Sensex closed at 65,617 level : while Nifty at 19,439 level

Indian Market 

FII AND DII 

Indian Market News 

1. Sensex up 273 points, Nifty at 19,440, as mid and small-cap stocks flourish.
2. The GIFT Nifty, which gained 24 points on Tuesday, signals a promising beginning for the larger index.
3. Asian stock markets rise with Taiwan Kospi increased by 1% overall when weighted.
4. Dollar declines as Fed rise cycle comes to an end; attention is on US inflation
5. Oil rises on OPEC+ reduction; market participants watch economic data
6. Gold remains stable as investors wait for US data to provide Fed rate-hike hints.
7. Bharat Electronics Large Trade | 106.83 lakh shares (0.13% equity) change hands for a total of Rs 135.81 crore, or Rs 128 on average, according to CNBC-TV18.
8. Gujarat Pipavav Port’s Q1 container volume increased by 6.4% year over year to 1,99,000 TEUs.
9. The Satin Creditcare Network’s request to raise up to Rs 5,000 crore through NCDs has been approved by the board.
10. Gujarat’s KP Group places a 47.6 MW deal with Suzlon Energy.
11. Premier Explosives shares were restrained at a 20% upper circuit by the Defense Ministry.
12. Following a 750 crore rupee order win, Minda Corporation shares reached a 52-week high.
13. The Chhattisgarh government grants incentives of Rs 500 crore to a subsidiary of APL Apollo Tubes.
14. Remaining 41.9% of OSSE France would be purchased by Tata Communications for Rs 99.3 million.
15. SBI would sell 2% of its equity in the NSDL IPO through an offer for sale.
16. Reliance Industries records a new all-time high of Rs 2,764.50. 
17. CarTrade Tech’s 15% increase is due to the company’s plans to purchase OLX India’s automotive division.
18. Sanghvi Movers receives work orders from independent power producers for Rs 150 crore.
19.  Foxconn decides against moving through with Vedanta JV’s big semiconductor plan

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• In FY24, direct tax collections was Rs 4.75 lakh crore, up 15.87%.

  On July 9, the Finance Ministry announced the Union government collected Rs 4.75 lakh crore in direct taxes in the first quarter of 2023-24.

  The ministry reported that direct tax collection was 15.87 percent higher on July 9 than the previous financial year. This collection represents 26.05% of FY 2023-24 direct tax budget estimates.

  The government reported refunds of Rs. 42,000 crore from April 1 to July 9, 2.55 percent higher than last year.

  The government underestimated growth. On February 1, Finance Minister Nirmala Sitharaman delivered the Union Budget for 2023-24, which showed direct tax collections climbing 10.5 percent from 2022-23.

• Vedanta, Foxconn end chip JV, seek new partners

  Vedanta Ltd., a metals and mining corporation, said late July 10 that it will continue its semiconductor business venture despite Foxconn’s withdrawal from the joint venture, which intended to invest $19.5 billion to build a manufacturing unit in Gujarat.

  Hon Hai Technology Group, known as Foxconn, announced that it will split from its JV partner Vedanta but continue to seek local partnerships in India, dealing a major blow to billionaire Anil Agarwal’s controversial plan to set up a semiconductor unit in India.

Global Market Update

• Gift Nifty

GIFT Nifty gains 24 points, broader index starts positively, futures are at 19,480.

•  US market

  After last week’s losses, US equities rose on Monday as Federal Reserve members suggested the central bank may be nearing the end of its tightening cycle.

  Before Wednesday’s consumer prices report and the commencement of second-quarter earnings, the S&P 500 made small gains before the close.

  Investors want to know if price pressures are easing. With markets expecting the Fed to hike interest rates by 25 basis points this month, that might illuminate the forecast.

  The Dow Jones Industrial Average increased 209.52 points, or 0.62%, to 33,944.4, the S&P 500 gained 10.58 points, or 0.24%, to 4,409.53, and the Nasdaq Composite gained 24.77 points, or 0.18%, to 13,685.48.

• ASIA Markets

As Wall Street rebounded, Asia-Pacific markets soared.

Australian consumer confidence surveys and Philippine trade data for June will be released.

The S&P/ASX 200 in Australia rose 0.22%, the Nikkei 225 0.6%, and the Topix 0.32%.

The Kospi gained 0.69%, while the Kosdaq gained 0.74%.

Hong Kong’s Hang Seng index futures are 18,642, up from Monday’s 18,479.72 finish.

• EU Markets

European markets closed slightly higher on Monday, amid low Chinese inflation readings and US data and corporate earnings.

STOCK IN NEWS

• Elecon Engineering Company’s Q1 net profit rose 72.6% to Rs 73 crore from Rs 42 crore, while revenue rose 26.4% to Rs 414.3 crore from Rs 327.7 crore.
• PCBL Q1 earnings: Revenue fell 4.4% to Rs 1,347.5 crore from Rs 1,409 crore, while net profit fell 13.5% to Rs 109.2 crore from Rs 126 crore.
• Vedanta: Taiwan’s Foxconn said that it is exiting a joint venture with billionaire Anil Agarwal-led Vedanta to develop semiconductors in India. Foxconn also stated that it was attempting to remove the Foxconn moniker from what is now a wholly owned subsidiary of Vedanta. It has no relationship to the organisation, and efforts to maintain its original name will confuse future stakeholders, according to the electronic giant. Meanwhile, according to CNBC-TV18, Vedanta stated it is totally committed to its semiconductor fab project and has lined up additional partners to establish India’s first foundry.
• State Bank of India: The country’s largest lender has proposed to participate in National Securities Depositories’ (NSDL) first public offering (IPO) by selling up to 2% equity ownership or 40 lakh shares in NSDL. The bank has a 5% interest in NSDL.
• APL Apollo Tubes: The Chhattisgarh government’s State Investment Promotion Board (SIPB) has provided incentives of Rs 500 crore to the company’s subsidiary APL Apollo Building Products. Incentives are provided for the establishment of a manufacturing plant in Baloda Bazar, Chhattisgarh.
• Sanghvi Movers: The crane rental firm has got work orders worth Rs 150 crore from renewable energy Independent Power Producers (IPP). The firm will offer crane rental services as well as other related services. Crane services account for around half of the overall contract value. These contracts are for a period of 18 months.
• Tata Communications: Tata Communications International Pte Ltd (TCIPL), a subsidiary of Tata Communications, has entered into a share purchase agreement to acquire the remaining equity ownership of Oasis Smart Sim Europe SAS (OSSE France). As a result, TCIPL’s equity participation in OSSE France will expand from 58.1 percent to 100 percent.
• Satin Creditcare Network: Has got board approval to raise up to Rs 5,000 crore in one or more tranches through non-convertible debentures on a private placement basis within one year of shareholder approval. The board also approved Vikas Gupta’s appointment as Chief Compliance Officer, effective July 11.
• Nazara Technologies: The gaming and sports media platform’s board of directors has approved a fund-raising round of up to Rs 750 crore by the issuing of equity shares via one or more eligible institutional placements or preferential allotment.
• PCBL: Subsidiary of the RP-Sanjiv Goenka Group, has completed the first phase of its speciality chemicals capacity expansion in Mundra, Gujarat. The recently completed phase increased capacity by 20,000 metric tonnes per annum (MTPA). When completed, PCBL’s Mundra facility will have a specialised chemicals manufacturing capacity of 40,000 MTPA.
• Cyient DLM: At an average price of Rs 403 per share, Nippon India Mutual Fund A/C Power & Infra Fund purchased 5 lakh shares of the engineering manufacturing services and solutions provider through open market transactions.

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