Jul 02, 2024, 3:23 pm IST
Bansal Wire IPO: Subscription To Open Tomorrow; GMP Hints Strong Debut
The Initial Public Offering (IPO) of Bansal Wire, the stainless steel wire manufacturer in India, is set to open for subscription on July 3 and will close on July 5. This IPO aims to raise approximately Rs 745 crore. Here are ten essential things you need to know about the Bansal Wire IPO before making an investment decision.
Bansal Wire holds the position of being the largest stainless steel wire manufacturer in India and the second largest steel wire manufacturer by volume. In the fiscal year 2023 (FY23), the company achieved production figures of 72,176 metric tonnes per annum (MTPA) of stainless steel wire and 206,466 MTPA of steel wire.
Jul 02, 2024, 3:21 pm IST
Biden Administration Provides USD 504 Mn To Support 12 'Tech Hubs' Nationwide
The Biden administration said Tuesday that it was providing USD 504 million in implementation grants for a dozen “tech hubs" in Ohio, Montana, Nevada and Florida, among other locations. The money would support the development of quantum computing, biomanufacturing, lithium batteries, computer chips, personal medicine and other technologies.
The administration is trying to encourage more technological innovation across the country, instead of allowing it be concentrated in a few metro areas such as San Francisco, Seattle, Boston and New York City. “The reality is there are smart people, great entrepreneurs, and leading-edge research institutions all across the country," Commerce Secretary Gina Raimondo said in a call previewing the announcement.
Jul 02, 2024, 2:44 pm IST
Sensex Today: Vinod Nair, Head of Research at Geojit Financial Services
We expect this trend to continue in the short term as discretionary spending is expected to bounce back. Investors are now keenly watching upcoming US job data and the Fed Chair's speech for more clarity on interest rates.
Jul 02, 2024, 2:18 pm IST
Gold Price India, July 2: Gold Prices Get Dearer After 2-Days Pause
Gold prices in India today witnessed rally after remaining steady for 2 days as investors are keenly waiting for comments from Federal Reserve Chair Jerome Powell and jobs data for more clarity on U.S. central bank’s interest rate outlook. 22k gold prices today jumped by Rs 100 to Rs 66,350/10 grams and 100 grams of 22 carat yellow metal prices zoomed by Rs 1000 to Rs 6,63,500. 24K yellow metal prices today surged by Rs 100 to settle at Rs 72,380/10 grams and 100 grams of 24 carat precious metal prices rallied by Rs 1000 to Rs 7,23,800 in India on Tuesday.
18k gold prices today turned dearer by Rs 80 to Rs 54,290 and 100 grams of 18 carat yellow metal prices today stood at Rs 5,42,900 after the rally by Rs 800 in India.
Traders will look for cues on rate cuts when Powell speaks later in the day. Next on their radar are ADP employment, ISM services PMI data and minutes of the Fed’s last policy meeting due on Wednesday and the nonfarm payrolls report scheduled for release on Friday, according to Reuters.
Jul 02, 2024, 2:16 pm IST
Lupin Finalizes Transfer of Trade Generics Business To Lupin Life Sciences
Lupin has successfully transferred its trade generics business in India to its subsidiary Lupin Life Sciences as a going concern, through a slump sale arrangement.
Jul 02, 2024, 1:59 pm IST
APAR Industries Names Manish Agrawal CEO Of Conductor & Telecommunications Divisions
Manish Agrawal has been appointed as Chief Executive Officer (CEO) of the Conductor & Telecommunications Businesses within APAR Industries, effective from July 2, 2024. His appointment falls under the category of Senior Management Personnel as decided by the Company's Board of Directors.
Jul 02, 2024, 1:56 pm IST
DCX Systems Secures Rs 1,250 Crore Contract For Electronic Modules
DCX Systems has been awarded a contract valued at Rs 1,250 crore by Larsen & Toubro for the manufacturing and supply of electronic modules.
Jul 02, 2024, 1:45 pm IST
IOL Chemicals Receives NMPA Approval For Fenofibrate Product
IOL Chemicals has received approval from China's National Medical Products Administration (NMPA) for its Fenofibrate product. This approval allows the company to export Fenofibrate Active Pharmaceutical Ingredient (API) to the Chinese market. Fenofibrate is utilized in the treatment of elevated cholesterol and triglyceride levels in the bloodstream.
Jul 02, 2024, 1:32 pm IST
Indian Bank Raises MCLR By 5 Basis Points Across Multiple Tenures
Indian Bank has announced a marginal cost of funds-based lending rate (MCLR) hike of 5 basis points, effective July 3. The increase applies to tenures spanning one month, six months, and one year.
Jul 02, 2024, 1:11 pm IST
ONGC Appoints New CFO
The ONGC board has approved the appointment of Shri Vivek Chandrakant Tongaonkar as Director (Finance) and has designated him as the company's Chief Financial Officer (CFO).
Jul 02, 2024, 1:00 pm IST
Welspun Specialty Solutions Secures Rs 117.17 Crore Contract For NTPC Project
Welspun Specialty Solutions has secured a contract worth Rs 117.17 crore to supply seamless stainless steel boiler tubes for NTPC's Talcher 2 x 660 MW supercritical thermal power project. The contract is expected to be executed by December 2024.
Jul 02, 2024, 12:48 pm IST
Godrej Properties Sells Over 2,000 Homes Worth Rs 3,150 Crore In Bengaluru
Godrej Properties has successfully sold over 2,000 homes valued at more than Rs 3,150 crore in its Godrej Woodscapes project, located in Whitefield-Budigere Cross, Bengaluru. This achievement marks over 500% quarter-on-quarter growth in sales for Godrej Properties in Bengaluru, surpassing its full-year FY24 sales target for South India within the first quarter.
Jul 02, 2024, 12:48 pm IST
SENSEX and NIFTY Updates
Stock Market Live Updates
Jul 02, 2024, 12:46 pm IST
Gold Price Updates
The Yellow Metal Prices in Chennai Increases
Jul 02, 2024, 12:38 pm IST
Patanjali Foods To Acquire Parent's Non-Food Business For Rs 1,100 Crore
On July 1, Patanjali Foods announced that its board has approved the acquisition of Patanjali Ayurved's non-food business for Rs 1,100 crore in tranches. This strategic move, structured as a going concern on a slump sale basis, aims to expand Patanjali Foods' product portfolio. Patanjali Ayurved, co-founded by Ramdev, has Balakrishna as its Managing Director.
Jul 02, 2024, 12:07 pm IST
NMDC Reduces Iron Ore Prices Amid Production Decline
NMDC has announced a reduction in lump ore prices by Rs 500, bringing them down to Rs 5,950 per tonne from Rs 6,450 per tonne. Similarly, the prices of fines have been cut by Rs 500, now standing at Rs 5,110 per tonne compared to the previous Rs 5,610 per tonne. In addition to the price cuts, NMDC reported a 3.16% year-on-year decline in total iron ore production, which fell to 3.37 million tonnes. Sales also saw a decrease, dropping by 9% to 3.73 million tonnes in June 2024.
Jul 02, 2024, 11:51 am IST
Strong Listing: Allied Blenders And Distillers Shares Debut At 14% Premium From IPO Price On Exchanges
Allied Blenders and Distillers (ABD) made a healthy debut today, marking a strong start for the international liquor company. The stock opened at Rs 320 per share on the National Stock Exchange (NSE), a 13.88% increase over its issue price of Rs 281. On the Bombay Stock Exchange (BSE), the share price began at Rs 318.10 apiece, up by 13.20% from the issue price. This performance has surpassed market experts' expectations, who had predicted an opening range between Rs 315 and Rs 333 per share.
Jul 02, 2024, 11:46 am IST
Stock Broking Firms Tumble; Angel One Tanks Over 10 percent
Shares of stock broking firms declined on Tuesday, a day after markets regulator Sebi directed stock exchanges and other market infrastructure institutions (MIIs) to implement a uniform and equal charge structure for all members rather than varying charges based on their volume or activity. The stock of Angel One tumbled 10.50 percent, Geojit Financial Services tanked 5.86 percent, Dolat Algotech dropped 5.39 percent, 5paisa Capital declined 4.51 percent, Motilal Oswal Financial Services went lower by 3.70 percent and SMC Global Securities dipped 2.41 percent on the BSE.
Jul 02, 2024, 11:37 am IST
Kotak's Unexpected Role in the Adani-Hindenburg Controversy: How the US Short Seller Fought Back
The ongoing Adani-Hindenburg saga witnessed a new development on Tuesday as Hindenburg, a US short seller, revealed that it had received a show cause notice from the Securities and Exchange Board of India (SEBI) over alleged violations in placing bets on Adani Group stocks. In a surprising turn of events, Kotak Bank has also been implicated in the matter.
Jul 02, 2024, 11:27 am IST
China's Stock Market: A Rollercoaster Ride as Investors Eye Recovery and Await Policy Clues
China's stock market displayed mixed results on Tuesday as investors evaluated the country's economic recovery and anticipated potential stimulus measures from forthcoming policy meetings.
Asian stocks were generally weak, impacted by a stronger U.S. dollar driven by rising Treasury yields. Investors also weighed the implications of a possible return of Donald Trump to the U.S. presidency.
Jul 02, 2024, 11:11 am IST
Welspun Lands 117 Crore Deal to Power NTPC's Thermal Project with State-of-the-Art Boiler Tubes
Welspun Specialty Solutions has secured a significant contract valued at 117.17 crore. This deal involves supplying seamless stainless steel boiler tubes for NTPC's Talcher supercritical thermal power project.
The project, which features two units of 660 MW each, is a major development in the energy sector. The contract outlines that the supply of these critical components will be completed by December 2024.
Contract Details and Execution Timeline
This agreement marks a crucial milestone for Welspun Specialty Solutions. The company will provide essential materials to support NTPC's ambitious power generation goals. The seamless stainless steel boiler tubes are integral to the efficiency and safety of the thermal power plant.
The timeline for this project is set with precision. All deliverables are expected to be fulfilled by the end of 2024, ensuring that NTPC can proceed with its operational plans without delay.
Jul 02, 2024, 10:49 am IST
Sakuma Exports Shares Surge 2% with Exciting Bonus Issue and Fundraising Announcement
Sakuma Exports' shares saw a 2% rise following the announcement of a bonus issue and plans for fundraising. The company's board has approved issuing bonus shares in a 1:1 ratio, meaning shareholders will receive one additional share for each share they hold.
The company also revealed its intention to raise funds through various means, including equity shares, debt instruments, or other securities. This move aims to support its growth plans and strengthen its financial position.
Bonus Issue Details
The bonus issue is subject to shareholder approval at the upcoming Annual General Meeting (AGM). If approved, the record date for determining eligible shareholders will be announced later. This initiative is expected to enhance liquidity and attract more investors.
In addition to the bonus issue, Sakuma Exports plans to raise funds up to Rs 100 crore. The company may opt for different methods such as rights issues, preferential allotments, or qualified institutional placements (QIPs).
Jul 02, 2024, 10:36 am IST
Bansal Wire IPO: Subscription To Open Tomorrow; GMP Hints Strong Debut; Check Key Dates Here
The Initial Public Offering (IPO) of Bansal Wire, the stainless steel wire manufacturer in India, is set to open for subscription on July 3 and will close on July 5. This IPO aims to raise approximately Rs 745 crore. Here are ten essential things you need to know about the Bansal Wire IPO before making an investment decision.
Jul 02, 2024, 10:28 am IST
SEBI Slaps Show Cause Notice On Hindenburg, US Firm Terms It 'Nonsense'
US short seller Hindenburg Research, which had rocked the Adani Group with allegations of stock market manipulation and accounting fraud, on Tuesday said it has received a show cause notice from Indian capital market regulator SEBI over alleged violations in placing bets on the conglomerate stocks.
Jul 02, 2024, 10:22 am IST
Sector Update: Consumer Durable | Q1FY25 Preview: Strong Season, While Small Appliances Yet To Come Back
Deepak Agarwal of JM Financial Institutional Securities said, “In Q1FY25, Consumer Durables – In Appliances companies witnessed highest growth ever in Room Air Conditioners (RAC) on back of strong season, Improvement in demand for Refrigerator. In Small Appliances/Electricals; Fans despite strong summer have grown by only 10-15% in volume due to excessive heat. Products like – Pumps + Stabilizers + UPS + Air coolers has witnessed strong growth. Kitchen appliances + other domestic appliances witnessed muted growth. In Wires & Cables; B2B demand was strong due to capex cycle + Export but B2C demand was muted mainly because of volatile RM. For Q1FY25 we expect sector to see a revenue/EPS growth of 24%/44%.”
Jul 02, 2024, 9:42 am IST
Market Outlook Today From Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Nifty has delivered 10.4% returns in the first half of 2024 on top of the 20% returns in 2023. These are impressive returns. An important feature of this bull market which began after the COVID crash of March 2020 (Nifty at 7511) is that it has been devoid of any significant correction. The only above 5% correction in the Nifty was on June 4th, in response to the election results. But this was followed the very next day by a sharp recovery. This one-way move in the market can be attributed to the successful ‘buy on dips’ strategy being followed by the domestic investors - both institutional and retail. There is sustained flow of money into the market through mutual funds, particularly through SIPs. So long as this market construct holds steady, the market will remain resilient. It is worth repeating that some stocks in the broader market have bubble valuations and, therefore, they are vulnerable to sharp correction.
The up move in the U.S.10-year bond yield to 4.45% will invite selling by FIIs. But the domestic investors will be more than happy to absorb this.
Jul 02, 2024, 9:20 am IST
Morning Market Outlook By Aditya Gaggar, Director of Progressive Shares
Indian equities started the July month on a strong note and gained over 130 points to settle the session at a record closing level of 24,142. Bullish Engulfing pattern on the daily charts indicate the presence of a strong momentum and we believe that the Index is heading toward the 24,250-24,400 zone while the support level is shifted higher at 23,940. The auto-ancillary stocks extended their outperformance, boosting our confidence to remain overweight. Heavyweight HDFC Bank is on the cusp of a major pattern breakout, and post the breakout, one can expect an outperformance by BankNifty. We have been recommending gas stocks (IGL & GujGas) and they are performing as per our expectations and we continue to remain positive. Post the pattern breakout confirmation, the IT segment extended its journey toward the north and is likely to continue. The Media sector has given a breakout from a bullish Flag and Pole formation and some of the counters are on the verge of providing a major breakout (SunTV and Saregama), one should keep an eye on the same. From medium to long term horizon, investors should focus on the Agro/Specialty Chemicals segment. By forming a strong bullish candle, Mid and Smallcaps have ended the congestion phase and are likely to resume outperformance.
Jul 02, 2024, 9:11 am IST
Rupee vs Dollar
The rupee opens lower at 83.47 against the US dollar on Tuesday on the back of rising crude oil prices. On Monday, the value of the rupee fell by 11 paise to 83.45 (provisional) versus the US dollar.
Jul 02, 2024, 8:57 am IST
Route Mobile Shares In Focus
The Board of Directors of the company has fixed Thursday, July 11, 2024 as the record date for the purpose of the payment of dividend of Rs 2/- per equity share of Rs 10/- each (20%) for the financial year ended March 31, 2024 (subject to approval of shareholders at the ensuing AGM), as per a regulatory filing.
Jul 02, 2024, 8:43 am IST
Welspun Specialty Solutions Shares In Focus
With great excitement, Welspun Specialty Solutions Limited, the leading bidder for the NTPC Talcher 2 x 660 MW Super critical Thermal Power Project, is pleased to announce that the official purchase contract has been granted for the delivery of seamless stainless steel boiler tubes. With GST included, the contract's ultimate value is Rs. 117.17 crore, and it is anticipated to be completed by December 2024. In the regular course of business, the company has obtained the aforementioned contract. The aforementioned transaction is carried out on an arm's length basis and does not come under a related party transaction.
Jul 02, 2024, 8:28 am IST
Hero MotoCorp Monthly Business Update
In June 2024, 503,448 scooters and motorcycles were sold by Hero MotoCorp, the largest motorcycle and scooter manufacturer in the world. This corresponds to a 15% increase over June 2023, the comparable month. The company sold 491,416 units in the domestic market during the month, which is a 16% increase over the same month's sales of 422,757 in June 2023. The company's total sales for the quarter that ended in June 2024 climbed 13.5% to 15.35 lakhs over the same period the year before i.e.13.52 lakhs.
Jul 02, 2024, 8:16 am IST
JTL Industries Quarterly Business Update
JTL Industries has seen a noteworthy YoY gain in sales volume, climbing by 10.8% to reach 85,674 MT in Q1FY25 from 77,342 MT in Q1FY24. Value-added product sales at JTL were 21,261 MT, accounting for 25% of the entire sales mix. In terms of export volumes, JTL has also reached its highest-ever quarterly sales volume, with a robust rise of 31.4% from 4,503 MT in Q1FY24 to 5,917 MT in Q1FY25. 6.9% of Q1 FY25's total sales volume came from export sales.
Jul 02, 2024, 8:08 am IST
Godrej Properties Shares In Focus
Today, Godrej Properties Ltd. (GPL) declared that it has sold more than 2,000 homes in its Godrej Woodscapes project, which is situated in Bengaluru's Whitefield-Budigere Cross, for more than Rs 3,150 crores. In terms of the volume and value of sales achieved, this is Godrej Properties' most successful launch to date. It is also the second launch to generate sales of Rs 3,000 crore in the last three months. Thanks to Godrej Woodscapes' performance, GPL's sales in Bengaluru have grown by more than 500% QoQ and have surpassed its FY24 total sales in South India for the entire year in the first quarter.
Jul 02, 2024, 8:01 am IST
Bank Nifty Outlook From Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
Both the 52,500 & 52,600 Strike saw fierce battle between both the call (Bears) & put (Bulls) writers. However, the 52,900 & 53,000 Strike saw put writers exiting, making the resistance at 53,000, stronger. The put writers (1.43 lakh contracts) lead the call writers (1.13 lakh contracts) marginally at the 52,500 Strike and the option activity at this strike will provide cues about Bank Nifty’s upcoming direction.
Jul 02, 2024, 8:01 am IST
Nifty Outlook By Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities
The 24000 & 24,100 Strike saw significant put writing, which led the steady up move in the Index Monday. The maximum put open interest for Nifty is placed at the 24,000 Strike. This level will act as the immediate support for Nifty. The call writers, the Bears, (1.62 lakh contracts) lead the put writers (62K contracts) at the 24,200 strike and the option activity at this strike will provide cues about Nifty’s future direction.
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