Asian stocks fluctuated in a narrow range as traders weighed the possibility of another Donald Trump presidency in the wake of his debate with Joe Biden last week.

Shares in Japan were mixed while those in Australia and South Korea were little changed.

The US stock market ended higher on Monday led by gains in megacap growth stocks that lifted the tech-heavy Nasdaq.

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

Source: Equitymaster

At present, the BSE Sensex is trading 31 points lower and NSE Nifty is trading 18 points lower.

ONGC, Coal India, and Wipro are among the top gainers today.

Tata Motors, HDFC Life, and Bajaj Auto the other hand are among the top losers today.

Broader markets are trading mixed. The BSE Midcap index is trading flat and the BSE Smallcap index is trading 0.3% higher.

Sectoral indices are trading mixed note today, with stocks in the oil & gas sector and the realty sector witnessing the most buying. Meanwhile, stocks in the financial sector, the auto sector, and banking sector witnessing selling pressure.

The rupee is trading at Rs 83.54 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 71,640 per 10 grams today.
 

Coal India's Production Grows 8%

National miner Coal India Limited (CIL) posted 8% growth in coal production during the first quarter of the current financial year (FY25). Coal production during the quarter ending June stood at 189.3 million tonnes (MT).

While all the seven producing arms of CIL achieved positive growth, five breached their respective targets. CIL's output for June 2024 rose to 63 MT, growing by around 9% over the production in the same month last year.

Citing strong production growth and increased coal loading, CIL said its total coal supply shot up to 198.4 MT during April-June 2024 with 6% year-on-year growth.

CIL's supplies to the non-power sector at 38.4 MT, logging a 16% growth during the period, were an all-time high for Q1 of any year. The supply to the sector was 33 MT during April-June 2023.

The Union Ministry of Power has mandated that the import of coal for blending at thermal power plants will continue till October 2024. In a notification issued on Friday last, the ministry said despite significant growth in the supply of domestic coal, there is still a gap.

It also pointed out that during monsoon months, the supply of coal declines due to less rake loading and the closure of mines.
 

NMDC Business Update

State-owned NMDC Ltd on Monday (1 July) released its business update for June, reporting a year-on-year decline in production and sales.

Total production for June 2024 stood at 3.37 million tonnes (MT), down from 3.48 MT in the same period last year. Total sales also saw a drop, falling to 3.73 MT from 4.10 MT year-on-year.

Also, NMDC has adjusted its pricing of iron ore. The price of iron ore lumps has been reduced by Rs 500, bringing it to Rs 5,950 per tonne from the previous Rs 6,450 per tonne.

Similarly, the price of iron ore fines has been cut by Rs 500, now set at Rs 5,110 per tonne compared to the earlier Rs 5,610. The above FOR prices are inclusive of Royalty, DMF, NMET, and exclusive of Cess, Forest Permit Fee, Transit Fee, GST, Environment Cess, and other taxes.

Patanjali Foods to Buy Patanjali Ayurved's Business

Patanjali Foods on 1 July said that its board has approved the proposal to buy its parent company Patanjali Ayurved's non-food business for Rs 11 bn in tranches.

The acquisition as a going concern on a slump sale basis will result in an expansion of the product portfolio of the company.

Patanjali Ayurved is co-founded by Ramdev, while Balakrishna is the Managing Director of the company.

Its non-food business presently caters to dental care, skin care, home care, and hair care.

This strategic initiative for the acquisition of its Home and Personal Care (HPC) business shall strengthen the company's existing FMCG product portfolio with an array of marquee brands that will contribute to significant growth in revenue and EBITDA.

Separately, a licensing arrangement for a 3% turnover-based fee along with other conditions has been agreed upon between the companies.

The acquisition will lead to a consolidation of the 'Patanjali' brand FMCG products portfolio. It will bring along with it multiple key synergies in terms of brand equity and enhancements, product innovations, cost optimization, infrastructure & operational efficiencies, and a positive impact on market share.

More By This Author: