Stock Market Highlights, Aug 14: Benchmarks end up; IT shines, Metals slip

Stock market highlights on Wednesday, August 14: 26 out of 50 constituents of the Nifty50 index ended lower, dragged down by Divi's Labs, Hero MotoCorp, and Coal India

1:52 PM

Expert Speaks :: 'WPI inflation to inch up in the near-term'

WPI inflation moderated to 2%, reaching a three-month low, primarily driven by a decline in food prices due to the base effect. However, this easing is likely to be temporary as vegetable prices continue to rise sequentially. There would, however, be a counterbalancing factor as well. 

 

The monsoon's coverage of large parts of the country is expected to improve the harvest, potentially alleviating supply concerns. The future trajectory of WPI will largely depend on the performance of manufactured products, which are beginning to show positive movement from a low base. 

 

Overall, we expect WPI inflation to inch up in the near-term.”

 

 

Views By: Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Shares and Stock Brokers

 

1:37 PM

This smallcap has zoomed 117% in 3 months; Motilal initiates 'Buy' rating

Shares of Gravita India hit a new high of Rs 1,967.20, as they rallied 9 per cent on the BSE in Wednesday’s intra-day trade after Motilal Oswal Financial Services (MOFSL) initiated coverage on the stock with a ‘Buy’ rating and target price of Rs 2,350 per share. READ MORE

 

1:26 PM

PC Jeweller hits 52-week high on staging turnaround in Q1; revenue up 158%

Shares of PC Jeweller surged up to 4.42 per cent, hitting its 52-week high at Rs 99.46, a piece on the BSE in intraday deals. The stock price jumped after the company on Wednesday reported a turnaround in its net profits in the April-June quarter of financial year 2024-25 (Q1FY25).

For the first quarter of FY25, revenue from operations stood at Rs 401 crore, marking a 158 per cent increase from Rs 67 crore in Q1FY24. The company's profit after tax (PAT) reached Rs 155 crore, a significant reversal from a loss of Rs 173 crore in the same period last year. Read more

1:11 PM

Market Check :: Nifty50 rises 77 points from day's low to 24,176.90

1:07 PM

Market Check :: Sensex rises 286 points from day's low to 79,171.50

12:49 PM

Interarch Building Products IPO: GMP jumps 43%; 6 Must-know facts from RHP

Interarch Building Products IPO gmp: Shares of turnkey pre-engineered steel construction solutions provider, Interarch Building Products, are commanding a strong grey market premium (GMP) in the primary markets ahead of its opening for public subscription, scheduled for Monday, August 19, 2024.  Here’s all you need to know about the Interarch Building Products IPO before subscribing to the issue. READ MORE

 

 

12:41 PM

Alert :: India's July WPI inflation stood at 2.04% Vs 3.36% Y-o-Y

12:31 PM

Samvardhana Motherson International shares rally on Q1 show: profits up 70%

Shares of Samvardhana Motherson International Ltd (SAMIL) surged up to 4.42 per cent at Rs 188.75 a piece on the BSE in Wednesday’s intraday trade. The stock price jumped after the company on Tuesday reported its April-June quarter of financial year 2024-25 (Q1FY25). Auto components major SAMIL reported a 69.3 per cent increase in consolidated net profit, reaching Rs 1,097.18 crore for the first quarter ended June 30, 2024, compared to Rs 648.12 crore in the same quarter last fiscal year.  READ MORE

 

12:00 PM

Mining operators face setback as SC permits retrospective state levies

A nine-judge Bench of the Supreme Court on Wednesday (August 14) ruled that its July 25 decision, which allows State governments to impose taxes on mining and related activities, will be applied retrospectively, but only for transactions occurring after April 1, 2005, according to a report by Bar and Bench. Read more

11:48 AM

Piramal Enterprises stock tumbles 10% post June quarter results

Shares of Piramal Enterprises plunged 10 per cent to Rs 882.85 on the BSE in Wednesday’s intra-day trade after the company reported 64 per cent year-on-year (YoY) decline in consolidated net profit at Rs 181 crore for the June 2024 quarter (Q1FY25), owing to a one-time gain of Rs 855 crore accrued in Q1FY24 due to a stake sale in a Shriram Group entity. Sequentially, the profit was up 32 per cent from Rs 137 crore in March 2024 quarter (Q4FY24). Read more

11:35 AM

MSMEs to get Rs 15,000-crore subsidy to boost recycling, efficiency

Scheduled to launch by early 2025, the initiative will involve establishing material recovery facilities (MRFs) and managing post-consumption product treatment. Additionally, a specialised organisation is expected to be established to guide MSMEs in their shift to green energy and to create tailored green policies for these enterprises, the report said. Read more

11:32 AM

iPhones boost Apple's India operations surge to Rs 2 trillion in FY24

Apple’s operations in India saw a significant increase in value to over Rs 2 trillion in FY24, a notable rise from Rs 1.15 trillion in the previous year. This growth was driven by a surge in iPhone production and the domestic sales of MacBooks, iMacs, iPads, Watches, and AirPods, according to a report by The Economic Times.

According to officials, Apple has demonstrated the most rapid growth in production and exports among all companies in India over the past five decades. This has positioned the Cupertino-based tech giant as the largest global value chain (GVC) within the country. Apple is also the first GVC in India to swiftly transfer parts of its supply chain away from China, the report said. Read more

11:15 AM

Ashoka Buildcon Q1 net soars 148%, order book at Rs 10K cr; stock trades up

Ashoka Buildcon stock touched a high of Rs 244 - up 4.2 per cent in intra-day deals on Wednesday after the company announced its Q1 results. The stock, however, soon pared gains.

At 11 AM, the stock was up 0.5 per cent at Rs 235.50 on the back of 1.10 lakh shares traded at the counter as against the two-week average volume of around 1.50 lakh shares on the BSE. In comparison, the BSE Sensex was up 0.1 per cent or 62 points at 79,019. Read more

10:58 AM

SJVN shares zoom 9% on stellar Q1FY25 earnings; power sales grow 238% YoY

SJVN’s stock surged up to 8.68 per cent at Rs 148.85 a piece on the BSE in Wednesday’s intraday trade. The stock price jumped after the company on Tuesday reported its April-June quarter of financial year 2024-25 (Q1FY25).

State-owned hydropower company SJVN reported a 31 per cent increase in consolidated net profit, reaching Rs 357.09 crore for the June quarter, due to higher income. This compares to a net profit of Rs 271.75 crore for the same period in the previous financial year. Read more

10:45 AM

Hero MotoCorp shares fall over 4%, despite strong Q1FY25 results; Details

Shares of Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, tumbled 4.72 per cent to Rs 4,992.60 on the BSE during early trade on Wednesday, despite the company posting a massive surge in its consolidated net profit for the first quarter of FY25. Read more