Stock Market LIVE: Sensex, Nifty recover, trading flat; auto, PSU bank up

Share Market LIVE Update: Indian benchmark indices have recovered and are now trading flat after being down at open on Tuesday. The rupee went beyond 80 again dollar. Tata Steel and M&M zoom. Nestle India and Infosys down 1%.

Asian shares were subdued on Tuesday after Apple Inc.’s plans to slow hiring highlighted concerns that aggressive monetary tightening to tackle inflation portends an economic downturn. Japan’s bourse struggled for traction while Hang Seng dropped 0.6% and Shanghai remained flat at open. Stocks closed lower on Wall Street Monday after an early rally.

M&M share up by 1.5% after it increased it stake in Sampo Rosenlew Oy to 100 per cent

Mahindra & Mahindra on Monday said it has hiked its stake in its Finland-based arm Sampo Rosenlew Oy to 100 per cent with the acquisition of residual shares for over ?35 crore. In a regulatory filing, Mahindra & Mahindra (M&M) said it executed an option exercise share purchase agreement on Monday to acquire 1,317 equity shares of Sampo Rosenlew Oy.

India to invest more in Sri Lanka after crisis support of $3.8 bln

India is willing to make more investments in neighbouring Sri Lanka after supporting it with $3.8 billion this year, New Delhi's envoy in Colombo told the Indian Express newspaper.

"The idea is to respond to Sri Lanka's requests for enabling them to meet their foreign exchange crisis," said Gopal Baglay, India's high commissioner in Sri Lanka.

India logged 15,528 new coronavirus infections on Monday

India logged 15,528 new coronavirus infections taking the total tally of COVID-19 cases to 4,37,83,062, while the active cases dipped to 1,43,654, according to the Union Health Ministry data updated on Tuesday. The death toll climbed to 5,25,785 with 25 new fatalities. A decline of 610 cases has been recorded in the active COVID-19 caseload in a span of 24 hours.?

Yes Securities on Oberoi Realty - BUY; Justdial - REDUCE

The report said, “Oberoi Realty achieved presales value of ?7611mn for Q1FY23 guided by?sustained demand for Elysian, Sky City and Eternia. OBER received OC for 360 West under DCR 2034 and is expected to witness good sales from FY23 onwards. Thane project is expected to launch in festive season."?The report concluded, “We recommend ‘BUY’ rating with 22% upside."

HCL Tech shares trade ex-dividend today; down 1%

HCL Tech's board has declared an interim dividend of ?10 per equity share having a face value of ?2 each for the financial year 2022-23 (FY23). The company had said that the record date has been fixed on Wednesday, July 20, 2022, for the payment of the aforesaid interim dividend.

Rising input costs to hurt profitability of Indian pharma sector in 2022-23

Faced with rising prices of active pharmaceutical ingredients (APIs), and other key inputs coupled with a rise in freight and energy costs, the operating profitability of Indian pharmaceutical companies is expected to decline by 200-250 basis points (or 2.5 percentage points) in the financial year 2022-23, said a report by the rating agency CareEdge.

Vedanta's 2nd interim dividend decision to be taken today

Vedanta Ltd's board of directors will meet on Tuesday, July 19, 2022, and will consider and approve the second interim dividend on its equity shares, if any, for the financial year 2022-23, the company had informed in an exchange filing last week. Vedanta's board had announced the first interim dividend of ?31.5 per equity share i.e. 3,150% of the face value of Re 1 per share for the financial year 2022-23, which was paid in May 2022.

Russia seeking oil payments from India in dirhams - sources, document

Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions. Russia has been hit by a slew of sanctions from the United States and its allies over its invasion of Ukraine in late February, which it terms a "special military operation".

Jio signals 5G blitz with ?14k cr auction deposit

Ambani’s Reliance Jio Infocomm Ltd put in a whopping ?14,000 crore as earnest money. Bharti Airtel deposited a more modest ?5,500 crore, and Vodafone Idea Ltd, the weakest of the three telcos, deposited ?2,200 crore.

Adani Data Networks, the surprise contender for 5G airwaves, has put in a paltry ?100 crore as earnest money to participate in 5G spectrum auctions, suggesting the company may only bid for airwaves in a few circles for enterprise or captive use, industry experts said.

MSCI's broadest index falls 0.46%

MSCI's broadest index of Asia-Pacific shares outside Japan, fell 0.46%, walking back some of the previous day's 1.8% gain, and heading back towards last week's two-year low.

Yellen says U.S. will impose consequences on countries abusing economic order

U.S. Treasury Secretary Janet Yellen said on Tuesday that the United States will impose harsh consequences on countries that break the international economic order. "Economic integration has been weaponised by Russia," she said, calling for all responsible countries to unite in opposition to Russia's war in Ukraine. Yellen said in remarks prepared for the event she was heartened by conversations with Korean counterparts on a proposed cap on the price of Russian oil.

Centre to hold all-party meeting over Sri Lankan crisis today

Finance Minister Nirmala Sitharaman and External Affairs Minister S Jaishankar will brief floor leaders of all political parties in both the Houses of Parliament at the meeting, Parliamentary Affairs Minister Pralhad Joshi said at an all-party meeting on Sunday.

At the all-party meeting on Sunday, both DMK and AIADMK leaders had urged the Centre to intervene in the crisis to help the neighbouring country resolve its crisis.

Sri Lanka is facing an economic and political crisis with inflation and a severe shortage of fuel and other essential supplies. Gotabaya Rajapaksa, 73, had gone into hiding after protesters stormed his residence on July 9 and his resignation was finally accepted by the Parliament Speaker. The 225-member Parliament will elect the new president by a vote on July 20.

Bharat Electronics' stock hits new 52-week high on strong Q1 execution

Shares of Bharat Electronics soared 6.2% in opening deals on Monday to hit a fresh 52-week high of ?260.80 apiece on the National Stock Exchange. The company's June quarter (Q1FY23) performance surpassed expectations, earning the stock a thumbs up from investors.

Standalone revenue jumped 90.4% year-on-year (y-o-y) to ?3,112.8 crore in Q1, helped by the low base of last year when operations were hit because the second wave of the coronavirus pandemic. Even so, robust execution was a key factor driving growth in the June quarter.

China’s Covid Cases Near 700 as Shanghai Widens Testing

While Shanghai’s Covid situation is less dire, officials in the city, which endured a bruising two-month lockdown during April and May, are taking no chances -- rolling out a testing blitz in 12 of the city’s 16 districts that are home to around 20 million people.

Apple joins tech giants Amazon, Google, Microsoft in putting a lid on hiring

The iPhone maker is looking to limit expenditures and job growth at some of its divisions, Bloomberg reported Monday, though Apple hasn’t adopted a companywide policy. The more cautious stance mimics the approach of its tech peers, including Amazon.com Inc., Alphabet Inc.’s Google and Microsoft Corp., which have all taken steps to decelerate spending.

Stocks to Watch: Bank of Maharashtra, HeidelbergCement, Reliance, NTPC

Hindustan Unilever, HDFC Life Insurance, Ambuja Cements, ICICI Lombard, AM Small Finance, Polycab, Hatsun Agro, L&T Finance Holdings, and Network 18 Media will be in focus as they declare their June quarter earnings today.

Hong Kong shares drop at open

Stocks fell in Hong Kong at the open Tuesday following a report that Apple was pulling back on some investments over concerns about an economic slowdown. The Hang Seng Index lost 0.61%, or 126.98 points, to 20,719.20. The Shanghai Composite Index was flat, inching up 0.62 points to 3,278.72.

Dollarise your investment, suggests Asheesh Chanda

Mr. Asheesh Chanda, Founder & CEO, Kristal.AI, a global wealth advisory platform, on how the drop in rupee will impact investors looking at it from a global investments point of view says, “It is a clear sign that global investors are choosing the safety of US markets over the recession risks of the EU. The impending threat of Russia cutting off gas supplies in winter coupled with the slow intervention by the ECB to control inflation means that the recession in the EU looks imminent. Hence investors are selling Euros and buying dollars. It also reinforces the importance of USD as the safest currency during times of uncertainty. As an Indian investor, one would be well advised to dollarize their investments as even rupee is expected to decline further this year."

Gold Steady Near 11-Month Low

Bullion is hovering above the $1,700 an ounce level as it continues to be pressured by the strength in the US dollar, which is a sign of prevailing caution in global markets. Still, a gauge of the greenback has since retreated from a record hit last week.

Rupee settles at 79.98 against US dollar on Monday

For the first time, the rupee declined to the low level of 80 against the US dollar in intra-day spot trading on Monday. At the end of the session, the rupee was 16 paise lower at 79.98 amid a surge in crude oil prices and unrelenting foreign fund outflows.

Oil Holds Above $100 as Traders Weigh Tight Market, OPEC+ Plans

Oil markets have seen volatile trading in recent weeks as traders navigated concerns that a looming recession would hurt demand, the fallout from a stronger dollar, and signs that underlying physical conditions remain tight. At the same time, the US is pressing ahead with a plan to try to cap Russian crude prices to starve Moscow of funds needed to sustain its invasion of Ukraine.

Stocks closed lower on Wall Street Monday

The S&P 500 fell 0.8% after having been up 1% in the early going. The S&P 500 fell 32.31 points to 3,830.85. The Dow slid 215.65 points to 31,072.61, and the Nasdaq gave up 92.37 points to 11,360.05.

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