Stocks in Asia traded on a mixed note on Friday following a jump in Treasury yields amid ongoing uncertainty about how far the Federal Reserve must jack up interest rates to ensure high inflation keeps cooling. A rally in US stocks petered out on Thursday, with markets ending mixed. Japan gained 2% on Friday after a holiday but other markets are having a more muted day.
Axis Securities’ recommendation on Coal India, Page Industries, SAIL and Trent
Coal India: BUY with TP at ₹245
Page Industries: HOLD with TP at Rs. 51,900
SAIL: HOLD with TP at ₹75
Trent: BUY with TP at ₹1500
Balaji Speciality Chemicals files papers with Sebi to raise funds via IPO
Balaji Speciality Chemicals has filed preliminary with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO consists of a fresh issue of equity shares worth up to ₹250 crore and an offer-for-sale (OFS) of up to 2,60,00,000 equity shares by promoters and promoter group entities, according to the draft red herring prospectus (DRHP).
Proceeds worth ₹68 crore from the fresh issue will be used to repay debt, and ₹119.5 crore will be spent on working capital requirements, besides general corporate purposes. (PTI)
SC issues notices to Centre, ONGC on appeal of Vedanta Ltd relating to Barmer oil field: PTI
The Supreme Court on Friday sought a response from the Centre on an appeal of Vedanta Ltd against a Delhi High Court verdict related to a production sharing contract (PSC) of Vedanta and the ONGC to produce oil from the Barmer oil field in Rajasthan.
Vedanta Ltd has moved the top court against the March 26 judgement of a division bench of the Delhi High Court setting aside a single judge order directing the Centre to extend till 2030 its PSC with Vedanta Ltd and ONGC to produce oil from the Barmer oil field.
“Issue notice,” said a bench comprising Chief Justice N V Ramana and Justice Krishna Murari after hearing brief submissions from senior advocate Harish Salve, appearing for Vedanta Ltd.
Solicitor General Tushar Mehta, appearing for the Centre and the ONGC, said that he accepted the notice and sought four weeks’ time for filing the responses.
Nikkei ends at 7-month high on hopes for slower U.S. rate hikes
Japan’s benchmark stock index ended at a seven-month high on Friday, led by SoftBank Group and other tech heavyweights, as signs of cooling U.S. inflation raised hopes for smaller Federal Reserve rate hikes and boosted risk appetite.
The Nikkei share average jumped 2.62% to 28,546.98, its highest close since Jan. 12. The index, which posted the sharpest daily gain in three weeks, rose 1.32% for the week in its second straight weekly gain.
Noon Update: Indices trading flat, marginally in green. Metal and Oil & Gas gain the most, IT and Healthcare/Pharma stock slip
Tata Steel and ONGC shine in the first half of Friday, while Apollo Hospital and Divi’s Laboratories shed around 3%.
Metal index gains the most on Friday, nearly all stocks in green
Chemical stock recommends bonus shares. Check record date
While announcing its earnings for the first quarter ended June 2022, Pondy Oxides and Chemicals Ltd on Wednesday had informed that its board at the meeting held on August 10 recommended the issuance of bonus equity shares in the ratio of 1:1, which is subject to the approval of the shareholders, and the board has also fixed the record date for the same.
Paytm slips 6% on questions over CEO reappointment, regulatory fears
Shares of India’s digital payments firm Paytm fell 6.2% on Friday, hit by a proxy advisory firm’s opposition to reappointment of its chief executive officer and the central bank’s guidelines for digital lending apps.
Institutional Investor Advisory Services has said it opposes the reappointment of Vijay Shekhar Sharma as CEO and managing director at the annual general meeting next week.
Page Industries shares hit 52-week high on strong Q1 earnings
Shares of Page Industries hit a 52-week high in morning trade on Friday after the apparel manufacturer reported a multi-fold jump in the first quarter net profit.
Shares of Page Industries opened on a strong note on BSE at ₹49,799.95, then gained momentum to touch its 52-week high of ₹50,338.05, registering a jump of 2.47 per cent over its previous close.
The stock witnessed a similar movement on the NSE, where it started at ₹49,750, and then touched its 52-week high of ₹50,350, a rise of 2.73 per cent over its last close.
Divi’s Laboratories sheds almost 3% in todays’ trading
Amit Burman resigns as chairman of Dabur
Fast moving consumer goods company Dabur India Ltd on Friday informed that Amit Burman has resigned as the Chairman of the company. with effect from the close of working hours of August 10, 2022. Though, Burman will continue as Non-Executive Director.
“We wish to inform you that the Board of Directors have on 11th August, 2022, approved following changes in the position of Chairman and Vice Chairman of the company. 1. Acceptance of resignation of Mr. Amit Burman from the post of Chairman of the Board of Directors of the Company with effect from the close of working hours of August 10, 2022,” Dabur announced in an exchange filing.
Apple expects to sustain iPhone sales in 2022 as market slows
Apple Inc. has asked suppliers to build at least as many of its next-generation iPhones this year as in 2021, counting on an affluent clientele and dwindling competition to weather a global electronics downturn.
The tech giant is telling its assemblers to make 90 million of its newest devices, on par with last year, despite deteriorating projections for the smartphone market, according to people with knowledge of the matter. The Cupertino, California-based company still expects to assemble roughly 220 million iPhones in total for 2022, also about level with last year, according to one of the people.
Paytm shares business update for July, loan disbursals up 296% YoY
Paytm on Friday shared its operating performance update for the month of July 2022, in which it said that the company’s loan distribution business (in partnership with top lenders) continues to witness accelerated growth with disbursements through our platform now an annualised run rate of over ₹25,000 crore in July.
Its loan distribution business scaled to 2.9 million, witnessing a year-on-year (YoY) growth of 296%, while the value of loans disbursed grew 512% from the year-ago quarter to ₹2,090 crore ($264 million). (Full Report)
ONGC shines in the morning session, gains more than 3.5%
Indian Railways receive 297 proposals from startups under ‘StartUps for Railways’ initiative
Railway Minister Ashwini Vaishnaw has said that the Indian Railways received 297 proposals from startups under the “StartUps for Railways” initiative which was launched in June this year.
Sharing an update the Railway Minister shared the details in a tweet and wrote,”Railway partners with startups. 297 proposals received to solve 11 problems.” He also shared the number of proposals that the Railway Ministry got from the startups for solving the eleven problems. The maximum proposal was received for the broken rail detection system which was 43 and the least was for Headway Improvement System for suburban section interoperable with Indian Railways National ATP system which received four proposals. (Full Report)
Angel One: We are likely to have consolidation in the coming trading session too on the back of the extended weekend.
Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: The US markets climbed overnight after the easing of the inflation report and yesterday morning too, they extended the lead. This development resulted in a bump up at the opening in our markets, mirroring the SGX NIFTY. It appeared as if we were going to witness a bumper session on weekly expiry. Still, the follow-up was clearly missing as the benchmark index Nifty chose to consolidate in merely 60 points throughout the remaining part of the session. Eventually, the day ended with seven-tenths of percent…
Read More: Stock Market LIVE: Indices flat; ONGC, Tata Steel shine; Pharma, IT drag