Sensex closed at 65480 level : while Nifty at 19389 level

Indian Market 

FII AND DII 

Indian Market News 

1. Sensex up 270 points, Nifty near 19,400; Bajaj Finance, Hero Moto top gainers, Eicher Motors bleeds.
2. Asian markets are uneven; the Nikkei falls 1%, the Kospi is still sluggish, while the Hang Seng is slightly up.
3. Investors seek rate clarity, Asian markets fall, dollar stabilizes.
4. Oil stable amid supply cuts and dismal economic indicators.
5. Morgan Stanley doubles Bajaj Finance price target to Rs 9,250, maintains overweight call.
6. Rama Steel Tubes rises 5% on 62% Q1 sales growth.
7. HPL Electric rises 18.5% to 52-week high on Rs 903-crore orders.
8. Hero MotoCorp rises 3% on Harley-Davidson ties
9. Eicher Motors falls 4% as Hero MotoCorp and Harley-Davidson launch X440 in India.
10. IndusInd Bank hits 52-week high as promoter proposes 26% stake increase from 15%.
11. On June 30, Sun Pharma’s promoter creates a pledge on 51.30 lakh shares.
12. Genus Power Infrastructures sets a new record after receiving an order for Rs 2,207.5 cr.
13. IndusInd Bank reaches a 52-week high as the promoter increases their stake
14. Wipro Buyback: Double-digit returns in 18 days; retail acceptance at 77.40%

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• Avenue Supermarts Q1 revenue up 18% to Rs 11,584 crore.

In its Q1 business update for the financial year 2023-24 (April–June 2023), D Mart-operator Avenue Supermarts reported standalone revenue from operations of Rs 11,584.44 crore, up 18% from the year-ago period.

Q1 FY22 standalone revenue was Rs 9,806.89 crore. Q1 FY21 revenue was Rs 5,031.75 crore, while Q1 FY20 revenue was Rs 3,833.23 crore.

In a regulatory filing, Avenue Supermarts told stock exchanges that D-Mart had 327 locations as of June 30.

• SEBI approves Ratnaveer Precision Engineering IPO.

The capital market regulator approved Ratnaveer Precision Engineering’s initial public offering to raise funds. After SPC Life Sciences, it was the second Gujarat-based public issue approved by Sebi last week.

According to the draft prospectus, founder Vijay Ramanlal Sanghavi will sell 21 lakh Ratnaveer equity shares and issue 1.53 crore new shares.

• Today’s Senco Gold IPO.

Senco Gold’s July 4–6 public issue in Kolkata. Investors bid on the anchor book on July 3.

The offer price is Rs 301-317 per share. At the price band, the company wants a market valuation of Rs 2,351-2,462 crore.

Its first public issuance will raise Rs 405 crore. SAIF Partners India IV’s Rs 135 crore offer-for-sale (OFS) and Rs 270 crore share issuance comprise the deal.

• IDFC First Bank merger: Ratio 155:100, amalgamation this year.

On July 3, 2023, IDFC First Bank accepted the composite Scheme of Amalgamation between IDFC Financial Holding Company Limited, IDFC Limited, the Bank, and its shareholders.

The share exchange ratio for the amalgamation of IDFC Limited into and with IDFC First Bank will be 155 equity shares (credited as fully paid-up) of Rs 10 each of IDFC First Bank for every 100 fully paid-up equity shares of IDFC Limited.

The Reserve Bank of India, Securities and Exchange Board of India, Competition Commission of India, National Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited, and other statutory and regulatory authorities, as well as shareholders, must approve the Scheme under applicable laws.

• June US manufacturing slumps: ISM survey

According to survey data released Monday, US manufacturing fell for an eighth month in June due to poor demand and slower production.

The Institute for Supply Management (ISM) data also shows the sector’s downturn is accelerating while other US sectors exhibit surprise buoyancy.

“The June composite index reading reflects companies continuing to manage outputs down as softness continues and optimism about the second half of 2023 weakens,” stated ISM Business Survey Committee Chair Timothy Fiore.

The ISM stated that June’s ISM figure was 46 percent, down from 46.9 percent previous month. This was considerably below the median MarketWatch economist projection.

Global Market Update

• Gift Nifty

The GIFT Nifty lost 7.50 points on Tuesday, signaling a flat opening for the larger index. The futures were 19,439 at the time.

• USA

In a holiday-shortened session on Monday, Wall Street’s main indices concluded with small gains, led by Tesla and bank shares.

The Dow Jones Industrial Average increased 10.87 points, or 0.03 percent, to 34,418.47, the S&P 500 gained 5.21 points, or 0.12 percent, to 4,455.59, and the Nasdaq Composite gained 28.85 points, or 0.21 percent, to 13,816.77.

• ASIA

Reuters economists predict the Reserve Bank of Australia to raise its benchmark interest rate by 25 basis points to 4.35 percent, its highest level since December 2011. Tuesday’s S&P/ASX 200 opened flat.

The Nikkei 225 fell 0.72 percent from a 33-year high on Monday, while the Topix fell 0.45 percent.

The Kospi dropped slightly, but the Kosdaq rose 0.13 percent. In June, the consumer price index fell for a fifth month, rising 2.7 percent.

Hong Kong’s Hang Seng index futures are at 19,176, down from 19,306.59, after gaining nearly 2% on Monday.

STOCK IN NEWS

• Genus Power Infrastructures: The electricity metering solutions provider has been awarded a letter of award (LOA) worth Rs 2,207.53 crore for the appointment as advanced metering infrastructure service provider (AMISP), which includes the design of an AMI system, the supply, installation, and commissioning of 27.69 lakh smart prepaid meters, feeder meters, DT metre level energy accounting, and FMS for these smart meters. Orders are expected to rise significantly in FY24’s future quarters.Oil India: The state-owned oil and gas exploration firm’s board of directors approved a project capital cost increase from Rs 6,555 crore to Rs 7,231 crore for the Numaligarh refinery’s petrochemical project.
• Anupam Rasayan: The custom synthesis and speciality chemicals company will supply 3xper Innoventure, a subsidiary of Tube Investments of India, targeted and identified new-generation pharma compounds. CRAMS and CDMO models will produce found APIs.
• V-Mart Retail: income from operations, including LimeRoad income, rose 16% to Rs 678 crore in the fiscal quarter ended June FY24. The commission LimeRoad charges sellers on the net merchandising value of Rs 44 crore is Rs 17 crore. The company opened nine locations and closed one in Q1FY24, totaling 431.
• Hindustan Zinc: The Vedanta Group company recorded 257kt (kilo tonnes) of mined metal in Q1FY24, up 2% year over year due to higher ore production. Saleable silver production was 5.8 million ounces, up 1% year-over-year but down 2% quarter-over-quarter due to lead metal production and increased WIP depletion. Wind power generation fell 13% to 130 million units in the June FY24 fiscal quarter.
• Torrent Power: Has started a city gas distribution (CGD) pilot project to blend renewable hydrogen with natural gas. The 8-month pilot project will use an alkaline electrolyzer. The CGD network will feature 2.5% GH2. Water electrolysis with renewable energy produces GH2. Blending GH2 with natural gas allows a progressive transition to a cleaner, more sustainable energy mix.
• HMA Agro Industries: The business debuted on the BSE and NSE on July 4 after closing the public issue on June 23 with 1.62 times subscription. The final share price is Rs 585.
• Bajaj Finance: Q1 FY24 new loans up 34% to 9.94 million from 7.42 million in Q1FY23. Deposits book rose 46% to Rs 49,900 crore in June 2023 from Rs 34,102 crore in June 2022. Q1FY24 assets under management were Rs 2.7 lakh crore, up 32% from last year. June 2023 net liquidity surplus was Rs 12,700 crore.
• Avenue Supermarts: D-Mart, which operates hypermarkets, reported standalone sales of Rs 11,584.44 crore for the quarter ended June FY24, up 18.1% from Rs 9,806.9 crore. June 2023 saw 327 shops.
• Vedanta: Efficiency in operations raised cast metal aluminium production by 2 percent YoY and 1 percent QoQ to 579kt. The highest-ever mined metal production in Q1FY24 was 257kt, up 2% YoY due to higher ore production, notably at Rampura Agucha and Kayad mines, backed by improved metal grades and mill recoveries.
• IDFC First Bank: The board authorized the IDFC merger. The amalgamation will exchange 100 IDFC equity shares for 155 IDFC First Bank equity shares. According to FY23 financials, the merger will raise the bank’s standalone book value per share by 4.9 percent.
• Lupin: The US FDA approved its abbreviated new medication application for Cyanocobalamin nasal spray. Cyanocobalamin, a generic version of Nascobal nasal spray by Par Pharmaceutical Inc., contains 500 mcg each spray. Lupin will make this product in Somerset, US.
• Tube Investments of India: The auto ancillary company entered into an agreement with Anand Jayachandran to pursue electric small commercial vehicle (e-SCV) business through a subsidiary to be incorporated by TICMPL. TICMPL will invest 160 crore and Anand Jayachandran 40 crore in equity.

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