KEY HIGHLIGHTS
Rupee Weakens Against US Dollar
-The local currency weakened 4 paise to close at 83.53 against the US dollar.
-It closed at 83.49 on Tuesday.
Source: Bloomberg
Nifty, Sensex Log Worst Session Since June 4 As M&M Drags: Closing Bell
Benchmark equity indices logged their worst session since June 4 after hitting their respective highs at open as shares of M&M fell nearly 7%.
Intraday, the Nifty rose as much 0.11% to hit an all-time high of 24,461.05 before ending 0.45% or 108.75 points lower at 24,324.45 . Meanwhile the Sensex rose 0.16% to hit its highest level of 80,481.36 but closed 0.53% or 426.87 points lower at 79924.77.
"On the daily chart, the Index has made a Bearish Engulfing candlestick pattern at the record levels which indicates a potential reversal of the trend," said Aditya Gaggar, director of Progressive Shares. He added that a convincing move below 24,200 will confirm a short-term trend reversal till then uptrend will remain intact while 24,460 will be considered an immediate hurdle.
Shares of Mahindra & Mahindra Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. dragged the indices.
While those of Asian Paints Ltd., Bharti Airtel Ltd., NTPC Ltd., Power Grid Corp. of India, and Grasim Industries Ltd. cushioned the fall.
Most sectoral indices closed lower with Nifty Auto and Nifty Media falling the most by nearly 2%.
Market breadth was skewed in favour of sellers. Around 2,596 stocks declined, 1,336 stocks advanced, and 82 remained unchanged on BSE.
Broader markets ended lower. The S&P BSE Midcap and Smallcap settled 0.19% and 0.69% lower, respectively.
On BSE, 16 sectors declined, and four rose out of 20. The S&P BSE Auto declined the most, while the S&P BSE Utilities rose the most.
Zydus Life Tablets Gets US FDA Final Approval
Gets final US FDA approval for Sacubitril and Valsartan tablets
Source: Exchange filing
Paint Stocks Rise
Asian Paints, Berger Paints Take Minor Price Hike
The company has taken hikes of 0.7-1% across its portfolio.
This will reflect on retail shelves effective July 22.
Other companies likely to follow suit in next 1-2 days
Sources
Mahindra Says Price Cut Not Influenced By Tax Waiver
Mahindra says price cut on XUV 7OO’s top models not influenced by tax waiver on hybrid cars in Uttar Pradesh
The price cut is aimed at bringing down the average price point down to drive growth.
The AX5 select was launched in May 2025 to bring down average prices.
The celebratory price on XUV 7OO is for four months only.
Demand for the XUV7OO is robust, production in line.
There is no concern of unsold inventory as reported in the media
European Indices Open Higher
UP Govt. Calls Meeting Of All Indian EV Makers On 11 July
Maruti Suzuki, Toyota India, Hyundai, Tata Motors, M&M to participate.
Meeting to discuss financial incentives on EVs beyond FAME-II
UP govt wants to clear the ambit of the FAME-II scheme with EV makers
Source: UP Govt Circular
SC Stays Gujarat HC Order On Adani Port's Mundra Land
SC stays Gujarat HC order on land allotted to Adani Ports in Navinal village, Mundra
Gujarat HC had ordered retrieval of 108 hectares of land allotted to Adani Ports
Angel One Clarification On Data Breach Incident
Clarifies on report of breach incident of April 2023 exposing data of customers
Reiterates that data breach incident did not have any impact on client securities, funds & credentials
Reiterates that all client accounts are secure
Source: Exchange Filing
TVS Motor Launches 2024 TVS Apache RTR 160 Racing Edition'
Launches '2024 TVS Apache RTR 160 - Racing Edition' priced at Rs 1.28 lakh (ex-showroom, Delhi)
Source: Exchange Filing
Nifty, Sensex Retreat From Record Highs To Log Worst Fall In Over A Month: Midday Market Update
Indian equity benchmark indices retreated from record highs from earlier trade to post their biggest declines in over a month on Wednesday, as Mahindra and Mahindra Ltd. and a few banking scrips dragged.
During the opening, the equity gauges—NSE Nifty 50 and S&P BSE Sensex—hit a record high by rising 0.11% and 0.16%, respectively.
They later pared gains, as Nifty was at 24,240, down 0.79% or 192 points, and Sensex was at 79,691.7, down 0.82% or 659 points, as of 11:52 a.m. On an intraday basis, the benchmarks recorded the worst fall since June 4, with Nifty and Sensex falling by 1.19% and 1.14% respectively.
The markets were waiting for some sign of consolidation and profit-taking, according to Ajit Mishra, senior vice president, research, Religare Broking Ltd. Earlier, the markets were seeing more of a time-wise correction and it's the first day that the markets are seeing a decisive decline, he said.
"If we break 24,150, the profit taking might extend and the 24,000, 23,850 level is where the Nifty might test."
Shares of Mahindra and Mahindra fell over 7% on Wednesday after the company slashed the price of its best-selling sports utility vehicle. The market capitalisation of the car-maker tanked over Rs 26,600 crore on Wednesday.
Meanwhile, Nifty Bank fell 0.93% during the day.
Shares of Mahindra and Mahindra, Reliance Industries Ltd., ICICI Bank Ltd., HDFC Bank Ltd. and Tata Consultancy Services Ltd. dragged the Nifty the most.
While those of Maruti Suzuki India Ltd., Bajaj Finance Ltd., Asian Paints Ltd., Apollo Hospitals Ltd. and Grasim Industries Ltd. cushioned the fall.
All Nifty sectors slipped in trade, with the media and the auto index declining the most by 2.37% and 2.22%, respectively. Nifty FMCG fell the least.
The broader indices declined more than the benchmarks, as the BSE MidCap fell by 1.04%, while BSE SmallCap declined 1.08%.
All 20 sectoral indices on BSE declined in the session, with BSE Auto falling the most.
The market breadth was skewed in the favour of the sellers as 2,837 stocks fell, 910 rose and 111 remained unchanged on the BSE.
RVNL Signs MoU with IMS Consultancy
Signs MoU for advisory services
Source: Exchange Filing
Religare Enterprises Ltd. vs. SEBI
SAT has given Religare Enterprises Ltd till July 22 to comply with the SEBI order.
SEBI has earlier asked Religare to apply for approvals and clear path for the Burman Family to get more shares in the company.
Source: SAT proceedings
Greaves Cotton Arm In Pact With ACKO
In pact to encourage EV ownership in India
Source: Exchange Filing
Siemens Secures Order From Bangalore Metro Rail Corp
Order a part of consortium along with RVNL
Order for electrification of Bengaluru Metro Phase 2 project
Company's share as part of the consortium is approximately Rs 558 crore
Key Reasons Why M&M Could Be Falling In Trade
Longer waiting periods: Top variants of models like XUV 7OO had 8 month waiting periods
Absence from Hybrid Space : No further plans for entering this space
Production increasing but not in line with demand: Order book of 2.2 lakh vehicles
Nifty PSE Falls After Rising For Six Consecutive Sessions
At 11:20 a.m., it traded 1% lower at 11,116.65 points. All its constituents, except REC, PFC, LIC, fell. NMDC and Steel Authority of India were the top losers.
Positive Order Inflows, Best Metrics To Drive H.G Infra Engineering's Grow, Emkay Global Says
H.G. Infra Engineering Ltd.'s "best in class" operating and financial metrics, and positive order inflow outlook in post election phase to drive growth, according to Emkay Global Research.
The brokerage has re-initiated a coverage on the company with a 'Buy', and a target price Rs 2,100. The target price implied a 24% upside from Tuesday's closing price.
All sectoral Indices Slip Into Losses
SEBI Committee Set To Evaluate F&O Expert Panel Recommendations On Volatility, Leverage
The Secondary Market Advisory Committee constituted by Securities and Exchange Board of India will meet on July 15 to consider recommendations of the expert panel constituted on futures and options. The expert panel was constituted to recommend measures to reduce increase in leverage and volatility for retail investors, according to people aware of the development.
Marathon Nextgen Realty Pre-Sales Decline 46% in Q1FY25
Shares of Marathon Nextgen Realty hit an intraday low of 6.7% in trade today as it reported its Q1FY25 business update.
The company's pre-sales fell 45% YoY to Rs. 214 crore as compared to Rs 398 crore in the corresponding quarter of last year. The pre-sales in area terms saw a 45% decline to 79,239 sq. ft in the quarter.
Delta Corp Shares Fall After Steep Decline In Q1 Profit
Delta Corp Ltd.'s scrip fell nearly 5% on Wednesday after it reported a 68% decline in its net profit for the first quarter of the financial year ending March 2025.
The entertainment and gaming firm reported a net profit of Rs 22 crore in the April-June quarter, as compared to Rs 68 crore registered during the same period last year, according to its stock exchange notification on Tuesday.
Delta Corp's stock fell as much as 4.75% during the day to Rs 2,736.6 apiece on the NSE. It was trading 5.27% lower at Rs 2771.2 apiece, compared to a 0.44% decline in the benchmark Nifty 50 as of 10:15 a.m.
It has declined 43% in the last 12 months and 5.6% on a year-to-date basis. The total traded volume so far in the day stood at 4.9 times its 30-day average. The relative strength index was at 56.
Indices That Hit Lifetime Highs On Wednesday
Bansal Wire Lists At 39% Premium On NSE
Shares of Bansal Wire Industries Ltd. listed on the National Stock Exchange on Wednesday at Rs 356 apiece, a premium of 39% over its issue price of Rs 256 per share. On the BSE, the stock debuted at Rs 352.05 per share, marketing a premium of 37.5%.
Emcure Pharma Lists At 31.4% Premium
Shares of Emcure Pharmaceuticals Ltd. debuted on the BSE on Wednesday at Rs 1,325.05 apiece, a premium of 31.4% over its issue price of Rs 1,008. Even on the National Stock Exchange, the stock opened at Rs 1,325.05 per share.
RVNL Surges Over 10% On Order Win
Rail Vikas Nigam Ltd. has jumped nearly 10% on Wednesday after the company has won an order worth Rs 187.34 crore from Maharashtra Metro Rail Corp.
The share jumped 10.00% to Rs 597.00, the highest level since Jul 9. It was trading 9.44% higher at Rs 593.90 as of 09:40 a.m., as compared to 0.07% decline in the NSE Nifty 50 index.
The scrip gained 379.75% in 12 months, and 227.07% on year to date basis. Total traded volume so far in the day stood at 3.9 times its 30-day average. The relative strength index was at 83.48, which implied the stock is overbought.
Three analysts tracking the company recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 39.5%
Maruti Suzuki Extends Gains To Life High As Brokerages Positive On UP Registration Fee Waiver
Shares of Maruti Suzuki India Ltd. extended its gains from Tuesday and hit their highest level of Rs 13,241.45 after brokerages said that they were positive on the stock following the news of UP government waiving off registration fee on strong hybrid vehicles.
The stock had logged its best session in 29 months on Tuesday.
"We are continuing to discuss with the central government and some state governments that there is an alternative to only electric vehicles which we must look at," Bhargava told NDTV Profit in a televised interview. "It is important to promote technology other than electric vehicles because EVs alone can't do the job."
Citi Research said that the stock continues to be its out top sector pick. "If other states follow the UP govt (notably Delhi, Haryana in NCR), we could see further upside to Maruti’s volumes.," it said.
M&M Falls Over 6% After Price Reduction
The company reduced the prices of top-end variants of the XUV700 SUV by almost Rs 1 lakh. The “celebratory” pricing is for four months only.
Nifty, Sensex Open At Fresh Record Highs As RIL Leads Gains
Benchmark equity indices continued to hit fresh record highs in the second consecutive session but fell soon after with Reliance Industries shares leading the gains but losses in M&M weighed.
At pre-open, the Nifty was at 24459.85, up by 0.11% or 26.65 points and the Sensex was at 80481.23, up by 0.16% or 129.59 points.
"Nifty 50 has broken higher to scale a new all-time high from its doji candle breakout and the support area has moved higher to 24,200 levels while the weekly pivot resistance will be at 24,650 levels," said Vikas Jain, senior research analyst at Reliance Securities. "A follow up move can be expected near to 24,650 levels over the next few days rotating among the index pivotal from current levels."
Shares of Maruti Suzuki Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., ICICI Bank Ltd., and Grasim Industries Ltd. contributed the most to the gains.
While those of Mahindra & Mahindra Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Axis Bank, and State Bank of India weighed on the index.
Most sectoral indices fell with Nifty Bank falling the most and Nifty Realty was the top gainer.
Broader indices were mixed. S&P BSE Midcap was flat and S&P BSE Smallcap was 0.18% higher.
Market breadth was skewed in the favour of buyers. Around 1,705 stocks gain, 1,136 fell, and 119 remained unchanged on the BSE.
Morgan Stanley on Maruti Suzuki
Maintains Buy with target of Rs 14,105, Upside 10%
UP waives road tax on strong hybrids
Global EV slowdown, upcoming emission norms in India and news on policy support for hybrids
Point to a portfolio of power trains being the best strategy in autos
Maruti being key player in hybrids, stands to benefit from this
Hybrid Grand Vitara and Invicto have road tax of Rs. 2Lakhs to Rs 2.8 Lakhs
Will others states follow suit is key watchable
Nifty, Sensex Higher At Pre-Open
At pre-open, the Nifty was at 24459.85, up by 0.11% or 26.65 points and the Sensex was at 80481.23, up by 0.16% or 129.59 points.
Emkay on UP Hybrid Tax Cut
Maintain Reduce on Maruti Suzuki with TP 11,200, Downside 13%
Maintain ADD on M&M with TP 3,000, Upside 3%
Maintain ADD on Tata Motors with TP 1050, Upside 3%
Beneficial hybrid taxation a positive
Bringing them at par with EVs
Maruti a major beneficiary of the registration-fee waiver for Hybrids
Leading to drop in on-road prices by 8-10% of Grand Vitara
West Bengal has reduced registration fees on CNG cars
Believe these developments improve MSIL’s competitive positioning
Underlying PV industry metrics remain weak; M&M, Tata Motor announce price cuts
M&M expected to outperform wider PV industry with double-digit volume growth
Goldman Sachs On CreditAccess Grameen
Stress tested the portfolio and believe it offers limited downside
Should be able to manage their 30 days past due at 3.6%
Company should be able to deliver ROA of 4.2% and ROE of 17% with credit cost of 3.4%
Stress case scenario offers 16% downside to the stock
Stress case scenario assumes lower yields, higher credit costs and lower growth
Expect 5.4% ROA, 23% ROE, 23% PAT compounding in FY24-27 in base case
Rupee Flat Against US Dollar
The local currency opened flat at 83.50 against the US dollar.
It closed at 83.49 on Tuesday.
Source: Bloomberg
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 6.99%.
It closed at 6.99% on Tuesday.
Source: Cogencis
Citi On Consumer Staples
Staples companies are witnessing a gradual acceleration in growth
Sequential improvement in consumer sentiment primarily in rural markets
Believes an improvement in demand trends and companies’ self-help initiatives could accelerate volume growth / market share gain
Preferred picks Hindustan Unilever, Godrej Consumer, Britannia and Honasa.
Reiterate Sell on Colgate India, Dabur and United Breweries
Godrej Consumer’s trading update pointed to strong India growth, offset by weak international
Britannia could see further acceleration in volume growth / market share
Britannia they est. 7% / 2% / 13% volume / revenue / EBITDA growth in Q1 (low margin base)
ITC’s cigarette volumes could accelerate further (we est. 4% YoY in Q1)
Cigarette EBIT is likely to witness pressure from competitive intensity, input cost inflation
Tata Consumer could report 7% organic growth in India branded, 19% reported growth
Tata consumer they est. 17% / 23% / 8% consol. revenue/EBITDA/recurring PAT growth YoY in Q1
HUL continues to face near-term demand pressure
HUL they estimate revenue and EBITDA to grow 1% in Q1
Emami’s revenues likely to grow 9% with 7% volume growth and EBITDA +11% YoY in Q1 Marico and Dabur’s trading updates also pointed to 6-7% revenue and EBITDA growth
Honasa growth remains strong 20%/45% revenue / EBITDA growth YoY
What to watch out for?
Commentary on extent of recovery in rural markets
Competitive pressure from unorganized / local players
Distribution expansion, go-to-market initiatives, innovation/new product launches and extent of investments in A&P
Taxation changes on cigarettes
Potentially favourable policies to propel consumption demand in budget
Developments around proposal of food regulator (FSSAI)
Nuvama On Pidilite
Rates 'buy' with target price of Rs 3,545; upside 13.9%
Company remains optimistic about double-digit volume growth in FY25.
Raw material prices have largely bottomed out; it expects them to remain stable for next six months.
Margins shall sustain in 22–24% band.
Capex cycle would be upgraded for building new facilities; would be between 3% and 5% of revenue.
Lending business is still in initial stages with few pilots rolled out
Company has ambitious plans to become a major player in the electronics and EV adhesive markets.
Core categories now make up 55% (down from 80%); 45% comes from growth and pioneer categories
The Core category would continue to do well
Company has big plans to become major player in electronics and EV adhesive markets.
Acquisition of WD-40 has yielded clean results; brand is now targeting to cater to both automotive and consumer needs.
Fevicol remains a powerhouse brand with over 200 SKUs
Fevicol's affordability discourages carpenters from seeking cheaper alternatives.
General elections may cause temporary volume softness in Q1FY25 due to manpower mobility issues, transportation disruptions, and slowdown in new projects
Morgan Stanley Q1 Earnings Preview
Earnings growth likely to decline from a high base
Overweight on Financials, Consumer Discretionary, Industrials and Technology
For Nifty Index, expect revenue growth at 6%, profit at 1%
Leading revenue growth: Industrials and Utilities
Lagging revenue growth: Materials
Leading Earnings growth: Communication Services, Consumer Discretionary and Financials
Lagging Earnings growth: Materials and Energy
Biggest contributors to Sensex earnings: HDFC bank, TCS, Bharti Airtel
Poorest performer: JSW Steel
On margins, Capital goods likely to see highest expansion, government owned cos likely to fall
Remains overweight Financials, Consumer Discretionary, Industrials and Technology.
Remains underweight all other sectors.
Citi India Strategy- Q1FY25 Earnings Expectations
Auto: Watch trends post monsoon; impact of recent commodity price escalations
Capital Goods: Watch end-user industry ordering trends post-elections; election-driven slowdown to impact Q1
Cement: Expect muted YoY volume growth trajectory at 1-7% YoY; 2-3% QoQ decline in realizations
Staples: Expect gradual QoQ improvement in growth and modest YoY margin expansion
Discretionary/Retail: Topline growth to be driven by pace of store expansion. SSSG to be muted except for Jewelers
Energy: For OMCs, EBITDA to decline sharply QoQ on weak refining/marketing margins. CGDs to witness volume growth improvement
Financials (Lenders): Varying growth trends across lenders contingent on NIM / LDR management strategy
Financials (Non-Lenders): Expect margin compression for life insurers owing to mix change. Expect strong PBT growth for capital market players
IT: Expect -1.5% to +2.3% growth qoq for top5 players
Metals: Estimate YoY volume growth of 3-6% for steel cos
Pharma: Expect mixed 1Q: Domestic growth expected to be decent while US sales depend on gRev contribution
Telecom: Limited ARPU improvement; tariff hike benefits from 2Q
Emkay Re-Initiates Coverage On HG Infra
Re-initiates with 'Buy'; Target Rs 2,100
Makeover from a small subcontractor into diversified infra play offers best-in-class operating & financial metrics
Saw order slow-down in FY24 in the run up to the elections and due to restrictions
Expanding into Railways where focus on high-speed corridors, freight, & station upgrade
Railways, water, and solar segments offer steady mid-to-long term earnings visibility
Expect CAGR of 21-22% each in revenue and APAT during FY24-27E
Value it based on SOTP
Key risks:
project delays,
economic & policy scenario,
competition,
commodity price volatility in consumables
Citi Says Maruti Top Pick In The Sector
Maintains buy with target Rs 15,100 (+18%)
Maruti is top sector pick
UP announced full waiver of registration tax on strong hybrid cars
Positive move for Maruti, Toyota, Honda
UP contributed 10% of PV sales and 11% of Maruti's sales
Could see further upside to volumes if other states follow
Global Cues
U.S. Dollar Index at 105.14
U.S. 10-year bond yield at 4.31%
Brent crude down 0.04% at $85.72 per barrel
Nymex crude down 0.06% at $82.28 per barrel
GIFT Nifty was up 11 points or 0.05% at 24,476 as of 7:38 a.m.
Bitcoin was down 0.36% at $57,721.81
F&O Cues
Nifty July futures up by 0.45% to 24,485.65 at a premium of 52.45 points.
Nifty July futures open interest up by 1.64%.
Nifty Bank July futures up by 0.11% to 52,615.75 at a premium of 46.95 points.
Nifty Bank July futures open interest down by 0.34%.
Nifty Options July 11 Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 24,000.
Bank Nifty Options July 10 Expiry: Maximum Call Open Interest at 55,000 and Maximum Put open interest at 51,000.
Securities in ban period: Aditya Birla Fashion And Retail, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers And Chemicals, GNFC, IEX, Piramal Enterprises, India Cement, and Indus Towers.
Trading Tweaks
Price band changes from 20% to 10%: Sharda Motor Industries.
Ex/record Dividend: Crompton Greaves Consumer Electricals, Wheels India, Mphasis.
Ex/record AGM: Wheels India, Crompton Greaves Consumer Electricals, Shoppers Stop, Mphasis.
Ex/record Stock Split: PG Electroplast (Face Value Split (Sub-Division): From Rs 10/- per share to Rs 1/- per share).
Moved into a short-term framework: GE Power India, Suven Life Sciences.
Moved out of the of the short-term framework: PTC Industries.
Bulk Deals
SG MART: SG Logistic Management sold 9 lakh shares (0.8%) at Rs 425.01 apiece.
GMR Power and Urban Infra: F3 Advisors sold 43.5 lakh shares (0.72%) at Rs 93 apiece.
Rama Steel Tubes: Aviator Global Investment Fund sold 1.1 crore shares (0.7%) at Rs 10.71 apiece.
Vijaya Diagnostic Centre: Al Mehwar Commercial Investments L.L.C. sold 22.5 lakh shares (2.19%) at Rs 783 apiece, and Kotak Mahindra Mutual Fund bought 18 lakh shares (1.75%) at Rs 783 apiece.
Listing
Emcure Pharma: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 1,008 apiece. The Rs 1,952-crore IPO was subscribed to 67.87 times on its third and final day. Bids were led by institutional investors (195.83 times), retail investors (7.21 times), non-institutional investors (48.32 times), and a portion reserved for employees (8.81 times).
Bansal Wire: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 256 apiece. The Rs 745 crore IPO was subscribed to 59.57 times on its third and final day. Bids were led by institutional investors (146.05 times), retail investors (13.64 times), and non-institutional investors (51.46 times).
Post Market Earnings
Delta Corp Q1 FY25 (Consolidated, YoY)
Revenue down 30% at Rs 181 crore versus Rs 259 crore.
EBITDA down 68% at Rs 31 crore versus Rs 96 crore.
EBITDA margin at 16.9% versus 36.9%.
Net profit down 68% at Rs 22 crore versus Rs 68 crore.
Stocks To Watch
Mahindra and Mahindra: The automaker reduced the prices of top-end variants of the XUV700 SUV by almost Rs 1 lakh. The “celebratory” pricing is for four months only.
RVNL: The company emerged as the lowest bidder for a Rs 203 crore railway contract from Southeastern Railway and signed an MoU with Tatweer Middle East and Africa to execute rail-based work in the MENA Region and European countries. The company has also received a project worth Rs 187 crore from Maharashtra Metro Rail Corp. to construct six elevated metro stations in Nagpur.
Adani Power: The company’s unit, Mahan Energen, has entered into a 20-year power purchase agreement for 500 MW with Reliance Industries. Reliance Industries acquired a 26% stake in one of Mahan Energen's 600 MW thermal power units for the agreement.
Havells India: The company is planning to expand the manufacturing capacity of cables at the Alwar plant. The company is also planning to make an investment of Rs 375 crore to add 41.2 lakh km of annual capacity by March 2026.
JSW Steel: The consolidated crude steel production of the company fell 1% year-on-year and 6% sequentially in the first quarter of the current financial year, mainly due to planned maintenance shutdowns.
H.G. Infra Engineering: The company signed a MoU with Ultra Vibrant Solar Energy for acquiring project development activities worth Rs 465 crore.
Shilpa Medicare: The company’s Raichur API facility in Karnataka clears GMP inspection conducted by a Brazilian regulatory agency.
Infosys: The company announced a strategic five-year collaboration with Sector Alarm to develop financial and business operating models. This development is to be brought in through cloud-based enterprise resource planning.
IRM Energy: Karan Kaushal resigned as Chief Executive Officer effective July 31.
Marathon Nextgen Realty: The presale value of Marathon Nextgen Realty Ltd. dipped 46% year-on-year to Rs 214 crore in the first quarter of this fiscal. The collection for the quarter, however, rose 17% to Rs 272 crore. The presales area in the first quarter fell 45% to 79,239 sq. ft. and the company's net debt for the quarter ended June stood at Rs 728 crore.
Lloyd Metals and Energy: The company raised Rs 1,200 crore via QIP and allotted 1.75 crore shares at Rs 696 per share, indicating a 4.93% discount on the floor price.
Adani Ports: The company received a letter of intent for developing and operating Berth No. 13 at Deendayal Port in Gujarat with a concession period of 30 years.
GIFT Nifty Trades Near 24,500
The July futures contract of the GIFT Nifty was trading 17.5 points or 0.07% higher at 24,482 as of 7:13 a.m.
Asia-Pacific markets were trading on a mixed note early Wednesday as investors assessed the latest comments from US Federal Reserve Chair Jerome Powell before the Senate Banking committee.
The Nikkei 225 was trading flat at 41,578.76, while the Kospi was 1.06 points or 0.04% lower at 2,866.32 as of 06:53 a.m. The S&P ASX 200 was trading 36.30 points or 0.46% lower at 7,793.40.
Market participants also await the crucial US consumer price index data for June, due to be published on Thursday.
US stocks were trading close to their all-time highs, with the S&P 500 rising for a sixth straight day on the back of Nvidia Corp. This comes as traders view Powell's statement as balanced. This also reinforced the speculation that the Fed will be able to cut rates this year.
The S&P 500 Index and Nasdaq Composite rose 0.07% and 0.14%, higher respectively as of Tuesday. The Dow Jones Industrial Average fell 0.13%.
Brent crude was trading 0.10% higher at $84.76 a barrel. Gold rose 0.11% to $2,366.68 an ounce.
India's equity benchmark indices rebounded sharply to end at a record high on Tuesday as shares of Maruti Suzuki India Ltd. and ICICI Bank Ltd. led the gains. The NSE Nifty 50 settled 112.65 points or 0.46% higher at 24,433.20, and the S&P BSE Sensex ended up 391.26 points or 0.49% at 80,351.64.
Overseas investors stayed net buyers of Indian equities for the fifth consecutive session on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 314.5 crore, while domestic institutional investors stayed net buyers for the second session and bought equities worth Rs 1,416.5 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 83.49 against the US dollar.
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