Mcap of three of top-10 most-valued firms erodes by Rs 82,082.91 cr; Reliance biggest laggard

The combined market valuation of three of the top-10 most valued firms eroded by Rs 82,082.91 crore last week, with Reliance Industries taking the biggest hit.

From the top-10 pack, Reliance Industries, HDFC Bank and State Bank of India were the three laggards, while Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, Infosys, ITC, Bharti Airtel and Bajaj Finance were the gainers.

HDFC Bank’s valuation eroded by Rs 20,893.12 crore to Rs 11,81,835.08 crore and that of State Bank of India declined by Rs 2,498.89 crore to Rs 5,08,926 crore. However, the market capitalisation (mcap) of Bajaj Finance jumped Rs 21,025.39 crore to Rs 4,36,788.86 crore.

The valuation of ICICI Bank rallied Rs 13,716.34 crore to Rs 6,79,267.17 crore and that of Infosys climbed Rs 13,199.82 crore to Rs 5,89,579.08 crore. Bharti Airtel added Rs 9,731.21 crore taking its mcap to Rs 4,88,461.91 crore.

The mcap of TCS advanced Rs 4,738.47 crore to Rs 12,36,978.91 crore and that of Hindustan Unilever gained Rs 2,972.23 crore to Rs 6,03,222.31 crore. The market valuation of ITC climbed Rs 2,430.64 crore to Rs 5,53,251.90 crore.

Reliance Industries continued to rule the top-10 most valued firms chart followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance.

GOOGLE PIXEL 8 & PIXEL 8 PRO: Camera is a big focus for these phones

Google dominates our online lives, but its mobile phones do not enjoy the same status in the hotly contested handset space. Reasons for that are varied, but the Google Pixels — 40 million sold so far since 2016, 10 million handsets just last year, as per IDC estimates — are appreciated by many. The Pixel phones are the first to get new features and versions of Android before other devices, chipset and cameras are top-notch, the user interface is seamless and there are plenty of upgrades in hardware and software features in every new generation.

The all-new Pixel 8 and Pixel 8 Pro have arrived, bringing more AI smarts and camera improvements to Google’s flagship phones. My first impressions: These are rock-solid devices, expensive – yes, but smooth and speedy performers with nice design & display, great cameras and strong battery life.

Design & display: Pixel 8 and Pixel 8 Pro are elegantly designed with softer silhouettes, nice metal finishes and 100% recycled aluminum housing. Both phones have brighter screens this time around. Pixel 8 has a 6.2-inch Actua display, which gives very good clarity and is 42% brighter than Pixel 7’s display. Pixel 8 features satin metal finishes, a polished glass back and comes in Rose, Hazel and Obsidian colours.

Pixel 8 Pro’s 6.7-inch Super Actua display features Google’s brightest display yet. It also has a matte glass back with a polished aluminum frame and comes in two colours: Bay and Obsidian. And on the back of the Pixel 8 Pro, a new temperature sensor lets you quickly scan an object to get its temperature. For instance, you can check out how hot a cup of coffee is before taking a sip, or measure the surface temperature before walking your dog.

Camera: Consistent with previous Pixels, the camera is a big area of focus. Pixel 8 and Pixel 8 Pro feature powerful, upgraded camera systems for great imaging, plus nifty editing tools. One of the biggest new features is a photo editing tool called Best Take, which alters the expression on someone’s face in a group picture. The idea is to help you capture an image where everyone is smiling and looking at the camera.

Google has packed both phones with a new, 50MP main camera, with 21% more light sensitivity than Pixel 7. Pixel 8 has an updated ultra-wide camera with autofocus that enables Macro Focus. Every camera on the Pixel 8 Pro has been upgraded, starting with the main camera that captures better photos and videos in low-light settings. The bigger ultrawide lens delivers even better Macro Focus, the telephoto lens captures 56% more light than Pixel 7 Pro and takes 10x photos at optical quality, and the front-facing camera now has autofocus for the best selfies on a Pixel phone.

Magic Editor in Google Photos is a new experimental editing experience that uses generative AI to help you bring your photos in line with the essence of the moment you were trying to capture. Another striking feature is Audio Magic Eraser; this lets you easily reduce distracting sounds in your video, like howling winds or noisy crowds. This computational audio capability uses advanced machine learning models to sort sounds into distinct layers so you can control their levels.

Performance: The Pixel 8 and Pixel 8 Pro run on Google’s new Tensor G3 processor. With Tensor G3 and the Titan M2 security chip, both phones are built with multiple layers of security to help keep your personal information safe. You can also use Face Unlock for more things, like app sign-ins and payments, thanks to Tensor’s advanced machine learning.

Overall, this year’s Pixels pack some impressive specs and big new features for users to play with. Highly recommended.

GOOGLE PIXEL 8

Display: 6.2 inch Full HD+ display

Processor: Tensor G3 processor

Operating system: Android 14

Memory & storage: 8GB memory, 128GB storage

Camera: 50MP + 12MP (rear), 10.5MP front camera

Battery: 4575mAh

Estimated street price: Rs 75,999

GOOGLE PIXEL 8 PRO

Display: 6.7-inch Full HD+ AMOLED display

Processor: Tensor G3 processor

Operating system: Android 14

Memory & storage: 12GB RAM, 128GB storage

Camera: 50MP + 48MP + 48MP (rear), 10.5MP front camera

Battery: 5050mAh battery

Estimated street price: Rs 1,06,999

Maruti Suzuki shares surge 0.9% on news of production doubling and new CFO appointment

The stock price of the leading auto company, Maruti Suzuki, surged nearly 0.90% today after the company announced its ambition to double its production capacity to 40 lakh units over the next eight years at its annual general meeting (AGM) on August 29. The company has also announced its intention to consider a stock split in response to shareholders’ requests and plans to invest Rs 45k crore to increase its production.

The company has further announced the appointment of Arnab Roy, as its new Chief Financial Officer. Roy has previously worked with Schneider Electric, G4S Corporate, GE, Covidien, Herbalife, Genpact, and The Timken Company. He is scheduled to assume the responsibilities starting as the CFO – Designate with effect from 16th October 2023, and full-time CFO of the Company with effect from 01st January 2024.

Himanshu Singh has further recommended buying shares of Maruti Suzuki with a target price of Rs 11,100.

Maruti Suzuki’s market capitalization stands at Rs 290,196.23 crore. The P/E ratio is 29.92, and the dividend yield is 0.94%. The stock price of Maruti Suzuki has gained 1.4% in the last one week while it slipped 0.5% in the last one month. It has further gained 11.6% in the last 6 months and 8.9% in the last one year. The 52-week high for the stock is at Rs 10,036.95 on July 5, 2023, whereas the stock hit the 52-week low of Rs 8,076.05 on November 26, 2022.

India-UK FTA Negotiations: Navigating Complex Trade Challenges for a Strong Bilateral Partnership

The India-UK Free Trade Agreement (FTA) negotiations are currently underway in New Delhi, marking a significant development in the economic relations between these two nations. The anticipated four-day visit by the British Prime Minister, Rishi Sunak, to New Delhi hinges on the resolution of several pending issues within the trade agreement. Both India and the United Kingdom are optimistic that this pact will yield mutual benefits, with hopes of doubling bilateral trade to an impressive US$100 billion by 2030.Sources, speaking to Financial Express Online on the late evening of October 16, 2023, have confirmed the existence of several complex issues that remain unresolved in the trade agreement. Among these challenges, the Rules of Origin (ROO) issue stands out as a major sticking point that requires careful resolution. Additionally, the inclusion of a Social Security agreement is another intricate matter on the negotiating table.The United Kingdom seeks flexibility in the criteria for determining the national source of a product through ROO. They believe that India’s proposed rules are stringent, and therefore, India’s agreement to implement product-specific rules for ROOs represents a significant development. This approach involves distinct rules for different products, taking into account factors like value addition and changes in tariff headings. The extent of transformation required to meet these rules remains a crucial point of contention.

Rules of Origin (ROO) are instrumental in determining the level of processing and value addition that must occur in an FTA country to qualify for duty benefits. The UK is concerned that India’s ROO requirements could restrict access for several British goods, particularly automobiles, to the Indian markets.

India is second largest investor in the UKIndia’s status as the second-largest investor in the UK is a testament to the substantial economic ties between the two nations. In 2019-20, India established 120 new projects in the UK, creating 5,429 new jobs. Over 800 Indian companies operating in the UK generate consolidated revenues of £41 billion and employ nearly 110,000 people. This substantial contribution to the UK economy demonstrates the potential for further investment opportunities between these Commonwealth partners.Additionally, the Confederation of Indian Industries (CII) reports that there are hundreds of thousands of Indian employees on secondment to the UK, further enhancing the economic collaboration between the two nations.One of the priorities for India in this FTA negotiation is the inclusion of a social security agreement. This agreement aims to protect the interests of Indians working in the UK on short-term assignments by ensuring they do not lose money in social security contributions that they cannot eventually benefit from. The social security agreement may include a crucial ‘export of benefits’ clause, allowing the UK authorities to remit any state pension entitlement accrued in the UK directly to India for Indian employees upon their return.

Expected interinary of British PMRishi Sunak’s visit to India is expected to encompass Delhi and Mumbai, with the possibility of Chennai being included in his itinerary if time permits. This flexible itinerary underlines the importance of this trade agreement and the commitment of both nations to finding common ground for their mutual benefit.

Adani Wilmar’s Fortune launches TVC and Kachi Ghani mustard oil TVC campaign

Fortune has launched its brand campaign celebrating the cherished bond between Indians and home-cooked food. Despite the noticeable increase in dining out and food delivery in the recent times, the allure of home-cooked meals, steeped in tradition and prepared with love, remains ever strong in the hearts of every Indian.

“Home-cooked food holds a special place in the heart of every Indian. With rising health consciousness, a reconnection to our roots, and the desire to explore and experiment with various cuisines, more and more Indians are turning to home-cooked food,” Sanjay Adesara, marketing head, Fortune Oils, said.

“Our task is to continue to build this stature and scale for Fortune. Fortune over the last decade has consistently spoken about the ‘value’ of home cooked food. The value extends beyond the health, wholesome taste aspect, to intangible values of love and nurturance. The platform is universal and timeless, only needing a gentle refresh in terms of the depiction of our audiences whose lifestyles and identities are evolving. The brand wants to be seen as more inclusive as it reminds its diverse users – men and women, young and old who are using multiple Fortune products, of the emotion behind home cooked food. While being made from the same ingredients, it’s the love, care that adds a special flavor and taste to the dishes which ultimately distinguishes one cook from the other,” Tithi Ghosh, president and head of office, Ogilvy South.

Fortune also launched its campaign for its Kachi Ghani Mustard Oil (KGMO). Fortune KGMO’s campaign showcases the connection of mustard oil with Indians, their cultures and traditions and emphasises on the importance of purity in doing so. The connection to its audience is further strengthened by infusing regional flavours and culture along with music, which is a part of Indian traditions, by collaborating with Malini Awasthi, UP’s folk singer, to create music that resonates with the people.

“Mustard oil has gained prominence in years due to its health benefits and cultural relevance in Indian cuisine. Fortune KGMO leverages the shift to mustard oil by showcasing how it connects with the traditions and cultures of Indians. We discovered that unlike other oils in India, mustard oil is not just another cooking oil, but a connection to the traditions and cultures of Indians. Our TVC illustrates the same, as we showcase the different moments in our life where mustard oil plays a prominent role and how Fortune KGMO plays a pivotal role in enhancing these culinary, cultural and traditional experiences,” Sanjay Adesara, added.

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ICC World Cup: Netherlands stun South Africa in another major setback of tournament, win by 38 runs

In yet another major setback of the ongoing ICC World Cup, Netherlands stunned South Africa by 38 runs in the 15th match of the tournament that was played in Dharamshala on Tuesday. Chasing the score of 245 runs by the Netherlands, South Africa were bowled out for 207 runs.

None of the South African batsmen were able to stay at the crease for long and take the team out of trouble, as the Netherlands bowlers Logan Van Beek, Paul van Meekeren, Roelef van der Merve and Bas de Leede ran through the South African batting line up.

Earlier, asked to bat first by South African skipper Temba Bavuma at the toss, Netherlands were able to set a competitive target of 245 runs on the board. Skipper Scott Edwards led from the front, scoring 78 runs off 69 deliveries, which included 10 boundaries and a six.

Wonderful knock by Scott Edward

Practically, he alone steered Netherlands to competitive runs as the next highest score came from Roelof van der Merve, who contributed 29 runs from 19 balls, which included one six. Aryan Dutt also played an important role with the bat with 23 runs off 9 deliveries that included three mammoth sixes. Notably, South Africa also bowled 32 extras that helped Netherlands total.

To be fair to South Africa, the team was not in the mood to let go of easily, as the lower order was trying its best to get closer to the target and possibly take the team to victory, but it was simply Netherlands day today.

Netherlands victory came just two days after Afghanistan thrashed defending champions England by 69 runs.

PB Fintech: On 30% growth trajectory; the company’s shift to online insurance assistance continues

In our recent meeting with Policy Bazaar Fintech’s (PB Fintech) management, the key focus was on their commitment to maintaining both quality and productivity. The company expressed confidence in achieving its growth targets while noting that there have been no significant shifts in the competitive landscape. The Paisabazaar and POSP segments are showing promising signs of improvement in profitability. However, it was mentioned that the growth of the POSP business might be adjusted or calibrated to ensure a balanced approach. Retain Add rating with a fair value of Rs 850.

PB Fintech reported a 66% premium growth in FY2023 and 24% y-o-y in 1QFY24. The company remains confident of a 30% or higher growth trajectory. The secular shift to online insurance assistance continues. Of its customers, 80% who seek online assistance (browse insurance online) to buy insurance policies, visit its website; however, only 5-50% may eventually close the transaction with the company.

Nifty fails to sustain momentum, however no prospects of collapse; banking stocks to outperform

By Anand James

Nifty PSU Bank Index saw good traction with all of the index constituents gaining close to 5% on an average. Major gains were seen in SBI, Bank of Baroda, Canara Bank, Punjab National Bank and Union Bank which contributed around 80% to Nifty PSU Bank index. 77% of the banking stocks in the F&O segment have seen short covering this week. Nifty Bank was driven by gains in ICICI Bank, State Bank of India and Kotak Bank which together form around 44% of Nifty Bank Index. These three stocks are either in or close to the overbought zone. However this is the characteristic of a bull market, and with several bank results being announced in these few days, this space is likely to be buzzing, and Nifty Bank is likely to beat the Nifty.

But, more importantly, all eyes would be on banks whether they would provide the muscle for Nifty to fight the impact of falls in IT stocks. For Nifty, our favoured end point for last week’s move was 19,850-950, and though there was a brief penetration above the upper range, momentum failed to sustain. However Friday’s sharp turn lower has eased the prospects of a collapse especially with several micro supports close by, ready to step in. This encourages us to look for upsides early next week, aiming for 20,160, with expectations of banking stocks to throw in their weight, even if IT plays spoilsport.

 However, inability to float above 19,680, would negate the upside views, exposing 19,460. Sensex too had embarked on a downside trajectory, but we expect a revival should we see support from 66,400.

(Anand James, Chief Market Strategist at Geojit Financial Services. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Gold shows resilience amid market volatility, falling US Treasury yields likely to increase investment demand

By Bhavik Patel

The market was watching for the US PCE (Personal consumption expenditure) index for July 2023 which contains the most current data on inflation and the preferred measuring benchmark by the Federal Reserve. The data shows that inflation although has subsided but continues to remain persistent. The US savings rate fell by 3.5% which could mean that increased consumer spending is not sustainable. The sticky inflation means the Federal Reserve is likely to maintain its aggressive and restrictive monetary policy. According to CME’s Fedwatch tool, there is 89% chance of no rate hike in September and 57.1% probability of rate hike in November. Today’s US Non-farm payroll data will be very important as inflation is sticky and persistent but if labour market remains strong then expect at least one more rate hike before the Fed starts cutting rate next year.

Even though recently silver has outperformed gold due to the short covering of silver positions, China’s growing economic turmoil could weaken silver jewelry demand and soft electronic sales will dampen industrial demand for the precious metal. The global electronics PMI suggests that there has been a renewed downturn in the industry which will impact silver demand. We predict that the Fed will start lowering interest rates before the majority of other major central banks in early 2024. Falling Treasury yields over this time period should increase investment demand for silver since they reduce the opportunity cost of doing so. So expect silver to outperform next year.

In MCX, gold has strong support around levels of 58,000. The momentum oscillator has started turning positive as RSI_14 is at 55 with no clear divergence on daily scale. Prices are comfortably trading above 20 and 50-day moving average. Since today there is Non-farm payroll in the evening so we would advise traders to wait for the data and go long around any correction near 58,800 – 58,500 with an expected target of 59,600 and stoploss of 58,100 closing basis.

(Bhavik Patel is a commodity and currency analyst at Tradebull Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)

Protests sweep France! Violence persists as riots and looting spread across the country – See Photos

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The fatal police shooting of a 17-year-old boy, named Nahel, has triggered protests, riots, and looting across France. Police officers have been clashing with the demonstrators and vehicles have been set on fire. Nahel’s killing has been compared to the killings of George Floyd in the US and other people of color at the hands of law enforcement. Here we bring to you some visuals straight from France where violence is spreading like wildfire. (Image: Reuters/AP)

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Riot police stand near a burning car in the La Meinau neighborhood of Strasbourg, eastern France, on Friday, June 30, 2023. Young rioters clashed with police and looted stores on the fourth day of violence triggered by the deadly police shooting of a teen, piling more pressure on President Emmanuel Macron after he appealed to parents to keep children off the streets and blamed social media for fueling unrest. (Image: AP/PTI)

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Protesters block a street with garbage cans in Colombes, outside Paris, France on July 1, 2023. French President Emmanuel Macron urged parents Friday to keep teenagers at home and proposed restrictions on social media to quell rioting spreading across France over the fatal police shooting of a 17-year-old driver. (Image: AP/Lewis Joly)

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Firefighters work to extinguish a burning container as unrest continues following the death of Nahel, a 17-year-old teenager killed by a French police officer in Nanterre during a traffic stop, and against police violence, in Paris, France. (Image: Reuters/Juan Medina)

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Firefighters use a water hose on a burnt bus as unrest continues following the death of a 17-year-old teenager killed by a French police officer during a traffic stop, in Nanterre, Paris suburb. (Image: REUTERS/Yves Herman)

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A firefighter uses a fire extinguisher on a burning pile of bottles as people protest following the death of Nahel, a 17-year-old teenager killed by a French police officer in Nanterre during a traffic stop, and against police violence, in Paris, France on July 1, 2023. (Image: Reuters/Juan Medina)

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People protest in support of Nahel, a 17-year-old teenager killed by a French police officer during a traffic stop, at the Place de la Concorde square in Paris, France. (Image: Reuters/Yves Herman)

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Officers ride a vehicle during riots following the death of Nahel in France. (Image: Reuters/Nacho Doce)

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Police officers face protesters on Concorde square during a protest in Paris, France. French President Emmanuel Macron urged parents Friday to keep teenagers at home and proposed restrictions on social media to quell rioting spreading across France. (Image: AP Photo/Lewis Joly)

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Youths run away during a protest in Strasbourg, eastern France. (Image: AP Photo/Jean-Francois Badias)