Buy USDINR; target of 69.50 - 69.60: ICICI Direct

ICICI Direct expects USDINR to find support at lower levels. Utilise downsides in the pair to initiate long positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee ended higher by 6 paise vs. the US$ yesterday tracking a mild recovery in domestic equities as well as consolidation in US$. However, it is expected to open sharply lower today tracking strong gains in the US$ • The US dollar ended with sharp gains with the dollar index rising to almost two and a half year highs. Although the Fed cut the rate by 25 bps as expected, it disappointed investors who were looking for the start of a rate cut cycle. The Fed chairman has kept the doors open for further policy moves, which makes incoming data very crucial. Most currencies are currently trading lower against US$.

Currency futures on NSE

The dollar-rupee August contract on the NSE was at 68.98 in the previous session. Open interest declined 9.84% in the previous session • We expect the US$INR to find support at lower levels. Utilise downsides in the pair to initiate long positions.

Intra-day strategy 

US$INR August futures contract (NSE)	View: Bullish on US$INR
Buy US$ in the range of 69.18 -69.22	Market Lot: US$1000
Target: 69.50 / 69.60	Stop Loss: 69.03
Support	Resistance
S1/ S2: 69.18 / 69.00	R1/R2:69.40 / 69.60

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Global gold demand rise 8% to 1,123 tonne in April-June: WGC

Bars and coins saw 12% drop in the second quarter mainly due to China following the easing of currency concerns and high prices.

Global gold demand grew by 8 percent year-on-year to 1,123 tonne in the April-June quarter of 2019, mainly driven by central banks purchases and rise in investments in gold-backed ETFs, according to a report.

The overall demand in the second quarter of 2018 was at 1,038.8 tonne, according to the World Gold Council's Q2 Gold Demand Trends report.

As per the report, central banks' demand grew by 67 percent as they bought 224.4 tonne of gold in April-June 2019, compared to 152.8 tonne a year ago.

Poland was the largest purchaser during the quarter, as the country added 100 tonne to its reserves, bumping giant purchaser Russia into second place, the report said.

Total investment demand was 1 per cent firmer year-on-year, as healthy exchange-traded fund (ETF) inflows in Europe counterbalanced a 12 per cent drop in bar and coin demand, the report added.

The holdings of gold-backed ETFs grew 67.2 tonne in April-June period to a six-year high of 2,548 tonne.

"Continued geopolitical instability, dovish commentary on monetary policy from central banks, and the rallying gold price in June were the main factors driving inflows into the sector in Europe," WGC Managing Director, India, Somasundaram PR told PTI here.

Bars and coins saw 12 percent drop in the second quarter mainly due to China following the easing of currency concerns and high prices.

WGC Head of Market Intelligence Alistair Hewitt said June was a big month for gold as the price broke out of a multi-year trading range to hit a six-and-a-half year high and gold-backed ETF assets-under-management grew by 15 per cent - the largest monthly increase since 2012.

"While the Fed's dovish turn was a key driver for this, it also builds on a strong H1 which saw gold demand hit a three-year high, underpinned by extremely strong central bank buying. But we also saw an uptick in sales at an individual level as investors took advantage of June's price rally to lock-in profits, jewellery recycling and retail bar and coin liquidations both rose," he added.

Meanwhile, the jewellery demand witnessed 2 percent growth at to 531.7 tonne from from 520.8 tonne in same period of 2018, due to strong recovery in India's jewellery market driven by a busy wedding season and healthy festival sales, before the June price rise brought it to a virtual standstill.

Gold supply grew 6 percent in Q2 to 1,186.7 tonne from 1,121.3 tonne in the same period last year boosted by the sharp June gold price rally.

A record 882.6 tonne for Q2 gold mine production and a 9 percent jump in recycling to 314.6 tonne led the growth in supply.

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Dilip Buildcon gains 2% after bagging dam project

Company said it has been declared L-1 bidder by the Water Resources Department for the project in Jharkhand.

Dilip Buildcon shares gained 2 percent intraday on July 30 as the construction company bagged order to construct a dam in Jharkhand.

The stock rallied 28 percent in the last six months. It was quoting Rs 420.60, up Rs 3.70, or 0.89 percent on the BSE at 1113 hours.

"Company has been declared L-1 bidder for the project 'construction of Kharkai Dam at Icha with all control gates and its allied works including civil, mechanical (with design of gates), electrical and SCADA System under SMP in Jharkhand," Dilip Buildcon said in its BSE filing.

The company further informed exchanges that it has been declared L-1 bidder by the Water Resources Department for the project in Jharkhand.

In addition, its wholly-owned subsidiaries DBL Sangli Borgaon Highways Private Limited and DBL Mangalwedha Solapur Highways Private Limited received the appointed date i.e May 23, 2019, from the National Highways Authority of India.

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Buy HDFC Life Insurance Company; target of Rs 585: Prabhudas Lilladher

Prabhudas Lilladher is bullish on HDFC Life Insurance Company has recommended buy rating on the stock with a target price of Rs 585 in its research report date July 24, 2019

Prabhudas Lilladher's research report on HDFC Life Insurance Company

HDFC Life's overall APE grew strong 66% YoY driven by WRP growth of 58% YoY. Company saw sharp change in mix of individual APE with non-par savings mix going to 63% from 20% at end of FY19 mainly driven by strong growth in new product launched Sanchay Plus which is return guaranteed product (endowment).

 Strong growth in non-par, continued growth in retail protection and continued annuity focus has led to strong margin improvement of 260bps QoQ to 29.8%. New product carries risk of interest rate shocks but management mentioned but carries hedges from the segment products hence sensitivity from rate movement is limited. 

We adjust assumptions to factor in strong APE growth & sharp margin improvement but marginally lower EV to factor in lower unwind rate

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Buy Jubilant FoodWorks; target of Rs 1459: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Jubilant FoodWorks has recommended buy rating on the stock with a target price of Rs 1459 in its research report date July 24, 2019.

Prabhudas Lilladher's research report on Jubilant FoodWorks

We cut our FY20 and FY21 EPS estimate by 10.6% and 10.5% which includes ~8% impact due to IndAS 116 impact. 1Q has shown tepid performnce due to high base, store cannibalisation and impact of high prices of raw materials. 

However we remain positive on the medium term growth prospects of JUBI due to 1) unchanged guidance of 100 Dominos store additions 2) ~4% price increase after 3 years does not disturb consumer value proposition 3) menu innovations with World Pizza league 4) new store design to imbibe efficiencies in operations. 

We believe that Dominos will not be impacted by food aggregators given strong brand and its strength in delivery based model. Although deterioraion in consumer sentiment poses a near term challenge, we excpect Dominos to emerge stronger once the demand revives. We estimate mid to high single SSG and PAT growth of 9.7% in FY20 and 25.4% in FY21.

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Tata Motors shares fall 4% after Fitch downgrades long term issuer rating

Fitch rates Tata Motors on a consolidated basis including 100 percent of JLR, considering its ability to access cash at JLR despite weak legal and operational ties

Shares Tata Motors fell nearly 4 percent intraday on July 24 after global rating agency Fitch downgraded company's long term issuer rating with negative outlook.

The stock was quoting at Rs 152.05, down Rs 4.15, or 2.66 percent on the BSE at 1402 hours IST.

Fitch Ratings downgraded the long-term issuer default rating (IDR) of Tata Motors to 'BB-' from 'BB', saying the outlook is negative.

"The rating has been removed from 'rating watch negative' where it was placed on February 6," it added.

Fitch rates Tata Motors on a consolidated basis including 100 percent of JLR, considering its ability to access cash at JLR despite weak legal and operational ties.

The downgrade reflects the reduction in Fitch's expectations for Tata Motors' profitability and free cash generation in the next two to three years.

Fitch said it revised estimates because business risks have increased in both its India operations and its fully owned UK-based subsidiary, Jaguar Land Rover Automotive plc.

This will result in a sustained deterioration in company's financial profile, including its leverage, it added.

The global agency said the rating action follows a similar action on JLR's rating on 16 July 2019. It rated JLR at 'BB-' with negative outlook.

Uncertainty around an orderly outcome of Brexit negotiations and the evolving global tariffs situation pose risks, in particular to Tata Motors' JLR business, which faces a significant level of production-sales mismatch due to concentration of its production base in the UK, it added.

The rating agency said JLR's heavy reliance on the sales of diesel variants exposes it to unfavourable regulations in Europe.

JLR plans to offer electric variants for all of its models by 2020, but unexpected delays could dampen sales performance, according to Fitch.

It expects India's auto sales volumes to stabilise gradually with the re-election of the government in May 2019, but prolonged weakness in sales would exert further pressure on leverage.

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OBC gains 2% on posting profit in June quarter

The net interest income of the company was up 2.6 percent at Rs 1,371.6 crore against Rs 1,337.3 crore.

Shares of Oriental Bank of Commerce (OBC) gained 2.5 percent intraday July 22 after company posted profit in the quarter ended June 2019 (Q1FY20). The company reported profit of Rs 112.7 crore against loss of Rs 393.2 crore in a year ago period.

Its gross NPA stood at 12.56% against 12.66%, while net NPA was at 5.91% versus 5.93%, QoQ.

The net interest income of the company was up 2.6 percent at Rs 1,371.6 crore against Rs 1,337.3 crore.

Provisions for the quarter stood at Rs 842.4 crore versus Rs 1,051.5 crore, QoQ; and versus Rs 1,539.5 crore, YoY.

At 14:04 hrs Oriental Bank of Commerce was quoting at Rs 82.65, up Rs 0.65, or 0.79 percent on the BSE.

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IEA says does not expect 'huge increase' in crude prices

Electric vehicles are not expected to make a dent on crude demand in India and elsewhere, IEA's Fatih Birol also said, adding that he expects India's oil demand to continue rising.

The International Energy Agency (IEA) doesn't expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on July 19.

Electric vehicles are not expected to make a dent on crude demand in India and elsewhere, IEA's Fatih Birol also said, adding that he expects India's oil demand to continue rising.

The IEA is reducing its 2019 oil demand forecast due to a slowing global economy amid a US-China trade spat, and may cut it again if the global economy and especially China shows further weakness, Birol told Reuters on July 18.

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Soybean prices are expected to trade sideways today: Angel Commodities

According to Angel Commodities, NCDEX Aug Soybean closed lower on Tuesday due to profit booking at higher levels on expectation of better output and higher imports of edible oil due to lower tariff value.

Angel Commodities' report on Soybean

NCDEX Aug Soybean closed lower on Tuesday due to profit booking at higher levels on expectation of better output and higher imports of edible oil due to lower tariff value. As per farm ministry, acreage under soybean is 51.94 lakh ha so far, up from 27 l hac from previous week but down about 19% from last year acreage of 64.04 lakh ha. This season so far, area in MP and Maharashtra, where reportedly lower by 21%. Government hike minimum support price by 9% or 311 rupees to 3,710 per 100 kg for 2019/20 which also helps to increase acreage this year.

Outlook

Soybean futures expected to trade sideways due to expectation of improving sowing progress in central India due to fast progress of monsoon rains. Moreover reports of increasing import duty for edible oil will support oilseed prices. However, declining meal exports may put extra pressure on Oilseeds as the sowing season progressing.

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चौथी तिमाही में 2223 करोड़ रुपये के घाटे से 30 फीसदी गिरा DHFL का शेयर

देश की सबसे बड़ी हाउसिंग फाइनेंस कंपनी में शुमार दीवान हाउसिंग फाइनेंस लिमिटेड (डीएचएफएल) का शेयर करीब 30 फीसदी गिर गया। कंपनी ने शनिवार को वित्त वर्ष 2018-19 के चौथी तिमाही के नतीजों को जारी किया था, जिसमें उसको 2223 करोड़ रुपये का घाटा हुआ था। 

सुबह 10 फीसदी गिरा था शेयर

सोमवार को बाजार की शुरुआत के वक्त ही कंपनी के शेयरों में 10 फीसदी की गिरावट देखने को मिली और यह 61.65 के स्तर पर खुला। वहीं पिछले कारोबारी दिन डीएचएफएल का शेयर 68.50 के स्तर पर बंद हुआ था। कंपनी पिछले वित्तीय वर्ष की दूसरी छमाही से वित्तीय तनाव से गुजर रही है। कंपनी को लगातार गिरावट का सामना करना पड़ रहा है। 

इतना गिरा शेयर

दोपहर के वक्त बीएसई पर शेयर 31.41 फीसदी गिरकर 46.95 पर कारोबार कर रहा था। वहीं एनएसई पर यह 31.46 फीसदी गिरकर बीएसई के स्तर पर ही कारोबार कर रहा था। 

नहीं बंद होगी कंपनी

वहीं कंपनी ने कहा कि वो अपनी परिसंपत्तियों का मुद्रीकरण करना चाहती है और अपने खुदरा और थोक पोर्टफोलियो को बेचने के लिए बैंकों और अंतरराष्ट्रीय वित्तीय संस्थानों के साथ चर्चा कर रहा है। कंपनी ने आशीष सराफ जो कि फिलहाल वरिष्ठ उपाध्यक्ष के पद पर हैं, उनको मुख्य जोखिम अधिकारी नियुक्त किया है। डीएचएफएल को उम्मीद है कि वह अगस्त 2019 में अपने कारोबार को फिर से शुरू कर सकेगी और इसे आने वाले महीनों में बढ़ाएगी।

डीएचएफएल के अध्यक्ष और प्रबंध निदेशक कपिल वधावन ने कहा कि डीएचएफएल का उद्देश्य सभी छोटे और बड़े हितधारकों, लेनदारों और निवेशकों की रक्षा करना जारी रखना है। डीएचएफएल ने सितंबर 2018 से मुख्य रूप से परिसंपत्तियों के प्रतिभूतिकरण और पुनर्भुगतान संग्रह के माध्यम से 41,800 करोड़ रुपये से अधिक का पुनर्भुगतान किया है।

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Crude Oil prices are expected to trade lower today: Angel Commodities

According to Angel Commodities, Last week, WTI Crude prices surged over 5 percent over falling inventory levels coupled with rising worries of a global supply shortage

Angel Commodities' report on Crude Oil

Last week, WTI Crude prices surged over 5 percent over falling inventory levels coupled with rising worries of a global supply shortage. U.S. Crude stockpiles dipped over 9 million barrels which pushed Crude prices higher. U.S. Inventory levels continued to decline for the fourth week straight. Moreover, cyclone threatened crude production in the Gulf of Mexico amid rising tension from the Middle East. Oil companies in the Gulf of Mexico had to shut over 53 percent of the regions production. The prolonged trade spat between U.S. & China has shown no signs of easing off. The trade war is its second year now and it continues to hamper the global growth prospects & in turn limited the gains for Crude prices.

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Kotak Mahindra Bank Q1 Net Profit seen up 35.6% YoY to Rs. 1,390 cr: Sharekhan

Net Interest Income (NII) is expected to increase by 22.3 percent Y-o-Y (up 3.6 percent Q-o-Q) to Rs. 3,158 crore, according to Sharekhan.

Sharekhan has come out with its first quarter (April-June’ 19) earnings estimates for the Banking & NBFC sector. The brokerage house expects Kotak Mahindra Bank to report net profit at Rs. 1,390 crore up 35.6% year-on-year (down 1.2% quarter-on-quarter).

Net Interest Income (NII) is expected to increase by 22.3 percent Y-o-Y (up 3.6 percent Q-o-Q) to Rs. 3,158 crore, according to Sharekhan.

Pre Provision Profit (PPP) is likely to rise by 21.8% Y-o-Y (up 8.4 percent Q-o-Q) to Rs. 2,475 crore.

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The Phoenix Mills Q1 PAT seen up 48% YoY to Rs. 88.4 cr: ICICI Direct

Net Sales are expected to increase by 24.9 percent Y-o-Y (down 28.7 percent Q-o-Q) to Rs. 516 crore, according to ICICI Direct.

ICICI Direct has come out with its first quarter (April-June’ 19) earnings estimates for the Real Estate sector. The brokerage house expects The Phoenix Mills to report net profit at Rs. 88.4 crore up 48% year-on-year (down 61.3% quarter-on-quarter)

Net Sales are expected to increase by 24.9 percent Y-o-Y (down 28.7 percent Q-o-Q) to Rs. 516 crore, according to ICICI Direct.Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to rise by 30.2 percent Y-o-Y (down 32.6 percent Q-o-Q) to Rs. 254.4 crore.

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2000 के नोट की लागत में 65 पैसे की कमी, इधर डॉलर के मुकाबले 15 पैसे मजबूत हुआ रुपया

दो हजार रुपये के नोटों की लागत में 65 पैसे की कमी आई है। मंगलवार को वित्त मंत्रालय ने यह जानकारी दी कि एक वित्तीय वर्ष के अंतर में 2,000 के नोट की लागत घट कर 3.53 रुपये रह गई है। इधर, डॉलर के मुकाबले रुपया 15 पैसे मजबूत हुआ है। मुद्रा विनिमय बाजार में रुपया 15 पैसे की मजबूती के बाद 68.51 डॉलर प्रति बैरल के स्तर पर बंद हुआ। 

मंगलवार को वित्त राज्य मंत्री अनुराग ठाकुर ने एक सवाल के लिखित जवाब में राज्यसभा में बताया कि 2017-18 में 2,000 रुपये के नोट का विक्रय मूल्य 4.18 रुपये था जो 2018-19 में 3.53 रुपये रह गया। मालूम हो कि दो हजार रुपये के नोटों की छपाई भारतीय रिजर्व बैंक नोट मुद्रण प्राइवेट लिमिटेड द्वारा की जाती है।

इसी प्रकार 500 रुपये के नोट का विक्रय मूल्य 2017-18 में 2.39 रूपए था जो 2018-19 में 2.13 रुपये रह गया। ठाकुर ने बताया कि 2016-17 और 2017-18 (जुलाई-जून) में करेंसी नोटों की छपाई पर हुआ खर्च क्रमश: 79.65 अरब रूपए और 49.12 अरब रूपए था।

डॉलर के मुकाबले रुपया 15 पैसे मजबूत

वैश्विक बाजार में डॉलर की मांग कमजोर रहने से मंगलवार को रुपये में बढ़त दिखी। मुद्रा विनिमय बाजार में रुपया 15 पैसे की मजबूती के बाद 68.51 डॉलर प्रति बैरल के स्तर पर बंद हुआ। क्रूड कीमतों में उछाल और वैश्विक बाजार में तेजी की उम्मीदों के कारण अमेरिकी डॉलर पर दबाव बढ़ा।

कारोबार की शुुरुआत में रुपया गिरकर 68.84 के स्तर पर चला गया था, लेकिन बाद में इसमें सुधार आया। एक दिन पहले सोमवार को भारतीय मुद्रा में 24 पैसे की बड़ी गिरावट दिखी थी। इस दौरान सरकार की 10 वर्षीय बांड यील्ड 6.59 फीसदी के स्तर पर रही।

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Goa Carbon Q1: Weaker end market demand, lower product spreads key negatives

Production volumes are breathing again, thanks to lifting of ban on key raw materials. But below-par capacity utilisation remains a work in progress

Highlights:

Sequential improvement in sales volume though utilisation is still sub-par

Operating profit impacted by adverse operating leverage and lower spreads

While volumes are expected to gradually improve, margins would stabilize at low teens

Key positive - GPC import quota fairly covers requirement in FY20

Goa Carbon, the second-largest manufacturer of CPC (calcined petroleum coke) in India, posted another weak quarter, mainly due to weakness in end markets, partially offset by improving capacity utilisation and signs of moderation in raw material cost.

Source: Company

Sequentially, there was an improvement because of higher production volumes. Sales grew by 7 percent QoQ (quarter on quarter) and 11 percent YoY (year on year).

To provide a perspective, higher production volume was possible as the Supreme Court had lifted ban on key raw material – green pet coke (GPC). In Q2 and Q3 of FY19, the company was adversely impacted by the SC ban on pet coke. However, sequentially, sales volume has picked up from Q4.

Furthermore, it’s noteworthy that since the GPC import allowed for the company in FY20 is 3,30,000 tonnes, it roughly covers its requirement of ~90 percent plant utilisation, factoring in EPCA’s (Environment Pollution Control Authority) calculations.

Having said that, capacity utilisation level of 76 percent is still sub-par. The company updated that key plants (Goa and Bilaspur) were shut down for a substantial period owing to lack of viable export and domestic orders.

Table: Manufacturing capacity for CPC and GPC coverage

Source: Moneycontrol Research, EPCA

Second, raw material cost has moderated compared to the previous quarter, leading to gross margins improving to 11.3 percent as against 5.4 percent in Q4 FY19. However, compared to the previous year, gross margins are way behind, which are impacted by both higher raw material cost (+31 percent YoY) and weaker CPC prices.

Key negative

Operating profit was negative this quarter on account of prevailing negative operating leverage and uninspiring gross margins. The firm continues to be impacted by adverse operating leverage as the utilisation rate is sub-par due to lower offtake.

Key observation

In recent times, there has been commissioning of new CPC plants in China, leading to adverse supply demand situation. Domestic smelters have been procuring CPC from China because of discounted prices, which has led to lower offtake.

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Morgan Stanley downgrades Titan Company after 40% rally in 2019; here’s why

Rakesh Jhunjhunwala had also reduced his cumulative holding in Titan Company from 7.08 percent in December 2018 quarter to 7.04 percent in the March quarter, according to shareholding data

Morgan Stanley downgraded Titan Company to Equal-weight from Overweight on July 3 as the risk-to-reward ratio at current levels seems unfavourable.

Titan Company is still one of Morgan Stanley’s favourite long-term plays on urban discretionary consumption growth in India. However, following the strong trailing performance, the global investment is reluctant to push multiples beyond current levels.

It sees balanced risk-reward at the current stock price, the global investment bank said in a note. The 12-month forward P/E trades at 53x which is at peak level in the last decade and at a 25 percent premium to its 5-year average.

After the recent run-up seen in Titan, re-rating of the stock is complete. “The risk-to-reward prompts us to take a breather and await a better entry point,” added the note.

Titan Company has risen over 40 percent so far in 2019, outperforming the benchmark index by a wide margin.

The stock rose from Rs 931 on December 31 to Rs 1,328 on July 3, which roughly translates into an upside of 42 percent in the same period.

The big bull Rakesh Jhunjhunwala also reduced his cumulative holding in Titan Company from 7.08 percent in December 2018 quarter to 7.04 percent in the March quarter, according to shareholding data.

Morgan Stanley expects strong earnings from Titan in the near future. Their FY20 earnings estimate is ~4 percent above consensus. “Even as long-term holders may continue to do well with Titan stock over time, we see less room for positive surprises in coming quarters,” said the report.

Even though Titan remains a strong play in the urban discretionary space, Morgan Stanley prefers Jubilant Foodworks. The global investment bank maintains an overweight stance on the stock with a target price of Rs 1,525.

“On an industry-relative basis, we prefer companies with high operating leverage. This is important because this captures the full benefit of strong consumer offtake. At our price targets, FY21e P/E would be 46x for Titan and 38x for Jubilant,” said the note.

For Jubilant Foodworks, Morgan Stanley is of the view that the combination of latent demand growth amidst an improving demand environment, moderate cost inflation, stringent cost control, and favourable base could drive earnings growth ahead of our base case estimates.

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D-St Buzz: Over 200 stocks hit 52-week low on BSE; Indiabulls Housing jumps 3%, Tata Motors drags

793 stocks advanced and 926 declined while 364 remained unchanged on the NSE. On the BSE, 1063 stocks advanced, 1319 declined and 153 remained unchanged.

The Indian benchmark indices are trading on a positive note with Nifty up 29 points at 11,894 while the Sensex up 95 points and is trading at 39,781 level.

Nifty IT is up over half a percent led by Oracle Financial Services, Tata Elxsi, Infosys, Tech Mahindra and Wipro.

From the oil & gas space, the top gainers are HPCL, Indian Oil Corporation, ONGC and BPCL. Heavyweight Reliance Industries is also trading in the green.

From the auto space, Eicher Motors added close to 2 percent while Tata Motors shed 2 percent.

Selective banking stocks are trading in the green led by IDFC First Bank, HDFC bank and RBL bank while the top losers are YES Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank.

India VIX is down 1.37 percent and is trading at 14.40 levels.

The top gainers from the NSE include Indiabulls Housing Finance, UPL, ONGC, Eicher Motors and HDFC while the top losers are YES Bank, Sun Pharma, Tata Motors, Dr Reddy's Labs and Bajaj Auto.

The most active stocks are YES Bank, Indiabulls Housing Finance, Adani Power, Zee Entertainment and HDFC.

Adani Power, TD Power Systems, SBI Life Insurance, Trent and CESC have hit new 52-week high on BSE.

On the other hand, 204 stocks have hit 52-week low on BSE including Ortel Communications, Healthcare Global, Quess Corp, McNally Bharat, Tilaknagar Industries, TVS Motor, Sun Pharma Advanced Research Company and Graphite India among others.

793 stocks advanced and 926 declined while 364 remained unchanged on the NSE. On the BSE, 1063 stocks advanced, 1319 declined and 153 remained unchanged.

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Escorts jumps 4% after June tractor sales beat analyst expectations

Even its sales for the quarter ended June 2019 declined 14.1 percent to 21,051 tractors against 24,494 tractors sold in the same quarter previous year

Escorts shares rallied 4.5 percent intraday on July 1 after tractor sales in June surpassed analyst expectations.

The company said its agri machinery segment in June 2019 sold 8,960 tractors, lower by 10.2 percent compared to 9,983 tractors sold in the corresponding month last year. However, it was higher than Emkay expectation of 8,200 tractors

Domestic sales dropped 11.4 percent year-on-year to 8,648 tractors in June but exports increased 38.7 percent to 312 tractors.

Even its sales for the quarter ended June 2019 declined 14.1 percent to 21,051 tractors against 24,494 tractors sold in the same quarter previous year.

The stock was quoting at Rs 556.85, up Rs 20.30, or 3.78 percent on the BSE at 1148 hours IST.

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Strike on strike in protest against central government's decision, shops shut shop across the state

On Friday, drug trade was closed across the state in protest against the compulsory registration of drugs from a drug manufacturer to a seller on the drug portal. All drug dealers in district and district headquarters protest protest by protesting

The call has been called by All India Organization of Chemists and Drugists. UP federation guardian Giriraj Rastogi and spokesman Vikas Rastogi said that the central government is registering the registration for drug maker, CNF agent and stockists on drug portals.

No registration will be allowed for sale without registration. Retailers have to upload the doctor's form on the website, only then they can give medicine to anyone. Also, the bill of medicines has to be uploaded. Bulk traders have to upload invoice. These rules are completely justified.

Where there is no facility of internet, traders there will be the most difficult. Drug merchants would not tolerate such rules. The officials of the health ministry were interviewed, but there was no reply from there. After this the decision has been taken to close the state and the country.

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