Market News
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RIL plans development of second CBM asset to boost gas output
Reliance Industries Limited is preparing to explore its eastern Sohagpur block. This move aims to augment gas production from its coal bed methane blocks. The company will begin with a test-phase investment estimated between ₹300-400 crore. This cautious, phased entry supports future resource additions and production expansion. Groundwork and planning for the eastern block are currently underway.
Fresh US-Iran clash clouds IEA oil outlook despite June supply lift from Hormuz reopening
Global oil supply rebounded in June after a ceasefire allowed Strait of Hormuz transit. However, renewed hostilities between the United States and Iran threaten future oil surplus forecasts. The International Energy Agency sees potential disruption to its 2027 surplus projection. Refined product markets remain tight due to refinery issues and Ukrainian attacks. Global oil demand is recovering, but overall supply forecasts depend on lasting peace.
China stocks extend losses as Middle East tensions hurt sentiment
Market sentiment weakened after the US increased pressure on Iran by launching new airstrikes and ending a sanctions waiver that had allowed Iran to export oil. The move raised concerns about the future of the temporary agreement reached between the US and Iran on June 17 and created uncertainty over ongoing talks to secure a longer-term peace deal.
IIFL initiates coverage on Adani Power with target price at Rs 240, estimates EBITDA to quadruple by FY33-35E
IIFL initiated coverage on Adani Power with a 'Buy' rating and Rs 240 target price. The brokerage forecasts EBITDA to quadruple by FY33-35E due to growth pipeline. Adani Power is building significant new coal capacity, expanding its operational base. Free cash flow from operations is expected to rise substantially after portfolio buildout. The company also plans future ventures into nuclear and hydro power generation.
Dixon Tech, Coforge, 8 other stocks among Motilal’s non-Nifty ideas ahead of Q1 results
Motilal Oswal has identified ten non-Nifty stocks for investors ahead of quarterly earnings. The brokerage anticipates healthy revenue growth across various market capitalizations. TVS Motor and Dixon Technologies are among the top picks with significant upside potential. Radico Khaitan and Indian Hotels Company also show promising revenue growth prospects. Coforge and Kirloskar Oil Engines are also highlighted for their future performance.
Hot Stocks: 3 stocks that may give returns between 16-24%
Brokerages initiated coverage on three Indian companies with positive ratings. Kirloskar Oil Engines has a price target implying a twenty-four percent upside. APL Apollo Tubes is seen as a strong play in building materials. Union Bank of India offers a sixteen percent potential return. These recommendations suggest significant future growth prospects for the firms.
Cracks in cola kingdom: India's duopoly faces biggest test in decades
India's cola market is undergoing a significant transformation, moving beyond the traditional Coca-Cola vs. PepsiCo rivalry. Reliance's Campa revival ignited a price war, while ITC's new premium, sugar-free coconut cola signals a shift towards health, premiumization, and niche offerings. This evolving landscape caters to health-conscious consumers seeking alternatives, indicating a more dynamic and diversified future for the Indian beverage sector.
India's June crude imports hit record high as Russian supplies surge despite West Asia tensions
India's crude oil imports hit a record 4.93 million barrels per day in June, bolstered by substantial purchases from Russia, which solidified its role as the top supplier. This surge underscores India's robust supply chain resilience amidst global geopolitical tensions. Analysts highlight proactive diversification and procurement strategies as key to maintaining these strong inflows, ensuring refiners are well-positioned for future needs.
Asia's crude oil imports tick up in June but uncertainty reigns
Asia's crude oil imports saw a slight June uptick but remain near decade lows, impacted by the Iran conflict disrupting Middle East shipments. Despite a modest recovery, volumes are significantly down from pre-war levels, with the Strait of Hormuz's uncertain future and China's reduced buying adding to market volatility. Refined product prices remain elevated, hinting at ongoing supply chain adjustments.
MGL rides PNG adoption wave, analysts see further upside
Mahanagar Gas shares have surged on government's push for piped natural gas adoption, aiming for a 20% customer base increase. This move is expected to significantly boost PNG consumption and accelerate volume growth. Despite a recent rally, the stock's valuation remains attractive, with analysts predicting future earnings growth and potential for a re-rating as margin pressures ease.
RBI buyback gets few bids despite cash crunch
The central bank's bond buyback saw a lukewarm market reception, attracting significantly less than the offered amount despite a liquidity deficit in the banking system. Banks held back, anticipating future inflows and preferring short-term papers. Meanwhile, the benchmark 10-year government bond yield dipped to its lowest since March, buoyed by falling oil prices and record overseas portfolio investments.
RBI buyback gets few bids despite cash crunch
The central bank's bond buyback saw a lukewarm market reception, attracting significantly less than the offered amount despite a liquidity deficit in the banking system. Banks held back, anticipating future inflows and preferring short-term papers. Meanwhile, the benchmark 10-year government bond yield dipped to its lowest since March, buoyed by falling oil prices and record overseas portfolio investments.