-The local currency strengthened by 3 paise to close at 83.50 against the US dollar.
-It closed at 83.53 on Wednesday.
Source: Bloomberg
Unit Optiemus Unmanned Systems launches drones for agricultural and mapping applications
To train around 6,000 pilots & manage a fleet of 5,000 drones by 2025-end
Co to invest Rs 140 crore in this project, target service revenue of Rs 600-900 crore by 2025-end
Source: Exchange filing
Q1 total deposits up 35.4% at Rs 37,524 crore (YoY)
Q1 gross advances up 17.8% Rs 34,872 crore (YoY)
Q1 CASA up 9.7% at Rs 11,724 crore (YoY)
Q1 CASA ratio at 31% vs 32% (QoQ)
Source: Exchange Filing
Q1 total business up 13.4% at Rs 4.76 lakh crore (YoY)
Q1 total deposits up 9.4% at Rs 2.67 lakh crore (YoY)
Q1 CASA deposits up 7.1% at Rs 1.33 lakh crore (YoY)
Q1 gross advances up 19% at Rs 2.09 lakh crore (YoY)
Q1 CASA ratio at 49.86% vs 52.73% (QoQ)
Source: Exchange Filing
Total sales rose 5.3% to 6,421 units
Jaguar sales rose 20% to 1,175 units
Land Rover sales rose 13.2% to 5,246 units
Source: SMMT
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Nifty, Sensex Off Record Highs As Financial Services Stocks Weighs: Midday Market Update
Mazagon's stock jumped as much as 9.82% during the day to a life high of Rs 5144.8 per share on the NSE. It was trading 9.77% higher at Rs 5142.2 per share, compared to a 0.26% advance in the benchmark Nifty at 1:03 pm.
The share price has risen 300% in the last 12 months and 125% on the year-to-date basis. The total traded volume so far in the day stood at 2.9 times its 30-day average. The relative strength index was at 79.
Three out of the four analysts tracking Mazagon have a 'buy' rating on the stock and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 82%.
European Medicines Agency validates marketing authorisation for Nidlegy
Source: Exchange Filing
Arm gets approval for purchase of additional floor area ratio for residential project in Noida
Source: Exchange Filing
Board approves issuing convertible warrants aggregating to `2,960 cr via preferential allotment
Source: Exchange Filing
Board declares interim dividend of Rs 1/share
Source: Exchange Filing
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Arm Dalmia Cement commences commercial production at 1 MTPA Andhra Pradesh plant
Co's total cement manufacturing capacity now stands at 46.6 MTPA
Source: Exchange Filing
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Vedanta's stock rose as much as 1.49% during the day to Rs 470.8 apiece on the NSE. It was trading 0.86% higher at Rs 467.9 apiece, compared to a 0.3% advance in the benchmark Nifty at 9:32 a.m.
The share price has risen 68% in the last 12 months and 80% on a year-to-date basis. The relative strength index was at 58.
Eight out of the 13 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.3%.
Brigade Enterprises stock rose as much as 4.45% during the day to Rs 1429 apiece on the NSE. It was trading 2.99% higher at Rs 1408.95 apiece, compared to a 0.27% advance/decline in the benchmark NSE Nifty 50 as of 9:28 a.m.
It has risen 147.74% in the last 12 months and 57.01% on a year-to-date basis. The relative strength index was at 61.81.
Thirteen out of the 14 analysts tracking Brigade Enterprises have a 'buy' rating on the stock and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.5%.
Market breadth was skewed in the favour of buyers. Around 2,050 stocks rose on the BSE, 859 fell, and 102 remain unchanged.
The yield on the 10-year bond opened flat at 6.98%.
It closed at 6.99% on Thursday.
Source: Cogencis
The local currency opened flat against the US Dollar at 83.54.
It closed at 83.53 on Wednesday.
Source: Congencis
Food services market in India expected to grow at 10%–12% CAGR
Indian food and service market at Rs 4-5 lakh crore at present
Food services market in India to reach Rs 9–10 lakh crore by 2030
Online food delivery is estimated to grow at 18% CAGR reaching Rs 2.12 lakh crore over 7 years
Online food to contribute 20% to the overall food services market by 2030.
Penetration to rise from 12% in 2023 to 20% by 2030.
Addressable customer base to reach 450 million by 2030 amidst urbanization and rising affluence
China has four times the number of restaurants per million urban population, as compared to India
70% of food services consumption as of 2023 is concentrated in the top 50 cities
Incremental growth is expected to come from other tier 2 cities as well
Gen-Z and younger cohorts comprise 40% of consumption
Each customer, on average, orders more than 3 cuisines from over 6 restaurants
Indian food services market is expected to expand by 110 million
Indian food services growing from the current 320–340 million to approximately 430–450 million by 2030
Eating out for Indian consumers with an average of 5 times per month, which is expected to increase to 7–8 times by 2030
QSRs. are expected to grow 40% faster than the overall market from 2023 to 2030.
Gets order worth Rs 151 crore for 25 MWp solar power plant
Source: Exchange Filing
Reiterates BUY with target of Rs 500 (upside 17%)
Company is looking to grow beyond macro recovery
Implementing new initiatives and expanding its product portfolio
Steady macro government initiatives to help ITC sustain volume growth
Management is hopeful for positive steps by the govt in budget
Company can achieve low to mid-single digit cigarette volume growth
Mid to high single-digit EBIT growth in the medium term
Initiatives by the govt will drive rural consumption
ITC’s FMCG business has outperformed peers
Growth outlook is positive for the FMGC business in near term
Paper business is seeing weakness
Agri business remains volatile due to curbs on agri commodity trading
Budget will be a key monitorable for taxes on cigarette and overall consumption boost
Price target of Rs 510;downside 7.1%
Expects the co to benefit from accelerated digitalization of life sciences industry and mining opportunities in existing marquee clients
Expects EBIT margin to remain stable in FY25E and FY26E
Current valuations appear to be pricing in the positives.
Maintains Sell, target Rs.455, downside: 15.5%
Sees multiple risks to high investor expectations going into 1QFY25
Sees a slow recovery ahead flat revenue yoy in FY25
The sharp price movement factors possibility of small positive qoq guidance in 2QFY25
1Q deal TCV will likely be healthy given the $500 million deal already announced
CV is lumpy and overall TCV TTM trends have been sluggish
Management churn could impact revenue growth in the medium term
Approves opening of QIP on July 3
Approves floor price for QIP issue at `896.09/share
Source: Exchange Filing
Completes disinvestment of entire 20.95% stake in Fintech Products and Solutions
Source: Exchange Filing
Completes fund infusion worth Rs 900 crore by founder
To use funds to completely pare external term debt
Source: Exchange Filing
Fed awaits `additional information' to gain confidence to cut
Vast majority saw economic growth as `gradually cooling'
Several say unemployment may rise if demand weakens
Fed officials saw `modest further progress' on inflation goal
Several on Fed say hike might be warranted if infl. persists
May's CPI provided more evidence of inflation progress
Many officials concerned by lower-income family strains
Unemployment to `edge down' over rest of 2024, 2025
Source: Bloomberg
Brigade Enterprises To Build Project In Bengaluru With Revenue Potential Of Rs 1,100 Crore
Price band Changes from 10% to 5%: Zen Technologies.
Price band Changes from 20% to 10%: Allied Digital Services, GM Breweries.
Ex/record Dividend: Tide Water Oil, Tata Power, Solar Industries, SKF India, Balaji Amines.
Ex/record AGM: Vedanta, Laurus Labs, Solar Industries India, Balaji Amines.
Ex/record Buyback: eClerx Services.
Moved in short-term Framework: DCX Systems, JK Paper, Nirman Agri Genetics.
Moved out short-term Framework: Cellecor Gadgets, Exicom Tele-Systems, Omaxe.
Ideaforge Technology: Think India Opportunities Master Fund LP sold 2.23 lakh shares (0.52%) at Rs 796.6 apiece.
Yatharth Hospital & Trauma Care Services: Plutus Wealth Management sold 25 lakh shares (2.91%) at Rs 405.07 apiece, while ICICI Prudential Mutual Fund bought 20 lakh shares (2.32%) at Rs 405 apiece.
Vedanta's Saleable Steel Production Jumps 10% In April-June Quarter
Bajaj Finance Q1 Update: Loan Book Grows 10% After RBI Lifts Curbs
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