kedia held 1 crore shares, representing 1.29% of the total paid-up share capital. These figures indicate that Vijay Kedia acquired an additional 30 lakh shares of Patel Engineering during the first quarter of the current financial year. (Read More)

11 Jul 2023, 03:08 PM IST Energy firm Oriana Power closes pre-IPO funding round

Solar energy firm Oriana Power Ltd on Tuesday said it has successfully closed its pre-IPO funding round with the participation of several stock market veterans.

Several investors, including Prashant Jain of JSW Energy (Jindal Group), Meru’s founder Neeraj Gupta, and MSMEx’s founder Amit Kumar participated in the funding round, with Anil Kumar Goel leading the investors.

Oriana Power has already filed its draft red herring prospectus (DRHP) for its proposed initial public offering (IPO). The offer will involve the issuance of 50.55 lakh shares at a face value of 10 each through the book-building route. (Read More)

11 Jul 2023, 02:52 PM IST Byju's account books on radar as Centre orders inspection: Report

According to Bloomberg News, India's Ministry of Corporate Affairs has initiated an inspection into the financial records of edtech startup Byju's. The ministry has reportedly requested a report on the matter within six weeks, as per sources familiar with the situation.

Furthermore, an article in Hindu Business Line on July 8 mentioned that the Serious Fraud Investigation Office (SFIO), a multidisciplinary organization under the Ministry of Corporate Affairs, has commenced an investigation into Byju's.

One of the anonymous sources stated that the ministry has already examined the legal and procedural aspects of referring the case to the SFIO in recent days. The inspection and investigation reflect a closer scrutiny of Byju's operations by the government authorities. (Read More)

11 Jul 2023, 02:40 PM IST Dhruva Advisors comments on GST council's new Rule 88C, which requires taxpayers to reconcile the tax liability reported in Form GSTR-1 with the liability paid in Form GSTR-3

Dhruva Advisors express their views on The Goods and Services Tax Council's new rule, Rule 88C, which requires taxpayers to reconcile the tax liability reported in Form GSTR-1 with the liability paid in Form GSTR-3B. If there is a difference, the taxpayer will be notified and given seven days to either pay the differential tax or provide an explanation: Considering the quantum of similar notices already being issued to the taxpayers in Form ASMT-10 basis the scrutiny of returns, the intimation in Form DRC-01B would further add to the burden of undertaking compliances (specially as it bars the filing of Form GSTR-1).

Taxpayers would henceforth need to be more vigilant at the time of filing the returns and specially towards any adjustments made in Form GSTR-3B which has an impact of reducing the tax liabilities (which have not been considered in Form GSTR-1).

11 Jul 2023, 02:38 PM IST Pharma sector gains almost a per cent with most stocks in the index trading in the green

11 Jul 2023, 02:11 PM IST India's steel output grows 8.37 pc to 33.63 MT in Apr-Jun; upward trend to continue: SteelMint

India's crude steel production increased by 8.37 per cent in April-June period to 33.63 MT and the momentum is likely to continue in the current quarter as well, according to SteelMint.

Higher production and capacity ramp-up activities by steel mills will meet the increasing demand, the research firm said in a note.

India had produced 31.03 million tonnes (MT) of steel in the April-June quarter of the preceding 2022-23 financial year, SteelMint data showed. (PTI)

11 Jul 2023, 02:08 PM IST Small-cap stock, Generic Engineering Construction, set to declare final dividend today

Generic Engineering Construction and Projects Ltd's shares have been consolidating after reaching a 52-week high of 69.95 per share on the BSE in January 2023. Today, the company is set to bring positive news to its shareholders as its board of directors convenes to discuss and approve a final dividend. The meeting, scheduled for July 11, 2023, will address this agenda item. With a market capitalization of approximately 279 crore, Generic Engineering Construction and Projects Ltd has informed the Indian stock market exchanges about this proposed development. (Read More)

11 Jul 2023, 02:06 PM IST Sanofi India gets marketing nod for atopic dermatitis treatment: PTI medication

Sanofi Healthcare India announced on Tuesday that it has obtained marketing authorization for Dupixent, a product specifically developed to treat atopic dermatitis in adults. Dupixent is recognized as the first biologic medicine designed to address moderate-to-severe atopic dermatitis in adults who do not achieve sufficient control of the disease with topical prescription therapies.

Atopic dermatitis is a chronic form of eczema, characterized by a type-2 inflammatory response, and its symptoms commonly manifest as a rash on the skin. With the introduction of Dupixent, Sanofi aims to provide a new therapeutic option to patients suffering from this condition, offering improved management and relief.

11 Jul 2023, 01:39 PM IST Suzlon bags 47.6MW wind energy project from KP Group in Gujarat

Renewable energy solutions provider Suzlon Group has bagged order for a 47.6 MW wind power project from KP Group in Gujarat, the company said in a statement on Tuesday.

The project, located at Vagra in Bharuch district in Gujarat, is expected to be commissioned in 2024. A project of this size can provide electricity to 36,000 households and curb 1.42 lakh tonne of CO2 emissions per year, it added. (Read More)

11 Jul 2023, 01:27 PM IST While collar hiring dip 3 pc in June on cautious recruiter sentiments: Report

White collar jobs witnessed a 3 per cent annual decline in June due to cautious recruiter sentiments in sectors including IT, BFSI, manufacturing, according to leading talent platform foundit.

Sectors such as IT (- 19 per cent), BFSI (- 13 per cent), Home Appliances (- 26 per cent), and Production/ Manufacturing (- 14 per cent) have not yet bounced back to last year’s hiring numbers, despite the monthly positive incline seen in a few of these industries, it said.

The foundit Insights Tracker (fit), earlier known as Monster Employment Index, is a monthly analysis of online job posting activity based on a real-time review of millions of employer job opportunities. (PTI)

11 Jul 2023, 01:20 PM IST One out of 4 Mercedes-Benz cars sold in India in H1 2023 priced above ₹1.5 cr

German luxury carmaker Mercedes-Benz on Tuesday reported a 13 per cent year-on-year growth in its sales at 8,528 units in India in the first half of 2023, its best-ever half-yearly sales in the country.

Mercedes Benz India had sold 7,573 units in the January-June period in 2022.

There was very high demand for TEV (top-end vehicle) segment priced above 1.5 crore in H1 2023 at 2,000 units, a growth of 54 per cent, it added.

"One out of four Mercedes-Benz sold in H1 2023, belongs to the TEV segment," the company said.

In the second quarter of 2023, Mercedes-Benz India said its sales were also its highest-ever Q2 sales in India at 3,831 units, an 8 per cent growth over 3,551 units in the year-ago period. (PTI)

11 Jul 2023, 01:06 PM IST FMCG sector shines in today's session as it jumps a per cent; Britannia, HUL and ITC gain

11 Jul 2023, 01:03 PM IST Foxconn to pursue India plan without Vedanta, plans to apply for chip-making unit separately

In an effort to enhance its presence and operations in India, electronics giant Foxconn has announced its intention to apply independently for establishing a semiconductor manufacturing unit in the country. The Taiwanese electronics manufacturing company stated on Tuesday that it is actively reviewing potential partners to ensure an optimal setup for the project. By pursuing this initiative, Foxconn aims to further expand its semiconductor manufacturing capabilities in India. (Read More)

11 Jul 2023, 12:52 PM IST Utkarsh Small Finance Bank IPO opens tomorrow: 10 key things to know

Utkarsh Small Finance Bank is set to launch its initial public offering (IPO) this week, with the subscription period beginning soon. Today, the anchor investor bidding will take place.

Utkarsh Small Finance Bank is a prominent small finance institution that operates throughout India. It is backed by Utkarsh CoreInvest Ltd, which initially operated as a non-banking financial company (NBFC) starting in the fiscal year 2010. The focus of Utkarsh CoreInvest Ltd was to provide microloans to underserved and unserved areas, primarily in the states of Uttar Pradesh and Bihar.

As Utkarsh Small Finance Bank initiates its IPO, it aims to raise funds and further expand its operations in the financial sector. (Read More)

11 Jul 2023, 12:40 PM IST Reliance Industries share price hits 52-week high; experts expect more upside

Shares of Reliance Industries (RIL) witnessed buying interest on Tuesday as they rose over a per cent to hit their fresh 52-week high of 2,764.50 in morning trade on BSE. The stock opened at 2,750.20 against the previous close of 2,735.15 and rose 1.07 per cent to its 52-week high of 2,764.50 in the first half of trade. In the previous session, the stock had gained 3.78 per cent.

Analysts and brokerage firms underscore that the recent announcements will give a boost to Reliance Industries' stock price. (Read More)

11 Jul 2023, 12:24 PM IST Mazagon Dock Shipbuilder shares locked at 10% upper circuit; hit record high

Mazagon Dock Shipbuilders' shares were locked at a 10% upper circuit on Tuesday, reaching a new all-time high of 1,588.75 per share on the BSE. This surge in share price comes as the company is anticipated to receive new orders for Scorpene submarines.

Over the course of three sessions, the stock has experienced a nearly 23% increase driven by expectations of new defense orders. Mazagon Dock shares have doubled in value this year and have seen a remarkable jump of more than 505% over the past year. The strong market performance reflects investor optimism regarding the company's growth prospects in the defense sector. (Read More)

11 Jul 2023, 12:13 PM IST Bain, Carlyle Study Bids for Adani’s Shadow Bank

Bain Capital and Carlyle Group Inc. are among potential bidders for a controlling stake in Gautam Adani’s shadow bank, according to people familiar with the matter, as the Indian billionaire looks to conserve cash and focus on core businesses.

The Adani Group is working with an adviser to look for buyers for Adani Capital after an initial public offering plan for the non-bank lender was scrapped, the people said, asking not to be identified as the information is private. The Adani Group will decide whether to completely exit or keep a minority stake after the bids are in, the people said. (Bloomberg)

11 Jul 2023, 12:11 PM IST Share Market Noon Update: Sensex and Nifty are nearing their all-time highs as they gain 500 pts and 150 pts respectively; Auto, FMCG and Pharma shine

11 Jul 2023, 11:57 AM IST Tata Motors share price extends rally; becomes 16th most valued automaker in the world

Tata Motors' share price continued its upward trend on Tuesday, marking the fourth consecutive session of gains and hovering around its all-time high level reached in the previous session. The company's market capitalization also propelled it to become the 16th most valuable automaker in the world, surpassing Kia Corporation.

During the day, Tata Motors' market capitalization surged to over 2.07 lakh crore. The company's shares had previously reached a record level of 634.60 per share on the BSE on July 10. The positive momentum in the share price was driven by strong sales performance of Jaguar Land Rover (JLR) cars in the first quarter of the fiscal year 2023-24. (Read More)

11 Jul 2023, 11:47 AM IST Gold struggles for momentum as traders await US inflation data: Reuters

Gold prices inched up on a weaker dollar on Tuesday, although bullion struggled for momentum as investors were wary of placing big bets ahead of U.S. inflation data that could influence the Federal Reserve's policy trajectory.

Spot gold rose 0.2% to $1,928.99 per ounce by 0531 GMT. U.S. gold futures were also up 0.2% at $1,934.60.

Bullion is being supported by a weaker dollar as the Fed seems to imply that they're at the end of the tightening cycle, "but gold bugs appear hesitant to overcommit ahead of Wednesday's U.S. inflation report," said Matt Simpson, senior market analyst at City Index.

11 Jul 2023, 11:45 AM IST Maruti Suzuki shines as it jumps more than 1.5% and leads the S&P BSE Sensex stock index

Maruti Suzuki
11 Jul 2023, 11:38 AM IST L&T inks ship repair pact with US Navy

Larsen & Toubro (L&T) announced on Tuesday that it has entered into a master ship repair agreement (MSRA) with the United States Navy. In a statement to the stock exchanges, L&T, a renowned engineering company, explained that the agreement was the result of a thorough evaluation of its advanced Kattupalli shipyard near Chennai by the US Navy and the Military Sealift Command. The shipyard is also qualified by the Indian Navy and the Indian Coast Guard for conducting warship refits. (Read More)

11 Jul 2023, 11:10 AM IST Premier Explosives shares hit 20% upper circuit on ₹552.26 crore order win

Premier Explosives shares witnessed a 20% upper circuit limit on Tuesday's trading session after securing an order worth 552.26 crores from the Ministry of Defence, Government of the Republic of India for the procurement of Flares and Chaffs. The share price of Premier Explosives opened at 499 per share on the BSE. Throughout the day, the stock reached an intraday high of 588.75 and a low of 497.55. This surge in share price reflects the positive market sentiment in response to the significant order win by Premier Explosives. (Read More)

11 Jul 2023, 11:09 AM IST Vedanta share price drops almost 3%; here's why Foxconn decided to exit the semiconductor JV

Vedanta's shares experienced a decline of nearly three percent during morning trading on the Bombay Stock Exchange (BSE) on Tuesday. This drop came after Foxconn, a Taiwan-based company, announced its decision to withdraw from a $19.5 billion semiconductor joint venture (JV) with Vedanta. The stock opened at 275, lower than the previous close of 282.25, and quickly fell by 2.6 percent to 274.90. At around 10:15 am, the stock was trading 1.26 percent lower at 278.70.

In 2022, Foxconn, also known as Hon Hai Technology Group, and Vedanta, a prominent Indian metals and mining conglomerate, had announced a joint venture to manufacture semiconductors in Gujarat, India. As per the memorandum of understanding (MOU) signed between the two companies, Vedanta was expected to hold the majority stake in the JV. (Read More)

11 Jul 2023, 10:44 AM IST ESAF Small Finance Bank refiles DRHP; cuts issue size to ₹629 crore

ESAF Small Finance Bank has submitted revised preliminary papers to the Securities and Exchange Board of India (SEBI) to initiate an initial public offering (IPO) to raise 629 crore. The company has adjusted the issue size from the previous 998 crore to the current 629 crore, as stated in the draft red herring prospectus (DRHP).

The ESAF Small Finance Bank IPO will consist of a fresh issue of equity shares amounting to 486.74 crore and an offer for sale (OFS) worth 142.3 crore. This updated filing reflects the bank's intention to raise capital through the IPO by issuing new shares while allowing existing shareholders to sell a portion of their holdings. (Read More)

11 Jul 2023, 10:37 AM IST InCred Equities views on Coal India: REDUCE - Downgrade, TP: Rs209

  • Coal India's e-auction prices are likely to fall below Rs2,500/t in the coming months as thermal coal prices in the global market have declined to US$100/t.
  • In 2022, surplus coal production was the highest in the last 23 years. Coupled with soft demand, it will ensure ~US$100/t(6,200Kcal) price for many quarters.
  • We have cut FY24F and FY25F EPS by 46% and 15.3%, respectively. Downgrade our rating on the stock to REDUCE with a lower TP of Rs209.

11 Jul 2023, 10:24 AM IST IdeaForge share price falls 18% as profit-booking follows bumper listing

ideaForge's share price has experienced significant selling pressure this week following its bumper listing on Friday. Today, the share price opened with a downward gap and reached a lifetime low of 1114.45 per share on the NSE, marking a loss of approximately 18% from its lifetime high of 1343.95 per share. This decline of around 18% since its listing may attract bargain hunters in the Indian stock market who are looking for potential opportunities. (Read More)

11 Jul 2023, 10:13 AM IST JM Financial on Media and Entertainment Sector - 1QFY24 Preview: Bottoming out?

Abhishek Kumar of JM Financial Institutional Securities Limited gives sectoral 1QFY24 update: 1QFY24’s operating environment is unlikely to have changed materially, in our view. A delayed monsoon pushed out any hope of an FMCG led TV-ad spend recovery. IPL would have further shrank ad-spend pool for GECs. Price hikes post NTO 3.0 are still not rolled out in most regions. We therefore expect a muted growth in ZEEL/Sun TV’s core revenues in 1Q. However, we sense an impending recovery. Conversations/engagements on ad-spend with brands have picked up with the onset of monsoons. FMCG’s A&P spends appear to be stabilising (JMFe). Broadcasters are likely to push price hikes beyond metro cities now. Festive season (Sep onwards) should add further stimulus. Besides, comps have turned favourable (weak FY23 + no FTA in the base). We therefore believe 1QFY24 could be the bottom for TV’s Ad/Subscription revenue growth. Online gaming environment, on the other hand, is already on the mend. Formation of Self Regulatory Body (SRB) is positive for online RMG while lifting of ban on BGMI is a positive development for eSports. That said, we expect c.18% YoY revenue growth in Nazara due to seasonal weakness/tough comp. From stock perspective, we see specific triggers in Sun TV (strong IPL revenues in 1Q) and ZEEL (Sony-ZEEL merger). We maintain BUY on Sun TV and ZEEL (in that order) and HOLD on Nazara.

11 Jul 2023, 10:06 AM IST CarTrade Tech shares rise over 14% on plans to buy OLX India's auto business

CarTrade Tech's share price experienced a significant surge of over 14% during Tuesday's trading session. The jump in share price came after the company announced its acquisition of OLX India's vehicle sales division for a total of 537 crore. At the start of trading on the BSE, CarTrade Tech shares opened at 521.95 per share.

As per the information provided in an exchange filing, CarTrade Tech has entered into a share purchase agreement with Sobek Auto India Private Limited and its parent company, OLX India BV. The agreement entails the purchase of the entire 100% shareholding of Sobek from OLX India BV. (Read More)

11 Jul 2023, 09:56 AM IST Auto index shines as it jumps by a per cent with most stocks in the sector trading in the green

Auto index
11 Jul 2023, 09:48 AM IST Multibagger stock, Thangamayil Jewellery, that has surged 650% in three years declares 1:1 bonus shares. ₹6 per share final dividend

Thangamayil Jewellery shares have emerged as one of the notable multibagger stocks in the Indian stock market in recent years, showing strong growth in the post-Covid rebound. Over the past three years, this small-cap jewelry stock has surged from around 225 to 1655 per share, reflecting an impressive increase of 650 percent during this period. Shareholders of this multibagger stock have received even more good news.

The company has announced a bonus share issuance in a 1:1 ratio, indicating that shareholders will receive one additional share for every share held. The board of directors of Thangamayil Jewellery has set the record date for the issuance of bonus shares on July 17, 2023. (Read More)

11 Jul 2023, 09:39 AM IST UPL stock struggles in today's trading as it sheds more than 2% and is among the biggest laggards

11 Jul 2023, 09:32 AM IST Geojit Financial Services views on today's market: There are no major triggers that can take the rally much higher from the present levels

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The ongoing rally in the market is slowly moving from broad-based rally to specific stock-driven rally. Yesterday, in spite of the weakness in IT and banking majors Nifty rallied by 24 points, driven primarily by RIL. Bharti Airtel and Tata Motors also have been imparting resilience to the rally.

There are no major triggers that can take the rally much higher from the present levels. Global cues also are uncertain. Markets will be closely watching the CPI and PPI data from the US due on 12th and 13th July. This data will give an indication of the rate decision by the Fed on July 26th.

Q1 FY24 results of TCS and HCL Tech due tomorrow are expected to be tepid. If the poor results lead to further correction in IT stocks that may provide buying opportunities in the segment. IT majors have a great track record of successfully overcoming many crises.

11 Jul 2023, 09:29 AM IST Rupee gains 17 paise to open at 82.40 against the US dollar

The Indian rupee opened 17 paise higher against the US dollar on Tuesday tracking weakness in the greenback that hit its lowest level in two months versus a basket of its major peers. The local currency opened at 82.40 a dollar as compared to the previous close of 82.57.

11 Jul 2023, 09:26 AM IST Sensex and Nifty start on a positive note as they gain 300 pts and 100 pts, respectively; Tata Motors and Bajaj twins shine

Sensex at Open
11 Jul 2023, 09:11 AM IST Q1 Result preview: OMCs to report sharp rise on over-recovery with crude below $80/bbl; check details

Oil marketing companies (OMCs) including Reliance, Indian Oil, and others are expected to see a significant increase in earnings in the first quarter of the current fiscal year (2023-24) due to auto-fuel over recovery estimated to be in the range of 17,000-18,000 crore. According to a report by JM Financials, OMCs have registered over-recoveries during the April-June quarter, which can be attributed to steady retail prices of petrol and diesel, despite the decline in crude prices that have remained below $80 per barrel. This recovery is aimed at compensating for the losses incurred in FY23.

It is worth noting that OMCs did not raise retail prices significantly last year, even when crude prices reached a peak of $140 per barrel in March 2022. (Read More)

11 Jul 2023, 09:03 AM IST Sensex preopens in the green with marginal gains on Tuesday with focus to remain on Vedanta and Zee Entertainment in today's session

Sensex at Preopen
11 Jul 2023, 08:50 AM IST Senco Gold IPO allotment date today. Latest GMP, how to check status online

The announcement regarding the share allocation for the initial public offering (IPO) of Senco Gold Ltd is expected to be made today, and the allotment date for the Senco Gold IPO is likely to be on July 11, 2023. Individuals who have applied for the IPO are advised to check the Senco Gold IPO allotment status online through the BSE website or the official registrar's website, KFin Technologies Ltd.

In the meantime, the grey market is buzzing with positive sentiments regarding the Senco Gold IPO. Market observers have noted that Senco Gold shares are trading at a premium of 114 in the grey market today. (Read More)

11 Jul 2023, 08:37 AM IST 50th GST Council to meet on July 11: Online gaming tax, ITC claims among key items on agenda; check details

The goods and services tax (GST) council at its 50th meeting scheduled for tomorrow, July 11, is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming input tax credit (ITC). The GST Council is chaired by finance minister Nirmala Sitharaman and comprises a panel of state representatives. The meeting will be conducted at Vigyan Bhawan in New Delhi.

Vivek Johri, chairman of the Central Board of Indirect Taxes and Customs (CBIC), in an earlier interview with Moneycontrol has indicated that any potential changes to GST rates will require careful consideration and may need to be implemented gradually. He emphasised the importance of revenue efficiency and suggested that rate rationalisation should be approached cautiously to ensure the stability of consolidated revenues, according to the report. (Read More)

11 Jul 2023, 08:35 AM IST Stocks to Watch: Vedanta, Zee Entertainment, TCS, SBI, L&T, and Tata Communications, SpiceJet, Nazara Technologies, Taylormade Renewables, and Max Ventures

Top stocks in focus today:

1. Vedanta - Foxconn pulls out of joint venture with Vedanta, impacting plans for semiconductor unit.

2. Zee Entertainment - NCLT reserves order on proposed merger with Sony Pictures.

3. TCS - Onboarding of lateral hires delayed by at least three months.

4. SBI - Proposes to sell 2% stake in NSDL.

5. L&T - Signs agreement with Spain's Navantia for Indian Navy's submarine program.

6. SpiceJet - Legal battle continues with former promoter, no chance of amicable settlement.

7. Tata Communications - To acquire remaining stake in eSIM company OSSE France.

8. Nazara Technologies - Board approves raising up to 750 crore through equity shares.

9. Taylormade Renewables - Board approves proposal to migrate equity shares to main board of BSE.

10. Max Ventures and Industries - Max Estates sells properties worth 1,800 crore in Noida project. (Read More)

11 Jul 2023, 08:08 AM IST Spain's Navantia, L&T sign pact to jointly bid for Indian Navy's P75 (I) submarine programme

On Monday, Larsen & Toubro (L&T) and Navantia of Spain signed a Teaming Agreement (TA) at the Spanish Embassy, marking their collaboration for the submission of a techno-commercial bid for the esteemed P75 (India) submarine program of the Indian Navy.

The signing ceremony took place in the presence of SN Subrahmanyan, CEO & MD of L&T, and Augustin Alvarez Blanco, Vice President of Naval Construction and Member of the Board at Navantia.

The agreement solidifies the partnership between Larsen & Toubro and Navantia as they join forces to prepare and present a comprehensive bid for the Indian Navy's significant submarine program, P75 (India). (Read More)

11 Jul 2023, 08:06 AM IST TCS delays onboarding of over 200 lateral recruits, THESE cities' hires impacted: Report

According to a report by Moneycontrol, Tata Consultancy Services (TCS) has been experiencing delays in onboarding several lateral hires for a period of three to four months. These hires, with experience ranging from 1.8 to 15 years, were initially facing a one-month delay in onboarding, but the delay has now extended to at least three months.

The report suggests that project deferrals and a reduction in TCS's tech budget have led to the company's decision to postpone the onboarding of these lateral hires. The impact of this delay has affected over 200 recruits in various cities including Bangalore, Pune, Kochi, Bhubaneswar, Delhi NCR, and Indore. (Read MOre)

11 Jul 2023, 07:49 AM IST Zee merger case: NCLT reserves verdict

According to sources familiar with the matter, the Mumbai bench of the National Company Law Tribunal has reserved its order regarding the proposed merger between Zee Entertainment Enterprise and Sony Pictures (Culver Max Entertainment).

Financial creditors such as Axis Finance, IDBI Bank, and JC Flower ARC have opposed the merger due to Zee's outstanding dues to them.

During the proceedings, senior counsel Janak Dwarkadas, representing ZEE, highlighted that ZEE has a public shareholding of 96.01%, with 70% of it owned by public institutions. (Full Report)

11 Jul 2023, 07:48 AM IST Buy or sell: Vaishali Parekh recommends three stocks to buy today: GRSE, REC, and Adani Enterprises

Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher has recommended three intraday stocks for today:

1] GRSE: Buy at 579.50, target 607, stop loss 570;

2] REC: Buy at 166.50, target 172, stop loss 165; and

3] Adani Enterprises: Buy at 2410, target 2530, stop loss 2370. (Read More)

11 Jul 2023, 07:45 AM IST SBI to divest its 2% equity stake in NSDL IPO via OFS

The State Bank of India (SBI) announced today its plan to sell a 2% stake in the depository organization NSDL by offloading 4 million shares.

According to a regulatory filing, SBI intends to participate in the Initial Public Offering (IPO) of National Securities Depositories Limited (NSDL) and will offer for sale up to 2% of its equity stake in NSDL, which amounts to 4 million equity shares. (Read More)

11 Jul 2023, 07:23 AM IST Foxconn pulls out of $19.5 billion semiconductor JV but Vedanta says other partners already lined up

On Monday, Foxconn announced its withdrawal from a $19.5 billion semiconductor joint venture with Vedanta Ltd. The joint venture aimed to establish semiconductor manufacturing facilities in India. Foxconn has stated that it will no longer be pursuing the Vedanta JV for the ambitious semiconductor project. Additionally, Foxconn is in the process of removing its name from the entity, which is now fully owned by Vedanta. The decision behind Foxconn's withdrawal has not been disclosed. Last year, Foxconn and Vedanta entered into an agreement to establish semiconductor and display production plants in Gujarat, India. (Read More)

11 Jul 2023, 07:20 AM IST Wall Street stocks edge higher on Monday ahead of inflation data

Wall Street stocks finished modestly higher Monday as markets looked ahead to critical inflation data and major earnings announcements later in the week.

"There is a bit of indecision," said Angelo Kourkafas of Edward Jones, describing a "waiting game" for Wednesday's consumer price index data, a key input for Federal Reserve policy.

Kourkafas said the market was still in a "digestion" phase following the strong first half of 2023, but noted that stocks could be poised for further gains if US economic data remains good.

The Dow Jones Industrial Average finished up 0.6 percent at 33,944.40.

The broad-based S&P 500 added 0.2 percent at 4,409.53, while the tech-rich Nasdaq Composite Index also climbed 0.2 percent to 13,685.48.

Besides the consumer price data, this week's calendar includes reports from JPMorgan Chase and other large banks, as well as from Delta Air Lines and PepsiCo. (AFP)

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