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A Tech Glitch At HDFC Bank Led To A Windfall For Some Customers
India Said Close to Finalizing Nationwide Battery-Swap Details
Shares of Automotive Axles Ltd. rose nearly 10%, the most in four weeks. The rise comes after Ashok Leyland reported 6% MoM and 125% YoY growth in sales for the month of June.
Axle assemblies and auto parts maker Automotive Axles gets more than 60% of its sales from Ashok Leyland.
Trading volume is 2.5 times the 30-day average. Both the analysts tracking the company maintain 'buy'. The return potential of the stock is 25.7%.
Source: Bloomberg
Shares of Mumbai-headquartered Parag Milk Foods fell nearly 12%, the most in at least a year, to a 52-week low. Trading volume is more than nine times the 30-day average. The fall comes after the company reported net loss for the quarter-ended March 2022, post market hours on Friday.
Net loss at Rs 602.39 crore Vs net profit of Rs 6.71 crore
Revenue at Rs 562.27 crore Vs Rs 434.35 crore
Ebitda loss at Rs 585.38 crore Vs Ebitda Rs 18.44 crore
Trading volume is more than nine times the 30-day average. Of the four analysts tracking the company, two maintain 'buy' and two suggest 'hold'.
Source: Exchange filing, Bloomberg
June GST collection is 56% over same month last year.
Source: GST Day Event, Vigyan Bhawan
Shares of state-run Engineers India, a firm offering design and engineering solutions to petroleum refineries, oil & gas processing, metallurgy and power industries, rose 2.81%, most in over two weeks.
The uptick comes after the company signed an agreement with CSIR-CSIO for joint commercialisation of Earthquake warning system.
Engineers India is engaged by CSIR-CSIO as technology commercialisation partner for a period five years starting from June 30, 2022.
The earthquake warning system is already in operation for Delhi Metro Rail Corporation since August 2015.
Trading volume is half the 30-day average. Of the 11 analysts tracking the company, 10 maintain 'buy' and one recommends 'sell'. The return potential of the stock is 45.2%.
Source: Exchange filing, Bloomberg
The country's largest carmaker, Maruti Suzuki India Ltd., reported a 5.76% rise in sales in June even as the chip shortage had a minor impact on its domestic sales.
The company sold 1,55,857 units in June 2022 compared with 1,47,368 units over the same period last year.
Sales Snapshot (YoY)
Exports rose 40% to 23,833 units.
Mini and compact vehicle segment sales rose 6.8% to 92,188 units.
Utility vehicle sales fell 33% to 18,860 units.
For more updates on Auto sales numbers, please follow our blog here.
The Sensex shed 0.65% to 52,672.59. The 30-stock gauge lost over 920 points to an intraday low of 52,094.25. The Nifty declined by similar magnitude to 15,672.
The broader indices underperformed their larger peers with MidCap index little changed and SmallCap index losing 0.3%. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined, with Energy and Oil and Gas indices falling over 3%.
The market breadth is skewed in the favour of bears. About 1,410 stocks rose, 1,719 fell and 233 remained unchanged.
Seeing good traction in the gold loan business, expect to grow faster in FY23
Will be starting wealth advisory and management services for premium customers.
Have been happy with Whatsapp banking service we are providing to CUG customers currently, will be launching it for broader customers soon.
Source: SBI Press Briefing
Escorts Kubota agri-machinery segment sold 10,051 tracctors in June, down 19.8% YoY compared to 12,533 tractors a year ago.
Domestic tractor sales fell 22.5% YoY in June at 9,265 units.
Exports rose 36.2% YoY at 786 units.
The company expects demand to improve with the onset of monsoon and likely record kharif crop production, rural liquidity and improvement in farmer sentiments.
Source: Exchange Filing
Total Eicher trucks and buses sales at 6,185 units Vs 2,370 units in June 2021, up 161%
Total domestic sales at 5,584 units Vs 1,760 units in June 2021, up 217.3%
Total Exports at 601 units Vs 610 units in June 2021, down 1.5%
Source: Exchange filing
Total vehicle sales in June at 14,531 units Vs 6,448 units in June 2021, up 125% YoY
Domestic sales at 13,469 units vs 5,841 units YoY
Source: Exchange filing
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India's Manufacturing PMI Eases In June But Continues To Expand
Government Raises Levies On Gold Amid Widening Trade Deficit, Falling Rupee
Government imposes special additional excise duty of Rs 23250/ tonne on Petroleum Crude
Government imposes special additional excise duty on ATF at Rs 6/ litre
Exempts special additional excise duty for any entity producing less than 2-million barrel in FY22
Exempts special additional excise duty for quantity produced over and above FY22 production of crude petroleum oil
India has raised the basic import tax on gold to 12.5% from the existing 7.5%.
Source: Gazette notification
The S&P BSE MidCap almost mirrored its larger peers, while S&P BSE SmallCap outperformed, falling 0.25%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. declined with Consumer Durables index losing over 1%.
The market breadth is skewed in the favour of bulls. About 1,221 stocks rose, 998 fell and 174 remained unchanged.
In Focus: TCPL Packaging, Time Technoplast, Cosmo Films, Uflex, Polyplex, HUL, Godrej Consumer, Marico, Nestle India, Dabur
Source: Bloomberg
More Pain for Rupee Likely on India’s Trade Gap, Capital Outflow
Don’t Rue The Rupee’s Fall
IRB Infrastructure's SPV - IRB Hapur Moradabad Tollway has received completion certificate from NHAI for its six lane highway project (Hapur-Moradabad) in Uttar Pradesh.
With this, the company can collect toll at higher tariffs, up 65% over existing toll tariffs.
The project concession period is 22 years.
Source: Exchange filing
Wipro LLC, a wholly owned subsidiary of Wipro, signed a definitive agreement to sell its Series A Convertible Preferred Shares to marketing services firm Harte Hanks Inc by way of repurchase of shares for $9.926 million in cash and 1,00,000 shares of Harte Hanks (nearly 1.42% stake).
The transaction is expected to close within 90 days from the date of signing the agreement.
In January 2018, Wipro and Harte Hanks signed long-term partnership of offer end-to-end marketing technology services. Wipro LLC had then made a strategic investment of $9.926 million towards 9,926 convertible preferred stocks of Harte Hanks.
Source: Exchange filing
All-India average price slipped 1-2% month-on-month in June 2022.
Dealers indicated improved demand, but an increase in supply is weighing on prices.
Cement stocks in India have seen a modest bounce recently, probably reflecting positive demand sentiment in June and broader recovery.
Earnings estimates, however, continue to be at risk, given the elevated costs and weak exit prices.
Expect stocks to remain soft during monsoon.
Neutral, Target Price Rs 8,627; Launches 2022 Brezza.
Received more than 45,000 bookings within first eight days.
Factor in 25%/9% volume growth in FY23/24F on new models.
Market share to improve to 45% in FY23F from 43.5% in FY22.
Bharti Airtel: The company has opted for deferment of payment of adjusted gross revenue dues up to FY19 for four years. Separately, the Competition Commission of India has approved investment of Rs 5,224.38 crore ($700 million) by Google International.
Jubilant Pharmova: A wholly owned subsidiary in Canada announced that Government of Quebec has granted a loan of CAD 25 million (Rs 153.48 crore), including a forgivable portion of CAD 6.3 million, to fund capacity expansion at the Montreal facility.
Lupin: The company has received the U.S. FDA approval for Paliperidone Extended-Release Tablets, to market a generic equivalent of Invega Extended-Release Tablet. The product will be manufactured in Goa and has an estimated annual sales of $152 million in the US.
Hero MotoCorp: An arbitration tribunal has allowed India's largest two-wheeler maker to use the 'Hero' trademark for selling its electric vehicles. Hero Electric had sought an injunction against the company in the matter.
UPL: The company has acquired Nature Bliss Agro for Rs 1 lakh. The company, which has yet to commence operations, will be involved in the manufacture and sale of crop protection and allied products.
Hindustan Unilever: India's largest consumer goods maker has approved the appointment of CEO Sanjiv Mehta on the board of PT Unilever Indonesia TBK as president commissioner.
Hindustan Copper: The company has approved raising Rs 34.83 crore via a qualified institutional placement and Rs 500 crore through non-convertible debentures.
Phoenix Mills: Reco Zinnia has competed the second tranche of its investment of Rs 400 crore in the company and its subsidiaries.
Punjab National Bank: The state-run lender has raised its marginal cost of funds-based lending rate by 15 basis points across tenors.
Greenlam Industries: The firm has agreed to merge HG Industries with itself in a share swap ratio of 1:2. Shareholders will get one Greenlam share of face value Rs 1 for every two they hold in HG Industries.
Indian Bank: The bank has raised MCLR by 15 basis points across tenors. The base rate was revised to 8.7% from 8.3% and the repo-linked lending rate was raised to 4.9% from 4.3%.
CSB Bank: The lender has raised MCLR by 10-15 basis points across tenors. The base rate was revised to 9.9% from 9.35% and benchmark prime lending rate to 12.95% from 12.55%.
Union Bank: The lender has approved raising of Rs 8,100 crore and declared dividend of Rs 1.9 per share.
Federal Bank: Approved fundraising of Rs 4,000 crore.
Indus Towers: Bharti Airtel has acquired an additional 2.06% stake in India's largest telecom towers operator.
Lodha, Oberoi, Godrej Properties: The real estate stocks are in focus amid a buoyant Mumbai market. The number of units registered and stamp duty collected was the highest ever for the month of June
Stocks fell and U.S. treasuries held gains on Friday amid worries about a global economic slowdown.
Shares declined in Japan but rose in Australia and South Korea. Hong Kong’s markets are closed for a holiday to mark the 25th anniversary of Chinese rule. The S&P 500 and Nasdaq 100 futures were volatile.
At 6:45 a.m., the Singapore-traded SGX Nifty—an early barometer of India's benchmark Nifty 50—rose 0.10% to 15,739.
The dollar inched higher. Crude trimmed losses. Bitcoin rose to reclaim the $20,000 level.
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