In today’s briefing:
- Ohayo Japan | Stocks Rise on Cool CPI
- Japan Morning Connection: Micronics, Mitsubishi Heavy, Kawasaki Heavy
- 60-Year Mining Tax Battle: Supreme Court’s Final Word
- Online Game Monitor: July 29-August 13, 2024
- # 46 India Insight: Ethanol Price Increase, Torrent Pharma and JB Chemicals, Cochin Shipyard Dredger
Ohayo Japan | Stocks Rise on Cool CPI
- The S&P 500 extended its advance into a fifth straight day, the longest winning streak in more than month
- Japan’s ruling Liberal Democratic Party (LDP) is gearing up for a contested leadership election in September as Prime Minister Fumio Kishida announced he will not seek re-election
- Nike’s stock rose nearly 5% in after-hours trading amid speculation of activist involvement
Japan Morning Connection: Micronics, Mitsubishi Heavy, Kawasaki Heavy
- Gains for Micron on the potential for DDR5 price hikes should help lift 6871 Micronics after yesterdays excessive weakness.
- More cheer for US home builders after Smith Douglas number beat, adding to the upside story for Sumi Forestry and Selkisui House.
- Defence related plays should remain in the spotlight with Kishida replacement candidates Ishiba and Kono both ex-defence ministers.
60-Year Mining Tax Battle: Supreme Court’s Final Word
- Supreme Court ruled that States can levy cesses on mining activities, distinguishing it from Union’s authority over royalty.
- Retrospective tax collection from 2005 could impose 1.5-2 lakh crore on the mining sector, heavily impacting co. like Tata Steel Ltd (TATA IN) and Coal India Ltd (COAL IN).
- The ruling may exacerbate financial pressures on the mining industry, especially in high-tax states like Odisha and Jharkhand.
Online Game Monitor: July 29-August 13, 2024
- Tencent’s <LoLM> shows strong performance after anniversary event, reaching as high as No. 2 on the iOS Grossing Chart with strong player spending sentiment
- NetEase’s <Justice Mobile> grossing rank continues to decline due to the game’s lifecycle, slightly lowering expectations. <Naraka: Bladepoint Mobile> revenue performance is stabilizing, with annual grossing expected around RMB 10bn
- Bilibili’s <FGO> shows a strong revenue trend, currently in the top 20 on the iOS Grossing Chart, slightly raising expectations
# 46 India Insight: Ethanol Price Increase, Torrent Pharma and JB Chemicals, Cochin Shipyard Dredger
- Government Considers Ethanol Price Increase to Meet Blending 20% Targets
- Torrent Pharma is seeking up to $3 billion to buy KKR’s 54% stake in JB Chemicals.
- Cochin Shipyard will deliver a new dredger worth INR 800 crore to DCI by September 2025.
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