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Market Opening - An Overview
GIFT Nifty on the NSE IX were trading 0.05% lower at 19,528, signalling that Dalal Street was headed for muted start on Wednesday.
Asian shares were mixed. Hong Kong markets were trading higher as investors were optimistic after data showed strong credit expansion. The Hang Seng index rose 1.25%, while the CSI 300 index was flat. Japan’s Nikkei 225 index fell 0.74% and the Topix dropped 0.58%.
Indian rupee appreciated by 21 paise to 82.37 against the US dollar on Tuesday.
The GST Council has levied a 28% tax on online gaming, casinos, and horse racing. The goods and services tax is likely to be levied on the full face value, which is the total value of bets placed on a platform. Further, the GST Council has decided to reduce GST on food and beverages at cinema halls to 5% from 18%.
FII/DII Trading Data
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Tata Consultancy Services, HCL Technologies, 5paisa Capital, Anand Rathi Wealth, Steel Strips Wheels, Artson Engineering, Hathway Bhawani Cabletel & Datacom, and Sanathnagar Enterprises will be in focus ahead of quarterly earnings on July 12.
Stocks in News Today
Adani Enterprises: The company raised Rs 1,250 crore through allotment of 1,25,000 secured, unrated, unlisted, redeemable, non-convertible debentures of a face value of Rs 1,00,000 each on private placement.
HDFC Bank: The Reserve Bank of India (RBI) has given HDFC Bank six months to migrate HDFC’s home loan customers to external benchmark linked lending rate (EBLR), Business Standard reported citing sources.
Bharti Airtel: The company has entered into an agreement to buy additional 20.6% stake in Lavelle Networks. The firm already owns 25 per cent stake in Lavelle.
Greaves Cotton: The company’s e-mobility division — Greaves Electric Mobility (GEMPL) — has achieved a cumulative secondary sales milestone of 2 lakh units for its Ampere brand electric 2-wheelers till the first quarter of the fiscal year 2024. In April, the company announced surpassing the 1 lakh sales milestone of its Ampere brand electric 2-wheelers in the fiscal year 2023.
J&K Bank: The lender said its board of directors of the bank in their meeting scheduled for July 15 will consider the raising of capital (Tier I/Tier II) during the financial year 2023-24.
Happiest Minds Technologies: The company has fixed Rs 972.16 as the floor price for the issue under qualified institutional placements. The company had, in October 2022, planned to raise Rs 1400 crore through various means.
Lupin: The drugmaker received an Establishment Inspection Report from the U.S. FDA for its Pithampur Unit-2 manufacturing unit. This unit makes oral solids and ophthalmic dosage forms. The U.S. drug regulator issued the EIR after inspecting the facility from March 21 to March 29, 2023. The inspection classification, according to the U.S. FDA, is voluntary action indicated.
Prataap Snacks: The company has fixed July 27 as the record date for the purpose of determining the name of members of the company eligible for payment of dividend and holding the 14th Annual General Meeting of the Company on August 3.
Credent Global Finance: The company said that the Rights Issue Committee of the board at its meeting have approved the rights issue size of 34.68 lakh shares. It also approved the price at Rs 140 per share. Rights Entitlement Ratio will be 1 share for every 2 shares held by the eligible equity shareholders. The record date is July 17.
Sterlite Technologies: The company announced its partnership with Windstream, a privately held communications and software company, to support its large-scale fibre expansion projects. The collaboration started in February 2021, when the STL began providing optical networking solutions to Windstream.
North Eastern Carrying Corporation: The company said the rights issue offer period which opened on June 14 is closed. The company is raising Rs 81 crore from the issue.
Plastiblends India: The company said its Q1FY24 profit was down 24% YoY at Rs 7.6 crore versus Rs 10 crore. Revenue fell 4.2% to Rs 195.7 crore YoY. EBITDA margin was at 6.8% in Q1FY24 as against 8% in the same quarter last year.
Tatva Chintam Pharma Chem: The company has agreed to raise more capital, not exceeding Rs 200 crore, by issuing equity shares and/or equity-linked instruments through a public or private offering, qualified institutional placement, or any mix thereof.
Bhansali Engineering Polymers: The company has approved the allotment of 8.29 crore equity shares as fully paid-up bonus shares in the ratio of 1:2. Post the bonus issue, the paid-up equity share capital will stand at Rs 24.88 crore.
Johnson Controls: The company has launched a technology and innovation centre in Bengaluru. The centre for technologies like cloud, edge, and artificial intelligence (AI) will help clients achieve net zero carbon emissions.