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Research Periodic Report MGL Price Hikes, Paytm Shares Surge, Bank of Baroda Deposit Decline, Godrej Consumer Growth

MGL Price Hikes, Paytm Shares Surge, Bank of Baroda Deposit Decline, Godrej Consumer Growth

Written by - Fisdom Research

July 9, 2024 4 minutes

Opening Bell:

Gift Nifty is down by 14.5 points in the early morning trade, indicating a negative opening for Indian stock market

Asian markets traded higher on Tuesday, buoyed by overnight gains on Wall Street. Japan’s Nikkei 225 climbed 1%, and the Topix increased by 0.27%. South Korea’s Kospi also saw a rise of 0.3%. Hong Kong’s Hang Seng index futures pointed to a higher opening.

The US stock market ended mostly higher on Monday, with the S&P 500 and Nasdaq reaching record-high closes ahead of upcoming inflation data and commentary from Fed Chair Powell. The Dow Jones Industrial Average slipped by 0.08% to 39,344.79, while the S&P 500 edged up 0.10% to 5,572.85. The Nasdaq finished 0.28% higher at 18,403.74, marking its fifth consecutive record-high close.

Stocks News: 

👉 City gas distributor Mahanagar Gas Ltd (MGL) has raised prices of CNG and domestic piped natural gas (PNG) in and around Mumbai starting July 9 to offset rising input costs. MGL announced that the price of delivered CNG will increase by Rs 1.5 per kg, while domestic PNG will see a hike of Re 1/SCM. After the adjustment, the revised delivered price, inclusive of taxes, will be Rs 75 per kg for CNG and Rs 48 per SCM for domestic PNG in and around India’s financial capital. MGL stated that the hike is necessary to cover the additional costs incurred from importing natural gas.

👉 Shares of Paytm parent One 97 Communications surged over 9 percent on July 8 after CEO Vijay Shekhar Sharma announced his goal to make Paytm a “$100 billion company.” The company faces a significant challenge in achieving this goal, as its market capitalization has plummeted to approximately $3.5 billion following the central bank’s crackdown on its arm, Paytm Payments Bank.

👉 Bank of Baroda’s global deposits fell by 1.6 percent quarter-on-quarter to Rs 13.05 lakh crore, while domestic deposits declined by 2 percent to Rs 11.05 lakh crore. Advances also slipped 1.7 percent sequentially to Rs 10.72 lakh crore in Q1 of FY25. Yearly growth was the slowest in the last 12 quarters, with deposits up around 9 percent and advances growing by 8.1 percent year-on-year.

👉 FMCG major Godrej Consumer Products Limited (GCPL) has observed soft operating conditions in the domestic market this quarter. Despite the challenging environment, the India business has achieved high-single-digit organic volume growth and mid-single-digit value growth. In its business update, the company reported double-digit growth in volume and high-single-digit growth in value terms. At a consolidated level, GCPL expects flat INR sales, double-digit constant currency sales growth, and double-digit EBITDA (reported) growth.

👉 The foreign institutional investors (FIIs) bought equities worth Rs 60.98 crore on July 8, while domestic institutional investors turned net buyers as they bought equities worth Rs 2866 crore.

Domestic and International Events

  • India has created more than 80 million employment opportunities in the five-year period from 2017-18 to 2021-22, translating to an average of over 20 million jobs or employment per year, the ministry of labour and employment said on Monday. Quoting the data from the Periodic Labour Force Survey and the KLEMS data of the Reserve Bank of India, the ministry said on Monday that this translated to an average of over 20 million jobs or employment per year and demonstrates the effectiveness of various government initiatives aimed at boosting employment across sectors.
  • Gold prices traded with minor gains on Tuesday. Spot gold increased by 0.16% to $2,362.86 per ounce, while US gold futures rose by 0.26% to $2,369.65.
  • Crude oil prices steadied after a two-day decline, as the worst of storm Beryl passed. Brent crude eased 0.04% to $85.72 per barrel, following a nearly 2% drop in the previous two sessions. West Texas Intermediate (WTI) also dipped 0.04% to $82.30 per barrel.
Hang Seng17,524(1.6) %
Shanghai Composite2,922(0.9) %
Dow Jones39,345(0.1) %
DAX18,472(0.0) %
FTSE 1008,193(0.1) %
Nikkei40,781(0.3) %
Straits Times3,404(0.2) %

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