Maruti Suzuki, Zomato, Adani Ports, ONGC, Marico, BEL, Grasim, RITES stocks in focus
时间:2024-06-26 15:38:56 阅读(143)
Indian equity markets are likely to open gap-up on Tuesday amid mixed global cues. Early trends on SGX Nifty indicated a flat to positive start for benchmark indices BSE Sensex and NSE Nifty 50 as the Nifty futures were trading with a gain of 52.50 points or 0.32% at around 16,228 level on the Singaporean Exchange. “Global headwinds are keeping the markets on the edge and the last leg of earnings is further adding to the volatility. We reiterate our cautious view and suggest preferring hedged positions until we see a decisive breakout from the 15,700-16,400 range in Nifty,” said Ajit Mishra, VP – Research, Religare Broking. In the previous session, indices ended marginally lower, dragged by metal stocks as the government imposed export duties on iron ore and some steel intermediaries.Stocks in focus on 24 May, Tuesday
Maruti Suzuki: Maruti Suzuki India has agreed to acquire an equity stake of 12.09% in Sociograph Solutions (SSPL) for a cash consideration of Rs 1.99 crore. The investment would help the company to strengthen its offering to customers by creating a customized sales experiences on the web, virtual reality and augmented reality. SSPL is an artificial intelligence (AI) software company that specializes in a visual AI platform predominantly used to help enterprises improve sales experiences and improve efficiency in their business.
ONGC: State-owned Oil and Natural Gas Corporation (ONGC) on Monday said it has become the first gas producer to trade domestic gas on the Indian Gas Exchange, trading unspecified volumes from its eastern offshore KG-DWN-98/2 block. In a statement, ONGC said it will increase volumes slowly. The gas traded is from ONGC Krishna Godavari 98/2 block, it said, but did not specify the volumes that were sold.
Marico: Marico Limited has acquired a 54% equity in HW Wellness Solutions Private Limited through primary infusion and secondary buy-outs. Co-founded by Puru Gupta and Sreejith Moolayil, HW Wellness Solutions Private Limited owns True Elements – a digital-first brand playing in the healthy breakfast and snacks segment in India. True Elements is another step towards expanding Marico’s total addressable market in the healthy foods segment, Saugata Gupta, MD and CEO, Marico Limited, said.
Bharat Electronics (BEL): Bharat Electronics reported a 16% on-year drop in its net profit for the March quarter to Rs 1,140 crore. Revenue for the quarter fell 9% from a year ago to Rs 6,320 crore. Total order book as on 1 April stood at Rs 57,570 crore.
Q4 Results today: Grasim Industries, Adani Ports, JM Financials, Clariant Chemicals, Ugro Capital, Bank of India, EClerx, Ipca Lab, Inox Wind, Jyothi Lab. Metropolis, Minda Industry, MTAR Tech, NIIT, National Fertiliser, Rail Tel, Renuka Sugars, RITES, Strides Pharma Science, Zee Media.
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- d that milk prices are unlikely to witness spikes in the coming months due to cooler temperature in April and parts of May, which has delayed the onset of ‘lean’ season, when milk production usually drops.
Retail inflation in milk was reported at 8.85% in May 2023. The milk inflation has remained elevated at over 6% since August 2022. Despite India being the largest milk producer since 1998, the commodity has been the second biggest factor after cereals such as rice and wheat in driving up retail inflation in the last fiscal.
Milk has the second highest weight in the food and beverages basket of the consumer price index at 6.61%, a notch lower than cereals and products with a 9.67% weight. Organised players, including Mother Dairy and Amul, hiked prices multiple times in the last one year citing higher fodder cost, robust demand and some impact due to reports of lumpy skin disease.
Industry sources said feed cost, which has a share of more than 65% in the cost of production of milk, has increased to Rs 20/kg from Rs 8 a year ago. The finance ministry in April had attributed the elevated milk inflation to a demand supply mismatch and said it could be one of the factors apart from volatile international crude oil prices and constrained supplies of milk would influence the country’s inflation trajectory.
“Milk production has been impacted by a lumpy skin disease infecting millions of cattle in late 2022,” the ministry said in the monthly economic review, adding that the vaccination drive against the disease is expected to curb the spread and immune the cattle against the skin disease.
According to official data, currently India is the world’s largest milk producer, and has a share of 23% in global milk production. For the first time in decades, the country’s milk production is likely to have stagnated in 2022-23 due to Lumpy Skin Disease in cattle across several states and the lagged effect of Covid-19 in the form of stunting of the animals, a senior official with department of animal husbandry and dairying recently had stated. The milk production was estimated at 221 million tonne in 2021-22.
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