Market closing: Benchmark Indian indices closed over 0.27% higher on Wednesday. The Sensex closed at 52,484.67, up 166.07 points, or 0.32%, while Nifty was at 15,722.20, up 42.20 points, or 0.27%. Banks, financials gain
Indian indices closed over 0.27% higher on Friday after closing lower for four consecutive days. Broader Asian markets witnessed mixed closing with economic growth concerns weighning on the Shanghai Composite Index and the Hong Kong Hang Seng index. All eyes will now be on US' official data on employment due later today.
02 Jul 2021, 03:44:08 PM IST
Benchmark Indian indices closed over 0.27% higher on Wednesday. The Sensex closed at 52,484.67, up 166.07 points, or 0.32%, while Nifty was at 15,722.20, up 42.20 points, or 0.27%. Banks, financials gain. On the 30-share Sensex, RIL, ICICI Bank, SBI, and 13 other stocks closed in green, while Tata Steel, PowerGrid, Asian Paints, and 11 other stocks closed in red.
02 Jul 2021, 03:30:08 PM IST
RBI proposes framework for acceptable bids at auctions to underwriters
India’s central bank wrote to primary dealers proposing a framework for defining acceptable bids at auctions, as underwriters are having to step in to rescue more bond sales. The Reserve Bank of India wants to define any bids that have a spread of more than two basis points from secondary market yields as outliers, according to people with knowledge of the matter, who asked not to be identified as the discussions are private. Primary dealers are expected to act as a bridge between auctions and secondary markets, and shouldn’t bid too far from prevailing rates, the RBI said in the letter dated 30 June, which has been seen by Bloomberg.
02 Jul 2021, 03:24:26 PM IST
APSEZ gains 3% after strong biz update for June quarter
Shares of Adani Ports and Special Economic Zone Ltd (APSEZ) rose as much as 3.03% after the company said it handled cargo volume of 75.69 MMT, registering a growth of 83% year-on-year, during the first quarter of FY22.
At 01:55 pm, APSEZ was trading at ₹711.85, up 1.25% from its previous close, while the benchmark index Sensex gained 0.05% to 52,345.53. (Read here)
Omaxe sells commercial, housing properties worth ₹2,051 cr last fiscal
Realty firm Omaxe has sold properties worth ₹2,051 crore in 2020-21, up 18% from the previous fiscal, mainly on the back of better demand for its commercial projects in the national capital and Chandigarh. Omaxe is developing a multi-level parking cum commercial project Omaxe Chowk at Chandni Chowk in the national capital. "Our sales bookings in value terms increased to ₹2,051 crore during the last fiscal from ₹1,738.75 core in 2019-20 financial year," Omaxe Ltd Vice President (Business Development & Corporate Strategy) Rajan Gupta said. Out of the total sales bookings, about 70% contribution came from commercial projects in Delhi and new Chandigarh.
Certificate of suitability for Ranitidine API restored: Solara
Solara announced the restoration of the certificate of suitability (CEP) for Ranitidine Hydrochloride drug substance (CEP 2001-228) by European Directorate for the Quality of Medicines & HealthCare (EDQM). A revised CEP has been granted as of 1 July. Ranitidine Hydrochloride was an important product for Solara and was manufactured at its Cuddalore site. Solara is currently the only company among Ranitidine API manufacturers to have its CEP restored, the company said in a regulatory filing.
STL plans to expand optical fibre manufacturing to US, UK
Digital networks integrator Sterlite Technologies (STL) on Friday announced plans to expand its optical fibre manufacturing capability, including new facilities in the US and UK with a total investment of about ₹200 crore.
The optical fibre cable capacity will be boosted to 42 million fibre kilometres, from 33 million fibre kilometres, the company said in a statement.
These capacity enhancements will enable the extensive fibre build-outs planned across the US, Europe, and UK to boost rural broadband and 5G programs.
India joins global consensus framework to tax multinational firms
India has joined a global consensus framework deal to tax multinational companies, the government said on Friday, an effort backed by the United States. Officials from 130 countries, including G20 nations and OECD members, agreed on Thursday in Germany's business hub of Frankfurt to the broad outlines for an overhaul of rules for taxing international companies.
"The principles underlying the solution vindicate India's stand," the government said in a statement.
02 Jul 2021, 02:01:52 PM IST
Zydus Cadila gets USFDA nod to market generic HIV infection treatment tablets
NEW DELHI: Drug firm Zydus Cadila on Friday said it has received approval from the US health regulator to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets used for treatment of HIV infection.
The company has received final approval from the United States Food and Drug Administration (USFDA) to market Emtricitabine and Tenofovir Disoproxil Fumarate tablets, 100 mg/150 mg, 133 mg/200 mg and 167 mg/250 mg, Zydus Cadila said in a statement. The drug will be manufactured at the group's formulation manufacturing facility at SEZ, Ahmedabad, it added.
Laurus Labs gains; receives commercial license for DRDO drug 2DG
Laurus Labs' stock was trading at ₹675.95 apiece, or 1.34% at 1:18 pm. The company has received the commercial license to manufacture and market 2- Deoxy-D-Glucose (2DG), covid drug formulated by the from Defence Research and Development Organisation (DRDO).
GR Infraprojects' initial public offering (IPO) will open for subscription on 7 July, Wednesday. The public issue comprises an offer for sale (OFS) of up to 11.5 million shares by promoters and shareholders. There will not be any fresh issue of shares. The offer will close on 9 July. The company has fixed the IPO price band at Rs828-837 per equity share. HDFC Bank, ICICI Securities, Kotak Mahindra Capital, Motilal Oswal Investment Advisor, SBI Capital Markets, and Enquires Capital are the book lead running managers to the issue. (Read here)
The pandemic conditions during the year notwithstanding, gross non-performing asset (NPA) ratio for India’s non-bank financiers declined with a more-than-commensurate fall in the net bad loan ratio, attesting to higher provisioning, the Reserve Bank of India said. (Read here)
02 Jul 2021, 12:37:11 PM IST
02 Jul 2021, 12:28:30 PM IST
Cars24 nears nears $250 mn deal with DST
India’s Cars24 Services Pvt. is in talks with Yuri Milner’s DST Global and other investors for a funding round that could double the used-vehicle site’s value to $2 billion, a person familiar with the discussions said.
India’s biggest online marketplace for pre-owned cars is set to raise $200 million to $250 million from existing backers including DST, which may lead the round, said the person, who asked not to be named discussing a private deal. Other investors including Moore Capital Management could join the deal, which could close in a few weeks, the person added. The pact could value Cars24 at $1.6 billion to $2 billion, up from about $1 billion in November, when it closed a Series E round, the person said. (Read here)
02 Jul 2021, 12:10:42 PM IST
Indian Overseas Bank, Central Bank gain
02 Jul 2021, 11:59:11 AM IST
India starts probe into alleged dumping of electrogalvanized steel
India has initiated a probe into alleged dumping of electrogalvanized steel, used in auto and electronics industries, from Korea, Japan, Singapore following a complaint by a domestic company. American Precoat Speciality Pvt Ltd has filed an application before the Directorate General of Trade Remedies (DGTR) for investigation of anti-dumping duty concerning the imports of electrogalvanized steel from the three countries. The directorate, under the commerce ministry, will see whether the product is being dumped by firms of these nations in India and if it is impacting the domestic industry. If it is established in the probe that the dumping is denting margins of the domestic firm, the DGTR would recommend anti-dumping duty with a view to guard local industry from cheap imports. (PTI)
02 Jul 2021, 11:47:40 AM IST
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments on Nifty trajectory
"The Nifty is around the midpoint of the current range which is between 15,400 and 15,900. The bias continues to remain on the bullish side until 15,400 is broken on a closing basis. That would trigger a short-term bear phase. If we can get past 15,900, the next level to watch out for would be 16,100. Closer to the 15,400 levels a buy on dips approach can be implemented as the risk-reward ratio would be favourable."
02 Jul 2021, 11:35:06 AM IST
Garden Reach Shipbuilders & Engineers gains
Garden Reach Shipbuilders & Engineers was trading at ₹206.65 apiece, up 2.48% at 11:32 am. The company has secured a contract from the govt of Bangladesh's department of fisheries for construction and supply of six patrol boats. The order is valued at $1.82 million.
Route Mobile's stock was at ₹1930.00 apiece, up 8.95% at 11:18 am. The company has agreed to acquire Sarv Webs Pvt. Ltd's software and business, on a slump sale basis. Route Mobile will pay an purchase consideration of ₹26.25 crore plus taxes, as applicable shall be paid in cash on closing the acquisition in cash for acquiring the intellectual property and its related customer contracts, the company said ina regulatory filing. Apayment of ₹4 crore will be deferred one year after the acquisition is closed.
02 Jul 2021, 11:17:53 AM IST
Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking on gold
"In yesterday’s trading session, spot gold gained about 0.4% to close at $1,776.6 per ounce. The bullion metals scaled higher on the back of a lower dollar and retreating US treasury yield ahead of the key US employment data.
Further supporting the safe haven gold was the widely spreading delta virus the new variant of the covid-19. Extension of lockdown following the surge in cases in Asia, Australia and Europe hampered market sentiments. Investors will have a keen watch on any developments in the US economy for cues on the US Federal Reserve’s stance in the coming months. Any signs of tightening of the monetary policy by their central bank might lift the dollar making the greenback denominated gold less desirable for other currency holders. Also reports suggesting that the US central bank might soon begin to clampdown the massive asset purchase program as soon as this year capped the gains for the yellow metal."
02 Jul 2021, 10:58:57 AM IST
Zomato to resize IPO: report
Zomato will increase the primary issuance by 20% and reduce the OFS size, CNBC TV18 reported, citing people familiar with the matter. The food delivery startup was valued at %4.5 billion in the previous funding round.
02 Jul 2021, 10:48:23 AM IST
Aurobindo Pharma gains
Aurobindo Pharma announced the sale of Units 4 and 10 to its subsidiaries Eugia Pharma Specialities Ltd and APL Healthcare Ltd, respectively. The company's stock was trading at ₹1,010.25 apiece, up 4.38% at 10:47 am.
Magma Fincorp plans co-branded credit card biz foray
Magma Fincorp on Friday said it plans to enter into an arrangement for issuance of co-branded credit cards. The company also announced the joining of Sanjay Miranka as its group chief financial officer (CFO) with immediate effect. "As a forward integration step, the Board of Directors of the company has approved a proposal to enter into a co-branded credit card arrangement for issuance of co-branded credit card, subject to obtaining necessary approvals from the regulatory authority(ies)," Magma Fincorp said in a regulatory filing. The Poonawalla group acquired Magma Fincorp said Kailash Baheti, group CFO of the company, has opted for early retirement and has offered to step down from his post with effect from close of the business hours of July 1, 2021. (PTI)
Rupee slumps 20 paise to 74.75 against US dollar in early trade
02 Jul 2021, 10:25:37 AM IST
Edelweiss sells stake in insurance JV to Gallagher
Edelweiss Group has divested its stake in Edelweiss Gallagher Insurance Brokers Ltd to partner Gallagher, which previously held 30% in the business. This will make Gallagher's stake in the company to 100%. The transaction is
subject to approvals by the Insurance Regulatory and Development Authority of India.
Mindtree completes acquisition of L&T's digital transformation biz
Mindtree has completed the acquisition of Larsen & Toubro Ltd's digital transformation business undertaking (NxT Digital Business) subject to certain conditions agreed under the Business Transfer Agreement.
NTPC Renewable Energy Ltd IPO to hit markets in 2022-23
State-run NTPC has plans to list its arm NTPC Renewable Energy Ltd in 2022-23, to raise funds for achieving its ambitious target of 60 GW installed renewable energy capacity by 2032, which entails a total investment of ₹2.5 lakh crore, a person familiar with the matter said. The person, however, did not disclose the quantum of money to be raised through the initial public offering (IPO) of the NTPC Renewable Energy but said that the equity component of the firm would be around ₹50,000 crore and rest of the requirement would be met through long-term loans, debentures, bonds and other such modes. (PTI)
India's daily covid-19 deaths rise by 853, toll crosses 400,000
India reported 853 newcovid-19 deaths in the last 24 hours, health ministry data showed on Friday, taking its total toll beyond 400,000. New infections reported over the same period were 46,617. (Reuters)
02 Jul 2021, 09:30:23 AM IST
The Sensex opened at 52,434.55, up 115.95 points, or 0.22%, while the Nifty was at 15,705.85, up 25.85 points, or 0.16%. Auto, realty were top gainers. IT drags.
02 Jul 2021, 08:58:08 AM IST
Fuel price hike: Petrol crosses ₹105 in Mumbai, ₹100 in Chennai
After remaining steady for two days, fuel prices were hiked yet again on Friday and cost over ₹100 in eight state capitals now.
In the first increase of July, petrol got costlier by 35 paise in the national capital, while diesel prices were unchanged, according to price notification by the oil retailers. (Read here)
02 Jul 2021, 08:45:51 AM IST
Oil steady after Opec+ delays meeting on supply decision
Oil prices held steady on Friday after OPEC+ ministers delayed a meeting on output policy as the United Arab Emirates balked at a plan to add back 2 million barrels per day (bpd) in the second half of the year. US West Texas Intermediate (WTI) crude futures were up 5 cents at $75.28 a barrel at 0155 GMT, having jumped 2.4% on Thursday to close at their highest since October 2018. Brent crude futures inched up 4 cents to $75.88 a barrel, after rising 1.6% on Thursday.
02 Jul 2021, 08:36:00 AM IST
IMF raises U.S. 2021 growth forecast to 7%, assumes Biden spending plans pass
The International Monetary Fund raised its 2021 US growth projection sharply to 7.0% due to a strong recovery from the covid-19 pandemic and an assumption that much of President Joe Biden's infrastructure and social spending plans will be enacted. The IMF's latest forecast, marking the fastest US growth pace since 1984, compares with an April projection of 4.6% growth in 2021. The Fund raised its 2022 US GDP growth forecast to 4.9%, up from its previous 3.5% April forecast. (Reuters)
02 Jul 2021, 08:20:20 AM IST
Markets are likely to be remain range-bound on Friday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Thursday, the BSE Sensex ended at 52,318.60, down 164.11 points or 0.31% and thee Nifty ended at 15,680, down 41.50 points or 0.26%.
02 Jul 2021, 08:20:20 AM IST
Stocks to Watch
Alembic Pharma, banking stocks, Cadila, IndiGo, Srei group, among other stocks may be in focus today. (Read here)
02 Jul 2021, 08:07:46 AM IST
Fed may scale back asset buying by H1FY22: IMF
The Federal Reserve probably will need to begin raising interest rates in late 2022 or early 2023 as increased government spending keeps inflation above its long-run average target, according to the International Monetary Fund. The US central bank likely will begin to scale back asset purchases in the first half of 2022, staff from the Washington-based fund said in a statement Thursday following the conclusion of so-called article IV consultations, the IMF’s assessment of countries’ economic and financial developments following meetings with lawmakers and public officials.
02 Jul 2021, 07:53:13 AM IST
Global minimum tax signed by 130 countries
President Joe Biden welcomed the agreement among 130 countries on a new global minimum tax reached in the OECD on Thursday, something Washington had been pushing hard to achieve. Biden said the accord, setting a tax floor of at least 15 percent, would make the global economy more equitable for workers, which he has made a key focus of his administration. "With a global minimum tax in place, multinational corporations will no longer be able to pit countries against one another in a bid to push tax rates down and protect their profits at the expense of public revenue," Biden said in a statement.
02 Jul 2021, 07:40:12 AM IST
Asian indices witness mixed opening
Asian stocks were mixed Friday as traders weighed a rally in US shares to a record and positive Covid-19 vaccine developments against the regional spread of the delta virus strain. An OPEC+ dispute bolstered oil. Shares rose in Japan but slid in China and Hong Kong. S&P 500 contracts were stable after the index posted its longest winning streak since February, helped by cyclical sectors like energy, while technology lagged. Data signaled solid U.S. manufacturing growth and an ongoing labor market recovery. Johnson & Johnson said its inoculation neutralizes the fast-spreading delta virus strain.
S&P 500 futures were flat as of 10:50 a.m. in Tokyo. The index rose 0.5%
Nasdaq 100 futures dipped 0.1%. The index was little changed
Japan’s Topix index added 0.8%
Australia’s S&P/ASX 200 index rose 0.3%
South Korea’s Kospi index increased 0.2%
China’s Shanghai Composite index shed 1.2%
Hong Kong’s Hang Seng index fell 1%
SGX Nifty slipped 0.03%
02 Jul 2021, 07:31:20 AM IST
S&P 500 closes at new record high
The S&P 500 ended at a record for the sixth straight session Thursday as US stocks continued to rally as the reopening accelerates and economic data generally improves. All three major indices finished higher to open the second half of 2021 following reports showing a drop in jobless claims and continued expansion of the manufacturing sector, albeit at a slower pace. As the markets were closing, the International Monetary Fund upgraded its estimate for US growth in 2021 to seven percent, saying the world's biggest economy had enjoyed a "remarkable recovery." The Dow Jones Industrial Average gained 0.4% to 34,633.53. The broad-based S&P 500 jumped 0.5% to 4,319.94, while the tech-rich Nasdaq Composite Index advanced added 0.1% at 14,522.38. New applications for unemployment benefits fell last week to 364,000, the lowest since 14 March 2020 when the pandemic lockdowns began.
The report comes ahead of Friday's government jobs report for June. Analysts expect the United States added 725,000 jobs and that unemployment fell to 5.7% from 5.8%.
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