Auto Sector

New store openings however slowed to 40 compared to 50 last year. Non-foods revenue per store saw the highest acceleration in YoY growth to 22% YoY from 12% in FY22, while general merchandise & apparel (GM&A) revenue per store growth fell marginally to 13.2% from 14.2% in FY22.

Vedanta had previously stated that it was awaiting government clearance for incentives under a modified semiconductor production plan in order to start building a factory in Gujarat

Brent futures were up 7 cents at $82.81 a barrel, while WTI crude in the United States was up 11 cents at $78.85.

The ONDC was established last year with the goal of providing merchants and small companies with access to the technologies and processes used by major e-commerce platforms.

Ramkrishna Forgings also acquires Mal Auto Products Private Limited for Rs 7 crore.

According to data, the cost of a tonne of benchmark hot-rolled coils (HRC) of steel is between Rs 55,000 and Rs 56,000 before taxes.

There has been a significant increase in working capital (14% share in balance sheet vs 5% in FY19), as regulatory assets rise (Rs 43bn as of FY23); the Ebidta/OCF conversion is 58% (lowest in the industry) and remains an overhang.

Petrol and Diesel prices in cities across India on 25-07-2023

Spot gold was up 0.2% to $1,958.20 per ounce, while U.S. gold futures were down 0.1% at $1,959.90.

With seasonal improvement expected in Alkem’s margins in Q2/Q3FY24 (aided by good monsoons) and Pen-G related margin improvement anticipated from FY25, analysts of IIFL Capital Services expect Alkem’s valuation discount vs peers to narrow.