Stock Market Today: Nifty Posts Best Winning Streak In Nearly 17 Years; RIL, ITC Lead Gains
The NSE Nifty 50 rose for 11 consecutive sessions and logged best winning streak since October 3, 2007.
The BSE Sensex ended higher for eight day and posted the best winning streak since Sept 15, 2023.
The Nifty 50 rose 0.54% to a fresh high of 25,188.30.
The Sensex rose 0.60% to a fresh high of 82,272.80.
The NSE Nifty Pharma rose 0.53% to a life high of 23,111.50.
The NSE Nifty IT hit a fresh high of 42,790.30 in late hour of the trade on Thursday.
The NSE Nifty Oil & Gas rose to a fresh high of 13,435.10.
Reliance Industries Ltd., ITC Ltd. were the top winner in the Nifty 50 index.
Mahindra & Mahindra Ltd., and Infosys Ltd. are the top losers in the Nifty 50 index.
Moody's raised India's 2024 real GDP growth view to 7.2% from 6.8% earlier
It raised 2025 real GDP growth view to 6.6% from 6.4% earlier
The rating agency cut 2024 CPI inflation forecast to 5.0% from 5.2%
Moody's retained 2025 CPI inflation forecast at 4.8%
LT Foods will acquire 17.5% stake in Nature Bio-Foods for Rs 110 crore.
Source: Exchange filing
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Reliance AGM 2024 Live Updates: Board Mulls Bonus Issue, Jio To Extend Competitive Edge, Says Chairman
First passenger flight from Noida International Airport will take off at the end of April 2025.
Under phase 1, the northern runway is scheduled to get completed by Sept -Oct.
Test flights will start validating procedures from December this year.
NIAL will apply for aerodrome license in December.
Source: CEO, Christoph Schnellmann
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Indian Renewable Energy Development Ltd. approved raising up to Rs 4,500 crore via QIP, follow on public offer or other means.
Source: Exchange filing
Financial troubles deepen at budget-carrier SpiceJet
SpiceJet passengers were denied boarding at the Dubai airport
SpiceJet passengers denied boarding over the issue of airline dues
Salaries of employees have also been delayed
Some employees got the salaries of July in the month of August
An official response to NDTV Profit's query is awaited from the company
NBCC (India) Ltd. sold commercial inventory worth Rs 1,342 crore in Delhi.
Source: Exchange filing
Sonata Software Chosen As Strategic IT Partner For US Healthcare Leader
Intellect Design Arena Ltd. is in pact with Wipro Ltd. is to transform banking technology services with eMACH.ai platform
Source: Exchange filing
Tata Consultancy Services Ltd. extended pact with Primark to help transform technology operations.
Source: Exchange filing
Adani Enterprises To Launch Maiden Public Debenture Issue On Sept. 4
Small and midcap valuations are at a 40-50% premium to their long term averages
Banking sector is the only one trading below pre-Covid valuations
For most investors, mutual funds are the best way to take an exposure to Indian equities
Ebitda, PAT growth has been very tepid during the last quarter
The market undertone remains bullish, looking where earnings growth will be the largest
Source: Harsha Upadhyaya, CIO- Equity, president, Kotak Mahindra AMC Zoom
Sensitivity of food prices across each category to temperatures has risen sharply
Temperatures have become far more useful than rains in forecasting food inflation
Headline, core and food inflation are all likely to converge towards the 4% target by end- 2024
Over time, with average temperatures rising, inflation management could get harder
Source: Pranjul Bhandari, chief India economist, HSBC
Paytm Shares Gain After Resubmission Of Application For Payment Aggregator Licence
Every aspect of business, compliance has to be made easy and strong
Regulations, compliance foster trust in the system
Saw positive response from Real Estate Investment Trust industry after SEBI’s framework
SEBI is working on standardising to bring down the cost.
Any fintech is coming to register will see that speed of approval is there by SEBI
Source: SEBI Chairperson Madhabi Puri Buch at Global Fintech Festival 2024 in Mumbai
How Resourceful Automobile Became A Viral SME IPO
P&G Hygiene Shares Hit Two-Month Low After Net Profit Declines In June Quarter
KEC International Shares Gain After Bagging Orders Worth Rs 1,171 Crore
Indigo Shares Fall As Promoters Plan Selling 5.8% Stake
Market breadth was skewed in favour of buyers. Around 1,752 stocks advanced, 1,121 stocks declined, and 151 stocks remained unchanged on BSE.
At pre-open, the NSE Nifty 50 was trading 0.07% lower at 25,035.30, and the BSE Sensex was trading 0.05% higher at 81,822.56.
The yield on the 10-year bond opened flat at 6.86%.
It closed at 6.86% on Wednesday.
Source: Bloomberg
JSW Energy Ltd.'s arm received the letter of award for additional 400 megawatt hybrid power project under MSEDCL–Phase III
Cumulative capacity allotted to arm by MSEDCL stands at 600 MW
Alert: MSEDCL stands for Maharashtra State Electricity Distribution Company
Source: Exchange filing
Rupee strengthened by 4 paise to open 83.92 against the US dollar.
It closed at 83.96 on Wednesday.
Source: Bloomberg
InterGlobe Aviation Ltd.'s promoter Rakesh Gangwal upsized block deal to Rs 10,300 crore from Rs 6,750 crore.
IndiGo promoter Gangwal offers 2.25 crore shares of company in block trade.
Source: Bloomberg
Biocon Biologics gets market entry for generic of Stelara in Europe, UK, Canada and Japan
Source: Exchange filing
Emkay Global Research retained a 'Buy' with a target price Rs 1,850, which implied 7% upside.
Industry is at a major inflection point, with rising adoption of AI
Data and AI, SAP cloud services market, cyber security, cloud migration, etc to create opportunities for double-digit growth in medium term
Demand setting is a tad more optimistic vs a few months ago, esp. BFSI
TMT to continue seeing faster growth than peers
Emkay Global Research hiked target multiple to 25 times from 23 times and rolls forward estimates
IndiGo Co-Founder Gangwal Plans To Sell Shares Worth Rs 6,750 Crore Via Block Deals, Bloomberg Reports
ION Exchange (INDIA): Promoter Mahabir Prasad Patni sold 94,000 shares between Aug. 14 and Aug. 23.
Paisalo Digital: Promoter Equilibrated Venture Cflow bought 15.58 lakh shares on Aug. 28.
Usha Martin: Promoter Peterhouse Investments India sold 6 lakh shares on Aug. 26.
Ex/record AGM: Dynamatic Technologies.
Moved in short term ASM Framework: GMR Power and Urban Infra, Stove Kraft Ltd., Tata Elxsi.
Moved out of short term ASM Framework: GRM Overseas, Jeena Sikho Lifecare, UFLEX Ltd., Uflex.
Premier Energies: The public issue was subscribed to 6.61 times on day 2. The bids were led by non-institutional investors (18.83 times), a portion reserved for employees (6.62 times), retail investors (4.21 times), and qualified institutional investors (1.4 times).
ECOS (India) Mobility & Hospitality: The public issue was subscribed to 3.36 times on day 1. The bids were led by non-institutional investors (6.65 times), retail investors (3.85 times), and qualified institutional investors (0.04 times).
GMM Pfaudler: Atreides Investments B.V. sold 4.12 lakh shares (0.92%) and Geranium Investments Ltd. sold 37.09 lakh shares (8.25%) at Rs 1,352 apiece. Infinity Partners bought 41.21 lakh shares (9.17%) at Rs 1,352 per share.
Krishna Institute of Medical Sciences: Emerald Investments Ltd. sold 15.7 lakh shares (1.96%) at Rs 2,497 apiece. Infinity Partners bought 15.7 lakh shares (1.96%) at Rs 2,497 apiece.
Shanti Educational Initiatives: Legends Global Opportunities (Singapore) bought 8.43 lakh shares (0.52%) at Rs 124.9 apiece, while New Leaina Investments sold 8.43 lakh shares (0.52%) at Rs 124.9 apiece.
Infinity Partners Buys 9.17% Stake In GMM Pfaudler
Paytm Payments Services To Resubmit Application For Payment Aggregator License
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