Sensex sinks 505 pts, Nifty gives up 19,350 amid global weakness; PSBs soar

Closing Bell on July 7, 2023: PowerGrid, IndusInd Bank, HUL, NTPC, Bajaj Finance, HCL tech, Tech M, L&T, Asian Paints, ICICI Bank, ITC, Kotak Bank, Infosys, and HDFC twins declined up to 3 per cent

2:04 PM

ALERT:: Intellect Design cracks 5% as govt terminates e-marketplace contract

The company infomred BSE, the government has asked it to initiate Exit Management & Transition as per the current terms and conditions of contract between government e-marketpace and the company following lower bids received from competitors for the same contract.

1:57 PM

Karnataka Budget:: Govt to spend Rs 52k cr annually

The 5 'guarantees' related to bus travel for women, 200 units of electricity, 10 kilograms of foodgrains to poor, Rs 2,000 for woman head of the house and unemployment benefit of up to Rs 3,000. READ MORE

1:50 PM

Asian Market Update:: Major indices decline over 1 per cent

Source: Yahoo Finance

1:39 PM

ALERT:: Punjab & Sind Bank Q1 business rises 11.8% YoY; stock down 2%

Punjab & Sind Bank reported a 11.8 per cent growth in total business from Rs 1.74 lakh crore in Q1FY23 to Rs 1.95 lakh crore in Q1FY24. Gross advances rose by 10.9 per cent YoY from Rs 72,727 crore to RS 80,638 crore.

1:27 PM

Talbros Auto surges 8% to hit 52-week high on order win worth Rs 400 crore

Shares of Talbros Automotive Component surged 8 per cent to hit a 52-week high of Rs 785.75 in Friday’s intra-day trade after the company received new multi-year orders worth around Rs 400 crore. READ MORE

1:16 PM

ALERT:: Karnataka govt hikes excise duty on liquor

Karnataka government in its Budget proposal has announced hike in excise duty on Indian made foregin liquor and beer, reports CNBC TV-18.

1:07 PM

3 tyre stocks hit new highs on breakout; charts show up to 21% upside ahead

The optimistic move emerged following the launches of vehicles by Hero MotoCorp, Bajaj-Auto and Maruti Suzuki lately. While Apollo Tyres, MRF and TVS Srichakra have yet to claim their fresh leg of upside, the underlying trend persists to see accumulation. READ MORE

12:58 PM

ALERT :: Olectra Greentech wins order for 5,150 EV buses worth Rs 10,000 crore

>> Consortium of Olectra Greentech Limited and Evey Trans Private Limited has received a Letter of Intent from Maharashtra State Road Transport Corporation (MSRTC) relating to supply, operation and maintenance of 5,150 electric buses and allied electrical and Civil infrastructure on gross cost contract Basis for a period of 12 years 

12:50 PM

Market Check :: All except Media index trade with negative bias

12:41 PM

ALERT :: SpiceJet in focus

SC hears -SpiceJet vs Kalanithi Maran (Sun TV) case

>> SpiceJet offered Rs 10 crore to Maran.

 

>> CJI told the airline to pay entire Rs 380 crore immediately.

>> SC says "business must be carried out with commercial morality"

 

12:35 PM

Byju's crisis prompts top India VC firm Blume Ventures to shift strategy

Perceived corporate governance lapses are sending shockwaves through the South Asian nation’s fledgling startup economy. Byju’s, once India’s most valuable upstart, is in turmoil after missing a deadline on financial statements, skipping payments on a $1.2 billion loan and losing its auditor and some of its board members. READ MORE

12:24 PM

Weak demand, inventory to weigh on agrochemical companies' stocks

The profit print in the June quarter too could reflect the muted top line performance. Agricultural input majors are expected to report a 10 per cent decline in operating profit. Barring PI Industries, which is expected to post a 21 per cent growth in operating profit and an 80 basis points expansion in margins, the dip in margin performance for the rest of the sector varies between 60 and 300 basis points. While sales volumes are expected to be in mid-single digits, profitability has been impacted by inferior product mix and provisioning due to high cost inventory. These pressures may impact the performance for the rest of the year as well. READ MORE

12:15 PM

Praj Ind up 10%, to form JV with IOC for biofuel production capacities

Various biofuels covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others. Earlier in October 2021, both the companies had entered into an agreement to form a 50:50 Joint Venture (JV) to this end. READ MORE

12:03 PM

Q1FY24 Update :: JSW Ispat Special Products

11:52 AM

India's demat tally tops 120 mn; June additions highest in 13 months

Trading turnover in the equity cash segment also rose to its highest level in 14 months in June. Rising for a third straight month, the average daily turnover (ADTV) for both NSE and BSE cash segment stood at Rs 67,491 crore – the highest since April 2022. On a year-on-year basis, ADTV was up 42 per cent, underscoring a turn in market sentiment. Meanwhile, the ADTV for the derivatives market recorded a fresh high of Rs 259 trillion (notional turnover for the options segment) —rising for the eight straight month. READ MORE