Retail Inflation at 7.01% in June - Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Retail inflation at 7.01% in June

Retail inflation in India (measured by the Consumer Price Index) eased to 7.01% in June, compared to 7.04% in May. The overall inflation in food items stood at 7.75% in June, compared to 7.97% in the preceding month. Fuel and light inflation climbed to 10.39% in June in contrast to 9.54% in May. The downward trend in inflation can also be attributed to excise duty cuts on petrol and diesel, along with imposed restrictions on food exports.

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HCL Tech Q1 Results: Net profit rises 2.4% YoY to Rs 3,283 crore

HCL Technologies Ltd reported a 2.4% YoY increase in consolidated net profit to Rs 3,283 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 16.92% YoY to Rs 23,464 crore during the same period. The company secured new deals worth $2,054 million in Q1, up 23.4% YoY. The IT firm’s board has declared a dividend of Rs 10 per share.

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Ramco Systems deploys its Aviation Suite for Air Asia Company

Ramco Systems Ltd has deployed its Aviation M&E MRO Suite V5.9 at Air Asia Company (AACL), thereby automating and digitally transforming its business processes. AACL is Taiwan's first privately-owned aircraft maintenance company. The Aviation Suite has modules for production planning, commercials, maintenance execution, and supply chain management.

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NMDC cuts iron ore price amid weak demand

State-owned NMDC Limited cut prices of lump ore and fines by Rs 500 a tonne each amid a weak demand environment. The company has fixed the prices of lump ore at Rs 3,900 per tonne and fines at Rs 2,810 a tonne. Under the Ministry of Steel, NMDC contributes around 17% to the country's annual iron ore output.

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Banks to report mark-to-market losses of Rs 13,000 crore on rising bond yields: Report

As per a report by rating agency Icra, rising bond yields will force banks to report mark-to-market losses of up to Rs 13,000 crore on their investment portfolios in the April-June quarter (Q1 FY23). Mark-to-market losses occur when financial instruments held by firms are valued at the current market value, which is lower than the price paid to acquire them. The report further states that profits will moderate for the quarter. However, improved loan growth and operating profits will ensure that the banks' revenues remain "steady" for FY23

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RVNL-led consortium secures LoA for Rs 1,845 crore project

Rail Vikas Nigam Ltd (RVNL) announced that the RVNL-SP Singla Constructions consortium has secured a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in Himachal Pradesh. The project involves four-laning of NH-5 from Kaithlighat to Shakral Village in Himachal Pradesh. The total cost of the project is estimated at Rs 1,844.77 crore.

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Adani Data Networks to participate in spectrum auctions

The Adani Group has applied to participate in the 5G auctions through its unit Adani Data Networks (a subsidiary of Adani Enterprises Ltd). Adani Data Networks is also undergoing the process to acquire a ‘Unified License with Authorisation of Access Services’ in specific areas. The conglomerate said it is not looking at a consumer mobility play and wants to acquire spectrum to create a private network to support its businesses (airports, data centres, etc).

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Bosch to invest over Rs 200 crore in next five years in India

Bosch Ltd has announced plans to invest over Rs 200 crore in advanced automotive technologies and digital mobility space over the next five years. The company is also optimistic about having double-digit growth in FY23 over the previous financial year. Bosch will support Indian automakers through system expertise and participate in partnerships to become a major player in the electrification ecosystem.

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Delta Corp Q1 Results: Net profit at Rs 57 crore

Delta Corp Ltd reported a consolidated net profit of Rs 57.13 crore for the quarter ended June (Q1 FY23). The company had posted a net loss of Rs 28.93 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations grew 35% YoY to Rs 250.27 crore in Q1 FY23. Delta Corp is an Indian gaming and hospitality corporation that owns and operates casinos and hotels under several brands.