Stock Market LIVE Updates: GIFT Nifty indicates a weak start; Asian markets gain

#1 Cut FY25– 27e EBITDA by 5–8 percent

#2 Lower target multiple to 12x vs 13x earlier

#3 Cement prices at 4-year low may not meaningfully improve

#4 Utilisation levels in South will hover around 55-85 percent over FY24–27e

#5 Ramp-up of recently acquired low utilised assets by larger peers in the near-term to have an impact

#6 Profitability may not improve meaningfully in near-term

#7 Improvement in profitability is key for deleveraging and re-rating

A team of officials from the Directorate General of GST Intelligence (DGGI), Bengaluru, visited the company’s premises at BBMP Khata, Koramangala, seeking information regarding purchases made by the company from one of its vendors.

According to the DGGI, the vendor was non-existent at its registered premises as per a discrete inquiry conducted by the Department. The search started on July 2 and concluded on July 3. The company has voluntarily reversed input tax credit of Rs 7 crore on July 3.

Angel One’s shares finally saw some respite from a four-day losing streak – due to revised market intermediary charges – rising by 3 percent as company registered a rise in client base and the number of orders in June.

Angel One’s client base was up 3.7 percent on month to 2.47 crore in June. On a yearly basis, the client base increased by 64.2 percent.

In addition, the total number of orders for the broking company grew around 6 percent month-on-month and 87.3 percent on year to 16.80 crore. Average daily turnover for the company also rose 4.4 percent on month to Rs 45.74 lakh crore in June. Read More

Emcure Pharmaceuticals’ public issue was off to a strong start on the final day of bidding on July 5, driven by non-institutional and retail investors. The Rs 1,952.03-crore public offer was subscribed 5.5 times, with bids for 7.5 crore shares as against the 1.37 crore shares on offer.

Non-institutional investors led the bidding, subscribing 15.30 times their allotted quota, while retail investors picked up 3.7 times the reserved portion. Employees of Emcure Pharmaceuticals showed significant interest, placing bids 5.1 times their allotted quota. The qualified institutional buyers (QIB) also lapped up the IPO by fully subscribing to it.

SML’s CDMO customer, Unicycive Therapeutics, Inc. has reported positive results from pivotal clinical trial of Oxylanthanum Carbonate (OLC), a NCE molecule with potential treatment for hyperphosphatemia in chronic kidney disease patients which has several benefits for various patients in this chronic disease. Unicycive is expected to file the New Drug Application for OLC by mid-2024 with potential approval by mid-2025.

SML has partnered with Unicycive to provide end-to-end CDMO services right from development & supply of APIs to finished dosage form

#1 Total deposits up 18 percent at Rs 1.01 lakh crore, YoY

#2 Gross advances grow 18 percent to Rs 88,455 crore, YoY

#3 CASA rises by 3 percent to Rs 32,996 crore, YoY

#4 Retail advances grow 31 percent, YoY

#5 Wholesale advances rise 2 percent, YoY

#1 Total business grows 15 percent YoY to Rs 4.71 lakh crore, YoY

#2 Total deposits rise 13 percent to Rs 2.77 lakh crore, YoY

#3 CASA deposits increases 5 percent to Rs 1.34 lakh crore, YoY

#4 Net advances up 17 percent to Rs 1.94 lakh crore, YoY

#1 Global business jumps 10.3 percent to Rs 24.41 lakh crore, YoY

#2 Global deposits grow 8.5 percent to Rs 14.08 lakh crore, YoY

#3 Global advances up 12.7 percent at Rs 10.33 lakh crore, YoY

#4 Domestic deposits grow 8.1 percent to Rs 13.69 lakh crore, YoY