May 22, 2024, 3:20 pm IST
Welspun Enterprises Gets Rs.1,864 Crore Maharashtra Project; Stock Surges 8%
Shares of Welspun Enterprises surged more than 8% on Wednesday, May 22, following the company's announcement that it has secured the position of the lowest bidder for constructing an access-controlled multi-modal corridor stretching from Navghar to Balavali in Maharashtra. The project, valued at Rs.1,864.71 crore, is slated for completion within 36 months from its commencement on an Engineering, Procurement, and Construction (EPC) basis. The Maharashtra State Road Development Corporation Ltd. (MSRDC) is the client for this project.
May 22, 2024, 3:01 pm IST
Star Health Insurance Expect A Block Deal Worth Up To 0 Million
A block deal worth 0 million to 0 million is anticipated, with a price band expected between Rs.530 to Rs.545 per share, mirroring the current market value of the stock. In the March quarter shareholding pattern, MIO, via two entities, held a 4.6% stake in Star Health, while APIS Growth and ROC Capital held 2.6% and 1% stakes, respectively. Within the promoter group, 14.16% equity remains under the late Rakesh Jhunjhunwala's name.
May 22, 2024, 2:40 pm IST
Granules India's Promoter Sold 75 Lakh Shares, Valued At Over Rs.300 Crore
Krishna Prasad Chigurupati, the promoter of Granules India, executed a block deal selling 75 lakh equity shares, equivalent to 3.09% equity, valued at Rs.303.81 crore on May 22. Granules India stated that the sale aimed to clear Chigurupati's personal debt, thereby releasing existing pledges on his company holdings, and to generate some personal liquidity.
May 22, 2024, 2:15 pm IST
Strides Pharma's Shares Rise After Receiving USFDA Approval
Shares of Strides Pharma Science Ltd surged on Wednesday, May 22, following the announcement that the company has secured approval from the United States Food and Drug Administration (USFDA) for a drug utilized in treating stomach ulcers. The approval was granted to Strides Pharma Global Pte, the Singapore-based subsidiary of the company, for the generic version of Sucralfate Oral Suspension.
May 22, 2024, 1:56 pm IST
BHEL Shares Fall Nearly 8% After Earnings
Shares of state-owned Bharat Heavy Electrical Ltd (BHEL) on Wednesday declined approximately 8% after the company declared an over 25% fall in consolidated net profit for the quarter ended March 31, 2024. BHEL shares fell 7.58% to Rs 295 on both the BSE and NSE. Earlier, BHEL on May 21 declared more than 25% fall in consolidated net profit to Rs 489.62 crore in the March quarter, due to increased expenses. BHEL’s consolidated net profit stood at Rs 658.02 crore in the quarter ended on March 31, 2023, according to a regulatory filing on Tuesday. Total expenses of the firm surged to Rs 7,794.11 crore in the quarter from Rs 7,411.64 crore in the same period a year ago. Total income in the quarter jumped marginally to Rs 8,416.84 crore in the quarter from Rs 8,338.61 crore in the year-ago period.
May 22, 2024, 1:39 pm IST
Indoco Remedies Receives Final USFDA Nod For Pregabalin Capsules
Indoco Remedies has obtained final nod from the US Food and Drug Administration (US FDA) for Abbreviated New Drug Application (ANDA) for Pregabalin capsules. This approval is related to a generic equivalent of the Reference Listed Drug, Lyrica capsules, of Upjohn US 2 LLC. Pregabalin has been used for neuropathic pain linked with diabetic peripheral neuropathy and spinal cord injury, postherpetic neuralgia, and fibromyalgia.
May 22, 2024, 1:19 pm IST
London Stocks Decline As UK Inflation Dips
London stocks on Wednesday witnessed fall amid Britain's slower-than-expected inflation deceleration, lowering likelihood of a June interest rate cut. Meanwhile, Marks & Spencer's upbeat annual profit managed to partially offset losses. As of 07:07 GMT, the FTSE 100 index declined 0.6%, while the pound gained strength, touching a two-month high at .27425 against the dollar.
May 22, 2024, 1:11 pm IST
Paytm Q4 FY24 Loss Widens To Rs 550 Cr
Fintech firm One97 Communications, which owns the Paytm brand, on Wednesday said its loss in the fourth quarter of the financial year 2023-24 has widened to Rs 550 crore. The company had posted a loss of Rs 167.5 crore in the same period a year ago, the company said in a regulatory filing
The revenue from operations of Paytm declined 2.8 per cent to Rs 2,267.1 crore during the reported quarter, from Rs 2,464.6 crore in the corresponding quarter of the financial year 2023. For the year ended March 31, 2024, the company's loss narrowed to Rs 1,422.4 crore
May 22, 2024, 12:27 pm IST
Gold Price India, May 22: Check Latest 18k, 22k, 24k Gold Price, Silver Rises By Rs 11,200 In 9-Days
Gold prices today stayed steady in India as investors are looking forward to minutes from Federal Reserve's latest policy meeting for fresh indications on the timing of U.S. interest rate cuts. Meanwhile, silver prices continued to maintain rally after witnessing decline of Rs 1900 for 1kg yesterday. 22k gold price today remained unchanged at Rs 68,300/10 grams while 100 grams of 22 carat yellow metal prices stayed steady at Rs 6,83,000.
24 carat precious metal prices remained stable at Rs 74,510/10 grams and 100 grams of 24k gold prices today quoted at Rs 7,45,100 in India. 18K yellow metal price in India today is retailing at Rs 55,880 and 100 grams of 18 carat gold prices are quoted at Rs 5,58,800.
Spot gold continued to hold its ground at ,415.35 per ounce, as of 0345 GMT. Yellow metal prices touched a record high of ,449.89 on Monday. U.S. gold futures were down 0.3% at ,419.00, according to Reuters.
Meanwhile, silver prices today surged by Rs 1200 to Rs 95,800 in the country. 100 grams of silver prices today quoted at Rs 9,580 after the rally of Rs 120. It is worth noting that silver prices have now rallied by Rs 11,200 in last 9 days only from May 14, 2024.
May 22, 2024, 11:30 am IST
GR Infraprojects Shares Up 3% Following Project Wins
GR Infraprojects witnessed a 3% increase in its share prices after securing two road projects valued at Rs 4,346.14 crore from the Maharashtra State Road Development Corporation. The company emerged as the lowest bidder (L1) for the project.
May 22, 2024, 11:09 am IST
Top 5 Gainers and Losers Today
Stock Market Live Updates
May 22, 2024, 10:50 am IST
Biocon Secures US FDA Nod For Yesafili, Stock Flat
Biocon Biologics, a subsidiary of Biocon, has received approval from the US Food and Drug Administration (USFDA) for its first-to-file application for Yesafili, an interchangeable biosimilar of aflibercept. Yesafili, a vascular endothelial growth factor (VEGF) inhibitor, is used to treat a range of ophthalmic conditions.
May 22, 2024, 9:22 am IST
Market Opens With Minor Gains
Indian benchmark indices opened higher on Wednesday, buoyed by positive signals from global markets. At the opening bell, the Sensex rose by 90.55 points (0.12%) to 74,043.86, while the Nifty gained 29.70 points (0.13%) to reach 22,558.75.
May 22, 2024, 9:16 am IST
Rupee Opens Flat
Indian Rupee opened flat at 83.29 per Dollar versus Tuesday's close of 83.30.
May 22, 2024, 9:01 am IST
RailTel Corporation of India Bags Work Order of Rs. 17,21,47,870
The Defence Research and Development Organisation has given RailTel Corporation of India Ltd a work order for the hire of IT resources for managing and maintaining IT services totalling Rs. 17,21,47,870.
May 22, 2024, 8:30 am IST
NVIDIA Corp Q1 Earnings Preview From Justin Khoo, Senior Market Analyst,APAC- VT Markets
Going forward, the IT industry is set to focus on advancing AI and machine learning, expanding cloud and edge computing, enhancing cybersecurity, exploring quantum computing, rolling out 5G networks, emphasizing sustainability, driving digital transformation, and integrating blockchain technologies. These trends will drive innovation and efficiency across industries.
Nvidia, a clear leader in AI hardware, continued to strengthen its position at the GTC 2024 event. CEO Jensen Huang highlighted groundbreaking advancements, including the Blackwell AI super chip, designed to provide unprecedented computational power and efficiency. This chip supports various AI applications, from generative AI to autonomous driving, and is expected to revolutionize industries by enhancing productivity, efficiency, and safety. One of the most notable announcements was the collaboration between Nvidia and AWS, aimed at accelerating the development and deployment of generative AI applications. This partnership leverages Nvidia’s high-performance GPUs and AWS’s cloud infrastructure to offer scalable and efficient AI solutions, particularly beneficial in healthcare, automotive, and industrial sectors.
Nvidia's financial results have been stellar, with significant revenue growth driven by high demand for its AI chips. This robust financial health positions the company well for continued investment in innovation and market expansion. However, Nvidia faces increasing competition from tech giants like Intel, AMD, and custom AI chip developers such as Google and Amazon. These competitors are developing their own AI hardware solutions, which could erode Nvidia's market share over time. Nvidia's dependence on sectors like gaming and cryptocurrency, which are subject to significant market volatility, poses a risk. If Nvidia maintains its ability to innovate and sustain strategic partnerships, it can navigate these opportunities and challenges, ensuring continued leadership in the rapidly evolving tech landscape. Despite its strengths, Nvidia's stock is currently expensive at 8. Prices of 0 and below are seen as good accumulation areas, with technical analysis indicating 0 as potential support. Nvidia is expected to report earnings on 05/22/2024 after market close, with forecasts of .2 billion in earnings, .62 per share, and revenue of .6 billion. A billion quarter is considered likely by year-end.
May 22, 2024, 7:59 am IST
Inox Wind Shares In Focus
The top supplier of wind energy solutions in India, Inox Wind Limited (IWL), announced that CARE Ratings Limited (CARE) has awarded it a "A" rating for its banking facilities. The ‘A’ category rating reflects Inox Wind’s strong financial position, robust execution capabilities, large order book, and strong macro tailwinds, as per a regulatory filing.
May 22, 2024, 7:51 am IST
Nifty Outlook By Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd
From a technical perspective, the index is maintaining a strong hold above the 34-Days exponential moving average (34-DEMA), which is positioned at 22,325 levels. However, we are gradually approaching the previous resistance of 22,800, where the index has formed a bearish engulfing candle. Additionally, India VIX is up by 6.26% to 21.81, resulting in increased volatility. Thus, traders are advised to be cautious at higher levels.
May 22, 2024, 7:48 am IST
BSE-Listed Firms Reached Trillion Mark
Sunil Damania, Chief Investment Officer, MojoPMS said, "The Indian equity market is consistently achieving significant milestones. Reaching a market capitalization nearing trillion places India among an elite group of nations, alongside the United States and China. This accomplishment can be attributed to retail investors, who have steadfastly participated despite market volatility in recent years. Concurrently, the government’s accelerated reforms and the positive response from Indian corporations have contributed to sustained earnings growth, further attracting investor interest. The current rally is driven by a combination of earnings growth and liquidity, which could propel India's market capitalization to trillion within the next five years. However, the progression from trillion to trillion is expected to encounter challenges and may not be smooth."
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