Indian equity markets are likely to gap down on Friday amid unsupportive global cues. Before the session, SGX Nifty Futures were trading at 15,715 levels, signaling a drop of over 50 points on the NSE Nifty 50. Global indicators were weak as major Asia-Pacific markets lost steam, with Japan’s Nikkei 225 down 0.7% and the Topix 0.5%. Investors will be keeping an eye on the monthly auto sales numbers due Friday, July 1st. “India VIX is hovering around 22 levels suggesting volatility is likely to continue. On the plus side, progress in the monsoon, expectation of good earnings for the first quarter of FY23 and reasonable valuations are some comfort for long-term investors in the market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on July 1st, Friday
Hindustan-Unilever: FMCG major Hindustan Unilever Ltd (HUL) announced on Thursday that its chief executive officer and managing director Sanjiv Mehta has been appointed President Commissioner (non-executive chairman) of Unilever’s Indonesia operations. Mehta’s appointment as President Commissioner of PT Unilever Indonesia Tbk (Unilever Indonesia) is subject to shareholder approval at the next Unilever Indonesia Extraordinary General Meeting to be held on July 28, 2022.
SBI card and payment services: The country’s largest pure-play credit card company, SBI Card, along with Aditya Birla Finance, announced on Thursday the launch of a co-branded credit card. The ‘Aditya Birla SBI Card’ is a co-branded credit card that offers customers significant reward points on their purchases in various sectors.
Bharti Airtel: The telecom operator said it has opted to defer payment of AGR fees until fiscal year 2018-19, which are not listed in the Supreme Court order, by up to four years. It has reserved the right to prepay installments and would not make use of the option of converting the accrued interest into equity. Meanwhile, the Indian Competition Commission approved Google’s nearly $1 billion investment for a 1.28% stake in Bharti Airtel.
Lupine: The drugmaker has received US FDA approval for its Abbreviated New Drug Application (ANDA) – paliperidone extended-release tablets. The drug is a generic equivalent of Invega extended-release tablets from Janssen Research and Development, LLC. The product is manufactured in Lupin’s factory in Goa. The drug had estimated US annual sales of $152 million, according to IQVIA MAT data as of March 2022. The drug is used to treat schizophrenia, a mental disorder.
Trust: Reliance Industries on Thursday announced a franchise partnership with Pret A Manger to found and build the British sandwich and coffee chain in India, marking the company’s foray into the booming food and drink industry. Reliance Brands Ltd (RBL) will open the grocery chain across the country starting with the major cities, it said in a statement. Reliance will open the first Pret store in Mumbai, India’s financial capital, before March 2023, a source with direct knowledge told Reuters.
SAIL: SAIL’s flagship, Bhilai Steel Plant, has supplied over 80,000 tonnes of steel for the Mumbai-Ahmedabad High Speed Rail Corridor project. The 508 km project, scheduled for completion in October 2028, will connect Mumbai and Ahmedabad with a high-speed line that would allow trains to travel at speeds of 320 km/h.
UPL: The Company has acquired a 100% interest in Nature Bliss Agro (NBAL) to become a wholly owned subsidiary of the Company. With this acquisition, they plan to manufacture and sell crop protection products and related products in sync with UPL’s existing business activities.
Globus Spirits: Globus Spirits will provide various services including engineering, operations, maintenance and marketing for distillery facilities owned by Tilaknagar Industries. It will operate a facility in Ahmednagar, Maharashtra. The Company receives a service fee as a share of the core profits generated by the distillery facilities.
Maruti Suzuki: The automajor aims to increase its share of the SUV segment with the launch of four new brands over the next few years. With a market share of 43 percent in the Indian passenger car market, they launched a refurbished version of their popular compact SUV model called the Brezza. The price starts from Rs 7.99 lakh for the basic variant and goes up to Rs 13.96 lakh for the top variant.