Sensex snaps 3-day losing streak, ends 351 pts up; L&T, RIL, ITC shine

CLOSING BELL ON JULY 26, 2023: The NSE Nifty rallied 98 points to 19,778; IT and bank stocks gained ground, while M&M and Bajaj twins slipped on Wednesday.

1:25 PM

ALERT:: Indian Metals & Ferro Alloys Q1 net down 18%; stock up 3%

Indian Metals & Ferro Alloys Q1 net profit declined 17.8 per cent to Rs 110 crore for the quarter ended June 2023 when compared with Rs 133.83 crore in quarter ended June 2022. Total income was down 5.2 per cent YoY at Rs 711.49 crore.

 

1:14 PM

Asian Markets Update:: Kospi sheds 1.7%; major indices marginally down

Source: Yahoo Finance

1:01 PM

Tata Motors applies for PLI benefits for Tiago electric car, says top exec

Tata Motors has sought incentives for its Tiago electric car under a government scheme promoting domestic production of automobiles, said a senior company official. P B Balaji, group chief financial officer of Mumbai-headquartered Tata Motors, said on Tuesday that the company has made an application for all variants of the Tiago. READ

12:53 PM

Istanbul to Goa: G20 nations avoid uniform approach in energy transition

Ministers of the 19 nations and the European Union that form the G20 bloc, which has India as its president this year, can’t agree on the diplomatic language to use about the Ukraine war. The energy sector is the only other issue where there are more substantive differences. READ

12:44 PM

WATCH: What does Infosys guidance say about Indian IT’s future?

12:35 PM

Shree Cement to invest Rs 7,000 crore to add 12 million tonnes of capacity

Shree Cement Ltd on Wednesday announced that it will invest Rs 7,000 crore to add 12 million tonnes to its current production capacity in India. In a regulatory filing, the company said that it has also decided to diversify into ready mix concrete (RMC) business and will start setting up five RMC units in the country by the end of this financial year. READ

12:26 PM

Qatar Investment Authority looking to buy 1% stake in Reliance Retail

Qatar Investment Authority (QIA), the country's sovereign wealth fund, is looking to buy a minority stake in Reliance Retail Ventures, Financial Times (FT) reported on Wednesday. It said that QIA is considering a $1 billion investment to buy a one per cent stake bringing the valuation of Mukesh Ambani's retail unit to $100 billion. READ

12:18 PM

Global rice market set for government deals as India's ban curbs supplies

Buyers from Africa to Asia are likely to scramble for rice shipments as supplies tighten in coming months following India's decision last week to ban non-basmati white rice exports. READ

12:09 PM

High cotton prices, dull demand to keep textile stocks in check: Analysts

Textile stocks have exhibited a mixed performance so far this calendar year (CY23), amidst higher domestic cotton prices and tepid global demand. Shares of Page Industries, Dollar Industries, Lux Industries, and VIP Clothing have declined up to 13 per cent so far in CY23, as against a 9 per cent jump in the S&P BSE Sensex. On the contrary, shares of Arvind, Welspun India, Raymond, and Gokaldas Exports have gained up to 51 per cent, during the same period. READ

12:00 PM

Action Construction at new high on strong outlook; soars 48% so far in July

Shares of Action Construction Equipment (ACE) hit a new high of Rs 724.60, as they rallied 7 per cent on the BSE in Wednesday’s intra-day trade on expectations of strong earnings. Thus far in the month of July, the stock of construction vehicles company has soared 48 per cent. While, so far in the calendar year 2023, it has zoomed 139 per cent, as compared to 9.2 per cent rise in the S&P BSE Sensex. READ

11:52 AM

ACC, Ambuja: 5 cement stocks show rising trend on charts in a choppy market

Selective cement companies have seen remarkable upside in the past four months. While the key benchmark indices underwent tremendous volatility during this phase, shares of UltraTech Cement, ACC, and Orient Cement were formulating accumulation and laying a significant base for the upward rallies. READ

 

11:44 AM

Tata Motors to launch CNG variant of Punch, top variants to get sunroof

Tata Motors is preparing to expand its CNG offerings to its popular micro-SUV Tata Punch. The production of the CNG variant for Tata Punch has already begun and a launch is likely to happen ahead of the festive season, Motorbeam has reported. READ

11:36 AM

Should you subscribe to Yatharth Hospital's IPO? Here's what brokerages say

Delhi NCR-based hospital chain Yatharth Hospital and Trauma Care Services’ initial public offering (IPO) has opened for subscription on Wednesday, July 26 and will close on Friday, July 28. 

 

The IPO consists of a fresh issue of shares worth Rs 490 crore and an offer for sale by promoters Vimla Tyagi, Prem Narayan, and Neena Tyagi to sell up to 6.55 million equity shares, around 18.4 per cent of the total share capital of the company. The price band is fixed at Rs 285-300 per share. READ

11:25 AM

L&T surges 4%; hits new high on strong Q1 results, Rs 10,000 crore buyback

L&T’s order book crossed the Rs 4-trillion mark for the first time. L&T’s order inflow for Q1FY24 was up 57 per cent at Rs 65,520 crore, which the company attributed to strong ordering movement in the domestic infrastructure segment and from the renewable energy and hydrocarbon segment of the Middle East market. READ MORE

11:17 AM

Despite lower Q1 bookings, DLF on course to hit FY24 sales target

From its weekly high, the stock of India’s largest listed player by market capitalisation -- DLF -- slipped 5.5 per cent. Lack of new launches meant that bookings/pre-sales for the June quarter of the 2023-24 financial year (Q1FY24) were flat as compared to the year ago quarter, and down 76 per cent on a sequential basis. READ MORE