UPS Financial News

Tata Elxsi Ltd. traded 0.36 per cent up at Rs 6947.45 at around 01:24PM (IST) on Monday. The stock had closed at Rs 6973.25 in the previous session. Equity benchmark Sensex traded 114.02 points lower at 80490.63 around the same time.

Market veteran Madhu Kela feels that the one engine of the economy of India doing well is the stock market. It is aiding a lot of capital formation. There has never been a healthier situation for the government. Today, if the government wants to raise even Rs 1 lakh crore, they have to only sell 2-3% of the PSUs and that can give them fiscal space of maybe 0.3-0.4%. There are lots of levers. Why will they want to kill the market? The taxation is not low. When long-term capital gains or short-term capital gains tax is combined with dividend distribution, buyback taxation, STT, and income tax, it is not low and there is a marginal tax on F&O already. The most important point in the mind of the market right now is in the Budget tomorrow, especially in the backdrop of so much commentary coming in that regulator is saying mutual funds are taking away the bulk of deposits from the banking. The regulator, SEBI, is sounding worried about rising speculation on the F&O side. The market is expecting some move in the Budget to curb that. Is it justified to expect some move? Madhu Kela: Not a question I would have loved to start with.

Marico Ltd. traded at Rs 668.5 on BSE at 12:48PM (IST) on Monday, up 0.04 per cent from previous close. The scrip quoted a 52-week low price of Rs 486.75 and a high of Rs 686.7.

Chinese challenge. The Economic Survey has called it the Chinese Conundrum. The Survey highlights that it would be wrong to presume that India will automatically take over the manufacturing space vacated by China due to changes in global supply chains.

Supreme Court on Monday stayed the directives by the Uttar Pradesh government directing shop owners to display their nameplates outside shops during the Kanwar Yatra. SC will next hear the matter on July 26.

economic Survey 2024 tabled by Union Finance Minister Nirmala Sitharaman, revealed the job scenario in India and the steps government plans to take to meet the demands.

Shares of Oberoi Realty jumped 6.5% to Rs 1780 in Monday's trade on BSE after the firm reported an 82% increase in its consolidated net profit to Rs 584.51 crore for the first quarter of the current fiscal on higher income. Its net profit stood at Rs 321.64 crore in the year-ago period. The company's revenue from operations increased 54.4% to Rs 1,405.2 crore against Rs 910 crore in the corresponding period of the preceding fiscal.

MphasiS Ltd. rose 0.51 per cent to Rs 2892.55 in Monday's trade as of 01:14PM (IST) even as the benchmark Nifty ruled at 24485.55, down 45.36 points. The scrip had closed at Rs 2877.6 in the previous session. The stock quoted a 52-week low of Rs 2068.45 and a high of Rs 2913.35. The company quoted a market-cap of Rs 54712.02 crore on the BSE.

United Spirits Ltd. gained 0.9 per cent to Rs 1309.6 at 01:03PM (IST) in Monday's trade. The stock hit a high of Rs 1312.9 and low of Rs 1293.0 so far during the session. The stock had closed at Rs 1297.85 in the previous session. The counter had a total traded volume of 01:03PM shares so far with a turnover of Rs 2.31 crore on BSE. The stock traded at a price-to-earnings multiple of 67.71 and a price-to-book ratio of 11.55.

Adani Power Ltd. traded at Rs 699.6 on BSE at 01:08PM (IST) on Monday, up 0.77 per cent from previous close. The stock quoted a 52-week low price of Rs 235.7 and a high of Rs 896.75.

PI Industries Ltd. gained 3.9 per cent to Rs 3982.95 in Monday's trade as of 12:43PM (IST). The stock hit a high price of Rs 3986.55 and low of Rs 3780.0 during the session.

India builds up itself as a potential alternative for global companies as a manufacturing destination, the Economic Survey suggested that given Chinese dominance in global supply chains, it may not be the most prudent approach to think that India can take up the slack from China vacating certain spaces in manufacturing.

blockchain technology presents a game-changing alternative. Blockchain guarantees transparency in the context of unclaimed assets at every stage of the transaction, from the first share issuance to the declaration and dividend distribution. The defining feature of blockchain technology, smart contracts, can reduce administrative costs and guarantee regulatory compliance by automating the process of identifying rightful owners and transferring assets based on predetermined criteria.

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Pidilite Industries Ltd. fell 0.09 per cent to Rs 3130.95 in Monday's session as of 12:38PM (IST) even as the equity benchmark Sensex traded 193.17 points lower at 80411.48. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 3244.65 and a 52-week low of Rs 2293.1 on NSE. Around 3466 shares changed hands on the counter till 12:38PM (IST).

Sensex declined 198.34 points to 80406.31. As many as 181,283 shares changed hands on the counter with a total value of Rs 17.9 crore.

On the BSE, Jetmall Spices(down 11.11 per cent), Remedium Lifecare(down 10.91 per cent), Colorchips New Media(down 9.98 per cent), Keerthi Ind(down 9.12 per cent) and Jaipan Ind(down 8.57 per cent) were among the stocks that plunged over 5 per cent during the session.

Ashok Leyland Ltd. traded 2.92 per cent up at Rs 230.5 at 11:06AM (IST) on Monday, even as BSE benchmark Sensex gained 46.76 points to 80651.41. The scrip had settled at Rs 223.95 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 245.6 and Rs 157.65, respectively.

Oberoi Realty Ltd.(up 4.41 per cent), Godrej Properties Ltd.(up 1.23 per cent), DLF Ltd.(up 1.13 per cent) and Mahindra Lifespace Developers Ltd.(up 0.23 per cent) were among the top gainers.

job reservation proposal for locals, the Karnataka government is considering increasing the daily working hours in the IT and ITES sectors to 14 hours, up from the current maximum of 10 hours, which includes overtime. This move comes just days after the state faced a controversy over a jobs-for-locals policy.

ICICI Lombard General Insurance Company Ltd. traded 1.26 per cent higher in Monday's session at 11:11AM (IST). The stock opened at Rs 1881.0 and has touched an intraday high and low of Rs 1913.25 and Rs 1859.75, respectively, during the session so far. The stock quoted a 52-week high of Rs 1915.85 and a 52-week low of 1266.0. About 14,873 shares changed hands on the counter so far.