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Wednesday, December 25, 2024 | 12:57 AM ISTEN Hindi

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Sensex up 367 pts, Nifty holds 19,750; metal, IT stocks shine; FMCGs slide

Closing Bell on July 31: NTPC, Power Grid, Tata Steel, TCS, Tech M, JSW Steel, Maruti Suzuki, Tata Motors, Wipro, Bajaj Finserv, Infosys, HCL Tech, and IndusInd Bank were the top gainers

Image SI Reporter New Delhi
stock market broker

12:18 PM

ALERT :: Laxmi Organics Board approves capital expenditure of Rs 710 crore; stock up 3%

12:08 PM

ALERT :: Persistent Systems launches generative AI solutions in partnership with Google Cloud

>> These offerings will equip clients throughout their AI journeys, from AI explorers to Generative AI disruptors, to understand how to successfully identify and implement these advanced technologies to their businesses at scale.

>> Persistent has developed a six-week Generative AI deployment acceleration engagement program in collaboration with Google Cloud.
 
11:58 AM

Over 75% pharma stocks eye breakout; most may see up to 15% upside

Nifty Pharm index clinched to a new historic peak in the recent sessions, triggering fresh breakouts in several of its constituents. Reddy laboratories, Torrent Pharmaceuticals, Zydus Lifesciences ,Sun Pharmaceutical Industries, Alkem Laboratories, Cipla, and Abbott India firmly claimed new territories hitting fresh all-time highs. READ MORE

11:48 AM

With new business unit, TCS takes different path to genAI strategy

India’s largest IT service player Tata Consultancy Services (TCS), announced a new operating structure, which will be rolled out on August 1. One of the key aspects of this rejig is to bet on the future and in this connection, the IT major is setting up TCS AI.Cloud, a separate business unit. READ MORE

11:38 AM

What are the mistakes that can lead to defective ITR?

Today, July 31, is the last date for salaried individuals and non-audit cases to file income tax returns (ITR) for financial year 2022-23. Over 5.83 crore returns had been filed for FY 2022-23 until 1 pm on July 30, crossing last year’s filings till July 31, the I-T department tweeted. If someone misses the deadline, they can still file a belated return with late fees of 50-200% of tax dues, but won’t be able to carry forward losses or avoid notices. READ MORE

11:26 AM

DGCA renews air operator certificate of cash-strapped Jet Airways

Jalan-Kalrock Consortium, the winning bidder for bankrupt Jet Airways, on Monday said aviation regulator the Directorate General of Civil Aviation (DGCA) has renewed the airline's air operator certificate. READ
Jet Airways
11:19 AM

India to become middle-income country with GDP of $6 trn by 2030: Report

India's per capita income is expected to grow around 70 per cent to $4,000 by 2030 from $2,2450 currently, helping it become a middle-income country with a GDP of $6 trillion, a report released on Sunday said. READ
Indian market, indian economy, consumer sentiment
11:10 AM

Jana Small Finance Bank refiles IPO papers, seeks to raise Rs 575 cr

Indian lender Jana Small Finance Bank has resubmitted its application for an initial public offering, two years after pulling its previous plan due to the pandemic and the last year it could remain private according to local market regulations. READ
IPO
11:02 AM

UBS 'double upgrades' Gail India to buy; sees 25% upside in the stock

UBS has ‘double upgraded’ Gail (India) to ‘buy’ from its earlier ‘sell’ recommendation with a price target of Rs 150 (Rs 80 earlier). The research and brokerage house believes that the markets are yet to fully price in the upside to realised tariffs (from tariff integration), as well as the scope of India's improving gas demand and GAIL's pipeline expansion. READ
GAIL
10:52 AM

Stock of this smallcap industrial products company has zoomed 90% in July

Shares of Lloyds Steels Industries hit a record high of Rs 44.74, as they rallied 16 per cent on the BSE in Monday’s intraday trade amid heavy volume. The stock of industrial products company quoted higher for the third straight day, surging 35 per cent during the period. Thus far in the month of July, it zoomed 90 per cent, as compared to 2 per cent rise in the S&P BSE Sensex. READ
steel
10:45 AM

Five-Star Business Finance zooms nearly 20% on strong Q1 show

Shares of Five-Star Business Finance almost hit the 20 per cent upper circuit on the BSE in intra-day deals on Monday after the company posted strong Q1 earnings.
 
At 10:00 AM, the stock was trading 7.3 per cent higher at Rs 777 on volume of around 38,000 shares on the BSE as against the two-week average traded volume of around 15,000 shares. Meanwhile, the S&P BSE Sensex quoted at 66,190 - up 0.1 per cent. READ
Stock market rally, bull trading, Sensex, nifty
10:29 AM

Power Grid hits record high as it emerges successful bidder for 2 projects

Shares of Power Grid Corporation gained 3 per cent to hit a record high of Rs 264.8 in Monday’s intra-day trade after the company was declared as a successful bidder under Tariff Based Competitive Bidding (TBCB) for two projects. READ
Power grid, discom
10:22 AM

Big pharma firms shift tack, look to bet on trade generics as volumes dip

Trade generic drugs (medicines that are sold directly through distributors) are fast becoming a key segment for domestic pharma firms as volume growth slows in the overall market.
 
Big companies like Cipla and Alkem have a significant presence in the segment but recently, players like Torrent Pharmaceuticals and Dr Reddy’s Laboratories (DRL) have also entered this market. What is driving big pharma’s focus on trade generics? READ
pharma, pharma firm, medicines
10:11 AM

Power Mech zooms 20% on securing mega mine development contract from SAIL

The company has bagged a Mine Development and Operation (MD) project for an estimated value of Rs 30,438 crore from SAIL, and the duration of the contract is 28 years. READ
Metals and Mining
10:00 AM

MARKET VIEW: Hopes of soft landing for US keeping global sentiment firm

Market expectation of soft landing for the US economy is driving the mother market US, and with its support, global markets. India’s strong performance is aided also by the superior performance of the Indian economy. Incoming data suggests that these fundamental supports to the markets are set to continue.
 
In the US, there are indications of inflation continuing on the downward trend while the economy is showing resilience. The winning streak of US markets has been continuing for the 3rd week for the Dow and 5th week for Nasdaq.
 
In India even though the underlying strength of the market is strong, FPI selling of Rs 5000 crores during the last two trading sessions might restrain the bulls.
Market heavy weights RIL, HDFC Bank, ICICI Bank, L & T and ITC are on strong wicket.

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

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First Published: Jul 31 2023 | 7:17 AM IST

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