JSW's Green Energy Push

Aaj Ka Bazaar

The US stocks ended mixed on Monday, turning a bit sluggish after a fairly good start. Among the major averages, the Nasdaq and S&P 500 moved on to record highs, while the Dow ended in negative mood. Talking about the economic front, a leading indicator for payroll employment in the US decreased in June signalling a slowdown in payroll hiring in the second half of the year. Taking the cues from Wall Street, the Asian Markets began their day on a positive note. Domestically, the Indian indices are set to open on a positive side taking cues from Gift Nifty and Asian peers. On the stock specific front, shares of Torrent power will be in focus as its subsidiary is about to set up solar power project for ARS Steel in Tamil Nadu. Also, the shares of Godrej Consumer products will be in focus as the company expects a double digit volume growth and high single digit growth in value terms across home care and personal care segments in the quarter-ended June.?

Markets Around Us?

BSE Sensex - 80,108.71 (0.19%)

Nifty 50 - 24,351.00 (0.13%)

Bank Nifty - 52,390.50 (-0.07%)

Dow Jones - 39,403.83 (0.15%)

Nasdaq - 18,403.74 (0.28%)

FTSE - 8,193.49 (-0.13%)

Nikkei 225 - 41,535.42 (1.85%)

Hang Seng - 17,441.40 (-0.47%)

Sector: FMCG

Godrej Consumer posts double digit growth

Godrej Consumer reported mixed results for the first quarter. Despite challenging conditions, the India business saw high single-digit volume growth and mid-single-digit value growth. Overall, the company expects double-digit volume growth and high single-digit value growth. Consolidated sales in INR are expected to be flat, with double-digit growth in constant currency sales and EBITDA. Growth was strong in both Home Care and Personal Care, though demand for Household Insecticides was affected by heatwaves. Park Avenue and KamaSutra brands performed well. In Indonesia, high single-digit volume growth and double-digit sales growth were noted, but currency depreciation impacted INR growth. The GAUM (Godrej Africa, USA, and Middle East) business is expected to see a double-digit volume decline due to a high base in West Africa and tough pricing decisions in Nigeria. Despite currency impacts in Nigeria, EBITDA growth in INR terms remained strong.

Why it Matters:

While there are growth opportunities, particularly in the domestic market, investors should remain cautious about international market risks and currency fluctuations impacting the company’s financial performance.

NIFTY 50 GAINERS

ONGC - 300.15?(4.15%)

ITC - 443.80?(2.34%)

HDFCLIFE - 621.00?(2.25%)

NIFTY 50 LOSERS

TITAN - 3,160.45?(-3.33%)

DIVISLAB - 4,480.00?(-3.23%)

BPCL - 299.00?(-2.49%)

Sector: Metals

JSW Steel plans to be carbon neutral

JSW Steel plans to invest $1 billion to reduce carbon emissions and aims to be net neutral by 2050. By 2030, they aim to cut emissions to 1.95 tonnes of CO2 per tonne of steel, down from the current 2.36 tonnes. To achieve net neutrality by 2050, they will use green hydrogen and carbon capture technologies. The steel industry accounts for about 12% of India's total carbon emissions. JSW Steel plans to increase production capacity to 51.5 million tonnes by 2030-31 and will spend Rs 64,434 crore in capital expenditure over the next three years. A major part of this investment will be used to expand the Dolvi plant's capacity by another 5 million tonnes, reaching a total of 15 million tonnes. The company’s strategic location near Western India markets is advantageous, and the Dolvi project is expected to be completed by September 2027.

Why it Matters:

JSW Steel's strategic investments in sustainability and capacity expansion present a positive outlook for investors, highlighting the company's forward-thinking approach and commitment to long-term growth and environmental responsibility.

Around the World

Most Asian stocks rose on Tuesday, driven by bets on lower U.S. interest rates. Japan’s Nikkei 225 index hit a record high, while Chinese markets lagged due to trade war concerns. Positive cues from Wall Street, where technology stocks boosted the S&P 500 and NASDAQ Composite to record highs, also helped. U.S. stock futures were up in Asian trade, with investors awaiting Federal Reserve Chair Jerome Powell's testimony for dovish signals, following signs of cooling inflation and a weaker labour market in the U.S. Japan’s Nikkei soared over 1% on tech gains and foreign buying, while South Korea’s KOSPI and Australia’s ASX 200 also saw gains. However, Chinese stocks fell on fears of a trade war with the European Union, following new tariffs on Chinese electric vehicles.

Option Traders Corner

Max Pain

Nifty 50 - 24,200

Bank Nifty - 52,400

Nifty 50 - 24,301 (Pivot)

Support - 24,259, 24,197, 24,155

Resistance - 24,363, 24,405, 24,467

Bank Nifty - 52,461 (Pivot)

Support - 52,211, 51,997, 51,747

Resistance - 52,675, 52,925, 53,139

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Big Fund Raising Plans

NTPC Ltd, India’s largest power producer, plans to raise Rs 12,000 crore through bonds/non-convertible debentures in the domestic market.

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