Sensex falls over 350 pts, Nifty under 15,800; banks drag

Zomato to rank among India’s top 100 most-valued public companies with its IPO

The much-awaited IPO of Zomato Ltd will see the country’s largest food delivery platform enter the ranks of the top 100 most-valued listed companies on the Indian stock exchanges. At ₹76 per share, the upper end of the IPO price band, Zomato will have a post-money valuation of ₹59,623 crore, which will rank it at 79th position among the top 100 Indian listed companies by market capitalization. In fact, Zomato will rank higher than some long-established and well-known names such as Hero MotoCorp, Aurobindo Pharma, Piramal Enterprises, Apollo Hospitals, SAIL, Lupin, Bandhan Bank. (Read here)

Pimpri Chinchwad Municipal Corp levies ₹200 cr commercial tax on Tata Motors: report

The Pimpri-Chinchwad Municipal Corporation (PCMC) has issued a showcause notice to Tata Motors regarding unregistered construction at its Telco Road plant, according to news reports. PCMC has levied a commercial property tax of ₹200 crore for Tata Motors.

IRCTC share price today hits new all-time high. Analysts see more gain

Indian Railway Catering and Tourism Corporation or IRCTC share price today peaked its all-time high of ₹2,248 breaching its previous high of ₹2,222. Opening ₹9 higher from its Wednesday close of ₹2,188, IRCTC shares logged around 2% gains from its previous close and hit its new all-time high breaching its previous high that it had achieved last month. According to stock market experts, IRCTC stock price is rising because both fundamentals and technicals of the counter are showcasing positive bias. (Read here)

Sun Pharma Advanced Research allots warrants worth ₹11.12 bn

Sun Pharma Advanced Research Co. Ltd’s (SARC) stock was trading at ₹250.80 apiece, up 1.81% at 1:15 pm. The company’s board has approved the Allotment of 6,24,74,082 warrants on preferential basis at an issue price of ₹178 apiece totalling to ₹11.12 billion to Dilip Shantilal Shanghvi, the company’s promoter as well as other a non-promoters and entities, the company said in a regulatory filing.

HDFC Bank, RIL, ICICI Bank top drags

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All sectors in red

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Twitter appoints India interim compliance exec, to fill other jobs soon

Twitter Inc’s India unit has appointed an interim chief compliance officer and will soon designate two other executives for the time being to comply with the country’s new IT rules, the social media giant said in a court filing on Thursday.

Twitter has posted job openings for all three positions, will try to make an offer of employment within 8 weeks, the company said in the filing seen by Reuters.

Yash Gupta Equity Research Associate, Angel Broking Ltd

“Real-estate stock gaining momentum on the back of better than expected pre-sales for Q1FY22. Today, S&P BSE REALTY hits a high of 2,890 and now is trading near the 52-week high of 2,909.9 which was made in March 2021. We have seen some good numbers from Sobha Ltd yesterday which were better than the market expectation. The company reported pre-sales growth of 40%.

We have seen a very good H2FY21 after the sector was adversely hit by the pandemic in 2020. Several companies reported their all-time high results in Q4FY21 on the back of some effects of pent-up demand. It was expected that the demand for 2022 will strengthen this year whereas the ready to move inventory levels have hit a 7-year low in Q1FY22, as customer preference has been changed to the ready property rather than the under-construction properties. We expect residential real-estate to do well in the financial year 2022 as some early signs of the organized sector gaining the market share are encouraging. We have a buy call on Godrej property with a target price of ₹1,700.”

Jaypee Infratech resolution: RP files Suraksha Realty proposal before NCLT

The interim resolution professional in the Jaypee Infratech resolution case has filed the plan by Suraksha Realty Ltd and Lakshdeep Investments and Finance Pvt. Ltd, approved by the committee of creditors, with the National Company Law Tribunal, the company said ina regulatory filing.

Jobs in the IT and related sectors at an all-time high: Naukri JobSpeak

Hiring activity of Indian firms is showing signs of revival after the disruption caused by the second wave of the coronavirus pandemic in April, as per a Naukri JobSpeak report. The country’s premier index on India’s hiring trends grew 15% sequentially in June, going up to 2,359 from 2,047 in May. Hiring in IT-software/services sector grew 5% month-on-month in June as demand for technology increased. Not only did the sector continue its recent surge of 14% in May, but achieved an all-time high growth of 52% compared to pre-covid levels in June 2019. (Read here)

Sensex heatmap

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Brigade, Sobha lead gains

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HDFC Bank, HUL top drags

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POLL-India’s inflation likely edged up to seven-month high in June

India’s retail inflation probably accelerated to a seven-month high in June on rising food and fuel prices, staying above the Reserve Bank of India’s comfort zone for a second straight month, a Reuters poll showed. While many of India’s states have eased restrictions imposed to contain the coronavirus, supply-side disruptions remain and higher taxes on petroleum products continue to exert upward pressure on inflation. The 5-7 July poll of 37 economists showed retail inflation rose to 6.58% in June from a year ago. It was 6.30% in May. (Reuters)

Equitas gives one more reason to warm up to small finance banks

Equitas Small Finance Bank Ltd’s early update on June quarter performance has given cheer to investors. The worry that small finance banks would be the worst hit by the second wave of the pandemic is now receding and shares of these lenders are benefiting from the change in sentiment.

Shares of Equitas had surged nearly 20% on Wednesday and are trading in the green today as well. (Read here)

Lodha’s pre-sales bookings fall 62% in April-June

Mumbai-based real estate firm Lodha Group, also known as Macrotech Developers Ltd, on Thursday said it has clocked pre-sales of ₹957 crore in April-June, down 62% from ₹2,531 crore in the preceding March quarter. (Read here)

Adani Ports’ stock’s lower valuations may be a buying opportunity

Adani Ports and Special Economic Zone Ltd shares have declined by nearly 20% from its 52-week high seen on 9 June on the National Stock Exchange. During this time, the stock has come under pressure as doubts were raised officially about the foreign shareholding of the Adani Group shares. Last month, The Economic Times had reported that National Securities Depository Ltd (NSDL) has frozen the accounts of three of the foreign investment firms that held Adani Group stocks. While Adani Ports has said that the three foreign portfolio investor accounts (FPIs) are not frozen, the stock is yet to recover fully. (Read here)

HUL, Britannia top drags

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Tata Motors top drag

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L&T Infotech completes acquisiton of Pune-based Cuelogic Technologies

Larsen & Toubro Infotech has completed the acquisition of Pune-based Cuelogic Technologies Pvt. Ltd and its wholly US unit Cuelogic Technologies Inc. Cuelogic and Cuelogic Technologies Inc. US are now wholly owned subsidiaries of L&T Infotech.

Bajaj Healthcare gains

The stock was trading at ₹962.80, up 5.67% at 11 am. The company received the DRDO’s nod for commercial manufacturing of its 2-DG or 2-Deoxy D-Glucose drug to fight covid-19.

Alembic Pharma gains

Alembic Pharma’s stock was trading at ₹988.70 apiece, up 0.32% at 10:54 am. The company has recieved the US Food & Drug Administration’s final nod for Desipramine Hydrochloride Tablets USP. These tablets are prescribed for depression.

Top gainers at this hour

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Vehcile demand seen to be growing in July: Fada chief

Fada president Vinkesh Gulati told CNBCTV18 that:

-July vehicle demand stronger in July, compared to June.

-Longer wait for vehicles.

-90% auto dealerships open

-Expect rural demand to rebound

Rupee falls 17 paise to 74.79 against US dollar in early trade

Cairn Energy secures French court order to seize 20 Indian govt properties

Britain’s Cairn Energy Plc has secured a French court order to seize about 20 Indian government properties in France to recover a part of $1.7 billion arbitration award, sources said on Thursday. On 11 June, the French court had ordered Cairn Energy’s take-over of Indian government properties, mostly comprising flat; and the legal process got completed on Wednesday evening.

Crypto prices today: Bitcoin below $34,000; ether, dogecoin also fall

Cryptocurrency prices were trading lower today with Bitcoin declining over 3% to $33,275.4, data by CoinDesk showed. Ether, the coin linked to the ethereum blockchain network, was down 3% to $$2,262. Dogecoin also slipped as it was trading around $22, down 5%. Other virtual tokens like XRP, Litecoin, Cardano, Uniswap also fell more than 2% over the last 24 hours. (Read here)

PSU banks gain

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Gold prices today fall for first time after 6 days, silver rates drop

Gold and silver rates today slipped in Indian markets, tracking a decline in global rates. On MCX, gold futures dropped 0.3% to ₹47,776 while silver rates fell 0.5% to ₹69008 per kg. In global markets, gold fell 0.4% to $1,797 an ounce amid a stronger US dollar after Federal Reserve minutes indicated a plan for tapering stimulus may be edging closer. (Read here)

Macrotech Developers gains

The company’s stock was trading at ₹689.50 apiece, up 3.88% at 10:18 am. The company reported Q1FY22 pre-sales worth ₹9.57 billion. Pre sales were limited on account of second covid wave. June pre-sales were at ₹6.54 billion. The company said it was on track to meet pre-sales guidance subject to no further covid related disruption. Macrotech’s Q1 consolidated net debt was down ₹36 billion.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on Nifty trajectory

“The market continues to struggle around the 15,900 level. If we manage to get past this hurdle on a closing basis, the Nifty can scale higher to 16,100. On the downside, the index has a good support at 15,400 and and until we do not disrespect that, the overall trend of the market continues to remain positive.”

India’s covid cases stand at 4,60,704

Single-day rise of 45,892 new covid-19 cases, 817 fatalities push India’s infection tally to 3,07,09,557, death toll to 4,05,028. Number of active covid-19 cases in India stand at 4,60,704, according to Union health ministry data.

Macrotech Developers gains

The company’s stock was trading at ₹683.45 apiece, up 2.97% at 9:46 am. The company reported Q1FY22 pre-sales worth ₹9.57 billion. Pre sales were limited on account of second covid wave. June pre-sales were at ₹6.54 billion. The company said it was on track to meet pre-sales guidance subject to no further covid related disruption. Macrotech’s Q1 consolidated net debt was down ₹36 billion.

Oil prices fall for third straight day amid Opec+ uncertainty

Oil prices fell for a third day on Thursday amid anxiety that supply may rise after the collapse this week of talks among major producers, potentially causing the current output agreement to be abandoned. Brent crude oil futures were down 43 cents, or 0.6%, at $73 a barrel by 0158 GMT. U.S. West Texas Intermediate futures were down 51 cents, or 0.7%, at $71.69 a barrel. (Read here)

PNB Housing gains

PNB Housing’s stock was trading ₹720.50 apiece, up 4.99% at 9:27 am. State-run Punjab National Bank has told its subsidiary PNB Housing Finance Ltd. to reconsider its contentious ₹4,000 crore deal with The Carlyle Group and carve out an alternate capital raising plan that is compliant with the rules of the Securities and Exchange Board of India or Sebi.

Marker opening

At market opening, the Sensex was at 53,065.69, up 10.93, or 0.02%, while Nifty was at 15,855.40, down 24.25, or 0.15%. On the 30-share Sensex, UltraTech, TCS,Tata Steel, and 17 other stocks opened in green, while HDFC Bank, Nestle India, ICICI Bank, and 7 other stocks opened in red.

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TCS Q1 earnings: 5 things to watch out for

India’s largest IT services company, Tata Consultancy Services (TCS) Ltd will be the first to announce its fourth quarter earnings on Thursday. As per consensus Bloomberg estimates, TCS is expected to post revenues of ₹45,748.6 crore and net profit of ₹9,382.5 crore for the June quarter. (Read here)

CNG prices revised in Delhi, Noida, Ghaziabad

After the continuous hike in fuel prices and the recent increase in price of LPG cylinders, CNG and PNG prices have been revised from today, as announced by Indraprastha Gas Ltd (IGL), the firm that retails CNG to automobiles and piped natural gas to household kitchens. Compressed natural gas (CNG) retail price has been revised in Delhi to ₹44.30/kg from ₹43.40/kg with effect from 8th July. On the other hand, Piped natural gas (PNG) domestic price is going to be ₹29.66 per SCM (Standard Cubic Meter).

PM Modi revamps cabinet in biggest reshuffle in the past seven years

Prime Minister Narendra Modi on Tuesday inducted 36 new faces into his council of ministers, promoted seven junior ministers to independent or cabinet roles, and dropped 12 ministers, including the ministers of health, education, information technology, law, environment and broadcasting, in his biggest reshuffle in the past seven years. (Read here)

Market outlook

Markets are likely to consolidate further on Thursday while trends in SGX Nifty suggest a weak opening of Indian benchmark indices. On Wednesday, the BSE Sensex closed at 53,054.76, up 193.58 points or 0.37%. The Nifty ended at 15,879.65, up 61.40 points or 0.39%. (Read here)

Stocks to Watch

HDFC, Info Edge, JSPL, PNB Housing, Reliance Infra, Unitech, among other stocks may be in the news today. (Read here)

Zomato sets 14 Jul opening date for IPO

Initial public offering of Zomato Ltd has set the offer price of ₹72-76 a share. Earlier, the firm said that its issue will open for subscription on 14 July and close on 16 July. The issue comprises a fresh issue of ₹375 crore and an offer for sale of ₹9,000 crore by its current promoter Info Edge India Ltd. Employee reservations has kept at 6.5 million shares.

Asian markets witness steady start

Asian stocks opened steady Thursday, following gains for U.S. shares and Treasuries as the Federal Reserve minutes showed policy makers still awaiting more evidence of a robust economic recovery to set a timeline for trimming bond purchases. Benchmarks dipped in Japan, where another virus state of emergency for Tokyo looks imminent. Stocks edged up in Australia and South Korea. U.S. futures fluctuated after the S&P 500 and Nasdaq 100 both closed at all-time highs. Ten-year U.S. Treasury yields steadied around 1.31% after falling for seven trading days as inflation expectations continued to ease.

S&P 500 futures were steady as of 9:25 a.m. in Tokyo. The S&P 500 rose 0.3%

Nasdaq 100 futures edged up 0.1%. The Nasdaq 100 rose 0.2%

Topix index fell 0.2%

Australia’s S&P/ASX 200 Index rose 0.7%

Kospin index rose 0.2%

Hang Seng Index futures were little changed

US indices gain

US stocks rose to record highs and bonds gained as minutes from the Federal Reserve’s latest meeting showed policy makers continued to see elevated uncertainty and debated the tapering of debt purchases used to fuel stimulate to the economy. Ten-year U.S. note yields fell for a second day, dropping briefly below 1.3% for the first time since February, as expectations for an inflationary economic recovery continued to fade. The S&P 500 and Nasdaq Composite each closed at all-time highs, with the benchmark S&P doing so for the eighth time in nine trading sessions.Fed officials expected to continue to make progress on reaching its threshold to scaling back their massive asset purchases, the record of their June gathering showed.

The S&P 500 rose 0.3% to a record high as of 4 p.m. New York time

The Nasdaq 100 rose 0.2% to a record high

The Dow Jones Industrial Average rose 0.3%

The MSCI World index rose 0.2%