BSE Midcap index shed 1 percent dragged by the Oil India, Hindustan Aeronautics, JSW Energy
India faces challenge in managing fiscal deficit and sustaining growth, finance ministry says:
India faces multiple near-term challenges like managing its fiscal deficit, sustaining economic growth, reining in inflation and containing the current account deficit while maintaining a fair value of its currency, the finance ministry said in its monthly economic report on June 20.
“Many countries around the world, including and especially developed countries, face similar challenges. India is relatively better placed to weather these challenges because of its financial sector stability and its vaccination success in enabling the economy to open up,” the ministry said. The challenges need to be managed carefully without sacrificing the hard-earned macroeconomic stability, the finance ministry added. Read more
European Markets Updates
Duty-related measures to slash steel exports from India by 40% in FY23: CRISIL
India’s steel exports is expected to come down by 40 per cent to 12 million tonnes (MT) in the ongoing fiscal, as a result of the duty-related measures taken by the government last month, according to CRISIL. The export of finished steel had reached a record high of 18.3 million tonnes in the 2021-22 financial year and the prices were at their all-time high, the agency said on Monday.
“India’s steel exports will drop 35-40 per cent to 10-12 million tonnes this fiscal following the 15 per cent export duty imposed on several finished steel products last month. Exports of iron ore and pellets will also fall this fiscal, and lower domestic prices,” the CRISIL research analysis said.
Consumer durable stocks slide on falling demand, slowdown fears
The BSE consumer durables index has fallen more than 11% in the last 15 sessions and analysts expect the pain to continue
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Domestic steel prices have crashed nearly 20 percent recently from the peak following the excess supply in the market caused by the imposition of 15 percent export duty. Unless this decision is reversed, steel exports are likely to take a hit of nearly 35 percent. This will also severely impact the profitability of the steel sector and this is getting reflected in the prices of steel stocks which have taken a big hit. The positive side is that steel consumers, notably in the automobile and construction sectors will gain from this steep decline in prices.
#Vedanta says the Tuticorin plant was catering to 40% national demand for copper. Exploring options to sell the plant to ensure it’s best utilised to meet demand https://t.co/LvhuvUesY7— CNBC-TV18 (@CNBCTV18Live) June 20, 2022
Market update at 2 PM: Sensex is up 57.18 points or 0.11% at 51417.60, and the Nifty shed 8.50 points or 0.06% at 15285.
NIIT Life Sciences enters into a multi-year learning services agreement
NIIT announced today that its life sciences division, NIIT Life Sciences has entered into a multi-year learning services agreement with a Swiss multinational leader in healthcare.
Under the agreement, NIIT will provide a full range of learning services to client to help streamline their regulatory operations using Veeva Vault RIM.
NIIT was quoting at Rs 375.20, down Rs 13.50, or 3.47 percent on the BSE.
BSE Metal index shed 6%
Max Ventures arm completes acquisition of Accord Hotels
Max Ventures and Industries’ subsidiary Max Estates has completed acquisition of Accord Hotels and Resorts. The acquisition cost is Rs 293 crore. With this, Accord Hotels and Resorts becomes a step down wholly owned subsidiary of Max Ventures.
Max Ventures and Industries was quoting at Rs 87.45, down Rs 3.55, or 3.90 percent.
Macquarie View On Titan Company:
Brokerage house Macquarie has maintained outperform rating on Titan Company with a target at Rs 3,000 per share.
The channel checks suggest that demand trends remain healthy, while premium-end consumers remain relatively resilient to inflationary headwinds.
The company is a part of Asia marquee buy list, reported CNBC-TV18.
Titan Company was quoting at Rs 1,942.60, up Rs 7.25, or 0.37 percent on the BSE.