Talks of windfall tax on Oil companies speculative, won’t comment. Taxation is Finance Ministry’s prerogative: Oil Minister
Market update at 1 PM: Sensex is up 285.36 points or 0.52% at 55666.53, and the Nifty added 62.70 points or 0.38% at 16585.50.
Auto earnings vroom to March quarter rebound despite speedbumps from chip carnage, input inflation
Analysts expect margin pressure to continue
#OnCNBCTV18 | Have increased our inflation projection for FY23. Elephant in the room is crude oil price which could remain elevated for a long time, Soumya Kanti Ghosh of State Bank of India (@TheOfficialSBI) pic.twitter.com/zWI6G1SJc6— CNBC-TV18 (@CNBCTV18Live) June 2, 2022
Brightcom Group was quoting at Rs 58.00, down Rs 3.05, or 5.00 percent. It has touched an intraday high of Rs 59.30 and an intraday low of Rs 58.00. There were pending sell orders of 262,260 shares, with no buyers available.
Market update at 12 PM: Sensex is up 172.68 points or 0.31% at 55553.85, and the Nifty added 23.10 points or 0.14% at 16545.90
Saudi Arabia to raise oil production if Russian output falls under sanctions:
Saudi Arabia is prepared to raise its oil production if Russia’s output falls substantially because of the western sanctions imposed on it, the Financial Times reported on Wednesday, citing sources. Discussions had been held about an immediate increase in production from Saudi Arabia and the United Arab Emirates, which could be announced at Thursday’s OPEC+ meeting, according to the report, citing a diplomatic source.
Saudi Arabia-based family-owned, diversified global investor and operator Abdul Latif Jameel has committed to invest up to $220-million (Rs 1,700-crore) in Greaves Cotton’s e-mobility arm — Greaves Electric Mobility. As part of the deal, Jameel will initially pump in $150-million (Rs 1,160 crores] for a 35.8 per cent stake in the company, making it the second-largest shareholder in the firm, a statement said.
Joseph Anantharaju, Co-Founder & Executive Vice Chairman, Happiest Minds
Joseph Anantharaju, Co-Founder & Executive Vice Chairman of Happiest Minds said in an interview with CNBC TV18 that the company has not seen a drop-off in demand nor is there any request from customers for a price reduction. The discussions regarding price hikes were initiated in Q2FY22 and implemented during last FY. Its customer include start-ups which are well funded and have sustainable products. The start-ups with revenues below $50 million constitute 8 percent of company’s revenue. The company deos not have exposure to any loss making start-up and the company is focussing on maintaining capital return ratios. He further added that the company will need to make acquisitions to achieve its aspiration of achieving $1 billion revenue.
#OnCNBCTV18 | Oil & Gas Companies will do well in FY23. M&M & Maruti are the preferred bets in the auto space, says Gautam Duggad of Motilal Oswal Financial Services pic.twitter.com/Urahk6lhNG— CNBC-TV18 (@CNBCTV18Live) June 2, 2022
Market update at 11 AM: Sensex is up 46.15 points or 0.08% at 55427.32, and the Nifty shed 5.30 points or 0.03% at 16517.50.
Arun Agarwal – Deputy Vice President, Kotak Securities on the auto sector:
In the month of May 2022, most auto manufacturers reported yoy and qoq increase in their wholesale dispatches. On a YoY basis, growth was high due to low base (May 2021 volume were impacted due to Covid related disruptions). For the passenger vehicle segment, strong demand was partly offset by supply-chain related issues. Domestic two wheeler industry volumes increased over April 2022 benefiting from wedding season. Commercial vehicle segment remained on a strong footing and we expect the medium & heavy commercial vehicle segment recovery to continue. Tractor segment performance was strong, led by better price realizations for crops. Timely arrival of monsoon coupled with normal monsoon forecast augurs well for tractor demand.