Tata Steel India crude steel production rose 6% YoY to 4.92 million tonnes in Q1FY2022-23.
Deliveries fell 2% YoY to 4.06 million tonnes, due to moderation in exports due to imposition of 15% export duty.
Automotive and special products deliveries rose 22% YoY on broad-based recovery across all sub-segments.
Tata Steel Europe production at 2.432 million tonnes Vs 2.67 million tonnes QoQ (2.31 million tonnes YoY)
Source: Bloomberg
Rest Of 2022 Won’t Be ‘Significantly Better’ For Investors, Says Jefferies’ Mahesh Nandurkar
The MidCap index underperformed its larger peers, rising 0.8% while the SmallCap measure outperformed Sensex and Nifty, gaining 1.3%. All 19 sectoral indices compiled by BSE Ltd advanced with Metal index surging over 2.6%.
The market breadth is skewed in the favour of bulls. About 2,264 stocks rose, 914 fell and 139 remained unchanged.
India’s Services PMI Rises To Highest In Over 11 Years
The S&P BSE MidCap underperformed its larger peers, rising 0.4% while the S&P BSE SmallCap almost mirrored Sensex and Nifty. All the 19 sectoral indices compiled by BSE Ltd. rose, Metal, Power and Utilities measures rising over 1%.
The market breadth is skewed in the favour of bulls. About 1,710 stocks advanced, 523 fell and 83 remained unchanged.
Retail Sales Of Passenger Vehicles Up 40% In June As Chip Shortage Eases
Yield on the 10-year bond rose 5bps to 7.42%. The 10-year bond yield fell in each of the last four sessions.
Source: Bloomberg
Ministry for electronics and information technology (MeitY) wants Vedanta, Foxconn to provide more details on their plan to acquire expertise or get a third partner with demonstrated technical capability, reported The Economic Times citing sources aware of the developments.
Government is unsure if Vedanta-Foxconn JV has the appropriate technical knowhow for semiconductor manufacturing and fabrication.
Source: The Economic Times
Stocks To Watch: RIL, ONGC, Oil India
Source: Bloomberg
Morgan Stanley on M&M Financial
Overweight, with a target price of Rs 225.
MoM growth in disbursements was strong and better than estimates.
Collection efficiency in June was higher than in May and April.
Collection efficiency was highest for Q1 (seasonal) in recent history.
Stage 3 loans were only marginally higher QoQ, per MMFS (historically close to 30% QoQ).
Motilal Oswal on LIC
Initiate with 'buy', target price at Rs 830.
Business drivers in place; execution remains the key.
Estimate LIC to deliver 10% CAGR in new business profit during FY22-24E while value of new business margin is likely to improve to 13.6% on improving product mix & higher profit retention.
Estimate LIC’s operating return on embedded value to remain modest at 9.7% on lower margin profile than private peers.
Valuation at 0.7x FY24E EV appears reasonable.
High sensitivity to equity market volatility remains an overhang
Tata Consultancy Services: A U.S. court reduced the punitive damages to $ 140 million in a trade secrets case with American software firm Epic Systems Corp. The company said that it has been advised that the order is appealable in the higher court.
Marico: The company increased its stake in Apcos Naturals by 4.14% to 56.52% for undisclosed consideration.
Cipla: The United States Food and Drug Administration conducted a pre-approval inspection at the company's Indore plant from June 27 to July 1. It has received two observations on FDA Form 483 with respect to ANDA filed for the product to be manufactured at the said plant. There is no data integrity observation. The company said that it will submit its response to the U.S. FDA within the stipulated time.
Vedanta: The company reported 3% yoy increase in production of Aluminum in Q1 to 5.65 lakh tons. It also increased mining of domestic Zinc’s by 14% yoy to 2.52 lakh tons in the first quarter. Oil and Gas gross production reduced 10% yoy to 1.35 crore barrels of oil equivalent.
Kotak Mahindra Bank: The Reserve Bank of India imposed a penalty of Rs 1.05 crore due to inability of bank to credit amount involved in unauthorised electronic transactions within 10 working days. The Bank did not maintain/apply required margin on advances to stockbrokers. It failed to credit required amount to depositor education fund.
IndusInd Bank: The Reserve Bank of India imposed a penalty of Rs 1 crore for non-compliance with customer due diligence procedures in accounts opened via E-KYC.
Kirloskar Ferrous: The company has upgraded Mini Blast Furnace II at Koppal plant, Karnataka leading to increase in production capacity of pig iron 1.8 lakh metric ton p.a. to 2.176 lakh metric ton p.a. Consequently, total manufacturing capacity of pig iron at company level has increased to 6.09 lakh metric ton p.a.
Tata Steel: Tata Steel, through its subsidiary Tata Steel Long Products has completed the acquisition of Neelachal Ispat Nigam.
Tata Power: Company to invest Rs 3,000 crore to set up Tamil Nadu solar plant.
Tech Mahindra: Company opens new campus in Coimbatore, aims to hire 1,000 in FY23 to grow India operations.
LIC: The company approved investment of Rs 127.07 crore in LIC (Nepal) via rights issue.
Emami: The company has increased its stake in its subsidiary company Brillaire Science from 72.02% to 77.53%.
PTC India Financial Services: The company received a satisfactory report by the Agency for Specialized Monitoring appointed by the lenders.
Marksans Pharma: The company will consider buyback of shares on July 8.
JTL Infra: The company’s sales volume rose 3.9% yoy to 3,3302 MT in first quarter.
Stock Market Today: All You Need To Know Going Into Trade On July 5