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Market Opening - An Overview
GIFT Nifty on the NSE IX were trading 0.22% lower at 19,469, signalling that Dalal Street is likely to have a negative opening on Thursday.
Asian shares were trading lower as investor sentiments were dampened after the minutes of the Fed’s latest meeting indicated a hawkish monetary policy stance. The Nikkei 225 index fell 1.22% and the Topix was down 0.82%. china’s CSI 300 index dropped 0.26% and the Hang Seng tanked 2.29%.
Indian rupee depreciated by 20 paise to close at 82.22 against the US dollar on Wednesday.
FII/DII Trading Data
Stocks in News Today
Asian Paints: The company’s unit, Asian White Cement Holding, has been incorporated in the name of Asian White Inc. FZE in Fujairah Free Zone, UAE, for the purpose of carrying out the business of manufacturing, trading, and exporting white cement.
Adani Wilmar: The company has estimated volume growth of 25% in the June quarter over the previous year, driven by strong demand in both food and edible oil categories. The Food & FMCG segment recorded volume growth of 20% YoY and revenue growth of 30% Yoy to cross Rs 1,000 crore for the quarter ended Jne 2023 on a standalone basis. The edible oil business grew 25% YoY in volume terms and fell 15% in terms of value growth.
KEC International: The infrastructure EPC major has secured new orders of Rs 1,042 crore across its various businesses including the maiden international order for a signalling and telecommunication project in SAARC, and also orders for T&D projects in India, the Middle East, Europe and the Americas.
Bombay Dyeing: The company is in talks to sell a part of its land parcel in Central Mumbai at a valuation of R 5,000 crore, Businsess Standard reported citing sources. A Japanese conglomerate is leading the race among the bidders to acquire the land which has a development potential of 2 million sq. ft. for commercial purposes. The proceeds from the sale of land parcel will be used to reduce part of the company’s debt and for other corporate purposes.
Biocon: The company’s subsidiary — Biocon Biologics — has completed the integration of the acquired biosimilars business in over 70 countries in emerging markets effective July 1, increasing the scale and scope of its business. The existing commercialized portfolio of biosimilars managed by Viatris in these markets is now a part of Biocon Biologics’ commercial organisation.
Tata Power: The company has received an order worth Rs 1,744 crore to install and maintain 18.60 lakh metres in the Raipur area from Chhattisgarh State Power Distribution Company Ltd.
Adani Enterprises: The company has fully repaid Rs 10 crore of commercial paper, which is unsecured, short-term debt. The flagship company of the Adani Group redeemed the commercial paper on July 5, which was the date of its maturity. There is no outstanding amount remaining, it said in an exchange filing.
Prestige Estates Projects: The realty company and its subsidiary Prestige Exora Business Parks has entered into a joint venture agreement with W S Industries (India) for the development of IT/IT-enabled services/parks in 6.53 acres of immovable property in Chennai. WS Industries (India) proposes to implement the project through its subsidiary company WS Insulators.
JSW Steel: The company will be replacing HDFC in the BSE Sensex with effect from July 13. Meanwhile, JBM Auto Components, APL Apollo Tubes, and Zomato, will replace HDFC in S&P BSE500, S&P BSE 200, and S&P BSE 100, indices respectively.
Solara Active Pharma Sciences: The pharma company has received board approval for the issuance of equity shares up to Rs 450 crore via a rights issue. Further, the board has appointed Kartheek Chintalapati Raju as non-executive (non-independent) director of the company, and Poorvank Purohit as Managing Director (MD) & Chief Executive Officer (CEO) of the company after the resignation of Jitesh Devendra as MD.
Ujjivan Small Finance Bank: The small finance bank has reported a 44% year-on-year growth in total deposits at Rs 26,655 crore for quarter ended June 2023. Advances grew by 31% YoY to Rs 25,346 crore. Disbursements grew 22% YoY to Rs 5,280 crore driven by robust growth in microbanking, housing and financial instituions group (FIG). CASA dropped increased 27% YoY to Rs 6,550 crore.
Marico: The company’s Q1 performance was hampered by tapering price growth and weak volumes, particularly in India’s rural markets. The consolidated revenue declined to the low single digits on a year-on-year basis. Domestic volumes grew in the low single digits. The company expects the international business to report high single-digit constant currency growth during the quarter. Marico expects gross margins to expand materially on both a yearly and quarterly basis.
India Cements: LIC has pared its shareholding to 3.83% from 5.88% of the paid-up capital of the company. LIC has divested its stake in India Cement through open market sale at an average price of Rs 191.59.
Force Motors: The company sold 1,783 units of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) in June 2023, and 648 units of Utility Vehicles (UV), Sports Utility Vehicles (SUV) & Tractors. The company’s total exports stood at 440 units.
DCB Bank: The Reserve Bank of India has approved Tata Asset Management to acquire an aggregate holding of up to 7.5% of the paid-up equity capital of the bank through the schemes of Tata Mutual Fund. The approval is valid for a period of one year from the date of the RBI letter. The central bank has also advised Tata Asset Management to ensure that the shareholding in the bank shall not exceed 7.5% of the paid-up equity capital of the bank at all times.