Asian markets looked set to notch its biggest weekly advance since January amid a rebound in Chinese stocks and bets that the Federal Reserve is approaching an interest-rate peak.
Futures for Hong Kong, Japan and Australia all pointed to gains on Friday that would extend the MSCI Asia Pacific Index’s rally of 3.9% this week. A measure of U.S.-listed Chinese companies rose 2.6%, adding to the upbeat outlook as investors warm to signs of renewed efforts to bolster the economy.
Tech megacaps led gains on Thursday, with the S&P 500 topping 4,500 and the Nasdaq 100 up over 1.5%. Yields on policy-sensitive two-year Treasuries dropped 12 basis points to 4.63%.
Meanwhile, Brent crude rose above $81 a barrel and West Texas Intermediate was beyond $77-mark. The yield on the 10-year U.S. bond was trading at 3.76%, whereas Bitcoin was above 31,000-level.
At 5:30 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged at 19,722.5.
Indian stock benchmarks logged fresh lifetime highs after closing marginally higher on Thursday. Intraday, the Sensex rose 1.03% to scale a new high of 66,064.21 points, and the Nifty 50 jumped 0.94% to hit a record high of 19,567 points. The S&P BSE Sensex closed up 165 points, or 0.25%, at 65,559.89, while the NSE Nifty 50 ended 30 points, or 0.15%, higher at 19,413.75. The local currency strengthened 18 paise to close at Rs 82.07 against the U.S. dollar on Thursday.
Overseas investors in Indian equities turned net buyers on Thursday. Foreign portfolio investors mopped up stocks worth Rs 2,237.9 crore, while domestic institutional investors turned net sellers of equities and offloaded stocks worth Rs 1,196.7 crore.
Stocks To Watch: Adani Enterprises, JBM Auto, Rail Vikas Nigam, Patanjali Foods, GMR Power, Stove Kraft In Focus
Adani Enterprises: The company fully repaid commercial paper worth Rs 30 crore on the date of maturity, i.e., July 13.
Tata Communications: The company will consider a proposal to issue unsecured, redeemable, and non-convertible debentures on a private placement basis on July 19.
JBM Auto: JBM Auto and its units will supply 5000 electric buses to state transport undertakings in Gujarat, Haryana, Delhi, Telangana, and Orissa, among others. It will also supply multiple Fortune 500 companies.
Aster DM Healthcare: The company’s unit, Aster DM Healthcare FZC, has acquired the remaining 20% stake in Premium Healthcare for Rs 5.18 crore.
Rail Vikas Nigam: Rail Vikas Nigam bagged a letter of award worth Rs 808 crore from the National Highways Authority of India for the rehabilitation and upgradation of some parts of National Highway 53 in Odisha. The project is to be executed in 24 months.
Samvardhana Motherson International: The company has completed the acquisition of a 51% stake in premium car upholstery maker Saddles International Automotive and Aviation Interiors.
Lloyds Metals and Energy: Lloyds Metals and Energy has received listing and trading approval from the NSE for the listing of its 50.48 crore equity shares as of July 17.
Patanjali Foods: The company will not exercise the oversubscription option in the offer for sale of an additional 2% stake. Promoter Patanjali Ayurved had announced a stake sale of 7%, or 2.53 crore shares.
Stove Kraft: Balaji AS has been relieved from the position of Chief Financial Officer with effect from the close of business hours on July 13, 2023.
GMR Power and Urban Infra: GMR Smart Electricity Distribution received an order from Purvanchal Vidyut Vitran Nigam Ltd. and Dakshinanchal Vidyut Vitran Nigam Ltd. to install and maintain 75.69 lakh smart metres in the Purvanchal and Dakshinanchal areas of Uttar Pradesh.
Ahluwalia Contracts (India): The company received a project worth Rs 199.58 crore from Indian Financial Technology and Allied Services for civil structural, facade, and Related External Development Works for the Enterprise Computing and Cybersecurity Training Institute at Bhubaneshwar, Orrisa, to be executed in 20 months.
Polo Queen Industrial and Fintech: The company approved raising up to Rs 2,500 crore for its proposed Agro Processing Project and Data Centre Project at MIDC. It will raise the amount by issuing equity shares or other instruments through one or more preferential issues on a private placement basis, rights issues, QIPs, or a mix of any.
Deep Industries: The company has inked a joint venture arrangement with Euro Gas Systems S.R.L. for supplying oil field equipment to the oil and gas industry. Euro Gas has acquired a 26% stake in Deep Onshore Drilling Services, the JV company, and the balance of 74% is held by Deep Industries.
Also Read: India Opportunity Summit: China’s Suicide, Multi-Decadal Cycle, Power Of Holding And More
IPO Offerings: Utkarsh Small Finance Bank
Utkarsh Small Finance Bank Ltd.’s Rs 500-crore IPO was subscribed 16.2 times on day 2 and 4.73 times on day 1. The retail investor portion was subscribed 36.66 times on day 2, while the non-institutional portion was subscribed 27.72 times. The portion reserved for employees was subscribed to 8.48 times on day 2, while institutional investors subscribed 3.88 times.
Listing: Senco Gold
Shares of Jewellery retailer Senco Gold will be listed on the exchanges on July 14. The issue price for the maiden share sale is Rs 317 apiece. The IPO was subscribed 69% on day one, 2.68 times on day two and 73.35 times on final day. The initial public offering became fully subscribed on the second day.
Results Announced Post Market Hours
Wipro: Q1 FY24 (Consolidated)
Revenue: Rs 22,831 crore vs. Rs 23,190 crore (down 1.54%). (Estimate: Rs 22,992 crore)
Net Profit: Rs 2,870 crore vs. Rs 3,074 crore (down 6.63%) (Estimate: Rs 2,989 crore)
EBIT: Rs 3,458 crore vs. Rs 3,659 crore (Estimate: Rs 3,612 crore)
Margin: 15.14% vs. 15.77% (Estimate: 15.7%)
Angel One Q1 FY24 (Consolidated, YoY)
Revenue from operations rose 18% to Rs 807.5 million vs. Rs 682 crore. (Bloomberg estimate: Rs 695.7 crore)
Net profit rose 22% to Rs 220.8 crore vs. Rs 181.5 crore. (Bloomberg estimate: Rs 235.9 crore)
Ebitda at Rs 320.3 crore vs. Rs 266.4 crore
Ebitda margin at 39.7% vs. 39.1%
Earnings In Focus
Bandhan Bank, CCL Products (India), JSW Energy, Just Dial, Tata Steel Long Products, Unichem Laboratories, GTPL Hathway, and VST Industries
Insider Trades
GG Automotive Gears: Promoter Bala Gajra bought 10,000 shares on June 30.
Bulk Deals
CSB Bank: Omers Administration Corporation sold 15 lakh shares (0.9%) at Rs 295 apiece.
Centurytex: Vanderbilt University sold 6.5 lakh shares (0.6%) at Rs 903.01 apiece.
Pledge Details
Jindal Steel and Power: Promoter Opelina Sustainable Services revoked a pledge of 9.13 crore shares between July 5 and 8.
Mangalore Chemicals and Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge of 1.25 crore shares on July 12.
Who’s Meeting Whom:
Kalyan Jewellers: To meet investors and analysts on Aug. 9.
Titan Company: To meet investors and analysts on Aug. 2.
Ganesh Housing Corporation: To meet investors and analysts on July 18.
Pearl Global Industries: To meet investors and analysts on July 14.
IndusInd Bank: To meet investors and analysts on July 18.
Finolex Industries: To meet investors and analysts on July 20.
360 One Wam: To meet investors and analysts on July 21.
Tata Motors: To meet investors and analysts on July 25.
Also Read: And Thus Ends The Tale Of HDFC Ltd.
AGMs:
Escorts Kubota
Geojit Financial Services
Lauras Labs
Nucleus Software Exports
Tarsons Products
Trading Tweaks:
Price Band Revised From 10% To 5%: Reflex Industries
Price Band Revised From 20% To 10%: Zen Technologies
Ex-Date Dividend: Lupin, REC, Kabra Extrusion Technik, AstraZeneca Pharma India, Coromandel International, Thirumalai Chemicals, Apollo Tyres, Artemis Medicare Services, AU Small Finance Bank, Atul, Bosch, Birlasoft, Control Print, Expleo Solutions, Globus Spirits, Hindustan Zinc, Ujjivan Small Finance Bank, Safari Industries (India), Ultramarine & Pigments, Tasty Bite Eatables, Shanthi Gears, Mahindra Logistics, Mahindra & Mahindra, Ksolves India, Kirloskar Ferrous Industries.
Ex-Date Bonus Issue: Aptech
Ex-Date Income Distribution: India Infrastructure Trust
Ex-Date Annual General Meeting: Mahindra & Mahindra, Globus Spirits, Kabra Extrusion Technik, Thirumalai Chemicals, Coromandel International
Record-Date Dividend: Lupin, REC, Coromandel International, AstraZeneca Pharma India, Kabra Extrusion Technik, Apollo Tyres, Artemis Medicare Services, AU Small Finance Bank, Expleo Solutions, Birlasoft, Ujjivan Small Finance Bank, Safari Industries (India), Kirloskar Ferrous Industries
Move Into Short-Term ASM Framework: Zen Technologies
Move Out Of Short-Term ASM Framework: HEG, Olectra Greentech
F&O Cues
Nifty July futures ended at 19,498, a premium of 36.70 points.
Nifty July futures rose 4.46%, with 9,060 shares in open interest.
Nifty Bank July futures ended at 44,810.55, a premium of 7.25 points.
Nifty Bank July futures fell 7.18%, with 11,806 shares in open interest.
Securities in the ban period: Delta Corp, Hindustan Copper, India Cements, Manappuram Finance, Indiabulls Housing Finance, Punjab National Bank, Zee Entertainment Enterprise
Money Market Update
Indian rupee closed 0.22% lower at 82.07 against the U.S. dollar on Thursday.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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