Stock Market Highlights, July 8: Indices end flat after listless day; PSBs fall, FMCGs buck trend

Stock Market Highlights on July 8: The broader indices, though, hit all-time highs in the intraday trade, ended with a negative bias as well

11:09 AM

ALERT :: L&T bags Mega orders for Solar Plants in the Middle East; stock erases losses

>> The Renewable arm of Larsen & Toubro (L&T) has finalised mega orders with a leading developer in the Middle East to build two Gigawatt scale Solar PV plants. The plants will have a cumulative capacity of 3.5 GW.

>> The scope of the orders also includes grid interconnections encompassing pooling substations and overhead transmission lines. Detailed engineering and initial construction work are expected to commence shortly.

>> Mega orders are worth Rs 10,000 to 15,000 crore
 

10:57 AM

Marico's stock surges over 6% on decent Q1 update, bullish outlook

Further, Marico expects gross margin to expand on a year-on-year basis owing to a favourable portfolio mix. s. Operating profit is expected to grow slightly ahead of revenue leading to a marginal inching up of operating margin on a year-on-year basis. READ MORE

10:47 AM

Never late to the party with growth's long runway: Gautam Chhaochharia

UBS had not maintained an investment banking presence in India (known as Global Banking in UBS) for some time, a gap now filled through our acquisition from CS. In terms of equity and research, we already have a comprehensive presence. We aim to establish ourselves as a Tier-I equity business. READ MORE

10:35 AM

ALERT :: Here is how The Phoenix Mills' Q1 sales look for commercial customers

Check other Q1 sales updates here

10:34 AM

ALERT :: The Phoenix Mills shares Q1FY25 sales update

>> Phoenix Mills says Consumption (i.e. retailer sales) in Q1 FY25 sootd at Rs. 3,214 crore, up 25% over Q1 FY24

10:22 AM

Titan stock dips 4% on disappointing jewellery biz growth in June quarter

Meanwhile, Titan in its FY24 annual report said, the sudden spikes in gold rates could see temporary softening of customer demand. There is a likelihood of gold prices remaining elevated through the year, given the geopolitical uncertainties and elections across several countries and a weak global economic outlook. READ MORE

10:09 AM

ALERT :: Nestle India announces interim dividend of Rs 2.75 per share

>> Interim Dividend for the financial year 2024-25 will be paid on and from 6th August 2024 along-with the final dividend for the fifteen months financial year ended 31st March 2024.

9:56 AM

Comment :: 'Market will respond to Q1 results here on'

Positive news flows can impart resilience to the market in the near-term. The bullish undertone in the US market will be supported by the latest jobs data for June which has come weak, but better-than-expected at 2,06,000 jobs.
 

The market will respond to the Q1 results which will start flowing from this week onwards. Financials have the potential to move up further in response to the expected good results. IT is showing signs of improvement. Autos will continue to show improved results. The FMCG segment which has been languishing with low volume growth is showing signs of mild recovery. Watch out for this segment.

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

9:44 AM

Bigger, bolder labels: Companies look to put it back on FSSAI table

On the proposed amendments, a  Nestlé  India spokesperson said:  “We are already providing nutritional information on the back of our product packs and have also voluntarily included Guideline Daily Amount (GDA) labelling on front of our packs that provides consumers with transparent nutrition information in the context of a reference portion for energy and other key defined nutrients. As a compliant company, we will comply with the regulations.”  READ MORE

9:36 AM

Marico advances 3% on likely healthy sales in Q1

>> Marico's Q1FY25 performance was marked by a modest uptick in underlying volume growth in the domestic business on a quarter-over-quarter basis. Internationally, the company achieved double-digit Y-o-Y growth in constant currency terms

>> Consolidated revenue grew in high single digits Y-o-Y, driven by expectations of gross margin expansion Y-o-Y owing to a favourable portfolio mix. Operating profit was expected to marginally exceed revenue growth Y-o-Y, leading to a slight increase in operating margin Y-o-Y.

9:34 AM

Adani Wilmar rises over 2% on healthy volume growth across segments in Q1FY25

>> Adani Wilmar's Q1FY25 results indicated positive Y-o-Y trends across various segments.

>> Volume growth stood at 13 per cent, while branded exports volume increased by 36 per cent Y-o-Y.

>> Edible oil volume rose by 13 per cent Y-o-Y, with a corresponding 10 per cent increase in value.

>> The food and FMCG segment witnessed substantial Y-o-Y growth with volumes up by 46 per cent and value by 45 per cent, while the industry essentials segment recorded an 8 per cent decline in volume.

9:32 AM

Signature Global rallies 3% in weak market on solid Q1 pre-sales update

>> Pre-sales surged by 255 per cent to Rs 3,120 crore, while the area sold increased by 123 per cent to 2.03 million square feet.

>> Collections grew by 102 per cent, reaching Rs 1,210 crore.

9:30 AM

Infosys in red as Hemant Lamba resigns

>>  Hemant Lamba has resigned from his position as Executive Vice President and Global Head – Strategic Sales at Infosys.

9:29 AM

Bank of Baroda falls nearly 4% post Q1 update

>> Bank of Baroda's global business expanded by 8.52 per cent Y-o-Y to Rs 23.77 trillion in Q1, with global advances rising by 8.14 per cent Y-o-Y to Rs 10.72 trillion.

>> Global deposits increased by 8.83 per cent Y-o-Y to Rs 13.06 trillion.

>> Domestic deposits grew by 5.25 per cent Y-o-Y to Rs 11.05 trillion, while Domestic advances also saw healthy growth of 8.51 per cent Y-o-Y, amounting to Rs 8.81 trillion.

>> The bank’s board has also approved plans to raise additional capital up to Rs 7,500 crore via debt capital instruments. Additionally, the bank aims to raise up to Rs 10,000 crore through long-term bonds to finance infrastructure and affordable housing projects.

9:25 AM

IndusInd Bank off morning lows, trades flat

>> Induslnd Bank's Q1FY25 net advances increased by 16 per cent Y-o-Y to Rs 3.48 trillion, while deposits grew by 15 per cent Y-o-Y to Rs 3.98 tillion.