Amid mixed global cues, Indian indices opened higher on July 31 with Nifty trading around 24,900. The Sensex increased by 187.35 points or 0.23% to 81,642.75, while the Nifty rose by 58.70 points or 0.24% to 24,916.
Approximately 1,816 shares advanced, 579 shares declined, and 152 shares remained unchanged. Major gainers on the Nifty included NTPC, Tata Motors, BPCL, Maruti Suzuki, and Titan Company, while Tata Consumer, Axis Bank, Coal India, Power Grid Corp, and Reliance Industries were among the top losers.
Wednesday's session promises to be eventful, driven by a slew of earnings reports. Major stocks such as Tata Consumer Products, Ajanta Pharma, Dixon Technologies, Indus Towers, Navin Fluorine, and Torrent Power will be reacting to their quarterly results. Additionally, four Nifty 50 heavyweights-Coal India, Mahindra & Mahindra, Maruti Suzuki, and Tata Steel-are set to release their earnings, alongside broader market names like Adani Power, Ambuja Cements, and Bank of Baroda.
Nifty Bank, a key player in the index's movements, will also be under the spotlight due to the weekly options expiry. After capping gains for most of July, it led a resurgence on Friday and Monday but then dragged the Nifty down with a significant sell-off from its high of 51,957 on Tuesday, echoing Monday's pattern with a 500-point correction.
With a trading range of 550 points over the last two sessions, the Nifty has only managed a marginal gain of three points. The market's focus on earnings reactions and the impact of the Nifty Bank's performance will likely dictate Wednesday's trading dynamics.
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Jul 31, 2024, 3:03 pm IST
Insurance Stocks In Focus
Nitin Gadkari who is currently the Minister for Road Transport & Highways in the Government of India, has written to Finance Minister Nirmala Sitharaman, urging on the removal of 18% GST rate levied on life and medical insurance.
Jul 31, 2024, 2:40 pm IST
Gold Prices Surge
In Indian retail stores, gold prices have jumped by a whopping Rs 6,600 to Rs 8,700. The reason why gold is shining is because investors are keenly hoping for a much more dovish tone from the US Federal Reserve in their meeting scheduled on July 31. Traders hope that the Fed would likely increase its expectations from a 1 rate cut in 2024, and would hint towards an early rate cut in the September 2024 policy. However, broadly, the majority of economists do not expect the Fed to cut rates for the first in 3 years, on July 31.
Jul 31, 2024, 2:17 pm IST
M&M Q1 Results
The company posted net profit of Rs 2,612 crore, down by 5% YoY, while revenue surged by 12% YoY to Rs 27,039 crore. EBITDA was up by 22% YoY to Rs 4,023 crore, and margins expanded by 130 bps to 14.9%. The share price is in green, up by nearly 1%.
Jul 31, 2024, 2:17 pm IST
RITES Double Rewards, Q1
The railway company posted net profit of Rs 90.4 crore, down by 24.4% YoY. While revenue also dipped by 10.8% YoY to Rs 486 crore. But, RITES has declared double rewards for investors. The company announced 1:1 bonus issue, and Rs 2.5 per share dividend payout. The stock is however down by 3% currently.
Jul 31, 2024, 2:02 pm IST
Birlasoft Q1 Results: Shares Dip as Revenue and Margins Shrink
Shares of Birlasoft Ltd dropped by as much as 3% on Wednesday following the announcement of its June quarter results. The company experienced a revenue decline in constant currency terms for the first time in at least five quarters. Birlasoft's US Dollar revenue was reported at 9.1 million, reflecting a 2.9% decrease compared to the March quarter. In constant currency terms, the revenue declined by 2.7% on a quarter-on-quarter basis.
Jul 31, 2024, 12:53 pm IST
Aurionpro Wins Major Contract with Top Malaysian Bank
Aurionpro Solutions has secured a significant contract with a leading bank in Malaysia to upgrade its corporate processes. Valued at nearly million, the project is set to be completed over a period of 15 months.
Jul 31, 2024, 11:53 am IST
Shilpa Pharma Lifesciences Limited, Received CEP From EDQM For API, Ursodeoxycholic Acid
Shilpa Medicare Limited’s 100% subsidiary, Shilpa Pharma Lifesciences Limited received the certificate of suitability (CEP) from EDQM (European Directorate for the Quality of Medicines & Healthcare) for API, Ursodeoxycholic Acid. Ursodeoxycholic acid or ursodiol is a naturally occurring bile acid that is used to dissolve cholesterol gallstones and to treat cholestatic forms of liver diseases including primary biliary cirrhosis. Ursodiol has been linked to rare instances of transient and mild serum aminotransferase elevations during therapy and to rare instances of jaundice and worsening of liver disease in patients with preexisting cirrhosis.
Jul 31, 2024, 11:40 am IST
Cressanda Railway Solutions Ltd Receives Orders from Eastern Railways
Cressanda Railway Solutions Ltd has achieved a notable event by selling entire inventory of 34 Electric Multiple Units (EMUs) in the Howrah division of Eastern Railways to various esteemed clients including Dabur India Limited, Emami, Anmol Biscuits, Stout Footwear, Ganesh Spices, etc., amongst others for advertising their products through External vinyl wrap on the train coaches. This achievement could be seen as a milestone, reflecting efficient management, strategic planning, and perhaps even a significant shift in operational strategy or modernization efforts within the ambit of the agreement entered with the Eastern Railways. This landmark achievement marks a significant milestone for Cressanda.
Jul 31, 2024, 11:31 am IST
L&T Wins A Significant Order For Construction OF An Automobile Plant
The Buildings & Factories (B&F) business vertical of Larsen & Toubro has won an order to construct a state-of-the-art automobile manufacturing plant for a prestigious company. The plant is to be constructed near Bengaluru by adhering to IGBC norms. The scope entails comprehensive design, execution of civil, structural, architectural and MEPF services. The Buildings & Factories vertical of L&T has immense expertise and wide-ranging experience to undertake all types of EPC projects for a variety of sectors. Over the years, it has acquired the capability to execute complex industrial projects on a design-and-build basis and has emerged as a total solutions provider in the factory construction segment.
Jul 31, 2024, 11:05 am IST
Gold Price Updates
Gold Price Chennai, July 31: 22k/100 Grams Gold Price Rises By Rs 3500
Jul 31, 2024, 11:03 am IST
Gold Price Updates
Gold Price India, July 31: 22k/100 Grams Yellow Metal Price Jumps By Rs 8000
Jul 31, 2024, 10:50 am IST
Defense Ministry Appoints A New Managing Director For Hindustan Aeronautics Limited (HAL)
On 20th March, 2024 on the subject “General Updates” with respect to extension of tenure of additional charge for the post of Chairman & Managing Director to Shri C B Ananthakrishnan, Director (Finance) of the Company. The Ministry of Defence vide its Letter No. 49013/03/2021-D(HAL-III) dated 30th July, 2024 has conveyed the approval of the Hon’ble Raksha Mantri for interim arrangement of entrusting the additional charge for the post of Chairman & Managing Director of the Company to Shri C B Ananthakrishnan, Director (Finance) of the Company, for a period of one month w.e.f. 1st August, 2024 or till the appointment of the regular incumbent.
Jul 31, 2024, 10:27 am IST
Abans Holdings Limited’s Subsidiary AIMPL Valued At INR 150 Crs In Series A Funding Round
Abans Holdings Limited with a market capitalization of over INR 2,800 crores and operations across various financial services sectors, including institutional broking, lending, and asset management has successfully raised funds in a series A round for its subsidiary Abans Investment Managers Pvt Ltd (AIMPL). Abhishek Bansal, the founder of the Abans Group, expressed his delight at this significant milestone. “The idea of managing money for external investors was initiated by Mr. Bhavik Thakkar, CEO of Abans Investment Managers Pvt Ltd in 2018, and he joined us in 2019 to build this business.”
Jul 31, 2024, 9:55 am IST
Lloyds Engineering Board Greenlights Rights Issue
The board of Lloyds Engineering Works has approved the issuance of equity shares, either fully paid-up or partly paid-up, amounting to a total not exceeding Rs 1,050 crore. This rights issue will be available to the eligible equity shareholders of the company.
Jul 31, 2024, 9:24 am IST
Market Opens With Mild Gains
Amid mixed global cues, Indian indices opened higher on July 31 with Nifty trading around 24,900. The Sensex increased by 187.35 points or 0.23% to 81,642.75, while the Nifty rose by 58.70 points or 0.24% to 24,916.
Jul 31, 2024, 9:05 am IST
Rupee Opens Unchanged
The Indian Rupee opened flat at 83.72 per US Dollar on Wednesday, maintaining the same level as Tuesday's close of 83.72.
Jul 31, 2024, 9:04 am IST
Vedanta Secures 75% Creditor Approval for Demerger Plan
Mining conglomerate Vedanta has received approval from 75% of its secured creditors to proceed with the proposed demerger of its businesses. This marks a significant milestone in the company's plan to split into six independent listed companies. Vedanta will now seek clearance from stock exchanges and file its demerger plan with the National Company Law Tribunal (NCLT). The company will also require shareholder approval to finalize the demerger.
Jul 31, 2024, 8:59 am IST
GIFT Nifty Signals Flat Opening for Indian Markets
Trends on GIFT Nifty suggest a flat start for the broader Indian market, with a slight gain of 3 points. Nifty futures were trading around the 24,934 level.
Jul 31, 2024, 8:57 am IST
Asian Markets Mixed: Hang Seng Up, Nikkei Down Amid Tech Earnings Contrast
Asian stocks remained within familiar ranges on Wednesday following mixed results from tech giant Microsoft and chipmaker AMD, highlighting a divide in the AI sector. Meanwhile, the yen remained firm ahead of the Bank of Japan's policy decision. The Hang Seng index rose, while the Nikkei index declined.
Jul 31, 2024, 8:04 am IST
Oil Prices Climb After Report of US Stockpile Drawdowns
Oil prices rose for the first time in four sessions following an industry report indicating a fifth consecutive week of drawdowns in US stockpiles. Brent crude for October traded above a barrel, recovering from a 4.1% drop over the previous three days, while West Texas Intermediate hovered near . The American Petroleum Institute reported a 4.5 million barrel decline in crude inventories last week. If official figures, expected later on Wednesday, confirm this, it would represent the longest streak of declines since January 2022.
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