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KKR says its affiliate Kayak Investments is not in discussions with any strategic acquirer or Indian business conglomerate in relation to a sale of its shareholding in Max Healthcare.
Source: Exchange filing
Though the geopolitical situation and the consequent elevated commodity prices have imparted considerable uncertainty…India’s real GDP growth is expected to be still above 7% in 2022-23.
This is in contrast to many advanced and emerging market economies where downward revision in GDP growth rate has been made.
The government is closely monitoring the global price movements and their impact on India’s economy through trade.
Government has also taken various supply side measures like cut in excise duty on petrol and diesel, special excise duty/cess on the export of petrol, diesel and aviation turbine fuel that are likely to alleviate inflationary pressures.
Source: Written reply to Lok Sabha
RBI is of the view that cryptocurrencies should be prohibited, says Finance Minister Nirmala Sitharaman.
Value of cryptocurrencies rests solely on the speculations and expectations of high returns that are not well anchored, so it will have a destabilising effect on the monetary and fiscal stability of a country.
In view of the concerns expressed, RBI has recommended framing of legislation on this sector.
Cryptocurrencies are borderless and require international collaboration to prevent regulatory arbitrage. Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.
Source: Parliament reply
The Sensex added over 500 points (over 1%) to 54,307.79. The Nifty advanced by similar magnitude to 16,218.25. Today 39 of the Nifty 50 stocks rose, while 11 fell.
The MidCap and SmallCap measures outperformed their larger peers, rising 0.3%. All 19 sectoral indices compiled by BSE Ltd. advanced with Information Technology gauge rising 3%.
The market breadth is skewed in the favour of bulls. About 2,256 stocks rose, 1,081 fell and 172 remained unchanged.
Gujarat State Fertilizers & Chemicals informed exchanges that its Urea-II plant has been shut down immediately after noticing leakage in bottom thermo well of Urea reaction on July 16.
The estimated time to prepare standby Urea reactor will be at least 12 days, according to company, which expects 13 days of production loss and 10,400 million tonnes of neem urea due to the shutdown.
The company's other Urea plant Urea-1 will continue to produce 320 million tonnes per day production during the next 13 days.
Source: Exchange filing
The company has reduced MRP of soyabean oil, sunflower oil, mustard oil, bran oil, groundnut oil, vanaspati and palmolein oil.
The steep reduction in oil prices is in continuation to sharp fall in global price.
Recently, the food ministry called a meeting of edible oil industry bodies and manufacturers to deliberate on price reduction.
Source: Company statement
Yes Bank is no longer under the reconstruction scheme, Prashant Kumar, MD & CEO, Yes Bank
Have come out of the reconstruction scheme successfully
This is the first time a financial institution of this size has successfully exited reconstruction
As of June 30, our deposit book has reached Rs 1.93 lakh crore
Trying to make our loan book more granular.
Working on granularising our loan book even on the corporate loan book, taking limited exposures
Strategy of debulking and derisking large corporate book has led to a slower growth of 9% in that portfolio.
On track to achieve 0.75% return on assets in FY23.
Despite all other issues being resolved, the bank was still grappling with a large gross NPA number.
The bank is carrying a 81% provision coverage against this pool.
It was important to find a solution for this issue.
Engaged with EY in August 2020 to discuss options to resolve this portfolio.
Took a call to create a partnership to sell the entire pool of assets.
This joint venture will not only take care of Yes Bank’s assets, but will also look to resolve assets at other financial institutions.
This is an opportunity to create a credible platform to resolve stressed assets.
NARCL was created by the government on similar lines.
Feel that it would be good for the system if there are multiple such platforms.
The additional advantage with JC Flowers as a partner is that they already have a functioning ARC.
Got guidance from the regulator that they would support this initiative, as long as the bank holds 20% stake in the ARC.
Going exactly by that guidance of the regulator.
Launched a Swiss challenge auction on Saturday, as is required
Source: Yes Bank briefing
Shares of SpiceJet rose over 6%, most in nearly four weeks. The sharp uptick comes after Delhi High Court rejected a PIL seeking to stop the operation of SpiceJet airline.
The PIL had cited breach of professional and safety obligations as the premise of its prayer.
The Delhi High Court said that it cannot stop operation of the airline on the basis of a PIL and press reports, according to PTI.
Source: Bloomberg, PTI
The broader indices almost mirrored their larger peers. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Information Technology, Metal, Capital Goods indices leading the gains.
The market breadth is skewed in the favour of bulls. About 1,922 stocks rose, 490 fell and 118 remained unchanged.
Yield on the 10-year bond fell 2bps to 7.42% at the open.
Source: Bloomberg
Indian currency rose 0.16% to 79.75 against the U.S. dollar, at the open.
Rupee has fallen against the dollar for six sessions in a row
Source: Bloomberg
Sequent Scientific: The company has appointed PV Raghavendra Rao as the chief financial officer effective from July 25.
Coforge: To consider proposal for an interim dividend on July 22.
Tata Steel: Tata Steel Netherlands has agreed to reduce its carbon dioxide emissions by 5 megatons by 2030. The company also promised to be “climate neutral” by 2045.
Coal India, Adani Enterprises: India's largest miner has cancelled its maiden tender for short-term coal imports in which Adani Enterprises had emerged as L1 bidder, according to The Financial Express.
L&T Technology Services Q1 FY23 (Consolidated, QoQ)
Revenue up 6.7% at Rs 1,873.7 crore
EBITDA up 5.4% at Rs 401 crore
EBITDA margin 21.4% vs 21.67%
Net profit up 4.6% at Rs 274.2 crore
JSPL Q1 FY23 (Consolidated, YoY)
Revenue up 23% at Rs 13,045.41 crore
EBITDA down 24% at Rs 3,438.74 crore
EBITDA margin at 26.36% vs 42.78%
Net profit up 193 times at Rs 2,770.88 crore
HDFC Bank Q1 FY23 (YoY)
Net profit up 19% at Rs 9,196 crore
NII up 14.5% at Rs 19,481 crore
NII margin at 4% of total assets
Gross NPAs at 1.28% vs 1.17% in Q4 FY22
Net NPAs at 0.35% vs 0.32% in Q4 FY22
Provisions down 34% at Rs 3,188 crore
Asian stocks and U.S. equity futures rose amid a dip in the dollar after bets on aggressive Federal Reserve interest-rate hikes cooled.
Shares climbed on Monday in Australia and South Korea following a Wall Street rally Friday led by banks on earnings optimism. Japan is shut for a holiday.
At 7:32 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 1.09% at 16,214.5.
The dollar slipped, with a gauge of the greenback’s strength down from a record high. Oil fell as the market digests slowing demand and whether supply will be increased after President Joe Biden’s visit to Saudi Arabia.
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