Asian markets traded higher on Friday, with Japan's key benchmark indices hitting new highs.

Japan's Nikkei 225 gained 0.5%, while the Topix rose 0.1% to a fresh record high. South Korea's Kospi added 0.5%.

The US stock markets were closed on 4 July 2024, observing the Independence day.

However, the S&P 500 rose to new highs in Wednesday's shortened trading session as investors appeared to shrug off sluggish economic data.

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

Source: Equitymaster

At present, the BSE Sensex is trading 480 points lower and NSE Nifty is trading 102 points lower.

Cipla, Bajaj Auto, and Hindalco are among the top gainers today.

HDFC Bank, M&M, Tata Steel 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 healthcare sector, FMCG sector, and energy sector witnessing the most buying. Meanwhile, stocks in the banking sector, realty sector and power sector witnessing selling pressure.

The rupee is trading at Rs 83.48 against the US dollar.

In commodity markets, gold prices are trading marginally higher at Rs 72,480 per 10 grams today.
 

Bajaj Auto to Launch CNG Motorcycle

Bajaj Auto will be launching the world's first CNG motorcycle on the 5th of July, at an event in Pune where Union Minister of Road Transport and Highways Nitin Gadkari is expected to be present.

The bike - named 'Bajaj Freedom 125' - is likely to have flexible fuel options, featuring two separate switches for petrol as well as CNG.

A social media teaser has revealed a toggle switch to select between CNG and petrol, aside from a long, flat saddle and a small petrol tank.

Bajaj Auto claims that the bike will reduce fuel costs by 50%.

The Pune-based company will position its upcoming CNG bike towards the value-conscious customer.

The Car & Bike website reports that the Bajaj Freedom 125 is expected to be priced starting close to Rs 1 lakh (ex-showroom). Bajaj Freedom will be a commuter-class CNG bike with a gas tank under the sea.

Bajaj Auto has plans to export the CNG bike to countries like Bangladesh and Egypt.

Raymond to Approve Real Estate Demerger

Textile and real estate player Raymond Ltd on July 4 said that its board has approved the demerged of its real estate business, Raymond Realty Limited, to unlock the value of the business as a whole.

The demerger plan aims to exploit the growth potential of the real estate business and attract a fresh set of investors / strategic partners to participate in the real estate business, it is proposed to consolidate the entire real estate business of the Group under one single entity.

The company will issue 6.7 m shares of Raymond Realty having a face value of Rs 10 per share.

Upon completion, shareholders will get one Raymond Realty share for each held. There is no cash consideration or any other form of consideration.

Raymond Realty will be listed on both the National Stock Exchange and BSE.

The proposed restructuring will enable focused management to explore the potential business opportunities effectively and efficiently.

Raymond Realty recently launched its first joint development agreement (JDA) project in Bandra, Mumbai.

Additionally, Raymond has signed three new JDAs in Mahim, Sion, and one more in Bandra East Mumbai, taking the combined revenue potential from four JDA projects in the Mumbai Metropolitan Region to over Rs 70 bn.
 

RBL Bank Q1 Business Update

Private sector lender RBL Bank on Thursday (July 4) released its Q1 business update for the fiscal year, showcasing significant growth in deposits and advances.

As of 30 June 2024, the bank's total deposits surged 18% year-on-year to Rs 1,013.5, up from Rs 856.4 bn on 30 June 2023. However, on a quarter-on-quarter basis, deposits decreased by 2%.

The bank's gross advances also saw a substantial 18% year-on-year increase, reaching Rs 884.6 bn as of 30 June 2024, compared to Rs 747.6 bn on 30 June 2023. On a quarter-on-quarter basis, advances grew by 3%, indicating strong lending activity.

RBL Bank's CASA (Current Account Savings Account) ratio improved to 37.3% as of 30 June 2024, from 32.6% year-on-year and 35.2% quarter-on-quarter. Despite the CASA growth of 3% year-on-year, there was a 9% decline quarter-on-quarter.

The lender's gross net performing assets decreased 11% to Rs 22.7 bn in the fourth quarter of the 2023-2024 fiscal, compared to the previous year's Rs 25.5 bn.

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