Sensex sinks 677pts, Nifty nears 19,500 amid global rout; all sectors bleed

CLOSING BELL on August 2, 2023: Equity markets roiled under global pressure on Wednesday after rating agency Fitch downgraded credit rating of the US

1:59 PM

ALERT:: Sapphire Foods Q1 net dips 35%; stock down 2%

Sapphire Foods Q1 net profit plunged 34.8 per cent to Rs 24.87 crore for the quarter ended June 2023 when compared with Rs 38.17 crore in the corresponding quarter a year ago. Total income, however, was up 19.9 per cent YoY at Rs 661.89 crore.

1:48 PM

ALERT:: IPCA Labs acquires 33.4% stake in Unichem; stock down 1%

IPCA Labs today acquired 2.35 lakh equity shares, constituting about 33.38 per cent of the paid up equity share capital of Unichem Laboratories, from one of Unichem's promoter, at Rs 402.25 per equity share aggregating to Rs 945.35 crore. This deal was executed through block deal mechanism of the NSE, the company said in an exchange filing.

1:37 PM

What does Fitch downgrade of US credit rating to AA+ mean for the markets?

The development caused a flutter across equity markets, with most leading frontline global equity indices trading weak on Wednesday. READ MORE

1:28 PM

ALERT:: Sarveshwar Foods announces 2:1 bonus issue; stock rallies 4%

The board of directors of Sarveshwar Foods have approved a bonus issue in the ratio of 2:1, i.e. two free shares for every share held by the shareholder as per the record date.

 

Further, the board also approved stock split in the 1:10 ratio.

1:19 PM

Here's why Sensex tanked 700 points in Wednesday's intra-day trade

All sectors, meanwhile, nosedived in the sea of red, with Nifty Metal, Nifty PSU Bank, and Nifty Oil & Gas as some of the worst performers. READ MORE

1:09 PM

ALERT:: Rupee at day's low, quotes at 82.57/$

Source: Bloomberg.com

12:58 PM

ALERT :: 10-year bond yields harden in-line with US treasury yields

12:46 PM

Sanghi Ind freezes at 5% upper circuit as Ambuja eyes buying majority stake

A combined 1.2 million shares had changed hands and there were pending buy orders for 2.3 million shares on the NSE and BSE. In comparison, the S&P BSE Sensex was down 1 per cent or 680 points at 65,779. READ MORE

12:36 PM

Q1FY24 earnings :: Godrej Properties clocks PAT of Rs 125 cr vs Rs 45.5 cr YoY

12:26 PM

Comment :: 'Knee-jerk reaction to US downgrade will be short-lived'

The downgrade of the US credit rating by a notch is sentiment negative for global markets. The US 10-year bond yield spiking above 4% and the dollar index rising to 102 are near-term negative for emerging markets. But it is important to note that the downgrade doesn’t say anything that the market doesn’t know. So, the negative knee-jerk reaction will be short lived. Globally equity markets have been rising on the US economy’s soft landing narrative. The downgrade doesn’t alter that.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

12:17 PM

DLF, Lodha: Realty stocks enter next leg of upside

Nifty Realty Index has scaled a new historic peak in this week, prompting a fresh upside in the forthcoming weeks. The index had gained close to 10 per cent in the July month, and 31 per cent so far in the on-going year. READ MORE

12:06 PM

Q1FY24 earnings :: Strides Pharma reports net loss of Rs 7.1 crore vs loss of Rs 136 crore YoY

>> Revenue down 1.1% YoY at Rs 930 crore

>> Ebitda at Rs 166.5 crore vs Rs 60.1 cr YoY
 

>> Ebitda margin at 18% vs 6.4% YoY
 

11:57 AM

ALERT :: Greaves Cotton arm partners ReadyAssist for full-stack after-sales services to fleet customer

>> “Ampere” the electric two-wheeler brand of Greaves Electric Mobility Private Limited, has entered into a collabaration with ReadyAssist, a leader in the vehicle assistance industry, bringing full-stack after-sales and service support for its fleet customers.

>> Via this collabaration, ReadyAssist will be equipping Ampere with round-the-clock services supported by its proprietary technology platform. 

11:46 AM

Adani Ports & SEZ total cargo volumes jump 7% YoY to 34 MMT in July

The company's logistics volumes continue to record a significant jump with year-to-date (YTD) rail volumes of 178,689 TEUs (20 per cent YoY) and general purpose wagon investment scheme (GPWIS) volumes of 5.77 MMT (39 per cent YoY). READ MORE

11:36 AM

Harley Davidson X440 to cost Rs 10,500 more; now starting at Rs 2,39,500

Hero MotoCorp has announced a price hike of Rs 10,500 for all three variants of its recently launched Harley-Davidson X440 motorcycle. The new prices will become effective after August 3, the company said in a BSE filing. READ MORE