India Financial News

The NSE Nifty index was trading 66.71 points down at 24546.3, while BSE Sensex was down 148.2 points at 80568.35 at the time of writing this report.

Karma Energy Ltd.(up 5.00%), Indo Tech Transformers Ltd.(up 5.00%), KPI Green Energy Ltd.(up 4.87%), Power and Instrumentation(Gujarat)Ltd.(up 1.99%), KEC International Ltd.(up 1.98%), Torrent Power Ltd.(up 0.52%) and India Power Corporation Ltd.(up 0.24%) were among the top gainers.

Glenmark Pharmaceuticals Ltd.(up 0.55 per cent), Mankind Pharma Ltd.(up 0.52 per cent), Abbott India Ltd.(up 0.35 per cent) and Sanofi India Ltd.(up 0.17 per cent) were among the top gainers.

Colgate-Palmolive (India) Ltd. traded at Rs 3127.2 on BSE at 11:11AM (IST) on Thursday, up 0.05 per cent from previous close. The stock quoted a 52-week low price of Rs 1819.85 and a high of Rs 3154.0.

Lexus Granito(India)Ltd.(up 1.77%), The Orissa Minerals Development Company Ltd.(up 0.55%) and KIOCL Ltd.(up 0.27%) were among the top gainers.

IDBI Bank ahead of the Union Budget 2024 and all eyes are now on Finance Minister Nirmala Sitharaman. The Narendra Modi government had set the ball rolling for divesting its stake in the development financial institution-turned bank in May 2021. Since then, the Centre has been waiting for the green signal from the RBI as the central bank assessed if the bidders met the fit and proper norms. These norms check if the bidders are compliant with regulations and are not under the scanner of other regulators. The central bank has given its report on all but one bidder which happens to be a foreign participant, which did not share information and the overseas regulator too has not provided data, TOI on Thursday reported. With the current market cap nearing Rs 95,000 crore, the Centre could potentially realize around Rs 29,000 crore from the disinvestment. However, several observers have noted that the transaction terms are not very attractive.

Benchmark NSE Nifty index rose 50.25 points to 24663.25 amid buying in frontline bluechip stocks.

HDFC Defence Fund, the only active fund based on the defence sector, has offered more than 100% return in the last one year. The scheme gave 128.52% return in the said period. The scheme has offered around 60.16% return in 2024 so far and around 55.25% return in the last six months. What is helping defence sector based mutual funds deliver this stellar performance?

EID Parry(India)Ltd.(up 0.19%) and Balrampur Chini Mills Ltd.(up 0.12%) were among the top gainers.

Indian Navy warship INS Teg is actively engaged in a search and rescue operation off the coast of Oman after an oil tanker capsized on July 15. As of now, the mission has successfully rescued eight Indian nationals and one Sri Lankan from the stricken vessel. The Indian Navy continues to search for additional crew members who remain missing. The operation was launched immediately after the tanker capsized, with INS Teg deploying advanced equipment and personnel to locate and assist the remaining crew. The Navy has coordinated with local Omauthorities and international maritime agencies to enhance the search efforts.

5. Inventree Hotels & ResortsUnder the visionary leadership of Sudipta Deb, Inventree Hotels & Resorts has swiftly established itself as a prominent player in the hospitality sector since its inception in 2013 as Infallible Travel Concepts Pvt.

power sector in the country, Union Power Minister Manohar Lal Khattar has called on the state governments to make improvements in the sector to become self-sufficient. Speaking to reporters, Minister Khattar, said, «There are guidelines that can be given to the state governments. Ultimately, the work of implementation is the responsibility of the state governments, so we will definitely appeal to everyone as the power sector has become so important nowadays… if the sector is not made self-reliant, then its effect directly falls on the public as well as the state governments.» He added, «So if the state governments want to stand on their own two feet and be self-sufficient, then it is very important to bring improvements in the power sector...»

Covid-19 is trending on social media after US President Joe Biden tested positive for coronavirus on Wednesday. He is exhibiting mild symptoms. Besides that many states in the US are reporting a surge in Covid-19 cases and hospitalizations. In India,Bollywood superstar Akshay Kumar had missed the wedding ceremony of Anant Ambani and Radhika Merchant due to a COVID-19 diagnosis. After testing negative, he joined the post-wedding celebration to extend his warm greetings to the newlyweds.

Nifty index hit a fresh high of 24,661 on Tuesday after giving a range breakout on a daily frame. It has formed a small-bodied Bullish candle in the same time frame and follow-up buying seems to be intact with sustained buying. “It (Nifty) continues escalating upwards steadily within a smaller intraday range and any minor dips are getting absorbed quickly by the bulls,” said Chandan Taparia, Senior VP, Equity Derivatives & Technicals, Broking & Distribution, Motilal Oswal.

The Nifty future closed positive with gains of 0.08% at 24,641 levels on Tuesday. India VIX was up by 0.25% from 14.11 to 14.22 levels.

As this week began, Karnataka’s government stirred up a hornet’s nest with its bid to legislate private-sector job reservations. A bill okayed by the state cabinet would have half of all management job roles filled by candidates who have long been residents of the state, as also 75% of non-managerial jobs.

Mint. “Growth in the traditional basket of exports (comprising agriculture and allied products, gems and jewellery, and textiles) declined on the other hand." Also read | India's electronics, pharma, engineering goods exports beat global trade blues Exports of electronic goods, which primarily involve their final assembly, surged nearly fivefold in value terms to $29 billion in 2023-24 from the level seen in 2017-18, show data available with India’s commerce ministry. Exports of engineering goods increased from $78.65 billion in value terms in FY18 to $109.22 billion in FY24, while that of drugs and pharmaceutical products climbed from $17.27 billion to $27.82 billion in that period.

medical equipment market was worth $11 billion in 2022, making up 1.5% of the global market. The department estimates that the sector may grow to $50 billion by 2030 with a compounded annual growth rate (CAGR) of 16.4%. “The department of pharmaceuticals has submitted a new proposal on the meditech sector to the finance ministry for final consideration," the second person added, adding the final contours of the proposal are still being worked on.

Edtech firm ByteXL has raised $5.9 million in a funding round led by early-stage venture capital firm Kalaari Capital as the lead investor, along with the Michael and Susan Dell Foundation. The funds will be used for expanding the team, advancing product development, rolling out new digital tools and technologies, and expanding outreach efforts to more colleges and universities across the country.

Protonas, a startup specialising in low-cost polymer electrolyte membrane (PEM) hydrogen fuel cell solutions, has secured an undisclosed amount of funding in a round led by Transition VC. The funds will be used to set up initial manufacturing operations in Chennai and develop prototype systems. The company, based in Tennessee, USA, has a subsidiary in Chennai.

LTIMindtree’s net profit grew 3.1% sequentially to Rs 1,135 crore, but missed ET’s estimate at Rs 1,150 crore. Lower margins compared to corresponding quarter of last fiscal also impacted its net profit which was 1.5% down on a Y-o-Y basis. Spotting a rare growth opportunities in North American business, LTIMindtree posted a 5.1% year-on-year (Y-o-Y) increase in its revenue at Rs 9,143 crore for the first quarter of FY25. It exceeded ET’s estimate at Rs 9,080 crore. North America revenue contribution grew to 75.1% in the first quarter of this fiscal – highest since the official merger between the erstwhile IT firms, LTI and Mindtree. On a sequential basis, revenue grew 2.8%.