IGI Logo

Stocks in News

* COFORGE: The company denied media reports linking Saber’s weaker results to its performance, stating no event has occurred that would materially affect its financials from that customer.

* SHILPA MEDICARE: The company got CDSCO approval to launch Nor Ursodeoxycholic Acid 500 mg in India, becoming the first globally to offer a treatment for NAFLD, impacting about 188 million Indians.

* HITACHI ENERGY: The company received an order to repay an 'erroneously sanctioned' GST export refund of Rs.22.97 crore, plus a Rs.2.30 crore penalty.

* IDFC FIRST BANK: Platinum Invictus got RBI approval to invest up to 9.99% in the bank, starting with Rs.2,624 crore for a 5.09% stake via preferential issue.

* BEML: The company won its first overseas Rail and Metro contract from Malaysia, worth USD 1 million, for MRT system retrofit and reconditioning.

* NACL INDUSTRIES: Coromandel International has acquired a controlling stake in the company, with its open offer for an additional 26% from public shareholders still underway.

* H.G INFRA ENGINEERING: In JV with D.E.C. Infrastructure, the company won a Rs.2,195.68 crore RLDA project to redevelop New Delhi Railway Station and build related infrastructure in 45 months.

* DR REDDYS LAB: The company received a Voluntary Action Indicated status from the USFDA after a GMP inspection at its Miryalaguda API plant.

* MAHINDRA AND MAHINDRA: July production was 82,862 units (vs 70,540 last year), with total sales of 80,917 units and exports of 2,774 units.

* ZYDUS LIFESCIENCES: The company got final USFDA approval for Prucalopride Tablets, 1 mg and 2 mg.

Economic News

* Shrimp exporters seek govt aid as Trump tariffs threaten USD 2 bn of exports: The Seafood Export Association of India is seeking emergency financial support due to increased US tariffs on shrimp exports, potentially disrupting USD 2 billion worth of trade. These tariffs, escalated by President Trump, make Indian seafood less competitive compared to China, Vietnam, and Thailand.

Global News

* US trade gap skids to 2-year low; tariffs exert pressure on service sector: The U.S. trade deficit with China fell sharply by one-third to $9.5 billion in June its lowest since 2004 marking a 70% decline over five months, driven by a steep drop in Chinese imports due to 30% tariffs. Trade gaps with Canada and Germany also narrowed to multi-year lows, while surpluses with Taiwan and Vietnam hit records. As tariff tensions persist, domestic services activity stalled in July, with the ISM services PMI slipping to 50.1 and employment contracting for the fourth time in five months. Rising input costs pushed the prices paid index to a near three-year high, raising inflationary concerns, especially as goods prices start climbing and stagflation risks emerge. Businesses continue to cite tariff uncertainty as a key reason for project delays and cancellations.

Technical Snapshot

Key Highlights:

NIFTY SPOT: 24363.3 (-0.95%)

TRADING ZONE: Resistance : 24500 (Pivot Level) and 24600 (Key Resistance).

Support: 24200 (Pivot Level) and 24000 (Key Support).

BROADER MARKET:

UNDERPERFORMED MIDCAP 150: 56002.2 (-1.64%), SMALLCAP 250: 17428.2 (-1.49%)

VIEW: Bearish till Below 24600 (Key Resistance).

BANKNIFTY SPOT: 55004.9 (-0.93%)

TRADING ZONE: Resistance: 55300 (Pivot Level) / 55800 (Key Resistance)

Support: 54700 (Pivot Level) / 54500 (Key Support).

VIEW: Bearish till below 55800 (Key Resistance)

Government Security Market:

* The Inter-bank call money rate traded in the range of 4.75% - 5.70% on Friday ended at 4.95%.

* The 10 year benchmark (6.33% GS 2035) closed at 6.4121% on Friday Vs 6.3861% on Thursday .

Global Debt Market:

U.S. Treasury yields were little changed on Friday as investors weighed a week of tariff developments and their effect on the U.S. economy. At 3:40 a.m. ET, the 10-year Treasury yield was less than a basis point higher at 4.253%, while the 30-year Treasury bond yield rose just over one basis point to 4.827%. The 2- year Treasury yield remained almost unchanged at 3.741%. Tariff news dominated headlines this week as President Donald Trump’s “reciprocal” tariffs came into force on Thursday. Brazil and India are both facing 50% levies on their goods, while neighbouring countries Canada and Mexico are dealing with 25% and 35% duties, respectively. Countries not named in Trump’s list are subject to a 10% baseline levy. Investors will continue to monitor trade developments which appear to be constantly changing and their impact on the U.S. economy. Trump announced Thursday that he had chosen Stephen Miran, chair of the Council of Economic Advisors, to replace Adriana Kugler as a member of the Federal Reserve Board of Governors. Milan will serve out the remainder of Kugler’s term, which expires Jan. 31, 2026, after she resigned last Friday. There continues to be speculation that Trump is hoping to nominate a “shadow chair” who would act in his interests on the board, including lowering interest rates. It’s quiet on the economic data front, but investors are looking ahead to a busy week, with core inflation data set to be released next week.

10 Year Benchmark Technical View :

The 10 year Benchmark (6.33% GS 2035) yield likely to move in the range of 6.40% to 6.42% level on Monday.

SEBI Registration number is INH000000081.

Please refer disclaimer at https://geplcapital.com/term-disclaimer