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India's Manufacturing PMI Contracts, Union Bank to Raise Funds, and Buzzing Stocks Today

Fri, 2 Jul Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices edged lower after India's manufacturing PMI fell below 50 for the first time since July 2020 to 48.1 in June 2021, as the intensification of the pandemic and strict containment measures negatively impacted the country's demand.

At the closing bell yesterday, the BSE Sensex stood lower by 164 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 42 points (down 0.3%).

Dr Reddy's Labs and Hindalco were among the top gainers.

Bajaj Finserv and Shree Cement, on the other hand, were among the top losers.

The BSE Mid Cap index ended down by 0.2%, while the BSE Small Cap index ended up by 0.3%.

Sectoral indices ended on a mixed note with stocks in the power sector, telecom sector and energy sector witnessing most of the selling pressure.

Auto and healthcare stocks, on the other hand, witnessed buying interest.

Gold prices for the latest contract on MCX were trading up by 0.5% at Rs 47,086 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani shares why he has turned cautious on the market, in his latest video for Fast Profits Daily.

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Top Stocks in Focus Today

Among the buzzing stocks today will be GAIL.

GAIL shares were up 2% on the bourses yesterday after the company announced that it will invest about Rs 50 bn to build a portfolio of 1 gigawatt (GW) of renewable energy.

As part of a push to embrace cleaner forms of energy, GAIL will lay pipeline infrastructure to connect consumption centres to gas sources and spend as much as Rs 40 bn on it.

In a press release, GAIL Chairman and Managing Director Manoj Jain said -

• We are a business that is already eco-friendly - gas. And now we want to leverage our position to go greener in line with the vision of the government and the Prime Minister to cut carbon emissions and pollution.

While electricity generated from solar energy or through wind power is the cleanest form of energy, converting municipal waste into compressed biogas will supplement the availability of cleaner fuel to automobiles and households.

The company also plans to set up ethanol units that can convert agriculture waste or sugarcane into less polluting fuel that can be doped in petrol, helping cut India's import dependence.

While the renewable energy push would cost Rs 40 bn, setting up at least two compressed biogas plants and an ethanol factory would entail an investment of about Rs 8-10 bn, he added.

Tata Steel share price will also be in focus today.

Tata Steel's Chairman N Chandrasekaran said the process to merge Tata Steel BSL has been advanced.

Tata Steel had won the bid to acquire debt-laden Bhushan Steel (BSL) in insolvency proceedings. The company was later renamed as Tata Steel BSL.

While addressing shareholders at the 114th annual general meeting (AGM), held virtually, Chandrasekaran said,

• I am happy to report that Tata Steel has rationalised around 100 legal entities in the last 24 months.
  
  We have also advanced the process of the merger of Tata Steel BSL with Tata Steel which will also yield further synergies for the company in the future.

He added that the company is also progressing well on the re-organisation and consolidation of the India business of Tata Steel into four clusters long products, mining, downstream, and utilities and infrastructure services.

The growth plan of expanding the Kalinganagar facility to 8 m tonnes per annum (MTPA) from 5 MTPA is also underway.

He further said due to the pandemic, the Indian steel industry suffered production losses, especially in the first two quarters of the financial year 2021.

The industry recovered gradually in the third and fourth quarters driven by a strong revival in the domestic steel demand and rebound in manufacturing and infrastructure development activities in India.

India's Manufacturing PMI Contracts for the First Time in 11 Months

Business activity in India's manufacturing sector contracted in June, hit hard by the devastating second wave of the pandemic and consequent stringent containment measures.

There were renewed contractions in factory orders, production, exports and quantities of purchases.

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) declined to 48.1 in June from 50.8 in May.

The headline index slipped below the crucial mark of 50 for the first time since July 2020.

A reading above 50 indicates expansion and a print below that threshold points to contraction.

The PMI sub-index for employment remained in the doldrums, recording its 15th straight month of contraction.

The PMI averaged 51.5 in quarter one of the current financial year 2022, the lowest three-month figure since the same period one year ago.

Union Bank of India's Board Approves Fund Raising Plan

Union Bank of India's board of directors approved fund raising, including via equity and bonds, of up to Rs 97 bn.

Within the overall limit of Rs 97 bn, the public sector bank is planning to raise up to Rs 35 bn via equity and up to Rs 62 bn via bonds (Additional Tier 1 and/or Tier 2), according to a regulatory filing.

The raising of equity capital will be through one or more routes, including follow-on public offer, rights issue, private placement including qualified institutions placement and preferential allotment to the government of India and/or other institutions, as per the filing.

The bank will be obtaining shareholders' approval for the capital plan at the 19th annual general meeting (AGM) on 10 August 2021.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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