The main benchmarks are trading companies at the start of trade on the request to buy index pivots. At 9:25 am IST, the barometer index, the S&P BSE Sensex, was up 288.76 points or 0.55% to 52,674.95. The Nifty 50 index gained 83.90 points or 0.53% to 15,773.70. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index is up 0.63%. The S&P BSE Small-Cap index rose 0.93%.
The breadth of the market, indicating the overall health of the market, is strong. On BSE, 2,090 stocks rose and 574 stocks fell. A total of 112 shares remained unchanged.
In economic data, industrial production and manufacturing output data for May will be released today, July 12, 2021. The inflation rate for June is also expected today, July 12, 2021.
Actions in the news:
Avenue Supermarts fell 0.86%. Avenue Supermarts’ total revenue for the quarter ended June 30, 2021 was Rs 5,183 crore, compared to Rs. 3,883 crore in the same period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter of fiscal 22 was Rs. 224 crore, compared to Rs. 112 crore in the corresponding quarter last year. EBITDA margin stood at 4.3% in the first quarter of FY22 compared to 2.9% in the first quarter of fiscal 21. Net profit is Rs. 95 crore for Q1 FY22, compared to Rs. 40 crore in the corresponding quarter of last year. The PAT margin was 1.8% in the first quarter of FY22, compared to 1.0% in the first quarter of FY21.
Maruti Suzuki India increased by 2%. The company launched Maruti Suzuki Smart Finance, an end-to-end online car finance digital platform. Maruti Suzuki Smart Finance is now available for ARENA as well as NEXA customers. It is also available pan India. It covers a wide range of profiles to meet the demands of a wide range of clients.
The ports of Adani and the Special Economic Zone increased by 0.41%. A meeting of the company’s board of directors is scheduled for July 14, 2021, to review and approve fundraising through the issuance of US dollar denominated currency bonds.
Laboratoires Unichem grew by 3.22%. Unichem Laboratories announced that it has received interim approval for ANDA of sitagliptin tablets USP, 25 mg, 50 mg and 100 mg from the United States Food and Drug Administration (USFDA) for a generic version of Januvia (sitagliptin) tablets, 25 mg, 50 mg and 100 mg from Merck Sharpe and Dohme Corp (Merck).
Shaily Engineering Plastics jumped 4.77%. The board of directors of the company has reviewed and approved the fundraising for a total amount of Rs. 300 crore, in one or more tranches, by issuance of securities, through one or more authorized modes, including, but without s ‘limit, a placement of qualified institutions // a preferential offer or a combination of these.
Compucom Software is up 0.93%. Compucom Software won a tender and received a letter of acceptance for IT activation of PESA / FRA laws with other programs for the Tribal Area Development (TAD) department, the government of Rajasthan and the services of operation and maintenance for a period of six months of RISL worth Rs. 58.40 lakh all incident costs and taxes included and excluding GST.
Overseas, Asian stocks rose on Monday after their US peers set new highs on Friday in a broad rebound.
In economic news, the Chinese central bank on Friday announced a 50 basis point cut in its reserve requirement ratio for all banks, as of July. The RRR represents the amount of money that banks must hold in their coffers as a proportion of their total deposits. A decrease in this required amount will increase the supply of money that banks can lend to businesses and individuals.
The three major U.S. stock indexes hit record closing highs on Friday as financials and other economy-focused sectors rebounded after a sell-off sparked by growth concerns earlier in the week.
Meanwhile, G20 finance ministers on July 10 approved a global corporate tax of at least 15% to be imposed on multinational corporations (MNCs) in a bid to end tax havens. In a two-day virtual meeting based in Venice (Italy), the group also approved a broad plan of agreement introducing new rules for taxing cross-border businesses, according to reports. Details and rules negotiations are expected to be finalized at the next G20 meeting scheduled for October 2021.
Investors continued to monitor the coronavirus situation in Asia-Pacific on Monday. The Japanese government is expected to put Tokyo under a new Covid state of emergency on Monday while stricter social distancing restrictions are expected to come into force for the greater Seoul area of South Korea, according to reports. Elsewhere in Southeast Asia, several countries, including Indonesia and Malaysia, continue to fight a recent spike in infections, reports added.
Back home, the major stock indexes closed a lackluster trading session with small losses on Friday. The barometer index, the S&P BSE Sensex, slipped 182.75 points or 0.35% to 52,386.19. The Nifty 50 index lost 38.10 points or 0.24% to 15,689.80.
Foreign Portfolio Investors (REITs) sold stocks worth Rs 1,124.65 crore, while Domestic Institutional Investors (DII) were net buyers of Rs 106.55 crore in the market Indian scholarship holder on July 9, 2021, according to provisional data.
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