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Supports Respected! Nifty Closes Above 19,400 – Post-Market Analysis

NIFTY started the day at 19,383 with a gap-down of 44 points. Within just 10min of opening, the index fell nearly 130 points to 19,260— breaching the support zones of 19,300. After the fake breakdown, Nifty moved up sharply by nearly 200 points throughout the day to 19,460 levels. Nifty closed at 19,434, up by 6.25 points or 0.03% 

Nifty chart Aug 14 - post-market analysis

BANK NIFTY (BNF) started the day at 44,066 with a small gap-down of 132 points. In the first 10min, the index fell over 300 points to 43,770 levels. It then slowly moved up to 44,200 levels— a rally of more than 430 points from the day’s low. BNF closed at 44,090, down by 108 points or 0.24%. 

Bank Nifty chart Aug 14 - post-market analysis

All other indices except Nifty Media (+0.8%), Nifty IT (+0.68%), and Nifty FMCG (+0.49%) closed in the red. Nifty Metal (-2.1%) fell the most. 

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

Today’s Moves

LTIMindtree (+1.68%) was NIFTY50’s top gainer on the back of strong volumes.

Olectra Greentech (+9.59%) broke its 5-day losing streak, surging up to 10% today.

Mazagon Dock Shipbuilders (+7.6%) jumped after the company’s Chairman Sanjeev Singhal said he anticipates a strong FY25 with major order deliveries.

Adani Ent (-3.29%) was NIFTY50’s top loser. Other Adani Group stocks also fell sharply after Deloitte Haskins & Sells resigned as the statutory auditor of Adani Ports.

Nykaa (-8.14%) crashed after several brokerage firms highlighted challenges in the company’s growth in their post-earnings stock reviews. 

Markets Ahead

As mentioned earlier, the markets were weak, and a flat or gap-down opening could take the indices further down. And that’s what happened today. After the gap-down, Nifty went on to hit our target of 19,300, and Bank Nifty was in our volatile zone.

Nifty: There is strong buying from 19,300 levels, but the markets can still be bearish until the 19,500 resistance is breached. In that case, the index may turn bullish and go on to hit targets of 19,630. If today’s swing of 19,350 is breached, the index will test 19,300 again, and if that’s broken, Nifty can fall to bigger targets of 19,200 and 18,900 in the coming weeks.

Bank Nifty: The index is looking weaker than Nifty, and is still in our volatile zone between 44,500 and 43,400. Bank Nifty can continue to be volatile and hit stop losses on both sides, so wait for this range to be broken.

Finnifty: The index moved in a similar pattern as Bank Nifty today. Being expiry today, it was relatively easy for non-directional option sellers as the IV (which spiked initially) was cooling off gradually.

Meanwhile, India’s retail inflation surged 7.44% on an annual basis in July, compared to 4.81% in June. The sharp rise can be attributed to a steeper-than-expected increase in vegetable prices (especially tomatoes) over the past month.

How did FIN NIFTY expiry trading go? Let us know in the comments section of the marketfeed app.

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The markets will remain closed tomorrow on account of Independence Day. marketfeed wishes all our readers a very Happy Independence Day!

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Volatile Monthy Expiry! Metal Stocks Shine – Post-Market Analysis

NIFTY started the day flat at 19,729 with a gap-up of 57 points. The index immediately fell, taking rejection from the earlier support zone of 19,700. It moved down till yesterday’s low of 19,660 zones (making lower lows), gave a strong pull-back to the 19,700 zone, and took rejection there. Then, Nifty gave a good fall to 19,620 levels and took support from there to move again sharply to the rejection zone of 19,700. Nifty closed at 19,680, up by 8.25 points or 0.04%.

NIFTY chart - July 25

BANK NIFTY (BNF) started the day at 46,154 with a gap-up of 231 points. The index fell to the 45,900-600 support zones but couldn’t sustain. After the breakdown and re-test of those levels, Bank Nifty further fell to 45,600 levels to take support and gave a huge recovery till the rejection zone of 45,900 zones. BNF closed at 45,845, down by 78 points or 0.17%. 

Bank Nifty chart - July 25

Nifty Metal (+2.94%) and Nifty Media (+1.5%) moved up the most, while Nifty PSU Bank (-1.4%) fell sharply. 

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

Today’s Moves

Hindalco (+3.82%) was NIFTY50’s top gainer. 

Metal stocks Tata Steel (+3.25%), JSW Steel (+3.2%), NTPC (+2.4%), NALCO (+2.9%), Hindustan Copper (+5.4%), and others surged today.

Jyothy Labs (+19.9%) rallied after its net profit jumped 102% to ₹96.25 crore on the back of moderating input costs and a stable demand environment in Q1 FY24.

Asian Paints (-4.04%) was NIFTY50’s top loser. The company’s consolidated net profit rose 53% YoY to Rs 1,550 crore; beating street estimates.

ITC (-1.9%) continued its fall after announcing the demerger of its hotel business.

Olectra Greentech (-9%) shares have fallen 21% in 7 days. BSE and NSE have placed the stock under the long-term ASM framework.

Markets Ahead

Markets have turned bearish, and the levels mentioned in yesterday’s post-market analysis acted as planned. Our targets of 19,560 in Nifty and 45,500 in Bank Nifty are still intact. So if there’s a follow-up tomorrow, those targets could be hit!

Nifty: Now, the important resistance is clearly 19,700 and the important support is near 19,560 (which also coincides with the falling channel pattern low). If there’s a flat opening tomorrow below 19,700, Nifty can have another round of sell-off tomorrow. On the other hand, if there’s a breakout from the 19,700 level, the index can move to the 19,770 resistance level.

Bank Nifty: The index is now below the support zone of 45,900 and has turned bearish. But on a 5 min chart, there’s a bullish head and shoulder pattern that’s been formed. So if the index crosses 45,800 tomorrow, we can expect it to fall to today’s low and eventually till the 45,500 level. If there’s a breakout from 46,000 levels, Bank Nifty can move to 46,250 as the first target.

FIN NIFTY was super volatile like Nifty and Bank Nifty on expiry day. The index made some crazy moves, creating trouble for both option buyers and sellers. But if you were a safe/conservative option seller, you would have made money!

Meanwhile, business activity in the U.S. slowed to a five-month low in July, dragged down by decelerating service-sector growth. The Federal Open Market Committee’s (FOMC) meeting will begin today. Investors are expecting the group to raise interest rates by 25 basis points to their highest level since 2001.

How did your expiry trading go? Let us know in the comments section of the marketfeed app.

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Indian Oil Corp to Consider Fundraising via Rights Issue – Top Indian Market Updates

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

Indian Oil board to consider fundraising via rights issue

Indian Oil Corporation Ltd’s (IOCL) board of directors will consider fundraising plans through a rights issue of equity shares.  The proposed rights issue is seen as strengthening its capex spending and the credibility of its emission-reduction plans. IOC’s rights issue, if considered, will be subject to various statutory approvals as may be required.

Read more here.

Olectra Greentech receives electric bus order worth Rs 10,000 crore

A consortium of Olectra Greentech and Evey Trans Private Ltd secured a Letter of Intent for supplying electric buses from Maharashtra State Road Transport Corporation (MSRTC). The order involves the supply, operation and maintenance of 5,150 electric buses. The value of the supply is approximately ₹10,000 crore for Olectra, and the nature of the contract is a ‘Gross Cost Contract’ basis. The contract period is 12 years.

Read more here.

Samvardhana Motherson to acquire 100% stake in Rollon Hydraulics for Rs 103 crore

Samvardhana Motherson International Ltd (SAMIL) will acquire a 100% stake in Rollon Hydraulics Private Ltd for ₹103 crore. Rollon is engaged in manufacturing, assembly, and supply of high precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off-highway segment from its two facilities based out of Bengaluru. The target business will be housed under SAMIL’s precision metals and modules division.

Read more here.

TVS Motor launches modern-retro motorcycle TVS RONIN in Indonesia

TVS Motor Company Ltd has entered into the premium lifestyle segment with the launch of TVS RONIN for its customers in Indonesia. TVS RONIN is the first ‘modern-retro’ motorcycle from TVS Motor Company. It will be available in Indonesia in two variants — TVS RONIN SS (single tone single channel ABS), and TVS RONIN TD (Triple tone dual channel ABS). It will be available in select TVS Motor outlets across the country starting July 2023.

Read more here.

Cipla’s US subsidiary recalls some of its inhalers due to container defect

Cipla’s subsidiary Cipla USA has made a voluntary nationwide recall of six batches of its inhaler Albuterol Sulfated. The company recalled it due to a container defect by Cipla USA. The recalled batches were manufactured in November 2021 with an expiry date of November 2023. Cipla made the recall after a market complaint on one of the inhalers, where leakage was observed through the inhaler valve.

Read more here.

RIL, Adani Total Gas planning plants for compressed biogas

Reliance Industries (RIL) and Adani Total Gas (ATGL) are planning to set up 10 compressed biogas (CBG) plants each, across the country. These plants will be of up to 30 million tonnes per annum capacity. Five plants will be set in the next five years. The rest would come up later. The companies would invest up to ₹2500 crore each in setting up these plants.

Read more here.

Intellect Design Arena loses contract with government e-marketplace

Intellect Design Arena’s contract with the Government e-Marketplace (GeM) got terminated due to lower prices quoted by competitors. Since 2017, Intellect Design Arena has been helping the government develop the GeM platform, which is critical for all public procurements of goods and services by the Central government departments and ministries. The competitor quoted nearly 48% lower than the indicative pricing by the Government.

Read more here.

Defence Ministry to procure 2 upgraded Dornier aircraft from HAL for Rs 459 crore

The Ministry of Defence (MoD) and Hindustan Aeronautics Ltd (HAL) have signed a contract for the procurement of two Dornier aircraft for the Indian Coast Guard (ICG) for ₹458.87 crore. The contract includes an associated engineering support package and the aircraft will be procured under the Buy Indian Category. The aircraft will be fitted with several advanced equipment, namely a glass cockpit, maritime patrol radar, electro-optic infra-red device, and mission management system, among others.

Read more here.

Jaiprakash Associates defaults on Rs 4,044 crore loans

Jaiprakash Associates has defaulted on loans worth ₹4,044 crore, including principal and interest. The company on June 30th defaulted on repayments of a principal amount of ₹1,660 crore and interest of ₹2,384 crore. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds).

Read more here.

Viacom18 acquires media rights of USA’s Major League Cricket tournament

Reliance’s Viacom18’s sports network and Major League Cricket (MLC) have inked a media rights agreement that would see the tournament’s debut edition airing exclusively on the company’s Sports18 channel and the JioCinema app in India. The event will start on July 13, when the Texas Super Kings play the Los Angeles Knight Riders at Grand Prairie Stadium outside of Dallas, Texas.

Read more here.

Reliance Retail board approves equity capital reduction plan

RlL’s subsidiary Reliance Retail Ltd’s board of directors has approved a proposal to reduce the equity share capital. Also, the company will pay ₹1,362 per share, determined based on the valuation obtained from two reputed independent registered valuers, which will be paid towards the capital reduction. Upon reduction, Reliance Retail shares held by such shareholders will stand cancelled and extinguished.

Read more here.

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Hero MotoCorp, Zero Partner For Premium Electric Motorcycles – Top Indian Market Updates

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

Hero MotoCorp to partner with Zero Motorcycle for premium electric motorcycles

Hero MotoCorp have reached an agreement with California-based Zero Motorcycles to co-develop premium electric motorcycles. The companies intend to combine the expertise of Zero in developing powertrains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp. In Sept 2022, the board of Hero MotoCorp approved an equity investment of up to $60 million in Zero Motorcycles.

Read more here.

Olectra Greentech bags order for 550 e-buses from TSRTC

Olectra Greentech Ltd has received an order for 550 pure electric buses from the Telangana State Road Transport Corporation (TSRTC). The order is to supply 50 standard-floor 12-metre intercity coach e-buses and 500 low-floor 12-metre intracity e-buses. The 50 intercity coach e-buses will ply between Hyderabad in Telangana and Vijayawada in Andhra Pradesh.

Read more here.

NTPC records 12% growth in electricity generation in April-Feb

NTPC Ltd has registered nearly 12% YoY growth in electricity generation to 364.2 billion units in the April-February period of FY23. The company’s captive coal production stood at 2.6 million metric tonnes (MMT) and despatch at 2.5 MMT, registering a growth of 80% and 87%, respectively. NTPC continues to demonstrate an increasing trend in coal production from its captive mines. 

Read more here.

Auto components industry to grow 10-15% in FY24: ACMA

India’s auto components industry is expected to grow by around 10-15% in FY24, said the Automotive Component Manufacturers Association of India (ACMA). This growth will be driven by both domestic and export market demand despite fears of a recession in major markets of the US and Europe. Going forward, the industry is expected to gain from the transition to electric vehicles (EVs) in the developed markets in the West.

Read more here.

Allcargo Logistics to acquire its partners’ contract logistics business

Allcargo Logistics plans to buy out the contract logistics business of its joint venture partner CCI Integrated Logistics and sell it to the customs clearance segment as a means of consolidating its business. The company bought a controlling stake in CCI in 2016 and subsequently formed the joint venture Avvashya CCI. It now holds over 61% stake and will buy the remaining 38.87% stake from its partners for ₹145 crore.

Read more here.

Max Estates completes office complex in Noida at ₹420 crore cost

Max Estates has completed an office complex (Max Square) in Noida at a total development cost of ₹420 crore. The company is expecting an annual rental income of about ₹60-70 crore from this project. New York Life Insurance Company has co-invested in this project and holds a 49% stake. Max Estates is part of Max Group’s listed entity Max Ventures & Industries Ltd (MaxVIL).

Read more here.

Vehicle sales grow 16% in February 2023: FADA

A report from the Federation of Automobile Dealers Associations of India (FADA) revealed that the total registrations across all segments rose 16% year-on-year (YoY) to 17,75,424 in Feb 2023. Total commercial vehicle retail sales in February grew 17% YoY to 79,027 units. Tractor sales rose 14% YoY to 68,988 units last month.

Read more here.

Domino’s becomes first QSR brand to achieve 20-min guaranteed delivery in Bengaluru

Jubilant FoodWorks Ltd announced the launch of a 20-minute delivery guarantee for Domino’s Pizza in Bengaluru. The fast-food chain now guarantees delivery of fresh and hot pizzas to customers’ doorsteps within just 20 minutes of placing the order. The service will be available across 170 Domino’s Pizza stores across the city. 

Read more here.

ONGC signs pact with TotalEnergies for exploration of deep-water blocks

Oil and Natural Gas Corp (ONGC) has signed an agreement with French major TotalEnergies for the exploration of deep-water blocks. The decision comes as the country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports. India is the world’s third-biggest oil importer & consumer of oil, and ships over 85% of its oil overseas. 

Read more here.

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Jet Airways Relaunch Faces Delays – Top Indian Market Updates

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

Jet Airways facing more delays: CEO Sanjiv Kapoor

Jet Airways Ltd’s potential new owners, the Jalan-Kalrock consortium, have been trying to relaunch operations this month. However, the airline faces more delays due to unresolved negotiations between the management and engine makers on more favourable terms in its proposed leasing contracts. 

“We will start operations in a planned and phased manner and share details of our fleet, customer value proposition, and business model when we open for sale,” said CEO Sanjiv Kapoor.

Read more here.

AGEL commissions 325 MW wind power project in Madhya Pradesh

Adani Green Energy Ltd (AGEL) has commissioned a 325 megawatts (MW) wind energy plant in Dhar, Madhya Pradesh. The plant has two 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) at a tariff of Rs 2.83 per kilowatt hour (kwh). The Adani Group will manage the newly commissioned plant via its ‘Energy Network Operation Centre’ platform.

Read more here.

NARCL to buy 18 distressed accounts totalling ₹39,921 crore by Oct 1: Report

As per an ET Now report, the National Asset Reconstruction Company of India Ltd (NARCL) is preparing to acquire 18 distressed accounts worth ₹39,921 crore by October 31. The bad bank informed lenders that it has created two lists– Phase 1 comprised eight accounts with a debt of ₹16,744 crore. Phase 2 has 10 accounts with a debt of ₹18,177 crore.

Read more here.

Welspun Corp secures order for pipeline project in the US

Welspun Corp has secured a significant order for a carbon capture pipeline project in the United States. The company will supply 785 miles (1,256 km) or 100,000 MT of high-frequency induction welding pipes. The pipes for the order will be produced at the company’s manufacturing plant in Little Rock, Arkansas, and executed in FY23-24.

Read more here.

Delhi HC allows Natco Pharma to launch Chlorantraniliprole

The Delhi High Court has allowed Natco Pharma to launch Chlorantraniliprole (CTPR) and its formulations through its non-infringing process. CTPR technical is formulated into broad-spectrum insecticides for pest management on a wide range of crops. Natco Pharma estimates the current market size of products containing CTPR in India to be over ₹2,000 crore.

Read more here.

Hatsun Agro Products’ board approves rights issue of ₹400 crore

The Board of Directors of Hatsun Agro Products Ltd has approved the proposal for a rights issue aggregating to ₹400 crore. The issue will be available for all existing shareholders. The eligible shareholders will be determined on the record date, which the company will announce in due course. 

Read more here.

Olectra secures order to supply 123 e-buses to Thane Municipal Transport Undertaking

A consortium formed by Olectra Greentech and EVEY Trans has secured an order for 123 electric buses from the Thane Municipal Transport Undertaking. EVEY Trans will procure these e-buses from Olectra Genentech and deliver them in nine months. Meanwhile, Olectra will maintain the buses during the contract period of 15 years. The total value of the order is ₹185 crore.

Read more here.

Dixon Tech signs deal with Ibahn for advanced lighting technology

Dixon Technologies (India) Ltd has entered into a binding term sheet with Delhi-based Ibahn Illumination, whereby Ibahn has agreed to transfer its cutting-edge technologies of smart lighting solutions. Ibahn’s BLE Mesh Smart Lighting (app, firmware, hardware, and cloud-hosted database) provides consumers with Wi-Fi-based technology solutions for its lighting products.

Read more here.

PSP Projects secures work orders worth ₹167 crore

PSP Projects Ltd has secured orders worth ₹167.35 crore in the industrial, precast and residential segments. This includes a major order to construct Phase 2 of a Noodle Factory from a repeat client. With receipt of the above orders, the total order inflow for FY2022-23 till date amounts to ₹1,511.58 crore.

Read more here.

SEBI introduces framework to prevent misuse of clients’ securities by brokers

The Securities & Exchange Board of India (SEBI) has introduced a new framework that will prevent the misuse of clients’ securities and funds by their stock brokers. Under the framework, depositories need to validate the transfer instruction for pay-in of securities from client Demat accounts to trading member pool accounts against obligations received from the clearing corporations.

In other news, SEBI is looking to boost surveillance of social media and other platforms through a web intelligence tool. Using data analytics, the tool will help to investigate violations of various securities laws by individuals, groups, and other entities.

Read more here.

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RIL Reports 46% YoY Rise in Q1 Net Profit – Top Indian Market Updates

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

RIL Q1 Results: Net profit rises 46% YoY to Rs 17,955 crore

Reliance Industries Ltd (RIL) reported a 46.29% YoY increase in consolidated net profit to Rs 17,955 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 54.5% YoY to Rs 2,23,113 crore during the same period. RIL’s oil-to-chemical (O2C) business delivered its best-ever performance in Q1 despite the global challenges.

Reliance Jio Infocomm reported a 24% YoY (or 4% QoQ) increase in net profit to Rs 4,335 crore in Q1. The telecom giant’s revenue grew 21.6% YoY to Rs 21,873 crore. The growth in revenues was driven by an increase in average revenue per user (ARPU) and modest addition to its subscriber base.

Read more here.

Rupee holding up well relative to advanced, emerging market peers: RBI Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said the Indian economy is relatively better placed amidst the grim global scenario. He added that the Indian Rupee is holding up well relative to advanced and emerging market peers. “RBI has been supplying US Dollars to the market to ensure adequate supply of liquidity. Also, it is necessary to look at unhedged forex exposures factually, rather than being alarmed by it,” he said.

Read more here.

UltraTech Cement Q1 Results: Net profit falls 7% YoY to Rs 1,584 crore

UltraTech Cement Ltd reported a 7.4% YoY (or 39.5% QoQ) decline in consolidated net profit to Rs 1,584 crore for the quarter ended June (Q1 FY23). The sharp rise in power and fuel costs had an adverse impact on the company’s profits. Its revenue from operations grew 28.2% YoY to Rs 15,163.98 crore during the same period. UltraTech Cement achieved capacity utilisation of 83% in Q1 FY23, compared to 73% in Q1 FY22.

Read more here.

Domestic air traffic records 66% growth in January-June period: DGCA

The number of passengers carried by domestic airlines grew 66.73% YoY to 343.37 lakh in the January-July period. The passenger load factor (PLF) or occupancy rates for IndiGo was 78.6% and 84.1% for SpiceJet during this period. IndiGo had the largest market share in the April-June quarter (Q1 FY23) at 56.3%, followed by Go First at 10.4%, and SpiceJet at 9.7%. The data was released by the Directorate General of Civil Aviation.

Read more here.

Bandhan Bank Q1 Results: Net profit jumps 137% YoY to Rs 887 crore

Bandhan Bank reported a 137% YoY jump in net profit to Rs 886.5 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 18.9% YoY to Rs 2,514.4 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 7.25% in Q1 FY23, compared to 8.18% in Q1 FY22. Total deposits increased by 20.3% YoY to Rs 77,336 crore.

Read more here.

Tata Motors wins tender for 1,500 electric buses from DTC

Tata Motors Ltd has received an order of 1,500 electric buses from Delhi Transport Corporation (DTC) as part of a larger tender by Convergence Energy Services Ltd (CESL). The automaker will supply, operate and maintain these buses for 12 years. To date, Tata Motors has supplied over 650 electric buses across multiple cities in India.

Read more here.

JSW Steel Q1 Results: Net profit falls 86% YoY to Rs 838 crore

JSW Steel Ltd reported an 85.8% YoY (or 75% QoQ) decline in consolidated net profit to Rs 838 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 32% YoY to Rs 38,086 crore during the same period. The rise in the cost of raw materials, power, fuel, and other expenses severely impacted the company’s margins. EBITDA stood at Rs 4,309 crore in Q1, down 58% YoY.

Read more here.

Olectra Greentech to supply 300 electric buses worth Rs 500 crore to Telangana

Olectra Greentech Ltd has received an order for 300 electric buses from Telangana State Road Transport Corporation (TSRTC). The value of this order is approximately Rs 500 crore. These 12-metre, low-floor, non-AC buses have a seating capacity of 35 and wheelchair accessibility. The lithium-ion (Li-ion) battery installed in these buses enables them to travel nearly 200 kilometres on a single charge at 80%.

Read more here.

Coforge Q1 Results: Net profit rises 21% YoY to Rs 150 crore

Coforge Ltd reported a 21.1% YoY increase in consolidated net profit to Rs 149.7 crore for the quarter ended June (Q1 FY23). Net profit declined by 27.9% when compared to the previous quarter. Its gross revenues grew 25.2% YoY (or 5% QoQ) to Rs 1,829.4 crore during the same period. The IT company secured orders worth $315 million (~Rs 2,514 crore) in Q1. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

Read more here.

Hindustan Unilever to invest Rs 700 crore in Uttar Pradesh by 2025

Uttar Pradesh is set to see investments worth Rs 700 crore from Hindustan Unilever Ltd (HUL) by 2025, said the state’s Chief Minister Yogi Adityanath. The FMCG firm will create lakhs of direct and indirect employment opportunities in the region in the next three years. CEO Sanjiv Mehta and UP CM virtually unveiled HUL’s new spray-dried detergent factory and co-located distribution centre in Hamirpur district.

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Aramco, RIL in Advanced Talks for $25 billion Deal – Top Indian Market News

Saudi Aramco in advanced talks with Reliance for $25 billion deal: Report

According to a report from Bloomberg, Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd’s (RIL) oil refining and chemical business. Aramco is discussing the purchase of a nearly 20% stake in the Reliance unit for about $20-25 billion (Rs 1.48 – 1.85 lakh crore) worth of Aramco shares. The report further states that RIL could reach an agreement with Suadi Aramco as soon as the coming weeks.

RIL had announced the sale of a 20% stake in its oil-to-chemicals (O2C) business to Aramco for $15 billion in 2019. However, the deal stalled after oil prices and demand crashed last year due to the Covid-19 pandemic.

Read more here. 

India’s WPI inflation eases to 11.16% in July

The inflation based on the Wholesale Price Index (WPI) eased to 11.6% in July 2021, compared to 12.07% in June. Inflation in manufactured products stood at 11.2% in July, compared with 10.88% in June. The inflation in food articles remained flat against a 3.09% annual rise in June. The fuel and power index rose 26.02% annually in July, compared to an increase of 32.83% in June. The data was released by the Ministry of Commerce and Industry.

Read more here.

Tata Motors partners with Bank of Maharashtra for car loan scheme

Tata Motors has partnered with the Bank of Maharashtra to offer car loan facilities for its ‘New Forever’ range of passenger vehicles. Under the partnership, the bank will provide loans to Tata Motors’ customers at an interest rate starting from as low as 7.15% linked with Repo Linked Lending Rate (RLLR). The ‘Maha Super Car Loan scheme’ will offer a maximum of 90% financing on the total cost of the vehicle (on-road pricing) for salaried employees, self-employed people, and businessmen.

Read more here.

HDFC Bank to raise funds by issuing AT-1 bonds in overseas market

HDFC Bank has announced plans to raise capital by Additional Tier-I (AT1) bonds in the overseas market to fund its business growth. The bank is expected to raise up to $1 billion (~Rs 7,420 crore) from the dollar-denominated bonds. An offering memorandum (OM) has been prepared and will be available to prospective investors in relation to the contemplated issue of debt instruments.

Read more here.

Tyre industry body ATMA urges government to allow duty-free import of natural rubber

The Automotive Tyre Manufacturers Association (ATMA) has asked the government to allow the duty-free import of natural rubber. The shortage of the commodity in India has become a major obstacle for the tyre industry to support domestic manufacturing. According to ATMA, natural rubber consumption is likely to increase further, and the annual demand is expected to cross 13 lakh tonnes in FY22. The tyre industry accounts for over 70% of natural rubber consumed in India.

Read more here.

Tata Steel lays out capital expenditure of Rs 3,000 crore for European operations

“Tata Steel has laid out a capital expenditure of Rs 3,000 crore for its European operations as its focus is to make the business stronger”, said CEO and Managing Director T.V. Narendran. The company’s operations in Europe are being separated into Tata Steel Netherlands and Tata Steel UK, which would help in cost efficiencies and management focus. Tata Steel’s CEO further stated that the European business will be cash positive in terms of EBITDA and Profit After Tax (PAT) in the current financial year (FY22). 

Ruchi Soya gets SEBI approval to launch Rs 4,300 crore FPO

Ruchi Soya Industries Ltd has received approval from market regulator SEBI to sell fresh shares worth up to Rs 4,300 crore through a follow-on public offer (FPO). The FPO is being launched to meet SEBI’s minimum public shareholding norm of 25% in a listed entity. Ruchi Soya’s promoters will dilute a 9% stake in the company through the FPO. According to reports, the proceeds from the FPO will be used for reducing the company’s debt and meet working capital requirements. Ruchi Soya is owned by Baba Ramdev’s Patanjali Ayurveda.

Read more here.

Rules on retro tax to be framed soon: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has stated that the rules that will lead to the scrapping of the retrospective tax demands made on companies such as Cairn Energy plc and Vodafone plc will be framed soon. Earlier this month, the Parliament had passed a bill to scrap all tax demands made using the 2012 retrospective tax legislations. The Finance Ministry officials are conducting discussions with Cairn and Vodafone on the closure of retro tax cases, refund, and settlement. You can learn more about retrospective taxation here.

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Olectra Greentech secures order worth Rs 70 crore for 50 e-buses

Olectra Greentech Ltd has received a Letter of Award (LoA) from Gujarat State Road Transport Corporation (GSRTC) for the supply of 50 nine-meter electric buses. The supply will be on a Gross Cost Contract (GCC) basis for a period of ten years. The order is valued at Rs 70 crore. The buses will be delivered over a period of 12 months. Hyderabad-based Olectra Greentech is a leading manufacturer of e-buses and insulators in India.

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Ramkrishna Forgings wins order worth €20 million

Ramkrishna Forgings Ltd has secured a multi-year order from a European Tier-1 customer in the auto segment worth €20 million (~Rs 174 crore). The order is to be implemented over a period of four years. Ramkrishna Forgings is a leading manufacturer and supplier of open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel.

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