Jul 01, 2024, 3:17 pm IST
Maruti Suzuki Declares Double-Digit June Sales Growth
Maruti Suzuki declared robust double-digit sales growth in June, selling 1.79 lakh units which was higher by 12.4% compared to a year ago. The robust show in June was supported by a 57% year-on-year (YoY) surge in total export sales at 31,033 units. Shares of Maruti Suzuki jumped 0.6% at 2:40pm, broadly in line with benchmark Sensex. Maruti's total domestic Passenger Vehicle sales (PV) was at 1.37 lakh units, little higher compared to a year ago.
Jul 01, 2024, 2:53 pm IST
Fintech Company Olyv Expects FY25 Revenue To Rise 40 Pc To Rs 350 Cr
Fintech firm Olyv expects its FY25 revenue to grow by 40 per cent to Rs 350 crore mainly on account of increase in user base, large ticket loans and expansion of portfolio, a top company official said on Monday. The company claims to have more than doubled its revenue to around Rs 250 crore in FY24 on a year-on-year basis.
"Olyv has shown remarkable growth, with current revenue reaching Rs 250 crore, up from Rs 116 crore last year, reflecting a 76 per cent increase in business volumes. The company projects that its revenue for FY25 will be approximately Rs 350 crore. This growth is expected to be driven by several key factors, such as an exponential user growth, an increase in larger ticket size loans, and the launch of new products," Olyv Co-Founder and CEO, Rohit Garg told PTI.
Jul 01, 2024, 2:29 pm IST
Govt To Organise 'Global IndiaAI Summit' On July 3-4
The Ministry of Electronics and Information Technology will organise a global AI summit on July 3-4 to discuss issues related to artificial intelligence with India firmly committed to ethical and inclusive growth of this new-age technology. Through the 'Global IndiaAI Summit 2024', India aspires to establish itself as a global leader in AI innovation, ensuring that AI benefits are accessible to all and contribute to the nation's socio-economic development.
The two-day event being organised by the Ministry of Electronics and Information Technology (Meity) in the national capital highlights the government's "unwavering commitment to the responsible development, deployment, and adoption of artificial intelligence", the release said. Key speakers at the event include Minister for Electronics and IT Ashwini Vaishnaw; Minister of State for Electronics and IT Jitin Prasada, as well as industry leaders.
Jul 01, 2024, 2:24 pm IST
Gold prices in India continued to remain steady since June 30, 2024 as data indicated US inflation lessened thus boosting prospects that Fed Reserve will begin slashing interest rates this year. 22k yellow metal prices today remained unchanged at Rs 66,250/10 grams and 100 grams of 22 carat yellow metal prices today stayed steady at Rs 6,62,500. 24k gold prices today did not undergo any changes and currently retailing at Rs 72,280/10 grams and 100 grams of 24 carat yellow metal prices today are quoting at Rs 7,22,800.
It is worth mentioning that 24k/1 gram gold prices on June 1 was quoting at Rs 7255/1 gram and today (July 1, 2024) the prices of 24k/1 gram declined to Rs 7228/1 gram, witnessing a decline of 0.37%.
18k gold prices today in India are retailing at Rs 54,210/10 grams and 100 grams of 18 carat precious metal prices stood at Rs 5,42,100.
Spot gold remained slightly changed at ,323.74 per ounce, as of 0022 GMT. Prices surged over 4% in the 2nd quarter. Spot silver declined 0.3% to .05 per ounce, platinum remained flat at 3.60 and palladium gained 0.2% to 4.50., according to Reuters.
Jul 01, 2024, 2:01 pm IST
PSU REC Stock Gains 5%
REC shares rise 5% after Q1 business update. In Q1FY25, REC has continued its growth trajectory and posted yet another quarter with strong operational performance and recorded loan sanctions of Rs,12,747 crore and loan disbursements of Rs 43 652 crore during the first quarter ended June 30, 2024 of financial year 2024-25, which translates into significant growth of 24.17% and 27.89%, respectively, over the corresponding quarter of financial year 2023-24.
Jul 01, 2024, 1:41 pm IST
Nifty IT Skyrockets 825 Points
Nifty IT index is on a bull run, lifting broader market. The index is up by 824.60 points or 2.3% to trade at 36,982.10. Stocks like Persistent Systems, Mphasis, Wipro, Tech Mahindra, Wipro, LTIMindtree, LTTS, and TCS surged by 2-6.5%.
Jul 01, 2024, 1:14 pm IST
NTPC Stock Nosedives 2%
NTPC shares fall by 2% despite the company's board approving the issue of secured/ unsecured, redeemable, taxable/taxfree, cumulative/non-cumulative, non-convertible debentures ("Bonds/NCDs") up to Rs.12,000 crore in one or more tranches/series not exceeding 12 (twelve).
Jul 01, 2024, 12:59 pm IST
Karur Vysya Bank Share Jumps
This private sector bank stock surged by over 1.1% to Rs 208.95 apiece on BSE. The stock touched an intraday high of Rs 212.05 which was near its 52-week high of Rs 219.95 apiece. The uptrend comes after Karur Vysya reported 16% growth in advances YoY in Q1, while deposits surged by 14.4% YoY. CASA was up by 5.6% YoY.
Jul 01, 2024, 12:42 pm IST
Upcoming IPO
NivaBupa Health Insurance has reportedly filed its draft prospectus with market regulator Sebi for initial public offering (IPO). The IPO is likely to comprise of Rs 800 crore, and offer for sale (OFS) of up to Rs 2,200 crore.
Jul 01, 2024, 12:25 pm IST
L&T Falls Despite Bagging Order From ONGC
Share Price Of L&T fell by nearly 1% despite securing order from the Oil & Natural Gas Corporation (ONGC) for the eighth phase of Pipeline Replacement Project (PRPVIII Group B) off India's west coast. The order involves engineering, procurement, construction, installation & commissioning (EPCIC) of 129-km subsea pipelines and associated modification works across India’s west coast offshore fields of the ONGC.
Jul 01, 2024, 12:08 pm IST
Axis Bank, Piramal Finance Tie-Up
Private Bank Axis Bank has partnered with Piramal Finance for co-lending business. The share price of Axis Bank traded higher, and near its intraday high of Rs 1,274.70, which is also near its 52-week high of Rs 1,308.55.
Jul 01, 2024, 11:56 am IST
Budget 2024: Calls For Enhanced Tax Relief For Senior Citizens
India's senior citizens have several suggestions for the forthcoming Union Budget 2024. Practicing chartered accountant Suresh Surana recommends raising the Mediclaim Premium threshold to Rs 1 lakh, as older adults have been significantly impacted by escalating medical expenses. He also suggests lowering the age limit for income tax return filing exemptions for senior citizens from 75 to 60 years and revising the lock-in period for specified investments under Section 80C to offer more liquidity to seniors.
Jul 01, 2024, 11:43 am IST
Agri Inputs Witness Price Uptrend: Prabhudas Lilladher
Agri-commodity price trend has turned slightly inflationary except Copra & SMP. Monsoons and production trends in Rabi season will determine prices of key agri linked inputs in coming months.
1Q avg. sugar prices are up 2%QoQ/8% YoY to Rs3936/ quintal. Sugar production trend and prices will depend upon the monsoon progress in key states of UP and Maharashtra.
1Q avg. Palm Fatty Acid (PFAD) prices increased by 9.8% QoQ & 7.1% YoY. 1Q avg. Palm oil prices are up ~2% QoQ & YoY to Rs. 71,176/ton.
Jul 01, 2024, 11:25 am IST
BEL received order worth Rs31.7bn from Armoured Vehicles Nigam
With the robust order intake pace, company is well on its way to achieve ~Rs250bn order intake expectation set for FY25. Furthermore, we remain positive on BEL's long-term growth given their diversification into non-defence verticals and their focus on exports, according to Prabhudas Lilladher.
Jul 01, 2024, 11:18 am IST
Visaman Global Sales Soars on NSE SME Debut, Opens at 4.88% Premium
Visaman Global Sales shares began trading on the NSE SME platform on Monday, opening at a 4.88% premium over their IPO price.
The stock's initial price was Rs 45.10, compared to the issue price of Rs 43.
Strong Market Debut
Before the listing, Visaman Global Sales' shares were trading at a Rs 13 premium in the unlisted market.
The company's IPO involved a fresh equity sale of 37.32 lakh shares and saw a subscription rate exceeding 42 times.
Jul 01, 2024, 11:16 am IST
Toyota Shatters Records with All-Time High Monthly Sales in June!
Toyota Kirloskar Motor has reported its highest-ever monthly sales, with 27,474 units sold in June. This represents a 40% increase in total dispatches to dealers compared to June 2023 when 19,608 units were delivered. In June 2024, domestic wholesales for the company reached 25,752 units, while exports accounted for 1,722 units.
Toyota's remarkable achievement in June sales can be attributed to various factors. The company's diverse product portfolio and strong dealer network have played a significant role in this success. Additionally, Toyota has been focusing on enhancing customer experience and offering innovative solutions to meet the evolving needs of consumers.
Strong performance across product range
The impressive sales figures can also be credited to the strong performance of Toyota's product range. Popular models like the Innova Crysta and Fortuner have continued to attract buyers, while newer offerings such as the Glanza and Urban Cruiser have also contributed to the sales growth.
Jul 01, 2024, 11:15 am IST
Bajaj Auto's Wholesales Soar by 5% with Impressive June Sales Figures
Bajaj Auto announced a 5% rise in its overall vehicle wholesales, including exports, for June. The company sold 3,58,477 units during this period. In June 2023, the Pune-based manufacturer had sold 3,40,981 two-wheelers and commercial vehicles.
Domestic sales, which include commercial vehicles, experienced an 8% growth. The total reached 2,16,451 units last month compared to 1,99,983 units in June of the previous year.
Jul 01, 2024, 10:20 am IST
IT Stocks Rally Ahead Of Q1
Wipro, TCS and Tech Mahindra are among top bulls today as broad-based buying was seen across IT basket ahead of Q1 results for FY25.
Jul 01, 2024, 9:57 am IST
Sector Update: IT Services | 1QFY25 Preview: Reading tea leaves
Abhishek Kumar of JM Financial Institutional Securities said, “Current demand environment is difficult to call. 1Q headline numbers are unlikely to give away any clue either. We expect -2% to +2.1% cc QoQ growth print for large-caps. Both extremes (INFO at upper and HCL at lower-end) are due to specific factors. Those aside, it will likely be a quarter of middling growth. Especially given c.50bps could be added by higher number of working days alone (exhibit 6). We don’t expect players’ commentary to be materially different either. Investors should therefore read between the line (items) to gauge demand. Sequential improvement in BFSI, stability in Telecom/Hi-tech could be positive signs. Pick-up in attrition, moderation in headcount decline would also signal trough formation. Global cues have been incrementally positive. ACN’s result (Trend reversal?), CTSH’s recent comment (coming in the upper half of 2Q guide) and CAP’s reiteration that trough is behind suggest things are not deteriorating further. For select mid-caps on the other hand, growth might accelerate. We expect PSYS/KPIT to report an impressive 5.5%/4.6% cc QoQ growth. Adverse cross-currency impact could lower reported USD revenue print. We expect margin performance to vary across players, with large-caps showing better resilience. A still patchy outlook informs our preference towards stocks where expectations are better aligned (INFO/WPRO). TECHM remains a BUY on turnaround hopes while KPIT/TATATECH are structural bets on Auto ER&D theme. INFO/TECHM/KPIT could surprise positively in 1Q.”
Jul 01, 2024, 9:46 am IST
Manorama Industries Shares In Focus
Manorama Industries on Monday commenced commercial production from its new state-of-the-art fractionation plant which has a capacity of 25,000 tonnes per annum (TPA) and takes its total fractionation input capacity to 40,000 TPA.
Jul 01, 2024, 9:18 am IST
Morning Market View From Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Despite high valuations the market is likely to remain resilient. The healthy trend in the recent rally, which has pushed Nifty by 6.5% in June, is that it is being led by fundamentally strong largecaps like RIL, leading private sector banks and Bharti Airtel. The high delivery based buying in largecaps is a strong trend that will impart resilience to the market.
The June auto numbers are likely to be tepid and, therefore, this segment will not witness much market action in the coming days. The Q1 results of financials can turn out to be better than expected and this can sustain the rally in this segment. IT numbers will be tepid but the market response will depend on the management commentary. It is important to appreciate that the global support for the rally continues with the outperformance of the US market where the S&P 500 is up 14.4% YTD compared to 10.4% for the Nifty. The US core CPE for May coming at 2.6% is good news for the bulls since it increases the possibility of rate cuts by the Fed this year.
Jul 01, 2024, 9:15 am IST
Pre-Opening Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
Profit booking at record levels dragged the Index lower to settle the last day of the week/month at 24,011. The weekly chart (Bullish Engulfing) indicates a strong uptrend while the daily chart (Bearish Candle) denotes a temporary pause in its northward journey. Buying on dips will be an ideal strategy with the downside being protected at 23,660 while 24,260 to be considered as the resistance. We have been recommending Ancillary stocks from the Auto space, especially Tyre counters (Apollo and JK Tyre-Flag and Pole Breakout). Heavyweight Reliance will likely lead the Energy sector rally as it has given a strong breakout from a Bullish Flag and Pole formation. Gas-related stocks also look firm on a technical front (IGL-Symmetrical Triangle Breakout and Gujarat Gas- Flag and Pole Breakout). Some IT heavyweights indicate a resumption of its uptrend (HCL Tech- Reversed from the lower end of the Rising Channel and Tech Mahindra- Symmetrical Triangle Breakout). Investors should keep an eye on the Agro/Specialty stocks as couple of stocks have given a strong breakout.
Jul 01, 2024, 9:10 am IST
Rupee vs Dollar
On Monday, 1st July, the Indian currency rupee opened lower at 83.29 against US Dollar. The rupee gained over 0.1% from its previous wrap up of 83.46 to settle at 83.38 on Friday.
Jul 01, 2024, 8:51 am IST
JSW Energy Signs Power Purchase Order For 700 MW ISTS-Connected Solar Capacity With SJVN
For ISTS-connected solar capacity of 700 MW, JSW Renew Energy (Raj) Limited, a wholly-owned step-down subsidiary of JSW Energy Limited, has signed a Power Purchase Agreement (PPA) with SJVN Limited. The company's whole locked-in capacity is 13.9 GW. A 25-year power supply agreement at a rate of Rs 2.52/KWh is signed under the PPA. The project in consideration is located in Rajasthan and is scheduled for commissioning over the next 24 months. With this, the total solar capacity locked in will reach 3.5 GW.
Jul 01, 2024, 8:46 am IST
Nifty & Bank Nifty Prediction From Om Mehra, Technical Analyst, SAMCO Securities
On the daily time frame, Nifty has formed a bearish inverted hammer. In the hourly chart, the 23.6% Fibonacci retracement level remains at 24,000. If this level is violated, it may extend to 23,850. The Bank Nifty ended the session at 52,342.25, down 0.89%. The daily chart displays an evening star (bearish pattern) with the daily RSI standing at 65 and shifting down towards its average line. The resistance remains near the 52,900-53,950 range while the support is at the 51,700 level. A "sell on rise" strategy is advisable for the next session unless the 53,000 level is crossed.
Jul 01, 2024, 8:26 am IST
Bank Nifty Prediction Today By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Bank Nifty gave a lower close on the daily chart. It closed 469 points lower at 52,342. The Index has formed an evening star pattern on the daily chart, which is considered to be a bearish reversal signal. Strong call writing along with put writers exiting was observed at strikes from 52,600 until 53,100 in Bank Nifty. The option activity at 52,000 strike will provide cues about Bank Nifty’s upcoming direction.
Jul 01, 2024, 8:26 am IST
Nifty Prediction Today By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
The long short ratio jumped to 82% on 28th June from 67% on 27st June as the Foreign Portfolio Investors (FPIs) covered short positions and built long positions in the Index futures for the 14th consecutive day. The 24,000 Strike saw call writers (Bears) exiting and put writing while the 24,100 & 24,200 saw significant call writing, which kept the Index rangebound for major part of the day. Nifty has formed a shooting star like candle on the daily chart hinting towards mild weakness. The put writers, the Bulls, (2.25 lakh contracts) lead the call writers, the Bears, (1.68 lakh contracts) marginally at the 24,000 strike and the option activity at this strike will provide cues about Nifty’s future direction.
Jul 01, 2024, 8:05 am IST
Market Overview Today By Siddhartha Khemka, Senior Group VP, Head - Research, Broking & Distribution, Motilal Oswal Financial Services Ltd.
Nifty and Sensex have crossed historic milestones with both the indices making fresh highs of 24174 and 79671 levels respectively. We expect this positive momentum to continue at a steady pace with stock-specific action. However, the release of economic data points next week would keep a little volatility in the market. Sector like Auto is expected to be in the limelight as OEMs would release their monthly auto Sales number.
Jul 01, 2024, 8:02 am IST
Bank Nifty Prediction Today By Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
From a technical standpoint, the index has formed a bearish candle near trend line resistance. Thus, for the short term, 53,200 will act as a hurdle for Bank Nifty. If the index sustains above the 53,200 levels, then the rally could extend towards 54,000.
Jul 01, 2024, 8:02 am IST
Nifty Prediction Today By Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
Technically, the index has found resistance near the 24,200 levels, and failed to close above the trend line resistance. If the index sustains above 24,200 levels, then the rally could extend towards 24,500-24,600 levels in the short term.
Jul 01, 2024, 7:59 am IST
GIFT Nifty Monthly Turnover Data
For the month of June 2024, GIFT Nifty has an all-time high monthly turnover of US .55 billion. This incredible feat beats the previous record, which was achieved in May 2024 at US .73 billion. In June 2024, it also had the highest monthly turnover ever, with 21,23,014 contracts valued at US .55 billion (or INR 7,97,714 Crs.).
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