Asian equities fell on Tuesday after Apple Inc. announced plans to slow hiring amid recession fears triggered by an aggressive monetary policy aimed at tackling record-setting inflation in the US.
Shares in Japan were muted while those in South Korea and Australia declined, after US markets ended lower on Monday. At 6:40 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.74% to 16,170 points.
Crude dipped but held above $100 a barrel. Ether was among the leaders of a cryptocurrency rally that took Bitcoin past $22,000.
Key Global Cues
US Dollar Index at 107.54
US 10-year bond yield at 2.98% on Monday
Brent crude fell 0.5% to $105 per barrel
Nymex crude at $102 per barrel
Bitcoin jumps over 4% to $22,350 levels
Earnings Post Market Hours
Alok Industries Q1 FY23 (Consolidated, YoY)
Revenue up 56% at Rs 1,971.52 crore
EBITDA down 53% at Rs 46.90 crore
EBITDA margin at 2.4% vs 7.9%
Net loss at Rs 141.58 crore vs Rs 97.65 crore
Stocks To Watch
Indian Oil/NTPC: The two companies have signed an agreement to form a joint venture that'll address power requirements of upcoming projects of Indian Oil refineries.
Bharti Airtel/Reliance Industries/Vodafone Idea/Adani: Reliance Jio deposited Rs 140 billion earnest money for airwave bid. Vodafone Idea deposited Rs 22 billion, Bharti Airtel deposited Rs 55 billion and Adani Data deposited Rs 1 billion earnest money for airwave bid.
Tube Investments: Tl Clean Mobility, a wholly owned subsidiary of the company has signed definitive agreement to acquire 65.20% stake in IPL Tech Electric for Rs 246 crore. IPL Tech is a startup engaged in manufacturing and sale of electric heavy commercial vehicles.
Hindalco Industries: The company entered a strategic alliance with Aequs for long-term collaboration and joint business development in the commercial aerospace sector.
IndusInd Bank: The bank will raise Rs 20,000 crore via bonds on a private placement basis.
Mangalore Chemicals: The company has shut down its phosphatic fertilizer Plant due to non-availability of raw material.
Mastek: The company has agreed to acquire 100% of US-based Metasoftech Solutions LLC for $76.6 million (about Rs 612.8 crore). The acquisition is expected to be completed on or before Aug. 31, 2022.
Earnings Today: Hindustan Unilever, ICICI Lombard General Insurance, Ambuja Cements, AU Small Finance Bank, DCM Shriram, Hatsun Agro Product, HDFC Life Insurance, Kirloskar Pneumatic, L&T Finance Holdings, Network18, Polycab India, Rallis India, Share India Securities, Steel Strips Wheels, TV18 Broadcast
Who's Meeting Whom
Navin Flourine: To meet investors and analysts on July 25.
Syngene International: To meet investors and analysts on July 21.
JSW Energy: To meet investors and analysts on July 21.
Jubilant FoodWorks: To meet investors and analysts on July 28.
DCM Shriram: To meet investors and analysts on July 25.
Vedanta: To meet investors and analysts on July 28.
HDFC Asset Management: To meet investors and analysts on July 22.
AGMs Today
Wipro
Persistent Systems
DCM Shriram
Equitas SFB
Trading Tweaks
Price Band Revised From 10% To 5%: PC Jeweller
Price Band Revised From 5% To 10%: Gravita India
Ex-Date Dividend: Aegis Logistics, Renaissance Global, Astec LifeSciences, Grindwell Norton, Ador Welding, Mahindra Lifespace Developers, Karur Vysya Bank, Thirumalai Chemicals, Granules India
Ex-Date AGM: EIH, Astec LifeSciences, Grindwell Norton, Ador Welding, Karur Vysya Bank, Thirumalai Chemicals, Granules India
Ex-Date Interim Dividend: HCL Technologies
Ex-Date Final Dividend: Federal Bank, Heranba Industries, Renaissance Global
Ex-Date Stock Split: Renaissance Global
Record-Date Dividend: Laxmi Organic Industries
Record-Date AGM: Chemcon Speciality Chemicals
Move Out of Short-Term ASM Framework: PC Jeweller, Jayaswal Neco Industries
Money Market Update
The rupee ended at Rs 79.97 against the U.S. Dollar on Monday as compared to Friday's closing of 79.87
F&O Cues
Nifty July futures ended at 16,074, a premium of 24.80 points.
Nifty July futures shed 2.60% and 6,384 shares in Open Interest.
Nifty Bank July futures ended at 34,810, a premium of 127.35 points.
Nifty Bank July futures added 1.38%, 1,139 shares in Open Interest.
Securities in the ban list: Delta Corp.
Research Reports
Akzo Nobel India FY22 Annual Report Analysis - ‘Grow And Deliver' On Track: ICICI Securities
Gujarat Gas - Gas Cost, Morbi Volume Key Worries: Nirmal Bang
Godrej Consumer Products - New Management; New Strategies; Promising Outlook: IDBI Capital
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