Asian stocks are trading on a weak note today after equities on Wall Street scratched out marginal gains ahead of the Independence Day holiday.

The Nikkei is trading 0.9% lower and the Hang Seng index is up 0.5%. While Shanghai composite was up marginally.

Wall Street's main indices ended with slim gains in a holiday-shortened session on Monday, helped by a surge in Tesla and strength in bank shares as the second half of the year kicked off on a subdued note.

The Dow Jones Industrial Average ended marginally higher, and the tech-heavy Nasdaq Composite ended up 0.2%.

Here's a table showing how US stocks performed on Monday:

Source: Equitymaster

Back home, Indian share markets are trading on a flat note following the trend on Gift Nifty.

At present, the BSE Sensex is trading higher by 49 points. Meanwhile, the NSE Nifty is trading down by 2 points.

Bajaj Twins and Titan are among the top gainers today.

Bharti Airtel and Reliance Industries on the other hand are among the top losers today.

Broader markets are trading on a mixed note. The BSE Mid Cap index is trading lower marginally and the BSE Small Cap index is trading up marginally.

Sectoral indices are trading on a mixed note. Stocks in the consumer durables sector and capital goods sector witness buying.

On the other hand, stocks in the telecom sector and energy sector witness selling.

Shares of UltraTech Cement and Bajaj Finance hit their 52-week high today.

The rupee is trading at Rs 81.94 against the US dollar.

In commodity markets, gold prices are trading higher by Rs 48 at Rs 58,325 per 10 grams today.

Meanwhile, silver prices are trading 0.2% higher at Rs 69,425 per 1 kg.
 

SpiceJet repays loan worth Rs 100 billion

SpiceJet announced that it settled its Rs 100 billion (bn) payment to City Union Bank. As per the company's statement, the last tranche of Rs 250 m was paid on 30 June 2023.

SpiceJet further said that repayment to City Union Bank follows a successful settlement agreement with Nordic Aviation Capital (NAC).

On 21 June, the airline company entered into a settlement agreement with Nordic Aviation Capital, a major lessor for its Q400 aircraft.

According to various media houses' reports, the settlement agreement between the Indian low-cost carrier and Nordic Aviation Capital settles all past liabilities for the Q400s leased by NAC to SpiceJet.

Last month, aircraft lessor Wilmington Trust SP Services (Dublin) moved the National Company Law Tribunal (NCLT) to initiate insolvency against Indian low-cost carrier SpiceJet. Prior to that aircraft lessor Aircastle and engine lessor Willis lease finance had moved the tribunal for recovering their dues.
 

Bank of Maharashtra clocks 25% credit growth in June quarter

Bank of Maharashtra (BoM) on Monday posted a credit growth of 24.9% at Rs 1.8 trillion (tn) in the June 2023 quarter.

The outstanding credit was Rs 1.4 tn at the end of 30 June 2022.

The Pune-headquartered public sector bank registered a 24.8% growth in the total business (total advances and total deposits) to Rs 4.2 tn at the end of June 2023 as against Rs 3.4 tn at the end of the same quarter of the previous financial year.

Total deposits of the bank increased by 24.7% to Rs 2.4 tn as against Rs 1.9 tn at the end of the first quarter of the previous financial year.

During the quarter, the current account and savings account (CASA) ratio stood at 51% of the total deposits.

About the credit deposit (CD) ratio, the number increased to 71.9% at the end of 30 June 2023 as against 71.8% in the year-ago period.

BoM posted record-high profits in FY 2023. During the financial year 2023, the Bank of Maharashtra's profit zoomed around 126%. For the financial year 2022-23, its net profits stood at Rs 26 bn.

Its yearly NII stood at Rs 77.4 bn, up by 27% on a YoY basis.

Little wonder BoM share price rallied 85% last year.

Torrent Power takes a step towards achieving a cleaner energy mix

Torrent Group's integrated power utility, Torrent Power has embarked on a path-breaking initiative aimed at a greener future by commencing work on a pilot project for blending green hydrogen (GH2) with natural gas in its city gas distribution (CGD) network.

The project, slated for completion within eight months, represents a significant stride in the power company's foray into the green hydrogen business in India, underlining its commitment to fostering a cleaner and more sustainable energy mix.

Torrent Power's commitment to green energy extends beyond the GH2 project, with endeavors in Pumped Hydro Storage and Green Hydrogen.

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