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18th Jul, 2022

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Minister Hardeep Puri dedicates 166 CNG stations set up by GAIL India

Published on: 3:29 pm

In a significant step towards achieving Hon'ble Prime Minister Shri Narendra Modi's vision of a Natural Gas-based economy, Minister of Petroleum and Natural Gas & Housing and Urban Affairs Shri Hardeep Singh Puri today dedicated 166 Compressed Natural Gas (CNG) stations to community service.
GAIL (India) Limited and nine of its group City Gas Distribution (CGD) companies established these CNG stations in 41 Geographical Areas across 14 states.
Shri Puri dedicated the stations via video link at a ceremony on June 15, 2022, in the presence of Minister of State for Petroleum and Natural Gas & Labour and Employment Shri Rameswar Teli, Secretary, Ministry of Petroleum & Natural Gas Shri Pankaj Jain, and senior officials from the Ministry and Oil and Gas companies. Read more

Cyient ties with Honeywell to manufacture the first cloud-connected cockpit system

Published on: 3:16 pm

Cyient, a leading consulting-led, industry- centric, global Technology Solutions company has announced a partnership with Honeywell to manufacture the aviation industry's first cloud-connected cockpit system - The Honeywell Anthem. Cyient has inked a multi-year deal with Honeywell for this project.
The Honeywell Anthem flight deck will have unparalleled levels of connectivity, an exciting and intuitive interface modeled after everyday smart devices, and a highly scalable and customizable design. Read more

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Ahluwalia Contracts zooms ~4% on securing new orders worth Rs139.33 crore

Published on: 3:12 pm

Ahluwalia Contracts Limited informed that the company has secured new orders for the Construction of 12 Residential Buildings at Suraksha Smart City Vasai (East) Mumbai (MH). The said order is worth Rs86 crore.
Further, the company has received other order worth Rs53.33 crore for the Construction of 1 Residential Tower Building at Suraksha Smart City, Vasai (East) Mumbai (MH). Read more

L&T Realty inks pact to develop project worth Rs8,000 crore in prime locations of MMR; stock spurts

Published on: 2:48 pm

L&T Realty, Larsen & Toubro's real-estate development arm, announced its expansion plans in the Mumbai market to drive growth.
The company has entered into a binding agreement to jointly develop projects worth Rs8,000 crore in South Mumbai, Western Suburbs, and Thane, with a development potential of 4.4 million square feet.
This is part of the company's larger plan to expand its footprint in major cities by adding approximately 5 million square feet per year over the next five years. Read more

Kejriwal demands for removal of GST on pre-packaged, labeled food

Published on: 2:35 pm

Arvind Kejriwal, the chief minister of Delhi, urged the Centre to remove the Goods and Services Tax (GST) it recently imposed on pre-packaged and labeled food goods on Monday.
"The cost of food has grown as a result of the Center putting GST on them, which is contributing to a sharp price increase across the board. I urge that the Center remove it "Kejriwal told journalists. Read more

Meghmani Finechem stock surges ~3% on commissioning CPVC resin plant at Dahej

Published on: 2:31 pm

Meghmani Finechem Limited on Monday announced the successful commissioning of Chlorinated Polyvinyl Chloride Resin (CPVC Resin) Plant at Dahej in Gujarat.
The newly-commissioned facility with a production capacity of 30,000 tonnes per annum (TPA) is the largest of its kind in India. Despite a challenging external environment, the plant has been commissioned on time and without any cost overrun, which is a testimony of the company’s strong project execution skills. Read more

Mrs Bectors commences commercial production at Rajpura; stock climbs ~2%

Published on: 2:19 pm

Mrs Bectors Food Specialities Limited informed that the new w production line of Biscuits at Rajpura has started its Commercial Production with an installed capacity of 12000 Tons per annum effective from July 15, 2022.
The company stated that the installation of a new biscuit production line at Rajpura is part of the overall Rajura Expansion Project, which also includes site development, construction, and engineering-related work such as the construction of pre-engineered buildings, construction of biscuit buildings, construction of roads, floor finish, construction of superstructure, roof, doors, rolling shutters and windows, and office furnishing. Read More

At 378 units in the first half of 2022, Porsche India sales increased by twofold

Published on: 2:18 pm

Luxury automaker Porsche India stated on Monday that sales increased by more than a factor of two, reaching 378 units in the first half of 2022. In the months of January and June of last year, the business reported selling 173 units.
In the first half of the year, sales of 167 Cayenne and 125 Macans, which together accounted for 77% of all sales, were driven by the introduction of Porsche's all-electric Taycan and high demand for SUVs, according to a statement from Porsche India. The Taycan came in second with 37 units, followed by the 911 Coup with 27 units an d the family-sized limo Panamera with 19 sales, it continued. Read more

Gujarat State Fertilizers notifies forced safe shut down of Urea-II Plant

Published on: 1:50 pm

In its regulatory filing, Gujarat State Fertilizers & Chemicals Limited notified the forced safe shutdown of the Urea-II Plant.
The Urea-II plant was running normally at 105%, and the Titanium MOC lined high-pressure Urea Reactor (XUR-101) was in service. The leakage in the bottom thermo well of the Urea Reactor (XUR-101) was discovered during the night shift on July 16, 2022.
The necessary steps for a safe plant shutdown were immediately taken. Read more

Univastu India bags work order worth Rs23.93 crore from Maharashtra Metro Rail; Stock gains 1%

Published on: 1:21 pm

Univastu India Limited stock gains over 1% on Monday's trading session after the announcement of work order cum Letter of Acceptance (LoA).
The Company has received work order cum letter of acceptance on July 16, 2022 of Rs23,93,75,896 including GST for "Ground Development Work & Miscellaneous Works at Station 01 to 05 for Navi Mumbai Metero Line-1" from Maharashtra Metro Rail Corporation Limited. Read more

Meleveetil Damodaran joins IndiGo as Non-Independent Director; stock rises

Published on: 1:16 pm

InterGlobe Aviation Limited’s (IndiGo) Board of Directors (Board) has approved the appointment of Meleveetil Damodaran as Non-Independent Non-Executive Director, subject to approval by the Company's Members.
Meleveetil Damodaran IAS (Retd.), a Governance Consultant, Advisor, Mentor, and Coach, has previously worked with the Union and State Governments of India, regulatory bodies, investment institutions, banks, development financial institutions, and the private sector.
From February 2005 to February 2008, he served as Chairman of the Securities and Exchange Board of India (SEBI). He was the driving force behind the highly successful and transformative restructuring efforts at Unit Trust of India (UTI) and the Industrial Development Bank of India (IDBI). Read more

Hindalco, Phinergy sign MOU for production of aluminum plates for aluminum air batteries

Published on: 1:06 pm

The metal-air battery pioneer Phinergy in Israel and Hindalco of the Aditya Birla Group have signed a memorandum of understanding to develop and test the production of aluminium plates for aluminium-air batteries in India.
The agreement also includes IOC Phinergy, a joint venture between Phinergy and Indian Oil Corporation.
When aluminium combines with oxygen in the surrounding air to form aluminium hydroxide, energy is released in an aluminum-air battery. Such a battery is perfect for electric vehicles because of its low weight and great energy density, the business claimed in a news release. Read more

Shah asks ARDBs to give more long term loans to the Agriculture sector

Published on: 12:57 pm

According to Union Cooperation Minister Amit Shah on Saturday, Agricultural and Rural Development Banks (ARDBs) must provide more long-term loans to the agricultural sector, especially for irrigation and other infrastructure.
Shah stated that the government is creating a database on cooperatives to develop this industry because it is crucial for accelerating farm expansion and tripling farmers' income. He emphasized that boosting the sector—especially irrigation—is necessary to raise farmers' earnings and advised cooperative banks to concentrate on offering loans for expanding irrigated acreage. Read more

CRISIL assigns rating to Gokaldas Exports’ bank facilities worth Rs425 crore; stock under pressure

Published on: 12:56 pm

Gokaldas Exports Limited informed that CRISIL Ratings Limited assigned the credit rating to the Long-term and Short-term Bank Facilities of the company.
The rating agency has reviewed total bank facilities worth Rs425 crore.
CRISIL has assigned a long-term rating of ‘CRISIL A’ to the company’s bank facilities. Further, it has assigned a ‘Positive’ outlook on the same. Read more

Shilpa Medicare's Unit 1, Raichur API facility gets Russian GMP; Stock gains ~1%

Published on: 12:47 pm

Shilpa Medicare Limited's API facility (unit-1) located at Raichur, Karnataka has received GMP certificate from MOH-Russia.
The facility was audited by the agency on February 17, 18 and 21, 2022.
The facility involves in manufacturing, testing, packing, storage of chemically synthesized nonsterile drug substances for human use, the company said in a regulatory filing. Read more

Suumaya Industries hits 52-week low as EOW takes CFO Dhwani into questioning

Published on: 12:05 pm

Suumaya Industries Limited informed that the company’s Chief Financial Officer (CFO) Dhwani Dattani was taken for questioning by the Economic Offence Wing (EOW) on June 15, 2022.
EOW took for questioning related to frivolous and baseless FIR filed by one party on February 12, 2022, and further sent to Judicial Custody on June 28, 2022.
The matter is sub-judice and hence the impact on the company cannot be ascertained. The company shall ensure all cooperation with the authorities. Read more

Swiss Supreme Court rules that it will not interfere in information sharing requests by Indian autho

Published on: 11:58 am

The Swiss Federal Supreme Court's decision that the Swiss authorities can share such confidential information with India even if persons who are ultimate beneficiaries have not received any money from secret offshore trusts and numbered bank accounts has dashed the hopes of many resident Indians who were counting on the court to stop, or at least delay, the flow of data to the income-tax department here.
Legal representatives of some Indian residents argued before Swiss courts that the Indian tax office cannot tax the recipients in the absence of any financial distribution from foreign trusts, hence such personal financial information is irrelevant. Read more

Karnataka Bank partners with JCB India for equipment financing business

Published on: 11:54 am

Karnataka Bank has signed Memorandum of Understanding (MOU) with JCB India Ltd, a manufacturer of earthmoving and construction equipment in India. The tie up arrangement with JCB India Ltd is expected to boost the lending avenues under the Bank's MSME portfolio.
Under this MoU, JCB will be nominating Karnataka Bank as its "preferred financier" where in Individuals/Contractors/Company /Partnership firms/LLP etc., can avail loans from the Bank at competitive interest rates for purchasing a wide range of equipment from the product line of JCB India Ltd. Read more

RBI and Bank Indonesia to increase collaboration in payment systems

Published on: 11:53 am

An agreement was reached on Saturday between the Reserve Bank of India and Bank Indonesia to increase collaboration in payment systems, digital financial innovation, anti-money laundering, and countering the funding of terrorism (AML-CFT). On the side lines of the G20 Finance Ministers and Central Bank Governors Meeting in Bali, the two central banks agreed to a Memorandum of Understanding (MoU) to further their mutual cooperation.
According to a statement from the RBI, "With this MoU, RBI and BI committed to deepen relations between both central banks and strengthen information sharing and cooperation in the area of central banking, including payment systems, digital innovation in payments services, and regulatory and supervisory framework for AML-CFT."
RBI and Bank Indonesia concur to increase their collaboration in payment systems. Read more

CRISIL reaffirms rating of Angel One’s bank loan facilities; enhances quantum to Rs4,500 crore

Published on: 11:45 am

Angel One Limited informed that CRISIL Ratings Limited has reaffirmed its ratings on the long-term bank facilities, short-term bank facilities, and commercial paper of the company.
The rating agency has also enhanced the quantum for bank loan facilities and commercial paper of the company from the existing Rs1,500 crore to Rs4,500 crore.
The rating agency has reaffirmed the ‘CRISIL AA-’ rating for the long-term bank facilities of the company. The outlook for such instruments has been kept ‘Stable’. Read more

After rising in early trade, gold prices decline by Rs 10; silver prices remain steady

Published on: 11:42 am

On Monday, there was a little decline in gold prices by Rs 10. Ten grams of 24-carat gold are now being sold for Rs 50,390, down from Rs 50,400 yesterday. Similarly, ten grams of 22-carat gold have been selling for Rs 46,190 following a Rs 10 decline.
One kilogram of the priceless metal, silver, is currently going for Rs 55,600. Gold prices in the US increased on Monday as the currency softened a little, but the gains were restrained by speculation of aggressive Federal Reserve rate rises. Read more

Maharashtra Seamless stock gains over 1% on securing order of Rs130 crore

Published on: 11:22 am

Maharashtra Seamless Limited stocks rally in the market on Monday as it has received its first order of subsea sour service seamless pipes from an esteemed customer with basic value of Rs130 crore approx.
The Company has displayed its technical expertise by successfully developing subsea sour service seamless pipes in-house in its continuous efforts to provide import substitution products and enhance margins. Subsea sour service seamless pipes are high value addition pipes and are used for subsea transportation of crude oil and gas in high pressure environments.
Capacities for these pipes have been developed for the first time in India keeping in view the Government's policy of Aatmanirbhar Bharat, the company said. Read more

Early trading sees Rupee strengthening 6 paise to 79.76 against the dollar

Published on: 11:21 am

Early on Monday, the rupee strengthened versus the US dollar by 6 paise to 79.76.
Forex outflows and a strong American dollar abroad, according to traders, limited the rupee's advance. The rupee gained 6 paise from the previous close to open at 79.76 versus the US dollar on the interbank foreign exchange market. Read more

Maruti Suzuki launches new S-Presso

Published on: 11:06 am

Maruti Suzuki has introduced the new S-Presso, which features a Next Gen K-Series 1.0 L Dual Jet, Dual VVT engine with Idle-Start-Stop technology.
The new S-PRESSO now has ESP with Hill Hold Assist across all AGS variants, as well as electrically adjustable ORVMs (Outside Rear-View Mirrors) in the Vxi+/Vxi+(O).
The new S-Presso, designed to inspire a sense of excitement, empowers young people to pursue their passions. It is that which makes every day interesting and exudes the desire to "Live It Up." Read more

Safari, VIP Industries stocks surge on revival in luggage demand

Published on: 10:59 am

Safari Industries touched a high of Rs 1,110 today. VIP Industries increased 5% to Rs 666.70. Prior to this, on March 31, 2022, the stock had reached a 52-week high of Rs 774.50. In contrast, at 10:14 am, the S&P BSE Sensex was up 0.72%, or 54,207 points.
Safari Industries and VIP Industries have increased by 25% and 12%, respectively, during the past month, outpacing the benchmark index's percent growth. Read more

KNR Constructions bags LoA for Rs34.26 crore project; Stock soars 2%

Published on: 10:43 am

KNR Constructions Ltd has informed that the company is in receipt of Letter of Acceptance for Construction of four lane road from IDA Pashamailaram Industrial Park to ORR (Patancheru - Shankerpally road junction) from KM 0/0 to 4/658 in Sangareddy District, in the state of Telangana.
The contract is worth Rs34,26,27,309 and the construction period for the said project is 18 months, the company said in a regulatory filing. Read more

Manish Gupta joins Jagsonpal Pharma as Managing Director; stock adds ~1%

Published on: 10:30 am

Jagsonpal Pharma Limited announced the appointment of Manish Gupta as the Managing Director of the Company.
Manish has a proven track record of successfully leading and managing businesses all over the world. His most recent position was as CEO and Managing Director of SeQuent Scientific Limited (SeQuent) for 8 years. He previously served as Strides Pharma Science's CEO - Pharma Business.
Previously, he worked for Wockhardt in a variety of capacities, most recently as the Managing Director of Pinewood Healthcare in Ireland and the CEO of Radiant Research, a CRO in the United States. Read more

RBI bought $2 billion on net basis in May

Published on: 10:25 am

After purchasing USD 2.001 billion on a net basis from the spot market in May, the Reserve Bank of India (RBI) continued to be a net buyer of US currency, according to RBI data.
According to the Reserve Bank of India's (RBI) bulletin for July 2022, which was made public on Saturday, during the reporting week, the RBI bought USD 10.143 billion on the spot market and sold USD 8.142 billion. Read more

Inflation woes worsened by rupee decline

Published on: 10:12 am

According to experts, rupee depreciation has increased inflationary pressures and the current account deficit while also improving the competitiveness of Indian exports.
Imports have become more expensive as a result of the Indian rupee's decline against the US dollar, which is closing in on the 80 psychologically significant levels.
"The rupee's decline has a variety of effects on the economy. Even while a devaluation of the rupee makes our exports more competitive, given that we have a negative trade balance, our import costs rise dramatically. Read more

Ashiana Housing gets RERA registration for 'Ashiana Malhar' project at Pune

Published on: 10:10 am

Ashiana Housing Ltd announced to the exchanges that it has obtained RERA registration (ie. registration under the Real Estate Regulation and Development Act, 2016) of Phase 1 of "Ashiana Malhar" project at Pune (Maharashtra).
The management has opened this project for expression of interest of customers. The project is set to be launched for booking (conversion from expression of interest to booking) from August 27, 2022. Read more

India's fuel demand declines in first fortnight of July

Published on: 10:08 am

According to preliminary industry statistics released on Sunday, India's demand for gasoline and diesel decreased in the first half of July compared to the same period last year as the start of the monsoon season reduced consumption in some industries and limited mobility.
Diesel, the most popular fuel in the nation, had a decrease in demand of 13.7% from July 1 through 15, falling from 3.67 million tonnes to 3.16 million tonnes.
The country's demand for diesel is greatly influenced by the arrival and intensity of the monsoon, and generally, consumption is lower in July and August than it is in April and June.
Floods limit movement, and the start of the rainy season also reduces demand from the agricultural industry, which requires fuel for irrigation pumps and haulage. Read more

ADIA may acquire stake in Aditya Birla Health Insurance

Published on: 10:04 am

According to news reports, Abu Dhabi Investment Authority (ADIA) and Aditya Birla Group are discussing an investment of between Rs1,200 and Rs1,500 crore as growth equity in the Indian conglomerate's health insurance division.
According to information from the Insurance Regulatory and Development Authority of India, Aditya Birla Health Insurance Co Ltd (ABHICL) is one of five active standalone health insurance companies with a 14 percent market share of the gross underwritten premium in the first three months of the current fiscal year (IRDAI).
The reports stated, that the negotiations for a minority share are anticipated to pick up steam in the upcoming weeks as ADIA, one of the top sovereign funds (SWFs) in the world, seeks to expand its presence in India's financial services industry. Read more

Hindalco collaborates with Phinergy and IOP for revolutionary Aluminium-Air batteries for EVs; stock

Published on: 10:02 am

Aditya Birla Group's metal flagship, Hindalco Industries Limited, has signed an MoU with Phinergy, a leading Israel-based pioneer in metal-air battery technology, and IOC Phinergy Private Limited (IOP), a joint venture between Phinergy and Indian Oil Corporation.
According to the MOU, Phinergy and IOP will work exclusively with Hindalco in India on R&D and pilot production of aluminium plates for Aluminium-Air batteries, as well as aluminium recycling after use in these batteries.
When aluminium reacts with oxygen in ambient air to produce aluminium hydroxide, energy is released in the Aluminium-Air battery developed by Phinergy. Read more

Sula files DRHP for IPO

Published on: 9:52 am

Sula Vineyards, a wine producer and seller, has filed a Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) in order to raise funds through an Initial Public Offering (IPO).
The issue, which has a face value of Rs2 per equity share, is a complete offer for sale (OFS) of 25,546,186 equity shares.
As of March 31, 2021, the Mumbai-based winemaker is one of the fastest-growing alcoholic beverage companies. According to a Technopak report cited in the DRHP, it grew at a compound annual growth rate of 13.7% between fiscal years 2011 and 2021. Read more

Gold prices increase in early trading on Monday

Published on: 9:49 am

Gold prices increased on Monday as investors reduced their bets on the Federal Reserve raising interest rates by 100 basis points this month and assisted by a small decline in the value of the US dollar.
By 02:54 GMT, spot gold had increased 0.4 % to $1,713.49 per ounce after dropping last week to its lowest level in over a year. American gold futures increased by 0.5% to $1,711.80. Read more

Genesys International board nods allotment of securities on preferential basis; Stock rallies 3.4%

Published on: 9:45 am

The Board of Directors of Genesys International Corporation Ltd in their meeting held on July 15, 2022 has considered and approved allotment of securities on preferential allotment basis.
As per the regulatory filing, the board has allotted 957,435 equity shares of face value of Rs.5/- each fully paid-up at an issue price of Rs. 470/- per equity share to Individual Investors under non-promoter public category. Read more

Markets rally amid positive cues; Sensex tops 400 pts, Nifty above 16,100 led by IT stocks

Published on: 9:35 am

Indian markets trade on a positive note during Monday's session amid broad-based buying and bullish trends in global cues. IT and metal stocks outperformed, while banking and media stocks further contributed to the winnings. The performance in benchmarks Sensex and Nifty is expected to have more intraday swings as the results beat estimates.
Globally, US markets witnessed best day in over 2 weeks as Dow Jones closed higher by over 650 points while Nasdaq surged over 200 points.
Back at home, tracking positive cues, Sensex has touched an intraday high of 54,246.76 and Nifty 50 has climbed to the day's high of 16,199.70 in the early deals of the opening bell. Read more

Torrent Power jumps ~1.5% as board mulls to raise Rs2,000 crore via NCD

Published on: 9:32 am

On Friday, Torrent Power Limited informed that it will raise up to Rs2,000 crore by issuing Non-Convertible Debentures. The board will seek shareholders' approval in its meeting to be held on August 8, 2022.
The approval granted by the shareholders will be valid for all offers and invitations for such NCDs which are to be made in one or more series/tranches within 12 months of the passing of the Special Resolution.
The company further stated that NCDs will be issued on a private placement basis to all identified investor classes. Read more

Om Infra skyrockets ~20% on bagging Rs1,170 crore order from Brihan MMC

Published on: 9:22 am

Om Infra Limited informed that it received a letter of acceptance (LoA) from Brihan Mumbai Municipal Corporation.
The order received is for Design, Build, and Operation & Maintenance of the Bhandup Waste Water Treatment Facility under Mumbai Sewage Disposal Project-Stage-II “Priority Works”.
The company has received this order for a total consideration of Rs1,170 crore inclusive of all taxes & duties, Goods and Service Tax (GST). Read more

Bank of Baroda board to raise Rs1000 crore long term bonds; Stock rises

Published on: 9:18 am

Bank of Baroda has informed that the Investment Committee of the Bank in its meeting held on July 16,2022 has approved raising of Rs1000 crore towards Long Term Bonds for Financing of Infrastructure and Affordable Housing out of the Board approved limit of Rs5000 crore.
On Monday morning trade at around 9:18 AM, Bank of Baroda was trading at Rs104.50 per share up by Rs0.45 or 0.43% from its previous closing of Rs104.05 per share on the BSE. Read more

CAIT to go on nation- wide agitation for GST legislation simplification

Published on: 9:18 am

Confederation of All India Traders (CAIT) has announced that it would start a national movement on July 26 to call for the GST legislation to be simplified. According to CAIT, the agitation's goal is to challenge the GST council's "dictatorial functioning," which will begin in Bhopal.
The merchants' organization also emphasized the significant cost of unneeded tax compliance on businesses and how the complex GST taxation regulations are to blame. Read more

Piramal Enterprises board raises Rs70.77 crore fund through NCDs

Published on: 9:17 am

At the Meeting of Administrative Committee ('Committee') of the Board of Directors of Piramal Enterprises Limited held on July 15, 2022, the Committee approved allotment of 700 Secured, Rated, Listed, Redeemable Principal Protected, Market Linked Non-Convertible Debentures ('Debentures') each having a face value of Rs10 lakh at a further issue price of Rs10,11,025/- per Debenture, aggregating to Rs70.77 crore on private placement basis.
"These Debentures are proposed to be listed on the Debt Segment and Capital Market Segment of National Stock Exchange of India Limited ('NSE') and BSE Limited respectively, and NSE being the designated Stock Exchange", the company said in a regulatory filing. Read more

Moschip Technologies stock surges 2% on positive numbers for Q1FY23

Published on: 9:16 am

Moschip Technologies has released the Consolidated Financial performance for the first quarter of FY2022-23.
Q1 FY 2023 vs Q4 FY 2022
Income from operations increased from Rs37.41 crore to Rs41.67 crore and increase by 11%
EBIDTA increased from Rs6.30 crore (16.6%) to Rs7.03 crore (16.5%), an increase by 12%
PAT increased from Rs1.01(2.7%) crore to Rs1.55 crore (3.6%), an increase by 54%. Read more

What to expect from equity markets this week ?

Published on: 9:09 am

Indian equity markets may remain volatile this week. The swing between profit booking and value buying may result in markets rising on some days of the week and falling on others. More companies will announce their June quarter results this week. This will be an important factor that will drive the markets. FPIs are likely to continue with their selling trend. Oil prices may also remain volatile. There is a good probability that oil prices may decline some more.
On the technical aspect, technical indicators point to a slightly bullish trend for Nifty 50 this week. Nifty Bank is likely to outperform Nifty 50. Support level for Nifty Bank is likely to be at 34117. Resistance level for Nifty Bank this week is likely to be at 35000. Nifty Midcap Index is also likely to show a slightly bullish trend this week. Nifty Auto Inddex and Consumption Index also seem to be showing a slightly bullish pattern for this week. Read more

India becomes the BMW motorcycles' fastest-growing market

Published on: 9:03 am

According to a top business executive, India has emerged as BMW Motorrad's fastest-growing market globally and is anticipated to rank among the top five in terms of volume in the medium term. About 10% of all two-wheelers produced by BMW Motorrad globally in 2021 were produced in India.
Germany currently represents the two-wheeler manufacturer's largest international market. To enter the top 10 markets for the firm, BMW Motorrad India more than doubled sales to 5,191 units in the previous year. The German automaker's two motorbikes, the BMW G 310 R and BMW G 310 GS, which it developed with TVS Motor Company, accounted for up to 90% of sales. Read more

5% GST imposed on pre-packaged food products

Published on: 9:02 am

The Central Board of Indirect Taxes and Customs (CBIC) made it clear on Sunday that all pre-packaged cereals, food products weighing up to 25 kg will be subject to a GST of 5%. According to the CBIC, pre-packaged commodities weighing more than 25 kg in a single packet would not be subject to GST.
Additionally, the clarification said that GST would apply to such a supply if many packages offered in a bigger pack are intended for retail sale to the final customer, such as ten packages of 10 kg each. A manufacturer may sell such a bundle via a distributor. Read more

Net selling by FPIs till date in July at Rs.7432 crore

Published on: 9:00 am

Foreign investors are remaining wary of the Indian equity market and have already withdrawn more than Rs7,400 crore this month as a result of the continuing rise of the currency and growing worries about a US recession. This follows a net sale of Rs50,203 crore from stocks in June.
Over the past nine months, there has been a withdrawal of foreign capital from the Indian equity market. Data from depositories show that between July 1 and 15, FPIs withdrew a net amount of Rs7,432 crore from Indian equities.
In June, FPIs pulled a net Rs50,203 crore out of the stock market. Since they withdrew Rs61,973 crore in March 2020, this was the largest net outflow. Read more

Companies with foreign currency liabilities rush to mitigate currency risk

Published on: 8:56 am

After the rupee dropped to 80 versus the US dollar in both over-the-counter and derivatives markets on Thursday, importers and foreign borrowers are scrambling to cover their currency risk, which has caused forward premium to spike 11–17 basis points across maturities on Friday.
0.01% is equal to one basis point.
Companies with sizable overseas liabilities worry that margin pressure will negatively affect their nascent recovery following the pandemic as the rupee breaks the psychologically significant Rs80 threshold against the US dollar for the first time and the spot market USD-INR gauge approaches that threshold. Read more

Top 10 stocks for today

Published on: 8:55 am

The Singapore Exchange's Nifty futures traded 165.5 points, or 1.03%, higher at 16,205.5, indicating that the Indian equity markets may have a good Monday. The following 10 stocks may be the most popular ones in today's market:
HDFC Bank:
Due to overall growth, the largest private sector lender reported a 20.91% increase in net profit for the June quarter to Rs 9,579.11 crore. Separately, its net profit rose to Rs9,195.99 crore from Rs7,729.64 crore in the prior quarter, but it fell short of Rs10,055.18 crore in the March quarter before that. Read More

India’s agri and processed food products exports rises 14% to $5,987 million in Q1FY23: Centre

Published on: 8:51 am

The exports of agricultural and processed food products rose by 14% in the first three months of the current Financial Year 2022-23 (April-June) compared to the corresponding period of FY 2021-22.
According to the government relased data, for the year 2022-23, the government had set an export target of USD 23.56 billion for the agricultural and processed food products basket under APEDA. The initiatives taken by the Ministry of Commerce & Industry have helped the country in achieving 25 percent of the total annual export target in the first three months of the current fiscal.
further, as per the Quick Estimates data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of products under APEDA ambit (Agricultural and Processed Food Products Export Development Authority) increased to USD 5987 million in April-June 2022 from USD 5256 million over the same period of the last fiscal. The export target for April-June 2022-23 was USD 5890 million. The APEDA basket excludes Tea, coffee, spices, cotton and marine exports. Read more