Reports Financial News

Havells India reported a 43% year-on-year rise in net profit to Rs 411 crore in the quarter ending June 2024. The revenue increased by 20% year-on-year to Rs 5,798 crore. The earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 43% year-on-year to Rs 576 crore.

Canadian parents are set to receive a top-up in child benefits on Friday amid growing cost-of-living concerns.

Infosys, on Thursday, reported a consolidated Profit After Tax (PAT) of Rs 6,370 crore for the quarter ended June 30, 2024, marking a 7.1% increase from Rs 5,945 crore reported in the year-ago period. The revenue from operations for the quarter stood at Rs 39,315 crore, reflecting a 3.6% rise from Rs 37,933 crore in the same quarter of the previous financial year.

Sterling and Wilson Renewable Energy Ltd on Thursday posted a net profit of Rs 4.83 crore for the June quarter. It had clocked a net loss of Rs 95.32 crore in the year-ago period, the company said in an exchange filing. The company's total income rose to Rs 927.89 crore from Rs 522.35 crore in the same quarter a year ago.

Selena Gomez has secured her first Emmy nomination for best lead actress in a comedy series for her role in Hulu's 'Only Murders in the Building'. This nomination marks a significant milestone in Gomez's acting career, previously recognised primarily for her contributions as an executive producer on the same series, according to The Hollywood Reporter.

Maharashtra home minister Anil Deshmukh on Thursday claimed that some BJP MLAs are keen on joining the NCP (SP). He said the «switch» to the Sharad Pawar-led outfit has started in the form of ex-corporators, referring to the resignation of Ajit Pawar-led NCP's Pimpri-Chinchwad unit chief Ajit Gavhane and two former corporators. Gavhane had said on Wednesday that they would seek the blessing of Sharad Pawar. Speaking to reporters after a press conference here, the senior NCP (SP) leader claimed that some MLAs from the BJP are also interested in being a part of his party as they are «disappointed after not getting representation in the government».

GT World Mall in Bengaluru will be closed for seven days for insulting farmer wearing dhoti. This decision follows an incident where a farmer was denied entry due to his attire. Minister for Urban Development and Town Planning Bhyrathi Suresh informed the Assembly about the closure. «I asked our ex BBMP commissioner, as per the government laws, the GT Mall can be shut for seven days. We will take action for denying entry to the farmer into the mall,» said Minister Suresh.

e-commerce exports in India’s free trade agreements. To achieve $200-300 billion in e-commerce exports by 2030, the two organisations, in a report on Thursday, proposed cheaper financing through priority sector lending for such outbound shipments and increasing the consignment limit via courier route to $50,000 from $12,000 now. The report titled ‘Enabling e-commerce exports from India’ has recommendations on easing customs procedures, enabling robust reconciliations and payment settlement mechanisms and various policy interventions to push e-commerce exports which are estimated at $4-5 billion in FY23 accounting for 0.9-1.1% of India’s total merchandise exports. The report compares best practices followed in China where the consignment limit for e-commerce exports is $50,000, cross-border e-commerce pilot zones established to expedite customs clearances through a ‘green channel’, simplified export procedures like release-from-manifest and consolidated declaration, and preferential policies, warehouse facilities, and benefits including lower income tax in these zones.

South China Sea this week to successfully rehearse anti-submarine operations, naval combat and providing air defence to vessels, Russia's TASS news agency reported on Thursday. TASS cited a statement from Russia's Pacific Fleet as saying that the drills — dubbed 'Maritime Cooperation 2024 — had now finished. The opening ceremony of the exercise took place in the Chinese port of Zhanjiang, the Russian defence ministry said earlier this week.

Bharat Electronics Ltd. rose 3.23 per cent to Rs 315.8 in Thursday's trade. It hit an intraday high of Rs 326.75 and low of Rs 312.25, respectively, during the day. The stock quoted a 52-week high price of Rs 340.35 and low of Rs 123.55.

Bajaj Auto dipped by 3.7% to a low of Rs 9,295.50 on BSE after the company posted a consolidated net profit of Rs 1,942 crore, an 18% YoY increase, which led to brokerages hiking target prices to as high as Rs 12,000 for the stock. Consolidated revenue from operations for the quarter stood at Rs 11,932 crore, reflecting a 16% rise compared to Rs 10,312 crore in the corresponding quarter of the previous financial year.

Biden's predicament comes amidst increasing frustration and anxiety within the Democratic Party, which has been simmering for nearly three weeks since his dismal debate performance in Atlanta. According to multiple Democratic officials who spoke to CNN, the atmosphere within the White House and the Biden campaign has shifted notably in recent days. A senior Democratic adviser, who requested anonymity to avoid alienating the campaign and the White House, told CNN, «The private conversations with the Hill are continuing. He's being receptive. Not as defiant as he is publicly.» The adviser elaborated, «He's gone from saying, 'Kamala can't win,' to 'Do you think Kamala can win?' It's still unclear where he's going to land but seems to be listening.»

Asian fund managers by brokerage BofA shows that the triad of Japan, India, and Taiwan continue to be at the top of investor mindshare, while China and Thailand lag at the bottom from an allocation perspective. Asia Pacific fund managers are 51% overweight Japan, 32% overweight India and 24% overweight Taiwan while China (net 43% underweight) is at the bottom of the table.

PI Industries Ltd. traded 0.1 per cent higher in Thursday's session at 12:38PM (IST). The stock opened at Rs 3910.0 and has touched an intraday high and low of Rs 3910.0 and Rs 3850.85, respectively, during the session so far. The stock quoted a 52-week high of Rs 4032.0 and a 52-week low of 3060.0. About 2,128 shares changed hands on the counter so far.

Lupin Ltd. slipped 1.25 per cent to Rs 1821.35 in Thursday's trade as of 12:48PM (IST). The stock hit a high price of Rs 1844.0 and low of Rs 1821.0 during the session. The return on equity (ROE) for the stock stood at 13.5 per cent. Traded volume on the counter stood at 12:48PM shares and turnover at Rs 1.09 crore around that time. The stock of Lupin Ltd. quoted a 52-week high price of Rs 1847.6 and 52-week low prices of Rs 928.85, respectively.

Indian Army troops opened fire on Thursday after suspicious movement near the Line of Control in the Sunderbarea of Rajouri district in Jammu and Kashmir, Army officials said. Further details are awaited. Earlier, two Indian Army soldiers were injured in an encounter with terrorists in the Kastigarh area of Doda district in Jammu and Kashmir.

NEET-UG 2024 controversy said that re-examination can be done only if it is concrete that the entire test was affected, while noting that the case has social ramifications. «Re-examination has to be on concrete footing that the sanctity of the entire test was affected,» CJI DY Chandrachud said as the bench heard a clutch of pleas related to the controversy-ridden medical entrance exam NEET-UG 2024. On the issue of the ongoing probe, the bench said, «The CBI probe is on. If what the CBI has told us is revealed, it will affect the investigation and people will become wise.»

ICICI Prudential Life Insurance Company Ltd. traded 1.85 per cent down in Thursday's trade at 12:13PM (IST). Around 10,240 shares changed hands on the counter. The stock opened at Rs 646.25 and touched an intraday high and low of Rs 653.3 and Rs 640.8, respectively, in the session so far. The stock of ICICI Prudential Life Insurance Company Ltd. quoted a 52-week high of Rs 673.6 and a 52-week low of Rs 463.5.

Indian Hotels Company Ltd. fell 0.69 per cent to Rs 582.55 in Thursday's session as of 12:18PM (IST) even as the equity benchmark Sensex traded 60.91 points higher at 80777.46. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 663.4 and a 52-week low of Rs 371.45 on NSE. Around 40261 shares changed hands on the counter till 12:18PM (IST).

PEPE, the popular meme coin, has experienced a dramatic price surge of around 20% in the past 24 hours, fueled by a large purchase of 141 billion PEPE tokens by an undisclosed venture capitalist (VC).

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.