Market closing: Benchmark Indian equity indices closed over 0.37% higher on Wednesday. The Sensex closed at 53,054.76, up 193.58 points, or 0.37%, while the Nifty was at 15,879.65, up 61.40 points, or 0.39%. Media, auto stocks were top drags
Sensex, Nifty closed over 0.37% after a muted start on Wednesday. All eyes are on the Union cabinet reshuffle, the first for Prime Minister Narendra Modi's second term, at 6 pm today. Ahead of the rejig, the Centre in its gazette notified that the department of public enterprise will be sequestered from the ministry of heavy industries, and added to the ministry of finance. The Centre has also spun off cooperatives, formerly part of the ministry of agriculture, into a separate ministry. Fitch Ratings cut its GDP forecast for India to 10% from 12.8% earlier, citing slow recovery post covid second wave.
07 Jul 2021, 03:44:51 PM IST
Benchmark Indian equity indices closed over 0.37% higher on Wednesday. The Sensex closed at 53,054.76, up 193.58 points, or 0.37%, while the Nifty was at 15,879.65, up 61.40 points, or 0.39%. Media, auto stocks were top drags. On the 30-share Sensex, Tata Steel, Bajaj Finserv, HDFC, and 18 other stocks closed in green on Wednesday, while Titan, Maruti, RIL, and six other stocks closed in red.
07 Jul 2021, 03:16:49 PM IST
RBL Bank, InusInd Bank gain
07 Jul 2021, 03:05:12 PM IST
07 Jul 2021, 02:57:56 PM IST
Indian IT industry to post strong recovery with 11% revenue growth in FY22: Crisil
The Indian IT industry will stage a “strong recovery" in 2021-22 with a revenue growth of up to 11%, ratings agency Crisil said on Wednesday. The recovery will be led by increasing outsourcing and accelerating digital transformation services mainly in sectors such as banking, financial services and insurance (BFSI), healthcare, retail and manufacturing, it said. As per Nasscom, the IT services industry grew 2.7% to $99 billion in 2020-21. The wider industry including e-commerce, business process management and global back offices had grown 2.3% to $194 billion in last fiscal year, as per the industry lobby. (Read here)
Union health minister Harsh Vardhan, MoS health Ashwini Chaubey, chemicals and fertilisers minister D.V. Sadananda Gowda, MoS education Sanjay Dhotre and MoS Jal Shakti Rattan lal Kataria have reportedly resigned ahead of the Union cabinet rejig due later today.
07 Jul 2021, 02:36:28 PM IST
Fitch cuts India growth forecast to 10 pc, says rapid vaccination to support revival
itch Ratings on Wednesday cut India's growth forecast to 10% for the current fiscal, from 12.8% estimated earlier, due to slowing recovery post second wave of covid-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence. In a report, the global rating agency said the challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022 (FY22). (PTI)
07 Jul 2021, 02:35:59 PM IST
Alipay, Wechat limit user access to Didi's micro-software in China
Two Chinese popular mobile apps, Ant's Alipay and Tencent's Wechat, have suspended the light-version software of Didi Global Inc's ride hailing services in China to new users, a source familiar with the matter said. The service is still available to users who have used them on the platforms before, the source, who declined to be named, said. The light-version platforms, known as mini programmes, are smaller than common mobile apps and exist inside a super, or multifunction app, such as Alipay or Wechat. (Reuters)
07 Jul 2021, 02:18:16 PM IST
Ujjivan Small Finance Bank gains
Ujjivan Small Finance Bank's stock was trading at ₹30.90 apiece, up 2.49% at 2:17 pm. The lender said that its total deposits in June climbed 24% year-on-year to ₹136.73 billion. The June CASA ratio was at 20% in June compared to 14% a year ago.
IIFL Home Finance NCD’s base issue gets fully subscribed on Day 1
The base issue of the Tranche-I of IIFL Home Finance Ltd’s non-convertible debenture (NCD), which opened for subscription on Tuesday, got fully subscribed on Day 1 on the back of demand from retail investors. (Read here)
Asset quality surprised in FY21 but borrower stress unaccounted for: Icra
Although asset quality of banks has surprised positively in FY21, headline asset quality numbers of banks do not reflect the underlying stress on income and cash-flows of the borrowers hit by covid-19, rating agency Icra said on Wednesday. (Read here)
07 Jul 2021, 01:38:36 PM IST
07 Jul 2021, 01:32:45 PM IST
Iron ore prices may correct to $180 per tonne: S&P
S&P Global Platts expects iron ore prices to correct to $180 per tonne, Paul Bartholomew, senior managing editor, told CNBC-TV18. “Chinese steel prices have been edging up, there seems to be an activity in the domestic market given that Asia and the rest of the world take it leads from China; we could see a bit of an uptick but we certainly expect iron ore prices to be around $180 per tonne," he said.
In a first, petrol price breach ₹100 mark in nation’s capital
In a first, petrol prices crossed the ₹100 mark in the national capital, as state run fuel retailers raised transportation fuel prices again on Wednesday.
With petrol and diesel prices increased by 35 paise per litre and 17 paise per litre respectively, petrol and diesel were selling at ₹100.21 per litre and ₹89.59 per litre respectively in Delhi at Indian Oil Corporation Ltd’ outlets. Diesel and petrol prices have already breached the ₹100 mark in several parts of India. (Read here)
07 Jul 2021, 01:20:20 PM IST
Vedanta's funding options will improve on raising unit debt cap: S&P
S&P Global Ratings said on Wednesday that Vedanta Resources Ltd can increase funding options to address refinancing needs if it secures consent to raise the cap on total debt at subsidiary guarantor Twin Star Holdings Ltd. The exercise does not have any immediate effect on S&P rating on Vedanta Resources. Investors have been more receptive to debt issued via Twin Star than that from Vedanta Resources, a global miner. Fundraising via Twin Star would help address refinancing, especially a $1 billion bond due July 2022. It could also help Twin Star increase its stake in operating subsidiary Vedanta Ltd. (ANI)
Mukesh Ambani, Gautam Adani face off in race to solar domination
Indian tycoon Mukesh Ambani's $10 billion entry into renewable energy could drive solar tariffs further to the ground and ignite bidding wars with fellow billionaire Gautam Adani, industry analysts say. India's two richest men are vying to be at the forefront of Prime Minister Narendra Modi's ambition to ramp up green energy capacity in the world's second-most populous country more than four-fold to 450 gigawatts (GW) by 2030. (Read here)
07 Jul 2021, 12:58:41 PM IST
JSPL output jumps 20% in Jun qtr; sales up 3%
Steel maker Jindal Steel and Power Ltd (JSPL) on Wednesday posted a record 20% growth in its steel output to 2.01 million tonnes (MT) in April-June quarter of the ongoing fiscal. The company had produced 1.67 MT of steel in same of period of financial year 2020-21, JSPL said in a statement. During the quarter under review, its sales rose by 3% to 1.61 MT from 1.56 MT a year ago. (PTI)
Indian banks to see bad loans peaking post FY23: Fitch
Stressed loans of Indian banks will likely peak after fiscal 2023 as regulatory relief measures have postponed asset quality issues, according to Fitch Ratings. In a press release titled Indian Banks 2021 Report Card, the global rating agency said stress from small businesses and retail borrowers has not been fully accounted for by banks which resulted in the impaired loan ratio coming lower at 7.5% in fiscal 2021. (Read here)
07 Jul 2021, 12:42:57 PM IST
Indian Hotels gains
Indian Hotels' stock was trading at ₹155.45 apiece, up 5.10% at 12:39 pm. The company during a conference call said that it was eyeing 800 bps ebitda margin expansion. It said that the Q1FY22 revenue will be the same as that in Q2FY21, while the Q3FY22 revenue will equal the revenues in Q4FY21, CNBCTV18 reported.
Shares of Titan on Wednesday declined nearly 3% after the company said the second COVID wave proved to be a setback for its FY'22 business plans that were made with a lot of "ambition, substantial excitement and passion". The stock dipped 2.59% to ₹1,717.55 at the BSE. At the NSE, it went lower by 2.54% to ₹1,718. The company, however, said it is moving ahead with "calmness and composure" and is confident of overcoming all the challenges. In its annual report for FY 2021-22, the company said it is expecting that by September 2021, much of the country will be vaccinated, paving the way for some kind of normalcy in the business environment.
The company's stock was trading at ₹512.15 apiece, up 4.33% at 12:11 pm. The rela estate developer said it achieved total sales volume of 895,539 sq ft of super built-up area valued at ₹6.83 billion in Q1FY22. The company said that total sales volume, sale value, Sobha share of sale value and total average price realization rose 38%,40%,45%, and 2% year-on-year, respectively.
Indian IT industry revenues will see double-digit growth in FY22: Azim Premji
Wipro founder-chairman Azim Premji believes the Indian IT industry revenues will grow in double digits in the current financial year. Throughout the pandemic, which saw lockdown measures to curtail the spread of the virus, the information technology industry has kept the world running and has also adapted to the changes, Premji said, speaking at an event of the Bombay Chartered Accountants' Society on Tuesday evening.
As per Nasscom, the IT industry revenues stood at $194 billion in FY21. The lobby group has ceased giving estimates of the topline growth a few years ago. Companies will start reporting financial results for the first quarter from Thursday.
07 Jul 2021, 12:25:47 PM IST
Natco Pharma corrects
Natco Pharma Ltd's stock was at ₹1,156.00, down 0.76% at 12:24 pm. The company said it will review all its options in veiw of the Delhi high court's orally pronounced judgment in the interim injunction application filed by FMC Corp. on CTPR. The court has allowed the application of FMC Corp. The full copy of the judgment is yet to become available.
The consumer lender's stock was trading at ₹6,221.00 apiece, up 0.28% at 12:06 pm. The company has brought some relief, as its early update for the June quarter showed that the second wave of the covid pandemic has impacted loan demand less than originally feared. Bajaj Finance added 4.6 million new loans in the June quarter, 15% less than the previous quarter. The lender witnessed a drop in new customers on a sequential basis.
Clear Science and Technology’s favourable financials weigh on valuations
Clean Science and Technology Ltd (CSTL), Pune based speciality chemicals company is looking to raise ₹1,546 crores through its initial public offering. The IPO is entirely an offer for sale (OFS) by existing promoters and shareholders. The Company manufactures functionally critical speciality chemicals such as performance Chemicals, pharmaceutical Intermediates, and FMCG Chemicals. Looking at rising global demand for these speciality chemicals and soaring prices, the company’s IPO remains in focus. The fact that the company is among the few global manufacturers focused on developing newer technologies used in house catalytic processes, which are eco-friendly and cost-effective makes it get more attention. This also has enabled CSTL to emerge as the largest global manufacturer of certain speciality chemicals in terms of installed capacities as of 31 March, say analysts. (Read here)
07 Jul 2021, 11:29:03 AM IST
Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking on gold
"In Tuesday’s trading session, spot gold ended higher by 0.3% to close at $1,796.7 per ounce. The bullion metal edged higher as the benchmark US treasury yield retreated lowering the opportunity cost of holding Gold; however, a stronger Dollar kept the prices in check. Soaring number of Delta variant covid-19 cases ignited worries over extension of lockdown in major economies further derailing the economic recovery. The wild spread of the virus clouded the bets on a paced economic revival in turn boosting appeal for the safe haven asset, gold. Investors are expected to have a keen eye on the US Federal Reserve latest policy meeting minutes scheduled on Wednesday for cues on the central bank’s monetary stance in the coming months."
07 Jul 2021, 11:26:10 AM IST
CapitaLand launches ₹2,250 crore logistics fund in India
Singapore’s CapitaLand, a prominent real estate fund manager, on Wednesday said it has launched its second logistics private fund of ₹2,250 crore to expand in India’s logistics sector. (Read here)
Reliance Infrastructure Ltd shareholders have approved a ₹550.56 crore funraise by preferential allotment of upto 8.88 crore shares and / or warrants convertible into equivalent number of shares of the company to promoters and VFSI Holdings Pte. Ltd, an affiliate of Värde Investment Partners, LP. Shareholders have also approved fundraise via issue of foreign currency convertible conds (FCCB) up to 24% of the company's fully diluted share capital. The comapny's stock was trading at ₹80.00 apiece, down 2.44% at 11:05 am.
Dept of public enterprises reassigned to ministry of finance
The ministry of finance now has a sixth department, i.e., the department of public enterprises according to a notification in the Gazette of India. Until now, the department was a part of the ministry of heavy industries. (Read here)
07 Jul 2021, 10:37:18 AM IST
Sameet Chavan, chief analyst-Technical and Derivatives, Angel Broking on market trajectory
“Our markets started the day on a flat note as there was no major trigger from the global peers. Subsequently, the buying momentum accelerated in some of the financial stocks, which pushed the index higher towards the record high. There were couple of attempts made post the mid-session to register a new high; but this again failed as we saw a complete nosedive at the stroke of the penultimate hour. This sudden profit booking pared down all gains to conclude the session with nominal loss.
Yesterday, the kind of lead our markets took in the first half (courtesy to heavyweight financial stocks), the set up was ideal to post a new high. Nobody knows why market suddenly becomes so nervous when it enters the 15,900 zone. In the process, the daily candle of Nifty forms a small body which is a sign of uncertainty. But fortunately the heavyweight banking space still holds its positive posture and this certainly bodes well for the bulls. Going ahead, this basket remains to be a decider and we reiterate if Nifty has to reach the millstone of 16,000, we need to have follow up buying in banking constituents.
As far as levels are concerned for Nifty, 15,700 – 15,750 is to be seen as a key support zone and on the higher side, 15,900 remains a sturdy wall. Since last few days, individual themes have again started to perform well and hence, traders are advised to stick to stock centric approach; but at the same time, avoid being complacent."
07 Jul 2021, 10:25:23 AM IST
India's bonds reflect nothing but the RBI’s desires
In normal times, bond yields act as a gauge of the balance between growth and inflation by showing where interest rates should be. This gauge for India is broken and bond yields, especially the benchmark 10-year, reflect nothing beyond the desires of the central bank. The benchmark 10-year bond has been stuck at around 6% for more than a year now despite the pandemic triggering a recession and then a subsequent recovery of the economy. (Read here)
07 Jul 2021, 10:22:19 AM IST
Angel Broking maintains 'buy' on Carborundum Universal
"Carborundum Universal (CUMI) is part of the Murugappa group and is a leading manufacturer of abrasives, industrial ceramics, refractories, and electro minerals in India having application across diversified user industries. The company is expected to benefit from improving demand scenarios across its end user industries such as auto, auto components, engineering, basic metals, infrastructure, and power. While demand from the auto sector has been robust we expect demand from metal industry pick up given increased economic activity."
Rupee slips 7 paise to 74.62 against US dollar in early trade
07 Jul 2021, 10:07:45 AM IST
RIL, Infosys top drags
07 Jul 2021, 09:51:16 AM IST
Financials, realty in green
07 Jul 2021, 09:40:47 AM IST
Mastek appoints former top Wipro executive as new global CEO
IT company Mastek on Tuesday announced that it has appointed former Wipro senior executive Hiral Chandrana as its Global Chief Executive Officer (CEO) of Mastek Group with effect from July 06, 2021. Hiral will be based out of the US.
Hiral has over two and half decades of global experience in IT Services and Solutions across a diverse set of industries. He has worked with Wipro Limited, Electronic Data Systems (now part of DXC Technology) in business leadership roles. (Read here)
07 Jul 2021, 09:39:56 AM IST
India reports 43,733 new COVID-19 cases in last 24 hours
India on Wednesday reported 43,733 new cases in the last 24 hours, data from health ministry showed, with active cases at 459,920. (Reuters)
07 Jul 2021, 09:26:12 AM IST
Gold prices rise ₹1,500 in just 5 days. Why rates are going up?
Gold and silver prices were mixed today amid risk-off trade in global equity markets. Gold futures on MCX were up 0.15% to ₹47,800, extending gains to ₹1,500 in five days, while silver futures were flat at ₹69505 per kg. In the previous session, gold had surged 0.9% while silver had declined 0.6%. (Read here)
07 Jul 2021, 09:23:53 AM IST
The Sensex opened at 52,919.71, up 58.53 points, or 0.11%, while Nifty was at 15,819.60, up 1.35 points, or 0.01% on Wednesday. All sectors, except realty, were in red at 9:19 am. On the 30-share Sensex, Bajaj Auto, Asian Paints, TCS, and 10 other stocks opened in green, whle L&T, NTPC, IndusInd Bank, and 14 other stocks opened in red.
Rattanindia Enterprises Ltd has decided to incorporate a wholly owned subsidiary overseas. The company is eyeing strategic investments abroad and in the domestic market, it said, adding that it has invested in electric vehicle company Revolt, partaking in the pivot away from fossil fuels.
07 Jul 2021, 09:09:50 AM IST
The Sensex was at 52,910.93, up 49.75 points or 0.09% at pre-opening, while Nifty was at 15,818.25, down 16.10 points, or 0.10%.
07 Jul 2021, 08:48:52 AM IST
Latest crypto prices: Bitcoin, ether gain while dogecoin dips
In cryptocurrencies, Bitcoin, ether prices were trading with gains today however dogecoin was trading slightly lower. As per CoinDesk data, The world’s largest cryptocurrency by market capitalization was up over 1% to $34,240. Ether, the coin linked to the Ethereum blockchain surged over 4% to $ $2,324. Dogecoin and Cardano were trading slightly lower at $0.23 and $1.42 respectively. (Read here)
07 Jul 2021, 08:40:28 AM IST
GR Infraprojects IPO: 10 things to know
The public issue of the G R Infraprojects is going to open for subscription today and it will remain open for bidding till 9th July 2021. As per the market observers, GR Infraprojects IPO GMP (grey market premium) today is at ₹410, which is higher enough to catch attention of the IPO investors. As per the stock market experts, one can subscribe the public issue for decent listing gains. (Read here)
07 Jul 2021, 08:31:41 AM IST
Markets are likely to be wobbly on Wednesday, while trends in SGX Nifty suggest a negative opening of Indian benchmark indices. On Tuesday, the BSE Sensex ended at 52,880, up 395.33 points or 0.75%. The Nifty was at 15,834.35, up 112.15 points or 0.71%. (Read here)
07 Jul 2021, 08:09:08 AM IST
Stocks to Watch
Bajaj Finance, Future group, M&M, NMDC, Tata Steel, among other stocks, may be in focus today. (Read here)
07 Jul 2021, 07:53:51 AM IST
Paytm reshuffles its board ahead of IPO
One97 Communications Ltd., which operates the Paytm brand has reshuffled its board of directors, as the company targets to float its initial public offering (IPO), worth $2.2 billion-$3 billion, later this year. Douglas Lehman Feagin, senior vice president, at Ant Group has joined Paytm’s board replacing Ant Group chairman and chief executive officer, Jing Xiandong (Eric). Xiandong has tendered his resignation from the board of One97 Communications, according to company filings with the registrar of companies (ROC). (Read here)
07 Jul 2021, 07:44:20 AM IST
Asian markets open lower
Asian stocks fell Wednesday and Treasuries held an advance as concern over the economic recovery from the pandemic, virus variants and China’s scrutiny of the technology sector sapped sentiment. Equities fell in Hong Kong, Japan and China but Australia rose despite an extension of Sydney’s lockdown. U.S. contracts fluctuated after the S&P 500 dipped, led by energy and financials, and the Nasdaq 100 reached a record. Ten-year U.S. Treasury yields hit February lows overnight amid slower-than-expected service-sector expansion. Australian and New Zealand sovereign bonds rallied.
S&p 500 futures were little changed as of 10:43 a.m. in Tokyo. The S&P 500 fell 0.2%
Nasdaq 100 futures rose 0.1%. The Nasdaq 100 rose 0.4%
Japan’s Topix index slid 0.5%
Australia’s S&P/ASX 200 index added 0.6%
South Korea’s Kospi index shed 0.6%
China’s Shanghai Composite index lost 0.3%
Hong Kong’s Hang Seng index fell 0.9%
SGX Nifty slipped 0.08%
07 Jul 2021, 07:33:53 AM IST
S&P 500 breaks winning spree,
The blue-chip Dow slipped 1% on Tuesday, as investors dumped economy-linked value stocks and moved into growth-focused sectors, while a regulatory crackdown by Beijing hammered shares of several U.S.-listed Chinese firms.
The tech-heavy Nasdaq and the benchmark S&P 500 also turned negative, easing from their intraday record highs on support from mega-cap technology companies such as Microsoft Corp , Apple Inc, Amazon.com Inc and Alphabet Inc. At 12:31 p.m. ET, the Dow Jones Industrial Average was down 383.54 points, or 1.10%, at 34,402.81, the S&P 500 was down 35.69 points, or 0.82%, at 4,316.65, and the Nasdaq Composite was down 87.80 points, or 0.60%, at 14,551.52.
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