Stock Market LIVE: Indices open flat; BPCL, SBI lag; M&M shines

India logs 16,167 Covid-19 new infections on Monday

The data shows that a total of 15,549 people recovered from the coronavirus infection in the last 24 hours, taking the country’s cumulative recoveries to 4,34,99,659. The recovery rate remains consistent at 98.50%.

In India, the daily positivity rate is 6.14%, while the weekly positivity rate is 4.64%. The country has conducted over 87.81 crore covid tests till date whereas 2,63,419 tests were conducted in the last 24 hours.

SBI shares: Why brokerages are bullish on the bank stock despite Q1 miss

State Bank of India (SBI), the country’s largest lender, reported a 6% drop in its standalone net profit at ₹6,068 crore for the first quarter ended June 2022, on account of mark-to-market (MTM) losses. Net Interest Income (NII) increased by nearly 13% to ₹31,196 crore from ₹27,638 crore. Domestic net interest margins (NIM) improved by to 3.23%. 

The lender took a hit on account of MTM losses amounting to ₹6,549 crore on its investment book, which had an adverse impact on the Return on Assets (RoA) and Return on Equity (RoE), which were down 9 basis points (bps) and 203 bps, respectively. (Full Report)

Reliance Securities Stock in Focus: Prince Pipes

STOCK IN FOCUS

Prince Pipes (CMP Rs.633)

In view of the healthy performance despite challenges, cost optimization measures and series of strategies for the next level of growth, we have a BUY rating on the stock, with a Target Price of Rs780.

Intraday Picks

CANBK (PREVIOUS CLOSE: 225) SELL

For today’s trade, short position can be initiated in the range of ₹226-229 for the target of Rs.219 with a strict stop loss of ₹231.

POWERGRID (PREVIOUS CLOSE: 221) BUY

For today’s trade, long position can be initiated in the range of ₹216- 219 for the target of Rs.225 with a strict stop loss of ₹215.

TATASTEEL (PREVIOUS CLOSE: 108) SELL

For today’s trade, short position can be initiated in the range of ₹109- 110 for the target of Rs.105 with a strict stop loss of ₹112.

India’s Bajaj Finance accepts bids on 3-year bonds – traders

India’s Bajaj Finance Ltd has accepted bids worth 5.50 billion rupees ($69.21 million) on its bonds maturing in three years, three merchant bankers said on Monday.

The non-banking finance company will pay an annual coupon of 7.38% and had invited bids from bankers and investors for the same on Friday, they said.

The notes are rated AAA by CRISIL and India Ratings and the issue will close for subscription on Monday.

BPCL drags in the morning session, slips 4%, following its quarterly report

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Auto and Metal gain in the morning, whereas Bank and other Financial Sector indices lose ground

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Sensex and Nifty opened flat on Monday with SBI losing 2% at the start.

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Economists expect India’s Q1 GDP growth at 12.5-15%

The Indian economy is likely to have grown in double digits in the first quarter of the current financial year, supported by strong revival in consumption and recovery in the services sector, and a low base, according to economists. (Full Report)

Stocks to Watch: Stocks to Watch: SBI, BPCL, Paytm, Tata Motors, Shipping Corp

Bharti Airtel, Adani Ports, Delhivery, City Union Bank, Power Grid, and Torrent Power will be in focus as they declare their June quarter earnings today. (Full report)

Sensex remains flat at pre-open. Tata Motors, SBI, BPCL, Paytm will be in focus in today’s session.

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Oil endures choppy start to week with demand concern to the fore

Oil shook off an early slump at the week’s open to trade steady as investors weighed up prospects for demand ahead of a barrage of intelligence from leading energy players on the market outlook.

West Texas Intermediate was little changed above $89 a barrel after initially slumping more than 1%. Investors have backed away from commodities in recent months as slowing growth feeds concern that energy usage will drop, including for gasoline. That helped WTI to sink by almost 10% last week.

Rakesh Jhunjhunwala portfolio: Experts see big upside in this tech stock

Nazara Technologies shares have remained under the block building phase after climbing to its 52-week high in October 2021. The stock hit its 52-week low in June 2022 but after that, it has bounced back strongly recording around 40% upside from its 52-week lows in near two months.

According to stock market experts, this Rakesh Jhunjhunwala stock is expected to come out its long consolidation phase and can go up to ₹911 apiece levels in long term. Nazara Technologies share price today is around ₹672 per share, which means experts are expecting around 35 per cent upside in this tech stock. (Full Report)

Reliance Industries fixes record date for dividend for the FY 2021-22

With a market valuation of ₹17,14,256.39 Crore, Reliance Industries Ltd. is a large cap corporation that produces petroleum products. The largest private sector company in India and a Fortune 500 company is Reliance Industries Limited. The company’s business activities include the research and production of oil and gas as well as the production of synthetic textiles and fabrics, plastics, chemicals, petroleum products, polyester products, and polyester intermediates.

The company’s board of directors has recommended a dividend of Rs. 8.00 per equity share of Rs. 10 for the fiscal year ended March 31, 2022. This amounts to a dividend yield of 0.31 per cent at the stock’s current price of ₹2,532.90. In order to determine the eligibility of the shareholders to receive dividend, the company has announced a record date, which shareholders need to be aware of.

Tata Motors EV subsidiary acquires Ford’s Sanand plant for ₹726 crore

Tata Motors Sunday said its subsidiary Tata Passenger Electric Mobility Ltd (TPEML) has signed a Unit Transfer Agreement (UTA) for the acquisition of Ford India’s manufacturing plant at Sanand in Gujarat for ₹725.7 crore.

As part of the deal, Tata Motors will get entire land and buildings, vehicle manufacturing plant along with machinery and equipment situated therein, the Mumbai-based auto major said in a statement.

Indian bond yields seen higher tracking U.S. peers, sentiment remains weak

Indian government bond yields are expected to trade higher in opening deals on Monday, extending gains fuelled by the central bank’s interest rate hike and hawkish commentary on Friday, and tracking a spike in U.S. Treasury yields.

The yield on the 10-year benchmark bond is likely to trade in a 7.32%-7.38% band, a trader with a private bank said. It closed 14 basis points higher at 7.3005% on Friday, posting the biggest single-day rise in three months.

IOC, HPCL, BPCL post ₹18,480 cr loss in Q1 on holding petrol, diesel prices

State-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) posted a combined loss of ₹18,480 crore on holding petrol and diesel prices despite a rise in cost.

According to stock exchange filings by the three fuel retailers, the losses were due to erosion in the marketing margin on petrol, diesel and domestic LPG.

This wiped away gains from the record refining margin. IOC, HPCL and BPCL, which are supposed to revise petrol and diesel prices daily in line with cost, have not changed rates for four months now despite international oil prices shooting up.

Delta Corp among 3 stocks under F&O ban on NSE today

A total of three stocks have been put under the ban for trade on Monday, August 8, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.

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