Tata Motors sees sales decline; Hero MotoCorp sales rise; KPI Green Energy solar projects approved; Welspun Specialty secures NTPC contract.

Opening Bell:             

Gift Nifty is up by 43.0 points in the early morning trade, indicating a positive opening for Indian stock market                            

Asian markets experienced a downturn on Tuesday. Japan’s Nikkei 225 decreased by 0.41%, while the Topix remained unchanged. South Korea’s Kospi fell by 0.22%, and the Kosdaq declined by 0.39%. Hong Kong Hang Seng index futures suggested a lower opening.

The U.S. stock market closed higher on Monday, driven by gains in megacap growth stocks that boosted the tech-heavy Nasdaq. The Dow Jones Industrial Average increased by 50.66 points, or 0.13%, to finish at 39,169.52. The S&P 500 added 14.61 points, or 0.27%, closing at 5,475.09. The Nasdaq Composite rose by 146.70 points, or 0.83%, ending at 17,879.30. Apple shares surged 2.9%, Microsoft shares gained 2%, Amazon’s stock price increased by 2.2%, and Tesla shares soared 6.1%. However, Advanced Micro Devices shares dropped 2.8%, Arm Holdings fell by 2.9%, and Chewy shares declined by 6.7%.

Stocks News:

👉Tata Motors reported an 8% year-on-year (YoY) decrease in total domestic sales, dropping to 74,147 units in June 2024. Commercial vehicle sales declined by 7% to 31,980 units, while passenger vehicle sales fell by 8% to 43,524 units. However, in Q1 FY25, total sales increased by 1.6% to 229,891 units compared to the same quarter last year.

👉 Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, sold 503,448 units in June 2024, marking a 15% increase over the same month last year. Domestic sales rose by 16% year-on-year (YoY) to 491,416 units, while exports declined by 15.5% YoY to 12,032 units during the month.

👉 KPI Green Energy has received approval from the Chief Electrical Inspector (CEIG) for its 13.60 MW solar power projects in the Independent Power Producer (IPP) segment. These projects will be added to its power generation asset portfolio through Sun Drops Energia, a wholly-owned subsidiary. Additionally, the company received CEIG approvals for 15 MW of solar power projects under its Captive Power Producer (CPP) business segment.

👉 Welspun Specialty Solutions has secured a contract valued at Rs 117.17 crore to supply seamless stainless steel boiler tubes for NTPC’s Talcher 2 x 660 MW supercritical thermal power project. The contract is slated for completion by December 2024.

👉 The Foreign institutional investors (FIIs) sold equities worth Rs 426 crore on July 1, while domestic institutional investors bought equities worth Rs 3,917.43 crore.

Domestic and International Events

• India’s power consumption surged by nearly 9% to 152.38 billion units (BU) in June, compared to the same period last year, primarily due to the intense heat driving excessive use of cooling appliances like air conditioners and desert coolers. Official data shows that in June 2023, power consumption was 140.27 BU.

• U.S. manufacturing contracted for the third consecutive month in June. The Institute for Supply Management (ISM) reported that its manufacturing PMI fell to 48.5 last month, down from 48.7 in May. Economists surveyed by Reuters had anticipated the PMI would rise to 49.1.

• Crude oil prices hovered near a two-month high due to escalating tensions in the Middle East. Brent crude oil edged up by 0.14% to $86.72 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 0.07% to $83.44 per barrel.