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Wall Street Week Ahead: Spooked US stock market faces tech earnings minefield, Fed meeting
Investors faced a jittery week with crucial earnings reports from top tech giants, a Federal Reserve policy meeting, and vital employment data. Following recent market turmoil, earnings from Microsoft, Apple, and Meta Platforms, along with the Fed's possible interest rate cuts and employment figures, were anticipated to influence U.S. stock trajectories significantly.
US inflation data lifts global stocks, lowers Treasury yields
Global equities rebounded on Friday as U.S. economic data indicated improving inflation, which lowered Treasury yields. The PCE price index rose 0.1% in June, aligning with expectations and raising confidence in potential Fed rate cuts. Wall Street saw notable gains, with the Dow rising 1.64%, while oil prices dropped due to Chinese demand concerns.
Dexcom plunges as revenue forecast cut spooks investors
Dexcom shares plummeted over 40% due to a revenue forecast cut linked to a problematic salesforce restructuring. The changes led to fewer new patients and boosted competition from Abbott and Medtronic. This wiped out $25.45 billion of Dexcom's market value.
Banks geared up to tackle any liquidity challenge; bullish on FMCG prospects: Mahantesh Sabarad
The RBI prioritized asset quality but now focuses on liquidity conditions at private banks. With rising online transactions and security concerns, the RBI drafts reforms on LCR exposure. Additionally, a favorable Budget is expected to boost FMCG sector growth, particularly from rural demand. The rupee might depreciate, but the RBI aims to balance inflation and forex liquidity.
Wall Street closes up on revival supported by inflation data, tech stocks
Wall Street indexes closed higher on Friday, with tech megacaps rebounding after mid-week sell-offs. Inflation data fueled optimism for potential Federal Reserve interest rate cuts. The Dow Jones ended positive for the week, boosted by 3M's forecast increase. However, Tesla and Alphabet saw declines. Key tech earnings next week may influence market direction.
2 top stocks recommendations from Chandan Taparia for next week
We believe that the momentum in liquidity indicates that the bullish stance could continue. As long as the Nifty holds above the 24,500 zone, the ongoing momentum could accelerate beyond the 25,250 to 25,500 levels.
Power Grid Q1 PAT rises 3% YoY to Rs 3,724 cr
Power Grid Corporation of India reported 3.52% increase in consooldiated net profit to Rs 3,723.92 crore in Q1 FY25 as compared with Rs 3,597.16 crore posted in corresponding quarter last year.
Sebi penalises HSBC AMC as it revisits earlier order
Sebi's order relates to actions by L&T asset management company, which was acquired by HSBC Group last year in May and was merged with its asset management company in October 2023.
Mirae Asset Large and Midcap Fund to accept lumpsum, SIP, STP from Aug 1
Mirae Large and Midcap Fund had suspended lumpsum investments since October 25, 2016, but continued to accept investments through SIPs. In November 2020, the fund house had restricted subscription in the scheme to Rs 2,500 through monthly SIP which was increased to Rs 25,000 per person in October 2023.
Budget over, bulls back faster, higher, stronger
The NSE Nifty rose 428.75 points, or 1.76%, to close at a record of 24,834.85. The index hit a lifetime high of 24,861.15 during the day. The BSE Sensex rose 1,293 points, or 1.62%, to end at 81,333 after hitting a high of 81,427.18. The index fell 10 points short of the all-time closing level of 81,343.
IndusInd Bank Q1 profit flat at Rs 2,171 crore in a lean season
The net interest income - the difference between interest earned and paid - rose 11.1% to 5,408 crore. Net interest margin (NIM) for the June quarter came in at 4.25%.
Gold price slips Rs 10 to Rs 68,720, silver declines Rs 100 to Rs 88,400
The price of 22-carat gold slipped Rs 10, with the yellow metal trading at Rs 62,990
Quick Heal Technologies reports consolidated net profit of Rs 4.03 crore in the June 2024 quarter
Sales rise 36.64% to Rs 70.29 crore
K E C International consolidated net profit rises 106.90% in the June 2024 quarter
Sales rise 6.32% to Rs 4511.89 crore
JM Financial Products standalone net profit declines 6.33% in the June 2024 quarter
Sales rise 2.03% to Rs 218.97 crore
SBI Global Factors standalone net profit rises 37.56% in the June 2024 quarter
Sales rise 56.28% to Rs 53.84 crore
Nuvama Wealth Management consolidated net profit rises 79.59% in the June 2024 quarter
Sales rise 46.58% to Rs 949.43 crore
Laxmi Organic Industries consolidated net profit declines 10.38% in the June 2024 quarter
Sales decline 1.52% to Rs 718.17 crore
Power Grid Corporation of India consolidated net profit rises 3.52% in the June 2024 quarter
Sales decline 0.38% to Rs 11006.18 crore
SBC Exports consolidated net profit rises 15.90% in the June 2024 quarter
Sales rise 24.33% to Rs 65.72 crore
Kaynes Technology India consolidated net profit rises 106.00% in the June 2024 quarter
Sales rise 69.59% to Rs 503.98 crore
Shanti Educational Initiatives consolidated net profit declines 1.28% in the June 2024 quarter
Sales rise 16.47% to Rs 9.83 crore
SBI Cards & Payment Services standalone net profit rises 0.19% in the June 2024 quarter
Sales rise 11.42% to Rs 4358.64 crore
Kiran Syntex reports standalone net loss of Rs 0.04 crore in the June 2024 quarter
Reported sales nil
Universal Office Automation reports standalone net loss of Rs 0.07 crore in the June 2024 quarter
Reported sales nil
Ador Fontech consolidated net profit declines 19.96% in the June 2024 quarter
Sales decline 12.35% to Rs 44.02 crore
Vasa Denticity standalone net profit rises 34.12% in the June 2024 quarter
Sales rise 52.02% to Rs 54.06 crore
Padam Cotton Yarns reports standalone net loss of Rs 0.01 crore in the June 2024 quarter
Reported sales nil
Eyantra Ventures standalone net profit rises 1925.00% in the June 2024 quarter
Sales rise 200.00% to Rs 4.95 crore
Mallcom (India) consolidated net profit rises 0.12% in the June 2024 quarter
Sales rise 8.37% to Rs 102.38 crore
Indergiri Finance reports standalone net loss of Rs 0.11 crore in the June 2024 quarter
Sales rise 215.38% to Rs 0.41 crore
Zenotech Laboratories standalone net profit declines 10.42% in the June 2024 quarter
Sales rise 7.89% to Rs 8.89 crore
Sebi bars Mallya from accessing securities market for 3 years
Sebi's investigation is based on the findings of Financial Conduct Authority, its counterpart in UK, for the period from January 1, 2006 to March 31, 2008.
G-sec demand may rise by Rs 4-5 lakh cr as new LCR norms come into play
The new norms would also impact net interest margins (NIM) as the stock of low yielding g-sec rises in banks' books, and intensify competition for retail deposits, the people cited above said.
Sold house in last 2 years? You may get both indexation benefit and lower 12.5% tax rate
The government has not made amendments in section 54, as a result of which a tax-saving opportunity has arisen for some property sellers
Bank Holiday on July 27: Are banks closed today for fourth Saturday? Check details here
Bank Holiday on July 27: All national and private banks in India have at least 12 non-working days in July 2024 including the second and fourth Saturdays, all Sundays, and for religious holidays and regional festivities.
Vodafone Idea opts for instalments to pay up June auction dues
Third-largest telco has opted to pay up in instalments 3,510 crore for spectrum it bought in the June 2024 auctions. It can pay in 10 equal instalments of 350 crore each with an interest of 8.65% for a 20-year licence.
Yes Bank in stake sale talks to give exit to its lenders
Banks led by State Bank of India had come in to support the reconstruction scheme. As per regulations, banks cannot remain invested in other banks, managing director and chief executive Prashant Kumar told ET in an exclusive interaction.
DLF to enter Mumbai and Goa, plans to launch 12.8 mn sq ft of projects in FY25
DLF had earlier planned to launch 11.6 million sq. ft of projects this year. The developer's focus has been on launching premium and luxury projects, which boost cash flows and profitability.
Govt extends electric mobility scheme by 2 months with additional 278 cr outlay
The scheme provides incentives for electric two-wheelers and three-wheelers, including registered e-rickshaws, e-carts, and L5 category vehicles. These incentives are designed to promote affordable and eco-friendly public transportation options.
IndusInd Banks vehicle, MFI loans shrink on lower disbursements, external disruptions
The MFI book contracted by over 2,000 crore, or 5% sequentially, to 37,046 crore. Disbursements for the quarter were 8,000 crore, much lower than the historical average of 12,000-13,000 crore. The vehicle finance portfolio fell 5% on year and 6% on quarter.
Stock exchanges approve Cohance-Suven Pharma merger; NCLT application filed
The newly formed company is said to focus on three main verticals - Pharma CDMO, Agrochemicals CDMO, and API manufacturing
Sebi rules order exonerating HSBC AMC erroneous, slaps Rs 5 lakh penalty on it
Sebi was examining if the fund house had adequately recorded reasons for its investment decisions, among other things. Also, the market regulator looked into the reasons for the sale of three stocks viz. Hindustan Zinc, Sadbhav Engineering and Vodafone Idea, which resulted in losses worth Rs 1.61 crore, Rs 14.97 crore and Rs 25.43 crore, respectively. The total loss was recorded at Rs 42 crore.
Sensex, Nifty shrug off 5-day losses, extend winning streak to 8 weeks
The Nifty rose 1.7 per cent, or 429 points, to close at 24,835, a new record
The rule of thumb is that longer the tenure, higher the rate of interest. So, when you want to maximise your earnings, you are advised to stay invested for a long period of time.
Vijay Mallya barred from accessing securities markets for 3 years, Sebi issues order
According to the directive from Sebi, the FII entity in question was utilised to engage in transactions related to the shares of the former spirit company Herbertsons and United Spirits (USL).
ESAF Small Finance Bank Q1 Results: PAT falls 52% to Rs 63 crore
The Thrissur-headquartered lender saw its total loan book growing 14.3% year-on-year to Rs 19,664 crore even as the first quarter disbursements stood at Rs 4,503 crore as against Rs 4,509 crore in the year-ago period.
Retail turnover in high-risk options segment now almost equal cash
In FY19, it was less than 10 per cent of the cash segment
Credit growth continues to lag deposit growth
The Reserve Bank of India (RBI) governor Shaktikanta Das expressed his concerns about structural changes taking place in the financial sector as a faster pace of credit growth than deposit growth potentially exposes the banking system to structural liquidity issues, while speaking at a media event last week.
Godrej Industries Group's family office divests 4.4% stake in Sobha
Godrej Industries Group's family office arm Anamudi Real Estates LLP on Friday divested a 4.4 per cent stake in realty firm Sobha Ltd for Rs 858 crore via open market transactions. According to the exchange data, Anamudi Real Estates LLP offloaded 47.37 lakh shares, amounting to a 4.43 per cent stake in Sobha Ltd. Shares were disposed of at an average price of Rs 1,810.44 apiece, taking the transaction value to Rs 857.70 crore. After the stake sale, Anamudi Real Estates' shareholding in Bengaluru-based Sobha declined to 5.57 per cent from 9.99 per cent. Meanwhile, Mirae Asset Mutual Fund (MF), Invesco MF and Aditya Birla Sun Life MF acquired 23.09 lakh shares of Sobha. Shares were acquired in the range of Rs 1,809.82-1,810.05 apiece, taking the combined transaction value to Rs 418.06 crore. Details of other buyers could not be ascertained. Sources said the Godrej Industries Group family office has sold shares in Sobha Ltd at a 10-times multiple of the original investments, inclu
SBI Card Q1 Results: PAT flat YoY at Rs 594 crore, revenue jumps 11%
SBI Card's revenue for the quarter rose 11% from last year to Rs 4,359 crore, driven by a 24% increase in interest income. Earnings before credit costs also grew, up 25% from the previous quarter. While year-on-year revenue growth was strong, it remained flat compared to the previous quarter.
Election, heatwave impact bring down IndusInd Banks Q1 disbursements
The bank grew its total loans by 15% on year to Rs 3.48 lakh crore. It grew only 1% sequentially as loan growth in the microfinance book fell by more than 5% while growth in credit cards was almost flat. Corporate loans were up 12.8% on year to Rs 1.57 lakh crore.
Sanstar ends 21% higher on listing day
Stock closes at 115 against IPO price of 95
Power Grid Q1 Results: Standalone profit falls 4% YoY to Rs 3,412 crore, revenue down 2%
Power Grid's Q1 FY24 net profit fell 4% to Rs 3,412 crore from Rs 3,542 crore last year. Revenue decreased by 2% to Rs 10,068 crore from Rs 10,245 crore.
Sebi bars Vijay Mallya from accessing securities market for 3 years
According to the order, Mallya is prohibited from buying, selling, or dealing in securities directly or indirectly, and from being associated with the securities market in any capacity. The former liquor baron is also barred from any association with listed or proposed-to-be-listed companies. As part of the ban, Mallya's existing holdings of securities, including mutual fund units, will be frozen, the regulator stated.
India foreign reserves hit new high of $670.86 billion, shows RBI data
The previous record high reserve was $667 billion in the week ended July 12
Married traders outperform single counterparts in profit-making: Sebi study
Markets regulator Sebi has delved into the patterns of intraday trading, revealing a surprising new factor influencing trading performance: relationship status. The regulator's analysis suggests stark differences between the trading behaviours and outcomes of married and single traders, as well as between male and female traders. The Sebi's study, on intraday trading in equity cash segment, found that married traders tend to outperform their single counterparts in several key areas. During the years -- FY19, FY22 and FY23-- examined by the regulator, the proportion of loss-makers was lower among married traders compared to single traders. On comparing single vs married traders group, married traders group had a higher proportion of profit-makers than single traders group across all the three years, the study revealed. Besides, group of married traders had lower proportion of loss-makers than single traders across years. During FY23, 75 per cent of single traders were loss-makers
IndiGo profit falls on higher cost on older planes
The airline was forced to induct older planes due to grounding led by issues of Pratt & Whitney engines
Bandhan Bank Q1 Results: Net profit soars 47% on healthy business expansion, lower credit cost
Bandhan Bank's net profit for the June quarter soared 47% year-on-year at Rs 1063 crore backed by healthy business expansion and lower credit cost.
Rupee slumps to a record low amid oil demand, month-end pressures
The local currency closed at 83.7275 per US dollar on Friday, versus the previous close of 83.6975/$1, LSEG data showed. The rupee has weakened for four out of five trading sessions this week. On a weekly basis, the currency weakened 0.1%
Invested in debt MF before 1 April 2023? You may pay 40% higher tax on gains
The removal of indexation benefits on debt mutual funds increases tax liabilities for investors, taxing gains at a flat 12.5% without indexation. Investors will do well to reassess strategies and consult financial advisors for better tax-efficient options.
Infosys allots 86,477 equity shares under ESOP
Consequently, on 26 June 2024, the issued and subscribed share capital of the Company stands increased to Rs 20,76,05,74,760/- divided into 4,15,21,14,952 equity shares of face value of Rs 5/- each.
Mirae Asset Mutual Fund lifts restrictions from large and midcap fund
The fund house cited a surge in investment opportunities as the reason behind the decision
Sebi bars fugitive businessman Vijay Mallya from Indian markets for 3 years
Mallya, through an FPI entity named Matterhorn Ventures, indirectly traded in scrips of his own group entities in India, thereby concealing the true identity of his investments in securities market
RBI fines Visa, Ola Financial and Manappuram for contravention of PPI, KYC rules
In February, the RBI had ordered the credit card company to stop using an unauthorised route to make some commercial payments, per a Reuters report. The central bank has aimed to tighten scrutiny of the processes followed by financial technology, or fintech, companies.
Godrej Industries Group sells 5% stake in Sobha for Rs 858 crore
Anamudi Real Estates held 9.99 per cent stake in Sobha at the end of June.
Index fund folios up 12-fold since March 2020: Zerodha Fund House
Data from the Association of Mutual Funds in India (Amfi) pegs the index fund retail accounts or folios at 7.2 million in March 2024
HDFC Bank, United Spirits among 4 stocks with long unwinding
These four stocks witnessed long unwinding in Friday's trading session.
Vedanta shares gain 3.8% on S&P Global Ratings upgrade of UK parent
Shares of the Mumbai-listed Vedanta closed at Rs 447, up Rs 16.4, or 3.8 per cent over the previous day's close
The sale of bonds and debentures will be taxed as long-term capital gain when it occurs within two years of the purchase of the asset, compared to three years earlier.
Indices shrug off Budget blues, Nifty hits fresh high
Focus shifts to earnings season and global cues
PNB Housing Finance Q1 results: Profit jumps 25% to Rs 433 crore
PNB Housing Finance has reported a 25% growth on year in the first fiscal to get a profit of Rs. 433 crores, from Rs. 347 crores a year ago as the company saw good productivity in the 100 branches it added from December last year to March 2024.
Vedanta stock gains as S&P upgrades UK Parent VRLs rating
Vedanta shares rallied as much as 4% on Friday after rating agency S&P Global Ratings upgraded the rating of its UK based parent, Vedanta Resources, to 'B-' from 'CCC+', citing improving capital structure and liquidity while assigning a stable outlook.
Bandhan Bank Q1 Results: Profit soars 47% YoY to Rs 1,063 crore; NII jumps 21%
Bandhan Bank on Friday reported 47% growth in its consolidated net profit at Rs 1,063 crore in the first quarter, compared with Rs 721 crore in the last year period.
Cholamandalam Investment and Finance Q1 Results: PAT up 29.7% at Rs 942 crore
Cholamandalam Investment and Finance Company has reported a 29.7 per cent growth in its profit after tax for the April-June 2024 quarter at Rs 942 crore. The company, which is the financial services arm of diversified conglomerate Murugappa Group, had registered a profit after tax of Rs 726 crore in the corresponding quarter of last year.
Income Tax: The Budget 2024 tweaked capital gains tax rates and rationalised the holding period, leaving many taxpayers confused. Now, the income tax department released a set of frequently asked questions aimed at clearing taxpayers' doubts.
Shanghai Composite Index Recovers To End 0.1% Higher
Markets have raised their expectations for three rate cuts by the end of the year, with some economists expecting the Fed's first rate cut to be extra-large.
Tech View: Mt 25K in sight once again for Nifty bulls. Heres how to trade next week
According to Nagaraj Shetti of HDFC Securities, the Nifty index has recently regained support from its 10-day and 20-day exponential moving averages (EMAs) after briefly dipping below them. This reinforces the significance of these moving averages as a support level for the index over the past several weeks.
F&O Rollover: FIIs lighten Nifty longs, rollovers under pressure; what's next for Nifty?
Nifty experienced some profit-taking at higher levels, with rollovers at 70% compared to 76.25% last month and the three-month average of 72.6%, according to a report by SBI Securities. In the July series, the monthly expiries for Fin Nifty and Bank Nifty are scheduled for Tuesday and Wednesday. However, as of July 25, Bank Nifty rollovers stand at 62%, according to a report by domestic brokerage firm Nuvama.
Adani Energy said to pick banks for $600 million share sale
Gautam Adanis power transmission unit, Adani Energy Solutions, prepared a share sale of at least 50 billion rupees, with banks ICICI Securities, Jefferies Financial, and SBI Capital as advisers. The sale could conclude by mid-August.
Cholamandalam Investment & Finance Company appoints Ravindra Kumar Kundu as MD
With effect from 07 October 2024
Gold Price Today: After Rs 7,800/10 gram fall in 3 sessions, yellow metal prices rebound
Domestic gold prices recovered on Friday gaining by over Rs 500 per 10 gram in intraday trade, taking cues from international prices. The prices were up ahead of the crucial inflation data in the US which could give more clarity on the timing of the interest rate cuts by the Federal Reserve.
SagarSoft (India) consolidated net profit rises 454.05% in the June 2024 quarter
Sales rise 19.29% to Rs 38.71 crore
Shree Digvijay Cement Co. consolidated net profit declines 34.67% in the June 2024 quarter
Sales decline 8.35% to Rs 176.83 crore
Shri Kalyan Holdings reports standalone net loss of Rs 0.11 crore in the June 2024 quarter
Sales decline 25.00% to Rs 0.18 crore
Apollo Funds to buy IGT's gaming, digital business, Everi in $6.3 bn deal
The deal, subject to regulatory approvals and approval by Everi stockholders, is expected to be completed by the end of the third quarter of 2025
IndusInd Bank PAT rises to Rs 2,152 cr in Q1 FY25
The private lender's standalone net profit rose marginally to Rs 2,152.16 crore in Q1 FY25 as against Rs 2123.62 crore reported in Q1 FY24.
Piramal Pharma Q1 Results: Net loss narrows to Rs 89 crore
Piramal Pharma Q1 Earnings: Piramal Pharma narrowed its net loss to Rs 89 crore in Q1FY25 from a net loss of Rs 99 crore in the corresponding quarter of the previous year.
