Indian market continued its gaining streak for the fourth straight day on Wednesday. Asian shares also rose today with Nikkei at a 6-week high at close. The dollar's value eased a bit against other currencies Tuesday, which allayed some fears for the market.
Markets end higher for the fourth day led by IT, metals, FMCG
Indian indices closed 1% higher on Wednesday, clocking gains for the fourth day in a row. Sensex ended at 55,397.53, up 629 points, while Nifty closed at 16,520.85, up 1.1%.
No proposal to raise revenue share rate by telecom operators: MoS Communications
Telecom Regulatory Authority of India (Trai) is not considering any proposal at present to raise the revenue sharing rate payable by telecom operators, Parliament was informed on Wednesday.
The present revenue sharing rate payable by telecom operators is 8 per cent of AGR, inclusive of the USO (Universal Service Obligation) levy, which is presently 5 per cent of AGR (Adjusted Gross Revenue), Minister of State for Communications Devusinh Chauhan said in a written reply to the Lok Sabha.
Gold marginally higher; silver jumps ₹35
Gold in the national capital on Wednesday rose by ₹20 to ₹50,202 per 10 grams, according to HDFC Securities. In the previous trade, the precious metal finished at ₹50,182 per 10 grams. Silver also gained ₹35 to ₹55,467 per kg from ₹55,432 per kg in the previous trade.
Taskmo sees 66% monthly growth in gig work during June 2022
B2B gig marketplace Taskmo, Quess Corp has witnessed 66% increase in gig work during the month of June this year. As many as five lakh gig tasks were offered during the month as compared to three lakh in May this year as Fintech and E-Commerce companies started preparations for the upcoming festive season. (Full Report)
Tata Steel ropes in Australia's BHP to jointly study low-emission steelmaking tech
Homegrown Tata Steel has partnered with Australia-based BHP to jointly explore low carbon 'iron and steelmaking' technology. The partnership aims to help both companies progress toward their climate change goals, and support India's ambitions to be carbon neutral by 2070, the domestic steel major said on Wednesday.
Tata Steel has signed a memorandum of understanding (MoU) with BHP, a leading global resources company, with the intention to jointly study and explore low carbon 'iron and steelmaking' technology, it said in a statement.
Vedanta Ltd gains 6%
Euro holds near 2-week high, awaits ECB and Nordstream clarity
The euro held near two-week highs versus the dollar on Wednesday on expectations of a bigger ECB interest rate increase this week than earlier anticipated and a Reuters report that a key Russian gas pipeline would reopen on time after maintenance. Both events - the European Central Bank (ECB) meeting and the reopening of the Nord Stream 1 conduit after a 10-day shutdown - are due on Thursday, leaving markets on tenterhooks.
Massive Air India jet order eludes Farnborough Airshow
Air India is moving towards a decision on a $50 billion jet order under new owners Tata Group to be split between Airbus and Boeing. However, the deal will not come in time to galvanise a relatively quiet Farnborough Airshow, industry sources said. Both plane makers are making a "final push," with the order set to include up to 70 wide-body jets including Airbus A350s and Boeing 787s and 777s, and up to 300 narrowbodies, they said. Tata Group did not immediately respond to a request for comment.
IPL team owners buy all six franchises in South Africa T20 league
Reliance Industries, owners of Mumbai Indians, will own a team based at Newlands in Cape Town, while Chennai Super Kings won the rights to a team with headquarters at the Wanderers Stadium in Johannesburg.
The owners of Delhi Capitals will have a team in Centurion, Lucknow Super Giants in Durban, Sunrisers Hyderabad in Gqeberha (formerly Port Elizabeth) and Rajasthan Royals in Paarl.
ICICI Securities suggests this Rakesh Jhunjhunwala portfolio stock
Its preferred stock pick within the consumer Discretionary space is Titan Company as it expects it to outperform as it has registered a breakout above a falling channel containing the last three month’s decline, signalling a resumption of the up move, thus offering a fresh entry opportunity. (Full Report)
Naveen Kulkarni, chief investment officer, Axis Securities: Market volatility have reduced in the last couple of weeks
"The Indian markets have opened higher on positive global cues, with overnight US markets up more than 2% on the back of strong corporate earnings. Weakness in the dollar index is also helping generate a risk-on environment. Domestically, the move by the Indian government to reduce tax on windfall gains for Oil and Gas companies is helping heavyweights like RIL and ONGC to outperform. We believe that there is a definite reduction in market volatility in the last couple of weeks, but one needs to be wary of risk emanating from Europe, especially with issues relating to the resumption of gas supplies to Europe from Russia and the corresponding effect on growth rates if the gas supply is not restored. We advise investors to gradually increase allocation to equity, especially since FII selling pressure has significantly ebbed in recent times. Some sectors we like are Banks, Auto, and Capital Goods."
Sun Pharmaceuticals sheds more than 1% Wednesday
Nord Stream natural gas flow could be curbed: Putin
Russian President Vladimir Putin said natural gas flows to Europe via the Nord Stream pipeline could be curbed when the link resumes operation this week, in the clearest signal yet that Moscow plans to restart at least some shipments.
Rajarshi Gupta takes over as managing director of ONGC Videsh
Rajarshi Gupta has taken over as managing director of ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC). He replaces Alok Gupta who superannuated last month.
Indian govt plans mega ₹80,000 crore electric bus contract to curb emissions
State-controlled Convergence Energy Services Ltd. is planning a $10-billion tender for 50,000 electric buses that will drive India’s plans to decarbonize public transport and help meet its goals for net zero emissions. CESL Managing Director Mahua Acharya said such tenders are beginning to look like infrastructure projects and local production of electric buses is expected to grow in tandem with demand. (Full Report)
ITC share price hits 52-week high amid company's AGM
Amid Annual General Meeting (AGM) of the company, shares of ITC today hit a new 52-week peak of ₹299.50 apiece levels. ITC share price today opened with an upside gap and went on to hit its new 52-week high within an hour of opening bell today. After making its 52-week low of ₹204.35 on NSE in February 2022, ITC share price has been in an uptrend and in these five months, it has surged more than 45 per cent. (Full report)
Sri Lanka's Wickremesinghe voted in as next president
IT index gains 3%; all stocks up by at least 2%
Hatsun Agro breaches ₹2,000 cr sales mark in Apr-Jun quarter
Diry products maker Hatsun Agro Products crossed the ₹2,000 crore sales mark during the quarter ending June 30 for the first time, the company said on Wednesday. The Chennai-based company reported revenues of ₹2,014.60 crore as against ₹1,538.78 crore registered during the corresponding quarter previous year. The profit after tax for the quarter under review stood at ₹51.95 crore as compared to ₹58.33 crore registered during the corresponding quarter previous year.
FPIs, mutual funds increase stake in Paytm
Foreign portfolio investors and mutual funds have marginally increased their stake in Paytm's parent company One97 Communications, according to a regulatory filing. The shareholding pattern of One97 Communications for June quarter 2022-23 shows that the number of shareholders as foreign portfolio investors (FPIs) rose from 54 to 83, taking the number of shares held by them to 3,53,72,428 from 2,86,80,948 in the previous March quarter.
Japan's Nikkei ends at 6-week high on tech boost
The Nikkei share average jumped 2.67% to 27,680.26 in its biggest daily gain since May 13. The index rose for the fifth session in a row and posted its highest close since June 10. The broader Topix advanced 2.29% to 1,946.44.
Noon Update: Sensex, Nifty make impressive gains; IT and Oil & Gas lead the surge
Sensex had gained more than 700 points and was above the 55,000 mark. Nifty had surged 200 points and was around 16,550. Tech Mahindra and Reliance made strong gains, whereas Mahindra and Mahindra lagged.
India central bank prepared to spend $100 billion more defending rupee - Reuters
India's central bank is prepared to sell a sixth of its foreign exchange reserves to defend the rupee against a rapid depreciation after it plumbed record lows in recent weeks, a senior source aware of the central bank's thinking told Reuters.
The rupee has lost over 7% of its value in 2022 and weakened past the psychological level of 80 per U.S. dollar on Tuesday, but the source said the fall would have been far bigger if the Reserve Bank of India (RBI) had not stepped in to stem the decline.
UK Inflation at New 40-Year High Worsens Living Standards Crisis
UK inflation hit a new 40-year high in June, intensifying the cost of living crisis and heaping pressure on the Bank of England to deliver an aggressive interest-rate increase next month.
Consumer prices rose 9.4% from a year earlier, the biggest increase since February 1982, the Office for National Statistics said Wednesday. The acceleration from 9.1% in May was driven by a 9.3% surge in the price of motor fuel over the month.
Prices are now rising far more quickly than wages. The pain for households is set to get worse, with inflation forecast to top 11% in October when another energy price hike kicks in. On Tuesday, unions representing public-sector workers threatened further strikes after the government offered pay increases that amounted to a significant cut in real terms.
ONGC up 6% after the slash of the windfall tax on petrol, diesel, jet fuel and crude oil.
These two Adani stocks hit lifetime high. What's driving these shares?
Shares of Adani Enterprises and Adani Transmission climbed to a new lifetime peak in early morning deals on Wednesday. Adani Enterprises share price today opened upside and hit a fresh 52-week high of ₹2,472.80 apiece on NSE. Likewise, Adani Transmission share price today opened with an upside gap and went on to climb to its new 52-week peak of ₹3,056.60 apiece on NSE. (Read More)
India to invest overseas, seek long-term deals in push for fertiliser
India plans to secure fertiliser supplies and hedge against price rises by expanding its footprint in mineral-rich countries through investments and multi-year import deals, fertiliser minister Mansukh Mandaviya said on Wednesday.
The chase for supply security comes as prices of key crop nutrients such as urea, potash and Di-ammonium Phosphate (DAP) have jumped to records following sanctions on key producers such as Belarus and Russia and lower supplies from Morocco and China.
The world's second-biggest producer of wheat and rice relies mostly on annual import deals and spot purchases to meet the rising demand for fertilisers from its agriculture sector, which accounts for 15% of an economy of more than $3 trillion.
HDFC Life among laggards; down almost 2%
HDFC Life on Tuesday reported 21% rise in net profit at ₹365 crore for June quarter 2022-23 buoyed by topline growth along with a higher renewal ratio that boosted margins.
Europe bracing for Russian gas cuts
The European Union will set out emergency plans on Wednesday to reduce gas demand within months, warning countries that without deep cuts now they could struggle for fuel during winter if Russia cuts off deliveries.
Europe is racing to fill its gas storage ahead of winter and build a supply buffer in case Moscow further restricts supplies in retaliation for European support for Ukraine in its war with Russia. Russia's Gazprom has already halted deliveries to some EU states and EU officials have warned that further cuts are likely.
The European Commission is set to urge countries to prepare for such a scenario by slashing gas use. A draft of the EU plan, seen by Reuters, would propose a voluntary target for EU countries to cut their gas demand over the next eight months, which could be made legally binding if Europe faced a gas supply emergency.
The proposal would need approval from EU countries, who are largely responsible for their own energy policies.
Realty index overall in red; down by 0.2%
India sees big jump in daily Covid cases with more than 20,000 cases
India logged 20,557 new coronavirus infections taking the total tally of Covid-19 cases to 43,803,619, while the active cases dipped to 1,43,091, according to the Union Health Ministry data updated on Wednesday. Yesterday, India reported 15,528 new coronavirus infections. The daily positivity rate was recorded at 4.13% and the weekly positivity rate at 4.64%, according to the ministry.
HUL shares: Brokerages bullish post strong Q1 beat, raise target price
FMCG major Hindustan Unilever Ltd (HUL) on Tuesday reported a 13.8% rise in its consolidated net profit to ₹2,391 crore for the first quarter ended June 30, mainly driven by higher product prices. The company had posted a net profit of ₹2,100 crore in the April-June quarter of the previous fiscal. (Full Report)
Elecon Engineering to TD Power: Why capital goods stocks are skyrocketing
Shares of consumer durable segment in Indian stock market have delivered stellar return to its shareholders in last 3 months. In last three months, shares of Elecon Engineer have risen from around ₹190 to ₹334 apiece levels, Voltamp share price has risen from around ₹1850 to ₹3215 levels whereas Rolex Rings share price ha ascended from ₹1265 top ₹1743 apiece levels. (Full Report)
Rupee falls 4 paise to 79.96 against US dollar in early trade
The rupee depreciated 4 paise to 79.96 against the US dollar in opening trade on Wednesday amid demand for dollar from oil importers and firm crude oil prices. At the interbank foreign exchange, the rupee opened at 79.91 against the US dollar, then fell to quote at 79.96, registering a decline of 4 paise over the last close.
Yes Securities recommendations: BUY on ICICI Lombard; NEUTRAL on Ambuja Cements, HUL
For Polycab, the report said "The stock is currently trading at 25.4x FY24E P/E and 16.9x EV/EBITDA. We remain positive on the stock with BUY rating with TP of Rs3,061. Given the strength in the balance sheet and faster growth in the B2C businesses, the stock should continue its re-rating journey."
Gold rates at one-month low in India
Gold prices in India struggled near one-month lows amid global weakness in the precious metal. Gold MCX futures were at ₹50,369 per 10 gram while silver contracts rose 0.2% to ₹55,834 per kg. Gold rates, according to analysts at Kotak Securities, have weakened lately also as selloffs in commodities have intensified on the back of demand concerns and a firmer US dollar
Tech Mahindra zooms 3% in early morning trade
Oil and Gas Indices up 2% following windfall tax cut on fuel
India eliminated a levy on gasoline exports and cut windfall taxes on other fuels less than three weeks after they were imposed, offering relief for the nation’s No. 1 fuel exporter Reliance Industries Ltd. and top crude explorer Oil & Natural Gas Corp.
New Delhi reduced the windfall tax on diesel and aviation fuel shipments by 2 rupees (3 cents) a litre, and scrapped a 6-rupee-per-litre levy on gasoline exports, according to a government notification.
Sensex and Nifty surge. Reliance up 2.5%
Sensex added 600 points at open on Wednesday and Nifty 170 points, which is a rise of more than 1%. Reliance Industries is up 2.5%.
Government says intervention helped cool off prices of onion, tomato
The all-India retail price of tomato has registered a 29 per cent decline over the last month as arrivals of the staple vegetable into the mandis improved with the onset of monsoon rains, a Ministry of Consumer Affairs, Food, and Public Distribution statement said. Besides, the retail prices of onions are also largely under control, trading at 9 per cent below last year's level.
Sri Lankan Parliament set to elect new president in three-cornered contest
The Sri Lankan Parliament is all set to elect the successor to Gotabaya Rajapaksa in a three-way presidential contest on Wednesday, following a high-voltage political drama which saw the former president fleeing the country and resigning after a popular uprising against his government for mismanaging the economy.
Parliament is scheduled to convene at 10:00 am to elect the new president.
Acting President Ranil Wickremesinghe, Dullas Alahapperuma, a dissident ruling party MP backed by the main opposition, and leftist Janatha Vimukthi Peramuna (JVP) leader Anura Kumara Dissanayake were proposed by lawmakers on Tuesday as the three candidates for the presidential election.
Sensex pre-opens in green
Oil Edges Lower as Traders Assess Stockpiles, Outlook for Dollar
Crude has fluctuated around $100 a barrel this month as traders weigh the impact on demand from a potential recession, as well as broad appetite for risk and wider market moves. After hitting a record last week, the dollar weakened, making commodities including oil more attractive.
Stocks to Watch: HUL, ONGC, RIL, L&T, Ambuja Cement, ICICI Lombard
Havells India, IndusInd Bank, Century Plyboards, Mastek, Ceat, and Hathway will be in focus as they declare their June quarter earnings today. (Read More)
Here's why Omicron variant is highly transmissible, New study finds out
A study was conducted comparing the four variants of SARS-CoV-2 showed how the Omicron variant is adept at entering cells and escaping neutralization from existing vaccines or prior infection, potentially contributing to the variant's high transmissibility.
The study published in the journal 'Proceedings of the National Academy of Sciences' (PNAS) on July 19, suggests that Omicron mutations increase the infectivity of SARS-CoV-2 virus-like particles and decrease antibody neutralisation. (Full Report)
Export duty cut on Diesel and Petrol
The government scrapped a Rs-6-a-litre tax on export of petrol and reduced the same on ATF from ₹6 a litre to ₹4. Besides, the tax on diesel has been reduced to ₹11 from ₹13 per litre, according to finance ministry notifications.
Over 13 lakh electric vehicles in use in India: Government
India has a total of 13.34 lakh electric vehicles while the number of non-electric vehicles stood at 27.81 crore, Minister of State for Heavy Industries Krishan Pal Gurjar said on Tuesday. In a written reply to a question in the Lok Sabha, Gurjar said the centre is taking a number of steps to promote the use of electric vehicles in India.
India's bioeconomy likely to touch USD 300 billion by 2030: Report
India's bioeconomy is likely to touch USD 150 billion by 2025 and over USD 300 billion by 2030, a report said on Tuesday. The India BioEconomy Report 2022, based on the data on biotech sector's contribution to the economy, has been brought out by the Biotechnology Industry Research Assistance Council (BIRAC). The report said the country's bioeconomy has reached over USD 80 billion in 2021, registering a 14.1 per cent growth over USD 70.2 billion in 2020. It said that India generated USD 219 million of bioeconomy daily, adding USD 80.12 billion in 2021l.
Trade deficit with China widens despite move to cut dependency
Just over two years after issuing a clarion call for building a self-reliant nation, India’s trade deficit with China is on the rise. From electrical machinery and spectacles to cars, railway parts, headphones, memory cards, inorganic chemicals and petroleum products, imports from China have reported a sharp spike in the first two months of the current fiscal. Imports from China grew by 12.75% in the first two months of the current fiscal; exports to China dropped 31%. (Full Report)
China reports more than 1,000 new COVID cases
China reported 1,012 new coronavirus cases for July 19, of which 150 were symptomatic and 862 were asymptomatic, the National Health Commission said on Wednesday. It was the first time the cases breached 1,000 since May 20. That compared with 776 new cases a day earlier - 237 symptomatic and 539 asymptomatic, which China counts separately.
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!