Assembly by-polls have commenced in 13 constituencies across 7 states, including West Bengal, Punjab, and Himachal Pradesh. Various parties have fielded candidates in the election process. Stay informed for the outcome of the by-polls.
Nifty and Sensex soared to all-time highs with stocks like Maruti Suzuki and Divi's Labs, driven by ₹40,000 crore mutual fund inflows. Analysts see technical resistance and possible consolidation, awaiting Powell’s testimony on rates and inflation. Sensex hit an intraday record, with the July budget and June quarter earnings as key events.
The S&P 500 and Nasdaq closed at record highs, driven by Nvidia's rise and Powell's rate-cut remarks. Market optimism about AI growth countered Fed rate-cut uncertainty. Major banks saw gains ahead of earnings season. Analysts predict strong Q2 earnings. Tempus AI surged on bullish ratings amidst moderate market activity.
Oil prices rebounded due to falling U.S. crude stockpiles and rate cut hopes. WTI and Brent futures rose. Investors anticipate economic growth from rate cuts. Powell's comments and limited Texas energy issues post-Hurricane Beryl supported prices. API and EIA foresee higher demand. Crude stocks fell by 1.923 million barrels on July 5. Gasoline inventories also decreased as ports reopened.
PM Modi’s Russia visit included UN Security Council reforms and a 20-year Modi-Putin rapport. Denis Manturov highlighted 20,000 Indian students and cooperation beyond trade. Modi's visit spanned Austria, and he has met Putin 16 times, including at the 2022 SCO Summit in Samarkand. Lavrov anticipates the visit to boost bilateral chemistry and relations positively.
The AI Startup Challenge, which will be conducted over three months (July-September), aims to select, mentor, and collaborate with leading AI startups in India.
Domestic markets closed positively with gains in various sectors like auto, pharma, and PSU banks. The Nifty trend remains positive with immediate support at 24250 levels. Global markets show mixed movements. Dollar strengthens, oil prices rise, and FII/DII data indicates net buying. Rupee slightly gains against the US dollar.
Happy Wednesday! Investors are showing a strong appetite for new-age food brands, with notable investments and expansions taking place. This and more in today’s ETtech Morning Dispatch.
Sensex and Nifty hit records. Delta Corp's Q1 profit dips 34% to Rs 40.48 crore from Rs 61.43 crore last year. Paytm's One97 Communications faces labor notice. Bandhan Bank staff seek legal aid. JSW Steel updates production. Delhivery's equity sold by pension board. Hema CIPEF to sell Mankind Pharma stake. RVNL wins Nagpur Metro project. Mahindra cuts XUV700 price.
Yamal struck in the 21st minute, curling the ball past France goalkeeper Mike Maignan from around 25 yards and into the top left corner. "I don’t know if it is the best goal of the tournament, but it is the most special goal for me because it is my first goal with the team at a European Championship," he said. Yamal is 16 years and 362 days old. The previous youngest scorer at a European Championship was Swiss player Johan Vonlanthen (18 years, 141 days), against France at Euro 2004.
India's Rs 10,372 crore AI mission involves setting up AI units in ministries with 10,000 Nvidia GPUs. MeitY oversees GPU allocation, utilizing viability gap funding for startups and national security. This Rs 5,000 crore plan includes H100 chip distribution via Yotta Infrastructure, Reliance Group, and others focusing on domestic data centers and global AI collaboration.
Coffee, burgers, dosas and other brands scoop up new capital. Venture funds are investing in brands like FirstCoffee, AbCoffee, Café Amudham, Curefoods' Eatfit, Cakezone, aided by Sujeet Kumar, Binny Bansal. Curefoods seeks Rs 100 crore expansion.
Currently, India is reliant on the global market to source electrolysers for its green hydrogen projects. To counter this, as well as reduce the cost of green hydrogen production, the Solar Energy Corporation of India, in July 2023, issued a request for selection of electrolyser manufacturers to set up 1.5 gigawatts (GW) of capacity.
Both IndiGo and Air India are making it costlier to cancel or reschedule their flights, for those booking a basic fare ticket while lowering these cost for the higher fare bracket topping it up with extras a basic fare-ticket.
On April 29, the banking regulator directed all lenders to charge interest from the date of actual disbursement of the funds to the customer after its annual inspection revealed instances of lenders resorting to unfair practices in charging of interest. "Earlier, lenders were taking about 30-45 days to consummate a loan agreement, and they were freely charging interest rate during the period without the actual amount being disbursed to the customer," the CEO of a housing finance company said on the condition of anonymity.
Separately, Aparna Uppaluri has stepped down from her role as COO of Tata Trusts citing personal reasons. Uppaluri was appointed in April 2023, and was the first to hold that role in Tata Trusts. Siddharth Sharma, who was appointed CEO of Tata Trusts at the same time, remains in his position. Tata Trusts is understood to be looking for a successor to Uppaluri, executives close to the matter said.
The upcoming budget may introduce a scheme to address credit gaps for MSMEs, potentially exceeding ₹10,000 crore. Interventions could include interest subvention and credit guarantees. The aim is to enhance credit access for the sector and promote growth. Stay updated for further developments as the budget approaches.
Compensation for graduates from top 10 engineering institutes, of which eight are IITs, as ranked by the National Institutional Ranking Framework has declined marginally for the class of 2024, according to Deloitte campus workforce trends 2024 study.
The bank stock soared to a 52-week high of Rs 263 in January 2024 but then tumbled over 22%, closing at Rs 204 in July. Despite briefly dipping to Rs 170 in April, the stock rebounded and now sits above its 50-day moving average.
China has deployed its CCG 5901 Coast Guard ship in the South China Sea. This is being seen as a tactic aimed at intimidating Philippines. The deployment of the world’s largest Coast Guard ship has turned the focus on this ship’s capabilities. It possesses lethal weapons and is believed to even be larger than some regular ships which are part of the US Navy.
