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Reliance Industries share price underperforms Nifty in July; analysts say concerns overdone, should you buy?

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Mukesh Ambani-led Reliance Industries’ share price has underperformed the benchmark indices so far this month, falling more than 8%. The fall in the stock price has largely come owing to fears emerging after the government of India decided to levy a Special Additional Export duty on exports of petrol, diesel and ATF. Analysts at HDFC Securities believe the concerns are overdone and have reiterated their ‘Add’ rating on the stock. The brokerage firm is expecting a recovery in the O2C businesses along with improvement in ARPU, subscriber addition, and new revenue streams. HDFC Securities has a target price of Rs …

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India’s horticultural crops output increase marginally to 341 million tonne in 2021-22

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India’s production of horticultural crops consisting of fruits, vegetables, spices, medicinal plants and plantation crops in the crop year 2021-22 (July-June crop year) grew by around 2% to 341 million tonne (mt) against 334 mt reported in 2020-21. The horticultural crops production continues to be higher than the foodgrain production. As per the third advance estimates for the foodgrains production released in May, India’s output of rice, wheat and pulses in 2021-22 crop year was estimated at a record 314.51 mt. The vegetables production grew marginally to 204.61 mt in 2021-22 compared to 200.4 mt as per the final estimate …

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Indian Rupee support at 78.80-78.50 against US Dollar; ECB, BoJ monetary policies to guide currency movement

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By Dilip Parmar The Indian rupee managed to recover on Friday but settled with the eleventh weekly loss for the first time after 2008. The Indian currency has depreciated almost 7% against the dollar in 2022 but might not weaken further over the next few months as the market is already priced in weaker economic data and foreign fund outflows. In the week gone, spot USDINR gained 62 paise or 0.8% to 79.88, registering the biggest weekly gains since March 2022. After witnessing a parabolic up move in the last couple of months there could be some consolidation on the …

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US stocks: Goldman profit beat, easing rate-hike bets drive Wall Street higher

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U.S. stock indexes rose on Monday after Goldman Sachs beat profit expectations, extending last week’s positive momentum amid easing bets of a super-sized interest-rate hike by the Federal Reserve. The Dow rose over 200 points in early trading, picking up from Friday when U.S. economic data showed stronger-than-expected retail sales, an uptick in consumer sentiment and lower inflation expectations. The S&P 500 banks index added 0.9% on Monday, with Bank of America Corp reversing earlier declines to rise 1.3%, even as it posted a nearly 34% drop in second-quarter profit. “You’re getting the feeling that perhaps all the bad news …

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Nifty, Sensex rise 1% to end higher for 2nd straight day; volatility to persist, stock specific action likely

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Benchmark indices surged over 1 per cent higher on Monday, led by nearly broad-based buying. The S&P BSE Sensex jumped 760 points to end at 54,521 level while the Nifty closed at 16,279, up 229 points. The frontline indices jumped on the back of gains in blue chip stocks including Infosys, ICICI Bank, Kotak Bank, TCS, Axis Bank, L&T, SBI, and Reliance Industries. All these index heavyweights rallied between 0.85 per cent and 4.5 per cent. Sectorally, all the indices, except the Nifty Pharma index, settled in the positive territory. The Nifty IT index advanced over 3 per cent, followed …

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Sebi guidance to Deepak Nitrite: Share transactions before QIP may warrant extra caution

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By Ashley Coutinho Promoters and company insiders wanting to buy or sell shares before a qualified institutional placement, or QIP, may have to be a tad more watchful given a recent guidance by the Securities and Exchange Board of India (Sebi) in this regard. In its guidance to Deepak Nitrite last week, Sebi said the company’s proposed QIP of Rs 2,000 crore would increase the capital of the company and lead to a change in its capital structure. Accordingly, the pending QIP issue, its pricing and its probable impact on the company’s share capital constitute unpublished price sensitive information, or …

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Hindustan Zinc share price soars 6% on interim dividend announcement; should you buy, sell or hold?

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Hindustan Zinc share price surged 6 per cent to Rs 288 apiece on BSE on Thursday after the company board approved interim dividend for FY23. The company said that the dividend payout of Rs 21 per share i.e. 1050% on face value of Rs 2 apiece would lead to an outflow of Rs 8,873 crore. The record date for payment of the dividend would be 21 July and the dividend would be paid within the stipulated timeline, the company said. Technical analysts said, there is a 50-DMA at 279 in Hindustan Zinc stock. “So it would be important to see …

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HDFC Bank rating: Buy | On a steady growth trajectory

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HDFCB reported strong 21.6% y-o-y loan growth, that translated into an NII growth of 14.5% y-o-y (3% below Nomura estimates) and core PPOP growth of 14.7% y-o-y. NIM (on average assets) was flat q-o-q at 4% despite strong retail and SME loan growth sequentially. Fee income fared better than we had expected (+38% y-o-y). Management did not offer any further clarity on the merger dynamics. HDFC Bank’s lending subsidiary, HDB Financials, continued to record improved performance – NII +9.6% y-o-y, PPOP +0.4% y-o-y and net income ~4x y-o-y. Stage 3 improved to 4.95% from 4.99% in Q4FY22. We reiterate Buy …

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Nifty IT hits 52-week low on Thursday, fall in rupee doesn’t help

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Information technology (IT) stocks continued their downward journey on Thursday, with HCL Technologies, Tech Mahindra, TCS, Wipro witnessing selling pressure. The Nifty IT cracked below the 52-week low of 26,399.75 intra-day, marking the lowest level since May 2021, while the BSE IT index fell 1.44%. An interesting fact is that the record plunge of the rupee is not helping curb the fall in IT stocks. A strong dollar against the rupee is considered to be positive for IT companies as a major chunk of their revenue comes from outside the country.

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MCX Crude oil August futures may fall to Rs 7300/bbl this week amid rising COVID cases in China

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By Jigar Trivedi WTI crude oil futures fell for the second consecutive week, down more than 6% and closed at $97.6 per bbl, as prospects of demand sapping lockdowns in China and recession fears in the US outweighed tight supplies. US gasoline demand, the major demand sector for crude oil, tumbled last week to 8.06 million barrels a day, the lowest seasonally since 1996. However, oil prices pared early losses and bounced back from a four-month low, as Saudi Arabia was not expected to unilaterally announce any oil production increase after Biden’s visits, while prospects of a less aggressive tightening …

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