Business News: Union Budget Anticipation, HDFC Bank Upgrade, IPO Allotments, Fuel Prices, and Market Movements Highlight Financial News

Upgrade activity on the HDFC Bank System is currently in progress from 13th July 2024, 3:00 AM to 4:30 PM to bring enhancement in performance speed, capacity, and the general reliability of the System. A various number of banking services will remain unavailable during the 13 and a half hours window. The services include those transactions at the ATMs, payment via HDFC Bank Cards, and some other UPI services. Customers are requested to plan their transactions in advance not to get disrupted. More details can be found on the HDFC Bank website.

Pre Budget Consultations for the Union Budget 202425 commenced on 19th June and closed on 5th July, 2024. To be led by the Union Minister for Finance, Dr. Nirmala Sitharaman, the consultations have seen the participation of more than 120 representatives, cutting across agriculture, trade, health, and infrastructure. This would be Sitharaman's seventh and the first full budget of Modi 3.0, slated for following through with this pedestal and developing India by 2047. Expectations are linked to infrastructure investments, tax reliefs to salaried taxpayers, and most likely incentives for the new tax regime.

The Emcure Pharma IPO allotment is likely to get finalized today. Thereafter probably, investors will get the bank debit messages by this evening. The subscription to IPO, whose price band was pegged at Rs 960-1,008 per share, was massive at 67.87 times.Emcure raised Rs 800 crore from the fresh issue and Rs 1,152 crore from an offer for sale. Listing on BSE and NSE is likely to take place on July 10. Investors can check on the allotment status on BSE's website or on the portal of Link Intime India. The GMP reflects a listing gain of 38.69%.

The IPO of Bansal Wire Industries has been subscribed to 62.76 times. It opened from July 3-5. The share allotment of the Rs 745-crore IPO is likely to be finalised today, July 8. It enables investors to check their allotment status on BSE, NSE, or Kfin Technologies' portals. Listing of shares is likely to happen on both exchanges—BSE and NSE—by July 10. Grey market premium of the IPO is ruling at Rs 76, indicating a listing gain of 29.69%. Proceeds would be used for repayment of debt, funding of working capital and also for general corporate purpose. The company produces and exports a wide range of steel wires.

On July 8, 2024, petrol and diesel prices in India are the same since the Rs 2 a litre Petrol Price Cut back in March. The daily revised prices announced by the Oil Marketing Companies are announced at 6 am every day, and this mechanism is based on global crude oil prices and currency exchange rates. The prices currently exist in key cities: Rs 94.72/liter of Petrol and Rs 87.62/liter of Diesel in Delhi. Prices vary in different cities because of the prevailing price of crude oil, exchange rate, and local taxes. It also allows consumers to get prices through SMS from respective OMCs.

Marico share surged as much as 6.56 per cent to Rs 655.70 on the BSE following strong business update provided for the first quarter of FY25. High single digit consolidated revenue growth is posted and is hoping to remain upbeat. Gross margin expansion is expected to continue on favourable portfolio mix. On business performance, volumes of key brands, Parachute and Saffola, were up whereas VAHO witnessed a slump. Revenue/EBITDA/volume growth was pegged at 8 per cent/11 per cent/3.5 per cent YoY by the analysts. Its international segment is also likely to come up with an 11% YoY growth.

Two IT majors, TCS and HCL Technologies, will declare their Q1 FY2024-25 results on July 11 and 12, respectively. According to experts, growth will be at best moderate and be driven by ramp-ups of large deals and fewer cuts in discretionary programs. For TCS, analysts are looking at 1.6 per cent Q-o-Q CC growth; for Infosys, a revenue rebound of 2 per cent Q-o-Q CC is expected. Margins will get hit in both cases due to wage hikes and cost initiatives. The outlook in the technology sector remains bright, with analysts calling for growth as newer technologies like artificial intelligence really ramp up, and the Federal Reserve is likely to cut interest rates.

Shares of Rail Vikas Nikaam Ltd and Indian Railway Finance Corporation rallied to their all-time high on Monday, socking up 15.5% and 9.0%, respectively, since the union government prepared more focus on infrastructure investment in the budget. Share indices of Texmaco Rail & Engineering, RailTel, Ircon International, and Oriental Rail Infrastructure soared to a high on Monday. The rally was first fired by the announcement of the 50 new Amrit Bharat Trains, followed by investor optimism that infrastructure development pursued by the government will be carried on uninterrupted by a BJP-led government. Railway stocks have also returned handsomely to investors in the past year, with IRFC up 505% and others more than 200%.