Sensex gained 57 points to 81,389 and Nifty rallied marginally by 20 points to 24,855 in late noon trade today. Nifty Bank rose 279 points to 51,575 and Nifty Midcap rallied 611 points to 58,379 on July 29. Earlier, the Indian benchmark equity indices Nifty 50 and Sensex hit new record highs amid gains in their Asian counterparts and remarkable results from ICICI Bank. RVNL shares gained today 8%. Current market price of RVNL shares on BSE is Rs 597.00. Bandhan Bank shares today hit 10% upper circuit after Jefferies upgraded target price to Rs 240 and assigned buy call from underperform call.
Among the major gainers on the Nifty are Shriram Finance, NTPC, IndusInd Bank, BPCL, and ICICI Bank. The laggards are Titan Company, Tata Consumer, Dr. Reddy's Labs, Power Grid Corp, and HDFC Bank.
IT and Reliance Industries have been steadfast contributors to the rally. However, Friday's significant boost came from a strong recovery in banking stocks. The Nifty Bank index rebounded nearly 900 points from the day's lows. Excluding HDFC Bank, most constituents of the index contributed to the upward momentum. Infosys also played a crucial role, trading at its highest level in two years and nearing a record high.
The market's bullish momentum will be tested during Monday's trading session with a slew of earnings reactions. Key stocks like IndusInd Bank, Bandhan Bank, Power Grid, KEC International, and Kaynes Tech will react to their results reported after market hours on Friday.
However, the spotlight will be on ICICI Bank, which reported its earnings on Saturday. ICICI Bank's performance could be pivotal in determining whether the Nifty can scale the 25,000 mark. Alongside ICICI Bank, stocks like PNB, Anant Raj, MCX, Spandana Sphoorty, Dr Reddy's Laboratories, and Genus Power will also be reacting to their earnings results.
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Jul 29, 2024, 3:31 pm IST
Wheels India Q1 Net Profit Rises To Rs. 25.37 Crore
Wheels India has registered an increase in its net profit at Rs. 25.37 crore for the Q1 ended 30th June 2024 as compared to Rs. 13.22 crore registered in the comparative quarter of the previous year. Gross Revenues for Q1 ended 30th June 2024 stood at Rs. 1,088.20 crore as compared to Rs. 1,133.02 crore registered in the Q1 ended 30th June 2023. Srivats Ram, MD, Wheels India said, “A change in product mix, our increased focus on cost control, and some improvement in the CV business has contributed to the strong profit growth in Q1. While the overall growth prospects on domestic and export business are muted, we expect the hydraulic cylinder business and cast aluminium wheel business to grow in the second half of the year.”
Jul 29, 2024, 3:13 pm IST
Cyient DLM Inks Production Contract With Boeing
Cyient DLM, an integrated partner for design-led manufacturing, has been awarded a contract by Boeing for the production of Battery Diode Module (BDM) for the 787 Dreamliner. This is the first project for the production of power electronics and design/certification support for commercial airplanes awarded by Boeing to Cyient DLM. Anthony Montalbano, CEO and Cyient DLM, said, "Cyient DLM is uniquely positioned to offer complete design, development, qualification, certification and production support to Global Aerospace OEMs. We are honored to partner with Boeing, a global aviation leader, and contribute toward advancing aviation technology in India. This contract marks a significant milestone for Cyient DLM showcasing its focus on design and certification, and increasing its share of build to specification products."
Sampre Nutritions has entered into a Manufacturing Agreement with PRAN Beverages (India) Private Limited having its corporate office at New Town, Road, Kolkata for the manufacture and sale of Ayush/Nutraceutical/Confectionary Food Products. In view of the agreement with PRAN Group, company expects order of 200 Tons per month valuing to Rs 3 Cr per month and approximate annual order of 25 Cr — 30 Cr. The said agreement is effective from 01.08.2024.
Jul 29, 2024, 2:12 pm IST
Atishay Limited Receives Purchase Order For Micro ATMs Visiontek VA21 From The Ganganagar Kendriya Sahakari Bank Ltd.
After successful projects in Madhya Pradesh and Himachal Pradesh for Computerisation of Primary Agriculture Credit Society (PACS), the Company has recently secured a new purchase order for PACS Digitisation in Sri Ganganagar, Rajasthan. The Ganganagar Kendriya Sahakari Bank Ltd. (Co-operative Bank), Rajasthan, has awarded us this purchase order. It involves the supply, installation, commissioning, and maintenance of Micro ATMs Visiontek VA21 devices as part of the PACS Digitisation initiative in the Rajasthan state. The estimated value of this project is Rs. 90.69 lakhs. This achievement marks a significant milestone for the Company in expanding our footprint and contributing to the digitization of financial services in the agriculture sector.
Jul 29, 2024, 1:37 pm IST
RITES To Consider Interim Dividend, Bonus Shares
The Navratna PSU stock RITES is going to be the focus of the market watchers as the company has announced that the Board of Directors will meet on 31st July 2024 to consider 1st interim dividend for FY25 and bonus shares.
"This is furtherance to our letter of even no. dated 23.07.2024 regarding intimation of Board Meeting scheduled to be held on Wednesday, 31st July, 2024 inter alia, to consider and approve the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter ended on 30th June, 2024 and for consideration of payment of First Interim Dividend, for the F.Y 2024-25, If any. In this connection, it is further informed that the Board of Directors of the Company may also consider the proposal for issuance of Bonus shares in the aforesaid Board Meeting. Since, the Trading window is already closed for the purpose of consideration and approval of Financial Results, the same period will also apply for Bonus share issue, if any," said RITES in a stock exchange filing on 28th July.
Jul 29, 2024, 12:54 pm IST
Phoenix Mills Ltd Plans To Recommend Bonus Share On July 31
Board of Directors of Phoenix Mills are planning to recommend bonus share July 31, 2024. Phoenix Mills shares gained 1.17% in trade today to Rs 3575.00 per share. Phoenix Mills shares offered return of 110% in last 1-year and gained 185% in last 2-years. The company declared the Board will consider and approve bonus shares after 19 years. It has a market capitalisation of Rs 63,894.20 crore.
Jul 29, 2024, 12:49 pm IST
PM Modi To Address Post-Budget Conference
Prime Minister Narendra Modi will address the inaugural session of "Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference" here on Tuesday. The conference is being organised by the Confederation of Indian Industry (CII) and aims to present the outline for the government's larger vision for growth and the industry's role in this endeavour, his office said on Monday. More than 1,000 participants from the industry, government, diplomatic community and think tanks, among others, will attend the conference in person while many others will connect virtually from various CII centres around the country and overseas.
Jul 29, 2024, 12:26 pm IST
Gold Prices Surge In India: 22K/100 Grams Gold Rises By Rs 1500, Silver Jumps Too
Gold prices in India on Monday jumped again after witnessing rise on July 27, 2024 on likelihood of US rate cuts in September and surging geopolitical tensions in Middle East. Meanwhile, focus has been shifted to the upcoming Federal Reserve’s policy meeting scheduled to take place later this week. According to reports, US central bank’s Federal Open Market Committee is expected to hold meeting on July 30-31 and likely to keep rates steady at 5.25% to 5.50%. 22k gold prices today in India jumped by Rs 150 to Rs 63,400/10 grams and 100 grams of 22 carat precious metal prices in the country today rose by Rs 1500 to Rs 6,34,000. On the other hand, 24k gold prices today rallied by Rs 160 to settle at Rs 69,160/10 grams and 100 grams of 24 carat yellow metal prices in India on Monday rose by Rs 1600 to Rs 6,91,600.
18k gold price today stood at Rs 51,880/10 grams and 100 grams of 18 carat gold prices today zoomed by Rs 1300 to Rs 5,18,800 on July 29. According to experts, gold prices in India witnessed pressure after Nirmala Sitharaman announced a cut in customs duty on gold and silver to 6% in the 2024 budget on July 23, 2024. And, poor demand did remaining damage to physical gold in China which led to huge decline in gold prices globally.
Jul 29, 2024, 12:22 pm IST
Remedium Lifecare Partners With UK Firm To Manufacture Lithium Carbonate, Shares Gain
Small cap pharmaceuticals sector company Remedium Lifecare Ltd shares gained more than 9% in trade today on BSE soon after it informed about entering into a strategic agreement with Angel Partners, Ltd., UK, to acquire technology for manufacturing lithium carbonate in India. Current market price of Remedium Lifecare shares on BSE is Rs 15.43 per share. Remedium Lifecare shares offered eye-catching returns of 1164% in last 2-years but declined 60% in last 1-year. Earlier, Remedium Lifecare recommended bonus share in the proportion of 3:1 and fixed July 6, 2024 as the record date.
Remedium Lifecare Inks Alliance With Angel Partners: As per the BSE filing of Remedium Lifecare issued on July 29, 2024, “We are pleased to announce that Remedium Lifecare Ltd. has entered into a strategic agreement with Angel Partners, Ltd., UK, effective July 29, 2024, to acquire technology for manufacturing lithium carbonate in India. We have also signed an annual Supply Agreement with Alfa Chemicals and Solvents Ltd., Turkey, effective the same date. Supplies of technical-grade lithium carbonate will commence in the January-March 2025 quarter. The supplies for CY 2025 are valued at USD 20-25 million. Technical-grade lithium carbonate is used in lithium-ion batteries for electric vehicles and portable electronics.”
Jul 29, 2024, 11:57 am IST
Indian stock HPCL, BPCL, and jump following a UBS upgrade; brokerage forecasts a 20% potential upside
On Monday, Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation (BPCL), and Indian Oil Corporation (IOC) experienced an increase in their stock prices of up to 3% following an upgrade by brokerage firm UBS. UBS specifically upgraded Indian Oil to a "buy" rating and subsequently raised its price target for the company to ₹210 from ₹150.
Jul 29, 2024, 11:30 am IST
Gold Prices In Chennai: 24K/100 Grams Falls By Rs 5,500, 10 Grams At Rs 69,980
Rites Bonus Shares: Railway PSU Stock Hop 12% Ahead of Board Meet on July 31
RITES Ltd., a state-run company linked to the railway, saw a 12% increase in its shares after announcing its plan to hold a board meeting on July 31 to discuss issuing bonus shares.
Jul 29, 2024, 10:39 am IST
Market Off Highs
Market slips from opening highs; Sensex around 81,500, Nifty breaks below 24,900 mark, FMCG stocks drag down.
Jul 29, 2024, 10:16 am IST
PNB Stock Rallies After Q1
Leading PSU lender, Punjab National Bank (PNB) share price jumps 7% after reporting Q1 results for FY25. In the quarter, the lender lowered gross NPA, credit cost guidance.
Jul 29, 2024, 10:14 am IST
NTPC Shares Rise as Q1 Profit Soars 11%
NTPC, a leading power generation company, reported an 11% year-on-year increase in net profit for Q1 FY25, reaching Rs 4,511 crore. Consolidated revenue for the April-June quarter climbed 13.5% to Rs 44,419.2 crore. This compares to a net profit of Rs 4,733 crore and revenue of Rs 43,390 crore in the same quarter last year.
Jul 29, 2024, 10:02 am IST
Dr Reddy’s Secures Positive CHMP Opinion for Biosimilar Rituximab in Europe
Dr Reddy’s Laboratories announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending the approval of its proposed biosimilar Rituximab candidate, DRL_RI, for launch in European markets.
Jul 29, 2024, 9:48 am IST
JSW Neo Energy Receives LOI for 192 MW Hybrid Power Project from GUVNL
JSW Neo Energy, a fully owned subsidiary of JSW Energy, has been awarded a Letter of Intent by Gujarat Urja Vikas Nigam (GUVNL) for a 192 MW grid-connected hybrid power project. This includes an additional 96 MW under the green shoe option. The capacity was secured through a tariff-based competitive bidding process for the Phase II of a 500 MW grid-connected hybrid power project, with a green shoe option allowing for up to 500 MW of additional capacity.
Jul 29, 2024, 9:30 am IST
Aditya Gaggar, Director of Progressive Shares
"Bulls dominated the 26th July trade and helped the Index to end the session at a record closing of 24,835. With strong underlying momentum, the Index is heading towards the psychological barrier of 25,000 and an early indication from GIFT Nifty suggests the same. From the Auto segment, couple of stocks have given a strong breakout and they are Balkrishna Industries (Consolidation Breakout), Bharat Forge (Falling Wedge Breakout), and Tata Motors/DVR (Rounding Bottom Breakout). Gas and OMC counters outperformed the Energy segment and stocks such as BPCL, HPCL, IOC, and Petronet look strong and are likely to continue their journey toward the north. Bulls tightened their grip on the FMCG and IT (as per the Cup and Handle formation breakout, the target comes to 51,100) segments and we are bullish on the same. The Metal sector reversed from its trendline support coupled with a hidden bullish divergence in the RSI suggests a resumption of its uptrend. In case of Pharma space, one should adopt buy on dips strategy as a strong rally has already been seen."
Jul 29, 2024, 9:21 am IST
Market Opens At Record High
Supported by positive global cues, Indian indices opened at record highs on July 29. The Sensex rose by 381.79 points or 0.47% to 81,714.51, while the Nifty gained 126.70 points or 0.51% to reach 24,961.50.
Jul 29, 2024, 9:07 am IST
Rupee Opens Slightly Higher
The Indian Rupee opened slightly higher at 83.70 per US Dollar on Monday, compared to Friday's close of 83.72.
Jul 29, 2024, 8:44 am IST
Oil Stabilizes Near Six-Week Low Amid Chinese Demand and OPEC+ Focus
Oil prices steadied near a six-week low as positive economic data from China, the world's largest importer, alleviated demand concerns ahead of this week's OPEC+ meeting. Brent crude traded above a barrel after a 1.5% drop on Friday, marking its third consecutive weekly decline, while West Texas Intermediate hovered near . China's industrial profits showed resilience with faster year-on-year growth in June compared to May, bolstering manufacturing sector confidence.
Jul 29, 2024, 8:22 am IST
Asian Markets Rebound on Hopes for Dovish Fed Guidance
Asian shares bounced back on Monday, buoyed by anticipation of earnings reports and key central bank meetings that could signal potential easing from the US and UK, while Japan might take steps toward raising borrowing costs. This week also features the US jobs report for July, critical manufacturing surveys, and Eurozone GDP and inflation data. Additionally, the US Treasury is set to announce its quarterly bond issuance plans, and China's politburo meeting may introduce further stimulus following last week's unexpected rate cuts.
Jul 29, 2024, 8:07 am IST
GIFT Nifty Indicates Positive Opening
GIFT Nifty trends suggest a positive start for India's broader index, showing a gain of 137.5 points or 0.55%. Nifty futures were trading around the 25,076 level.
Jul 29, 2024, 8:03 am IST
Wall Street Climbs as Inflation Data and Tech Rebounds Spur Optimism
Wall Street's major indexes closed higher on Friday, bolstered by a resurgence in tech megacaps that had triggered sell-offs earlier in the week. Optimism was further fueled by inflation data, which raised hopes that the Federal Reserve may soon begin cutting interest rates.
Despite Friday's gains, the S&P 500 and Nasdaq Composite couldn't fully recover the losses from the earlier part of the week, marking their second consecutive week of declines. The S&P 500 rose 59.88 points, or 1.11%, to 5,459.10, while the Nasdaq Composite climbed 176.16 points, or 1.03%, to 17,357.88. The Dow Jones Industrial Average saw the biggest jump, rising 654.27 points, or 1.64%, to 40,589.34.
For the week, the Dow managed to gain 0.75%, while the S&P 500 fell 0.82% and the Nasdaq dropped 2.08%.
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