Thank you, readers! That's all from CNBCTV18.com's live market coverage on July 7, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Bullish on FMCG sector: Ambareesh Baliga
Independent market expert Ambareesh Baliga is bullish on FMCG sector. "About a year ago, FMCG was the first to see cost pressure and it took companies nearly 2-3 quarters to pass on the price hikes but volumes got affected to a certain extent. However, now the input costs will start to come down and good monsoons mean better rural demand, which is going to drive the FMCG stocks from here on as the margins are going to improve," he tells CNBC-TV18.
He likes HUL, ITC and Dabur.
Sensex and Nifty50 clock fresh one-month closing highs
Here are some highlights:
Sensex Surges 427 Points To 54,178 & Nifty 143 Points To 16,133
Nifty Bank Gains 596 Points To 34,920 & Midcap Index 368 Points To 27,572
Financials, Along With Metals & Autos Lead Market Higher
Reports Of China Mulling $200 Bn Stimulus, Lift Metal Stocks
Titan Moves 6% Higher After Reporting Strong Qtrly Updates
Autos Extends Gaining Streak, M&M At A Record High, Tata Motors Up 3%
HUL Falls Sharply In Last Hour Of Trade To Close 3% Off Highs
Dr Reddy’s, Cipla, Bharti, RIL, Nestle, Bajaj Fin Fall In A Strong Session
ICICI Lombard Rises 3% & Star Health 11% On Positive Brokerage Note
Oil Marketing Cos Remain In Focus On Falling Crude, HPCL Gains Over 4%
Realty Stocks Rise As Well On Improved Wtrly Performance, Sobha Up 10%
Market Breadth Firmly In Favour Of Advances, Advance-Decline Ratio At 5:2
Gold and silver gains could be short-lived, say analysts
Precious metal rates rose on Thursday as weakness in the greenback overseas made them more attractive to holders of other currencies. However, gains on Dalal Street — which aided investors' appetite for risk — kept the upside in gold and silver in check. (More details here)
Product complaints, unit closures, 'act fast, think later' culture led to recent Ola troubles, say former execs
The closure of Ola Cars and Ola Dash could lead to the exit of 600 employees. Apart from a series of senior-level exits, falling sales and product concerns weigh down the cab aggregator. (Here's what ex-employees have to say)
JTEKT India promoter stake comes down by 1% after amalgamation with subsidiary
The promoter entity stake in JTEKT India came down by 100 bps to 73.98 percent at the end of June, following the amalgamation of subsidiary JTEKT Fuji Kiko Automotive India with itself.
Before the amalgamation, the promoter stake had stood at 74.98 percent.
JTKET India's revenue had come in at Rs 1,611 crore for the year ended March 2022, and JTEKT Fuji Kiko's at Rs 99.4 crore.
Rationale for amalgamation:
--Both companies are under one management
--JTEKT Fuji Kiko provides input material to JTEKT India
--Business and operational synergies
--Better negotiating power
Titan sales best after FY20 and can be better but...
After watch-to-jewellery maker Titan posted a 205 percent year-on-year jump in the first quarter of FY23 given the low base and robust growth in all segments— jewellery, watches and wearables, eyecare, and other businesses — the stock rallied about 8 percent.
Citi, however, believes that the gold import duty hike to 15 percent from 10.75 percent earlier and volatile gold prices are some key risks for the company.
Expect LPG prices to cool off as soon as oil rates decline: Swarnendu Bhushan
Swarnendu Bhushan, Senior Group VP and Oil & Gas Analyst at Motilal Oswal Financial Services, says rupee depreciation as added to the rise in oil rates, already pushed up by the Russia-Ukraine geopolitical crisis.
"As a result, LPG prices have also risen in India... We import about 60 percent of our LPG consumption," he says.
Nykaa shares jump 5% after company expands into men's innerwear and athleisure category with GLOOT
Nykaa shares gain by as much as Rs 68.4 or 4.9 percent to Rs 1,469.9 apiece on BSE.
Mitessh Thakkar of earningwaves.com finds Nykaa interesting on the charts. "It has been doing a broad consolidation between Rs 1,500 and Rs 1,320, and showing signs of breaking up. Once it starts to get past the Rs 1,400-1,500 zone, you will see the stock possibly give you a rally till about Rs 1,620-1,650 to begin with and maybe even higher levels," he says.