Share Market Highlights 26 July 2023: Sensex, Nifty close higher on foreign fund inflows, rally in US equities

Axis Bank on Wednesday posted a 40.5 per cent increase in standalone net profit at Rs 5,797 crore in the April-June quarter, mainly due to decline in bad loans and improvement in interest income.

The bank had posted a net profit of Rs 4,125 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 30,644 crore as against Rs 21,657 crore, Axis Bank said in a regulatory filing.

Indian Metals & Ferro Alloys Ltd on Wednesday posted a 17.80 per cent fall in its net profit to Rs 110 crore in the June 2023 quarter on lower income.

It had posted a net profit of Rs 133.83 crore in the year-ago period, the company said in a statement.

The company’s revenues also trimmed to Rs 701.73 crore from Rs 743.42 crore in the year-ago quarter.

Dr Reddy’s Laboratories’ net profit increased 18 per cent at Rs 1402 crore in the first quarter ended June 30, 2023 compared to Rs 1187 crore in the year ago period.

The total revenue of the Hyderabad -based company increased 29 per cent at Rs 6,738 crore.

Cipla Ltd on Wednesday reported a 41.34 per cent rise in consolidated profit after tax at Rs 998.07 crore in the first quarter ended June 30, 2023, driven by good growth across markets, specially India and the US.

The company had posted a consolidated profit after tax of Rs 706.14 crore in the same quarter last fiscal, Cipla Ltd said in a regulatory filing.

The rupee fell 13 paise to settle at 82.01 against the US dollar on Wednesday due to an elevated crude prices in international markets and month-end dollar demand from importers.

The rupee depreciated 7 paise to 81.95 against the US dollar in early trade.

Yatharth Hospital & Trauma Care Services IPO has been subscribed 0.83 times as of 3:50 pm on July 26. The QIB portion has been subscribed 0.25 times; NII portion 1.12 times; and retail 1.03 times. The issue closes on July 28.

Vedant Fashions reported its consolidated net profit for the period ended June 30, 2023, at ₹91.945 crore against ₹100.87 crore in the previous year.

The stock traded at ₹1,238, down by 0.94% on the NSE.

Ministry of Consumer Affairs and Public Distribution in Lok Sabha : As on 20.07.2023, the international prices of major Edible oils such as Crude Soybean Oil, Crude Sunflower Oil, Crude Palm Oil and Refined Palm Oils have decreased drastically since last year.

Due to continuous efforts made by Government, the retail prices of Refined Sunflower Oil, Refined Soybean Oil and RBD Palmolien have decreased by 29.04%, 18.98% and 25.43% respectively over a year.

The stock of Union Bank of India surges by 3.75% on the NSE, trading at ₹91.30.

The bank had entered into a partnership with IBM to accelerate growth via digital transformation. The bank has embarked on Project Sambhav, a Digital Transformation project powered by state-of-art Digital Business Platform, it informed the exchanges.

Indian stock indices wrapped up Wednesday’s trading with gains, after staying mostly stable in the previous two sessions. Benchmark Sensex bounced back 351 points while Nifty closed above the 19,750 level on Wednesday.

Snapping its three-session losing run, the 30-share BSE Sensex climbed 351.49 points or 0.53 per cent to settle at 66,707.20. During the day, it jumped 541.56 points or 0.81 per cent to 66,897.27.

The broader NSE Nifty advanced 97.70 points or 0.50 per cent to end at 19,778.30.

Leading the gains among Nifty 50 companies were L&T, Cipla, ITC, Britannia, and Sun Pharma. On the other hand, Bajaj Finance, Bajaj Finserve, M&M, Apollo Hospitals, and Tech Mahindra were the top losers. Among the sectoral indices, all except Nifty Auto and Consumer Durables closed in the green, with Nifty PSU Bank leading the way.

A standout performer was heavyweight L&T, which surged 3.56% to hit a record high, fueled by robust first-quarter results and approval of a share buyback plan.

Meanwhile, Reliance Industries saw a rise of 1.62% following reports of discussions with Qatar sovereign fund regarding a stake in the company’s retail arm.

The stock of Cipla inched up by 0.25% on the NSE, trading at ₹1,057.40. The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹998.07 crore against ₹706.14 crore in the previous year.

The stock of Deepak Fertilizers and Petrochemicals Corporation declines by 5.73% on the NSE, trading at ₹556.95. The company’s consolidated net profit was reported at ₹113.62 crore against ₹435.66 crore in the previous year.

Major gainers: LT (3.47%); ITC (2.21%); Britannia (1.91%); Reliance Industries (1.57%); Sun Pharma (1.46%)

Major losers:

Bajaj Finance (-2.29%); Mahindra & Mahindra (-1.26%); Bajaj Finserv (-0.89%); Divi’s Laboratories (-0.88%); SBI Life Insurance (-0.78%)

Stocks advanced on BSE at 3 pm on July 26 were 1,892 against 1,622 stocks that declined. Total stocks traded were 3,663. The number of stocks that recorded a 52-week high was 227, and those that hit a 52-week low was 31.

Praj Industries: Consolidated net profit for the quarter ended June 30, 2023, is ₹58.673 crore against ₹41.263 in the previous year. The stock trades at ₹412.45, down by 0.59% on the NSE.

Lupin Limited (Lupin) has announced that its wholly-owned subsidiary in Australia, Generic Health Pty Ltd, has received approval for Tiotropium 18 micrograms powder for inhalation in capsules for use with LupinHaler. The product will be manufactured at Lupin’s Pithampur facility in India. The stock of Lupin inches up by 0.44% on the NSE, trading at ₹941.75.

Life Insurance Corporation of India has informed the exchanges that its shareholding in Bajaj Auto Ltd has diluted decreasing its shareholding from 5.2% to 3.173% of the paid-up capital of the said company.

Bharat Petroleum Corporation Ltd: Consolidated Net Profit for the quarter ended June 30, 2023, is ₹10,644.30 crore. The stock of BPCL rises by 1.38% on the NSE, trading at₹391.75.

Tata Steel witnessed a 0.21 per cent increase in share price after the company announced its Q1FY24 financial results. The quarterly report highlighted an optimistic outlook for its Indian operations, which contributed to 57 per cent of Q1 FY24 revenues.

In the June quarter, the company’s net profit dropped to ₹525 crore from ₹7,714 crore in the previous year. This decline was due to lower production and realisations, resulting in a 6 per cent decrease in revenue to ₹59,490 crore. Expenses also increased to ₹58,553 crore.

The board of Kajaria Ceramics has approved additional acquisition upto 18% equity shares of ₹10 each (i.e. 16,38,368 equity shares) of Kajaria Infinity Private Limited, a subsidiary company, at a consideration aggregating upto ₹16.39 crore. The company’s stock declines by 1.71% on the NSE, trading at ₹1,429.60.

The stock of Sun Pharmaceutical Industries rises by 1.02% on the NSE, trading at ₹1,106.20.

Andhra Petrochemicals reported a net profit of ₹1.184 crore for the quarter ended June 30, 2023, against ₹29.22 crore in the previous year. The stock declines by 2.68% on the BSE, trading at ₹60.60.

Major gainers:

• Tata Motors DVR (12.74%)
• Olectra (10%)
• Jyoti Resins (8.52%)
• SOBHA (7.62%)
• Piramal Enterprises (7.41%)

Major losers:

• Can Fin Homes (-8.27%)
• AGI (-7.03%)
• Triveni (-5.83%)
• RattanIndia Power (-5.03%)
• Suzlon (-5%)

With moderating input costs and an increase in disposable income, Fast Moving Consumer Goods (FMCG) maker Jyothy Labs saw a 100 per cent increase in its net profit at ₹96 crore for the quarter that ended in June as against ₹48 crore reported during the same time last year.

Yatharth Hospital & Trauma Care Services IPO has been subscribed 0.54 times as of 1:51 pm on July 26. The NII portion has been subscribed 0.75 times and retail 0.76 times. The issue closes on July 28.

Balanced advantage funds are sold to investors who are worried about rising market volatility and want hassle-free asset allocation that is also tax-efficient. The category’s 5-year and 10-year of 10-11 per cent CAGR may not match pure-equity returns, but is suitable for investors with moderate return expectations.

​Lead futures (continuous contract)​ on the ​Multi Commodity Exchange ​(MCX) has been moving in a tight range of ₹181-183 over the past month. But on Monday, it closed above the upper band of the range at ₹183, giving it a positive bias.

Punjab National Bank has reported its standalone net profit for the quarter ended June 30, 2023, at ₹1255.41 crore against ₹308.44 crore in the previous year. The stock rises by 1.73% on the NSE, trading at ₹61.75.

The stock of Federal Bank rises by 1.21% on the NSE, trading at ₹134.20. Observing the start of the FIFA Women’s World Cup, the bank has announced the launch of NR savings account scheme, specifically curated for NRI women.

The stock of HCL Technologies trades at ₹1,115 on the NSE, up by 0.31%. The company had launched its Global Delivery Center (GDC) in Rabat, Morocco, to drive transformation projects to clients across portfolio themes of digital, engineering, cloud, AI and software.

The company informed the exchanges about the submission of Abbreviated New Drug Application (ANDA) containing a paragraph IV certification with the USFDA for the generic version of Erdafitinib Tablets 3 mg, 4 mg, and 5 mg strengths.

The company’s stock rises by 1.16% on the NSE, trading at ₹788.65.

Sutlej Textiles and Industries will hold its 18th AGM on August 21, 2023. The company’s stock trades at ₹46.40, up by 0.98% on the NSE.

Rajnandini Metal reported its net profit for the quarter ended June 30, 2023, of ₹4.59 crore against ₹3.59 crore in the previous year. The company’s stock trades at ₹9.10, up by 1.68% on the NSE.

Spot bullion market opened higher on Wednesday. In Mumbai, the price of 22-karat gold, used in jewellery was ruling at ₹5,811 per 10 gm against ₹5,772. Gold (999) ruled at ₹5,954 against ₹5,914 last evening.

The Board of Directors of Motilal Oswal Financial, on July 27 inter alia, will also consider Internal Restructuring within Group Entities by transferring Broking & Distribution Business of Motilal Oswal Financial Services Limited into one of the Wholly-Owned Subsidiary of the Company, demerger of Wealth Business from Motilal Oswal Wealth Limited, Wholly-Owned Subsidiary, into MOFSL and other related matters. Shares of Motilal Oswal jumped over 6 per cent

The stock of Bharat Wire Ropes rises by 1.37% on the NSE, trading at ₹213.90. The company reported its consolidated net profit for the quarter ended June 30, 2023, at ₹23.75 crore.

Shares of Service Care Limited was listed on NSE Emerge today.

The company provides workspace and Wlworkforce administration services across all business domains. The public issue was of Rs. 20.68 crore at an issue price of Rs. 67 a share.The stock currently rules Rs. 67.35 after opening at Rs 70.90.

Mumbai-based real estate players Suraj Estate Developers, having major residential portfolio located in the markets of Mahim, Dadar, Prabhadevi and Parel markets has refiled its draft red herring prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

Earlier, in March 2022, the real estate developer had filed its Draft Red Herring Prospectus (DRHP).

The IPO consists of a fresh issue of up to Rs 400 crore, with each equity share having a face value of Rs 5.

The net proceeds to be raised from the fresh issue, the company proposes to utilise up to Rs 285 crore towards repayment/prepayment of the aggregate outstanding borrowings of the Company and its Subsidiaries, Accord Estates Private Limited and Iconic Property Developers Private Limited, up to Rs 35 crore for acquisition of land or land development rights besides general corporate purposes.

State-run Bharat Petroleum Corporation (BPCL) is expected to report a better set of numbers in Q1 FY24 on an annual basis helped by a recovery in marketing margins due to softening International crude oil prices and cheap Russian supplies.

Trident Lifeline has completed the proposed acquisition of equity shares equivalent to 18% of the total issued and paid-up share capital of Tricorp Industries Limited from existing shareholders of TIL. The stock of Trident Lifeline rises by 1.86% on the BSE, trading at ₹142.60.

Aurobindo Pharma Limited has informed the exchange that USFDA inspected the Unit I, a formulation manufacturing facility of Eugia Pharma Specialities Ltd., a wholly owned subsidiary of the company, situated at Koltur Village, Medchal District, Telangana. The inspection closed with zero observations and a classification of No Action Indicated (NAI).

The company’s stock trades at ₹792.95, up by 0.66% on the NSE.

Major gainers:

LT (4.02%); Reliance (2.21%); Adani Ports (1.82%); ITC (1.69%); BPCL (1.37%)

Major losers:

Mahindra & Mahindra (-0.78%); CIPLA (-0.56%); Ultratech Cement (-0.55%); SBI Life Insurance (-0.51%); Titan (-0.47%)

Stocks advanced on BSE at 12 noon on July 26 were 2,050 against 1,319 stocks that declined. Total stocks traded were 3,538. The number of stocks that recorded a 52-week high was 198, and those that hit a 52-week low was 24.

Yatharth Hospital & Trauma Care Services IPO has been subscribed 0.29 times as of 11:54 am on July 26. The NIIS has been subscribed 0.26 times and retail 0.46 times. The issue closes on July 28.

Turmeric futures topped ₹15,000 a quintal on Wednesday amidst a mixed spices complex on NCDEX. Futures of jeera (cumin) and dhania (coriander) declined. Turmeric contracts due for delivery in December gained ₹574 at ₹15,200 a quintal. Dhaniya October futures were down ₹218 at ₹7,800 a quintal by noon. Jeera September contracts dropped by ₹630 to ₹60,100 a quintal. Turmeric contracts expiring in

Banks could end FY24 with almost the same net interest margin (NIM) as in FY23 as term deposits are expected to get re-priced over the next couple of quarters.

NIMs of Scheduled Commercial Banks’ had improved 30 basis points through FY23 to 3.7 per cent as at March-end 2023 as transmission of monetary policy tightening to deposit rates lagged the pass-through to lending rates, per the latest Financial Stability Report.

Real estate major DLF is hopeful of ending the fiscal with “surplus cash generation” on the back of improved collections and demand. The company’s pre-sales guidance continues to be in the Rs 12,000–13,000 crore range.

According to Anand Mathur, CFO, DLF, the net debt level came down to Rs 57 crore in Q1FY24 (April to June), one of its lowest ever.

Bank Nifty index opened with a gap-up today at 45,935 versus yesterday’s close of 45,845. After marking a high of 45,995.85, the index is now hovering around 45,920. Thus, it is up 0.15 per cent for the day.

Domestic milk supply was impacted in FY2023 due to the incidence of Lumpy Skin Disease (LSD) in cattle and its impact on the milk yields during the flush season, thus resulting in a demand-supply gap as demand remained steady. ICRA expects healthy improvement in milk supply by H2 FY2024 as these factors are likely to ease.

Raw milk demand remained buoyant in FY2023 with both liquid milk and value-added dairy product (VADP) segments witnessing a healthy volume growth. There is 8-10% increase in liquid milk sales volume despite multiple price hikes undertaken by dairy companies, whereas there is 18-22% increase in VADP volumes; VADPs continued to witness strong volumes, which along with price increases, resulted in revenue growth of 28-32% in FY2023.

Major gainers: Tata Motors DVR (13.47%); TCI Express (8.59%); Olectra (8.58%); Marksans (7.45%); ACE (7.29%)

Major losers: Can Fin Homes (-8.38%); AGI (-7.71%); Triveni (-5.02%); Suzlon (-5%); Globus Spirits (-4.75%)

Mangalore Refinery and Petrochemicals Ltd (MRPL), which processed 17.14 million tonnes of crude oil during 2022-23, becomes the single largest PSU refinery (single location) in the nation for 2022-23. On BSE, MRPL scrip was trading at 82.92 at 11.35 am, up 1.06 per cent.

Shree Cement approves investment for increasing clinker and cement capacity. Investment required is Rs 7,000 crore. In the meanwhile, it had reported its consolidated net profit for the quarter ended June 30, 2023, at ₹571.94 crore against ₹278.86 crore in the previous year. The stock rises by 2.18% on the NSE, trading at ₹24,198.70.

Bharat Heavy Electricals Limited (BHEL) has informed the exchanges about successful synchronisation of the 660 MW Unit-2 of the 1,320 MW Maitree Super Thermal Power Project (STPP) in Bangladesh. The synchronisation of the unit has been done ahead of the commitment given at a high level G2G meeting, it said in a stock exchange filing. The company’s stock rises by 2.51% on the NSE, trading at ₹100.20.

Transformers and Rectifiers (India) Limited has received orders of transformers for total contract value of ₹134 crore from one of the Central Utility. The stock jumps by 3.54% on the NSE, trading at ₹90.60.

Speaking to businessline, Nanda said that Club Mahindra would not be adding any company acquisitions in Europe in the short term owing to the geopolitical challenge

Nifty 50 and Sensex have recovered well from their Tuesday lows. Both the indices are up today by about 0.65 per cent. Sensex is trading at 66,850 and Nifty at 19,812.

Nifty has risen above 19,800 now. While this sustains, the bias is bullish to see a further rise to 19,900 and even 20,000 in the coming sessions.

Stock market today at 11 am:Indian shares advanced on Wednesday, boosted by gains in index heavyweights Reliance Industries, Larsen & Toubro (L&T) and Tata Motors, ahead of the U.S. Federal Reserve’s monetary policy decision.

The Nifty 50 index was up 0.63% at 19,804.30, while the S&P BSE Sensex gained 0.68% to 66,803.94 at 11 a.m.

All the 13 major sectoral indexes logged gains with Nifty FMCG index rising over 0.65%. Automaker Tata Motors jumped as much as 4.06% to a record high after reporting a better-than-expected profit in the June quarter and a capital restructuring plan.

Index heavyweight L&T climbed 3.83% to a record high on strong first-quarter results and approval of a share buyback plan. L&T and Tata Motors were the top Nifty 50 gainers.

Reliance Industries rose as much as 2% after a report said Qatar sovereign fund was in talks for a stake in the company’s retail arm.

Indoco Remedies has received EU GMP certification from the Competent Health Authority of Malta for its manufacturing site in Baddi (Unit -I) located at

Village Katha, Tehsil- Nalagarh, District– Solan, Himachal Pradesh.

The Agency had conducted an inspection at Indoco’s manufacturing facility for solid oral dosage form from April 20 - 24, 2023. The EU GMP certification issued by the Health Authority from Malta confirms that the site complies with the f Good Manufacturing Practice requirements as referred in the EC Directive.

The EU GMP certification will support supplies of drug products to Europe and other territories from this manufacturing site. Stock is up 1.3% on NSE

Gift Nifty derivatives on NSE International Exchange (NSE IX) witness a record single day trading activity of more than 3,14,900 contracts with turnover of US $12.39 billion (INR 1,01,43,400 Crs. equivalent) on July 25, 2023. Traded contract volume and turnover value witness a significant growth of over 838% and 924% respectively compared to the first day full-scale operations volume of 33,570 contracts with turnover of US $1.21 billion.

Globally market participants will be closely watching the Fed chief Jerome Powell’s comments about the disinflation process in the US and the likely trend in interest rates. A 25 bp rate hike, already discounted by the market, will not trigger any market move. But if the Fed chief indicates that inflation is coming under control and, therefore, no further rate hikes are needed, that will be a big trigger for markets to move up. But such an outcome is highly unlikely since the Fed will play it safe even if inflation is coming under control.

While the range bound movement of the Indian market is likely to continue today, individual stock action in response to results and news will happen. Q1 results of Tata Motors and their decision to cancel DVR shares and the good results of L&T and the share buy back news are sentient positive.

India’s GDP will rise due to strong tech and service sector growth, increased foreign investment, favorable demographic dividends, governmental policy reforms facilitating business, and a predicted recovery in consumer spending post-Covid-19, contributing to a healthier overall economic outlook. The forecast of 6.1% is pessimistic, I expect it to be 6.3%. A weak rupee has fostered more exports which has reduced the current account deficit and increased remittance income from $55.6 billion to $62.3 billion. Oil prices have been lower due to purchases from Russia and Iran over Norway, USA and Saudi Arabia and overall lower oil prices have kept the balance of payment account in check.

CMP: 1217.30

Floor Price Rs: 1201.30

Market Cap (Rs. Cr.): 1720.09

Promoter holding: 1.05 Cr (74.56%)

Non Promoter Holding: 0.35 Crs (25.44%)

Offer Size at Floor: up to Rs. 431.81 Cr. (No. of Size to acquire up to 0.35 Cr)

Bidding period:

Start Date - 20-July-2023

Last Date for revision (upward) or Withdraw Bids – 25-July-23

Closing Date: 26-July-23 - (Today)

Last date for announcement of the Discovered Price: 28-July-23

Last date for announcement for Counter offer: 28-July-23

Obligation Download : 02-Aug-23

Settlement Date : 03-Aug-23

Acquirer Name: Promoter- Mr TT Jagannathan, Mr TT Raghunathan, and TT Krishnamachari Co.

ITC has allotted 35,03,130 ordinary shares of ₹1 each under the company’s Employee Stock Option Schemes. The stock rises by 1.05% on the NSE, trading at ₹467.15.

Suzlon hit the the lower circuit of 5 per cent for the second consecutive day post Q1 results

Pharma major Dr Reddy’s Laboratories is expected to post good growth in revenue in Q1 FY24 on the back of revenue from the new product launches and recovery in the US market.

The Hyderabad-based drug-maker will announce the first quarter results on Wednesday.

Gold continues to rule around $1,960 levels. In the Asian market, gold was quoted at $1,963.46 an ounce. The yellow metal is down almost a per cent week-on-week. Silver ruled at $24.60 an ounce.

On MCX, gold for delivery in August was up ₹63 at ₹59,262 per 10 gm. Silver September contracts dropped ₹43 to ₹74,730 a kg.

Saregama India Ltd. (Demerged Company)

Digidrive Distributors Ltd (Resulting Company)

Symbol: SAREGAMA

Stock Price: 434.60/-

Last cum date: 26th July 2023 (Today)

Record date: 27th July 2023\u0009

Ratio : 1:5 (1 fully paid-up equity share of Rs 10 each in Digidrive Distributors for every 5 equity shares of Re 1 each)

Delta Corp reported its consolidated net profit for the quarter ended June 30, 2023, at ₹67.91 crore against ₹57.13 crore in the previous year. The company’s stock rises by 1.29% on the NSE, trading at ₹191.65.

Cyient Ltd reported its consolidated net profit for the quarter ended June 30, 2023, at ₹169.10 crore against ₹116.10 crore in the previous year. The company’s stock declines by 0.44% on the NSE, trading at ₹1,460.10.

QIA Fund is considering a $1 billlion investment giving it a sake of about 1 per cent valuing Reliance Retail Venures at around $100 billion.

Maintain Overweight with TP of Rs 1000

Misappropriation of funds at a branch

Estimate 4% impact on FY24 profits and 10 bps impact on June 2023 book value

Likely to weigh on investor sentiment towards the stock in the near term

Tyre maker CEAT Ltd posted a net profit of ₹144 crore for the quarter that ended in June as against ₹9 crore reported during the same quarter last year.

The company earlier reported ₹133 crore profit during the March quarter. Revenue from operations grew by 4.1 per cent in the quarter ended in June at ₹2,935 crore as against ₹2,818 crore during the same quarter last year. CEAT Ltd’s revenue from operations saw an increase of 2.1 per cent from the March quarter of ₹2,874 crore.

The stock of Can Fin Homes falls by 6.77% on the NSE, trading at ₹793.55.

UTI AMC net profit at Rs 234 crore, up 154 per cent, revenue stood at Rs 468 crore, up by 60 percent YoY

Major gainers

LT (3.77%); Tata Motors (2.59%); UPL (1.44%); Hero Motocorp (1.06%); LTIMindtree (1.05%)

Major losers:

SBI Life Insurance (-1.38%); Apollo Hospitals (-0.69%); Tech Mahindra (-0.69%); Hindalco (-0.53%); Divi’s Laboratories (-0.44%)

Mindspace REIT revenue up 23 per cent at Rs 590 crore against Rs 481 crore. Net profit at Rs 137 crore against Rs 128 crore

Piramal Enterprises board will meet on July 28 to consider a share buyback proposal

Union Bank has entered into a strategic partnership with IBM to act as System Integrator in its digital push

Amber Enterprises net profit at Rs 46 crore, up 9 per cent, while revenues fell 7 per cent to Rs 1,702 crore YoY

SBI Life net income from investments at Rs 14,579 crore against loss of Rs 6,406 crore, VNB margin at 29 per cent

Orient Electric has completed the sale of land parcels admeasuring a total of 23 acres situated in Dusakal Village Secretariat and Mekaguda Gram Panchyat, Hyderabad, Telangana, for a total consideration of ₹35 crore.

Wellray Solar Industries sold two lakh shares of Gensol Engineering at Rs 1,415.97 per share

Rattan Power revenue up 1 per cent at Rs 847 crore (Rs 843 crore). Net loss at Rs 549 crore (Rs 389 crore).

Authum Investment and Infrastructure sold 15 lakh shares of Inox Green at Rs 63.6 per share

Crude oil futures traded lower on Wednesday morning as the industry data showed an unexpected increase in the crude oil inventories in the US. At 9.16 am on Wednesday, October Brent oil futures were at $82.87, down by 0.46 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $79.26, down by 0.46 per cent.

Wipro Limited announced that it has been named as a ‘leader’ in ISG Provider Lens Network — Software Defined Solutions and Services report for Singapore and Malaysia. ISG evaluated 34 service providers across five quadrants - Managed SD-WAN Services, SDN Transformation Services (Consulting and Implementation), Enterprise Networks Technology and Service Suppliers, Secure Access Service Edge (SASE), and Edge Technologies and Services.

The domestic market opened with gains, projected to remain volatile due to F&O contract expiry and Q1 results. Sensex starts 209 points higher at 66,565.17, Nifty rises 60 points to 19,740.65, led by Tata Motors and L&T. All eyes on US Federal Reserve’s interest rate verdict, with a 25 basis points increase anticipated. Tuesday saw flat closure for Nifty 50 and Sensex, consumer stocks decline, metal stocks rise. Oil prices ease after reaching three-month high due to China’s economic support and tighter supplies, impacting oil-importing nations like India. Foreign institutional investors buy Rs 1,089 crore of equities, while domestic investors sell Rs 334 crore worth, as per provisional NSE data.

Tata Steel’s Q1FY24 results provided an improving outlook for its Indian operations (57 per cent of Q1FY24 revenues) and continued uncertainty for its European arm (35 per cent) – at least for FY24.

Canara Bank topped the list of public sector banks with the highest lending to corporations and PSUs of States and Union Territories for the fifth year in a row.

This was revealed in a written statement of the Finance Ministry, in response to questions raised by MP Velusamy P.

The operating profit of the three state-run oil marketing companies (OMCs) is expected to hit ₹1-lakh crore in FY24, from the average of around ₹60,000 crore between FY17 and FY22, Crisil Ratings said on Tuesday.

The ongoing infrastructure push has brought construction companies in the limelight. Road infrastructure companies in Q1 of FY24 are expected to do well on YoY basis on both revenue and profit fronts. Here are 4 charts that tell you the story

Retail investors have hiked stake in five out of 10 listed Adani Group companies during the June quarter even as some of the stocks have fallen sharply, given the uncertainty over the Supreme-Court initiated SEBI investigation in the group’s funding structure.

According data sourced from the BSE, NDTV and Adani Total Gas have seen retail investor stake going up 4.31 percentage points and 2.06 percentage points, while that of Adani Transmission and Adani Wilmar were up one percentage point and 0.24 percentage points. Investors’ holding in ACC was up 0.24 per cent.

With the Food Corporation of India (FCI) halting rice supplies for the production of ethanol to distilleries, stocks in the distillery segment suffered a setback on Tuesday.

Nearly 100 distilleries across the country that depend on FCI’s rice supply to make ethanol are bracing for tough times ahead. This will also cause a temporary blip in the implementation of the Union government’s ambitious target to achieve 14 per cent ethanol blending in petrol by November.

Putting an end to any guesswork - Tata Motors Board have approved a Scheme of Arrangement for reduction of capital of the Company by way of cancellation of the entire ‘A’ Ordinary Shares of the Company and issuance and allotment of the Ordinary Shares.

🔹 A. Swap Ratio– The holder on Record will receive 7 fully paid up Tata Motors (TTMT) shares for every 10 Tata Motors DVR (TTMT/A).

🔹 B. Spread – The spread is available at 20% (favorable to DVR holder) but tomorrow (Wednesday) we should see TTMT/A significantly O/P the ordinary shares so capturing 20% or lucrative spread won’t be practically possible.

Two Scenarios–

▫️ Existing Holder - If tomorrow/near term the spread trades around 8% to 10% +/- then existing DVR/ordinary share spread holders should unwind their position.

▫️ Fresh Arb Position - Considering around 12 to 14 months’ time for conversion then a as per Nuvama Alternative, very ideal spread to set up a fresh position should be 15%.

🔹 C. Approvals Required– The completion of below approvals could take about 12 to 14 months’ time

▫️SEBI

▫️Shareholders & Creditors and

▫️NCLT

🔹 D. Key Shareholders – The biggest size (19.4% of equity) is held by ICICI Prudential Mutual Fund. They have been a long term holder and certainly their conviction continues to pay off.

🔹 E. Indices Angle – TTMT/DVR is not a constituent of most of the widely tracked passive indices like Nifty 50 , Sensex and MSCI. The stock is just a member of FTSE and have negligible weight of 14bps.

The ₹686-crore initial public offering of Yatharth Hospital & Trauma Care Services will open for public today. The issue, which closes on July 28, comes at a price band of ₹285-300 a share.

While QIB portion is reserved up to 50 per cent; non-Institutional can bid for at least 15 per cent and retail investors up to 35 per cent. Market lot is 50 shares.

The IPO consists of a fresh issue of ₹490 crore and an offer for sale by existing promoters Vimla Tyagi, Prem Narayan Tyagi and Neena Tyagi (65.51 lakh shares worth ₹196 crore).

ICICI Prudential Mutual Fund has approved distribution under Income Distribution cum capital withdrawal option of ICICI Prudential Medium Term Bond Fund (the scheme). The record date for the same is July 27. The quantum of IDCW on the face value of ₹10 per unit will be ₹0.1719 under Quarterly IDCW and ₹0.1979 under Direct Plan - Quarterly IDCW.

Today:

Listing of new securities of Federal Bank Ltd.

230,477,634 Equity shares of Rs.2/ each allotted to QIBs pursuant to Qualified Institutional Placement…Issue Price: 131.9

Listing of new securities of HAVELLS INDIA LTD

20,627 Equity shares of Re.1/- each fully paid up under Havells Employees Stock Purchase Scheme 2016 (ESPS 2016)

Listing of new Securities of Salzer Electronics Ltd

1,00,000 equity shares of Rs. 10/- each issued at a premium of Rs.268.50/- to Promoters on a preferential basis pursuant to conversion of warrants

Aditya Birla Sun Life AMC, Aegis Logistics, Aether Industries, Aksh Optifibre, Allsec Technologies, Andhra Petrochemicals, Agro Tech Foods, Axis Bank, Bajaj Finance, Banaras Beads, Bharat Wire Ropes, Bharat Petroleum Corporation, Cipla, Colgate-Palmolive, Deepak Fertilisers, Dr Reddy’s Laboratories, Embasy Office Parks, Fine Organic Industries, Glaxosmithkline Pharmaceuticals, Godfrey Phillips India, Gujarat Hotels, HG Industries, HFCL, Indian Metals & Ferro Alloys, ION Exchange, ISMT, Jindal Stainless, Jubilant Ingrevia, Kajaria Ceramics, Mahindra EPC, Mahindra Lifespace Developers, Novartis India, National Plastics, Novartis, Oracle Financial Services Software, Omax Auto, Praj Industries, Punjab National Bank, REC, Responsive Industries, Rane (Madras), Sasken Tech, Schaeffler, Shree Cement, SJS Enterprises, Syngene International, Tata Consumer Products, Time Lease, Tech Mahindra, and TeamLease Services, Vesuvius and Vedant Fashions.

Asian Paints on Tuesday said that it has appointing R. Seshasayee, one of the independent directors of the company, as chairman of the board from October 1. His term of appointment will end on January, 22, 2027, the company said in a notice to the stock exchanges. He will succeed Deepak Satwalekar, whose terms will end on September 30.

Tata Motors on Tuesday announced a simplification and consolidation of its capital structure that will result in a 4.2 per cent reduction in the number of outstanding equity shares. The board has approved a scheme of arrangement for a capital reduction of the ‘A’ ordinary shares (DVR) and issue ordinary shares as a consideration for the reduction. At present, Tata Motors DVR shares carry 1/10th of the voting rights of ordinary shares and are entitled to five percentage points higher dividend. DVR holders will get 7 ordinary shares for every 10 shares.

CanFin Homes, the housing finance arm of public lender Canara Bank, on Tuesday, informed the exchanges that three of its employees at the Ambala branch have committed fraud of ₹38.53 crore, and an FIR has been lodged with the Haryana Police. Stock may react negatively to the development.

Gensol Engineering: Wellray Solar Industries sold two lakh shares (1.6%) at Rs 1,415.97 apiece.

SG Finserve: Ankur Singhal sold 2.5 lakh shares (0.6%) at Rs 562.11 apiece.

Inox Green Energy Services: Authum Investment and Infrastructure sold 15 lakh shares (0.5%) at Rs 63.6 apiece.

Ex-Dividend 27 July 2023 (Tomorrow)

Last date for Cum-Dividend Today

Akzo Nobel India Limited

Dividend Per Share Rs.40

Previous day Closing Price – Rs. 2645.8

Asm Technologies Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 531.25

Automotive Axles Ltd.

Dividend Per Share Rs.32

Previous day Closing Price – Rs. 2201.45

Bhagiradha Chemicals & Industries Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 1364.1

Deepak Nitrite Ltd

Dividend Per Share Rs.7.5

Previous day Closing Price – Rs. 2007.7

Prataap Snacks Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 840.25

Dollar Industries Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 382.4

Hatsun Agro Product Ltd.

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1022.95

Hero Motocorp Ltd.

Dividend Per Share Rs.35

Previous day Closing Price – Rs. 3137.45

Indag Rubber Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 150.15

Jk Tyre & Industries Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 242.1

Pidilite Industries Ltd.

Dividend Per Share Rs.11

Previous day Closing Price – Rs. 2607.65

Pradeep Metals Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 166.55

Punjab Chemicals And Crop Protection Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 859.1

Rajratan Global Wire Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 747.95

Ratnamani Metals & Tubes Ltd

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 2568.6

Shree Ajit Pulp And Paper Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 289.75

Ultratech Cement Ltd.

Dividend Per Share Rs.38

Previous day Closing Price – Rs. 8394.15

MAAN ALUMINIUM LTD.

Bonus issue 1:1

Previous day Closing Price – Rs. 370.90

Ex Bonus 27 July 2023 (Tomorrow)

Last date Trade for Before Bonus Today

MAAN ALUMINIUM LTD.

Stock Split Rs.10/- to Rs.5/-

Previous day Closing Price – Rs. 370.90

Ex - Stock Split 27 July 2023 (Tomorrow)

Last day trade for before split Today

Axis Bank, Aether Industries, Bajaj Finance, CanFin Homes, Tata Motors, Tata Motors (DVR), L&T, Ampere, Asian Paints, HCL Tech, Mindspace REIT, BPCL, Dr Reddy’s Lab, Cipla, Jindal Stainless, HFCL, Shree Cement, SJS Enterprises, Tata Consumer, Tech Mahindra, PNB

Domestic market is expect remain volatile and open weak on Wednesday. Gift Nifty at 19722 indicates a negative bias. Analysts expect the market to remain volatile to the impending monthly expiry of F&O contracts on Thursday. Besides, Q1 result season will add to volatility. According to analysts, so far, the result season is a mixed bag with banking reporting strong numbers but IT companies declaring muted figures. All eyes will be on US Federal Reserve, that will set to pronounce its verdict on rate. The market is widely expecting a 25 basis points increase, any adverse comments could spoil the global bull party.

Here are the key intraday supports and resistances to watch out for Nifty Futures, RIL, ONGC, TCS, Infosys, HDFC Bank, SBI, and ITC

The short-term outlook is bullish for Zee Entertainment Enterprises Ltd (ZEEL). The stock surged 6 per cent on Tuesday. This sharp rise has happened from around the 200-Day Moving Average (MA) support.

The stock of Zee Entertainment Enterprises declines by 1.08% on the NSE, trading at ₹233.10.

The tech-heavy Nasdaq closed higher on Tuesday, leading gains on Wall Street amid investor excitement about artificial intelligence before earnings reports from megacap technology companies Alphabet and Microsoft after the bell.

Both Microsoft and Alphabet have launched an array of AI products since OpenAI, backed by Microsoft, released ChatGPT in late 2022. Investors expect the new products will help tech giants offset a slowdown in their cloud businesses.

Shares in the owner of Google and the maker of Windows climbed 0.6% and 1.7%, respectively. “When you have this much enthusiasm for a specific investing theme, you don’t need much of a reason for markets to move. It’s inertia,” said Steve Sosnick, chief strategist at Interactive Brokers.

With the U.S. central bank on track for another 25-basis point interest rate hike on Wednesday, policymakers face a choice over how much weight to put on recent economic data.

The tech-heavy Nasdaq Composite index has rallied this year, helped by outsized gains in rate-sensitive megacap growth companies and hopes for an end to the U.S. Federal Reserve’s tightening cycle.

Companies outside tech are also performing well as lower valuations attract investors.

The blue-chip Dow inched up for 13th day in a row, even as a 0.87% slide in Boeing capped gains.

RTX tumbled 10.2% after saying many of its Pratt & Whitney GTF engines that power Airbus A320neo jets will need “accelerated removals and inspections”.

The S&P composite 1500 passenger airlines sub index dropped 3.45%, bogged down by a 9.7% fall in Alaska Air after the airline’s annual revenue growth outlook missed expectations. - Reuters

The Dow Jones Industrial Average rose 26.83 points, or 0.08%, to 35,438.07, the S&P 500 gained 12.82 points, or 0.28%, to 4,567.46 and the Nasdaq Composite added 85.69 points, or 0.61%, to 14,144.56.

Volume on U.S. exchanges was 9.75 billion shares, compared with the 10.32 billion average for the full session over the last 20 trading days.

The S&P 500 posted 37 new 52-week highs and no new lows; the Nasdaq Composite recorded 74 new highs and 101 new lows.

Asian markets were trading mostly weaker on Wednesday ahead of the U.S. Federal Reserve’s expected interest rate rise to be delivered later in the day, as investors also weighed the likelihood of a Chinese economic stimulus package.

MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, after U.S. stocks ended the previous session with mild gains. The index is up 3.8% so far this month.

The yield on benchmark 10-year Treasury notes rose to 3.8924%, compared with its U.S. close of 3.912% on Tuesday.

The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 4.8848% compared with a U.S. close of 4.893%.

Australia was the only major market across the Asia Pacific region to see shares rise, with the S&P/ASX 200 index up 0.81%. Japan’s Nikkei stock index was off 0.12%.

In Hong Kong, the Hang Seng index was down 0.54% and China’s blue chip CSI300 index was off 0.13% in early trade.

Positive sentiment returned to China’s market on Tuesday, when the CSI 300 Index snapped a six-day losing streak by closing up nearly 3% to record the best day since last November.