Indian markets ended almost flat on July 16 even as interest returned to large caps and volumes expanded. During intraday, the Sensex hit new lifetime high of 53,266 and the Nifty touched 15,952. Reassurance by the U.S. Federal Reserve Chair to keep interest rates near zero uplifted investor’s sentiments.
India’s trade balance in June turned into a deficit of $2.3bn from a surplus of $7.8bn in 2020. Exports of goods and services surged 31.8% YoY in June to $49.9bn, while imports advanced 73.7% to $52.2bn
IT stocks came under profit booking despite encouraging numbers from Infosys and Wipro.
Realty, Metals and Telecom stocks gained.
New age companies like IRCTC, BSE, ICICI Sec, CDSL, Angel Broking etc attracted fresh buying as investors were willing to bet on their long term growth trajectory.
1) Axis Bank announced its first derivative transaction linked to the Secured Overnight Financing Rate (SOFR).
2) Maruti Suzuki: The firm has launched a new platform, Maruti Suzuki Smart Finance, for its ARENA and NEXA customers. Under the initiative, the digital platform will provide customers with end-to-end online car financing solutions.
3) Tata Motors: The Pimpri-Chinchwad Municipal Corporation has sent Tata Motors a notice stating that the automobile giant owes it Rs 259 crore in property tax dues on unregistered properties.
The company's board said they will consider raising up to Rs 500 crore via NCDs on July 20.
4) HCL Technologies announced a five-year global agreement to provide digital transformation and managed services to The Mosaic Company.
5) Tata Consultancy Services (TCS) announced that it is partnering with Converge ICT Solutions Inc. a large, end-to-end high-speed fiber broadband provider in the Philippines, to help it further enhance the customer experience for its fast-growing subscriber base.
TCS said it has added over 7,000 employees in the U.K., including 1,800 trainees over the past five years.
TCS has announced plans to expand its operations in Arizona in the US and invest more than Rs 2,236 crore by 2026.
Tata Consultancy Services is working closely with the Malaysian government to help them develop a digital economy by offering training for the creation of more digital jobs.
6) Global rating agency Standard and Poor's affirmed India's sovereign rating at "BBB-".
It maintained a stable outlook on the gradual recovery in the economy. The agency said that India’s recovery will gain pace in the second half of FY22 which will help stabilize its overall credit profile.
However, it warned that the country's fiscal settings are weak, and deficits will remain elevated ahead even as the government undertakes some consolidation. The agency expects a 9.5% GDP rebound in FY22.
7) NTPC Renewable Energy signed an MoU with the Ladakh government to set up India’s first green hydrogen mobility project in the region.
NTPC, through its renewable energy arm, will construct India’s largest single local solar power park of 4.75 Gigawatt in Kutch.
NTPC Group companies have achieved over 100 Billion units of cumulative generation in the current financial year at a faster rate than last year.
8) Reliance has invested Rs 1,00,000 in cash in 10,000 equity shares of Rs 10 each of Reliance New Energy Solar.
9) Airtel logged a speed of over 1 Gigabit per second during a 5G field trial in Mumbai using Nokia's network gear.
Airtel has collaborated with Cisco to launch its connectivity solutions for enterprises based on Software-Defined Wide Area Networking (SD-WAN) technology.
10) RBI disallows Mastercard from onboarding new customers
The Reserve Bank of India said it has taken supervisory action on Mastercard citing non-compliance.
Despite giving considerable time and adequate opportunities, the company continued to remain non-compliant. The company has been found to be non-compliant with the directions on the storage of payment system data.
As per the law, all data regarding payments must be stored in India itself. Non-compliance with this has led to the RBI barring Mastercard from onboarding new customers from July 22.
11) Coal India: The company has chosen Accenture to consult it on digitalizing its mines and increase production from seven of its large open cast mines.
12) BPCL proposed to the Telangana government a plant of 500,000 liters per day capacity to be set up with an outlay of approximately Rs 1,000 crore.
13) ITC: ITC’s hygiene brand Savlon has become an over Rs 1,000 crore brand in terms of consumer spends, due to increasing demands for hygiene products during the pandemic.
14) Adani Ports: The Board of Adani Ports & Special Economic Zone has approved the issuance of USD denominated foreign currency bonds worth $750 million.
15) Titan: Rakesh Jhunjhunwala reduced stake in the Titan Company to 3.72% in the June quarter from 3.97% earlier.
16) Bajaj Finserv along with other banks took a hit due to the RBI ban on Mastercard.
17) IPO Corner: Zomato and Tatva Chintan
Zomato
The IPO was subscribed 38.25 times at the end of day 3 of bidding.
The IPO received 2,751.25 crore shares against an offer size of 71.92 crore shares.
Subscription Status:
Qualified Institutional Buyers: 51.79 times the reserved portion
Non-institutional investors: 32.96 times the reserved portion
Retail investors: 7.45 times the reserved portion
Employees: 0.62 times the reserved portion
Tatva Chintan
The IPO was subscribed 4.50 times at the end of day 1 of bidding.
The IPO received 32.61 lakh shares against an offer size of 1.46 crore shares.
Subscription Status:
Qualified Institutional Buyers: 0.50 times the reserved portion
Non-institutional investors: 1.13 times the reserved portion
Retail investors: 8.23 times the reserved portion
18) Grasim: The company has partnered with Century Textiles and Industries Ltd to form an equally owned joint venture, Birla Advanced Knits Pvt. Ltd.
19) Indian Oil: Fitch Ratings has affirmed Indian Oil’s Long-Term Foreign-Currency Issuer Default Rating at 'BBB-'.
20) Indian Media & entertainment (M&E) industry is expected to reach Rs 4,12,656 crore by 2025 with a CAGR growth of 10.75 per cent—the fastest-growing entertainment and media market globally in terms of consumer and advertising revenue—as per PWC’s global entertainment & media outlook.
21) Rise in Indian coffee exports to North Africa: Indian coffee exports to North African countries are seen rebounding as shipments rise to countries such as Libya and Egypt amidst the shrinking trend in premiums for robustas in the recent quarters. Premiums on Indian Robustas Parchment, which hovered around $950-1,000 per tonne above the LIFFE prices in July 2020, have now come down to $350-400 due to weak demand from traditional buyers in Europe, mainly Italy and Germany.
22) Marico Ltd announced that it has acquired 60% stake in Apcos Naturals Private Limited, which owns the Ayurvedic beauty brand ‘Just Herbs’ for an undisclosed consideration. This equity stake will be acquired over a period of two years, through primary infusion and secondary buy-outs. Apcos recorded revenue of Rs 17.5cr in FY21.
23) SeQuent Scientific Limited announced the EU GMP approval of its tablets dosage manufacturing line in Turkey. The approval was further complimented by the successful renewal of EUGMP license for 8 other manufacturing lines for various dosage forms including beta-lactam, non-beta lactam, terminal sterilization, mastitis, powder beta-lactam, aerosol, pesticide, and solids in Turkey. With these approvals, Alivira now has multiple EUGMP approved facilities globally, allowing it to better serve the needs of its customers in the regulated markets of Europe, and access to alternative manufacturing sites to ensure supply of high quality products.
24) Federal Reserve Chair Jerome Powell on Wednesday pledged "powerful support" to complete the U.S. economic recovery from the coronavirus pandemic. U.S. inventories of crude oil and gasoline fell more than expected. Crude-oil stockpiles fell by 7.9 million barrels to 437.6 million barrels.
25) Govt seeks to appoint bankers, legal advisor, registrar for LIC IPO:
Aiming to bring the in the initial public offer (IPO) of insurance behemoth Life Insurance Corporation by March, the department of investment and public asset management (DIPAM) on Thursday invited proposals for appointment of bankers, registrar, legal adviser and advertising agency to the issue.
The mega IPO, which will entail part-sale of government’s stake in LIC and fresh equity issuance by the insurer, will be managed by 10 book running lead managers.
The last date for submission of proposals for merchant bankers and registrar to the issue is August 5. The last date for submission of proposal for legal adviser and advertisement agency to the issue is August 6.
26) Jubilant Pharmova Limited has announced that in response to the US FDA inspection conducted at its dosage formulations facility at Roorkee during March 2021, the agency has placed the facility under import alert. Earlier, the Roorkee facility received an OAI in Dec-2018 and then a Warning Letter in March 2019.
The company will engage with the agency to resolve the import alert at the earliest and ensure cGMP compliance. The agency has exempted Meclizine tablets, Olanzapine orally disintegrating tablets, Risperidone orally disintegrating tablets, Spironolactone tablets, and Valsartan tablets from the import alert subject to the company meeting a few conditions.
27) Paint companies on price hike spree as input costs continue to surge:
Paint companies took price hikes in May, June, July and also plan to increase prices in August as prices of key input material titanium dioxide and crude-based monomers continue to rise. This is expected to translate into higher net realisations for listed paint companies.
28) Mutual funds bought equity worth Rs. 3928.41 crore as against sale of Rs. 3636.47 crore as on Jul 13, 2021. This led to a net purchase of Rs. 291.94 crore compared with a net purchase of Rs. 336.84 crore on Jul 12, 2021.
Mutual funds bought debt worth Rs. 5909.36 crore as against sale of Rs. 5558.39 crore as on Jul 13, 2021. This led to a net purchase of Rs. 350.97 crore compared with a net purchase of Rs. 1048.71 crore on Jul 12, 2021.
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