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Business News/ Markets / Live Blog/  Sensex sheds 300 pts, Nifty down 100 pts; Realty, IT, Pharma lag

Sensex sheds 300 pts, Nifty down 100 pts; Realty, IT, Pharma lag

Share Market Close: Benchmark indices drop 0.5% as Sensex closes below 63,000 and Nifty below 18,650 after RBI decides to keep the repo rate untouched at 6.5% but hinted at a tighter policy. NTPC climbs, while Grasim, Kotak Bank and Sun Pharma lagged. Realty, Media, IT and Pharma tumbled. 

Stock Market Today:: RBI sticks to the repo rate of 6.5%  (AP)Premium
Stock Market Today:: RBI sticks to the repo rate of 6.5% (AP)

The RBI Monetary Policy Committee announced its policy decision today and, as analysts had predicted, RBI has decided to keep the repo rate untinkered at 6.5%. RBI has also maintained its GDP forecast of 2023-24 at 6.5%. However, RBI hinted that it will continue to clamp down on inflation if needed and hinted at a tighter monetary policy.

08 Jun 2023, 03:37:12 PM IST

Indices shed as RBI hints at tighter monetary policy to fight against inflation; Sensex sheds 300 pts and Nifty 100 pts

Indian shares inched lower on Thursday after the Reserve Bank of India (RBI) maintained key policy rates as expected, but hinted at tight monetary conditions to fight inflation.

The blue-chip Nifty 50 index was down 92 points to close at 18,634, while the benchmark S&P BSE Sensex fell almost 300 pts to close below 63,000, at 62,848. Fourteen of the 15 Nifty broad-based sectoral indices ended in the red in today's session.

Both the indexes were up 0.12% ahead of the RBI rate decision and rose to notch gains of nearly 0.30% after the decision, before reversing gains and going into the red zone.

The RBI's monetary policy committee (MPC) left the repo rate at 6.50% for a second straight meeting but signalled that monetary conditions will remain tight for some time.

Realty, IT, Media, FMCG and Pharma dragged the most in today's session, while Metal gained marginally and was the only index to end in green. 

NTPC and JSW Steel climbed more than 2.5% and led the stock rally with Powergrid and ONGC also gaining reasonably. Among laggards, Grasim, Sun Pharma, TechM, Apollo Hospitals, Kotak Bank and BPCL dropped around 2% and featured at the bottom of the charts.

Asian shares fell Thursday after heavy selling of big-name tech stocks pushed benchmarks lower on Wall Street.

Japan's Nikkei share gauge edged lower on Thursday after a steep selloff in the previous session, as tech shares pared recent gains and energy-related stocks climbed on higher oil prices. The Nikkei accelerated losses in the afternoon, sliding 0.85%. The broader Topix dropped 0.67%.

China stocks rose on Thursday, led by financial and property shares, after big banks officially cut deposit interest rates, while investors awaited May consumer price data on Friday for further direction. Hong Kong stocks closed roughly flat.

China's blue-chip CSI300 Index closed up 0.8%, while the Shanghai Composite Index was up 0.5%. Hong Kong's benchmark Hang Seng Index edged up 0.3%, and the China Enterprises Index was flat.

European shares opened lower as rate-sensitive technology shares slipped on expectations of further interest rate hikes by major central banks, although gains in Swiss healthcare group Novartis helped limit losses.

UK's main stock index edged lower, dragged by a slump in shares of mobile operator Vodafone, while investors assessed the scope for continued interest rate hikes and their impact on the British economy.

Sensex at Close
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Sensex at Close
08 Jun 2023, 03:26:46 PM IST

Tata Teleservices shares up 30% in last two trading sessions

The shares of Tata Teleservices is nearly 15 per cent up on Thursday extending their gains for the second straight session. The stock jumped 18.43 per cent to hit a day high of 80.89 over its previous close of 68.30.

The company's shares were trading 14.77 per cent at 78.39 on BSE, while it touched an intraday high of 80.89. At today's intraday high price, the company's scrip has surged 28.11 per cent in just two days.

Tata Teleservices has posted a net profit of 277.07 crore for the quarter ended March 2023. This is against 279.79 crore in the quarter ended December 2022. Revenue from operations stood at 280.13 crore in Q4 FY23. (Read More)

08 Jun 2023, 03:14:25 PM IST

Angel One commodities and currencies analyst says crude oil to turn bearish in the week ahead

Tejas Anil Shigrekar, commodities and currencies senior technical analyst, Angel One Ltd: Crude Oil traded in the negative zone, before witnessing a recovery during the initial weeks of May month, the price of oil has risen about 10%, owing primarily to OPEC's unexpected cut that went into force at the beginning of this month.

Technically, the price met resistance at 6075, which is the 50 EMA sloping downwards on the four-hour time frame, which was breached on Monday 5th June 2023. The Stochastic oscillator is extremely overbought, indicating a strong correction. However, when we look at the chart over a longer time frame, we see a formation of the Butterfly pattern.

Applying the Fibonacci Retracement tool, we see that the prices breached 78.60% fib ratio and compiled B-C leg on. The next big move shows the change in direction again and moves back down for the formation of the C-D leg, forming a 127% or 161.8% extension of the A-B leg which is below the May month low of 5545 levels.

Sell Crude Oil at 6060- 6120 SL 6300 TGT 5400- 5200

08 Jun 2023, 03:01:58 PM IST

MG Motor bags order for 500 ZS EV units from BluSmart

MG Motor India on Thursday said it has received an order for 500 units of ZS EV from ride-hailing service BluSmart.

"This order of ZS EV SUVs not only demonstrates BluSmart's confidence in our commitment to electric mobility but also reflects our shared vision of creating a robust EV ecosystem in India," MG Motor India Deputy Managing Director Gaurav Gupta said in a statement.

The ZS EV comes with a 50.3kWH battery that covers 461 km in a single charge.

"Our partnership with MG Motor India comes at an important milepost as we rapidly expand our operations in Delhi-NCR and Bengaluru. The addition of 500 MG ZS EVs expands our premium fleet, enabling us to cater to more consumers and encourage their transition to electric mobility," BluSmart Mobility Co-Founder and CEO Anmol Singh Jaggi noted. (PTI)

08 Jun 2023, 02:51:41 PM IST

Mother Dairy reduces MRP of Dhara edible oils by ₹10/litre

Mother Dairy, which is a leading milk supplier in Delhi-NCR, on Thursday said it has reduced the maximum retail price (MRP) of its Dhara edible oils by 10 per litre and the stocks with new rates will be available in the market from next week.

The reduction in the MRP is in line with fall in prices of edible oils in the global market, the company said.

"The maximum retail price (MRP) of all variants of Dhara edible oils is being reduced by 10 per litre on account of the continued decline in edible oil prices internationally and better availability of domestic crops such as mustard," a company spokesperson said. (PTI)

08 Jun 2023, 02:39:34 PM IST

IKIO Lighting IPO: What GMP signals after strong subscription status?

The initial public offerings (IPO) of IKIO Lighting Ltd opened for subscription on 6th June 2023 and it will remain open for bidding till 88th June 2023. This means, today is the last date to apply for the public offer. As per the IKIO Lighting IPO subscription status, by 2:02 PM on day 3 of bidding, the public issue has been subscribed 28.03 times, which has now trickled down in the unlisted share market. According to market observers, shares of IKIO Lighting Ltd are available at a premium of 120 per share, which means IKIO Lighting IPO GMP (grey market premium) today is 120.

Market observers said that IKIO Lighting IPO GMP today is 120, which is 15 higher from its Wednesday grey market premium of 105. (Read More)

08 Jun 2023, 02:22:27 PM IST

Monsoon has arrived in Kerala after a week's delay, says IMD

The India Meteorological Department (IMD) declared the monsoon onset over Kerala on Thursday, a week later than it normally does. “The southwest monsoon has set in over Kerala today, June 8," the weather office said in an official statement.

“The monsoon has advanced into remaining parts of south Arabian Sea and some parts of central Arabian Sea, entire Lakshadweep area, most parts of Kerala, most parts of south Tamil Nadu, remaining parts of Comorin area, Gulf of Mannar and some more parts of southwest, central and northeast Bay of Bengal today," the statement read. (Read More)

08 Jun 2023, 02:13:50 PM IST

Oil steadies as Saudi cut supports and focus turns to Fed

Oil steadied on Thursday as tighter supply resulting from Saudi Arabia's pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown.

At an OPEC meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million barrels per day (bpd) in July on top of a broader deal to limit supply into 2024 as the producer group seeks to boost flagging prices.

Brent crude fell 8 cents, or 0.1%, to $76.87 a barrel by 0810 GMT. U.S. West Texas Intermediate crude gained 8 cents, or 0.1%, to $72.61.

"With the OPEC meeting out of the way, focus is now shifting towards the next move the Fed will make when it meets next week," said Tamas Varga of oil broker PVM. (Reuters)

08 Jun 2023, 02:01:56 PM IST

Zomato share price hits 52-week high, touches IPO price of ₹76

Zomato share price touched its 52-week high level and reached IPO price of 76. The online food aggregator, Zomato shares opened at 74.80 apiece on BSE on Thursday's trade and hit a intraday high of 76 and low of 73.69 apiece. Since March 28, the company's shares have been trending in the direction of their IPO price of 76, and during this time, they have risen by nearly 48%.

Analysts claim that Zomato has been on a roller coaster ride in the last two years, one with a lot of volatility. However, there is finally some positive news as the company has managed to regain its IPO price, signalling a potential turnaround. The remarkable performance of Zomato in FY23 has played a crucial role in supporting the recovery of its stock price. (Read More)

08 Jun 2023, 02:00:33 PM IST

McDonald’s India partners with Simpl for online payment solutions

McDonald's India has joined forces with Simpl to offer online payment solutions.

As per an official release, this partnership enables customers using McDelivery platforms, such as the app and website, to utilize Simpl's convenient 1-tap pay feature when placing their orders.

" By integrating Simpl's technology into our McDelivery platform, we are enabling millions of customers to enjoy the 1-tap checkout experience and their McDonald's meals in no time. As we continue to expand and innovate, we are excited to work with Simpl who share our commitment for innovation and customer satisfaction," said Arvind R.P., Chief Marketing Officer (CMO), McDonald’s India. (Read More)

08 Jun 2023, 01:26:34 PM IST

Angel One Ltd, Generali India, and HDFC Bank on RBI’s Monetary Policy Committee decision to not tinker with the repo rate

Abheek Barua, Chief Economist, HDFC Bank: A status quo policy delivered by the central bank today, keeping both the policy rate and stance unchanged. The RBI continued to be rather upbeat on growth, revising up its Q1 growth forecast to 8%, while retaining its annual forecast at 6.5% -- which is higher than our estimate of 6-6.2%. On inflation the central bank recognised the near-term easing in inflationary pressures while being cautious on the future trajectory. The central bank lowered its inflation forecast only marginally to 5.1% and seems to be building in a buffer for any food prices spikes due to weather related disturbances during the monsoon season. If indeed these risks do not pan out, inflation could be lower than the RBI’s projections leading to subsequent communications becoming more dovish.

Today’s policy decision does little to move the needle in the bond market as it was broadly in line with expectations. Any rate cut expectations in 2023 that were being built up in the market are likely to be pushed forward for now.

Aamar Deo Singh, Head Advisory, Angel One Ltd: RBI’s Monetary Policy Committee (MPC) unanimously decided to keep the policy rate unchanged at 6.50 percent, on the back of easing of headline inflation. However, as per RBI, there is no room for complacency given that inflation still continues to be above the target rate of 4%. So, an alert and at the same time, a cautious and calibrated approach is the need of the hour. Markets had already factored in this move, but overall, positive for the home loan and real estate sectors.

Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company Ltd.: “Overall, an in-line policy verdict with status quo in policy rate, given the backdrop of El-Nino fears coming to the fore, hawkish global central banks actions and global financial stability risks. While the nudging of Inflation forecast is indeed marginally positive for the markets, the upside risks to Inflation characterized by MPC, continue to exemplify wait and watch and cautious stance of RBI and reflect the probability of an extended pause by RBI. While RBI refrained from giving cues on future course of policy pivot, it continues to reemphasize the goldilocks domestic macros, which give some elbow room to remain dovish and eventually change the policy stance towards the end of the year."


08 Jun 2023, 01:17:11 PM IST

Anil Goel buys stake in advertising company, Crayons Advertising. Share hits upper circuit

Ace investor Anil Kumar Goel has added Crayons Advertising Limited shares in his portfolio. The Indian investor added this advertising stock, which has a market cap of around 280 crore, through a bulk deal. This bulk deal was executed on 7th June 2023 on NSE. In this deal, Anil Goel bought 2 lakh company shares at a price of 109.35 per share. This means, the ace investor has invested 2,18,70,000 or 2.18 crore.

This stock market news was enough to drive Dalal Street bulls as the stock witnessed buying interest during early morning deals on the Thursday session. Crayons Advertising share price today opened upside and went on to hit the 5 per cent upper circuit of 114.80 within a few minutes of the stock market's opening bell today. (Read More)

08 Jun 2023, 01:13:11 PM IST

Paytm share price surges 8%; brokerages remain upbeat about the stock

Shares of One 97 Communications (Paytm) surged over 8 per cent in intraday trade on BSE on Thursday (June 8), looking set to extend their gains into the second consecutive session. The stock opened at 735.50 against the previous close of 727 and rose 8 per cent to hit the intraday high of 785.50.

The stock has been witnessing buying after it reported healthy growth in key business parameters for the current quarter.

Paytm, in a BSE filing on Monday (June 5), said it continued witnessing the expansion of the consumer base with average monthly transacting users (MTU) at 9.2 crore for the quarter to date (average for April and May 2023), up 24 per cent year-on-year (YoY). (Read More)

08 Jun 2023, 12:54:18 PM IST

Go-First airline suspends operation till 12 June

The cash-strapped Go-First airline announced the suspension of its flight operations till 12 June citing operational reasons. The airline updated the information on its official Twitter handle. Passengers who made their flight bookings, will receive refund on the original mode of payment shortly, said the airline in its official notification.

“Due to operational reasons, Go First flights until 12th June 2023 are cancelled. We apologise for the inconvenience caused and request customers to visit for more information. For any queries or concerns, please feel free to contact us," tweeted Go First Airlines on Thursday. (Read More)

08 Jun 2023, 12:37:34 PM IST

Milestone Furniture share price hits 5% lower circuit as the firm's CA 'disappears'

Milestone Furniture shares were locked in a 5 per cent lower circuit of 6.47 in intraday trade on BSE on Thursday (June 8) a day after the company said it was not able to disclose its financial statements as its existing Chartered Accountant got disappeared and is not answering the calls, raising concerns over the firm's governance.

As per Milestone Furniture's BSE filing on June 7, its CA Bhupendra Gandhi has disappeared and not taking its calls. In May, the company's CEO Ganesh Kumar Sadanand Patlikadan resigned from his position.

The company is trying its best to resolve the issue so that BSE, as well as ROC compliance in this regard, can be done at the earliest. It's not just CA, but Milestone is also in search of a new MD. Also, the company's board deliberated on the matter of Managing Director and Company Secretary of the company. (Read More)

08 Jun 2023, 12:36:16 PM IST

A few more perspectives on RBI maintaining the repo rate from Officer TIW Capital and Ladderup Wealth Management

Mohit Ralhan, Chief Executive Officer TIW Capital: "The decision to maintain the status quo on policy rate was along expected lines given how the growth-inflation dynamic has been shaping up. Inflation readings for both March and April were lower than expected and have been within the RBI’s inflation target band of 4+/-2%. Moderation was seen across categories- food, fuel and core. Meanwhile, growth figures for Q4 FY 2023 also surprised the upside.

The decision to continue with the withdrawal of accommodation was also expected. Withdrawal of liquidity makes sense as yields have inched lower, 10-year has fallen below 7%, and if they fall further, it might fuel inflation subsequently.

Even though inflation has come down, it is expected to remain above the 4% target throughout FY 2024. Near-term risks to inflation trajectory have come down but uncertainty remains on monsoon given the risk of an El Nino development. RBI doesn’t want to be in a situation where it reverses interest rates prematurely. It is likely to do further tightening if inflation risks play out, or else it will stay put on rates for now."

Raghvendra Nath, MD, Ladderup Wealth Management Pvt. Ltd: “On expected lines, RBI continued with its decision to not hike rates further as the inflation stays within range. The RBI has forecast the inflation for FY24 at 5.1%, inching towards the upper limit, however in the near-term inflation outlook looks more favourable. The progress of monsoon would be keenly watched and would be one of the significant factors in deciding the direction of inflation. RBI mentioned that average liquidity is in surplus mode and is expected to inch up. We believe this should result in some kind of moderation in the 10-year G-Sec yield."

08 Jun 2023, 12:01:18 PM IST

Noon Update: Indices are trading flat after remaining in the green for most of the session as RBI decides to keep repo rate unchanged

Sensex at Noon
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Sensex at Noon
08 Jun 2023, 11:49:17 AM IST

Reserve Bank to permit default loss guarantee arrangements in digital lending: Reuters

The Reserve Bank of India (RBI) will put in place a regulatory framework to permit default loss guarantee arrangements for digital lenders, it said on Thursday.

First loss default guarantee (FLDG) is a lending model between fintech firms and their partner banks and non-banking finance companies where the initial hit on a default is taken by the fintech firm that originated the loan.

In guidelines issued in 2022, the RBI had indicated it was not in favour of such arrangements since they could encourage lenders to take on undue risk.

However, the proposed regulatory framework is "in tune with our objective of maintaining a balance between innovation and prudent risk management," the RBI said in the Statement on Developmental and Regulatory Policies.

08 Jun 2023, 11:37:51 AM IST

Metal index gains in today's trading as most stocks in the index are trading in the green

Metal index
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Metal index
08 Jun 2023, 11:32:31 AM IST

Anitha Rangan, Economist, Equirus comments on RBI policy decision: RBI does not want to disturb the balance and using the calm as the “elbow room” to maintain pause

Anitha Rangan, Economist, Equirus on Bi-Monthly RBI MPC Announcement: MPC in its June6-8th meeting has decided to retain policy rate (repo rate) at 6.5% or pause for 2nd time in a row. While the positive undertones were from India’s resilient growth and external segment and easing inflation there was lot of caution in the press release. First, governor started off with highlighting global uncertainties including the reference to two key central banks that have hiked recently. Adding that pace of global activity is likely to decelerate and that global central banks’ monetary tightening continuing at a slow pace but remaining uncertain. Second, alluding to the fact that easing inflation is not enough and the target of 4% remains the ultimate goal. Third, domestic inflation outlook does have upside risks from monsoon and El-Nino. Overall, it appears that in the current favourable balance of growth inflation dynamics with external sector being manageable, RBI does not want to disturb the balance and using the calm as the “elbow room" to maintain pause. Maintaining its growth estimates at 6.5% and lowering inflation by 10 bp to 5.1%, RBI perhaps is buy time and push the hike as far as possible. Until then, words of caution are sufficient counter to act if necessary.

08 Jun 2023, 11:11:38 AM IST

SpiceJet to partner with FTAI Aviation for fleet revitalisation; to lease up to 20 engines and provide maintenance services,

SpiceJet will partner with FTAI Aviation Ltd. (Nasdaq: FTAI), a leading aftermarket provider of engine services, on a CFM56 revitalization program.

As per an official release, FTAI plans to lease up to twenty engines to SpiceJet and provide maintenance services as well. This initiative aims to decrease maintenance costs, minimize aircraft downtime, and improve the airline's overall performance.

The partnership with the US-based engine services provider "will reduce maintenance expense and minimise aircraft downtime, enhancing the airline's overall performance," Spicejet said in a statement. (Read More)

08 Jun 2023, 11:06:45 AM IST

Realty sector reacts to RBI MPC announcement:  What Ajmera Realty, Knight Frank India, Arkade Group, S Raheja Realty, and Viceroy Properties have to say on the decision

Nitin Bavisi, CFO, Ajmera Realty & Infra India: This move will not only bring stability to the real estate sector but also contribute to its overall growth and development. With the repo rate being kept unchanged, it is expected to stimulate investment in the real estate market as borrowing costs remain favourable. This favourable environment is set to provide a significant boost to the real estate sector, fostering confidence among investors and homebuyers alike. Largely, it is expected that the RBI may start easing rates by CY24, expecting pricing power to return for most players in the next 12 months.

Shishir Baijal, Chairman & Managing Director, Knight Frank India: The trajectory of India's economic growth will be beneficial. Despite a significant increase in interest rates, the sector has been performing well. Real estate loan demand from both housing and commercial segments has remained strong, despite a 150 bps rise in the base lending rate (MCLR) over the past year. However, we remain cautious about the industry, as the complete transmission of the repo rate hikes to lending rates is yet to be observed.

Amit Jain, CMD, Arkade Group: This is a positive move for the real estate sector and for home buyers as well it will not impact EMIs. Therefore we expect the momentum in home sales to continue.

Ram Raheja, Managing Director, S Raheja Realty: The MMR (Mumbai Metropolitan Region) region is expected to have high consumer demand for real estate. Additionally, the completion of infrastructural projects will in fact result in even higher demand for luxury residences since it will increase high-ticket buyers' and investors' confidence and incentive to buy.

Arun Sharma, AVP, Sales & Marketing, Viceroy Properties: "With inflation easing in various sectors due to the fall in commodity prices, the Indian economy is showing signs of improvement. It is expected that a normal monsoon season would contribute to lower inflation, improve demand, and subsequently lower interest rates. The MMR real estate market is expected to witness strong purchasing demand from consumers, with infrastructure projects seeing incremental interest in the coming years. Also, reputed developers will continue to see a healthy demand due to their quality construction and timely delivery." 


08 Jun 2023, 10:57:23 AM IST

NTPC shines as it leads the stock rally; stock jumps more than 3% in today's session

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08 Jun 2023, 10:52:19 AM IST

RBI Monetary policy today: Net FPI inflows stand at USD 8.4 billion during current financial year:, says Shaktikanta Das

The Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said that the net Foreign portfolio investment (FPI) inflows stand at USD 8.4 billion during the current financial year upto June 6 as against net outflows in the proceeding two years where USD 14.1 billion in 2021-22 and 5.9 billion in 2022-23.

During a briefing, Das said, "On Foreign portfolio investment (FPI) have seen a significant portfolio this year since April 2023-24, led by equity flows. The net FPI inflows stand at USD 8.4 billion during the current financial year up to June 6 as against net outflows in the proceeding two years were USD 14.1 billion in 2021-22 and 5.9 billion in 2022-23. (Read More)

08 Jun 2023, 10:36:51 AM IST

Geojit Financial Services on RBI MPC repo rate decision: If the monsoon is normal and the global scenario is favourable, the MPC may think about a rate cut by end CY2023 or early 2024

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Even though the MPC’s rate decision and stance have come on expected lines as pause and withdrawal of accommodation respectively, the Governor’s commentary can be interpreted as positive. The central bank’s projection of FY24 CPI inflation has come at 5.1%, lower than 5.2% projected in the previous meeting. This indicates that the MPC has come to the end of this rate hiking cycle. If the monsoon is normal and the global scenario is favourable, the MPC may think about a rate cut by end CY2023 or early 2024. From the stock market perspective, this is positive.

The Governor’s remark that “India’s economic and financial sector remains resilient amidst global turmoil" is a reflection of India’s strong and improving fundamentals.

08 Jun 2023, 10:35:40 AM IST

Inflation still remains above the 4% target: Governor Shaktikanta Das

Inflation still remains above the 4% target and just being the 2-6% is not enough. Risks to CPI inflation forecast evenly balanced. Goal is to reach the targeted 4% inflation going forward: RBI Governor

08 Jun 2023, 10:33:10 AM IST

Credit Wise Capital on RBI MPC Announcement:Macro policies are aligned with the GDP estimates and that is something to cheer on 

Aalesh Avlani, Founder, Credit Wise Capital on Bi-Monthly RBI MPC Announcement: “With inflation numbers down by 90 bps compared to last month, GDP growth on the upward trend - we all expected the rate to be unchanged. A slightly aggressive stance of reducing the rate would have been appreciated to fuel growth. However, macro policies are aligned with the GDP estimates and that is something to cheer on. One can sense the optimism and it’s a good time to build in India."

08 Jun 2023, 10:24:56 AM IST

No change in GDP forecast for 2023-24 as RBI retains it at 6.5%: Guv Das

The real GDP growth for FY24 is projected at 6.5%.

Q1: 8%

Q2: 6.5%

Q3: 6%

Q4: 5.7%

08 Jun 2023, 10:15:04 AM IST

Inflation to remain above 4% in FY24: RBI Governor Shaktikanata Das

CPI inflation is still above our target of 4% and is expected to remain above it through 2023-24 as per our forecasts: Governor Shaktikanta Das

08 Jun 2023, 10:13:46 AM IST

RBI policy decision: Repo rate unchanged at 6.5%; Standing Deposit Facility Rate remains at 6.25%

MPC decides to keep repo rate unchanged at 6.5%, Standing Deposit Facility Rate remains at 6.25%. Marginal Standing Facility Rate and Bank Rate unchanged at 6.75%: Governor Shaktikanta Das

08 Jun 2023, 10:09:05 AM IST

As analytst had predicted, RBI MPC decides to keep interest rates unchanged at 6.5%

08 Jun 2023, 09:52:25 AM IST

JM Financial stock recommendations: Places BUY for Tata Motors and SRF

JM Financial Institutional Securities stock recommendations: 

Tata Motors (TTMT IN) | Key takeaways from Investor Day 2023

Company Update BUY INR 625 - Vivek Kumar

Tata Motors (TTMT) recently hosted its investor meet highlighting future strategy for domestic businesses. In the PV/EV business, the company plans to launch 6-7 new models over the next 3-4 years across alternate powertrains. Investments in the EV business are expected to be USD2bn over next 4 years, largely towards developing new platforms and products. Overall PV demand remains healthy and the planned increase in PV capacity (from 600k to 1mn units) is expected in 2HFY24. In respect of CV business, industry is expected to grow by single-digit during FY24. TTMT aspires to reach double-digit EBITDA margin for both its CV and PV business and expects EV business to be EBITDA breakeven (ex. PLI) in the medium-term. We maintain BUY with unchanged with Mar’24 SOTP of INR 625 (standalone / JLR valued at 10x /2.5x EV/EBIDTA). Competition in PV segment and slowdown in key global markets are the key risks.

SRF | No major hiccups expected in chemicals business; maintain BUY

Company Update BUY INR 3,380 - Krishan Parwani

Our recent interaction with SRF’s president and CFO gave us insights on the progress of the company’s ongoing growth plans and long-term opportunities in various sub-segments that it operates in. Key takeaways – 1) commercial volume from the PTFE plant is expected in Jul’23; 2) fluorospecialty chemicals’ growth guidance of ~20% does build in a recessionary scenario; 3) refrigerant demand from the domestic market has been subdued while export demand has been good; 4) HFC quota filling by US producers/distributors is likely to benefit SRF in the medium to long term; and 5) packaging films business remains under pressure from commissioning of new capacities. Moreover, to continue the growth momentum, the company is looking to purchase additional land (likely to be more than 250 acres). We remain constructive on the company’s long-term plans. We maintain BUY with an unchanged Jun’24 TP of INR 3,380 (SoTP based)

08 Jun 2023, 09:42:21 AM IST

IT index sheds half a per cent in early trading ahead of RBI monetary policy announcement 

IT index
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IT index
08 Jun 2023, 09:39:34 AM IST

Rupee opens 4 paise lower at 82.59 against US dollar ahead of RBI Monetary Policy

The Indian rupee opened paise lower against the US dollar on Thursday ahead of the Reserve Bank of India’s monetary policy announcement and decision on interest rates. Weak Asian currencies also pressurized the local rupee. The rupee opened at 82.59 a dollar against the previous close of 82.55.

The RBI is widely expected to keep the key repo rate unchanged at 6.50%. Investors focus will be on RBI Governor Shaktikanta Das’ comments around the trajectory of interest rates and inflation. (Read More)

08 Jun 2023, 09:31:40 AM IST

Kotak Bank continues to drag as it sheds around 1.5% in early trading and is among the biggest laggards

Kotak Bank
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Kotak Bank
08 Jun 2023, 09:25:23 AM IST

Geojit Financial Services on today's market: Even though Nifty moving to new highs is possible, a sharp rally beyond that is unlikely

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Nifty has now moved up by 10% from the March lows and the present bullish market structure can take the Nifty to the all-time high of 18887. Strength and optimism on the economic front in the mother market US provide the global backdrop for the bulls. Domestically, the important cue to watch would be the RBI commentary today since the rate decision will be a pause. If the RBI commentary marginally increases the FY24 GDP growth rate and decreases the FY 24 inflation target, that would be a shot in the arm for the bulls enabling them to take Nifty to new records. If the Nifty moves to new record highs, Bank Nifty and RIL will have to participate in the rally. Mid and small-caps will continue to do well.

Even though Nifty moving to new highs is possible, a sharp rally beyond that is unlikely since valuations will get stretched at record levels.

08 Jun 2023, 09:22:12 AM IST

Sensex and Nifty open flat as investors choose caution ahead of RBI MPC rate decision; IT sheds, while Auto gains

Sensex at Open
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Sensex at Open
08 Jun 2023, 09:10:59 AM IST

Corporate profit to GDP ratio of India Inc. moderates in 2023, says Motilal Oswal

The corporate profit to GDP ratio for the Nifty500 companies and listed India Inc. firms moderated mildly in 2023 because of elevated commodity prices. Moreover, the profit for the Nifty500 companies grew at a slower pace of 8.7 per cent YoY in FY23 after surging 49 per cent YoY in FY22 and 50 per cent YoY in FY21, said a report by brokerage firm Motilal Oswal Financial Services.

However, the brokerage firm highlighted that despite the pandemic-induced gloom and weak economic recovery, corporate profits recovered smartly in 2020-23. During this period, the ratio improved for 20 of 25 sectors, of which 76 per cent was driven by PSU banks (22 per cent), private banks (20 per cent), telecom (11 per cent), metals (8 per cent), insurance (8 per cent), and oil & gas (7 per cent). Cement, media, and consumer durables were the only sectors to witness a compression in the ratio, Motilal Oswal said. (Read More)

08 Jun 2023, 09:06:11 AM IST

Yulu Bikes likely to file for IPO in FY26

Small-format, battery-operated cars are expected to create sufficient investor interest over the next few years, according to Yulu Bikes' chief executive, and the company may decide to file for an initial public offering (IPO) in FY26, said Economic Times (ET) in its media report.

With increasing traffic on the roads and the government's commitment to clean mobility, the Bengaluru-based startup, which has a strategic alliance with Bajaj Auto, sees demand for such tech-based vehicles growing, according to ET report.

The Amit Gupta-founded company is currently seeking to raise debt and equity in the short to medium term to fund its activities. (Read More)

08 Jun 2023, 09:03:34 AM IST

Sensex marginally gains at the preopen session ahead of RBI's monetary policy announcement

Sensex at Preopen
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Sensex at Preopen
08 Jun 2023, 08:57:41 AM IST

‘Airfares reduced by 61% after…’: Aviation Minister Jyotiraditya Scindia

Airfares on certain routes from Delhi have been considerably reduced by 14% to 61% following the airlines' advisory group meeting held on June 6, said Union Civil Aviation Minister Jyotiraditya Scindia on Wednesday.

He expressed satisfaction with the airfares reduction for flights connecting Delhi to other destinations such as Srinagar, Leh, Pune, and Mumbai, according to ANI reports.

Addressing a press conference, Scindia said, “I am happy to say that the maximum fares on flights connecting Delhi to Srinagar, Leh, Pune and Mumbai were reduced by 14-61 percent on June 6. The Directorate General of Civil Aviation (DGCA) and the ministry are monitoring the daily fares." (Read More)

08 Jun 2023, 08:41:04 AM IST

Dividend stocks: Two shares to trade ex-dividend, one to declare dividend today

After the end of Q4 results season, stock market investors and observers are eagerly awaiting the reward payments announced by the listed entities from their capital reserves. Dividend payment is one of those rewards that has now come in focus. For such investors, there is a piece of stock market news as two companies are going to trade ex-dividend stock today whereas one is going to discuss dividend payment in its board meeting scheduled today. Dividend-paying stocks that are going to trade ex-dividend today are QGO Finance and Ponni Sugars(E) whereas the board of directors of Sanmit Infra is going to consider and approve dividend payment in its board meeting today. (Read More)

08 Jun 2023, 08:26:28 AM IST

Stocks to Watch: Tech Mahindra, Hero Motor, TCS, Nelco, Bank of Maharashtra, HPCL, BPCL, IOC, Tata Elxsi, Deepak Fertilisers, Aruna Hotels, and Jindal Poly Films

LIC raises stake in Tech Mahindra to 8.88%, Hero MotoCorp to expand electric two-wheeler range, TCS sees higher attrition among women employees, Nelco makes strategic investment in Piscis Networks, OMCs may lower fuel prices, Bank of Maharashtra raises 1,000 crore through QIP, Tata Elxsi partners with ISRO for Gaganyaan Mission, SmallCap World Fund Inc and Anirudh Damani offload shares of Deepak Fertilisers, Aruna Hotels settles case with Sebi, Jindal Poly Films acquires JPF Netherlands Investment BV. (Read More)

08 Jun 2023, 08:24:32 AM IST

ChatGPT creator Sam Altman to speak at IIT Delhi today

OpenAI CEO and ChatGPT creator Sam Altman, who is in India this week, will speak at the India Institute of Technology (IIT Delhi) today, June 8, according to media reports. He will also meet Prime Minister Narendra Modi on Thursday.

“Excited to visit Israel, Jordan, Qatar, the UAE, India and South Korea this week!" the OpenAI CEO tweeted a few days ago.

Addressing an event hosted by The Economic Times on Wednesday, Altman said countries such as India should back research on artificial intelligence in ways that can improve government services like health care. (Read More)

08 Jun 2023, 08:23:19 AM IST

Bank of Maharashtra raises ₹1,000 cr via QIP, LIC gets biggest allocation

Bank of Maharashtra (BoM) Wednesday said it has raised 1,000 crore through Qualified Institutional Placement (QIP). The QIP which opened on June 1, closed yesterday.

The bank in a statement said, “Board of Directors of the Bank approved the allotment of 350,877,192 equity shares to eligible qualified institutional buyers at the issue price of 28.50 per equity share (including premium of Rs. 18.50 per share), aggregating to 10,000 million (Rupees Ten Thousand Million only) under the SEBI ICDR Regulations."

The issue price has been set at 28.5 per equity share, which is a 4.94% discount to the floor price of 29.94 per share. (Read More)

08 Jun 2023, 07:58:57 AM IST

Buy or sell: Vaishali Parekh recommends three stocks to buy today - JIndal Steel, Power Grid, and Finolex Cables

Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:

1] Jindal Steel: Buy at 531, target 555, stop loss 520;

2] Power Grid: Buy at 239, target 248, stop loss 235; and

3] Finolex Cables: Buy at 798, target 835, stop loss 787. (Read More)

08 Jun 2023, 07:56:41 AM IST

OMCs may cut fuel prices if strong financial performance continues as they have largely recovered from the high under-recoveries

Public sector oil marketing companies (OMC) can be expected to lower retail prices of petrol and diesel in case they witness another quarter of robust financial performance, an official said.

The official further said that OMCs have largely recovered from the high under-recoveries witnessed over the past one year due to high crude oil prices and stagnant retail fuel prices.

"Given how all three OMCs have had good results in the last quarter (Q4 FY23), after one more quarter of such results, they can be expected to reduce prices," the official said. (Read More)

08 Jun 2023, 07:51:26 AM IST

ICICI Bank's board gave sanction to prosecute Chanda Kochhar in loan fraud case: CBI to court

The Central Bureau of Investigation (CBI) has told a special court that it received a sanction from the ICICI Bank's board to prosecute Chanda Kochhar, the former CEO and MD of the bank, in connection with a case of alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies.

The probe agency, represented by special public prosecutor A Limosin, told the court that the board of ICICI Bank in a resolution passed on April 22 this year gave its sanction to prosecute Kochhar, as the bank's board accepted that there seemed to be quid pro-quo.

Last year, the central probe agency arrested Chanda Kochhar and Deepak Kochhar in connection with the Vodafone fraud case. The agency had also arrested Videocon group founder Venugopal Dhoot. (Read More)

08 Jun 2023, 07:29:19 AM IST

RBI to announce monetary policy today, likely to hold repo rate at 6.5%

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) will announce its policy decision today. The second bi-monthly monetary policy meeting of FY24 was held from June 6 to 8 and its outcome will be announced on June 8. The rate-setting panel headed by Governor Shaktikanta Das is largely expected to leave the repo rate unchanged at 6.5%. Follow the live blog here.

08 Jun 2023, 07:27:30 AM IST

Wall Street indices drift on Wednesday as drops for tech overshadow gains elsewhere

U.S. stocks drifted to a mixed finish Wednesday, as drops for Microsoft and other big-name tech stocks overshadowed gains across much of the rest of Wall Street.

The S&P 500 fell 16.33, or 0.4%, to 4,267.52 even though the majority of stocks within the index rose. The Dow Jones Industrial Average gained 91.74, or 0.3%, to 33,665.02, while the Nasdaq composite fell 171.52, or 1.3%, to 13,104.89.

Microsoft, Amazon, Nvidia and Alphabet all sank at least 3% and were the heaviest weights on the S&P 500. Because they're some of Wall Street's most valuable stocks, their movements pack extra punch on the index.

It's a reversal from much of this year, where a narrow group of high-growth stocks led the way on hopes for easier interest rates from the Federal Reserve and excitement around artificial intelligence. But tech stocks are seen as some of the hardest hit by higher interest rates, and yields were on the rise in the Treasury market.

Yields climbed after the Bank of Canada raised its policy interest rates on Wednesday, surprising some investors after it had left rates steady since January. The Fed will make its own decision on rates next week. (AP)

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