Jul 08, 2024, 3:41 pm IST
Post-Market Quote By Mr. Aditya Gaggar Director of Progressive Shares
The markets commenced the week on a muted note at 24,330 and due to a lack of momentum, the Index remained rangebound throughout the day to settle the trade at 24,320.55 with a minuscule loss of 3.30 points. Among the sectors, FMCG and Energy were the top performers while PSU Banks and Metal were the major laggards. The Railway segment was the star performer of the day as almost all the counters surged over 5-6%. Around its record levels, the Index has formed a DOJI candlestick pattern which indicates indecisiveness between the bulls and bears. We believe the choppy trade can be anticipated in the Index with the downside being protected at 24,220 while the immediate hurdle is placed at 24,400.
Jul 08, 2024, 3:25 pm IST
Muthoot Microfin | Distinctive MFI Play; Attractive Valuations
Sameer Bhise of JM Financial Institutional Securities said, “We initiate coverage on Muthoot Microfinance (MML) with a BUY rating and a target price of INR 300. We believe MML’s i) unique risk assessment model using Equifax, ii) dedicated collections team, iii) risk-based pricing iv) continued tech integration to lower opex, v) NAT CAT and death insurance to shield asset quality and vi) strong parentage of Muthoot Pappachan Group with high vintage senior management team represent a compelling opportunity in the MFI space. MML is the third largest NBFC-MFI in India based on AUM, and the leading MFI in Kerala by market share. We believe that with recent expansion into newer geographies, viz. AP and Telangana (total presence in 19 states), and its efforts to deepen its presence in these geographies, MML has significant potential to drive growth in the near-medium term. Also, the substantial capex done for branch expansion and tech in FY21-24 is likely to drive operational efficiencies. Its risk-based pricing for distinct customer categories empowers MML to offer competitive yields to its clients while its expectation of a ratings upgrade could also offer CoFs tailwinds and, thus, access to other sources of funds. With IRDAI licence, MML has also gained an opportunity to charge commission on insurance products which would add to revenues and opens opportunity to offer insurance products to new customers. We expect RoA to expand up to 4.8% by FY26E as operating leverage and CoFs benefit plays out. We believe the stock is currently trading at a relatively inexpensive valuation of 1.0x FY26E P/B and we value it at 1.2x FY26E P/B entailing a TP of INR 300. Initiate with BUY.”
Jul 08, 2024, 3:09 pm IST
LIC MF Appoints Nikhil Rungta As Co-Chief Investment Officer
Nikhil Rungta has been appointed by LIC Mutual Fund (LIC MF) as Co-Chief Investment Officer – Equity (Co-CIO), effective June 19, 2024. Commenting on the appointment, Mr. Ravi Kumar Jha, Managing Director, and Chief Executive Officer, LIC Mutual Fund Asset Management Limited said: “We are happy to announce the appointment of Mr Nikhil Rungta as Co-Chief Investment Officer – Equity and he brings with him profound knowledge of equity research and capital markets operations. He joins LIC MF at a time when the MF industry is seeing record fund inflows and higher levels of retail participation. We hope that Mr Rungta’s leadership role will fetch rich dividends and lead the company to remarkable heights,” the company said in a report on 8 July 2024.
Jul 08, 2024, 2:45 pm IST
Federal Bank and Bajaj Allianz Life Insurance In Focus On Strategic Bancassurance Partnership
Through a strategic partnership, Federal Bank and Bajaj Allianz Life Insurance have created a range of customised life insurance policies available to Federal Bank customers. By leveraging the expertise of both companies, this partnership aims to improve market penetration and insurance penetration. Customers can now easily access Bajaj Allianz Life's products through Federal Bank's wide network in India, including NRIs. The goal of this strategic alliance is to capitalise on Federal Bank and Bajaj Allianz Life's combined strengths. It will promote insurance penetration and market expansion and is consistent with the companies' growth objectives and strategic goals.
Jul 08, 2024, 2:42 pm IST
Sector Update: Oil and Gas | 1QFY25 Preview: Weak quarter likely across oil & gas companies
Dayanand Mittal of JM Financial Institutional Securities said, “In 1QFY25, we expect RIL’s EBITDA to be down 7.4% QoQ to INR 394bn due to sharp 20% QoQ decline in O2C EBITDA driven by fall in refining & petchem margins; while Digital EBITDA is expected to be higher by 2.4% QoQ, Retail EBITDA is expected to be up 2.2% QoQ and E&P EBITDA is expected to be down 8.5% QoQ. ONGC/Oil India’s 1QFY25 net crude and gas realisation to be largely flattish QoQ while sales volume could be slight higher QoQ; Oil India’s EBITDA to be marginally higher QoQ while ONGC’s EBITDA to be down 7.2% QoQ due to higher opex. OMCs’ 1QFY25 EBITDA could decline 22-40% QoQ due to sharp decline in GRMs, weakness in marketing margin and crude inventory loss. GAIL’s EBITDA may improve QoQ aided by growth in gas transmission and trading volume; GSPL/ PLNG could also see recovery in volume though tariff cut will hit GSPL earnings. CGDs’ earnings may be weak due to impact of CNG price cut, declining proportion of APM gas and rise in spot LNG price; volume growth could continue to be weak. We maintain BUY on RIL (revised TP of INR 3,500) as we believe net debt concerns are overdone, and also because RIL has industry leading capabilities across businesses to drive robust 15-17% EPS CAGR over the next 3-5 years. We reiterate BUY on ONGC (revised TP of INR 325) and Oil India (revised TP of INR 555) given strong 4-6% dividend potential and also because CMP is discounting only ~USD 65/bbl net crude realisation. Further, we reiterate BUY on GGas (revised TP of INR 700) as we expect spot LNG prices to moderate in the medium to long term. However, we maintain our cautious view on OMCs as risk-reward is still unfavourable.”
Jul 08, 2024, 2:20 pm IST
Nifty Microcap 250 Surged 11.56 % In The Month of June, Whilst The One-Year Change Marked At 75.24%: Motilal Oswal
As to the Global Market Snapshot report by Motilal Oswal Asset Management Company, the Nifty Microcap 250 and Nifty Smallcap 250 have demonstrated remarkable growth of 11.56% and 7.90% in June, respectively, making them the top-performing indexes. The last three months, six months, and one year, respectively, saw growth rates of 21.51%, 23.48%, and 75.24% for the Nifty Microcap 250 Index, indicating a sharp shift in performance. The Nifty Smallcap 250 Index climbed by 19.40%, 21.86%, and 62.28% over the last three, six, and one month, respectively. It has been trading strongly. The Nifty Midcap Index grew by 7.89% in June and by 17.26%, 21.99%, and 55.45% during the previous three, six, and one year, respectively. The Nifty 500 Index surged by 6.90% in June and by 11.38%, 16.11%, and 37.31% over the previous three, six, and one year, respectively. The Nifty Next 50 Index gained 5.92% in June and by 17.98%, 34.08%, and 63.48% during the previous three, six, and one year, respectively. The Nifty 50 Index shot up by 6.57% in June and by 7.54%, 10.49%, and 25.13% during the previous three, six, and one year, respectively.
Jul 08, 2024, 2:02 pm IST
India's 2024 Budget To Prioritize Job Creation And Rural Economy
Prime Minister Narendra Modi's new administration is set to present its first budget on July 23. According to a Reuters story, economists at Goldman Sachs predict a focus on the rural economy and job creation, without a major shift towards welfare spending.
Goldman Sachs anticipates the budget will emphasize labor-intensive manufacturing, credit for small enterprises, and boosting services exports.
"We see an emphasis on job creation through labor-intensive manufacturing, credit for micro, small and medium enterprises, continued focus on services exports by expanding global capability centres, and a thrust on domestic food supply chain," said Santanu Sengupta, chief India economist at Goldman Sachs.
Jul 08, 2024, 1:51 pm IST
Adani Wilmar Shares Climb On Positive Q1FY25 Business Update
Adani Wilmar shares saw a notable rise on Monday, opening with an upside gap at Rs 344.95 per share on the NSE and quickly reaching an intraday high of Rs 347 apiece. This surge followed the company's Q1FY25 business update announcement last Friday. Despite a generally weak Indian stock market, Adani Wilmar experienced strong buying interest.
The company reported a 13% year-on-year (YoY) increase in volume growth for the April to June 2024 quarter. This growth was driven by market-specific strategies aimed at increasing market share, particularly in under-indexed markets. The robust product portfolio and effective sales and distribution strategies in General Trade contributed significantly to this performance.
Jul 08, 2024, 1:24 pm IST
Waaree Renewable Technologies Gets 412.5 Mw Solar Project In Rajasthan
Waaree Renewable Technologies Ltd (WRTL) on Monday said it has secured a contract to set up a 412.5 megawatt solar project in Rajasthan. The project will be set up on engineering, procurement and contract (EPC) basis, WRTL said in a statement. The company did not disclose the value of the contract. "Waaree Renewable Technologies awarded EPC contract for Acciona Energy’s subsidiary Juna Renewable Energy's 412.5 MWp solar project in Rajasthan," it said.
The project will come up at Kawani village in Bikaner district of the state. It will be a utility-scale solar plant for which bifacial solar modules will be supplied by Waaree Energies. WRTL will provide services, including design, EPC and commissioning of the project.
Jul 08, 2024, 12:56 pm IST
1:1 Bonus Share Declared: PVV Infra Ltd shares Hit Upper, Lower Circuits
Small cap company engaged in civil construction industry PVV Infra Ltd shares today witnessed both upper circuit and lower circuit in trade on July 8, 2024. PVV Infra shares announced 1:1 bonus share and approved increase in the Authorized share capital. Current market price of PVV Infra share on BSE is Rs 19.21 per share with intraday fall of 1.99%. PVV Infra shares slipped 13.87% in last 2-weeks and gained 253% in last 3-years. The small cap company has a market capitalisation of Rs 52.98 crore. The latest bulk deal for PVV Infra took place on July 4, 2024 on BSE. As per reports available, 146,100 shares were traded at an average price of Rs 20.22, according to Trendlyne.
Jul 08, 2024, 12:30 pm IST
Gold Prices Fall In India, July 8: 18K, 22K, 24K Gold Prices Slip, Silver Jumps By Rs 5000
Gold prices in India on Monday declined after rising for last several days giving buyers slight relief. Meanwhile, US gold prices slipped on July 8 but still trading near a more than 1-month high as softer US data enhanced hopes of an interest rate cut by Fed Reserve in September. 22k gold prices in India today fell by Rs 200 to Rs 67,450/10 grams and 100 grams of 22 carat yellow metal prices today slipped by Rs 2000 to Rs 6,74,500. 24K precious metal prices in India dived by Rs 220 to Rs 73,580/10 grams and 100 grams of 24 carat gold prices today dipped by Rs 2200 to Rs 7,35,800.
Meanwhile, silver prices only witnessing rally in India for last few days and jumped by Rs 5000 in the last 10 days only.
18k gold prices today declined by Rs 160 to Rs 55,190/10 grams and 100 grams of 18 carat yellow metal prices today got cheaper by Rs 1600 to Rs 5,51,900.
Spot Gold, Spot Silver Prices Today: Spot gold fell 0.2% at ,386.58 per ounce, as of 0022 GMT, after soaring to its highest level since May 22 on Friday. US gold futures eased 0.2% to ,393.80. Spot silver declined 0.2% to .15, platinum edged 0.3% lower to ,024.00 and palladium fell 0.8% to ,017.78, according to Reuters.
Silver Prices Today: Silver prices in India today surged again by Rs 200 to Rs 95,000/kg. 100 grams of silver price in India on Monday jumped by Rs 20 to Rs 9,500.
Jul 08, 2024, 12:17 pm IST
Budget Expectation: Gaurav Goel, Entrepreneur, SEBI registered Investment Advisor
Part II of the Union Budget for FY 2023-24 will be presented by Finance Minister Nirmala Sitharaman on July 23, 2024. We expect Budget to be progressive and prudent. The economic numbers for the previous years have been robust. Indian GDP grew by an impressive 8% eclipsing all estimates and expected to do well in this FY as well. Fiscal deficit was lower than forecasted numbers and revenue deficit number for the last quarter was in surplus which was a pleasant surprise for all. Revenue collection has been robust led by GST and record tax collections.
All this augur well for the economy and we expect that the upcoming budget would be a continuity of the previous one. It would be forward looking and wont deviate from the path of fiscal prudence. Increased outlay on capital expenditure will continue though the increments this time would be modest. Emphasis would be increasing private capex. There would be schemes directed towards that. We also think efforts would be made to boost consumption by giving relief to the common man on personal taxation front. Finance Minister would take measure to make the new tax regime more lucrative to the citizens of the country and widening the ambit of tax net. Budget would also offer insights on further rationalization of GST rates and include items like oil and gas in its ambit. Emphasis would also be placed on improving rural incomes as rural distress has been pronounced in last few years. While there would be continuity in the budget, there would also be measures to reduce the economic sufferings of the poor man. However, this would not come at the cost of fiscal indiscipline.
Jul 08, 2024, 11:54 am IST
SENSEX Updates
Stock Market Live Updates
Jul 08, 2024, 11:46 am IST
Union Bank of India Q1 Business Updates
Union Bank of India has reported a 3.76% rise in its domestic CASA deposits, reaching Rs 3.99 lakh crore year-on-year (YoY). This growth reflects the bank's efforts to enhance its deposit base.
The bank's total deposits have seen an 8.52% increase, amounting to Rs 12.24 lakh crore YoY. This significant growth in deposits underscores the bank's strong performance and customer trust.
Global gross advances of Union Bank of India have risen by 11.46%, reaching Rs 9.12 lakh crore YoY. This increase highlights the bank's expanding lending activities and its role in supporting economic growth.
Jul 08, 2024, 11:33 am IST
L&T Bags Rs.10,000-15,000 Crore Solar Plant Orders in Middle East
Larsen & Toubro's (L&T) Renewable division has secured significant contracts with a prominent Middle Eastern developer to construct two large-scale Solar PV plants. These plants will collectively offer a capacity of 3.5 GW.
Last month, L&T revealed it had secured an order for a solar-cum-storage plant in India. With these new substantial orders from the Middle East, L&T's renewables portfolio is set to achieve a cumulative capacity of 22 GWp (Gigawatt Peak). This includes both solar and wind generation projects that are either completed or underway.
Jul 08, 2024, 11:01 am IST
JP Morgan on Info Edge share
Naukri's Q1FY25 billing growth matched expectations, though 99acres saw a slowdown. The Jobspeak index showed mixed signals for both IT and overall sectors, remaining flat. Channel checks did not show a recovery in discretionary spending.
Peak utilisation rates might boost some IT hiring. The stock is considered relatively cheaper and of higher quality, making it a good option for those betting on an IT recovery. Consistent improvement in Naukri's billing momentum is expected to drive the stock's performance.
The target price for the stock is set at Rs 6,900, with an upside potential of 0.9%. Maintaining an 'Overweight' rating reflects confidence in the company's future prospects despite current mixed indicators.
Jul 08, 2024, 10:51 am IST
Gold Prices Update
The Precious Metal Prices in India Declines Slightly.
Jul 08, 2024, 10:34 am IST
French Election Aftermath: Euro Falls, Asian Stock Markets Mostly Down
Asian stocks mostly fell on Monday, influenced unexpected results from the French parliamentary elections. The Euro also weakened, contrasting with the U.S. stock market which hit new highs on due to positive job market data.
The Euro initially climbed above .08 but its gains were limited by the surprising election outcomes in France. Investors reacted cautiously, leading to a decline in Asian markets.
In Japan, the Nikkei 225 index dropped by 0.5%, reflecting investor concerns over European political stability. Similarly, Hong Kong's Hang Seng index fell by 0.7%, while South Korea's KOSPI index decreased by 0.3%.
Jul 08, 2024, 10:18 am IST
Motilal Oswal on Tata Motors
Motilal Oswal has maintained a 'neutral' rating on Tata Motors, setting a target price of Rs 960. The brokerage firm expects Jaguar Land Rover (JLR) margins to remain stable from FY24 to FY26 due to several factors.
Jul 08, 2024, 10:00 am IST
Bank Of Baroda Shares Fall Sharply
Bank Of Baroda Stock Price falls 3% after the PSU Bank reported weakest deposit & advances growth in 12 quarters. The bank's advances were down 1.7% QoQ during its first quarter update for FY25.
Jul 08, 2024, 9:42 am IST
What Is Driving Market Today?
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: Positive news flows can impart resilience to the market in the near-term. The bullish undertone in the US market will be supported by the latest jobs data for June which has come weak, but better-than-expected at 2,06,000 jobs. US unemployment climbing to 4.1% indicates an economy cooling slowly. Disinflation and rising unemployment creates the ideal macro backdrop that can facilitate a rate cut by the Fed in September itself. This is positive for global equity markets. The market will respond to the Q1 results which will start flowing from this week onwards. Financials have the potential to move up further in response to the expected good results. IT is showing signs of improvement. Autos will continue to show improved results. The FMCG segment which has been languishing with low volume growth is showing signs of mild recovery. Watch out for this segment.
Jul 08, 2024, 9:26 am IST
Bullish Stocks
In the opening bell, Tata Motors emerged as top gainer, while other stocks like ONGC, HUL, Cipla, HDFC Life, M&M, ITC, and IndusInd Bank witnessed positive trends.
Jul 08, 2024, 9:18 am IST
Nifty Opening Bell
The 50-scrip benchmark opened at 24,329.45, and touched an intraday high and low of 24,331.05 and 24,283.10 respectively.
Jul 08, 2024, 9:17 am IST
Rupee Opens At 83.46 Against US Dollar
Indian rupee mildly appreciated in the early trade of forex market on Monday. The USDINR pair opened at 83.46 compared to the closing price of 83.477 of the previous session. Dollar has taken a back seat since hopes for rate cut in September looked promising from US Federal Reserve after latest economic data. Also, investors now expect 2 rate cuts in 2024 by Fed, which is likely to dampen demand for dollar, and strengthen currencies against the greenback.
Jul 08, 2024, 9:17 am IST
Sensex Opening Bell
Sensex opened in red at 79,915. The benchmark is ranging from an intraday high and low of 79,986.07 and 79,792.21 respectively.
Jul 08, 2024, 8:57 am IST
Stocks To Buy On July 8
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommends to buy 3 stocks on Monday. These are - 1) BUY CONCOR cmp 1057.90 Stop Loss 1035 Target 1120; 2) BUY IRFC cmp 188.20 Stop Loss 184 Target 200; 3) BUY GIPCL cmp 252.95 Stop Loss 247 Target 267
Jul 08, 2024, 8:55 am IST
Nifty, Bank Nifty Support, Resistance Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to have support and resistance at 24,200 and 24,500 respectively on July 8. While Bank Nifty is expected to have support and resistance at 52,300 and 53,2oo.
Jul 08, 2024, 8:12 am IST
Key Factors To Drive Market This Week
Vinod Nair, Head of Research, Geojit Financial Services: The domestic market maintained its upward momentum, bolstered by the progressing monsoon and anticipation of the upcoming Union budget. Globally, a reduction in US PCE inflation has raised hopes for a FED rate cut in September. Lower US inflationary pressure and a significant drop in the US 10-year bond yield led to outperformance in defensive sectors like IT and pharma. As the market enters the earnings season, starting with IT bellwether TCS, expectations are optimistic for better results. Investors will closely watch management commentary for insights into the sector’s outlook. Overall, Q1 expectations remain subdued, but recent high-frequency economic indicators and the RBI's upgraded FY25 GDP target from 7% to 7.2%, with a Q1 forecast of 7.3%, along with easing global inflation, reduce the likelihood of weak corporate results. However, any disappointing outcomes could potentially dampen the ongoing market rally in the short term."
Jul 08, 2024, 8:10 am IST
Market On Weekly Basis
Shrikant Chouhan, Head Equity Research, Kotak Securities said: Indian equity market sentiments remained positive with both the Sensex 30 and the Nifty 50 index reaching a new high this week. On a weekly basis, BSE 30 and Nifty 50 index gained more than 1%, while the BSE Midcap and the BSE Smallcap index outperformed the large-caps index. Amid the positive market momentum, most of the sectoral indices reported positive gains this week. BSE IT services performed strongly ahead of the upcoming Q1FY25 earnings season. Oil prices has been gradually inching upwards over the past one month, which needs to be monitored. Over the next few weeks, the key events for the market includes macro factors, Union Budget and the Q1FY25 earnings. Individual stocks will be in focus on Q1FY25 earnings and management commentary over coming few weeks.
Jul 08, 2024, 8:09 am IST
Stock Market Last Week
Last week, BSE Sensex ended the day with the decline of 53 points to 79,996 and Nifty gained 21 points to 24,323. Nifty Bank fell by 443 points to 52,660 and Nifty Midcap surged by 470 points to 57,089.
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