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MRF price hike to come into effect from July 18
Price revision expected for truck, car radials
No clarity of price hike for two-wheeler tyres
No clarity on quantum of price hike expected
Source: Three MRF dealers in Mumbai, Ahmedabad
CESC Ltd.'s step-down arm Purvah Green Power in pact with Suzlon Energy for supply & maintenance of wind turbines.
Source: Exchange filing
Seeing eagerness on UK’s part to complete the deal
New government at helm in UK, will work on FTA soon
Source: Government official
Rail Vikas Nigam Ltd. received a letter of acceptance from East Coast Railway for contract worth Rs 160 crore.
Source: Exchange filing
$3.06 billion imports in June vs $5 billion
$2.25 billion gem and jewellery exports in June vs $2.28 billion
Net profit at Rs 479 crore vs Bloomberg est of Rs 512 crore
Net profit rose 15% at Rs 479 crore vs Rs 417 crore
Total income rose 15% at Rs 26,750 crore from Rs 23,243 crore
VNB Margins fell 120 basis points at 25%
Solvency Ratio at 186% vs 200%
Value of New Business rose 18% at Rs 718 crore
Annual Premium Equivalent rose 23% at Rs 2,866 crore
IIFL Enterprises to consider bonus issue of share on July 31.
Source: Exchange filing
VFSI Holdings stake in Reliance Infrastructure Ltd. fell to 4.09% from 6.11% earlier.
Source: Exchange filing
India's Wholesale Inflation Rises To 13-Month High In April
Net interest income up 20% at Rs 2,799 crore vs Rs 2,340 crore YoY
Net profit up 47% at Rs 1,293 crore vs Rs 882 crore YoY
Gross NPA at 1.85% vs 1.88% QoQ
Net NPA unchanged at 0.2% QoQ
Source: Exchange Filing
• Zomato hikes platform fee from Rs. 5 per order
• Platform fee at 6 per order in selective markets (Bangalore & Delhi)
• Platform fee one of the ways to improve profitability
• Increase of Re. 1 positive impact of 30-35bps on take rates
• Only in selective markets positive impact on EBITDA 1-2%
• Fifth time that they have raised convenience fee
• Platform fee raised from Rs. 2 to Rs. 5 in a phased manner
• Expect platform fee to move towards INR 8-10 per order
• Don’t foresee a big increase in restaurant commissions
• GOV to move towards management guidance of 4-5%
• Platform fee won’t impact order volumes as it is done in phased manner
Apple's annual India revenue rises 33% to almost $8 billion.
Apple's India revenue jumped 33% from $6 billion in March last year.
Source: Bloomberg
IPO worth Rs 510 crore to open on July 19, close on July 23.
Sets price range for IPO at Rs 90-95 per share.
Source: Bloomberg
June WPI inflation rose 3.36%
June WPI food inflation at 8.68% vs 7.40% May
June WPI primary articles inflation at 8.80% vs 7.20% in May
June WPI fuel and power inflation at 1.03% vs 1.35% in May
June manufactured products inflation at 1.43% vs 0.78% in May
WPI inflation rose to 16-month high.
WPI core inflation rate at 0.9% vs 0.4% May
Varun Beverages Ltd. has signed a pact to manufacture snacks 'Simba Munchiez' in Zimbabwe and Zambia.
Source: Exchange filing
India's ride hailing startup, BluSmart raised $24 Million or Rs 200 Crore
It completed a Pre-Series B funding round.
Investors include Swiss-based ResponsAbility, MS Dhoni Family Office, ReNew Founder Sumant Sinha
Existing investors, BluSmart founders also participated
Source: Bloomberg
NTPC Ltd. had 12.3 lakh shares changed hands in a block deal.
Steel Authority of India Ltd. had 65 lakh shares changed hands in two large trades.
Source: Bloomberg
Mahanagar Telephone Nigam Ltd. has appointed Ravi A Robert Jerard as CMD for six months.
PK Purwar ceases to be CMD of co on account of non-extension of tenure of as CMD of BSNL.
Source: Exchange filing
Stock Of The Day: Tanla Platforms Rallies On Anti-Phishing Platform Deal
Zomato Hikes Platform Fee To Rs 6 Per Order, Swiggy Teases Rs 7 Levy
Aurobindo Pharma Shares Hits Record Ahead Of Buyback Decision
Zensar Technologies - Margin Expansion In FY24; Revenue Growth Focus For FY25: Systematix
SRM Contractors Ltd. received an order worth Rs 278.5 crore from NHAI
Source: Exchange filing
DMart Shares Gain As Strong Q1 Results Drive Target Price Upgrades
Ireda Shares Soar To All-Time High Ahead Of Q1 Results
HCLTech Shares Near Four-Month High On Q1 Profit Beat
Market breadth was skewed in favour of buyers. Around 1,860 stocks rose, 1,175 stocks declined, and 144 stocks remained unchanged on BSE.
At pre-open, the NSE Nifty 50 was trading 0.35% or 85.45 points higher at 24,587.60. The S&P BSE Sensex was trading 0.21% or 167.20 points higher at 80,686.54.
The yield on the 10-year bond opened flat at 7.00%.
It closed at 6.99% on Friday.
Source: Cogencis
The local currency opened flat at 83.54 against the US dollar.
It closed at 83.53 on Friday.
Source: Bloomberg
State Bank of India raised marginal cost of funds based lending rates by 5-10 bps for most tenors.
Source: Lender's website
ISG-One index call highlighted the continued weakness in discretionary spending and Managed Services
It flagged potential for a strong BFSI recovery in 2025
ISG-One observed 30% in cost savings from Gen Ai based projects in ADM and Infra
For now, the sector is celebrating the lower revenue leakage on the book
However a bigger recovery is more likely in 2025
ISG-One has cut it growth forecast for managed services to 2% vs 3% earlier
Data suggests that Managed Services reduction in pricing is slowing.
Limited upside triggers in cement
Medium term outlook remains robust
Demand led margin expansion story intact
Stocks with capacity and cost improvement capability will do well
Ultratech and Ambuja to see strong additions
Margin expansion to continue for Ultratech and Ambuja
Raise our bull case weight on both stocks
Ultratech remains top pick
Citi Research maintained a 'Neutral' on Coal India at Rs 460 target, which implied a 7% downside
Impact of Changes in E- auction process
Firm asks subsidiaries to increase share of e-auction sold coal to 40% of production
Enhanced coal availability in spot market to result in lower premium of e-auction coal
Impact on Coal India's profitability to depend on quantum of additional sales
1% change in e-auction pricing impacts EBITDA/PAT by 0.4%
1% change in e-auction volumes impacts EBITDA/PAT by 0.15%
Maintain Sell with a target price of Rs 3,550 from Rs3,400 earlier, which implied a 28% downside
Gross margin recovery to the pre-covid will take 18-24 months
Revenue per sq ft continue to face headwinds from quick-commerce
Key concerns
Store growth – given the ownership model
Revenue per sq ft impacted by quick commerce
Gross margin – slowdown in discretionary consumption
Avenue Supermarts remains one of the best run retailers in India
HCLTech Q1 Review - Results Beat; FY25 Guidance Retained: Dolat Capital
Dollar Up, Bond Futures Down On Trump-Win Bets: Markets Wrap
RVNL Hits Record High After Winning Rs 138 Crore Order From Central Railways
Hindustan Oil Exploration: Pandarinathan Elango sold 8.69 lakh shares (0.65%) at Rs 232.2 apiece.
Sterling & Wilson Renewable Energy: Promoter Kainaz Khurshed Daruvala created a pledge for 10 lakh shares on July 9.
EMS Bags Rs 140-Crore Contract From Uttarakhand Power Corporation
Angel One, Hatsun Agro Product, HDFC AMC, HDFC Life Insurance Co., Jio Financial Services, Bank of Maharashtra and SpiceJet.
HCLTech Q1 Results: Profit Jumps Nearly 7%, FY25 Guidance Maintained
Lupin: The US FDA inspection at the Dabhasa manufacturing facility in Gujarat ended with no observations and received an establishment inspection report with the 'no action indicated' classification.
Alembic Pharmaceuticals: The pharmaceutical company received tentative US FDA approval for Selexipag injection.
Sunteck Realty: The real estate company, in its first quarter, reported pre-sales at Rs 502 crore, up 30% year-on-year, and collection at Rs 342 crore, up 19% year-on-year.
EMS: The company headquartered in Delhi received an LOA worth Rs 140 crore from Uttarakhand Power Corp. to supply installation services contracts for the execution of distribution infrastructure development.
General Insurance Corp.: Radhika CS takes charge as executive director.
RVNL: The construction arm of the Ministry of Railways received a LoA from Central Railways for a Rs 133-crore project in Maharashtra.
Apollo Micro Systems: The company received the Make II project from the Indian Army for the supply of a vehicle-mounted counter-swarm drone system.
GTPL: The aerospace and defence company received the I&B Ministry's nod for providing headend-in-the-sky services.
Central Bank of India: The bank is in a co-lending partnership with Shriram Housing Finance to offer MSME loans and a co-lending partnership with Arka Fincap to offer MSME loans.
Piramal Pharma: The US FDA pre-approval was inspected at the Ahmedabad facility and closed with zero observations.
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