Stock Market News

Tanushree Jaiswal || Oil prices fell on Friday, marking second consecutive weekly decline due to mixed economic data & stronger dollar. Brent crude dropped to $84.50 per barrel, & U.S. WTI fell to $82.10 per barrel. Decline was influenced by strong U.S. labor data, slower growth in China, & Japan's inflation, which impacted market sentiment. Despite decrease in U.S. stockpiles, rising global stocks led to bearish trends, with OPEC+ unlikely to change output cuts. Check MCX Crude Oil Rate Today Live Check MCX Crude Oil Mini Rat

Tanushree Jaiswal || Gold prices edged higher on Tuesday, supported by comments from Federal Reserve Chair Jerome Powell that strengthened the case for a September rate cut. Investors are also awaiting further U.S. economic data for additional guidance on monetary policy. Spot gold increased by 0.1% to $2,423.89 per ounce by 0140 GMT. On Monday, prices reached their highest level since May 20, when gold hit a record peak of $2,449.89. U.S. gold futures remained stable at $2,429.90. Check MCX Gold Rate Today Live "Powell continued to set

Tanushree Jaiswal || Gold prices declined on Friday, though they remained on track for a third consecutive weekly increase. This trend follows lower-than-expected U.S. inflation data, which has fueled optimism that the Federal Reserve may begin reducing interest rates in September. Spot gold dipped by 0.2% to $2,408.70 per ounce as of 0148 GMT, after a 2% surge on Thursday. Meanwhile, U.S. gold futures dropped 0.3% to $2,413.90. Check MCX Gold Rate Today Live Thursday's data revealed an unexpected decrease in U.S. consumer prices, with th

Tanushree Jaiswal || Oil prices rebounded on Wednesday after a three-day decline, spurred by an industry report indicating a drop in U.S. crude and fuel stockpiles last week, suggesting steady demand, alongside improved prospects for interest rate cuts. Brent futures climbed 21 cents to $84.87 a barrel by 0055 GMT, following a 1.3% decline in the previous session. Check Crude Oil Price Today U.S. West Texas Intermediate (WTI) crude increased by 26 cents to $81.67 a barrel, after a 1.1% drop in the prior session. WTI had fallen 3% over the

Tanushree Jaiswal || The hedge fund iShares MSCI India ETF. As per its 13 F filing, the hedge fund has a long position in the fund with a $17.4 million stake that constitutes around 1.9% of Kingdon's total portfolio. The hedge fund has total assets of $915.77 under management. Kingdon Capital Management, the hedge fund associated with Hindenburg Research and known for short selling Adani Group shares, has only one other India-related investment in its portfolio. Kingdon Capital is a US-based investment management company founded by hedge

Tanushree Jaiswal || Tesla's share price surged over 10% on Tuesday, reaching its highest level since early January, after the electric vehicle (EV) manufacturer reported auto deliveries that exceeded analyst expectations. Tesla shares closed 10.20% higher at $231.26. Tesla, led by billionaire Elon Musk, announced that it delivered approximately 443,950 vehicles worldwide in the April-June period, surpassing Wall Street's average estimate of 439,302 vehicles. Although Tesla's sales during the second quarter were down 4.7% compared to the

Tanushree Jaiswal || Hindenburg Research, an American short-seller, described the Sebi show-cause notice regarding its 2023 report on the Adani Group as ‘nonsense’ and ‘concocted’. “We think it is nonsense, concocted to serve a pre-ordained purpose: an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India,” Hindenburg said in a post on its website. Hindenburg Research criticized the Indian market regulator for omitting Kotak Bank, which it claimed "established and ma

Tanushree Jaiswal || Following two consecutive months of significant selling, foreign institutional investors became net buyers in June, purchasing shares worth $3.2 billion. This marks the second-highest monthly buying figure, after the $4.2 billion recorded in March. This is significant because their recent purchases followed two consecutive months of selling, with $3.1 billion sold in May and $1.04 billion in April. Indian markets have largely been on a winning spree ever since election results were announced in early June, with the Se

Tanushree Jaiswal || S A Tech Software India IPO: Day-1 Subscription at 15.32 Times S A Tech Software India IPO will close on 30 July. Shares of S A Tech Software India are likely to be listed on 2 August. Shares of S A Tech Software India will make trading debut on NSE SME platform. On 26 July 2024, S A Tech Software India IPO received bids for 3,88,20,000 shares much more than the 25,34,000 shares available. This means that the S A Tech Software India IPO was oversubscribed by 15.32 times by the end of Day 1. Here are the subscripti

Tanushree Jaiswal || Clinitech Laboratory IPO Subscription - Day-2 Subscription at 6.03 Times Clinitech Laboratory IPO will close on 29 July. Shares of Clinitech Laboratory are likely to be listed on 1 August. Shares of Clinitech Laboratory will make trading debut on BSE SME platform On 26 July 2024, Clinitech Laboratory IPO received bids for 34,45,200 shares much more than the 5,71,200 shares available. This means that the Clinitech Laboratory IPO was oversubscribed by 6.03 times by the end of the 2nd day. Employees (N.A.

Tanushree Jaiswal || Ola Electric is expected to launch its initial public offering (IPO) for public subscription next week, between August 2 and August 6, according to a report from Moneycontrol. The company, owned by Bhavish Aggarwal, is planning to initiate its anchor book on August 1. This IPO is highly anticipated among investors and is set to be one of India’s largest IPOs this year. Sources indicate that Ola Electric aims to raise approximately USD 740 million through a combination of a fresh issue and an offer for sale, aiming for a

Tanushree Jaiswal || About Akums Drugs & Pharmaceuticals Ltd Established in 2004, Akums Drugs & Pharmaceuticals Limited stands as leading pharmaceutical contract development & manufacturing organization (CDMO) offering comprehensive suite of products & services in India & abroad. Specializing in end-to-end solutions for product development & manufacturing, company excels in research & development (R&D) of formulations, regulatory dossier preparation & submission, & various testing services. Akums also

Tanushree Jaiswal || On June 26, Sobha's shares fell by over 3% following a block deal involving 47.4 lakh shares, or 5% of its equity. The transaction, worth ₹865 crore, was conducted at an average price of ₹1,825 per share, marking a 2% discount from the previous closing price. By 9:48 am IST, Sobha share price had declined nearly 3.4% to ₹1,801.40 on the National Stock Exchange (NSE). Over the past year, Sobha's shares have surged by 190%, almost tripling investors' returns, compared to Nifty's approximately 23% return over the same perio

Tanushree Jaiswal || After five consecutive trading sessions of decline, the bulls regained control as the benchmark indices traded positively, buoyed by a significant rally in the metal and pharma sectors. Around 9:20 am IST, the Sensex saw a rise of 0.17% to 80,177, while the Nifty increased by 0.24% to 24,464. There were 1,939 advancing shares, 525 declining shares, and 127 shares remained unchanged. "Following the budget, I believe the markets have entered a corrective phase. This correction is more time-based rather than price-based,

Tanushree Jaiswal || Tech Mahindra shares dropped over 4% on July 26, as brokerages took a cautious 'wait-and-watch' stance to see how the company's execution strategy will develop. Both Nomura and UBS highlighted execution risks as a significant concern. Additionally, the company's communication segment experienced a decline due to seasonal weakness in the Comviva business. Despite gradual recovery, Tech Mahindra's operating margins remained among the lowest compared to its peers. Over the past six months, the Tech Mahindra share price has

Tanushree Jaiswal || Shares of SJVN Ltd., a state-owned enterprise, soared by as much as 14% during early trading on Friday following the announcement of securing a significant order valued at nearly ₹14,000 crore in Mizoram. This marks the company's inaugural project in the northeastern region. By 9:17 am IST, SJVN share price were up by approximately 11%, trading at ₹156.45 on the National Stock Exchange (NSE). Over the past year, the stock has surged 168%, more than doubling investors' returns. The project, known as the Darzo Lui Pumpe

Tanushree Jaiswal || Since Finance Minister Nirmala Sitharaman presented the interim budget on February 1, 2024, equity mutual funds have seen impressive returns, reaching up to 47%. Approximately 474 equity mutual funds were active during this period. Leading the pack, the HDFC Defence Fund delivered a remarkable 47.04% return, followed by Bandhan Infra with 35.59%, LIC MF Infra at 34.61%, and Motilal Oswal Midcap at 31.54%. The top three performers belonged to the sectoral/thematic mutual fund category, with about five funds achieving r

Tanushree Jaiswal || In the first half of 2024, Mutual Funds acquired HDFC Bank shares worth over ₹42,000 crore, even as foreign investors slightly reduced their holdings in India's largest bank by Market Capitalization. In June alone, mutual funds purchased 4.09 crore shares of HDFC Bank, valued at ₹6,887 crore. This marked the sixth consecutive month of substantial buying, with previous monthly acquisitions as follows: May - ₹7,600 crore, April - ₹1,886 crore, March - ₹4,600 crore, February - ₹8,432 crore, and January - ₹12,884 crore. A

Tanushree Jaiswal || According to Ashish Gupta, CIO of Axis MF, the equity supply surge has significantly outpaced mutual fund inflows. In his recent Acumen note, Gupta detailed that around ₹4.84 lakh crore has entered the equity market since April 2022. In contrast, equity mutual funds have received net inflows of just ₹2.21 lakh crore, creating a notable excess in supply. Gupta foresees this trend persisting into the future. A breakdown of the ₹4.84 lakh crore in equity supply reveals ₹1.86 lakh crore from promoter stake sales, ₹1.15 la

Tanushree Jaiswal || The Securities and Exchange Board of India (SEBI) has recently proposed the introduction of hybrid passive funds through a consultation paper. While India already has active hybrid funds in various categories, current regulations mandate that passive funds must be based on either an equity index or a debt index. This has prevented the existence of passive hybrid funds due to the lack of required frameworks. The new proposal aims to allow fund houses to launch passive hybrid products that replicate a composite index compr

Tanushree Jaiswal || Synopsis Axis Bank on July 24 reported 4% rise in net profit at ₹6,035 crore for Q1 FY25. The bank's asset quality worsened sequentially with gross non-performing assets up 11 basis points (bps) at 1.54% and net non-performing assets 3 bps up at 0.34%. Axis Bank Q1 Results Highlights On July 24, Axis Bank, a private lender, announced a 4% increase in net profit for Q1 FY25, amounting to ₹6,035 crore, surpassing market expectations. Eight brokerages had, on average, anticipated a net profit of ₹5,797 crore. However,

Tanushree Jaiswal || Synopsis Bajaj Finserv Ltd reported a 10% rise in net profit for the first quarter of the current financial year, reaching ₹2,138 crore. The company's total consolidated income increased by 35% year-on-year, amounting to ₹31,480 crore. Bajaj Finserv Q1 Results Highlights On July 24, Bajaj Finserv Ltd announced a 10% increase in net profit for the first quarter of the current financial year, reaching ₹2,138 crore. The company's total consolidated income rose by 35% year-on-year to ₹31,480 crore. Despite these pos

Tanushree Jaiswal || Synopsis On Monday, IDBI Bank reported a 40% year-on-year (YoY) growth in its standalone net profit, reaching ₹1,719 crore for the first quarter ending in June 2024. In comparison, the net profit for the same quarter last year was ₹1,224 crore. IDBI Bank Q1 Results Highlights On Monday, IDBI Bank reported a standalone profit of ₹1,719.27 crore for the first quarter of FY25, marking a 40.4% increase from the ₹1,224.18 crore achieved in the same quarter of the previous financial year. On a consolidated basis, the Q1

Tanushree Jaiswal || Synopsis For the June quarter, JSW Steel's revenue rose by 2% yoy to ₹42,943 crore. However, its net profit for the fiscal first quarter fell by 64% to ₹867 crore. Quarter Results Highlights • Net profit dropped by 64% to ₹867 crore. • Revenue reached ₹42,943 cr from ₹42,213 cr in the same quarter last year. • Operating EBITDA stood at ₹5,510 crore with an EBITDA margin of 12.8% for the quarter. In the first quarte, JSW Steel saw a sharp drop of 64% in its net profit which fell to ₹867 cr. This declin

Tanushree Jaiswal || The Indian rupee is expected to reach a record low at the opening on Wednesday, ahead of significant U.S. inflation data and new interest rate projections from Federal Reserve officials. Non-deliverable forwards suggest the rupee will start trading at 83.58-83.60 to the U.S. dollar, down from 83.5650 in the previous session and surpassing the all-time low of 83.5750 set in April. On Tuesday, the rupee fell below the long-standing support level of 83.50-83.55. The rupee has faced challenging days recently. Weighed down by

Tanushree Jaiswal || The Foreign Exchange Derivatives market in India is undergoing a substantial disruption on April 5, due to the implementation of newly announced regulations by the Reserve Bank of India (RBI). It is anticipated that the implementation of these regulations, which mandate an underlying foreign-exchange exposure for currency derivatives trading on stock exchanges, will significantly affect the market, specifically affecting retail traders and speculators, who make up a substantial proportion of the participants. To comply w

Tanushree Jaiswal || In a rather low-profile move, the RBI has decided to officially withdraw the ₹2,000 notes from the currency circulation. This will be effective from 30th September 2023. Between March 23, 2023 and September 30, 2023, the RBI will offer a special window for the people holding these ₹2,000 currency notes to either exchange their notes or deposit these notes into the bank account. Banks will offer this window only up to September end and after that the ₹2,000 note cannot be either exchanged or even deposited in any of the comm

5paisa Research Team || The Indian rupee is going through its worst crisis yet. On Tuesday, it sunk to its lowest yet, going below the psychologically crucial mark of 80 to the US dollar. The rupee went as low as 80.05 to the dollar, before it was helped back up by some intervention from the country’s central bank. The Reserve Bank of India pumped some US dollars into the currency markets to steady the currency slightly after it went down for the seventh consecutive trading session. Is the Indian rupee the only one that has been falling

Tanushree Jaiswal || The attractiveness of buybacks from information technology (IT) companies is expected to diminish following the Budget 2023-24 announcement, which states that income from share buybacks will now be taxed as dividends for the recipient investor. Analysts anticipate this change will make buybacks less appealing due to increased compliance burdens and potentially higher taxes. Under the current system, companies are charged an additional income tax for buybacks. However, starting October 1, 2024, the income from share buyba

Tanushree Jaiswal || The Union Budget for 2024-25, unveiled today, marks the inaugural budget of the new coalition government, meeting high expectations from both industry stakeholders and the general public. The budget's central theme aligns with the ambitions of a youthful nation—focusing on employment, skills development, MSMEs, and the middle class. As the world's fastest-growing large economy, the budget needed to not only reinforce fiscal stability but also set the stage for sustained economic growth, a delicate balance the finance mi

Tanushree Jaiswal || The Union Budget for the fiscal year 2025 places a strong emphasis on the financial sector's vital role in fostering economic growth. This is achieved through several strategic announcements designed to enhance credit flow to key sectors and optimize outcomes in three critical areas: credit expansion, financial inclusion, and stressed assets resolution. The DFM Troika: Digital, Financial Inclusion, and MSME Support Measures Digital Initiatives First, the budget underscores technology initiatives in agriculture, par

Tanushree Jaiswal || Union Finance Minister Nirmala Sitharaman took center stage on July 23, 2024, as she presented the Union Budget for 2024-25, marking her seventh consecutive Budget presentation. The stock market's reaction was heavily influenced by the Budget proposals across various sectors. Earlier in the day, the Indian stock market erased its initial gains due to caution ahead of the Budget announcement. Although the NSE Nifty 50 and S&P, BSE Sensex opened about 0.3% higher, they were trading flat at 24,516.65 points and 80,553.9