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

11:40 AM

BSE buyback: Should you tender your shares?

As per the shareholding pattern at the end of FY22, retail investors approx. held 3.71 crore equity shares. Based on the Sebi rule of 15 per cent reservations for small investors (less than Rs 2 lakh) in a buyback offer, out of the total shareholding of retail investors, only up to 6.89 lakh shares will be accepted in buyback.  READ MORE

11:28 AM

ALERT :: Sensex hovers near day's low

11:16 AM

Q1FY24 Update :: Kalyan Jewellers

>> Consolidated revenue growth for the recently concluded quarter was ~31% as compared to the same period in the previous financial year.

>> Witnessed revenue growth of ~34% YoY for India operations, 21% YoY for Middle East

>> Non-south markets recorded higher overall revenue growth largely due to the greater number of showrooms launched in that region over the last twelve months

>> Added 12 new ‘Kalyan’ showrooms across non-south markets, expect to launch ~20 new showrooms in the region before Diwali

>> Expect to launch the first FOCO (Franchisee Owned Company Operated) showroom in Middle East region during Q2FY24

 

11:05 AM

ALERT :: Talbros Automotive Components receives multi-year orders worth Rs 400 crore

>> Order received from both, domestic and overseas customers across its business divisions, product segments and JVs including multiple EV orders for Rs 205 crore from leading OEMs.

10:54 AM

Goldman Sachs sees markets consolidating in third quarter of 2023

Suggesting a consolidation of gains in the near-term, strategists at Goldman Sachs say, “At 21x one-year forward earnings, and at 60 per cent premium to Asia, valuations look expensive” strategists at the investment management, including Sunil Koul, wrote in a note. READ MORE

10:42 AM

Blockbuster debut! IdeaForge Technology doubles investors wealth

"While there is no doubt that this was a great opportunity for investors, and it has delivered some surprising returns, we would recommend that investors should book profits and exit their positions. This is because, after listing, the stock is already trading at a significant premium to its issue price. Additionally, there are some business-related risks associated with the company. So, it is better to lock in these gains now rather than take the risk of carrying them forward," said Anubhuti Mishra, equity research analyst at Swastika Investmart. READ MORE

10:31 AM

ALERT :: Sona Comstar achieves production milestone of 5 million differential assemblies

10:20 AM

Q1FY24 Update :: Nykaa

>> Consumption in the Beauty and Personal Care (BPC) categories continue to remain strong

>> BPC business NSV (net sales value) for the quarter is expected to grow in the early twenties YoY, supported by strong urban demand

>> Fashion business has witnessed relative resilience through gradual improvement in order volume with sustained AOV (average order value) YoY

>> Nykaa Fashion NSV for the quarter is expected to grow in low to mid-teens on YoY basis.

>> For Q1FY24, at a consolidated level, revenue is expected to grow in the mid-twenties YoY

10:10 AM

ALERT :: RailTel wins order from National Informatics Centre Services Incorporated for Rs 39.37 crore

>> Award is for the work for Onsite SOC and NOC with high availability solution with 5 years support installation and training

10:02 AM

NEWS LISTING :: IdeaForge flies on debut, lists at 94% premium

>> IdeaForge tech lists at Rs 1,305 apiece on the BSE, Rs 1,300 on NSE

>> Issue price was Rs 672

9:58 AM

EXPERT COMMENT | Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

>> With the Nifty setting new highs for the 6th consecutive session, India has become a clear outlier among global stock markets. It would be difficult for this rally to sustain since the global market construct is turning unfavourable with major weakness in the developed markets and rising bond yields. The US June jobs numbers expected today are expected to be much higher-than-expected and the market expects the Fed to raise rates in the July 26th meet and remain hawkish in its stance. This is the reason why bond yields are rising.
 

>> Unabated FPI inflows and participation of majors like Reliance and leading banking names can take the Nifty higher. But investors have to be cautious since the market is running ahead of fundamentals. If the rally sustains for long, there is the risk of sharp correction soon.

9:49 AM

Praj Industries inks pact with IOC to boost biofuel production; stock up 4%

9:42 AM

Aster DM rallies 4% on additional stake acquisition of Malabar Institute of Medical Sciences

9:35 AM

Sobha achieves highest-ever quarterly sale in Q1FY24; stock up 2%

9:29 AM

Cipla recalls six batches of Albuterol Sulfate; stock slips 1%