Sensex gains

Sensex gains, closed at 66,060 level: While Nifty at 19,565 level

 Indian Market 

FII AND DII 

 Indian Market News 

1. The Nifty is around 19,600, the Sensex is up 580 points, and the IT index is up 4.5%.
2. The Nifty Information Technology index rises 4% to a four-month high.
3. In June, India’s trade deficit was lower than expected by economists.
4. Wall Street finishes up and extends recent gains as US inflation slows.
5. Producer inflation in the United States has been subdued; the labor market remains tight.
6. Oil prices are rising due to tighter supplies and decreasing US inflation.
7. Gold reaches a one-month high as Fed rate rise fears fade, while the dollar falls.
8. The dollar is at a 15-month low as falling inflation dampens rate-hike expectations.
9.  Asian markets are trading higher, with the Kospi up 1%, the Hang Seng up 0.5%, and Taiwan up 0.5%.
10. The GIFT Nifty indicates a flat opening for India’s broader market.
11. Domestic passenger traffic is up 18.8% year on year, but down 5.5% from May.
12. In June, wholesale prices in India fell at a quicker rate of 4.12%.
13. WPI inflation in June was -4.12% compared to -3.48% month on month.
14. Vanderbilt University in the United States sells Rs 58.7 crore in Century Textiles shares.
15. Samvardhana Motherson International has completed the purchase of 51% of Saddles International Automotive. 
16. Deep Industries gains 3% after forming a joint venture with Euro Gas Systems. 
17. JBM Auto reaches a 52-week high after receiving a large order to provide electric buses.
18. On the last day, the Utkarsh Small Finance Bank IPO was purchased 18.78 times.
19. GMR Power gains 20% when a subsidiary receives a contract to build 75 lakh meters in Uttar Pradesh.
20. Senco Gold shines brightly at its launch, with a 36% premium.
21. Angel One’s first-quarter earnings increased by 21.6% to Rs 221 crore, owing to excellent topline and operating performance.
22. Rail Vikas Nigam carries NHAI has issued a letter of award for a project costing Rs 808.50 crore. 
23. In Odisha, Ahluwalia Contracts gets awarded a project for Rs 199.6 crore. 
24. Wipro’s Q1 IT services revenue falls 2.8% in constant currency. QoQ

 Indian Market Today  

     INDIAN MARKET MOVERS 

MAJOR UPDATES

• Wipro Q1 Results

  IT services firm Wipro on July 13 reported 11.9 percent year-on-year (YoY) growth in net profit in the first quarter ended June 30, 2023.

  Sequentially, however, net profit was down by 6.6 percent due to decline in all major financial metrics.

  Wipro’s standalone net profit for Q1FY24 stood at Rs 2,870 crore, missing analyst estimates of Rs 2,976 crore for this quarter.

  The Bengaluru-based IT services major had posted a net profit of Rs 2,563 crore in the year-ago period.

    Revenue for the quarter grew 6 percent YoY at Rs 22,831 crore as compared to Rs 21,528 crore in Q1FY23, missing estimates of Rs Rs 23,014 crore.

• In June, wholesale prices in India fell at a quicker rate of 4.12%.

  The Commerce Ministry reported Friday that India’s wholesale price-based inflation fell to 4.12 percent in June from 3.48 percent in May.

  June WPI fell 0.40 percent.

  The government stated in a news statement that mineral oils, food goods, basic metals, crude petroleum & natural gas, and textiles drove the June inflation drop.

• TCS Q1 Results: Net profit up 16.8% at Rs 11,074 crore, revenue Rs 59,381 crore

  Despite a harsh business environment, Tata Consultancy Services (TCS) announced 16.8% YoY growth in net profit in the quarter ended June 30, 2023, powered by robust growth in total contract value (TCV) deal wins.

  Quarterly revenue rose 13% to Rs 59,381 crore. Revenue rose 7% YoY in constant currency.

  In dollar terms, revenue rose 4% to $7,226 million.

Global Market Update

• Gift Nifty

The GIFT Nifty starts flat with a 14.5 point loss, with futures at 19,543.50.

•  US market

  As data revealed that the annual increase in U.S. producer inflation was the smallest in nearly three years, U.S. stocks maintained recent gains to end higher on Thursday, with the Nasdaq rising more than 1% for a second straight day.The S&P 500 increased by 37.88 points or 0.85% to 4,510.04, the Nasdaq Composite increased by 219.61 points or 1.58% to 14,138.57, and the Dow Jones Industrial Average increased by 47.71 points.

  Sensex gains

• ASIA Markets

After the June U.S. inflation rate was 3%, the lowest in two years, Asia-Pacific markets mainly climbed on Thursday.Dow Jones economists predicted 3.1%.Monthly inflation rose 0.2%, less than expected. Core CPI—which excludes volatile food and energy prices—also grew less than predicted.As expected, South Korea’s Kospi and Kosdaq rose 0.81% and 1.27%, respectively, after the Bank of Korea kept its benchmark policy rate at 3.5%.

• EU Markets 

After another lower-than-anticipated reading of U.S. inflation and a decline in U.K. gross domestic product, European stock markets ended the day higher on Thursday.  With tech stocks up 1.8% and most sectors finishing the session in the black, the pan-European Stoxx 600 provisional closed up 0.7%.According to official data, the U.K. economy shrank by 0.1% in May, which was less than the 0.3% month-over-month contraction predicted in a Reuters poll of economists.It happens as the nation’s ongoing fight against inflation is under intense scrutiny, especially in light of this week’s strong wage growth data.

STOCK IN NEWS

• Wipro: For the quarter ended in June of FY24, the software services provider’s consolidated earnings decreased by 6.6 percent sequentially to Rs 2,870 crore. IT services revenue decreased by 1.8 percent on a quarterly basis to Rs 22,755 crore. Revenue in dollar terms, at $2,778.5 million, was down 1.6 percent on a quarterly basis and decreased by 2.8 percent on a quarterly basis in constant currency. The quarter’s large deal bookings were $1.2 billion compared to the prior quarter’s $1.1 billion. In terms of dollars, Wipro anticipates Q2 IT services revenue in the $2,722-2,805 million range.

• Senco Gold: On July 14, the Kolkata-based jewellery merchant will make its market debut. The share price for the offering has been set at Rs 317.

• Rail Vikas Nigam: In order to upgrade the Chandikhole-Paradip portion of NH-53 in Odisha from 4 to 8 lanes on HAM mode, the National Highways Authority of India has given a letter of award to the state-owned railway business, Rail Vikas Nigam. Cost of the project is Rs. 808.48 crore.

   

• Ahluwalia Contracts: The building firm has been awarded a project for civil structural, facade, and related external development work for the corporate computer and cybersecurity training institute in Bhubaneshwar, for Rs 199.58 crore. The project should be completed in 20 months.

• Angel One: The retail stock brokerage firm’s consolidated profit increased by 21.6 percent year over year to Rs 220.8 crore for the quarter ended June FY24, supported by strong operating and topline performance. In comparison to the same period last year, revenue for the quarter increased by 18.4% to Rs 807.5 crore, while EBITDA increased by 20.2 percent to Rs 320.3 crore and margin increased by 60 basis points to 39.66 percent. First interim dividend of Rs 9.25 per share for FY24 has been issued by the corporation.

   

   

• Deep Industries: The supplier of oil and gas field equipment has partnered with Euro Gas Systems S R L (EGS) to deliver oil field equipment to the oil and gas industry. Deep Onshore Drilling Services is a joint venture business in which Deep Industries owns a 74 percent majority and EGS has acquired a 26 percent equity position. Another division of Deep Industries is Deep Onshore Drilling Services.

   

• Samvardhana Motherson International: The auto ancillary company Samvardhana Motherson International has finished buying a 51 percent equity position in Saddles International Automotive and Aviation Interiors Private Limited. The company Saddles International manufactures high-end upholstery for cars.

Deals

1. CSB Bank:  Omers  Administration Corporation, a foreign portfolio investor, left the private sector lender, CSB Bank, by selling all of its shares in open market transactions. Omers sold 15.4 million shares at an average price of Rs 295 and 20.89 million shares at a price of Rs 295.02 each. The total amount of the stake sale was Rs 105.9 crore.

2. Century Textiles & Industries: Through open market transactions, Vanderbilt University, a private research university situated in the US, sold 6.5 lakh equity shares, or 0.58 percent of the Aditya Birla Group company, for an average price of Rs 903.01 per share. The stake sale brought in 58.69 crore rupees.

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