Amol Athawale, Vice President - Technical Research, Kotak Securities
Spectacular rally in IT stocks following better-than-expected earnings from select frontline technology companies triggered late upsurge, which propelled Sensex to close above the 66k mark. Market seems to be flooded with strong FII inflows, and with US inflation moderating investors are hoping for a rate hike pause by the Federal Reserve later this month. On daily and weekly charts, the Nifty has formed a bullish candle alongwith breakout formation on intraday charts, which supports further uptrend from the current levels.
For the trend following traders now, 19450 would be the trend decider level and could move up till 19800. Below 19450, we could expect a one quick correction till 19400-19300.
For Bank Nifty, the 20 day SMA (Simple Moving Average) or 44500 would be the trend decider level. Above the same, the index could retest the level of 45250-45600. On the other side, below 44500 the Bank Nifty could slip till the 50-day SMA or 44000.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets ended the final session on a strong note and gained nearly a percent. After the initial uptick, Nifty traded muted in the middle but a sharp surge in the last half an hour completely changed the tone. Consequently, Nifty settled at a new high i.e. 19,564.50 levels. Most sectors ended higher wherein IT pack was the highlight, followed by metal and realty pack. The broader indices were also in sync and gained in the range of 1.2%-1.5%.
It is a firm close but we need sustainability above 19550 in Nifty for continuation of the up move. The prevailing buoyancy in global markets combined with rotational buying across sectors is favoring the same. We thus reiterate our positive view and suggest focusing on identifying quality stocks across sectors.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Both Nifty and Sensex gained around 0.8% in the past week. Mid-cap and small-cap indices outperformed the large-cap index. Macro sentiments remained volatile as frailties in European and US banks were under focus. Indian equity markets remained concerned slowdown, higher interest rates and valuation even as inflation continued its downward trajectory both globally and domestically.
Major sectors had a positive session in week-on week basis with Metals, Autos and Capital goods gaining the most. Within the Nifty Index, Infosys (+6.5%), Tech Mahindra (+6.3%) and Hindalco (+5.2%) gained the most, while Power Grid (-6.1%), United Phosphorus (-3.9%) and NTPC (-3.8%) lost the most.
FPIs were net buyers, while DIIs were net sellers in the same period. On the economy front, US June CPI print came in lower than expected at 3%, while the Indian CPI print came in higher than expected at 4.8%.
In International news, In United States, the yield on the benchmark 10-year Treasury note rose 3 basis points to 3.7890%, while the 2-year yield climbed 5 basis points to 4.6640%. June producer price index in US was reported weaker-than-expected monthly rise of 0.1% on both the headline and core metrics. That followed Wednesday’s consumer price index, which came in at an annualized 3% for June, below consensus expectations and its lowest level since March 2021.
In Europe, Germany said there is an urgent need for companies to de-risk from China, while “not pursuing a decoupling” of economies. In Asia, China reported no change in consumer prices for June from a year ago.
Vinod Nair, Head of Research at Geojit Financial Services
The controlled inflation in the US has instilled optimism among investors that a 25-bps rate hike would be adequate to stabilise the US economy. This improved prospect has contributed to the strong buying of Indian IT stocks despite muted Q1 earnings. Furthermore, the broad-based rally in the domestic market was supported by India's consecutive third month decrease in wholesale prices, along with the positive involvement of FIIs.
Rupee Close:
Indian rupee closed 10 paise lower at 82.17 per dollar versus previous close of 82.07.
Rajani Sinha | Chief Economist
Wholesale prices declined further in June with a broad-based moderation across all three major components. This was the steepest contraction (annual) witnessed in about eight years helped by continued easing of energy, chemicals and metals prices. Weak economic data from China is keeping the global commodity prices low, which in turn is supporting moderation in WPI inflation.
The sharp sequential uptick in food prices due to vegetables, milk, pulses and cereals is concerning. Nonetheless, given the higher weightage of energy and manufactured products in the WPI basket, we expect WPI inflation to remain in contractionary zone in the first half of FY24. Contraction in WPI index is likely to have a moderating impact on CPI inflation with a lag.
Market Close
: Benchmark indices ended higher on July 14 with Nifty around 19,600 amid buying across the sectors.
At close, the Sensex was up 502.01 points or 0.77% at 66,060.90, and the Nifty was up 150.70 points or 0.78% at 19,564.50. About 2158 shares advanced, 1161 shares declined, and 142 shares unchanged.
Biggest gainers on the Nifty were TCS, Infosys, Tech Mahindra, LTIMindtree and HCL Technologies, while losers included HDFC Life, M&M, Power Grid Corporation, Titan Company and Dr Reddy’s Laboratories.
BSE midcap and smallcap indices added 1 percent each.
All the sectoral indices ended in the green with Information Technology index up over 4 percent, metal and realty indices up 1 percent each.
Stock Market LIVE Updates | Jefferies View On Cholamandalam Investment and Finance Company
-Buy rating, target raised to Rs 1,350 per share
-See more upside as it transforms from auto NBFC to a diversified NBFC
-NIMs are likely bottoming out
-Mix shift could lift NIMs with upside risk from potential rate cuts
Sensex Today | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas
Indian Rupee traded with a slight negative bias. Rupee gained in the opening trades on the overnight decline in the US Dollar and fall in US treasury yields. Positive domestic equity markets also supported the domestic currency. However, Rupee declined in the latter half of the day on a surge in crude oil prices, and profit booking at higher levels.
US Dollar fell to a fresh 15-month low and breach the 100 level as faster than expected slowdown in inflation bolstered expectations of just one more rate hike by the US Federal Reserve.
We expect Rupee to trade with a slight positive bias on account of the rise in risk appetite in global markets and extended weakness in the US Dollar. However, the surge in crude oil prices may cap a sharp upside. Market participants may remain cautious ahead of India’s trade deficit and US Michigan consumer sentiment data. We expect the USDINR spot to trade between 81.60 to 82.50 in the near term.
Stock Market LIVE Updates | Nomura View On Wipro
-Neutral call, target at Rs 375 per share
-Growth continues to be affected by low discretionary spends
-Weakness in growth to continue in near term
-Discretionary demand remains weak, affecting consulting portfolio
-Q2 guidance shows weakness to persist
-Margin improvement unlikely in FY24
Stock Market LIVE Updates | Investec View On Federal Bank
-Hold call, target at Rs 140 per share
-Biggest surprise is faster-than-expected normalisation in its NIM
-Expect NIM to improve from Q2 as pace of CoF repricing moderates
-Estimate NIM to be in the range of 3.15-3.25%
-Expect investments made in franchise to yield results gradually
Sensex Today | Mohammed Imran - Research Analyst at Sharekhan by BNP Paribas
We are bullish on Crude oil and the rally picked up in last two weeks will likely continue as fundamentals are shifting fast due to broader supply concerns over disruptions in Libya and Nigeria and hopes of higher U.S. crude demand amid cooling inflation. The outages in African countries could be amounted to wiping of 300kbpd-400kbpd, which could tighten the market after OPEC+ are already squeezing the supplies by 5% of global supplies. Meanwhile OPEC continues to remain bullish on the global oil demand as it sees 2024 demand rise by 2.2%.
On the macro front, US economy is gaining traction with inflation gradually drifting towards Fed’s comfort area, which has raised the bets for ending of interest rates hike cycle in US. While the China’s crude oil imports rose 45.3% in June YoY, is also supporting the bullish momentum.
We expect WTI to soon be trading above $80 will be supported by Asian demand.
Stock Market LIVE Updates | Shalby hits 52-week high; diversification, strong outlook for implant business fuels rally
Shares of Shalby have gained 7 percent on July 14, hitting 52-week high at Rs 192, with the underlying sentiment continuing to be strong. At 12:32 pm, shares of the company were trading 5.3 percent higher at Rs 188.55 on the BSE.
The enthusiasm is reflected in the stock's 30 percent rally over the past month. This was on the back of Shalby being a market leader in arthroplasty procedure with around 15 percent market share of all joint replacement surgeries by organised private corporate hospitals. Further, analysts believe diversification and strong growth outlook on the implant business in core-markets has also added legs to the rally.
ICICI Securities says ‘buy’ shares of the multi-specialty hospitals chain company considering its strong arthroplasty legacy and diversification into other super-specialties, its asset light model through a franchisee drive, and an expansion of implant business into newer geographies besides stronger India and US traction. Read More
Sensex Today | Market at 3 PM
The Sensex was up 364.58 points or 0.56% at 65,923.47, and the Nifty was up 115.70 points or 0.60% at 19,529.50. About 1997 shares advanced, 1193 shares declined, and 112 shares unchanged.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| TCS | 3,497.00 | 4.68 | 314.96k |
| Tech Mahindra | 1,224.10 | 4.18 | 160.72k |
| Infosys | 1,421.20 | 4.09 | 834.24k |
| HCL Tech | 1,149.00 | 3.59 | 254.89k |
| Wipro | 404.55 | 2.59 | 1.30m |
| Tata Steel | 116.40 | 1.35 | 1.57m |
| Nestle | 23,117.40 | 1.3 | 1.68k |
| HUL | 2,676.05 | 0.8 | 132.72k |
| Asian Paints | 3,425.00 | 0.78 | 38.86k |
| Larsen | 2,465.70 | 0.56 | 39.04k |
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Power Grid Corp | 239.60 | -1.46 | 348.46k |
| M&M | 1,546.05 | -1.31 | 19.24k |
| Titan Company | 3,055.15 | -0.98 | 23.04k |
| UltraTechCement | 8,170.00 | -0.71 | 3.94k |
| Axis Bank | 954.35 | -0.59 | 55.71k |
| NTPC | 187.10 | -0.45 | 561.34k |
| Maruti Suzuki | 9,616.00 | -0.39 | 15.46k |
| SBI | 583.95 | -0.3 | 425.28k |
| Sun Pharma | 1,073.40 | -0.2 | 31.35k |
| Reliance | 2,738.50 | -0.17 | 291.06k |
Stock Market LIVE Updates | Unichem Laboratories Q1 Results
Unichem Laboratories has posted net loss at Rs 66.83 lakh in the quarter ended June 2023 versus loss of Rs 23.4 crore in a year ago period.
Revenue of the company was up 36.7% at Rs 423.2 crore versus Rs 309.6 crore, YoY.
Nifty Information Technology index surges 4%; hits four-month high
Among stocks, HCL Technologies snapped 6-day losing streak, while Infosys at 3-month high and LTIMindtree touched 52-week high.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| MphasiS | 2,061.00 | 7.22 | 2.32m |
| L&T Technology | 4,078.00 | 4.98 | 624.13k |
| TCS | 3,495.95 | 4.65 | 5.31m |
| Tech Mahindra | 1,223.60 | 4.11 | 5.09m |
| Infosys | 1,420.40 | 4.05 | 10.55m |
| HCL Tech | 1,152.10 | 3.91 | 5.60m |
| LTIMindtree | 5,062.45 | 3.46 | 1.15m |
| COFORGE LTD. | 4,917.30 | 3.4 | 541.44k |
| Persistent | 4,913.60 | 3.22 | 620.76k |
| Wipro | 403.80 | 2.41 | 13.49m |
Stock Market LIVE Updates | NCC hits 52-week high, ICICI Securities sees 22% upside in stock
Shares of NCC surged 6 percent intra-day on July 14 and hit a 52-week high at Rs 138.95, with ICICI Securities expecting the stock to rally up to Rs 170 - which means a 22 percent gain from the current high of Rs 138.95.
The stock has gained 28 percent in the past three months and is up 64 percent in a year. The underlying optimism is that NCC is a key beneficiary of the tailwinds in the buildings, roads, water, mining and electrical segments.
ICICI Securities also believes the company is likely to witness strong growth going ahead considering the strong order book visibility, and improving balance sheet strength. Read More
| Company | CMP | Chg(%) | 30 SMA |
|---|---|---|---|
| Subex | 33.9 | 18.7 | 28.56 |
| Shyam Telecom | 8.4 | 13.82 | 7.38 |
| Megasoft | 34.7 | 12.81 | 30.76 |
| Silgo Retail | 24.65 | 12.51 | 21.91 |
| Mastek | 2127.5 | 7.84 | 1972.83 |
| FCS Software | 2.35 | 7.8 | 2.18 |
| Take Solutions | 18.7 | 7.72 | 17.36 |
| Satin Credit | 185.65 | 6.89 | 173.69 |
| Ahlada Engineer | 120.5 | 6.65 | 112.99 |
| Mangalam Global | 21 | 6.54 | 19.71 |
Stock Market LIVE Updates | Morgan Stanley View On Wipro
-Underweight call, target at Rs 352 per share
-Revenue growth has decelerated more sharply versus peers
-Weak outlook on discretionary spending & consulting keeps Q2 outlook soft
-Until growth gap narrows, expect P/E discount to remain higher versus peers
Stock Market LIVE Updates | India's trade deficit was below economist estimates in June
--India June Trade Deficit at $20.13b, Bloomberg estimates -$20.220b
--Trade deficit at $20.13b (estimate -$20.220b) in June, according to the Directorate General of Commercial Intelligence and Statistics
--Estimates range -$22.900b to -$16.600b, 18 economists
--Exports fell 22% y/y
--Imports fell 17.5% y/y
--Exports were $32.97b
--Imports were $53.10b
--Services exports was $27.12b
--Services imports was $15.88b
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Zee Entertain | 209.45 | 5.3 | 15.62m |
| Patanjali Foods | 1,223.35 | 5 | 509.07k |
| L&T Technology | 4,057.35 | 4.44 | 576.76k |
| Indiamart Inter | 2,866.90 | 4.3 | 347.87k |
| NALCO | 88.15 | 4.26 | 20.52m |
| Delhivery | 414.80 | 3.89 | 2.64m |
| Oracle Fin Serv | 3,991.20 | 3.83 | 216.39k |
| COFORGE LTD. | 4,917.55 | 3.41 | 510.38k |
| Persistent | 4,912.00 | 3.19 | 599.08k |
| Godrej Prop | 1,669.30 | 2.95 | 1.33m |
IT companies' shares surged as investor sentiment improved. This positive shift in sentiment was largely influenced by Tata Consultancy Services (TCS) announcing robust deal wins in the June quarter.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| MphasiS | 2,062.80 | 7.31 | 2.15m |
| TCS | 3,501.75 | 4.83 | 4.77m |
| Tech Mahindra | 1,230.45 | 4.7 | 4.60m |
| Infosys | 1,424.10 | 4.32 | 9.35m |
| L&T Technology | 4,050.00 | 4.26 | 549.24k |
| HCL Tech | 1,155.95 | 4.25 | 5.05m |
| COFORGE LTD. | 4,956.00 | 4.22 | 479.82k |
| LTIMindtree | 5,077.50 | 3.76 | 1.02m |
| Persistent | 4,917.00 | 3.3 | 579.91k |
| Wipro | 405.20 | 2.76 | 12.48m |
Stock Market LIVE Updates | Morgan Stanley View On Federal Bank
-Equal-weight call, target at Rs 145 per share
-NIM Is near trough, but recovery will be gradual
-Stock is not expensive at 0.9x FY24e book but lacks a catalyst
Sensex Today | Market at 2 PM
The Sensex was up 274.17 points or 0.42% at 65,833.06, and the Nifty was up 84.20 points or 0.43% at 19,498. About 1986 shares advanced, 1191 shares declined, and 103 shares unchanged.
Sensex Today | Mohit Ralhan, Chief Executive Officer TIW Capital
At -4.1% YoY, India's WPI remained in deflationary territory in June. The decline in the index was primarily driven by a drop in fuel and power prices and manufactured product prices. Fuel price drop was on a high base last year while the decline in manufactured prices was because of a dip in edible oil, textile and chemical & chemical products prices. However, food article prices inched higher on a sequential basis. The vegetable price index witnessed a more than 10% jump from May to June.
The deflation in the manufacturing price index could be a cause of concern as it usually indicates weaker economic activity in the future. Meanwhile, a jump in vegetable prices will be keenly tracked by the RBI as it might hurt the CPI trajectory going ahead.
Sensex Today | BSE Smallcap index up 0.7 percent supported by Pix Transmissions, Precision Camshafts, Subex
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Pix Transmis | 1,207.95 | 20 | 62.20k |
| Precision Camsh | 217.30 | 19.99 | 196.63k |
| Subex | 32.40 | 14.53 | 6.07m |
| JBM Auto | 1,465.15 | 11.42 | 134.62k |
| GMRP&UI | 22.35 | 11.08 | 4.24m |
| GRM Overseas | 179.65 | 9.98 | 68.08k |
| Abans Holdings | 335.00 | 9.53 | 31.41k |
| Satin Credit | 186.30 | 8.57 | 406.42k |
| C. E. Info Syst | 1,447.85 | 8.09 | 71.42k |
| Craftsman | 4,451.90 | 7.71 | 10.74k |
Sensex Today | Mufti brand jeans owner files draft papers with SEBI to raise funds via IPO
Credo Brands Marketing Ltd, which sells Mufti brands of jeans, has filed a draft papers with Securities Exchange Board of India to raise funds via initial public offerings.
The issue is a pure offer for sale of upto 19.63 million shares by its existing shareholders and promoters. The OFS comprises of upto 4.14 million shares by Kamal Khushlani, upto 4.28 million shares by Poonam Khushlani, upto 2.03 million shares by Concept Communications Ltd, upto 5.03 million shares by Bela Properties Pvt Ltd, upto 1.97 million shares each by Jay Milan Mehta and Sagar Milan Mehta and upto 0.11 million shares by Andrew Khushlani.
Dam Capital Advisors, ICICI Securities and Keynote Financial Services Ltd are the lead managers to the issue.
| Company | CMP | High Low | Gain from Day's Low |
|---|---|---|---|
| Pix Transmis | 1,207.95 | 1,207.95 1,003.20 | 20.41% |
| Precision Camsh | 217.30 | 217.30 188.65 | 15.19% |
| Subex | 32.33 | 32.70 28.81 | 12.22% |
| GRM Overseas | 179.65 | 179.65 164.65 | 9.11% |
| Satin Credit | 187.25 | 200.55 173.45 | 7.96% |
| ADF Foods | 1,119.05 | 1,133.30 1,037.55 | 7.86% |
| Coffee Day | 44.19 | 45.99 41.10 | 7.52% |
| Indo Count | 222.60 | 224.80 207.15 | 7.46% |
| Craftsman | 4,459.20 | 4,530.00 4,149.90 | 7.45% |
| Indian Hume | 243.00 | 243.90 226.15 | 7.45% |
Sensex Today | Utkarsh Small Finance Bank IPO final day | Issue bought 37 times, retail portion booked 56 times
On the final day of bidding, Utkarsh Small Finance Bank IPO received strong investor interest, with the offer being subscribed 36.74 times in the morning. Bids for 442.88 crore equity shares have been received against the IPO size of 12.05 crore shares.
Retail investors, who will get 10 percent of the offer, have bought 56.29 times the allotted quota, while the portion set aside for employees has been subscribed 12.98 times.
The Varanasi-based small finance bank has reserved 20 lakh shares or 1 percent of the offered size for its employees, while there is a 75 percent reservation for qualified institutional buyers and 15 percent for high networth individuals in the IPO.
Qualified institutional buyers also showed good interest in the IPO which has a price band of Rs 23-25 per share, buying 24.04 times the reserved portion, while the part of non-institutional investors (high networth individuals) was booked 55.49 times.
Stock Market LIVE Updates | United Drilling falls 2% on profit booking
United Drilling Tools Limited shares cooled-off declining more than 1 percent on July 14 after a week of gains riding on the international order win worth Rs 25 crore announced on July 12.
The company will supply wireline winch drums specially designed to hold large quantities of cables and wires. American Completion Tools (ACT) gave the order for onward supply to Petroleos Mexicanos, a petroleum company operated by the Mexican government.
"It is a delight to get one of the best overseas orders from Mexico's state-owned integrated oil and gas company", Pramod Gupta, the company's managing director and chairman said.
According to International Market Analysis Research and Consulting Group (IMARC), the wireline market size is estimated to be $11 billion. It is said to grow 6 percent CAGR during 2023-2028. "This offers a significant opportunity to the company to pursue our product line in the near future", United Drillings said in a regulatory filing.
Sensex Today | Oil set for third straight weekly gains on tight supply
Oil prices were set to post their third straight week of gains for the first time since April despite falling slightly on Friday, due to broader supply concerns over disruptions in Libya and Nigeria, and hopes of higher U.S. crude demand amid cooling inflation.
Both Brent crude futures and U.S. West Texas Intermediate crude futures, were trading slightly lower. Brent was down 20 cents to $81.16, while the WTI was trading 14 cents lower at $76.75 at 0634 GMT.
Both contracts had risen for three straight sessions ending Thursday and in early Asian trade on Friday.
Stock Market LIVE Updates | Inflame Appliances Ltd’s shares gains 4% after bulk deals
Inflame Appliances Ltd’s shares surged over 4 percent on July 14, after bulk deals were reported in counters of the stock.
On July 13, Chhattisgarh Investments Ltd did a bulk purchase of 40,250 shares in Inflame Appliances at an average price of Rs 585 per share.
Inflame Appliances, is a prominent manufacturer of LPG stoves, cooktops and sheet metal components. The present facilities at Inflame include a metal pressing unit and producing metal cooktops, glass cooktops, built-in hobs and chimneys.
Sensex Today | Market at 1 PM
The Sensex was up 200.82 points or 0.31% at 65,759.71, and the Nifty was up 65.10 points or 0.34% at 19,478.90. About 1984 shares advanced, 1148 shares declined, and 109 shares unchanged.
| Company | 52-Week High | Day’s High | CMP |
|---|---|---|---|
| JBM Auto | 1548.35 | 1548.35 | 1,465.15 |
| Medplus Health | 884.85 | 884.85 | 876.90 |
| NCC | 138.95 | 138.95 | 137.00 |
| Tejas Networks | 880.00 | 880.00 | 858.20 |
| Tech Mahindra | 1223.60 | 1223.60 | 1,222.00 |
| Oracle Fin Serv | 3998.00 | 3998.00 | 3,998.00 |
| NALCO | 88.24 | 88.24 | 87.70 |
| RBL Bank | 207.75 | 207.75 | 205.65 |
| COFORGE LTD. | 4946.90 | 4946.90 | 4,932.85 |
| GE Shipping | 819.85 | 819.85 | 790.50 |
Sensex Today | Nifty Information Technology index up 3 percent supported by MphasiS, Coforge, Tech Mahindra
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| MphasiS | 2,032.10 | 5.72 | 1.46m |
| COFORGE LTD. | 4,942.00 | 3.92 | 385.22k |
| Tech Mahindra | 1,220.95 | 3.89 | 3.33m |
| L&T Technology | 4,021.90 | 3.53 | 320.95k |
| TCS | 3,441.35 | 3.02 | 3.23m |
| Infosys | 1,404.95 | 2.92 | 6.54m |
| HCL Tech | 1,141.05 | 2.91 | 3.67m |
| LTIMindtree | 5,029.95 | 2.79 | 770.31k |
| Persistent | 4,863.70 | 2.18 | 392.59k |
| Wipro | 400.70 | 1.62 | 8.60m |
| Company | CMP Chg(%) | Volume | Value(Rs cr) |
|---|---|---|---|
| RBL Bank | 204.85 3.56 | 3.67m | 74.21 |
| Infosys | 1,405.75 2.96 | 507.79k | 70.82 |
| TCS | 3,453.40 3.38 | 172.19k | 58.53 |
| Reliance | 2,732.70 -0.38 | 194.99k | 53.43 |
| Patanjali Foods | 1,224.95 5 | 415.95k | 50.95 |
| Wipro | 400.95 1.67 | 832.44k | 33.14 |
| Zomato | 82.49 0.17 | 3.58m | 29.83 |
| Tejas Networks | 860.25 4.81 | 316.33k | 27.17 |
| HUL | 2,671.20 0.61 | 101.28k | 27.09 |
| Tata Motors | 619.95 -0.19 | 429.29k | 26.75 |
Stock Market LIVE Updates | Deep Industries enters into JV arrangement with Euro Gas Systems for supplying oil filed equipments to oil & gas industry
Deep Industries has entered into joint venture arrangement with Euro Gas Systems S R L (EGS), for supplying oil filed equipments to the oil & gas industry. EGS has acquired 26% equity stake in joint venture company Deep Onshore Drilling Services and the balance 74% stake is held by Deep Industries. Deep Onshore Drilling Services is also a subsidiary of Deep Industries.
Stock Market LIVE Updates | PG Electroplast & Jaina Group enter into JV to manufacture LED televisions
The Executive Committee of the Board of Directors of PG Electroplast in its meeting held on July 13, 2023 has approved the draft Joint Venture (JV) Agreement to be entered between PG Electroplast Limited and Jaina Group for manufacturing of LED Televisions.
PG Electroplast was quoting at Rs 1,594.90, up Rs 15.85, or 1.00 percent.
Stock Market LIVE Updates | Tata Metaliks Q1 profit surges nearly 4-fold to Rs 4.55 crore on lower input cost. Revenue drops 2.4% YoY
Tata Metaliks has clocked a massive 273% year-on-year growth in profit at Rs 4.55 crore for quarter ending June FY24 despite lower revenue, driven largely by fall in input cost. Revenue from operations declined 2.4% YoY to Rs 650.5 crore, while EBITDA jumped 45.6% year-on-year to Rs 35.15 crore with margin expansion 178 bps at 5.4% for June FY24 quarter.
Sensex Today | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
CPI inflation spiking to 4.81% in June from 4.31% in May didn’t come as a surprise since the spurt in vegetable prices was known and the market expected a CPI inflation print above 4.7%.
CPI inflation is likely to further move up to around 5.3% in July. This also is known to the market and, therefore, is unlikely to impact the market. Since the CPI inflation is driven by food and vegetable prices, the MPC is unlikely to alter the rates in the coming policy meeting; but will sound more hawkish.
From the market perspective, the market has given more importance to the IIP numbers which have come at an impressive 5.2% in May, indicating that the growth momentum in the economy is strong.
Sensex Today | BSE Oil & Gas index up 0.6 percent led by Petronet LNG, Gail India, Indraprastha Gas
Stock Market LIVE Updates | Patanjali Foods says not to exercise greenshoe option of OFS issue
Patanjali Foods' promoter Patanjali Ayurved has decided not to exercise the oversubscription option in the offer-for-sale issue. Accordingly, the promoter will go ahead with its base offer size of 2.53 crore equity shares or 7% stake. Consequently, 25.33 lakh equity shares would be reserved for allocation to retail investors, as part of the offer on July 14. The greenshoe option was of 22 lakh shares or 2% equity.
ALERT | June WPI Inflation at -4.12% versus -3.48%, MoM.
WPI inflation is in negative territory for 3rd straight month and lowest since October 2015.
Stock Market LIVE Updates | USFDA concludes inspection of Gland Pharma's Hyderabad facility with 1 observation
The United States Food and Drug Administration (US FDA) has conducted Good Manufacturing Practice (GMP) Inspection at the Gland Pharma's Dundigal facility at Hyderabad between July 3 and 14th July, 2023.
The inspection was concluded with one 483 Observation.
The corrective and preventive actions for this observation will be submitted to the USFDA within the stipulated period. The observation issued is neither a repeated observation nor related to data integrity, said company.
Stock Market LIVE Updates | US-based Vanderbilt University offloads Rs 58.7 crore shares in Century Textiles
US-based private research university Vanderbilt University has offloaded 6.5 lakh equity shares or 0.58% stake in Century Textiles & Industries via open market transactions at an average price of Rs 903.01 per share. The stake sale was worth Rs 58.69 crore.
