Share Market Highlighs 10th July 2023: : Indices end with marginal gains; Reliance Industries up 3.86%

Sensex and Nifty closed higher on Monday, driven by heavy buying in index major Reliance Industries and unabated foreign fund inflows. However, a correction in IT counters ahead of their quarterly earnings announcements scheduled to come later this week, put a check on the markets rally.

Equity benchmarks BSE Sensex and NSE Nifty closed today’s session with marginal gains. While Sensex settled 0.1% or 63 points higher at 65,344, Nifty closed 0.12% or 24 points higher at 19,355.

Cyient DLM Ltd traded at ₹422.05 on BSE, higher by 59.26% at 3:30 pm compared with the offer price.

The stock of Sun Pharma Advanced Research Company is up by 7.28% on NSE, trading at ₹227.

Shares of Inox Wind Ltd rise by 12.78% on NSE, trading at ₹192.80 per share.

Major gainers: Reliance Industries (3.84%); Tata Steel (3.32%); JSW Steel (2.20%); HDFC Life (1.50%)

Major losers: Titan; HCL Technologies; Power Grid; TCS; Nestle India

The stock of Bharti Airtel is up by 1.75% on NSE, trading at ₹885.65.

The stock of the State Bank of India is down by 0.46%, trading at ₹591 on BSE.

Major gainers on BSE at 2:45 pm on July 10: Agi Greenpac; Akzo Nobel India; Ceat; Welspun Corp.

Major losers include: Bombay Dyeing & Manufacturing; Mangalore Refinery & Petrochemicals; Prism Johnson; HBL Power Industries; Aarti Industries

The stock of Som Distilleries and Breweries Ltd is up by 0.58%, trading at ₹296.70 on the NSE. The company had approved raising of funds through the issue of convertible equity warrants to the promoters, promoter group, and other public investors on a preferential basis.

The stock of Life Insurance Corporation of India is down by 0.58% on NSE, trading at ₹619. The company had diluted its shareholding Exide Industries from 5.519% to 3.513%.

• Power SIP facility combines the feaures & benefits of Systematic Investment Plan (SIP) and Systematic Withdrawal Plan (SWP)
• The Power SIP facility enables the investor to systematically invest today and withdraw a fixed amount at regular intervals after a predefined duration.

After bumper listing, Cyient DLM is now trading at ₹423. This is at a 60 per cent premium to its IPO price and pushes up its valuation to a very pricey PE ratio of 106 times. This now makes it the most expensive stock when compared with peers like Syrma SGS, Kaynes Technology, Avalon Technologies, and DCX Systems which trade at a PE of 69, 81, 66, and 31 times respectively.

Container Corporation of India’s (Concor’s) exim volumes and domestic volumes were up 7.2% and 10.4% YoY, respecively in Q1 FY24.

The stock of Zomato is 2.53% up on NSE, trading at ₹75.10. The company had earlier informed the stock exchange that PT Zomato Media Indonesia (PTZMI), wholly owned subsidiary of the company in Indonesia, has initiated the process of liquidation on July 03, 2023.

Shares of ​IDBI Bank​ rise by 2.70% on ​NSE​, trading at ₹59 per share.

The stock of Infosys trades at ₹1,336.15, up by 0.45% on the NSE.

The stock of Samvardhana Motherson International is down by 0.49% on NSE trading at ₹90.90. The company had inked a pact to fully acquire Bengaluru-based Rollon Hydraulics for an undisclosed amount.

Shares of Mahindra & Mahindra decline by 0.90% trading at ₹1,550.15 per share on the NSE.

The stock of ​Xpro India Ltd​ rises by 7.05% trading at ₹931.95. The company had raised ₹125 crore in equity resources upon conversion of warrants issued to the Malabar India Fund Limited.

JK Tyre & Industries Ltd will hold its 70th AGM on August 3, 2023. The company’s stock rises 1.90% on BSE, trading at ₹251.5.

Triveni Engineering and Industries has emerged as the top supplier of grain-based ethanol from Uttar Pradesh to oil marketing companies. It suppled over 4.5 crore litres in FY2023.

ideaForge Technology shares lost nearly 6.88 per cent to Rs 1205.85 on Monday. The stock made a stellar debut on the bourses on Friday. It was listed at ₹1,305.10, reflecting a steep jump of 94.21 per cent from the issue price of ₹672 on the BSE.

Inflows into equity funds increased to Rs 8,637 crore in June against Rs 3,240 crore in May, with investors betting big on high risk small cap funds, according to the Association of Mutual Funds in India (Amfi).

Interestingly, large fund houses have curtailed inflows into small cap funds due to problems in deployment of funds in the market.

Inflows into small cap funds hit a new high of Rs 5,472 crore in June against Rs 1,844 crore in May, it said.

According to NS Venkatesh, CEO, AMFI, investors are putting money in small-cap after being fully aware of the risk involved and these may be investors who had booked profit from large cap and focused funds that have seen a net outflow.

The number of systematic investment plans (SIPs) that were closed and newly opened in June hit a record high.

The SIPs that were closed registered at an all time high at 15.26 lakh while the new accounts opened was at a high at 27.78 lakh, said AMFI.

SIP inflows dipped marginally to Rs 14,734 crore last month from Rs 14,748 crore in May.

Shares of Adani Green Energy rise by 0.65% on NSE, trades at ₹957.15 per share.

Shares of Hindustan Zinc fall by 3.32% on the NSE, trading at ₹329.30 per share. The company’s board had approved interim dividend of ₹7 a share i.e. 350% on face value of ₹2 a share for FY24, amounting to ₹2,957.72 Crores. The record date for the purpose of interim dividend payment is July 15.

ESAF Small Finance Bank, in a revised DRHP filed with Sebi, has reduced the size of its IPO to Rs 629 crore from Rs 1000 crore earlier. The offer now comprises a fresh issue of shares worth Rs 487 crore down from Rs 800 crore earlier. The offer-for-sale component by the promoters has been also been cut to Rs 142 crore from Rs 200 crore earlier.

Domestic tractor sales hit an 8-month high this June, while production touched a 9-month peak during the month amid mixed farm sentiments due to the late onset of monsoon. However, domestic sales fell marginally for Q1 of this fiscal, while production and exports reported a higher decline when compared with the year-ago period.

Asian markets closed mixed with Japan and Korea closing down (-25 to -60 bps) while China and Hong Kong saw marginal recovery after being under pressure last week.

Futures of key US indices (DJIA, S&P 500 and Nasdaq Composite) are trading down by -25 to -60 bps as of now

Vaibhav Kaushik, Research Analyst, GCL Broking, said, “As we can see, the stock is under pressure today following the announcement of a new policy in railway ticketing policy.”

Ritu Singh, Senior Research analyst, Drsfinvest, commented, “IRCTC’s monopoly in its online train ticket booking business is expected to be challenged after the entrance of Adani Enterprises. The stock is expected to fall further and continue its selling spree to touch the levels of 590 in the near term.”

NCL Industries Ltd’s cement production grew 23% y-o-y at 7,50,251 mt for the quarter ended June 30, it said in an exchange filing on July 10. The company’s stock trades at ₹203.80, up by 1.93% on NSE.

Europe markets open flat to marginally down, with key indices across Germany, UK, France and Italy trading between 0 to negative 20 bps

Operating Margins to are expected to expand by 100-150 bps, according to CARE-Edge

CDSL shares jumped over 3 per cent at 1,214.80 as its rival NSDL filed initial papers to launch IPO.

Ajmera Cityscapes and West Avenue Realty has introduced Atlantis, a real estate joint venture project. Atlantis is an 18-storeys luxury tower located in Khar (West), Mumbai.

The premium property offers 3 and 4-bedroom residences with carpet spaces of 1500 square feet and 2,150 to 2,350 square feet. Atlantis is a RERA-registered project scheduled to be completed in January 2026, the company said in a release.

PE activity in Indian real estate marginally declined by 5 per cent in Q1 FY24 given the elevated interest rates, according to an ANAROCK report.

Equity mutual funds witnessed a net inflow of ₹8,245 crore in June vs ₹2,906 crore in May, as per the Association of Mutual Funds in India The data showed that Small cap funds recorded the highest inflow at ₹5,472 crore.

Shares of Suzlon Energy declined by 1.96%, trading at ₹17.50 per share. The company’s board had approved a proposal to raise upto ₹2,000 crore.

The stock of Orient Abrasives Ltd rises 13.45% on NSE, trading at ₹41.75.

The International Energy Agency’s (IEA’s) prediction of a 26,000 MW rise in hydropower capacity by 2030, along with a threefold increase in pumped storage hydro facilities, will create a favorable environment for Patel Engineering as the company receives 60 percent of its orders from the hydroelectric segment.

Passenger car production was up 8.4% y-o-y in Apr-May 2023. It showed an uptick in May (+16% y-o-y) after a lean period in the initial months of CY23 (except January).

The research firm says this augurs well for paint companies with higher revenue contribution from automotive division (Kansai Nerolac generates roughly 27% of its revenue from automotive paints).

Other major paint companies also generate 5-15% revenue from the automotive sector.

While improving auto demand turns favourable for the paint companies, belief is that inflationary pressures may result in higher second-hand car sales. Thus, it may result in replacement demand (painting-related work in second-hand car market).

The paint companies refrained from any price hikes in Q1FY24 amidst deflation in key raw materials on sequential basis. All the major players maintained their pricing during the quarter, except Akzo Nobel which took a 1.5% price hike in April 2023.

Moreover, companies offered 5% additional trade discounts.

Correction in major input material prices continues:

Commodity inflation continued to recede with titanium dioxide and VAM prices correcting 12% and 58.4% in Q1FY24 y-o-y. Furthermore, crude oil price has declined both y-o-y and q-o-q by 27.6% and 3.4%, respectively. The fall in raw material prices bodes well for the paints companies.

Consumer off-take was strong in April-May’23

Volume growth is likely to be in low teens.

Consumer off-take seems to have remained strong due to:

• effective price cuts on trade discounts offered
• delay in monsoon which resulted in higher days for painting and
• higher sales of exterior paints.

The stock of Adani Enterprises rises 0.48% trading at ₹2,391.05 on NSE. The company had purchased a close to 30% stake in Start Enterprises Pvt Ltd, which owns the online train ticket booking platform Trainman.

Navi Finserv plans to raise up to ₹500 crore through the public issue of Non-Convertible Debentures.The issue opens for subscription on Monday and closes on July 21 with an option for early closure. The issue is rated A Stable by CRISIL and India Ratings and JM Financials is the Lead Manager to the issue.

Cyient DLM Ltd is trading at ₹406.80 on BSE, higher by 53.51% at 12:18 pm on July 10 compared with offer price.

Shriram Housing Finance Limited (SHFL) has announced the completion of a $50 million fund raise via its maiden External Commercial Borrowing (ECB). Funds from the ECB will be used for the financing of affordable housing in India.

Hatsun Agro’s board will meet on July 19 to consider first quarter results, and declaration of first interim dividend for FY2023-24.

Stocks advanced on BSE at 12 noon on Monday were 1,400 against 2,080 stocks that declined. Total stocks traded were 3,640. The number of stocks that recorded a 52-week high was 192 and those that hit a 52-week low was 51.

• Reliance Industries (3.69%)
• Bajaj Auto (1.86%)
• HDFC Life Insurance (1.52%)
• Tata Motors (1.39%)

The stocks of Tata Steel rise 2.42% on NSE, trading at ₹114.30.

The stock of Punjab National Bank rises by 0.25%, trading at ₹60.55 on NSE. The company earlier infused ₹72.82 crore in its Bhutan subsidiary Druk PNB Bank Ltd via a rights issue.

Stocks of Indian Oil Corporation is down by 1.26% on NSE, trading at ₹97.95. The company’s board had approved a fundraise plan of up to ₹22,000 crore through a rights issue as part of a government’s plan to infuse capital into three state-owned fuel retailers to fund their net zero carbon emission projects

Here is the view from Ong: Currently, the equity market is at a record-high level, surpassing the BSE. Metal and technology stocks are among the best performers on the BSE. One of the reasons is the trade war between the United States and China. To avoid China becoming the main exporter in the world. The United States imposes tariffs on China, forcing other countries to refuse to deal with China. Therefore, it indirectly benefits the Indian market. The Reserve Bank of India (RBI) has taken responsibility to raise the economic system, which also proves that the economy will be improved in the future, and all the stocks will also rise together.

The risk will be faced by the interest rate hike. The US Fed continues to raise interest rates, leading to tightening banks’ loan conditions which results in higher business costs. In the case of low cash flow, employment opportunities will also be greatly reduced, resulting in consumer purchasing being reduced, which indirectly reduces the export amount from India.

Long term perspective: Indian equities will stand strong as the rate hike cycle in the USA will reverse by the end of next year and more inflow of FII buying will result in strong consolidation of Indian indices on higher levels.

Here are the best Indian shares to watch:

• Reliance Industries
• Tata Consultancy Services (TCS)
• Infosys
• HDFC Bank

SpiceJet’s board will consider raising fresh capital on July 12 through the issue of equity shares and/or convertible securities on preferential basis.

The stock of RailTel Corporation of India Ltd trades at ₹131.60, down by 0.98% on NSE. The company’s board at its meeting held on Sunday, July 9, 2023, has recommended a final dividend at the rate of 10.5% of paid-up share capital (₹1.05 per share) for the financial year 2022-23.

The Securities Appellate Tribunal on Monday ​​dismissed an appeal ​​from Zee Group Chairman Subhash Chandra and Zee Entertainment Chief Executive Punit Goenka over a ​​ban on the duo by SEBI ​​from holding board positions in public listed companies for a year.

Asian shares got the week off to a slow start, with mixed trading Monday as China reported wholesale prices fell in June, amid other signs the economy is slowing. Benchmarks rose in Hong Kong, Shanghai and Mumbai but fell in Tokyo and Sydney. US futures and oil prices declined, according to a report by Associated Press.

JK Defence & Aerospace Ltd, a wholly owned subsidiary (WOS) of JayKay Enterprise Ltd (JKE), has acquired the 76.41 per cent equity stake in Allen Reinforced Plastics Private Ltd for Rs ₹90 crore. JKE shares are currently trading at ₹81.35 apiece, up 9.96 per cent over the previous close on BSE.

Nifty IT index is down by well over 1 per cent trading at 29,191 as investors get cautious ahead of results from TCS, HCL Technologies and Wipro this week

EaseMyTrip has entered into a General Sales Agreement (GSA) with SpiceJet Airlines which will commence from August 1, 2023. Under this arrangement, EaseMyTrip will be responsible for selling and promoting the products and services offered by SpiceJet in India that will help customers to avail the services of SpiceJet. The stock of Easy Trip Planners rises 4.73%, trading at ₹43.15 on NSE.

Cyient Ltd loses 1.65 per cent to trade at Rs 1,456.40 on a day when shares of its arm Cyient DLM are trading at Rs 410, at a premium of 54.72., and 2 per cent more than the open price.

Aurobindo Pharma’s scrip declined 1.80 percent on BSE in early trade on Monday and is trading at 730.35. On Friday, Aurobindo announced that CuraTeQ Biologics Private Limited, a wholly owned subsidiary of the Company, has entered into an exclusive license agreement with the USA based BioFactura Inc, USA to commercialize BFI-751, a proposed biosimilar to Stelara (Ustekinumab). Ustekinumab is a recombinant monoclonal antibody that is used for treating Crohn’s disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis.

Cyient DLM Ltd trading at ₹411.80 on BSE, higher by 55.3% at 10:48 am on July 10 compared with offer price. The company’s ₹592-crore IPO initial public offering saw robust participation from all categories of investors. It was subscribed 67.3 times and the offer price band was ₹250-265.

• Aegis Logistics: Rs 22.92 crore NSE Block Trade; for ~662403 shares, at Rs 346
• KFIN Technologies: Rs 17.69crore NSE Block Trade; for ~498062 shares, at Rs 355.25
• Krishna Inst: Rs 26.98 crore NSE Block Trade; for ~150282 shares, at Rs 1795

Gallantt Ispat Ltd, according to a stock exchange filing, has entered into an agreement with East Coast Railway, Bhubaneshwar, Odisha, to buy and own Railway Wagons to get rid of wagons shortfall with Indian Railways. The stock of Gallantt Ispat is trading at ₹73.55, up by 6.75% on NSE.

Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd, said, “As expected, Cyient DLM made an outstanding entry in the secondary market at a listing price of Rs. 403. The issue price of the IPO at the upper band was Rs 265; hence, it listed at a premium of 52%. Cyient DLM is a fundamentally strong company, has a strong track record of growth, and is well-positioned to benefit from the growing demand for digital manufacturing solutions. We will not recommend a fresh Buy at this level. However, existing investors can hold the shares for the long term with a stop loss at 362.7, as the company has good growth prospects.”

The ​​Bank Nifty July Futures​​ (45,070) is up about 0.1 per cent. The contract has come down after testing a high of 45,250. Support for the contract is at 44,950. A break below it can trigger fresh selling. Such a break can take the Nifty Bank July Futures contract down to 44,600 in the coming sessions.

On the other hand, a strong rise past 45,250 is needed to get ease the downside pressure and rise towards 45,500.

Shares of Indian Oil Corporation decline by 0.55%, trading at ₹98.65 per share on NSE. The company’s board had approved the formation of a Joint Venture Company for battery swapping business in India as a Private Limited Company with 50:50 collaboration between IndianOil and Sun Mobility Pte. Ltd. Singapore (SMS) with IndianOil’s equity investment of ₹1800 crore till FY 2026-27.

According to Amnish Aggarwal, Head-Research, Prabhudas Lilladher, Nifty has given more than a 10% return in FY24 YTD, led by resilient domestic demand and $14bn of net FII flows. India continues to be the epitome of global growth with over 6.5% expected GDP growth for FY24 (highest globally) even as growth is slowing down in the US and Europe is embracing recession.

India has witnessed a revival in FII inflows (Strong global markets) and we expect the same to sustain post-$23bn outflow in the last two years and a decline in FII ownership by 300 bps to 20.3%. Given strong domestic growth, declining inflation (Food and Fuel), revival in industrial capex, and strong Infra push by GOI and demographic dividend, we expect sustained traction in FII inflows to continue.

“We estimate that FII inflows of $35.7bn to increase market ownership by 1%. Rural India is showing green shoots post and soft inflation and favourable monsoons can accelerate demand further in a pre-election year,” he said.

“We remain positive on Auto, Banks, Capital goods, Hospitals, Discretionary consumption, and Building Materials. El Nino and the 2024 elections remain a key risk.

Stable Govt. post-elections and continuation of economic policies can take markets to the next level,” he added.

The ​Nifty 50 July Futures​ (19,460) is up 0.32 per cent. The contract is getting support in the 19,400-19,380 region. Intermediate support is at 19,440. If the contract manages to sustain above it, a rise to 19,500 is possible. A break above 19,500 will see the upmove extending up to 19,550-19,570.

The near-term outlook will turn negative only if the contract declines below 19,380. Such a break can drag it down to 19,300. But that looks less likely.

“We expect the earnings of Banks and NBFCs to stay stable in Q1 FY24,” Ajit Kabi, Banking analyst at LKP Securities, said.

The loan growth is expected to witness sequential jump. Factoring pre-result release of several banks. We expect the loan growth to be in mid teens for large banks. The vehicle financing NBFCs to witness strong disbursement. Furthermore, Gold Financiers are likely to post good growth considering higher gold prices. On a system level we expect the YoY growth to be around 16%.

Major gainers on BSE at 10:20 am were: IFCI (5.87%); Reliance Industries (4.19%); Raymond (5.54%); Ceat (9.59%); Jindal Saw (4.08%)

The rupee gained 6 paise to 82.55 against the US dollar in early trade on Monday supported by sustained foreign fund inflows and a bullish momentum in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 82.65 against the dollar and then rose to 82.55, registering a gain of 6 paise over its previous close.

In a tweet on Saturday Zerodha said that due to an issue with the internet service providers (ISPs) the orders for some of our users in the BSE F&O segment were affected. “We’re still working with the ISPs, order management system vendor, and the exchanges to ascertain the root cause of the issue, but here’s a preliminary update. We sincerely apologize for the issue yesterday (on Friday),” it said.

​IRB Infrastructure Developers ​June toll revenue up 16.5% at Rs 383.3 cr vs Rs 329.1 cr (YoY). According to IRB, Q1 looks positive as an upward trend is seen in aggregate toll revenue.

Cyient Dlm listed at Rs 407, with 52% premium.

“As expected, Cyient DLM made an outstanding entry in the secondary market at a listing price of Rs. 403. The issue price of the IPO at the upper band was Rs 265; hence, it listed at a premium of 52%. Cyient DLM is a fundamentally strong company, has a strong track record of growth, and is well-positioned to benefit from the growing demand for digital manufacturing solutions. We will not recommend a fresh Buy at this level. However, existing investors can hold the shares for the long term with a stop loss at 362.7, as the company has good growth prospects,” Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd, said.

BSE Sensex gained nearly 0.3% or 196 points to 65,477.

NSE Nifty50 gained about 0.43% or 83 points to 19,415.

Granites and marbles firm Pokarna shares gain 13.72 pc in early trade. The stock is trading at Rs 428.85.

• July 12: TCS and HCL Tech\u0009
• July 13: Federal Bank, Tata Metaliks, Angel One
• July 14: Bandhan Bank, JSW Energy, Just Dial
• July 15: Avenue Supermart, Rallies India

• BHEL
• DELTACORP
• GRANULES
• INDIACEM

• Zee Media Corporation’s price band revised from 20% to 10%
• Ex-date Dividend: LTIMindtree, Onward Technologies
• Move Into Short-Term ASM Framework: Black Box
• Move Out Of Short-Term ASM Framework: Ram Ratna Wires

Larsen & Toubro Limited (L&T) has completed the transition of a $150 million term loan with Bank of America to a Sustainability Linked Loan (SLL) on 30th June 2023, the company said in a stock exchange filing. The company’s stock rises 0.41% o NSE, trading at ₹2,459.50.

Reliance Industries is trading 3.5% up after the weekend announcement that Reliance Strategic Investments aka Jio Financial will be demerged from RIL. The record date to be eligible for shares in the new entity is July 20. Though Jio Financial is yet to make a material debut in any financial product, Reliance group demergers tend to be perceived positively by investors as they have been wealth creators in the past.

AAA 5-years PSU Bond traded between 7.55%-7.60%

AAA 10-years Private Bond traded between 7.67%-7.82%

New Issuances:

7.95%-India Infradebt Limited

Ratings: AAA/ Stable by CRISIL & ICRA

Issue Size: 100+300

Maturity Date: 05/10/2028

Allocated 300 crore at 99.9185

8.90% - Shriram Housing Finance Limited

Ratings: AA+/Stable by CRISIL & CARE

Issue Size: 50+20

Maturity Date: 05/07/2033

Allocated 50 crore at 100

TATA Capital Housing Finance Limited

Ratings: AAA/Stable by CRISIL & ICRA

Issue Size: 250

Maturity Date: 18/09/2026

Allocated 250 crore at 100

7.965% - NIIF Infrastructure Finance Limited

Ratings: AAA by CARE & ICRA

Issue Size: 100+450

Maturity Date: 24/08/2028

Allocated 400 Crs at 100

8.30% - Deutsche Investments India Private Limited

Ratings: AAA by IND

Issue Size: 70

Maturity Date: 10/10/2024

Allocated 70 crore at 100

8.60% - Poonawalla Housing Finance Limited

Ratings: AAA (RWN) by CARE

Issue Size: 50+100

Maturity Date: 31/12/2024

Allocated 50 crore at 100

At 9.50 am, August turmeric (farmer polished) contracts were trading at ₹10060 on the National Commodities and Derivatives Exchange (NCDEX) against the previous close of ₹9742, up by 3.26 per cent. July guargum futures were trading at ₹10508 on NCDEX in the initial trading hour of Monday morning against the previous close of ₹10385, up by 1.18 per cent.

Movie collections continued to disappoint in Q1FY24 as well, with only select movies firing at the box office. While overall collections were 4% lower on a sequential basis, PVR-Inox is likely to report revenue uptick owing to a better mix of movies; ad revenue is likely to remain flat, as advertisers continue with their wait-and-watch policy in the absence of any consistency. EBITDA for the company (pre-IndAS) should improve supported by higher flow-through of revenue. Broadcasters are not likely to see any uptick in their advertising revenue this quarter at least, even as intent to spend has started turning positive. Subscription revenue should see a small uptick, as benefits of NTO3.0 start taking effect, though the full upshot should be seen by H2FY24.

Demand setting remain muted, with no realistic recovery in rural demand, though sector rural volume growth would turn positive on a low base. The weak summers would have a bearing on growth for select summer-centric categories.

For our coverage universe, we see high single to low double-digit Q1FY24 revenue growth, with volume growth of a mid-single-digit for HUL and Britannia, of nearly 13% for GCPL and about 2% for Colgate. We expect double-digit earnings growth, driven by YoY EBITDA margin expansion (recovery in gross margin to absorb the rise in A&P spends). On a weak base, we expect 24%/40% earnings growth for GCPL/Britannia, while ITC, HUL and Colgate would see early-teens earnings growth. We continue to favor ITC, GCPL and Britannia, while avoiding Colgate.

For the below given stocks, ex-dividend date is 11 July 2023, while last date for Cum-Dividend is today.

Jsw Steel Ltd.

Dividend Per Share Rs.3.4

Previous day Closing Price – Rs. 788.75

Neuland Laboratories Ltd.

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 3097.15

Pecos Hotels And Pubs Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 96

Persistent Systems Ltd.

Dividend Per Share Rs.12

Special Dividend Per Share Rs. 10

Previous day Closing Price – Rs. 4822.75

Pix Transmissions Ltd.

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 944.1

Sat Industries Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 98.54

Shree Global Tradefin Ltd.

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 18.06

Wires & Fabriks (Sa) Ltd.

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 185.6

Balkrishna Industries Ltd

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 2382

Bharat Seats Ltd

Dividend Per Share Rs.1.4

Previous day Closing Price – Rs. 129.75

Dr.Reddy’S Laboratories Ltd.

Dividend Per Share Rs.40

Previous day Closing Price – Rs. 5182.3

Uttkarsh SFB IPO to open on Wednesday, July 12. Price band has been set at Rs 23 - 25 per share.

Bonus issue dates of Taparia Tools:

• Bonus issue 4:1
• Previous day Closing Price – Rs 10.50
• Ex Bonus 11 July 2023 (Tomorrow)
• Last date Trade for Before Bonus Today

National Cotton Brokers Assocoation has estimated the crop production for the current season to September at 329 lakh bales. Arrivals until June-end have been pegged at 295 lakh bales - 5 lakh bales more compared with the year ago period.

Tata Steel, one of the largest steel-makers in the country, has written to the Union Steel Ministry seeking a “safeguard mechanism”, like the Carbon Border Adjustment Mechanism (CBAM) proposed by European Union (EU), be kept ready to protect domestic industries against imports from countries that are not subject to carbon regulatory mechanisms.

Such mechanisms would come in the backdrop of CBAM imposition that pushes up costs of domestic steel making.

Gujarat Alkalies has dispatched first consignment of purified phosphoric acid (85%) from the Dahej facility.

Commenting on Tech Mahindra’s latest annucal report, Motilal Oswal Financial Services has said that the tech company is trying to balance growth but at the cost of margins. says Motilal Oswal Financial Services.

• TECHM AR23 highlights substantial shift in the tech spends from non-critical projects to a more cost-focused and efficiency-driven projects. 5G related spends are still gaining strength.
• TECHM has made early move with an established leadership team in the space, leading to 5G-related revenue crossing USD1b in FY23. The company is balancing growth on both service lines; however, the BPO business has outpaced the IT service line with 21% YoY growth, while IT services reported weak 8.6% YoY growth in FY23.
• Despite macro headwinds the new deal TCV remained strong at $2.9b, but conversion remains a challenge in the near term. Considering the near-term weakness, we await greater comfort on sustainable and profitable growth. We maintain our Neutral rating.

Zee Entertainment Enterprises (ZEE) is trading flat today at ₹205, after last weeks surge of 16 per cent. Last week the NCLT has adjourned hearing on Zee-Sony merger case till July 10 (today).

Top gainers on NSE at 9:30 am: Reliance Industries (3.33%); Bajaj Auto (1.79%); HDFC Life Insurance (1.46%); HDFC (1.03%); JSW Steel (0.90%)

Top losers: HCL Technologies; Divi’s Laboratories; Titan; Power Grid; Bajaj Finance

“We reviewed the recently launched JioBharat phone (K1 Karbonn). In our opinion, it is a 4G feature phone targeting the lowest ARPU segment with attractive pricing and unlimited voice calling while offering flavors of the digital ecosystem via in-house apps such as JioCinema, JioSaavn and JioPay. Latest content, music and attractive price points are key positives. We think Jio has managed to offer a good proposition for the low ARPU target market at an attractive price despite a smaller screen size and limited access to social media (WhatsApp, Facebook, YouTube, etc.). We believe JioBharat can transition a large share of ~250mn 2G subscribers to 4G, if there are no supply chain or product-performance hiccups. The launch will delay the tariff hike discussion further, which will likely impact Vi more. We retain our long-term positive stance on RJio and Airtel,” Emkay Global Financial said in a note.

Suzlon Energy’s share price dropped nearly 3 per cent to Rs 8.39 on BSE on fund raising plans. Last week, Suzlon’s board approved a proposal to raise up to Rs 2,000 crore.

NCLT hearing in the Zee-Sony Merger case is set to resume today.

Som Distilleries board approves fund raising through the issue of convertible equity warrants to promoters.

All existing F&O monthly and weekly contracts in the underlying HDFC contracts with expiry dates post July 12, 2023, will expire on July 12, 2023.

Spice Jet to consider raising capital via equity and/or convertible securities on preferential basis.

Prism Johnson to transfer limestone land parcels, mining leases in Andhra Pradesh to Ramco Cements.

Societe Geneale has bought 16.59 lakh shares at Rs 279.99 per share in Usha Martin

Max Ventures subsidiary Max Estates’ first luxury residential project in NCR garners pre-formal launch sales of over Rs 1,800 crore.

TVS Motor has launched ‘Modern-Retro’ motorcycle in Indonesia.

Ministry of Defence and HAL signed Rs 458-crore worth of deals for two upgraded Dornier aircraft for Indian Coast Guard.

RVNL emerges as lowest bidder for a NHAI project worth Rs 808 crore

Crude oil futures traded lower on Monday morning as the market is waiting for the some economic data from the major consumers such as the US and China during the week. At 9.15 am on Monday, September Brent oil futures were at $77.95, down by 0.66 per cent; and August crude oil futures on WTI (West Texas Intermediate) were at $73.34, down by 0.70 per cent. July crude oil futures were trading at ₹6060 on Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹6063, down by 0.05 per cent.

Equity benchmarks BSE Sensex and NSE Nifty gained over 0.3% each in early trade. Reliance Industries is the top gainer, while HCL Tech stock is under pressure. Auto stocks gained in the early trade.

Sula Vineyards has posted its highest ever Q1 net revenues overall and for own brands.

Suzlon Energy board has approved a fund raising of Rs 2,000 crore via equity and debt instruments. Fundraising is subject to the approval of shareholders.

Aurobindo Pharma’ unit, CuraTeQ Biologics, has inked an exclusive licencing agreement with US-based BioFactura Inc. to sell the BFI-751 biosimilar.

BFI-751 is a proposed biosimilar of Ustekinumab, which is a recombinant monoclonal antibody sold under the brand Stelera. It is used to treat Crohn’s disease, ulcerative colitis, plaque psoriasis, and psoriatic arthritis. BioFactura will get licence fees up to $33.5 million. CuraTeQ will receive 57%–60% of the profits, depending on the markets. CuraTeQ will have global manufacturing rights for the Ustekinumab biosimilar.

Life Insurance Corporation of India has diluted its shareholding in Exide Industries from 5.519 per cent to 3.513 per cent.

Hindustan Zinc has announced the first interim dividend of ₹7 per equity share for FY24, leading to an outgo of ₹2,958 crore.

The Board of Directors of the company approved the proposal at a meeting held on Saturday.

The record date for payment of interim dividend will be next Saturday. The interim dividend will be paid within stipulated timelines as prescribed under law, said the company.

Adani Enterprises, the flagship firm of billionaire Gautam Adani’s group, has bought a close to 30 per cent stake in Start Enterprises Pvt Ltd, which owns the online train ticket booking platform Trainman.

Adani Enterprises last month announced that it has signed a pact to acquire 100 per cent of SEPL.

Tata Motors on Friday reported a 5 per cent increase in its group global wholesales, including Jaguar Land Rover, at 3,22,159 units in the first quarter ended June 30, 2023, as compared to the year-ago period.

Samvardhana Motherson International (SAMIL) has entered into an agreement to acquire 100 per cent stake in Rollon Hydraulics (Rollon) for around ₹103 crore, which will become wholly owned subsidiary of SAMIL post-completion of the transaction.

It will be an all-cash transaction and is expected to be closed in second quarter of FY24, SAMIL in a regulatory filing.

State-run Indian Oil Corporation (IOC) on Friday said that its board has approved raising of up to ₹22,000 crore via rights issue, which is likely to be utilised among other things for its green energy initiatives.

The country’s largest oil marketing company (OMC) also announced the formation of a joint venture (JV) with Sun Mobility for entering the battery swapping space.

Vedanta Group has taken full ownership of the joint venture with Foxconn set up last year to manufacture semiconductors in India.

The JV, Vedanta Foxconn Semiconductors Private Limited, was a wholly owned subsidiary of Vedanta group entity Twin Star Technologies Limited.

Vedanta also said it would take over a display glass manufacturing venture from Volcan Investments, Vedanta’s holding company. Volcan and Foxconn had agreed last year to invest $19.5 billion to set up semiconductor and display production plants in Gujarat to tap into the country’s plans to become an electronics major.

The board of Reliance Retail, a subsidiary of Reliance Industries, has approved a proposal to reduce the equity capital held by non-promoters and plans to buy it from them at ₹1,362 each.

In a brief notice to the exchanges, the retail arm of the conglomerate said that at a meeting held on Tuesday this week, the board had approved “a proposal to reduce the equity share capital to the extent held by shareholders other than its promoter and holding company, namely, Reliance Retail Ventures Limited.”The shares held by such shareholders shall be cancelled and extinguished upon reduction. A consideration of Rs 1,362 per share will be paid towards the capital reduction.

The board of Deccan Gold Mines Limited has approved the proposal to acquire share capital aggregating to 10.50 crore (Kyrgyzstani Som) in Avelum Partners LLC, Kyrgyzstan, representing 60 per cent of the present capital of Avelum from Hira Infra-Tek Limited, India, and Med Edu Care Marketing Management, Dubai.

The acquision would be by way of non-cash consideration as share swap by issue and allotment of about 1.85 crore shares by way of preferential issue.

Reliance Industries, Vedanta, Deccan Gold, CDSL, SBI, HDFC Bank, Union Bank o India, Adani Enterprises, Exide Industries, IOC, Suzlon Energy, Tata Motors, PNB, Hindustan Zinc, Ramco Cements, Prism Johnson, Som Distilleries, Xpro India and Samvardhana are some of the stocks that are in focus today.

The fresh week is likely to open on a flat note in domestic markets. GIFT Nifty at 19442 indicates at least a 50-point gap up opening for Nifty, as Nifty futures on the NSE closed at 19392. Experts said that volatility may pick up amid Q1 earnings and rising US bond yields.

Global stocks are mixed as US stocks once again turn weak following a strong set of economic numbers.