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Stock name: Gujarat Ambuja Exports Ltd.

Pattern: Double top pattern and retest

Time frame: Daily

Observation:

The stock followed an upward trend from August 2023 before stabilizing and forming a double top pattern on its daily chart. It broke out from this pattern in March 2023 but underwent a significant retest, closing above the breakout line. Currently, the stock has completed the retest and is moving downward. The RSI is low, and the MACD indicates a bearish signal. According to technical analysis, if the stock maintains its current momentum, it may continue to decline.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: HDFC Bank Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

The stock has been declining since December 2023 and formed a double bottom pattern on its daily chart. In June 2024, it broke out from this pattern and started rising. The stock's RSI is now in the overbought zone, suggesting a possible retest. According to technical analysis, if the stock maintains its current momentum, it may continue to rise further.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Tata Motors has increased its five-year investment in Jaguar Land Rover (JLR) to £18 billion for FY24-FY28, up from £15 billion, to focus on electric and hybrid vehicle development. This move supports JLR's "Reimagine" strategy. Additionally, JLR will collaborate with China's Chery to produce electric vehicles under the Freelander brand in China. The increased investment, detailed in a JLR investor presentation, aims to enhance the development of flexible (internal combustion and electric) vehicle platforms.
  
  
• Axis Bank and its subsidiaries have approved increasing their stake in Max Life Insurance to 19.99% through a Rs 336 crore cash deal. This move is intended to strengthen Axis Bank's position in the life insurance sector, following earlier regulatory approvals for equity infusion in Max Life. Previously, Axis Bank and its subsidiaries held a 19.02% stake in Max Life. The decision, approved by the bank's Acquisitions, Divestments, and Merger Committee on June 19, 2024, will enhance the bank's investment in Max Life Insurance.
  
  
• Bharti Airtel has increased its stake in Indus Towers by 1%, bringing its total ownership to 48.95%. This acquisition, approved by a special committee, involved purchasing around 26.95 million equity shares through an all-cash block deal. Airtel aims to stabilize Indus amidst Vodafone Idea's financial troubles, with Chairman Sunil Mittal emphasizing the need for Vodafone Idea to clear its dues. Concurrently, Vodafone Plc plans to sell nearly 18% of its 21.05% stake in Indus Towers.

Stock name: Dabur India Ltd.

Pattern: Falling wedge pattern and retest

Time frame: Weekly

Observation:

After reaching its all-time high, the stock began a downward trend. Between September 2021 and June 2024, it formed a falling wedge pattern on the weekly chart. It broke out of this pattern in early June 2024 with significant trading volume. Although currently facing a slight retest, the stock maintains a healthy RSI. Technical analysis indicates that if it sustains its momentum, it may continue to rise.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Indian Energy Exchange Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

The stock has been declining since December 2021. From May 2023 to June 2024, the stock stabilised and formed a double bottom pattern on its weekly chart. The stock has registered a breakout from this pattern in the month of June 2024. This breakout was supported by significant trading volume. Following this breakout, the stock continues to rise, along with a favourable RSI level. Technical analysis suggests that if the stock maintains its momentum, it might see further upward movement.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Tata Motors is reviving the Freelander as a made-in-China electric vehicle through its JLR subsidiary in partnership with Chery Automobile. The new EV will target China's market initially, with global expansion plans. This move aims to boost Tata Motors' electric profitability and compete with local brands. Production will be managed under the CJLR joint venture, leveraging Chery's technology and facilities.
  
  
• The Power Finance Corporation (PFC) board has approved a Rs 15,000 crore loan to Shapoorji Pallonji group companies. This loan will help the Mistry family, who own 18.37% of Tata Sons, to repay personal debts and fulfil financial obligations to creditors. The loan is secured by the cash flows from SP Group's real estate operations and the Mistry family's shares in Tata Sons.
  
  
• Vedanta Resources, the UK-based parent of India's Vedanta Ltd, plans to reduce its debt by $3 billion over the next three years. Facing multiple rating downgrades due to liquidity issues and default risks, the company will leverage liquidity from its $3.20 billion outstanding bonds to fund essential capital expenditure projects. Currently holding $6 billion in debt, Vedanta Resources has already reduced its debt by $3.70 billion in the past two years. The company aims to operationalize coal blocks and expand its steel and aluminium capacities, with $1.90 billion allocated for fiscal 2025.

Stock name: Dalmia Bharat Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

The stock has been declining since December 2023 but stabilized between April and June 2024, forming a double bottom pattern on its daily chart. On June 10, 2024, the stock has seen a significant breakout from the pattern with above-average trading volume. Although it has moved slightly upward since the breakout, it is currently retesting the breakout level. The RSI remains in a favourable zone. According to technical analysis, a rebound from the current level may lead to further upward movement.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Infosys Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

The stock has been declining since February 2024 but stabilized between April and June 2024, forming a double bottom pattern on its daily chart. It saw a significant breakout from this pattern on June 7, 2024, supported by high trading volume and a positive MACD breakout. However, the stock immediately faced a retest post-breakout. The RSI remains in a favourable position. According to technical analysis, a successful rebound from this retest may lead to further upward movement.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Vodafone Idea (Vi) plans to borrow Rs 23,000 crore in term loans and seeks Rs 10,000 crore in bank guarantees to bolster its telecom infrastructure and compete with Reliance Jio and Airtel. This move is aimed at securing the capital needed to stay competitive in a market previously at risk of becoming a duopoly. The joint venture between Vodafone Plc and Aditya Birla Group, which recently met lender demands by committing more equity, presented this loan proposal during a meeting with the State Bank.
  
  
• Coca-Cola India is seeking to sell a minority stake in its subsidiary, Hindustan Coca-Cola Beverages (HCCB), aiming to raise $800 million to $1 billion. Following PepsiCo's strategy of outsourcing bottling operations, Coca-Cola has approached several prominent Indian business families, including the Bhartia family of Jubilant Group, the Burmans of Dabur, the Parekhs of Pidilite Industries, and the promoter family of Asian Paints, for potential investments.
  
  
• Private credit funds, including Edelweiss Alternative Asset, anticipate Ambuja Cements will repay Penna Cement's high-cost debt ahead of schedule. Ambuja Cements, controlled by the Adani Group, acquired Penna Cement for ₹10,442 crore, aiming to lower borrowing costs and improve credit ratings. This acquisition will enable Ambuja Cements to refinance or repay Penna Cement's existing term loans and high-interest debt, including ₹400 crore owed to Edelweiss Alternative Asset.

The upcoming 2024 Union Budget of India, set to be presented by Finance Minister Nirmala Sitharaman, is generating significant anticipation among industry leaders, economists, and the general public. Scheduled for the latter part of July 2024, this budget will be the first of the third term of the NDA government led by Prime Minister Narendra Modi, commonly referred to as the Modi 3.0 government. The 2024-25 Budget is expected to outline the Modi 3.0 government's economic agenda, which likely includes initiatives to fast-track reforms aimed at transforming India into a $5-trillion economy in the near future and achieving 'Viksit Bharat' by 2047. As the nation navigates economic recovery and growth post-pandemic, this budget is anticipated to address key issues and provide a comprehensive financial roadmap for the upcoming year. Here’s an in-depth look at what to expect from the 2024 budget based on pre-budget consultations and expert opinions.

Industry Consultations and Stakeholder Engagement: In preparation for the budget, Finance Minister Nirmala Sitharaman is scheduled to hold pre-budget meetings with industry stakeholders on June 20, 2024. Prior to this, an official meeting with the Revenue Secretary will take place on June 18. These consultations are crucial for the government to gather input from various sectors, understand their challenges, and incorporate their suggestions into the budget. Key discussion areas are likely to include tax policies, incentives for startups, infrastructure development, and measures to boost manufacturing and exports.

Economic Growth and Fiscal Consolidation: Economic growth and fiscal consolidation are expected to be central themes in the 2024 budget. With Prime Minister Modi's government entering its third term, there is an emphasis on balancing populist spending with rigorous economic reforms. The budget is likely to focus on stimulating economic growth through increased investment in infrastructure, promoting digital economy initiatives, and enhancing the ease of doing business. Concurrently, measures to control the fiscal deficit and public debt will be critical to ensuring sustainable economic health.

Tax Reforms and New Income Tax Rules: A significant expectation from the budget is the introduction of new income tax rules. There is speculation that the government might discontinue the old tax regime in favour of a simplified tax structure, although it remains to be seen if such a drastic change will be implemented immediately in the first budget of the new government. The goal would be to simplify tax compliance for individuals and businesses, broaden the tax base, and enhance revenue collection. Potential changes could include adjustments to tax slabs, incentives for savings and investments, and measures to reduce tax evasion.

Infrastructure Development: Infrastructure development is anticipated to receive substantial attention in the 2024 budget. The government is expected to allocate significant funds for the expansion of road networks, railways, and urban infrastructure. Investments in renewable energy projects and advancements in digital infrastructure, such as the 5G rollout and rural broadband connectivity, will also be prioritized. These initiatives are essential for economic growth as well as for improving connectivity and access to services across the country.

Social Welfare and Healthcare: The budget is likely to emphasize social welfare programs, particularly in healthcare and education. Enhanced funding for public health infrastructure, the availability of essential medicines, and investment in medical research are expected to be key components. Education reforms, including the integration of digital learning tools and vocational training programs, will aim to equip the workforce with relevant skills. Increased allocations for social security schemes targeting vulnerable sections of society will help ensure a robust safety net.

Environmental Sustainability: Environmental sustainability will be a significant focus of the 2024 budget. The government is expected to introduce policies aimed at combating climate change, reducing carbon emissions, and promoting green energy. Investments in solar and wind energy, initiatives to improve energy efficiency, and subsidies for environmentally friendly practices will be central to these efforts. Incentives for businesses and individuals to adopt green technologies are also anticipated.

Push in Rural Spending: There has been a noticeable pattern in consumption recovery where wealthier individuals are spending more, while rural consumption remains low, with demand for basic and affordable goods still subdued post-pandemic. This indicates that lower-income individuals, who were hit hardest by the pandemic, haven't yet regained their purchasing power. Limited financial aid for vulnerable groups and irregular weather patterns impacting rural earnings have exacerbated this gap. To address this disparity, the government is likely to boost spending in rural areas. Increased investment in rural infrastructure, agriculture, and social welfare programs will be crucial to reviving demand and ensuring balanced economic growth.

Conclusion: The 2024 Union Budget of India is poised to address critical economic and social challenges while setting the stage for sustainable growth. By focusing on economic stability, infrastructure development, tax reforms, social welfare, environmental sustainability, and boosting rural spending, the government aims to create a resilient and prosperous future for the country. In addition to these, it will be also be crucial to see how the biggest ever RBI dividend of Rs. 2.1 Lakh Crore is utilised by the government. The key question is whether the ₹2.1-lakh crore surplus should be fully used for fiscal consolidation, partly allocated to social welfare schemes given the new coalition government, or entirely invested in boosting public infrastructure. As we await the detailed announcements, it is clear that this budget will play a pivotal role in shaping India's economic trajectory in the coming years.

Understanding Allowances Under the Head 'Salary' as per the Income Tax Act, 1961

When it comes to taxation, salary income is one of the most scrutinized heads under the Income Tax Act, 1961. Employees receive various types of allowances as part of their compensation package. These allowances can significantly impact an individual's tax liability. In this blog, we will delve into the different types of allowances under the head 'Salary' and how they are treated under the Income Tax Act, 1961.

What are Allowances?

Allowances are fixed periodic amounts, apart from salary, which are paid by employers to employees. These allowances can be fully taxable, partially taxable, or fully exempt from tax, depending on their nature and the provisions of the Income Tax Act.

As you must be aware that there are two tax regimes which co-exist, the new tax regime which is known for lower tax rates and the old tax regime which is known for allowance of deductions and exemptions.

Now, from FY 23-24, the new tax regime is the default tax regime and here only Std. deduction of INR 50,000 is available as deduction from Salary apart from certain Chapter VI A deductions. All allowances under this regime are fully taxable.

However, there are certain allowances which are partially or totally tax exempt under the old regime of income tax.

Types of Allowances

Partially Taxable Allowances

These allowances are partially exempt from income tax up to a specified limit. The remaining amount is added to the employee’s gross salary and taxed accordingly.

House Rent Allowance (HRA)

HRA is one of the most common allowances and a significant component of an employee's salary. The exemption on HRA is calculated as the least of the following:

1. Actual HRA received
2. 50% of salary (for employees living in metro cities) or 40% of salary (for employees living in non-metro cities)
3. Rent paid in excess of 10% of salary

For example, if an employee receives an HRA of ₹20,000 per month, pays rent of ₹25,000 per month, and has a salary of ₹50,000 per month (basic + DA), the HRA exemption will be calculated as follows:

Actual HRA received: ₹2,40,000 per year

50% of salary: ₹3,00,000 per year

Rent paid minus 10% of salary: ₹2,40,000 per year (₹25,000 - ₹5,000) * 12

Thus, the exempt amount will be ₹2,40,000.

Often, we have heard that payment of rent to a spouse or other family member is eligible for HRA deduction. However, there are multiple judgements where it was observed that if a proper trail is maintained, for e.g. The house is in the name of the person who is receiving the rent, there is a proper rental agreement in place, there is monthly payment of rent via bank transactions and the landlord offers this rental income under the head house property under let out category, then these judgements allow exemption of HRA to the assessee for paying rent to his family member. However, before entering such a transaction, consultation from a practising CA is advised.

Special Allowance: Includes allowances for children’s education, hostel expenditure etc. These are exempt up to certain limits specified under the Act.

Special Allowances

Special allowances such as children’s education allowance, and hostel allowance are exempt up to certain limits:

Children’s Education Allowance: Exempt up to ₹100 per month per child for a maximum of two children.

Hostel Expenditure Allowance: Exempt up to ₹300 per month per child for a maximum of two children.

How can we take advantage of these allowances?

When you join a new organisation as an employee, most of the employers give an option for designing your salary structure within the allowed CTC. you can choose the adequate amount of allowances including HRA and plan your taxes accordingly.

Also, if your employer is comfortable, you can enter into a contract with him where you can draw professional fees instead of salary and take benefit of presumptive taxation where you can offer only 50% of the professional fees received to tax.

Conclusion

Understanding the various allowances under the head 'Salary' is crucial for both employers and employees. Proper planning and awareness can help in optimizing tax liabilities. Employees should maintain detailed records and consult with tax professionals to ensure they are taking full advantage of available exemptions and deductions.

Navigating the complexities of allowances and their tax implications can be challenging, but being informed can lead to better financial planning and compliance with the Income Tax Act, 1961.

Stock name: Endurance Technologies Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Since its listing, the stock has trended upward. From November 2021 to May 2024, it formed a cup and handle pattern on its weekly chart, breaking out in May 2024. This breakout, supported by above-average trading volume and a bullish MACD indicator, has led to further upward movement. Currently, the RSI is in the overbought zone, suggesting a potential retest. However, as per technical analysis if the stock sustains its momentum, it may continue to rise.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Glenmark Pharmaceuticals Ltd.

Pattern: Rounding bottom pattern

Time frame: Monthly

Observation:

The stock formed a rounding bottom pattern on its monthly chart from April 2015 to May 2024. It has registered a breakout from the pattern in May 2024. This breakout is backed by average trading volume. Post breakout the stock is moving in an upward direction. Currently, the RSI is in the overbought zone, indicating a possible retest of the breakout level. According to technical analysis, if the stock maintains its momentum, it may continue to rise.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Vedanta has announced a plan to achieve $10 billion in EBITDA through over 50 growth projects, with $8 billion already invested. Key projects include expanding the Lanjigarh alumina refinery and BALCO smelter. The plan expects $4.2 billion from aluminium, $2.7 billion from zinc and silver, and $0.9 billion from oil and gas. Vedanta will also split into five independent companies, to be listed by year-end, leveraging India's projected GDP growth to $7 trillion by 2030. Vedanta shares have surged 75% in three months, outperforming the Sensex.
  
  
• Dixon Technologies will invest Rs 1,500-1,800 crore in India over the next three years to expand production and component manufacturing, funded by internal accruals. This year, it will invest over Rs 500 crore and venture into electric vehicle components. Significant funds will go towards mobile phone and display module expansion. Dixon has also partnered with HKC Corporation for manufacturing components and end products. The company reported a 45% revenue increase and a 47% profit rise in 2023-24, aiming for 30-40% annual revenue growth over the next three years.
  
  
• Tata Consumer Products Ltd aims to become a full-fledged FMCG company, doubling its capex to Rs 785 crore for FY25, focusing on a new plant in Vietnam. Chairman N Chandrasekaran emphasized expansion through acquisitions, particularly in health-oriented and food products, and significant investments in digital technology and advertising. The company will introduce more millet-based products and explore new FMCG categories. Last year, TCPL spent nearly Rs 7,000 crore on acquisitions. TCPL reported a 10% revenue growth to Rs 15,206 crore in FY24 and plans to continue expanding its product portfolio and digital capabilities.

Stock name: Alembic Pharmaceuticals Ltd.

Pattern: Triple top pattern and retest

Time frame: Daily

Observation:

The stock has been on an upward trend since March 2023 but stabilized and formed a triple top pattern from January to May 2024. It broke out of this pattern on May 31, 2024, with above-average trading volume. After the breakout, the stock moved downward and is now retesting the breakout level. Currently, the stock has a low RSI. According to technical analysis, if the stock experiences downward momentum after the retest, it may decline further.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Devyani International Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

The stock has been on a downward trend since September 2023. From February to June 2024, it moved sideways and formed a double bottom pattern on its daily chart. It broke out of this pattern on June 6, 2024, with above-average trading volume and a bullish MACD indicator. Currently, the stock is retesting the breakout level and has an overbought RSI. According to technical analysis, if the stock successfully completes the retest and rebounds, it may continue to move upwards.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Paytm's parent company, One97 Communications, saw its shares jump 8% after announcing a partnership with Samsung Wallet, allowing Galaxy smartphone users to access Paytm services for bookings. The insurance regulator IRDAI also approved Paytm General Insurance's withdrawal, aligning with Paytm's focus on insurance distribution. Paytm shares have risen 21% in the past month after hitting a 52-week low in May.
  
  
• Whirlpool of India and Hindustan Unilever Ltd (HUL) announced a marketing alliance to promote Surf Excel. This collaboration will feature joint marketing initiatives and integrate technologies from both brands to enhance fabric care and the laundry process. Kumar Gaurav Singh from Whirlpool emphasized the partnership's focus on combining mechanical, thermal, and chemical actions for better stain removal, while Srinandan Sundaram from Unilever highlighted the aim to make laundry routines easier and more effective for Indian households.
  
  
• Nestle India has approved the continuation of a 4.5% royalty license fee to its Swiss parent, Société des Produits Nestlé S.A. This rate, net of taxes, will be reviewed every five years as per regulatory requirements. The decision, endorsed by independent directors, aligns with stakeholder feedback. Additionally, Sidharth Kumar Birla has been appointed as an Additional Director and Independent Non-Executive Director for a five-year term. Nestle India's 65th Annual General Meeting has been rescheduled to July 8, where the final dividend decision will be made, to be paid on August 6, 2024, if declared.

Stock name: HCL Technologies Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Daily

Observation:

Since September 2022, the stock has seen significant upward movement. However, from December 2023 to April 2024, it stabilized and formed a head and shoulders pattern on its daily chart. On April 29, 2024, the stock experienced a gap-down breakout from this pattern, supported by high trading volume, and subsequently moved downward. Recently, it has been retesting the breakout level. According to technical analysis, if the stock completes the retest and resumes its downward trend, it may continue to decline.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Avanti Feeds Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock has been declining since November 2017, but stabilized and moved sideways from February 2022 to June 2024. During this period, it formed a cup and handle pattern on its weekly chart. At the start of June 2024, the stock broke out from this pattern, supported by high trading volume and a bullish MACD indicator. The RSI level is also favourable. According to technical analysis, if the stock maintains this breakout momentum, it may continue to rise.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Tata Motors has announced the launch timeline for its new electric vehicles. The Curvv.ev, Harrier.ev, and Sierra.ev models are set to be introduced in the current financial year, FY25. The Tata Avinya, which was first showcased as a concept at the 2022 auto show, is scheduled for release in FY26. This ambitious plan highlights Tata Motors' commitment to expanding its electric vehicle lineup.
  
  
• Sebi has announced the hiring of 49 Officer Grade A (Assistant Manager) positions across various departments to strengthen its regulatory functions. Applications are open until June 30 for roles in general, legal, IT, engineering (electrical), research, and official language streams. This recruitment follows Sebi's previous efforts to increase its workforce, including inviting applications for 97 senior-level posts in March and other large recruitment drives in recent years. The selection process will commence on July 27.
  
  
• Shriram Life Insurance has declared a bonus of ₹201 crore for FY24, a 35% increase from the previous year. This bonus will benefit 3.86 lakh policyholders. The rise in premium income, driven by new partners, technology upgrades, and focused sales, contributed to this growth. As of March 31, 2024, Shriram Life sold approximately 4.47 lakh policies and increased its Assets Under Management (AUM) by 25% to ₹11,282 crore. This milestone reflects the company's commitment to supporting customers' financial goals.

Stock name: Vedant Fashions Ltd.

Pattern: Cup and handle pattern

Time frame: Daily

Observation:

The stock began declining in December 2023 but stabilized by March 2024, forming a cup and handle pattern on its daily chart. On June 7, 2024, it broke out of this pattern, confirmed by a bullish MACD indicator. Following the breakout, the stock has been trending upwards. Technical analysis suggests that if this momentum persists, the stock might see further upward movement.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Sunteck Realty Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

The stock has been trading sideways but formed a cup and handle pattern on its weekly chart between July 2022 and June 2024. It broke out of this pattern in June 2024, supported by above-average trading volume and a positive MACD signal. The RSI levels are currently favourable. Technical analysis indicates that if the stock maintains its breakout momentum, it may continue to rise further.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• BPCL plans to invest Rs 50,000 crore in a new 12 MMTPA refinery, considering sites in Andhra Pradesh, Uttar Pradesh, and Gujarat. This follows a stalled project in Maharashtra. BPCL aims to increase its refining capacity to 45 MMTPA by FY29 as part of a Rs 1.7 lakh crore investment strategy. This aligns with India's goal to expand refining capacity to 450 MMTPA by 2030 to meet rising fuel demand.
  
  
• The Reserve Bank of India (RBI) has rejected Edelweiss Asset Reconstruction Company's proposal to reappoint Raj Kumar Bansal as its managing director and CEO. Currently, Bansal holds both roles and chairs the Association of ARCs in India. The RBI also barred Edelweiss ARC and ECL Finance from acquiring financial assets or engaging in structured transactions, citing "evergreening" of distressed loans.
  
  
• Zomato will inject Rs 300 crore into its quick commerce unit Blinkit, bringing its total investment since acquiring Blinkit in August 2022 to nearly Rs 2,300 crore. Additionally, Zomato will invest Rs 100 crore in its live events and ticketing business, Zomato Entertainment Pvt Ltd. This investment comes as competition intensifies with rivals Swiggy Instamart and Zepto. Blinkit has reported significant revenue growth and improved financial performance, positioning itself as a major value driver for Zomato.