JB Chemicals gets board approval to acquire Dr Reddy’s 4 brands

JB Chemicals & Pharmaceuticals on Thursday said its board has approved a proposal to acquire four paediatric brands from Dr Reddy’s Laboratories for about ₹98 crore.

The company’s board at its meeting held on June 29, has considered and approved the acquisition of a portfolio of brands, for use sales within India, from Dr Reddy’s Laboratories, the drug maker said in a regulatory filing.

The company has inked a pact with Dr Reddy’s Laboratories to acquire four of its brands — Z&D, Pedicloryl, Pecef and Ezinapi — for the India market, it added.

Nifty50 trades around 15,750; HDFC Life, Axis Bank top gainers

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Indiabulls Housing Finance skips call on perpetual bonds in rare move

Indiabulls Housing Finance Ltd., one of India’s leading mortgage lenders, decided not to redeem its rupee-denominated perpetual bonds as refinancing costs rise at the fastest pace in at least two decades.

Sensex trades marginally in the red

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BSE auto index drops 0.45%

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Bitcoin price falls 56% this year, trades below $20,000. What’s the next support level for the crypto?

Bitcoin, the world’s largest and most popular cryptocurrency, has slumped in 2022 amid a risk-off mood driven by rate hikes and inflation fears. The digital token is down more than 56% in 2022 (YTD) so far, and is trading far away from its record high level of nearly $69,000 it had hit in November last year. The coin is currently trading below the $20,000 level.

Asia stocks mixed after Wall St down, China manufacturing up

Asian stock markets were mixed Thursday after the U.S. economy contracted and China reported stronger factory activity.

Shanghai and Hong Kong gained, while Tokyo and Seoul declined. Oil prices advanced.

Wall Street’s benchmark S&P 500 index edged down 0.1% on Wednesday after data showed the U.S. economy shrank in the first quarter amid high inflation and weakening consumer confidence.

Investors are uneasy about signs the biggest global economy might be in a recession due to interest rate hikes imposed to cool surging inflation.

“Equities demand could remain muted for at least the next four to six months as interest rate hikes work through the U.S. economy,” said Stephen Innes of SPI Asset Management in a report.

The Shanghai Composite Index rose 1.4% to 3,406.82 after an official monthly gauge of factory activity rose and new orders improved. The Hang Seng in Hong Kong gained 0.2% to 22,032.70.

The Nikkei 225 in Tokyo fell 1.4% to 26,394.77 after May industrial production slumped 7.2% compared with the previous month. That was the sharpest decline since the start of the coronavirus pandemic in early 2020 and largely reflected disruptions in China due to the pandemic.

The Kospi in Seoul shed 1.6% to 2,339.70 and Sydney’s S&P-ASX 200 declined 1.1$ to 6,625.40.

India’s Sensex opened up 0.1% at 53,081.17. New Zealand, Singapore and Bangkok advanced while Jakarta declined.

RBI Battles Against Rupee Slump With Multi-Pronged Strategy

India’s central bank is fighting on several fronts to slow the rupee’s decline to fresh records, with little respite in sight.

The Reserve Bank’s challenges include crashes in forward dollar premiums to rising open interest in futures that adds to pressure on the currency. Strategists say that the pressure will continue amid shrinking interest rate differentials with the US, elevated oil prices fueling domestic inflation and a widening trade deficit.

“The RBI has been intervening in all markets to defend the rupee,” said Dhiraj Nim, economist and FX strategist at Australia & New Zealand Banking Group Ltd. “The pressure on the rupee remains, and the central bank will have to continue intervening to smoothen the depreciation path.”

The rupee was steady at 78.95 a dollar on Thursday, with this year’s losses at 5.9%. Goldman Sachs Group Inc. became the latest to downgrade its rupee forecast and now sees the currency at 81 to a dollar over twelve months versus 78 earlier.

Two Bajaj shares turn ex-dividend today. Details here

Dividend paying stocks: Two Bajaj shares — Bajaj Auto and Bajaj Finance have turned ex-dividend stocks today. As per their exchange communications, both companies have fixed 1st July 2022 as record date for dividend payment. The board of directors of Bajaj Auto has approved a dividend of ₹140 per equity share for the financial year 2021-22 whereas Bajaj Finance has recommended a dividend of ₹20 per equity share for the financial year 2021-22.

Rupee rises 13 paise to 78.90 against US dollar in early trade

Recovering from its record low, the rupee appreciated 13 paise to 78.90 against the US dollar on Thursday.

At the interbank foreign exchange, the rupee opened at 78.92 against the American dollar. In initial trade, the local currency witnessed a high of 78.90 and a low of 78.94 against the US dollar.

In the previous session, the rupee had closed at its all-time low of 79.03 against the US dollar.

According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the range for the rupee today is 78.65-79.05.

Realty index drops over 1%

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Top BSE losers in morning trade

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Rakesh Jhunjhunwala portfolio stock gives breakout. Should you buy now?

Rakesh Jhunjhunwala portfolio: The GST Council on Wednesday deferred the proposal to levy 28 per cent GST (Goods and Services Tax) on online gaming, casino and horse racing. After the announcement by the Government of India (GoI) about its decision on tax proposals, Delta Corp shares started surging northward as the company has strong exposure in casino business. The Rakesh Jhunjhunwala-backed company’s stock ended near 2 points higher at ₹181.40 apiece levels on NSE giving fresh breakout at ₹178 levels.

How can investors deal with crypto selloffs? A few tips from experts

When Doug Milnes started buying cryptocurrencies in January of this year, he felt like it could become an entirely new asset class for investors. Right now what it is making him feel is extremely unsettled.

Indian Oil shares rise as stock trades ex-bonus

Oil marketing company Indian Oil Corporation (IOC) shares surged more than 2% to ₹74.8 apiece on the BSE as the stock started trading ex-bonus in Thursday’s session, a day ahead of its record date for the 1:2 bonus shares issue.

Top Sensex gainers in early trade

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BSE indices in early morning trade

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Can Indian IT giants avoid the breakups done by IBM and Atos?

The big boys of Indian IT have steered well through the last three decades. But they need to be more agile to avoid facing the ignominy of separations made by their larger western peers

Nifty50 rises above 15,800; Kotak Bank, Britannia, Tata Motors top gainers, Cipla top loser

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Sensex jumped around 200 points after opening flat

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Nifty50 at pre-open: Trades around 15,775; Titan, Asian Paints top losers

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Sensex at pre-open: Slips around 150 points; HDFC twins drag

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Sun TV under F&O ban on NSE today, Delta Corp out

Only one stock has been put under the ban for trade on Thursday, June 30, 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.

Multibagger Adani stock gives 183% CAGR over 4 years. ₹1 lakh turns ₹64 lakh

Multibagger stock: Adani Green Energy shares are one of the multibagger stocks that Indian stock market has produced in last one year. This has become possible despite global economy reeling under the heat of Covid-19 pandemic. After closing at ₹882 levels on 30th July 2021, this multibagger Adani group stock closed at ₹1899 per share levels on 29th June 2022, giving more than 100 per cent return to its shareholders.

Cryptocurrency prices today: Bitcoin, ether fall while dogecoin, Shiba Inu, Uniswap gain

Cryptocurrency prices continued to decline with the world’s largest and most popular cryptocurrency Bitcoin falling over a per cent and was trading at $20,069. The global cryptocurrency market cap today was below the $1 trillion, and was down over 3% in the last 24 hours to $929 billion, as per CoinGecko.

Day trading guide for Thursday

6 stocks to buy or sell today — 30th June

Gold inches higher; set for worst quarter in five as dollar shines

Gold firmed on Thursday as US Treasury yields dipped, but faces its worst quarter since early 2021, as the dollar cemented its place as the safe-haven asset of choice, amid top central banks adopting aggressive tactics against runaway inflation. Spot gold was up 0.1% at $1,818.31 per ounce by 0115 GMT. US gold futures also firmed 0.1% to $1,819.70.  Benchmark US 10-year Treasury yields inched down, increasing the appeal of non-yielding gold.  The dollar ticked up towards recent two-decade peaks, and could record its best quarter in over five years, making gold less attractive for buyers holding other currencies. *

Rupee slides 18 paise to close at all-time low of 79.03 against US dollar

Falling for the fourth session in a row, the rupee slid by 18 paise to close at a record low of 79.03 against the US dollar on Wednesday, weighed down by a rise in crude oil prices, a strong dollar overseas and persistent foreign capital outflows.

At the interbank foreign exchange market, the rupee opened lower at 78.86 against the greenback and finally settled at 79.03, down 18 paise over its previous close.

During the session, the rupee touched an all-time low of 79.05 against the American currency.

Sundram Fasteners plans to invest ₹100 cr in defence biz vertical

Auto component maker Sundram Fasteners plans to invest ₹100 crore in its defence business vertical in the next two years, company’s chairman Suresh Krishna said on Wednesday.

Addressing the shareholders at the company’s 59th Annual General Meeting in Chennai, Krishna stated that he expects the domestic automobile sector to grow in double digits across segments this fiscal after two years of sluggishness, according to a company statement.

The company has been devising plans and broad-basing the product segments to increase its revenues, exports and profits considering the need for faster growth and to ensure consistent performance under economic cycles, he said.

Indiabulls Housing Finance skips call option on perpetual bonds

Indiabulls Housing Finance Ltd., one of India’s leading mortgage lenders, decided not to redeem its rupee-denominated perpetual bonds as refinancing costs rise at the fastest pace in at least two decades.

The financier had issued the so-called hybrid notes, with characteristics of debt and equity, in June 2012 with an option to redeem them 10 years later. But, the company chose not to call the 10.6% notes back on June 28 and instead paid interest on these securities a day prior.

“The implied cost of equity for non-bank lenders has increased in the last year owing to rising interest rates and capital outflows,” a spokesperson for the company said. “These perps are attractively priced for investors, and the company’s cost will be higher currently if it were to replace this with equity.”

RBI battles against rupee’s slump with multi-pronged strategy

The Reserve Bank of India (RBI) is fighting on several fronts to slow the rupee’s decline to fresh records, with little respite in sight.

Oil set for first monthly decline this year before OPEC+ meeting

Oil is heading for the first monthly decline since November as OPEC+ ministers prepare to gather to discuss the group’s supply policy.

West Texas Intermediate futures fluctuated near $110 a barrel after closing almost 2% lower on Wednesday. Escalating fears over an economic slowdown as central banks aggressively raise interest rates to combat surging inflation have dented oil this month. That’s overshadowed rapidly tightening energy markets.

OPEC+ is expected to rubber-stamp a modest increase in supply for August, but the group has struggled to meet its production targets this year. The US has repeatedly called on the cartel to pump more, and President Joe Biden is set to visit the Middle East next month as he seeks to tame surging fuel prices.

US gasoline demand is showing signs of softening just three weeks into the peak driving season, with near-record prices likely encouraging people to stay closer to home. The four-week moving average of gasoline supplied fell below 9 million barrels a day, or about 600,000 barrels less than typical seasonal levels, according to the Energy Information Administration.

Tokyo shares open lower after mixed US trade

Tokyo shares opened lower on Thursday after US stocks ended flat, with investors searching for new trading cues.

The benchmark Nikkei 225 index fell 0.19 percent, or 51.32 points, to 26,753.28 at the open, while the broader Topix index lost 0.34 percent, or 6.48 points, to 1,887.09.

Stocks fluctuate in Asia after China data; US futures dip

Stocks in Asia fluctuated Thursday as investors weighed signs of gradual improvement in China’s economy and comments from central bank chiefs on tackling persistent price pressures.

Stocks fell in Japan, but edged up in China and were little changed in Hong Kong. China’s factory activity expanded in June at a muted pace, while services far surpassed expectations as the economy continued to gradually improve from Covid outbreaks and restrictions.

US futures dipped after the S&P 500 and the Nasdaq 100 ended little changed in choppy trading amid end-of-quarter portfolio rebalancing.

Treasuries were steady after advancing as traders upped their bets on a recession eventually halting the Federal Reserve’s aggressive tightening campaign.

The dollar held gains. Oil hovered near $110 a barrel on demand worries.

Fed Chair Jerome Powell and his counterparts in Europe and the UK warned inflation is going to be longer lasting as they gathered at the European Central Bank’s annual forum in Portugal.

How major US stock indexes fared Wednesday

Stocks ended mostly lower on Wall Street Wednesday, keeping the market on track for its fourth monthly loss this year.

The S&P 500 index has been volatile all week, and is down 20% for the year as investors worry about inflation and rising interest rates. Small company stocks fell sharply.

On Wednesday:

The S&P 500 fell 2.72 points, or 0.1%, to 3,818.83.

The Dow Jones Industrial Average rose 82.32 points, or 0.3%, to 31,029.31.

The Nasdaq fell 3.65 points, or less than 0.1%, to 11,177.89.

The Russell 2000 index of smaller companies fell 19.47 points, or 1.1%, to 1,719.37.

For the week:

The S&P 500 is down 92.91 points, or 2.4%.

The Dow is down 471.37 points, or 1.5%.

The Nasdaq is down 429.73 points, or 3.7%.

The Russell 2000 is down 46.37 points, or 2.6%.

For the year:

The S&P 500 is down 947.35 points, or 19.9%.

The Dow is down 5,308.99 points, or 14.6%.

The Nasdaq is down 4,467.08 points, or 28.6%.

The Russell 2000 is down 525.94 points, or 23.4%.

Dollar gains, yields ease after Powell inflation comments

US Treasury yields eased for a second consecutive day and the dollar rose on Wednesday after Federal Reserve Chairman Jerome Powell said there is a risk the US central bank’s interest rate hikes will slow the economy too much, but the bigger risk is persistent inflation.

The S&P 500 ended slightly lower, and looked set to put in the worst first-half for the US benchmark index in more than five decades.

“The clock is kind of running on how long will you remain in a low-inflation regime. … The risk is that because of the multiplicity of shocks you start to transition into a higher inflation regime and our job is to literally prevent that from happening and we will prevent that from happening,” Powell said at a European Central Bank conference.

Investors have worried that an aggressive push by the Fed to dampen inflation will tip the economy into recession.

Hong Kong stocks drop at open

Hong Kong stocks opened on the back foot Thursday morning following another tepid lead from Wall Street as traders grew increasingly worried about the impact of surging inflation and higher interest rates.

The Hang Seng Index fell 0.36 percent, or 79.44 points, to 21,917.45.

The Shanghai Composite Index dipped 0.08 percent, or 2.58 points, to 3,358.93, while the Shenzhen Composite Index on China’s second exchange added 0.08 percent, or 1.85 points, to 2,196.36.

US stocks end flat as market searches for positive news

Wall Street stocks were near flat at the end of a choppy session Wednesday as the market struggled to recover from the prior session’s rout.

Worries about inflation, weakening consumer sentiment and tightening monetary policy have weighed on stocks throughout 2022, including Tuesday, when the S&P 500 tumbled two percent.

The upcoming quarterly earnings season offers an opportunity for an investment catalyst to cheer investors, but could point stocks lower if it disappoints, said Adam Sarhan of 50 Park Investment.

“The market is looking for some good news and not able to find anything that stands out,” Sarhan said.

The Dow Jones Industrial Average finished up 0.3 percent at 31,029.31.

The broad-based S&P 500 slipped 0.1 percent to 3,818.83, while the tech-rich Nasdaq Composite Index edged down by less than 0.1 percent to 11,177.89.