Share Market Today: Domestic market benchmarks the Sensex and Nifty scaled to new highs at the start of Tuesday but shed some of the gains in today's trading.
Sensex crossed the 65,600 mark in early trading while the Nifty went above 19,400. Bajaj twins led the rally, while Eicher Motors and Bharti Airtel tumbled.
Shares of frozen meat exporter HMA Agro Industries made a positive market debut on Tuesday, listing with a premium of nearly 7 per cent, against the issue price of ₹585.
Asian stocks displayed mixed results as Tokyo shed on Tuesday, while China and Hong Kong markets gained.
On the occasion of Fourth of July celebration, the US stock market will remain shut on Tuesday. Two of the largest stock-trading venues in the US, New York Stock Exchange and Nasdaq will also remain shut on the day.
Share Market Today: Sensex and Nifty shed early morning highs but still managed to gain 270 and 65 points, respectively; Bajaj Finance and Bajaj Finserv jump
Indian shares hit record highs for the fourth session in a row early on Tuesday, before paring some of the gains but still ending in the green with a gain of around 0.4%
The Nifty index added 66 points to close at 19,389, while the S&P BSE Sensex rose 275 points to close at 65,479. Sensex and Nifty had crossed 65,500 and 19,400 marks intraday.
Eight of the 15 Nifty sectoral indices logged losses. However, the heavyweight financials index held near its record high, helped by gains in Bajaj Finance.
Bajaj Finance and Bajaj Finserv topped the stock charts as they climbed more than 7% and 5%, respectively. Hero MotoCorp, TechM and NTPC were other major gainers. Eicher Motors shed 6% followed by Grasim and Bharti Airtel.
PSU Bank index led the rally as it jumped more than 2%. Media, IT and Finance were other major climbers. Energy and Auto shed around half a per cent and featured among the indices ending in the red.
Asian markets mostly rose on Tuesday as investors weighed signs of a slowing US economy against hopes the Federal Reserve's interest rate hiking cycle could be nearing its end.
Japan's Nikkei share average fell on Tuesday, as investors took profits after the benchmark index closed at a 33-year high in the previous session, while a market holiday in the U.S. added to the cautious mood. The Nikkei closed down 0.98% after ending its highest close since March 1990, on Monday.
China and Hong Kong stocks rose on Tuesday as investors bet the country would take more measures in July to shore up its economy. China's blue-chip CSI 300 Index rose 0.16%, while the Shanghai Composite Index edged up 0.04%.Hang Seng Index climbed 0.57% and Hang Seng China Enterprises Index advanced 0.34%.
European shares were muted on Tuesday, as uncertainty about the direction of global interest rates prompted investors to stick to the sidelines, while miners weighed on concerns about weak demand from China.
UK's FTSE 100 was flat on Tuesday, as losses in miners amid downbeat Chinese demand outlook were offset by a rebound in healthcare stocks following the previous day's slump.
India urges IMO to establish a realistic target for 5% zero carbon marine fuel mix by 2030
During the 80th session of the Maritime Environmental Protection Committee of the International Maritime Organization (IMO) on July 3, India advocated for a practical target of achieving a 5 percent share of net zero carbon fuels in the marine fuel mix by 2030. Ajithkumar Sukumaran, the Indian delegate from the Ministry of Shipping, highlighted the importance of avoiding unrealistic targets that could result in ineffective policies, unsustainable investments, and premature technological solutions. India's stance reflects the need for a balanced approach towards decarbonization in the maritime sector. (Read More)
Synoptics Technologies Limited IPO: GMP jumps as SME issue gets fully subscribed
The initial public offering (IPO) of Synoptics Technologies Limited opened for bidding on June 30, 2023, and will remain open for subscription until July 5, 2023. However, the public issue, which is proposed to be listed on the NSE SME exchange, was fully subscribed one day ahead of the public subscription date. On the third day of the Synoptics Technologies Limited IPO subscription, the IPO has been subscribed 1.31 times.
Considering the positive investor response, the grey market for Synoptics Technologies Limited IPO has also turned bullish. According to market observers, the grey market premium (GMP) for the Synoptics Technologies Limited IPO is ₹25. (Read More)
HP Enterprise, VVDN Tech sign pact to produce USD 1 bn worth of servers in 4-5 yrs: Ashwini Vaishnaw
US-based Hewlett Packard Enterprise has signed an initial pact with VVDN Technologies under which they plan to produce high-end servers worth USD 1 billion in the next 4-5 years, union minister Ashwini Vaishnaw said on Tuesday.
The memorandum of understanding (MoU) was signed within 10 days of the India-US joint statement on co-production and development of technologies.
"It is a pleasure to share that HP Enterprise has agreed to produce high-end servers in India under the IT Hardware PLI scheme which was recently approved by our Prime Minister. (PTI)
Yes Bank share jumps 5% after ‘trendline breakout’
According to stock market experts, this rise in Yes Bank shares is completely technical as the stock has given trendline breakout at ₹16.50 levels. However, they maintained that the stock may become bullish for short term if it manages to close above ₹17.25 apiece levels. Experts said that currently Yes Bank shares have immediate hurdle placed at ₹17.25 apiece levels and giving breakout at this level on closing basis may open an upside sentiment for ₹20 per share target. (Read More)
Senco Gold IPO Day 1: Issue subscribed 38% so far; retail portion booked 65%
The IPO of jewelry brand Senco Gold Ltd, with a total value of ₹405 crore, opened on July 4 and has received attention from retail investors. As of day 1, the IPO has been subscribed 38%, with bids received for 33.56 lakh shares out of the total 94.18 lakh shares on offer.
The retail category of the Senco Gold IPO saw a subscription of 65%, while the portion allocated to Non-Institutional Investors (NII) was subscribed 25%. The Qualified Institutional Investors (QIB) are yet to participate in the bidding process as of 1:50 pm on day 1. (Read More)
PL Technical Research on KOTAK BANK: BUY with TP of ₹2110
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd says BUY KOTAK BANK CMP: 1852 TRGT: 2110 SL: 1780 - TECHNICAL PICK - The stock after a decent correction has made a higher bottom formation with consolidation witnessed maintaining a strong at around 1800 levels. There is improvement in the bias and sentiment with the price moving above the significant 200 period MA of 1840 zone and there is immense upside potential from here on. The RSI indicator has flattened out after the slide and has shown gradual rise to strengthen the overall trend. With good volume participation witnessed and the chart looking attractive, we recommend a buy keeping a stop loss of 1780 for an upside target of 2110.
KOTAK MAHINDRA BANK
Meta Loses EU Court Fight Over German Attack on Facebook
Meta Platforms Inc.’s Facebook lost its fight at the European Union’s top court to topple a German antitrust decision that imposed an overhaul of the US tech firm’s business model.
The EU’s Court of Justice ruled that Germany’s Federal Cartel Office didn’t overstep its powers when it slapped the social media firm with its landmark 2019 order. The move followed a path-breaking antitrust probe that simultaneously looked into Facebook’s alleged violations of the EU’s strict data protection rules.
Tuesday’s case is viewed as a test of how far European antitrust regulators can go to make sure Silicon Valley firms don’t mishandle massive data sets gleaned from users to cement their market power.
When competition watchdogs are looking at potential abuses of market dominance by the likes of Meta, they can also point to violations of the EU’s General Data Protection Regulation, the Luxembourg-based EU court ruled. In such cases antitrust agencies must cooperate with other authorities, the court added. (Bloomberg)
Wipro share buyback sees 77.4% acceptance among retail investors
Wipro's ₹12,000-crore share buyback program has reportedly achieved an acceptance ratio of 77.4% among retail investors. The retail quota applies to investors with holdings of less than ₹2 lakh in Wipro shares as of the record date.
The record date for Wipro's share buyback was June 16, and the program ran from June 22 to June 30. As part of the buyback, Wipro aimed to repurchase 26.97 crore shares at ₹445 per share. Following the completion of the buyback, approximately 4.91% of Wipro's shares will be extinguished. (Read More)
Residential sector has recorded a sale of 156,640 units in H1 2023, marginally lower by 1% YoY: Knight Frank
In their latest report, Knight Frank India noted that the residential sector has recorded a sale of 156,640 units in H1 2023, marginally lower by 1% YoY (January – June 2023) but 1.7% higher compared to H2 2022.
While low-interest rates and comparatively low residential prices sparked the revival in demand, the residential sales level sustained even as interest rates rose. The new launches stood at 1,73,364 units, up 8% YoY. H1 saw a growth for the premium residential segment, as it witnessed a rise across cities in H1 2023. The demand for mid-segment homes eclipsed the affordable segment in H1. While the market is carrying more inventory, the consistently high sales volumes in H1 2023 have pushed down the Quarters to Sell (QTS) level from 7.8 to 6.7 quarters during this period.
Jio's low-cost device aimed at attracting feature phone users: Morgan Stanley
The launch of Reliance Jio's new entry-level phone with more aggressive tariffs plans was aimed at attracting additional feature phone users into its fold, said Morgan Stanley in a report.
It, however, said it does not view this as "immediately disruptive" for competitor Bharti Airtel "but would be watchful". "At Rs999 per phone, it is quite a competitive pricing for an entry-level feature phone that could support online music and video streaming (Jio Saavn, Jio Cinema)...," said the Morgan Stanley report. On the possible churn among 2G users, it said, "While we do not completely rule out potential increase in churn rate over time in the 2G user base, we will wait and watch the success in beta trials of Jio Bharat phones." Jio on Monday launched a 4G-enabled phone 'Jio Bharat' at only ₹999 per unit, the lowest entry price for an internet-enabled mobile phone.
A recharge of ₹123 per month will provide users with unlimited voice calls and 14 GB data, compared to other operators' ₹179 plan for voice calls and only 2 GB data. (ANI)
HDFC twins to IDFC First Bank IDFC merger: What India Inc may expect to achieve from these amalgamations
Speaking on the benefit coming to these corporates after the merger, Chandan Taparia, Derivative and Technical Analyst at Motilal Oswal said, "HDFC twins merger and IDFC First Bank IDFC mergers are going to enable these entities to improve their margins as Indian as well as global corporates are facing huge challenge on margin improvement front. After the merger, corporates will be able to contain their expenditure without putting any added pressure on their clientele. Apart from that they would get an additional cash reserve after the merger, which is also a positive sign for these companies after merger." (Read More)
Media index stays strong in today's sessions as it gains more than a per cent with Dish TV climbing around 5%
Hero MotoCorp in fast lane as Harley partnership hits high gear
Shares of Indian motorcycle major Hero MotoCorp Ltd accelerated 3% on the National Stock Exchange (NSE) in Tuesday's trade, fueled by the company's foray into the premium bike segment. Hero MotoCorp on Monday launched Harley Davidson X440, a fully indigenized 440cc motorcycle it has co-created with the Milwaukee-based cult motorbike maker.
The X440 is priced at a competitive ₹229,000 for the base model and ₹269,000 for the high-end variant. “We are positively surprised by the very attractive pricing of the X440, which is only at about 15-20% premium to the Royal Enfield Classic 350cc and Meteor 350cc. Harley is an aspirational brand, and consumers in the 350cc segment will find this pricing very attractive," said analysts at Nomura Financial Advisory and Securities (India) in a report on 3 July. (Read More)
L&T Finance Holdings share price falls 5%; Kotak downgrades the stock to a sell
On Tuesday, the share price of L&T Finance Holdings experienced a decline despite an overall positive market. The stock opened at ₹135.95, lower than the previous close of ₹137.30, and fell by 4.88% to reach ₹130.60 but has gained a few points since then.
L&T Finance Holdings made a filing with the BSE on July 1, announcing that Dinanath Dubhashi, the current Managing Director & CEO, will retire on April 30, 2024. The company also disclosed the appointment of Sudipta Roy as the Chief Operating Officer. Subject to necessary approvals, Roy will assume the position of Managing Director and CEO from January 24, 2024, as stated by the company. (Read More)
L&T FINANCE HOLDINGS
Share Market Noon Update: Markets are trading marginally higher with Sensex gaining 100 pts and Nifty 30 pts as Bajaj twins and PSU Banks shine
Peuli Das named Chief Insurance Officer of Future Generali India Life Insurance Company Limited
Future Generali India Life Insurance Co. Ltd. announced the appointment of Peuli Das as the Chief Insurance Officer. Peuli comes with close to two decades of diverse work experience in Actuarial, Risk, Finance, and Investment domains. As the Chief Insurance Officer, she will be responsible for the company's Insurance Function, which entails Product Development, Management, Pricing, and Reinsurance.
In her previous roles, she served as MD, Actuarial, Insurance Analytics, and Artificial Intelligence at Accenture and as the Chief and Appointed Actuary in IndiaFirst. Her prior experiences include working in India and abroad for leading brands such as, Reliance Life, Exide Life, HDFC Life, New York Life, and Deutsche Bank.
HealthifyMe to launch online store this quarter; CEO Tushar Vashisht rules out IPO plans near term
Health and fitness firm HealthifyMe had raised $30 million in a pre Series D funding round led by LeapFrog Investments, Khosla Ventures, FinnFund and Van Lanschot Kempen in the first week of June. There were eight investors who participated in the latest funding round and the company is planning to use the capital raised to power its product suite with Generative AI.
Tushar Vashisht, a former investment banker and a University of Pennsylvania graduate founded HealthifyMe in the year 2012. Vashisht in a freewheeling conversation with Mint spoke about the company's IPO plans, its AI-powered nutritionist Ria, global expansions and his upcoming musical concert. Edited excerpts:
Microfinance sector set for new growth wave: Fusion Micro Finance, CreditAccess Grameen, among stocks to buy
Analysts have noted that the microfinance sector is well-positioned to benefit from a new growth wave in the future, with a focus on portfolio resilience amid a structural transformation. The growth of microfinance institutions (MFIs) has been slower in recent years, with a compound annual growth rate (CAGR) of 15% from FY20-23, compared to 29% from FY14-20, largely due to political and asset-quality challenges.
However, analysts believe that the asset quality issues have largely been addressed, and new regulations provide a level playing field for non-banking financial company-microfinance institutions (NBFC-MFIs). Additionally, with higher household (HH) limits and the sector already experiencing a new growth wave of 22% in FY23, there is optimism for future growth. Emkay Global Financial Services emphasized the importance of building portfolio resilience in this growth phase. (Read More)
Eicher Motors shares plunge over 4%; here's why?
During Tuesday's trading session, Eicher Motors' share price experienced a decline of over 4%. The drop in share price followed the announcement made by rivals Hero MotoCorp and Harley-Davidson regarding the debut of the X440 motorcycle in India. Eicher Motors' share price opened at ₹3,570 per share on the BSE.
The X440, introduced through a partnership between Hero MotoCorp and Harley-Davidson, is the smallest and most cost-effective Harley-Davidson motorcycle to be launched in India since the Street 750. This development poses direct competition to Eicher Motors' upcoming Royal Enfield Hunter 450. The X440 is priced at ₹2.29 lakh (ex-showroom). (Read More)
Indian telecom stocks take hit after Jio taps rural market with $12 4G phone: Reuters
On Tuesday, shares of Indian telecom operators faced a decline in response to Reliance Jio's announcement of its plans to launch a $12 4G phone, targeting the largely untapped entry-level 2G market in India.
According to analysts at Jefferies, the introduction of the new phone by Jio could result in annual subscriber additions of 20-22 million, leading to a potential 2-3% increase in revenue and operating earnings for Jio in the next fiscal year.
However, this development could negatively impact the revenue and operating earnings of rival telecom operator Bharti Airtel by 1-2% during the same period, as stated by Jefferies analysts.
PSU Bank gains almost 2% with all stocks in the index trading higher in today's session
US-based Microchip to invest $300 mn in India, opens R&D center in Hyderabad
Microchip Technology, a semiconductor company based in the United States, has revealed its investment plan of $300 million to expand its operations in India. This announcement follows similar moves made by industry players Micron, Applied Materials, and Lam Research.
As part of its efforts to strengthen its presence in the country, Microchip has inaugurated a new research and development (R&D) facility located at One Golden Mile Office Tower in Hyderabad. This state-of-the-art center spans an area of 168,000 square feet and has the capacity to accommodate 1,000 employees. The new facility complements Microchip's existing developments in Bengaluru and Chennai, as well as its sales offices located in multiple cities including Bengaluru, Chennai, Hyderabad, Pune, and New Delhi. (Read More)
Onus of deducting TCS on standalone overseas hotel bookings should be on banks: MakeMyTrip - PTI
According to Tajinder Singh, MakeMyTrip Group Vice President-Taxation, the responsibility of deducting Tax Collected at Source (TCS) should lie with banks when a person makes an overseas hotel booking through the e-commerce portal of tour operators. Singh mentioned that if a tour package is booked through their e-commerce portal, MakeMyTrip will request customers to provide an undertaking confirming whether their total remittance abroad has exceeded ₹7 lakh in the fiscal year.
The government has announced that starting from October 1, a 5% TCS will be applicable on tour packages up to ₹7 lakh within a fiscal year. The tax rate will increase to 20% for spending beyond this threshold.
ideaForge IPO: Latest GMP, how to check allotment status online
Following the closure of bidding and a strong response from investors, both bidders and market observers are eagerly awaiting the ideaForge IPO allotment date and listing date. Based on the anticipated schedule, the ideaForge IPO allotment date is likely to be on July 5, 2023, while the ideaForge IPO listing date is expected to be on July 10, 2023. In the grey market, there is a positive outlook on ideaForge Technology shares. Stock market observers have noted that ideaForge Technology Ltd shares are currently trading at a premium of ₹523 in the grey market. (Read More)
Eicher Motors tumbles almost 5% in today's session and is the biggest laggard
JM Financial on Westlife Foodworld: Superior execution to continue - BUY
Mehul Desai of JM Financial Institutional Securities recommendations on Westlife Foodworld (WESTLIFE IN) | Superior execution to continue - Company Update BUY INR 995: Over the past 5-6 years, Westlife sharpened its execution, with focus on driving AUV along with profitability, resulting in outperformance across key metrics (SSSG/ADS) compared to QSR peers along with uptick in profitability over FY19-23. In our view, the key differentiator has been Westlife’s a) ability to create and successfully scale up newer revenue drivers; b) well laddered portfolio ensuring value for money proposition remains intact and c) calibrated store expansion rather than just focusing on store density. The construct & opportunity of Indian QSR space remains extremely attractive. Westlife through its multi-channel/multi-day-part and multi-brand offerings has presence in fast growing segments with large addressable opportunity (TAM of INR >200 bn). With execution machinery in place, we believe it is well placed to achieve its Vision 2027 (Exhibit 7) and given the superior execution, we expect premium valuations to sustain. We remain constructive on the stock. Maintain BUY.
Bajaj Finance share price jumps over 7% on robust Q1 business update; brokerages raise target
Bajaj Finance experienced a significant rally in its share price, surging by nearly 8% to reach a high of ₹7,916.70 per share on the BSE. The surge followed the company's strong business update for the quarter ending June 2023, which showcased robust volume and loan growth, as well as healthy new customer acquisition.
During the April-June quarter of the current fiscal year, Bajaj Finance's loan book grew by 34%, reaching 9.9 million (MM) compared to 7.2 MM in the corresponding period last year. The company's customer franchise also witnessed a notable increase, standing at 72.98 MM as of June 30, 2023, compared to 60.30 MM in the same period of the previous year. (Read More)
Nifty Oil & Gas sheds almost a per cent with Reliance and ONGC dragging the index
HMA Agro Industries IPO listing: Stock lists at a premium of 7% on NSE
Today, the shares of HMA Agro Industries Ltd were listed on the stock exchanges, with the company's stock trading at a premium. On the NSE (National Stock Exchange), the stock was listed at ₹625 per share, which was 7% higher than the issue price. On the BSE (Bombay Stock Exchange), the stock was listed at ₹615 per share, which was the same as the issue price. (Read More)
IDFC share price rises 6%, IDFC First Bank share price falls 6% after board approves merger
On Tuesday, the shares of IDFC and IDFC First Bank displayed contrasting performances in morning trade on the BSE following the approval of the merger between the two entities by the board of IDFC First Bank. IDFC's share price rose by 6% to reach a new 52-week high of ₹115.70. In contrast, IDFC First Bank's share price declined by 6% as it opened flat at ₹81.94 and subsequently fell to an intraday low of ₹77.10. (Read More)
IDFC FIRST BANK
Genus Power shares gain over 11% to hit 52-week high on big order win
On Tuesday, Genus Power Infrastructures Ltd witnessed its share price reaching a new 52-week high, surging by over 11% following a significant order announcement on Monday. The shares of Genus Power Infrastructures opened at ₹145.75 per share on the BSE and reached an intraday high of ₹149.65. The company disclosed in a filing with the exchange that it had been awarded a contract worth ₹2,207.53 crore. This order pertains to the appointment of an Advanced Metering Infrastructure Service Provider (AMISP), encompassing the design of an AMI system, as well as the supply, installation, and commissioning of 27.69 lakh smart prepaid meters, feeder meters, DT meter level energy accounting, and FMS (Field Measurement Service) for these 27.69 lakh smart meters. (Read More)
GENUS POWER INFRASTRUCTURES
Bharti Airtel tumbles 2% in early trading and is among the biggest laggard in today's trading
Senco Gold IPO opens today. GMP, price, review, other details
Senco Gold Limited's initial public offering (IPO) has commenced today, and interested subscribers can participate in the public offer until July 6, 2023. The renowned jewellery brand has set the price range for the Senco Gold IPO at ₹301 to ₹317 per equity share, and the company plans to list its shares on the NSE and BSE exchanges. Market observers have noted that Senco Gold shares are already being traded in the unlisted stock market, with the company's shares currently available at a premium of ₹102 in the grey market.
Here we list out important Senco Gold IPO details that you may like to know before investing (Read More)
Bajaj Finance and Bajaj Finserv lift indices at open as Sensex gains 350 pts and Nifty around 100 pts
Geojit Financial Services views on today's market: There is no room for exuberance since valuations do not allow an unabated rally
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The unabated surge in FPI inflows will keep the market resilient. The sharp U-turn in FPI investment from ₹34146 crores of selling in the first two months of this year to ₹90986 crores of buying in the last two months has turned the market decisively in favour of bulls. The surge in the market during the last 4 sessions was led mainly by the HDFC twins and RIL with some support from ITC. It is important to remember that these stocks have strong and improving fundamentals. Bajaj Finance can contribute to this select large-cap led rally since the company has reported 34% YoY growth and 9% QoQ growth in AUM. This is also a leading indicator of the resilient credit growth in the economy.
It makes sense to remain invested in this strong market which has taken most market participants by surprise. Optimism is fine but there is no room for exuberance since valuations do not allow an unabated rally.
Sensex remains flat at preopen session with focus being on RIL, IDFC First, IDFC, HMA Agro Industries in today's session
Adani Green to consider fundraise on July 6
Billionaire Gautam Adani's renewable energy company, Adani Green will consider approving fundraising on July 6.
In a BSE filing, Adani Green informed, "A meeting of the board of directors of Adani Green Energy Limited (the “Company") will be held on Thursday, July 06, 2023, at Ahmedabad, inter alia, to consider and approve the proposal of the raising of funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws". (Read More)
ADANI GREEN ENERGY
BlackRock refiles Bitcoin ETF application naming Coinbase as surveillance sharing partner
BlackRock Inc., the world’s largest asset manager, has refiled an amended application with US regulators through Nasdaq for its exchange-traded fund (ETF) focused on Bitcoin, Bloomberg reported.
Nasdaq, on behalf of BlackRock, submitted new documents with the US Securities and Exchange Commission, naming Coinbase Global Inc. as the market to provide surveillance in support of the proposed ETF, the Bloomberg report added. (Read More)
Stocks to Watch: RIL, IDFC, IDFC First, HMA Agro, Bajaj Finance, Bank of Maharashtra, SpiceJet, Avenue Supermarts, Torrent Power, Sula Vineyards, and Biocon
Reliance Jio to sell internet-enabled Jio Bharat V2 phone for ₹999, targeting India's 250 million feature phone users. IDFC, IDFC First Bank approve the merger. HMA Agro Industries to debut on the stock market. Bajaj Finance's loan book grows 34% in Q1. Bank of Maharashtra posts 24.93% credit growth in June quarter. SpiceJet settles ₹100 crore loan payment to City Union Bank. Avenue Supermarts records 18.13% YoY revenue growth in Q1. Torrent Power begins pilot project for blending green hydrogen with natural gas. Sula Vineyards COO resigns. Biocon's biosimilar for inflammatory diseases available in US market. (Read More)
Bajaj Finance Q1FY24 Update: Loan book up 34%, AUM up 32% to ₹2.7 lakh crore
Bajaj Finance, a leading non-banking financial company (NBFC), reported impressive growth in its loan book during the April-June quarter of the current fiscal year. The loan book expanded by 34% to reach 9.9 million (MM) compared to 7.2 MM in the same period last year. The company also shared its business update for the first quarter of fiscal year 2023-24, highlighting a customer franchise of 72.98 MM as of June 30, 2023, compared to 60.30 MM in the corresponding period last year.
Bajaj Finance achieved its highest-ever quarterly increase in customer franchise, adding 3.84 MM in Q1 FY24, according to a regulatory filing to the stock exchanges on July 3. Additionally, the company's assets under management (AUM) experienced a growth of 32% to approximately ₹270,050 crore in Q1FY24, compared to ₹204,018 crore in Q1FY23. Bajaj Finance also achieved its highest-ever quarterly increase in AUM, with approximately ₹22,700 crore in Q1FY24. (Read More)
Torrent Power ventures into green hydrogen blending project, eyes cleaner energy mix
Torrent Power Limited, the integrated power utility of the Torrent Group, has undertaken a pioneering initiative to promote a greener future. The company has started working on a pilot project that involves blending green hydrogen (GH2) with natural gas in its city gas distribution (CGD) network. This project, expected to be completed within eight months, marks a significant step for Torrent Power as it enters the green hydrogen business in India. The initiative highlights the company's dedication to promoting a cleaner and more sustainable energy mix in its operations. (Read More)
Reliance Jio aims for 2G-to-4G market with JioBharat V2 phone
Starting from July 7, Reliance Jio is set to launch the Jio Bharat V2 4G phone, an affordable internet-enabled device, priced at ₹999. The target audience for this phone is the 250 million feature phone users in India who currently rely on data-devoid 2G devices. Reliance Jio announced that the phone will be available for purchase through various offline channels, including Jio and Reliance Retail stores. The Jio Bharat V2 phone will provide users with access to JioCinema, JioSaavn, FM Radio, and enable UPI payments through JioPay, with monthly plans starting at ₹123. As part of the launch, Reliance Jio will conduct a beta trial for the initial one million Jio Bharat phones. (Read More)
Sula Vineyards' COO Chaitanya Rathi resigns
Sula Vineyards Limited, a wine producer, has announced that its chief operating officer, Chaitanya Rathi has resigned. Rathi will be moving on to explore opportunities outside of the company.
He will be replaced by the company's chief winemaker Karan Vasani, who has been a key member of its leadership team and looks at the company's key operations including winemaking, winery operations and viticulture. Prior to joining Sula, was an analyst at financial services firm Crisil. (Read More)
IDFC First Bank merger to complete this year, ratio fixed at 155:100
On July 3, the board of IDFC First Bank gave its approval for a merger with IDFC, following an amalgamation scheme. The deal will be carried out at a ratio of 155:100. The private-sector bank aims to finalize the merger by the end of this year. This merger marks the second significant consolidation in the financial sector in 2023, following the merger of HDFC Bank with Housing Development Finance Corporation.
Under the proposed merger, shareholders of IDFC Ltd will get 155 shares of IDFC First Bank for every 100 shares held in the former. ‘’The share exchange ratio for the amalgamation of IDFC Limited with IDFC First Bank shall be 155 equity shares of face value of ₹10/- each fully paid-up of IDFC First Bank for every 100 equity shares of face value of ₹10/- each fully paid-up of IDFC Ltd,'' said IDFC First Bank in a regulatory filing to the stock exchanges on July 3. (Read More)
HMA Agro Industries IPO listing today. GMP, experts signal flat listing
Today, the shares of HMA Agro Industries Limited are scheduled to be launched in the stock market. The BSE has notified that starting from Tuesday, July 4, 2023, the equity shares of HMA Agro Industries Limited will be listed and available for trading on the Exchange in the 'B' group of securities. The listing of HMA Agro Industries shares will take place on both the BSE and NSE exchanges through a Special Pre-open Session (SPOS). However, stock market experts have noted that HMA Agro is currently facing arbitration challenges, making it difficult to determine its business outlook for the medium to long term. (Read More)
FIIs kickstart July with a bang, invests ₹1,996 crore as Sensex, Nifty touch new highs; DIIs are net sellers
Foreign institutional investors (FIIs) had a positive start to the month of July, investing approximately ₹1,996 crore in Indian stocks on Monday. This marks the fourth consecutive day of net buying by FIIs. In contrast, domestic institutional investors (DIIs) were net sellers during this period. The market reached new all-time highs, with the Sensex at 65,300.35 and the Nifty 50 at 19,345.10. According to NSE data, FIIs' cumulative buying value on July 3rd amounted to ₹7,533.91 crore, while their selling value was ₹5,537.99 crore, resulting in a net investment of ₹1,995.92 crore in Indian equities. On the other hand, DIIs purchased equities worth ₹7,031.90 crore but sold equities worth ₹7,369.70 crore, leading to an outflow of ₹337.80 crore. (Read More)
Wall Street stocks make little progress with Treasury yields choppy in holiday-shortened session
Wall Street stock indexes were virtually unchanged on Monday while Treasury yields were higher after falling earlier as investors eyed a mixed bag of economic data ahead of the second-quarter earnings season and managed uncertainty around central bank policy.
After earlier gains, European shares pulled back and on Wall Street, while the Dow was up slightly, the S&P 500 and the Nasdaq were struggling to decide on a direction in a shorter trading day ahead of the U.S. July 4 holiday.
A widely watched section of the U.S. Treasury yield curve hit its deepest inversion since the high inflation era of Fed Chairman Paul Volcker, reflecting financial markets' concerns that an extended Federal Reserve rate hiking cycle will tip the United States into recession.
U.S. manufacturing slumped further in June to levels last seen when the economy was reeling from the initial wave of the COVID-19 pandemic, according to a survey on Monday that also showed price pressures at the factory gate deflating. However, U.S. construction spending rose more than expected in May as a severe shortage of houses boosted single-family homebuilding. (Reuters)
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