Shares of PSU power stock SJVN surged over 13% to Rs 159.60 on BSE on Friday, following the receipt of a Letter of Intent from the Mizoram government for the Darzo Lui pumped storage project. This project, comprising eight units of 300 MW each, is an On-stream Closed Loop Type pumped storage project.
FIIs sold stakes in nine Adani stocks, capitalizing on a price rebound during the June quarter, while LIC increased its investments in Adani Energy and Adani Enterprises. Mutual funds and retail investors demonstrated varied preferences across Adani stocks. Adani Ports emerged as a top performer in 2023 after recovering Hindenburg-era losses, showcasing strong financial health and reduced debt levels.
Videogame company Epic Games announced that its popular title "Fortnite" would soon return to Apple's iOS systems in the EU, amidst ongoing legal disputes. Epic criticized Samsung for blocking default side-loading on Android.
Sensex News: On Friday, the Sensex surged nearly 1,300 points, while the Nifty50 reached a record high, driven by broad-based buying despite concerns over the capital gains tax hike in the Budget. The total market capitalization of BSE-listed companies increased by Rs 7.16 lakh crore to Rs 456.98 lakh crore. Information technology stocks, including Mphasis, LTIMindtree, and Infosys, saw gains of up to 7% following positive U.S. economic growth data for the second quarter.
Citi has maintained a sell call on Ramco Cements, raising the target price to Rs 750 from Rs 735. Despite stable EBITDA per ton, Ramco has lost market share by not selling at significantly lower prices. The stock is expected to underperform until the company resolves the conflict between market share and pricing.
Info Edge declared a Rs 12/share dividend for eligible shareholders in May, to be credited by September 5. In the past year, total dividends amount to Rs 19, including Rs 9 in July and Rs 10 in November 2023.
Recently, the Atomic Minerals Directorate confirmed the discovery of 1,600 tonnes of lithium in Mandya and initial surveys in Yadgiri, Karnataka. The exploration extends to Chhattisgarh's Korba. Preliminary research in Himachal Pradesh revealed uranium. The government is reviewing small modular reactor technologies globally, with no current collaboration or private interest in production. India and Russia discussed nuclear energy cooperation.
The Singapore-based debt financing platform plans to allocate as much as 70% of its $500 million private credit fund to India, Rahul Shah, a partner at the company said in an interview. The firm is targeting high double-digit returns with an investment horizon of three to four years, he said.
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In response to opposition criticism of the union budget 2024-25, Singh accused them of indulging in "petty politics" and assured that sufficient grants have been provided by the Centre to handle the state's resource crunch due to ongoing unrest and natural disasters. Singh emphasized the need for unity and constructive action during this critical time.
Old war horses are making a comeback.
The BJP announced new appointments: Radha Mohan Das Agrawal as Rajasthan in charge and Harish Dwivedi for Assam. Arvind Menon and Rajdeep Roy were assigned Tamil Nadu and Tripura respectively. Vijaya Rahatkar and Sudhakar Reddy will co-incharge roles. Dilip Kumar Jaiswal replaces Samrat Choudhary as Bihar president, and Madan Rathore replaces C P Joshi in Rajasthan.
Stocks that were in focus include names like Adani Green, which fell 7.75%, Nestle, which declined 2.5%, and Tech Mahindra, whose shares rose 0.44% on Thursday.
Swedish private equity firm EQT AB sold its entire 7.89% stake in RBL Bank, amounting to 4.78 crore shares, in a bulk deal worth ₹1,091.15 crore on the BSE. The shares, sold through its entity Maple II B V at ₹228.08 per share, were acquired by Morgan Stanley’s Asia Singapore PTE and Societe General for ₹285.12 crore and ₹161.74 crore, respectively. RBL Bank shares closed 2.95% down at ₹230.4 on Thursday.
The outage happened because the advanced platform contained a fault that forced computers running Microsoft's Windows operating system to crash and show the so-called blue screen of death.
Ford's shares dropped over 13% after it missed second-quarter profit estimates due to rising warranty costs and competition in the EV market. Analysts attributed the decline to quality issues causing an $800 million increase in warranty expenses. CEO Jim Farley has prioritized fixing these problems since 2020. Ford's struggles contrast with GM's better performance.
Oil prices saw minor increases on Friday due to stronger U.S. economic data, raising hopes for higher crude demand. However, economic concerns in China and Japan limited gains. Brent crude rose by 7 cents to $82.44 per barrel, and U.S. West Texas Intermediate increased by 4 cents to $78.32 per barrel.
The S&P 500 and Nasdaq Composite ended lower on Thursday, unable to recover from Wednesday's tech-driven sell-off. However, the Dow Jones Industrial Average gained on positive GDP data, and small-cap stocks saw a rise. Wednesday's earnings reports from major tech firms like Meta and Alphabet contributed to market volatility.
The budget widened transfer pricing provisions to include some domestic transactions and enhanced the power of transfer pricing officers to scrutinize specified domestic cases. Experts believe this move will help avoid disputes and promote transparency in reporting transactions, bringing international and domestic provisions at par.
Happy Friday! Taiwanese contract manufacturer Foxconn is in talks with the Indian government to assemble Apple iPads locally. We have the details in today’s ETtech Morning Dispatch.
The S&P 500 slipped 0.5% Thursday while the Nasdaq 100 declined 1.1% as tech giants including Nvidia Corp and Microsoft Corp slumped. Small caps outperformed in a further sign investors are preparing for interest-rate cuts that will support the broader economy.
India should promote homegrown technologies and cut its reliance on foreign companies to shield itself from incidents like the recent Windows-Crowdstrike outage which had a global impact, Raju Vegesna, chairman and managing director of Sify Technologies, told ET. Vegesna also said that AI is nothing but a tool of enhancement, like the internet.
Taiwanese contract manufacturer Foxconn, which assembles Apple's flagship iPhones in India, is now planning to assemble the tech giant's tablet iPad here as well. Sources aware of the matter said this is in line with Foxconn's strategy to diversify away from China. Industry insiders said that assembly of iPads is similar to that of smartphones.
"Overall we expect the market to continue its consolidation mode with stock-specific action given the earning season is in full swing. All eyes will be on the US Q2 GDP data that will be released late today. Thus, markets would take cues from their peers," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
