The Indian market ended higher in a volatile session on July 4. At close, the Sensex was up 326.84 points, or 0.62%, at 53,234.77, and the Nifty was up 83.40 points, or 0.53%, at 15,835.40. About 1,976 shares advanced, 1,330 declined and 171 remained unchanged.
IndusInd Bank | CMP: Rs 832 | The stock price rose 3 percent after the lender offered improved business figures for the first quarter of the current financial year. In the first quarter of FY23, IndusInd Bank posted a 13 percent jump in its total deposits at Rs 3,03,094 crore, as against Rs 2,67,630 crore on-year. Its net advances surged 18 percent to Rs 2,49,541 crore as against Rs 2,10,727 crore a year back. The CASA ratio increased to 43.2 percent from 42.1 percent in the previous year and 42.8 percent in the last quarter. Retail deposits and deposits from small business customers amounted to Rs 1,24,105 crore as of June 30, 2022 as compared to Rs 1,20,507 crore as of March 31, 2022.
ONGC | CMP: Rs 126.15 | The share price was down over 3 percent after brokerage firm JPMorgan India downgraded the stock in the wake of the new windfall tax. The government on July 1 surprised investors after imposing a $240 per tonne special additional excise duty on crude oil production in the country. The imposition of the special tax comes in the wake of global crude oil prices surging to eight-year highs in recent months. Brokerage firm JPMorgan downgraded its rating on the stock to ‘neutral’ from ‘buy’ and reduced the price target 26 percent to Rs 155 as it sees a sharp cut in earnings.
Tata Power | CMP: Rs 212.75 | The share price added over 2 percent after the firm signed an MoU worth Rs 3,000 crore with the Tamil Nadu government for a solar power plant.
Va Tech Wabag | CMP: Rs 235.70 | The scrip added over 2 percent after the firm secured an order for engineering, procurement and construction of a 53 MLD desalination plant at Jamnagar in Gujarat worth about Rs 430 crore from Reliance Industries.
Bajaj Auto | CMP: Rs 3,675 | The share ended in the green on July 4. The auto firm has commenced the buyback on July 4 and will be closing earlier of (i) the expiry of six months from the Commencement Date; or (ii) when the company completes the buyback by deploying the amount equivalent to the maximum Buyback Size; or (iii) at such earlier date as may be determined by the Board, the company said in an exchange filing.
Muthoot Finance | CMP: Rs 1,065 | The stock price gained over 2 percent after the Reserve Bank of India granted permission to the company to open 150 new branches.
Dilip Buildcon | CMP: Rs 206.60 | The scrip jumped over 8 percent after the firm was declared as L-1 bidder for the tender floated by the Gujarat Metro Rail Corporation (GMRC) for the construction of 8.702-km elevated viaduct and 7 stations from Majura Cate to Saroli Dead End for Surat Metro Rail Project Phase - I.
Adani Ports | CMP: Rs 683.35 | The share ended in the green on July 4. Adani Ports and Special Economic Zone handled the highest ever monthly cargo of 31.88 MMT in June, implying a 12% YoY jump, the company said in a press statement. This also marks the highest ever cargo handled in a quarter at 90.89 MMT during Q1 FY23, which is 16% QoQ growth, and 8% YoY growth over a strong Q1 FY22 that saw the post COVID volume surge, it added.
Ashoka Buildcon | CMP: Rs 74.35 | The stock added 2 percent on July 4. Ashoka Buildcon in a joint venture with Cube Construction Engineering emerged as "the lowest bidder" for the project the construction and maintenance of Rajiv Gandhi Fintech Digital Institute, Jodhpur by the Department of Information Technology & Communication, Rajasthan. The awarded bid is Rs 611 crore. The share of the company in JV is 65 percent.
CSB Bank | CMP: Rs 193.95 | The stock ended in the green after the bank recorded a 16.16% year-on-year growth in gross advances at Rs 16,332.8 crore for the quarter ended June 2022. Total deposits grew by 8.65% to Rs 20,266.8 crore during the same period. Advances against gold and gold jewellery at Rs 7,099.33 crore, which is 43% of total advances, an increase of 26.37 percent YoY in Q1FY23.
