The Indian stock market soars as Sensex gains 300 points and Nifty crosses 19,600. The Tech and consumer goods sectors perform well, and the media sector rises by 2%. Investors are enthusiastic about breaking more records due to the strong momentum.
Record Date and Allotment of Shares
Reliance Industries sets the record date for determining eligible stockholders of the demerged company Reliance Strategic Investments on July 20. Under the demerger scheme, shareholders of RIL will receive 1 share of Reliance Strategic Investments for every 1 share held in the conglomerate.
Jio Financial Services to be Listed in Nifty 50
Post-demerger, Reliance Strategic Investments will be renamed Jio Financial Services and listed on stock exchanges. The demerged entity will temporarily feature in Nifty 50 and other indices before its official listing. Aligns with index methodology regulations for mergers and demergers.
US Working with India to Facilitate Energy Transition Investments
U.S. Treasury Secretary Janet Yellen announces collaboration with India to lower the cost of capital and increase private investment for India’s energy transition. The announcement follows a bilateral meeting with India’s finance minister, Nirmala Sitharaman, during a G20 meeting.
Strengthening Economic Ties
U.S. and India collaborate on economic issues, including tech partnerships and supply chains. Intention to develop an investment platform for India’s energy transition.
Foreign Portfolio Investors Turn Net Buyers for Two Consecutive Days
Foreign portfolio investors (FPIs) were net buyers for the second consecutive day on Monday, investing Rs 73 crore in Indian markets. Domestic institutional investors (DIIs) also bought shares worth Rs 64 crore.
US Stock Markets Begin Week Higher; Investors Await Key Results
The S&P 500 and the Nasdaq Composite started the week slightly higher on Monday, following last week’s strong gains. Investors are treading cautiously ahead of quarterly results from major industry players throughout the week.
Dow Jones and S&P 500 Opening Levels
The Dow Jones Industrial Average fell 9.29 points, or 0.03%, to 34,499.74 at the open. The S&P 500 started the day at 4,508.86, up 3.44 points, or 0.08%. At the opening bell, the Nasdaq Composite rose 36.21 points, or 0.26%, to 14,149.92.
Janet Yellen Optimistic About U.S. Economy, No Recession Expected
During the G20 finance officials’ meeting, U.S. Treasury Secretary Janet Yellen expressed optimism about the United States’ economic outlook. She stated that the U.S. was making good progress in bringing down inflation and did not foresee the economy entering a recession.
China’s Slowdown and U.S. Economy
Yellen did acknowledge that slower growth in China could have spillover effects on other economies. Despite this concern, she remains confident that the U.S. economy is on a good path, particularly considering the recent decline in inflation.
Sheela Foam to Acquire Majority Stake in Kurlon and House of Kieraya
Sheela Foam announces plans to acquire a 94.66% stake in Kurlon, a well-known mattress brand, and approximately 35% of House of Kieraya. This strategic move signals Sheela Foam’s intention to expand its bedding and mattress market presence.
Technical Analysis: Nifty Bulls Eyeing 20K Mark
According to Chandan Taparia of Motilal Oswal, Nifty has broken out of its nine-day consolidation zone, ending the trading session with a long bull candle and a longer lower shadow. The chart pattern indicates that investors are buying into any minor dips.
Key Levels for Nifty
Nifty must hold above 19,650 zones for the upcoming sessions to extend the upward move towards 19,850 and 20,000 zones. On the downside, crucial support is intact at 19,515 and 19,420 zones.
IDFC Appoints Bipin Gemani as Whole Time Director and CFO
IDFC appoints Mr Bipin Gemani as the company’s full-time director and chief financial officer (CFO). Additionally, Mr Mahendra N Shah has been reappointed as the Managing Director of IDFC.
Tata Elxsi Reports Q1 Results
Tata Elxsi, a global design and technology services company, has released its financial results for Q1. The company reported a Profit After Tax (PAT) of Rs 189 crore, compared to Rs 202 crore in the previous quarter. Its revenue for Q1 stood at Rs 850 crore.
LTIMindtree Q1 Results: Key Highlights
Q1 FY24, LTIMindtree achieved an 8.2% YoY revenue growth in Constant Currency, with strong contributions from key verticals like BFSI, Manufacturing & Resources, and Hi-Tech, Media, and Entertainment, making up 75% of revenues. The company received orders of USD 1.41 billion, and operational rigour produced an EBIT and PAT of 16.7% and 13.2%, respectively.
LTIMindtree Q1 Results: Financial Highlights
LTIMindtree reported a consolidated net profit of Rs 1,151 crore for Q1, representing a 4% YoY increase compared to Rs 1,106 crore in the same quarter last year. The company’s revenue from operations for the first quarter rose 14% YoY to Rs 8,702 crore.
Nifty Crosses 19,700 for the First Time
Nifty crossed the 19,700 mark for the first time, achieving a new milestone in the Indian stock market.
HDFC Bank Joins Club with $100 Billion Market Cap
With a market valuation of $100 billion, HDFC Bank, India’s largest private sector lender, joined an elite group of corporations. With a market value of over $151 billion, HDFC Bank has surpassed industry titans like Morgan Stanley and Bank of China to become the seventh-largest lender in the world.
Netweb Technologies IPO Subscribed 39% in Just 1 Hour
Within an hour of going live, the initial public offering (IPO) of Netweb Technologies received a 39% subscription rate from retail and non-institutional investors. The company’s grey market premium (GMP), currently at Rs 360 in the unlisted market, has steadily increased over the last few days.
HDFC Bank Q1 Results
With a Profit After Tax (PAT) of Rs 11,950 crore reported for the first quarter, HDFC Bank outperformed the ET NOW poll’s prediction of Rs 11,000 crore. Despite continuing difficulties in the global economic environment, the bank’s Q1 earnings improved.
Bandhan Bank Q1 Results
Bandhan Bank’s post-tax earnings decreased by 18.7% to Rs 721 crore in Q1 from Rs 890 crore in the same quarter last year. The economy and the market affected the bank’s profits, among other things.
Rallis India Q1 Results
Rallis India reported a small decline in net profit for the first quarter, dropping from Rs 67 to Rs 63 crore. The company’s earnings decreased during the period.
Promoters of JSPL Exploring Raising to $3 Billion
Jindal Steel and Power Limited (JSPL) founders, headed by businessman Naveen Jindal, are in exploratory talks with significant international private credit firms and foreign banks to finance $3 billion. According to numerous people knowledgeable of the discussions, the monies obtained could be used to boost promoter holdings.
Sensex and Nifty End Week on a Positive Note
The Sensex jumped 502 points, or 0.77%, to close above 66,000, and the Nifty climbed 151 points, or 0.78%, to end the week at 19,564, both posting strong gains.
Oil Prices Dip as Libya Resumes Output and China Data Awaited
As Libyan production began on Monday, market participants carefully watched the situation as oil prices fell for a second session. As key economic data was anticipated, all eyes shifted to China, the largest crude importer in the world. In the coming days, the global oil market will surely be significantly shaped by developments in these important aspects.