Share Market Close: A sharp fall towards the end ensure Sensex and Nifty close in the red; IT stocks dragged ahead of earnings season 

Indian shares reversed early gains and fell sharply in the final hour on Wednesday to close in the red. The market was dragged by information technology (IT) stocks ahead of Tata Consultancy Services and HCLTech's quarterly results, and as caution prevailed ahead of domestic and U.S. inflation data.

The Nifty 50 index dropped 55 points to close at 19,384, while the S&P BSE Sensex fell 220 points to end at 65,393. Both the indexes had risen over 0.3% during the session. Seven of the 15 major Nifty broad sectoral indexes logged losses, with public sector banks rising almost a per cent.

The high-weightage information technology (IT) index lost 0.71% and was the top sectoral loser ahead of first-quarter results from Tata Consultancy Services and HCLTech, due after market hours.

Several brokerages have warned of a muted quarter for the IT sector as clients in the United States and Europe cut spending.

Online gaming stocks Delta Corp, Nazara Technologies and Onmobile Global tumbled between 4% and 30%, after the government imposed a 28% tax on the turnover of online gaming companies.

ONGC, Eicher Motors, Nestle and Kotak Bank were the top gainers, while Adani Enterprises and Tata Motors were the biggest laggars in the Nifty 50 chart.

Japanese shares were the worst performers in Asia with the Nikkei sliding to a one-month low as a firmer yen applied brakes on a market rally, although the prospect of a potential SoftBank spinoff helped limit losses. The Nikkei fell 1.3% in the morning before recouping some losses to close 0.8% down. The broader Topix fell 0.7%.

Hong Kong shares extended their rally to a third straight session driven by stronger-than-expected credit figures in June and tech stocks' gains, though Chinese stocks edged down as investors waited for a bigger stimulus.

The Shanghai Composite Index dropped 0.78% despite upbeat credit data; China's blue-chip CSI 300 Index declined 0.67%. Hang Seng Index advanced 1.08%, and Hang Seng China Enterprises Index gained 1.30%.

European stocks edged higher, catching up to overnight gains on Wall Street, as investors awaited data that is likely to show a cooling in US inflation.

UK's FTSE 100 rose at the open on Wednesday as higher metal prices lifted mining stocks, and British banks were up after successfully clearing the Bank of England's stress test.

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Sterlite Power got orders worth ₹1,400 crore in Q4 FY23

Sterlite Power on Wednesday said it received work orders worth ₹1,400 crore from domestic and international customers in the March ended quarter.

The orders were received by its solutions business that caters to products and specialized EPC (engineering, procurement and construction), the company said in a statement.

The set of orders, won across domestic and international markets, strengthened the company's solutions business unit's order book to ₹5,200 crore during FY23, it added. (Read More)

28% GST rate on online gaming impact: Why Nazara Tech shares fall is limited while Delta Corp stock drop nearly 30%?

The reason why the decline in Nazara Tech shares is limited is because the company does not major impact on this GST tax rate, unlike Delta Corp whose business heavily surrounds gaming and casinos.

Nazara expects the 28% GST rate to impact only its skill-based real money gaming segment, which contributes 5.2% to its overall consolidated revenues for the fiscal year FY23.

In its regulatory filing, Nazara said, "With reference to the GST Council's decision to levy a 28% goods and services tax (GST) on online gaming, Nazara Technologies Limited would like to clarify that this tax, once implemented, will apply only to the skill-based real money gaming segment of our business." (Read More)

Angel One client base increases by 44.7% year-on-year to 15.06 Million

Fintech company Angel One Limited witnessed a growth in its client base to 15.06 Million, a 44.7% YoY increase, with gross client acquisition of 0.48 million clients in June 2023, a 40.0% YoY growth.

In June'23, the company registered 89.69 million orders, marking a 27.8% YoY increase, equivalent to 4.27 million average daily orders, a 33.9% YoY growth. Its average client funding book stood at ₹11.17 billion as of June'23.

The Fintech company continued to record growth in its mutual fund SIPs, which grew to 160.08 thousand, a staggering 967.2% YoY increase. Its average daily turnover reached ₹24,051 billion, a 146.3% YoY rise, and the retail market share expanded by 458 bps YoY to 25.8%.

Dhruva Advisors views on GST implications on Online Gaming: We may witness a constitutional challenge being mounted in high courts 

Ranjeet Mahtani, Partner, Dhruva Advisors: The rate issue for online gaming (game of skill) was with a Group of Ministers for more than two years however, it did not make any recommendation absent a consensus. Has the GST Council, yesterday, rendered its rate recommendation on a long-standing open issue but, simultaneously sounded the death knell? The online gaming industry will soon (once notified) face 28% GST on the full value of the bets placed.

GST is an indirect tax, i.e. it is a tax on the consumer (receiver of the supply), and so, the burden of tax will typically be passed on to the consumer. In effect, to place a bet of Rs. 100/-, a consumer will have to shell out Rs. 128/- (Rs. 28/- being the GST) or, if the available amount is Rs. 100/- the full value of the bet will be Rs. 78/- (and the GST is Rs. 22/-), if GST is included therein. Notably, either the cost of online gaming will rise (for the consumer) or, if the demand is inelastic, the full value of the bet placed will decline.

This development comes on the back of a significant battle in the Karnataka High Court involving one online gaming operator. The GST Council's recommendation obliterates the distinction between game of skill (online gaming) and game of chance (gambling), on both counts, viz. sin tax rate of 28% and the taxable value. Although some foreign jurisdictions are known to tax both types of games at the same rate of VAT/GST, (in India) with unequals being equated, we may witness a constitutional challenge being mounted in high courts.

Q1 results preview: ICICI Bank, SBI other banks to report strong earnings, says Morgan Stanley

Global brokerage, Morgan Stanley, expects ICICI Bank and state-owned enterprise (SoE) banks like IndusInd Bank, Bank of Baroda (BOB), and State Bank of India (SBI) in particular to record strong earnings in Q1FY24 (April–June).

According to the brokerage's analysis, ICICI Bank will likely post significant volume growth for both loans and deposits. Given that SoE banks' margins are declining slowly than private banks', that their loan costs are lower, that their operating costs are dropping sequentially, and that their treasury profits are larger, they should also record healthy profitability. Considering the high loan growth and reduced credit costs, wholesale funded banks should post strong earnings. (Read More)

Pharma index remains somewhat strong as it gains half a per cent with most stocks in the green

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Reliance Retail among prospective buyers for Future Enterprises

hree companies, including Reliance Retail Ventures Ltd (RRVL), have been selected as " prospective" buyers for Future Enterprises, which is currently undergoing the Corporate Insolvency Resolution Process.

The resolution professional of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said.

Besides RRVL, steel maker Jindal (India) and GBTL, maker of polyester viscose & blended fabrics are on the list. (PTI)

European Stocks Gain With Focus on US Inflation for Policy Cues

European stocks edged higher, catching up to overnight gains on Wall Street, as investors awaited data that is likely to show a cooling in US inflation.

The Stoxx 600 Index was up 0.3% by 8:05 a.m. in London, with technology and mining stocks leading the advance. Travel and leisure and health-care sectors underperformed.

JD Wetherspoon Plc climbed after the UK pub operator gave a trading update, with Goodbody noting that the outlook for fiscal 2024 seems better than expected. About You Holding SE jumped as it reaffirmed its revenue forecast for the full year. Air France-KLM slipped after it said it would implement a reverse share split that would result in the allocation of one new ordinary share with a par value of €10 for 10 existing ordinary shares with a par value of €1. (Bloomberg)

Analysts believe that the plunge in Delta Corp shares can be a good opportunity to buy

Delta Corp share price cracked nearly 28% on Wednesday, recording its biggest single-day fall ever, after the GST Council levied a 28% uniform GST on online gaming, casinos and horse racing.

Analysts believe that the plunge in Delta Corp shares can be a good opportunity to buy the stock given its pricing power and long term business prospects.

"The GST Council decision had a knee jerk reaction on Delta Corp shares. However, the company is the only listed player in the casino industry and has the pricing power to pass on the cost to customers. Its business is expected to grow despite high GST rates," said Avinash Gorakshakar, Director Research, Profitmart Securities. (Read More)

Infosys share drags after the news that the IT giant has deferred salary hikes

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Mint Markets: Global recession fears: What sets India's economy apart from the rest?

A series of high-frequency indicators, such as manufacturing data, capex from state and central governments, and tax receipts, both direct and indirect, have seen an uptick recently. These all bolster the health and promise of India's economic landscape, but what makes it outperform other Asian markets?

"We believe there is a key driver at the heart of this exuberance - lower commodity prices. Oil alone has an impressive sensitivity to growth," said economists at HSBC Global Research in a recent report. "We find that for every USD10/barrel fall in oil prices, gross domestic product (GDP) growth rises by 0.2ppt. Oil prices averaged cUSD100/b in FY23. If it remains at the current level of cUSD75/b, that would imply a $25/b fall in prices, leading to a 0.5ppt increase in growth," added the report. (Read More)

UBS assumes negative view on cement sector amid rising competition, expensive valuations; downgrades UltraTech, Ambuja

On Wednesday, cement stocks, including Ultratech Cement, ACC, Ambuja Cement, and Dalmia Bharat, experienced declines following a negative outlook assumed by foreign brokerage firm UBS, which initiated coverage of India's cement sector.

UBS's contrarian negative outlook on cement stocks is based on concerns over increasing competition and expensive valuations. This viewpoint goes against the consensus view.

As a result of UBS's negative outlook, Ultratech Cement shares dropped over 2%, Dalmia Bharat declined by 1.5%, while ACC and Ambuja Cement each witnessed decreases of over 1%. (Read More)

HDFC merger effect: RIL, TCS, ICICI Bank may see weight adjustment in Nifty; many stocks to see inflows, outflows

The merger of HDFC Bank and HDFC will result in changes to the composition of the S&P BSE Sensex and the Nifty50 index. As a consequence, JSW Steel will be included in the S&P BSE Sensex, while LTIMindtree will enter the Nifty50 index. This adjustment will also lead to weight changes in some of the index components. Abhilash Pagaria, the Head of Nuvama Alternative & Quantitative Research, noted that inflows and outflows from the index components are expected on Wednesday, July 12.

With HDFC no longer being a part of both the Nifty50 and Sensex starting from July 13, the Nifty50 index will see the inclusion of LTIMindtree, while Jindal Steel will enter the Nifty Next 50 index after LTIMindtree exits it. The Sensex, on the other hand, will add JSW Steel to its composition. These changes reflect the reshuffling of the indices due to the merger and the subsequent impact on the constituent stocks. (Read More)

InCred views on Finance sector: Maintains Overweight; recommends Stay Selective

Jignesh Shial and Mayank Agarwal of InCred say: Finance Companies -1QFY24 results preview: Stay selective

Overweight - Maintained

■ We expect the credit momentum to stay healthy in 1QFY24F but the trend to become sporadic, benefiting a few players through market share gains.

■ Margin pressure, amid competitive yields and rising cost of deposits along with elevated opex, may hit overall profitability, especially in case of banks.

■ ICICIB, BAF. CIFC, MMFS and Spandana to surprise positively but we remain sceptical on AXSB amid margin pressure and elevated operating expenses.

Utkarsh IPO: Issue fully subscribed on day 1; retail portion booked over 3 times

As of Day 1, the initial public offering (IPO) of Utkarsh Small Finance Bank Ltd has been subscribed 1.02 times. The subscription period for the IPO began on Wednesday, July 12, and will conclude on Friday, July 14.

The IPO witnessed enthusiastic participation from retail investors, with their allocated portion being fully subscribed within the first 30 minutes of the launch. Non-Institutional Investors (NIIs) and employees also responded positively to the IPO offer. The overall subscription figure indicates a decent level of interest from investors in the IPO of Utkarsh Small Finance Bank Ltd. (Read More)

Britain's economy resilient to higher interest rates, says Bank of England

On Wednesday, the Bank of England stated that the British economy was displaying resilience in the face of the risks associated with higher interest rates. However, the bank acknowledged that it would require time for the complete impact of these rate hikes to manifest.

"The proportion of households with high debt service ratios ... has increased and is expected to continue to do so through 2023. But it is projected to remain some way below the historic peak reached in 2007," the BoE said in its half-yearly Financial Stability Report.

Share Market Noon Update: Sensex and Nifty shed marginally after remaining in green most of the session; IT sector drags with gaming cos feeling the heat of GST decision

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Rupee's Plunging Volatility Leaves Investors Guessing RBI Moves: Bloomberg

Even in a year where currency volatility is falling worldwide, the slump in swings in the Indian rupee has traders from London to Singapore asking when the central bank will loosen its iron grip.

The rupee's one-month implied volatility versus the dollar crashed to its lowest since 2005 in June, drawing queries from investors on roadshows of Citigroup Inc. and ICICI Securities Primary Dealership Ltd. to gauge the path ahead for the Indian currency. That's largely because of the outsized role of the Reserve Bank of India in keeping the rupee in a tight range.

The RBI has added back $32 billion in reserves already this year as it absorbed foreign inflows to keep the currency steady, while its dollar forward book also climbed by around $10 billion in the first four months of the year. The central bank's efforts for a stable rupee may be aimed at boosting its appeal as an international trade currency, according to Citigroup.

India cenbank calls on more lenders to offer digital rupee - sources

The Reserve Bank of India (RBI) has called on a wider set of lenders to take part in pilot programmes using the central bank digital currency (CBDC) as it tries to increase transactions, three bankers told Reuters on Wednesday.

Nearly two dozen central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey, published on Monday.

Last year, the RBI began trials using CBDCs, termed e-rupees, in both the wholesale and retail markets.

Currently, large state-owned and private lenders, including State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Yes Bank, are among those participating in the pilot project. (Reuters)

JM Financial Deep Dive on Chemical sector: Time to place the right bets amid the recent slowdown

Krishan Parwani from JM Financial Institutional Securities: India Chemicals | Deep Dive: Time to place the right bets amid the recent slowdown

In our view, the recent slowdown in the chemicals sector does not bring to an end India's journey of becoming the next chemicals manufacturing hub. Although we agree that there is imminent risk of earnings downgrades, especially for noncontracted businesses, we highlight that these corrections should be treated as buying opportunities. We recommend two themes a) acceleration of Europe+1 for fluorination players (Navin Fluorine, and SRF); b) continuation of basic chemicals' import substitution (Deepak Nitrite). Navin Fluorine and SRF are our structural top picks as we believe imminent HFC production cuts in the EU and the US will have a cascading benefit for India's fluorine-based complex specialty chemicals players while lifetime-low phenol spreads and upcoming capacities for bisphenol-a and other basic chemicals make Deepak Nitrite a good BUY candidate. Within our coverage, there are other differentiated plays such as Clean Science, Aether Industries, and Archean Chemicals where earnings recovery could occur in 2HFY24.

Eicher motors is among the biggest gainers as it jumps around 1.5% in today's session

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Gold price today: Bullion rates rise on MCX ahead of inflation data

Gold prices experienced an upward trend during morning trade in the domestic futures market, following positive global cues. The yellow metal witnessed an increase in international markets as the dollar and bond yields eased ahead of the release of inflation data in the US and India.

"Making gold cheaper for holders of other currencies, the dollar index fell 0.2 per cent to its lowest level since May 11. Benchmark 10-year US Treasury yields also slipped to their lowest in nearly a week," reported Reuters.

PSU Bank index shines and is keeping the market in green with all stocks in the index trading higher 

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Google Veteran Steps Down as Manager in Cloud Shakeup, CNBC Says

One of Google's earliest and most senior employees will step back from an executive management role, in a shakeup of the company's cloud unit, according to CNBC.

Urs Holzle joined the company, now the key unit of parent Alphabet Inc., in 1999 as its eighth employee, and will now transition into a role as an "individual contributor" after more than two decades of leading technical teams, CNBC reported, citing an internal email from Google Cloud Chief Executive Officer Thomas Kurian. The veteran will focus on articulating technical AI processes, facilitating discussions, and streamlining decision making, according to the memo.

Google did not immediately respond to a request for comment. (Blooomberg)

Bad news for Infosys employees! IT major defers salary hikes

Infosys, one of India's largest tech giants, has reportedly postponed the payment hikes for its employees below the senior management level. This delay, which is typically implemented from April onwards, reflects the financial challenges the company is currently facing amidst the macroeconomic conditions at the national and international levels. The cancellation or downsizing of several Infosys projects is contributing to this financial crunch.

Typically, Infosys conducts employee appraisals in the June quarter (Q1) as part of its annual schedule. However, this year, the company has deferred the implementation of pay raises for its employees. This information has been confirmed by individuals working at the company, as reported by Moneycontrol. (Read More)

Ultratech Cement drags in early trading as it sheds around 2% and is among the biggest laggards

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GST on Online Gaming: Delta Corp share price, Nazara Tech share price crack 10-14% on 28% tax levy

In the early trading session on Wednesday, shares of online gaming companies like Nazara Technologies and Delta Corp faced significant losses. This decline was prompted by the surprising decision made by the GST Council to impose a 28% uniform GST on online gaming, casinos, and horse racing.

Delta Corp's shares opened at their lower circuit limit of ₹222.15, experiencing a decline of 10%. Similarly, Nazara Technologies witnessed a drop of over 14% in early trades. The GST Council's decision to levy a 28% GST on the full value of bets placed on online gaming, horse racing, and casinos had a negative impact on the stock prices of these companies. (Read More)

IT index remains under pressure as it sheds half a per cent with most stocks trading in the red

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Innova Crysta, Alcazar, Hector Plus, Scorpio-N among vehicles set to attract 22%

Large multi-utility vehicles like the Toyota Innova Crysta, as well as SUVs like the Scorpio-N, Hyundai Alcazar and MG Hector Plus and the upcoming new Kia Carens will attract a compensation cess of 22%, as the GST Council clarifies a vehicle no longer has to be "popularly known as an SUV" to attract 22% cess as long as it meets a set of criteria related to height, ground clearance and engine capacity. However, strong hybrid versions of the Innova Hycross & Maruti Suzuki Invicto will continue to be taxed at 20% cess as they benefit from the 2% relaxation in cess given to hybrid vehicles. (Read More)

Geojit Financial Services on today's market: Investors should exercise caution chasing small-cap stocks

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Even after the recent run up in markets, sentiments are clearly bullish. Global and domestic cues are positive. If the US CPI data expected late today indicates YoY inflation dipping below 3%, the US market will rally further lifting other markets, too. So, watch out for this data which can throw light on the Fed rate action on 26th July.

There are signs of overheating in the small-cap space. Some leading mutual funds in the small-cap segment have stopped fresh lump-sum investment in their schemes. This is an indication of froth building in this space. Investors should exercise caution chasing small-cap stocks. Liquidity can drive markets higher. So it makes sense to remain invested in this market. But optimism has to be tempered with some caution.

Reliance Industries jumps a per cent in early trading and is among the biggest gainers

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Rupee rises 10 paise to open at 82.27 against the US dollar

On Wednesday, the Indian rupee initiated the trading session with a 10 paise gain against the US dollar, benefiting from the overall weakness observed in the greenback. The anticipation of crucial US inflation data contributed to the dollar's decline. The Indian currency began the day at 82.27 against the dollar, compared to the previous closing rate of 82.57.

In the run-up to the US inflation reading, the dollar experienced a decline, reaching a two-month low of 101.37 against a basket of currencies. As a result, other Asian currencies also demonstrated strength, with gains ranging from 0.2% to 0.5%.

Share Market Open: Sensex and Nifty open marginally higher; M&M and IndusInd Bank shed at the start, while Titan gains

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Wipro launches ai360, will invest $1 billion into AI the next three years

Wipro, a prominent IT company has introduced the ai360 service, which is aimed at providing comprehensive artificial intelligence (AI) solutions to its clients. This service will enable organizations to leverage AI technologies to enhance their operations, drive innovation, and gain competitive advantages.

Wipro CEO and Managing Director Thierry Delaporte while speaking about the "Artificial Intelligence is a fast-moving field, especially with the emergence of generative AI, we expect a fundamental shift up ahead, for all industries. New business models, new ways of working, and new challenges, too. This is exactly why Wipro's ai360 ecosystem places responsible AI operations at the heart of all our AI work. It's meant to empower our talent pool and be ubiquitous across all our operations and processes, as well as our solutioning for clients. We are ready for the AI-driven future!" (Read More)

Sensex starts flat at the preopen session; focus to remain on car makers, Delta Corp and ITC in today's session

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Angel One Ltd Technical and Derivates Report: We advocate traders to remain fussy with their stock selection as even though the indices are not doing much, the broader market is full of actions

Sameet Chavan, Head Research, Technical and Derivatives, Angel One Ltd: The favorable global cues led to a buoyant start for our markets, wherein the benchmark index had a decent gap-up opening and continued its momentum during the first half of the session. The broad-based buying emergence levitated the sentiments and led the index to inch toward lifetime highs; however, traders opted to book profits in the latter half at the higher grounds, leading to some cool-off in the index. Amidst the tug of war, the Nifty50 index concluded the session with a 0.43 percent gain and settled a tad below the 19450 zone.

Technical speaking, the undertone suggests strong bullish biases in the market, which is evident by the market breadth. Also, the longevity of the index near the higher levels indeed depicts the resilience of the bulls to continue the northward journey. But, from a technical aspect, sustainable buying above the 19500-19520 zone could only open up the next leg of rally in Nifty towards 19600-19650 on an immediate basis. Simultaneously on the downside, any dip towards the support zone of 19300 is likely to attract buyers, while the sacrosanct support lies at the bullish gap of 19200-19235 in a comparable period. Going forward, we advocate traders to remain fussy with their stock selection as even though the indices are not doing much, the broader market is full of actions. Also, one needs to keep a close tab on global and domestic developments, which may act as a catalyst to set up the nearby trend.

Auto industry says tweaked definition of SUV will provide clarity on taxation structure

The tweak in the definition of an SUV for attracting a cess over and above the GST rate will provide clarity on the taxation structure for utility vehicles, ensuring that the rate entry is more precise leaving little room for interpretation on the ambit of ground clearance, auto industry experts said on Tuesday.

The Goods and Services Tax (GST) Council decided that the definition of an SUV will include only the length (4 metres and above), engine capacity (1,500 cc and more), and ground clearance (unladen ground clearance of 170 mm and more).

Automobiles are taxed at 28 per cent GST, with additional cess ranging from 1 per cent to 22 per cent depending on the type of vehicle. SUVs attract the highest GST at the rate of 28 per cent along with a compensation cess at 22 per cent. (PTI)

Dividend Stocks: Avadh Sugar, NDR Auto, four other stocks to trade ex-dividend today

Dividend Stocks: Shares of Avadh Sugar & Energy Ltd, Bliss GVS Pharma Ltd, Jubilant FoodWorks Ltd, Kirloskar Pneumatic Co Ltd, NDR Auto Components Ltd, and Wheels India Ltd among others will be under investors' radar on Wednesday as they will trade ex-dividend today. (Read More)

Stocks to Watch: Maruti, Tata Motors, BoB, Delta Corp, Nazara Tech, ITC, Adani Enterprises. L&T, Happiest Minds, Dish TV, MCX, 63 Moons Technologies, and Kalpataru Projects

Top stocks in focus today:

1. Maruti Suzuki, M&M, Tata Motors: Definition of SUV for GST cess clarified.

2. Bank of Baroda denies allegations of inflating mobile app registrations.

3. Delta Corp, Nazara Tech: 28% GST on online gaming, horse racing, and casinos.

4. ITC recommends reappointment of Sanjiv Puri as chairman and MD.

5. Adani Enterprises raises ₹1,250 crore via NCDs.

6. L&T signs Master Shipyard Repair Agreement with US Navy.

7. Happiest Minds launches ₹400 crore QIP.

8. Minority investors of Dish TV demand probe into alleged fund diversion by ZEE.

9. MCX plans to migrate to TCS platform, obligated to pay ?250 crore to 63 Moons.

10. Kalpataru Projects completes acquisition of Fasttel Engenharia. (Read More)

Adani Enterprises raises ₹1,250 crore via allotment of NCDs

Adani Enterprises announced on July 11 that it has raised ₹1,250 crore through the allotment of non-convertible debentures (NCDs). "We would like to inform that the company has raised Rs. 1,250 crore today i.e. 11th July, 2023 by allotment of 125,000 Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures ("NCDs") of the face value of ₹1,00,000/- each on private placement basis," said the Adani Group's flagship firm in a regulatory filing to the stoxk exchanges.

Earlier, Bloomberg reported that Gautam Adani is going to bid for the coal-fired power plants promoted by Anil Ambani that are currently under auction, quoting people aware of the matter. Adani Group may face intense competition for Vidarbha Industries Power Ltd which operates 600-megawatt generation facilities in central India, the report added. (Read More)

Happiest Minds launches ₹400 crore QIP

Happiest Minds Technologies Ltd, an IT services company, recently initiated a Qualified Institutional Placement (QIP) worth ₹400 crore, as per an anonymous source familiar with the matter.

To account for oversubscription, Happiest Minds Technologies has allocated ₹100 crore, which could potentially increase the total deal size to over ₹500 crore.

Axis Capital and ICICI Securities are managing the QIP, as mentioned by the aforementioned source who wished to remain anonymous. (Read More)

Bharti Airtel buys 20.6% stake in Lavelle Networks, total stake will reach 45.6%

Bharti Airtel, the prominent telecommunications company in India, has recently acquired an additional 20.6% stake in the SD-WAN (Software-Defined Wide Area Networking) startup, Lavelle Networks. This acquisition will result in Bharti Airtel's total ownership of Lavelle Networks increasing to 45.6%.

The acquisition of the additional stake by Bharti Airtel will take place through multiple tranches, indicating that the transaction will be completed in stages rather than all at once. (Read More)

Bank of Baroda denies officials inflated mobile app registrations

Bank of Baroda, India's second-largest state-owned lender, has refuted the claims made by Al Jazeera stating that its officials utilized phone numbers of unknown individuals to artificially boost registrations on its mobile banking app, bob World.

According to the report, which cited internal emails of the bank, it was alleged that bank officials linked bank accounts to unrelated mobile numbers to meet challenging onboarding targets. The bank responded by stating that branches were directed to conduct a discreet inquiry into the matter and provide recommendations on whether those mobile numbers should be disassociated from the accounts. However, Bank of Baroda has denied any involvement of its officials in such practices. (Read More)

ITC board backs reappointing Sanjiv Puri for five more years as CMD

ITC Ltd's board has put forth a recommendation to reappoint Sanjiv Puri as the chairman and managing director for an extended period of five years, starting from July 22, 2024. Currently serving as the managing director, Puri's present term is set to conclude on July 21, 2024.

In its annual report released on Tuesday, ITC announced that a resolution seeking Puri's reappointment will be proposed during the company's 112th annual general meeting scheduled for August. The decision to recommend Puri's continuation as the chairman and managing director reflects the board's confidence in his leadership and contribution to the company. (Read More)

Delta Corp shares in focus after GST Council clears 28% tax on online gaming

Shares of Delta Corp Ltd will garner attention on July 12 due to a recent development related to the goods and services tax (GST). During the 50th meeting of the GST council held on July 11, a decision was made to impose a 28% GST rate on the entire value of gaming, horse racing, and casinos. This decision has unfavorable implications for online gaming companies. Representatives of the GST Council stated that this amendment was made considering these activities as actionable claims.

"Will bring an amendment to GST law to include online gaming and will be taxed at 28 percent on full face value," finance minister Nirmala Sitharaman said after the GST Council meeting. (Read More)

FIIs net buyers for 10 days in row, invests ₹1,197 crore today in Indian stocks; DIIs show dull demand

On Tuesday, Foreign institutional investors (FIIs) maintained their trend of being net buyers of Indian stocks for the tenth consecutive day. They infused a substantial amount of ₹1,197 crore into the market. Conversely, domestic institutional investors (DIIs) exhibited lackluster demand for domestic equities. Overall, the markets concluded positively, shifting attention towards the first-quarter earnings of IT firms in FY24. Key players such as TCS and HCL Tech are scheduled to release their financial results tomorrow, followed by Wipro on July 13.

According to the data from the National Stock Exchange (NSE), the cumulative value of FII purchases amounted to ₹10,839.74 crore, while the value of sales reached ₹9,642.36 crore. Consequently, Indian equities witnessed an inflow of ₹1,197.38 crore.

On the contrary, DIIs purchased equities worth ₹9,758.83 crore but divested ₹9,766.08 crore on Tuesday. Consequently, they emerged as net sellers, resulting in a modest outflow of ₹7.25 crore. (Read More)

Wall Street ends up on Tuesday ahead of CPI; JPMorgan, financial shares gain

U.S. stocks rose on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week.

Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of its interest rate hiking cycle.

U.S. consumer price data is due on Wednesday, while a producer prices report is due on Thursday. Several Fed officials said this week the central bank would likely need to raise rates further to curb inflation but that the end of its tightening cycle was getting close.