HDFC Bank FII Holdings Dip, Yes Bank Loan Growth, D-Mart Revenue Surge, Hindustan Zinc Production, Mahindra & Mahindra Financial Services Disbursements

Opening Bell:             

Gift Nifty is up by 84.0 points in the early morning trade, indicating a positive opening for Indian stock market                            

Asian markets traded higher on Wednesday, buoyed by overnight gains on Wall Street and regional economic data releases. Japan’s Nikkei 225 climbed 0.84%, surpassing the 40,000 level, while the Topix edged up 0.08%. South Korea’s Kospi increased by 0.26%, and the Kosdaq Index added 0.5%. However, Hong Kong Hang Seng index futures indicated a lower opening.

US stock market indexes ended higher on Tuesday, driven by gains in megacap growth stocks and a surge in Tesla shares. The Dow Jones Industrial Average climbed 162.33 points, or 0.41%, to close at 39,331.85. The S&P 500 advanced 33.92 points, or 0.62%, to 5,509.01, while the Nasdaq Composite increased 149.46 points, or 0.84%, finishing at 18,028.76. Tesla shares soared 10.2%, with Apple shares rising 1.6%. Amazon.com and Alphabet also saw gains. In contrast, Nvidia’s share price fell 1.3%, while Paramount Global shares rallied 5.7%.

Stocks News:

👉HDFC Bank The June 2024 quarter shareholding data reveals that FII holdings in the bank dropped to 54.83% from 55.54% at the end of the March quarter. This decline raises the possibility of an increase in the bank’s weightage in the MSCI indices. Experts anticipate the lender could receive FII inflows between $3 billion and $4 billion, according to CNBC-TV18.

👉 Yes Bank The private sector lender reported a 14.8% year-on-year growth in loans and advances, reaching Rs 2.29 lakh crore for Q1FY25. During the same quarter, deposits grew by 20.8% YoY to Rs 2.64 lakh crore, according to provisional data.

👉 Avenue Supermarts (D-Mart) For the quarter ended June FY25, standalone revenue from operations reached Rs 13,711.87 crore, marking an 18.4% increase over the Rs 11,584.44 crore recorded in Q1FY24. As of June 2024, the total number of stores stood at 371.

👉 Hindustan Zinc In Q1FY25, mined metal production grew by 2% year-on-year to 2.63 lakh tonnes, benefiting from improved metal grades. Saleable metal production increased by 1% YoY to 2.62 lakh tonnes. Refined zinc production also saw a 1% YoY rise to 2.11 lakh tonnes, while refined lead production grew by 2% to 51,000 tonnes during the June FY25 quarter.

👉 Mahindra & Mahindra Financial Services In June 2024, the company estimated overall disbursements at approximately Rs 4,370 crore, reflecting a 3% year-on-year growth. For Q1FY25, disbursements totaled around Rs 12,730 crore, marking a 5% YoY increase. The collection efficiency for June 2024 was 95%, compared to 96% in June 2023.

👉 The foreign institutional investors (FIIs) extended their selling for the second day, selling equities worth Rs 2,000 crore on July 2, while domestic institutional investors continued bought equities worth Rs 648 crore.

Domestic and International Events

• India’s coal production surged by 14.49 per cent to 84.63 MT in June. Coal India Ltd’s output was at 63.10 MT, up by 8.87 per cent from the previous year. Coal dispatch reached 85.76 MT, a 10.15 per cent increase, while coal stock held by companies rose to 95.02 MT, showing a 41.68 per cent annual growth. Coal stock at thermal power plants also increased to 46.70 MT, with a 30.15 per cent annual growth rate, underscoring the sector’s efficiency.

• Japanese service activity contracted for the first time in nearly two years in June. The final au Jibun Bank Service Purchasing Managers’ Index (PMI) dropped to 49.4 in June from 53.8 in May, ending a streak of 21 consecutive months of expansion, according to an S&P Global Market Intelligence survey, Reuters reported. Additionally, the composite PMI fell to 49.7 in June from 52.6 in May, marking the first time the index has dipped below the 50.0 threshold in seven months.

• Crude oil prices remained steady near a two-month high, supported by signs of a significant drawdown in US crude stockpiles. Brent crude oil edged up 0.27% to $86.47 per barrel, while US West Texas Intermediate (WTI) crude futures increased 0.23% to $83.00 per barrel.