Wall Street and the Asian markets welcomed the positive economic data, upbeat corporate guidance and easing geopolitical concerns boosted investor risk appetite. Indian indices, encouraged by the response, might continue to rally and stay in green on Thursday.
Stock market rally can fizzle out, warn top analysts
The recent brisk rebound in equity markets won’t last as the macroeconomic data continue to deteriorate and earnings forecasts are being slashed, strategists at Goldman Sachs Group Inc. and Sanford C. Bernstein warn.
“Without clear signs of a positive shift in macro momentum, temporary re-risking could actually increase risks of another leg lower in the market rather than signal the end of the bear market,” Goldman strategists led by Cecilia Mariotti wrote in a note dated Aug. 4. (Full Report)
Sebi to auction properties of Sumangal Industries, GSHP Realtech on Aug 25
Markets regulator Sebi on Thursday said it will auction properties of two companies — Sumangal Industries and GSHP Realtech Ltd — on August 25, to recover money that was illegally raised from investors.
A total of eight properties of these two firms will be auctioned for a reserve price totalling ₹9.8 crore, according to a public notice issued by the Securities and Exchange Board of India (Sebi).
Of the eight properties, six relate to Sumangal Industries and the remaining two belong to GSHP Realtech.
GAIL Q1 net profit jumps 91% to ₹2,915 cr
State gas utility GAIL (India) Ltd on Thursday reported a 90.5% jump in its June quarter net profit at ₹2,915 crore. The company had posted a net profit of ₹1.530 crore for the year-ago period.
The company’s revenue from operations rose 116% year-on-year to ₹37,572 crore in the quarter under review as against ₹17,387 crore for the same quarter last fiscal.
On Thursday, shares of GAIL were trading 1.14% lower at ₹139.20 apiece on the NSE during noon deals.
This Hong Kong fintech stock rallies over 32,000% since July IPO before plunging to half in value
A little-known Hong Kong company saw its stock market value soar in recent days, but later its price dropped in half. AMTD Digital’s market capitalization surged above $450 billion in a 244% jump on Tuesday, but later the stock plunged 40% on Wednesday, reminding investors of the meme stock mania last year that drove record rallies in shares of companies such as GameStop and AMC. (Full Story)
Oil & Gas index sheds 1%, most sticks in red.
Crude oil futures decline on low demand
Crude oil futures on Thursday declined 0.43% to ₹7,230 per barrel as participants trimmed their positions on low demand.
On the Multi Commodity Exchange, crude oil for August delivery fell by ₹31 or 0.43% to ₹7,230 per barrel with a business volume of 7,974 lots.
Globally, West Texas Intermediate crude oil was trading 0.28% lower at USD 90.41 per barrel and Brent crude was down by 0.42% at USD 96.37 per barrel in New York.
India’s pace of rise of currency in circulation dips
India’s currency in circulation has increased by only around 500 billion rupees in the first four months of this financial year that began in April, which is nearly half the pace of the same period a year ago.
“Economic activity is completely back to pre-pandemic levels, and hence there is hardly any need for panic-driven cash withdrawals, which is leading to a drop in cash in circulation,” a trader with a state-run bank said.
8 in 10 working Indians excited about being back in office: Survey
A majority of working Indians have started resuming work from office; with 80% of those surveyed by researcher Ipsos saying they are excited about returning to a physical workplace.
The enthusiasm to return to work was greater among men (81%) than women (77%). Those from west India reported greater joy in physically returning to offices, according to findings of the survey released Thursday. (Full Report)
NTPC sheds 3% in today’s session.
Ashok Leyland strengthens AVTR product portfolio
Hinduja Group flagship Ashok Leyland has unveiled the H6 4V engine in AVTR range equipped with premium N Cabin to serve the tractor and tipper segments, the company said on Thursday.
The H series engine makes the new range of trucks suitable for customers who seek higher power delivery and superior fuel efficiency, the city-based heavy commercial vehicle manufacturer said.
“…today further strengthened its AVTR portfolio by introducing 250 HP, 6-cylinder 4 Valve Engine with premium N cabin in haulage, tractor and tipper segments,” the company said in a statement.
In a first in world, IndiGo’s new facility will help passengers get off quickly
IndiGo on 4 August announced it would disembark passengers from three doors of the plane which will allow the flyers to quickly get off the aircraft. “The new three-point disembarkation process will be carried out from two forward and one rear exit ramp, making IndiGo the first airline in the world to use this process,” the airline said in a statement. (Full Report)
DBS says not in discussions for buying stake in IDBI Bank
DBS Group Holdings Ltd., Singapore’s largest lender that has been investing in India, said buying a stake in government-owned IDBI Bank Ltd. is not on its radar, even though it remained bullish about the country’s growth prospects.
Chief Executive Officer Piyush Gupta said the lender isn’t looking at a deal for the bank. His comments come after Indian media reported that DBS was considering purchasing a stake and held discussions with finance ministry officials in New Delhi. (Full Report)
Sundaram Finance Holdings reports Q1 consolidated profit at ₹41.14 crore
Sundaram Finance Holdings (SF Holdings) has reported a consolidated net profit at ₹41.14 crore up by 30.27 per cent for the quarter ending June 30, 2022, the company said on Thursday.
The city-based company had registered a consolidated net profit at ₹31.58 crore in the corresponding quarter previous year.
For the year ending March 31, 2022, the consolidated profit was at ₹160.70 crore.
Euro zone consumers brace for recession and high inflation – ECB survey
Consumers in the euro zone are bracing for the economy to shrink and for high inflation to continue eating into their income in the next year, a European Central Bank survey showed on Thursday.
The Consumer Expectations Survey, used by policymakers for input in their deliberations and published on Thursday for the first time, showed households were beginning to lose faith in the ECB’s ability to bring inflation back down to its 2% goal.
The poll, carried out in June, showed the median consumer expected prices to grow by 5% over the following year and saw inflation at 2.8% in three years’ time.
Vodafone Idea investors remain in pain
Shares of debt-laden telecom services provider Vodafone Idea Ltd. (VIL) fell 2.75% in Thursday’s opening deals on the National Stock Exchange, reacting to the company’s weak June quarter earnings.
Vodafone Idea continues to lose subscribers. Not only that, analysts believe the company’s 5G spectrum bid will further raise its debt by around 10%. VIL’s total gross debt, excluding lease liabilities and including interest accrued but not due, as of Q1FY23, stood at Rs1.2 trillion. (Full Report)
Japan’s Nikkei gains despite Toyota’s plunge on earnings
Japanese stocks gained on Thursday despite an afternoon plunge in Toyota Motor Corp as the country’s biggest automaker posted a large drop in quarterly earnings.
Japan’s Nikkei share average closed up 0.69% at 27,932.20 after briefly breaking through the 28,000 barrier, which it hasn’t finished above since June 9.
Noon Update: Indices witnessed a highly volatile session and lost all the gains from the morning and are trading in red. Sensex is down 450 points and Nifty 145
IT index has managed to keep itself afloat. Otherwise, all the other indices are in red with Realty and Bank losing the most.
All broad market indices in…
Read More: Share Market LIVE: Indices recover, Nifty down 50 pts; Bank, Realty slip