Share Market Highlights July 2, 2024: Sensex, Nifty end flat amid financial and auto declines

Indian shares settled flat on Tuesday, erasing early gains as a drop in financials and auto stocks offset a rally in information technology stocks.

The NSE Nifty 50 shed 0.07% at 24,123.85, while the S&P BSE Sensex was flat at 79,441.45.

Both the indexes rose about 0.4% each to record high levels at the open.

“It’s imperative to recognise that the market is overly stretched, necessitating caution and vigilance rather than complacency,” said Sameet Chavan, head of research at Angel One.

Financial-linked indexes, such as banks, financial services, and private banks, lost 0.5%- 1%. They had gained 7%- 8% in June.

Ajit Mishra, senior vice president of research at Religare Broking, said that compared to the benchmarks, the recent outperformance of financial institutions has likely hit a pause.

Kotak Mahindra Bank trimmed losses to 2.13% after clarifying that U.S. short-seller Hindenburg Research was never an investor in its K-India Opportunities Fund.

The stock had lost about 4% earlier in the session after Hindenburg said the Mauritius-registered unit of Kotak Bank created and oversaw the offshore fund structure used by its investor partner to bet against Adani group in response to a show cause notice from India’s markets regulator.

Auto stocks lost 0.76%, snapping a three-session winning streak. Tata Motors and Ashok Leyland shed about 2% after posting a drop in June monthly sales.

IT stocks rose 1.17%, adding to their 2% jump on Monday after slightly cooler U.S. inflation data boosted expectations of a Federal Reserve rate cut in September.

Larsen & Toubro rose 2.83% on a report that the infrastructure major’s unit received orders worth $4 billion from Saudi Arabia’s state oil company, Aramco. - REUTERS

Top gainers: L&T (2.73%), Wipro (2.09%), Infosys (1.84%), Tata Consumer Products (1.41%), HDFC Bank(1.44%) 

Top losers: 

Shriram Finance (-2.95%), Kotak Mahindra (-2.49%), Bharti Airtel (-2.40%), Tata Motors (-1.95%), IndusInd (-1.78%)

Som Distilleries and Breweries Limited informed the stock exchanges that the suspension of licence of the Private Limited Company has been stayed by the Madhya Pradesh High Court on June 28, 2024, and normal operations at the plant have commenced.

SDBL stock trades at ₹115.45 on the NSE, up 0.83%.

Top gainers on the NSE at 3 pm:

L&T (2.88%), Wipro (2.29%), Infosys (2.01%), HDFC Bank(1.44%), TCS (0.95%)

Top losers:

Shriram Finance (-3.26%), Bharti Airtel (-2.36%), Kotak Mahindra (-2.16%), IndusInd (-2.02%), HDFC Life Insurance (-1.96%)

Stocks advanced on BSE at 3 pm on July 2, 2024, were 2,038 against 1,840 stocks that declined; 107 stocks remain unchanged. Total stocks traded were 3,985. The number of stocks that recorded a 52-week high was 354, and those that hit a 52-week low was 17. 

In addition, 356 stocks traded in upper circuit, while 175 hit the lower circuit.

The Southwest Monsoon has covered the entire country on July 2, 2024, which is six days earlier than its normal schedule, potentially helping farmers to speed up sowing activities.

IDFC First Bank (-2.67%), Bank of Baroda (-2.65%), Kotak Mahindra Bank (-2.12%), IndusInd (-1.94%), ICICI Bank (-1.85%)

Max Healthcare Institute announced the construction of 300 bedded hospital has been completed and the hospital has commenced operations of first phase, operated under the name and style of Max Super Speciality Hospital, Dwarka (Hospital). 

Max Healthcare in Jan 2022 had entered into a long-term services agreement with Muthoot Hospitals Private Limited.

Max Healthcare Institute stock fell 4.59% on the NSE, trading at ₹911.90.

Westside has inaugurated its newest store in Gurgaon, Trent Ltd disclosed in a stock exchange filing.

Trent stock trades at ₹5,527.65 on the NSE, up 0.22%.

HCLTech has announced the launch of its global delivery center in Patna.

HCL Technologies stock trades at ₹1,482.65 on the NSE, up 0.94%.

Provident Housing Limited (PHL), the wholly-owned subsidiary of Puravankara, in its normal course of business has purchased owner’s shares of land in Botanico project and owner’s share of unit in Capella Project, in Bangalore Rural, Karnataka.

Puravankara stock rose 1.24% on the NSE, trading at ₹526.65.

Ambey Laboratories Ltd, which is engaged in manufacturing agrochemical products for crop protection, today announced a price band of ₹65 - ₹68 per share for its initial public offering, which will open on July 4, 2024, and close on close on July 8, 2024. The initial public offering will be through a book building route and the company will offer fresh equity shares of 62.58 lakh shares aggregating to ₹42.68 crore at the upper cap. It will offer for sale 3.12 lakh shares aggregating to ₹2.12 crore at the upper cap.

The company is entering the capital market with its maiden combo book building route IPO of 6570000 equity shares of ₹10 each to mobilise ₹44.68 cr. at the upper cap. The IPO constitutes 6258000 fresh equity shares (worth ₹42.56 cr. at the upper cap) and 312000 shares by way of Offer for Sale (OFS) (worth ₹2.12 cr. at the upper cap

Edelweiss Mutual Fund (Edelweiss MF/ EMF / EAMC) has appointed Aniruddha Kekatpure as its Head of Research. Aniruddha is a seasoned professional with over two decades of experience in the financial services industry and asset management. Edelweiss Mutual Fund now has a 15+ member strong equity investment team managing money across equities and factor investing. The equity & hybrid Asset Under Management (AUM) across these strategies has grown 2x in the last 2 years and now stands at over Rs. 53,000 crores as of June 30, 2024. 

IOL Chemicals & Pharmaceuticals Ltd (IOLCP) stock jumps 5.23% on the NSE, trading at ₹430.80. Its product, fenofibrate, has received approval from the National Medical Products Administration (NMPA) of China.

ICICI Prudential Life Insurance Company has received an order from the Additional Commissioner, CGST & Central Excise, Maharashtra, on July 1, 2024, demanding GST along with applicable interest and penalty for FY 2017-18, totalling ₹3,66,72,711.

ICICI Prudential Life Insurance Company stock trades at ₹616 on the NSE, down by 0.11%.

Hindenburg Research has alleged that even though Kotak Bank created and oversaw the offshore fund structure used by an investor partner to bet against Adani stocks, Sebi masked the “Kotak” name with the acronym “KMIL” in the show cause notice issued by the market regulator to the short seller firm. Read more

1. For June 2024, APSEZ clocked 37 MMT of cargo volume (+12% YoY), led by growth in Containers (+33% YoY) and Liquids & Gas (+8% YoY). Kattupalli Port handled cargo volume of 1.36 MMT. 

2. For the quarter ended 30 June 2024, APSEZ clocked 109 MMT of total cargo (+7.5% YoY). The growth in cargo was primarily driven by Containers (+18%) and Liquids & Gas (+11%) 

3. Within the logistics segment, quarterly rail volumes stood at 156,590 TEUs (+19% YoY) and GPWIS volumes were at 5.56 MMT (+28% YoY). 

Adani Ports & SEZ stock trades at ₹1,474.90 on the NSE, up 0.03% as of 12.09 pm

Marksans Pharma Ltd said its wholly-owned subsidiary Relonchem Ltd has received marketing authorisation from UKMHRA for products: 

1) Rasagiline Relonchem 1 mg Tablets 

2) Olmesartan 10 mg Film-coated Tablets 

3) Olmesartan 20 mg Film-coated Tablets 

4) Olmesartan 40 mg Film-coated Tablets

The Marksans Pharma stock rose 2.28% on the NSE, trading at ₹167.50

Top gainers: Wipro (2.97%), L&T (2.73%), Infosys (2.50%), Hindalco (1.54%), Tech Mahindra (1.52%)

Top losers: Kotak Mahindra Bank (-2.95%), Shriram Finance (-2.79%), Bajaj Finance (-1.87%), ICICI Bank (-1.85%), Tata Motors (-1.39%)

Of a total of 3,869 stocks that were traded on the BSE at 12 noon on July 2, 2024, 2,117 advanced against 1,613 stocks that declined; 139 stocks remained unchanged. While 320 stocks recorded a 52-week high, 14 hit a 52-week low. 

In addition, 311 stocks traded in the upper circuit, while 155 hit the lower circuit.

HCL Technologies and IBM have announced a collaboration to establish a Generative AI Center of Excellence (GenAI CoE) based on the IBM Watsonx AI and data platform.

HCL Technologies stock rose 1.13% on the NSE, trading at ₹1,485.40

Copper futures (July contract) hit a high of ₹957 on the Multi Commodity Exchange (MCX) in May, before turning downward. It has been falling since then, closing at ₹845.75 on Monday. Read more

Top gainers on the BSE as of 10.45 am:

JK Paper (11.17%), Solar Industries (9.13%), Wockhardt (8.66%), Godrej Agrovet (8.27%)

Top losers:

Angel One (-7.78%), Share India Securities (-3.69%), Motilal Oswal (-3.49%), Max Health (-3.25%), Home First Finance (-3.15%)

TD Power Systems has received an order with the value of $9.28 million for gas turbine generators from a major US Original Equipment Manufacturer (OEM).

Shriram EPC (FZE), a subsidiary of SEPC, has concluded the execution of share purchase agreement for the acquisition of 75% of ALMOAYYED Electrical Equipment & Instrumentation Systems LLC (AEEIS) head quartered out of Bahrain, through Promoter Mark AB Capital Investment LLC.

Crude oil futures traded higher on Tuesday morning as the market expected increased demand for oil during the summer holiday season in the US. 

At 9.52 am on Tuesday, September Brent oil futures were at $86.84, up by 0.28 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $83.56, up by 0.22 per cent. Read more

The fiscal 2023-24 was a landmark year for the TVS Supply Chain Solutions. It went public - the first in the TVS group since 1994 when TVS Electronics got listed, and has set the ball rolling for the next milestone of reaching $2 billion in the ‘medium’ term (3-4 years). Our roadmap includes increasing revenue from TVS group companies,” TVS SCS Managing Director Ravi Viswanathan told businessline in an interview. read more

Hindenburg Research has dismissed as ‘nonsense’ a purported show cause notice from the Securities and Exchange Board of India (SEBI). The notice alleged that the short-selling hedge fund engaged in fraudulent and unfair trade practices concerning trading in Adani Enterprises’ stock and violated Indian regulations. Read more

The rupee depreciated 12 paise to 83.56 against the US dollar in early trade on Tuesday, weighed down by the strengthening of the American currency in the overseas markets and elevated crude oil prices. Read more

UBS on PVR Inox

Maintain Buy Call, Target Cut To Rs 1,800 From 2,075

‘Kalki 2898 AD’ Alone Isn’t Enough, A Difficult H1FY25 Likely

‘Kalki’ Not Enough To Help Co Deliver Positive EBITDA In Q1

2/3 Of Collections Are Made In Regional Language, PVR Has Low Presence

A Lot Of Hopes Now Underpin On H2FY25

See Reluctance Among Consumers To Watch Movies In A Theatre

Expect Stock To Remain Range Bound In The Near Term

GS on IndiGo

Maintain Buy Call, Target Raised To Rs 4,700

Near-term Cost Pressures, But Long-term Story Intact

Cost Pressures & Flattish Yields May Limit Profitability Improvement

Spreads To Improve As International Mix Improves Over Next 3-5 Years

CLSA on Marico

Maintain Underperform call, Target Rs 460

Key Factor Driving Negative View Is Rising Competition In Urban India For Its Oil Portfolio

Retailers’ Private/Exclusive Brands Undercutting Marico Brands

Other National/Niche Brands Taking Up Price Points Above Marico’s

Believe Company’s Headroom For Growth Is Narrower Than Before

We Also See Increased Competition In Oats

Jefferies on ICICI Lombard

Buy Call, Target Rs 2,090

Its New Product ‘Elevate’ Can Help It Leap Forward In Retail-health

In Retail-health It has Only 3% Share Vs 9% Overall

It Offers Unlimited Sum-insured, Personalisation Options

Retail-health Can Do Well With Agents, eComm Partners & Customers

Underwriting Is Key & Co’s Track-record Offers Comfort

Raise Estimates A Bit & Co Stays Among Top Picks

MS on Autos

Retail Sales Remained Weak During The Month

2-Ws Outperformed Other Segments

Rising PV Discount Is A Key To Monitor

Electric 2-W Penetration Continued To Improve While

Electric PV Sales Were Hit By Weak Fleet Demand

M&M & Bajaj Auto Remain Our Preferred Picks

Nomura on Autos

Volumes Below Our Estimate For Ashok Leyland, TVS & Tata Motors

M&M’s Tractor Volumes Covered Up For Weaker SUV Sales

Bajaj Auto’s & Maruti’s Wholesales Ahead Partly Driven By Higher Exports

Small Cars Unlikely To See Significant Revival & SUVs Will Continue To Gain Share

Motilal Oswal on IT

Expect Revenues Of IT Services Companies To Recover Following A Tepid Q4

Ramp-up Of Large Cost-takeout Deals Could Drive Growth For Large Caps

Brutal Winter Of Discretionary Spend Cuts In The Industry Is Likely Over

There Is Little Evidence Of A Recovery In The Flow Business

We Are On Track For One Of The Weakest First Quarters For At Least 10 Years

Would Be Looking For Signs Of Recovery In Discretionary Spending

Any Disappointment In Q1 Could Again Put Pressure On Q2

Expect 5-7% YoY FY25 CC Rev Growth For HCL & TCS & Lower for Infosys

Expect Revenue/EBIT/PAT To Grow By 3.2/5.2/6.1% For Our Coverage

ATGL (+4.05%) 

Adani Energy Solutions (+2.40%) 

NDTV (+1.89%) 

Adani Wilmar (+1.16%) 

Adani Green Energy (+0.77%) 

Ambuja Cements (+0.50%) 

Adani Ports (+0.27%) 

Adani Power ( +0.24%) 

ACC (+0.93%) 

Adani Enterprises (-0.42%)

DNEG S.a.r.l., Luxembourg, a material step-down subsidiary of Prime Focus, has agreed to raise $200 million from United Al Saqer Group, Abu Dhabi-based investor.

Prime Focus stock trades at ₹144.01 on the NSE, down by 0.94%.

Tata Steel UK receives confirmation of suspension of proposed strike action from Unite Union. Tata Steel stock trades at ₹173.90 on the NSE, down by 0.10%.

Alankit Ltd has been awarded a contract by Samagra Shiksha, Dehradun, valued at ₹23 crore to on board 955 teachers across 13 districts of Uttarakhand. The company has inaugurated a new office in Dehradun, Uttarakhand.

Alankit stock surges 3.93% on the NSE, trading at ₹24.62.

DCX Systems: Company gets order worth Rs 1,250 crore for electric modules from L&T. 

IOL Chemicals: Company gets China’s Drug Regulatory Authority NMPA nod for ‘Fenofibrate’, allowing the company to export it into China market.

Gandhar Oil: Company wins order worth 375 cr rupees or 45m USD

JSW Energy: Company’s subsidiary enters into power purchase agreement with SJVN for 700-megawatt solar project. 

CAMS: Company collaborates with Google Cloud to Build Cloud Native Platform to transform its asset management business services

BLS International: Company’s unit gets Turkish Regulatory Authority’s nod for acquisition of iData. 

Coal India: Company’s coal production rose 8% to 189.3 million tons in Q1FY2025. 

Sakuma Exports: Company approved issue of bonus shares in 4:1 ratio, company also approved raising of funds by QIP for an amount up to 500 cr rupees.

Genus Power: Company’s unit entered into agreement to buy 30% stake in Maharashtra Akola Amravati smart metering.

Pennar Industries: Company to set up PEB manufacturing plant in Raebareli in Q2. 

Waaree Energies: Company Bags Order To Supply 900 MW Solar Modules. 

Deepak Fertilizers: Company gets NCLT nod for scheme of arrangement between Mahahdhan Agri Tech, Deepak Mining Solutions and Mahadhan Farm Technologies

Shera Energy: Company has surpassed sales of Rs. 110.37 crores on a consolidated monthly basis 

APL Apollo: Company achieves Highest Record Sales Volume In Q1 Of 7,21,064 Tons Vs 6,61,501 Tons YoY 

KPI Green Energy: Company received of CEIG (Charging) approvals for 13.60 MW Solar Power Projects under IPP Segment. 

South Indian Bank: Gross advances up 11.4% at Rs 82,510 crore year-on-year in Q1FY25. 

CSB Bank: Gross advances up 17.8% at Rs 25,099 crore year-on-year in Q1FY25. 

Hero Motocorp: Total Sales at 5.03 Lk Units Vs Estimate Of 4.87 Lk Units 

Welspun Specialty Solutions: Company gets contract worth ₹117.17 Cr for supply of seamless stainless steel boiler tubes

Nazara Tech: TIMF Holdings bought 12 lakh shares in Company at Rs 872 per share. 

Narayana Hrudayalaya: Narayana Health introduced its first health insurance product, ‘Aditi’ on July 1.

Oil upstream stocks: Indian govt doubles windfall tax on crude oil to ₹6,000 per tonne from ₹3,250, effective July 2 

Tata Steel: Bhubaneshwar Power stands dissolved without being wound up

Carysil: Company opens QIP, sets floor price at ₹837.89/sh

Patanjali Foods: Company to acquire entire non-food business undertaking from Patanjali Ayurved For ₹1,100 cr

TVS Motors: Total Auto Sales at 3.34 lk units vs estimates of 3.53 lk Units. 

NMDC: Company cuts iron ore lump prices by ₹500 to ₹5,950/tonne from ₹6,450/tonne.

Tata Motors: June Total Sales 71,147 Units Vs 80,300 Units YoY

ICICI Bank: Mr. Pradeep Kumar Sinha is the Non-Executive Part-time Chairman of the Bank as Mr. Girish Chandra Chaturvedi to retire from 30th June.

Zomato: Company faces Rs 9.45 crore GST demand from Karnataka tax authorities.

Ircon International: Hari Mohan Gupta assumes charge as CMD of the Company effective from 1st- July- 2024. 

Neuland Lab: Company has transferred a part of property situated at Hyderabad by way of perpetual lease, for a consideration of Rs. 31.50 cr. 

NBCC (India): Company Says B K Sokhey Ceased To Be CFO. 

JK Cement: Sumnesh Khandelwal resigns as deputy CFO of Company, effective July 1 

Zomato: Company gets GST demand of Rs 9.5 crore.

Zydus Life: Company’s unit income tax demand of Rs 285 crore rectified to Rs 1.1 lakh by Central Processing Centre. 

Lupin: Company Completes Transfer of Trade Generics Business to Unit Lupin Life Sciences.

Laxmi Organics: Tanushree Bagrodia resigns as CFO effective September 2. 

Indian Bank: Revises 1-yr MCLR rate to 8.95% from 8.9%, effective July 3 

CDSL: Board meeting today to consider Bonus issue of shares.

Bajaj Consumer: Ex date for Buyback of shares, buyback price Rs 290/Sh. 

Oil India: Ex date for Bonus issue of shares 1:2.

ISMT: Company completes installation of 35 MW DC capacity solar plant worth Rs 138 crore at Maharashtra.

JTL Industries: Company’ sales volume up 10.8% at 85,674 MT in Q1FY25. 

Eicher Motors: Total motorcycle sales down 5% at 73,141 units year-on-year in June. 

ITC: ITC Hotels announced its foray into West Bengal with the opening of Storii Devasom Resort & Spa, Kolkata.

Top gainers: Wipro (1.50%), ONGC (1.47%), Coal India (1.26%), Infosys (1.07%), HCL Tech (0.94%)

Top losers: HDFC Life (-1.15%), Tata Motors (-1.15%), Bajaj Auto (-0.98%), Bajaj Finance (-0.96%), Kotak (-0.91%)

Gpt Infraprojects Ltd.

Bonus issue 1:1

Previous day Closing Price – Rs. 284.25

Ex Bonus 3 July 2024 (Tomorrow)

Last date Trade for Before Bonus Today

Ex-Dividend 3 July 2024 (Tomorrow)

Last date for Cum-Dividend Today

Dalmia Bharat Sugar And Industries Ltd

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 413.85

Jyothy Labs Ltd

Dividend Per Share Rs.3.5

Previous day Closing Price – Rs. 451.4

PO Listing- Allied Blenders and Distillers Limited

Listing Date : Tuesday, July 2, 2024 (Today) 

ISIN : INE552Z01027

BSE : 544203 ‘B’ Group

NSE : ABDL

NSE Series : EQ

IPO Price : ₹ 281/-

App. Min. Lot : 53 Shares

Raymond Limited (Demerged Company)

Raymond Lifestyle Limited (Resulting Company)

Symbol: RAYMOND

Stock Price: 3041.30/-

Last cum date: 10 July 2024

Record date: 11 July 2024\u0009

Ratio : 4:5 (For every 5 shares held in Raymond, the shareholders will receive 4 shares in Raymond Lifestyle)

EFC (I) Ltd - Buy - Societe Generale (350k shrs @ 565)

Sell - Black Hawk Properties Private Limited (250k shrs @ 565) 

Nazara Technologies Ltd - Buy - Timf Holdings (1.2mn shrs @ 872)

Sellers - Parijata Trading Private Limited (600k shrs @ 872),

Gyaana Retreat & Services Private Limited (600k shrs @ 872),

Fashions Brands (India) Private Limited (600k shrs @ 872) 

SG Finserv Ltd - Buy - Sanjay Garg (850k shrs @ 396.34)

Sell - Sixteenth Street Asian Gems Fund (1.04mn shrs @ 400.19)

Asian Granito India Ltd - Sell - Sanjay Garg (1.29mn shrs @ 73.25)

DiGiSPICE Technologies Ltd - Sell - Mediatek India Technology Pvt Ltd (1.43mn shrs @ 47.69)

Ind-Swift Labs Ltd. - Sell - Wilson Holdings Private Limited (400k shrs @ 131.83)

Krishna Def and Ald Ind Ltd - Sell - Credent Asset Management Services Private Limited Pms A/C Orbis0000154 (99k shrs @ 1048.54)

Navkar Corporation Ltd - Buy - Rajasthan Global Securities Pvt Ltd (983k shrs @ 109.71)

Sell - S I Investments ## Broking Pvt.Ltd (1mn shrs @ 109.94)

Religare Enterprises Ltd - Buy - Societe Generale (5.05mn shrs @ 239)

Sell Plutus Wealth Management Llp (7.1mn shrs @ 239.05)

Sakuma Exports Limited - Sell - Al Malaki Foodstuff Trading Llc (2.83mn shrs @ 35.39)

Sobha Ltd-RE - Buyers - Icici Prudential Equity Opportunities Fund Series-Ii (103k shrs @ 276.78),

Icici Prudential Mutual Fund Units -Icici Prudential Housing Opportunities Fund (140k shrs @ 273.55)

Sellers - Life Insurance Corporation Of India (69k shrs @ 278.62),

Vanguard Emerging Markets Shares Index Fund (229k shrs @ 273.67)

Shivalic Power Control Ltd - Buy - Bofa Securities Europe Sa (289k shrs @ 311)

Sell - Ss Corporate Securities Limited (227k shrs @ 311.20)

TBI Corn Limited - Buy - Yuga Doshi (102k shrs @ 302)

Veranda Learning Sol Ltd - Buy - Ujwal Kumar Pagariya (400k shrs @ 240.77)

July 1 

1. GHCL - ₹12

2. GHCL Textiles - ₹0.50

3. Tata Communications - ₹16.70

4. Geojit financial services - ₹1.50

July 2 

5. Epigral - ₹5

6. Swastik Investments - ₹2

July 3 

7. Dalmia Bharat Sugar and Industries - ₹1.25

8. Jyothy Labs - ₹3.50

July 4

9. Tide water & oil - ₹20

10. Tata Power - ₹2

11. Solar Industries - ₹8.50

12. Skf India - ₹130

13. Balaji Amines - ₹11

July 5

14. M&M - ₹21.10

15. 3M India - ₹160 + special dividend of ₹525

16. Apollo Tyres - ₹6

17. AstraZeneca Pharma - ₹24

18. Balkrishna Industries - ₹4

19. Bharat Forge - ₹6.5

20. Navin Flourine - ₹7

21. Piramal Industries - ₹10

22. Thermax - ₹12

23. Sundaram Finance - ₹2.05

24. Escorts - ₹28

25. Welspun Enterprises - ₹3

Silver prices were barely changed as investors anticipated comments from Federal Reserve Chair Jerome Powell and employment statistics for more clues about the United States’ interest rate outlook. Fed Bank of New York President John Williams said he believes pricing pressures are gradually returning to the central bank’s goal levels. Data revealed that U.S. manufacturing declined for the third consecutive month in June, but a reduction in a measure of input prices paid by companies to a six-month low signalled that inflation may continue to fall. Elsewhere, European Central Bank President Christine Lagarde stated that the ECB is not in a hurry to lower interest rates further. Traders will be looking for clues on interest rate decreases when Powell talks later today. The minutes of the Federal Reserve’s most recent policy meeting, coming on Wednesday, and the nonfarm payrolls report, due on Friday, are next on their radar.

Key economic data slated for release includes Core CPI Flash Estimate y/y, CPI Flash Estimate y/y from Euro Zone and JOLTS Job Openings, Fed Chair Powell Speaks from US Zone.

Shares of Allied Blenders and Distillers will be listed at the bourses today. The company has fixed the IPO price at ₹281, at the upper end of the price band ₹267-281. Read more

Gold held steady at $2,330 after moving higher in the previous session, as traders waited for fresh US economic data and comments from Federal Reserve officials to determine the Fed’s interest rate outlook. Key events include Fed Chairman Jerome Powell’s address later in the day, the release of the FOMC minutes on Wednesday, and the nonfarm payrolls report on Friday. Meanwhile, data released yesterday provided some support for bullion, as the ISM manufacturing PMI fell for the third straight month in June, and a measure of input costs paid by factories fell to a six-month low, indicating that inflation may continue to recede. In Europe, ECB President Christine Lagarde said on Monday that the central bank needs more time to prove that inflation is approaching 2% and that rate cuts are not necessary.

Key economic data slated for release includes Core CPI Flash Estimate y/y, CPI Flash Estimate y/y from Euro Zone and JOLTS Job Openings, Fed Chair Powell Speaks from US Zone.

Crude oil futures traded higher on Tuesday morning as the market expected increased demand for oil during the summer holiday season in the US. At 9.10 am on Tuesday, September Brent oil futures were at $86.80, up by 0.23 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $83.52, up by 0.17 per cent. July crude oil futures were trading at ₹6972 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday morning, against the previous close of ₹6950, up by 0.32 per cent, and August futures were trading at ₹6903 against the previous close of ₹6,881, up by 0.32 per cent.

The rupee weakened 6p yesterday to end at 83.44. Weakness in the Yen is weighing on Yuan which in turn is likely to keep the Rupee under pressure. Unless we see a reversal in Yuan, we may not see significant appreciation in Rupee from current levels as CNHINR is close to a crucial support of 11.40

Rupee is likely to open around 83.49 and trade a 83.35-83.55 range with sideways price action.

Divine Power Energy Limited IPO 

Akiko Global Services Limited IPO 

Petro Carbon and Chemicals Limited

Stock markets are likely to sustain their momentum thanks to positive global cues. With the much anticipated profit-taking still elusive, traders are debating whether to commit fresh funds or book profits, said an analyst. The market will remain lacklustre till the next key trigger emerges, one of which could be the upcoming Budget presentation Read more

Citi on IGL: Maintain Buy on Company, raise target price at Rs 610/Sh (Positive) 

UBS on L&T: Maintain Buy on Company, target price at Rs 4180/Sh (Positive) 

Emkay on EPIGRAL: Initiate Buy on Company, target price at Rs 2000/Sh (Positive) 

DAM on Anant Raj: Initiate Buy on Company, target price at Rs 620/Sh (Positive) 

GS on Indigo: Maintain Buy on Company, target price at Rs 4700/Sh (Positive) 

Jefferies on ICICI Lombard: Maintain Buy on Company, target price at Rs 2090/Sh (Positive) 

MS on Zomato: Maintain Overweight on Company, target price at Rs 235/Sh (Positive) 

Citi on L&T FH: Maintain Buy on Company, raise target price at Rs 221/Sh (Positive) 

MOSL on IT Stocks: Expect revenues of IT services companies to recover following a tepid Q4 (Positive) 

Citi on Auto: Most OEMs reported encouraging volume trends in June, within segments, UVs, tractors & buses witnessed healthy volume growth. Maruti, M&M and Hero are top picks (Positive) 

Bernstein India Strategy: Four stocks to participate in key themes - Dixon, Kaynes, Sona BLW precision and Muthoot Finance (Positive) 

Goldman Sachs on QSR: “Broad-based SSSG recovery remains elusive” (Neutral) 

Citi on GUJGAS: Maintain Sell on Company, raise target price at Rs 500/Sh (Neutral) 

CLSA on Marico: Maintain Underperform on Company, target price at Rs 460/Sh (Neutral) 

UBS on PVR Inox: Maintain Buy on Company, cut target price at Rs 1800/Sh (Neutral)

NMDC: The company reported production volume at 3.37 million tonnes down 3.2% YoY and Sales volume at 3.73 million tonnes down 9% YoY for the month of June. The company set Lump ore prices at Rs 5,959 per ton and fines at Rs 5,110 per tonne.

Asset management companies: SEBI has asked stock exchanges and other market infrastructure institutions to charge all its members uniformly and not offer discounts based on trading volumes or activity. 

Patanjali Foods: The board of Patanjali Foods approved the proposal to buy Patanjali Ayurved’s non-food business for Rs 1,100 crore. Payment is to be done in 5 tranches of 20%, 20%, 45%, 10%, and 5%. 

JTL Industries: The company reported sales volume up 10.8% at 85,674 million tonnes for the end of Q1 FY25.

South Indian Bank: The company reported gross advances up 11.4% at Rs 82,510 crore YoY, deposits up 8.4% at Rs 1.04 lakh crore YoY, and the CASA ratio at 31.87% vs. 32.64% YoY for Q1 FY25. 

CSB Bank: The company reported gross advances up 17.8% at Rs 25,099 crore YoY while deposits were up 22.2% at Rs 29,920 lakh crore YoY for the end of Q1 FY25. 

Gandhar Oil Refinery (India): The company’s unit received a three-year contract worth Rs 375 crore from ADNOC Distribution. The contract quantity is estimated to be 30 million litres per year. 

DCX Systems: The company received an order worth Rs 1,250 crore from Larsen & Toubro for the manufacture and supply of electronic modules for three years. 

Deepak Fertilisers and Petrochemicals: The company received the NCLT nod for the scheme of arrangement between Mahahdhan AgriTech, Deepak Mining Solutions, and Mahadhan Farm Technologies. 

JK Cement: Sumnesh Khandelwal resigned as deputy CFO effective July 1. 

Pennar Industries: The company is to set up a PEB manufacturing plant in Raebareli in Q2 and to have a production capacity of 36,000 MTPA. 

BLS International Services: The company unit received the Turkish Regulatory Authority’s nod for the acquisition of iData. 

Maruti Suzuki India: The company reported production volumes down 3% to 1.33 lakh units YoY for the month of June. 

Sakuma Exports: The company approved a bonus issue of shares in the ratio of 4:1, raised up to Rs 500 crore via QIP and approved an investment of Rs 600 crore in its subsidiaries.

Laxmi Organic Industries: Tanushree Bagrodia resigned as CFO effective Sept. 2 and Mahadev Karnik will take over as the new CFO effective Sept. 3. 

IOL Chemicals and Pharmaceuticals: The company received the China regulatory body’s approval for the company’s fenofibrate product. This approval will enable the company to export its fenofibrate API to China’s market. 

Ganesha Ecosphere: The company’s unit commenced operations of its third production line of rPET chips at its Warangal facility in Telangana. 

CAMS: The company 

partnered with Google Cloud to build a cloud-native platform for its asset management business services. 

Auto Sales Data 

Tata Motors: Total domestic sales are down 8% year-on-year at 74,147 units in June. Total commercial vehicle sales were down 7% at 31,980 units, total PV sales were down 8% at 43,624 units and total EV sales were down 34% at 4,657 units. The company reported FY25 Q1 sales data in which total domestic sales were up 2% year-on-year at 2.25 lakh units, total CV sales were up 6% at 91,209 units, total PV sales were down 1% at 1.40 lakh units and total EV sales were down 14% at 16,579 units. 

TVS Motor: Total sales were up 5% year-on-year at 3.33 lakh units in June. 2-wheeler sales went up 6% at 3.22 lakh units, motorcycle sales up 3% at 1.52 lakh units, scooter sales up 6% at 1.28 lakh units, EV sales up 10% at 15,859 units and total exports down 4% at 76,074 units.

Hero MotoCorp: The total sales went up 15% year-on-year to 5.03 lakh units in June. Domestic sales were up 16% at 4.91 lakh units, exports were down 15% at 12,032 units, and motorcycle sales were up 17% at 4.73 lakh units for the month of June. 

Eicher Motors: Total motorcycle sales were down 5% year-on-year at 73,141 units in June,

while motorcycle exports were down 27% year-on-year at 7,024 units for the month of June.

Listing 

Allied Blenders and Distillers: The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 281 apiece. The Rs 1,500-crore IPO was subscribed to 23.55 times on its third and final day. Bids were led by institutional investors (50.37 times), retail investors (4.51 times), non-institutional investors (32.40 times), and a portion reserved for employees (9.89 times). 

Bulk Deals 

Nazara Technologies: TIMF Holdings bought 12 lakh shares (1.56%) at Rs 872 apiece. On the other hand, Parijata Trading Private Limited, Gyaana Retreat & Services Private Limited and Fashions Brands (India) sold 6 lakh shares (0.78%) at Rs 872 apiece. 

SG Finserve: Sixteenth Street Asian Gems Fund sold 10.44 lakh shares (1.86%) at Rs 400.19 apiece, while Sanjay Garg bought 8.5 lakh shares (1.52%) at Rs 396.34 apiece. 

EFC (I): Societe Generale bought 3.5 lakh shares (0.7%) at Rs 565 apiece, while Black Hawk Properties Private Limited sold 2.5 lakh shares (0.5%) at Rs 565 apiece. 

Krishna Defence and Allied Industries: Credent Asset Management Services Private Limited Pms A/C Orbis0000154 sold 0.99 lakh shares (0.86%) at Rs 1048.54 apiece. 

Veranda Learning Solutions: Ujwal Kumar Pagariya bought 4 lakh shares (0.56%) at Rs 240.77 apiece. 

Religare Enterprises: Plutus Wealth Management LLP sold 71 lakh shares (2.15%) at Rs 239.05 apiece, while Societe Generale bought 50.5 lakh shares (1.53%) at Rs 239 apiece. 

Insider Trades

OM Infra: Promoter Jyoti Kothari sold 3.12 lakh shares on June 28. 

Ethos: Promoter Mahen Distribution sold 37,237 shares between June 25 and 28. 

Go Fashion (India): Promoter Rahul Saraogi created a pledge for 3.08 lakh shares on June 26. 

ION Exchange (India): Promoter Mahabir Prasad Patni sold 1,42,500 shares on June 18–28. 

Steel Exchange India: Promoter Umashiv Garments sold 1 crore shares on June 27.

Pledge Share Details 

Go Fashion (India): Promoter Gautam Saraogi revoked a pledge for 3.08 lakh shares on June 25. 

Steel Exchange India: Promoter Umashiv Garments revoked a pledge for 1 crore shares on June 27. 

Mangalore Chemicals and Fertilisers: Promoter Zuari Agro Chemicals created a pledge for 9 lakh shares on June 26. 

Trading Tweaks 

Price band changes from 10% to 5%: Solara Active Pharma Sciences. 

Price band changes from 20% to 10%: Exicom Tele-Systems, Black Box, GRP. 

Ex/record Dividend: Epigral. 

Ex/record AGM: Epigral, Automotive Stampings and Assemblies. 

Ex/record buyback: Bajaj Consumer Care. 

Ex/record bonus: Oil India. 

Moved to a short-term framework: Black Box. 

Moved out short-term framework: Chambal Fertilisers & Chemicals,

Johnson Controls, Hitachi Air Conditioning India.

F&O BAN

1. INDIACEM

2. INDUSTOWER

DCX Systems has received a contract/ order for ₹1,250 crore from Larsen & Toubro, India for manufacture and supply of electronic modules. The order is expected to be completed within three years. Read more

ALANKIT

General

CRESSAN

Audited Results

FEDDERELEC

General;Increasein Authorised Capital

DTRAGN

General

MAGENTA

Half Yearly Results

STANCAP

General

SUNDARAM

General

SYSCHEM

General;Employees Stock Option Plan;A.G.M.

TITANIN

General

VIKASWSP

Audited Results

2nd July Ex Date

BAJAJCON\u0009

Buy Back of Shares \u0009 

EPIGRAL\u0009

Final Dividend - Rs. - 5.0000

OIL INDIA LTD

Bonus issue 1:2

QUESTCAP\u0009

Final Dividend - Rs. - 2.5000

SWASTIKA\u0009

Final Dividend - Rs. - 2

Nomura turns bullish on the India IT Services sector; Infosys and Coforge are top picks. It has upgraded its ratings to dBuy for Wipro (from Reduce), Infosys (from Neutral) and HCLT (from Neutral). It has also upgrade TCS to Neutral (from Reduce). Top picks in the sector are Infosys, Wipro and TechM (among large caps), and Coforge and Birlasoft (among midcaps).

Total Sales At 5.03 Lakh Units Vs Estimate Of 4.87 Lakh Units

Total Sales Up 15.2% At 5.03 Lakh Units Vs 4.37 Lakh Units (YoY)

* INDIACEM

* INDUSTOWER

14:30 EURO CPI Flash Estimate y/y (Expected: 2.5% versus Previous: 2.6%)

19:00 EURO ECB President Lagarde Speaks

19:00 U.S. Fed Chair Powell Speaks

19:30 U.S. Jolts Job Openings (Expected: 7.85M versus Previous: 8.06M)

State-run Indian Oil Corporation (IoCL) is expected to incur a capex of ₹34,000 crore in the current financial year, ending March 2025, and around ₹37,500 crore in FY26, Fitch Ratings said on Monday. Read more

To introduce an unerring product proposition in the overseas market, Fast-Moving Consumer Goods(FMCG) maker Marico Ltd is using Artificial Intelligence (AI) to spot consumer insights in its international operations. Read more

The ‘Skin in the Game’ regulation has come as a blessing in disguise for the mutual fund industry as their investments have grown multi-fold last fiscal. Read more

Rane Holdings Ltd (RHL) said its Board has approved the acquisition of the remaining 51 per cent stake from the joint venture partner Japan-based NSK Ltd in Rane NSK Steering Systems Pvt Ltd. Read more

In a move that would encourage more entrants in the mutual fund industry, the capital market regulator SEBI has proposed to reduce the net worth and profit track record criteria for companies interested only in managing assets passively. Read more

SEBI on Monday directed market infrastructure institutions (MIIs) to stop levying slab-wise fee structures on members, a move that could especially impact the topline of discount brokers. Read more

Healthcare major Narayana Health has introduced its first health insurance product, ‘ADITI’, which will provide comprehensive coverage of ₹1 crore for surgeries and ₹5 lakh for medical management. Read more

Godrej Properties Limited, a real estate developer, has acquired seven acres of land in Thanisandra, North Bengaluru. The land acquired outright will accommodate the construction of a luxury residential project featuring high-end apartments in various configurations. The project is estimated to generate a revenue of ₹1,200 crore. Read more

Indian Renewable Energy Development Agency Ltd. (IREDA), a public sector enterprise supporting financial and other services, has recorded loan sanctions worth ₹9,136 crore in the first quarter. These sanctions mark a growth of 382.62 per cent compared to ₹1,893 crore in Q1FY24, as per the provisional figures, subject to audit. Read more

Securities and Exchange Board of India has tightened norms to detect fraud and market abuse at the stock brokers’ end via mule and proprietary accounts. Read more

As Indian IT (Information Technology) services firms registered a decline in headcount in FY24, the women employees count dipped sharper than men, thus impacting diversity ratio. Read more

At the labour chowk in Noida, where contractors and homeowners often hire plumbers, carpenters, painters, and masons, finding a skilled worker is becoming fairly difficult. Though the chowk is full of people squatting around waiting for jobs, contractors say they are unable to get somebody with experience there now. Read more

Shyam Metalics and Energy has begun the week on a strong note by making a bullish breakout on Monday. The 6 per cent surge on Monday has taken the share price well above the crucial resistance level of ₹695. This has boosted the bullish momentum. Shyam Metalics and Energy share price can rise to ₹825 in the coming weeks. Any intermediate dips are likely to be limited to the ₹700-₹695 support zone. Read more

Shyam Metalics and Energy has begun the week on a strong note by making a bullish breakout on Monday. The 6 per cent surge on Monday has taken the share price well above the crucial resistance level of ₹695. This has boosted the bullish momentum. Shyam Metalics and Energy share price can rise to ₹825 in the coming weeks. Any intermediate dips are likely to be limited to the ₹700-₹695 support zone. Read more