Indices at previous closing
Nifty50: 15,812 ▲+119 (+0.7%)
Sensex: 52,769 ▲+397 (+0.7%)
Nifty Bank: 35,673 ▲ +474 (+1.3%)
In the news
NMDC’s steel unit to list separately
- India’s largest iron-ore miner has initiated the process of demerging its wholly-owned steel unit and separately listing it on the stock markets. As part of the demerger, the existing shareholders of NMDC will receive one share of the new company for every share held.
- The new company is expected to take over NMDC’s upcoming 3 MTPA steel plant. Eventually, the government would divest its entire stake in the new company to a strategic buyer. Shares of the state-owned miner were up 5.2% today.
Tata Metaliks posts profitable Q1
- The Tata Steel subsidiary reported a net profit of ₹94.7 crore in the June quarter, as compared to a loss of ₹123.6 crore in the same period last year. The turnaround was supported by a sharp jump in the company’s revenue to ₹602 crore.
- According to a company official, record sales and strong realisation helped the company to post its best-ever quarterly profits. The company also said that its sales and operations are gradually coming back to pre-pandemic levels. Shares of Tata Metaliks were down 1.2% yesterday. However, the results were announced after market hours.
Prices of medical devices capped
- The National Pharmaceutical Pricing Authority has set a 70% cap on the trade margins for five medical devices. These include pulse oximeters, blood pressure monitors, nebulizers, digital thermometers and glucometers.
- Trade margin is the difference between the price at which manufacturers sell to distributors and the price paid by the consumer. As a result, prices of these devices are expected to fall, as in some cases the trade margins were found to be over 700%. Shares of the recently listed medical-device maker Nureca fell nearly 2% yesterday.
Key data releases this week
Wednesday: Wholesale Price Inflation
Thursday: Trade Balance
Sectoral indices (July 13)
| Top gainers | Top losers |
| Nifty Financial Services ▲ 1.4% | Nifty Media ▼ 0.5% |
| Nifty Bank ▲ 1.3% | Nifty IT ▼ 0.3% |
Global markets (at 8:00 am)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.3% |
| Nikkei 225 (Japan) | ▼ 0.2% |
| Hang Seng (Hong Kong) | ▼ 0.6% |
| SSE Composite (China) | ▼ 0.6% |
| Dow Jones (US) (July 13) | ▼ 0.3% |
Fact of the day
There are an estimated 90 million barrels of oil beneath the Arctic circle, which amounts to around 13% of the world’s total oil reserves.
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