COMPANIES-2
Rakesh Jhunjhunwala-backed Concord Biotech files draft papers to float IPO
The active pharmaceutical ingredients (API) maker is also backed by ace investor Rakesh Jhunjhunwalal who died on Sunday. Jhunjhunwala holds over 24% stake in the firm through its investment arm Rare Enterprises
EARNINGS
ICICI Bank hits Rs 6 trillion m-cap first time; stock hits record high
Of the 52 brokers tracking the ICICI Bank stock on Bloomberg, 51 have recommended a buy rating, one have a hold on the stock. It has zero analysts who rate sell on the stock.
INDIA
Rupee opens higher against US dollar
Overnight, the data on US consumer inflation slowed to 8.5% in July from 9.1% in June.
BUSINESS
Siemens hits Rs 1-trillion market capitalisation for the first time
Order inflows were robust at Rs 4,992 crore, registering a growth of 20 percent on a YoY basis
INDIA
Fincare Small Finance Bank refiles IPO draft papers
The IPO consists of a fresh issue of shares worth Rs 625 crore and an offer for sale of up to 17 million shares by shareholders and promoters.
COMPANIES-2
Syrma SGS Technology prices IPO at Rs 209-220 a share
This will be the first IPO in the last two and a half months.
MARKETS
RIL emerges as lone contrarian upgrade for July; exceptions in tech, consumer staples, metals see uptick
Infosys Technologies, Titan, UPL, Grasim see increasing upgrades although stock prices were weak in the past quarter
INDIA
Indian markets outpace most global counterparts in July, aided by multiple factors
Healthy corporate earnings, coupled with the return of foreign institutional investors, aided the positive sentiment.
BUSINESS
India’s corporate earnings are faring better than investors feared
A quick glance at the earnings of Nifty50 companies for the June quarter, so far, show that investors’ fears might have been misplaced
BUSINESS
Utkarsh SFB cuts IPO size by 63%; files revised draft papers
The lender, which came into the operation in 2010, is primarily focused on providing microfinance to unserved and underserved segments and in particular in the states of Uttar Pradesh and Bihar
INDIA
Sensex, Nifty climb nearly 8% in July as rate hike fears ease, commodities soften, FIIs return
Markets were extremely oversold with FIIs selling nearly $28.70 billion so far this year. This selling spree reduced in July to $146 million from more than $6.34 billion they sold in June
EARNINGS
Early Birds: Margins take a hit on commodity price volatility in June quarter
A Moneycontrol analysis of 169 companies, which have announced their June quarter earnings and for which data is available for the 25 preceding quarters, shows that aggregate operating profit margin was at 20.83%, the lowest growth since June 2020
INDIA
Rare sighting: FPIs turn net buyers of Indian stocks for second straight day
Since October 2021 till date, foreign institutional investors sold over $34.41 billion while in the year so far they have sold $29.64 billion of Indian equities.
INDIA
Rupee hits 80 mark versus dollar for first time as oil boils
At 9.10 am, rupee was trading at 80.01 a dollar, down 0.03% from its previous close. It opened at 79.99 and touched a fresh record low of 80.02.
INDIA
Rupee hits fresh record low, closes at 79.98 vs US dollar
The currency opened at 79.75 and touched an all time low of 79.9825. So far this year, the currency has weakened 7.05 percent.
EARNINGS
Smallcap, midcap stocks find takers as global commodity prices soften
With commodity prices easing and rural sentiment turning positive, the Nifty Midcap and Nifty Smallcap indices have seen a rally. The indices have risen nearly 7 percent and 4 percent, respectively, in July 2022.
INTERVIEW
MC Interview | Rupee may be down to 81 to a dollar by the end of this year: Vivek Kumar of QuantEco Research
Allowing global trade settlement in rupees is the first major step on the long road of internationalising the currency, but there is unlikely to be any near-term impact on the current account deficit, Kumar said
BUSINESS
Rupee hits fresh record low for 4th straight session
At 9.20am, the rupee was trading at life low of 79.77, down 0.17% from its previous close of 79.64.
BUSINESS
10 year bond yield falls four basis points as inflation cools off a bit
At 9.22am, the 10 year bond yield was trading at 7.36% versus its previous close of 7.395%. Bond yield and prices move in opposite directions.
IPO
Gurugram-based property developer Signature Global India files draft papers for Rs 1,000 crore IPO
Proceeds worth Rs 330 crore from the issue will be used to repay debt of the firm. As of May, Signature Global's total debt stood at Rs 537.96 crore.
BUSINESS
Autos are back in favour among analysts; defensives see downgrades
Moneycontrol Analysts’ Call Tracker June 2022 reveals underperforming stocks of the past year inching back in favour
BUSINESS
It's going to be a mixed bag of first-quarter earnings for investors
Given the mixed performance expected by companies for Q1 of FY23, analysts have slashed earnings per share estimates
INTERVIEW
MC Interview | Bank of Baroda’s chief economist on recent RBI measures
"The measures invoked by the RBI on the capital account have the potential to increase foreign inflows and strengthen the balance of payments. The amounts have to be large to counter the current account deficit which will in turn stabilise the rupee."
INDIA
Sinking commodity prices deflate earnings hope as metal firms hurt
The imposition of hefty export duties on steel will lead to a decline in realisations for steel companies that have resorted to exports in the past few years, experts say
