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India’s Retail Inflation Eases to 6.83% in August – Top Indian Market Updates

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Here are some of the major updates that could move the markets tomorrow:

India’s retail inflation cools to 6.83% in August

According to the National Statistics Office (NSO), India’s annual retail inflation (measured by the Consumer Price Index) eased to 6.83% in August. Inflation came down from a 15-month high of 7.44% in July. The fall was largely led by a decline in vegetable prices. Food inflation fell from 11.51% in July to 9.94% in August.

Read more here.

India’s industrial output grew 5.7% in July

According to data published by the Ministry of Statistics and Programme Implementation, India’s Index of Industrial Production (IIP) expanded at a rate of 5.7% in July 2023. The expansion was at a faster pace in July than a month ago. Mining output grew 10.7% YoY, while manufacturing output and electricity generation expanded at 4.6% and 8% YoY, respectively, in July.

Read more here. 

Govt may impose addl tax to restrict sale of diesel vehicles

Nitin Gadkari, the Minister of Road, Transport & Highways (MoRTH) plans to propose to the Indian govt to consider imposing additional taxes on diesel vehicles. The additional tax is to restrict the sale of diesel vehicles unless automakers voluntarily move away from it. The minister made the statement while speaking at the 63rd Annual Convention of the Society of Indian Automobile Manufacturers (SIAM).

Read more here.

NTPC pays final dividend of ₹2,908.99 cr for 2022-23

NTPC announced the payment of ₹2,908.99 crore final dividend for 2022-23. This payment constitutes 30% of the paid-up equity share capital of NTPC. The total dividend disbursed for FY 2022-23 stands at ₹7,030.08 crore, being 41% of the profit after tax (PAT). This marks the 30th consecutive year in which the company has distributed dividends.

Read more here.

Tata Power Delhi Distribution ties with US-based Utiltyx for cyber security

Tata Power Delhi Distribution has partnered with Utiltyx, the Indian subsidiary of a US-based cyber security and data analytics software company. The partnership aims to enhance the company’s preparedness against future threats and challenges related to cyber security. The association is aimed at augmenting Intelligent Electronic Device (IED) visibility, strengthening Tata Power-DDL’s capabilities to fight cyber threats.

Read more here.

Reliance Retail Ventures gets ₹2,000 crore from KKR

KKR is investing another ₹2,069.5 crore through an affiliate in Reliance Retail Ventures (RRVL). This follow-on investment will translate into an additional equity stake of 0.25% in RRVL. The additional acquisition will take KKR’s total stake in RRVL to 1.42%. The private equity firm acquired the stake at a valuation of ₹8.36 lakh crore.

Read more here.

Hindalco partners with Metra for extrusion tech

Hindalco Industries has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. Hindalco is the world’s largest aluminium rolling and recycling company. 

Read more here.

SpiceJet pays Kal Airways ₹100Cr

SpiceJet paid Kal Airways and its promoter Kalanithi Maran ₹100 crore towards an arbitral award. The payment was made a day after the Delhi High Court ordered it to complete the payment by September 12. On August 24, the court had asked SpiceJet and Singh to pay ₹100 crore to Maran by September 10, failing which the court had said it might consider the attachment of their properties.

Read more here.

IndiGo plans to lease 22 Airbus A320 aircraft

IndiGo is looking to induct up to 22 aircraft from the secondary lease market as it faces the grounding of several Airbus A320 Neo aircraft powered by Pratt & Whitney engines. Over 1,000 P&W engines will need to be inspected after the manufacturer found that contamination of powder metal defects could lead to the cracking of some engine components. 

Read more here.

Coal India to invest ₹24,000 crore in green transportation

Coal India Ltd (CIL) is planning to invest ₹24,000 crore in green transportation in three phases. This investment is part of CIL’s plan to ensure the eco-friendly transfer of coal from its production point to handling plants. The phases will cover 61 First Mile Connectivity (FMC) projects, which will have a combined capacity of 763.5 million tonnes per annum. Under these green projects, coal will be loaded directly into rail wagons through mechanised piped conveyors with a rapid loading system.

Read more here.

Uno Minda to buy an additional 3.81% stake in European subsidiary

Uno Minda Ltd’s Board of Directors approved the acquisition of the remaining stake in Uno Minda Europe Gmbh. The acquisition will be at a consideration of 1.3 million euros (~₹11.58 crore) to make it a wholly-owned subsidiary. The stake will be purchased by SAM Global Pte Ltd, a wholly-owned subsidiary of Uno Minda Ltd.

Read more here.

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India’s Retail Inflation Surges to 7.44% in July – Top Indian Market Updates

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Food and Price Inflation Rises After Monetary Value Growth Ideas Financial problems and forecasting market crashes crisis risk. The young man pushed the shopping cart along the rising arrow chart.

Here are some of the major updates that could move the markets on Wednesday:

India’s retail inflation surges to 7.44% in July

India’s retail inflation (measured by the Consumer Price Index) surged 7.44% on an annual basis in July, compared to 4.81% in June. The consumer food price index (CFPI) rose from 4.49% in June to 11.51% in July. The sharp rise can be attributed to a steeper-than-expected increase in vegetable prices (especially tomatoes) over the past month.

Read more here.

ITC Q1 Results: Net profit rises 17.5% YoY to ₹4,902 crore

ITC reported a 17.5% YoY rise in net profit to ₹4,902.74 crores for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations fell 7.23% at ₹16,995.4 crore during the same period. EBITDA stood at ₹5,083 crore in Q1, up 10% YoY. Revenue from ITC’s core cigarette business grew 13% to ₹7,465.27 crore.

In other news, ITC’s board has approved the scheme of arrangement for the demerger of its hotels business into a separate listed subsidiary. Shareholders of ITC will get 1 share in the demerged hotels business for every 10 shares held in the parent company.

Read more here.

Axis AMC launches private credit fund

Axis Asset Management (the mutual fund arm of Axis Bank) has launched a private credit alternative investment fund (AIF) and is aiming to raise nearly ₹1,250 crore from investors. The private credit fund is part of Axis Mutual Fund’s alternative assets business, which includes late-stage private equity and real estate AIFs on the private markets side and portfolio management services and long-only equity AIFs on the public markets side.

Read more here.

Divi’s Labs Q1 Results: Net profit falls 49% YoY to ₹356 crore

Divi’s Laboratories reported a 49% YoY decline in consolidated net profit to ₹356 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 21% YoY to ₹1,778 crore during the same period. Total expenses stood at ₹1,367 crore in Q1, down 8% YoY. 

Read more here.

SEBI seeks 15-day extension to complete probe in Adani-Hindenburg case

The Securities and Exchange Board of India (SEBI) has requested the Supreme Court to grant 15 more days to conclude the investigation into allegations made by US short-seller Hindenburg Research against the Adani Group. SEBI has completed investigating 17 out of the 24 transactions it had taken up for probe. The regulator has sought more information from other regulators and foreign jurisdictions to plan a further course of action.

Read more here.

SpiceJet Q1 Results: Net profit at ₹198 crore

SpiceJet Ltd reported a consolidated net profit of ₹197.64 crore for the quarter ended June (Q1 FY24). The airline reported a loss of ₹783.72 crore in Q1 FY23. its revenue from operations fell 19% YoY to ₹2,371.53 crore during the same period. The company’s profit was on the back of a 36% Yoy decline in total expenses to ₹2,069.24 crore in Q1.

Read more here.

Domestic air passenger traffic rises 25% in July

According to the Directorate General of Civil Aviation (DGCA), India’s domestic air passenger traffic volume rose 25% year-on-year (YoY) to 1.21 crore passengers in July. IndiGo carried 76.75 lakh passengers, securing a market share of 63.4% during July. SpiceJet flew 5.04 lakh passengers in July, with a market share of 4.2%.

Read more here.

Ramkrishna Forgings secures $13.65 million order in North America

Ramkrishna Forgings has secured a $13.65 million (~₹107 crore) order from clients in the North American region. The order is for the supply of rear axle and transmission components. The company said it is strategically expanding its footprint in North America and strengthening its position within the light vehicle sector.

Read more here.

Ashok Leyland to fully acquire OHM India

Ashok Leyland will fully acquire OHM Global Mobility Pvt Ltd from OHM International Mobility Ltd. The automaker will invest ₹300 crore into the acquired entity. The acquisition is a part of the company’s EV strategy to engage in the business of e-Mobility as a Service (eMaaS). OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS.

Read more here.

L&T secures contract to build international cricket stadium

Larsen & Toubro (L&T) Construction has secured an order from the Uttar Pradesh Cricket Association to construct a cricket stadium in Varanasi on a Design & Build Turnkey basis. The scope of work for L&T includes the main ground as per ICC standards, display scoreboard, flood lights, corporate boxes, VIP lounges, office areas, broadcasting, press conference areas, kitchen & dining areas, and a practice ground.

Read more here.

Happy Independence Day to all our readers! 🇮🇳

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India’s Retail Inflation Eases to 5.66% – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Retail inflation eases to 5.66% in March

Retail inflation in India eased to a 16-month low of 5.66% in March 2023 from 6.75% in March 2022 as food inflation moderated on account of falling vegetable prices. The consumer food price index (CFPI) eased to 4.79%, down from 5.95% in February 2023 and 7.68% in March 2022. Rural inflation stood at 5.51%, while urban inflation stood at 5.89%. Retail inflation in India fell marginally but remained above RBI’s 6% upper tolerance band for the second straight month in February 2023.

Read more here.

IIP data: India’s industrial output rises 5.6% in February

India’s industrial output, as measured by the Index of Industrial Production (IIP) rose 5.6% year-on-year (YoY) in Feb 2023. For the 11-month period from April 2022 to February 2023, industrial output registered a growth of 5.5%. The January IIP growth was revised to 5.2%. 

Read more here.

TCS Q4 Results: Net profit rises 15% YoY to Rs 11,392 crore 

Tata Consultancy Services (TCS) reported a 16.9% YoY increase in revenue at Rs 59,162 crore while profit rose 14.76% YoY to Rs 11,392 crore in Q4 FY22. Both revenue and profit figures were below Street estimates. The order book for the quarter stood at $10 billion. The IT company’s board has announced a final dividend of Rs 24 per share.

Read more here.

HDFC Bank signs agreement with Export-Import Bank of Korea for $300M credit line

HDFC Bank has signed a “Master Inter Bank Credit Agreement” with the Export-Import Bank of Korea for a $300 million line of credit. The pact was signed by the two entities at GIFT City in Gujarat. This agreement will help HDFC Bank raise foreign currency funds that it would extend to Korea-related businesses.

Read more here.

Karnataka Bank authorised to collect direct, indirect taxes

Karnataka Bank has been authorised to collect direct and indirect taxes on behalf of the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). This authorisation is provided by the Reserve Bank of India. The RBI gave this authorisation on the recommendation from the Controller General of Accounts (CGA).

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Canara Bank, Bharat BillPay partner for cross-border bill payments

Canara Bank and NPCI Bharat BillPay Ltd (NBBL) have announced the launch of cross-border inward bill payment services for Indians based in Oman. NRIs can now leverage the robust platform offered by the Bharat Bill Payment System (BBPS) to make bill payments on behalf of their families through the Musandam Exchange. Canara Bank has become the first Indian public sector bank to offer inbound cross-border bill payments through BBPS.

Read more here.

Puravankara achieves highest-ever annual and quarterly sales

Puravankara has achieved the highest-ever annual and quarterly sales of any financial year since its inception. The firm has clocked Rs 1,007 crore in sale value in Q4 and a total of Rs 3,107 crore for FY23. The company also recorded a 57% jump in customer collections from the real estate business to Rs 2,258 crore.

Read more here.

RIL readies $2.4-3 billion InvIT for retail warehousing assets: Report

According to an ET report, Reliance Industries Ltd (RIL) has initiated a process that could see the group unlock value in the backend warehousing and related logistics assets of its retail business through an infrastructure investment trust (InvIT). Reliance Retail Ltd has already started laying the groundwork for the proposed InvIT of its warehousing assets. It registered a trust and Intelligent Supply Chain Infrastructure Trust with the Securities and Exchange Board of India (SEBI) at the end of February.

Read more here.

BHEL signs MoU with NPCIL for nuclear power plants business

Nuclear Power Corporation of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) entered into a Memorandum of Understanding (MoU) for collaboration for Pressurised Heavy Water Reactor (PHWR) technology-based Nuclear Power Plants. A pressurized heavy-water reactor (PHWR) is a nuclear reactor that uses heavy water (deuterium oxide D2O) as its coolant and neutron moderator.

Read more here.

Sula Vineyards’ own brand sales volumes cross 1 million cases mark in FY23

Sula Vineyards Ltd said sales volume from its own brands crossed 1 million cases in FY23. Sales volumes in elite & premium wines went past the 5 lakh cases mark for the first time. On a provisional basis, Sula Vineyards said its net revenue for Q4 stood at Rs 104.3 crore from its own brands. For the financial year 2022-23 (FY23), net revenue from own brands stood at Rs 482.5 crore and Rs 45 crore from wine tourism. 

Read more here.

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Nifty Ends Around 17,800 Resistance, Waiting For CPI Data – Post-Market Analysis

NIFTY started the day at 17,759 with a small gap-up of 37 points. It kept moving up making higher lows following the trendline to take resistance from 17800. NIFTY closed at 17,812, up by 90 points or 0.51%. 

BANK NIFTY started the day at 41,426 with a gap-up of 59 points. Unlike Nifty, Bank Nifty was moving up slowly and mostly consolidating with a positive bias. The index closed at 41,557, up by 191 pts or 0.46%.

NIFTY Pharma (+2.23%) and NIFTY IT (+1.06%) moved up the most. NIFTY PSU Bank (-0.6%), NIFTY Media (-0.58%) and NIFTY FMCG (-0.34%) were the only indices that closed in the red.

Major Asian markets closed mixed. European markets are currently trading in the green.

Today’s Moves

Divi’s Labs (+9.7%) was NIFTY50’s top gainer. The pharma company’s exports improved/recovered in March 2023.

Bajaj Auto (+2.6%) continued its up-move after it took over the sales and operations of Triumph motorcycles in India. 

Pharma stocks Glenmark Pharma, Lupin, Aurobindo Pharma, Granules, and Dr Reddy’s Labs closed 2-3.5% in the green. 

Adani Ent (+2.45%) moved up after the company incorporated a new wholly-owned subsidiary for the coal washery business.

PowerGrid (-1.75%) was NIFTY50’s top loser. State-owned NTPC (-1.29%) also moved down.

Markets Ahead

Nifty closed today in the 17,800-820 resistance zone. The index is currently trading above the resistance trendline, but a proper breakout candle with a larger body is missing here. I am expecting 17,600- 17,860 to be the max range for expiry tomorrow.

Moreover, Nifty is at a 50% rejection from February levels if you draw it from the all-time high of 18900. So if this rejection sustains, we can see the index coming down in the coming days. If Nifty breaks out from this resistance zone of 17850-900, we can expect the index to slowly move up in the coming days.

In Bank Nifty, we can watch the 41,700-800  zone and 41,980 level as major resistances for tomorrow. On the downside 41,100 can be watched.

It looks like ICICI Bank is ready for more movements above the 900 level.

Everyone is waiting for India and US CPI data, which will be out later today. Please note that the current strength in the market is sponsored by FIIs and we need to see how they behave as Nifty, Bank Nifty, HDFC Bank and HDFC reach their resistance levels.

What levels are you watching out for expiry tomorrow? Let us know in the comments section of the marketfeed app.