Indian refiners scrap 65,000T palm oil orders as Malaysian prices surge - GEPL Capital
Stocks in News
* VODAFONE IDEA: The company partnered with AST Spacemobile to enhance mobile connectivity by enabling direct-to-device satellite broadband services.
* GARWARE TECHNICAL: The company incorporated a wholly owned subsidiary, Garwares Technical Fibres AS, in Norway to expand its international presence.
* JIO FINANCIAL SERVICES: The company acquired 7.9 crore shares of Jio Payments Bank from SBI for Rs.105 crore, making it a wholly owned subsidiary.
* ZYDUS LIFESCIENCES: The USFDA concluded its inspection at the Ahmedabad plant from June 9 to 18 with two observations.
* AXISCADES: The company is expanding its strategic cooperation with MBDA, having executed built-to-spec and built-to-print assignments for Test Benches.
* ASHOKA BUILDCON: The company and its subsidiary received work orders for Intelligent Traffic Management projects across Maharashtra, as previously disclosed.
* ELCID INVESTMENT: Ragini Vakil resigned as CFO, and the company appointed Shraddha Manjrekar as the new CFO effective June 19.
* HERO MOTOCORP: The company is launching the Vida VX2 with a Battery-as-a-Service model, offering a pay-as-you-go subscription to make VIDA EV ownership more flexible and affordable.
* ESAF SMALL FINANCE BANK: The bank approved the sale of NPAs and written-off loans to an Asset Reconstruction Company.
* INOX GREEN ENERGY: Promoter Devansh Trademart acquired an additional 30,000 shares of the company through open market transactions.
Economic News
* Indian refiners cancel palm oil orders for July-Sept as prices surge: Indian refiners have cancelled orders for 65,000 metric tons of crude palm oil due to a sudden surge in Malaysian prices. This decision, impacting deliveries from July to September, was driven by refiners seeking to secure profits amidst market volatility.
Global News
* China's housing market weakens further as price declines deepen despite policy support: China’s new home prices fell 0.2% MoM in May, marking a continued two-year stagnation despite multiple policy support measures. The decline follows a flat April and reflects renewed pressure post-peak season due to weak demand, policy fatigue, and buyer caution. The property sector, once contributing a quarter of GDP and housing 70% of household wealth, remains in a prolonged slump since 2021, worsened by developer debt issues. Though a private survey showed a 0.3% MoM price rise across 100 cities, official data revealed a 10.7% YoY drop in property investment and a 2.9% fall in sales (Jan-May). Smaller Tier 3/4 cities continued to decline, with prices down 0.3% in May. Analysts warn of steeper drops without stronger, city-specific policy actions. The government has pledged further steps to boost demand and stabilise the sector.
Technical Snapshot
Key Highlights:
NIFTY SPOT: 24812.05 (-0.17%)
TRADING ZONE:
Resistance :24950 (Pivot Level) and 25100 (Key Resistance)
Support: 24700 (Multiple Touches) & 24500 (Key Support).
BROADER MARKET: UNDERPERFORMED
MIDCAP 150: 58109.2 (-0.46%), SMALLCAP 250: 18378.45 (-0.23%)
VIEW:Bullish till above 24500 (Key Support).
BANKNIFTY SPOT: 55828.75 (0.21%)
TRADING ZONE:
Resistance: 56000 (Multiple Touches) / 56500 (Key Resistance)
Support: 55000 (Pivot Level) / 54700 (Key Support).
VIEW: Bullish till above 54700 (Key Support).
SEBI Registration number is INH000000081.
Please refer disclaimer at https://geplcapital.com/term-disclaimer
