Kirloskar Ferrous Industries announced that the operations of the 'Mini Blast Furnace - I' situated at Koppal plant, Karnataka have been suspended temporarily with effect from 6 June 2023 for around ninety days for the purpose of replacement of top equipment with bell less top as well as other allied maintenance activities.

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The key equity indices traded with minor cuts in mid-afternoon trade. The Nifty traded below the 18,600 level after hitting day's high of 18,618.05 in morning trade. Realty stocks witnessed buying demand for fifth consecutive session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 172.89 points or 0.28% to 62,614.58. The Nifty 50 index lost 36.45 points or 0.20% to 18,557.40.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.08% while the S&P BSE Small-Cap index gained 0.29%.

The market breadth was positive. On the BSE, 1,833 shares rose and 1,641 shares fell. A total of 135 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. The MPC decision will be announced by RBI Governor Shaktikanta Das on the last day of the meeting, which is Thursday, 8 June 2023.

NSE Circular:

The National Stock Exchange of India (NSE) has announced that the expiry day of Bank Nifty futures and options (F&O) has been changed from existing Thursday to Friday.

The above shall be effective from trade date 7 July 2023 Friday and accordingly, all existing contracts with Thursday expiry will be revised to Friday on 6 July 2023 EOD (end of day),” NSE said.

The first Friday expiry will be on 14 July 2023.

Numbers to track:

The yield on India's 10-year benchmark federal paper shed 0.20% to 6.983 from previous close of 6.997.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.64, compared with its close of 82.6375 during the previous trading session.

MCX Gold futures for 4 August 2023 settlement added 0.05% to Rs 59,879.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 104.02.

The United States 10-year bond yield declined 0.68% to 3.667.

In the commodities market, Brent crude for August 2023 settlement fell $1.51 or 1.97% to $75.20 a barrel.

Buzzing Index:

The Nifty Realty advanced 1.07% to 497.80. The index jumped 4.76% has risen for five trading sessions.

Macrotech Developers (up 2.9%), Oberoi Realty (up 2.4%), DLF (up 1.36%), Prestige Estates Projects (up 1.35%), Brigade Enterprises (up 1.27%), Phoenix Mills (up 0.72%), Godrej Properties (up 0.63%) and Mahindra Lifespace Developers (up 0.1%) advanced.

Indiabulls Real Estate (down 3.23%) and Sobha (down 2.12%) declined.

Stocks in Spotlight:

Kirloskar Ferrous Industries rose 1.06%. The company on Tuesday announced that the operations of the 'Mini Blast Furnace - I' situated at Koppal plant, Karnataka have been suspended temporarily with effect from 6 June 2023 for around ninety days.

Force Motors surged 11.55% after the company registered 26.04% jump in domestic sales to 2,154 units in May 2023 from 1,709 units sold in May 2022.

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The company temporarily suspended operations at the said plant for the purpose of replacement of top equipment with bell less top as well as other allied maintenance activities.

Kirloskar Ferrous Industries is one of India's largest castings and pig iron manufacturers. The company caters to various industry sectors, such as tractors, automobiles and diesel engines.

The company reported a consolidated net profit of Rs 88.22 crore in Q4 FY23, steeply higher than Rs 6.27 crore posted in Q4 FY22. Net sales jumped 51.4% year on year to Rs 1,565.56 crore in the quarter ended 31 March 2023.

Shares of Kirloskar Ferrous Industries rose 1.10% to Rs 446.45 on the BSE.

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Kirloskar Ferrous Industries announced that the Board of Directors of the Company at its meeting held on 12 May 2023, inter alia, have recommended the final dividend of Rs 3 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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