Stocks in Asia caught a modest tailwind Friday from a US rally sparked by hopes that policy makers can get inflation under control without causing a global economic downturn.
Shares advanced in Japan, South Korea and Australia. US equity futures edged down after the best Wall Street session in two weeks swept along everything from speculative investments to technology titans.
At 7:05 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.84% to 16,268.5.
Elsewhere, West Texas Intermediate crude was below $103/barrel, putting the US benchmark on course for a weekly fall about 5%. Prices have swung in a range of more than $16 this week, which saw both WTI and global benchmark Brent briefly drop below $100.
Earnings Post Market Hours
Vakrangee Q1 FY23 (Consolidated, QoQ)
Revenue up 8% at Rs 226.02 crore
EBIT down 87% at Rs 4.63 crore
EBIT margin at 2.05% vs 17.53%
Net profit down 85% at Rs 4.52 crore
Stocks To Watch
Mahindra & Mahindra: The company has agreed to sell stake in its new electric vehicle arm to British International Investment Plc.
Coforge: The company is in alliance with Newgen Software to help organisations transform current processes, enhance operational efficiency, and gain a competitive edge over peers.
Vedanta: The company will acquire Athena Chhattisgarh Power, a 1,200 MW coal-based power plant, for Rs 564.67 crore.
PowerGrid: CBI has arrested the company's executive director BS Jha and five others in connection with a bribery case. Rs 93 lakh was recovered from Jha's residence in Gurugram.
Dr Reddy's: The US Food and Drug Administration has issued a Form 483 with two observations to Dr Reddy's formulations manufacturing facility in Andhra Pradesh.
Tata Motors: JLR sales fell 37% year-on-year to 78,825 units in quarter ended June 30 due to a global chip shortage, covid lockdowns in China, and new model transition of Range Rover Sport.
Star Health: The company's gross direct premium rose 13% year-on-year to Rs 2,466.2 crore in the June quarter.
Adani Ports and SEZ: The company has appointed D. Muthukumaran as the chief financial officer with effect from July 25.
Alkem Laboratories: The company has received Form 483 with one observation from the U.S. FDA with respect to ANDA filed for products to be manufactured at its plant in Indore.
Eveready: The board has passed the resolution to formally designate Dabur's Burman family as promoters of the company after the completion of open offer.
Earnings Today
Tata Consultancy Services
Metals and Minerals Trading Corp. of India
Pledged Share Details
Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge 22 lakh shares on July.
Insider Trades
Eureka Forbes: Promoter Group Forbes Campbell Finance sold 2 lakh shares on July 5.
AGMs Today
Havells India
IIFL Finance
NELCO
Trading Tweaks
Price Band Revised From 10% To 5%: Mangalore Refinery
Price Band Revised From 20% To 10%: Oil India Ltd.
Record-Date Dividend: Greenlam Industries, Hitech Corporation, Crompton Greaves Consumer Electricls, DCM Shriram, Oberoi Realty, Minda Industries, Bank of India, Navin Fluorine International, Axis Bank, GlaxoSmithKline Pharmaceuticals
Record-Date Final Dividend: Astrazeneca Pharma, Minda Industries, Navin Fluorine International, Oberoi Realty
Record-Date Annual General Meeting: Bank of India
Record-Date Special Dividend: GlaxoSmithKline Pharmaceuticals
Record Date Bonus: Minda Industries
Ex-Date Dividend: Ingersoll Rand India, Titan Company
Ex-Date Final Dividend: Jubilant FoodWorks, Lumax Industries, Lumax Auto Technologies, Sundaram Finance
Ex-Date Bonus: Torrent Pharmaceuticals
Move Into Short-Term ASM Framework: Brightcom Group, Responsive Industries
Move Out Of Short-Term ASM Framework: Dhanvarsha Finvest
Money Market Update
The rupee ended at Rs 79.17 against the U.S. Dollar on Thursday as compared to Wednesday's closing of 79.30.
Research Reports
IT Sector - Decoding Signal From Noise: HDFC Securities' Thematic View
Poly Medicure - A Unique Play On Devices, Disposables: Dolat Capital Re-Initiates Coverage
Titan Company - Robust Revenues Driven By Weddings In Q1: Centrum Broking
HDFC Bank - Merger Challenges Transitory: Prabhudas Lilladher
Balkrishna Industries - Demand Momentum To Continue Across Geographies, Segments: KRChoksey
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