Good Morning Everyone, Today is the last trading day of the week and Nifty also has finally closed above its long-term resistance of 15900. If you have not read about it on yesterday's Post-market report, click here to read it now.
US markets were down yesterday after all these days of rally, The Dow Jones Industrial Average was up 7.35 points, or 0.02%, at 34,940.58 and the S&P 500 was down 14.09 points, or 0.32%, at 4,360.21. The Nasdaq Composite dropped 102.25 points, or 0.70%, at 14,542.70. The number of Americans applying for unemployment benefits has reached its lowest level since the pandemic struck last year, further evidence that the U.S. economy and job market are quickly rebounding from the pandemic recession.
Thursday’s report from the Labor Department showed that jobless claims fell by 26,000 last week to 360,000. The weekly tally, a proxy for layoffs, has fallen more or less steadily since topping 900,000 in early January. So, this will lead to rising in the stock prices of the labour related companies in the US now.
Shares in Asia-Pacific mostly fell in today's morning trade as investors await the Bank of Japan’s monetary policy statement. The Nikkei 225 in Japan fell 0.84% in morning trade while the Topix index slipped fractionally. South Korea’s Kospi declined 0.52%.
Indian market still looks positive as trends on the SGX nifty signals a gap up opening at around 15930-15950, IT, Banks & Realty sector already look strong, but if Reliance wakes up to support the Nifty we can see a quicker reach to 16000 levels.
OPEC stuck to its forecast for a strong recovery in world oil demand in the rest of 2021 and predicted oil use would rise further in 2022 similar to pre-pandemic rates, led by growth in China and India.
The Organization of the Petroleum Exporting Countries said in its monthly report on Thursday that demand next year would rise by 3.4% to 99.86 million barrels per day (BPD), averaging more than 100 million BPD in the second half of 2022.
"In 2022, healthy expectations for global economic growth in addition to improved containment of COVID-19 through the acceleration of vaccination programs, effective treatment, and natural immunisation, particularly in emerging and developing countries, along with frequent testing procedures, are assumed to spur consumption of oil next year to comparable pre-pandemic levels," OPEC said in the report.
This could give a rally to the oil stocks today. Watch out.
Wipro on July 15 reported a consolidated net profit of Rs 3,242.6 crore for the Q1FY22, up 35.7 percent year-on-year (YoY) and 9 percent quarter-on-quarter (QoQ). The company had reported a net profit of Rs 2,390.4 crore in Q1FY21 and Rs 2,972.3 crore in Q4FY21. Revenue for the quarter under review came in at Rs 18,252.4 crore, up 22 percent against Rs 14,913.1 crore in the year-ago period.
IT services segment revenue stood at $2,414.5 million, up 12.2 percent quarter-on-quarter (QoQ) and 25.7 percent year-on-year (YoY). IT services operating margin for the quarter was at 18.8 percent, a decrease of 29 bps YoY while net income for the quarter was Rs 3,230 crore, an increase of 35.2 percent YoY.
There have been rumors that Reliance Industries is in talks with JustDial to acquire them. Do watch the Stocks of JustDial if this is true.
HDFC Asset Management Company, Den Networks, GNA Axles, Just Dial, L&T Finance Holdings, Maximaa Systems, Starlog Enterprises, and Visagar Polytex will release quarterly earnings on July 16.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 264.77 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 439.41 crore in the Indian equity market on July 15
Stock Specific News:
Tata Motors | The company’s board will consider raising up to Rs 500 crore via NCDs on July 20.
L&T Infotech | The company’s Q1FY22 net profit fell 9 percent to Rs 496.8 crore from Rs 545.7 crore, while revenue rose 5.9 percent to Rs 3,462.5 crore from Rs 3,269.4 crore, QoQ. The company announced a special dividend of Rs 10 per share.
Cyient | The company reported Q1FY22 net profit at Rs 115 crore, registering a growth of 11.5 percent as compared to Rs 103.1 crore, QoQ. Revenue declined 3.2 percent to Rs 1,058.2 crore from Rs 1,093.1 crore, sequentially.
Bandhan Bank | The bank’s deposits in Q1FY22 were at Rs 77,336 crore, up 27.6 percent, YoY, and down 0.82 percent QoQ. Advances at Rs 80,128 crore were up 7.8 percent YoY and down 7.9 percent, QoQ.
Sona Comstar | The company has partnered with Israel’s IRP Nexus Group to initiate a project to co-develop a new electric motor that would avoid the usage of rare earth elements.
Grasim Industries, Century Textiles & Industries | The companies have incorporated a joint venture named ‘Birla Advanced Knits Pvt Ltd’ for undertaking Knits manufacturing business.
Tata Steel Long Products | The company reported consolidated profit at Rs 331.61 crore in Q1FY22 against a loss of Rs 131.31 crore in Q1FY21. Revenue jumped to Rs 1,687.64 crore from Rs 653.1 crore YoY.
Tata Elxsi | The company reported a lower profit at Rs 113.37 crore in Q1FY22 against Rs 115.16 crore in Q4FY21. Revenue rose to Rs 558.31 crore from Rs 518.39 crore QoQ.
Gati | The company has transferred its 69.79 percent equity holding in Gati Kausar India to Mandala Capital AG Ltd,
Angel Broking | The company’s Q1FY22 net profit rose 19 percent to Rs 121.4 crore from Rs 102 crore, while revenue grew 13 percent to Rs 474.5 crore from Rs 418.9 crore, QoQ.
Reliance Power | The company has allotted 59.50 crore equity shares and 73 crore convertible warrants to Reliance Infrastructure.