Today's trading session saw major indices struggling to maintain early gains, eventually closing at the day's lowest point. The Sensex plummeted 802 points to 71,140, while the Nifty witnessed a decline of 216 points, settling at 21,522. The Nifty Bank slipped 75 points to 45,368, and the Midcap Index experienced a significant dip of 187 points, closing at 47,792.
Reliance Industries, ITC, and Bajaj Finance played a pivotal role in dragging down the Nifty. Reliance, despite witnessing profit booking at record levels, saw a 4% dip from its recent highs. ITC extended its losing streak as Q3 earnings fell below market expectations. Bajaj Finance faced a 5% slide due to weak guidance, with its subsidiary Bajaj Finserv following suit.
Tata Motors emerged as the largest auto company, achieving a record-high stock value just ahead of its quarterly results. Investors eagerly await the outcome as the company navigates a challenging market.
ITC: Net profit at Rs 5,572.1 crore, revenue at Rs 16,483.3 crore, flat YoY. A dividend of Rs 6.25 per share was declared, with a record date of February 8, 2024. Cigarette volume growth remains flat.
Several major players across sectors reported their quarterly performances
Bajaj Finance: Net profit up 22.4%, in line with estimates. Vodafone Idea: Net loss narrows, with positive EBITDA and debt-related disclosures. Piramal Enterprises: Net loss attributed to provisions for RBI's AIF norms, with improved NPA metrics. NTPC: Muted results with a focus on renewable energy capacity targets. Marico: Slightly higher net profit, meeting revenue expectations.
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Jan 30, 2024, 4:08 pm IST
Market Closing
The Sensex plummeted 802 points to 71,140, while the Nifty witnessed a decline of 216 points, settling at 21,522.
Jan 30, 2024, 1:25 pm IST
Rs 4.50%/Share Dividend: CESC Ltd Share Jumps 7.6% As Record Date Nears
Mid cap company from the integrated power utilities sector, CESC Ltd shares today rallied 7.6% in morning trade as record date is approaching near. Current market price of CESC shares on BSE is Rs 144.80 apiece with intraday rally of 4.14% at 10:31 am. CESC shares soared 100% in last 1-year and 71% in last 3-months. CESC shares also hit fresh 52-week high as well today. The company has a market capitalisation of Rs 19,181.00 crore.
Jan 30, 2024, 1:24 pm IST
KEC International Bags Orders Worth Rs 1304 Cr, Shares Rally 159% In 5-Yrs
Mid cap company from the power sector, KEC International shares zoomed 2.38% intraday today on BSE after it informed via its BSE filing today about bagging new orders worth Rs 1304 crore across its several businesses. Last trading price of KEC International shares on BSE is Rs 637.75 per share. KEC International shares zoomed 8% in last 1-month and surged 39% in last 1-years.
Vimal Kejriwal, MD & CEO, KEC International Ltd. commented, “We are delighted with the new order wins, particularly the prestigious orders from PGCIL, which have significantly bolstered our India T&D order book. We continue to remain optimistic on the India T&D business, on the back of the continued thrust of Government of India for setting up of renewable energy projects."
Jan 30, 2024, 1:22 pm IST
Tata Investment Profit Soars In Q3, Shares Hit 20% Upper Circuit
Tata Investment Corporation Ltd shares soared 20% in trade today and hit upper circuit after its net profit soared in Q3 of FY24. The company's consolidated net profit surged 53.2% year-on-year to Rs 53.2 crore in the October-December period, as per its exchange filing. Last trading price of Tata Investment Corporation Ltd shares on BSE is Rs 5799.40 apiece.
Jan 30, 2024, 12:33 pm IST
Rs 2.25/Share Dividend Announced: NTPC Reports 7.3% YoY Jump In Net Profit
Large cap state run power generator NTPC Ltd shares witnessed a decline of 1.40% today after reporting a jump of 7.3% in its consolidated net profit to Rs 5,208.87 crore as compared to Rs 4,854.36 crore declared in the corresponding quarter of last year. Current market price of NTPC shares on BSE is Rs 320.10 apiece at the time of writing the story. NTPC stock rallied 90% in last 1-year and zoomed 128% in last 2-years.
The company as per its BSE filing dated January 29, 2024, “Board of Directors in its meeting decided, inter alia, to pay second interim dividend at the rate of 22.50% (Rs 2.25/- per share) on the face value of paid-up equity shares of Rs 10/- each for the financial year 2023-24. The date of payment / dispatch of dividend shall be 22 February 2024.”
Jan 30, 2024, 12:02 pm IST
India Gold Rates Climb Double Than Previous Day, Silver Hiked By Rs. 30/-
Today the average gold price for 10 grams of 24-carat in India is Rs. 63,270/-, while for 10 grams of 22-carat is Rs. 58,000/-. Similarly, 18-carat yellow metal is costing around Rs. 47,450/- per 10 grams. The MCX Gold Futures are currently trading at Rs. 62,359/-, which is 0.28% or Rs 173/- higher than the previous closing. US Spot gold sustains at $ 2,035.4/- per ounce amidst falling treasury yields and sluggish USD index movements internationally. Silver also shines today in India by Rs. 30/- to cost around Rs. 76,500/- per kg.
Jan 30, 2024, 11:22 am IST
Veerhealth Gets US FDA Labeler Code, Arun Agrawal Of Yes Bank Resigns
Veerhealth is delighted to announce the allocation of a labeler Code from the US FDA. In accordance with Section 510 of the Federal Food, Drug, and Cosmetic Act of USA. The company has already secured a Preliminary Sample Export Order valued at US$ 50,000 (approximately ₹41.50 Lakhs) for the manufacturing and supply of Oral Care products. This order is in collaboration with a leading institutional supplier in the United States of America, with the entire execution planned for Q4 FY23-24. Successful completion of this initial sample order is anticipated to pave the way for continuous repeat orders. Mr. Arun Agrawal, Country Head- Institutional & Government Banking, had tendered his resignation on account of personal reasons. The Bank has relieved Mr. Agrawal from his duties effective from close of business hours on January 29, 2024.
Jan 30, 2024, 10:40 am IST
Suzlon secures a new order of 642 MW from Evren
Suzlon will supply 214 wind turbines with a rated capacity of 3 MW each with a total installed capacity of 642 MW. A project of this size can provide electricity to ~5.28 lakh households and curb ~20.87 lakh tonnes of CO2 emissions every year. Girish Tanti, Vice Chairman, Suzlon Group said, "It is a delight to start the year with a significant order announcement from Evren. Suzlon is committed to partnering with Evren to enhance their green energy portfolios while helping advance India’s renewable energy goals”. Suman Kumar, Chief Executive Officer, Evren said, "We are delighted to partner with Suzlon Energy for this project. We look forward to leveraging our expertise and operational capacities to develop and operate a high‐quality clean energy portfolio in India in the years to come.”
Jan 30, 2024, 10:04 am IST
PNB Surges 9% In Last Four Sessions On Fund Raise Plans, Q3 Earnings
PNB experienced a 9% surge over a four-day period, propelled by the bank's plans to raise Rs 7,500 crore and robust Q3 earnings. The state-owned lender's winning streak continued for the fourth consecutive session as its shares witnessed a notable uptick on January 30.
On January 29, PNB's board greenlit a fund-raising initiative, allowing the bank to secure up to Rs 7,500 crore through Qualified Institutions Placement (QIP) or Follow-on Public Offer (FPO) throughout FY25. The bank emphasized its commitment to maintaining government ownership above 52%, as indicated in a regulatory filing.
Investor sentiment has been positively influenced by the bank's proactive measures to enhance its financial standing. The combination of planned capital infusion and strong Q3 earnings has created a favourable environment for PNB, reflected positively in its recent stock performance.
Jan 30, 2024, 9:48 am IST
Zydus Lifesciences Introduces Rexigo For Advanced Prostate Cancer Patients In India
Zydus Lifesciences has unveiled Relugolix, now branded as Rexigo, marking a significant milestone in the treatment landscape for advanced prostate cancer patients in India. Rexigo stands out as the first and sole once-a-day oral therapy designed for testosterone suppression in individuals grappling with advanced prostate cancer.
Jan 30, 2024, 9:40 am IST
KEC International Continues Surge After Securing Rs 1,304 Crore Orders
KEC International Limited's shares have witnessed a 3.2% surge, reaching Rs 644 in early trade on January 30. This marks the second consecutive trading session of gains for the company following the announcement of new orders valued at Rs 1,304 crore across diverse business segments.
The RPG Group company, KEC International Limited, disclosed in an exchange filing on January 29 that it has successfully secured projects in the transmission and distribution sector. The orders encompass projects in India, SAARC, and the Americas, showcasing the company's growing presence and expanding portfolio in these regions.
Jan 30, 2024, 9:21 am IST
Market Opens With Healthy Gains, Nifty Near 21,800, Hindalco Top Gainer
Indian indices kicked off January 30 on a positive note, with the Nifty surpassing 21,750. The Sensex recorded an uptick of 152.63 points, or 0.21%, reaching 72,094.20, while the Nifty saw an increase of 61.20 points, or 0.28%, reaching 21,798.80.
Jan 30, 2024, 9:16 am IST
Rupee Falls 3 Paise Against US Dollar in morning trade
Rupee witnessed marginal decline of three paise in early morning trade against US Dollar.
Jan 30, 2024, 9:14 am IST
BLS E-Services Raises Rs 126 Crore From Anchor Investors Ahead Of IPO
BLS E-Services successfully secured Rs 126 crore from anchor investors on January 29, just a day ahead of its initial public offering (IPO). The company allotted 93.27 lakh equity shares to 10 funds at a per-share price of Rs 135, which aligns with the upper end of the price band, as indicated in a circular published on the BSE website. Noteworthy anchor investors include Sixteenth Street Asian Gems Fund, Saint Capital Fund, Silver Stride India Global Fund, Aries Opportunities Fund, and Aidos India Fund. The IPO consists entirely of a fresh issue, comprising 2.3 crore equity shares.
Jan 30, 2024, 9:11 am IST
Rupee Opens Flat Vs Previous Close
The Indian rupee commenced trading without significant change, opening at 83.13 per dollar, mirroring the previous day's closing rate of 83.13.
Jan 30, 2024, 8:31 am IST
Treasuries Hold Steady After Rally, Asian Stocks Higher In Early Trade
Treasuries remained stable after experiencing a rebound in the preceding session, prompted by a decrease in this quarter's borrowing levels in the United States. Meanwhile, Asian stocks saw an increase in their values.
Yields witnessed a decline on Monday, as the US Treasury's reduction in the quarterly borrowing estimate alleviated worries about the surge in debt issuance to address the federal deficit. Futures contracts related to US equities showed minimal changes after Wall Street achieved new record highs.
Jan 30, 2024, 8:29 am IST
Crude Prices Remain Steady As Market Awaits US Response To Deadly Attack
Crude oil remains stable as the market anticipates the US reaction to the recent fatal attack on American troops in Jordan, heightening concerns about a potential escalation of tensions in a region crucial to worldwide oil production. West Texas Intermediate hovered around per barrel during early Asian trading, showing resilience despite a 1.6% decline on Monday, despite the drone strike on US soldiers, with Iran attempting to disassociate itself from the incident. Brent crude similarly concluded lower, nearing . The market sentiment was further influenced by data indicating that OPEC+ is gradually implementing its latest production cuts, contributing to a downward pressure on oil prices.
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