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Research Periodic Report RVNL metro station contract, Delta Corp Q1 profit decline, Infosys cloud partnership, Adani Ports: 30-year Berth 13 concession

RVNL metro station contract, Delta Corp Q1 profit decline, Infosys cloud partnership, Adani Ports: 30-year Berth 13 concession

Written by - Fisdom Research

July 10, 2024 4 minutes

Opening Bell:             

Gift Nifty is down by 4.0 points in the early morning trade, indicating a negative opening for Indian stock market                        

Asian markets showed mixed trading activity as they reacted to recent inflation data from China and Japan. Key indices across the region displayed varied performance: Japan’s Nikkei 225 eased marginally, indicating slight downward pressure, while the Topix remained flat, showing no significant movement. South Korea’s Kospi fell by 0.25%, suggesting a modest decline, and the Kosdaq declined by 0.2%, also indicating a slight drop. In contrast, futures for Hong Kong’s Hang Seng Index pointed to a higher opening, suggesting a potential rise when the market opens. The mixed performance reflects the market’s cautious response to the latest economic data and ongoing global economic uncertainties.

On Tuesday, the US stock market ended mixed, with the S&P 500 and Nasdaq reaching record-high closes. The Dow Jones Industrial Average declined by 0.13%, closing at 39,291.97, while the S&P 500 rose by 0.07% to end at 5,576.98. The Nasdaq closed 0.14% higher at 18,429.29, marking its sixth consecutive record-high close. Nvidia shares rallied 2.5%, Tesla gained 3.7%, and Tempus AI jumped nearly 4%. In contrast, Microsoft shares fell by 1.4%. Financial stocks performed well, with JPMorgan and Wells Fargo both rising over 1%, and Citi increasing by 2.8%.

Stocks News:

👉 Adani Ports and Special Economic Zone received a letter of intent for a 30-year concession period for the development, operation, and maintenance of Berth number 13 at Deendayal Port.

👉 RVNL (Rail Vikas Nigam Limited) received a letter of acceptance from Maharashtra Metro Rail Corporation Limited for the construction of elevated metro stations.

👉 Delta Corp reported a 67.6 percent decline in consolidated net profit to Rs 21.68 crore for Q1FY2025. Revenue from operations also fell by 30 percent to Rs 181 crore in the June quarter, down from Rs 259 crore in the previous fiscal.

👉 Infosys announced a five-year collaboration with Sector Alarm, one of Europe’s leading security providers, partially owned by the global investment firm KKR. This partnership aims to transform Sector Alarm’s core enterprise business systems by migrating them to the cloud.

👉 The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 314 crore on July 9, while domestic institutional investors also bought equities worth Rs 1416 crore on same day.

Domestic and International Events

  • India’s consumer price inflation likely edged up in June, snapping five months of declines, largely due to a jump in vegetable prices caused by crop damage from extreme weather, according to a Reuters poll of economists. Prices of tomatoes, onions, and potatoes—staples in every Indian kitchen—surged by double digits last month as extreme heat and heavy floods in India’s northern states disrupted agricultural production.
  • Japan’s wholesale inflation accelerated in June as a weak yen pushed up the cost of raw material imports. The corporate goods price index (CGPI) rose 2.9% in June from a year earlier, according to Bank of Japan data, matching a median market forecast and accelerating from the previous month’s revised 2.6% gain, Reuters reported. The index increased 9.5% in June from a year earlier, accelerating from a revised 7.1% rise in May.
  • Crude oil prices rose on Wednesday, rebounding after three days of declines, as a report showed US crude and fuel stockpiles fell last week. Brent futures increased by 0.25% to $84.87 a barrel, after falling 1.3% in the previous session, while US West Texas Intermediate (WTI) crude gained 0.32% to $81.67 a barrel, following a 1.1% decline in the previous session.
Hang Seng17,5230.0 %
Shanghai Composite2,9591.3 %
Dow Jones39,292(0.1) %
DAX18,236(1.3) %
FTSE 1008,140(0.7) %
Nikkei41,5802.0 %
Straits Times3,4260.6 %

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