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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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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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Sensex gives up intraday gains to end in red, Nifty support in 15800-15900 range

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After having opened with gains on Thursday morning, Dalal Street was revisited by the bears, forcing the indices to close in the red. S&P BSE Sensex shed 98 points or 0.18% to settle at 53,416 while the NSE Nifty 50 index dropped 28 points or 0.18% to end the day at 15,938. Bank Nifty closed 0.51% lower and broader markets followed. Sun Pharma was the top gainer on Sensex, up 2.55%, followed by Dr Reddy’s, and Kotak Mahindra Bank. Axis Bank was the worst performing Sensex constituent, accompanied by HCL Tech and State Bank of India. India VIX was in …

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Stock exchanges, persons dealing in securities market to pay 18 per cent GST on Sebi’s fee

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Market infrastructure institutions, including stock exchanges, and persons dealing in the securities market will need to pay a GST of 18 per cent on the fees charged by the regulator Sebi. The new tax rate will be effective from Monday, the Securities and Exchange Board of India (Sebi) said in a circular. This comes after the GST Council last month recommended to withdraw the exemption granted to services by Sebi and the same was notified on July 13. Stock exchanges, clearing corporations and depositories come under market infrastructure institutions.

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Paddy acreage down 17 per cent so far in kharif season: Official data

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The area under coverage for paddy is down 17.4 per cent so far in the ongoing kharif sowing season while acreage of pulses, coarse cereals and oilseeds are higher by 7-9 per cent. As per the Ministry of Agriculture data till July 15, the paddy sowing has reached 128.50 Lakh Hectares (LH) so far this kharif season as against 155.53 LH in the corresponding period of the previous year. However, the area under coverage for pulses has increased by 9 per cent to 72.66 LH from 66.69 LH during the period under review. The sowing area of coarse cereals is …

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Mindtree rating: Neutral | Margins bucked sectoral trend

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MTCL’s Q1FY23 performance beat consensus estimates at both revenue and margin levels. Revenue at $399 mn was up 5.5% q-o-q in cc terms (vs. consensus expectation of 4.8% q-o-q growth) and EBIT margin at 19.2% was up 30bps (vs. consensus expectation of 18.8%). EPS at Rs 28.57 was up 37% y-o-y. Revenue performance was strong considering weakness in the retail verticalMTCL’s growth was across all verticals except for retail which recorded -8.9% q-o-q decline (in USD terms) due to two client-specific issues. The total contract value (TCV) of deal wins at $570 mn was up 13% y-o-y in Q1FY23 with …

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Surat’s weavers battle soaring import bills

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By Nayan Dave With prices of premium quality man-made fibre sky-rocketing to Rs 200 per kg in a span of just six months inflating import bills by Rs 8 crore a day, thousands of weaving units in India’s man-made fabric capital, Surat, are facing a working capital crisis “Prices of premium quality viscose denier yarn were range bound between 350 to 380 per kg six months ago but at present are hovering around 580 to 600 per kg which has increased the requirement of extra working capital for most of the MSME weaving units in Surat,” says Vikas Koradia, owner …

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Bharat Electronics share price jumps 6% to new 52-week high, Q1 profit rises 15-fold; buy, sell, or hold?

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Bharat Electronics (BEL) share price soared more than 6 per cent to a fresh 52-week high of Rs 260.75 apiece on Monday, on a 15-fold rise in Q1 profit. Bharat Electronics net profit in first quarter of current fiscal rose 1401.64% to Rs 365.65 crore as against Rs 24.35 crore during the previous quarter ended June 2021. On Monday, BEL stock witnessed a sudden surge in its volumes, supporting the price move. In volume terms, a total of 20 lakh shares exchanged hands on BSE, while 2.96 crore scrips were traded on NSE, so far in the day. Ravi Singh, …

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HCL Technologies, TCS, Wipro among 28 stocks to hit 52-week low on BSE, 66 scrips at fresh highs

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Benchmark indices were up marginally in noon deals on Friday amid a weak global sentiment on fears of a likely aggressive rate hike by the US Federal Reserve. The BSE Sensex was up 50-odd points at 53,480. The NSE Nifty50 languished around 15,960. The broader markets also held marginal gains. The BSE MidCap and SmallCap indices were up 0.4 per cent and 0.1 per cent, respectively. “The major drag on the market continues to be the FII selling which has exceeded $30 billion, so far this year. But this month, FIIs have been buyers for 2 days including yesterday. This …

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US Stocks: Wall Street skids as bank earnings disappoint

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U.S. stock indexes tumbled on Thursday after weaker-than-expected earnings from big U.S. banks JPMorgan Chase & Co and Morgan Stanley underscored growing fears of a sharp economic downturn. The benchmark S&P 500 was heading for its fifth consecutive session of losses amid fears that aggressive measures by the Federal Reserve to control soaring prices could push the world’s largest economy into a recession. Jamie Dimon, CEO of the largest U.S. bank, flagged a number of concerns including geopolitical tension, high inflation and the “never-before-seen” quantitative tightening as threats to global economic growth. “The big concern is that the slowdown of …

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