Jul 05, 2024, 3:20 pm IST
Sebi Issues New Guidelines To Streamline Operations Of Credit Rating Agencies
Markets regulator Sebi has issued new guidelines to streamline operations and enhance the ease of doing business for credit rating agencies. The circular introduces specific timelines for dealing with appeals made by companies regarding rating actions carried out during periodic surveillance of ratings. These modifications will be applicable, with effect from August 01, 2024, the Securities and Exchange Board of India (Sebi) said in a circular on Thursday.
"In order to promote ease of doing business and bring about uniformity in dealing with appeals, based on consultation with stakeholders, including CRAs (Credit Rating Agencies), it has been decided to provide specific timelines for dealing with appeals made by the issuer in respect of rating actions carried out pursuant to periodic surveillance of ratings," it added.
Jul 05, 2024, 2:55 pm IST
GRM Overseas Received Rs 60 Cr Order For Import of Basmati Rice From Yemen
GRM Overseas is a leading exporter of Basmati rice in India and a leading FMCG company of India which has received a new order of rice worth Rs 60 crore from Yemen's Bin Awadh Al Naqib Group. GRM Overseas is going to send Basmati rice from India to this Yemeni importer.
GRM Overseas has informed the stock market that the company has received a big order for the supply of Basmati rice worth Rs 60 crore from Yemen's Al Naqeeb Group. This is the biggest order received by GRM Overseas so far from Yemen's FMCG importer and distributor.
GRM Overseas' shares have given a return of 6700 per cent to market investors in a decade.
Jul 05, 2024, 2:52 pm IST
Servotech Power Systems Join Hands With NSEFI For Delhi’s First Solar-Powered EV Charging Station
The National Solar Energy Federation of India (NSEFI), the country's premier solar organisation, and Servotech Power Systems announced on Friday that they will be working together to open Delhi's first grid-connected solar-powered EV charging station. This announcement caused the company's shares to rise in Friday's session. The installation of the Solar-Powered EV Charging Carport, a pilot project at the Hauz Khas Village parking station, is an important turning point in the infrastructure for electric vehicles and sustainable energy.
The solar panels and EV chargers that were utilised to set up the carport were created, constructed, and installed by Servotech. Furthermore, Servotech has been in charge of organising and setting the carport's general infrastructure into place.
Jul 05, 2024, 2:18 pm IST
BEL To Consider Financial Results On July 29, Shares Hit 52-Week High
Large cap aerospace & defence sector company, Bharat Electronics Ltd (BEL) shares today hit fresh 52-week high. Current market price of Bharat Electronics share on BSE is Rs 324.10 per share with intraday gain of 2.13%. Bharat Electronics informed via its BSE filing on July 4 about its upcoming meeting of Board of Directors scheduled to be held as on July 29, 2024 to consider financial results the quarter ended 30th June, 2024. BEL shares offered investors eye-popping returns of 167% in last 1-year and gained 75% in last 6-months only. Bharat Electronics announced a final dividend of Re 0.80/- per equity share of Re 1/- each for FY 2023-24 and yet to fix the record date. Its market capitalisation stood at Rs 2,37,311.97 crore.
Jul 05, 2024, 2:17 pm IST
Gold Price India, July 5: Check Latest Yellow Metal Prices After Sharp Rise On July 4
Gold prices in India today remained steady after witnessing sharp rally on July 3 as investors look forward to U.S. employment data to gauge the trajectory of the Federal Reserve’s potential interest rate cuts. According to Reuters, “Gold has enjoyed a productive week so far, with the precious metal being a beneficiary of some weaker U.S. macro data,” said Tim Waterer, KCM Trade’s chief market analyst.
22k gold prices today stood at Rs 67,000/10 grams and 100 grams of 22 carat yellow metal prices are retailing at Rs 6,70,000 in India. If you are planning to buy 24k yellow metal, you need to pay Rs 73,090/10 grams while 100 grams of 24k yellow metal prices are quoting at Rs 7,30,900. 18k gold prices today remained steady at Rs 54,820/10 grams and 100 grams of 18 carat precious metal prices stood at Rs 5,48,200.
Spot Gold, Spot Silver Prices Today:
Spot gold jumped 0.3% at ,363.19 per ounce, as of 0506 GMT and was up more than 1% for the week. U.S. gold futures rallied 0.1% to ,372.60. Spot silver rallied 0.5% to .56 and was headed for its best week since May 17. Platinum declined 0.3% to 9.64. Palladium soared 0.5% to ,022.25 and was headed for a third consecutive weekly gain, according to Reuters.
Silver Prices Today: Silver prices in India today recorded marginal rally of Rs 200 to Rs 93,200/kg. 100 grams of silver prices today rallied by Rs 20 to Rs 9,320.
Jul 05, 2024, 1:34 pm IST
Emcure Pharma IPO Subscribed 16x On Final Day
Emcure Pharmaceuticals has garnered significant investor interest with its recent initial public offering (IPO). As of 1:21 pm on July 5, the IPO was oversubscribed by an impressive 15.69 times, indicating strong demand across various investor segments. Retail investors, non-institutional investors, and qualified institutional buyers (QIBs) have all shown considerable interest in Emcure's offering. Retail investors oversubscribed their portion by 5.54 times, and Non-institutional investors (NIIs) displayed even greater enthusiasm, oversubscribing by a remarkable 33.40 times. Meanwhile, the QIB segment, comprising large institutional players, oversubscribed 20.63 times.
Jul 05, 2024, 1:21 pm IST
CG Power Partners With Skybound Realty For Joint Property Development
CG Power has signed a 'Development Agreement' with Skybound Realty, a subsidiary of K Raheja Corp, to jointly develop the property known as CG House in Mumbai.
Jul 05, 2024, 1:13 pm IST
Ircon International Secures Major Contract From Rail Vikas Nigam
Ircon International has received a Letter of Acceptance (LOA) from Rail Vikas Nigam (RVNL) for a significant project in Uttarakhand. The scope of work includes the design, supply, installation, testing, and commissioning of broad gauge ballastless track (BLT), the supply of ballast, and the installation of track, excluding the supply of rails and track sleepers.
Jul 05, 2024, 12:39 pm IST
RVNL Inks MoU With Delhi Metro Rail Corporation
RVNL has entered into a Memorandum of Understanding (MoU) with the Delhi Metro Rail Corporation (DMRC) to collaborate as a project service provider on upcoming projects both within India and internationally.
Jul 05, 2024, 12:19 pm IST
Thermax Secures Rs 513 Crore Order
Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly-owned subsidiary of Thermax, has secured an order worth Rs 513 crores for the supply of 2X 550 TPH boilers.
Jul 05, 2024, 11:58 am IST
Pharma Stock Halts Winning Streak
Pharma stock, Wockhardt snaps 12-day gaining streak. On July 5, the stock is trading lower by 25.
Jul 05, 2024, 11:26 am IST
Defence stocks on Bull Run
Stocks like Astra Micro, Bharat Dynamics, Bharat Electronics, Cochin Shipyard, and Data Patterns surged by 2-11% on July 5. This comes after the country's defence sector registered its highest ever growth in the value of production to Rs. 1,26,887 crore in 2023-24 which is 16.8% up year-on-year.
Jul 05, 2024, 10:58 am IST
Railway Stock Rally
TitagarhRail sees heavy buying with stock price surging more than 3% from its lows.
Jul 05, 2024, 10:58 am IST
Zaggle Prepaid, Hero MotoCorp Tie-Up
Zaggle Prepaid share price rallied over 3% after signing an agreement with two-wheeler giant HeroMotoCorp for Zaggle Save (expense management platform & employee benefits) for employees of Hero MotoCorp.
Jul 05, 2024, 10:31 am IST
HDFC Bank Stock Punges 4% On Q1 Update
HDFC Bank's share price fell by 4% in early trading on Friday following the release of its Q1 business update, which revealed a sequential decline in both advances and deposits. The largest private sector lender in India reported that its advances decreased by 0.8% quarter-on-quarter (QoQ), dropping to Rs 24.87 lakh crore at the end of June 2024 from Rs 25.1 lakh crore at the end of March 2024. This decline in the loan book was primarily due to the ongoing reduction of low-yielding corporate loans, including those from the former HDFC Ltd.
Jul 05, 2024, 10:26 am IST
Gold Price Update
The Precious Metal Prices Remains Same Today.
Jul 05, 2024, 10:00 am IST
Sector Update: Metals And Mining | 1QFY25 Preview: Gross Margin Expansion To Be Offset By Lack of Scale
Ashutosh Somani of JM Financial Institutional Securities Limited said, “We estimate the operating profits of our metals coverage universe to de-grow 4.5% QoQ in 1QFY25 as the gross margin expansion is partially offset by lack of scale sequentially. Indian steel markets witnessed a divergent price trend with long products prices moving up by INR4k/t QoQ while flat product prices declined marginally. Global steel making raw materials witnessed a sharp correction – spot coking coal down at ~US6/t (down sharply by US/t from peak), iron ore at US/t (down US/t from recent peak) driven by subdued Chinese demand outlook. Gross margin of India steel players are likely to expand by INR1.3k-1.5k/t in 1QFY25, driven by marginally higher realizations and lower coking coal consumption cost (~US/t). However, EBITDA/t expansion may be limited with the lack of scale, given the high volume base in 4Q seasonally. Working capital requirements is likely to offer some relief as steel / raw material prices trend down leading to better chances of net debt reduction. Spot spreads for steel players witness expansion (higher than 4Q) given sharp recent fall in coking coal prices. Aluminium prices averaged USD2,500/t+ in 1Q25 higher by ~US0/t+ QoQ driven by the ban on Russian Metal in LME. Hindalco is expected to post strong quarterly earnings given higher realization and subdued coal prices (CoP expected to be down 1-2%). JSPL (lowest leverage, highest volume growth over next few years) and Hindalco (Novelis delivering record margins) remain our top picks in the space.”
Jul 05, 2024, 9:40 am IST
Sector Update: India QSR | 1QFY25 Preview: Recovery signs still patchy
Mehul Desai of JM Financial Institutional Securities said, “We estimate our QSR coverage universe sales (organic) to increase by 9% yoy for 1QFY25 (vs 5-8% growth seen in 2HFY24). Our checks across various QSR categories suggest demand trends have remained broadly stable and similar to what was seen in recent quarters. While seasonality led uptick in sales per store is seen in 1QFY25 versus 4QFY24, however, there is no material acceleration in same store sales across various QSR categories, baring some improvement seen in Pizza category during the quarter. In terms of channel wise trends, delivery channel has seen better traction in the quarter versus dine-in, on account of events (IPL, World Cup, etc.) and to some extent due to harsh summers in certain regions (for eg: In North regions where Sapphire & Burger King have higher presence, footfalls in dine-in channel have been lower). While issue pertaining to quality of cheese used is now behind, certain external issues (negative sentiments versus US brands) resurfaced during the quarter, which continued to impact brands like McDonalds and BK Indonesia. On profitability front, while gross margins trends are stable, scale deleverage will continue to impact EBITDA margins on yoy basis. Overall, while trends have not deteriorated, pace of demand recovery is still soft and acceleration here will be key monitorable – initiatives on value offerings, increasing play across dayparts & no material price hikes over past two years, we believe should support further recovery in coming quarters. Sapphire Foods remains our preferred pick in the space.”
Jul 05, 2024, 9:22 am IST
Forex Market Outlook By Anand James, Chief Market Strategist, Geojit Financial Services
INR: The Indian rupee ended slightly stronger on Thursday, closing at 83.4925 against the U.S. dollar, up from 83.53 in the previous session. Firmer Asian peers and a decline in U.S. bond yields supported the rupee, but gains were limited by local dollar demand. Soft U.S. economic data on Wednesday eased depreciation pressure on Asian currencies.
USD: The pound and euro gained against the dollar on Thursday after weak U.S. economic data, including a weak services report and ADP employment report, indicated a slowing economy. This followed a rise in unemployment claims last week. Expectations that the labour market is weakening have fuelled hopes for potential Fed rate cuts later in the year. Non-farm payroll data due on Friday is expected to show an increase of 190,000 jobs in June, down from 272,000 in May.
Jul 05, 2024, 9:22 am IST
Nifty Derivative Outlook By Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 24350 for Calls and 24300 for Puts while monthly contracts have highest open interest at 25000 for Calls and 24000 for Puts. Highest new OI addition was seen at 24350 for Calls and 24300 for Puts in weekly and at 26000 for Calls and 24300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.24%, increased future index shorts by 2.08% and in index options by 13.84% decrease in Call longs, 7.71% decrease in Call short, 36.64% decrease in Put longs and 22.47% decrease in Put shorts.
Jul 05, 2024, 9:21 am IST
Nifty Prediction By Anand James, Chief Market Strategist, Geojit Financial Services
We have had stronger falls recently and recovered. Hence, yesterday’s decline is viewed with suspicion that this may not be the crack that the oscillator divergences have been pointing to. Further, yesterday’s small legged candle suggests that there was not much of a rejection either. This highlights the potential for bargain hunting resurfacing again. We had gone in yesterday expecting 24330-400 initially or an extension to 24500 beyond visibility remains very low. We do not intend to shift from this view now, but the downside marker may be moved to 24160.
Jul 05, 2024, 9:15 am IST
Market Outlook From Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the US jobs data expected today. If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September. So, watch out for this data.
At 80000 Sensex there is no valuation comfort in the market. Investors should expect only moderate returns in the medium term at the present levels. Long-term prospects are certainly bright and, therefore, investors can continue with systematic investment. Asset allocation based on risk appetite should be the strategy at this juncture in the market.
Jul 05, 2024, 9:14 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
On the weekly expiry day, the Index found pressure from the higher levels and ended the session on a flat note at 24,302. From the past couple of days, it seems that the Index is finding it difficult to hold higher levels and bearish divergence in RSI indicates weakening of momentum. The immediate support is placed at 24,150 while on the higher side, 24,400 will be considered as resistance. An early sign of bearish divergence was also spotted in BankNifty (not yet confirmed). The Auto sector has been oscillating in a well-maintained range, breakout is imminent. The IT sector is on the verge of giving a massive breakout from a Cup and Handle formation, one can expect a strong outperformance after the pattern breakout. With a strong bullish candle, the Pharma sector came out from its congestion, indicating a resumption of its uptrend (Laurus Labs-Trendline Breakout, Lupin-Range Breakout, and Zydus Life- Cup and Handle Breakout).
Jul 05, 2024, 9:10 am IST
Rupee vs Dollar
On Friday, the rupee opened at 83.49 against the US Dollar amid lower bond yields. Following the lower-than-expected US Service PMI and ADP non-farm employment change data, the Indian rupee has been trading sideways amid stronger crude oil prices.
Jul 05, 2024, 8:55 am IST
Coforge Shares In Focus
According to a draft letter of offer dated May 16, 2024, the company acquired 3,021,293 equity shares on July 4, 2024, which amounts to 11.07% of current paid-up share capital and 10.97% of expanded capital. This is based on May 2, 2024, which deals with the execution of an open offer after the completion of a share purchase agreement with the promoters and certain public shareholders of Cigniti Technologies Limited (the Share Purchase Agreement).
Jul 05, 2024, 8:33 am IST
Kalyan Jewellers India Quarterly Update: Q1 FY2025
Consolidated revenue jumped by almost 27% in Q1 FY2025 compared to the same time in the previous fiscal year. In Q1 FY2025 compared to Q1 FY2024, the company's rise in revenue for its India operations was almost 29%, driven by strong operating momentum and a solid 12% gain in same-store sales. When compared to the same time in the prior fiscal year, the company's revenue jumped by almost 16% in the Middle East, mostly due to growth in same-store sales. Approximately fifteen per cent of the total sales for the most recent quarter came from the Middle East.
Jul 05, 2024, 8:17 am IST
Bank Nifty Prediction By Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
From a technical standpoint, the index is consolidating in the band of 52,000-53,200. If the index sustains above 53,200 on an hourly basis, then the rally could extend towards 54,000-54,200 levels.
Jul 05, 2024, 8:14 am IST
Nifty Prediction Today By Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd
Technically, the index has sustained above the 24,200 barrier, indicating strength. As long as the index holds the support of 24,200, it may attempt to test the levels of 24,500-24,600.
Jul 05, 2024, 8:13 am IST
Macrotech Developers Q1 Business Updates
The company's Q1FY25 pre-sales of Rs 40.3 billion represented a spike of about 20% YoY, while Q1FY25 collections of Rs 26.9 billion demonstrated a growth of around 12% YoY. With three new projects in MMR and Pune totalling Rs 111 billion in GDV, the company now stands at >50% from its full-year target of Rs 210 billion.
Jul 05, 2024, 8:05 am IST
Bank Nifty Outlook From Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
The put writers further strengthened their position at the 53,000 Strike in Bank Nifty. However, the call writers (72K contracts) lead the put writers (36K contracts) sizeably at the 53,200 Strike and the option activity at this strike will provide cues about Bank Nifty’s upcoming direction.
Jul 05, 2024, 8:05 am IST
Nifty Outlook By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Strong call writing was observed at the 24,400 Strike while strong put writing was observed at the 24,300 Strike in Nifty, which kept the Index in a range throughout the day. The put writers (Bulls) have strengthened their position at the 24,000 & 24,200 Strike in Nifty today. The call writers, the Bears, with 1.24 lakh contracts lead the put writers (1.22 lakh contracts) marginally at the 24,300 strike and the option activity at this strike will provide cues about Nifty’s future direction.
Jul 05, 2024, 8:04 am IST
Motilal Oswal Financial Services Shares In Focus
Motilal Oswal Asset Management Company (MOAMC) announced the outstanding performance of its exclusive "Motilal Oswal Nifty India Defence Index Fund," which raised Rs 1,676 crores between June 13 and June 27, 2024, during the New Fund Offer (NFO) period. Units were distributed on July 3rd, and on July 9th, the scheme will open again for new subscriptions and redemptions.
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