Asian markets opened on a mixed note on Monday and U.S. stocks extended their mid-summer rebound on Friday, with the dollar and some longer-term Treasury yields dipping, as Wall Street cheered positive corporate news in spite of increased labour costs and continued inflation.
5G spectrum auction ends; provisional sale amount at ₹1.5 lakh crore
India’s biggest ever auction of airwaves ended on Monday, with spectrum worth ₹1,50,173 crore being sold, sources said.
The auction that stretched into seven days ended this afternoon, the sources with direct knowledge of the matter said.
The provisional figure for the sale proceeds is ₹1,50,173 crore and the final numbers are being tallied, they added.
Prabhudas Lilladher Pvt Ltd recommendations IOCL, Torrent, Cipla, Shriram Finance, M&M, Sun Pharma, and DCB Bank
Indian Oil: Rating: HOLD | CMP: Rs73 | TP: Rs81
Torrent Pharma: Rating: BUY | CMP: Rs1,529 | TP: Rs1,750
Cipla: Rating: BUY | CMP: Rs977 | TP: Rs1,110
Shriram Transport Finance: Rating: BUY | CMP: Rs1,380 | TP: Rs1,522
M&M: Rating: BUY | CMP: Rs1,164 | TP: Rs1,400
Sun Pharma: Rating: BUY | CMP: Rs943 | TP: Rs1,070
DCB Bank: Rating: BUY | CMP: Rs89 | TP: Rs120
Most Euro-Zone consumers didn’t actually save more in pandemic
Only a fifth of euro-zone households hoarded savings in the pandemic, suggesting most don’t have an extra buffer against inflation, European Central Bank analysis shows.
The study — a pre release of the ECB’s economic bulletin published Monday — is based on a survey in six of the largest economies of the region during 2020 and 2021. It found that 20% increased savings and 16% shrank them during that time.
“The distribution of savings accumulated during the Covid-19 pandemic may thus limit the extent to which these savings can shield the ongoing recovery of consumption from the adverse impact of the recent surge in energy prices,” economists Maarten Dossche, Dimitris Georgarakos, Aleksandra Kolndrekaj and Francisco Tavares wrote in an article for the ECB’s monthly bulletin.
Bharti Airtel shares rise ahead of record date for payment of final dividend
Shares of Bharti Airtel rose nearly 2% higher on the BSE in Monday’s trading session as the stock started trading ex-dividend, a day ahead of the record date for its final dividend for the financial year ended March 31, 2022.
European stocks rise as bank earnings show upside
European stocks ticked higher as corporate earnings continued to deliver upside surprises while investors assessed remarks from central bankers that higher interest rates are needed to bring inflation under control.
The Stoxx 600 Index rose 0.2%, led by banks, as HSBC Holdings Plc delivered better-than-estimated profits. S&P 500 contracts slipped following the best month for US stocks since November 2020, paring the annual loss in the underlying gauge to 13%.
IT-BPM industry to add 3 lakh jobs by March 2023: Report
With rapid adoption of emerging technologies, the Information Technology and Business Process Management (IT-BPM) industry is expected to generate about 3 lakh jobs this fiscal year, according to a report.
The IT-BPM workforce is on the trajectory to grow 7 per cent in FY23, with the overall headcount increasing from 5.1 million to 5.45 million (close to 3 lakh jobs being created), the report by TeamLease Digital, the specialised staffing division of TeamLease Services said.
The ‘Digital Employment Outlook Report for H1-2023’ highlighted that the demand for digital skills will grow 8.4 per cent by the end of this fiscal year.
Media index rallying, up 2%. Nazara leading the rally with 16% jump.
Bajaj Auto 2-wheeler sales drop by 5% to 3,15,054 units in July
Bajaj Auto on Monday reported a 5% drop in its total two-wheeler sales at 3,15,054 units in July 2022.
The Pune-based automaker had sold a total of 3,30,569 two-wheelers in July last year.
Domestic two-wheelers sales increased by 5% to 1,64,384 units in July 2022 against 1,56,232 units in the year-ago period while exports dropped 14 per cent to 1,50,670 units as compared to 1,74,337 units in the same month of last year, the company said in a regulatory filing.
5G arrival may revive subdued smartphone market
The ongoing 5G auctions, which have garnered bids of nearly ₹1.5 trillion from Reliance Jio, Bharti Airtel, Vodafone Idea and new entrant Adani Group, could help revive India’s smartphone market, which is enduring an unprecedented slump. (Full Story)
Japanese shares jump most in nearly two weeks on positive earnings
Japanese shares notched their best day in about two weeks on Monday, helped by some positive earnings, while uncertainty about the global growth outlook kept a lid on further gains.
The Nikkei share average rose 0.7% to close at 27,993 and the broader Topix climbed 1% to 1,960, their biggest gains since July 20.
Rakesh Jhunjhunwala-backed stock jumps 16% after Q1 results
After hitting fresh 52-week low of ₹475.05 on NSE in July 2022, online gaming stock Nazara Technologies shares have rebounded strongly from its lows. After announcement of strong Q1 results on Friday last week, Nazara Technologies share price today opened with a big upside gap and went on to climb to its intraday high of ₹625.50 apiece levels, logging more than 16 per cent jump from its Friday close price of ₹530.10 per share. (Full Story)
Noon Update: Indices are in green, up 0.6%. Sensex gains around 350 points and Nifty 100. Auto index driving the rally.
Mahindra and Mahindra had a healthy session today in which it went up 6% followed by Reliance. Sun Pharma tumbled by 3%
Toyota Kirloskar reports highest monthly wholesales in July at 19,693 units
Toyota Kirloskar Motor (TKM) on Monday reported its highest-ever dispatches in a month at 19,693 units in July.
The company’s wholesales were 50 per cent more than 13,105 units it sold in July 2021.
“The month of July has been phenomenal for the company. Both in terms of sales as well as our endeavour towards ‘mass electrification’ in India, as we unveiled the first self-charging strong hybrid electric vehicle in the high volume B SUV segment- the Urban Cruiser Hyryder,” TKM Associate Vice-President (Sales, and Strategic Marketing) Atul Sood said in a statement.
GST revenue collection for July second highest ever at ₹1.49 lakh crore
GST collections for July remained above ₹1.4 lakh crore for the fifth straight month. Gross GST revenue collected in the month of July 2022 at ₹1,48,995 crore, which was the second highest collection ever & 28% higher than the revenues in the same month last year, as per the data by the government released on Monday.
MG Motor India posts 5% decline in retail sales in July
MG Motor India on Monday reported a 5% decline in retail sales at 4,013 units in July as production impacted by supply chain constraints.
The company had registered retail sales of 4,225 units in the same month last year.
In a statement, MG Motor India said it continues to work towards augmenting supplies and meeting customer demand persistently although production continues to be affected by the challenges of supply-chain constraints.
Auto stocks rally. Index up 2.5%.
For DLF stock, positives are largely priced-in
Real estate developer DLF Ltd saw sales bookings of ₹2,040 crore in Q1FY23, down 25% sequentially. The June quarter is seasonally weak for the company, even so, pre-sales during the quarter were in-line with the quarterly run-rate indicated by the management, said analysts. (Full Report)
Sun Pharma sheds 3% in today’s session.
Axis Securities – Weekly Technical Picks
. Nifty started the week on a flat note and observed profit booking in the initial half however buying support at lower levels pulled index higher to close on a…
Read More: Stock Market LIVE: Sensex above 58k, Nifty tops 17,300; M&M, Reliance shine