Futures

  BHEL reported its highest quarterly order inflow of INR 145bn in Q1FY24 and is L1 in ~INR 80bn worth of orders.   India will therefore need to enhance its arsenal of thermal power plants to ensure smooth energy transition. As a result, BHEL is expected to remain a key beneficiary. 

Zomato’s first-ever quarterly profit triggered sharp interest in the stock, with investors rushing to lap up shares as soon as the markets opened on Friday. Nearly 5.25 crore shares changed hands in the opening trade on the NSE, catapulting the stock price by over 8% to its 52-week high of Rs 93.65. While the June quarter earnings were announced during the fag of Thursday's trading session, the stock responded immediately and jumped 2%. Following the results, Jefferies and Nuvama recommended  a 'Buy', giving a fresh impetus to the stock.

Jio Financial ropes in BlackRock to disrupt India’s asset management industry. The two have signed an agreement to form a 50:50 joint venture to offer investment solutions. JFS and BlackRock are targeting initial investment of $150 million each in the joint venture, to be named Jio BlackRock. This is a second attempt for BlackRock in Indian Market.  Previously, the DSP-Blackrock split came about because the two co-owners both wanted to own 100% of the business. Since DSP was the majority stakeholder, it was able to have its way. In the past, this AMC was called DSP Merill Lynch but was renamed after the takeover of Merill Lynch by BlackRock. BlackRock said it sold its stake in the joint venture because it could not integrate DSP BlackRock onto its technology and operating platform since it was a minority stakeholder. BlackRock was keen on continuing the business alone and was considering buying out DSP’s 60% stake in the asset management firm. However, that didn’t happen.

ITC Ltd has unveiled its decision to demerge its hotel business, sparking interest among shareholders. Post-demerger, ITC will retain a 40% stake in the hotel enterprise, with the remaining shares distributed proportionately among existing shareholders.

India is the world’s third-largest Automobile market The Automobile industry produced a total 22.93 Mn vehicles including Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers, and Quadricycles in April 2021 to March 2022. India holds a strong position in the international heavy vehicles arena as it is the largest tractor manufacturer, second-largest bus manufacturer, and third largest heavy trucks manufacturer in the world.