Live stock market: indices open steady; SBI delay; M&M’s brilliance
The much stronger-than-expected US jobs report on Friday raised the possibility that the Federal Reserve will maintain its aggressive monetary policy. This factor played a role in closing Wall Street lower on Friday and Asian markets took the lead. The Nikkei and Chinese indices opened in the red on Monday.
Autos and metals gain in the morning, while other banking and financial sector indices are declining
Sensex and Nifty opened flat on Monday with SBI losing 2% initially.
Economists forecast India’s first-quarter GDP growth of 12.5-15%
The Indian economy is likely to have grown in double digits in the first quarter of the current fiscal year, buoyed by a strong recovery in consumption and a recovery in the service sector, and a low base, according to economists. (full report)
Stocks to watch: Stocks to watch: SBI, BPCL, Paytm, Tata Motors, Shipping Corp
Bharti Airtel, Adani Ports, Delhivery, City Union Bank, Power Grid and Torrent Power will be in focus when they announce their June quarter earnings today. (full report)
Sensex stays flat when pre-opened. Tata Motors, SBI, BPCL, Paytm will be the focus of today’s session.
Oil endures a choppy start for a week with interest in demand at the fore
Oil pulled out of an early slump at the opening of the week to trade flat as investors weigh demand prospects ahead of a barrage of intelligence from major energy players regarding market outlook.
West Texas Intermediate didn’t change much above $89 a barrel after initially dropping more than 1%. Investors have retreated from commodities in recent months as slowing growth is fueling concern that energy use, including gasoline, will fall. This helped WTI tumble nearly 10% last week.
Rakesh Jhunjhunwala Portfolio: Experts see huge rise in this technology stock
Shares of Nazara Technologies remained under construction after climbing to a 52-week high in October 2021. The stock reached a 52-week low in June 2022, but then rebounded strongly, posting a nearly 40% rise from 52-week lows week in nearly two months.
According to stock market experts, this Rakesh Jhunjhunwala stock is expected to come out of a long consolidation phase and could rise to R911 level per piece in the long run. Nazara Technologies stock price today is around R672 per share, which means experts expect a 35 percent rise in this technology stock. (full report)
Reliance Industries sets record dividend date for fiscal year 2021-22
With a market valuation of R17,14,256.39 crore, Reliance Industries Ltd. It is a large-capital company that produces petroleum products. India’s largest private sector company and a Fortune 500 company is Reliance Industries Limited. The company’s business activities include the exploration and production of oil and gas as well as the production of textiles, synthetic fabrics, plastics, chemicals, petroleum products, polyester products and polyester intermediates.
The board of directors of the company has recommended a dividend of Rs. 8.00 per share of stock Rs. 10 for the fiscal year ending March 31, 2022. This equates to a dividend yield of 0.31 percent at the current share price of R2,532.90. In order to determine the eligibility of shareholders to receive dividends, the company has announced a record date that shareholders should be aware of.
Tata Motors EV subsidiary acquired Ford’s Sanand plant for Rs 726 crore
Tata Motors on Sunday said its subsidiary Tata Passenger Electric Mobility Ltd (TPEML) has signed a unit transfer agreement (UTA) to acquire Ford India’s manufacturing plant in Sanand in Gujarat for R725.7 crore rupees.
As part of the deal, the Mumbai-based auto giant said in a statement that as part of the deal, Tata Motors will acquire the land, entire buildings and a car manufacturing plant along with the machinery and equipment in it.
Indian bond yields have seen a rise tracking US peers, sentiment remains weak
India’s government bond yields are expected to rise in opening trades on Monday, extending gains fueled by the central bank’s rate hike and hawkish comments on Friday, and tracking the rise in US Treasury yields.
A trader with a private bank said the yield on the benchmark 10-year bond is likely to trade in the 7.32%-7.38% range. It closed up 14 basis points at 7.3005% on Friday, posting the biggest one-day rise in three months.
IOC, HPCL, BPCL post ₹18,480 cr loss in Q1 on retaining gasoline and diesel prices
The state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of RRs 18,480 crore to keep petrol and diesel prices in spite of higher cost.
According to stock exchange filings by the three fuel retailers, the losses were due to the erosion of marketing margins for domestic gasoline, diesel and LPG.
This wiped out the gains from the standard refining margin. IOC, HPCL and BPCL, which are supposed to drop petrol and diesel prices daily in line with cost, have not changed prices for four months now despite the rise in global oil prices.
Delta Corp. Among 3 Stocks Under F&O Ban on NSE Today
A total of three shares were placed under embargo for trading on Monday, August 8, 2022 under the Futures and Options (F&O) division of the National Stock Exchange (NSE). Securities were banned under the F&O segment because they exceeded 95% of the market-wide position limit (MWPL), according to the NSE.
Escort auto stocks remain part of the F&O ban list by the exchange for today, while two more Balrampur Chini and Delta Corp stocks were added to the list on Monday. NSE updates the list of securities in the F&O ban for trading every day.
Akasa Air’s new Indian operations commences, and the first flight takes off on the Mumbai-Ahmedabad route
Akasa Air finally reached the skies of India as the first flight took off on Sunday between Mumbai-Ahmedabad Road, which was inaugurated by Union Minister for Civil Aviation Jyotiraditya M Scindia along with General Vijay Kumar Singh (retired).
On July 22, India’s newest airline, Akasa Air, on Friday opened ticket reservations for its first commercial flights with an initial network in Ahmedabad, Bengaluru, Mumbai and Kochi.
New rules may pull the rug out of India’s bid to boost the bond market
India’s plan to expand its corporate bond market is facing an unexpected hurdle as the regulator is considering tightening oversight of trading platforms that allow investments in corporate debt with just a few clicks.
While the proposed framework is designed to protect investors and is therefore welcomed by some, some proposals from the Securities and Exchange Board of India (SEBI) could actually backfire and harm liquidity, according to experts who spoke to Bloomberg. This is because the sale of unlisted debt will be prohibited, platforms will be prohibited from selling corporate notes to non-institutional investors soon after they are acquired, and deals will need to be settled via methods not commonly used today. (full report)
Tokyo markets open lower after recent gains
Tokyo stocks opened lower Monday, following recent gains in Japanese markets and a slump in US technology shares.
The benchmark Nikkei 225 index fell 0.33%, or 92.54 points, to 28,083.33 in early trading, while the broader Topix lost 0.36%, or 6.94 points, at 1,940.23.
The auto industry expects auto sales to be on a fast lane this holiday season
The auto industry expects auto sales to be fast this holiday season on the back of new launches and improved production, but is cautiously optimistic on the road ahead once the festivities are over.
The festive season, which usually sees a spike in car sales, begins this year on August 11 with Rakshabandhan extending until Diwali on October 25.
“We expect this year’s festive season to be the best in terms of passenger car sales on the back of new launches and improved production activity. An average of over 3 lakh units have been rolled out in the last 4-5 months which Venekesh Gulati, Head of FADA, said. For car dealers, to PTI agency in an interaction.”
NITI meeting: PM Modi urges states to focus on 3Ts, modernize farm sector
Prime Minister Narendra Modi on Sunday made a strong case for modernizing agriculture, animal husbandry and food processing to help the country become self-sufficient and global leadership in the agriculture sector, even as some countries called for the MSP mechanism to be made more effective. In the case of legumes and oilseeds.
The Prime Minister also asked the countries to focus on boosting 3Ts – Trade, Tourism and Technology – with the aim of reducing imports and increasing exports, said an official statement after the seventh meeting of the NITI Aayog Board of Directors.
Most Wall Street stocks fall on Friday after US job growth picks up
Most stock markets fell on Friday as the much stronger-than-expected US jobs report raised the possibility that the Federal Reserve will maintain its strict monetary policy to combat inflation.
Official data published on Friday showed that the US economy added 528,000 positions, defying all expectations of a slowdown.
Friday’s data also showed higher wages in the US, which will add to inflation fears and likely prompt the Federal Reserve to raise interest rates aggressively again next month.
The Fed previously said its decision would be guided by data.
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