Sensex rallies 502 pts, ends above 66K; Nifty near 19,600; IT stocks sizzle

CLOSING BELL ON JULY 14, 2023: The BSE benchmark index scaled a fresh summit at 66,160, while the NSE Nifty50 registered a record high at 19,595.

12:49 PM

ALERT :: Vedavaag Systems zooms over 12% on order win from Railways

>> Vedavaag Systems Limited has entered into a MoU with IRIS Global Services Private Limited, New Delhi, for implementation of IP based Video Surveillance Systems (VSS).

>> The project scope includes Supply, Installation, Testing, Commissioning, integration with existing VSS infra operation and maintenance (SITCM) of IP based Video Surveillance Systems (VSS) at D & E category railway stations of Western Region. 

>> The project envisages installation of CCTV cameras at 1,002 railway stations of D & E category spread across the states - Madhya Pradesh, Maharashtra, Gujarat, Karnataka, Chhattisgarh, Rajasthan and Uttar Pradesh states.

>> The value of the project is estimated at Rs 72 crore. 

12:40 PM

Nifty IT index gains 4% in 2 days; Tech Mahindra, Coforge hit 52-week highs

The Nifty IT index was trading higher for a second straight day, gaining 2.7 per cent in the Friday’s intra-day trade as the Street shrugged off a muted or weak first quarter of financial year 2023-24 (Q1FY24) for IT companies that have, so far, announced their results. READ MORE

12:31 PM

Why individual investors' share in mutual funds assets is surging

Total mutual fund assets of retail investors across schemes touched Rs 10.07 trillion as of March 2023, shows data compiled by the Centre for Monitoring Indian Economy (CMIE). That money is a little more than what Union Budget 2023-24 allotted (Rs 10.01 trillion) for capital expenditure. READ MORE

12:21 PM

ALERT :: PG Electroplast approves JV with Jaina Group

>> The Board has approved the draft Joint Venture Agreement to be entered between PG Electroplast Limited and Jaina Group for manufacturing of LED Televisions

Check details here

12:10 PM

ALERT :: WPI-based inflation eases further to -4.12% in June vs -3.48% MoM

>> WPI inflation hits lowest level since October 2015

12:03 PM

Suzlon, BSE: 5 Nifty 500 stocks gained over 15% in July, expect more upside

Technically, when any stocks crosses crucial hurdles and witnesses accumulation at key supports, the trend is expected to witness robust upside ahead. READ MORE

11:55 AM

ALERT:: US FDA reports 1 obeservation during inspection at Gland Pharma; stock up 2%

The the United States Food and Drug Administration (US FDA) conducted Good Manufacturing Practice (GMP) Inspection at the company's Dundigal Facility at Hyderabad between July 03 and July 14. The inspection was concluded with ONE (1) 483 Observation. The corrective and preventive actions for this observation will be submitted to the US FDA within the stipulated period. The observation issued is neither a repeated observation nor related to data integrity, Gland Pharma said in an exchange filing.

11:45 AM

Institutional inflows in residential sector up 385% in H1 of 2023: Colliers

Another asset class that saw high growth in the flow of money was office assets which saw a 145% jump in inflows in the first half of 2023 to $2.719 billion. READ MORE

11:34 AM

Rally in defence equipment makers' stocks not in sync with earnings growth

According to Chokkalingam, the rally is an opportunity for investors to book profits in these stocks rather than make fresh investments. READ MORE

11:23 AM

Exide hits over 4-year high; surges 23% in one month on positive outlook

Exide said the strong automobile sales augur well for Company as higher vehicle sales not only help the OEM business but also expand the aftermarkets in years to come. READ MORE

11:13 AM

ALERT:: Dilip Buildcon gets completion certificate for Samruddi highway work

The company informed BSE, that the project "Construction of Access Controlled Nagpur-Mumbai Super Communication Expressway (Maharashtra Samruddhi Mahamarg) in the state of Maharashtra on EPC mode for Package-12, from Km. 532.094 to Km. 577.739 in section-Village Pathare Kh. To Village Sonari in district Nashik” has been completed. The completion certificate has been issued by the authority and had declared the project fit for entry into commercial operation as on December 03, 2022.

11:05 AM

Marico expects gross margin to improve 200-250 bps as inflation cools

On the rural market, Marico said it will "keenly monitor" growth and is hopeful of a recovery in demand, considering a good harvest season, forecast of a normal monsoon and increase in govt spending. READ MORE

10:54 AM

Results preview: OMCs to ride the low crude oil gravy train in Q1

Lower crude oil costs and higher marketing margins are expected to raise the fortunes of oil marketing companies (OMCs) in the first quarter (Q1) of 2023-24 (FY24), while city gas distribution (CGD) companies could also benefit from lower spot prices of liquefied natural gas (LNG).  However, in a break from the past, growth trends are expected to diverge for various segments within the broad energy sector. READ MORE

10:46 AM

Wipro Q1FY24 result analysis: How brokerages have interpreted the numbers

On Friday, the stock traded flat at the bourses, in line with the benchmarks, rising a modest 0.2 per cent to Rs 395 levels. READ MORE

10:37 AM

India Finance Minister not considering tax waivers for Tesla: Official

India's finance ministry is not considering any duty waivers for U.S. automaker Tesla Inc, Revenue Secretary Sanjay Malhotra told Reuters on Thursday. READ MORE