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Business News/ Markets / Live Blog/  Market Highlights: Indices recover as Sensex gains 150 pts; Metal, Auto shine; JSW Steel, Tata Motors jump
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Market Highlights: Indices recover as Sensex gains 150 pts; Metal, Auto shine; JSW Steel, Tata Motors jump

Share Market Close: Indian market made a recovery in the last hour to end in the green. Sensex gained 150 pts and Nifty 60 pts. JSW Steel, Tata Motors, Dr Reddy's shined. ICICI Bank, Maruti, and Bajaj Finance dragged. Consumer Durable, Metal and Auto surged, while Bank, Realty and FMCG indices shed.

Sensex Today | Share Market Updates: Global cues to keep market participants on edge (AP)Premium
Sensex Today | Share Market Updates: Global cues to keep market participants on edge (AP)

Share Market Updates: Sensex and Nifty made a remarkable recovery from trading 0.5% lower to close around 0.2% higher on Wednesday. Bank, Realty and Finance indices edged lower, while Metal, Media and Auto ended in the green.

The three-day meeting of the monetary policy committee (MPC) of the RBI is underway to decide on India's short-term monetary policy. RBI Governor Shaktikanta Das will announce the meeting outcome on Thursday.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services says, “The MPC is likely to hold the rates and retain the stance but the tone is likely to be hawkish since inflation is high and expected to rise in July. Macro trends in India indicate impressive credit growth and improving capex."

Equities in Asia were mostly subdued as investors digested data showing the world’s second-largest economy had fallen into deflation.

09 Aug 2023, 03:39:00 PM IST

Indices rallied in the last hour with Sensex closing 150 pts higher and Nifty 60 pts; Metal and Auto shine

Indian indices made a recovery in the final hour after dragging throughout the session to end 0.2% to 0.3% higher. Indices remained under pressure in the first half amid weak global market trends and caution ahead of the major events -- RBI's monetary policy and the US inflation data -- due to be announced on Thursday.

The 30-share BSE Sensex ended at 65,995, a jump of 150 pts. The Sensex was around 350 lower at half way. NSE Nifty gained 60 pts to close at 19,632.

Dr Reddy's Lab, JSW Steel, and Hindalco jumped around 3% each. Tata Motors and M&M also ended with decent gains. ICICI Bank, Divi's Lab, Apollo Hospitals and Maruti Suzuki were among the biggest laggards in today's session.

Six out of 15 Nifty broad-based sectoral indices ended in the red with Realty shedding more than a per cent. Finance and Bank indices also ended in the red. Metal and Media gained more than 2% each. Consumer Durable, Auto and IT registered decent gains.

Asian markets fluctuated Wednesday after data showing China slipped into deflation compounded worries about the world's number two economy's faltering post-Covid recovery.

Japan's Nikkei share average snapped three consecutive sessions of gains as heavyweights SoftBank Group and Daikin Industries slumped and caution grew ahead of the release of U.S. inflation data. The Nikkei index fell 0.53%, while the broader Topix slipped 0.40%.

China A-shares extended losses as consumer prices fell into deflation, with markets looking forward to more stimulus policies to revive spending. Hong Kong stocks closed higher.

China's blue-chip CSI 300 Index dipped 0.31%, and the Shanghai Composite Index fell 0.49%. Hong Kong's Hang Seng Index edged up 0.32% and the Hang Seng China Enterprises Index rose 0.39%.

European shares hit a one-week high on Wednesday, with Italian lenders rebounding from previous session's sharp losses after the government eased its stance on a new banking tax.

UK shares opened higher on Wednesday led by Coca-Cola HBC after the bottler's upbeat annual revenue outlook, while mid-cap stocks rallied on TP ICAP's strong earnings report.

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09 Aug 2023, 03:26:20 PM IST

Stock Market Live Updates: Trent beats Q1 revenue view on higher footfalls

Indian merchandise retailer and hypermarket operator Trent on Wednesday beat first-quarter revenue estimates, aided by an increase in footfalls.

Consolidated revenue rose nearly 46% year-on-year to 26.28 billion rupees ($317.4 million) for the quarter ended June 30, compared to analysts' estimate of 22.81 billion as per Refinitiv data.

Consolidated net profit rose more than 30% to 1.73 billion rupees ($20.9 million), while total expenses rose nearly 44% due to higher purchases of stock-in-trade and employee costs.

Tata Group-owned Trent, which also owns and operates the Star Bazaar hypermarket chain in partnership with UK's Tesco, has been rapidly expanding its fast-fashion Zudio outlets. (Reuters)

09 Aug 2023, 03:23:40 PM IST

Stock Market Updates Live: Suzlon Energy gets shareholder nod for fundraising via QIP

Renewable energy solutions provider Suzlon Energy on 8 August has said that the company has received shareholders’ approval for raising funds via QIP.

“In this context and in terms of Regulation 30 read with Schedule III(A)(13) of the Listing Regulations, we wish to further inform that the shareholders have approved the resolution proposed by the Company vide Postal Ballot Notice dated 7th July 2023 by requisite majority," the company said in a BSE filing.

Earlier on 7 July, it had said its board has approved a proposal to raise up to 2,000 crore. The company will explore various financial routes to raise the amount, it had said in a BSE filing. (Read More)

09 Aug 2023, 03:17:24 PM IST

Sensex Today Live: India’s coal output rises 9.2%, aims for self-reliance: Pralhad Joshi: Minister Pralhad Joshi

Domestic coal production rose 9.2% year-on-year up to July 2023, Union minister of coal and mines Pralhad Joshi said on Wednesday.In a written response to Lok Sabha, the minister outlined the government’s efforts to escalate indigenous coal production while curtailing non-essential imports.

“As per the existing import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choice as per their contractual agreement on payment of applicable duty. Most of the requirement of coal in the country is met through indigenous production. The focus of the government is on increasing domestic production of coal and eliminating non-essential import of coal," the minister said. (Read More)

09 Aug 2023, 03:16:12 PM IST

Stock Market Live: BSE Manufacturing Index set to outgrow benchmark indices for the next few years: Emkay Investment Managers Limited

Emkay Investment Managers Ltd. (EIML), the portfolio management services arm of Emkay Global Financial Services, sees a lot of promise in the Indian manufacturing opportunity.  In a media webinar, EIML said that the BSE Manufacturing has grown at a faster pace than the key benchmarks and the same performance is likely to get replicated in the next few years.

  • India’s manufacturing opportunity is a multi-decade story
  • Cash returns and robust capacity utilization has put manufacturers on the front foot
  • Auto and ancillaries, Textiles, Chemicals, and capital goods are key beneficiaries of China+1
  • Many discretionary goods may be within reach of most Indians by FY27
  • Invest in companies with a judicious mix of domestic vs export sales
  • Prudent to invest in companies with pricing power even it’s delayed by a few months- 

09 Aug 2023, 02:33:44 PM IST

Share Market Live: Siam Q1 data: Uttar Pradesh secures top spot with highest vehicle sales

Uttar Pradesh sold the maximum number of automobiles during the June ended quarter (Q1 FY24), followed by Maharashtra and Karnataka, according to data from the Society of Indian Automobile Manufacturers (Siam).

In the passenger vehicle (PV) category, Maharashtra was the leader, selling 12% of total number of PVs sold in the country. Uttar Pradesh had a 10% share of total PV sales, while Karnataka sold 8% of such vehicles during April-June. (Read More)

09 Aug 2023, 02:22:17 PM IST

Sensex Today Live: Rupee rises by 10 paise to 82.81 against US dollar

The rupee appreciated by 10 paise to 82.81 against the US dollar in early trade on Wednesday gaining ground from the 8-month low level amid weakening American currency against major rivals overseas.

However, weak equity markets, outflow of foreign funds and crude prices breaching USD 85 per barrel weighed on the local unit, said analysts.

Participants were trading cautiously awaiting the US inflation data, the UK's GDP number and RBI's monetary policy decision to be announced on Thursday. (PTI)

09 Aug 2023, 02:21:32 PM IST

Stock Market Updatesd Live: Bharat Forge Q1 results: Net profit rises to ₹213.73 crore

Bharat Forge Limited, a prominent forging company based in Pune, has disclosed a notable 34 percent year-on-year surge in its consolidated net profit, reaching 213.73 crore in the June quarter. This announcement was made through an official exchange filing on Wednesday.

In the corresponding quarter of the previous fiscal year, the company had recorded a consolidated net profit of 160.37 crore, as detailed in a regulatory filing by Bharat Forge.

Furthermore, the company reported that its consolidated revenue from operations reached 3,877.27 crore, as compared to 2,851.46 crore in the same period of the previous year. (Read More)

09 Aug 2023, 01:58:00 PM IST

Share Market Updates Live: PSU Banks Q1 results update: PNB, SBI lead as lenders on a strong footing, double the bottomline

The Indian public sector banks (PSBs) have exhibited strong performance in the quarter ending June 2023, with a significant number of state-owned lenders experiencing net profit growth that surpassed double that of the corresponding period in the previous year.

Collectively, the net profit of 12 PSU banks for the first quarter of FY24 escalated to 34,418 crore, contrasting with a net profit of 15,307 crore achieved in the April-June quarter of FY23.

During Q1FY24, the net interest margin of PSU banks demonstrated an average increase of over 3%, primarily propelled by the prevailing high interest rate environment. (Read More)

09 Aug 2023, 01:45:47 PM IST

Sensex Today Live: Realty sector struggles as it sheds more than a per cent with most stock trading in the red

Realty Sector
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Realty Sector
09 Aug 2023, 01:42:35 PM IST

Stock Market Live: India’s CXOs flag rising tech, environmental risks in business

Indian businesses are forced to deal with constantly-evolving risks. Markets- and economy-related risks remain the biggest ones for top executives at Indian companies, but risks related to environment, data protection, and technology are also making their presence felt, a new study by Bloomberg LP has found. Over half of the 300 executives surveyed felt that risks in their business environment were “significantly" or “completely" different today than they were a decade ago. The feeling was greater in the information technology and manufacturing sectors, and less in services-oriented and real estate sectors. (Read More)

09 Aug 2023, 01:26:49 PM IST

Share Market Live: Maruti Suzuki True Value crosses 50 lakh units sales of pre-owned cars: PTI

Maruti Suzuki India on Wednesday said its pre-owned car business has crossed 50 lakh-unit sales milestone since inception.

The company had introduced its pre-owned car brand, Maruti Suzuki True Value in 2001.

"With the successful completion of 22 years in the industry, India's most trusted pre-owned car brand, Maruti Suzuki True Value has established itself as the preferred choice of 50 lakh happy customers," Maruti Suzuki India Ltd (MSIL) Senior Executive Officer, Marketing & Sales, Shashank Srivastava said in a statement.

True Value is currently present in more than 281 cities and operates from over 560 outlets pan-India.

09 Aug 2023, 01:02:52 PM IST

Sensex Today Live: Asian Paints falls in the second half in today's session as it sheds a per cent and is among the biggest laggards

Asian Paints
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Asian Paints
09 Aug 2023, 01:01:10 PM IST

Stock Market Updates Live: L&T Plans $12 Billion Expansion Led by Green Energy

India’s largest engineering and construction company Larsen & Toubro Ltd. plans to invest as much as $12 billion over the next five years, a third of which will go toward expanding its clean energy business.

The company intends to build 2-3 million tonnes of green hydrogen and ammonia capacity with an investment of close to $4 billion. L&T has approached some coastal states in India to acquire 500-1,000 acres of land for hydrogen facilities, Chief Executive Officer SN Subrahmanyan said in an interview in Mumbai. He will take charge as group chairman in October when veteran AM Naik retires.

The hydrogen foray begins with the manufacture of electrolyzers in December that will be powered using renewable energy from ReNew Power Private Ltd. to produce green hydrogen at the Indian Oil Corp. refinery in Panipat. The project will expand to more IOC refineries and other L&T customers. (Bloomberg)

09 Aug 2023, 12:42:37 PM IST

Share Market Live: Dr Alok Misra of MFIN reacts to Ananya Birla's Svantara buying Sachin Bansal's Chaitanya to become the second-largest NBFC-MFI

Dr Alok Misra, CEO & Director, Microfinance Industry Network (MFIN): Svatantra Microfin acquiring Sachin Bansal's Chaitanya is positive news both for the microfinance sector and Svatantra. Based on March '23 figures, the acquisition will catapult Svatantra Microfin to the second spot amongst NBFC-MFIs with an AUM of around 12,500 crore. The acquisition is synergistic as it gives Svatantra strategic outreach in South India. From a sector viewpoint, while Birla Group's Svatantra is known for its efficient operations and responsible lending, the higher size will further strengthen it and also contribute to higher efficiency through economies of scale.

09 Aug 2023, 12:30:33 PM IST

Sensex Today Live: Delhivery to give integrated warehousing, transportation solutions to Havells India

Logistics major Delhivery will provide integrated warehousing and transportation solutions to Havells India as part of an agreement.

In a statement on Wednesday, Delhivery said it has bagged a contract from Havells India for integrated supply chain solutions in the western region.

Covering Havells' product portfolio of electrical and consumer goods, Delhivery will deploy its technology-led integrated warehousing and transportation solutions to deliver speed, precision, and complete end-to-end visibility, the statement said.

Sandeep Barasia, Executive Director and Chief Business Officer, Delhivery, said, "We are delighted to be a trusted partner for Havells as it embarks on a large-scale transformation of its supply chain. Our experience across a range of sectors will unlock tangible value across the complete value chain." (PTI)

09 Aug 2023, 12:19:52 PM IST

Stock Market Live: ICICI Lombard responds to GST notice, alleging tax demand of ₹273 crore

ICICI Lombard General Insurance Company Limited has disclosed that it has been issued a Goods and Services Tax (GST) show-cause notice, which claims a tax liability of 273.4 crore in addition to interest. This announcement was made by the company in a communication to the BSE (Bombay Stock Exchange).

On August 8, ICICI Lombard received a Show Cause Notice (SCN) dated July 26 from the Directorate General of GST Intelligence located in New Delhi. The notice asserts a tax demand of 273,44,50,284 under Section 74(1) of the Central Goods and Services Tax (CGST) Act, 2017. Additionally, it includes interest as per Section 50(1) of the Act, along with a penalty according to Section 74(1) in conjunction with Section 122(2)(b) of the Act. (Read More)

09 Aug 2023, 12:03:24 PM IST

Share Market Live: Indices continue to struggle as Sensex sheds 300 pts and Nifty almost 100 pts; Bank and Finance lead the downward spiral

Sensex at Noon
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Sensex at Noon
09 Aug 2023, 11:48:32 AM IST

Sensex Today Live: Mint Explainer: Nifty earnings yield and its impact on FPI buying

Foreign investors recently flocked to US bonds, booking profits in emerging markets (EMs) like India and repatriating some of their gains to the safety of the dollar. Their sharply reduced purchases of Indian equities so far this month correspond with a global equity selloff prompted by Fitch Ratings’ downgrade of the US sovereign rating which, in turn, spurred rallies in Treasury yields and the dollar.

Last week, Fitch Ratings cut the US’s sovereign credit grade one level to AA+ from AAA, two months after it warned the rating was under threat due to oft-repeated political standoffs on the debt ceiling. (Read More)

09 Aug 2023, 11:31:05 AM IST

Angel One Daily Commodity Outlook: Gold slips as dollar rose; Crude continues to see uptick.

Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd: 

GOLD Outlook: Outlook: We expect gold to trade lower towards 58900 levels, a break of which could prompt the price to move lower to 58740 levels.

CRUDE Outlook: Outlook: We expect crude to trade higher towards 6940 levels, a break of which could prompt the price to move higher to 7020 levels.

BASE METALS Outlook: Outlook: We expect copper to trade lower towards 720 levels, a break of which could prompt the price to move lower to 713 levels.

09 Aug 2023, 11:27:23 AM IST

Stock Market Live: Mukesh Ambani sells luxurious Manhattan property worth ₹74.5 crore: Report

Recent reports have emerged concerning a property transaction related to Mukesh Ambani. It has been reported that an entity associated with the prominent Indian business magnate has effectively finalized the sale of a luxurious residence located in Manhattan's prestigious West Village, according to the New York Post. LiveMint has not been able to independently verify this report.

The property in question is situated at 400 W. 12th St, recognized as Superior Ink. This fourth-floor condominium, encompassing an area of 2,406 square feet, was previously valued at a substantial $9 million (approximately 74.5 crore), as detailed by the publication. (Read More)

09 Aug 2023, 11:26:24 AM IST

Sensex Live Updates: Hatsun Agro to explore new overseas markets to boost ice cream biz

Dairy and dairy products maker Hatsun Agro Products has drawn up plans to boost overseas presence of its popular ice- cream range of products, the company said on Wednesday. Hatsun Agro Products retails a host of products including milk under popular brand Arokya, chocolates, cakes and and ice creams under 'Ibaco' brand among many others. "Ibaco has gone on to become one of the most beloved ice cream brands. Overwhelming positive customer feedback has led to the launch of many parlours, new product offerings and exciting flavours." the company said in its latest annual report. (PTI)

09 Aug 2023, 10:59:42 AM IST

Share Market Live: Nifty Bank among major laggards with all stocks trading in the red

Nifty Bank
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Nifty Bank
09 Aug 2023, 10:43:59 AM IST

Sensex Today Live: JM Financial views on Hindalco Industries | Novelis to witness margin recovery; India business stable

Ashutosh Somani of JM Financial Institutional Securities views on Hindalco Industries: Novelis to witness margin recovery; India business stable

BUY INR 550 

Hindalco reported 1Q consol. adj. EBITDA of INR57.3bn, higher than JMfe of INR49.5bn. India aluminium business (incl. Utkal) delivered an EBITDA of INR20.8bn down 9.6% QoQ driven by lower realisation. Net debt increased sequentially to INR385bn (vs INR340bn in 4Q) primarily due to higher working capital requirements. Key takeaways from the call are a) CoP India aluminium to decline by 3% QoQ during 2QFY24 b) 11% of FY24 aluminium volumes hedged at USD2.8k/t c) Chakla mine moving as per plan and expected to be operational by FY26 d) the company recently won the Meenakshi west mine which can offer ~6-7mn ton of coal per year e) capex for India operations / Novelis during FY24 expected at INR45bn / US$1.6-1.9bn. The long term outlook for Hindalco continues to remain buoyant given a) Novelis – remains confident of achieving its medium term EBITDA/t guidance of ~US$525 (expected by 4QFY24) b) resilient performance by India aluminium operations c) enhanced coal security post acquisition of Meenakshi, Meenakshi west and Chakla coal mines and d) growth capex to augment capacity in downstream business. Hindalco, given ~70%+ steady/strong EBITDA being non-LME linked, remains our preferred play in the metal space. Re-iterate Buy.

 

09 Aug 2023, 10:33:00 AM IST

Share Market Live: IRCON share price jumps over 8% to hit a record high after strong Q1 results

IRCON International share price rallied over 8% to hit a record on Wednesday after the railway PSU reported strong growth in Q1 results. IRCON share price jumped as much as 8.12% to its all-time high of 107.80 apiece on the BSE.

IRCON shares have witnessed a sharp upmove this year. IRCON stock price has jumped 80% YTD, while it has rallied more than 172% in the last one year.

The state-run engineering and construction firm IRCON International posted a net profit of 187 crore for the quarter ended June 2023, recording a growth of 29.6% compared to 144.6 crore in the corresponding period last year. (Read More)

09 Aug 2023, 10:08:20 AM IST

Stock Market Live: Pyramid Technoplast IPO to open next week. GMP, price, other details you may want to know

The IPO (initial public offering) of Pyramid Technoplast is set to commence on August 18. The IPO's price has been set within the range of 151 to 166 per share. Through this book-built issue, the company intends to raise 153.05 crore. Notably, this IPO marks the fourth public issue in August 2023, following the IPOs of SBFC Finance, Concord Biotech, and TVS Supply Chain Solutions. (Read More)

09 Aug 2023, 10:02:51 AM IST

Share Market Live: Adani Wilmar share price falls 5% amid reports of Adani Enterprises stake sale plan

In early trading on Thursday, Adani Wilmar's share price witnessed an almost 5 per cent decline, while Adani Enterprises' shares recorded a marginal increase of almost 1 per cent  on the BSE. These fluctuations in stock prices were prompted by reports suggesting that Adani Enterprises, under the leadership of Gautam Adani, is currently exploring the possibility of divesting its ownership stake in Wilmar International Ltd.

According to a Bloomberg report, Adani Enterprises has been deliberating the potential sale of its 44 percent stake in Adani Wilmar over the course of a few months. The report further notes that Gautam Adani and his family might retain a minority stake in a personal capacity subsequent to the completion of the sale, as cited from sources. (Read More)

09 Aug 2023, 09:53:53 AM IST

Sensex Today Updates Live: Coal India share price rises 2% after Q1 results

In early trading on Wednesday, Coal India's share price experienced an almost 2 percent increase on the BSE, following the release of the company's Q1FY24 results. The stock commenced trading more than 1 percent higher at 233.05 in comparison to the previous close of 230.25. At around 9:20 am, it was observed trading with a gain of 1.26 percent, reaching 233.15 on the BSE.

Regarding the Q1 results, Coal India reported a 10 per cent year-on-year decline in net profit, which amounted to 7,941 crore during the quarter concluding in June 2023. This figure decreased from the 8,834 crore reported during the corresponding quarter of the previous year. (Read More)

09 Aug 2023, 09:45:32 AM IST

Stock Market Live: HCL Tech sheds a per cent in early trading and is among the biggest laggards

HCL Tech
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HCL Tech
09 Aug 2023, 09:39:46 AM IST

Share Market Live: Geojit Financial Services views on today's market: High-quality stocks in banking and capital goods are likely to remain resilient

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: With the Q1 results season coming to an end soon, the focus of the market will shift from micros to macros. The institutional activity in the market has turned neutral since the FII selling is matched by DII buying. A clear trend in the market may come from macros. US CPI print expected soon and the MPC decision on 10th might give indication of the likely market trend. The MPC is likely to hold the rates and retain the stance but the tone is likely to be hawkish since inflation is high and expected to rise in July.

Macro trends in India indicate impressive credit growth and improving capex. So, high-quality stocks in banking and capital goods are likely to remain resilient. Investors can use weakness in the market to buy these stocks.

09 Aug 2023, 09:26:59 AM IST

Sensex Today Live: Indices start marginally lower on Wednesday as ICICI Bank, Wipro and Maruti drag the market

Sensex at Open
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Sensex at Open
09 Aug 2023, 09:10:24 AM IST

Stock Market Live updates: Knight Frank India's perspective on the expectations from the upcoming RBI MPC Meeting

Shishir Baijal, Chairman and Managing Director, Knight Frank India: We expect the Reserve Bank of India’s Monetary Policy Committee (RBI MPC) to keep the REPO rate unchanged as inflation rate in India remains within the upper threshold of tolerance. This will help the real estate sector maintain its current momentum. With the last few revisions, the REPO rate has gone up by 250 BPS, and as a result of this, the base lending rate for home loans have increased by 160bps with the last three revisions being completely passed on to the home buyers. This has started to impact housing demand, especially in the affordable segment. The mid segment too has seen moderation with demand plateauing in the last few quarters. A further increase in the REPO rate could potentially dampen buyers’ sentiment and impact housing affordability.

09 Aug 2023, 09:04:09 AM IST

Share Market Live: Sensex starts flat at the preopen session with Coal India and Adani Enterprises remaining in focus in today's session

Sensex at Preopen
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Sensex at Preopen
09 Aug 2023, 09:00:25 AM IST

Sensex Today LIve: Oil India Ltd Reports 4% Rise in Q1 Net Profit on Higher Production, Despite Price Reduction

Oil India Ltd announced a 4 percent increase in net profit during the June quarter, primarily attributed to elevated production levels that counteracted the impact of price reductions.

In the initial quarter of the ongoing fiscal year, the company achieved a net profit of 1,613.34 crore, in contrast to 1,555.49 crore recorded during the corresponding period of the previous year. This information was conveyed by the company through an official statement.

"The growth comes on the strength of a 5.3 per cent growth in its crude oil production to 0.820 million tonnes in Q1 of FY24 vis-à-vis 0.729 million tonnes produced in Q1 of the last FY, coupled with lower operating costs," it said.

09 Aug 2023, 08:51:49 AM IST

Share Market Updates Live: Govt assuages industry concerns on laptop import curbs in high-level meeting

The government is learnt to have assured global players in the laptop and IT hardware manufacturing space that there won’t be a ‘license raj’ policy that will be adopted by the government but the move to prohibit non-licensed imports of laptops, tablets and servers et al was aimed at boosting domestic production locally.

According to four people aware of a high-level meeting, minister of state for electronics and information technology, Rajeev Chandrasekhar, engaged in discussions with representatives from prominent global IT hardware companies such as Apple, Lenovo, Cisco, Samsung, Asus, Acer, Dell, HP, and HPE.

During this meeting, concerns related to the recent notification that imposed constraints on the import of personal computers and other IT hardware goods, along with its subsequent extension until November 1 were addressed and mitigated. (Read More)

09 Aug 2023, 08:40:35 AM IST

Stock Market Live: Moody's downgrades credit ratings for 10 US banks, more cuts likely; stocks fall 1-3%

Shares of banks in the US declined sharply on Tuesday after ratings agency Moody's downgraded several US lenders and said it may downgrade other major lenders.

Moody's Investors Service cut credit ratings for 10 small and midsize US banks and placed some major lenders including M&T Bank Corp., Webster Financial Corp., BOK Financial Corp., Old National Bancorp, Pinnacle Financial Partners Inc., and Fulton Financial Corp.

The rating agency also adopted a “negative" outlook for 11 lenders, including PNC Financial Services Group, Capital One Financial Corp., Citizens Financial Group Inc., Fifth Third Bancorp, Regions Financial Corp., Ally Financial Inc., Bank OZK and Huntington Bancshares Inc. (Read More)

09 Aug 2023, 08:39:35 AM IST

Sensex Today Live: Stocks to Watch: Coal India, Adani Ent, Happiest Minds, NTPC, Oberoi Hotels, Zee Learn, IRCON Int, Tata Power, Essar Shipping, and Oil India

Top stocks in focus today:

1. Coal India: Q1 net profit declines 10% YoY

2. Adani Enterprises/Adani Wilmar: Investigating divestment of consumer-staple joint venture

3. Happiest Minds: Q1 net profit at 58.33 crore

4. NTPC: Secures bid for 80 MW floating solar project

5. Oberoi Hotels: Q1 net profit jumps 61%

6. Zee Learn: Signs settlement agreement with JC Flowers ARC

7. IRCON International: Q1 net profit rises 29.6%

8. Tata Power: Collaborates with Maharashtra government for pumped hydro storage projects

9. Essar Shipping: Q1 net profit at 26 crore, revenue jumps 97%

10. Oil India: Q1 net profit rises 4% on higher production. (Read More)

09 Aug 2023, 08:18:15 AM IST

Share Market Live: Happiest Minds Q1 results: Net profit at ₹58.33 crore

Happiest Minds Technologies announced a net profit of 58.33 crore for the first quarter ending on June 30 of fiscal year 2024.

The company specializing in IT services disclosed net sales amounting to 390.87 crore during the June quarter of fiscal year 2024. In the same period, the total income reached 404.53 crore, as confirmed by Happiest Minds Technologies in an official filing with the stock exchange.

During the fiscal year 2023, Happiest Minds achieved a remarkable revenue growth of 23.7% when measured in constant currency terms. Simultaneously, the company's profit surged by 27.5%, reaching 230.99 crore in comparison to the corresponding period from the previous year. (Read More)

09 Aug 2023, 08:16:21 AM IST

Sensex Today Live Updates: WeWork faces difficulties in doing business as cash bleeds and customers cancel

Once a successful American startup, WeWork is now struggling to keep the business going. The New York-based company is bleeding cash, and customers of its office rentals are canceling their memberships in droves, the company has claimed. The business of the co-working space firm is gradually crashing due to which the stock fell about 24% in extended trading on Tuesday. (Read More)

09 Aug 2023, 08:02:57 AM IST

Stock Market Live: Gautam Adani's Adani Enterprises considers selling stake in Wilmar International: Report

Adani Enterprises, led by billionaire Gautam Adani, is currently in the process of exploring the option to sell its ownership stake in Wilmar International Ltd, according to a report by Bloomberg News.

The report indicates that Adani Enterprises has been evaluating the possibility of selling its 44% stake in Adani Wilmar over the past few months. It is suggested that even after a potential sale, Gautam Adani and his family might hold a minority interest in a personal capacity, as outlined by sources cited by Bloomberg.

In the previous week, Adani Wilmar reported a loss in the first quarter, primarily due to a significant drop in the prices of edible oil. The value of Adani Wilmar has faced a decline of approximately 36% throughout this year, translating to an estimated company valuation of around $6.2 billion. (Read More)

09 Aug 2023, 07:51:30 AM IST

Share Market Live: Oberoi Hotels Q1 results: PAT jumps 61% to ₹106 crore

EIH Ltd, the parent company of Oberoi Hotels, has reported a substantial 61% increase in its consolidated net profit for the initial quarter of the fiscal year. Concurrently, the company's revenue also experienced a noteworthy surge of 26.7% in comparison to the same period from the previous year.

During the quarter ending on June 30, the hospitality firm achieved a profit after tax amounting to 106 crore, demonstrating a significant rise from 69.44 crore recorded in the corresponding quarter of the preceding fiscal year.

The total income from operations for the company reached 522.6 crore, showcasing a substantial growth from 412.33 crore in the initial quarter of the previous year. (Read More)

09 Aug 2023, 07:50:01 AM IST

Sensex Today Live: Zee Learn reaches deal with JC Flowers ARC

On Tuesday, Zee Learn Ltd., owned by Subhash Chandra's Essel Group, officially announced the execution of a settlement agreement with JC Flowers Asset Restructuring Co. (ARC).

Zee Learn is part of the Essel Group conglomerate, which has a combined exposure of 6,500 crore with JC Flowers ARC. Subhash Chandra has been actively working to reach a settlement in this matter.

Mint was the first to report this development on Tuesday, revealing that Chandra was in the final stages of formalizing a definitive agreement worth approximately 1,500 crore. This agreement aims to reacquire ownership of the family's holdings in Dish TV and Zee Learn, as well as three properties, one of which is a bungalow located in central Delhi. (Read More)

09 Aug 2023, 07:31:00 AM IST

Share Market Live: Coal India Q1 Results: Net profit plunges 10% to ₹7,941 crore, marginal rise in net sales

On Tuesday, Coal India Limited released its Q1 financial results, revealing a 10% year-on-year decrease in net profit, which amounted to 7,941 crore for the quarter ending June 2023. This figure is down from 8,834 crore reported during the corresponding quarter in the previous year. Despite this decline, the company's net sales experienced a slight growth, reaching 33,072.6 crore during the reviewed quarter, up from 32,497.9 crore in Q1FY23. Notably, Coal India's net profit demonstrated a significant sequential increase of 43%, rising from 5,527.6 crore in the quarter ending March 2023.

In terms of other operating income, Coal India witnessed a 12.1% surge, amounting to 2,910.5 crore, as compared to 2,594 crore during the corresponding quarter of the previous fiscal year. The production of raw coal saw a noteworthy 9% year-on-year rise, reaching 175.4 million tonnes during Q1, up from 159.9 million tonnes in the same period the previous year. Correspondingly, the off-take of raw coal also increased, reaching 186.9 million tonnes for the quarter, compared to 177.4 million tonnes in Q1FY23. (Read More)

09 Aug 2023, 07:28:15 AM IST

Stock market today: Wall Street dips on Tuesday as markets fall worldwide on worries about banks, economy

Wall Street slipped Tuesday as worries about the banking system and the global economy forced more caution into financial markets worldwide.

The S&P 500 fell 19.06, or 0.4%, to 4,499.38 and at one point was down nearly triple that. It was the fifth loss in the last six days for the index after it rocketed through the year's first seven months.

The Dow Jones Industrial Average fell 158.64, or 0.4%, to 35,314.49 after paring an earlier loss of 465 points. The Nasdaq composite lost 110.07, or 0.8%, to 13,884.32.

In the U.S., bank stocks fell after Moody’s cut the credit ratings for 10 smaller and midsized ones. It cited a list of concerns about their financial strength, from the effects of higher interest rates to the work-from-home trend that's leaving office buildings vacant.

Across the Pacific, stocks sank after a report showed exports for China’s troubled economy shrank by the most since the start of the pandemic in 2020. And in Europe, bank stocks dropped after Italy's Cabinet approved a proposal to tax a chunk of their profits this year.

The worries layered on top of a mixed set of earnings reports from big U.S. companies. (AP)

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