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Domestic markets opened on a flat note but soon bulls took over and brought some gains to start the week on a high. In today's trade, shares of Patanjali Foods, IOL Chemicals, Carysil, Tata Steel, Coal India among others will be in focus due to various news developments.Coal IndiaState-owned CIL's coal production rose 8% to 189.3 million tonnes (MT) in the first quarter of the ongoing financial year.Patanjali FoodsThe board of Patanjali Foods has approved the acquisition of the home and personal care (HPC) business from Patanjali Ayurved (PAL).Welspun Specialty SolutionsWelspun Specialty Solutions has received a contract worth Rs 117.17 crore for supply of seamless stainless steel boiler tubes.CarysilCarysil to raise funds through a qualified institutional placement which opened on July 1. The company has set a floor price at Rs 837.89 per share.Tata SteelTata Steel said its Bhubaneshwar Power stands dissolved without being wound up, effective July 1.IOL ChemicalsIOL Chemicals has received gets China’s drug regulatory authority NMPA approval for ‘Fenofibrate’, allowing the company to export it into China market.DCX SystemsDCX Systems received an order worth Rs 1,250 crore for electronic modules from L&T.

KOLKATA|NEW DELHI: Companies making smartphones, refrigerators, wearables and twowheelers said they are producing up to 20% more inventory than last year for the upcoming festive season. They expect a demand revival during the country’s largest consumption period on the back of a good monsoon and stable inflation.“There’s pent-up demand in rural India, which will be unleashed by the monsoon. People there have not bought much in the past five years, which is Covid onwards, while the premiumisation trend is continuing strong in urban India,” said Kamal Nandi, business head at Godrej Appliances.Most companies said they are going to run production at 100% from this month, with output having already begun for Onam in September. The industry expects festive sales this year will be the best since Covid, including at entry level, at least in electronics and two-wheelers. It also expects to match Diwali 2021 demand for smartphones, when lockdown-induced demand drove record sales. 111413304The Met Department has predicted an above-normal June-September monsoon. 111413308Monsoon MomentumThis has spurred expectations of a revival in farm output and rural incomes that will further boost overall growth. 111413311While two-wheeler manufacturers say the industry may be able to cross the FY19 record of 21 million units if festive demand turns out as anticipated, car sales growth has been muted since last quarter, on a high base. But momentum is expected to pick up during the festive season. The industry estimates production of cars, sedans and utility vehicles is likely to increase by up to 10% sequentially in the September quarter, from April-June. Electronic appliance manufacturers are already running plants at 100% capacity, with the industry expecting 14-18% year-on-year growth in volume this year.Four-Month BonanzaThe festive season begins with Onam and runs through Navratri until Diwali in October-November, accounting for 30-35% of annual sales for most categories. Sales have been muted for apparel, smartphones, televisions and cars in the last few quarters.

MUMBAI: Telugu epic sci-fi film Kalki 2898 AD has buoyed the Indian film box office by garnering over Rs 350 crore in domestic and over Rs 500 crore in global collections. According to film trade website Sacnilk, the film grossed Rs 369 crore domestically and Rs 146 crore from overseas markets in the first four days since its release on June 27.The film, which draws inspiration from Hindu mythology and features Amitabh Bachchan, Kamal Haasan, Prabhas, Dulquer Salman, Deepika Padukone and Disha Patani, is the first major blockbuster hit of 2024 in an otherwise underwhelming first half due to a lack of big releases.As per Ormax Media, the cumulative box office collection stood at Rs 3,791 crore between January and May, with Fighter and Hanu-Man being the only films to gross over Rs 200 crore at the box office.

India's market regulator said on Monday charges levied by market infrastructure institutions such as stock exchanges, clearing corporations and depositories should be uniform and not based on volumes. Exchanges often charge a lower fee to brokers if they generate high volumes, contributing to a surge in trading across segments like derivatives. Asking exchanges to stop this practice is part of a wider set of measures being discussed by the Securities and Exchange Board of India to curb the frenzy in India's derivative markets.Sebi has directed market infrastructure institutions (MIIs) to ensure that the charges recovered from end clients should be "true to the label". In a circular issued by the market regulator on Monday, it directed MIIs to make sure that the charges received by them are same as levied by them on their members, including stock brokers, depository participants, clearing members. The charges levied by MII on their clients are ultimately recovered from investors. The move came after it came to Sebi's notice that aggregated charges collected by the members from the end clients were higher than the end-of -month charges paid to the MII (due to slab benefit)."Upon examination of existing processes related to charges levied by MIIs on their members (i.e. stock brokers, depository participants, clearing members), it was observed that a volume based slab-wise charge structure is followed by some MIIs. These charges are levied in lieu of various services offered by MIIs and are recovered from the end clients by members. It has also been observed that members generally recover such charges from the end clients on a daily basis whereas MIIs receive aggregate charges from the members on a monthly basis. The aforesaid process can result in a situation wherein the aggregated charges collected by the members from the end clients is higher than the end of month," the Sebi circular said."This can also result in an incorrect or misleading disclosure to the end client about the charges levied by MIIs," it added.The issue was deliberated upon by the Secondary Market Advisory Committee (SMAC) of Sebi, where it was observed that the current practice was impacting transparency. Moreover, it found that the existing slab-wise charge structure of MIIs can also create a hindrance for the MIIs in ensuring equal and fair access to all market participants by impacting the level playing field between members owing to their size differentials.The new rules mandate MIIs to comply with the lastest direction. While designing the processes for charges levied on their members, MIIs will now have to ensure that the amount recovered from the end client should be 'True to Label'.The charge structure of the MII should be uniform and equal for all its members instead of slab-wise viz. dependent on volume/activity of members.The new charge structure designed by MIIs should give due consideration to the existing per unit charges realised by MIIs so that the end clients are benefited with the reduction of charges. MIIs will now be required to take necessary steps to put in place requisite infrastructure and systems for implementation of the circular.The circular would be effective from October 01, 2024.

Small and medium sized IT companies continued to show year-on-year improvement in the share of aggregate revenue and profit of the sector in the March 2024 quarter though the extent of improvement has tapered down implying resilience from the top tier companies. In addition, the non-top tier set of companies reported more than 100 basis point year-on-year expansion in the operating margin (EBIT margin) for the second consecutive quarter.The revenue share of a sample of 83 tier II and III software companies inched up to 17.7% in the March quarter from 17.1% a quarter ago. This 60 basis point expansion was however lower than the 200 basis point expansion seen in the year-ago quarter. Their net profit share expanded by 70 basis points to 12.7%, which was also lower than the 250 basis point improvement a year ago.111418091Aggregate revenue of the small and mid tier IT companies has been growing faster than their top tier counterparts since the September 2021 quarter. In the March 2024 quarter, it rose by 6.6% year-on-year to Rs 35,116.3 crore. For the top five companies including Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro, and Tech Mahindra, aggregate revenue grew by 1.6% to Rs 1.6 lakh crore, the slowest pace in at least 25 quarters. Their net profit increased by 8.5% to Rs 27,884 crore, slower than the small and mid tier companies which posted 16.1% growth in profit at Rs 4,074.8 crore.The operating margin of the non-top tier companies expanded by 121 basis points year-on-year to 16.5% in the March quarter. The margin has shown improvement for two consecutive quarters after either staying flat or falling in the previous eight quarters. For the top tier software exporters, the operating margin expanded by 127 basis points to 23.4% after shrinking in the previous two quarters.