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PremiumShare Market Today: The market continued to remain strong and touched new lifetime highs as Sensex and Nifty gained around 0.7% with most sectors ending higher in today's session.
Indian markets continued to soar amidst HDFC twins merger, auto sales figures, along with positive global trends. This week investors are keeping an eye on US Fed meeting minutes, US employment data, political instability in Russia, and Chinese economic woes.
SGX Nifty has been rechristened as Gift Nifty and traded for the first time on Monday at Gift City in Gujarat. After more than two decades, India has managed to bring home the offshore-traded Nifty from Singapore.
India's blue chip indexes Nifty 50 and Sensex rallied to fresh all-time highs on Monday, aided by broad gains led by financial services stocks amid improved global cues.
The Nifty index rose 135 pts to close at 19,322, while the S&P BSE Sensex gained 485 pts to end at 65,205. Thirteen of the 15 broad-based sectoral indices ended in the green in today's session.
Index heavyweights HDFC and HDFC Bank gained after approving July 1 as the effective date of the two financial behemoths' $40 billion merger. Other major gainers included Reliance, Grasim, BPCL, SBI, and ITC. Sun Pharma and Powergrid dragged in today's session.
PSU Bank jumped more than 3% followed by Nifty Bank, Metal and Finance which climbed around a per cent each. IT and Pharma indices closed in the red in today's session.
Asian shares were mostly higher Monday after a rally on Wall Street driven by reports that showed inflation abating, alleviating fears over the threat of a recession.
Japan's Nikkei share average closed at its highest level in 33 years on Monday, led by machinery makers, as a quarterly survey by the central bank signalled a recovery in corporate activities. The Nikkei index ended 1.7% higher at 33,753.33, its highest close since March 1990. The broader Topix rose 1.41%.
China stocks closed up on Monday on hopes of more policy easing after the country's central bank said it would implement prudent monetary policy in a "precise and forceful manner" to support economic growth and employment.
China's blue-chip CSI300 Index and the Shanghai Composite Index both added 1.3% at the close, and the Shanghai index logged biggest daily rise in nearly two months. Hong Kong's benchmark Hang Seng Index climbed 2.1%, and the Hang Seng China Enterprises Index advanced 2.6%.
European stocks extended gains on Monday, led by cyclical sectors, as signs of cooling US inflation fueled appetite for risk assets.
UK's FTSE 100 gained on Monday led by mining stocks on higher metal prices, while shares of other Chinese-exposed firms gained on rising hopes of more policy support in the world's second-largest economy.
Suzlon Energy's share price has shown a significant uptrend since mid-May 2023. Starting at ₹8.20 per share, the price has surged to ₹16.80 per share, delivering substantial returns to its shareholders in just over a month. The stock continues to exhibit strength, with the share price opening higher and reaching a fresh 52-week high of ₹16.80 per share on the NSE. This represents a 10% intraday rise compared to the previous close of ₹15.30 per share. During this climb, Suzlon Energy shares hit the 10% upper circuit, leading to a temporary trading halt. (Read More)
IIFL Finance, one of India's leading non-banking finance companies, announced on Monday that it raised $175 million in June 2023 through external commercial borrowing (ECB). HSBC, Union Bank, and Bank of Baroda were the lenders involved in this fundraising, as stated in an exchange filing made by the company.
Furthermore, IIFL Finance had previously raised $100 million through the ECB route in March 2023. This included $50 million in long-term funding from Export Development Canada and an additional $50 million co-financed by Deutsche Bank (Singapore).
These fundraising efforts through the ECB route highlight IIFL Finance's strategy to secure capital from reputed financial institutions, strengthening its financial position and enabling it to support its operations and growth initiatives. (Read More)
MOIL has seen record quarterly production of 4.36 lakh tonne in the first quarter of FY24, up 35% compared to the corresponding period of last year, the Ministry of Steel said in a statement.
“The company’s exceptional performance in production reflects its commitment to maintaining a strong production tempo," it added. (Read More)
The IPO of PKH Ventures Ltd, which began its subscription on June 30, saw a subscription rate of 21% on Day 2. The public issue will remain open for subscription until July 4.
During the second day of subscription, the response from retail investors, non-institutional investors (NIIs), and qualified institutional buyers (QIBs) was lukewarm. The retail investors' portion was subscribed at 32%, while the NIIs portion received a subscription rate of 30%. The QIB portion had a subscription rate of 11%. However, the employee portion did not receive any subscription. (Read More)
India's manufacturing sector showed robust growth in June, maintaining its position as the second-fastest expansion of the year, albeit at a slightly slower pace compared to May.
According to the Manufacturing Purchasing Managers' Index (PMI) compiled by S&P Global, the data for June recorded a reading of 57.8. Although this represented a slight decrease from May's figure of 58.7, it still indicated significant growth. The reading of 57.8 was slightly below the expectation of 58.0 based on a Reuters poll. (Read More)
UltraTech Cement, a leading cement manufacturer, witnessed a surge in its share price, rising over 2% to reach a new 52-week high of ₹8,499.70 per share on the BSE. This increase in share price followed the company's report of a nearly 20% year-on-year growth in sales for the quarter ending June 2023.
During Q1FY24, UltraTech Cement's consolidated sales recorded a significant rise of 19.64%, reaching 29.96 million tonnes (MT) compared to 25.04 MT of cement sold in the corresponding quarter of the previous year.
Furthermore, the company's total sales volume in the domestic market experienced a notable increase of 19.87% to 29.01 MT in the quarter under review, surpassing the 24.20 MT recorded in Q1FY23, as stated in a regulatory filing. These positive sales figures indicate the company's strong performance and growing demand for its products in the market. (Read More)
Johnson Controls-Hitachi Air Conditioning (JCH) has announced the appointment of Sanjay Sudhakaran as the Managing Director for the India & South Asia region. Sudhakaran will be taking over the position from Gurmeet Singh, the current managing director, who has chosen to step down.
According to a statement from Johnson Controls-Hitachi Air Conditioning (JCH) India Ltd., Sudhakaran's appointment became effective from July 1, 2023. Prior to joining JCH, Sudhakaran served as the Managing Director and CEO of Schneider Electric Infrastructure India.
Serentica Renewables on Monday said that it has signed power delivery agreements with multiple industrial customers totalling over 1.25 GW. This follows 580 MW of such agreements signed in March.
“To ensure the round-the-clock green energy needs of its customers, Serentica will install 4 GW of renewable energy capacities across the country. The projects will deploy both wind and solar capacities, supplemented with balancing solutions like energy storage," the company said in a press release. (Read More)
Jinesh Joshi - Research Analyst, Prabhudas Lilladher Pvt Ltd Sector Update – Multiplex - Bollywood continues to struggle:
The NBOC’s for Bollywood & Hollywood (excluding regional movies) genre declined 14.6% YoY to Rs9.6bn in 1QFY24. Total NBOC’s (including regional movies) stood at ~Rs18.6bn which is broadly in-line with previous quarter. List of movies that crossed Rs1bn barrier in 1QFY24 include:-
§ Kisi Ka Bhai Kisi Ki Jaan
§ PS-2
§ The Kerala Story
§ Fast X
§ Adipurush
Except for The Kerala Story, all other movies were a part of our potential Rs1bn slate taking our strike rate in projecting blockbusters to 80% for the quarter. We have excluded Jawan and Maidaan (part of our potential Rs1bn slate for 1QFY24) in calculating the strike rate as these movies did not release during the quarter (got postponed). Bhola which released on 30th March (spill-over happened in 1QFY24) and netted ~Rs820mn was the only miss from our end. Please note that our strike rate calculation excludes movies that have clocked Rs1bn but were NOT in our projection list. For example, “The Kerala Story" turned out to be a sleeper HIT but was NOT a part of our Rs1bn slate and hence is excluded from the list.
Reliance Industries (RIL) shares have garnered attention as the company's joint venture with British Petroleum (BP) initiated commercial production from the MJ field, the third deepwater field in India's KG-D6 block. This development represents the latest achievement of the RIL-BP consortium, which has been actively involved in three major deepwater projects in the Block KG D6 located off the east coast of India.
The three deepwater fields in the KG-D6 block are the MJ field, R-Cluster field, and Satellite Cluster. These projects signify significant advancements in the exploration and production of oil and gas in the region, showcasing the collaborative efforts of RIL and BP to tap into India's offshore energy reserves. (Read More)
Strong sales volume in 1QFY24
1. Consolidated sales volumes came at 29.96mt for 1QFY24, up ~20% yoy, where domestic grey/white cement sales volume grew by ~20%/11% yoy, respectively.
2. Capacity utilization stood at ~90% for the quarter.
3. We currently have ADD rating on the stock with a target price of Rs8,530. Ultratech remains one of our top picks in the cement sector.
We expect IT companies to report softer revenue growth in Q1, owing to weaker discretionary spending, delay in decision-making leading to project deferrals and slower ramp-ups, and pockets of weakness – mortgage, retail, hi-tech, telcos, and increased caution by clients amid macro uncertainties. Sequential EBITM performance will largely reflect the wage hike cycle, while moderation in attrition, pyramid rationalization, operating efficiencies, freshers getting billed and favorable cross-currency would support improvement in underlying margin performance, largely negating operating leverage hit from muted growth. Deal activities, particularly in cost takeout and consolidation, have seen some uptick in last few weeks, although company-specific so far, augurs well for growth recovery. Valuation of IT stocks, particularly large caps, is not demanding; however, rerating would hinge on confidence in revenue recovery in our view. Considering the limited upside after the recent outperformance, we downgrade PSYS and BSOFT to HOLD. Our pecking order is INFO, WPRO, TECHM, HCLT and TCS in tier-1 companies; and ZOMATO, MPHL, ECLX and FSOL among mid-cap companies.
TVS Motor Company registered a sales growth of 3% increasing from 308,501 units in June 2022 to 316,411 units in June 2023.
Total two-wheelers registered a growth of 4% with sales increasing from 293,715 units in June 2022 to 304,401 units in June 2023. Domestic two-wheeler registered growth of 22% with sales increasing from 193,090 units in June 2022 to 235,833 units in June 2023. (ANI)
Pakistan’s inflation eased in June for the first time in seven months as record borrowing costs dampened demand and lower commodity prices slowed price-gains.
Consumer prices rose 29.40% in June from a year earlier, according to data released by the Pakistan Bureau of Statistics Monday. That compares with a median estimate for a 30.8% gain in a Bloomberg survey and a record 37.97% increase in May.
The latest print comes after the government slashed fuel prices in the past two months and the nation’s central bank unexpectedly raised its benchmark rate to a record high of 22% to tame inflationary risks arising from tax hikes and lifting of import restrictions.
Ashwin Patil, Senior Research Analyst at LKP Securities: Tesla is one of the major clients for Indian auto companies having presence globally, particularly in North America. Tesla's sales and production growth seen in June is definitely positive for auto ancillaries in India as well which will enable higher business and order book for them. Entry of Tesla in India will have a negative impact on OEMs though since this shall bring in solid competition on the EV front. However, auto ancillaries should benefit out of this.
Shares of Ashok Leyland Ltd surged nearly 4% to hit a fresh 52-week high of ₹173.90 apiece on Monday on the National Stock Exchange (NSE) as the commercial vehicle (CV) maker’s wholesale volumes surpassed expectations.
Volumes grew almost 5% year-on-year to 15,221 units, higher than the 14,400 units estimated by analysts at Nomura Financial Advisory and Securities (India). Volume growth defied estimates that were shaped by the pre-buying effect observed in April and May. This was spurred by the anticipation of price increases ahead of the transition to Bharat Stage-VI phase 2 norms, which had led to a significant boost in CV volumes in March, and subsequently a 46% month-on-month downturn in April. (Read More)
The National Company Law Appellate Tribunal (NCLAT) has set aside the NCLT order admitting IndusInd's insolvency plea against Zee Ent, according to media reports.
On Monday, Tata Motors revealed its plan to raise prices for both internal combustion engine (ICE) and electric models in its passenger vehicle portfolio. The price hike, averaging 0.6% across all models and variants, is set to be implemented from July 17. The company stated that the increase is necessary to offset the persistent impact of previous fluctuations in input costs.
In an effort to ease the burden on customers, the Indian automotive giant announced that individuals who book their vehicles before July 16 and take delivery by July 31 will be exempt from the impending price hike. This provides an opportunity for customers to secure their vehicles at the current price before the increase takes effect. (Read More)
BSE Ltd, the stock exchange operator, has notified the Exchange regarding an upcoming board meeting scheduled for July 6, 2023, to discuss a potential buyback. In response to this news, BSE shares witnessed a rise of over 6% during Monday's trading session. The market reacted positively to the anticipation of a buyback, leading to an increase in BSE's share price.
Mahindra & Mahindra Ltd. (M&M), a prominent automobile manufacturer, announced that its total auto sales for the month of June 2023 amounted to 62,429 vehicles. This represents a notable growth of 15.4% compared to the 54,096 units sold in the same month last year.
However, M&M's total exports experienced a decline of 10% in June, with sales reaching 2,505 units compared to 2,777 units in the corresponding period last year.
On the domestic front, the company observed a significant increase in passenger vehicle sales. Total domestic passenger vehicle sales for June rose by 21% to 32,588 units, surpassing the 26,880 units sold in June of the previous year. (Read More)
Coal India Ltd, the world's largest coal producer, achieved a significant milestone in the first quarter of fiscal year 2023-2024. The company mined a total of 175.5 million tonnes (MT) of coal during this period, marking a growth of nearly 10% compared to the same period in the previous year.
Notably, this production figure represents the highest ever recorded by Coal India Ltd during the first quarter of any year.
In the month of June, the company's production experienced a substantial year-on-year increase of 12.4%, reaching 58 MT compared to 51.6 MT in June of the previous year. (Read More)
Saish Sandeep Sawant Dessai, Research Associate, Base Metals, Angel One Ltd Base Metals Report: After a notably weaker end to the base metals pack in the previous week, the metals showed some promise in the subsequent week, as it ended on a higher note, except for Copper.
Copper prices came under pressure as headwinds, such as firm dollar and concerns over global economic growth kept the prices in check.
However, prices did find some support from the decline in LME copper stocks and disruptions in Chilean mining operations.
The upcoming official PMIs from China are expected to provide crucial insights into the demand outlook from the world's largest consumer of metals.
Investor skepticism regarding China's economic stimulus and anticipation of rising interest rates added further downward pressure.
OUTLOOK: We expect copper to trade higher towards 721 levels, a break of which could prompt the price to move higher to 724 levels.
Federal Bank's share price experienced a rise of over 1% on Monday following the release of its quarterly business update, which highlighted strong performance. During the first quarter of fiscal year 2023-2024, the bank witnessed a significant increase in advances and deposits, both growing by 21%.
The total deposits of Federal Bank grew by 21.4% to reach ₹2,22,513 crore as of June 30, 2023, compared to ₹1,83,355 crore as of June 30, 2022. Furthermore, the bank reported that its customer deposits (excluding Interbank deposits and certificates of deposit) reached ₹2,10,439 crore, showing a growth rate of 17.2% compared to ₹1,79,586 crore as of June 30, 2022. The positive update led to the share price increase on Monday. (Read More)
Abhishek Kumar of JM Financial Institutional Securities views on IT Services 1QFY24: For IT Services players, April-May-June is unlikely to have felt anything like spring. The usual seasonal strength associated with 1Q will mostly be absent this time. Discretionary project cancellations/ramp downs initiated in March will have their full quarter impact in 1Q. AI-led excitement aside, Hi-tech demand has probably seen incremental deterioration through the quarter, as evidenced by ACN and EPAM commentaries. Large banks’ IT budgets remain constrained dampening growth prospects. We expect large-cap IT Services players under coverage to report -1.7% to 0.6% CC QoQ growth. INFO (Another quarter of sequential decline?, 07 June 23) and TECHM could be at the bottom end of the band, per our estimates. Mid-cap companies under coverage (Coforge/PSYS) will likely grow faster (2.4%/3%). The only silver lining would be healthy deal closure/pipeline, albeit coloured by consolidation/efficiency deals. Most providers maintain that these deals are not margin dilutive. Though true over the life cycle of deals, bunching up of such deals could put pressure on margins near-term. Besides, wage hikes by select players (TCS/TECHM/Coforge) would be an added headwind. We expect our coverage universe to report -270 to 10 bps margin movement QoQ. We don’t expect any material improvement in commentary. But any change in players’ prior expectation of a second half recovery should be keenly watched.
Bajaj Auto, the two and three-wheeler manufacturer, on Monday reported a 2% on-year fall in its total sales volume for the month of June 2023, largely dragged by lower exports. The company sold a total of 3,40,981 vehicles in June this year as compared to 3,47,004 units sold in the same month last year.
The company’s sales during the month were weaker than Nomura’s estimates of 3.49 lakh units.
Bajaj Auto’s domestic sales for the month increased 45% to 1,99,983 units from 1,38,351 units, while exports fell 32% to 1,40,998 units from 2,08,653 units, YoY. (Read More)
According to Bloomberg News, India's import of Russian oil reached another all-time high in the previous month, bringing the South Asian nation close to the limit of its extensive buying spree from the major OPEC producer.
Viktor Katona, the head of crude analysis at Kpler, reported that daily volumes of Russian oil imports surged to 2.2 million barrels per day in June, marking the 10th consecutive month of growth. Data from the analytics firm indicates that Indian purchases of Russian oil once again surpassed the combined shipments from Saudi Arabia and Iraq. (Read More)
GHCL shares experienced a rise of over 2% in early trade on Monday in response to the news that the re-appointment of Sanjay Dalmia as a director of the company was not approved by shareholders during the Annual General Meeting (AGM) held on Saturday. The GHCL share price opened at ₹520.40 per share on the Bombay Stock Exchange (BSE).
During the AGM, the special resolution to re-appoint Sanjay Dalmia as a director garnered support from approximately 67.73% of shareholders, while 32.27% voted against it. The outcome of the vote led to the share price increase in Monday's early trading. (Read More)
In an interview with the Economic Times (ET), Jahangir Aziz, Head of Emerging Market Economics at JP Morgan, expressed the view that the Indian economy may experience a slowdown in the second half of the year, which could be beneficial. Aziz explained that a moderate slowdown in growth is necessary to maintain macroeconomic and financial stability, especially considering the potential slowdown in the global economy.
"Our view is that in the second half of the year, growth is going to slow down. And although this might seem odd, some slowdown in growth is needed to support macroeconomic and financial stability," Aziz told ET. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The ongoing rally in global stock markets is primarily driven by the surprising and unexpected strength of the U.S. economy ( 2% GDP growth in Q1 23), in spite of the savage 500bp rate hike by the Fed. Global markets which had discounted a US recession by mid 2023 have been proved wrong and the markets are now compensating for the excessive pessimistic discounting in 2022.
An important point of distinction between the rally in US and in India is that the US rally is primarily being led by 8 tech stocks while the Indian rally is more broad based. Sustained FPI flows ( ₹47148 crores in June) is the main driver of the rally in India. The recent surge in FPI inflows have been triggered by the recent ‘Sell China, Buy India’ strategy of the FPIs which, in turn, is being influenced hugely by the anti-China attitude/policy evolving in the US and the developed world.
Since the strength of the market momentum is high, the rally can continue; but valuations are getting stretched.
Tesla Inc., the electric vehicle (EV) manufacturer led by billionaire Elon Musk, achieved record sales in the April-June quarter, surpassing analysts' estimates. The company experienced an 83% year-on-year increase in deliveries, demonstrating significant growth.
During the April-June period, Tesla sold 466,140 vehicle units, reflecting a 10% increase compared to the previous quarter. This surge in sales can be attributed to price reductions and US federal credits, which contributed to making Tesla's electric vehicles more affordable. The better-than-expected sales performance outperformed Wall Street predictions, as analysts surveyed by Refinitiv had anticipated deliveries of 445,000 vehicles for the quarter. (Read More)
On the first session of the new quarter, Monday, it is anticipated that Indian government bond yields will experience an upward trend due to prevailing negative sentiment. The market is likely to be impacted by a significant state debt-supply calendar, further reducing investor appetite.
A trader from a primary dealership stated that the benchmark 7.26% 2033 bond yield is projected to range between 7.10% and 7.15%, following its previous session closure at 7.1166%. This level was the highest since April 28.
In June, the yield recorded its most substantial single-session increase since November 3, 2022, rising by 13 basis points (bps). Prior to this, it had witnessed a decline over the past three consecutive months. During the April-June period, it fell by 20 bps, marking its most significant decrease in three years.
On Friday, Reliance Industries Limited (RIL) and bp plc jointly announced the initiation of production from the MJ field, subsequent to the completion of testing and commissioning activities.
The MJ field marks the final installment of three significant deepwater developments that the RIL-bp consortium has successfully brought into production in block KG D6, situated off the east coast of India.
According to a statement, the commencement of gas and condensate production from the MJ field follows the start-up of the R-Cluster field in December 2020 and the Satellite Cluster in April 2021. Notably, all three developments make use of the existing hub infrastructure within the block. (Read More)
- HDFC Ltd is merging with its subsidiary HDFC Bank, with the trading window for HDFC Ltd closed until the merger record date on July 13, 2023.
- Reliance Industries and bp plc have started production from the MJ field, the final deepwater development in block KG D6.
- Hero MotoCorp reported a decline in sales for June 2023 compared to the same month last year.
- State Bank of India's Chief Financial Officer has resigned, and four directors have been appointed to the bank's central board.
- Tamilnad Mercantile Bank has not filed a statement of financial transactions involving cash deposits and credit card payments.
- Maruti Suzuki's total wholesales increased by 2% in June 2023 compared to the previous year.
- Bank of Baroda plans to sell up to 49% of its ownership in BOB Financial Solutions Ltd.
- Tata Motors reported a 1% rise in domestic sales for June 2023, with a 5% growth in passenger vehicle sales.
- Zomato has launched 'Zomato Food Trends', a data platform for restaurant partners to make data-driven decisions.
- Siemens Ltd has completed the acquisition of the electric vehicle division of Mass-Tech Controls for ₹38 crore. (Read More)
Factory-gate dispatches of passenger vehicles rose 1.9% from a year earlier in June to 327,700 units hinting at steady demand for new models. While growth in June moderated due to a high base of last year, the passenger vehicle industry saw its best dispatches ever in the first half of the year, surpassing the 2 million mark, up 10% from the January-June period of 2022.
Automakers expect growth to continue at a moderate pace on the back of demand for new models, and a revival in the rural economy even as vehicle production improves gradually amid an easing in the supply crunch of semiconductor chips from the second quarter, Shashank Srivastava, executive director, Maruti Suzuki, said, adding, however, that a “tightness" in chip supplies remains. (Read More)
According to a report by The New Indian Express, the Income Tax (I-T) department has revealed that the Tamilnad Mercantile Bank (TMB) failed to file the statement of financial transactions (SFTs) for cash deposits amounting to over ₹2,700 crore, spread across more than 10,000 accounts.
During their verification process at the bank to address compliance issues related to reporting entities, the I-T department officials also discovered discrepancies in specified credit card payments totaling ₹110 crore, dividend distribution exceeding ₹200 crore, and shares issued valued at over ₹600 crore. These findings indicate potential irregularities in these areas. (Read More)
Hero MotoCorp, a leading two-wheeler manufacturer, announced that its total sales for June 2023 amounted to 436,993 units. This represents a decline of 9.9% compared to the 484,867 units sold in the same month last year.
In terms of month-on-month sales, Hero MotoCorp experienced a decrease of 15.88%. In May 2023, the company sold 519,474 units.
The domestic sales of motorcycles for Hero MotoCorp also saw a decline in June, with 404,474 units sold. This marks a 12.34% year-on-year decrease from June 2022, when the company sold 461,421 units. (Read More)
After the successful completion of the merger with its parent company HDFC, HDFC Bank's Managing Director and Chief Executive, Sashidhar Jagdishan, expressed the bank's ambitious goal of doubling its achievements every four years. In a letter addressed to the more than 4,000 employees who recently joined the bank's workforce from HDFC on July 1, Jagdishan conveyed his optimism about the future. He emphasized that the bank is poised for a bright future and highlighted that the efforts to unlock the full potential of the merger are commencing without delay.
"The runway for financial services and mortgage, which are so underserved and under penetrated, is going to be very large. HDFC Bank - the combined entity - with a large and growing distribution and customer franchise, more than adequate capital, healthy asset quality and profitability, will be best positioned to capture growth. The pace at which we aim to grow - we could be creating a new HDFC Bank every four years," he said. (Read More)
According to officials familiar with the matter, India is preparing to send a letter of request (LoR) to the US government this week. The purpose of the LoR is to commence the acquisition process for 31 MQ-9B remotely piloted aircraft systems (RPAS) under the foreign military sales (FMS) program. The Hindustan Times reported on this development.
The LoR will detail the requirements of all three services, specifying the desired equipment and proposing the terms of procurement. The estimated value of the deal is approximately $3.07 billion (over ₹25,000 crore). (Read More)
Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Bandhan Bank: Buy at ₹242, target ₹255, stop loss ₹238;
2] Hero MotoCorp: Buy at ₹2910, target ₹3020, stop loss ₹2865; and
3] Zensar Tech: Buy at ₹387, target ₹404, stop loss ₹380. (Read More)
After more than two decades, India has achieved the repatriation of the offshore-traded Nifty from Singapore. The previous SGX Nifty, now renamed Gift Nifty, will make its debut trading session on Monday at 6:30 am in Gift City, Gujarat.
V. Balasubramaniam, the Managing Director and Chief Executive of NSE International Exchange IFSC Ltd (NSE IX), a wholly-owned subsidiary of the National Stock Exchange (NSE) of India Ltd, stated that this development will lead to improved price discovery. With the participation of 62 domestic entities and foreign investors, India will now assume the role of a price-setter in the market. (Read More)
