Sensex ended the day with the decline of 109 points with Nifty falling over 7 points to 24, 406 in trade on Thursday, July 25 amid disappointing results from Axis Bank. Meanwhile, shares of MMTC Ltd hit 20% upper circuit in trade today to 123.12 per share on BSE. LT Foods announced a stronger profit for the 12th consecutive quarter on Thursday, bolstered by robust demand for its basmati rice. Nifty Bank fell 428 points to 50,888 and Nifty Midcap slipped 131 points to 56,741 in trade today. Tata Motors and Sun Pharma shares emerged as top gainers today.
Heavyweights like Axis Bank, Hindalco, Tata Steel, Power Grid, Shriram Finance in Nifty. Including these with JSW Steel, Adani Ports, Reliance Industries, and Titan on BSE were top bears.
However, Tata Motors extend its rally, shrugging bearish tone of market. L&T, HUL, Nestle, and Kotak Bank were also in the green.
Sensex and Nifty are trading in losses for fifth consecutive day. In early trade, Gift Nifty is down by nearly 90 points in the early trade.
Asian stocks have also witnessed a selling pressure due to investors pulling away from artificial-intelligence stocks buying frenzy which was dominating the bull market globally. Also, Japanese yen jumped for fourth straight day ahead of Bank of Japan's meeting scheduled next week. Japanese and South Korea shares fell over 2% in the early trade.
This comes after US stocks took beating from bears overnight with tech biggies like Microsoft, Alphabet, Tesla, Nvidia, Apple, and Amazon nosedived steeply.
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Jul 25, 2024, 3:25 pm IST
Board of Lorenzini Apparels Okays Conversion of 1,48,340 Warrants Into Shares
On July 25, 2024, the board of directors of Lorenzini Apparels Ltd approved the conversion of 148,340 warrants held by Orchard Road Properties Private Limited into 1,483,400 equity shares, following the receipt of Rs. 22,500,211.20 (75 per cent of the issue price). These warrants were part of a larger allotment of 1,038,371 issued in October 2023.
Additionally, the board allotted 809,127 bonus shares, reserving a portion for the potential conversion of the remaining warrants. Initially issued under SEBI (ICDR) Regulations, 2018, these warrants allowed conversion into equity shares upon full payment (25 per cent paid upfront, 75 per cent due within 18 months). After this conversion, 247,230 warrants remain outstanding. The newly issued equity shares have the same rights as the existing shares, following a recent stock split.
Jul 25, 2024, 2:59 pm IST
Silver Prices Fall In India, July 25: Silver Prices Drop By Rs 7000 In 3-Days
Silver prices in India have been witnessing sharp decline for the last 3 days ever since Finance Minister Nirmala Sitharaman announced a cut in customs duty on gold and silver to 6%. The latest move to slash customs duty on gold and silver to 6% was cheered by industry experts. Silver prices recorded sharp decline of Rs 3000 in trade today to Rs 84,500/kg in India. Meanwhile, 100 grams of silver prices in India today slipped by Rs 300 to Rs 8,450. Silver prices recorded steep decline of Rs 7000 in last 3 days only beginning from July 23 to July 25, 2024.
Currently, Kerala and Chennai silver prices are highest with 1 kg silver prices in Chennai and Kerala are retailing at Rs 89,000. Silver prices in Delhi are recorded at Rs 84,500/kg while silver prices Mumbai are also trading at Rs 84,500.
According to a Reuters report, “Growth estimates in photovoltaic panel usage have been markedly revised higher, resulting in silver demand draws far exceeding supply. A price squeeze within a few years is becoming more likely,” Sprott Asset Management said in a report.
Jul 25, 2024, 2:35 pm IST
Big Drop In Gold Prices In India, July 25: 22k/100 Grams Gold Falls By Rs 9,500
Gold price in India today witnessed sharp drop yet again after remaining steady on July 24, 2024. Gold prices in the country have been declining sharply ever since Finance Minister Nirmala Sitharaman announced a cut in customs duty on gold and silver to 6%. The move by the FM was expected to bring down the yellow metal prices which have been hovering to record high level and prevented customers from buying the yellow metal. Meanwhile, 22K gold price today in India fell by Rs 950 to Rs 64,000/10 grams and 100 grams of 22 carat yellow metal prices slipped by Rs 9,500 to Rs 6,40,000. 22K precious metal prices witnessed a steep fall of 1.48%, in terms of percentage. 22k gold prices declined by huge Rs 3800 from July 22, 2024 to July 25, 2024.
24K gold prices today in India stood at Rs 69,820/10 grams after sharp drop of Rs 1040 and 100 grams of 24 carat yellow metal prices declined by Rs 10,400 to Rs 6,98,200. 18k gold prices today dived by Rs 770 to Rs 52,370/10 grams and 100 grams of 18 carat yellow metal prices today dropped by Rs 7700 to Rs 5,23,700.
Jul 25, 2024, 2:17 pm IST
Servotech Power Systems Bags Order From BPCL, Shares Rally
Small cap company from the electric sector, Servotech Power Systems Limited shares gained over 40% in last 3-months. Today, the company via its NSE filing informed about receiving additional order of approximately 400 units of DC Fast EV chargers from BPCL and other OEMs. Current market price of Servotech Power Systems share on NSE is Rs 124.98 per share. Its market capitalisation stood at Rs 2790 crore.
Servotech Power Systems Bags order from BPCL, Other OEMs: According to the NSE filing dated July 25, 2024, “Servotech Power Systems Ltd., a leading manufacturer of EV chargers and solar solutions has received an additional order of approx. 400 units of DC Fast EV Chargers from Bharat Petroleum Corporation Limited (BPCL) and other EV charger OEMs. The project valued at around Rs 20 Crores will involve manufacturing, supplying, installing, and deploying these chargers nationwide, particularly at BPCL petrol pumps as part of the BPCL E-drive Project.”
Jul 25, 2024, 1:47 pm IST
Canara Bank Q1 Results
PSU lender, Canara Bank has reported net profit of Rs 3,905 crore in the first quarter of FY25. However, the latest PAT was lower than estimates. Gross NPA and Net NPA is at 4.1% and 1.2%.
Jul 25, 2024, 12:17 pm IST
Sun Pharmaceutical Receives US FDA Warning Letter for Dadra Facility
Sun Pharmaceutical has been issued a warning letter by the US FDA concerning its Dadra facility, dated June 19. Despite the notice, there is no immediate impact on the company’s financial, operational, or other activities. Sun Pharma stated that it is addressing the concerns outlined in the letter and will collaborate with the US FDA to resolve the issues promptly
Jul 25, 2024, 11:52 am IST
JK Paper Shares Tumble Most Since December 2022 After Q1 Profit Plummets
Shares of JK Paper Ltd experienced their sharpest decline since December 2022 on Thursday, plummeting over 9%. This drop came in response to the company's disappointing June quarter results, released after market hours on Wednesday. The company's net profit for the quarter fell dramatically by 55% year-on-year to Rs 141 crore. Despite a revenue increase of 8.2% to Rs 1,714 crore, the drop in profit has spooked investors, leading to a steep fall in the stock price.
Jul 25, 2024, 11:40 am IST
HG Infra Engineering Wins Major Highway Project
HG Infra Engineering has emerged as the L-1 bidder for a significant project commissioned by the Ministry of Road Transport and Highways (MORTH). The project involves the improvement and upgradation of a two-lane road with paved shoulders on the newly declared NH227B, stretching from Bahuvan Madar Majha to Jagarnathpur (Design Km 160.200 to Km 224.040), known as the "84 Kosi Parikrama Marg" in Uttar Pradesh. This project, awarded under the Hybrid Annuity Mode Package V, is valued at Rs 763.11 crore.
Jul 25, 2024, 11:16 am IST
Gold Price Updates Today.
Big Drop In Gold Prices In India, July 25: 22k/100 Grams Gold Price Falls By Rs 9,500
Dish TV Shares Rise 2% Following Fundraising Announcement
Dish TV shares increased by 2% after the company received board approval to raise up to Rs 1,000 crore through equity shares or bonds in multiple tranches. Additionally, the board approved the creation of a subsidiary in India to distribute products and services via a robust digital platform.
Rail Vikas Nigam has been awarded a Rs 191.53 crore project by SER HQ-Electrical/South Eastern Railway. The project entails the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts (SPs), and sub-sectioning posts (SSPs) in a 2x25KV system along the Rajkhaswan-Nayagarh-Bolani section of the Chakradharpur division of South Eastern Railway. Despite the significant order, the company's shares saw a decline.
Jul 25, 2024, 9:27 am IST
Sensex In Free Falls
Extending its losses for fifth consecutive day, Sensex nosedived by over 671 points on July 25's opening bell. The benchmark ranged between 79,711.52 to 79,477.83.
Jul 25, 2024, 9:16 am IST
Rupee Extends All-Time Low Against Dollar
In the interbank forex market, Indian rupee extended its all-time low levels to touch 83.804 against US dollar in the early trade. Rupee opened at 83.74 against the greenback, almost same as previous session. The latest decline in INR can be attributed to weak risk appetite and downward trend in Asian counterparts. This will be fourth consecutive day when rupee touched record lows. RBI's upcoming policy in August, will be keenly watched which could influence the tone in rupee ahead.
Jul 25, 2024, 9:00 am IST
Bank Nifty To Range 50800-51800 levels
Prabhudas Lilladher: BankNifty has indicated some weakness in the last 2 sessions and has breached below the 51000 zone during the intraday session maintaining a cautious approach as of now. As mentioned earlier, a decisive move past the 52800 levels is necessary to overall improve the bias. The support for the day is seen at 79700/24300 levels while the resistance would be seen at 80700/24600 levels. BankNifty would have the daily range of 50800-51800 levels.
Jul 25, 2024, 9:00 am IST
Prabhudas Lilladher Forecast For Nifty On July 25
Brokerage said, Nifty index witnessed consolidation as of now and would have the major and crucial support zone of 24000 levels which needs to be sustained and for near-term, the 24150 zone would be the important support at times of volatility.
Jul 25, 2024, 8:42 am IST
Technical View Of Stock Market Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: Nifty has declined for four consecutive days, with a rough start expected today due to July F&O expiry-induced volatility. The Union Budget, praised for fiscal prudence and employment focus, targets a 4.9% fiscal deficit and Rs 11.11 trillion in infrastructure spending for FY25. However, a capital gains tax hike is dampening sentiment. Technically, a bearish engulfing pattern suggests downside risk towards 24,000. Nifty's options data indicates a trading range of 23,500-25,000, with 25,000 as key resistance. Q1 results are anticipated from companies like ASHOK LEYLAND and NESTLE.
Jul 25, 2024, 8:41 am IST
Recommendations Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: sell Nifty between 24,500-24,550 (targets: 24,250/24,071, aggressive: 23,600-23,750) and Bank Nifty between 51,500-51,700 (targets: 50,900/50,591, aggressive: 48,913-49,000). Bullish picks include BALRAMPUR CHINI and NTPC, with NTPC expected to break out above 393 (buy between 382-385, target: 403/417, aggressive: 441).
Jul 25, 2024, 8:40 am IST
Market Previous Day
In the previous trade, Sensex was down by 280.16 points or 0.35% to end at 80,148.88, while Nifty 50 slipped by 65.55 points or 0.27% to close at 24,413.50. Sensex and Nifty are down for four consecutive day.
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