Markets ended in the red for the fourth consecutive trading session but failed to close below crucial support of 15,620 despite pressure in rupee. The volume activity was well below average as large cap stocks missed sense of direction and selling was visible around 15800 in Nifty. With Nifty Bank closing below 34,900 for the second consecutive trading session, aggressive selling is expected in financial stocks today.
On the global front, U.S. shares steadied after the S&P 500 posted its longest winning streak since February 2021. Asia markets were mixed Friday morning. Investors await U.S. employment data even as they continue digesting economic data from the U.S. and China. Oil prices held steady on Friday after OPEC+ ministers delayed a meeting on output policy as the United Arab Emirates balked at a plan to add back 2 million barrels per day (bpd) in the second half of the year.
Stocks to watch
Gail (India): Has been awarded Rs 930 crore ($125 million) in an arbitration matter against Andhra Pradesh Gas Power Corp. over gas supply price.
Lupin: The company’s U.S. based wholly-owned subsidiary, Lupin Pharmaceuticals, got approval from the U.S. Food and Drug Administration for its supplemental New Drug Application to expand the use of SOLOSEC (secnidazole) to include the treatment of trichomoniasis in adults.
Aurobindo Pharma: Board has approved the transfer of business undertaking comprised in Unit·4 to Eugia Pharma Specialities, a wholly-owned subsidiary. Further the company will transfer Unit 10 to subsidiary APL Healthcare for Rs 1,315 crore
Tata Power: Scrapped Tata Power Solar Systems’ merger with self. Plans to merge another unit Coastal Gujarat Power with itself and subsequently reorganise its capital accordingly.
Tata Consultancy Services: Partnered with John Wiley & Sons to modernise its ecommerce platform with SAP Commerce, creating a unified, seamless customer experience.
Coal India: Production in June up 2% year-on-year to 40 MT versus 39.2 MT. Offtake up 23% year-on-year to 51.3 MT versus 41.7 MT.
NMDC: Production in June up 18% year-on-year to 2.98 MT versus 2.52 MT. Sales up 28% YoY to 3.18 MT versus 2.48 MT.
HPCL: Appointed Rajneesh Narang, ED-Corporate Finance of the company as Chief Financial Officer with effect from July 1. Narang has replaced R Kesavan who has retired.
Bharat Electronics: Chairman and Managing Director, MV Gowtama, retired on June 30. Anandi Ramalingam, Director (Marketing) given additional charge of CMD with effect from July 1.
June Auto Sales
Eicher Motors: Total Royal Enfield sales up 58% at 43,048 units Vs 27,294 units. Exports up 0.16% at 7,233 units Vs 7,221 units.
Hero MotoCorp: Overall sales up 156% at 4.69 lakh units. Motorcycle sales up 147% at 4.41 lakh units. Exports up 30% at 30,646 units.
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