Stock Market Highlights, Aug 6: Sensex drops 1,259 pts from high, ends 166 pts down; Nifty below 24k

Stock Market Highlights on August 6: On the BSE, 17 out of 30 listed stocks of the Sensex ended in the red, with State Bank of India, Mahindra & Mahindra, and Bharti Airtel being the top drags

2:46 PM

This smallcap stock has surged 100% from June low; zoomed 3694% in 4 years

Shares of Gravita India hit a new high of Rs 1,838.40, as they surged 14 per cent on the BSE in Tuesday’s intra-day trade on heavy volumes. The stock of industrial minerals company surpassed its previous high of Rs 1,765.95 touched on July 25. READ MORE

2:44 PM

Don't buy textile stocks on Bangladesh crisis, wait for dips: Analysts

Leveraging the crisis in Bangladesh, textile and garment-related stocks surged up to 11 per cent on the National Stock Exchange (NSE) on Tuesday. Analysts, however, caution against chasing the rally as the move may provide only a "temporary window" for gains. READ MORE

2:34 PM

Govt to not give any relaxation in its Rs 32,000 cr GST demand on Infosys

The Indian government is not considering any relaxation in the tax demand it sent to Infosys last month, according to a government source. READ MORE

2:29 PM

Graphite India stock jumps 8% after reporting Rs 237 cr net profit in Q1

The stock price of Graphite India surged up to 8.38 per cent to Rs 46.62 per share on the BSE in Tuesday’s intraday deals. This came after the company reported a net profit of Rs 237 crore in the first quarter of financial year 2024-24 (Q1FY25). READ MORE

2:13 PM

Symphony shares hit 20% upper circuit on strong Q1 results, buyback plan

Electronics company Symphony shares were locked in the 20 per cent upper circuit at Rs 1.474.90 -- also its record high -- on Tuesday, August 6, 2024. READ MORE

1:58 PM

Tata Motors, Tata Power partner to boost EVs, solar power adoption

Tata Passenger Electric Mobility (TPEML) and Tata Power Renewable Energy (TPREL) have announced a strategic partnership to accelerate the adoption of electric vehicles (EVs) and solar power in India. This collaboration aims to create synergy between EVs and solar rooftop systems, offering customers a pathway to near-zero running costs and a reduced carbon footprint. READ MORE

1:43 PM

Agrochemicals shares rally up to 12% on healthy outlook; Rallis at new high

Shares of pesticides & agrochemicals including fertilizers were in demand and rallied up to 12 per cent on the BSE in Tuesday’s intra-day trade backed by heavy volumes. The buying at these counter has been attributed to healthy business outlook as the sentiment for the domestic market remain positie owing to the pick-up in monsoon activity. READ MORE

1:28 PM

Yen carry trade, US recession threat: How brokerages interpret developments

Global financial markets have been on a rollercoaster ride in the last few days, driven by fears of a recession in the US and worries that the US Federal Reserve may be too late in cutting rates to salvage the situation. That apart, the hike in rates by the Bank of Japan (BoJ) also rattled investors amid reports of unwinding of the Yen carry trade. Rising geopolitical tensions are also a spot of bother for the global financial markets. READ MORE

1:24 PM

IOC cancels green hydrogen tender again after bidders' disinterest

State-run Indian Oil Corporation Ltd (IOCL) has withdrawn a tender for constructing India's first green hydrogen plant at its Panipat refinery in Haryana for the second time, the Economic Times is reporting. READ MORE

1:20 PM

Patanjali stock hits new high, up 7% on hopes of higher rural demand

In the June 2024 quarter (Q1FY25), fast-moving consumer goods (FMCG) company, Patanjali Foods, reported a 200 per cent increase in net profit to Rs 262.9 crore, against Rs 87.8 crore in the year ago period. The profitability was driven by reduced volatility in edible oil prices along with stable performance in the food and FMCG portfolio. READ MORE

1:08 PM

Comment :: What to expect from RBI policy outcome on Aug 8?

Amid persistent inflationary pressures, particularly due to rising food prices, the Reserve Bank of India (RBI) is expected to maintain the current benchmark rate. This cautious approach is designed to balance economic growth with price stability. By holding the rate steady, the RBI aims to mitigate inflation without stifling economic momentum. Rising food prices have been a significant contributor to inflation, prompting the central bank to adopt a wait-and-watch strategy. This decision underscores the RBI's commitment to ensuring long-term price stability while fostering a conducive environment for sustainable economic growth.

Views by: Suman Bannerjee, CIO, Hedonova

12:55 PM

HCC's stock price tanks 5% after reporting a net loss of Rs 2.5 cr in Q1

The stock price of Hindustan Construction Company (HCC) fell up to 4.81 per cent to Rs 46.62 per share on the BSE in Tuesday’s intraday deals. This came after the company reported a net loss of Rs 2.5 crore in the first quarter of financial year 2024-24 (Q1FY25). READ MORE

12:42 PM

Brigade Ent climbs 11% on healthy Q1FY25 results; profit more than doubles

Shares of Brigade Enterprises rallied as much as 10.88 per cent to hit an intraday high of 1,246.80 per share on Tuesday, August 6, 2024. READ MORE

12:27 PM

Unicommerce eSolutions IPO opens today: GMP up 23%; Should you subscribe?

Unicommerce eSolutions IPO opened for the public subscription today. The company seeks to raise Rs 276.57 crore from the public issue. The unlisted shares of Unicommerce eSolutions are trading at a premium of Rs 25 or 23.15 per cent in the grey market on the first day of its opening. This GMP indicates strong demand for the Unicommerce eSolutions IPO. READ MORE

12:12 PM

Angel One stock up 3% on strong July biz update; client base surges 65% YoY

Shares of Angel One jumped as much as 2.72 per cent to hit an intraday high of Rs 2,178.95 per share on Tuesday, August 06, 2024. READ MORE