Indices end high, Sensex up 280; Nifty above 16,600; Banks, Metal surged

Indices end high, Sensex up 280; Nifty above 16,600; Banks, Metal surged

Market


The resignation of Italian Prime Minister Draghi and ECB’s near-certain rate hike later today had a negative effect on European stock. But the Asian market had a mixed day with Japan ending in green after BOJ retained its easy monetary policy.

21 Jul 2022, 03:50:57 PM IST

Table of Contents

Sensex and Nifty rally late to end on a high note

Benchmark indices surged late to end on a high note after remaining volatile for most of the day. The Sensex jumped 284 points to end at 55,681, whereas Nifty closed at 16,605 with a gain of 84 points.

IndusInd Bank was the standout stock of the day which rose 8% following impressive quarterly results. Metal, Bank and Media stocks also gained; however, Pharma shares dragged.

The Indian rupee was held in a tight range on Thursday as dollar selling intervention by the central bank offset early losses in the currency.

European stocks slipped on Thursday as investors braced for the European Central Bank’s first interest rate hike in 11 years, while Russia resumed sending gas to Europe through a key pipeline, dispelling investors’ worst fears.

Asian stocks had a mixed day. China and Hong Kong stocks fell on Thursday, as worries over fresh COVID-19 outbreaks and mortgage-payment boycott dampened the mood. Hong Kong’s Hang Sen closed trimmed 315 points and closed at 20,574 points and Shanghai Composite Index lost a percent and closed at 3,272 points.

However, Japanese stocks closed higher Thursday after Bank of Japan (BOJ) retained its easy monetary policy stance. The Nikkei share average ended up 0.44% at 27,803, topping the six-week high reached the previous day. 

Sensex Close

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Sensex Close
21 Jul 2022, 03:26:24 PM IST

Most countries ‘woefully unprepared’ for changing climate: analysis

Major economies such as India, Brazil and Russia face “cascading” crises driven by climate change such as food insecurity, energy shortages and civil unrest, an industry analysis warned Thursday.

While developing nations of Africa and Southeast Asia are predicted to be worst hit by higher temperatures, extreme weather and sea-level rise, some middle-income nations lack the infrastructure and legislative freedom to keep pace with the changing climate.

And, as Europe counts the cost of another record-shattering heatwave, the analysis showed how even nations with typically few climate-linked crises will need to adapt as global temperatures rise.

21 Jul 2022, 03:21:48 PM IST

Apple Can Hit $3 Trillion on Services Shift, Morgan Stanley Says

While the market still tends to value the iPhone maker as a hardware company, shifting to a “lifetime value” based approach — which takes into account recurring revenues from services — suggests long-term upside to over $200 per share, or more than $3 trillion in market value, Morgan Stanley analysts wrote in a note. Apple shares closed at $153 on Wednesday.

21 Jul 2022, 03:19:03 PM IST

Nifty auto index near life-time high. Experts bullish on these stocks

On account of fresh buying in auto stocks, especially M&M, Tata Motors, Hero Motocorp and Maruti Suzuki shares, Nifty auto index has surged near to its life-time high of 12,660 levels. Compared to key benchmark indices of Indian stock market, Nifty auto has generated alpha return in last one month as both Sensex and Nifty could deliver around 5.50 per cent return in this period whereas Nifty auto index delivered more than 14 per cent return in this period. (Full Report)

21 Jul 2022, 03:07:38 PM IST

CSB Bank profit nearly doubles to ₹115 crore in April-June

Private lender CSB Bank on Thursday reported 88 per cent growth in its net profit at 115 crore in the first quarter of FY23 on the back of a decline in bad loans.

Canadian billionaire Prem Watsa-controlled bank had posted a net profit of 61 crore during April-June quarter of the last financial year.

Total income during the first quarter rose to 590.78 crore from 571.53 crore in the year-ago quarter, the CSB Bank said in a regulatory filing.

21 Jul 2022, 02:46:52 PM IST

Kotak Securities on Gland Pharma: REDUCE

Purvi Shah DVP (Fundamental Research) – Pharma Analyst, Kotak

Securities says, “Gland reported a dismal Q1FY23 performance due to continued supply disruptions and elevated costs. Gland, being a B2B generic player, caters to the relatively lower end of the global injectable market, thereby aggravating the supply challenges. While these pressures will largely ease out in H2FY23, they have unveiled higher vulnerability in its CDMO model versus peers. Long-term concerns on margins stay. We cut FY23-25E EPS by 11-13% to factor in lower sales (particularly in ROW), lower profit share in the US and higher costs. We also lower our target multiple from 28X Mar-24 EPS to 25X Jun-24 EPS to account for higher vulnerability of Gland’s B2B generic model to supply disruptions compared to other CDMO peers, as evidenced over the past few months. We retain our REDUCE rating with revised FV of 2,325 ( 2,800 earlier).”

21 Jul 2022, 02:35:38 PM IST

Hindustan Zinc net profit rises 56% to ₹3,092 cr in Q1 on higher LME prices; shares rally

Vedanta group firm Hindustan Zinc Ltd (HZL) on Thursday reported a 55.9% year-on-year rise in net profit to 3,092 crore for the quarter ended on 30 June, 2022. The firm had posted a net profit of 1,983 crore in the corresponding quarter of the previous fiscal. (Read More)

21 Jul 2022, 02:34:07 PM IST

PVR reports Q1 net profit of ₹68 crore; shares jump

Multiplex operator PVR Ltd on Thursday reported a net profit of 68.3 crore (Ind-AS adjusted) for the quarter ending June 2022. Its revenue rose to 1,000.4 crore whereas its Q1 EBITDA came at 208 crore during Q1FY23. Shares of PVR jumped after Q1 announcement and were trading nearly 3% higher on the BSE in afternoon deals. (Read More)

PVR

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PVR
21 Jul 2022, 02:25:49 PM IST

Crypto Woes Spread as Celsius, Babel Links Hit Another Firm

Zipmex, a cryptocurrency exchange that operates in markets like Singapore and Thailand, halted withdrawals as the fallout from a series of defaults spreads further throughout the digital-assets industry.

The Asian platform is the latest to encounter financial difficulties stemming from dealings with troubled crypto lenders Babel Finance and Celsius Network Ltd. Zipmex has $48 million of exposure to Babel and $5 million with Celsius, it said on its Facebook page on Thursday.

The exchange is in talks with new investors to raise funds for a “bailout,” Zipmex (Thailand) Chief Executive Akalarp Yimwilai said in a video on the company’s YouTube channel that has since been removed.

21 Jul 2022, 02:11:10 PM IST

Draghi Resigns as Premier, Throwing Italy Into Political Chaos

Prime Minister Mario Draghi offered his resignation to Italy’s president, in a move that will raise the prospect of snap elections as soon as early October.

Italian shares extended declines, with the country’s FTSE MIB benchmark index down as much as 2.7%.

UK’s FTSE 100 dipped on Thursday as a deepening political crisis in Italy and an imminent European Central Bank policy decision weighed on investor mood across Europe. The blue-chip FTSE 100 fell 0.2% by 0739 GMT, in line with losses in the broader European equities benchmark .

21 Jul 2022, 01:57:34 PM IST

Annual revenue of 49 auto ancillaries may grow 8-10 pc in FY23: Icra

Annual revenue of around 49 auto ancillaries is expected to grow 8-10 per cent in the current fiscal year from 3 lakh crore, rating agency Icra said on Thursday. The revenue increase is expected on the back of stable demand and gradual easing of supply-chain issues in 2022-23, it added.

21 Jul 2022, 01:41:29 PM IST

Kotak Mahindra sheds more than a percent

Kotak Mahindra Bank

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Kotak Mahindra Bank
21 Jul 2022, 01:39:40 PM IST

Gland Pharma at fresh 52-week low as Q1 marred by multiple headwinds

Gland Pharma Ltd. was plagued by various troubles in the June quarter (Q1FY23) such as supply constraints, shutdown of manufacturing lines and a slowdown in the India business which saw a 72% year-on-year drop in revenue. A shortage of syringes resulted in overall revenue loss of 1,650 crore across the US, India and rest of the world (RoW) markets in Q1, while the high base from last year made matters worse. (Full Report)

21 Jul 2022, 01:23:33 PM IST

Competition issues: Paytm’s Sharma, Oyo’s Ritesh Agarwal to meet parliamentary panel

Top executives of eight domestic tech firms, including Paytm founder Vijay Shekhar Sharma and Oyo founder Ritesh Agarwal, will appear before a key parliamentary panel on Thursday to discuss the market behaviour of technology platforms amid rising anti-competition concerns. (Full Report)

21 Jul 2022, 01:17:02 PM IST

Govt restores rice procurement in Telangana, says committed towards farmers

The central government has decided to restore rice procurement operations in the central pool in the state of Telangana, Piyush Goyal, Union Minister of Consumer Affairs, Food and Public Distribution told reporters.

The Food Corporation of India (FCI) had earlier paused rice receipts from the ‘Central pool’ to Telangana under the Pradhan Mantri Garib Kalyan Anna Yojana (PM-GKAY) alleging that the state government had deprived the beneficiaries of the central public distribution scheme and failure to comply with set standard operating procedures by defaulting millers.

21 Jul 2022, 01:03:32 PM IST

Ravindra Rao, VP- head commodity research, Kotak Securities on Gold and Crude prices

Gold

COMEX gold trades near Aug.2021 lows weighed down by pause in US dollar ahead of ECB decision today. Also weighing on price is stability in equity markets, concerns about consumer demand in India and China and continuing ETF outflows. Gold stalled near the $1700/oz level for the last few days despite weakness in the US dollar which showed a lack of confidence that the US currency may weaken significantly. Gold may remain under pressure unless we see renewed selling pressure in the US dollar post ECB decision. ECB is largely expected to raise the interest rate by 0.25%. However, there is some expectations of a bigger move as well.

Crude Oil

NYMEX crude trades modestly lower near $99/bbl weighed down by a mixed inventory report which noted an unexpected decline in US

crude oil stocks but also a sharp rise in gasoline stocks reflecting weaker demand despite the ongoing summer driving season. Also weighing on crude are demand concerns amid disappointing US economic data and persisting virus risks in China. Supply concerns has however kept prices supported. Crude rallied sharply in the last few days however with mixed inventory report, demand concerns and shaky risk sentiment, we expect to see some correction.

21 Jul 2022, 12:59:45 PM IST

FICCI Survey: India’s GDP growth forecast for 2022-23 downgraded

India’s annual GDP growth forecast for the financial year 2022-23 was at 7.0% with a minimum and maximum growth estimate of 6.5% and 7.3%, respectively. The median growth forecast for agriculture and allied activities has been put at 3.0% for 2022-23. On the other hand, the industry and services sectors are anticipated to grow by 6.2% and 7.8%, respectively, during the fiscal year.

The growth projection has been revised on account of geopolitical uncertainty and its repercussions for the Indian economy. In April, FICCI had estimated India’s growth at 7.4% for 2022-23.

21 Jul 2022, 12:41:00 PM IST

PSU Banks index up 1.5%; all stocks in green

PSU Banks.

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PSU Banks.
21 Jul 2022, 12:27:00 PM IST

Zydus gets USFDA nod to market generic blood pressure lowering drug

Zydus Lifesciences on Thursday said it has received approval from the US health regulator to market generic blood pressure lowering medication in the American market.

The company has received final approval from the US Food and Drug Administration (USFDA) to sell Norepinephrine Bitartrate Injection, Zydus Lifesciences said in a statement.

Norepinephrine Bitartrate is indicated for restoration of blood pressure in adult patients with an acute hypotensive state.

21 Jul 2022, 12:13:40 PM IST

TATA Projects appoints Vinayak Pai as Managing Director

TATA Projects Limited has appointed Vinayak Pai as its Managing Director, effective July 22, 2022. Vinayak Pai has taken over the reins from Vinayak Deshpande. Pai is backed by over three decades of experience with leading engineering and EPC companies where he held key positions across various teams working towards Engineering Design, Technology Licensing, Project Management, Business Development, and Operations.

21 Jul 2022, 12:10:56 PM IST

Italian stock futures sink as government on the brink of collapse

Futures tracking Italy’s benchmark FTSE MIB stock index slumped 2.5% on Thursday after the country’s government crumbled when three of Prime Minister Mario Draghi’s main coalition partners snubbed a confidence vote.

Draghi won the vote in the upper house by 95 to 38 on Wednesday but many dozens of senators refused to take part, leaving his 18-month-old administration in tatters with an early election in September or October the most likely outcome.

The prime minister is likely to tell the lower house of parliament on Thursday that he intends to quit, a political source said.

21 Jul 2022, 12:04:38 PM IST

Noon Update: Indices trading in green; Sensex up 180 points and Nifty 60; IndusInd rallies 

At noon, Sensex was at around 55,550 points and Nifty 16,580. Media, Metal, and Banks indices were up 1%, however, Kotak Bank slipped 1%.

Sensex Noon Update

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Sensex Noon Update
21 Jul 2022, 11:58:56 AM IST

Bank bad loans are down, but it’s because of accounting

The good news first. As of March 2022, bad loans of commercial banks had declined to 7.42 trillion from a peak of 10.36 trillion in March 2018. Bad loans are loans which haven’t been repaid for a period of ninety days or more. 

This has happened primarily because of an accounting eventuality. Basically, loans which have been bad loans for four years can be dropped from the balance sheet of banks by way of a write-off. In that sense, a write-off is an accounting eventuality. (Read More)

21 Jul 2022, 11:39:56 AM IST

Wipro’s attrition eased in Q1, but there are other concerns

Shares of tier-I IT services firm Wipro Ltd. traded flat in opening deals on Thursday on the National Stock Exchange, following the company’s June quarter earnings (Q1FY23), announced after market hours on Wednesday.

Unlike many other peers, Wipro’s last twelve months’ attrition fell 50bps sequentially to 23.3% and the management expects it to stabilise in the coming quarters. Even so, the stock’s near-term outlook is not very encouraging. (Full Report)

21 Jul 2022, 11:23:07 AM IST

Euro rebounds as Russian gas flow resumes, ECB hike looms

The euro rebounded on Thursday, rising back toward a two-week high to the dollar, as Russian gas began to flow through a key pipeline again, but investors were cautious ahead of an expected European Central Bank interest rate hike later in the day.

The euro gained 0.42% to $1.02215, clawing back most of its sizeable retreat from Wednesday, when it hit an intraday peak of $1.0273, the highest since July 6.

21 Jul 2022, 11:20:45 AM IST

Hindustan Foods shares rally 16%, hit 52-week high after 1:5 stock split

Shares of Hindustan Foods Ltd rallied more than 16%, hitting a 52-week high of 479 apiece on the BSE in Thursday’s early deals as the company started trading ex-split, a day ahead of its record date for the stock split in the ratio of 1:5. Earlier this month, the company announced that it has fixed the record date for its subdivision of shares on Friday, July 22, 2022. (Read More)

Hindustan Foods Ltd

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Hindustan Foods Ltd
21 Jul 2022, 11:15:25 AM IST

ITC share price crosses ₹300 for first time in 3 years. Should you buy, sell or hold?

ITC shares extended its rally on Thursday morning deals and climbed to a three-year high. ITC share price today hit a fresh 52-week high of 302.20, after hitting the one-year high of 299.50 apiece in Wednesday’s session when the company’s 111th annual general meet (AGM) was underway. (Full Report)

21 Jul 2022, 10:50:07 AM IST

All broad indices are in green now; Media and Metal up 1%

Broad Indices

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Broad Indices
21 Jul 2022, 10:44:29 AM IST

India may allow more sugar exports to prevent defaults

India may allow sugar mills to export more than previously permitted to help them prevent defaults on contracts, according to people familiar with the matter. The government is considering giving the green light to additional sales of as much as 1.2 million tons of sugar for the year ending Sept. 30, said the people, who asked to remain anonymous citing confidential matters. That’s on top of the current quota of 10 million tons.

21 Jul 2022, 10:31:37 AM IST

Market likely to remain upbeat in the near-term: Sameet Chavan, Angel One Ltd

“Going forward, our market is likely to remain upbeat in the near term, wherein any minor dip could be seen as an opportunity for the bulls to add long positions. We might also witness major traction outside the indices in the broader market space. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities. Meanwhile, keeping a close tab on global and domestic macro developments is advisable.”: Technical & Derivatives Report by Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd

21 Jul 2022, 10:27:33 AM IST

Key gas pipeline from Russia to Europe restarts after break

Natural gas started flowing through a major pipeline from Russia to Europe on Thursday after a 10-day shutdown for maintenance, the operator said. But the gas flow was expected to fall well short of full capacity.

The Nord Stream 1 pipeline to Germany had been closed since July 11 for annual maintenance work. Amid growing tensions over Russia’s war in Ukraine, German officials had feared that the pipeline — the country’s main source of Russian gas, which has accounted for around a third of Germany’s gas supplies — might not reopen at all.

Russia’s Gazprom notified deliveries Thursday of only about 30% of the pipeline’s capacity, the head of Germany’s network regulator, Klaus Mueller, said on Twitter.

21 Jul 2022, 10:16:10 AM IST

Maruti Suzuki hopes govt will support ‘green’ tech beyond EVs

India’s top-selling carmaker, Maruti Suzuki, believes the government will show support for “green” car technology beyond full electric vehicles (EVs), such as hybrid, if it benefited the country, the company’s chief executive said.

The comments come after Maruti unveiled its first strong hybrid car in India, the Grand Vitara sport-utility vehicle (SUV), seen as key to helping recover ground lost to competitors such as Hyundai Motor and Kia Motor.

India’s taxes on hybrid cars range as high as 43%, compared to the low rate of 5% for EVs, which also stand to benefit from billions of dollars in incentives to companies that build them domestically.

21 Jul 2022, 10:14:51 AM IST

Indian rupee just shy of record low; focus on RBI intervention

The Indian rupee on Thursday was trading just shy of its lifetime tracking losses in most other Asian peers but traders expect dollar-selling intervention by the central bank to limit losses. The partially convertible rupee was fetching 80.01/02 per dollar by 0337 GMT.

21 Jul 2022, 10:07:12 AM IST

Polycab India: Brokers maintain a positive outlook for the stock.

Yes Securities recommended ‘BUY’, whereas ICICI Securities maintained a ‘HOLD’ position for Polycab India.

21 Jul 2022, 09:56:28 AM IST

IndusInd Bank up 5% after a 60% rise in first quarter profit

IndusInd Bank on Wednesday reported a 60% rise in its first quarter consolidated net profit to 1,631 crore on lower provisioning for bad assets.

IndusInd

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IndusInd
21 Jul 2022, 09:48:20 AM IST

India records 21,566 fresh cases, 45 more fatalities

India saw a single-day rise of 21,566 coronavirus cases, the highest in 152 days, taking its COVID-19 tally to 4,38,25,185, while the number of active cases in the country climbed to 1,48,881 on Thursday, the Union health ministry said. The death toll due to the viral disease has gone up to 5,25,870 with 45 more fatalities, according to the ministry’s data updated at 8 am.

21 Jul 2022, 09:38:26 AM IST

IT Index down 0.5% with most stocks in red

IT

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IT
21 Jul 2022, 09:36:23 AM IST

BUY rating on BEML with a Target Price of ₹2,000: Reliance Securities

“BEML’s revenue and PAT clocked 5% and 12% CAGR, respectively, over FY16-FY22. Looking ahead, we expect the company to witness 10% CAGR in order inflow over FY22-FY24E.

We have a BUY rating on BEML with a Target Price of 2,000.”

21 Jul 2022, 09:27:16 AM IST

Wipro (Stock in Focus) trades near 52-week low. What brokerages recommend? 

Shares of Wipro Ltd plunged more than 2% in Thursday’s opening deals, trading near its 52-week low level after the company missed analyst estimates for June-quarter profit on Wednesday, as higher employee-related costs pushed up the information technology services firm’s overall expenses. (Read More)

Wipro

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Wipro
21 Jul 2022, 09:22:52 AM IST

Sensex and Nifty open flat; IndusInd gains

Benchmark indices opened flat on Thursday. Sensex was marginally in red by around 30 points. Nifty was trading at around 16,500.

Sensex at Open

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Sensex at Open
21 Jul 2022, 09:11:45 AM IST

Gold prices today fall to near 1-year lows. In India, rates dip below ₹50,000

In global markets, gold rates fell to their lowest in nearly a year, buffeted by an elevated US dollar. Prospects of more interest rate hikes by major central banks also weighed on bullion’s appeal. Spot gold today fell to $1,691.40, the lowest since August 2021. A stronger US dollar makes greenback-priced bullion more expensive for buyers holding other currencies.

21 Jul 2022, 09:04:23 AM IST

Flat pre-opening for Sensex 

Pre-open

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Pre-open
21 Jul 2022, 08:59:26 AM IST

Next risk for Indian rupee is $79 billion of unhedged debt

The nation’s firms had $79 billion of unhedged offshore loans at the end of March, about 44% of their total overseas borrowings, according to the latest data from the Reserve Bank of India. The cost of repaying that has been soaring as the rupee has tumbled more than 7% this year. (Full Report)

21 Jul 2022, 08:56:53 AM IST

BOJ raises inflation forecast, no change in interest rates

The Bank of Japan raised its inflation forecast on Thursday, but maintained ultra-low interest rates and warned of risks to the economic outlook in a sign it will remain an outlier among a global wave of central banks tightening monetary policy. As widely expected, the BOJ kept unchanged its -0.1% target for short-term interest rates, and 0% for the 10-year government bond yield by an 8-1 vote.

21 Jul 2022, 08:44:08 AM IST

Rakesh Jhunjhunwala adds this auto stock in portfolio

Big Bull Rakesh Jhunjhunwala has bought a stake in the auto company Escorts Kubota. Big Bull’s name has appeared in the latest shareholding pattern of the company.  (Full Report)

21 Jul 2022, 08:42:30 AM IST

Stocks to Watch: Wipro, SBI, IndusInd, CEAT

RBL Bank, Hindustan Zinc, Mphasis, IDBI, JSW Energy, and PVR will be in focus as they declare their June quarter earnings today. (Full Report)

21 Jul 2022, 08:39:45 AM IST

Oil Declines as Traders Assess Weak US Gasoline Demand, China

Oil declined as investors assessed signs of lacklustre US gasoline demand and expanding stockpiles. West Texas Intermediate fell toward $99 a barrel after losing about 1% on Wednesday.

After rallying for most of the first half following Russia’s invasion of Ukraine, oil prices have been dragged lower in recent weeks by fears of recession, central bank tightening, and a broad move by investors away from commodities. Crude futures are on course in July to cap their first back-to-back monthly loss since 2020 despite signs physical markets remain tight.

21 Jul 2022, 08:33:16 AM IST

EPFO adds nearly 17 lakh PF subscribers in May 2022

The Employees’ Provident Fund Organisation (EPFO) added 16.82 lakh net subscribers in May 2022, as per the payroll data released by the Ministry of Labour and Employment on Wednesday.

In April, EPFO added 17.08 lakh net subscribers. A year-on-year comparison of payroll data shows an increase of 7.62 lakh net subscribers in May 2022 as compared to the net subscription in the month of May 2021.

21 Jul 2022, 08:12:37 AM IST

India to get its 15th President today, Murmu’s hometown all set for celebrations

As the votes polled in the presidential elections will be counted today, NDA’s presidential candidate Droupadi Murmu’s hometown, Odisha’s Rairangpur has already begun preparations for her victory against Opposition candidate Yashwant Sinha.

If NDA’s presidential candidate Draupadi Murmu, who is seen to have a clear edge against Opposition candidate Yashwant Sinha, is elected, she will be the first tribal woman to occupy the top constitutional post in the country. (Full Report)

21 Jul 2022, 08:10:06 AM IST

ADB Cuts Asia GDP Forecast as China Sticks to Covid Zero

The Asian Development Bank cut its forecast for gross domestic product growth in developing Asia this year as China’s Covid Zero approach to containing the virus creates ripple effects on regional supply chains and economic development. The bank expects the region to grow 4.6% this year compared to an earlier forecast of 5.2%, according to a report published Thursday.

The bank also slashed the forecast for East Asia — a region that includes China, Hong Kong, Taiwan and South Korea — to 3.8% from 4.7%. South Asia’s growth forecast was lowered to 6.5% from 7% for 2022, and to 7.1% from 7.4% for 2023 mainly due to the economic crisis in Sri Lanka and high inflation and associated monetary tightening in India.

21 Jul 2022, 08:08:19 AM IST

Euro braces for ECB hike, Russian gas restart

The euro hung below a two-week high to the dollar as investors braced for the European Central Bank’s first interest rate increase since 2011 and the scheduled reopening of a key Russian gas pipeline later in the day. The single currency also faced pressure from the looming collapse of the Italian government.

21 Jul 2022, 07:59:50 AM IST

Tesla profit tops target

Tesla Inc on Wednesday reported a smaller-than-expected drop in quarterly profit as a string of price increases on its electric vehicles (EVs) helped offset production challenges caused by COVID-19 lockdowns in China.

The EV maker posted an adjusted profit of $2.27 per share for the quarter versus analysts’ consensus estimates of $1.81. This was down from $3.22 in the preceding quarter.

Its automotive gross margin fell to 27.9%, down from a year earlier and the preceding quarter, amid inflationary pressure.

Tesla does not have a demand problem, but a production problem, Musk told a conference call. He dismissed the idea that global economic problems were hurting interest in Tesla, despite vehicle prices’ rising to what he called “embarrassing levels.”

21 Jul 2022, 07:46:16 AM IST

Adani asks SBI for ₹14,000 cr loan

Adani Group has approached the country’s largest lender, State Bank of India (SBI), for a 14,000 crore loan to build a coal-to-polyvinyl chloride (PVC) plant in Gujarat’s Mundra, two people aware of the development said.

One of the largest project credit proposals in recent months, the loan is even larger than the 12,770-crore loan Adani Enterprises arm Navi Mumbai International Airport secured in March. The Gautam Adani-led conglomerate also recently raised 6,071 crore for a greenfield copper refinery project at Mundra. (Full Report)

21 Jul 2022, 07:43:41 AM IST

Indian economy to grow 7-8% in coming couple of decades: Panagariya

Niti Aayog Chairman Arvind Panagariya on Wednesday informed that the Indian economy which has already grown quite rapidly in the past 17 years, will further stretch out at around 7-8% in the coming couple of decades. (Read More)

21 Jul 2022, 07:38:28 AM IST

Rupee closed below 80 level for 1st time

The rupee for the first time dropped below the 80 level against the US currency on Wednesday due to strong dollar demand from importers and fiscal slippage concerns. The local unit closed at a record low of 80.05 to a dollar, showing a net loss of 13 paise over the previous close.

21 Jul 2022, 07:35:43 AM IST

India’s economic recovery falters as falling rupee, high prices start to bite

India’s economic activity showed early signs of cooling off in June as acute price pressures, rising interest rates, and a falling rupee dampened sentiment after a strong showing the previous month. India’s rupee fell past 80 to a dollar as foreign investors pulled out money amid monetary policy tightening by the Federal Reserve. (Full Report)

21 Jul 2022, 07:31:14 AM IST

Tokyo shares open lower

Tokyo stocks opened slightly lower Thursday as investors locked in profits after recent gains and ahead of a Bank of Japan policy decision later in the day. The benchmark Nikkei 225 index slipped 0.04%, or 11.38 points, to 27,668.88, while the broader Topix index fell 0.25%, or 4.47 points, to 1,941.97.

21 Jul 2022, 07:30:23 AM IST

Wall Street ended with more gains

The S&P 500 rose 0.6%, tacking more onto its big gains from a day earlier when the benchmark index soared 2.8%, its best day in weeks. The Dow Jones Industrial Average managed a modest 0.2% gain after recovering from a midafternoon pullback. The Nasdaq composite climbed 1.6%.


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