Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 288.76 points or 0.55% at 52,674.95. The Nifty 50 index was up 83.90 points or 0.53% at 15,773.70. Upbeat Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.63%. The S&P BSE Small-Cap index was up 0.93%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 2090 shares rose and 574 shares fell. A total of 112 shares were unchanged.
In economic data, the Industrial Production and Manufacturing Production data for May will be released today, 12 July 2021. Inflation rate for June is also due today, 12 July 2021.
Stocks in news:
Avenue Supermarts fell 0.86%. Avenue Supermarts total revenue for the quarter ended 30 June 2021 stood at Rs.5,183 crore, as compared to Rs. 3,883 crore in the same period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1 FY22 stood at Rs. 224 crore, as compared to Rs. 112 crore in the corresponding quarter of last year. EBITDA margin stood at 4.3% in Q1 FY22 as compared to 2.9% in Q1 FY 21. Net Profit is at Rs. 95 crore for Q1 FY22, as compared to Rs. 40 crore in the corresponding quarter of last year. PAT margin stood at 1.8% in Q1 FY22 as compared to 1.0% in Q1 FY 21.
Maruti Suzuki India rose 2%. The company has launched Maruti Suzuki Smart Finance, a digital end-to-end online car financing platform. Maruti Suzuki Smart Finance is now made 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 diverse range of customers.
Adani Ports and Special Economic Zone rose 0.41%. A meeting of the board of directors of the company is scheduled on 14 July 2021, to consider and approve raising funds by way of issuance of U.S$ denominated foreign currency bonds.
Unichem Laboratories advanced 3.22%. Unichem Laboratories announced that it has received Tentative 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, of Merck Sharpe and Dohme Corp (Merck).
Shaily Engineering Plastics surged 4.77%. The board of directors of the company considered and approved raising of funds for an amount aggregating upto Rs. 300 crore, in one or more tranches, by way of issuance of securities, through one or more permissible mode(s) including but not limited through a Qualified Institutions Placement//Preferential Offer or a combination thereof.
Compucom Software rose 0.93%. Compucom Software has won a tender and received a Letter of Acceptance for IT Enablement of PESA/FRA Acts with other schemes for Tribal Area Development (TAD) Department, Government of Rajasthan and Operations & Maintenance Services for a period of six months from RISL worth Rs 58.40 lakh inclusive all incident charges and taxes and excluding GST.
Global Markets:
Overseas, Asian stocks rose on Monday after their U.S. peers chalked fresh records Friday in a broad-based rebound.
In economic news, China's central bank announced Friday a 50 basis points cut in its reserve requirement ratio for all banks, effective from July. The RRR represents the amount of money that banks must hold in their coffers as a proportion of their total deposits. A lowering of that required amount will increase the supply of money that banks can lend to businesses and individuals.
The three major US stock indexes rallied to record closing highs on Friday as financials and other economically focused sectors rebounded after a selloff sparked by growth worries earlier in the week.
Meanwhile, the G20 Finance Ministers on July 10 approved a global corporate tax of at least 15% to be imposed on multinational companies (MNCs) with an aim to end tax havens. In a two-day virtual meet headquartered from Venice (Italy), the Group also endorsed a broad agreement plan introducing new rules for taxation of cross-border businesses, as per reports. Details and negotiations of the rules are likely to be finalised during the next G20 meet scheduled in October 2021.
Investors continued to watch the coronavirus situation in Asia-Pacific on Monday. Japan's government is set to put Tokyo under a new Covid state of emergency on Monday while stricter social distancing restrictions are set to kick in for the greater Seoul area in South Korea, as per reports. Elsewhere in Southeast Asia, several countries including Indonesia and Malaysia continue to struggle with a recent surge in infections, reports added.
Back home, the main equity indices ended a lacklustre trading session with small losses on Friday. The barometer index, the S&P BSE Sensex, skid 182.75 points or 0.35% at 52,386.19. The Nifty 50 index slipped 38.10 points or 0.24% at 15,689.80.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,124.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 106.55 crore in the Indian equity market on 9 July 2021, provisional data showed.
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