SHIPPING INDUSTRY NEWS
Stock market update: Nifty Auto index advances 0.73%
The Nifty Auto index closed 0.73 per cent up at 25366.45.
PM Modi, senior ministers take oath as members of 18th Lok Sabha
Prime Minister Narendra Modi was sworn in as a member of the 18th Lok Sabha, marking his third consecutive term. He, along with his Council of Ministers, had previously taken oath on June 9. Modi, who retained the Varanasi seat, has been representing it since 2014. As the Leader of the House, he was the first to take the oath. Additionally, B Mahtab also took the oath as a member of the new House and as the pro-tem speaker earlier in the day at Rashtrapati Bhavan.
Elon Musk's Tesla Highlights: Self-driving tech, cybertruck & robotaxi plans
Tesla's annual shareholder meeting on June 13 was marked by shareholder approval of Elon Musk's $56 billion performance-based pay package, despite previous legal challenges. Additionally, shareholders agreed to relocate Tesla from Delaware to Texas. Elon Musk, in his characteristic style, outlined ambitious technological advancements at the meeting: he projected rapid progress in self-driving car technology, including the potential for Tesla owners to connect with a future "Robotaxi" fleet for passive income.
Ship attacked by Yemen's Houthi rebels in fatal assault sinks in Red Sea in their second sinking
A bulk carrier sank in the Red Sea days after an attack by Yemen's Houthi rebels, who are believed to have killed one mariner on board. The sinking of the Tutor marks an escalation in the Houthis' campaign targeting Red Sea shipping, despite ongoing U.S.-led efforts to halt the attacks. The attack, using drone boats, highlights the ongoing conflict in the region. The shipping industry has condemned the attacks, calling for them to stop immediately. Meanwhile, the Houthis claim that U.S.-led airstrikes targeted areas in Yemen under rebel control.
Ozempic frenzy lures rich Indians to brave the gray market
People are going to great lengths to obtain popular weight-loss drugs. They are stashing injectables in their carry-on luggage, buying counterfeit formulas online, and importing boxes from Europe. The treatments have sparked extensive media coverage, fueling a high demand. According to Goldman Sachs Research, the anti-obesity medication market could hit $100 billion by 2030. In contrast, Indians have largely been observers in this global frenzy over the new weight-loss solutions.
Container shortage is shipping’s Achilles’ heel
An initial surge in freight prices — prompted by ships taking the much longer route around the Cape of Good Hope — petered out in March, yet prices have now surged even higher.
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Escalating emissions: How Red Sea disruptions are driving up carbon emissions
Many companies had already revamped their supply chains as they navigated COVID-19 disruptions, extreme weather risks, trade protectionism that forced them to change suppliers, and rising freight costs.
ABS Marine Services shares list at 100% premium over issue price
ABS Marine Services Share Price: ABS Marine Services' shares made a remarkable debut on the NSE SME platform on Tuesday, opening at Rs 294 per share, which was a 100% premium over the issue price of Rs 147 per share. Prior to its listing, the company's shares were trading in the unlisted market with a premium of Rs 100.
French shipping giant expects slump in cargo rates
CMA CGM SA anticipates lower ocean freight rates as new vessel deliveries boost capacity impacted by ship diversions to avoid the Red Sea conflict.
Reliance faces many hurdles in getting crucial crude delivered as global market struggles
Reliance Industries Ltd., India’s largest private refiner, faces challenges in getting shipments of heavy crude delivered due to sanctions and OPEC+ cuts. To secure needed barrels, it purchased 2 million barrels of Canada’s Access Western Blend crude, embarking on a complex journey involving ship-to-ship transfers and a long voyage to India via the Pacific.
Shipping is a dirty business. Cleaning it up is lucrative
HD Hyundai Marine's successful IPO attracted investors' attention by doubling stock value. It aims to provide eco-friendly solutions and expand globally in the maritime industry.
Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Stock Reports Plus, powered by Refinitiv, undertakes detailed company analysis for 4,000+ listed stocks. In addition to detailed company analysis, the report also collates analysts’ forecasts and trend analysis for each component. An average score in Stock Reports Plus is calculated by undertaking quantitative analysis of five key investment tools - earnings, fundamentals, relative valuation, risk and price momentum.
Tangled in steel with no way out: How the crew stuck in Baltimore is faring
The Dali cargo ship crew, mainly from India, remain in Baltimore post-bridge collision, awaiting debris clearance for the vessel to resume its voyage to Sri Lanka, amid praise for their swift actions.
Biden approves $60 mn in aid after Baltimore bridge collapse as governor warns of 'very long road ahead'
The devastation left behind after the powerless cargo ship struck a support pillar early Tuesday is extensive. Divers recovered the bodies of two men from a pickup truck in the Patapsco River near the bridge's middle span Wednesday, but officials said they have to start clearing the wreckage before anyone could reach the bodies of four other missing workers.
Cargo ship had engine maintenance in port before it collided with Baltimore bridge, officials say
A cargo ship in Baltimore crashed into a bridge, leading to fatalities among workers. The incident prompted investigations by multiple authorities and impacted the city's transportation and shipping industries, causing a ripple effect on local and national levels.
Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Stock Reports Plus, powered by Refinitiv, undertakes detailed company analysis for 4,000+ listed stocks. In addition to detailed company analysis, the report also collates analysts’ forecasts and trend analysis for each component. An average score in Stock Reports Plus is calculated by undertaking quantitative analysis of five key investment tools - earnings, fundamentals, relative valuation, risk and price momentum.
Reliance Ethane Holding invests Rs 853 crore in subsidiaries
Reliance Ethane Holding Pte Ltd. (REHPL), a subsidiary of Reliance Industries, invested Rs 284 crore each in three subsidiaries—Ethane Coral LLC, Ethane Diamond LLC, and Ethane Jade LLC—totaling Rs 852.8 crore ($102.90 million).
Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Stock Reports Plus, powered by Refinitiv, undertakes detailed company analysis for 4,000+ listed stocks. In addition to detailed company analysis, the report also collates analysts’ forecasts and trend analysis for each component. An average score in Stock Reports Plus is calculated by undertaking quantitative analysis of five key investment tools - earnings, fundamentals, relative valuation, risk and price momentum.
Oil stocks in deep green amid Red Sea crisis. ONGC shares jump 8%
Oil stocks jumped up to 8% on Monday led by gains in state-run Oil & Natural Gas Corporation (ONGC) and market heavyweight Reliance Industries (RIL) on fuel supply concerns in the aftermath of a missile attack on a Trafigura-operated fuel tanker in the Red Sea.
Market Trading Guide: Cera Sanitaryware, Rain Industries among 4 stock recommendations for Tuesday
Indian shares ended lower in a trading session on Saturday, dragged by IT companies and HUL, but gains in lenders helped limit some losses. The S&P BSE Sensex closed 0.4% lower at 71,423, while the NSE Nifty 50 index closed below the 21,600 level. "The short-term trend of Nifty remains choppy. Having faced weakness after a small rise on Saturday signal weak bias for the market ahead. At the higher levels, the market could encounter strong overhead resistance around 21750-21850 levels and on the downside could find support around 21300 levels in the near term," Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Here are 4 stock recommendations for Tuesday:
Twin crises send cargo ships back to 18th century trade routes
Hitting routes that handle almost 20% of trade, the issues are forcing vast detours by the global merchant fleet, driving up freight bills, and boosting the shares of shipping companies.
Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Stock Reports Plus, powered by Refinitiv, undertakes detailed company analysis for 4,000+ listed stocks. In addition to detailed company analysis, the report also collates analysts’ forecasts and trend analysis for each component. An average score in Stock Reports Plus is calculated by undertaking quantitative analysis of five key investment tools - earnings, fundamentals, relative valuation, risk and price momentum.
Shipping industry has no easy path towards decarbonisation - UNCTAD
More than 80% of the world's trade is done via shipping which contributes for about 3% of global carbon dioxide emissions. The industry has faced calls from stakeholders including investors and environmentalists to take some concrete action.
Be careful about shipping stocks in short-term; keep an eye out for Bata: Sandip Sabharwal
“The near-term picture for foreign investor flows is hazy and over the next few weeks as things play out and as the dollar index peaks, the short term rally which is staging and as yields peak out, we will see funds flow start again. But in the near term, it could remain weak.”
Stock market update: Nifty Pharma index advances 0.85% in an upbeat market
The Nifty Pharma index was trading 0.85 per cent up at 13869.05.
Stock market update: Nifty Auto index advances 1.08% in an upbeat market
The Nifty Auto index was trading 1.08 per cent up at 15570.05.
Stock market update: Nifty Auto index advances 0.41%
The Nifty Auto index closed 0.41 per cent up at 14768.45.
Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Stock Reports Plus, a detailed company analysis report that provides an average score for 4,000+ listed stocks, is partnering with Institutional Brokers' Estimate System (IBES) to offer a weekly list of companies that have the highest score accompanied by a Strong Buy/Buy recommendation. Companies' scores are based on quantitative analysis of five investment tools including earnings, fundamentals, relative valuation, risk and price momentum. Analysts' recommendations and trend analysis for each component are also collated. The companies range from large to small cap stocks with the highest score given to Indraprastha Gas.
Q4 results this week: Tata Motors, L&T, Asian Paints, Vedanta, DLF and others
The March quarter earnings for IT companies have been disappointing, while the banking and finance sector has shown strong numbers. This week several significant companies such as Tata Motors, L&T, Asian Paints, DLF, Vedanta and Avenue Supermarts are releasing their March quarter report cards. On May 11, Eicher Motors, Aditya Birla Capital and ITI are set to release their reports. Meanwhile, Larsen & Toubro, Godrej Consumer Products and Dr Reddy's Laboratories will release theirs on May 10. Avenue Supermarts is set to release its report on May 13.
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