Asian stock futures made small advances as global investors await a U.S. inflation report later Wednesday that will help shape the outlook for interest rates in the world's biggest economy.
Contracts for benchmarks in Japan and Australia rose 0.3% and 0.5%, respectively, suggesting a mildly positive tone as markets in the region open. Futures for Hong Kong climbed 0.6% and an index of U.S.-listed Chinese shares advanced 1.6% as traders warmed to government measures to bolster the nation's struggling property sector.
Meanwhile, Brent crude was below $80 a barrel and West Texas Intermediate was trading above to $74-mark. The yield on the 10-year U.S. bond was trading at 3.97%, whereas Bitcoin was above 30,000-level.
At 05:23 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was unchanged at 19,591.5.
India's benchmark stock indices rose for the second consecutive session on Tuesday. The June quarter earnings kick off in India on Wednesday with I.T. major TCS reporting its first quarter results. The S&P BSE Sensex Index closed up 274 points, or 0.72%, at 65,617.84, while the NSE Nifty 50 Index was 84 points, or 0.43%, higher at 19,439.40. The local currency strengthened 21 paise to close at 82.37 against the U.S. dollar on Tuesday.
Overseas investors in Indian equities remained net buyers for the tenth day in a row on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 1,197.38 crore, while domestic institutional investors were net sellers of equities worth Rs 7.25 crore.
Stocks To Watch:Â Delta Corp, Adani Enterprises, PVR-Inox, Lupin, Nazara, TCS IN Focus
Adani Enterprises: The company raised Rs 1,250 crore via bonds. It allotted 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures of a face value of Rs 1,00,000 each on private placement.
Delta Corp., Nazara Technologies, and online gaming stocks: The GST Council has levied a 28% tax on online gaming, casinos, and horse racing. The goods and services tax is likely to be levied on the full face value, which is the total value of bets placed on a platform.
PVR-Inox, cinema stocks: The GST Council agreed to reduce GST on food and beverages at cinema halls to 5% from the previous 18%.
Happiest Minds Technologies: The company fixed Rs 972.16 as the floor price for the issue under qualified institutional placements. The company had, in October 2022, planned to raise Rs 1400 crore through various means.
Lupin: The drugmaker received an Establishment Inspection Report from the U.S. FDA for its Pithampur Unit-2 manufacturing unit. This unit makes oral solids and ophthalmic dosage forms. The U.S. drug regulator issued the EIR after inspecting the facility from March 21 to March 29, 2023. The inspection classification, according to the U.S. FDA, is voluntary action indicated.
Sterlite Technologies: The company has partnered with communications and software company Windstream to support the latter's large-scale fibre expansion projects.
Tatva Chintam Pharma Chem: The company has agreed to raise more capital, not exceeding Rs 200 crore, by issuing equity shares and/or equity-linked instruments through a public or private offering, qualified institutional placement, or any mix thereof.
Bhansali Engineering Polymers: The company approved the allotment of 8.29 crore equity shares as fully paid-up bonus shares in the ratio of 1:2. Post the bonus issue, the paid-up equity share capital will stand at Rs 24.88 crore.
Earnings In Focus
Tata Consultancy Services, HCL Technologies, Anand Rathi Wealth, Steel Strips Wheels, 5Paisa Capital, and National Standard (India)
IPO Offerings:Â Utkarsh Small Finance Bank
Utkarsh Small Finance Bank: The private lender is seeking to raise a total of Rs 500 crore via the issue of fresh equity shares. Utkarsh Small Finance Bank's IPO involves no offer for sale from existing investors. The issue will open on July 12 and close on July 14. The lender has raised Rs 223 crore from anchor investors ahead of the IPO. Utkarsh Small Finance Bank allocated 8.91 crore equity shares to anchor investors at Rs 25 apiece. State Bank Of India funds, SBI Life Insurance, ICICI Prudential, Kotak Mahindra, Goldman Sachs, Edelweiss Trusteeship, and Aditya Birla Sun Life were among the anchor investors.
Who's Meeting Whom:
TeamLease Services: To meet investors and analysts on July 26.
CCL Products (India): To meet investors and analysts on July 17.
GTPL Hathway: To meet investors and analysts on July 17.
AGMs Today:
Agro Tech Foods
Embassy Office Parks REIT
Nippon Life India Asset Management
Vedanta
Wipro
Trading Tweaks:Â
Price Band Revised From 10% To 5%: PC Jeweller
Price Band Revised From 20% To 10%: Xchanging Solutions
Ex-Date Dividend: Jubilant Foodworks, Kirloskar Pneumatic Company, Avadh Sugar & Energy, Wheels India
Ex-Date Annual General Meeting: Adani Wilmar, Kirloskar Pneumatic Company, Wheels India
Record-Date Dividend: Jubilant Foodworks, Avadh Sugar & Energy
Move Into Short-Term ASM Framework: Xchanging Solutions
Move Out Of Short-Term ASM Framework: Parag Milk Foods
F&O Cues
Nifty July futures ended at 19,517.05, a premium of 107.50 points.
Nifty July futures fell 1.42%, with 2,931 shares in open interest.
Nifty Bank July futures ended at 44,901, a discount of 43.95 points.
Nifty Bank July futures fell 0.22%, with 394 shares in open interest.
Securities in the ban period: Bharat Heavy Electricals, Delta Corp., Granules India, India Cements, Manappuram Finance, Indiabulls Housing Finance, Punjab National Bank, Zee Entertainment Enterprise
HDFC Ltd. futures and options expire on July 12.
Money Market Update
The Indian rupee closed 0.25% lower at 82.37 against the U.S. dollar on Tuesday.
Research Reports
Tata Motors - JLR's EV Transition To Be Driven By Three Platforms: Motilal Oswal
Internet Q1 Results Preview - Online Segment Gaining Share From Offline: ICICI Securities
IT Services Q1 Results Preview - Deteriorating Macro, Wage Hikes To Impact Earnings: Motilal Oswal
Automobiles Q1 Results Preview - Volumes Grow; But Margins To Soften: Prabhudas Lilladher
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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