Share Market Highlighs 12th July 2023: Indices end with gains, Sensex closing at 65,617, while Nifty reaching 19,439

Lupin Ltd has announced the receipt of the Establishment Inspection Report (EIR) from the U.S. FDA for the company’s Pithampur Unit-2 manufacturing facility, which manufactures oral solids and ophthalmic dosage forms. The company’s shares closed at ₹919.65, up by 2.10% on the BSE.

Cholamandalam Investment and Finance Company Limited is planning to seek shareholders approval to increase its board’s borrowing powers from the current Rs 1.10-lakh crore to Rs 2-lakh crore to support increased volume of operations expected in the coming years.

The stock of Premier Explosives Ltd rises 19.99% on the NSE, trading at ₹590.55. The company has bagged orders from the Ministry of Defence, and the Indian Air Force, for the procurement and supply of Flares and Chaffs.

The stock of Kalyan Jewellers India trades at ₹173.90, higher by 6.17% on the NSE.

Top gainers:

• Sun Pharma (2.57%)
• Eicher Motors (2.38%)
• Apollo Hospitals (1.90%)
• Maruti Suzuki (1.56%)
• Asian Paints (1.47%)

Major losers:

• UPL (-2.37%)
• JSW Steel (-1.34%)
• Axis Bank (-1.26%)
• Bajaj Finance (-1.09%)

The stock of Indoco Remedies Ltd rises by 0.33% on NSE, trading at ₹321.70.

Suryalakshmi Cotton Mills Ltd, in a stock exchange filing, disclosed the appointment of Buddhavarapu Mahadeva Vijaya Kumar as the CFO with effect from July 5, 2023. Prabala Siva Subramanyam, CFO of the company, has resigned with effect from July 8.

The company’s stock declines by 0.90%, trading at ₹60.25 on the NSE.

Stocks advanced on BSE at 3 pm on July 11 were 1,897 against 1,554 stocks that declined. Total stocks traded were 3,579. The number of stocks that recorded a 52-week high was 175, and those that hit a 52-week low was 40.

Stock of Cyient DLM has risen nearly 20% a day after its listing and is currently trading at Rs 501.70 on the NSE.

Indoco Remedies received EU GMP certification from the Competent Health Authority of Germany for its manufacturing site situated at Verna Industrial Estate, Goa.

The European Agency conducted an inspection at Indoco’s manufacturing facility for solid oral dosage form in Goa (Plant -III) from April 20-25, 2023.

The EU GMP certification issued by the German Health Authority (LAGeSo) confirms that the site complies with the Good Manufacturing Practice requirements as referred to in the EC Directive. The EU certification will support supplies of drug products registered in Europe and other regions from this manufacturing site.

The stock of Tech Mahindra rises by 1.35% trading at ₹1,162.65.

Max Life Insurance has partnered with DCB Bank to provide a variety of life insurance products to the latter’s customers.

This is against ₹126 crore consolidated net profit in the corresponding quarter last year. EBITDA margin for Q1 is 12.24% (13.87%).

The stock of IDFC First Bank Ltd jumps 3.91% on the NSE, trading at ₹82.35.

The stock of Bank of Baroda rises 1.13%, trading at ₹205.70 on the NSE.

The stock of Samvardhana Motherson International Ltd rises 2.75% on the NSE, trading at ₹93.30. The company had earlier entered into an agreement to acquire 100% stake in Rollon Hydraulics Private Limited.

Taiwanese chip-maker Foxconn had concerns about Vedanta’s financial situation, contributing to its Joint Venture pullout, as per Reuters

The stock of Info Edge (India) Ltd rises by 1.68%, trading at ₹4,404.60. The company’s wholly-owned subsidiary, Allcheckdeals India Pvt. Ltd, had earlier agreed to invest ₹10 lakh in its wholly-owned subsidiary-Interactive Visual Solutions Private Limited, a step-down wholly-owned subsidiary of the company.

Major new additions:

• NIIT Learning Systems
• IKIO Lighting
• Ideaforge Tech
• Cyient DLM
• Kolte-Patil
• PTC Ind
• Anup Eng
• Transformers & Rectifiers
• Indian Metals & Ferro
• Anant Raj
• Ambika Cotton Mills

Major exits:

• Nexus Select Mall
• Sarda Energy & Minerals
• Accelya Solutions
• Lyka Labs
• Aarti Surfactants
• Puravankara
• TruCap Finance
• Shipping Corporation Of India
• Edelweiss Financial Services

The stock of ideaForge Technology Ltd trades at ₹1,268.10 on the NSE, higher by 9.09%. The stock was listed on Friday and has nearly doubled against the IPO price of ₹672.

Major gainers:

• Eicher Motors (2.15%)
• Sun Pharma (2.14%)
• Apollo Hospitals (1.76%)
• Maruti Suzuki (1.73%)
• Hindustan Unilever (1.71%)

Major losers:

• UPL
• Bajaj Finance
• HCL Technologies
• Hero Motocorp
• JSW Steel

Major gainers:

• Sun Pharma (+2.04%)
• Maruti Suzuki (+1.72%)
• Hindustan Unilever (+1.58%)

Major losers:

• Bajaj Finance (-1.25%)
• HCL Technologies (-0.90%)
• Axis Bank (-0.48%)

The stock of Cyient DLM rises by 19.41%, trading at ₹502.25 on the NSE.

Higher spending on advertisement (ad spend) by corporates in key sectors and an uptick in government ad spend in view of the upcoming state and general elections are expected to lift the revenue of the Indian print media sector 13-15% to ~Rs 30,000 crore this fiscal: CRISIL Ratings

The shares of CarTrade Tech surged by 18.54% on NSE, trading at ₹577.70 per share. The company had earlier announced the acquisition of OLXAutos’ India business, in a deal worth ₹537 crore.

The stock of Cupid Ltd rises 1.64% on the NSE, trading at ₹251.40. The company had received a purchase order for a supply of male and female condoms worth ₹17.93 crore from Liber Manufacturing Group Ltd.

The stock of Larsen & Toubro rises by 1.41%, trading at ₹2,473.15 on the NSE. The company has entered into a Master Ship Repair Agreement with the US Navy. On July 10, the company struck an agreement with Spanish shipbuilder Navantia to bid for a submarine tender by the Indian Navy likely valued at more than €4.8 billion ($5.26 billion).

The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC.

At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled ‘GST Council - 50 steps towards a journey’.

The shares of Sanghvi Movers gain by 1.86%, trading at ₹556.10. The company had received work orders aggregating to ₹150 crore from Independent Power Producers (IPP) in the renewable energy sector, for providing crane rental services along with allied services comprising of WTG surface logistics, inter-carting, installation & pre-commissioning of WTGs, development of wind farm and storage yard.

​Max Life Insurance Company Ltd​ has announced a partnership with ​DCB Bank Ltd​. Max Life and DCB Bank will provide a variety of life insurance products to customers, including term, savings, and retirement plans, allowing them to protect their financial future and expand their investment portfolio, DCB Bank disclosed in a stock exchange filing. The stock of DCB Bank rises 3.04% on the NSE, trading at ₹128.90.

Major gainers on the BSE at 1 pm: Tata Communications (7.35%); Castrol India (6.12%); Elecon (11.69%); Zentec (11.91%); Lloyd Steel (8.62%)

Major losers include: IFCI; Electrosteel Castings; Ceat; Deepak Nitrite

Shares of Bright Brothers Ltd rise 2.30% on BSE, trading at ₹156. The company, in a stock exchange filing on July 10, revealed the commencement of commercial production in the manufacturing unit, a wholly owned subsidiary, Bright Brothers LLC at Lena in the State of Wisconsin, USA.

The stock of Lloyds Steels Industries rises 8.02% on NSE, trading at ₹28.95.

Kaveri Seed shares gain 4% to trade at ₹572.15. The company’s shares hit a 52-week high of ₹583 on July 4.

The stock of Axis Bank declines by 0.29%, trading at ₹961.30 on the NSE. The bank had allotted 69,114 equity shares of ₹2 each on July 10, 2023, pursuant to exercise of stock options under its ESOP Scheme.

SAMCO Mutual Fund announces successful closure of its NFO Active Momentum Fund garnering ₹409+ crore.

• Supply to moderate with flattish realisation trend: In line with seasonal trends, new project launches across markets are likely to moderate in 1Q FY24 post-strong 4Q FY23.
• The companies are likely to focus on churning inventories at existing projects. Adjusted for the impact on product mix, realisations are likely to remain flat during the quarter.
• Bengaluru to outshine other markets: Bengaluru-focused companies are anticipated to outperform others (among the firms that Motilal Oswal tracks).

ITC‘s board has recommended reappointment of Sanjiv Puri as CMD for a period of 5 years effective July 2024. Shares trading 1.47% up at ₹472.65 on BSE.

Xpro India Ltd will hold its 26th AGM on August 10, 2023. The company’s stock gains 0.33% on the NSE, trading at ₹920.75.

The stock of Zomato Ltd rises by 2.34% on NSE, trading at ₹76.55. The company had earlier announced that the liquidation process of its wholly owned subsidiary, PT Zomato Media Indonesia, initiated on July 3.

Stocks advanced on BSE at 12 noon were 2,059 against 1,244 stocks that declined. Total stocks traded were 3,451. The number of stocks that recorded a 52-week high was 150 and those that hit a 52-week low was 32.

Major gainers on the NSE at 12 noon: Eicher Motors (2.44%); Hindustan Unilever (2.05%; Apollo Hospitals (1.91%); Britannia (1.89%); Maruti Suzuki India (1.82%)

Major losers: UPL; HCL Technologies; Hero Motorcorp; Hindalco; JSW Steel

• TCS shares up by 0.46 pc to trade at ₹3,287.
• Infosys shares up by 1.23 pc, trading at ₹1,345.45.
• Wipro shares up by 0.10 pc, trading at ₹390.30.
• TechM shares up by 0.97 pc; at ₹1,158.25.
• HCL Tech shares down by 0.68, trading at ₹1,116.40.

Zen Technologies Ltd, a provider of military training and anti-drone solutions, has received an order in the export markets valued at approximately ₹340 crore, a stock exchange filing revealed. The company’s stock rises 13.62% on NSE, trading at ₹482.90.

The stock of Bikaji Foods International declines by 1.07% trading at ₹405.20 on BSE. The company has incorporated a new wholly-owned subsidiary in State of New Jersey, USA, in the name of Bikaji Foods International USA Corp on July 10, 2023.

Elencon Engineering annouces Q1 net profit of INR 609 million vs INR 329 million (YoY).

The stock of Elitecon International rises 5% on BSE, trading at ₹10.50. The company’s board approved the offer for sale of 1,87,400 equity shares by one of the promoters, at ₹30 per equity share, including a premium of ₹20, aggregating to ₹56,22,000 through a qualified institutions placement, a stock exchange filing on July 10 revealed.

Q1-FY24E PAT to decline 27% YoY

Elara Securities expects Elara Chemicals universe to post a PAT decline of 27% YoY and 23% QoQ in Q1FY24. Cumulative EBITDA margin may decrease to 21.2% from 22.8% in Q4FY23 and 23.4% in Q1FY23. The margin deterioration may be led by demand suppression in exports market and product prices, especially in the fluorochemical value chain, though partly offset by a decline in raw material prices.

Greaves Electric Mobility Private Ltd (GEMPL), the e-mobility division of Greaves Cotton Ltd, has achieved over 200,000 secondary sales of its Ampere brand electric 2-wheelers as of the first quarter of fiscal year 2024.

Kalyan Jewellers hit an all-time high of ₹173.90, rising for the third consecutive trading session, with the company reporting a 31% rise in revenue in the June quarter. The stock is currently up 4.5% on the NSE.

Balkrishna Industries: Weak demand outlook to remain an overhang. Maintain REDUCE by Institutional Equities Research, HDFC Securities Ltd. (Target price ₹2,083)

The stock of the State Bank of India rises 0.19% on BSE, trading at ₹593.65. In a stock exchange filing on July 10, the bank had proposed to participate in an IPO of National Securities Depositories Limited (NSDL) by way of offer for sale of up to 2% equity stake held by the bank in NSDL (being up to 40,00,000 equity shares).

Midhani shares gain 2.48%, trading at ₹313.60, touching 52-week high of ₹314.80 in early trade.

Cyient DLM gains 17.65% in early trade, trading at ₹495.

Tata Group closes in on a deal to become first Indian iPhone maker

Dr Reddy’s Laboratories has said in its annual report that it is aiming to be among the top five pharma companies in India by consolidating its operations and expanding the range of its products. Stock is up 0.7% on the NSE.

Premier Explosives is at the 20% upper circuit after winning two orders worth ₹552 crore from the Ministry of Defence.

The stock of Aditya Birla Money gains 6.33%; trading at ₹64.70 on the NSE.

The stock of Info Edge (India) Ltd trades at ₹4,372.55 on NSE, rising 0.94%. Allcheckdeals India Pvt. Ltd, a wholly-owned subsidiary of Info Edge (India), had agreed to invest ₹10 lakh in its wholly-owned subsidiary-Interactive Visual Solutions Private Limited, a step-down wholly-owned subsidiary of the company.

Volume growth of Varun Beverages is expected to be muted on a y-o-y basis for Q2 CY 23 ( June quarter) due to unseasonal rains. However, increasing share of energy drinks, juices and value-added dairy products is expected to drive the overall revenues.

Major gainers on BSE at 11 am: Bombay Dyeing & Manufacturing (6.65%); PCBL (5.77%); Hikal (6.44%); Zentec (8.13%); Lloyds Steels Industries (6.68%)

Major losers on BSE include: IFCI; Tata Elxsi; Deepak Nitrite; UPL; PI Industries

The Bank Nifty July Futures (45,110) is up 0.37 per cent. There is a key resistance at 45,170. The contract has to break this resistance to move further up to 45,300-45,350.

Failure to breach the 45,170-levels and a pull-back from there can drag the contract down to 45,000-44,900 during the day. Traders have to wait for now. Go long only after the contract breaks above 45,170. Keep a stop-loss at 45,140.

Lower volatility in pulses inflation — around the lower average levels — seen in the past few years benefits both producers and consumers. Producers get stable price signals and better visibility on earnings and consumers benefit from gradually reducing inflation over time.

This year, though, pulses inflation is a concern due to spillover from some crop damage last year as well as ongoing monsoon disturbance, which would require government intervention.

Yet, peak inflation in pulses this year is likely to be less pronounced than seen in the episodes of inflation spikes over the last two decades.

The stock of Vedanta Ltd declines 1.43% on NSE, trading at ₹278.20. The country’s natural resources and technology conglomerate on July 7 announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio.

Shares of Reliance Industries trade at ₹2,746.50 per share, rising 0.42% on NSE.

Shares of ​Kalyan Jewellers​ surged 4.6% at ₹171.50. The stock earlier hit a new high of ₹174.05 on the BSE on Tuesday amid heavy volumes.

Shares of Nazara Technologies decline by 0.45%, trading at ₹723.10 per share on the NSE. The company’s board had approved raising of ₹750 crore through equity shares. The board, in a meeting held on Monday, also authorised the increase in share capital from ₹30 crore to ₹50 crore.

Advancement of South-West monsoon across the entire country has resulted in above normal rainfall at 2% (above LPA) till 9 Jul 2023. Due to excessive rainfall in some regions, IMD has even issued red alerts to remain cautious of rising water levels. There also have been warnings of flash floods in some regions. IMD expects post 13 July 2023, extremely heavy rainfall conditions will slowly start dissipating. Sown area of kharif crops has declined by 8.7% compared with last year with rice and pulses remaining in red. 15 subdivisions (out of 36) and 12 states have received deficient rainfall during this period. The storage levels remain robust with 96% of live storage capacity to the corresponding period last year, according to a report by Jahnavi Prabhakar, Economist, Economics Research Department, Bank of Baroda.

Overall sown area of kharif crops has declined by 8.7% compared with last year as of 7 July 2023. The sown area of rice (23.9%) and pulses (25.8%) have dropped significantly. Within pulses, lower acreage of Arhar and Urad was noted for the same period. Even the sown area of oilseeds (14.3%), cotton (10.9%), and Jute and Mesta (15.3%) have fallen sharply. However, higher acreage has been registered for sugarcane (4.7%) along with Jowar and Bajra crops.

Larsen and Toubro has annoucned that it has signed a master ship repair agreement with US Navy. The stock price gained 1.21% or Rs 32 to Rs 2,476.

Auto parts maker Minda Corporation Ltd has announced that it has secured a significant contract from a leading OEM to produce battery chargers for electric vehicles. The lifetime value of the order is about Rs.750 crore. The awarded product will be made at Spark Minda’s facility in Pune. In FY23, the EV segment accounted for nearly 20% of the company’s total order wins.

The Nifty 50 July Futures (19,518) is up 0.56 per cent today. The contract has risen well above its 19,450-19,475 resistance zone. This region will now act as a good intraday support. The outlook is bullish to see a rise to 19,570-19,600 during the day.

Traders can go long on dips at 19,485 and 19,465. Keep the stop-loss at 19,420. Trail the stop-loss up to 19,505 as soon as the contract moves up to 19,530.

Wind energy major Suzlon Group has bagged a new order for an undisclosed sum to develop a 47.6 MW wind power project for the KP Group. The project is located at Vagra in Bharuch district of Gujarat. It is expected to be commissioned in 2024.The power generated from this project will service the C&I segment for captive use.

ICICI Bank has allotted 55,436 equity shares of face value of ₹2 each on July 11, 2023, under the ICICI Bank Employees Stock Option Scheme-2000. The stock is up by 0.23% on NSE trading at ₹950.60.

The stock price of Reliance Industries has gained over 0.5% to trade at Rs 2,750 in early trade on Tuesday.

Vedanta fell over 2%, a day after Taiwan’s Foxconn said it withdrew from a $19.5 billion semiconductor joint venture with the metals-to-oil conglomerate.

The stock of IIFL Finance rises 0.47% on NSE, trading at ₹542.60.

• Slowdown in Q1 could be a momentary blip as it was led by a slowdown in weddings
• In Q1 FY24, there were only 23 ‘auspicious’ wedding days (the lowest since FY19), leading to lower luggage spends
• Q4 FY24 has 30 auspicious wedding days (the highest since FY19).

JLR’s FY23 annual report highlights that its strategy for transitioning to a modern luxury vision, centered around electric vehicles, is driven by three platforms. Refocus 2.0 ‘value creation system’ will simplify its operating framework and governance, with greater focus on systematic value creation and business excellence.

It is strengthening and upskilling its human capital for skills of the future and preparing for the targeted transition. Additionally, it has entered into strategic partnerships for bringing new technologies to support the transformation and growth of its business.

Lastly, it has maintained its sustainability goal of carbon net zero by 2039 by driving transition to all electric future.

Nippon India Mutual Fund’s Power & Infra Fund has bought 5 lakh shares of Cyient DLM.

“We expect our coverage companies (excluding TTMT) to report 17% YoY revenue growth in Q1FY24E, led by healthy growth across segments, barring muted growth in battery companies,” Emkay Global said in a note.

The domestic 2W industry’s volumes improved by neary 10% YoY, primarily on account of continued and healthy demand from the urban/premium segment. While 2W exports remained weak on a YoY basis, sequential improvement was recorded for larger volume players.

“For Q1, we expect overall revenue growth of 24%, 19% and 16% amid volume growth of 10%, 5% and 21% for BJAUT, TVSL and EIM-RE, respectively. We expect 6% revenue growth for HMCL, amid a volume decline of 3%. Continued price hikes would lend support to ASPs on a sequential basis; for BJAUT, we expect a 7% QoQ drop in ASPs, given a lower share of 3Ws during the quarter,” it added.

The rupee gained 21 paise to 82.38 against the US dollar in early trade on Tuesday supported by a bullish trend in domestic markets and steady foreign fund inflows.

At the interbank foreign exchange, the domestic unit opened at 82.42, then touched a high of 82.38 against the American currency, registering a rise of 21 paise over its last close.

Eimco Elecon (India) Limited’s board has approved the proposal for divestment of its entire equity/investment of 5,10,000 equity shares of Rs. 10 each (47.62% of share capital) of Eimco Elecon Electricals Limited, an associate company, to Aakaaish Investments Private Limited, a promoter group company.

Satin Creditcare Network’s board has approved a proposal for raising Rs 5,000 crore by way of issuance of Non-Convertible on private placement basis, in one or more tranches, within a period of 1 year from the date of shareholders’ approval.

Polo Queen Industrial and Fintech to hold its board meeting on 13 July 2023 to consider and evaluate the proposals for fund raising for the company’s proposed Agro Processing project at MIDC Mahad, Raigad District of Maharashtra and Data Centre project at MIDC Dombivii in Thane district.

Major gainers on the NSE at 9:36 am on July 11: Britannia (2.17%); Apollo Hospitals (1.99%); HDFC Life (1.95%); Bajaj Finserv (1.70%); Bajaj Finance (1.63%)

Major losers include: UPL; Hero Motocorp; Wipro; Tata Steel; JSW Steel

JBM Auto has transferred/sold 15% equity shares of JBM Electric Vehicles Private Limited (a wholly owned subsidiary) to Nishant Arya, individual promoter of the Company. Due to such transfer, shareholding of the company in JBM Electric Vehicles Private Limited reduced to 85%. With this transaction, JBM Electric Vehicles Private Limited has become the subsidiary of the company.

Stata Bank of India is planning to participate in an Initial Public Offering (IPO) of National Securities Depositories Limited (NSDL) by way of offer for sale of up to 2% equity stake held by the bank in NSDL (being up to 40 lakh equity shares).

HDFC Limited will no longer be available due to merger with HDFC Bank from 13th July. On 12th July all existing HDFC Ltd open contracts with expiry of near, next and far months contracts will automatically expire and physical settlement will be applicable.

Cyient DLM gains 6.39% to trade at Rs 447.65. The company’s shares listed yesterday at a premium of 51 pc against the IPO offer price of Rs 265.

According to Goldman Sachs, India will overtake the US to become the world’s second-biggest economy by 2075.

Latest AMFI data showed that retail flows into MFs is picking up. Not only did inflows into equity MFs double in June to over Rs 8637 cr, over Rs 5472 cr of this was inflows into smallcap funds.

Senco Gold to set basis for IPO share allotment today.

Coffee producer CCL Products has touched 52-week high of Rs 733.15 as markets opened. It touch the mark for the fifth time in the last one week. The stock is trading at Rs 726, up by 0.44 pc over yesterday’s close of Rs 722.80.

Crude oil futures traded higher on Tuesday morning following the proposed production cuts by Saudi Arabia and Russia, and the decision of the US government to buy crude oil for its strategic petroleum reserves.

At 9.21 am on Tuesday, September Brent oil futures were at $78.10, up by 0.53 per cent; and August crude oil futures on WTI (West Texas Intermediate) were at $73.42, up by 0.59 per cent. July crude oil futures were trading at ₹6055 on Multi Commodity Exchange (MCX) in the initial trading hour of Tuesday morning against the previous close of ₹6024, up by 0.51 per cent; and August futures were trading at ₹6075 as against the previous close of ₹6048, up by 0.45 per cent.

32nd AGM of ICRA Limited to be held on August 3, 2023.

HCKK Ventures Limited, a BSE-listed entity, known for its specialised consultancy services across logistics, telecommunications, and education, has announced a strategic entry into the IT software development and marketing domains to augment its market presence and diversify its offerings.

Equity benchamarks BSE Sensex gained 0.4% or 253 pts to 65,597 pts, while NSE Nifty gained 0.39% or 79 pts to 19,430 pts in early trade. HDFC Life, Apollo Hospitals, Bajaj twins are the gainers among NIFTY50 stocks.

Tata Communications has entered into a share purchase agreement through its Singapore-based subsidiary Tata Communications International Pte Limited (TCIPL) to acquire the remaining 41.9 per cent equity in Oasis Smart SIM Europe SAS (Oasis), a leading embedded-SIM (eSIM) technology provider. The transaction allows Tata Communications to accelerate and augment Tata Communications MOVETM platform roadmap for global markets.

Link Pharma Chem Limited has received notice from the Gujarat Pollution Control Board, Gandhinagar effecting closure of operations of its plant situated at Nandesari, Dist. Vadodara. The Board has laid certain conditions and has asked the company to fulfil them.

APL Apollo Building Products Private Limited, a wholly owned subsidiary of APL Apollo Tubes Limited, has been granted Incentives of ₹500 crore by the State Investment Promotion Board (SIPB), Government of Chhattisgarh. Accordingly, the company will get Relaxation of Stamp duty; 75% Net SGST for 15 years; Electricity duty exemption for 15 years; and Transport subsidy towards exports for 15 years.

Bright Brothers Ltd had earlier announced setting up a manufacturing unit by its wholly owned subsidiary, Bright Brothers LLC at Lena in Wisconsin, USA. The commercial production of the unit began on July 10.

Online sports platform Nazara Technologies on Monday said its board has approved raising of ₹750 crore through equity shares. The board, in a meeting held on Monday, also authorised the increase in share capital from ₹30 crore to ₹50 crore, according to a regulatory filing.

The stock of IFB Agro Industries declines by 0.69% on NSE, trading at ₹565.30. The company on Monday said its alcohol business is facing challenges with a sharp increase in liquor prices due to a 30% excise rise by the West Bengal government. The company’s new fish feed manufacturing facility in Odisha will be operational from March 2024.

Tata AIA Life Insurance (Tata AIA) has launched its first dedicated Small-Cap fund, Tata AIA Small Cap Discovery Fund. The new fund will offer policyholders the opportunity to generate capital appreciation in the long term by investing in small-cap market capitalisation stocks. The New Fund Offering (NFO) window will remain open from July 10 to July 24, 2023, at ₹10 per unit, applicable only during the NFO period.

Creditors of Jet Airways have urged the Supreme Court to wind up the grounded airline, claiming that the approved resolution plan is unworkable. The Committee of Creditors (CoC), represented by additional solicitor general N Venkatraman, informed the apex court that the Jalan Kalrock Consortium, which was granted ownership of the airline, has failed to inject any funds into the company. Furthermore, the DGCA has declined to renew Jet Airways’ Air Operator’s Certificate, which expired in May.

Sanghvi Movers said it will execute 41 per cent of the ₹150-crore contract that it had received from eminent independent power producers in the renewable energy sector this fiscal. The contracts for providing crane rental services along with allied services comprising of WTG surface logistics, inter-carting, installation & pre-commissioning of WTGs, development of wind farm and storage yard are of 18 months starting from April. The balance will be completed in FY25

Cupid Limited has received a purchase order for a supply of male and female condoms worth ₹17.93 crore from Liber Manufacturing Group Limited.

Larsen & Toubro on Monday said that it signed an agreement with Spanish shipbuilder Navantia to bid for a submarine tender floated by the Indian Navy, valued at more than €4.8 billion ($5.26 billion).

Navantia and L&T first signed an MoU in April to bid for the Indian Navy’s Project 75 (India) which requires domestic firms to tie up with foreign companies to produce six conventional submarines equipped with air-independent propulsion (AIP).

SBI Cards and Payment on Monday said its parent State Bank of India (SBI) has appointed Abhijit Chakravorty as Managing Director and CEO. He will replace Rama Mohan Rao Amara, who will cease to be MD from August 11. Chakravorty’s appointment would be effective from August 12 for two years, SBI Card said in a regulatory filing.

Car Trade has entered into a share purchase agreement with Sobek Auto for acquisition of 100% stake for Rs 537 crore.

Growth trends improved for private insurers’ as individual NBP/APE posted growth of 11.7%/12.2% YoY versus 5.9/5.1% seen until FY24TD (May-23). For Q1 FY24, total life insurance individual APE has grown at 2.5% YoY, while private insurers grew 8.0%; LIC reported a decline of 6.2% YoY. In Q1 FY24, on aggregate, private insurers gained 328bp in individual APE market share from LIC to end the quarter at 64.7%

For the below given stocks, ex-dividend date is 12 July 2023 (tomorrow) and the last date for cum-dividend is today.

Avadh Sugar & Energy Ltd

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 542.55

Bliss Gvs Pharma Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 78.12

Jubilant Foodworks Ltd

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 481.2

Kirloskar Pneumatic Co Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 674.55

NDR Auto Components Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 919.5

Wheels India Ltd.

Dividend Per Share Rs.3.97

Previous day Closing Price – Rs. 797.2

• BHEL
• Delta Corp
• Granuels
• India Cements
• India Bulls Housing Finance
• Zee Ent

PCBL, Elecon Engineering Company, Excel Realty N Infra, Generic Engineering Construction and Projects, Plastiblends India, Eiko Lifesciences, and Welcure Drugs & Pharmaceuticals will be in focus ahead of the announcements of their quarterly results.

L&T, Tata Communications, Sanghvi Movers, Jet Airways, IFB Agro, APL Apollo, Nazara Technologies, Car Trade, Bright Brothers, Link Pharma, Tata Communications, Infoedge and SBI Cards are some of the stocks that are likely to be in action today.

Equity benchmarks ​BSE Sensex and NSE Nifty are likely to open on a flat note ​with positive bias on Tuesday. GIFT Nifty at 19488 indicates another indecisive for the market. Analysts expects consolidation to continue, even as the focus will be on corporate results.

TCS and HCL Technologies will announce their Q1 numbers on Wednesday.

The short-term outlook is bullish forIIFL Finance. The stock has begun the week strongly by surging over 6 per cent on Monday. This has taken the share price well above the key trend resistance level of ₹526. We can now expect this level of ₹526 to act as good support and limit the downside.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI