Benchmark indices are likely to open on a tepid note on Wednesday even as global markets staged a recovery amid extremely volatile crude oil prices. The SGX Nifty futures quoted at 15,872, up 106 points or 0.67%, indicating that Dalal Street was headed for a flat to positive start. In the previous session, S&P BSE Sensex slid 100 points or 0.19% to settle at 53,134 while the NSE Nifty 50 index shed 24.5 points or 0.15% to end at 15,810. “The short-term trend of Nifty seems to have reversed down from the highs and the current chart pattern indicates the possibility of further weakness in the short term. One may expect Nifty to slide down to 15600-15500 levels again in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Stocks in focus on 6 July, Wednesday
Biocon: Biocon Biologics Limited, a subsidiary of Biocon Limited, has received the European Union’s good manufacturing practice (GMP) certificate from the Health Products Regulatory Authority (HPRA) Ireland for its new monoclonal antibodies (mAbs) drug substance manufacturing facility in Bengaluru. The certification came after a GMP inspection of the plant in April 2022. According to the company, the facility that spreads across 340,000 square feet will enhance the company’s capability to manufacture the drug substance of mAbs portfolio and will enable it to serve patients across the globe.
Tata Motors: The Bombay High Court on July 5 upheld the decision of the Brihanmumbai Electric Supply and Transport (BEST) Undertaking to disqualify Tata Motors from a tender bid for operating electric buses in the city. A bench of Justices S V Gangapurwala and Madhav Jamdar dismissed a plea filed by Tata Motors challenging the disqualification. The bench held that BEST had been right in disqualifying the Tata Motors. The auto major had approached the HC challenging the BEST’s decision to disqualify it from the tender process for operating 1,400 electric buses for Mumbai.
Marico: India business volumes in Q1FY23 declined in mid-single digits, particularly dragged by a sharp drop in Saffola Oils, while Parachute coconut oil recorded a minor volume decline. Value added hair oils grew in low single digits in value terms despite weak consumption sentiment, especially in rural. The International business maintained its strong momentum, delivering high-teen constant currency growth. Consolidated revenue in the quarter ended June 2022 was marginally higher on a year-on-year basis.
Adani Power: Adani Power, on Tuesday, said it would seek the approval of shareholders for the proposed related-party transaction worth up to Rs 5,000 crore with Adani ConneX during its annual general meeting (AGM), to be held on July 27. The proposed transaction will involve the sale by Adani Power of its special purpose vehicles or subsidiaries to AdaniConneX. These subsidiaries have ownership or leasehold rights in land and land parcels, Adani said in its AGM notice. The transaction will be completed in FY23 post the shareholder approval.
Spicejet: The cash-starved airline was caught in two separate incidents on Tuesday when a SpiceJet plane, which took off from Delhi and was heading to Dubai, had to make an emergency landing in Karachi, Pakistan, after it developed a technical fault. The aircraft was diverted to Karachi due to an indicator malfunctioning. The company said that all the passengers were safe. DGCA has initiated a probe into the matter. In another incident, a Q400 turboprop aircraft flying from Kandla in Gujarat, made a priority landing in Mumbai after its outer windshield developed a crack mid-airSeven incidents involving SpiceJet have been reported in the past two months.
Tata Steel: Tata Steel India posted a 2.16% fall in deliveries at 4.06 million tonne (MT) in the first quarter of the current fiscal, due to moderation in exports following the imposition of a 15% export duty. The company had delivered 4.15 MT during the same period a year ago. Compared with the sequential fourth quarter of last fiscal, the company’s India deliveries fell 20.7% from 5.12 MT, Tata Steel said in a regulatory update. The figures for Tata Steel India include standalone numbers of Tata Steel and Tata Steel Long Products, without eliminating inter-company transactions, it said.