The Indian benchmark equity indices broke their losing streak, after declining for three consecutive sessions amid continued bearish sentiment. Today’s market is pulled up by share prices of Wipro, Bajfinance And Tata Steel. The NSE Nifty 50 opened 30.60 points up at 24,999, while the BSE Sensex opened 160.80 points, or 0.2% up at 81,918.53.
Global Markets
The US government has announced a preliminary anti-dumping tariff of 93.5% on anode-grade graphite imported from China, a material essential for making batteries in electric vehicles. This decision was made after the US Commerce Department found that Chinese producers were selling graphite at unfairly low prices.
The move is expected to increase pressure on the global electric vehicle supply chain, which is already under strain due to China’s export restrictions on minerals and battery technology. The tariff applies to imports worth $347.1 million in 2023 and is set as a single rate for all Chinese suppliers. There is also a separate anti-subsidy duty being investigated. This action has caused shares of battery suppliers to drop, while American graphite producers saw their stock prices rise, reflecting market concerns and potential benefits for US industries
- The S&P 500 Index closed slightly down 0.57 points, or 0.009%, at 6,296.79.
- The Dow Jones Industrial Average closed down 142.30 points, or 0.32%, at 44,342.19.
- The FTSE 100 closed up 19.48 points, or 0.22%, at 8,992.12.
- DAX closed down 81.42 points, or 0.33%, at 24,289.51.
Asian Indexes
Asian stock markets and the Japanese yen stayed steady on Monday, following Japan’s recent election where the ruling coalition lost its majority in the upper house a setback for Prime Minister Shigeru Ishiba but one that markets had largely anticipated. This result has weakened Ishiba’s hold on power and may lead to more political instability or policy gridlock, especially as Japan faces an important tariff deadline with the US.
- Nikkei Closed down 0.21%
- Hang Seng up 0.42%
- Kospi up 0.46%
Commodities Market
- WTI crude is trading at $67.5, up 0.29% for the day.
- Brent crude is at $69.3, up 0.14%.
- Gold is up 0.02% and now trading at Rs. 9,870 per gram.
- Silver is down 0.01% and now trading at Rs. 1,12,935 per kg.
- Copper is up 0.07% and now trading at Rs. 892.45 per kg.
Results to Watch – July 21
Key companies set to release their earnings on July 21 include Agi Greenpac, CIE Automotive India, CRISIL, DCM Shriram, Dodla Dairy, Eternal, Ganesh Housing Corporation, Havells India, IDBI Bank, Latent View Analytics, Mahindra Logistics, Oberoi Realty, Parag Milk Foods, PNB Housing Finance, Rajratan Global Wire, Sagar Cements, UCO Bank, and UltraTech Cement.
To be announced today
- India is scheduled to release its infrastructure output data on Monday, a key indicator for assessing industrial and economic activity.
Stocks to Watch
- HUDCO: The company has approved the discontinuation of its Niwas Portfolio business. This move likely aligns with a portfolio restructuring strategy.
- Sun TV Network: Sun TV will acquire a 100% stake in Northern Superchargers for £100.5 million. The acquisition marks its foray into UK-based sports and media assets.
- TGV SRAAC: Added 2.5 MW of solar power capacity, raising its total to 40.4 MW. This enhances its renewable energy mix and sustainability footprint.
- LIC Housing Finance: The company has surrendered its registration under the NPS-Lite Swavalamban Scheme. It is no longer a Point of Presence in the NPS ecosystem.
- Coforge: Received ‘no adverse observation’ letters from both BSE and NSE. This clears the way for its proposed merger with Cigniti Technologies.
- B L Kashyap: Secured a civil and structural works order worth Rs 157 crore from Manyata Promoters. The contract adds to its strong project pipeline.
- Firstsource Solutions: Will acquire UK-based Pastdue Credit Solutions (PDC) for GBP 22 million. This expands its debt recovery and collections business in the UK.
- Mahindra Lifespace: Its arm, with Sumitomo Corp, signed an agreement with Osaka Government. The deal supports Japanese businesses entering the Indian market.
- Afcom Holdings: Launched a new international cargo route to Vietnam and began Hanoi operations. This strengthens its logistics presence in Southeast Asia.
- Udaipur Cement Works: Board approved merger with Hansdeep Industries, Hidrive Developers, and JK Lakshmi Cement. The consolidation aims to streamline operations and enhance scale.
- Dr. Reddy’s Laboratories
USFDA completed an inspection at its Srikakulam facility (FTO 11), issuing Form 483 with 7 observations. The inspection was conducted between July 10–18. - Devyani International: Increased its stake in Sky Gate Hospitality to 86.13% for Rs 103 crore. This move boosts its control over the premium food services platform.
- NTPC Green Energy: Signed an MoU with Goa Energy Development Agency to develop 300 MW renewable projects. This will help Goa ramp up clean energy capacity.
- TVS Supply Chain Solutions: TVS LIUK increased its stake in TVS Autoserv GmbH to 81% by acquiring an additional 30%. The move strengthens its position in the European market.
- Ambuja Cements: NCLT approved the merger of Adani Cementation with the company. This supports Adani Group’s consolidation of cement operations under Ambuja.
- Inox Green Energy Services: Received ‘no adverse observation’ letters from BSE and NSE on the proposed merger scheme. This allows the merger process to move forward.
- Samvardhana Motherson: Its Serbian arm formed a new subsidiary Motherson PKC Electric Cable D.O.O. in Požarevac. It will focus on electric cable manufacturing.
- Ceigall India: Emerged as the lowest bidder for Velgaon GIS Substation project with an annual tariff of Rs 585 million. The contract includes a 24-month execution and 35 years of O&M.
- IRCON International: Won a Rs 755.7 crore RVNL project in JV with JPWIPL and a Rs 1,113 crore Mumbai Metro contract from MMRDA. These wins significantly boost its order book.
- IDFC First Bank: Warburg Pincus affiliate Currant Sea Investments received RBI approval to invest up to 9.99%. The move signals growing private equity interest in the bank.
- Sona BLW Precision Forgings: Signed a JV with China’s Jinnaite Machinery to manufacture driveline systems. Sona will invest $12 million; Jinnaite will contribute $8 million initially.
Bulk Deal
- Adani Commodities LLP sold 13.54 crore shares (10.42%) at Rs 275.5 per share.
- Major buyers included Shajaeatan Investment FZCO (8.51%) and Jupiter India Fund (0.21%), among others, at the same price.
Written By Fazal Ul Vahab C H
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