As per the provisional closing data, the S&P BSE Sensex, added 193.58 points or 0.37% to close at 53,054.21. The Nifty 50 index gained 61.40 points or 0.39% and traded at 15,879.50.
The broader market closed with gains. The S&P BSE Mid-Cap index added 0.58% while the S&P BSE Small-Cap index rose 0.38%.
Buyers outpaced sellers. On the BSE, 1,809 shares rose and 1,393 shares fell. A total of 144 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 18,46,14,330 with 39,93,197 deaths. India reported 4,59,920 active cases of COVID-19 infection and 4,04,211 deaths while 2,97,99,534 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India has reported 43,733 fresh cases of COVID-19 and 930 deaths in the last 24 hours. Recovery rate has increased to 97.18%.
Politics:
The Union Cabinet reshuffle/expansion will reportedly take place today, 7 July 2021, at 18:00 IST. This will be the first cabinet reshuffle in the second term of the Narendra Modi government.
The cabinet reshuffle aims to increase women representation, bring in state leaders with strong administrative experience, reduce the average age of the ministry and induct people with professional background, reports added.
Stocks in Spotlight:
Titan Company fell 2%. The company recorded revenue growth of about 117% (excluding bullion sales) in Q1'22, with revenue contribution of approximately 50%, 10% and 40% coming from April, May and June months respectively. During the quarter, the jewellery segment grew by 107% (excluding bullion sales) as compared to last year, primarily due to zero sales in April of last year. Most of the sales of May month was lost in both the years. The watches & wearables division grew 280% over Q1 FY21 as sales were nil in April month of last year and moreover the recovery this year has been faster than that witnessed last year when footfalls in stores were very weak due to higher apprehension of covid. The eye wear division grew 117% over Q1 FY21 as sales were nil in April month of last year and also on back of rapid recovery in walk-ins in May 2021 and June months, compared to last year. Total store operational days were at 71%, 19% and 62% for the April 2021, May 2021 and June month respectively. 90%+ of stores are now open.
RBL Bank added 4.48%. The private sector bank's total deposits jumped 21% to Rs 74,480 crore in the quarter ended 30 June 2021 as against Rs 61,736 crore reported in the quarter ended 30 June 2020. Retail LCR Deposits surged 47% to Rs 29,484 crore. Current Account-Savings Account (CASA) soared 35% to Rs 25,071 crore. CASA ratio stood at 33.7% as on 30 June 2021 as against 30.1% registered on 30 June 2020. Liquidity Coverage Ratio fell to 135% on 30 June 2021 from 164% posted on 30 June 2020.
Ujjivan Small Finance Bank jumped 6.47% after the bank's total deposits increased 24% to Rs 13,673 crore in Q1 FY22 from Rs 11,057 crore in Q1 FY21. Deposits rose 4% last quarter compared with Rs 13,136 crore in Q4 FY21. CASA jumped 77% to Rs 2,773 crore in Q1 FY22 from Rs 1,568 crore in Q1 FY21. It is higher by 3% compared with Rs 2,699 crore in Q4 FY21. CASA ratio was at 20% as on 30 June 2021 as against 14% as on 30 June 2020 and 21% as on 31 March 2021. Disbursement for the quarter rose by 175% to Rs 1,311 crore in Q1 FY22 from Rs 477 crore in Q1 FY21. However, it has declined 69% from Rs 4,274 crore in Q4 FY21.
Jindal Steel & Power (JSPL) rose 2.3%. The company said that steel production surged 20% to 2.01 million tonnes (MT) in Q1 FY22 as against 1.67 MT in Q1 FY21. "Solid performance in Q1 FY22 gives us confidence of achieving FY22 production target of 8.0 to 8.5 million tonnes," the company said in a statement. Despite challenging demand conditions in the domestic market, as a result of a severe than expected second wave of COVID-19, JSPL sales rose by 3% to 1.61 MT in Q1 FY22 from 1.56 MT in Q1 FY21. Buoyant export markets continued to provide support with exports accounting for 44% of volumes in the month of June 21 and 34% in 1QFY22. Exports accounted for 58% of total sales volume in Q1 FY21
Sobha spurted 5.86% after the company's total new sales increased by 37.69% to 8,95,539 square feet in Q1 FY22 from 6,50,400 square feet in Q1 FY21. Total sales value rose 40.02% to Rs 682.90 crore in Q1 FY22 from Rs 487.70 crore in Q1 FY21. Sobha's share in the sales values at Rs 570.90 crore in Q1 FY22, was higher by 45.23% as compared with Rs 393.10 crore in Q1 FY21. Total average price realization improved by 1.71% to Rs 7,626 per square feet in Q1 FY22 from Rs 7,498 per square feet in Q1 FY21.
Mahindra & Mahindra (M&M) slipped 0.12%. The company said that it will acquire 1.60 crore shares (up to 31.2% stake) in ReNew Sunlight Energy (RSEPL), in one or more tranches, for a cash consideration of Rs 16.07 crore. RSEPL is subsidiary of ReNew Green Energy Solutions, which in turn is a subsidiary of Renew Power. The subscription of equity shares in RSEPL will enable M&M to become captive user and consume solar power generated by RSEPL. Accordingly, the company has also signed a power delivery agreement with RSEPL. Under the open access arrangement of the company with the electricity distribution companies, the manufacturing plants of the company in Maharashtra will consume the said solar power generated. The company expects to complete the transaction by 31 December 2021.
Redington (India) gained 3.58% after the company's board approved issuing one bonus share for each equity share held as on the record date. The record date for reckoning the eligible shareholders entitled to be allotted bonus shares has been fixed as 20 August 2021.
Tanla Platforms added 0.16%. Karix Mobile, a wholly-owned subsidiary of the company, announced the deployment of a conversational solution for Panasonic India using the WhatsApp Business Solution Platform. The solution will facilitate one-to-one conversations between Panasonic's customers and the brand. Building strong, personalized connections with its end-users helping them connect with the brandis one of the primary objectives of this solution. While the other service channels, specifically SMS and email, will remain available and active, this new channel has been built to be a more convenient option for customers.
ISGEC Heavy Engineering gained 2.64% after the company announced that its subsidiary and joint venture company has bagged an order for critical reactors for USA. ISGEC on Wednesday announced that its joint venture company, Isgec Hitachi Zosen received an order for the supplying four reactors of vanadium modified low alloy steel, for a renewable energy project in USA. The scope of work includes mechanical design, material procurement, fabrication, testing, and supply of equipment.
Global Markets:
European shares rose across the board while most Asian stocks declined on Wednesday following losses on Wall Street with the S&P 500 ending its seven-day winning streak.
US stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week on concerns about the economic outlook and risks from COVID-19 variants.
The ISM Services index, a major gauge of the services sector, slowed to 60.1 in June from a record in the prior month, data released Tuesday showed.
Investors await the release of June Federal Open Market Committee meeting minutes due Wednesday for clues about the central bank's behind-the-scenes discussions on winding down its quantitative easing program.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
