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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.38% lower at 16,166, signalling that Dalal Street was headed for a negative start on Monday.
Chinese shares dropped as more Covid-related curbs in China exacerbated worries about the global economic outlook. China’s Hang Seng plunged 2.52% and CSI 30 index fell 1.7%. Meanwhile, Japan’s markets were upbeat as Nikkei 225 index rose 1.02% and Topix increased 1.08%.
Indian rupee fell 8 paise to 79.25 against the US dollar on Friday.
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Stocks in News Today
Tata Consultancy Services (TCS): The company’s net profit grew 5.2% year-on-year and 2.5% sequentially to Rs 9,478 crore in Q1FY23. Revenue for the quarter came in at Rs 52,758 crore, up 16.2% YoY and 4.28% sequentially. TCS announced a dividend of Rs 8 per share, which will be credited by August 3, 2022. The record date for the same is July 16, 2022.
Avenue Supermarts Ltd (DMart): The company reported over six-fold jump in its consolidated net profit to Rs 642.89 crore for the quarter ended on June 30, 2022, helped by a good recovery in overall sales and a comparative low YoY base. The company had posted a net profit of Rs 95.36 crore in the April-June quarter a year ago. Its revenue from operations was up 93.66% to Rs 10,038.07 crore during the quarter under review against Rs 5,183.12 crore in the corresponding quarter last fiscal.
Hindustan Aeronautics Limited (HAL): The state-run plane maker and France’s Safran Helicopter Engines signed an agreement for a new joint venture to develop helicopter engines, HAL said in a statement. “The new aero-engine company in India will be dedicated to the development, production, sales and support of helicopter engines, and one of its main objectives will be to meet the requirements of HAL and defence ministry’s future helicopters, including the 13-tonne IMRH (Indian multi-role helicopter),” HAL said.
Adani Group: The group plans to make an entry into the race to acquire telecom spectrum, which will pitch it directly against Mukesh Ambani’s Reliance Jio and telecom czar Sunil Bharti Mittal’s Airtel, sources said, according to PTI news report. Applications for participating in the July 26 auction of airwaves, including those capable of providing 5G telecom services such as ultra-high-speed internet connectivity, closed on Friday with at least four applications.
State Bank of India (SBI): The lender will auction the account of Maharashtra-based Pioneer Gas and Power next month to recover loan dues of over Rs 180 crore from the company. Pioneer Gas has a principal loan outstanding of Rs 180.76 crore to the State Bank of India (SBI) and the lender will hold an e-auction to sell the account to ARCs/financial institutions on August 5, 2022.
Coal India: Indonesian firm Bara Daya Energi has emerged as the lowest bidder in both of Coal India’s import tenders for three million tonne coal each. The Indonesian firm, which submitted its bid through a consortium with an Ahmedabad-based company GHV India, has outbid Adani Enterprises, the only other bidder for the two contracts, sources said.
ONGC, OIL and GAIL: The three state-owned companies secured most of the eight blocks offered for exploration and production of oil and gas in the OALP 7th bid round even as the government launched the next bidding round, expecting $600-700 million investment in the 10 areas on offer. ONGC won three blocks in the OALP-VII round, while Oil India Ltd (OIL) won two blocks.
Tata Motors: The company said it has increased prices of its passenger vehicle range with immediate effect to partially offset the impact of rising input costs. A weighted average increase in price of 0.55% will come into effect from Saturday across the range, depending upon the variant and model.
IndiGo: A sizeable number of the company’s aircraft maintenance technicians went on sick leave during the last two days in Hyderabad and Delhi to protest against their low salaries, sources said on Sunday.
Zydus Lifesciences: The pharma company said it has launched the generic version of sitagliptin in India under the brand names Sitaglyn and Siglyn to address type 2 diabetes. Sitaglyn and Siglyn offer an oral solution to the patients providing ease of convenience and better compliance.
Fortis Healthcare: The company aims to add around 1,500 beds over the next five years to enhance its presence in existing locations, according to its Annual Report for 2021-22. The majority of the new beds will be added to the company’s facilities in key geographic clusters Delhi/NCR, Maharashtra, Bengaluru and Kolkata, it added. The healthcare major currently has over 4,300 operational beds.
Mahindra Holidays & Resorts India Ltd (MHRIL): The company plans to add at least 1,000 rooms in the next two to three years, according to company Chairman Arun Nanda. He said the company is looking at greenfield projects, expansion of existing facilities, acquisition and lease opportunities to drive a significant growth in room inventory in the next few years.
Blue Star: Air conditioning manufacturer aims to grow its revenue to Rs 10,000 crore in the medium term and plans to enter North American and European markets, according to the latest annual report of the company. The company is now gearing up for the next phase of growth and as part of that, is focusing on building scale.
Oberoi Realty: the company’s sales bookings jumped over four-fold to Rs 752 crore in June quarter as compared to the year-ago period on lower base effect and better demand for its properties compared to Rs 170 crore in the year-ago period. The real estate developer said it achieved sales bookings of 164 units during April-June 2022 as against 39 units in the corresponding period of previous year.
Mahindra & Mahindra: The automaker could consider investing in a battery-cell company to meet future electrification needs, its CEO said, after the company raised funds for its new electric vehicle (EV) unit at a $9.1 billion valuation, according to Reuters news report.
JSW Group: The group has initiated talks with several private equity (PE) funds, including American investment management firm Apollo Global Management, to acquire its renewable power producer, Mytrah Energy (India) Pvt Ltd (MEIPL). The firm’s acquisition amount will be announced next month, banking sources said.
Aurobindo Pharma: The company remains focused on developing complex and differentiated products in multiple areas comprising oncology, hormonal products, biosimilars, depot injections and vaccines to drive the next phase of growth, according to its Annual Report for 2021-22. The Hyderabad-based company also said it is in the process of commissioning the capacities for some of the complex therapeutic areas, adding that it is committed to grow in its key geographies of the US, Europe and other growth markets.