Thank you, readers! That's all from CNBCTV18.com's live market coverage on July 8, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Largecap IT valuations have become fair: Neeraj Deewan
Neeraj Deewan, Director at Quantum Securities, tells CNBC-TV18 valuations in the largecap IT space have become fair.
"There are margin pressures, which will be visible I think in this quarter numbers also. There are uncertainties because the macro environment, but I think there's no hurry; let's see what the management says and what the next few quarters hold for them and then take a call because even from the bottom, they have moved up a little bit even you have seen Infosys or TCS," he adds.
Market At Close | Sensex and Nifty50 near day’s highs
Here are some highlights:
--Sensex and Nifty50 scale fresh one-month highs
--M&M sees profit booking post-EV deal
--Tata Motors rises over two percent on positive management commentary
--L&T top Nifty gainer
--Oberoi Realty rises Despite weak quarterly update
--SRF gains five percent as US to continue duty on R-134a imports from China
--India Cements, M&M Financial, Trent, Delta, Ipca top midcap gainers
--Market breadth favours the bulls — advance-decline ratio at 5:4
Don't expect overnight fireworks in M&M shares: Prakash Diwan
Market expert Prakash Diwan tells CNBC-TV18 those looking to buy M&M shares have to be patient.
"What is good for the stock is that somewhere, tractor sales will show a turnaround and that is going to be reflected very sharply in the price sometime. It could happen 2-3 months down the line and from that perspective, it’s constructive, but it's a 'buy on dips' now. Do not chase it at Rs 1,100-plus for sure,” he says.
Buy Delta Corp, L&T Tech and Dixon Technologies: Hemen Kapadia of KRChoksey Securities
--Buy Delta Corp with a stop loss of Rs 173 and target of Rs 192
--Buy L&T Technology Services with a stop loss of Rs 3,000 and target of Rs 3,300
--Buy Dixon Technologies with a stop loss of Rs 3,500 and target of Rs 3,950
M&M shares jump as British International Investment to invest in new EV arm
Shares of auto major Mahindra and Mahindra (M&M) jumped as much as 5 percent on Friday after the automaker said British International Investment would invest up to Rs 1,925 crore ($250 million) into its new four-wheel passenger electric vehicle (EV) arm. (More details here)
Introduction of GST on non-ICU hospital beds to be credit-neutral for hospital sector: ICRA
Healthcare services have been brought under the GST regime through the imposition of a tax rate of 5 percent on hospital beds (excluding non-ICU (intensive care unit) beds) charges exceeding Rs 5,000 per day. This is applicable with effect from July 18, 2022
The GST Council in its latest meeting has decided to impose a 5 percent on hospital bed (excluding non-ICU (intensive care unit) beds) charges exceeding Rs 5,000 per day without input tax credit to the hospitals. With this, healthcare services have been brought under the GST regime for the first time.
In ICRA’s view, hospitals are likely to pass on the impact of this GST levy to the patients, in the absence of input tax credit. This move would increase the burden on the patients; however, the impact of the same is not expected to be material and is estimated to be less than 2 percent of the overall amount being charged to the patients.
TCS set to kick off earnings season, here are the most important numbers to watch out for
Tata Consultancy Services (TCS) is all set to kick off the corporate earnings season, with India's largest software exporter due to report its financial results for the April-June period on July 8.
Analysts and investors will look out for the IT giant's margin — at a time when elevated employee costs continue to impact profitability in IT thanks to high attrition, even as there is healthy demand for technology across sectors. (Read more)