Stocks To Focus: Coal India, OMCs, Paytm, Patanjali Foods, NMDC

By siliconindia  |  Tuesday, 02 July 2024, 09:37:43 AM IST

Stocks To Focus: Coal India, OMCs, Paytm, Patanjali Foods, NMDC
The stock market is expected to continue its positive momentum on Tuesday, July 2, 2024. GIFT Nifty indicates that the Sensex and Nifty indices closed higher on Monday, and the GIFT Nifty futures predict a 43-point increase over the Nifty 50 futures at 24,249 levels. In Asia, Japan's Nikkei 225 is trading flat, slightly up by 0.03 percent, while the Topix is up by 0.55 percent. However, South Korea's Kospi declined by 0.7 percent.
Coal India: On Monday, state-owned Coal India Ltd (CIL) announced that it had produced 189.3 million tonnes (MTs) of coal in the first quarter ending June FY2025, marking a 7.9 percent growth compared to the 175.5 MTs produced during the same period last year. This represents an increase of 13.8 MTs in volume compared to the corresponding quarter of FY 2024.
OMCs: The Indian government has increased the windfall tax on petroleum crude from Rs 3,250 to Rs 6,000 ($72) per metric ton. According to a recent notification, this increase will be effective as of July 2. It's worth noting that the windfall tax on diesel and aviation turbine fuel remains unchanged at zero.
One97 Communications: One97 Communications Ltd (OCL), the parent company of Paytm, has denied media reports suggesting that the firm has decided to avoid pursuing businesses that require regulatory licenses. The digital payments firm reaffirmed its commitment to building on its core regulated business lines of payments and financial services and stated that there is no change in its operating strategy.
Patanjali Foods: Patanjali Foods announced on Monday that it will acquire the entire non-food business from Patanjali Ayurved for Rs 1,100 crore. As stated in the company's exchange filing, the acquisition will be completed in five tranches.
NMDC: NMDC has announced a reduction in iron prices by Rs 500 per tonne for both lump ore and fines, effective from June 30. Following the price cut, lump ore will be priced at Rs 5,950 per tonne and fines at Rs 5,110 per tonne, as per the company's exchange filing. This decision comes despite NMDC reporting a year-on-year decline in iron ore production and sales for June. The production for the month was 3.37 million tonnes, down from 3.48 million tonnes in the same period last fiscal year. In June, sales totaled 3.73 million tonnes, down from 4.10 million tonnes.
CSB Bank: CSB Bank’s gross advances increased by 17.8% year-over-year to Rs 25,099 crore in the first quarter of FY25. The bank also reported a 22.2% increase in deposits, amounting to Rs 29,920 crore in the first quarter, compared to Rs 24,476 crore in the same period last year.
Zydus Lifesciences: Zydus Healthcare's wholly-owned subsidiary, Zydus Lifesciences, received an income tax notice demanding Rs 284.58 crore for the assessment year 2023-2024, as per an exchange filing. Zydus Healthcare received an intimation under section 143(1) of the Income Tax Act, 1961 (IT Act), determining a demand of Rs 284.58 crore.
Gandhar Oil Refinery: Gandhar Oil Refinery's foreign subsidiary has been awarded a three-year contract by Abu Dhabi National Oil Co. for Distribution PJSC, UAE. Texol Lubritech FZC has signed the contract to manufacture, package, label, and provide the products on a contract basis for Rs 375 crore, to be paid annually. The estimated contract quantity is 30 million liters per year.
DCX Systems: In a filing on Monday, DCX Systems announced a major contract from Larsen & Toubro. The purchase order is worth Rs 1,250 crore plus applicable taxes and entails the manufacturing and supply of electronic modules. The company is set to fulfill the order within three years.

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