Stock Market LIVE: Indices in green, Sensex gains 200 points; BPCL, SBI lag

Share Market LIVE Update: Indices started the day flat but are now trading in green with Sensex and Nifty up 0.3%. Auto and Bank stocks are brisk, whereas IT stocks are dull. Asian markets are mostly in red. This is following a strong job report in the US on Friday that hints at an aggressive future monetary policy.

A stronger-than-expected US jobs report on Friday raised the prospect of the Fed maintaining its aggressive monetary policy. This factor played a role in Wall Street ending lower on Friday and the Asian markets following the lead. Nikkei and Chinese indices opened in red on Monday.

Home loans growing much faster in Tier 3, 4 districts, shows SBI Research study

Home loan portfolios in tier 3 and tier 4 districts are growing at a much faster rate than tier 1 and tier 2 districts post-pandemic, a study conducted by SBI Research showed.

Total portfolio in terms of outstanding grew by more than 10% in the financial year that ended in March.

The share of housing loans in bank credit has increased to 14.4% in June 2022 from 13.1% in March 2020. Housing contributes around 50% of the personal/retail loans.

The trend of rising home loan demand in rural districts can be attributed to the SVAMITVA scheme, which provides rural people with the right to document their residential properties which can then help them to use their property for economic purposes.

Haryana and Uttar Pradesh, where this scheme has already covered many villages, have more districts where home loan disbursal is increasing at a faster pace, SBI Research said.

India’s billionaire Ambani says green push to ‘outshine’ other Reliance businesses

Reliance Industries Ltd., which pledged to spend $76 billion on green energy, will scale up investments in the area as its billionaire owner, Mukesh Ambani, seeks a strong foothold in the sector where competition is heating up.

“Over the next 12 months, our investments across the green energy value chain will gradually start going live, scaling up over the next couple of years," Ambani, Reliance’s chairman, said in the annual report for the financial year that ended March 31. “This new growth engine holds great promise to outshine all our existing growth engines in just 5-7 years."

ICICI Bank stock in focus as share trades ex-dividend today. Details here

ICICI Bank shares are going to trade ex-dividend today as the private lender has fixed 10th August 2022 record date for final dividend payment. In April 2022, the board of directors of ICICI Bank had recommended a dividend payment of ?5 per equity share, which was subject to requisite approvals. As 9th August 2022 will be a stock market holiday, the banking stock would trade ex-dividend on Monday trade session.

India's Virescent Renewable Energy to issue 3-year bonds – traders

India’s Virescent Renewable Energy Trust plans to raise 500 million rupees ($6.29 million) selling bonds maturing in three years, two merchant bankers said on Monday.

The company will pay an annual coupon of 7.95% on this issue, and has invited commitment bids from bankers and investors for the same on Wednesday, they said.

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

Nykaa shares are down 44% from life-time high. Should you buy after Q1 results?

Nykaa shares have ascended in early morning deals after announcing over 33% rise in consolidated net profit in Q1FY23. Shares of FSN E-Commerce Ventures (Nykaa) today opened upside and went on to hit its intraday high of ?1,473.65 apiece levels, logging near 2 per cent rise from its Friday close. However, the stock is still around 44 per cent lower from its lifetime high of ?2,573.70 on NSE. So, those positional investors who are looking for discounted buying after recent sell-off, they might feel attracted to this internet stock.

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.?

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.

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.

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.

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.

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.

Auto stock Escorts continues to be part of F&O ban list by the stock exchange for today, whereas two other stocks Balrampur Chini and Delta Corp have been added to the list on Monday. The NSE updates the list of securities in F&O ban for trade every day.

India's new Akasa Air commences operations, takes off first flight on Mumbai-Ahmedabad route

Akasa Air is finally in Indian skies as the first flight took off on Sunday between the Mumbai-Ahmedabad route, which was inaugurated by Union Minister for Civil Aviation Jyotiraditya M Scindia along with MoS General Vijay Kumar Singh (Retd.)

On July 22, India's newest airline Akasa Air on Friday opened ticket bookings for its first commercial flights with an initial network in Ahmedabad, Bengaluru, Mumbai, and Kochi.

New rules may pull rug out from India’s bid to boost bond market

India’s plan to expand its corporate bond market faces an unexpected impediment because the regulator is considering tightening control of trading platforms that allow investments in company debt in just a few clicks.

While the proposed framework is designed to protect investors and is therefore being welcomed by some, a few of the proposals by the Securities and Exchange Board of India (SEBI) could actually prove counterproductive and hurt liquidity, according to experts who spoke to Bloomberg. That’s because the sale of unlisted debt would be banned, platforms would be forbidden to sell privately placed corporate notes on to non-institutional investors soon after acquiring them, and trades would need to be settled via routes that today are not commonly used.

Tokyo markets open lower after recent gains

Tokyo stocks opened lower Monday after recent gains in Japanese markets and with US tech share prices softening.

The benchmark Nikkei 225 index fell 0.33%, or 92.54 points, to 28,083.33 in early trade, while the broader Topix index lost 0.36%, or 6.94 points, at 1,940.23.

Auto industry expects car sales on fast lane in festive season

The auto industry expects car sales to be on the fast lane this festive season on the back of new launches and improved production but is cautiously optimistic on the road ahead once the festivities peter out.

The festive season, which usually witnesses a spike in automobile sales, begins this year on August 11 with Rakshabandhan stretching up to Diwali on October 25.

"We expect the festive season this year to be the best in terms of passenger vehicle sales on the back of new launches and improved production activity. The industry has been rolling out over 3 lakh units on an average in the past 4-5 months which is helping in retails," automobile dealer's body FADA President Vinkesh Gulati told PTI in an interaction.

NITI meet: PM Modi urges states to focus on 3Ts, modernising farm sector

Prime Minister Narendra Modi on Sunday made a strong case for modernising agriculture, animal husbandry and food-processing to help the country become self-sufficient and a global leader in the agriculture sector, even as some states demanded that the MSP mechanism be made more effective in case of pulses and oilseeds.

The Prime Minister also asked the states to focus on promoting 3Ts -- Trade, Tourism, Technology -- with a view to reducing imports and increasing exports, said an official release after the seventh meeting of the Governing Council of NITI Aayog.

Wall Street stocks mostly fall on Friday after US jobs growth surges

Stock markets mostly fell Friday as a much stronger-than-expected US jobs report raised the prospect that the Federal Reserve will maintain its aggressive monetary policy to combat inflation.

Official data published Friday showed the US economy added 528,000 positions, defying all expectations of a slowdown.

Friday's data also showed US wages jumped, which will add to inflation concerns and likely push the Fed to raise rates aggressively again next month.

The Fed has previously said its decision will be guided by data.

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